Kamux Oyj · OMXHEX:KAMUX
Kamux Oyj — Q1 2026 Earnings Presentation
26 slides from Kamux Oyj's earnings presentation, May 12, 2026
Slide 1: Revenue declined, adjusted operating result improved
REVENUE DECLINED, ADJUSTED OPERATING RESULT IMPROVED Q1 2026 Results CEO Juha Kalliokoski CFO Enel Sintonen Q1 2026 RESULTS 12.5.2026 1
Slide 2: Table of contents
TABLE OF CONTENTS Q1 2026 RESULTS 1. Q1 in brief 2. Market position 3. Changes in showroom network 4. Review by country 5. Financial development & Outlook 6. Long-term targets, Strategy 7. Q&A Q1 2026 RESULTS 12.5.2026 2
Slide 3: Focus in Q1 was on profitable deals and inventory health
FOCUS IN Q1 WAS ON PROFITABLE DEALS AND INVENTORY HEALTH Revenue declined 11.8% and was EUR Adjusted operating result was Revenue from integrated Customer satisfaction 205.1 million (232.6). Number of cars EUR -1.0 million (-1.9), or -0.5% services was EUR 12.7 million continued at a very good sold
Slide 4: Used car market contracted in all operating countries; Kamux gained share in Sweden
USED CAR MARKET CONTRACTED IN ALL OPERATING COUNTRIES; KAMUX GAINED SHARE IN SWEDEN Market size Kamux market Market development in Kamux position and In Q1 2026, new passenger car Market (2025) share* Q1 2026 development in Q1 2026 registrations in the EU increased by 4% (ACEA). ~6.9% ~0.8 million K
Slide 5: Changes in showroom network
CHANGES IN SHOWROOM NETWORK Finland Sweden Germany Total - Malmi and Herttoniemi showrooms closed Q1/2026 - Seinäjoki showroom - - -2 relocated Total showrooms on 40 17 9 66 March 31, 2026 Announced - - - - openings/closures Q1 2026 RESULTS 12.5.2026 5
Slide 6: Finland: continued focus on profitability
FINLAND: CONTINUED FOCUS ON PROFITABILITY MEUR % 250 5 200 4 • Market contracted slightly in the quarter, sales via 150 3 dealerships grew slightly 100 2 • EV & chargeable vehicle demand increased following 50 1 the rising fuel prices impacted by the Iran crisis • Used car prices were stable 0 Q1 25
Slide 7: Sweden: direction is right, more speed needed
SWEDEN: DIRECTION IS RIGHT, MEUR % MORE SPEED NEEDED 45 0 40 35 -1 30 -2 25 • Used car market contracted during the quarter, 20 -3 consumers continued to prefer older and more 15 10 affordable cars 5 -4 • Used car prices were stable, competition remained 0 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 -5 tight Exte
Slide 8: Germany: turnaround taking longer than expected
GERMANY: TURNAROUND TAKING MEUR % LONGER THAN EXPECTED 30 0 -1 25 -2 20 -3 • Market contracted slightly vs. Q1/25, used 15 -4 -5 car prices were stable 10 -6 5 • Number of cars sold decreased -7 0 -8 • Revenue affected by lower volumes and Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 lower average price External r
Slide 9: Financial development and outlook
FINANCIAL DEVELOPMENT AND OUTLOOK Q1 2026 RESULTS 12.5.2026 9
Slide 10: Disciplined inventory management, the backbone of improved gross margin
DISCIPLINED INVENTORY MANAGEMENT, THE BACKBONE OF IMPROVED GROSS MARGIN • Revenue and volumes declined • Gross margin 9.3% (7.8) improved for the fourth consecutive quarter • Gross profit EUR 1,386 per car (1,233), +12.4% • Inventory turnover 53.5 (53.1) days Right • Gross margin and inventory turno
Slide 11: Key figures
KEY FIGURES (MEUR) 1-3/2026 1-3/2025 Change, % 1-12/2025 Revenue 205.1 232.6 -11.8% 875.9 Gross profit 19.0 18.1 5.0% 85.3 as percentage of revenue, % 9.3% 7.8% 9.7% Operating result (EBIT) -1.0 -2.6 61.9% 0.6 as percentage of revenue, % -0.5% -1.1% 0.1% Adjusted operating result -1.0 -1.9 47.8% 3.3
Slide 12: Continued focus on profitable deals in a tight market affected volumes
CONTINUED FOCUS ON PROFITABLE DEALS IN A TIGHT MARKET AFFECTED VOLUMES Sold cars (pcs) 20,000 19,364 18,484 1,567 18,000 17,215 17,037 1,515 -6.6% 16,354 16,137 1,414 1,684 15,727 16,000 3,529 1,322 1,428 2,774 14,890 14,694 1,239 1,209 13,889 13,727 14,000 3,493 3,046 1,344 13,208 2,770 2,763 2,198
Slide 13: Integrated services relatively stable
INTEGRATED SERVICES RELATIVELY STABLE Revenue from integrated services MEUR 18 10% -0.5 / +0.5% 16 15.4 9% 14.6 13.6 13.6 13.7 13.7 8% 14 13.4 13.2 13.0 13.3 12.4 12.7 6.4% 6.3% 6.5 % 7% 12 6.2% 5.8% 5.7% 5.9% 5.5% 5.4% 6% 10 5.2% 4.9% 4.8% 5% 8 4% 6 3% 4 2% 2 1% 0 0% Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q
Slide 14: Operating result burdened by lower volumes
OPERATING RESULT BURDENED BY LOWER VOLUMES Revenue (EUR million) Adjusted operating result (EUR million) 13 280 12 260 11 240 10 220 9 200 8 180 7 160 6 140 5 120 4 100 3 2 80 1 60 0 40 -1 20 -2 0 -3 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024 2025 2026 2023 2024 2025 2026 Revenue was EUR 205.1 million (232.6
Slide 15: Seasonal inventory build-up visible in operating cash flow
SEASONAL INVENTORY BUILD-UP VISIBLE IN OPERATING CASH FLOW Components of Cash Flow from Operating Activities 1-3/2026 (EUR million) Inventories (EUR million) 3 3.9 -11.4 140 2 130 +9.9 m / +9.9% 120 1 110.1 110 0 100.2 100 -1 90 -1.3 -2 80 -3 70 -4 60 -5 50 40 -6 1.8 30 -7 -7.0 20 -8 10 -9 0 Net res
Slide 16: Outlook for 2026
OUTLOOK FOR 2026 Kamux expects its adjusted operating profit for 2026 to increase from the previous year. Q1 2026 RESULTS 12.5.2026 16
Slide 17: Dividend from 2025
DIVIDEND FROM 2025 The Annual General Meeting decided that a dividend of EUR 0.05 per share will be distributed for the year 2025 (EUR 0.07 per share) • Kamux Corporation’s distributable earnings totaled EUR 88 million on December 31, 2025 • The dividend will be paid in one instalment on October 30,
Slide 18: Long-term targets and strategy
LONG-TERM TARGETS AND STRATEGY Q1 2026 RESULTS 12.5.2026 18
Slide 19: Tracking progress towards our long-term targets
TRACKING PROGRESS TOWARDS OUR LONG-TERM TARGETS LONG-TERM TARGET FY 2022 FY 2023 FY 2024 FY 2025 LTM(1 FINANCIAL Sold cars, pcs 100,000 / year 62,922 68,257 66,548 57,518 56,551 Revenue, MEUR 1,500 / year 969 1,002 1,010 876 848 Adj. EBIT margin, % 4% 1.8% 1.8% 1.1% 0.4% 0.5% NON-FINANCIAL Q1/26 NPS
Slide 20: Group management team
GROUP MANAGEMENT TEAM Juha Kalliokoski Enel Sintonen Niklas Eriksson Marcus Mezödi CEO CFO Managing Director, Sweden Managing Director, Germany Joni Tuominen Aino Hökeberg Jarkko Lehtismäki Managing Director, Finland Chief Business Development and Chief Digital Officer Transformation Officer Q1 2026
Slide 21: 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 Q1 2026 RESULTS 12.5.2026 21
Slide 22: 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 23: Become the #1 used car retailer in Europe
OUR VISION BECOME THE #1 USED CAR RETAILER IN EUROPE Q1 2026 RESULTS 12.5.2026 23
Slide 24: Q&A
Q&A Q1 2026 RESULTS 12.5.2026 24
Slide 25: Thank you!
THANK YOU! Q1 2026 RESULTS 12.5.2026 25
Slide 26: 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