Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — Q3 2025 Earnings Presentation
29 slides from Kamux Oyj's earnings presentation, Nov 11, 2025
Slide 1: Revenue and adjusted operating profit decreased, operating cash flow was strong
REVENUE AND ADJUSTED OPERATING PROFIT DECREASED, OPERATING CASH FLOW WAS STRONG Q3 2025 Results CEO Juha Kalliokoski CFO Enel Sintonen Q3 2025 RESULTS 11.11.2025 1
Slide 2: Table of contents
TABLE OF CONTENTS Q3 2025 RESULTS 1. Q3 in brief 2. Market position, Changes in showroom network 3. Review by country 4. Financial development & Outlook 5. Long-term targets, Strategy 6. Q&A Q3 2025 RESULTS 11.11.2025 2
Slide 3: Focus on financial health
FOCUS ON FINANCIAL HEALTH Revenue decreased 17.0% to EUR Adjusted operating profit was Revenue from integrated The Group’s customer 232.6 million (280.2) due to decrease EUR 4.3 million (5.5), or 1.8% services was EUR 13.7 million satisfaction at target level in the number of cars sold and the (2.0)
Slide 4: Kamux continues as #1 in number of cars sold in Finland, markets flat or growing modestly
KAMUX CONTINUES AS #1 IN NUMBER OF CARS SOLD IN FINLAND, MARKETS FLAT OR GROWING MODESTLY Market size Kamux market Market development in Kamux position and In January–September 2025, new Market (2024) share* Q3 2025 development in Q3 2025 passenger car registrations in the EU increased by 0.9% (ACEA
Slide 5: Kamux is Europe's fourth largest used car retailer
KAMUX IS EUROPE'S FOURTH LARGEST USED CAR RETAILER Largest used car retailers Number of operating Cars sold in 2024, Home country in Europe in 2024 countries pcs Aures Holding Czechia 3 108,661 Aramis France 6 86,166 Autohero Germany 9 74,438 Kamux Finland 3 66,548 Q3 2025 RESULTS 11.11.2025 5 SOURC
Slide 6: Changes in showroom network
CHANGES IN SHOWROOM NETWORK Finland Sweden Germany Total Mäntsälä showroom Q1/2025 closed -1 Savonlinna showroom Q2/2025 closed - - -1 Schwerin showroom Q3/2025 - - opened in July 2025 +1 Q4/2025 to date Total showrooms on 42 17 9 68 November 11, 2025 Jyväskylä showroom to Announced move in new prem
Slide 7: Finland: systematic work to improve profitability continued
FINLAND: SYSTEMATIC WORK TO MEUR % IMPROVE PROFITABILITY CONTINUED 250 5 200 4 150 3 • Most of market growth from volumes sold by car dealers 100 2 • Consumers continued to prefer affordable cars – 50 1 used car prices slightly lower than in Q3/24 0 0 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 • Consumer purchas
Slide 8: Sweden: profit turnaround progressing
SWEDEN: PROFIT MEUR % TURNAROUND PROGRESSING 70 0 60 -1 50 • Market at PY’s level, consumers continued to prefer 40 -2 older and affordable cars 30 -3 20 • Significant improvement in profitability measures, 10 -4 second consecutive quarter with solid improvement 0 -5 • Strong focus on profitability
Slide 9: Germany: selection and volume challenges continued
GERMANY: SELECTION AND VOLUME MEUR % CHALLENGES CONTINUED 30 0 25 -1 20 -2 • Modest growth in used car market 15 -3 • Volumes declined, as car selection did not 10 -4 meet demand well enough 5 -5 • Revenue impacted by low volumes 0 -6 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 • Car margin weakened due to invent
Slide 10: Financial development and outlook
FINANCIAL DEVELOPMENT AND OUTLOOK Q3 2025 RESULTS 11.11.2025 10
Slide 11: Focus on financial health
FOCUS ON FINANCIAL HEALTH • Clear margin improvement at Kamux Group, driven by Finland and Sweden • Gross profit EUR 1,607 per car (1,489), +7.9% Focus on • Car volumes declined, finding balance between volumes and profitability continued profitability • Significant positive cash flow continued in Q
Slide 12: Key figures
KEY FIGURES (MEUR) 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 result (EBIT) 4.1 4.2 -1.2% 3.2 8.6 -62.5% 7.
Slide 13: Focus on profitability impacted volumes
FOCUS ON PROFITABILITY IMPACTED VOLUMES Revenue (EUR million) Adjusted operating profit (EUR million) 13 280 12 260 11 240 10 220 9 200 8 180 7 160 6 140 5 120 4 100 3 80 2 60 1 40 0 20 -1 Q1 Q2 Q3 Q4 0 -2 Q1 Q2 Q3 Q4 -3 2022 2023 2024 2025 2022 2023 2024 2025 Revenue was EUR 232.6 million (280.2).
Slide 14: Focus on profitability and decline in showroom network continued to impact volumes, but less than in Q2
FOCUS ON PROFITABILITY AND DECLINE IN SHOWROOM NETWORK CONTINUED TO IMPACT VOLUMES, BUT LESS THAN IN Q2 Sold cars (pcs) 20,000 19,364 -14.9% 18,484 1,567 18,000 17,215 17,037 1,515 16,354 16,137 1,414 1,684 15,727 16,000 15,324 3,529 1,322 14,681 1,428 2,774 14,890 14,694 1,300 1,239 14,000 1,134 3,
Slide 15: Operating cash flow improved significantly, strong cash position of EUR 20 million
OPERATING CASH FLOW IMPROVED SIGNIFICANTLY, STRONG CASH POSITION OF EUR 20 MILLION Components of Cash Flow from Operating Activities 1-9/2025 (EUR million) 35 19.7 -2.3 31.5 30 25 20 15 15.9 10 5 0 -1.8 -5 Net result Depreciation and Change in Paid financial Cash flow from 1-9/2025 other non-cash wo
Slide 16: Finance fees impacted by volume decline, Kamux Plus stable
FINANCE FEES IMPACTED BY VOLUME DECLINE, KAMUX PLUS STABLE Revenue from integrated services MEUR 18 10% -1.1 / +0.7% 16 15.3 15.4 9% 14.6 13.6 13.6 13.7 13.7 8% 14 13.4 13.2 13.0 6.9% 12.4 11.5 6.4% 6.3% 7% 12 5.8% 5.7% 5.9% 5.5% 5.4% 6% 10 5.2% 5.2% 4.9% 4.8% 5% 8 4% 6 3% 4 2% 2 1% 0 0% Q4/22 Q1/23
Slide 17: Net working capital improved substantially
NET WORKING CAPITAL IMPROVED SUBSTANTIALLY CASH RELEASED FROM INVENTORIES Net Working Capital (EUR million) Inventories (EUR million) 140 160 -33.5 m / -22.6% -24.4 m / -20.4% 120 140 120 100 100 80 80 60 60 40 40 20 20 0 0 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3/24 Q4/24 Q1/25 Q2/25 Q3/25 Q3 2025 RESULTS
Slide 18: Outlook for 2025
OUTLOOK FOR 2025 (UPDATED ON OCT 16, 2025) Kamux expects its adjusted operating profit for 2025 to decrease compared to the previous year. Q3 2025 RESULTS 11.11.2025 18
Slide 19: Dividend from 2024 was distributed on Oct 31, 2025
DIVIDEND FROM 2024 WAS DISTRIBUTED ON OCT 31, 2025 • According to the authorization of the AGM, the Board of Directors of Kamux Corporation decided that a dividend of EUR 0.07 per share be paid for the financial year 2024 • The dividend was paid on Friday, October 31, 2025 • Record date was oct 24,
Slide 20: Share buy-back program
SHARE BUY-BACK PROGRAM • According to the authorization of the AGM, the Board of Directors of Kamux Corporation decided to start a repurchase program of the company’s own shares • The maximum number of shares to be acquired is 1.000.000, corresponding to approximately 2.5% of the company’s total num
Slide 21: Long-term targets and strategy
LONG-TERM TARGETS AND STRATEGY Q3 2025 RESULTS 11.11.2025 21
Slide 22: Tracking progress towards our long-term targets
TRACKING PROGRESS TOWARDS OUR LONG-TERM TARGETS LONG-TERM TARGET FY 2022 FY 2023 FY 2024 LTM(1 FINANCIAL Sold cars, pcs 100,000 / year 62,922 68,257 66,548 58,519 Revenue, MEUR 1,500 / year 969 1,002 1,010 907 Adj. EBIT margin, % 4% 1.8% 1.8% 1.1% 0.6% NON-FINANCIAL Q3/25 NPS(2 60 50 51 60 eNPS(3 40
Slide 23: Group management team
GROUP MANAGEMENT TEAM Juha Kalliokoski Enel Sintonen Johan Kempas Marcus Mezödi Joni Tuominen CEO CFO Managing Director, Sweden Managing Director, Germany Managing Director, Finland Joanna Clark Aino Hökeberg Jarkko Lehtismäki Chief People Officer Chief Business Development Chief Digital Officer and
Slide 24: One Kamux – productivity improvement
ONE KAMUX – PRODUCTIVITY IMPROVEMENT Optimizing volume and Data-driven profitability pricing and S&OP PASSIONATE AND CAPABLE EMPLOYEES One Kamux way, Inventory and showrooms, Consistent way of working, fit selection, no lazy capital clear standards and controls Q3 2025 RESULTS 11.11.2025 24
Slide 25: M&A to accelerate growth
CUSTOMER PROMISE OPERATIONAL EFFICIENCY Become the most friendly, Industrialize convenient and standardize operations and trustworthy used car across value chain retailer M&A TO ACCELERATE GROWTH Customer-centric Global and local purchasing offering for consumers teams to utilize power of and profes
Slide 26: Our vision
OUR VISION BECOME THE #1 USED CAR RETAILER IN EUROPE Q3 2025 RESULTS 11.11.2025 26
Slide 27: Q&A
Q&A Q3 2025 RESULTS 11.11.2025 27
Slide 28: Thank you!
THANK YOU! Q3 2025 RESULTS 11.11.2025 28
Slide 29: 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