Kamux Oyj

Group revenue grew in Q2, while gross margin declined from EUR 24 million to EUR 20.8 million. Adjusted EBIT fell to EUR 0.6 million, and management said costs were EUR 0.8 million lower than a year ago but not enough to offset margin pressure. Integrated services revenue was EUR 12.8 million, or 5.8% of total revenue. Cash released from net working capital was EUR 12.3 million versus the comparable period, cash balance ended at EUR 8.8 million, unused credit facilities were EUR 15 million, and net debt was EUR 49.5 million. Management said its outlook for 2026 remains unchanged and expects adjusted operating profit to increase from the previous year.

Juha Kalliokoski framed the quarter as a response to a sharp shift in consumer demand away from diesel cars. He said the company chose to accelerate inventory turn and accept lower margins rather than wait for diesel pricing to recover, while still growing volume and revenue. He also highlighted that Kamux regained its position as the largest seller of used cars in Finland by units in both Q2 and H1, and said customer satisfaction remained excellent.

Enel Sintonen said the key financial issue was the sudden powertrain mix shift, which forced a faster inventory turn and lower pricing for diesel passenger cars, breaking a four-quarter trend of margin improvement. She noted that all major operating expense categories declined year over year, cash flow was supported by inventory seasonality, and inventory turnover in days improved. She also pointed to a solid balance sheet with EUR 8.8 million cash, EUR 15 million of unused credit lines, net debt at EUR 49.5 million, and an equity ratio close to 50%.

Analysts pressed management on why full-year adjusted EBIT should improve despite Kamux being EUR 1.3 million behind last year, and management replied that Q3 and especially Q4 inventory mix, capacity and execution will be critical, while H2 last year was also historically weak. Questions also focused on inventory management and whether the company is reacting fast enough to powertrain shifts; management said it deliberately chose to move diesel stock faster, even at lower margin, and that diesel availability is now easing somewhat. On Sweden, management said performance is improving from a weak base, but more quarters of solid execution are needed before concluding the turnaround is complete.