Inside information, profit warning: Kamux lowers its outlook for the year 2022

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Dec 30, 2022, 05:29 ET

Kamux Corporation, Inside information, 30.12.2022 at 11:00

HÄMEENLINNA, Finland, Dec. 30, 2022 /PRNewswire/ -- Kamux lowers its outlook for the year 2022 revenue and operating profit due to weaker than expected sales and car sales margin during the fourth quarter.

Rationale for updating the outlook

Demand for Kamux's used cars contracted significantly more than expected in all operating countries during the fourth quarter. The contraction in demand is due to low consumer confidence, caused by the war in Ukraine and its effects, such as the energy crisis. In addition, Kamux's margin on car sales was significantly lower than expected due to weak demand and the measures taken to adjust the inventory to meet the demand.

New outlook for 2022:

In 2022, Kamux expects its revenue to be over EUR 950 million. The company expects its adjusted operating profit to be approximately EUR 16-20 million.

Previous outlook for 2022:

In 2022, Kamux expects its revenue to be at least EUR 1,000 million and adjusted operating profit to be approximately EUR 23-26 million.

For more information:

Juha Kalliokoski, CEO, Tel. +358 40 185 8633
Marko Lehtonen, CFO, Tel. +358 50 575 2006

Kamux Corporation
Communications

Kamux is a retail chain specializing in the sale of 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, the company has sold over 400,000 used cars, 68,429 of which were sold in 2021. Kamux's revenue reached EUR 937.4 million in 2021. In 2021, Kamux's average number of employees was 848 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd.

www.kamux.com