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
    }
  }
}


__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.

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.

Pursuing volume did not yield results, emphasizing profitability at the expense of volume did not yield results, turning Germany profitable did not yield results but it returned to a loss. Sweden has been at a loss, now with its head above water for a moment until returning to normal, changing the manager to a competent professional did not yield results, changing managers of international operations did not yield results, closing unprofitable dealerships did not yield results, a cooperation agreement with a leasing company did not yield results, updating the car fleet to match demand did not yield results, investing in ancillary services (Extended Warranty, Insurance) did not yield results, introducing ancillary products for sale did not yield results (Tires), investing in remote car sales did not yield results. Have all possible measures already been tried, what is left, or are there any means left? Or will we return to the starting point in implementing the measures, and repeat the same actions in the same or a different order, without results? I think Sweden has been brought to zero by shifting more of the margin from imports to Finland there, it is of course possible to do the same for Germany, and achieve a situation where all countries are slightly in the black, but that does not change the overall picture.

Wasn’t the message from the company’s management in the spring that the focus would be on profitability at the expense of volume? This is, of course, not really possible, as unprofitable trade-in cars would rot in storage. But it’s erratic behavior.

Kamux

Kamux Corporation | Stock Exchange Release | November 12, 2025 at 15:30:00 EETKamux Oyj - Managers' Transactions ____________________________________________ Person subject to the notification...

<div class="mfn-header mfn-header-finland">Kamux Corporation | Stock Exchange Release | November 12, 2025 at 15:30:00 EET</div><div class="mfn-body">Kamux Oyj - Managers' Transactions ____________________________________________ Person subject to the notification requirement Name: Callardo Capital Oy Position: Chief Executive Officer (X) Legal person (1):Person Discharging Managerial Responsibilities In Issuer Name: Juha Kalliokoski Position: Member of the Board Issuer: Kamux Oyj LEI: 743700KCVYIYNLPZYN56Notification type: INITIAL NOTIFICATION Reference number: 130195/4/4 ____________________________________________ Transaction date: 2025-11-12 Venue: NASDAQ HELSINKI LTD (XHEL) Instrument type: SHARE ISIN: FI4000206750 Nature of transaction: ACQUISITIONTransaction details (1): Volume: 3 Unit price: 2.08 EUR (2): Volume: 4 Unit price: 2.07 EUR (3): Volume: 5 Unit price: 2.07 EUR (4): Volume: 38 Unit price: 2.08 EUR (5): Volume: 89 Unit price: 2.08 EUR (6): Volume: 200 Unit price: 2.07 EUR (7): Volume: 216 Unit price: 2.07 EUR (8): Volume: 224 Unit price: 2.07 EUR (9): Volume: 306 Unit price: 2.08 EUR (10): Volume: 500 Unit price: 2.08 EUR (11): Volume: 505 Unit price: 2.08 EUR (12): Volume: 1390 Unit price: 2.08 EUR (13): Volume: 2000 Unit price: 2.08 EUR (14): Volume: 2081 Unit price: 2.08 EUR (15): Volume: 4998 Unit price: 2.08 EUR (16): Volume: 37441 Unit price: 2.08 EURAggregated transactions (16): Volume: 50000 Volume weighted average price: 2.07987 EUR &nbsp; Kamux Corporation CommunicationsKamux is a retail chain specialized in used cars and related integrated services. 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 68 car showrooms in Finland, Sweden and Germany. Since its founding in Hämeenlinna, Finland, in 2003 the company has sold almost 600,000 used cars, 66,548 of which were sold in 2024. Kamux’s revenue in 2024 was EUR 1,010 million and its average number of employees was 904 in terms of full-time equivalent employees. Kamux Corporation is listed on Nasdaq Helsinki Ltd. For more information, please visit <a rel="noopener" href="https://www.kamux.com/en/">www.kamux.com</a> &nbsp;&nbsp;&nbsp;&nbsp;</div>