Kamux Oyj

Quarterly Report • Nov 10, 2023

Kamux Corporation Interim Report

January–September 2023

Kamux Corporation's Interim Report for January 1—September 30, 2023

Revenue grew and adjusted operating profit increased significantly during the third quarter

The figures in parentheses refer to the comparison period, i.e., the same period in the previous year, unless stated otherwise.

July—September in brief

• Revenue increased by 7.9%, totaling EUR 282.4 million (261.7)
• Gross profit increased by 21.5% to EUR 29.4 million (24.2), or 10.4% (9.2) of revenue
• Adjusted operating profit (EBIT) increased by 36.6% to EUR 7.1 million (5.2), or 2.5% (2.0) of revenue
• Operating profit (EBIT) increased by 31.0% to EUR 6.8 million (5.2), or 2.4% (2.0) of revenue
• The number of cars sold increased by 14.2% to 19,364 cars (16,952)
• Like-for-like showroom revenue growth was 8.2% (0.5)
• Basic and diluted earnings per share were EUR 0.12 (0.09)

January—September in brief

• Revenue increased by 2.0%, totaling EUR 760.5 million (745.8)
• Gross profit increased by 4.8% to EUR 76.4 million (72.9), or 10.0% (9.8) of revenue
• Adjusted operating profit (EBIT) decreased by -18.8% to EUR 12.5 million (15.4), or 1.6% (2.1) of revenue
• Operating profit (EBIT) decreased by -26.6% to EUR 11.3 million (15.4), or 1.5% (2.1) of revenue
• The number of cars sold increased by 7.6% to 51,903 cars (48,241)
• Like-for-like showroom revenue growth was 1.3% (4.6)
• Basic and diluted earnings per share were EUR 0.18 (0.27)
• Tapio Pajuharju assumed his role as CEO of Kamux on June 1, 2023. Kamux's founder and previous CEO Juha Kalliokoski continues as a member of the Company's Board of Directors.

Key Figures

EUR million	7−9/ 2023	7−9/ 2022	Change, %	1−9/ 2023	1−9/ 2022	Change, %	1−12/ 2022
Revenue	282.4	261.7	7.9%	760.5	745.8	2.0%	968.7
Gross profit	29.4	24.2	21.5%	76.4	72.9	4.8%	94.1
as percentage of revenue, %	10.4%	9.2%		10.0%	9.8%		9.7%
Operating profit (EBIT)	6.8	5.2	31.0%	11.3	15.4	-26.6%	17.0
as percentage of revenue, %	2.4%	2.0%		1.5%	2.1%		1.8%
Adjusted operating profit*	7.1	5.2	36.6%	12.5	15.4	-18.8%	17.5
as percentage of revenue, %	2.5%	2.0%		1.6%	2.1%		1.8%
Revenue from integrated services	13.6	13.0	5.1%	37.6	37.6	0.0%	52.9
as percentage of revenue, %	4.8%	5.0%		4.9%	5.0%		5.5%
Number of cars sold	19,364	16,952	14.2%	51,903	48,241	7.6%	62,922
Gross profit per sold car, EUR	1,517	1,427	6.3%	1,472	1,511	-2.6%	1,495
Sales growth of like-for-like showrooms, %	8.2%	0.5%		1.3%	4.6%		0.6%
Net debt				68.4	79.6	-14.1%	59.1
Inventories				138.0	140.0	-1.5%	114.1
Inventory turnover, days				57.2	52.9	8.1%	51.5
Capital expenditures	0.3	0.6	-47.2%	1.2	2.4	-51.4%	3.1
Average number of employees during the period				881	878	0.3%	883
Return on equity (ROE), %				6.8%	17.5%		10.1%
Return on investment (ROI), %				4.5%	10.7%		7.2%
Equity ratio, %				48.0%	47.4%		53.2%
Earnings per share, basic and diluted, EUR	0.12	0.09	33.6%	0.18	0.27	-32.3%	0.27

*) Operating profit adjusted for special items related to strategic planning, legal processes, taxes from previous financial years, own real estate operations and other items, totaling EUR 0.3 million for the third quarter of 2023 and totaling EUR 1.2 million for 1−9/2023 (7−9/2022: EUR 0.0 million, 1−9/2022: EUR -0,1 million and 1−12/2022: EUR 0.4 million).

CEO Tapio Pajuharju:

"The favorable momentum in the used car market continued during the third quarter of 2023 despite the challenging general market sentiment and the market developed positively in all of Kamux's operating countries. However, the total used car market was still clearly below the levels of 2021 in all of Kamux's operating countries.

In terms of the number of cars sold, the past quarter was an all-time high in the entire 20-year history of Kamux and more than 19,000 cars found a new owner through Kamux. The milestone of 500,000 sold cars was also passed during the quarter. The sales development in terms of cars sold was particularly strong in Finland, where July and August were the two best sales months in the history of Kamux. On top of this, the month of September was the best September ever in terms of the number of cars sold in Finland. I would like to pass my thanks to our customers and to our professional and motivated team at Kamux!

With a strong 14% increase in the number of cars sold, our third quarter revenue increased by 8% and was EUR 282 million. I am particularly pleased with the good sales growth of like-for-like showrooms. During the year, used car prices have remained stable but are still at a lower level than during the previous year. The sourcing market was normal in the third quarter, with the exception of Sweden. Due to the challenging sourcing market, Kamux Sweden still experienced some shortage of cars during July–August. However, at the end of the reporting period, a substantial change took place in the Swedish market and the supply improved significantly. In Germany, the first operating months of the Düren showroom, which was opened in the spring, have progressed very well and according to plan. During the quarter, we improved inventory management in all operating countries. However, the easing of the purchasing market became visible in the somewhat higher than expected end-of-quarter inventory and in the inventory turnover reported for the quarter.

The gross margin developed very positively in Finland and Sweden as the systematic work done to improve profitability paid off: we succeeded in improving the gross margin both in absolute terms as well as in relative terms. In Germany, profitability was unfavorably impacted by significant investments in car processing and customer service; this we were not able to fully transfer to sales prices. The sales incentives following the good development in the number of cars sold and car margin are visible in increased personnel costs hurting the operating profit. However, the adjusted operating profit for the third quarter developed favorably in the right direction and amounted to EUR 7.1 million. In addition, cash flow from operating activities was strong.

Despite the favorable momentum in the used car market, inflation, high interest rates and low consumer confidence were clearly visible during the third quarter. Consumers were looking for more affordable and economical cars, and this is also reflected in the lower average price of the cars we sold. Changes in the power sources of cars also affect the market, and many consumers are uncertain with their decisions and postpone the purchase of a car while waiting for more information on the development of EVs and EV prices. A significant number of new EV brands have also entered the market especially in Sweden and Finland. The electrification of the car fleet progresses also in the used car market, and the number of plug-in hybrids and EV's sold by Kamux increased by 51% compared to the third quarter of 2022.

At the end of October, we reached the 20-year anniversary of Kamux. The unique business model focused on selling used cars, envisioned and developed by Juha Kalliokoski, has proven its strength with more than half a million cars sold, and it is a pleasure to develop this further with an increasing speed. The maintenance measures for our concept have progressed according to plan, and the ongoing strategy update work is on schedule."

Strategy implementation

The used car market offers an attractive opportunity for expansion and growth. Kamux's strategy defined for the years 2021–2023 was based on strong revenue growth, aiming for nearly doubling the company's revenue. During the strategy period, profitability development was set to be built on business growth and scalability. Russia's war of aggression against Ukraine, which began in 2022, caused essential changes in the operating environment, which have had a significant impact on the implementation of the strategy.

The Company's strategic focus areas are:

• Omnichannel customer experience and services
• Efficient processes and scalability
• Utilizing data and leading with knowledge
• Developing capabilities and continuous learning

In accordance with our strategy, we continued to focus our operations on larger stores during the third quarter of 2023. In July, we announced the opening of a new flagship store in the Lakalaiva area in Tampere in late spring 2024. The Halmstad and Linköping stores in Sweden moved to larger premises in September. In addition, after the reporting period in October we announced the expansion of the Porvoo showroom during November 2023, and in November we announced the opening of a new showroom in Hameln, Germany, as well as the relocation of two existing showrooms in Germany.

Outlook for the year 2023 (unchanged)

In 2023, Kamux expects its adjusted operating profit to grow from the year 2022, when the adjusted operating profit was EUR 17.5 million.

Financial targets for 2021—2023

The Company's medium-term financial targets are to increase revenue by over 20% annually, to increase adjusted operating profit annually, and to reach an adjusted operating profit margin of over 3.5% and a return on equity (ROE) of over 25%. Additionally, the Company's target is to distribute dividends of at least 25% of net profits. The Board of Directors of the Company estimates annually the balance between dividends to be distributed and funds to be

used for Kamux's growth, and based on this assessment, makes a proposal on the amount of dividend to be distributed, which may for any single year differ significantly from the target level set in the dividend policy.

Kamux will update its strategy and financial targets at the beginning of 2024.

Market review

The company estimates that during the third quarter the used car market grew slightly more strongly than at the beginning of the year in all of its operating countries. In Germany, market growth was clearly slower in the Hamburg area than in Germany as a whole. Sales volumes of used cars were still at a lower level than in 2021 in all operating countries. The prices of used cars remained mostly stable but were at a lower level than in the previous year. Inflation, high interest rates and news of slowing economic growth kept consumer confidence in the future at a low level and durable goods purchase intentions sluggish.

The company estimates that it maintained its position as the market leader in Finland and continues to be among the five largest players in Sweden. In Germany, Kamux's market share in used car sales is still small. Registrations of new passenger cars increased by 16.9% in the European Union during January–September, but they continued to be markedly lower than in 2019 (ACEA). In January–September 2023, 9.0% more new passenger cars were registered in Finland and 3.0% more in Sweden than in the corresponding period of 2022. Almost half of the new cars registered in the EU in January–September, 46.7%, were hybrids or EVs. Petrol cars accounted for 36.2% of new registrations (ACEA).

Kamux estimates that the market for used cars in its three operating countries totals approximately 7.4 million sold passenger cars annually. The market contracted sharply in 2022, but with the increase in the average price of cars, Kamux estimates the value of the market to remain at over EUR 100 billion. In 2022, according to Kamux's estimate, approximately 0.6 million used cars were sold in Finland, approximately 1.2 million in Sweden and approximately 5.6 million in Germany.

Revenue in July—September 2023

Revenue increased by 7.9% compared to the corresponding period of the previous year and was EUR 282.4 million (261.7). Revenue growth was due to the increase in the number of cars sold. Revenue from integrated services increased to EUR 13.6 million (13.0), or 4.8% (5.0) of total revenue. Translation impact of the Swedish krona on the Group's revenue was EUR -6.1 million compared to 2022 exchange rates.

The number of cars sold by Kamux in Finland, Sweden and Germany increased by 14.2% compared to the corresponding period of the previous year and was 19,364 cars (16,952). Revenue per sold car was EUR 14,586 (15,439).

Revenue in January—September 2023

Revenue increased by 2.0% compared to the corresponding period of the previous year and was EUR 760.5 million (745.8). Revenue from integrated services was at the previous year's level and was EUR 37.6 million (37.6), or 4.9% (5.0) of total revenue. Translation impact of the Swedish krona on the Group's revenue was EUR -14.5 million compared to 2022 exchange rates.

The number of cars sold by Kamux in Finland, Sweden and Germany increased by 7.6% compared to the corresponding period of the previous year and was 51,903 cars (48,241). Revenue per sold car was EUR 14,652 (15,460).

Revenue allocation

EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Sales of used cars	268.8	248.8	722.9	708.2	915.8
Financing fees and insurance commissions	10.8	10.9	30.1	31.8	44.8
Sales of Kamux Plus	2.8	2.0	7.5	5.8	8.1
Total	282.4	261.7	760.5	745.8	968.7

Result in July—September 2023

Gross profit increased by 21.5% compared to the corresponding period of the previous year and was EUR 29.4 million (24.2). Gross profit as percentage of revenue increased by 1.2 percentage points to 10.4% (9.2). Gross profit developed positively in all operating countries, especially in Finland and Sweden.

Adjusted operating profit increased by 36.6% as a result of the positive gross profit development and was EUR 7.1 million (5.2). Adjusted operating profit as percentage of revenue was 2.5% (2.0). The adjusted operating profit has been adjusted for special items related to taxes from previous financial years and own real estate operations. Items adjusting the operating profit totaled EUR 0.3 million (0.0) in the third quarter.

Operating profit (EBIT) increased by 31.0% compared to the previous year and was EUR 6.8 million (5.2).

Financial income and costs were EUR 0.2 million (-0.4).

Profit before taxes was EUR 7.0 million (4.8). Basic and diluted earnings per share were EUR 0.12 (0.09).

Result in January—September 2023

Gross profit increased by 4.8% compared to the corresponding period of the previous year and was EUR 76.4 million (72.9). Gross profit as percentage of revenue increased by 0.3 percentage points to 10.0% (9.8).

The adjusted operating profit decreased by -18.8% and was EUR 12.5 million (15.4), or 1.6% (2.1) as percentage of revenue. The operating profit was also burdened by the negative development in Finland during the first quarter, the marketing measures taken to build awareness of Kamux in Germany and the costs related to the opening of the Düren showroom during the second quarter, as well as increased costs resulting from the capacity increase in Sweden in 2022. Items adjusting to the operating profit totaled EUR 1.2 million (-0.1) in January−September. The adjustment items include EUR 0.1 million of expenses related to strategic investigations, EUR 0.3 million of expenses related to taxes from previous years, EUR 0.2 million of expenses related to own real estate operations, and EUR 0.6 million of other items adjusting the operating profit that were related to the remuneration and compensations agreed in Tapio Pajuharju's CEO contract.

Operating profit (EBIT) decreased by -26.6% compared to the previous year and was EUR 11.3 million (15.4).

Profit before taxes for January−September was EUR 10.8 million (14.1). Basic and diluted earnings per share were EUR 0.18 (0.27).

pcs	7−9/ 2023	7−9/ 2022	Change, %	1−9/ 2023	1−9/ 2022	Change, %	1−12/ 2022
Number of cars sold excluding internal sales
Finland	14,268	12,051	18.4%	37,615	33,878	11.0%	44,298
Sweden	3,529	3,678	-4.1%	10,007	10,612	-5.7%	13,739
Germany	1,567	1,223	28.1%	4,281	3,751	14.1%	4,885
Segments total	19,364	16,952	14.2%	51,903	48,241	7.6%	62,922
EUR million	7−9/ 2023	7−9/ 2022	Change, %	1−9/ 2023	1−9/ 2022	Change, %	1−12/ 2022
Revenue
Finland	199.0	169.2	17.6%	524.1	478.4	9.5%	624.5
Sweden	77.3	78.7	-1.8%	225.1	241.5	-6.8%	301.3
Germany	27.1	24.6	10.3%	78.4	72.5	8.1%	95.5
Segments total	303.4	272.5	11.3%	827.5	792.5	4.4%	1,021.2
Group functions and eliminations	-21.0	-10.8	-93.8%	-67.0	-46.7	-43.6%	-52.6
Total	282.4	261.7	7.9%	760.5	745.8	2.0%	968.7

Key figures of the business segments

EUR million	7−9/ 2023	7−9/ 2022	Change, %	1−9/ 2023	1−9/ 2022	Change, %	1−12/ 2022
Gross Profit
Finland	21.5	17.4	23.7 %	56.1	52.5	6.9 %	67.6
Sweden	5.7	4.8	20.4 %	14.6	14.5	1.0 %	18.0
Germany	2.1	2.0	5.0 %	5.6	5.9	-4.6 %	8.5
Segments total	29.4	24.2	21.5 %	76.4	72.9	4.8 %	94.1
Group functions and eliminations	-	-	-	-	-	-	-
Total	29.4	24.2	21.5 %	76.4	72.9	4.8 %	94.1
Gross profit, as percentage of revenue, %
Finland Sweden	10.8% 7.4%	10.3% 6.1%		10.7% 6.5%	11.0% 6.0%		10.8% 6.0%
Germany	7.8%	8.2%		7.2%	8.1%		8.9%
Segments total	9.7%	8.9%		9.2%	9.2%		9.2%
Group functions and eliminations	-	-		-	-		-
Total	10.4%	9.2%		10.0%	9.8%		9.7%
Operating profit
Finland	8.9	7.2	23.1%	21.1	21.6	-2.2%	26.5
Sweden	0.8	0.0	N/A	0.3	0.3	N/A	-0.6
Germany	-0.4	-0.1	N/A	-2.0	-0.5	N/A	-0.2
Segments total	9.3	7.2	30.0%	19.4	21.4	-9.3%	25.7
Group functions and eliminations	-2.5	-2.0	-27.4%	-8.1	-6.0	-35.3%	-8.6
Total	6.8	5.2	31.0%	11.3	15.4	-26.6 %	17.0
Operating profit, as percentage of revenue, % Finland	4.5%	4.3%		4.0%	4.5%		4.2%
Sweden	1.1%	0.0%		0.2%	0.1%		-0.2%
Germany	-1.5%	-0.4%		-2.6%	-0.7%		-0.2%
Segments total	3.1%	2.6%		2.3%	2.7%		2.5%
Group functions and eliminations	-	-		-	-		-
Total	2.4%	2.0%		1.5%	2.1%		1.8%
Special items adjusting operating profit
Finland	-0.1	-		-0.2	-		-0.2
Sweden	-	-		-	-		-
Germany	-	-		-	0.1		-0.1
Segments total	-0.1	-		-0.2	0.1		-0.2
Group functions and eliminations	-0.2	-		-1.0	-0.0		-0.2
Total	-0.3	-		-1.2	0.1		-0.4
Operating profit adjusted for special items
Finland	9.0	7.2	24.0%	21.3	21.6	-1.4%	26.7
Sweden	0.8	0.0	N/A	0.3	0.3	N/A	-0.6
Germany	-0.4	-0.1	N/A	-2.0	-0.5	N/A	-0.1
Segments total	9.4	7.2	30.9%	19.6	21.4	-8.2%	25.9

Group functions and eliminations -2.3 -2.0 -15.6% -7.1 -6.0 -19.0% -8.4 Total 7.1 5.2 36.6% 12.5 15.4 -18.8% 17.5

EUR million	7−9/ 2023	7−9/ 2022	Change, %	1−9/ 2023	1−9/ 2022	Change, %	1−12/ 2022
Operating profit adjusted for special items, as percentage of revenue, %
Finland	4.5%	4.3%		4.1%	4.5%		4.3%
Sweden	1.1%	0.0%		0.2%	0.1%		-0.2%
Germany	-1.5%	-0.4%		-2.6%	-0.7%		-0.1%
Segments total	3.1%	2.6%		2.4%	2.7%		2.5%
Group functions and eliminations	-	-		-	-		-
Total	2.5%	2.0%		1.6%	2.1%		1.8%

Share of integrated services in all used cars sold by Kamux by segment

percentage, %	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Financing services
Finland	49	49	49	49	49
Sweden	45	47	46	46	46
Germany	28	33	29	30	30
Insurance services
Finland	55	46	53	47	47
Sweden	91	89	90	86	87
Kamux Plus
Finland	31	28	31	28	28
Sweden	22	24	23	25	25

Finland in July—September 2023

Kamux Finland's sales developed excellently, and several sales records were broken during the quarter. July and August were the two best sales months in the history of Kamux in terms of the number of cars. Further, September was the best September ever in terms of the number of cars sold. Following the increase in the number of cars sold, revenue increased by 17.6% compared to the corresponding period of the previous year and was EUR 199.0 million (169.2). The number of cars sold increased by 2,217, or 18.4%, compared to the third quarter of the previous year and was 14,268 cars (12,051). Sales of the Kamux Plus service also developed well. Revenue from integrated services increased to EUR 11.5 million (10.5), or 5.8% (6.2) of revenue. With the increase in the number of cars sold and the average margin per car, operating profit increased by 23.1% compared to the corresponding period of the previous year and was EUR 8.9 million (7.2), or 4.5% (4.3) of the revenue.

Finland in January—September 2023

Revenue increased by 9.5% compared to the corresponding period of the previous year and was EUR 524.1 million (478.4). The number of cars sold during January−September increased by 3,737, or 11.0%, compared to the corresponding period of the previous year and was 37,615 cars (33,878). Revenue from integrated services increased to EUR 31.4 million (30.9), or 6.0% (6.5) of revenue during January−September. Operating profit decreased by -2.2% compared to the comparison period mainly due to the weak development during the first quarter and was EUR 21.1 million (21.6), or 4.0% (4.5) of revenue.

Sweden in July—September 2023

Total revenue decreased by -1.8% compared to the corresponding period of the previous year and was EUR 77.3 million (78.7). External revenue decreased by -16.5% and was EUR 57.3 million (68.6). Challenges in the purchasing market eased up only at the end of the quarter, and the inventory of cars for sale was lower than ideal in July–

August. This had a negative impact on the number of cars sold, which decreased by -149, or -4.1% during the third quarter compared to the corresponding period of the previous year and was 3,529 cars (3,678). High interest rates had a negative impact on the sales of financing services and revenue from integrated services decreased to EUR 1.3 million (1.5), or 2.3% (2.2) of external revenue. Operating profit increased compared to the corresponding period of the previous year due to the positive development of the car margin and was EUR 0.8 million (0.0), or 1.1% (0.0) of total revenue. The average margin per car developed positively as the measures that were initiated at the beginning of the year to improve profitability brought results as planned.

Sweden in January—September 2023

Total revenue decreased by -6.8% compared to the corresponding period of the previous year and was EUR 225.1 million (241.5). External revenue decreased by -18.4% and was EUR 160.8 million (196.9). The challenging purchasing market and the resulting lower-than-ideal inventory of cars for sale had a negative impact on the number of cars sold, which decreased during January−September by -605, or -5.7%, compared to the corresponding period of the previous year and was 10,007 cars (10,612). Revenue from integrated services decreased to EUR 4.1 million (4.4), or 2.5% (2.2) of external revenue during January−September. Operating profit was at the previous year's level and was EUR 0.3 million (0.3), or 0.2% (0.1) of total revenue.

Germany in July—September 2023

Total revenue increased by 10.3% compared to the corresponding period of the previous year and was EUR 27.1 million (24.6). External revenue increased by 9.7% and was EUR 26.2 million (23.9). The number of cars sold during the third quarter increased by 344, or 28.1%, compared to the third quarter of the previous year and was 1,567 cars (1,223). High interest rates had a negative impact on the sales of financing services and the revenue from integrated services decreased to EUR 0.8 million (0.9), or 3.0% (3.8) of external revenue. Significant investments in the processing of cars and customer service had a negative impact on profitability, and the operating loss increased compared to the corresponding period of the previous year and was EUR -0.4 million (-0.1), or -1.5% (-0.4) of total revenue.

Germany in January—September 2023

Total revenue increased by 8.1% compared to the corresponding period of the previous year and was EUR 78.4 million (72.5). External revenue increased by 7.4% and was EUR 75.7 million (70.5). The number of cars sold during January−September increased by 530, or 14.1%, compared to the corresponding period of the previous year and was 4,281 cars (3,751). Revenue from integrated services decreased to EUR 2.1 million (2.3) during January−September, or 2.8% (3.3) of the external revenue. Operating loss increased compared to the corresponding period of the previous year and was EUR -2.0 million (-0.5), or -2.6% (-0.7) of total revenue. The operating profit was burdened by the costs related to the opening of the Düren showroom and the marketing measures taken to build awareness of Kamux in Germany during the second quarter, as well as the significant investments in the processing of cars and customer service during the third quarter.

Kamux Auto GmbH is undergoing a tax audit regarding the years 2015–2019. EUR 0.1 million has been set aside in the balance sheet for possible tax audit expenses.

Consolidated balance sheet and financial position

As of September 30, 2023, the consolidated balance sheet total was EUR 228.3 million (230.2), of which total equity was EUR 109.4 million (108.5). Net debt was EUR 68.4 million (79.6). Non-current bank loans were EUR 13.1 million (15.5).

In spring 2020, Kamux renewed its five-year credit facility agreement of EUR 40 million with Nordea Bank Corporation. The credit facility agreement includes a five-year term loan of EUR 18 million and a five-year revolving credit facility of EUR 22 million. In addition to the revolving credit facility, Kamux has a lease guarantee facility of EUR 0.4 million. At the end of the reporting period, EUR 11.0 million of the term loan and EUR 6.5 million of the revolving credit facility were drawn. The term loan is currently repaid in bi-annual instalments of EUR 1.0 million.

At the end of the reporting period, there were EUR 10.0 million worth of commercial papers issued. The funds acquired through the revolving credit facility and the commercial papers are used to fund working capital.

A ten-year term loan of EUR 5.0 million was drawn for the property of the Oulu showroom and processing center in March 2022. At the end of the reporting period, EUR 4.5 million of the term loan was drawn. The term loan is repaid in bi-annual instalments of EUR 0.2 million.

Net working capital was EUR 113.7 million (119.0) as of September 30, 2023. The value of the inventory was EUR 138.0 million (140.0).

Kamux's cash flow from operating activities for January−September was EUR -2.3 million (-0.9). Cash and cash equivalents were EUR 1.5 million (1.4) at the end of the reporting period.

Equity ratio at the end of the reporting period was 48.0% (47.4). Return on capital employed (ROI) was 4.5% (10.7) and return on equity (ROE) was 6.8% (17.5).

Capital expenditure, research, and development

Kamux seeks to gain a significant competitive advantage by investing in leading with knowledge as well as digital customer and business processes.

Kamux's capital expenditure for January—September was EUR 1.2 million (2.4), and it mainly consisted of investments in IT systems and ordinary maintenance in the showrooms. Investments in the comparison period also included the investment in the Oulu showroom and processing center. The company financed this capital expenditure with its existing cash and cash equivalents, cash flow from operations as well as a revolving credit facility and commercial papers.

Kamux's research and development costs are mainly related to further development of the Company's retail concept and improvement of its business processes.

Personnel

In January—September, Kamux's average number of employees was 881 (878) in terms of full-time employees.

Average number of employees by segment

	1−9/2023	1−9/2022	1−12/2022
Finland	576	567	568
Sweden	230	236	240
Germany	75	75	75
Total	881	878	883

Kamux's share and shareholders

Kamux's largest shareholders as of September 30, 2023, were Juha Kalliokoski, including both the shares owned by Juha Kalliokoski and by an investment company controlled by persons closely associated with Juha Kalliokoski (14.7%), Danske Invest Finnish Equity Fund (4.6%), and Elo Mutual Pension Insurance Company (4.0%).

During January−September, 14,947,955 (23,998,661) Kamux shares were traded on Nasdaq Helsinki Ltd. The highest share price was EUR 6.26 (11.91), and the lowest price was EUR 4.18 (5.15). On the last trading day of the reporting period, September 29, 2023, the closing share price was EUR 5.56 (5.30). Kamux's volume-weighted average share price during January−September was EUR 5.13 (8.78). Market capitalization, excluding treasury shares, measured at the reporting period's closing price was EUR 222.3 million (212.1).

At the end of September 2023, Kamux's share capital amounted to EUR 80,000 and the number of shares was 40,017,420. In March 2023, a total of 2,060 shares and in September, a total of 863 shares were returned to the Company without consideration due to the termination of employment of persons covered by the share-based

incentive plan. At the end of the reporting period, the Company held 6,961 treasury shares, representing 0.02% of all shares.

Management and Corporate Governance

Changes in management

Tapio Pajuharju assumed his role as CEO of Kamux on June 1, 2023, and Juha Kalliokoski stepped down from the Company's operative management on June 30, 2023. Juha Kalliokoski continues as a member of the Company's Board of Directors.

On August 2, 2023, Kamux announced that Kerim Nielsen, Country Director for Sweden and a member of the Group Management Team, had decided to pursue a career opportunity outside of Kamux Corporation in early 2024. He continues in his current position at least until December 31, 2023.

Management Team

At the end of the reporting period, Kamux's Management Team included Tapio Pajuharju, CEO; Marko Lehtonen, CFO; Jani Koivu, Country Director for Finland; Kerim Nielsen, Country Director for Sweden (at least until Dec 31, 2023); Martin Verrelli, Country Director for Germany; Jarkko Lehtismäki, Chief Digital Officer; Marjo Nurmi, Chief People Officer; Juha Saarinen, Chief Purchasing Officer and Vesa Uotila, Director of Business Development.

Share-based incentive plan

On February 26, 2021, the Board of Directors of Kamux Corporation decided to approve the new long-term sharebased incentive plan for the Group's key personnel for the years 2021−2023.

The plan is divided into three one-year earning periods, the first of which began at the beginning of the year 2021. The commitment period following the earning periods ends on April 30, 2024. In addition, the plan includes an additional component based on the market value of the Company. Based on the additional component, if the criteria are met, additional shares are distributed after the end of the 2023 earnings period.

The entire plan is accounted for as an equity-settled payment with net settlement features. The fair value of the plan was determined on the grant date. The fair value of the plan is expensed during the three years until the end of the commitment period. In January–September 2023, the total effect of the share-based plans on the consolidated income for the financial year was EUR -0.1 million (-0.1).

On March 3, 2023, Kamux announced that an ESG criterion based on the company's sustainability program is added as a key performance indicator to the 2023 earnings criteria of the share-based incentive plan. In addition, the weight of the operating profit criterion was increased for the 2023 performance period.

Share-based incentive scheme for the CEO

On June 21, 2023, Kamux announced that the Board of Directors of Kamux Corporation had approved a long-term share-based incentive plan for the years 2023–2026 for Tapio Pajuharju, Kamux Corporation's CEO as of June 1, 2023. The objective of the plan is to encourage and commit the CEO to implement the strategy and to increase the value of the company in the long term, as well as to align the objectives of the company's shareholders and key employees to increase the value of the company. It also aims to retain the CEO and provide him with a competitive remuneration scheme based on the earning and accumulation of the company's shares. The scheme is in line with Kamux's remuneration policy. The plan commences on June 1, 2023, and ends on December 31, 2026.

The principles for the remuneration of Kamux's CEO, the rest of the Management Team and the Board of Directors have been described in more detail on the Company's web pages at www.kamux.com > Governance > Remuneration.

Resolutions of the Annual General Meeting of Kamux Corporation and the Decisions of the Constitutive Meeting of the Board of Directors

Resolutions of the Annual General Meeting

Kamux Corporation's Annual General Meeting was held on Thursday, April 20, 2023. The Meeting approved the Annual Accounts for the financial year 2022 and discharged the members of the Board of Directors and CEO from liability. The Annual General Meeting also made an advisory resolution to approve the remuneration report for the governing bodies.

Payment of dividend

The Board of Directors' proposal for a dividend of EUR 0.15 per share was approved. The dividend is paid in two installments. The record date for the first dividend installment, EUR 0.05, was April 24, 2023, and the dividend was paid on May 2, 2023. The record date for the second dividend installment, EUR 0.10, was October 24, 2023, and the dividend was paid on October 31, 2023. The Board of Directors was authorized, if necessary, to decide on a new dividend payment record date and pay date for the second installment if the rules and statutes of the Finnish book-entry system change or otherwise so require.

Composition and remuneration of the Board of Directors

In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting confirmed that the Board of Directors will consist of six members. In accordance with the proposal of the Shareholders' Nomination Board, Mr. Terho Kalliokoski, Ms. Reija Laaksonen, Mr. Antti Mäkelä, Mr. Harri Sivula and Ms. Jaana Viertola-Truini were re-elected as members of the Board of Directors and Mr. Juha Kalliokoski was elected as a new member of the Board of Directors. In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting elected Mr. Terho Kalliokoski as the Chairperson of the Board and Mr. Harri Sivula as the Vice Chairperson of the Board.

In accordance with the proposal of the Shareholders' Nomination Board, the Annual General Meeting also resolved that an annual compensation of EUR 68,000 be paid to the Chairperson of the Board and EUR 31,000 to the Board Members, and an additional compensation of EUR 5,000 per year to the Chairpersons of the Audit Committee and the Personnel and Remuneration Committee and EUR 2,500 per year to each member of the Audit Committee and the Personnel and Remuneration Committee. It was resolved that 40% of the annual fee of the Chairperson and the members of the Board of Directors is paid in Kamux Corporation shares either purchased at a prevailing market price from the market or alternatively by using own shares held by the Company. The transfer of own shares or acquisition of shares directly for the members of the Board of Directors will be executed within two weeks of the publication of the interim report for the period January 1, 2023, to March 31, 2023. The rest of the annual fee will be paid in cash, which is used to cover taxes arising from the fees. The Company pays the transaction costs and transfer taxes related to the purchase and transfer of shares. The fees of the Committee members will be paid in cash. If the Board of Directors decides to establish new committees, the annual fees of the Chairperson and the members of the new committee will be equal to the annual fees of the Chairperson and the members of the other committees. Travel expenses will be reimbursed in accordance with the Company's travel policy.

Auditor

Authorized Public Accountant PricewaterhouseCoopers Oy was re-elected as the Company's auditor in accordance with the proposal of the Board of Directors. The remuneration of the auditor will be paid according to a reasonable invoice as approved by the Company. PricewaterhouseCoopers Oy has informed the Company that Authorized Public Accountant Mr. Markku Launis will act as the principal auditor.

Authorizing the Board of Directors to decide on a share issue

The Annual General Meeting resolved to authorize the Board of Directors in accordance with the proposal of the Board to resolve on the issuance of a maximum of 4,000,000 shares in one or more tranches, corresponding to approximately 10% of all the shares in the Company. The Board of Directors decides on the terms and conditions of

the issuance of shares. The authorization concerns both the issuance of new shares as well as the transfer of treasury shares either against payment or without consideration. The issuance of shares may be carried out in deviation from shareholders' pre-emptive right (directed issue) for a weighty financial reason from the Company's perspective, such as using the shares to develop the Company's capital structure, to finance possible acquisitions, capital expenditure or other arrangements within the scope of the Company's business operations, or to implement the Company's commitment and incentive scheme. The authorization cancels the previous authorization regarding the share issue given to the Board of Directors by the Annual General Meeting on April 20, 2022. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than until June 30, 2024.

Authorization of the Board of Directors to decide on the repurchase of the Company's own shares

The Annual General Meeting resolved to authorize the Board of Directors in accordance with the proposal of the Board to resolve on the repurchase of a maximum of 2,000,000 of the Company's own shares using the unrestricted equity of the Company representing about 5% of all the shares in the Company. The authorization includes the right to accept the Company's own shares as a pledge. The shares shall be acquired through public trading, for which reason the shares are acquired otherwise than in proportion to the share ownership of the shareholders and the consideration paid for the shares shall be the market price of the Company's share in public trading at Nasdaq Helsinki Ltd at the time of the acquisition. Shares may also be acquired outside public trading for a price which at the most, corresponds to the market price in public trading at the time of the acquisition. The Board of Directors will be authorized to resolve upon how the shares are acquired. The authorization includes the Board's right to resolve on a directed repurchase or the acceptance of the shares as a pledge, if there is a compelling financial reason for the Company to do so as provided for in Chapter 15, Section 6 of the Finnish Limited Liability Companies Act. The shares shall be acquired to be used for the execution of the Company's share-based incentive schemes or for other purposes determined by the Board of Directors. The decision to repurchase the Company's own shares or to accept them as a pledge shall not be made so that the shares of the Company in the possession of or held as pledges by the Company and its subsidiaries would exceed 10 (ten) percent of all shares. The Board of Directors shall decide on any other matters related to the repurchase of the Company's own shares and/or accepting them as a pledge. The authorization cancels the previous authorization given to the Board of Directors by the Annual General Meeting on April 20, 2022. The authorization is valid until the closing of the next Annual General Meeting, however, no longer than until June 30, 2024.

Amendment of the Articles of Association

The Annual General Meeting resolved to amend the Company's Articles of Association by adding a new section no. 12, which allows the Board of Directors to decide that a shareholder may also participate in a General Meeting by fully exercising their right to vote during the meeting by means of a telecommunications link and a technical aid (hybrid meeting), or that a General Meeting shall be held without a meeting place in such a way that shareholders exercise their voting rights fully and in a timely manner during the meeting by means of a telecommunications link and a technical aid (remote meeting). A shareholder attending a remote meeting may exercise all their rights at the remote meeting in the same way as if they were attending the meeting in person. In addition, the sentence "The General Meeting must be held in Helsinki or Hämeenlinna." was removed from the section no. 10 of the Articles of Association and it is included in the new section no. 12.

Decisions of the Constitutive Meeting of the Board of Directors

In its constitutive meeting convening after the Annual General Meeting, the Board of Directors decided to appoint Mr. Harri Sivula (chairperson), Mr. Juha Kalliokoski and Ms. Jaana Viertola-Truini as members of the Audit Committee and to appoint Ms. Reija Laaksonen (chairperson), Mr. Juha Kalliokoski and Mr. Antti Mäkelä as members of the Personnel and Remuneration Committee. In accordance with the independence assessment of the Board of Directors, Mr. Juha Kalliokoski is dependent of the Company and its major shareholders. The other members are independent of both the Company and its major shareholders.

The decisions of the Annual General Meeting and the constitutive meeting of the Board of Directors were published in a stock exchange release on April 20, 2023.

The composition of the Shareholders' Nomination Board

On September 11, 2023, Kamux announced the composition of the Shareholders' Nomination Board. The Shareholders' Nomination Board consists of four members. The right to nominate the three members representing the shareholders is determined based on ownership in order of magnitude on the first business day of August preceding the Annual General Meeting, according to the shareholders' register held by Euroclear Finland Ltd. In addition, the Chairperson of the Board of Directors is a member of the Nomination Board.

The composition of the Shareholders' Nomination Board for the term 2023–2024 was determined based on holdings on August 1, 2023, in the shareholders' register and evidence received of the holdings. The following shareholders used their nomination right and the following members were nominated to Kamux's Shareholders' Nomination Board:

• Juha Kalliokoski, Chairperson of the Shareholders' Nomination Board, representing shareholders Juha Kalliokoski and Callardo Capital Oy
• Niko Syrjänen, representing shareholder Elo Mutual Pension Insurance Company
• Juha Takala, representing the funds managed by OP Financial Group
• Terho Kalliokoski, Chairperson of Kamux Corporation's Board of Directors

The Nomination Board will give its proposals for the Annual General Meeting 2024 to the Company's Board of Directors by January 31, 2024.

Flagging notices

On January 13, 2023, Kamux received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the total holding of funds (Danica Pension Livsforsikringsaktie and Finnish Fund) managed by Danske Bank A/S (Copenhagen, Denmark) in Kamux Corporation shares and votes had increased above five (5) percent on January 12, 2023, and was 5.05% following the notification.

On April 14, 2023, Kamux received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the total holding of Elo Mutual Pension Insurance Company in Kamux Corporation shares and votes had decreased below five (5) percent on April 13, 2023, and was 4.97% following the notification.

On May 10, 2023, Kamux received a notification pursuant to Chapter 9, Section 5 of the Securities Markets Act, according to which the total holding of funds (Danica Pension Livsforsikringsaktie and Finnish Fund) managed by Danske Bank A/S (Copenhagen, Denmark) in Kamux Corporation shares and votes had decreased below five (5) percent on May 9, 2023, and was 4.95% following the notification.

Tax reassessment decision

In June 2018, Kamux announced that it had received a tax reassessment decision from the Finnish Tax Administration. The decision was related to a tax audit carried out by the Finnish Tax Administration in 2016―2018 concerning Kamux Suomi Oy and the tax years 2012―2016. Kamux expensed the total amount of the tax reassessment decision, approximately EUR 2.6 million, in full in its result for the second quarter of 2018. However, Kamux considered the decision to be unfounded and appealed against the decision.

In June 2020, the Finnish Tax Administration's Adjustment Board partially approved the appeal by Kamux on the tax reassessment decision and ruled that the Company receive a refund of approximately EUR 0.9 million. Kamux recognized the total amount of the refund, EUR 0.9 million, in its result for the second quarter of 2020 as credit in other operating expenses. Both parties have the opportunity to appeal against the decision. Kamux considers the decision of the Adjustment Board partly unfounded, and the Company placed the issue before the Administrative Court and applied for a rectification of the Adjustment Board's ruling. In December 2022, the Administrative Court rejected Kamux's appeal for the most part. Kamux has filed an application for leave to appeal and an appeal to the Supreme Administrative Court in January 2023. In September 2023, Kamux was notified that no leave to appeal was granted.

Short-term risks and uncertainties

According to the Company's assessment, there were no significant changes in the short-term risks and uncertainties during the reporting period.

The war in Ukraine has caused significant uncertainty across Europe. The geopolitical situation has been reflected in the markets of many European countries, for example, in connection with monetary policy, investment markets, and inflation, including energy and fuel prices. If prolonged, the situation may continue to have an impact on people's consumption behavior and purchasing power, which may also be reflected in used car sales.

Kamux's revenue and operating profit have experienced strong growth in recent years. However, in the future, Kamux's revenue and operating profit may increase more slowly or decrease compared to historical performance.

Kamux's geographical expansion involves several risks, and any failure in recognizing suitable co-operation partners, recruiting new employees, or achieving the estimated benefits from internationalization may have a material adverse effect on Kamux. Furthermore, the Company's success will depend on, inter alia, the Company's management and other skilled employees, as well as its ability to recruit, develop, train, motivate and retain skilled employees.

Kamux's rapid and strong growth and business expansion during the past few years have set new requirements for the scope and monitoring of internal guidelines and policies. Any failure in the implementation and monitoring of these guidelines or policies may lead to financial consequences for Kamux and weaken the Company's reputation.

Kamux operates in the used car retail market, and uncertain general economic conditions in the countries in which Kamux operates may have an adverse effect on Kamux's business, financial position, and results of operations.

Kamux operates in a competitive and fragmented used car market, and competition may increase in the future.

Changes in car tax legislation or preparation of legislation may have a material adverse effect on the sales of new and used cars and on Kamux. Kamux's tax burden could increase as a result of changes to tax laws or their application or as a result of a tax audit. Public discussion on car power sources and possible changes in power sources as well as political decisions related to power sources may occasionally have an effect on Kamux's business, considering that the consumer demand may fluctuate.

Kamux's IT systems are pivotal to the Company's operations, and they cover all the major areas of the business. Failure of the IT systems and services to operate as planned may disturb Kamux's operations and have an adverse effect on its business.

Kamux believes that its brand and reputation among its customers are important to the Company's success. Kamux's failure to maintain an adequate service level or an adverse event that damages the Company's reputation may have a significant adverse effect on Kamux.

Kamux offers its customers third-party financial products, which have a significant impact on its ability to make a profit. Possible major changes in lending by financial institutions, in the interest rate offered to customers, or in the financial situation of an individual financial institution may affect the supply and competitiveness of such financial products in the market.

The main principles of Kamux's risk management are described in the consolidated financial statements and on Kamux's website at www.kamux.com

Significant events after the reporting period

On October 9, 2023, Kamux announced that Aino Hökeberg was appointed as Kamux Corporation's Chief Marketing and Concept Officer, responsible for marketing and business concept, and a member of the Group Management Team as of January 1, 2024.

Calculation of key figures and alternative performance measures

Kamux presents alternative performance measures as additional information to performance measures presented in the consolidated income statement, consolidated statement of financial position and consolidated statement of cash flows prepared in accordance with IFRS. In Kamux's view, the alternative performance measures provide significant additional information related to Kamux's operating results, financial position and cash flows, and they are widely utilized by analysts, investors and other parties.

The alternative performance measures should not be considered separately from measures under IFRS or as substitutes for corresponding measures under IFRS. All companies do not calculate alternative performance measures in a uniform way, and therefore the alternative performance measures presented by Kamux may not be comparable with similarly named measures presented by other companies.

EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Operating profit (EBIT)	6.8	5.2	11.3	15.4	17.0
Strategic investigations	-	-	0.1	-	0.1
Legal processes	-	-	-	-0.1	-0.1
Taxes related to previous financial years	0.2	-	0.3	0.0	0.2
Own real estate operations	0.1	-	0.2	-	0.2
Other adjustment items*	-	-	0.6	-	-
Total adjustment items	0.3	-	1.2	-0.1	0.4
Adjusted operating profit	7.1	5.2	12.5	15.4	17.5

Reconciliation of adjusted operating profit

* Includes remuneration and compensations agreed in Tapio Pajuharju's CEO contract.

Calculation of key figures

Gross profit	=		Revenue + Other operating income – Materials and services
Earnings before interest, tax, depreciation, and amortization (EBITDA)	=		Operating profit + Depreciation and amortization
Adjusted operating profit (EBIT)	=		Operating profit adjusted for special items relating to strategic planning, legal processes, own real estate operations, taxes related to previous financial years and other items.
Net debt	=		Non-current borrowings + Current borrowings + Lease liabilities – Cash and cash equivalents
Financial debt	=		Non-current borrowings + Current borrowings
Like-for-like showroom revenue growth	= 100 *(		Like-for-like showroom car sales -1 ) Like-for-like showroom car sales in the previous year New showrooms are included in the calculation when they have been open for 13 months and, therefore, the first time the showroom is included in the measure is its 25th operating month.
Inventory turnover	=	365 * 365 *	Inventories (average for 12 months) Materials and services (rolling 12 months)
Return on equity (ROE), %	=	100 * 100 *	Profit for the period (rolling 12 months) Equity (average for 12 months)
Return on capital employed (ROI), %	=	100 * 100 *	Profit for the period + Finance costs (rolling 12 months) Equity + Financial debt (average for 12 months)
Equity ratio, %	=	100 * 100 *	Equity Balance sheet total – Advance payments received
Gearing, %	=	100 * 100 *	Net debt Equity
Earnings per share, basic	=		Profit for the period (attributable to owners of the Company) Weighted average number of outstanding shares adjusted for share issue for the period
Net working capital	=		Inventories + Trade and other receivables + Current income tax receivables – Trade and other payables – Current income tax liabilities – Non-current and current provisions

Kamux Corporation's Interim Report for January—September 2023

Key accounting policies

This Interim Report has been prepared according to the IAS 34 Interim Financial Reporting standard. The Interim Report is based on the accounting policies and calculation methods used in the financial statements for the year 2022 as well as on the new and amended IFRS standards described in the financial statements for the year 2022. However, the Interim Report does not include all the information and notes that are presented in the Annual Financial Statements. As such, the Interim Report should be read together with the Annual Financial Statements for the year 2022. The same accounting principles are applied in this Interim Report as in the Annual Financial Statements.

The figures presented in the Interim Report are independently rounded.

Preparing the Interim Report requires the management to make accounting estimates and judgments as well as assumptions that affect the application of the accounting principles and the carrying amounts of assets, liabilities, income and expenses. The actual outcomes may differ from these estimates and judgments. In preparation of this Interim Report, the most significant estimates made by the management relating to the Group's accounting policies and uncertainties are the same as those applied in the Financial Statements for the year 2022.

The Interim Report is unaudited.

Consolidated statement of comprehensive income

EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Revenue	282.4	261.7	760.5	745.8	968.7
Other operating income	0.4	0.3	0.9	0.9	1.1
Materials and services	-253.5	-237.9	-685.0	-673.8	-875.7
Personnel costs	-14.8	-11.6	-41.3	-35.5	-46.9
Other operating expenses	-4.5	-4.3	-14.2	-12.7	-17.7
Depreciation and amortization	-3.2	-3.1	-9.7	-9.2	-12.4
Operating profit	6.8	5.2	11.3	15.4	17.0
Finance income and costs	0.2	-0.4	-0.5	-1.4	-1.8
Profit before income tax	7.0	4.8	10.8	14.1	15.3
Income tax	-2.2	-1.2	-3.5	-3.4	-4.4
Profit for the period	4.8	3.6	7.2	10.7	10.8
Other comprehensive income Items that may be subsequently reclassified to profit or loss
Translation differences Other comprehensive income for the period, net of	0.0	0.0	-0.1	-0.0	-0.3
tax	0.0	0.0	-0.1	-0.0	-0.3
Total comprehensive income for the period	4.8	3.6	7.1	10.7	10.5
Profit for the period attributable to
owners of the Company	4.8	3.6	7.2	10.7	10.8
Total comprehensive income for the period attributable to
owners of the Company	4.8	3.6	7.1	10.7	10.5
Earnings per share for profit attributable to owners of the Company
Earnings per share, basic and diluted, EUR	0.12	0.09	0.18	0.27	0.27

Consolidated balance sheet

EUR million	Sep 30, 2023	Sep 30, 2022	Dec 31, 2022
ASSETS
Non-current assets
Intangible assets	4.8	6.1	5.9
Goodwill	14.0	14.0	14.0
Property, plant and equipment	7.0	6.8	6.9
Lease assets	36.7	40.8	39.2
Other receivables	0.2	0.2	0.2
Deferred tax assets	1.4	1.4	1.3
Total non-current assets	64.0	69.2	67.4
Current assets
Inventories	138.0	140.0	114.1
Trade and other receivables	24.4	17.9	17.2
Derivative financial instruments	0.1	-	-
Current income tax assets	0.3	1.7	1.6
Cash and cash equivalents	1.5	1.4	4.2
Total current assets	164.3	161.0	137.1
TOTAL ASSETS	228.3	230.2	204.6
EQUITY AND LIABILITIES
Equity attributable to owners of the Company
Share capital	0.1	0.1	0.1
Reserve for invested unrestricted equity	24.7	24.7	24.7
Translation differences	-0.4	0.0	-0.3
Retained earnings	77.8	73.0	73.0
Profit for the period	7.2	10.7	10.8
Total equity attributable to owners of the Company	109.4	108.5	108.4
Non-current liabilities
Borrowings	13.1	15.5	15.5
Lease liabilities	28.2	32.8	31.2
Other non-current liabilities	0.0	0.0	0.0
Provisions	0.4	0.4	0.4
Total non-current liabilities	41.7	48.7	47.0
Current liabilities
Borrowings	18.8	23.4	7.3
Lease liabilities	9.8	9.3	9.3
Derivative financial instruments	-	0.1	0.2
Trade and other payables	44.8	37.1	29.3
Provisions	3.8	3.2	3.1
Total current liabilities	77.2	73.1	49.2
Total liabilities	118.9	121.7	96.2
TOTAL EQUITY AND LIABILITIES	228.3	230.2	204.6

Consolidated statement of changes in equity

EUR million	Share capital	Reserve for invested unrestricted equity	Translation differences	Treasury shares	Retained earnings	Total equity
Equity Jan 1, 2023	0.1	24.7	-0.3	-	83.8	108.4
Profit for the period					7.2	7.2
Other comprehensive income			-0.1			-0.1
Total comprehensive income			-0.1		7.2	7.1
Transactions with owners:
Share-based payments					-0.0	-0.0
Dividends for owners					-6.0	-6.0
Equity Sep 30, 2023	0.1	24.7	-0.4	-	85.1	109.4
Equity Jan 1, 2022	0.1	24.7	0.0	-0.0	81.0	105.7
Profit for the period					10.7	10.7
Other comprehensive income			-0.0			-0.0
Total comprehensive income			-0.0		10.7	10.7
Transactions with owners:
Conveyance of treasury shares				0.0		0.0
Share-based payments					0.0	0.0
Dividends for owners					-8.0	-8.0
Equity Sep 30, 2022	0.1	24.7	0.0	-	83.7	108.5

Consolidated statement of cash flows

EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Cash flows from operating activities
Profit for the period	4.8	3.6	7.2	10.7	10.8
Adjustments for:
Depreciation and amortization	3.2	3.1	9.7	9.2	12.4
Finance income and costs	-0.2	0.4	0.5	1.4	1.8
Change in provisions	0.4	0.1	0.7	-0.2	-0.2
Write-down of inventories	-0.2	0.2	-0.5	0.3	0.7
Income taxes	2.2	1.2	3.5	3.4	4.4
Other non-cash items	0.0	-0.1	0.1	0.2	0.2
Changes in working capital:
Change in trade receivables and other receivables	-0.6	1.6	-7.5	0.2	0.8
Change in trade payables and other payables	8.0	-3.8	12.0	-8.8	-11.9
Change in inventories	-3.7	2.7	-24.4	-9.8	15.4
Interests paid	-0.9	-0.4	-1.9	-0.9	-1.2
Other financial items, net	0.3	0.0	0.6	0.1	0.1
Income taxes paid	0.6	-1.9	-2.3	-6.6	-7.5
Net cash inflow (outflow) from operating activities	13.9	6.8	-2.3	-0.9	26.1
Cash flows from investing activities
Investments in property, plant and equipment	-0.2	-0.2	-0.8	-1.4	-1.9
Investments in intangible assets	-0.1	-0.3	-0.3	-1.0	-1.2
Net cash inflow (outflow) from investing activities	-0.3	-0.6	-1.2	-2.4	-3.1
Cash flows from financing activities
Proceeds from bank loans	-	-	25.9	24.4	24.4
Repayments of bank loans	-10.6	-5.0	-16.7	-11.0	-27.0
Repayments of lease liabilities	-2.5	-2.4	-7.5	-7.2	-9.6
Dividends paid	-	-	-2.0	-3.2	-8.0
Other cash flows from financing activities	0.1	0.1	0.1	0.5	0.1
Net cash inflow (outflow) from financing activities	-13.0	-7.2	-0.3	3.5	-20.2
Net decrease/increase in cash and cash equivalents	0.6	-1.0	-3.8	0.2	2.8
Cash and cash equivalents at the beginning of the period	1.0	2.2	4.2	0.9	0.9
Effects of exchange rate changes on cash and cash equivalents Cash and cash equivalents at the end of period	-0.1 1.5	0.1 1.4	1.0 1.5	0.3 1.4	0.6 4.2

Earnings per share

	7−9/ 2023	7−9/ 2022	1−9/ 2023	1−9/ 2022	1−12/ 2022
Profit for the period attributable to Owners of the Company (EUR million)	4.8	3.6	7.2	10.7	10.8
Impact of share-based compensation plan on number of shares	-21	-29	-22	-21	-22
Weighted average number of shares outstanding during the period, basic, in thousands of shares	39,990	39,987	39,990	39,981	39,983
Earnings per share, basic (EUR)	0.12	0.09	0.18	0.27	0.27
Impact of share-based compensation plan on number of shares Weighted average number of shares outstanding during the period,	-33	-25	-28	-17	-18
fully diluted, in thousands of shares	39,978	39,991	39,983	39,987	39,989
Earnings per share, fully diluted (EUR)	0.12	0.09	0.18	0.27	0.27

Segments

EUR million	Finland	Sweden	Germany	Segments total	Group functions	Eliminations	Group
1−9/2023
Revenue	524.1	225.1	78.4	827.5		-67.0	760.5
internal	0.1	64.3	2.7	67.1		-67.0	0.0
external	524.0	160.8	75.7	760.5			760.5
sales of used cars	492.6	156.7	73.6	722.9			722.9
integrated services	31.4	4.1	2.1	37.6			37.6
Gross profit	56.1	14.6	5.6	76.4			76.4
EBITDA	26.3	2.7	-1.1	27.9	-6.9		21.0
Depreciation and amortization	-5.2	-2.4	-0.9	-8.5	-1.2		-9.7
Operating profit	21.1	0.3	-2.0	19.4	-8.1		11.3
Finance income and costs							-0.5
Profit before income tax							10.8

EUR million	Finland	Sweden	Germany	Segments total	Group functions	Eliminations	Group
1−9/2022
Revenue	478.4	241.5	72.5	792.5		-46.7	745.8
internal	-0.0	44.6	2.0	46.6		-46.7	-0.1
external	478.4	196.9	70.5	745.8			745.8
sales of used cars	447.5	192.6	68.1	708.3			708.3
integrated services	30.9	4.4	2.3	37.6			37.6
Gross profit	52.5	14.5	5.9	72.9			72.9
EBITDA	27.7	2.6	0.3	30.6	-6.0		24.6
Depreciation and amortization	-6.1	-2.3	-0.8	-9.2	-0.0		-9.2
Operating profit	21.6	0.3	-0.5	21.4	-6.0		15.4
Finance income and costs							-1.4
Profit before income tax							14.1

EUR million	Finland	Sweden	Germany	Segments total	Group functions	Eliminations	Group
1−12/2022
Revenue	624.5	301.3	95.5	1,021.2		-52.6	968.7
internal	-0.0	50.4	2.1	52.5		-52.6	-0.1
external	624.5	250.9	93.4	968.8			968.8
sales of used cars	582.1	244.6	89.1	915.9			915.9
integrated services	42.4	6.3	4.2	52.9			52.9
Gross profit	67.6	18.0	8.5	94.1			94.1
EBITDA	34.7	2.5	0.9	38.1	-8.6		29.5
Depreciation and amortization	-8.2	-3.1	-1.1	-12.4	-0.0		-12.4
Operating profit	26.5	-0.6	-0.2	25.7	-8.6		17.0
Finance income and costs							-1.8
Profit before income tax							15.3

Net working capital

EUR million	Sep 30, 2023	Sep 30, 2022	Dec 31, 2022
Inventories	138.0	140.0	114.1
Trade and other receivables	24.4	17.9	17.2
Current income tax receivables	0.3	1.7	1.6
Trade and other payables	-44.8	-37.1	-29.3
Provisions	-4.1	-3.5	-3.4
Net working capital	113.7	119.0	100.2

Net debt

EUR million	Sep 30, 2023	Sep 30, 2022	Dec 31, 2022
Non-current interest-bearing liabilities
Bank loans	13.1	15.5	15.5
Lease liabilities	28.2	32.8	31.2
Total non-current interest-bearing liabilities	41.3	48.3	46.7
Current interest-bearing liabilities
Bank loans	2.3	7.3	2.3
Bank overdrafts	6.5	1.1	-
Issued commercial papers	10.0	15.0	5.0
Lease liabilities	9.8	9.3	9.3
Total current interest-bearing liabilities	28.6	32.7	16.7
Total interest-bearing liabilities	69.9	81.0	63.3
Less cash and cash equivalents	-1.5	-1.4	-4.2
Net debt	68.4	79.6	59.1

Additional information on Net debt development is presented in the section Consolidated balance sheet and financial position.

Derivatives

EUR million	Sep 30, 2023	Sep 30, 2022	Dec 31, 2022
Foreign currency derivatives
Fair value	0.1	-0.1	-0.2
Value of underlying instrument	8.9	9.4	18.3

Lease agreements and other commitments

Changes of lease agreements in the balance sheet

EUR million	Lease assets	Lease liabilities
Jan 1, 2023	39.2	40.5
Increases	7.2	7.1
Decreases	-1.6	-1.6
Depreciation	-7.5	-
Exchange rate differences and other changes	-0.6	-0.6
Interest expenses	-	-0.3
Repayments of lease liability	-	-7.2
Sep 30, 2023	36.7	38.0

EUR million	Lease assets	Lease liabilities
Jan 1, 2022	44.6	45.9
Increases	5.0	4.9
Decreases	-0.4	-0.4
Depreciation	-7.2	-
Exchange rate differences and other changes	-1.2	-1.2
Interest expenses	-	-0.3
Repayments of lease liability	-	-6.8
Sep 30, 2022	40.8	42.1

Changes of lease agreements in the statement of comprehensive income

EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Depreciation of lease assets	-2.5	-2.4	-7.5	-7.2	-9.7
Interest cost from lease liabilities	-0.1	-0.1	-0.3	-0.3	-0.5
Costs from short-term leases	-0.0	-0.0	-0.0	-0.1	-0.1
Costs from service components included in lease agreements	-0.1	-0.1	-0.4	-0.3	-0.4
Total expense in the statement of comprehensive income	-2.7	-2.6	-8.2	-7.9	-10.6

Loans against which guarantees and mortgages have been given

EUR million		Sep 30, 2023		Sep 30, 2022	Dec 31, 2022
Loans		22.0		23.9	17.8
guarantees given against loans		110.0		110.0	110.0
Other commitments
EUR million		Sep 30, 2023		Sep 30, 2022	Dec 31, 2022
Rent and other payment guarantees		0.2		0.3	0.3
Related party transactions
EUR million	7−9/2023	7−9/2022	1−9/2023	1−9/2022	1−12/2022
Sales of used cars	-	-	0.0	-	0.0

EUR million	Sep 30, 2023	Sep 30, 2022	Dec 31, 2022
Lease liabilities	1.7	1.9	1.9

Purchases of used cars -0.0 -0.0 -0.1 -0.2 -0.3

Kamux's key management personnel, members of the Board of Directors and their family members have the right to buy cars from Kamux and sell cars to Kamux in accordance with the personnel policy applicable to the whole staff.

The Group's lease liabilities to related parties include the present value of future lease payments for showrooms leased from the Group's CEO, his immediate family members and companies under their control.

Kamux Corporation's financial reporting and AGM in 2024

Publication schedule for Kamux Corporation's financial reporting in 2024 is as follows:

	Financial Statements Bulletin 2023	March 1, 2024
	Interim Report for January—March 2024	May 17, 2024
	Half-Year Report for January—June 2024	August 16, 2024

Interim Report for January—September 2024 November 8, 2024

The Annual Report for 2023 including Financial Statements will be published on the week commencing March 25, 2024.

The Annual General Meeting of Kamux Corporation is scheduled to be held on April 18, 2024.

Hämeenlinna, November 10, 2023

Kamux Corporation Board of Directors