Good morning, and welcome to Kamux's Q4 '25 results information sessions. My name is Katariina Hietaranta.

I'm Kamux's Head of Investor Relations, and I'm here with our CEO Juha Kalliokoski and CFO Enel Sintonen, who will present you the results. Please go ahead, Juha.

Good morning. Thank you, Katariina.

Let's get started. Here is our agenda for presentation.

As usual, we shall first take a brief look at the market, followed by review by country. Enel will then dive deeper into the financial development, including our outlook for 2026.

She will also present the board's dividend proposal and extension in our share buyback program that was announced this morning. As usual, we will take the questions at the end.

2020 2025 was a tough year for Kamux, and obviously, we are not satisfied with the results. Last year was the first year in Kamux' 22 years of history that the volumes and revenue decreased.

The reason behind the 13% revenue decrease is a combination of volumes and average price. While volumes were stable in Sweden and Germany, they declined by 10% in Finland.

The rest of the revenue decrease came from the lower average price. Despite the decrease in gross profit, gross margin improved to 8.7%.

Margins were better in Finland and Sweden. During this market, we have wanted to ensure that the keys are in our own hands, therefore, focusing on strong cash flows.

We have seen that many in the industry have had issues with their cash positions. We focused heavily on inventory turnover, and our inventories decreased by 23%, which is 10% more than the revenue decrease.

At the moment, we are in a position to start increasing our inventory again towards the spring and summer season. Revenue from the integrated services was €13.3 million, with Kamux Plus at the previous year level.

I'm very happy about the customer satisfaction improved throughout the year. Our long-term target is 60, and we beat that in the fourth quarter with NPS at 65.

At the year-end, NPS was as high as 66. Despite the disappointing volume development, we maintained our position as the market leader in Finland, selling the most used cars, both in fourth quarter and over the whole year.

New car markets were subdued in Kamux' operating countries last year, affecting the inflow of trade-in cars. We can already see that the car park of 1 to 5 years old cars is decreasing in all our operating countries, which means even tougher purchasing market.

This may lead to higher prices of used cars, also. There were no major changes to our showroom network during 2025.

In Finland, our showrooms in Jyväskylä moved to new purpose-built premises during the last quarter. Earlier in the year, we closed the showrooms in Mäntsälä and Savonlinna.

There were no changes in network in Sweden, where we had closed altogether six showrooms in 2024. In Germany, we opened a new showroom in Schwerin, near Lübeck and Rostock, in the northeastern part of Germany.

To improve our efficiency in the capital region in Finland, we have decided to close two showrooms. The Malmi showroom closes by end of February, and Herttoniemi by end of March.

The cars and most of the sellers will move to other showrooms in the capital area. The Seinäjoki showroom will relocate by end of March to better premises.

Moving to comments per country. In Finland, the competition continued tight.

Consumer continued to prefer affordable cars, which were not so easy to source, as many dealers were after them. The volume development was disappointing, but the good news is that despite the decline, we maintained our position as the market leader in terms of number of cars sold.

Revenue was impacted by volumes and lower average prices. Volumes were dying down by 10%, and the rest was due to lower average price.

Gross margin developed positively for the third quarter in a row, although margin per car was slightly down. Adjusted operating profit decreased mainly due to volumes.

Insurance penetration increased to 66%. The decrease in Kamux Plus penetration rate is largely explained by the lower average prices of cars sold.

Our showroom in Jyväskylä moved to new premises during the quarter. This is one of the few premises that we own ourselves.

Customer satisfaction improved further, and was 65 for Q4. On a full-year basis, NPS was 62.

Then we move to Sweden. In Sweden, we have made good progress into the right direction during '25, but obviously, there is still a lot of work to do.

The market did not help us in Q4, and our volumes stayed at the previous year level. Revenue decreased as the average price of cars was lower than in the previous year, and fewer cars were exported to Finland.

It's also good to keep in mind, when thinking about the full-year volumes, that in the first half of '24, we had six showrooms more than in 2025. Three showrooms were closed at the end of July '24, and another three by end of December '24.

We took active inventory management measures during the quarter, which impacted the margin per car. Despite this, gross margin continued to improve, but gross profit decreased due to lower average price.

Kamux Plus penetration rates have increased quite nicely, and the finance and insurance penetrations rates have remained on a good level. Customer satisfaction has developed well also in Sweden, and there is significant improvement in NPS.

It was 56 in Q4 '24, and now in Q4 '25, it was already 64. I'm also happy to say, we announced the appointment of Nicklas Ericsson as the new MD of Kamux Sweden yesterday evening.

He will begin in the MD role in mid-April, but joins the company a little bit earlier. In Germany, our challenges continued.

In Q4, did a lot of inventory cleaning by lowering prices and selling cars also to the other dealers. As a result, the number of sold cars grew compared to Q4 '24.

This was at the cost of the margin, leading to a weaker gross profit and gross margin, and also with an impact on financing services. Adjusted EBIT was also affected.

The good news regarding Germany is that also in there, our customer satisfaction has improved. NPS for the quarter was as high as 70, and even the full-year 62.

Now I hand over to Enel for more details on the figures.

Thank you, Juha. Summarizing our financial performance in the quarter.

Sold volumes and revenue declined, and despite slowing decline in Q4, current volumes do not meet our ambition, and we continue to work to turn it. Gross margin improved for the third consecutive quarter.

Looking at financial performance per country, Finland and Swedens are moving step-by-step to the right direction. In Germany, we continue to face challenges, noted also by Juha earlier, and we work intensively and with discipline to turn it to the right direction.

In response to headwinds in sold volumes, we have prioritized the right size and health of inventory. Inventory is adjusted to €100 million level, unlocking a significant amount of cash.

Inventory turnover has improved, right steps towards capital efficiency have been done and will continue. Balance sheet ratios are at healthy level, net debt is at historically low level, and equity ratio is 53.5%.

As a summary, at the time we continue to have headwinds in volumes, we ensured right size and health of inventory, healthy financial and liquidity position. Here are our financial ratios.

Revenue declined by 13 percentage points, and key drivers were underlined earlier. Gross margin was 8.7% and improved slightly.

Driven by lower volumes, operating result was negative. Items affecting comparability included termination of CEO contract costs.

Adjusting operating result was negative. Inventory turnover, that we talk a lot in our business, has improved, and we continue activities to gain further improvements in this area.

Equity ratio has improved and is at over 50% level, as said earlier as well. After this year, volume is our key area to improve.

Looking our financial position, we are better equipped to go for volumes. Our inventory is at the right level size and fit.

Here we can see trend in volumes. Volumes declined in the quarter, but less than in recent quarters, mostly due to profitability focus and with impact from lower showroom network.

In Q2, we sold about 3,800 cars less compared to the previous year same time. In Q3, about 2,800 cars less, and in Q4, we sold about 1,000 cars less than in previous year same quarter.

The decline has somewhat slowed down. We can see revenue and adjusted operating results trend here.

Looking recent four quarters, adjusted operating profit trend was to the right direction in Q2 and Q3, however, low volumes impacted heavily to Q4 results. At the end of the fourth quarter, our cash position was €18.5 million.

In Q4, we paid back €12 million of revolving credit facilities that can be withdrawn later when needed. Cash position and unused credit facilities gives us a good position to build up inventory and volumes.

Our integrated services revenue development was hit by lower volumes. We are not satisfied with this trend, even though the share of integrated services has slightly increased to total revenue.

Here is a visual representation on how our net working capital developed. We can see €30.8 million reduction in net working capital, driven by decline in inventory.

Our inventory is in a better fit from both structural and price points perspective. Outlook for 2026: Kamux expects its adjusted operating profit for 2026 to increase from the previous year.

Dividend distribution: based on the dividend policy, Kamux aims for a dividend payout of at least 25% of the profit for the financial year. This year, the result has been negative.

However, the Board of Directors proposes dividend of €0.05 per share to be distributed for the year 2025. In this morning, we have announced also an extension to our share buyback program.

The program that was initially launched in November has progressed well, and Board of Directors decided to increase the number of shares to be bought. The new totals are: acquire at maximum 2 million shares, and this means extension of 1 million shares compared to initial launch.

The maximum amount to be used for the repurchase of shares is €4.5 million. The program will end April 16th at the latest.

Back to you, Juha.

Thank you, Enel. Few words about long-term targets and strategy.

In terms of our long-term targets, we have progressed well in customer satisfaction, where we have already achieved our long-term target of 60. The group level NPS for Q4 was 65.

Now our task is to keep it there. We have also progressed well in terms of employee satisfaction in the last 6 months, and the eNPS has risen to 15.

This is obviously still below our target, but an important improvement nevertheless. On the financial side, as we have shown earlier today, we are not where we want to be.

However, we are still standing by our long-term targets. Here is our current management team, to which there will unfortunately be some changes this spring, as Juhan and Johanna will be leaving us.

We are progressing well with their replacements, however, and we have just announced that Nicklas Ericsson will join us in April as Kamux Sweden's new managing director. This is a reminder of our focus areas in improving productivity.

During Q4, we worked especially hard on managing our inventory in preparation for 2026, and ensuring that we have a solid cash position. There is still a lot to do, and we continue to work on these on daily basis.

Our strategy remains unchanged. In 2025, we made good progress in advancing customer satisfaction in all our operating countries, as seen in our NPS results.

The group's NPS improved from 55 to 65. We have also progressed in improving our operational efficiency, but there is still a lot to do.

2026 is the last year of this current strategy period, and we will review our strategy during the year. Our vision is also remains unchanged: to become the number one used car retailer in Europe.

Thank you, Juha. Thank you, Enel.

It is now time for questions, and we will begin by questions from the teleconference, if there are any.

Yes, hi, it's Jonas Häyhä from OP. A couple of questions, starting from the inventory actions in Q4 that you did.

Could you provide some additional color on what was the reason? Why did you need to clear inventory?

Was it too low turnover, or perhaps unsuccessful purchases or what? How are you expecting metal margins to behave going forward?

When we speak inventories, it's always so important to remember about the inventory turnover. If the inventory turnover is too low, it means that you are getting all the time old stock, which means losses.

That's why we focused last year to turning the inventory in the just the right level, but also that we can achieve our target inventory turnover. As I mentioned, that now we are situation that we are possible to increase our inventories towards the summer and spring season.

It's easier to manage of lower inventory compared to €30 million higher inventory, and as we solved Q1 '25, what was the impact over there.

Thank you. Then regarding operating expenses, those seem to have increased somewhat in Sweden and Germany in Q4.

Was there anything specific behind those developments, and can you elaborate the drivers a little bit? Yes,

I would say that we had very operational Q4 in that sense. Operating costs were slightly bigger in Sweden and Germany.

I would say that nothing special in there.

Okay. Then can you update us on your store network plans for each of the countries?

You talked a little bit about the plans in Finland, and what about Sweden and Germany?

If you start, for example, from Sweden, as we said after Q3 or Q3 presentation, that we have 17 stores in Sweden, and we are happy about that. Of course, it doesn't mean that we don't change the places where we are, or the buildings where we are.

There is possible to use 2,000 cars in our places what we have. It means that we pay rents 100%, but we use a capacity only 60%.

We are in the same situation in Germany, that we have a stores there, and we are not opening the new stores of both of those countries before we are making a profit in both countries. As I mentioned earlier, it means that we must turn the inventory in the right level, and then we can expand our inventories higher.

Thank you. That's all from me.

Thank you, Jonas. There seems to be other questions on teleconference as well.

Thank you.

Rauli from Inderes here. Hi.

Just a question on your outlook, if you can a bit elaborate more kind of the drivers behind the earnings growth, the expectation, kind of the volume development and the margin development, and what are the measures that will enable those, thanks.

What a difficult question. Difficult to answer.

As said by Juha, our long-term target remains the same, 100,000 cars. What we have seen in 2025, both operating environment, but also our own operations have seen some challenges.

When looking ahead, we have made a number of steps to improve our own operational daily routines, also putting in place better inventory in better fit, in better structure. This is why we see that we improve in profitability.

However, as seen, it has been tough, and it also sees in our outlook that we have given.

Maybe if I continue shortly. If you think about the building, you must first, if there is something broken, you must first building the ground of the house.

We did that in last year in many ways. Now we think that we are better position to start to also grow.

All right, all right. It's mainly kind of based in your own, let's say, processes or so.

No big changes expected in the markets or in your market share, or on the cost side as such?

Of course, we are taking, as we mentioned, about the showroom network in Finland, we are taking off about the property costs a little bit, and share the cars and people to the near stores. Also, we don't believe the big change in the consumer confidence in this year.

Of course, we heard something about the positive feedback from the market, but we don't calculate about the big number of that.

All right. Thank you.

That's all for me.

Thank you.

Thank you. That was all questions from the teleconference, if I'm correct.

Very good. Before we take questions here from the audience, there's a couple sort of related, but perhaps expanding a little bit, particularly on the outlook, via the chat.

Questioning again the volume assumptions within the outlook, if there's any sort of ideas behind that in terms of unit number or year-on-year growth range, and whether the profit improvement is thought to be more volume driven or gross margin expansion. Maybe also related to the guidance is that are there some uncertainties that could prevent us from achieving it, or how should that be interpreted?

I will start with inventory level we entered the year. We have a much lower inventory level compared to last year when starting the year, and this was also our target to enter the market with this level.

This is the base where we start. Our thinking is that we build up volumes and inventory accordingly, but we do it very in a conscious way.

No quick fix in volumes in that sense. We have been quite, how to say, conscious and cautious with volumes in our thinking behind the outlook.

What we still think is what is the right balance between profitability and volumes. Continued to aim on profitable deals, healthy business.

We expect margins to remain or improve in that sense. Anything to add, Juha?

It was good answer. Yeah.

Okay. Thank you.

I'll take a couple of more questions here from the chat, and there's two that I'll try to combine. They're related to the purchasing organization.

There's a question that the purchasing organization, is it partly outsourced or 100% in your own hands, and with reference to the purchase of web cars? Then also asking how are the sourcing channels evolving today, and whether we expect to have an impact of the sourcing channels in '26?

We purchase side and sourcing side, it's it's all inside the company, our own employees. You can't can't outsource that that.

We have the purchase organizations in all countries, with purchase just the cars what needed into Finnish market, into Swedish market, into German market, and then we have to cooperate between the between the countries. They have the meetings and and try to share about the about the packages what what are the market.

Can we share share those or or are we interested in in Sweden cars which are which are in in Germany, and and so on. When we speak about the channels, it depends a lot lot of of the market.

If we start about Germany, it's very much business-to-business where where how we purchase the cars. In Sweden, it's it's totally different way.

Most of the cars what we purchased, we we purchased from the private customers, business-to-consumer business, and try to increase about the trade-in cars. We are improving over there, and it's it's important.

Finland, it's it's the highest rates about the trade-in cars, over 50%. We we buy locally from the private customers, but also from business-to-business inside the country, but all all over the the Europe also.

We've been speaking quite a bit about the car park development in countries, and particularly in Finland and I believe also in Sweden, suggesting that due to the new car market being so slow, the number of available used cars is getting lower, which means that particularly to Sweden and Finland, there need to be more imports. Anything you'd like to comment on that?

In in Finland, it means more more imported cars. In in Sweden, it means that, of course, the krona is now stronger compared to year year back or two years back.

It means that it's not so easy to export cars from from Sweden or import from Sweden to Finland. That's why in the Swedish car park, it's not go so much out of the Sweden.

Many, many, many years back, there is 100,000 cars per year what moved from Sweden to to other European countries.

Okay. One more question from the chat, and then we move to questions from the audience.

How far are you from your normal sales level, and how much of the gap is due to the weak economy versus increased competition?

How far away we are? Of course, we not set our targets, but as we said earlier, it's very important to increase hand-by-hand the inventory turnover, what means the sales, and the inventory levels.

If you do so that you increase the inventory, of course, it's very short-term good impact, but after the 3 months, there is coming a lot of bad things on the table. That's why we act very carefully about increasing about the inventories, and the sales speed coming with the inventory increases.

Very good. Thank you.

Any questions from the audience here? Maria, please, well, you get the mic just a second.

Yes, thank you. Maria Wikström from SEB.

I had three questions. I'll take them one by one.

I'd like to start asking who is winning share, given that your number of cars in Finland you sold was down 10%, the official statistics so about a percentage drop in the Finnish used car volumes. Who is currently gaining share?

If we look about the last year numbers, there is both of Rinta-Jouppi, K-Auto, and Bilar99. Those are the strongest companies which grew last year.

If I may expand a little bit here that you probably have analyzed the situation with the board. What do you think has been the winning recipe then in 2025?

Of course, If you start somewhere, and you are open new stores and new locations, hire more people, and increase the inventory, it means automatically, not automatically, but it's easy to grow. If you are the market leader, and you have tough situations, as we had, Q4 '24, Q1 '25, then you must make a choose where you want to win.

We, as Enel mentioned, that we made decisions that we are taking a margin, healthy inventory, good cash positions.

Thank you. There also been some news articles about Finnish Customs having an investigation on certain car dealers for their practices of importing cars and, I guess, paying for the VAT.

Are you part of these investigations?

Maybe I take this one. We haven't been contacted by authorities.

Of course, we look at the news and follow the situation, but no contact. They have not contacted us on that.

Yeah.

Then, finally, on Sweden. What kind of mandate you have given, I think his name was Nicklas, the new country head of Sweden?

Is that more like a growth or profitability mandate that you gave him when he's taking the helm in Sweden?

I would say that in Sweden, we need the growth, that you can achieve the profit, also. It's not so now in Sweden that we only need the margin.

We need both of the margin, but we need also the growth. It's hand-by-hand.

If one follow up there, would that be more growing the number of cars in the inventory or have you given him a possibility to start increasing the number of locations as well?

As I said earlier, we don't open and we were very clear about the Nicklas, that we said we don't open any store before we are use all the places what we have in our Swedish stores and store networks, and it means that we can grow our inventory, but not open to any stores before we are profitable there.

Perfect. Thank you.

Any further questions? Okay.

Jussi Koskinen. The Kamux story was competitive advantages through or based on scale, financial services, database management, and so on.

What has happened those competitive advantages you told make to us a couple of years back? Have they disappeared, and kind of you somehow enhance those or get some new competitive advantages?

The areas that you mentioned are still there. The competition is more tough on those because when you go first with the competitive advantages, your competitors are very eager to copy those.

What we have started already is our strategy update process. We look into those areas very carefully, and our strategy overall, and also competitive advantages as part of it.

If I continue shortly, maybe also the size of the store network, especially in Finland and Sweden, those are still in our own hands. We have our own tailor-made ERP CRM system, Kamux management system, and we know many competitors which works in many countries, and they have several different systems what they use, and it's quite tough.

Of course, the brand. We are still 22 years old company, and the best known in, especially in Finland.

Is it possible to execute those old advantages more efficiently, or find some new advantages?

We believe that we can find also some new when we are updating our strategy in this year. Also, we need strength about those advantages what we have.

I'm not sure if I remember right, but at some point of time, there was discussion that you would like to have more stores in capital area, and now you are closing two of those. Has the situation somehow changed, or

We look about how many cars we can set or put in our stores in capital region. Now we had so many places, and the sales was not as good as needed.

We didn't have so many cars what are possible. It's not okay in financial perspective to use the place where we couldn't make a good business.

That was all. Thank you.

Thank you. Then we have questions from Davit, please.

Hello, it's Davit Kantola from EQ. I have a question on the inventory cleaning or decrease you did in Q4.

Could you elaborate, was it done during the quarter evenly, or was it at the beginning or at the end of that, and

I would said that we made systematic work the whole quarter, and the level where we are at the end of the year was very near about the target what we set when the quarter started.

Any further questions? Sorry, Maria, I was typing a reply to, yeah.

No worries. I have a few more follow-up questions, which, today when I walked here, the sun is shining and that typically means that the high season is ahead of us.

Given your inventories were quite low at the end of Q4, have you been able to source attractive used cars ahead of the high season or are the next explanation for lower volumes being that there were everybody in the market sourcing for attractive used cars?

As I mentioned, we are the situation that we can start to grow our inventory, and we started it. Then

I think, you mentioned in your CEO notes that one of the like weak points in in '25 was high employee turnover. I guess, that's probably a follow following the lower used car cars, number of used cars sold, which then, reduced the compensation for the sales employees.

How you are going to tackle this in in 20 2026, and is it possible to tackle it with the current model?

We started, you can continue after me, we started the program for the leaders, store managers and area managers, start of this year to give more tools for them to handle purchasers and the sellers, and take better care of the employees. As we see that we are the right track when we think about the eNPS, what happened last year, the second half of the year.

We have it still a lot to do. Of course, it's all also how much the sellers can earn, how much they can sell, what is the margin of the cars, and it's one reason, of course.

I think, given that I followed you guys quite long time, and I think we talked about the quality of data that you have in your database. Now the AI is the big theme everywhere, and I would assume that with the AI tools, the kind of information that you previously perhaps have held by yourself is easier to accessible to other players as well.

How would you see the impact of an AI to your business?

This is something we discuss about in our strategy work as well, but, of course, we have discussed many months at least since I have been here. We seen many areas, of course.

First, how you mentioned that maybe competitors who doesn't have their own database have an advantage, but at the same time, we see it as an advantage as well because we own the data that we have, and we can do a lot with that, with AI. Also, of course, we see customer journey, very very traditional areas, customer journey, inventory management.

It's the development is so fast in AI, and we also are in the journey with the development, this is something we really work on, and continue in 2026, and particularly within our strategy work.

Thank you.

Any further questions from the audience? There's at least one more via the chat.

We'll take that. How many cars do you have to return for repairs after you sell them, and how does that affect your bottom line?

Aftercosts?

I would say that 70% of the costs coming when we speak about the repair cost or maintenance cost coming before the sales. It means that 25% to 30% coming after the sales.

Of course, we have the ticket system where we see all the tickets, how many claims we have, how fast we handle those, and what are the cost of those. Maybe that's the answer.

Thank you. Any further questions?

If not, then we thank the audience online and the audience here at Flik Studio, and wish everyone a good day. Thank you.

Thank you very much. Have a nice day.

Thank you.