Kamux (KAMUX) Q2 2025 earnings summary

Executive summary

• Adjusted operating profit rose 8.2% to EUR 2.9 million in Q2 2025 despite an 18.7% revenue decline, driven by a 22.5% drop in cars sold and a focus on profitability over volume; gross margin improved to 11.7% from 9.8%.

• Gross profit per car increased 25% year-over-year, with significant improvements in Finland and Sweden, and a slight improvement in Germany.

• Operating cash flow improved significantly to EUR 14.3 million in H1, driven by proactive inventory and purchasing management.

• Customer satisfaction (NPS) remained high at 58-59, among the best in the industry.

• Market conditions remained challenging across all operating countries, with economic uncertainty and intense competition.

Financial highlights

• Q2 2025 revenue was EUR 205.5 million, down 18.7% year-over-year; adjusted EBIT margin improved to 1.4% from 1.1%.

• Gross profit was EUR 24.0 million (down 2.9% year-over-year), with gross margin up to 11.7% from 9.8%.

• Cash flow from operating activities for H1 was EUR 14.3 million, up from -14.2 million a year earlier.

• Revenue from integrated services increased to EUR 13.0 million, 6.3% of total revenue (from 5.4%).

• Inventory turnover was 54.1 days, up from 53.1 days year-over-year.

Outlook and guidance

• Full-year guidance maintained, with confidence based on simulations of volume, gross profit per car, integrated services penetration, and cost management.

• Adjusted operating profit for 2025 is expected to improve from the previous year.

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

• Expect continued pressure on top-line and volumes in H2, but profitability per car is projected to remain strong.

• Dividend of up to EUR 0.07 per share proposed/authorized, subject to board approval.