Kamux Corporation’s Interim Report for January 1—March 31, 2026: Revenue declined, adjusted operating result improved
Kamux Corporation | Interim Report | May 12, 2026 at 09:00:00 EEST
This is a summary of Kamux Corporation’s Interim Report for January 1—March 31, 2026. The complete report is attached to this release and is also available at the company website at www.kamux.com.
The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.
January–March 2026
- Revenue decreased by 11.8%, totaling EUR 205.1 million (232.6)
- Gross profit was EUR 19.0 million (18.1), or 9.3% (7.8) of revenue
- Adjusted operating result (EBIT) was EUR -1.0 million (-1.9), or -0.5% (-0.8) of revenue
- Operating result (EBIT) was EUR -1.0 million (-2.6), or -0.5% (-1.1) of revenue
- The number of cars sold decreased by 6.6% to 13,727 cars (14,694)
- Basic and diluted earnings per share were EUR -0.03 (-0.10)
Key Figures
| EUR million | 1−3/2026 | 1−3/2025 | Change, % | 1−12/2025 |
| Revenue | 205.1 | 232.6 | -11.8% | 875.9 |
| Gross profit | 19.0 | 18.1 | 5.0% | 85.3 |
| as percentage of revenue, % | 9.3% | 7.8% | 9.7% | |
| Operating result (EBIT) | -1.0 | -2.6 | 61.9% | 0.6 |
| as percentage of revenue, % | -0.5% | -1.1% | 0.1% | |
| Adjusted operating result | -1.0 | -1.9 | 47.8% | 3.3 |
| as percentage of revenue, % | -0.5% | -0.8% | 0.4% | |
| Revenue from integrated services | 12.7 | 13.2 | -3.8% | 53.2 |
| as percentage of revenue, % | 6.2% | 5.7% | 6.1% | |
| Number of cars sold | 13,727 | 14,694 | -6.6% | 57,518 |
| Gross profit per sold car, EUR | 1,386 | 1,233 | 12.4% | 1,483 |
| Net debt | 44.8 | 56.3 | -20.3% | 33.7 |
| Inventories | 110.1 | 112.1 | -1.8% | 100.2 |
| Inventory turnover, days | 53.5 | 53.1 | 0.8% | 51.8 |
| Capital expenditures | 0.3 | 1.1 | -75.2% | 5.6 |
| Average number of employees during the period | 745 | 836 | -10.9% | 820 |
| Return on equity (ROE), % | 0.5% | -0.6% | -2.1% | |
| Return on investment (ROI), % | 2.0% | 1.8% | 0.8% | |
| Equity ratio, % | 53.3% | 44.8% | 53.5% | |
| Earnings per share, basic and diluted, EUR | -0.03 | -0.10 | 67.5% | -0.06 |
CEO Juha Kalliokoski:
“The used car market was sluggish in the first quarter of 2026. In Finland, the number of used cars sold by dealerships increased slightly, but the overall market declined in all Kamux operating countries. Consumer confidence was low, and consumers were still cautious about purchasing large consumer goods, such as cars. Changes in the operating environment quickly affected consumers’ purchasing decisions, and both the high electricity price at the beginning of winter and the sharp increase in fuel prices due to the Iran crisis were quickly reflected in the demand between different power trains. Competition remained fierce, and the purchasing market was also tight.
At Kamux, we continued our systematic work to improve profitability and inventory turnover. Following the work done at the end of 2025, we were able to start the year with a fairly healthy, albeit smaller inventory than the previous year. Overall, we succeeded well in developing profitability, and at the Group level, both gross profit and gross margin per sold car increased. The number of cars sold developed positively in Sweden. The Group’s revenue decreased following the decrease in the number of cars sold. Revenue from integrated services decreased slightly due to lower number of cars sold, but penetration rates remained at a good level. Inventory turnover was overall at a good level, although we are not yet at our target. We increased inventory towards the end of the quarter. Several of our KPI’s developed positively and our financial position was stable at the end of the quarter.
We continued our long-term work on excellent customer experience. We succeeded in this in all of our operating countries, and the NPS measuring customer satisfaction was 66 in the first quarter of 2026. In Finland, the March NPS was as high as 70. Satisfied customers are the foundation of our business, and we will continue to invest in customer experience.
At the beginning of February 2026, the media in Finland reported about an extensive investigation by the authorities into the taxation of imported used cars. Kamux has not been subject to the investigation. However, based on the news, an audit of our own processes was launched, and we did not find any shortcomings.
The enquiry Kamux Finland received from the Consumer and Competition Authority in June 2025 is, in our understanding, part of a large project based on which the authority is preparing new policies and interpretations for the entire industry, concerning, among other things, marketing, sales methods and processes and the interpretation of the Consumer Protection Act in the context of car sales. In April 2026, after the reporting period, the Consumer Disputes Board published new recommendations regarding the seller’s obligation to rectify a defect in a vehicle without causing the consumer any costs for improvements. Kamux is assessing the potential impact of these new recommendations on its own operations.
I would like to thank all Kamux employees again for their good work and commitment in this changing market. We would also like to thank our customers for their feedback and trust. We will continue our work on the basics, focusing on improving operational efficiency, inventory turnover and profitable business.”
Outlook for the year 2026
Kamux expects its adjusted operating profit for 2026 to increase from the previous year.
Significant events after the reporting period
On April 16, 2026, Kamux announced that it had completed the share repurchase program as announced on November 11, 2025, and February 25, 2026. During November 18, 2025–April 16, 2026, Kamux repurchased in aggregate 1,665,209 of its own shares at public trading on Nasdaq Helsinki Ltd. for an average price per share of EUR 1.9598. The total purchase price paid for the shares was EUR 3,263,467.16. Following the purchases, the Company held a total of 1,809,262 of its own shares representing approximately 4.52 percent of all shares.
On April 28, 2026, Kamux announced that Tuuli Kiiski has been appointed as Kamux’s Chief People Officer and a member of the Group Management Team, joining Kamux on August 1, 2026, at the latest. Kiiski joins Kamux from Suvia Group, where she has been working as HR Director and a member of the Management Team.
Financial reporting in 2026
The publication schedule for Kamux Corporation’s financial reporting in 2026 is as follows:
- Half-Year Report for January—June 2026 August 12, 2026
- Interim Report for January—September 2026 November 12, 2026
News conference
News conference for investors, analysts and media will be held today, Tuesday, May 12, 2026, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EEST. CEO Juha Kalliokoski and CFO Enel Sintonen will present the Interim Report.
The conference can be followed as a live webcast https://kamux.events.inderes.com/q1-2026.
Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided with a phone number and a conference ID to access the conference. If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue.
https://events.inderes.com/kamux/q1-2026/dial-in
For further information, please contact:
Juha Kalliokoski, CEO, call requests, tel. +358 10 420 8831
Enel Sintonen, CFO, call requests, tel. +358 10 420 8831
Katariina Hietaranta, Head of Communications, Sustainability & Investor relations, tel. +358 10 420 8831
Kamux Corporation
Communications
Kamux is a retail chain specialized in used cars and related integrated services. Kamux combines online shopping with an extensive showroom network to provide its customers with a great service experience anytime, anywhere. In addition to digital channels, the company has a total of 66 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 600,000 used cars, 57,518 of which were sold in 2025. Kamux’s revenue in 2025 was EUR 875.9 million and its average number of employees was 820 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com