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REVENUE DECREASED AND ADJUSTED OPERATING PROFIT DECREASED SIGNIFICANTLY Q1 2025 Results CEO Tapio Pajuharju 13.5.2025Q1 2025 RESULTS 1
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TABLE OF CONTENTS Q1 2025 RESULTS 13.5.2025Q1 2025 RESULTS 2 1. Q1 in brief 2. Market position, Q1 Highlights, Changes in showroom network 3. Review by country, Strategy 4. Financial development 5. Long-term targets and outlook, Summary
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INTENSE COMPETITION AND A TIGHT PURCHASING MARKET CHARACTERIZED Q1 2025 IN ALL OPERATING COUNTRIES 13.5.2025Q1 2025 RESULTS 3 Revenue decreased 3.4% to EUR 232.6 million (240.7), mainly as a result of the underperformance in Sweden. Adjusted operating profit decreased by 171.6% to EUR -1.9 million (2.7), or -0.8% (1.1) of revenue. Despite of declining number of cars sold, integrated service performance solid. Revenue from integrated services was EUR 13.2 million (13.4), or 5.7% (5.5) of total revenue. Gross profit decreased 25.6% to EUR 18.1 million (24.4) due to negative volume development and actions taken to manage the inventory. Cash flow from operating activities in January–March improved significantly as a result of active inventory management and was EUR 22.0 million (-16.2). Number of cars sold decreased -8.9% to 14,694 cars (16,137) as our offering did not match the demand of lower- priced combustion engine cars. Dealer sales of used cars flat in all operating countries, demand geared for more affordable combustion- engine cars. 1 2 3 4 5 6 7 Long-term target level in key customer satisfaction metric achieved, when Group-level NPS* was 60 in the first quarter * NPS=NET PROMOTER SCORE
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USED CAR MARKET GROWTH IN FINLAND AND SWEDEN FROM C2C TRADE, DEALER SALES FLAT Market Market size (2024) Kamux market share* Market development in Q1 2025 Kamux position and development in Q3 2024 Finland ~0.7 million cars ~8.0% #1 Dealer volumes flat vs. Q1 2024, C2C sales grew Kamux maintained its position as #1 in no. of cars sold Sweden ~1.25 million cars ~0.8% Top 8 Dealer volumes flat vs. Q1 2024, C2C sales grew Kamux is among the top 8 used car dealers in Sweden Germany ~6.5 million cars ~0.1% Very moderate growth vs. Q1 2024 Kamux maintained its market share New passenger car registrations across the EU were at PY’s level in January–March 2025 (ACEA). New car registrations in Kamux’s markets in January–March 2025: Finland -9.5% Sweden +5.2% Germany -1.0% 13.5.2025Q1 2025 RESULTS 4 * BASED ON COMPANY ESTIMATES ON A ROLLING 12 - MONTH BASIS
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PROFITABILITY HIT BY UNFAVORABLE STOCK AND ACTIONS TO CORRECT IT; SOME MARGIN IMPROVEMENT VISIBLE TOWARDS THE END OF THE QUARTER 0 20 40 60 80 100 120 140 160 180 200 220 240 260 280 Q1 Q2 Q3 Q4 2022 2023 2024 2025 -3 -2 -1 0 1 2 3 4 5 6 7 8 9 10 11 12 13 Q1 Q2 Q3 Q4 2022 2023 2024 2025 13.5.2025Q1 2025 RESULTS 5 Adjusted operating profit (EUR million)Revenue (EUR million) Revenue decreased by 3.4% mainly due to negative development in Sweden and was EUR 232.6 million (240.7). Adjusted operating profit (EBIT) decreased by 171.6% and was EUR -1.9 million (2.7), or -0.8% (1.1) of revenue.
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CHALLENGING PURCHASING MARKET AND SUBOPTIMAL CAR SELECTION RESULTED IN VOLUME DECLINE 13.5.2025Q1 2025 RESULTS 6 Sold cars (pcs) 2,000 4,000 6,000 8,000 10,000 12,000 14,000 16,000 18,000 20,000 0 12,051 3,678 1,223 Q3/22 10,420 3,127 1,134 Q4/22 11,039 2,985 1,300 Q1/23 12,308 3,493 1,414 Q2/23 14,268 3,529 1,567 Q3/23 12,262 2,770 1,322 Q4/23 11,946 2,763 1,428 Q1/24 12,307 3,046 1,684 Q2/24 14,195 2,774 1,515 Q3/24 11,567 2,035 1,209 Q4/24 10,881 3,527 1,280 Q2/22 15,688 16,952 14,681 15,324 17,215 19,364 16,354 16,137 17,037 18,484 14,890 Q1/25 14,694 11,319 1,900 1,344 -8.9% FIN SWE GER
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REVENUE FROM INTEGRATED SERVICES AFFECTED BY LOW VOLUMES, KAMUX PLUS PERFORMANCE SOLID 12.8 13.0 15.3 11.5 12.4 13.6 15.4 13.4 13.6 14.6 13.7 13.2 5.2% 5.0% 6.9% 5.2% 4.9% 4.8% 6.4% 5.5% 5.4% 5.2% 5.8% 5.7% 0% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 0 2 4 6 8 10 12 14 16 18 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 Kamux Plus Finance fees and insurance commissions Integrated services % of revenue 13.5.2025Q1 2025 RESULTS 7 Revenue from integrated services MEUR
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CHANGES IN SHOWROOM NETWORK Finland Sweden Germany Total Q1/2025 Mäntsälä showroom closed - - -1 Q2/2025 to date - - - Total showrooms on May 13, 2025 43 17 8 68 Announced openings/closures New showroom to be opened in Jyväskylä in autumn 2025 Network assessment ongoing New showroom to be opened in Schwerin in July 2025 13.5.2025Q1 2025 RESULTS 8
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FINLAND BURDENED BY SUBOPTIMAL CAR SELECTION • Market growth driven by sales by private individuals, dealer sales flat • Competition and sourcing market continued to be extremely tight • Extremely difficult January and February • Due to tight sourcing market and cars that were not sold in Q4/24, our offering did not meet the demand that geared even further towards affordable combustion engine cars • Number of sold cars decreased • Revenue supported by sales of EV’s and hybrids that grew +45% vs. Q1/24 • Adj. EBIT heavily impacted by weak margin, low volumes and actions taken to manage the inventory • Change of leadership: Joni Tuominen started as interim Managing Director for Kamux Finland on April 16, 2025 FY 2024 Revenue MEUR 738.7 Adj. EBIT margin 3.5% 0 1 2 3 4 5 0 50 100 150 200 250 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Revenue Adj. EBIT % KEY FIGURES, MEUR Q1 25 Q1 24 CHANGE Number of cars sold 11,319 11,946 -5.2% Revenue 176.1 172.1 +2.3% Adj. EBIT 2.6 6.5 -60.7% Financing services, penetration 46% 50% Insurance services, penetration 63% 62% Kamux Plus, penetration 33% 33% NPS 62 13.5.2025Q1 2025 RESULTS 9
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LACK OF VOLUMES IN SWEDEN • Moderate market growth driven by sales by private individuals – dealer sales flat • Very heavy volume decline led to significantly reduced revenue • Lower number of showrooms (-6) • The offering not meeting the demand that geared even further towards affordable combustion engine cars • Tight competition • Relatively new sales team, management team transition • Gross profit decreased significantly following the lower number of cars sold and lower margin per car • Car margin impacted by sales mix and tight purchasing market • Sales organization strengthened and new sales director started in April. Purchasing team integrated with Webcars. FY 2024 Revenue MEUR 252.7 Adj. EBIT margin -1.7% -5 -4 -3 -2 -1 0 0 10 20 30 40 50 60 70 80 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Revenue Adj. EBIT % KEY FIGURES, MEUR Q1 25 Q1 24 CHANGE Number of cars sold 1,900 2,763 -31.2% Revenue 41.6 68.9 -39.6% Adj. EBIT -1.7 -1.3 -31.0% Financing services, penetration 50% 51% Insurance services, penetration 93% 92% Kamux Plus, penetration 23% 22% NPS 40 13.5.2025Q1 2025 RESULTS 10
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CLEARANCE OF LONG-DAY STOCK IMPACTED VOLUMES AND MARGIN IN GERMANY • Very moderate market growth in Germany, consumer confidence remained low • Volumes declined as the offering did not meet the demand • Lower number of showrooms also impacted sales volumes • Gross profit decreased clearly following low number of cars sold and low margin per car • New focus and changes in purchasing management started to bring results at the end of the reporting period as clear improvement in offering and margins of new offering • New showroom in Schwerin, Northeast Germany, will be opened in July 2024 FY 2024 Revenue MEUR 103.4 Adj. EBIT margin -1.0% -5 -4 -3 -2 -1 0 1 0 5 10 15 20 25 30 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Revenue Adj. EBIT % KEY FIGURES, MEUR Q1 25 Q1 24 CHANGE Number of cars sold 1,344 1,428 -5.9% Revenue 22.2 24.8 -10.2% Adj. EBIT -0.1 0.2 -172.7% Financing services, penetration 27% 23% Insurance services, penetration Kamux Plus, penetration NPS 63 13.5.2025Q1 2025 RESULTS 11
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KAMUX IS EUROPE'S FOURTH LARGEST USED CAR RETAILER Largest used car retailers in Europe in 2024 Home country Number of operating countries Cars sold in 2024, pcs Aures Holding Czechia 3 108,661 Aramis France 6 86,166 Autohero Germany 9 74,438 Kamux Finland 3 66,548 13.5.2025Q1 2025 RESULTS 12 SOURCE: COMPANY QUARTERLY AND ANNUAL REPORTS
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BECOME THE #1 USED CAR RETAILER IN EUROPE 13.5.2025Q1 2025 RESULTS 13 OUR VISION
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Data-driven pricing ONE KAMUX – PRODUCTIVITY IMPROVEMENT 13.5.2025Q1 2025 RESULTS 14 Controls, policies and discount development Inventory management Data-driven S&OP
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13.5.2025Q1 2025 RESULTS 15 Customer-centric offering for consumers and professionals Centrally driven fair prices across all channels Transparent quality with 3 rd party verified inspections Seamless customer experience across channels Innovative, hassle- free services within mobility space Global and local purchasing teams to utilize power of Group Increasing centralized processing for inspections, refurbishments, dark stores & smart supply chain Central data-assisted pricing and purchasing process & tools Motivated people with clear roles, incentives, skillsets, and aligned with Kamux values Teamwork, speed and cost-effectiveness are in our DNA. Kamux values and way of operating guide our actions every day. M&A TO ACCELERATE GROWTH OPERATIONAL EFFICIENCYCUSTOMER PROMISE Become the most friendly, convenient and trustworthy used car retailer Industrialize and standardize operations across value chain
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GROUP MANAGEMENT TEAM Tapio Pajuharju CEO Enel Sintonen CFO As of August 1, 2025 Johan Kempas Managing Director, Sweden Joni Tuominen Acting Managing Director, Finland Martin Verrelli Managing Director, Germany Aino Hökeberg Chief Marketing and Concept Officer Jarkko Lehtismäki Chief Digital Officer Altti Väisänen Director, Business Development, Car Flow & Data Joanna Clark Chief People Officer As of May 15, 2025 Juha Kalliokoski Chief Operating Officer 13.5.2025Q1 2025 RESULTS 16
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FINANCIAL DEVELOPMENT 13.5.2025Q1 2025 RESULTS 17
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SUBOPTIMAL CAR SELECTION AFFECTED VOLUMES AND MARGINS EVEN IF ACTIONS STARTED TO GET TRACTION • Sales volumes down vs. Q1/2024 in all markets and margins hit by suboptimal car selection. Margins started to improve towards the end of the quarter due to operative actions implemented • Gross profit EUR 1,233 per car, approximately –18% compared to Q1/2024, impacted by active inventory management • Active inventory management to improve future car selection resulted in very strong cash generation in Q1/2025 • Return on equity (ROE) was -0.6% • Equity ratio remaining solid at 44.8% • Basic earnings per share at EUR -0.10 13.5.2025Q1 2025 RESULTS 18 Active inventory management had a negative impact on Adjusted EBIT, but favorable on cash flow.
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KEY FIGURES 13.5.2025Q1 2025 RESULTS 19 (MEUR) 1-3/2025 1-3/2024 Change, % 1–12/2024 Revenue 232.6 240.7 -3.4% 1,010.2 Gross profit 18.1 24.4 -25.6% 96.8 as percentage of revenue, % 7.8% 10.1% 9.6% Operating result (EBIT) -2.6 2.3 -215.0% 7.9 as percentage of revenue, % -1.1% 1.0% 0.8% Adjusted operating result -1.9 2.7 -171.6% 11.6 as percentage of revenue, % -0.8% 1.1% 1.1% Revenue from integrated services 13.2 13.4 -1.1% 55.2 as percentage of revenue, % 5.7% 5.5% 5.5% Inventory turnover, days 53.1 52.4 1.4% 55.4 Return on equity (ROE), % -0.6% 9.9% 4.3% Return on capital employed (ROI), % 1.8% 6.9% 3.9% Equity ratio, % 44.8% 49.5% 48.0%
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NET WORKING CAPITAL CHANGE DRIVEN BY INVENTORY VALUE DECREASE Net Working Capital (EUR million) Inventories (EUR million) 13.5.2025Q1 2025 RESULTS 20 0 20 40 60 80 100 120 140 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 0 20 40 60 80 100 120 140 160 Q2/22 Q3/22 Q4/22 Q1/23 Q2/23 Q3/23 Q4/23 Q1/24 Q2/24 Q3/24 Q4/24 Q1/25 -19.1% -17.7%
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OPERATING CASH FLOW IMPROVED SIGNIFICANTLY AS A RESULT OF ACTIVE INVENTORY MANAGEMENT Cash Flow from Operating Activities (EUR million) Components of Cash Flow from Operating Activities Q1 2025 (EUR million) 13.5.2025Q1 2025 RESULTS 21 -20 -15 -10 -5 0 5 10 15 20 25 30 Q222 Q322 Q422 Q123 Q223 Q323 Q423 Q124 Q224 Q324 Q424 Q125 22.0 -5 0 5 10 15 20 25 Profit 5.2 Adjustments 22.3 Change in working capital -1.5 Financial items and taxes Cash flow from operating activities Q1 2025 -4.0 22.0
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DIVIDEND FROM 2024 • The Board of Directors proposes a dividend of maximum EUR 0.07 per share to be distributed for the year 2024 (EUR 0.17 per share) • The Board proposes that the dividend be paid in one instalment in autumn 2025, and that the Board be authorized to decide on the final amount of dividend, as well as its pertinent record and payment dates • In 2024, earnings per share were EUR 0.12 (0.24) • The proposed dividend is 60% (71%) of the profit per share for the fiscal year 2024 • The Annual General Meeting will be held on May 22, 2025 13.5.2025Q1 2025 RESULTS 22
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FINANCIAL TARGETS AND OUTLOOK 13.5.2025Q1 2025 RESULTS 23
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TRACKING PROGRESS TOWARDS OUR LONG-TERM TARGETS 13.5.2025Q1 2025 RESULTS 24 LONG-TERM TARGET FY 2022 FY 2023 FY 2024 LTM(1 FINANCIAL Sold cars, pcs 100,000 / year 62,922 68,257 66,548 65,105 Revenue, MEUR 1,500 / year 969 1,002 1,010 1,002 Adj. EBIT margin, % 4% 1.8% 1.8% 1.1% 0.7% NON-FINANCIAL Q1/25 NPS(2 60 50 51 60 eNPS(3 40 16 33 7 – 1)= LAST TWELVE MONTHS, 2)NET PROMOTER SCORE, MEASURED CONTINUOU SLY, 3)EMPLOYER NET PROMOTER SCORE, MEASURED TWICE / YEAR 3)Q4/24 e NPS IMPACTED BY COST SAVINGS PROGRAM AND CHANGES IN SWEDEN
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OUTLOOK FOR 2025 13.5.2025Q1 2025 RESULTS 25 Kamux expects its adjusted operating profit for 2025 to improve from the previous year.
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INTENSE COMPETITION AND A TIGHT PURCHASING MARKET CHARACTERIZED Q1 2025 IN ALL OPERATING COUNTRIES 13.5.2025Q1 2025 RESULTS 26 Revenue decreased 3.4% to EUR 232.6 million (240.7), mainly as a result of the underperformance in Sweden. Adjusted operating profit decreased by 171.6% to EUR -1.9 million (2.7), or -0.8% (1.1) of revenue. Despite of declining number of cars sold, integrated service performance solid. Revenue from integrated services was EUR 13.2 million (13.4), or 5.7% (5.5) of total revenue. Gross profit decreased 25.6% to EUR 18.1 million (24.4) due to negative volume development and actions taken to manage the inventory. Cash flow from operating activities in January–March improved significantly as a result of active inventory management and was EUR 22.0 million (-16.2). Number of cars sold decreased -8.9% to 14,694 cars (16,137) as our offering did not match the demand of lower- priced combustion engine cars. Dealer sales of used cars flat in all operating countries, demand geared for more affordable combustion- engine cars. 1 2 3 4 5 6 7 Long-term target level in key customer satisfaction metric achieved, when Group-level NPS* was 60 in the first quarter * NPS=NET PROMOTER SCORE
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Q&A 13.5.2025Q1 2025 RESULTS 27
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THANK YOU! 13.5.2025Q1 2025 RESULTS 28
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DISCLAIMER It should be noted that Kamux and its business are exposed to various risks and uncertainties, and certain statements herein which are not historical facts, including without limitation, those regarding expectations for market growth and developments; expectations for growth and profitability; and statements preceded by “believes”, “expects”, “anticipates”, “foresees”, or similar expressions, are forward-looking statements. Since these statements are based on current plans, estimates and projections, they involve risks and uncertainties that may cause actual results to materially differ from those expressed in such forward-looking statements. All statements are based on the management’s best assumptions and beliefs in light of the information currently available to it and Kamux assumes no obligation to publicly update or revise any forward-looking statement except to the extent legally required. 13.5.2025Q1 2025 RESULTS 29