Slide 1: Revenue decreased and adjusted operating profit decreased significantly during Q4
REVENUE DECREASED AND ADJUSTED OPERATING PROFIT DECREASED SIGNIFICANTLY DURING Q4 Full Year 2024 Results CEO Tapio Pajuharju & CFO Jukka Havia FY 2024 RESULTS 20.2.2025 1
Slide 2: Table of Contents
TABLE OF CONTENTS FY 2024 RESULTS 1. Q4 in brief 2. Market position, Q4 Highlights, Changes in showroom network 3. Review by country, Strategy 4. Financial development 5. Financial targets and outlook, Summary FY 2024 RESULTS 20.2.2025 2
Slide 3: Q4/24: Volumes and margins squeezed by tightened competition and market turbulence
Q4/24: VOLUMES AND MARGINS SQUEEZED BY TIGHTENED COMPETITION AND MARKET TURBULENCE Revenue decreased -2.0% to Adjusted operating profit Revenue from integrated services decreased and was EUR 236.7 million (241.6), as decreased by -87.8% to EUR EUR 13.7 million (15.4), or 5.8% (6.4) of total revenue.
Slide 4: Used car markets grew as sales of new cars is lagging
USED CAR MARKETS GREW AS SALES OF NEW CARS IS LAGGING Market size Kamux market Market development in Kamux position and New passenger car registrations Market (2024) share in 2024* Q4 2024 development in Q4 2024 across the EU were slightly up (+0.8%) in 2024 (ACEA). ~8.25% We estimate that the ~0.68
Slide 5: Group Management Team
GROUP MANAGEMENT TEAM Tapio Jukka Johan Jani Martin Pajuharju Havia Kempas Koivu Verrelli CEO CFO Managing Director, Sweden Managing Director, Finland Managing Director, Germany Until early May, 2025 Aino Jarkko Altti Juha Joanna Hökeberg Lehtismäki Väisänen Kalliokoski Clark Chief Marketing and Con
Slide 6: Operating profit impacted by squeezed margins and low volumes
OPERATING PROFIT IMPACTED BY SQUEEZED MARGINS AND LOW VOLUMES Revenue (EUR million) Adjusted operating profit (EUR million) 13 280 260 12 240 11 220 10 200 9 180 8 160 7 140 6 120 5 100 4 80 60 3 40 2 20 1 0 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2021 2022 2023 2024 2021 2022 2023 2024 Revenue decreased by -2.0%
Slide 7: Lack of lower priced petrol cars led to volume decline in all operating countries
LACK OF LOWER PRICED PETROL CARS LED TO VOLUME DECLINE IN ALL OPERATING COUNTRIES Sold cars (pcs) 20,000 19,364 -9.0% 18,484 1,567 18,000 17,215 17,037 1,515 16,952 16,354 16,137 15,601 15,688 1,223 1,414 1,684 16,000 15,324 3,529 1,322 14,681 1,428 2,774 14,890 1,248 1,280 1,300 14,000 3,678 1,134
Slide 8: Revenue from Kamux Plus solid while finance and insurance commissions impacted by volumes
REVENUE FROM KAMUX PLUS SOLID WHILE FINANCE AND INSURANCE COMMISSIONS IMPACTED BY VOLUMES Revenue from integrated services MEUR 18 10% 16 15.3 15.4 9% 14.6 13.6 13.4 13.6 13.7 8% 14 12.8 13.0 6.9% 12.4 11.8 11.5 6.4% 7% 12 5.8 % 5.6% 5.4% 6% 10 5.0% 5.2% 5.2% 5.2% 5.0% 4.9% 4.8% 5% 8 4% 6 3% 4 2% 2
Slide 9: Changes in showroom network
CHANGES IN SHOWROOM NETWORK Finland Sweden Germany Total Sundsvall and Helsingborg to new Q2/2024 Hyvinkää to new premises premises, Norrköping closed Siershahn opened +-0 Borås, Norrtälje and Heron City Lübeck and Kaltenkirchen -7 Q3/2024 Klaukkala and Tornio closed closed closed Secto’s showrooms
Slide 10: Car selection in Finland did not meet the demand
CAR SELECTION IN FINLAND DID FY 2024 Revenue MEUR 738.7 NOT MEET THE DEMAND Adj. EBIT margin 3.5% 250 5 200 4 • Market demand directed towards older, lower 150 3 priced combustion engine cars MEUR % 100 2 • Competition was fierce both in new and used cars, 50 1 with active year-end campaigns 0 0 • B
Slide 11: Customer satisfaction at its peak at the end of the year
CUSTOMER SATISFACTION AT ITS PEAK AT THE END OF THE YEAR • In Finland, customer satisfaction has been at good “The customer service experience was top-notch. level and consistently above our average in 2024, as Communication was direct, easy, and fast.” Kamux Kotka measured with the Net Promoter Sco
Slide 12: Strong market turbulence in Sweden in Q4/2024
STRONG MARKET TURBULENCE FY 2024 Revenue MEUR 252.7 IN SWEDEN IN Q4/2024 Adj. EBIT margin -1.7% 80 0 70 • Competition intensified strongly towards the end of 60 50 the year, and there were very lucrative offers on new MEUR 40 -1 % and used cars, including financing offers 30 20 • Used car market is
Slide 13: Johan Kempas started as Managing Director of Kamux Sweden on Jan 1, 2025
JOHAN KEMPAS STARTED AS MANAGING DIRECTOR OF KAMUX SWEDEN ON JAN 1, 2025 • Johan has an extensive career in the automotive industry • Prior to Kamux he has worked e.g. as: • MD of Hedin Automotive’s Ford sales in Sweden • MD of Göinge Bil AB • Regional Director of Din Bil • Branch Manager, Renault a
Slide 14: Germany impacted by tight sourcing market
GERMANY IMPACTED BY TIGHT FY 2024 Revenue MEUR 103.4 SOURCING MARKET Adj. EBIT margin -1.0% 30 2 25 1 0 • Sourcing impacted by fierce competition; 20 -1 MEUR 15 -2 % difficult to source sought after cars, and -3 10 difficult to get & keep good purchasers -4 5 -5 • Due to tight sourcing market, car 0
Slide 15: Kamux Düren and Hameln recognized by Auto Motor und Sport
KAMUX DÜREN AND HAMELN RECOGNIZED BY AUTO MOTOR UND SPORT • Following a comprehensive analysis by Auto Motor und Sport, evaluating approx. 30,000 car dealerships across Germany, 2 Kamux showrooms were among the 1,800 awarded showrooms • Kamux stood out in dealer performance, service quality, and pri
Slide 16: Become the #1 used car retailer in Europe
OUR VISION BECOME THE #1 USED CAR RETAILER IN EUROPE FY 2024 RESULTS 20.2.2025 16
Slide 17: Acceleration of strategy implementation – improving profitability
ACCELERATION OF STRATEGY IMPLEMENTATION – IMPROVING PROFITABILITY • Extra focus on pricing, car offering/S&OP, inventory management, and stronger central processes FY 2024 RESULTS 20.2.2025 17
Slide 18: Financial development
FINANCIAL DEVELOPMENT FY 2024 RESULTS 20.2.2025 18
Slide 19: Very difficult Q4/2024, challenges in all markets
VERY DIFFICULT Q4/2024, CHALLENGES IN ALL MARKETS • Revenue close to Q4/23 close to the last year's Q4, but profitability significantly hit by squeezed margins in all markets • Gross profit EUR 1,358 per car, –15% compared to Q4/2023 Fourth quarter • End of Q4/2024 inventory value approx. 20% higher
Slide 20: Key figures
KEY FIGURES (MEUR) 10-12/2024 10-12/2023 Change, % 1-12/2024 1-12/2023 Change, % Revenue 236.7 241.6 -2.0% 1,010.2 1,002.1 0.8% Gross profit 20.2 26.1 -22.6% 96.8 102.5 -5.6% as percentage of revenue, % 8.5% 10.8% 9.6% 10.2% Operating profit (EBIT) -0.7 4.5 -114.4% 7.9 15.8 -50.0% as percentage of r
Slide 21: Net working capital driven by inventory value increase in Finland and Germany
NET WORKING CAPITAL DRIVEN BY INVENTORY VALUE INCREASE IN FINLAND AND GERMANY, AND LOW SALES VOLUMES IN Q4 Net Working Capital (EUR million) Inventories (EUR million) 140 160 +11.7% +17.4% 120 140 120 100 100 80 80 60 60 40 40 20 20 0 0 Q1/22 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/
Slide 22: Increased inventory value and weak profitability visible in Q4 operating cash flow
INCREASED INVENTORY VALUE AND WEAK PROFITABILITY VISIBLE IN Q4 OPERATING CASH FLOW Cash Flow from Operating Activities Components of Cash Flow from Operating Activities (EUR million) Q4 2024 (EUR million) 30 18 14.2 -1.7 25 16 14.8 20 14 14.8 15 12 10 10 5 8 0 6 -5 -10 4 1.0 -15 2 1.3 -20 0 Q122 Q22
Slide 23: Dividend from 2024
DIVIDEND FROM 2024 • The Board of Directors proposes a dividend of maximum EUR 0.07 per share to be distributed for the year 2024 (EUR 0.17 per share) • The Board proposes that the dividend be paid in one instalment in autumn 2025, and that the Board be authorized to decide on the final amount of di
Slide 24: Financial targets and outlook
FINANCIAL TARGETS AND OUTLOOK FY 2024 RESULTS 20.2.2025 24
Slide 25: Tracking progress towards our long-term targets
TRACKING PROGRESS TOWARDS OUR LONG-TERM TARGETS LONG-TERM TARGET FY 2021 FY 2022 FY 2023 LTM(1 FINANCIAL Sold cars, pcs 100,000 / year 68,429 62,922 68,257 66,548 Revenue, MEUR 1,500 / year 937 969 1,002 1,010 Adj. EBIT margin, % 4% 3.3% 1.8% 1.8% 1.1% NON-FINANCIAL Q4/24 NPS(2 60 50 55 eNPS(3 40 27
Slide 26: Outlook for 2025
OUTLOOK FOR 2025 Kamux expects its adjusted operating profit for 2025 to improve from the previous year. FY 2024 RESULTS 20.2.2025 26
Slide 27: Q4/24: Volumes and margins squeezed by tightened competition and market turbulence
Q4/24: VOLUMES AND MARGINS SQUEEZED BY TIGHTENED COMPETITION AND MARKET TURBULENCE Revenue decreased -2.0% to Adjusted operating profit Revenue from integrated services decreased and was EUR 236.7 million (241.6), as decreased by -87.8% to EUR EUR 13.7 million (15.4), or 5.8% (6.4) of total revenue.
Slide 28: Q&A
Q&A FY 2024 RESULTS 20.2.2025 28
Slide 29: Thank you!
THANK YOU! FY 2024 RESULTS 20.2.2025 29
Slide 30: Disclaimer
DISCLAIMER It should be noted that Kamux and its business are exposed to various risks and uncertainties, and certain statements herein which are not historical facts, including without limitation, those regarding expectations for market growth and developments; expectations for growth and profitabi