Kamux Oyj (KMUXF) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning and welcome to Kamuksi's Q425 results information sessions. My name is Katariina Hietaranta. I'm Kamuksi's Head of Investor Relations and I'm here with our CEO Juha Kalliokoski and CFO Enel Sintonen who will present you the results. Please go ahead, Juha. Good morning. Thank you, Katariina. Let's get started. Here is our agenda for presentation. As usual, we shall first take a brief look at the market, followed by review by country. Enel will then dive deeper into the financial development, including our outlook for 2026. She will also present the post dividend proposal and the extension in our share buyback program that was announced this morning. As usual, we will take the questions at the end. 2025 was a tough year for Kamux, and obviously we are not satisfied with the results. Last year was the first year in Kamux's 22 years of history that the volumes and revenue decreased. The reason behind the 13% revenue decrease is a combination of volumes and average price. While volumes were stable in Sweden and Germany, they declined by 10% in Finland. The rest of the revenue decrease came from the lower average price. Despite the decrease in cross-profit, cross-margin improved to 8.7%. Masses were better in Finland and Sweden. During this market, we have wanted to ensure that the keys are in our own hands, therefore focusing on a strong cash flow. We have seen that many in the industry have had issues with their cash positions. We focused heavily on inventory turnover, and our inventories decreased by 23%, which is 10% more than the revenue decrease. At the moment, we are in a position to start increasing our inventory again towards the spring and summer season. Revenue from the integrated services was 13.3 million euros with Camux Plus at the previous year ...