Kamux Corporation | Stock Exchange Release | November 12, 2026 at 09:00:00 EET
This is a summary of Kamux Corporation’s Interim Report for January 1—September 30, 2026. 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 2026
- Revenue increased by 3.3%, totaling EUR 240.3 million (232.6)
- Gross profit was EUR 21.4 million (25.3), or 8.9% (10.9) of revenue
- Adjusted operating profit (EBIT) was EUR 1.4 million (4.3), or 0.6% (1.8) of revenue
- Operating profit (EBIT) was EUR 1.4 million (4.1), or 0.6% (1.8) of revenue
- The number of cars sold increased by 1.5% to 15,962 cars (15,727)
- Basic and diluted earnings per share were EUR 0.04 (0.05)
- After the reporting period, on October 8, 2026, Kamux announced that it will close down its operations in Germany
January–September 2026
- Revenue decreased by 0.9%, totaling EUR 664.7 million (670.8)
- Gross profit was EUR 61.2 million (67.4), or 9.2% (10.0) of revenue
- Adjusted operating profit (EBIT) was EUR 1.0 million (5.2), or 0.2% (0.8) of revenue
- Operating profit (EBIT) was EUR 0.6 million (3.2), or 0.1% (0.5) of revenue
- The number of cars sold increased by 0.8% to 43,999 cars (43,629)
- Basic and diluted earnings per share were EUR 0.00 (-0.05)
Key Figures
| EUR million | 7−9/2026 | 7−9/2025 | Change, % | 1−9/2026 | 1−9/2025 | Change, % | 1−12/2025 |
| Revenue | 240.3 | 232.6 | 3.3% | 664.7 | 670.8 | -0.9% | 875.9 |
| Gross profit | 21.4 | 25.3 | -15.5% | 61.2 | 67.4 | -9.2% | 85.3 |
| as percentage of revenue, % | 8.9% | 10.9% | 9.2% | 10.0% | 9.7% | ||
| Operating profit (EBIT) | 1.4 | 4.1 | -67.0% | 0.6 | 3.2 | -80.8% | 0.6 |
| as percentage of revenue, % | 0.6% | 1.8% | 0.1% | 0.5% | 0.1% | ||
| Adjusted operating profit | 1.4 | 4.3 | -66.5% | 1.0 | 5.2 | -80.6% | 3.3 |
| as percentage of revenue, % | 0.6% | 1.8% | 0.2% | 0.8% | 0.4% | ||
| Revenue from integrated services | 13.2 | 13.7 | -3.5% | 38.7 | 39.9 | -3.0% | 53.2 |
| as percentage of revenue, % | 5.5% | 5.9% | 5.8% | 5.9% | 6.1% | ||
| Number of cars sold | 15,962 | 15,727 | 1.5% | 43,999 | 43,629 | 0.8% | 57,518 |
| Gross profit per sold car, EUR | 1,338 | 1,607 | -16.7% | 1,390 | 1,544 | -10.0% | 1,483 |
| Net debt | 32.7 | 47.8 | -31.6% | 33.7 | |||
| Inventories | 109.4 | 114.4 | -4.4% | 100.2 | |||
| Inventory turnover, days | 50.6 | 53.4 | -5.3% | 51.8 | |||
| Capital expenditures | 0.2 | 1.6 | -87.9% | 0.6 | 5.5 | -89.3% | 5.6 |
| Average number of employees during the period | 762 | 835 | -8.7% | 820 | |||
| Return on equity (ROE), % | -0.4% | -0.4% | -2.1% | ||||
| Return on investment (ROI), % | 0.7% | 1.8% | 0.8% | ||||
| Equity ratio, % | 52.0% | 50.1% | 53.5% | ||||
| Earnings per share, basic and diluted, EUR | 0.04 | 0.05 | -34.4% | 0.00 | -0.05 | 104.0% | -0.06 |
CEO Juha Kalliokoski:
“The used car market contracted in all Kamux’s operating countries during the third quarter. Market contraction was strongest in Sweden. The continued high level of fuel prices has affected the demand for and prices of diesel cars in particular. Demand for electric powertrains remained strong: nearly 40 percent of all used cars sold by dealerships in Finland in the third quarter were rechargeable. EV sales growth was the strongest. Competition remained fierce in all operating countries.
The importance of our daily work aimed at improving inventory turnover has become even more pronounced amidst challenging market conditions and as we prepare for a quieter season. In Finland, the number of cars sold was at the comparison period’s level but in Sweden and Germany the number of cars increased. At the Group level, the number of cars sold increased. Sales of EV’s and hybrids increased in all operating countries compared to the comparison period. Revenue from integrated services decreased slightly. The effects of the declining prices and margins of diesel cars weakened margin per car, resulting in a decrease in gross margin. Despite the challenging market situation, inventory turnover improved compared to the comparison period.
Our long-term work on excellent customer experience continues to bring results. The Net Promoter Score, NPS, which measures customer satisfaction, was 67 in the third quarter of 2026, a clear increase from the level of 60 in the comparison period. Satisfied customers are the foundation of our business, and we will continue to invest in customer experience.
This morning, we published our updated strategy for the years 2027–2029 which we have been developing throughout the current year. The core objective of our strategy is to return Kamux to a path of profitable growth. Moving forward, we operate in Finland and Sweden, targeting growth that is above the market rate. Excellent customer experience remains at the core of what we do. To ensure profitable growth, we will expand and streamline our sourcing processes while investing in new sales channels with a focus on volume and inventory turnover. Consumers remain the largest sourcing channel and the role of professional channels will be expanded. In addition to consumers, business customers are taking on a more prominent role than before, and the significance of online sales is set to increase as consumers increasingly shift their business online. In addition, we continue to build one consistent operating model across the network and focus on finding the right car and services to our customers in an even more targeted manner. Our updated vision is to be the number one destination for used cars: both for customers buying, selling, or trading in cars, and as an employer for industry professionals.
We took decisive actions to strengthen long-term value creation already at the strategy development phase. In October, we announced the closure of our operations in Germany. The showrooms are already closed, and we expect to sell all remaining cars as planned over the coming months. In addition, we closed four showrooms in Sweden. In Finland, we initiated change negotiations concerning support functions in order to adjust the cost structure.
A big thank you again to all Kamux employees for their good work and commitment in this ever-changing market. I would especially like to thank our team in Germany for their good work for Kamux throughout our journey together. Thank you also to our customers for their feedback and trust. We will continue our work with a focus on creating an excellent customer experience, improving operational efficiency, enhancing inventory turnover, and driving profitable business.”
Outlook for the year 2026 (revised on October 15, 2026)
Kamux expects its adjusted operating profit for 2026 to decrease compared to the previous year.
Kamux revised its outlook on October 15, 2026. Previously, Kamux expected its adjusted operating profit for 2026 to improve from the previous year.
Targets for the strategy period 2027–2029 (published on November 12, 2026)
Kamux’s targets for the strategy period 2027–2029 are:
- Growth: Above-market growth in units
- Capital efficiency: Inventory turnover 10x in 2029
- Profitability of the business: Adjusted operating profit margin 3% in 2029
- Customer satisfaction: NPS (Net Promoter Score) >65
- Employee engagement: eNPS (employee Net Promoter Score) >40
Dividend policy (published on November 12, 2026)
Kamux aims to distribute at least 25% of the profit for the financial year as dividends. In addition, share repurchases may also be used as capital returns.
Significant events after the reporting period
On November 12, 2026, Kamux announced that the Board of Directors of Kamux Corporation has decided to start a buy-back program of the company’s own shares. The shares shall be purchased to be used for the share-based remuneration of key employees and 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 shares acquired under the share purchase plan and shares purchased under previous plans. The purchase of own shares shall start on November 16, 2026, at the earliest, and end on March 31, 2027, at the latest. The maximum number of shares to be purchased during this term is 2,000,000, corresponding to approximately 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 3,000,000. The shares shall be purchased in a proportion other than the shareholdings of the shareholders in public trading on Nasdaq Helsinki Ltd at the market price prevailing at the time of purchase. The repurchase of own shares will be financed by the company's distributable unrestricted equity.
On November 12, 2026, Kamux published its updated strategy for the period 2027-2029 and targets for the strategy period. The core objective of the updated strategy is to return Kamux to a path of profitable growth. Kamux focuses on used cars, will operate in Finland and Sweden, and targets growth that is above the market rate. Excellent customer experience remains at the core of Kamux’s operations. Kamux’s updated vision is to be the number one destination for used cars: both for customers buying, selling, or trading in cars, and as an employer for industry professionals.
On November 12, 2026, Kamux announced that it is redesigning the structure and operating model of its management team as part of the implementation of its updated strategy. As of November 12, 2026, the members of the Group Management Team are Juha Kalliokoski, CEO Kamux Corporation and Managing Director, Kamux Finland; Enel Sintonen, CFO, deputy CEO; Niklas Eriksson, Managing Director, Kamux Sweden; Aino Hökeberg, Chief Business Development and Transformation Officer; Tuuli Kiiski, Chief People Officer; and Jarkko Lehtismäki, Chief Digital Officer.
On October 15, 2026, Kamux updated its outlook for the year 2026 and provided preliminary information on its financial performance for the third quarter. Kamux now expects its adjusted operating profit for 2026 to decrease compared to the previous year. Previously Kamux expected its adjusted operating profit for 2026 to increase from the previous year.
On October 8, 2026, Kamux announced that it will close down its operations in Germany. The seven showrooms were closed in October 2026 and the approximately 500 cars in stock will be sold off by the end of 2026. The closure of the operations affects approximately 70 employees.
Financial reporting and AGM in 2027
The publication schedule for Kamux Corporation’s financial reporting in 2027 is as follows:
- Financial Statements Bulletin 2026 March 2, 2027
- Interim Report for January–March 2027 May 4, 2027
- Half-Year Financial Report for January–June 2027 August 3, 2027
- Interim Report for January–September 2027 November 2, 2027
The Annual Report for 2026 including Financial Statements will be published during the week commencing March 15, 2027.
The Annual General Meeting of Kamux Corporation is scheduled to be held on April 14, 2027.
News conference
News conference for investors, analysts and media will be held today, Thursday, November 12, 2026, 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. After the Interim Report, the company presents its strategy updated for the years 2027–2029.
The webcast can be followed at https://kamux.events.inderes.com/q3-2026
Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided with a phone number 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/q3-2026/dial-in
For further information, please contact:
Juha Kalliokoski, CEO, call requests, tel. +358 10 420 8831
Enel Sintonen, CFO, call requests, tel. +358 10 420 8831
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 53 car showrooms in Finland and Sweden. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 600,000 used cars, 57,518 of which were sold in 2025. Kamux’s revenue in 2025 was EUR 875.9 million and its average number of employees was 820 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com