Kamux (KAMUX) Q3 2025 earnings summary

Executive summary

• Revenue declined 17% year-over-year to EUR 232.6 million in Q3 2025, driven by a 15% decrease in cars sold and lower average prices.

• Adjusted operating profit fell to EUR 4.3 million, or 1.8% of revenue, compared to 2.0% last year.

• Gross margin improved to 10.9% from 9.8% despite lower volumes.

• Operating cash flow was strong at EUR 31.5 million for January–September, with inventory levels reduced to EUR 114.4 million.

• Management changes included the return of the founder as CEO and new appointments in key roles.

Financial highlights

• Gross profit per car increased 7.9% to EUR 1,607.

• Basic EPS was EUR 0.05, unchanged year-over-year.

• Revenue from integrated services was EUR 13.7 million, 5.9% of total revenue.

• Inventory turnover improved to 53.4 days.

• Net income for 9M was -€1.8M (EPS -€0.05), compared to €3.3M (EPS €0.08) last year.

Outlook and guidance

• Adjusted operating profit for 2025 is now expected to decrease year-over-year, revised from previous guidance of improvement.

• Long-term targets remain: 100,000 cars sold/year, €1.5B revenue, 4% adjusted EBIT margin, NPS 60.

• Management expects to balance profitability and volume growth going forward.