Press Releases

AUTO1 Group reports highest ever profitability and strong growth

Berlin, 8 May 2024

Berlin, May 8, 2024 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today reported strong financial results for the first quarter of 2024, delivering its highest ever adjusted EBITDA, record gross profit and strong growth.

Result Highlights for the quarter
• Best-ever adjusted EBITDA of EUR 17.0 million, an improvement of EUR 42.1 million compared to Q1 2023
• Record gross profit of EUR 162.9 million, up 23% year over year
• Units sold grew to 163,766, up 4% year over year, driven by strong C2B unit growth
• C2B units sold grew to 132,516, up 10% year over year
• Record Merchant gross profit of EUR 129.1 million, up 21% year over year
• Merchant gross profit per unit of EUR 881, up 15% year over year
• Record Retail gross profit of EUR 33.8 million, up 35% year over year
• Retail gross profit per unit of EUR 1,956, up 45% year over year

Christian Bertermann, CEO and Co-founder of AUTO1 Group: “We had a very strong start to 2024, delivering our most profitable quarter ever while returning to solid unit growth. I am especially excited about our new products such as merchant financing, strengthening our relationships with our partners. This and other investments we made last year led to impressive first results in Q1 and position us well for accelerated future growth.”

First quarter business performance

AUTO1 Group achieved the highest adjusted EBITDA in company history of EUR 17.0 million in Q1, an improvement of EUR 42.1 million year over year and EUR 21.5 million quarter over quarter.

The Group sold 163,766 units in total in Q1, up 12% quarter over quarter, generating revenue of EUR 1.5 billion, up 10% quarter over quarter. Group gross profit was EUR 162.9 million, up 22% quarter over quarter.

The Merchant segment AUTO1.com sold 146,625 vehicles to partner dealers, up 12% quarter over quarter, and delivered GPU of EUR 881, up 11% quarter over quarter. Merchant revenue was EUR 1.2 billion, up 10% quarter over quarter and gross profit was EUR 129.1 million, up 25% quarter over quarter.

AUTO1 Group’s Retail business Autohero sold 17,141 units, up 9% quarter over quarter, generating revenue of EUR 276.4 million, up 9% quarter over quarter. Retail gross profit was EUR 33.8 million, up 12% compared to Q4 2023 and Autohero reported GPU of EUR 1,956.

Financial Outlook

AUTO1 Group confirmed its full-year unit guidance, with a target of 610,000 - 665,000 units sold, with around 70,000 units sold in its Retail segment at GPU of around EUR 1,900 and 540,000 - 595,000 units sold in its Merchant segment.

The Group increased its gross profit guidance to EUR 570 - 650 million with an improved adjusted EBITDA target of EUR 20 - 40 million for the full year.

The Group’s financial results for the first quarter 2024 can be found in the company’s quarterly trading update presentation in the Investor Relations section of the AUTO1 Group homepage.

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

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

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