This is a summary of Kamux Corporation’s Interim Report for January 1—March 31, 2025. 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 2025

• Revenue decreased by 3.4%, totaling EUR 232.6 million (240.7)
• Gross profit decreased by 25.6% to EUR 18.1 million (24.4), or 7.8% (10.1) of revenue
• Adjusted operating result (EBIT) decreased by 171.6% to EUR -1.9 million (2.7), or -0.8% (1.1) of revenue
• Operating result (EBIT) decreased by 215.0% to EUR -2.6 million (2.3), or -1.1% (1.0) of revenue
• The number of cars sold decreased by 8.9% to 14,694 cars (16,137)
• Basic and diluted earnings per share were EUR -0.10 (0.03)

Key Figures

*) Operating result adjusted for special items related to strategic planning, own real estate operations and other items, totaling EUR 0.7 million for 1−3/2025 (1−3/2024: EUR 0.4 million and 1−12/2024: EUR 3.6 million including also special items related to legal processes).

CEO Tapio Pajuharju:
“The continued very intense competition and a further tightened purchasing market characterized the car business and Kamux’s operating environment in all our operating countries during the first quarter of 2025. In Finland, the used car sales between individuals developed positively but volumes sold by car retailers were at the same level as in the comparison period. Market development in Sweden and Germany was weaker than in Finland. Economic uncertainty was very strongly reflected in consumers’ purchasing decisions, with demand even more heavily centered on affordable combustion engine cars. The transformation of the car business, combined with weak consumer confidence, continued to manifest in the very aggressive pricing and financing offers for both new and used cars.

With demand for affordable combustion engine cars strengthening further, some of the inventory purchased in late 2024 has proven challenging to sell. Deliberate adjustments in the inventory have weighed on our operations in all operating countries. The availability of affordable combustion engine cars favored by consumers remained challenging in the first quarter, and their share of Kamux’s selection remained too small. At the Group level, we fell short of approximately 1,400 cars compared to the comparison period, as our selection did not match the changed demand. In Sweden and Germany, sales were also weakened by a smaller number of showrooms than in the comparison period. The beginning of the year was very challenging, and we only managed to better align our selection with the market towards the end of the reporting period.

At the Group level, our revenue was 3.4% lower than in the comparison period, mainly due to the negative development in Sweden. In Finland, revenue was at the previous year’s level, driven by strong growth in the number of hybrids and EVs sold, while revenue decreased in Germany. The level of integrated services remained good, but the lower number of cars sold had a negative impact on the overall performance. Gross profit decreased in all operating countries due to weak sales, measures taken to manage the inventory and the challenging purchasing market. Increased maintenance and repair costs also weakened the gross profit. The Group's adjusted operating result turned negative and was EUR -1.9 million (EUR 2.7 million). As a result of the active inventory management, operating cash flow improved significantly and was EUR 22.0 million (EUR -16.2 million).

The measures to improve efficiency and profitability we initiated last year are progressing. Cost-saving initiatives related to the showroom network and personnel are on track. Actions to reduce the car-related pre- and after-costs have advanced, but the transfer of volumes has taken longer than expected and will have a more significant impact towards the end of 2025. In addition to these actions, we launched a new Group-wide efficiency program in the first quarter to improve profitability. The program focuses on systematic data-driven pricing in both purchasing and sales, centralized management of selection and inventory, and enhanced steering capabilities of the KMS system. Our work to improve customer experience has yielded results, and we achieved our strategic long-term target level in our key customer satisfaction metric when NPS was 60 in the first quarter. We will continue to invest in improving customer experience and developing the showroom network.

We have welcomed several important reinforcements to our team this year. At the beginning of the year, Johan Kempas, who has an extensive career in the automotive industry, started as Managing Director of Kamux Sweden. During the first quarter, he has strengthened the local team and operating methods, and we expect to see results from these efforts during 2025. In Sweden, we gained more expertise and synergy in sourcing by integrating the purchasing organizations of Webcars and Kamux Sweden. The Swedish sales organization has also been strengthened. In Germany, we strengthened the purchasing and sales functions, as well as the international purchasing, at the beginning of the year, and we have already seen good results in the first quarter.

I would like to once again express my sincere gratitude to all Kamux employees for their hard work in a challenging market. I also want to thank all our customers and partners for their trust.”

Outlook for the year 2025
Kamux expects its adjusted operating profit for 2025 to improve from the previous year.

Significant events after the reporting period
On April 28, 2025, Kamux announced that Kamux Corporation's Shareholders' Nomination Board has amended its earlier proposals for the Annual General Meeting. The Shareholders' Nomination Board proposes to amend the previously announced board composition by adding one new member, raising the proposed number of board members from six to seven. Additionally, the Nomination Board proposes to extend the schedule for paying the board's share-based compensation from two weeks to three weeks after the first-quarter interim report, due to the timing of the Annual General Meeting. Except for the above, the proposals of the Shareholders’ Nomination Board remain the same.

On April 27, 2025, Kamux published its Annual Report 2024. The Annual Report consists of three sections: Kamux’s year 2024, Remuneration Report, and Report by the Board of Directors and Financial Statements, including the Sustainability Statement and the Corporate Governance Statement.

On April 16, 2025, Kamux announced that Enel Sintonen has been appointed as Kamux’s Chief Financial Officer and a member of the Group Management Team, and that she will assume her duties at the beginning of August 2025.

On April 16, 2025, Kamux announced that Kamux Corporation and Jani Koivu, Managing Director of Kamux Finland, have agreed that Koivu will leave his position in the company. Joni Tuominen (MSc Economics) was appointed acting Managing Director of Kamux Finland as of April 16, 2025.

On April 15, 2025, Kamux received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act (“SMA”), according to which the total holding of Saray Value Fund SPC, managed by Saray Capital (DIFC) Limited (Dubai, UAE), in Kamux Corporation shares and votes has increased above ten (10) percent on April 14, 2025, and was 10.07% following the notification.

On April 10, 2025, Kamux received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act (“SMA”), according to which the total holding of funds (OP-Suomi Pienyhtiöt and OP-Suomi) managed by OP-Rahastoyhtiö Oy in Kamux Corporation shares and votes has decreased below five (5) percent on April 9, 2025, and was 4.99% following the notification.

Financial reporting and AGM in 2025
The publication schedule for Kamux Corporation’s financial reporting in 2025 is as follows:

• Half-Year Financial Report for January–June 2025             August 12, 2025
• Interim Report for January–September 2025                      November 11, 2025

The Annual General Meeting of Kamux Corporation will be held on May 22, 2025.

News conference
News conference for investors, analysts and media will be held on Tuesday, May 13, 2025, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EET. CEO Tapio Pajuharju will present the Interim Report.

The conference can be followed as a live webcast at https://kamux.events.inderes.com/q1-2025

Participation by conference call:
You can access the teleconference by registering on the link below. After the registration you will be provided phone numbers 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://palvelu.flik.fi/teleconference/?id=50051404

For more information, please contact:
Tapio Pajuharju, CEO, tel. +358 50 577 4200
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 68 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold almost 600,000 used cars, 66,548 of which were sold in 2024. Kamux’s revenue in 2024 was EUR 1,010 million and its average number of employees was 904 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com