Q2 2026 Kamux Oyj Earnings Call

August 12, 2026

Speaker #1: Good morning. My name is Katarina Hietaranta, and I would like to welcome you to Kamux's Q2 results webcast. Our CEO, Juho Kalliokoski, and CFO, Enel Syntonen, will present the results first, after which we will have a Q&A session.

Katariina Hietaranta: Good morning. My name is Katariina Hietaranta, and I would like to welcome you to Kamux's Q2 Results webcast. Our CEO, Juha Kalliokoski, and CFO, Enel Sintonen, shall present the results first, after which we shall have a Q&A session. For the Q&A, we shall first take questions via the teleconference and then move over to the chat line in the webcast. Please go ahead, Juha.

Operator: Good morning. My name is Katariina Hietaranta, and I would like to welcome you to Kamux's Q2 Results webcast. Our CEO, Juha Kalliokoski, and CFO, Enel Sintonen, shall present the results first, after which we shall have a Q&A session. For the Q&A, we shall first take questions via the teleconference and then move over to the chat line in the webcast. Please go ahead, Juha.

Speaker #1: For the Q&A, we shall first take questions via the teleconference and then move over to the chat line in the webcast. Please go ahead, Juho.

Speaker #2: Thank you, Katarina. Good morning. Let's get started. Here is our agenda for today. As usual, we will begin with an overview of the quarter.

Juha Kalliokoski: Thank you, Katariina. Good morning. Let's get started. Here is our agenda for today. As usual, we will begin with an overview of the quarter, then take a look at the market development before looking at each operating country separately. Then Enel will present our financial development in more detail. As usual, we will finish with the Q&A session. There was a significant shift in demand between powertrains in Q2, affecting especially demand of diesel cars. In this situation, we focused on inventory turn. We were able to grow both the number of cars sold and revenue while the market declined in all operating countries. However, we were tightened as the selling prices of diesel cars decreased due to the low demand. This led to gross margin decreasing from EUR 24 million to EUR 20.8 million, mainly due to the lost margin in diesel cars.

Speaker #2: Let's first take a look at the market development before looking at each operating country separately. Then Enel will present our financial development in more detail.

Speaker #2: And, as usual, we will finish with the Q&A session. There was a significant shift in demand between powertrains in Q2, affecting especially the demand for diesel cars.

Juha Kalliokoski: There was a significant shift in demand between powertrains in Q2, affecting especially demand of diesel cars. In this situation, we focused on inventory turn. We were able to grow both the number of cars sold and revenue while the market declined in all operating countries. However, we were tightened as the selling prices of diesel cars decreased due to the low demand. This led to gross margin decreasing from EUR 24 to 20.8 million, mainly due to the lost margin in diesel cars.

Speaker #2: In this situation, we focused on inventory turn. We were able to grow both the number of cars sold and revenue, while the market declined in all operating countries.

Speaker #2: However, we tightened as the selling prices of diesel cars decreased due to the low demand. This led to gross margin decreasing from €24 million to €20.8 million, mainly due to the lost margin in diesel cars.

Speaker #2: Even though our costs were €0.8 million lower, this was not enough to keep the adjusted EBIT at last year's level, and it decreased to €0.6 million.

Juha Kalliokoski: Even though our costs were EUR 0.8 million lower, this was not enough to keep the adjusted EBIT at the last year level, and it decreased to EUR 0.6 million. Revenue from integrated services was at EUR 12.8 million, which is 5.8% of total revenue. Our customer satisfaction was again at an excellent level. NPS for the whole group was 66 in the quarter. Towards the end of the quarter, consumer confidence started to improve. However, this was not yet visible in used car sales. The used car market contracted during Q2 in all our operating countries. Sweden was down by 1.4% and Germany by 3.2%. In Finland, the total market was down by 2.4% for the quarter. Within the quarter, especially May was very challenging. In Finland, the market declined 7.2%.

Speaker #2: Revenue from integrated services was €12.8 million, which is 5.8% of total revenue. Our customer satisfaction was again at an excellent level. NPS for the whole group was 66 in the quarter.

Speaker #2: Towards the end of the quarter, consumer confidence started to improve; however, this was not yet visible in used car sales. The used car market contracted during Q2 in all our operating countries.

Speaker #2: Sweden was down by 1.4%, and Germany by 3.2%. In Finland, the total market was down by 2.4% for the quarter. Within the quarter—especially May—was very, very challenging.

Juha Kalliokoski: In Finland, the total market was down by 2.4% for the quarter. Within the quarter, especially May was very challenging. In Finland, the market declined 7.2%. The good news of the quarter was that we reclaimed our position as the largest seller of used cars in Finland in terms of number of cars sold.

Speaker #2: In Finland, the market declined 7.2%. The good news of the quarter was that we reclaimed our position as the largest seller of used cars in Finland, in terms of the number of cars sold.

Juha Kalliokoski: The good news of the quarter was that we reclaimed our position as the largest seller of used cars in Finland in terms of number of cars sold. This applies to both the quarter and the H1 of the year. In Sweden, despite the difficult market, our volumes grew, and we gained some share. In Germany, where the market also contracted, our share remained small. In terms of new car registrations, the number of new car registered across Europe grew by 5.7% during the H1 of the year. There were some changes in the showroom network during the quarter. We decided to tighten our showroom network in Germany and closed two showrooms in the Hamburg area. Ahrensburg and Stade were closed at the end of June. The cars and salespeople from these showrooms moved to the Nedderfeld showroom.

Speaker #2: This applies to both the quarter and the first half of the year. In Sweden, despite the difficult market, our volumes grew and we gained some share. In Germany, where the market also contracted, our share remained small.

Juha Kalliokoski: This applies to both the quarter and the H1 of the year. In Sweden, despite the difficult market, our volumes grew, and we gained some share. In Germany, where the market also contracted, our share remained small. In terms of new car registrations, the number of new car registered across Europe grew by 5.7% during the H1 of the year. There were some changes in the showroom network during the quarter. We decided to tighten our showroom network in Germany and closed two showrooms in the Hamburg area. Ahrensburg and Stade were closed at the end of June. The cars and salespeople from these showrooms moved to the Nedderfeld showroom.

Speaker #2: In terms of new car registrations, the number of new cars registered across Europe grew by 5.7% during the first half of the year. There were some changes in the showroom network during the quarter.

Speaker #2: We decided to tighten our showroom network in Germany and closed two showrooms in the Hamburg area. Arensburg and Stade were closed at the end of June.

Speaker #2: The cars and salespeople from these showrooms moved to the Nedelberg showroom. There were no changes in the network in Finland and Sweden. We evaluated our network continuously to check it against current and future capacity needs.

Juha Kalliokoski: There were no changes in the network in Finland and Sweden. We evaluate our network continuously to check it against current and future capacity needs. Thanks to the short-term nature of our lease agreements, we are able to make changes in the network relatively flexible. Now we will look at each country in turn. In Finland, the number of cars sold during Q2 was at last year level. Average prices were slightly lower, and therefore, revenue decreased 1.4%. Our focus was ensuring sufficient inventory turn. The weakened demand of diesel cars had a significant impact on sales prices and thus margins. We are not satisfied with the penetration rates of integrated services, which have decreased. The penetration rates for integrated services decreased. Customer satisfaction, on the other hand, is an area where we continue to do well.

Speaker #2: Thanks to the short-term nature of our lease agreements, we are able to make changes in the network relatively flexibly. Now, we will look at each country in turn.

Speaker #2: In Finland, the number of cars sold during Q2 was at last year's level. Average prices were slightly lower, and therefore revenue decreased by 1.4%. Our focus was ensuring sufficient inventory turn.

Speaker #2: The weakened demand for diesel cars had a significant impact on sales prices and thus, margins. We are not satisfied with the penetration rates of integrated services, which have decreased.

Speaker #2: The penetration rates for integrated services decreased. Customer satisfaction, on the other hand, is an area where we continue to do well. In Finland, NPS for the quarter was 68, and for the month of June, it was as high as 70.

Juha Kalliokoski: In Finland, NPS for the quarter was 68, and for the month of June, it was as high as 70. Here are some recent examples of our marketing activities in Finland. At the end of May, we had an advert on the front page of Helsingin Sanomat telling about the high Net Promoter Score and recommendations we had received in Finland. Kamux Finland has also been the official advertising partner for MTV's World Rally Championship broadcasts. This partnership included a strong presence at the World Rally Championship event in Jyväskylä with Kamux branded vehicles. In Sweden, our performance was relatively good, and we are getting back on track. However, there is still a lot to do. The Swedish market also contracted, and competition remained tight. The Swedish krona declined during the quarter, impacting sourcing inside the Swedish market negatively.

Speaker #2: Here are some recent examples of our marketing activities in Finland. At the end of May, we had an advert on the front page of Helsingin Sanomat, highlighting the high Net Promoter Score and recommendations we had received in Finland.

Speaker #2: Kamux Finland has also been the official advertising partner for MTV's World Rally Championship broadcasts. This partnership included a strong presence at the World Rally Championship event in Jyväskylä, with Kamux-branded vehicles.

Speaker #2: In Sweden, our performance was relatively good, and we are getting back on track. However, there is still a lot to do. The Swedish market also contracted, and competition remained tight.

Speaker #2: The Swedish krona declined during the quarter, impacting sourcing inside the Swedish market negatively. We were able to grow, however, and the number of cars sold increased significantly, getting closer to 2024 figures.

Juha Kalliokoski: We were able to grow, however, and the number of cars sold increased significantly, getting closer to 2024 figures. There were headwinds with the declining demand of diesel cars in Sweden, as in all our markets. However, thanks to the volume increase, external revenue grew by 40% and gross margin also grew. Penetration rates of insurance services and Kamux Plus improved. Niklas Eriksson has now been heading the team in Sweden since early April, and it has been good to see how he has taken ownership of the business and the team is working well together. In Germany, we continue to have challenges. However, we continue to focus on inventory management and operational execution. The market contracted also in Germany. The headwinds against demand and pricing of diesel cars affected our German business even stronger than in Finland and Sweden.

Speaker #2: There were headwinds with the declining demand for diesel cars in Sweden, as in all our markets. However, thanks to the volume increase, external revenue grew by 40%, and gross margin also grew.

Speaker #2: Penetration rates of insurance services and Kamux Plus improved. Niklas Eriksson has now been heading the team in Sweden since early April, and it has been good to see how he has taken ownership of the business.

Speaker #2: And the team is working well together. In Germany, we continue to have challenges; however, we continue to focus on inventory management and operational execution.

Speaker #2: The market contracted also in Germany. The headwinds against demand and pricing of diesel cars affected our German business even more strongly than in Finland and Sweden.

Speaker #2: Even though sales of used EVs are increasing in Germany, it is still a very small part of our business. However, the number of cars sold in Germany grew, the average price of cars sold was lower than the prior year, as planned, and thus the revenue growth was at 15%.

Juha Kalliokoski: Even though sales of used EVs is increasing in Germany, it is still a very small part of our business. However, the number of cars sold in Germany grew. The average price of sold cars was lower than prior year as planned, and thus the revenue growth was at 15%. Adjusted EBIT decreased as a result of the low margin of diesel cars. As mentioned earlier, we closed two showrooms at the end of June, centralizing our Hamburg area operations in the Nedderfeld showroom. Now I hand over for Enel more details in figures. Here you are.

Speaker #2: As adjusted EBIT decreased as a result of the low margin of diesel cars. As mentioned earlier, we closed two showrooms at the end of June.

Speaker #2: Centralizing our Hamburg area operations in the Nedelberg showroom. And now I hand over to Enel for more details and figures. Here you are.

Speaker #1: Thank you, Juha. Summarizing our financial performance in the quarter, Juha already referred to many of the numbers. Sold volumes and revenue grew.

Enel Sintonen: Thank you, Juha. Summarizing our financial performance in the quarter, Juha already referred to many of the numbers. Sold volumes and revenue grew, and growth was generated in Sweden and Germany. Sudden shift in demand for different powertrains urged us to accelerate inventory turn. That was a choice we did, and that required us also to adjust pricing, especially for diesel passenger cars, and also hurt our margins. It was the single biggest reason for decreased profitability, breaking the trend of four consecutive quarters of improved margins. In Sweden, a number of financial ratios, sold volumes, revenue, as well as gross margin improved. Our work on business fundamentals and daily operating practices started to show also in financials. In Germany, volumes grew. However, profitability continued to be at a low level, and we relentlessly continue working on with the solutions and with the improvements.

Speaker #1: And growth was generated in Sweden and Germany. A sudden shift in demand for different powertrains urged us to accelerate inventory turn. That was a choice we made.

Speaker #1: That required us also to adjust pricing, especially for diesel passenger cars, and also hurt our margins. It was the single biggest reason for decreased profitability.

Speaker #1: Breaking the trend of four consecutive quarters of improved margins, in Sweden a number of financial ratios—sold volumes, revenue, as well as gross margin—improved.

Speaker #1: Our work on business fundamentals and daily operating practices started to show also in financials. In Germany, volumes grew; however, profitability continued to be at a low level.

Speaker #1: And we relentlessly continue working on the solutions and improvements. Inventory management continues to drive our profitability. Throughout the year, inventory levels have consistently followed the seasonal cycle.

Enel Sintonen: Inventory management continues to be our profitability, and throughout the year, inventory levels have solidly followed seasonal cycle. Inventory turnover in days show improvement. When we look at the operative cash flow, it reflects most part inventory cycle. Cash released from net working capital was EUR 12.3 million to comparable periods. Our cash balance at the end of the quarter was EUR 8.8 million, and we have EUR 15 million available unused credit facilities. Net debt was very much lower compared to last year, and it is now EUR 49.5 million level. Equity ratio was close to 50% level. Here are our key numbers. As said, revenue grew, gross margin declined. All major categories of operating expenses declined compared to previous year, and return on equity and equity ratio improved slightly.

Speaker #1: Inventory turnover in days show improvement. When we look at the operative cash flow, it reflects most part inventory cycle. Cash released from networking capital was 12.3 million euros to comparable period.

Speaker #1: Our cash balance at the end of the quarter was €8.8 million, and we have €15 million available in unused credit facilities. Net debt was much lower compared to last year, and it is now at the €149.5 million level. The equity ratio was close to the 50% level.

Speaker #1: And here are our key numbers. As said, revenue grew, gross margin declined. All major categories of operating expenses declined compared to the previous year. Return on equity and equity ratio improved slightly.

Speaker #1: Looking at the figures, when we had a sudden shift in powertrains in the market, we turned our focus to inventory turn. We ensured the right size of inventory and a solid financial position.

Enel Sintonen: Looking at the figures, when we had a market of sudden shift in powertrains, we turned our focus into inventory turn. We ensured right size of inventory and solid financial position. We can see here trend in volumes. Volumes increased in a quarter driven by focus on inventory turn, as said. You can hear the growth in Sweden and Germany were substantial. Finland was at the previous year level. However, we, of course, every day remind ourselves that our volumes few years back remind us of the capabilities we have, and also the ambition to go back to growth continues to drive us. Our integrated services revenue declined slightly, and that slight decline spread across different services. Here we can see revenue trends from quarters and recent years, and drivers of the trends were underscored earlier. We, as said, firmly focused to regaining volumes and improving profitability.

Speaker #1: We can see here a trend in volumes. Volumes increased in the quarter, driven by a focus on inventory turn, as said. And here, the growth in Sweden and Germany was substantial.

Speaker #1: Finland was at the previous year's level. However, we, of course, every day remind ourselves that our volumes a few years back remind us of the capabilities we have.

Speaker #1: And also, the ambition to go back to growth continues to drive us. Our integrated services revenue declined slightly, and that slight decline was spread across different services.

Speaker #1: Here we can see revenue trends from quarters and recent years. The drivers of these trends were underscored earlier. And, as said, we are firmly focused on regaining volumes and improving profitability.

Speaker #1: Cash flow was minus €10 million in H1, and it was the seasonal buildup of our inventory that was the key driver. We can also see here that the inventory increased by about €20 million, affecting the cash flows.

Enel Sintonen: Cash flow -10 million euros in H1, and it was seasonal buildup of our inventory. That was the key driver. We can see also here the inventory increase about 20 million, affecting the cash flows. We are satisfied that we both started and also closed the quarter with the right size of inventory. Our outlook for 2026 remains unchanged. We expect adjusted operating profit for 2026 to increase from the previous year. Back to you, Juha.

Speaker #1: We are satisfied that we both started and also closed the quarter with the right size of inventory. Our outlook for 2026 remains unchanged.

Speaker #1: We expect adjusted operating profit for 2026 to increase from the previous year. And back to you, Juha.

Speaker #2: Thank you, Enel. Our long-term targets are still the same. However, we have started working on updating our strategy, and as part of that work, we will also review our targets.

Juha Kalliokoski: Thank you, Enel. Our long-term targets are still the same. However, we have started working on updating our strategy. As part of the work, we will also review our targets. We will be getting back to these towards the end of the year. We continue to perform well in customer satisfaction and have achieved our target. For Q2, the group NPS was 66, which is excellent. eNPS is at 19, as it was also in Q1. Here is our current management team. Tuuli Kiiski joined us last week as Chief People Officer. Tuuli comes from the Suvia Group, where she was working as an HR director and a member of the management team. Tuuli has a strong track record in developing and leading HR functions in multi-site organizations. She is also experienced in developing supervisor work and building and implementing consistent ways of working with employee wellbeing as a priority.

Speaker #2: We will be getting back to these divides at the end of the year. We continue to perform well in customer satisfaction and have achieved our target.

Speaker #2: For Q2, the group NPS was 66, which is excellent. ENPS is at 19, as it was also in Q1. Here is our current management team.

Speaker #2: Tuuli Kiiski joined us last week as Chief People Officer. Tuuli comes from the Suvi Group, where she was working as HR Director and a member of the management team.

Speaker #2: Tuuli has a strong track record in developing and leading HR functions in multi-site organizations. She is also experienced in developing supervisor work and building and implementing consistent ways of working, with employee well-being as a priority.

Speaker #2: So, I believe that Tuuli is a very good addition to our management team. Our ongoing focus areas remain the same, except with even more focus on inventory turn and health.

Juha Kalliokoski: I believe that Tuuli is very good addition to our management team. Our ongoing focus areas remain the same, except with even more focus on inventory turn and health. There is still a lot to do, and we continue to work on these basics on daily basis. Our vision also remains unchanged to become the number one used car retailer in Europe. Now it is time for questions.

Speaker #2: There is still a lot to do, and we continue to work on these basics on a daily basis. Our vision also remains unchanged: to become the number one used car retailer in Europe.

Speaker #2: And now it's time for questions.

Speaker #1: Thank you, Juha. Thank you, Enel. So, as said, we shall begin with the questions via the teleconference line.

Katariina Hietaranta: Thank you, Juha. Thank you, Elina. As said, we shall begin with the questions via the teleconference line.

Speaker #3: If you wish to ask a question, please dial pound key five on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial pound key six on your telephone keypad.

Operator 2: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Maria Wikström from SEB. Please go ahead.

Operator: If you wish to ask a question, please dial #5 on your telephone keypad to enter the queue. If you wish to withdraw your question, please dial #6 on your telephone keypad. The next question comes from Maria Wikström from SEB. Please go ahead.

Speaker #3: The next question comes from Maria Wickström from SEB. Please go ahead.

Speaker #1: Yes, hello. This is Maria Wickström from SEB. I have three questions, and I'll take them one by one. I'd like to start with your guidance for this year.

Maria Wikström: Yes. Hello, this is Maria Wikström from SEB. I have three questions and I will take them one by one. I would like to start with your guidance for this year. What makes you confident that you are going to reach improving adjusted EBIT for the year when you are currently EUR 1.3 million behind last year?

Speaker #1: What makes you confident that you are going to reach an improving adjusted EBIT for the year when you are currently €1.3 million behind last year?

Speaker #4: Yes, so thank you for this first question, Maria. Our view is based on our current estimates. Obviously, Q3 has a very important part to play in the outlook and in reaching our outlook.

Enel Sintonen: Yes. So thank you for this first question, Maria. Our view is based on our current estimates. Obviously, Q3 has a very important part to play in being in the outlook and reaching our outlook. But also very important when we go to Q4, that we go with the right inventory, with the right mix, with the right capacities. So, this is very important. Also, when we look back last year, H2 EBIT, unfortunately, was also historically at a low level. So we keep our estimates, and also when we look at certain trends here, we are keeping our guidance outlook unchanged. But of course, a lot of work is to be done and the actions also.

Speaker #4: But also, it is very important that when we go to Q4, we go with the right inventory, with the right mix, and with the right capacities.

Speaker #4: So this is very important. Also, when we look back, last year H2 EBIT unfortunately was also historically at a low level. So we keep our estimates, and also, when we look at certain trends here, we are keeping our guidance outlook unchanged.

Speaker #4: But we, of course, know that a lot of work is still to be done—and actions as well.

Speaker #1: Thank you. And my second question is a bit more on the inventory positioning. As to me, it shows a bit that every time when there is a shift in consumer preference in the market, Kamux inventory ends up being on the wrong end of the or how would I describe it?

Maria Wikström: Thank you. My second question is a bit more on the inventory positioning. As to me, it shows a bit that every time when there is a shift in consumer preference in the market, Kamux inventory ends up being on the wrong end of the. Or how would I describe it? The inventory is not optimal for the current customer trends. Yet you have very short inventory turnover cycle. So you would think that you could adjust your measures quicker than it actually shows in the profitability. So can you a little bit describe that what have you now done in your inventory management when you have seen that there is less demand for the diesel cars and with the lower pricing, that do we expect to see improvements then already on the Q3 onwards?

Speaker #1: The inventory is not optimal, I mean, for the current customer trends. And yet you have a very short inventory turnover cycle, so you would think that you could adjust your measures quicker than it actually shows in the profitability.

Speaker #1: So, can you describe a little bit what you have now done in your inventory management when you have seen that there is less demand for diesel cars, and with the lower pricing?

Speaker #1: We expect to see improvements then already from Q3 onward.

Speaker #2: If you look back many quarters, what we mentioned with Enel is that we focused on profit level or margin level per car. And when this Iran war started, and we saw how much the demand for the diesel cars decreased and the inventories increased, we made decisions.

Juha Kalliokoski: If you look back many quarters, what we mentioned with Elina, that we focused on profit level, margin level per car. When this Ukraine war started and we saw how much the demand for the diesel cars decreased and the inventories increased, we made decisions. Now we changed our focus. It is more important to push the inventory out, those diesel cars, and take less margin compared to other option that you are waiting and wishing at some point after some months, the diesel car demands and prices are going up and you get more margin. This was the reason why we focused a lot of the turning the diesel cars down. Now, what happens, for example, in Finland, the level was 8,000 used passenger cars, diesels, available in the Finnish market, and it increased over 12,000 units. It means 50%.

Speaker #2: Now we changed our focus. It's more important to push the inventory out—those diesel cars—and take less margin. The other option is that you are waiting and wishing that at some point, after some months, the diesel car demand and prices are going up and you get more margin.

Speaker #2: And this was the reason why we focused a lot on turning the diesel cars down. Now, what happens, for example, in Finland—the level was 8,000 used passenger car diesels.

Speaker #2: Available in the Finnish market, and it increased by over 12,000 units. It means 50%. At the same time, demand went down. But now we see that the demand has gone up.

Juha Kalliokoski: At the same time happened, this demand went down. But now we see that the demand went up and also the diesel car levels, available cars are coming a little bit down.

Speaker #2: And also, the available diesel car levels are coming a little bit down.

Speaker #1: And one follow-up on that answer that if you describe could you describe that how has your metal margin per car developed month by month over the Q2?

Maria Wikström: One follow-up on that answer, could you describe how has your metal margin per car developed month by month over Q2?

Speaker #2: I think that we didn't open month by month. It's quarter-based. But especially May, as I mentioned, in Finland the total market for used cars was minus 7.2%.

Juha Kalliokoski: I think that we did not open month by month. It is quarter-based. But especially May, as I mentioned, that in Finland it was -7.2%, the total market in used cars. It was a very challenging month. Compared to Germany, for example, it was April when the market was down over 10%, and those was the challenges what we had in market. Now when we look about the inventories and what happened, I would say that I do the same decisions what we made in the spring.

Speaker #2: It was a very challenging month. And compared to Germany, for example, it was April when the market was down over 10%. And those were the challenges that we had in the market.

Speaker #2: And now, when we look at the inventories and what happened, I would say that we did the same decisions that we made in the spring.

Speaker #1: Thank you. And then my final question is that I can see that your personnel count in Finland is down by 45 employees. Do you think that there is a risk that it will be difficult to get growth in the market when, I would think, your sales force is declining at the same time?

Maria Wikström: Thank you. My final question is that I can see that your personnel count in Finland is down 45 employees. Do you think that there is a risk that it is difficult to get growth in the market when I would think that your sales force is declining at the same time?

Speaker #4: Yes, thank you for this question. So yes, we are down with our employee numbers. But I would like to say that when looking back to the comparable period, we had a number of changes and a number of initiatives to move towards stabilization of our employee numbers and also costs. Currently, what we see is that we have very much looked at the number of personnel and also cost, so that it supports our business.

Enel Sintonen: Yes. Thank you for this question. Yes, we are down with our employee numbers, but I would like to say that it is when looking back a comparable period, we had a number of changes and a number of initiatives towards stabilization of our employee number and also costs. What we see currently, we have very much looked that it is a number of personnel and also a cost that it supports our business. I would say that we have became towards more stabilization in personnel number, turnover as well, and also costs. Also to say, of course, we also continue working with that. Personnel is something, but I would say that a number of personnel is not something that would, how to say, reject growing or would make growing more difficult. Yeah.

Speaker #4: So I would say that we have become more stabilized in personnel numbers, turnover as well, and also costs. And also to say, of course, we also continue working with that.

Speaker #4: So personnel is something. But I would say that a number of personnel is not something that would, how to say, reject growing or would make growing more difficult.

Speaker #4: So yeah.

Speaker #2: And if I continue shortly, we focused also very a lot on helping our employees as sellers to sell more—how to sell more products per person.

Juha Kalliokoski: If I continue shortly, we focused also very lot on heavily to helping our employees as sellers to sell more, how to sell more products per person. Also the demand in the company increased.

Speaker #2: And also, the demand in the company increased.

Maria Wikström: Thank you. I have no further questions.

Speaker #1: Thank you. I have no further questions.

Speaker #4: I believe we have some further questions from the teleconference line.

Katariina Hietaranta: I believe we have some further questions from the teleconference line.

Speaker #1: The next question comes from Jonas Heha from OP. Please go ahead.

Operator 2: The next question comes from Joonas Häyhä from OP. Please go ahead.

Operator: The next question comes from Joonas Häyhä from OP. Please go ahead.

Speaker #3: Hi, good morning. It's Jonas Heha from OP. First of all, you mentioned diesel cars being particularly problematic during the quarter. But if we exclude diesel cars, how did the metal margin develop in other powertrains versus last year?

Joonas Häyhä: Hi. Good morning. It is Joonas Häyhä from OP. First of all, you mentioned the diesel cars being particularly problematic during the quarter. If we exclude diesel cars, how did the metal margin develop in other powertrains versus last year?

Juha Kalliokoski: In-

Juha Kalliokoski: Um-

Speaker #4: We haven't really published by powertrains. But what we've said is that the decline in diesel margins is the single biggest explanation for the declining gross margin and metal margin overall for the quarter.

Enel Sintonen: We have not really published by powertrains, but what we have said is that the decline in diesel margins is the single biggest explanation for the decline in gross margin and metal margin overall for the quarter.

Katariina Hietaranta: We have not really published by powertrains, but what we have said is that the decline in diesel margins is the single biggest explanation for the decline in gross margin and metal margin overall for the quarter.

Speaker #2: Yeah. And then, when we think about the group—when we think about the group level—when the Germany and Swedish business increased, and there the metal margin or gross margin is at a lower level, it puts down the whole group on the gross margin side.

Juha Kalliokoski: Yeah. When we

Joonas Häyhä: Okay

Juha Kalliokoski: think about the group level, when the Germany and the Swedish business increased and there the metal margin or gross margin is lower level, it pushes down the whole group as a gross margin side.

Speaker #3: Okay, thank you. And then secondly, regarding the Swedish operations, your earnings there improved in the first half of the year with higher volumes. How would you comment on the outlook for the second half?

Joonas Häyhä: Okay. Thank you. Secondly, regarding the Swedish corporations, your earnings there improved in H1 with higher volumes. How would you comment the outlook for H2? How do you expect earnings to develop, and how do you see the longer-term profitability outlook in that market?

Speaker #3: How do you expect earnings to develop, and how do you see the longer-term profitability outlook in that market?

Speaker #4: I can take this question. Thank you for this question. We are not disclosing the market separately. But maybe something I can say is that we have worked a lot on fundamentals in Sweden, also on working practices and strengthening our own performance.

Enel Sintonen: I can take this question. Thank you for this question. We are not disclosing market separately, but maybe something I can tell that we have worked a lot on fundamentals in Sweden, also working practices, and strengthening our own performance. Our market position, I think that we first need to look what we do. The market is not, how to say, restricting us to grow. It is all about us and doing the better job there. We have discussed internal that we see in many ways that we have strengthened the performance. However, we also recognize that we can see volatility there, because we need to have more quarters behind us with solid, strong performance. But we are confident with the way of working, and Niklas Eriksson taking over as a new Managing Director. We are confident that we are going to the right direction.

Speaker #4: So, our market position—I think that we first need to look at what we do. The market is not, how to say, restricting us from growing.

Speaker #4: So it's all about us and doing a better job there. We also, despite what we have discussed internally, see in many ways that we have strengthened the performance.

Speaker #4: However, we also recognize that we can see volatility there, because we still need to have more quarters behind us with solid, strong performance.

Speaker #4: But we are confident in our way of working and with Niklas Eriksson taking over as the new Managing Director. We are confident that we are going in the right direction.

Speaker #3: Okay, thank you. And then finally, just to recap, you have the strategy process ongoing. Should we expect the results to be communicated after Q3 results, or sooner?

Joonas Häyhä: Okay. Thank you. Finally, just to recap, you have the strategy process ongoing. Should we expect the results to be communicated after Q3 results or sooner?

Speaker #2: We believe that we are coming out in Q3.

Juha Kalliokoski: We believe that we are coming out in the Q3.

Speaker #4: Yeah, about that time. So you should not expect to have any new strategy information before Q3 results.

Katariina Hietaranta: Yeah, about that time.

Juha Kalliokoski: Yeah.

Katariina Hietaranta: You should not expect to have any new strategy information before Q3 results.

Speaker #3: All right. Thank you. That's all from me.

Joonas Häyhä: All right. Thank you. That is all from me.

Speaker #4: Thank you. So I understand we have no further questions from the teleconference, so we shall move on to the chat. We have a question from Rauli from Inres about whether the current average selling price level in Germany is expected to remain also during H2.

Katariina Hietaranta: Thank you. I understand we have no further questions from the teleconference, so we shall move on to the chat. We have a question from Rauli from Inderes about whether the current average selling price level in Germany is expected to remain also during H2?

Speaker #2: Yeah. We focused in Germany at that time a little bit more on lower categories. Of course, when we started to increase our EVs part in Q2, it was very late compared to Finland and Sweden. If we can be successful in that part, it could be a little bit higher compared to Q2.

Juha Kalliokoski: Well, we focus in Germany on that time a little bit lower categories. Of course, when we started to increase our EVs part in Q2, very late compared to Finland and Sweden, if we can be successful in that part, it can be a little bit higher compared to Q2.

Speaker #4: Yeah. Although, of course, in Germany the used car EV growth figures are high, the base numbers are still very, very small, particularly compared to the other markets.

Katariina Hietaranta: Yeah. Although, of course, in Germany, the used car EV, the growth figures are high, but the base numbers are still very small, particularly compared to the other markets. Rauli is continuing on Germany. What kind of impact do you expect from the store closures in Germany to volumes and earnings?

Speaker #4: Rauli, continuing on Germany: What kind of impact do you expect from the store closures in Germany on volumes and earnings? Thank you.

Enel Sintonen: Yes. Thank you, Rauli, for this question. As said, we closed 2 stores in Hamburg area. Those 2 stores, Ahrensburg and Stade, were very close, actually located to our Nedderfeld store. What we did was that we transferred our operations, cars, personnel, over this Nedderfeld site. We had overcapacity there, so it was a very good fit and consolidation. We are not disclosing separately our store performance. However, what I can say, both stores the operations were clearly below the capacity, which means that taking those to a profitable way or turn to profitable was difficult. So both stores were already long-term negative in operating results. We expect positive impact, but we are not disclosing separately the impact.

Speaker #4: Thank you, Rauli, for this question. So, as said, we closed two stores in the Hamburg area. Those two stores, Arensburg and Stade, were actually located very close to our Nederveldt store.

Speaker #4: So what we did was that we then transferred our operations, cars, and personnel over to this Nederveldt site. We had overcapacity there, so it was a very good fit and consolidation.

Speaker #4: We are not disclosing, like, separately our store performance. However, I must say that what I can say is both stores did not have the operations—they were clearly below the capacity, which means that taking those to a profitable way, or to turn to profitable, was difficult.

Speaker #4: So both stores were already long-term negative in operating results. So we expect a positive impact, but we are not disclosing that separately.

Speaker #1: Thank you. Rauli is further asking:

Katariina Hietaranta: Thank you. Rauli is further asking, with the tight competition in EV sourcing market, are you able to currently do healthy margins there?

Speaker #4: With the tight competition in the EV sourcing market, are you able to currently do healthy margins there?

Juha Kalliokoski: Of course, we focus a lot of the purchase channels and looking about where we can make the good business with us. I do not see the huge problems with the purchase with the EVs, because those cars are still available and the competition compared to powertrains, it is not different in EVs.

Speaker #2: Well, we of course focus a lot on the purchase channels, and look at where we can make good business with us. And I don't see the huge problems with purchasing the EVs.

Speaker #2: Because those cars are still available. And the competition compared to powertrains is not different in EVs.

Speaker #4: Okay. Right now, we have no further questions on the chat, so it looks like we're getting ready to close. I'm just sort of trying to hold on in case someone is still pushing for further questions.

Katariina Hietaranta: Okay. Right now we have no further questions on the chat. It looks like we are getting ready to close. I am just trying to hold on if someone is still pushing for further questions, but nothing is coming up. So thank you for today and I wish everyone a good rest of the day. Thank you.

Speaker #4: But nothing's coming up. So, thank you for today, and I wish everyone a good rest of the day. Thank you.

Speaker #2: Thank you.

Juha Kalliokoski: Thank you.

Speaker #4: Thank you.

Enel Sintonen: Thank you.

Operator: The host has ended this call. Goodbye.

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