Juha Kalliokoski, CEO Kamux Corporation Annual General Meeting April 23, 2026
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 1
GROUP MANAGEMENT TEAM
Juha Kalliokoski
CEO
Enel Sintonen
CFO
Niklas Eriksson
Managing Director, Sweden
Marcus Mezödi
Managing Director, Germany
Joni Tuominen
Managing Director, Finland
Aino Hökeberg
Chief Business Development and Transformation Officer
Jarkko Lehtismäki
Chief Digital Officer
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 2
2025 IN BRIEF
Revenue by country in 2025
Cars sold by country in 2025
Average number of employees in 2025
18.4%
9.4% 0 %
In total
875.9 M€
(1,010.2)
74.7%
7,778
4,906 432
128
80 39
In total
57,518 cars
(66,548)
44,402
In total
820
(904)
573
FIN
SWE
GER
Group functions
FIN
SWE
GER
Group functions
FIN
SWE
GER
Group functions
A total of 66 showrooms* in three operating countries
40 showrooms
17 showrooms
9 showrooms
* As of March 31, 2026
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 3
KAMUX HAS SOLD OVER 600,000 USED CARS
Revenue (MEUR)
Cars sold (1,000)
Showrooms at year-end
1,010
1,002
68,5
68,3
78 79
78 78
19
27 38 53 74
112
152
405
310
215
528
455
937 969
724
659
876
1,8
60,7
55,4
46,6
41,0
36,3
28,5
20,3
14,2
10,5
2,63,65,06,9
62,9
66,5
57,5
71
61
53
47
41
34
27
20
13 16
7 9
69 68
FIN SWE GER
FIN SWE GER
FIN SWE GER
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 4
WEAK NEW CAR SALES IN 2025 KEPT THE USED-CAR MARKET TIGHT
120
110
100
90
80
70
60
50
40
30
20
10
Finland*
BEV PHEV
Hybrid without PHEV
Petrol Diesel Others
400
350
300
250
200
150
100
50
Sweden*
BEV PHEV
Hybrid without PHEV
Petrol Diesel Others
4 000
3 500
3 000
2 500
2 000
1 500
1 000
500
Germany*
BEV PHEV
Hybrid without PHEV
Petrol Diesel Gas
114
96
98
82
88
74
72
0
2019 2020 2021 2022 2023 2024 2025
0
353
289
297
285 287
267
270
2019 2020 2021 2022 2023 2024 2025
0
3 607
2 917
2 844 2 827 2 858
2 622 2 650
2019 2020 2021 2022 2023 2024 2025
C E O ' S R E V I E W
* U S E D P A S S E N G E R C A R S S O L D B Y P O W E R S O U R C E , 1 , 0 0 0 U N I T S
2 3 . 4 . 2 0 2 6 5
THE SHIFT IN POWER SOURCES IS ALSO PROGRESSING IN THE USED-CAR MARKET
Finland
Sweden
Germany
800
700
600
500
400
300
200
100
PHEVHybrid without PHEV
BEV
Others
708
735
653
678
1 400
1 200
1 000
800
600
400
200
PHEVHybrid without PHEV
BEV
Others
1 194
1 201
1 250
1 254
7 000
6 000
5 000
4 000
3 000
2 000
1 000
PHEVHybrid without PHEV
BEV
Others
0
2022 2023 2024 2025
0
2022 2023 2024 2025
0
6 480
6 512
5 642
6 031
2022 2023 2024 2025
C E O ' S R E V I E W
U S E D P A S S E N G E R C A R S S O L D B Y P O W E R S O U R C E , 1 , 0 0 0 U N I T S
2 3 . 4 . 2 0 2 6 6
2025 WAS A CHALLENGING YEAR FOR KAMUX
(MEUR) | 1-12/2025 | 1-12/2024 | Change, % |
Revenue | 875.9 | 1,010.2 | -13.3% |
Gross profit | 85.3 | 96.8 | -11.9% |
as percentage of revenue, % | 9.7% | 9.6% | |
Operating result (EBIT) | 0.6 | 7.9 | -92.8% |
as percentage of revenue, % | 0.1% | 0.8% | |
Adjusted operating result | 3.3 | 11.6 | -71.2% |
as percentage of revenue, % | 0.4% | 1.1% | |
Revenue from integrated services | 53.2 | 55.2 | -3.6% |
as percentage of revenue, % | 6.1% | 5.5% | |
Inventory turnover, days | 51.8 | 55.4 | -6.4% |
Return on equity (ROE), % | -2.1% | 4.3% | |
Return on investment (ROI), % | 0.8% | 3.9% | |
Equity ratio, % | 53.5% | 48.0% |
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 7
FOCUS ON PROFITABLE DEALS CONTINUED IN A
CHALLENGING OPERATING ENVIRONMENT…
Sold cars (pcs)
5 408
7 778
4 906
48 660
44 298
13 739
12 777
4 885
14 361
5 603
49 877
44 402
50 015
10 618
5 836
68,429
57,518
68,257
62,922
66,548
70 000
60 000
50 000
40 000
30 000
20 000
10 000
0
2021 2022 2023 2024 2025
FIN SWE GERC E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 8
REVENUE FROM INTEGRATED SERVICES REMAINED STABLE
Revenue from integrated services
60
55,2
10%
50
42,8
milj. euroa
40
4,6%
30
52,9 53,0
5,5%
5,3%
53,2
9%
8%
7%
6,1%
6%
5%
5,5%
4%
20
3%
2%
10
1%
0 0%
2021 2022 2023 2024 2025
Kamux Plus Finance fees and insurance commissions Integrated services, % of revenue
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 9
OPERATING CASH FLOW AT A HISTORICALLY STRONG LEVEL, DRIVEN BY ACTIVE INVENTORY MANAGEMENT
Operating cash flow (MEUR) Inventories (MEUR)
60
50,4
26,1
25,2
7,3
2,5
50
140
120
132,8
131,0
114,1
117,2
100,2
100
40
80
30
60
20
40
10 20
0
2021 2022 2023 2024 2025
0
2021 2022 2023 2024 2025
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 10
KEY ACTIONS AND EVENTS IN 2025
1
Customer satisfaction improved across all markets. The Group's full-year NPS was 61
The Jyväskylä flagship showroom was opened in the Autumn. The property is owned by Kamux and was purpose-built to meet our needs
4
A new showroom was opened in Schwerin in northeastern Germany, and it was honored with the 'Gebrauchtwagen' Award in early 2026
2
5
Strong expertise and automotive industry experience across the management team and the entire organization
6
A strong focus on working
capital efficiency
Reassessment of country organization structures and efficiency, with gradual implementation
3
7
Ongoing review of the store network in Finland and Sweden:
Savonlinna and Mäntsälä stores were
closed
A decision was made to optimize the store network in the Greater Helsinki area; Malmi and Herttoniemi stores were closed during Q1/2026
In Sweden, it was decided to continue with the current store network
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 11
TRACKING PROGRESS TOWARDS OUR LONG-TERM TARGETS
FINANCIAL | LONG-TERM TARGET | FY 2022 | FY 2023 | FY 2024 | LTM(1 |
Sold cars, pcs | 100,000 / year | 62,922 | 68,257 | 66,548 | 57,518 |
Revenue, MEUR | 1,500 / year | 969 | 1,002 | 1,010 | 876 |
Adj. EBIT margin, % | 4% | 1.8% | 1.8% | 1.1% | 0.4% |
NON-FINANCIAL | Q4/25 | ||||
NPS(2 | 60 | 50 | 51 | 65 | |
eNPS(3 | 40 | 16 | 33 | 7 | 15* |
C E O ' S R E V I E W
1 ) = L A S T T W E L V E M O N T H S , 2 ) N E T P R O M O T E R S C O R E , M E A S U R E D C O N T I N U O U S L Y , 3 ) E M P L O Y E R N E T P R O M O T E R S C O R E , M E A S U R E D T W I C E / Y E A R
2 3 . 4 . 2 0 2 6 12
OUTLOOK FOR 2026
Kamux expects its adjusted operating profit for 2026 to increase from the previous year.
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 13
KAMUX IS EUROPE'S 5TH LARGEST USED CAR
RETAILER
Largest used car retailers in Europe in 2026 | Home country | Number of operating countries | Cars sold in 2025, pcs |
Aures Holdings (AAA Auto) | Czech Republic | 3 | 111 000 |
Autohero | Germany | 9 | 101 000 |
Aramis | France | 6 | 89 000 |
OcasionPlus | Spain | 1 | ~70 000* |
Kamux | Finland | 3 | 57 000 |
* OcasionPlus sales is an estimate; the company has not published public figures after 2023.
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 14
OUR VISION
BECOME THE #1 USED CAR RETAILER IN EUROPEC E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 15
CUSTOMER PROMISE
Become the most friendly, convenient
and trustworthy used car retailer
OPERATIONAL EFFICIENCY
Industrialize
and standardize operations across
value chain
Customer-centric offering for consumers and professionals
Centrally driven fair prices across all channels
Transparent quality with 3rd party verified inspections
Seamless customer experience across channels
Innovative, hassle-free services within mobility space
Global and local purchasing teams to utilize power of Group
M&A TO ACCELERATE GROWTH
Increasing centralized processing for inspections, refurbishments, dark stores & smart supply chain
Central data-assisted pricing and purchasing process & tools
Motivated people with clear roles, incentives, skillsets, and aligned with Kamux values
Teamwork, speed and cost-effectiveness are in our DNA. Kamux values and way of operating guide our actions every day.
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 16
ONE KAMUX - PRODUCTIVITY IMPROVEMENT
Optimizing volume and profitability
Inventory and showrooms, fit selection, no lazy capital
PASSIONATE AND CAPABLE EMPLOYEES
Data-driven pricing and S&OP
One Kamux way, Consistent way of working, clear standards and controls
C E O ' S R E V I E W 2 3 . 4 . 2 0 2 6 17
THANK YOU!