Aramis Group (ARAMI) H1 2025 earnings summary

Executive summary

• Achieved double-digit revenue growth of 10.5% year-over-year to €1,213.3 million in H1 2025, with adjusted EBITDA doubling to €32.8 million and net income turning positive at €6.4 million.

• Sold nearly 61,000 vehicles to private customers, up 10% year-over-year, with strong customer (NPS 72) and employee (eNPS 55) satisfaction.

• Outperformed the used car market by 12 points, gaining further market share across six geographies.

• Improved cash generation to €23.7 million and reduced net debt to €47.4 million, with operating working capital days down to 24.

• Confirmed all 2025 annual targets, supported by operational excellence and strategic plan execution.

Financial highlights

• Revenue rose 10.5% year-over-year to €1,213.3 million; gross profit increased 18.6% to €141.1 million.

• Gross profit per B2C vehicle sold (GPU) up 7.6% to €2,317; adjusted EBITDA up 102.7% to €32.8 million.

• Operating income improved to €15.4 million from a loss of €7.7 million; net income reached €6.4 million from a loss of €13.3 million.

• Cash generation of €23.7 million, with net debt reduced to €47.4 million from €61.0 million at September 2024.

• Maintained healthy balance sheet with €200 million in undrawn credit lines and renegotiated €100 million facility.

Outlook and guidance

• 2025 guidance reaffirmed: double-digit organic growth in refurbished vehicle volumes, high single-digit growth in total B2C volumes, adjusted EBITDA above €65 million, and further improvement in operating working capital.

• 2027 targets include double-digit organic CAGR for refurbished volumes and high single-digit CAGR for total B2C volumes.

• Guidance maintained despite strong H1, reflecting caution amid economic uncertainties.

• Anticipates relative stability in the used vehicle market despite macroeconomic volatility.