Kamux (KAMUX) Q1 2026 earnings summary

Executive summary

• Revenue declined by 11.8% year-over-year to EUR 205.1 million, driven by lower volumes and average prices, but gross profit increased by 5.0% to EUR 19.0 million and gross margin rose to 9.3% from 7.8%.

• Adjusted operating result improved to EUR -1.0 million from EUR -1.9 million, with profitability gains in Finland and Sweden, though Germany remained challenging.

• Number of cars sold decreased by 6.6% to 13,727 units, with declines in Finland and Germany but growth in Sweden.

• Customer satisfaction (NPS) remained high, with group NPS at 66 and Finland at 70 in March.

• Focus remained on profitable deals, inventory health, and maintaining a stable financial position.

Financial highlights

• Gross profit increased to EUR 19.0 million, with gross profit per car up 12.4% to EUR 1,386.

• Gross margin improved for the fourth consecutive quarter.

• Cash flow from operating activities was EUR -7.0 million, mainly due to inventory build-up; cash balance at quarter-end was EUR 5.8 million.

• Net debt declined to EUR 44.8 million year-over-year; equity ratio improved to 53.5%.

• Basic earnings per share improved to EUR -0.03 from EUR -0.10 year-over-year.

Outlook and guidance

• Adjusted operating profit for 2026 is expected to increase from the previous year; outlook remains unchanged.

• Strategy review planned for later in the year, with new targets for 2027–2029 to be announced in autumn.

• Long-term targets include 100,000 cars sold annually, EUR 1.5 billion revenue, 4% adjusted operating profit margin, NPS of 60, and eNPS of 40.