AUTO1 GROUP (AG1) Q3 2024 earnings summary

Executive summary

• Achieved record-breaking Q3 2024 results with highest ever units sold, gross profit, and Adjusted EBITDA, driven by double-digit growth across all business segments and strong operational execution.

• Upgraded full-year 2024 guidance reflecting continued momentum and operational leverage in both retail and merchant segments.

• Continued expansion of technology-driven products, financing solutions, and platform optimization to support future growth and market share gains.

Financial highlights

• Units sold reached 176,632 in Q3 2024, up 25.6% year-over-year, with revenue at €1,599.4 million (+23.7%), gross profit at €187.1 million (+39.3%), and Adjusted EBITDA at €34.3 million (up from €0.5 million in Q3 2023).

• Group GPU increased 11.3% year-over-year to €1,059.

• Gross profit improved by €14 million quarter-on-quarter, with core OpEx per car sold under €900.

• Maintained a strong balance sheet with no corporate debt and total cash and liquidity at €905 million.

• Inventory increased 14.5% year-over-year to €614.5 million, financed at 80% loan-to-value.

Outlook and guidance

• Full-year 2024 guidance raised: units sold expected at 665,000–679,000 (merchant: 593,000–607,000; retail: ~72,000), gross profit €682–700 million, and Adjusted EBITDA €72–84 million.

• Merchant GPU guidance raised to €825–925, reflecting ongoing strong performance.

• Q4 expected to be seasonally weaker, with EBITDA range for Q4 implied at €0–12 million, depending on unit and GPU performance.