contentSlug

type

ContentSlug_ContentQuery

slug

ContentPageContentQuery

content

trendingContent

query ContentSlug_ContentQuery(
  $contentSlug: String!
  $type: [ContentType!]
) {
  ...ContentPageContentQuery_13QmVO
}

fragment CompanyDetails_Content on Content {
  __isContent: __typename
  companies {
    name
    description
    pageUrl
    id
  }
}

fragment ContentBasicInfo on Content {
  __isContent: __typename
  id
  type
  title
  lang
  companies {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  tags {
    viewerIsFollowing
    id
    name
    pageUrl
  }
  ...PublishingDetails
  ...Reactions
}

fragment ContentMetadata on Content {
  __isContent: __typename
  type
  title
  lang
  pageUrl
  alternatePageUrls: translations {
    __typename
    pageUrl
    lang
  }
  imgUrl
  description
  ... on Video {
    liveTime
    videoUrl
  }
  ... on Webcast {
    liveTime
    videoUrl
  }
}

fragment ContentPageContentQuery_13QmVO on Query {
  content(slug: $contentSlug, type: $type) {
    __typename
    id
    type
    title
    isPremium
    lang
    htmlBody
    summary
    companies {
      forum {
        latestPosts {
          ...ForumPosts
        }
      }
      name
      id
      viewerIsFollowing
      pageUrl
      defaultInstrument {
        isin
        id
        marketOpen
        marketClose
        marketplace {
          region
        }
        returns {
          total
        }
      }
    }
    tags {
      viewerIsFollowing
      id
      name
      pageUrl
    }
    createdAt
    ... on Video {
      liveTime
    }
    ... on Webcast {
      liveTime
    }
    slug
    ... on CompanyReport {
      reportUrl
    }
    ... on ThirdPartyCompanyReport {
      reportUrl
    }
    ... on StockExchangeRelease {
      reportUrl
    }
    ...ContentBasicInfo
    ...ContentMetadata
    ...PriceAndRecommendation_Content
    ...CompanyDetails_Content
    ...ReportLink_Content
    ...KeyFigures_Content
  }
  ...TrendingContent_1jQ2Cn
}

fragment ForumPosts on ForumPost {
  text
  likesCount
  url
  author
  postedAt
  authorImgUrl
}

fragment KeyFigures_Content on Content {
  __isContent: __typename
  companies {
    defaultInstrument {
      estimateData {
        modelType
        reportingCurrency
      }
      snapshot {
        transaction {
          date
          actualized {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
          estimates {
            year
            quarter
            revenue
            revenueGrowth
            ebitAdjusted
            ebitReported
            ebitda
            enterpriseValue
            epsAdjusted
            dividend
            dividendYield
            sharePrice
          }
        }
      }
      id
    }
    id
  }
}

fragment PriceAndRecommendation_Content on Content {
  __isContent: __typename
  createdAt
  companies {
    name
    pageUrl
    defaultInstrument {
      priceData {
        tradeCurrency
      }
      snapshot {
        priceData {
          date
          lastPrice
          tradeCurrency
        }
        transaction {
          date
          recommendation
          targetPrice
        }
        prevTransaction {
          recommendation
        }
      }
      id
    }
    id
  }
}

fragment PublishingDetails on Content {
  __isContent: __typename
  createdAt
  publishers {
    name
    imgUrl
  }
  authors {
    __typename
    id
    name
    slug
    imgUrl
    jobTitle
  }
  ... on Video {
    liveTime
  }
  ... on Webcast {
    liveTime
  }
}

fragment Reactions on Content {
  __isContent: __typename
  id
  reactionGroups {
    reactionType
    reactionsCount
    viewerReacted
  }
}

fragment ReportLink_Content on Content {
  __isContent: __typename
  type
  isPremium
  ... on CompanyReport {
    reportUrl
  }
  ... on ThirdPartyCompanyReport {
    reportUrl
  }
  ... on StockExchangeRelease {
    reportUrl
  }
}

fragment TrendingContent_1jQ2Cn on Query {
  trendingContent(type: ARTICLE) {
    __typename
    id
    title
    lang
    pageUrl
    createdAt
    type
    imgUrl
    companies {
      squareLogoUrl
      name
      id
    }
    authors {
      __typename
      imgUrl
      id
    }
    publishers {
      imgUrl
    }
  }
}


kamux-corporations-annual-report-2023-has-been-published

__typename

title

isPremium

lang

htmlBody

summary

companies

createdAt

publishers

authors

reactionGroups

pageUrl

translations

imgUrl

description

Kamux operates in the automotive industry. The company offers sales of used cars and related services within service, insurance and loan financing. Sales are made via the company's physical stores but also via the e-commerce platform. The largest operations are in the Nordic market. The company was founded in 2003 and has its headquarters in Hämeenlinna.

Well, in Q4 2024, the adjusted operating profit was €0.7M, now Inderes’ expectations are €2.8M if the €8M presented in that quote for the full year is still valid. The company’s own guidance is very loose: “adjusted operating profit decreases from the previous year,” to achieve which, any result from the last quarter is sufficient.

Now that the “earnings warning weeks” are upon us, a small recap. Inderes expects a slight improvement from Kamux in Q4/25 vs. Q4/24.  On Saturday, I was at an evening gathering where there were also several highly knowledgeable individuals from the car industry. They claimed that Kamux in Finland is 5-10% ahead in units compared to last year’s Q4, as is also expected. What the entire Kamux has achieved in Q4 and what profit has been made will only be seen in February. But Kamux’s Q4/25 should be well within the expected range so far. I myself do not expect an earnings warning anymore this December…

Given that Chinese cars are quite popular judging by export figures, Kamux also needs to seriously consider its approach to them. BYP reportedly trades well on the market, but many used Chinese cars are a bit touch-and-go… Indeed, for some brands, the import organization and spare parts service are modest. Trump’s anguish over the poor export success of American cars is not unfounded.

Hedin’s Q3 figures today. Used car revenue grew by 5% and growth was seen in all markets. Profit, however, is in the red, apparently still mainly due to electric car buyback commitments and perhaps more generally due to electric car pricing.  In addition, Wetteri announced new targets yesterday, aiming to double the size of its used car business in the coming years, so competition appears to remain tough (here’s Thomas’s comment)

The management roulette continues in Sweden. This time, however, it seems to be of the person’s own volition, and the reasons have been explained in the announcement, so there’s probably no need to worry about Sweden’s Q4 development based on this. Still, it certainly doesn’t make turning things around easier when managers change once a year. Kempas started at the beginning of this year.                   Inderes              Muutos Kamuxin johtoryhmässä: Kamux Ruotsin toimitusjohtaja Johan Kempas...    Kamux Oyj | Pörssitiedote | 20.11.2025 klo 10:30:00 EETMuutos Kamuxin johtoryhmässä: Kamux Ruotsin toimitusjohtaja Johan Kempas siirtyy uusiin tehtäviin yhtiön ulkopuolelle Kamux Ruotsin toimitusjohta...

Now that Kamux is apparently starting to buy back its own shares today, one must be careful not to dump one’s own shares into the market when demand for the share slightly improves. I also looked at Kamux’s Q3 materials, interviews, etc., and this is a classic case of running aground and being in a deadlock. I have encountered the exact same thing in my own professional life. That is, someone far from the customer interface decides that the margin (usually some margin percentage or unit price) will be significantly adjusted and an overly challenging target is set. The end result is that the topline suffers, and then both the margin and operating profit in euros decrease when deals are not made due to poor price competitiveness. Fixed costs continue their course, and in Kamux’s case, there are simply more of them per completed car sale. Even in Kamux’s case, the gross margin per car had improved, but the most important thing, the bottom line, suffered badly. Now Kalliokoski explained that Kamux needs to be steered with big movements of the wheel, well, now at least the front end crashed into the inner bank. Pajuharju was accustomed to Harvia’s pricing power, but Kamux DOES NOT have similar. Used car dealers sell the same products, and their prices are easy to compare.

Yes, in Q2-Q3 the focus was specifically on profitability at the expense of volume. That did improve the gross margin, but so much volume was lost that operating profit still weakened. Indeed, there have been quite a few management changes and various inventory “adjustments” made in recent years. As I wrote in the report, Kalliokoski did not, in my opinion, offer any new ways to achieve profitable growth now.

Kamux

Kamux Corporation, Stock Exchange Release, 25.3.2024 at 13:00Kamux Corporation's Annual Report 2023 has been publishedKamux Corporation's Annual Report 2023 has been published. The Annual Report...

Kamux Corporation, Stock Exchange Release, 25.3.2024 at 13:00Kamux Corporation's Annual Report 2023 has been publishedKamux Corporation's Annual Report 2023 has been published. The Annual Report consists of the Annual Review, the Board of Director's Report, the Financial Statements and the Auditor's Report, as well as the Corporate Governance Statement and the Remuneration Report 2023.Kamux publishes the Finnish language version of the Annual Report in accordance with the European Single Electronic Format (ESEF) reporting requirements as an XHTML file. In line with the ESEF requirements, the primary statements have been labelled with XBRL tags. These XBRL tags have not been subject to audit.The Annual Report is attached to this release as a PDF file. An XHTML file is attached to the Finnish language version of this release. The Report is also available on www.kamux.com&nbsp;(<a href="https://www.kamux.com/en/releases-and-publications/reports-and-presentations/">https://www.kamux.com/en/releases-and-publications/reports-and-presentations/</a>).For further information, please contact: Katariina Hietaranta, Head of Communications &amp; IR, tel. +358 50 5576765Kamux Corporation CommunicationsKamux is a retail chain specialized in used 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 78 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&nbsp;(<a href="https://www.kamux.com/en/">https://www.kamux.com/en/</a>)