AUTO1 Group Achieves Record-Breaking Q2 Performance with 36% Gross Profit Increase and Strong Sales Growth

AUTO1 Group Achieves Record-Breaking Q2 Performance with 36% Gross Profit Increase and Strong Sales Growth

(IN BRIEF) AUTO1 Group SE, a leading European digital automotive platform, reported record-breaking results in Q2 2024. Key highlights include a 17% increase in units sold (166,292), a 36% rise in gross profit (€173.3 million), and the highest adjusted EBITDA in the company’s history (€20.7 million). The Merchant segment saw a 32% increase in gross profit, while the Retail segment (Autohero) reported a 50% increase in gross profit. The company also updated its full-year guidance, expecting 620,000 to 665,000 units sold and a gross profit of €610 to €680 million. CEO Christian Bertermann and CFO Markus Boser expressed confidence in continuing this momentum into the second half of 2024.

(PRESS RELEASE) BERLIN, 31-Jul-2024 — /EuropaWire/ — AUTO1 Group SE, Europe’s top digital platform for buying and selling used cars, has announced impressive results for the second quarter of 2024, showcasing significant growth and record-breaking financial performance.

Q2 2024 Highlights:

• Units Sold: 166,292, a 17% increase year over year.
• Gross Profit: Reached a record EUR 173.3 million, up 36% year over year.
• Adjusted EBITDA: Achieved a record EUR 20.7 million, an improvement of EUR 35.6 million compared to Q2 2023.
• Merchant Segment Gross Profit: EUR 136.4 million, up 32% year over year.
• Merchant Segment Gross Profit Per Unit: EUR 918, up 13% year over year.
• Retail Segment Gross Profit: EUR 36.9 million, up 50% year over year.
• Retail Segment Gross Profit Per Unit: EUR 2,077, up 24% year over year.

Christian Bertermann, CEO and Co-founder of AUTO1 Group, commented, “Q2 was exceptionally strong, driven by the growing demand for our products. We are excited to carry this momentum into the second half of 2024 while continuing to deliver exceptional customer experiences.”

Markus Boser, CFO of AUTO1 Group, added, “Our financial position is robust, exceeding our ambitious Q2 targets. A major milestone was achieved post-quarter with the successful securitisation of our first-ever German consumer car loans. Our team’s dedication has been pivotal to our ongoing growth.”

Business Performance:

• Total Units Sold: 166,292, up 17% year over year.
• Total Revenue: EUR 1.5 billion, up 13% year over year.
• Merchant Segment: 148,598 vehicles sold, generating EUR 1.2 billion in revenue and EUR 136.4 million in gross profit.
• Retail Segment (Autohero): 17,694 units sold, generating EUR 290.0 million in revenue and EUR 36.9 million in gross profit.

Financial Outlook: AUTO1 Group has updated its full-year guidance:

• Units Sold: Target of 620,000 – 665,000 units, with 550,000 – 595,000 units in the Merchant segment and around 70,000 units in the Retail segment.
• Gross Profit: Expected to be EUR 610 – 680 million.
• Adjusted EBITDA: Target of EUR 45 – 65 million for the full year.

The Group’s Q2 2024 financial results are detailed in the quarterly trading update presentation available in the Investor Relations section of the AUTO1 Group homepage. The half-year financial report for 2024 will be published on 11 September 2024.

About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe’s largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a used car. AUTO1 Group is operating in over 30 countries and generated a revenue of EUR 5.5 billion in 2023. Following its successful IPO in February 2021, the group’s shares are trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the trading symbol AG1 and the ISIN DE000A2LQ884.

For more information please visit www.auto1-group.com

This publication contains forward-looking statements based on current views and assumptions of AUTO1 Group’s management and made to the best of such management’s knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause AUTO1 Group’s revenues, profitability or the degree to which it performs or achieves its targets to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. AUTO1 Group accepts no guarantee or responsibility regarding forward-looking statements and will not adjust them to future results or developments.

Media Contact:

Investor Relations Contact:
Philip Reicherstorfer
Group Treasurer
Phone: +49 (0)30 – 2016 38 213
Email: ir@auto1-group.com

Media Relations Contact:
Christine Preyer
Director PR & Communications
Phone: +49 175 64 59 192
Email: press@auto1-group.com

SOURCE: AUTO1 Group SE