Kamux (KAMUX) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenue declined by 0.8% to EUR 280.2 million, with Finland and Germany growing but unable to offset Sweden's underperformance.

• Adjusted operating profit dropped 22.3% to EUR 5.5 million, or 2.0% of revenue, mainly due to Sweden.

• Gross profit fell 6.3% to EUR 27.5 million, with cars sold down 4.5% to 18,484 in Q3.

• Strategic acquisitions (Webcars Logistics, Secto Automotive partnership) aim to strengthen sourcing and inventory management.

• Store network restructuring and cost-saving initiatives are underway across all markets.

Financial highlights

• Like-for-like showroom revenue declined 5.6% year-over-year; group revenue down 0.8% to EUR 280.2 million in Q3.

• Gross profit margin was 9.8% (down from 10.4%); adjusted EBIT margin was 2.0% (down from 2.5%).

• Net cash flow was negative, with a EUR 4 million decrease versus Q3 last year, mainly due to higher working capital tied in inventory.

• Basic and diluted EPS for Q3 was EUR 0.05 (down from 0.12), impacted by one-off restructuring costs.

• Year-to-date revenue grew 1.7% to EUR 773.5 million compared to the same period last year.

Outlook and guidance

• Adjusted operating profit for 2024 is now expected at EUR 15–17 million, revised down due to weak Swedish performance.

• Solid performance anticipated in Finland and Germany, with Sweden remaining the key uncertainty.

• Long-term financial targets remain valid, with expectations for improved profitability in 2025 and targets for 100,000 cars sold, EUR 1.5 billion revenue, 4% adjusted EBIT margin, NPS 60, eNPS 40.

• Refinancing is planned for the second half of 2024.