Kamux (KAMUX) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 decreased by 2.0% to EUR 236.7 million, with full-year revenue slightly above EUR 1 billion, up 0.8% year-over-year, but profitability dropped sharply due to squeezed margins and lower volumes, especially in Sweden and Germany.

• Adjusted operating profit for Q4 was EUR 0.7 million (down 87.8%), and full-year adjusted EBIT was EUR 11.6 million (1.1% of revenue), with EPS for 2024 at EUR 0.12, down from EUR 0.24.

• Profitability was mainly impacted by squeezed metal margins, higher inventory values, and intensified competition, particularly in Finland and Germany.

• Management team strengthened with several key hires, including a new COO and Chief People Officer, and the acquisition of Webcars Logistics AB in Sweden to improve purchasing.

• Store network rationalized with multiple closures and relocations, resulting in a net decrease in showrooms across all markets.

Financial highlights

• Q4 revenue was EUR 236.7 million (-2.0% year-over-year); full-year revenue EUR 1,010.2 million (+0.8%).

• Q4 gross profit was EUR 20.2 million (-22.6%); full-year gross profit EUR 96.8 million (-5.6%).

• Adjusted operating profit for Q4 was EUR 0.7 million (-87.8%); full-year adjusted operating profit EUR 11.6 million (-35.8%).

• Basic and diluted EPS: EUR 0.03 in Q4 (EUR 0.06 prior year), EUR 0.12 for the year (EUR 0.24 prior year).

• Cash flow from operating activities for the year was EUR 2.7 million, down from EUR 25.2 million, as more capital was tied up in inventory.

Outlook and guidance

• Adjusted operating profit for 2025 is expected to improve from 2024, with visible improvements in inventory fit and profitability anticipated, but changes will not be immediate.

• Full-year guidance provided; earnings growth expected to be weighted towards the second half of 2025.

• The Board proposes a maximum dividend of EUR 0.07 per share for 2024, to be paid in one instalment in autumn 2025 at board discretion.