Kamux Corporation | Stock Exchange Release | November 11, 2025 at 09:00:00 EET
This is a summary of Kamux Corporation’s Interim Report for January 1— September 30, 2025. The complete report is attached to this release and is also available at the company website at www.kamux.com
The figures in parentheses refer to the comparison period, i.e., the same period in the previous year,
unless stated otherwise.
July–September 2025
- Revenue decreased by 17.0%, totaling EUR 232.6 million (280.2)
- Gross profit decreased by 8.2% to EUR 25.3 million (27.5), or 10.9% (9.8) of revenue
- Adjusted operating profit (EBIT) decreased by 23.1% to EUR 4.3 million (5.5), or 1.8% (2.0) of revenue
- Operating profit (EBIT) decreased by 1.2% to EUR 4.1 million (4.2), or 1.8% (1.5) of revenue
- The number of cars sold decreased by 14.9% to 15,727 cars (18,484)
- Basic and diluted earnings per share were EUR 0.05 (0.05)
January– September 2025
- Revenue decreased by 13.3%, totaling EUR 670.8 million (773.5)
- Gross profit decreased by 12.0% to EUR 67.4 million (76.6), or 10.0% (9.9) of revenue
- Adjusted operating profit (EBIT) decreased by 52.3% to EUR 5.2 million (10.9), or 0.8% (1.4) of revenue
- Operating profit (EBIT) decreased by 62.5% to EUR 3.2 million (8.6), or 0.5% (1.1) of revenue
- The number of cars sold decreased by 15.5% to 43,629 cars (51,658)
- Basic and diluted earnings per share were EUR -0.05 (0.08)
Key Figures
| EUR million | 7−9/2025 | 7−9/2024 | Change, % | 1−9/2025 | 1−9/2024 | Change, % | 1−12/2024 |
| Revenue | 232.6 | 280.2 | -17.0% | 670.8 | 773.5 | -13.3% | 1,010.2 |
| Gross profit | 25.3 | 27.5 | -8.2% | 67.4 | 76.6 | -12.0% | 96.8 |
| as percentage of revenue, % | 10.9% | 9.8% | 10.0% | 9.9% | 9.6% | ||
| Operating profit (EBIT) | 4.1 | 4.2 | -1.2% | 3.2 | 8.6 | -62.5% | 7.9 |
| as percentage of revenue, % | 1.8% | 1.5% | 0.5% | 1.1% | 0.8% | ||
| Adjusted operating profit* | 4.3 | 5.5 | -23.1% | 5.2 | 10.9 | -52.3% | 11.6 |
| as percentage of revenue, % | 1.8% | 2.0% | 0.8% | 1.4% | 1.1% | ||
| Revenue from integrated services | 13.7 | 14.6 | -6.3% | 39.9 | 41.5 | -3.9% | 55.2 |
| as percentage of revenue, % | 5.9% | 5.2% | 5.9% | 5.4% | 5.5% | ||
| Number of cars sold | 15,727 | 18,484 | -14.9% | 43,629 | 51,658 | -15.5% | 66,548 |
| Gross profit per sold car, EUR | 1,607 | 1,489 | 7.9% | 1,544 | 1,482 | 4.2% | 1,454 |
| Net debt | 47.8 | 74.6 | -36.0% | 74.2 | |||
| Inventories | 114.4 | 147.9 | -22.6% | 131.0 | |||
| Inventory turnover, days | 53.4 | 54.1 | -1.2% | 55.4 | |||
| Capital expenditures | 1.6 | 0.4 | 343.8% | 5.5 | 2.1 | 156.5% | 4.3 |
| Average number of employees during the period | 835 | 907 | -7.9% | 904 | |||
| Return on equity (ROE), % | -0.4% | 5.2% | 4.3% | ||||
| Return on investment (ROI), % | 1.8% | 4.9% | 3.9% | ||||
| Equity ratio, % | 50.1% | 46.0% | 48.0% | ||||
| Earnings per share, basic and diluted, EUR | 0.05 | 0.05 | 11.1% | -0.05 | 0.08 | -154.4% | 0.12 |
*) Operating profit adjusted for special items related to strategic planning, legal processes, own real estate operations and other items, totaling EUR 0.1 million for 7−9/2025 and EUR 2.0 million for 1−9/2025 (7−9/2024: EUR 1.4 million, 1−9/2024: EUR 2.3 million and 1−12/2024: EUR 3.6 million).
CEO Juha Kalliokoski:
“In the third quarter, we focused on strengthening our operational performance, restoring profitability and building a strong cash position. We succeeded in this well. Our work to change the structure of our inventory has progressed according to plan, and we have balanced the size and value of the inventory, taking into account estimated near-term demand and sales volumes. Compared to the comparison period, we have freed up EUR 24 million of net working capital. Our cash position of EUR 20 million is strong and enables growth as well as investments in the future. Our goal is to be well positioned in all respects when demand returns to growth.
The measures taken to improve profitability had a negative impact on volume development in the third quarter and the number of cars sold was lower than expected. Due to the weaker-than-expected volume development, we had to lower our profit guidance in mid-October, and we now expect our adjusted operating profit for 2025 to decrease compared to the previous year.
In Finland, we succeeded well in building car-specific and relative profitability and a strong cash position. The volume development in Finland fell short of our expectations, which significantly affected the Group's result. We will continue our systematic work to balance sales volumes and profitability, and we will also optimize our showroom network to further improve profitability, while remaining a strong national player.
There has been a clear positive turn in our Swedish operations. The team in Sweden has now progressed according to plan for two consecutive quarters and the positive change is visible in both operational efficiency and customer feedback as well as in financial KPI’s. We have finalized the network assessment in Sweden, and we have decided to continue with the current network for the time being. The current network enables profitable business as well as growth.
In Germany, our challenges in terms of volumes and building a car selection that meets customers’ needs continued. We have identified areas that require improvement and are working daily with the German team to build everyday ways of working in line with the Kamux concept.
Our customer satisfaction developed well in the third quarter, and the Group's NPS was 60. In Finland, the NPS for the third quarter was 63. It is good to see that our systematic work on customer satisfaction produces results, for which I’d like to extend a big thank you to our knowledgeable and skilled personnel.
It is with a humble heart that I return as CEO of Kamux after just over two years. Together with the rest of the Group management team, we want to ensure that our personnel has the opportunity to succeed in their work. At the same time, we continue our determined work to balance volumes and costs in all our operating countries, with the aim of reaching our long-term profitability targets as well as strong earnings per share.”
Outlook for the year 2025 (updated on October 16, 2025)
Kamux expects its adjusted operating profit for 2025 to decrease compared to the previous year.
Kamux updated its outlook on October 16, 2025. Previously, Kamux expected its adjusted operating profit for 2025 to improve from the previous year.
Significant events after the reporting period
On November 11, 2025, Kamux announced that the Board of Directors of Kamux Corporation has decided to start a repurchase program of the company's own shares. The shares shall be repurchased to be used as part of the reward payments under the performance matching share plan 2025-2029 and the Green Lions matching share plan that are targeted for the Group’s key employees, for the share-based remuneration of the Board of Directors and to optimize the company's capital structure through the reduction of capital. The Board of Directors may decide to cancel any excess shares acquired under the share purchase plan. The repurchase of shares shall start on Monday, November 17, 2025, at the earliest, and end on Thursday, April 16, 2026, at the latest. The maximum number of shares to be acquired during this term is 1,000,000, corresponding to approximately 2.5% of the company’s total number of shares. However, the maximum amount to be used for the repurchase of shares under the term is EUR 2,500,000.
On October 16, 2025, Kamux announced that CEO Tapio Pajuharju will step down as CEO of the company as of October 16, 2025. The Board of Directors of Kamux Corporation has appointed Juha Kalliokoski as the company's new CEO. Juha Kalliokoski is the company's founder and Chief Operating Officer (COO) and member of the Group Management Team since March 1, 2025. Kalliokoski led the company as CEO from 2003 to 2023. Juha Kalliokoski has also served as a member of the Board of Directors since 2023. With his appointment as CEO, Kalliokoski resigns from the Board of Directors, and the Board will continue to consist of six members for the time being.
On October 16, 2025, Kamux announced that according to the authorization of the Annual General Meeting held on May 22, 2025, the Board of Directors of Kamux Corporation has decided that a dividend of EUR 0.07 per share shall be paid for the financial year 2024. The dividend was paid to a shareholder registered in the Company’s shareholder register maintained by Euroclear Finland Oy on the record date for the payment, which was Friday, October 24, 2025. The dividend was paid on Friday, October 31, 2025.
On October 16, 2025, Kamux updated its outlook for the year 2025 and provided preliminary information on its financial performance for the third quarter. Kamux now expects its adjusted operating profit for 2025 to decrease compared to the previous year and according to preliminary information, Kamux Corporation’s adjusted operating profit for the third quarter of 2025 was EUR 4.0–4.5 million. Previously, Kamux expected its adjusted operating profit for 2025 to improve compared to 2024.
On October 1, 2025, Kamux announced that to increase the speed of strategy execution, changes have been made in Kamux’s Group Management Team as of October 1, 2025. Aino Hökeberg, previously Chief Marketing Officer, has been appointed Chief Business Development and Transformation Officer. Jarkko Lehtismäki, Chief Digital Officer, assumes responsibility for the Kamux Webstore business in addition to his previous responsibilities. Altti Väisänen (Director of Business Development, Car Flow & Data) steps down from the Group Management Team and will now focus on the operative management of Car Flow, Data and Analytics, and Aftersales.
Financial reporting in 2026
The publication schedule for Kamux Corporation’s financial reporting in 2026 is as follows:
- Financial Statements Bulletin 2025 February 25, 2026
- Interim Report for January—March 2026 May 12, 2026
- Half-Year Report for January—June 2026 August 12, 2026
- Interim Report for January—September 2026 November 12, 2026
The Annual Report for 2025 including Financial Statements will be published on the week commencing March 23, 2026. The Annual General Meeting of Kamux Corporation is scheduled to be held on April 23, 2026.
News conference
News conference for investors, analysts and media will be held today, Tuesday, November 11, 2025, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET. CEO Juha Kalliokoski and CFO Enel Sintonen will present the Interim Report.
The conference can be followed as a live webcast at https://kamux.events.inderes.com/q3-2025
Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers and a conference ID to access the conference. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
https://events.inderes.com/kamux/q3-2025/dial-in
For further information, please contact:
Juha Kalliokoski, CEO, tel. +358 50 544 5538
Enel Sintonen, CFO, tel. +358 40 579 3457
Katariina Hietaranta, Head of Communications, Sustainability & Investor relations, tel. +358 10 420 8831
Kamux Corporation
Communications
Kamux is a retail chain specialized in used cars and related integrated services. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 68 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold almost 600,000 used cars, 66,548 of which were sold in 2024. Kamux’s revenue in 2024 was EUR 1,010 million and its average number of employees was 904 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com