Technology
Kamux Corporation’s Half Year Financial Report for January 1–June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden
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Kamux Corporation, Half Year Financial Report, 16.8.2024 at 9:00
ESPOO, Finland, Aug. 16, 2024 /PRNewswire/ — Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024: Revenue decreased and adjusted operating profit decreased significantly, a weak Q2 in Sweden.
This is a summary of Kamux Corporation’s Half Year Financial Report for January 1—June 30, 2024. 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.
April–June in brief
Revenue decreased by -0.9% and was EUR 252.6 million (255.0)Gross profit decreased by -6.1% to EUR 24.7 million (26.3), or 9.8% (10.3) of revenueAdjusted operating profit (EBIT) decreased by -41.3% to EUR 2.7 million (4.5), or 1.1% (1.8) of revenueOperating profit (EBIT) decreased by -45.9% and was EUR 2.1 million (3.9), or 0.8% (1.5) of revenueThe number of cars sold decreased by -1.0% to 17,037 cars (17,215)Like-for-like showroom revenue decreased by -5.7% (2.9)Basic and diluted earnings per share were EUR 0.00 (0.06)
January–June in brief
Revenue increased by 3.2%, totaling EUR 493.4 million (478.1)Gross profit increased by 4.3% to EUR 49.0 million (47.0), or 9.9% (9.8) of revenueAdjusted operating profit (EBIT) remained at the previous year’s level and was EUR 5.4 million (5.4), or 1.1% (1.1) of revenueOperating profit (EBIT) decreased by -1.8% to EUR 4.4 million (4.5), or 0.9% (0.9) of revenueThe number of cars sold increased by 2.0% to 33,174 cars (32,539)Like-for-like showroom revenue growth was 0.1% (-2.4)Basic and diluted earnings per share were EUR 0.03 (0.06)
Key Figures
EUR million
4−6/2024
4−6/2023
Change, %
1−6/2024
1−6/2023
Change, %
1−12/2023
Revenue
252.6
255.0
-0.9 %
493.4
478.1
3.2 %
1,002.1
Gross profit
24.7
26.3
-6.1 %
49.0
47.0
4.3 %
102.5
as percentage of revenue, %
9.8 %
10.3 %
9.9 %
9.8 %
10.2 %
Operating profit (EBIT)
2.1
3.9
-45.9 %
4.4
4.5
-1.8 %
15.8
as percentage of revenue, %
0.8 %
1.5 %
0.9 %
0.9 %
1.6 %
Adjusted operating profit*
2.7
4.5
-41.3 %
5.4
5.4
0.0 %
18.0
as percentage of revenue, %
1.1 %
1.8 %
1.1 %
1.1 %
1.8 %
Revenue from integrated services
13.6
12.4
9.2 %
26.9
23.9
12.4 %
53.0
as percentage of revenue, %
5.4 %
4.9 %
5.5 %
5.0 %
5.3 %
Number of cars sold
17,037
17,215
-1.0 %
33,174
32,539
2.0 %
68,257
Gross profit per sold car, EUR
1,449
1,527
-5.1 %
1,478
1,446
2.3 %
1,502
Sales growth of like-for-like showrooms, %
-5.7 %
2.9 %
0.1 %
-2.4 %
2.9 %
Net debt
75.8
79.3
-4.4 %
53.8
Inventories
140.1
133.6
4.9 %
117.2
Inventory turnover, days
53.1
58.0
-8.6 %
46.9
Capital expenditures
0.6
0.5
20.1 %
1.8
0.9
103.0 %
1.8
Average number of employees during the period
906
861
5.2 %
885
Return on equity (ROE), %
7.8 %
5.9 %
8.7 %
Return on investment (ROI), %
6.0 %
4.1 %
6.6 %
Equity ratio, %
45.0 %
46.5 %
51.9 %
Earnings per share, basic and diluted, EUR
0.00
0.06
-93.6 %
0.03
0.06
-43.0 %
0.24
*) Operating profit adjusted for special items related to strategic planning and consulting, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.6 million for the second quarter of 2024 and EUR 1.0 million for 1−6/2024 (4−6/2023: EUR 0.6 million, 1−6/2023: EUR 0,9 million and 1−12/2023: EUR 2.2 million including also special items related to legal processes).
CEO Tapio Pajuharju:
“Despite the somewhat favorable development of the used car demand in all our operating countries, the second quarter was challenging for Kamux. The difficult sourcing market, and in particular the challenges in Sweden, were reflected in our revenue and profitability.
In Finland, the market slowed down in June, yet in Sweden and Germany, the market momentum remained mainly favorable throughout the quarter. The car sourcing market became increasingly difficult throughout the period in all of our operating countries, and we did not fully succeed in acquiring enough cars matching the demand. At Kamux, the good sales momentum continued in Germany, where the number of cars sold increased by almost 20%. In Finland, the number of cars sold remained at the same level as in the comparison period, and in Sweden the number of cars decreased substantially.
In Sweden, the second quarter had a good start, but June in particular was a major disappointment. We did not proceed in onboarding the new sellers as quickly as we had planned, and in addition, while the corrective actions related to previously detected misconduct have progressed as planned, they have required more effort and resources than expected. During August, it became evident that implementing the corrective actions has taken a toll and in order to speed up the commercial recovery, we needed to make a change in Kamux Sweden’s leadership. However, we believe that we will have a well-performing team in Sweden later this year and that all corrective actions will be completed gradually towards the end of the year. However, the challenge in Sweden has turned out to be bigger than previously estimated.
In Finland, we fell slightly below market development due to the challenged sourcing market in passenger cars. We have elected to maintain solid profitability, and we did succeed relatively well in maintaining our margin per sold car even in the substantially tightened sourcing market.
At the group level, the number of cars sold in the second quarter fell one percent below the comparison period due to the negative development in Sweden. The group’s revenue also fell by one percent, as the revenue growth in Finland and Germany was not high enough to offset the decrease in Sweden. In Finland, revenue grew mainly due to the slightly higher average price of cars sold. In Germany, revenue grew with the volume of cars sold, but on the other hand the average price of cars sold decreased as a result of the planned change in our offering. In Sweden, the average price of sold cars was lower than in the comparison period.
Gross profit decreased compared to the comparison period due to the negative development in Sweden. In Germany, gross profit developed favorably. In all our operating countries, gross profit was impacted by maintenance expenses which increased due to inflation. Sales of integrated services, especially Kamux Plus, developed favorably. Adjusted operating profit for the second quarter decreased compared to the comparison period and was EUR 2.7 million (EUR 4.5 million). Operating cash flow for January–June was EUR -14.2 million (EUR -16.2 million).
The sourcing market for used cars tightened in all our operating countries. Sales of new cars have been slow, and as a consequence the number of used cars entering the market is lower. At the same time, the market dynamics and competition have also changed, as many dealers who previously focused on new cars have invested noticeably more in used cars than before. In Sweden, the situation was further complicated due to the low exchange rate of the Swedish krona. This has made Sweden an attractive sourcing market for many eurozone countries.
During the past quarter, we have continued the dedicated and systematic implementation of our omnichannel strategy by upgrading our showrooms and web presence to match our concept, especially in Finland, but also in Sweden and Germany. We have also made several changes to our showroom network. On top of this, we decided to accelerate the measures defined in our strategy to improve the productivity and profitability of our operations. With the measures initiated during the second quarter, we target approximately EUR 5.0–7.0 million in annualized savings by the end of 2025. The measures are divided into two parts: In the first part, we will standardize indirect purchases, such as maintenance, washing, repairs and spare parts, and combine volumes. The second part includes the streamlining of the showroom network and own processes and organization. At the same time, we will continue to invest in growth, particularly by developing our webstore and showroom network.
Customer satisfaction is an important metric for us. The Net Promoter Score (NPS), where our long-term target is 60, decreased slightly in the second quarter and was 49 (51 in Q1) at the group level – still a very good level within the car industry. During the fall, we will continue actions dedicated to improving customer experience as well as upgrading our showrooms to match our concept. Due to the changes in the sourcing market, we are also accelerating our international sourcing activities and the standardization of car processing in order to get them ready for sale quicker, as well as to reduce costs.
I would like to once again express my warm thanks to all Kamux employees for their good work in a challenging market. I would also like to thank our customers and partners for their trust.”
Outlook for the year 2024 (unchanged)
Kamux expects its adjusted operating profit for 2024 to exceed its 2023 adjusted operating profit, which was EUR 18.0 million.
Significant events after the reporting period
On August 13, 2024, Kamux announced that Andy Rietschel, Kamux Sweden’s Managing Director and a member of the Group Management Team, leaves Kamux. The resignation was effective immediately. Aino Hökeberg, Kamux’s Chief Marketing and Concept Officer and a member of the Group Management Team, acts as the interim Managing Director of Kamux Sweden.
On August 9, 2024, Kamux announced that Marjo Nurmi, the Group’s Chief People and Sustainability Officer and a member of the Group Management Team, has decided to become an entrepreneur and will leave Kamux. She will continue in her current position and as a member of the Group Management Team until September 30, 2024.
On July 5, 2024, Kamux announced that Vesa Uotila, the Group’s Chief Business Development Officer and a member of the Group Management Team, had decided to leave Kamux in order to join private equity investor Sponsor Capital as a partner. He continued as Chief Business Development Officer and a member of the Group Management Team until August 7, 2024, and he will serve as an advisor to the company until the end of 2024.
Kamux Corporation’s financial reporting in 2024
The publication schedule for Kamux Corporation’s financial reporting in 2024 is as follows:
Interim Report for January—September 2024 November 8, 2024
News conference
News conference for investors, analysts and media will be held today, Friday, August 16, 2024, at Sanomatalo, Flik Studio Eliel, 1st floor, Töölönlahdenkatu 2, Helsinki at 11:00 EEST. CEO Tapio Pajuharju and CFO Jukka Havia will present the Half Year Report.
The conference can be followed as a live webcast at https://kamux.videosync.fi/q2-2024
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=50049836
For more information, please contact:
CEO Tapio Pajuharju, tel. +358 50 577 4200
CFO Jukka Havia, tel. +358 50 355 3757
Head of Communications & IR Katariina Hietaranta, tel. +358 50 557 6765
Kamux Corporation
Communications
Kamux is a retail chain specialized in preowned cars and related integrated services that has grown rapidly. 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 74 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold over 500,000 used cars, 68,257 of which were sold in 2023. Kamux’s revenue in 2023 was EUR 1,002 million and its average number of employees was 885 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit www.kamux.com
This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Main/17647/4025073/2947733.pdf
Kamux_Half Year Financial Report Q2 2024
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Email: Jasmin.Straeter@nttdata.com
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XI’AN, China, May 11, 2026 /PRNewswire/ — Over the past year, the conversation around artificial intelligence in Silicon Valley has undergone a subtle yet significant shift.
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What happens when AI Agents start owning KPIs? And how will that reshape the growth systems of global enterprises?
Why Global Marketing Became One of the First Industries to “Organize Around AI”
“The rise of organizational AI wasn’t accidental — it was driven by the complexity of the business itself,” said Aodi Zhang, Chief Product Officer at eclicktech.
Global marketing today is no longer a competition of isolated creative ideas. It has evolved into a highly complex, real-time operating system involving multiple markets, platforms, languages, and creative assets running simultaneously. Millions of impressions, clicks, and conversions are generated daily, all requiring immediate analysis and response.
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Global marketing — with its complexity and need for real-time responsiveness — has naturally become one of the first large-scale testing grounds for organizational AI.
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eclicktech’s recent “AI Implementation Hackathon” served as something closer to an organizational-level A/B test — placing AI directly into live business workflows to observe how organizations evolve around it.
“We no longer think of AI as a tool sitting in a browser bookmark bar,” Zhang explained. “We think of it as a teammate that can be assigned tasks, held accountable for outcomes, and integrated into operational workflows.”
Several standout projects emerged from the hackathon. But viewing them simply as “efficiency tools” would significantly underestimate their value. Once these systems are viewed through an organizational lens, it becomes clear that eclicktech has already introduced a new category of “AI coworkers” into its business operations.
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Dexter: The Data Specialist Built for Operational Problem-Solving
Anyone working in campaign optimization knows that analysts often spend the majority of their time reconciling data, identifying discrepancies, and tracing traffic sources.
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By handling repetitive analytical work, Dexter enables senior analysts to focus on higher-level strategic decision-making while preserving organizational expertise as scalable operational intelligence.
Hunter & Link: AI Systems Reshaping Customer Acquisition
Within eclicktech’s business development and operations teams, two additional AI systems — Hunter and Link — are redefining sales workflows.
Hunter functions like a constantly active prospecting engine, scanning emails, LinkedIn, and websites to identify high-potential leads. It can autonomously generate personalized outreach emails and even optimize messaging through automated A/B testing.
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Together, these systems allow human business development teams to focus less on repetitive prospecting and more on high-value negotiations and strategic relationship building.
AI Agents Are Becoming Infrastructure
These examples represent only part of eclicktech’s broader AI ecosystem.
Today, dozens of AI coworkers are embedded across eclicktech’s operations, supporting creative generation, campaign optimization, budget allocation, data attribution, intelligent customer service, and technical operations. Together, they form a goal-oriented organizational AI ecosystem.
Zhang emphasized that this does not mean organizations can completely remove humans from the loop.
“The more powerful AI becomes, the more important clear operational boundaries become,” he said. “AI handles execution and operational tasks, while humans remain responsible for oversight, judgment, and final decision-making. That human-AI collaboration model is critical for maintaining operational safety and business reliability.”
The scale of adoption is already significant.
According to preliminary estimates, eclicktech’s internal AI systems currently consume more than 4 billion tokens per day. Behind that figure is a growing number of AI Agents operating across real production environments, transforming AI computing power into measurable business growth.
Supporting this ecosystem is EC-Agent, eclicktech’s proprietary enterprise AI Agent development platform. The company says customized AI Agents can now be built in as little as five minutes, reducing development costs by up to 80% and enabling large-scale AI deployment across the organization.
From Silicon Valley’s evolving AI conversations to eclicktech’s real-world implementation, one trend is becoming increasingly evident:
When AI Agents begin owning KPIs, they are not simply improving operational efficiency — they are fundamentally reshaping how global enterprises function.
AI is no longer just an assistive tool. It is becoming an organizational participant working alongside humans. And as AI systems continue evolving, enterprises that successfully redesign themselves around human-AI collaboration may gain a significant competitive advantage in the next era of global business.
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