AUTO1 GROUP (AG1) Q2 2024 TU earnings summary

Executive summary

• Achieved record Q2 results with 17% year-over-year growth in units sold and record Adjusted EBITDA of €21 million, up €36 million from Q2 last year.

• Units sold reached 166,292, up 17% year over year, and revenue rose to €1.52 billion, up 13% year over year.

• Strong demand across both merchant and retail segments, with technology and AI-driven pricing cited as key competitive advantages.

Financial highlights

• Sold 166,292 units in Q2, up 17% year-over-year; revenue exceeded €1.52 billion, up 13% year-over-year.

• Record gross profit of €173.3 million, up 36% year-over-year; Adjusted EBITDA reached €21 million.

• Group GPU increased to €1,041, up 16% year over year.

• Adjusted EBITDA margin reached 1.4%, up 2.5 percentage points year-over-year.

• Maintained a strong balance sheet with up to €905 million in cash and no corporate debt.

Outlook and guidance

• Upgraded 2024 guidance: units expected at 620,000–665,000 (merchant: 550,000–595,000; Autohero: 70,000).

• Full-year gross profit guidance raised to €610–680 million; Adjusted EBITDA guidance raised to €45–65 million.

• Q4 EBITDA expected to be close to breakeven due to seasonal weakness in merchant business.

• Autohero GPU expected to remain around €2,000 for 2024, with marginal improvements anticipated.