AUTO1 GROUP (AG1) Q3 2024 earnings summary

Executive summary

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

• Upgraded 2024 guidance due to strong Q3 performance and continued momentum in both retail and merchant segments.

• Continued expansion of technology-driven products and financing solutions, supporting future growth and market share gains.

Financial highlights

• Units sold rose 25.6% year-over-year to 176,632 in Q3 2024, marking the highest quarterly volume to date.

• Revenue increased 23.7% year-over-year to €1,599.4 million.

• Gross profit grew 39.3% year-over-year to €187.1 million; Adjusted EBITDA reached €34.3 million, up from €0.5 million in Q3 2023.

• Group GPU (gross profit per unit) increased 11.3% year-over-year to €1,059.

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

Outlook and guidance

• Increased full-year 2024 unit guidance to 665,000–679,000 (previously 620,000–665,000).

• Raised gross profit guidance to €682–700 million and Adjusted EBITDA to €72–84 million for 2024.

• Autohero (retail) unit guidance raised to 72,000.

• 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.