Kamux (KAMUX) Q4 2025 earnings summary

Executive summary

• Revenue declined 13.3% year-over-year to EUR 875.9 million in 2025, with gross profit down 11.9% to EUR 85.3 million, driven by lower volumes and average prices.

• Adjusted operating profit (EBIT) fell to EUR 3.3 million from EUR 11.6 million, with net income negative at EUR -2.3 million and margin at -0.9%.

• The number of cars sold dropped 13.6% to 57,518 units, with declines in all operating countries, but market leadership was maintained in Finland.

• Customer satisfaction improved, with group NPS reaching 65 in Q4 and 66 at year-end.

• Strong operating cash flow of EUR 50.4 million was achieved by reducing inventory and improving turnover.

Financial highlights

• Q4 revenue decreased 13.3% to EUR 205.2 million; gross profit fell 11.3% to EUR 17.9 million, but gross margin improved to 8.7%.

• Full-year adjusted EBIT margin was 0.4% (down from 1.1%), and reported EBIT margin was 0.1% (down from 0.8%).

• Earnings per share were EUR -0.06 for the year (EUR 0.12 in 2024).

• Net debt reduced by 54.6% to EUR 33.7 million; equity ratio improved to 53.5%.

• Inventory value decreased 23.5% to EUR 100.2 million; inventory turnover improved to 51.8 days.

Outlook and guidance

• Adjusted operating profit for 2026 is expected to increase from 2025, driven by operational improvements rather than market recovery.

• Long-term targets include 100,000 cars sold annually, EUR 1.5 billion revenue, and 4% adjusted EBIT margin.

• Focus remains on profitable growth, careful inventory build-up, and maintaining or improving margins.