AUTO1 : Annual Report 2025 including in particular - the consolidated financial statements of AUTO1 Group SE, - the combined management and Group management report for AUTO1 Group SE, and - the report of the Supervisory Board (DE000A2LQ884 JA 2025 EQ E 00)

About this update from Auto1 Group Se

ANNUAL REPORT 2025 31 MARCH 2026 2025 was a Fantastic Year for AUTO1 Group 842 K Group Units Sold 22% YoY Growth € 991 M Gross Profit 37% YoY Growth € 198 M Adjusted EBITDA Best Result Ever Since IPO 2 Group Revenue Merchant Revenue Retail Revenue Group Gross Profit Merchant Gross Profit Retail Gross Profit Group GPU* Merchant GPU Retail GPU Group Adj. EBITDA Group Adj. EBITDA margin Group Net income / (loss) (m EUR) (m EUR) (m EUR) (m EUR) (m EUR) (m EUR) (EUR) (EUR) (EUR) (m EUR) % (m EUR) 1,699.9 1,347.5 352.5 201.3 153.1 48.2 1,096 942 2,318 37.2 2.2 % 14.9 25.6 % 21.8 % 39.9 % 31.8 % 22.6 % 61.2 % 9.6 % 4.7 % 13.6 % 21.6 % (0.1pp) (10.0)% 6,271.9 5,037.8 1,234.1 724.7 562.6 162.1 1,049 914 2,163 109.2 1.7 % 20.9 30.3 % 27.3 % 42.5 % 36.7 % 28.5 % 65.2 % 11.7 % 6.7 % 20.4 % 80.8 % 0.7pp 273.1 % * Note: GPU is not equal to gross profit/number of cars sold because of the effects of inventory changes due to the capitalisation of internal refurbishment costs which are not part of cost of materials. Selected lines: Balance Sheet 9M 2025 12M 2025 Q-Q (%) FY 2024 FY 2025 Y-Y (%) 219 190 29 842 741 102 604 1,057.7 881.0 303.0 237.2 548.6 487.1 2025 AUTO1 Group Highlights Q4 2024 Q4 2025 Q-Q (%) FY 2024 FY 2025 Y-Y (%) Total Units K(#) 183 19.7 % 690 22.1 % Merchant Units K(#) 163 17.1 % 615 20.4 % Retail Units K(#) 21 39.9 % 74 36.4 % Selected lines: P&L 2,134.3 1,641.2 493.1 265.4 187.7 77.8 1,202 986 2,632 45.2 2.1 % 13.4 8,172.6 6,413.6 1,759.0 990.6 722.8 267.8 1,172 976 2,605 197.5 2.4 % 77.9 Cash & Liquidity (m EUR) 628.2 604.0 (3.9)% 613.4 (1.5)% Inventory (m EUR) 878.6 1,057.7 20.4 % 696.7 51.8 % Inventory ABS liabilities (m EUR) 735.0 881.0 19.9 % 600.0 46.8 % Merchant Finance receivables (m EUR) 284.3 303.0 6.6 % 214.4 41.3 % Merchant Finance ABS Liabilities (m EUR) 224.3 237.2 5.8 % 174.4 36.0 % Consumer finance receivables (m EUR) 501.4 548.6 9.4 % 365.3 50.2 % Consumer Finance ABS Liabilities (m EUR) 437.0 487.1 11.5 % 310.0 57.1 % 13.4 17.3 30.7 -11.4 4.8 -6.6 24.1 -3.9 -35.6 -8.5 -0.5 -24.3 628.2 604.0 77.9 76.6 154.6 -12.7 9.5 -3.3 151.3 -20.0 -89.7 -37.7 -13.4 -9.4 613.4 604.0 Non-IFRS Cashflow (Company definition) Q3 2025 Q4 2025 Q-Q (%) FY 2024 FY 2025 Y-Y (%) Group Net income (m EUR) 19.2 (30.4)% 20.9 273.1 % Adjustments for non-cash items* Group Net income / (loss), adjusted for non-cash items Change in short-term assets, excluding captive finance and inventory Change in short-term liabilities, excluding captive finance and inventory Change in non-inventory, non-captive finance working capital Net Cash from Operating Activities pre-Captive Finance, pre-inventory Capex Net Change in Financed Inventory Net Change in Financed Merchant Loans Net Change in Financed Consumer Loans Net change in cash and cash equivalents (m EUR) 14.9 15.7 % 52.5 45.9 % (m EUR) 34.2 (10.2)% 73.4 110.5 % (m EUR) 3.8 n.m. -2.8 348.4 % (m EUR) 11.2 (57.0) % 112.3 (91.6) % (m EUR) 14.9 n.m. 109.5 n.m. (m EUR) (m EUR) (m EUR) (m EUR) (m EUR) (m EUR) 49.1 -3.5 -32.8 -5.6 3.5 10.7 (50.9)% 12.5 % 8.3 % 51.4 % n.m. n.m. 182.9 -13.4 -39.1 -44.1 -21.0 65.2 (17.3)% 48.6 % 129.2 % (14.7) % (36.4) % n.m. Cash and cash equivalents at the beginning of the period (m EUR) 617.6 1.7 % 548.2 11.9 % Cash and cash equivalents at the end of the period (m EUR) 628.2 (3.9)% 613.4 (1.5)% * Note: adjustments for non- cash items include Depreciation and amortisation, Change in provisions, Expenses from share-based payments, Loss on the disposal of property, plant and equipment, Other non-cash effects, Change in operating assets (othan than Inventory or Captive Finance Receivables), Change in operating liabilities, Payment of lease liabilities, Transaction costs related to loans taken out TABLE OF CONTENTS 6 SHAREHOLDER LETTER 11 SUPERVISORY BOARD REPORT 19 COMBINED MANAGEMENT REPORT 20 Gro up Profile 23 Economic Report 28 Forecast, Opportunities a nd Risks 46 Supplementary Management Report 49 Takeover-Related Disclosures 51 Non-Financial Statement (unaudited) 51 Corporate Governance Statement (unaudited) 52 CONSOLIDATED FINANCIAL STATEMENTS 53 Consolidated Statement of Financial Position 55 Consolidated Statement of Profit or Loss and Other Comprehensive Income 56 Consolidated Statement of Changes in Equity 57 Consolidated Statement of Cash Flows 58 Note to the Consolidated Financial Statements 105 RESPONSIBILITY STATEMENT 106 INDEPENDENT AUDITOR'S REPORT 113 SERVICE 114 Glossary 115 Financial Calendar 115 Contact 01 ‌SHAREHOLDER LETTER Dear Shareholders, 2025 was a fantastic year for our company. We accelerated growth rates across both the Merchant and Retail segment and achieved the highest EBITDA margin in our 14 year history. Our outstanding results are a testament of the value-first strategy that governs our strategic thinking and decision making. We are now operating a 3.1% share of the European Used Car Market, a 50 basis points increase over last year and an important next step on the road to our 10% long term market share target. Our key highlights for 2025: Total units sold grew to 842,271, up 22.1% year over year Merchant units sold grew to 740,732 units, up 20.4% year over year Retail units sold grew to 101,539 units, up 36.4% year over year Revenue of EUR 8.173 billion, up 30.3% year over year Gross Profit of EUR 990.6 million, up 36.7% year over year Full-Year Adjusted EBITDA of EUR 197.5 million, up 80.8% year over year Adjusted EBITDA margin of 2.4%, up 70 basis points year over year Merchant Financing Portfolio grew to EUR 303 million, up 41.3% year over year Consumer Financing Portfolio grew to EUR 549 million, up 50.2% year over year We invested for more than a decade to build the leading vertically integrated, pan-European used car platform with the goal to maximize value for our customers. We focused our investments on various areas, notably our AI-powered pricing technology, our unique logistics network, our dense drop-off and pick-up network, our production center network and our financing facilities. In each of these areas, we are the leader in the European used car market. While we continue building our infrastructure, we are now leveraging it: We delivered record volumes and record profitability simultaneously, benefiting significantly from the powerful structural advantages of our unique, vertically integrated business model. These advantages are increasing with further scale, forming an undeniable flywheel of improving product value and unit economics in parallel. Our goal to become the long-term leader in this highly fragmented market remains unchanged - and each year we're moving closer to our long term margin and market share targets. The runway to our 10% market share target is still enormous - and I have never met anybody in AUTO1 who thinks that 10% is the cap. As I write these words, the stock market has become concerned about the potentially disruptive impact of AI across various industries. There currently is a narrative and some anxiety, that new AI-based operations will take on the business of leading platforms and software companies, across numerous sectors. While I do understand some of the concerns, I want to focus on the used car market here and ask the question: how and to which extent can you apply AI technology and what are the requirements to be able to apply it? Firstly, any AI model starts with data - the information that the model uses to generate its output, in other words: the input data for inference. In the used car market, the most important data you can own is pricing data. In contrast to openly available sources like the public internet (the base for the large language models of OpenAI or Grok) or open-source coding-hosting facilities like GitHub (the base for the coding agents of Anthropic's Claude Code or Cursor) used car pricing data is private. Obtaining this data isn't straight forward: In order to generate it, you have to start trading. Even classified platforms that serve as market aggregators do not own the final transaction price data, they only store asking prices and they lack detailed information on the car's condition (which is essential in determining the final price). We own the largest and most comprehensive pricing dataset for the European used car market - and that has always been a key priority from the very beginning. After gathering trading data for five years, we started to build our first data science teams, tasked to develop machine learning based pricing models, leveraging our proprietary transaction data. Today, our pricing algorithms are one of the strongest elements of our competitive moat. They cannot be replicated without being us or going through the same history of trades. Now let's assume for a moment, you're an AI venture and you start to quote random prices, let's say every 100th price being somewhat reasonable. Now what? Yes, you have to start trading! Or in other words, secondly, you require sufficient supply and demand (in parallel) in order to create the same real-time trade system that sits at the heart of AUTO1. We operate the largest European vehicle drop-off and delivery network, seamlessly connected to the biggest logistics infrastructure for cars; With a weight of 1-2 metric tons, our goods require a unique logistics chain. The combination of our AI pricing models with our physical network infrastructure enables us to efficiently aggregate supply and demand, always focusing to maximize value for all of our customers. In short: we own physical networks that form a very strong moat - and cannot be conquered by AI. Thirdly, you need to be an outstanding trader in our business, and that requires a sufficient balance sheet and smart management of capital. The sheer size of our balance sheet and the efficient management of it through our realtime trade system is another rock-solid element of our competitive moat, that simply cannot be replicated by AI software only. One thought becomes more and more clear: If you set out to apply state of the art AI technology to the used car market -with the goal to become the long term leader - you would create a company like AUTO1. Think about it for a moment: You would start gathering early transaction data with the goal to have an AI model to learn from it, once the dataset is large enough. Next, you would connect the physical element of every transaction end-to-end through supply and demand networks (drop-off, pick-up, logistics) and along the way you would scale your balance sheet to finance these operations. This is exactly the path we have taken. You can think of AUTO1 as an AI-enabled Amazon for the used car market. We are not a company where AI is being put on top of legacy systems; rather, AI is rooted deeply in our DNA for over a decade. We are a company that leverages homegrown technology systems to connect our proprietary pricing intelligence with our unique physical transaction network to handle the complexity of the used car market in the most efficient way. AI could not disrupt our business model, however we are the disruptor. On the contrary, the large language models are in fact a big opportunity for us, mainly in three areas: using coding tools, we are increasing our output per developer in tech, using voice AI, we are increasing our efficiency on the phone with dealers and customers and using process automation, we are increasing our task output per operations headcount. In addition, our patented AUTO1 Car Audit Technology (AUTO1 CAT) uses AI-based image processing to speed up and enhance the quality of our optical vehicle damage detection and processing. All these different AI streams will help us tremendously on the road to our long-term margin targets. Merchant Our Merchant business achieved outstanding growth and profitability in 2025. We grew units sold from 615,335 to 740,732 by more than 20% and increased our growth rate by 15.5% compared to 2024. Breaking through the 20% growth level is a strong confirmation of our outstanding execution and the value-first strategy we pursue, particularly given that Merchant is our largest business segment that we started 14 years ago. We served 54,371 partner dealers in total over the course of 2025, growing our active base by 22% year over year. The average basket reduced slightly by 1.5% year on year, driven by the strong growth of new dealers. Additionally, we will start experimenting with dealer loyalty concepts later this year as we're curious to find out how it could impact demand. We supported our growing dealer base strongly with logistics as well: Our network processed 29% more transports to dealers last year at slightly improved speed, building out our physical capacities further and further. We increased Merchant GPU by 62 EUR year on year, a result of the steady progress of our pricing algorithms and trading systems, higher Merchant average selling prices, and strong Merchant Finance execution. We extended our Merchant Financing product to Poland and Sweden last year, extending availability to a total of 8 markets. More than 4,400 dealers used our financing product last year, 47% more than in 2024. Overall, we increased Merchant sales financed by EUR 580 million, up 74.4% year on year and increased financing attach rate by 41% compared to last year, to a level of 17% overall. We believe that we can increase the Merchant Financing attach rate to a level of 50% in the long term. Merchant Finance in its current form is a great product for our customers, as it combines faster transaction speed (instant approval) with maximum buying comfort (1 click) and increases the capital base of our dealers, letting them grow together with us. However, the current product offering is only our very first step. We aim to add more geographies later in the year and we're obsessed with the question on how we can support our vast dealer base with additional financial products going forward. C2B Purchasing We continued our branch network build-out at a high pace with the aim to increase supply capacities fast enough to meet our growing Merchant and Retail demand. We added 178 branches last year, a 32.5% increase year on year, bringing our total branch count to 725. We purchased 809,000 cars from consumers, with around 16% of our cars purchased for Retail. By the end of last year, we operated a quarterly capacity of around 300,000 units purchased, an increase of 38% year on year. We started to experiment with using some of our branches not only for drop-off but also for Retail pickups. This is a very interesting case, as we can use the reach and density of our drop-off network to optimize Retail conversion. We still need to learn much in this area however, especially how to best optimize the trade-offs between branch space, logistics speed and cost combined with increased Retail purchase conversion. Retail Our Retail Business performed very strongly in 2025 and broke new records across all metrics. For the first time, we delivered more than 100,000 cars in a year, growing 36.4%. We increased our growth rate strongly from 18% in the previous year while accelerating through the quarters. Retail GPU was EUR 2,605, 20% or 442 EUR higher than last year. Retail gross profit grew by more than EUR 100 million or by 65.2% to EUR 267.8 million. Our Retail results are a strong confirmation of our vertically integrated Retail business strategy and the structural advantages that play out more and more as we increase scale. No other public auto retailer in the EU grew faster last year than us. And while our Retail market share grew strongly by 36.35% - with 0.44% of the total market, we have an almost infinitely long run-way ahead of us. However, our new scale already drives vertical advantages in a variety of areas: We're seeing the depth of our pricing data grow with every month of operation, increasing precision of our Retail pricing algorithms and inventory models. Our delivery time is getting faster with scale; in Q4 we operated 13% or 1,5 days faster than in Q4 2024. Almost every second Autohero Retail customer added an additional longer term warranty to their order last year, as we're understanding how to better design our value-added products to our customers' needs with scale. Our production centers are getting more efficient over time as we organize processes and flows better, benefit from lower prices at scale when sourcing parts and learn how to repair and recondition smarter. More scale in Autohero also increases the advantages it gets from the AUTO1 logistics network, as higher liquidity leads to faster delivery times and lower cost per unit. Our brand awareness grew strongly last year, especially from the 2nd to the 4th quarter last year, when we stepped up investments into building the Autohero brand, always laser focused on the goal to make Autohero the leading European used car brand. Our very strong NPS of around 70 helps us to build more scale faster, as our existing customer base serves as a future demand multiplier. Our Consumer Financing offering remains a key driver of affordability. In 2025, we helped over 39,500 customers finance their car, a 54.9% increase year over year. We combine in-house financing in Germany, Austria, and since last year also Spain, with over 30 external partners elsewhere, delivering a seamless, digital, and personalized financing experience. We increased the Consumer Financing portfolio to EUR 549 million, up 50.2% year over year and increased the financing attach rate by 14% compared to last year, to a level of 39% overall. In September of last year, our second public-market ABS transaction marked an important milestone towards becoming a frequent issuer and our goal to achieve the most efficient refinancing in the public market. While we're still investing across the board, namely into bigger supply, increased production, pick-up and home delivery capacities and strongly into the Autohero brand, our segment allocated unit economics on adjusted EBITDA level are now positive before Marketing. Additionally, there is currently a roughly 400 EUR growth-related drag on per delivered unit economics, as we need to grow inventories and unit capacities before we can realize delivery growth. We view these effects as a very positive signal: While we're building the long-term Retail market leader, we are now operating on Retail unit economics that are strongly positive when being adjusted for our growth investments. We assume that Marketing and the cost of growth per unit will come down further in the next couple of quarters and years as we continue to scale. 2026 and beyond 2025 was a great year for AUTO1 and beat 2024 on all metrics: New records for units sold in both segments, for revenue and gross profit, for Retail and Merchant GPUs, for adj. EBITDA margin and absolute EBITDA and consequently also net income. Beyond these results stands a very talented and experienced team, execution experts with a relentless drive and ambition to always build our business, our platform, our network bigger and better. We continue to be thrilled by the long term opportunity in both Merchant and Retail in this gigantic market. An opportunity that we continue to seize through our vertically integrated strategy every single year with increasing traction. We couldn't be more excited about 2026 and the years to come. I would like to thank all customers for their business, our teams for the hard work they put in every single day and our investors for their trust and confidence in our vision. Christian Bertermann Co-Founder and Chief Executive Officer AUTO1 Group SE 02 SUPERVISORY BOARD REPORT ‌Dear Shareholders, During the financial year 2025, the Company's Supervisory Board conscientiously performed the duties assigned to it by law, the Articles of Association and the Rules of Procedure. This report provides information on the work of the Supervisory Board during the financial year 2025. The Supervisory Board continuously monitored the Management Board during the reporting year and provided it with advisory support on all matters of significance to the Company. To monitor the Management Board, the Supervisory Board utilises a reporting system designed in accordance with its specifications and in line with statutory requirements; furthermore, measures of particular significance must be submitted to the Supervisory Board for approval in advance. This ensures that the Supervisory Board is kept promptly informed of the situation of the Company and the Group and is always involved in decisions of fundamental importance. Work of the Supervisory Board; attendance at meetings; cooperation between the Supervisory Board and the Management Board In total, the Supervisory Board held ten meetings in the financial year 2025. Three of the ten meetings were held in person, i.e. with all participating Supervisory Board members physically present ("In-Person Meetings"). A further three of the ten meetings were so-called hybrid meetings, i.e. the meetings took place with the physical presence of the members of the Supervisory Board, although individual members made use of the option to join via video conference ("Hybrid Meetings"). Four of the ten meetings took place entirely virtually via video conference. Two of the three In-Person Meetings and two of the three Hybrid Meetings took place at the Company's premises at Bergmannstraße 72, 10961 Berlin. The third In-Person Meeting took place immediately following the Annual General Meeting on 4 June 2025 at the premises of Grünebaum Gesellschaft für Event Logistik mbH / "The Burrow Berlin", Karl-Heinrich-Ulrichs-Straße 22/24 / Lützowplatz 15, 10785 Berlin, which had been used for the Annual General Meeting. The third Hybrid Meeting took place at the premises of a company affiliated with the Company in Madrid, Spain (C. de Rosario Pino 14-16, 28020 Madrid, Spain). The statutory requirement of two meetings per calendar half-year was thus met. In addition, the Supervisory Board passed several resolutions by written procedure. The members of the Supervisory Board attended the Supervisory Board meetings during the reporting period as follows: - - Absent from the meetings on 4 November and 18 December, although her vote on resolutions at the meeting on 18 December was cast in writing beforehand and delivered by proxy. - - Absent from the meeting on 18 December, although his vote on resolutions had been cast in writing beforehand and delivered by proxy. 9/10 Christian Miele 8/10 10/10 10/10 Sylvie Mutschler-von Specht Martine Gorce Momboisse Anne Claudia Frese 10/10 10/10 Hakan Koç Lars Santelmann Comment Total Name During the financial year 2025, the Company's Management Board reported to the Supervisory Board regularly, promptly and comprehensively, both at regular meetings and, where necessary, outside of meetings, on the net assets, financial position and results of operations of the Company and the Group, as well as on matters relating to risk management and internal control systems. As part of this process, the Management Board informed the Supervisory Board of all relevant matters concerning strategy, operational planning and the associated risks and opportunities, the economic development of the Company and the Group, as well as all relevant business policy matters. The content of the reports was discussed in depth at the Supervisory Board meetings. The Management Board and the Supervisory Board deliberated in detail on all business transactions of significance and key decisions relating to the financial year 2025. In the financial year 2025, the Supervisory Board also deliberated on matters concerning the Management Board and held meetings on these matters even in the absence of the Management Board. Outside of meetings, the members of the Supervisory Board were also in regular contact with those of the Management Board, in particular the Chairman of the Supervisory Board and the Chairman of the Audit Committee. In respect of measures requiring the Supervisory Board's approval, the Management Board provided the necessary information for the Supervisory Board's decision-making in good time. There was no need to inspect any documents other than the Management Board's reports and draft resolutions during the reporting year. Handling of conflicts of interest No conflicts of interest arose during the reporting year. Consequently, legal transactions in which a member of the Supervisory Board is or was a party were not the subject of discussion or resolution by the Supervisory Board during the reporting year. Focus of the Supervisory Board's work The Supervisory Board met a total of ten times in the financial year 2025, namely on 25 February, 31 March, 11 / 14 April, 3 June, 4 June, 1 September, 24 / 26 September, 4 November, 8 December and 18 December. At the Supervisory Board meeting on 25 February 2025, the Management Board reported, in particular, on the financial figures for the fourth quarter of 2024 and further refined the budget planning for 2025, following the Supervisory Board's approval of this plan after detailed discussion at the meeting on 12 November 2024. The meeting also addressed the preparation of the Annual General Meeting 2025, the adoption of the Declaration of Compliance 2025 in accordance with Section 161 of the German Stock Corporation Act (AktG), and an amendment to the rules of procedure for the members of the Management Board. At the financial statements meeting on 31 March 2025, the Supervisory Board considered the annual and consolidated financial statements as at 31 December 2024 prepared by the Management Board, as well as the combined management report for the financial year 2024, and subsequently approved these documents. Following the Audit Committee's detailed examination of the audit quality of the Company's auditor for the annual and consolidated financial statements at its meeting in March, the Supervisory Board further resolved at its meeting in March - upon the recommendation of the Audit Committee - to propose to the Annual General Meeting 2025 that KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin branch, as the Company's auditor for the financial statements and consolidated financial statements for the financial year 2025. In addition, the non-financial report (ESG report) for the financial year 2024 was approved. The meeting on 31 March 2025 also dealt with further preparations for the Annual General Meeting 2025 and the resolution on the Corporate Governance Statement and the Remuneration Report for the financial year 2024. At its meeting on 11 April 2025, which was resumed on 14 April 2025 following an adjournment, the Supervisory Board discussed in detail the new remuneration system 2025 for the members of the Management Board, which was subsequently adopted by way of a circular resolution on 16 April 2025. At the meeting on 3 June 2025, the Management Board presented an overview of the AUTO1 Group's current business performance. Furthermore, final preparations for the Annual General Meeting 2025, scheduled for the following day, were discussed. Following the Annual General Meeting on 4 June 2025 had resolved to approve the remuneration system 2025 for the members of the Management Board proposed by the Supervisory Board, Mr. Christian Bertermann was appointed - on the recommendation of the Presidential Committee - at the meeting held immediately following the Annual General Meeting on 4 June 2025 for a further term of five years commencing on 1 January 2026 as member and Chairman of the Management Board. In this context - also on the recommendation of the Presidential Committee - it was resolved to conclude the new Management Board service contract between Mr. Bertermann and the Company for the aforementioned new term of office, including remuneration and the grant of share options under the Long-Term Incentive Plan 2025. The main items on the agenda of the Supervisory Board meeting on 1 September 2025 in Madrid were the current business performance of the AUTO1 Group, particularly in the first half of the year and the third quarter of 2025. Furthermore, the Management Board provided an update on the AUTO1 Group's strategy, particularly with regard to future captive finance developments. Finally, the Supervisory Board approved the implementation of the FinanceHero 2 ABS facility, the implementation of a new ABS facility for Italy combining inventory financing and merchant financing, and the extension and increase of the existing inventory ABS facility. At its meeting on 24 September 2025, which resumed on 26 September 2025 following an adjournment, the Supervisory Board discussed in detail the succession of Management Board member Markus Boser, whose term of office ended on 31 December 2025. On the recommendation of the Presidential Committee, Mr. Christian Wallentin was appointed as his successor as a member of the Management Board and CFO for a three-year term commencing on 1 January 2026. The Supervisory Board also approved - on the recommendation of the Presidential Committee - the conclusion of the relevant Management Board service contract between Mr. Wallentin and the Company, including remuneration and the grant of share options under the Long-Term Incentive Plan 2025/II. At the November meeting on 4 November 2025, the Management Board reported on the financial figures for the third quarter of 2025 and provided an update on business performance to date in October. The meeting once again focused on planned structured finance initiatives by the AUTO1 Group. In particular, the Supervisory Board approved the extension and increase of the merchant financing ABS facility. The sole item on the agenda of the Supervisory Board meeting on 8 December 2025 was the budget for 2026, which was presented in detail by the Management Board and subsequently approved by the Supervisory Board by resolution. At the final Supervisory Board meeting of 2025 on 18 December 2025, the Supervisory Board discussed the implementation of a so-called step-up structure, under which the Company - for the purpose of realising hidden reserves at Company level - would contribute approximately 1.75% of its stake in AUTO1 Group Operations SE to a newly established limited partnership ("Step-up Structure"). Following a corresponding proposal by the Audit Committee, the Supervisory Board then resolved to implement the Step-up Structure. Furthermore, a resolution was passed to amend the rules of procedure for the members of the Management Board. Presidential and Nomination Committee The Supervisory Board has formed a Presidential and Nomination Committee ("Presidential Committee"). This committee prepares key deliberations and resolutions of the Supervisory Board and decides on behalf of the Supervisory Board on matters specified in more detail in the Supervisory Board's rules of procedure. It also advises on matters relating to the Management Board; in particular, it prepares the Supervisory Board's resolutions on the selection, appointment, dismissal and remuneration of Management Board members, as well as the conclusion, amendment and termination of their service contracts. The Presidential Committee also acts as the Nomination Committee, proposing suitable candidates to the Supervisory Board for its recommendations to the Annual General Meeting regarding the election of Supervisory Board members. Furthermore, the Presidential Committee is responsible for preparing the self-assessment of the Supervisory Board and its committees. In accordance with the Supervisory Board's rules of procedure, the Presidential Committee comprises the Chairman of the Supervisory Board and two other members. The following Supervisory Board members were members of the Presidential Committee in the financial year 2025: Hakan Koç (Chair), Sylvie Mutschler-von Specht and Lars Santelmann. The Presidential Committee met three times in the financial year 2025. One of the meetings took place in person at the Company's premises at Bergmannstraße 72, 10961 Berlin; the other two meetings were held virtually via video conference. All members of the Presidential Committee were present at each meeting. Audit and Risk Committee The Supervisory Board has established an Audit and Risk Committee ("Audit Committee"). In particular, in the run-up to Supervisory Board meetings, this committee deals not only with the supervision of financial reporting, the accounting process, financial statement preparation and the audit of the financial statements, but also with quarterly reports, the internal control system and risk management, as well as the structure and day-to-day work of the internal audit function. It also prepares decisions of the Supervisory Board relating to these matters and performs its other statutory duties and those laid down in the Supervisory Board's rules of procedure. In accordance with the Supervisory Board's rules of procedure, the Audit Committee consists of three members. In the financial year 2025, the following Supervisory Board members served on the Audit Committee: Lars Santelmann (Chair), Hakan Koç and Christian Miele. During the financial year 2025, the Audit Committee held six meetings. Three of the six meetings took place as In-Person meetings at the Company's premises at Bergmannstraße 72, 10961 Berlin; one of the six meetings took place as a Hybrid Meeting at the premises of a company affiliated with the Company in Madrid, Spain (C. de Rosario Pino 14-16, 28020 Madrid, Spain), and the remaining two meetings took place virtually via video conference. All members of the Audit Committee were present at each of the meetings. Representatives of the Company's auditor of the annual and consolidated financial statements, KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin branch, also attended the Audit Committee meetings on 24 February, 31 March, 1 September and 3 November. ESG Committee The Supervisory Board has established an ESG Committee. This committee is responsible, in particular, for monitoring environmental, social and governance issues ("ESG matters"), the Company's measures for implementing ESG matters, and the establishment of a monitoring system for ESG matters. Upon request, it also provides support to the Audit Committee, in particular with regard to reporting on ESG matters. In accordance with the Supervisory Board's rules of procedure, the ESG Committee consists of three members. In the financial year 2025, the following Supervisory Board members served on the ESG Committee: Sylvie Mutschler-von Specht (Chair), Lars Santelmann and Anne Claudia Frese. In the financial year 2025, the ESG Committee met three times. All three meetings took place as Hybrid Meetings: two meetings at the Company's premises at Bergmannstraße 72, 10961 Berlin, and one meeting at the premises of an affiliate of the Company in Madrid, Spain (C. de Rosario Pino 14-16, 28020 Madrid, Spain). All members of the ESG Committee were present at each meeting, with the exception of Sylvie Mutschler-von Specht, who was excused from the meeting on 3 November 2025; the meeting was chaired by Lars Santelmann. Marketing and Branding Committee Furthermore, the Supervisory Board has established a Marketing and Branding Committee ("Marketing Committee"). This committee is responsible for overseeing the areas of marketing, branding, product placement, advertising and corporate image ("Marketing Matters"), as well as measures for the implementation of Marketing Matters. In accordance with the Supervisory Board's rules of procedure, the Marketing Committee consists of three members. In the financial year 2025, the following Supervisory Board members served on the Marketing Committee: Martine Gorce Momboisse (Chair), Hakan Koç and Anne Claudia Frese. During the financial year 2025, the committee met four times. Two of the four meetings were held as In-Person Meetings at the Company's premises at Bergmannstraße 72, 10961 Berlin. The other two meetings were held as Hybrid Meetings, one of them at the Company's premises at Bergmannstraße 72, 10961 Berlin, and the second at the premises of an affiliate of the Company in Madrid, Spain (C. de Rosario Pino 14-16, 28020 Madrid, Spain). All members of the Marketing Committee were present at each of the meetings. Audit of the annual and consolidated financial statements for the financial year 2025 The Annual General Meeting of 4 June 2025 appointed KPMG AG Wirtschaftsprüfungsgesellschaft, Berlin branch, as the Company's auditor for the annual and consolidated financial statements for the financial year 2025, upon the recommendation of the Supervisory Board. KPMG AG Wirtschaftsprüfungsgesellschaft audited the annual financial statements of AUTO1 Group SE and the consolidated financial statements, as well as the combined management report for the financial year 2025, and issued an unqualified audit opinion in each case. The aforementioned documents and the audit reports of the auditor of the annual and consolidated financial statements were made available to all members of the Supervisory Board in good time and were discussed and examined in detail at the meeting of the Audit Committee on 24 March 2026 and at the meeting of the Supervisory Board on 24 March 2026. The auditor attended the meeting of the Audit Committee on 24 March 2026 and the meeting of the Supervisory Board on 24 March 2026, reported on the key areas and the main findings of the audit, and was available during the deliberations to answer questions and provide further information. On the basis of its own review, the Supervisory Board has concluded that the annual and consolidated financial statements as at 31 December 2025 and the combined management report for the financial year 2025 give no cause for objection and has concurred with the findings of the auditor's review. By resolution dated 24 March 2026, the Supervisory Board approved the annual and consolidated financial statements of AUTO1 Group SE as at 31 December 2025 and the combined management report. The annual financial statements of AUTO1 Group SE for the financial year 2025 are thus adopted. Separate non-financial report The Supervisory Board also reviewed the separate non-financial report (known as the ESG report) prepared by the Management Board in accordance with Section 315b(3) of the German Commercial Code (HGB). The report was made available to the members of the Supervisory Board in good time and was discussed in detail at the meeting of the ESG Committee on 24 February 2026. No grounds were identified that would prevent the proper adoption of the separate non-financial report. On the basis of its own review, the Supervisory Board has determined that no objections are to be raised against the separate nonfinancial report. By resolution of 24 March 2026, the Supervisory Board subsequently approved the separate non-financial group report. The ESG report is made available to shareholders on the Company's website in the 'Investor Relations' section under the 'Corporate Governance' menu item at https://ir.auto1-group.com/de/corporate-governance . Declaration of Compliance with the German Corporate Governance Code On 24 February 2026, the Management Board and Supervisory Board issued the declaration of compliance in accordance with Section 161 of the German Stock Corporation Act (AktG) and made it permanently available to shareholders on the Company's website in the 'Investor Relations' section under the 'Corporate Governance' menu item at https://ir.auto1-group.com/de/ corporate-governance . With one exception, which is explained in the declaration, AUTO1 Group SE has complied with the recommendations of the GCGC since the submission of the last declaration of compliance on 25 February 2025. Furthermore, AUTO1 Group SE will comply with the recommendations of the GCGC in the future, with the exception of the deviation explained in the declaration. Training and further education The members of the Supervisory Board undertake the training and further education required to fulfil their duties on their own responsibility and are provided with appropriate support by the Company in doing so. For specific further training purposes, the Company offers internal training programmes as required. For the purpose of introduction into the Supervisory Board (onboarding), new members of the Supervisory Board discuss general and current topics relating to the Supervisory Board mandate with the Company's Management Board and with executives of the AUTO1 Group. No new Supervisory Board members were appointed in the financial year 2025, so no corresponding onboarding measures were necessary. Composition of the Supervisory Board and the Management Board The following persons served on the Company's Supervisory Board in the financial year 2025: Hakan Koç (Chairman), Lars Santelmann (Deputy Chairman), Sylvie Mutschler-von Specht, Martine Gorce Momboisse, Anne Claudia Frese and Christian Miele. A table showing the members of the Supervisory Board for the financial year 2025, their respective terms of office and the composition of the committees is attached to this report. The Management Board of AUTO1 Group SE consisted of two members in the financial year 2025: Christian Bertermann and Markus Boser. Markus Boser's term of office ended on 31 December 2025. Christian Wallentin has been appointed as a member of the Management Board and CFO with effect from 1 January 2026. Acknowledgement from the Supervisory Board The Supervisory Board would like to thank the members of the Management Board and all employees of the Group for their successful work and personal commitment in the financial year 2025, which has helped to continue the AUTO1 Group's success story. ‌Note on the language version of the report This document is also available in English; in the event of any discrepancies, the German version of the document shall take precedence over the English translation. Berlin, March 2026 On behalf of the Supervisory Board Hakan Koç CHAIRMAN OF THE SUPERVISORY BOARD Members of the Supervisory Board and composition of the Audit and Risk Committee, the Presidential and Nomination Committee, the ESG Committee and the Marketing and Branding Committee in the financial year 2025 Supervisory Board Name, role Occupation Member since Appointed until the end of the Annual General Meeting in the financial year Hakan Koç, Chairman Self-employed entrepreneur 2020 2028 Lars Santelmann, Deputy Chairman Entrepreneur 2022 2026 Sylvie Mutschler-von Specht, Member Entrepreneur 2021 2026 Martine Gorce Momboisse, Member Independent advisor 2023 2026 Anne Claudia Frese, Member Chairwoman of the Board of Directors of momox SE 2024 2027 Christian Miele, Member Self-employed entrepreneur 2024 2027 Presidential and Nomination Committee Name, role Hakan Koç, Chairman Lars Santelmann, Member Sylvie Mutschler-von Specht, Member Audit and Risk Committee Name, role Lars Santelmann, Chairman Hakan Koç, Member Christian Miele, Member ESG Committee Name, role Sylvie Mutschler-von Specht, Chairwoman Lars Santelmann, Member Anne Claudia Frese, Member Marketing and Branding Committee Name, role Martine Gorce Momboisse, Chairwoman Hakan Koç, Member Anne Claudia Frese, Member 03 COMBINED MANAGEMENT REPORT ‌PAGE 20 Group Profile PAGE 23 Economic Report PAGE 28 Forecast, Opportunities and Risks Supplementary Management Report PAGE 46 on the Annual Financial Statements of AUTO1 Group SE, Munich, for Financial Year 2025 PAGE 49 Takeover-Related Disclosures PAGE 51 Non-Financial Statement (unaudited) PAGE 51 Corporate Governance Statement (unaudited) ‌Group Profile Business Model We are a leading buyer and seller of used cars in Europe. Our digital products are based on a unique vertically integrated platform. With more than 840,000 used cars sold in 2025, we are a leading European partner for the purchase, sale and financing of used cars. Revenue from used cars, including the business-to-business (B2B), amounts to around 600 billion euro in Europe. The online share of this market is still at a very early stage of development. We are convinced that this represents a huge market opportunity for us. Our strong market position in the European used car market is based on our broad purchasing channels, which have enabled us in 2025 to procure an average of over 2,800 used cars per working day. Under our consumer brands, such as "wirkaufendeinauto.de", we offer consumers in nine European countries an online platform to sell their used cars to AUTO1. In addition, vehicle fleet operators and commercial dealer can market vehicles through our remarketing solutions. We sell cars via two complementary sales channels: Under our B2B brand "AUTO1", we operate Europe's largest wholesale platform for the sale of used cars. In 2025, we sold these cars to more than 54,000 commercial dealers in Europe via online auctions. Under our "Autohero" brand, we have created an offer for consumers to buy used cars online. We offer our used cars to end customers at fixed prices in nine European countries. Our business is based on a vertically integrated, proprietary technology platform specifically developed for the purchase, sale, inventory management, financing and delivery of used vehicles in Europe, which is regularly developed and expanded. Objectives and Strategies AUTO1 Group is consistently pursuing its goal of becoming a leader in the European used car market in the long term. The focus is on expanding market share. At the same time, vertical integration along the value chain is intended to create sustainable added value for dealers and end customers and steadily increase the company's competitiveness and profitability. The approach of using innovative technologies and efficient processes supports these growth and margin targets. The company's strategy focuses on the following key areas: Value-first strategy: Focus on creating added value for customers. Technological and data-based competitive advantage: The AI-supported pricing and analysis models developed by AUTO1 and the use of extensive proprietary market data enable effective and market-oriented management of the business. Expansion of infrastructure: The continuous expansion of locations, production centres and a Europe-wide logistics network is creating the basis for further growth. Strengthening of financing offers: Internal dealer and end customer financing is being continuously expanded to additional markets in order to facilitate transactions, increase customer loyalty and tap into additional earnings potential. Targeted brand management: The development of the 'Autohero' brand as a platform in the Retail segment is being consistently driven forward. Scaling and process optimisation: Further growth will make the database, algorithms and operational standards increasingly precise and efficient, which will reduce costs and improve margins. Group Structure AUTO1 Group SE is the parent company of AUTO1 Group, which comprises 68 directly or indirectly controlled and fully consolidated subsidiaries as at the balance sheet date. The Group's direct and indirect subsidiaries all conduct business activities in Europe. The scope of consolidation includes three financing companies, AUTO1 Funding B.V. (Netherlands), Autohero Funding 1 B.V. (Netherlands) and AUTO1 Car Funding S.à r.l. (Luxembourg). For further information, please refer to note 15 in the consolidated financial statements. The shares of AUTO1 Group SE have been listed on the Regulated Market (Prime Standard) of the Frankfurt Stock Exchange since 4 February 2021. The Group's financial liabilities are raised via our financing companies as part of asset-backed securitisation ("ABS") programmes. The relevant ABS programmes allow recourse only to the assets provided as collateral ("non-recourse"). The collateral comprises the financed assets and the bank balances held by the financing and inventory-holding entities. As at the balance sheet date, we had issued senior notes totalling EUR 881 million under the inventory ABS facilities, which were secured by almost the entire used car inventory. In order to facilitate our pan-European business activities and financing, all vehicles are purchased via our subsidiaries AUTO1 European Cars B.V. (Netherlands) and Auto1 Car Trade S.r.l. (Italy) or Auto1 Car Export S.r.l. (Italy). Furthermore, in order to facilitate the further development of the instalment purchase product for Autohero customers in Germany and Austria, we have refinanced the instalment purchase receivables since the 2022 financial year. In the 2025 financial year, we expanded this programme to the Spanish market. As at the reporting date, we had refinanced receivables from instalment purchases totalling EUR 549 million (after allowances; of which EUR 449 million were non-current receivables), by issuing debt instruments under the consumer loan ABS facility in the amount of EUR 150 million and through publicly placed ABS notes (hereinafter referred to as "public ABS notes") of EUR 337 million. The public ABS notes were placed on the stock exchange in Luxembourg for the first time in the 2024 financial year. For this purpose, a portfolio of instalment purchase receivables was separated from the existing consumer loan ABS facility, which now serves as collateral and repayment of the public ABS notes. In 2025, another public placement of public ABS notes secured by instalment purchase receivables took place as part of the FinanceHero-2 transaction. Starting in October 2023, we offer "AUTO1 Financing", a fast, convenient and fully digital merchant financing programme within the AUTO1.com platform to selected partner dealers in Germany, France, Spain and Austria. The programme was also expanded to the Netherlands and Belgium in the 2024 financial year. In 2025, this programme was extended to Poland and Sweden. As at the balance sheet date, receivables from the programme amounted to EUR 303 million (after allowances). The merchant financing ABS facility in the amount of EUR 237 million was utilised to refinance this programme. Segments The Group is organised into two segments: "Merchant" and "Retail". The segments offer products for different customer groups and are separated as they require different technologies (use of different sales platforms) and marketing strategies in some areas. Both segments procure vehicles from the Group's two purchasing channels. The purchasing channels comprise the purchase of used vehicles via our purchasing branches (C2B channel) and the purchase from commercial dealers as part of remarketing (remarketing channel). Merchant In the Merchant segment, used cars are sold to commercial car dealers via the AUTO1.com dealer brand. Merchant revenue also includes auction fees, fees for logistics services and all other fees associated with the provision of vehicles to dealers. In addition, since October 2023, selected dealers in eight countries have been able to take advantage of our Merchant Financing offer, through which AUTO1 generates revenue from interest. Retail The Retail segment focuses on the sale of used cars to private customers under the Autohero brand. It also includes income from the offer of financing and other products and services for the purchase of used cars. Management Systems The key financial and non-financial performance indicators used to manage business activities are the number of vehicles sold, gross profit (i.e. revenue less cost of materials) and adjusted EBITDA, with the number of vehicles sold and gross profit being calculated on a segment level and adjusted EBITDA on a Group level. These performance indicators are designed to promote profitable growth for the Group and are used together with the non-financial performance indicators to measure success and performance. In addition to the key financial and non-financial performance indicators, AUTO1 Group also uses GPU (gross profit per unit or gross profit per vehicle sold) to manage the company on a segment basis. The adjusted EBITDA does not include the following nonoperating effects: (i) share-based payments, (ii) expenses for strategic projects, (iii) expenses for the establishment of a capital structure and (iv) other non-recurring or nonoperating expenses/income. Other non-recurring or nonoperating expenses include expenses for consulting costs in connection with financing, expenses for defined legal disputes relating to non-operating activities, as well as other non-recurring and non-operating expenses, such as severance payments. Research and Development AUTO1 sees itself primarily as a technology company with the aim of continuously developing its own digital platform and thus constantly improving the user experience for dealers and private customers. In order to successfully master the associated challenges - from the design and optimisation of our websites and apps, to the automation of business processes, forecasting supply and demand, and efficient customer service - AUTO1 invests specifically in highly qualified specialists. They work across locations on innovations and ensuring smooth operations. We are convinced that these investments represent a significant competitive advantage. Dealers, end customers and external partners are connected via a central IT network. Thanks to modern technologies such as microservice architecture, cloud solutions and the consistent integration of data collection and analysis by our data science team, we manage all functional areas of AUTO1 centrally via our platform. These areas include, among others: Digital vehicle inspection using AI functions Pricing algorithm Order and financing processing Real-time auction platform, inventory management and performance analyses Invoice and payment processing Logistics and fleet management Marketing and CRM In the 2025 financial year, technology costs amounted to KEUR 47,053 (2024: KEUR 44,161). These include expenses for IT infrastructure and software development. AUTO1 Group applies the requirements of IAS 38 and capitalises the development costs of selected projects as internally generated intangible assets. ‌Economic Report General Economic Conditions The Eurozone economy continued the recovery, expanding by 1.5% in 2025 from a modest expansion of the previous year. 1 The German economy, despite being heavily dependent on the manufacturing and automotive sectors, demonstrated a slight GDP growth of 0.2% in 2025. 1 The labor market remained resilient throughout this period, with the Eurozone unemployment rate ending the year at 6.2% in December 2025. 2 Inflationary pressure in the Eurozone eased significantly during 2025, ending the year with a headline inflation rate of 1.9% in December, effectively reaching the ECB's target and solidifying the grounds for monetary stability. The average annual inflation rate in Germany stabilized at 2.2% for the full year of 2025, a marked improvement consistent with the stabilization seen in energy and food prices. 3 Industry Environment In 2025, new car registrations in the EU rose by 1.8%. The market showed a fragmented recovery. Overall market volumes remain well below pre-pandemic levels, which presents upside potential for continued improvement. 4 The price dynamics in the used car market stabilized after the previous year's corrections, as reflected in the AUTO1 Group Price Index, which closed the year at 138.2 points in December 2025, marking a moderate 0.7% increase compared to the previous year's figure of 137.3 points. 5 This stabilization in price levels supported a steady environment for used car transactions: key markets like Germany and France recorded slight volume growth of 0.5% and 0.8% respectively, while the Netherlands achieved record transaction levels (+3.7%), indicating a return to a more natural market rhythm. 6 Business Performance AUTO1's financial year 2025 was characterised by growth in all areas of the business. In the 2025 financial year, the AUTO1 Group sold a total of 842,271 used cars, representing a 22% increase in sales volume compared to the previous year (2024: 689,773 vehicles). This growth is primarily attributable to the fact that significantly more customers used the AUTO1 Group's platforms to buy and sell used cars. Revenue increased by 30% compared to the previous year to KEUR 8,172,616 (2024: KEUR 6,271,911). The main driver of this growth was the increase in the number of vehicles sold. To a lesser extent, the higher price level on the used car market compared to the previous year also had a positive effect on revenue. Both business segments of the AUTO1 Group contributed to the increase in revenue. In addition to increased trading activities, the AUTO1 Group continued to focus on increasing its profitability. As a result, gross profit per unit sold increased by EUR 123 to EUR 1,172. This led to a new record gross profit in AUTO1's history of KEUR 990,640 in the reporting year (2024: KEUR 724,724). In the 2025 financial year, the cost of materials rose by 29% to KEUR 7,181,976 (2024: KEUR 5,547,187), slightly less than the increase in revenue. AUTO1 Group's adjusted EBITDA improved by 81% from KEUR 109,240 to KEUR 197,542, significantly supported by the 37% increase in gross profit. In contrast, key expense drivers such as personnel and marketing expenses rose to a lesser extent. This illustrates the positive operating leverage of the AUTO1 business model. As a result of the positive business development, AUTO1 Group achieved an improved consolidated net income of KEUR 77,949 (2024: KEUR 20,894). AUTO1 Group will continue to focus on sustainable growth based on the profitability achieved. The focus will be on expanding the customer base and continuously developing our diverse product range. 1 See Eurostat, https://ec.europa.eu/eurostat/web/products-euro-indicators/ w/2-13022026-ap, Destatis, https://www.destatis.de/EN/Press/2026/01/ PE26_035_811.html 2 See Eurostat, https://ec.europa.eu/eurostat/web/products-euro-indicators/ w/3-30012026-bp. 3 See ECB, https://www.ecb.europa.eu/press/economic-bulletin/html/ eb202508.en.html 4 See ACEA, https://www.acea.auto/pc-registrations/new-car-registrations-1-8-in-2025-battery-electric-17-4-market-share/ . 5 See Auto1 Group-Price index, https://www.auto1-group.com/press/pressrelease/ auto1-group-price-index-december-2025/. 6 See Transconnect, https://www.transconnect.com/european-used-car-market-2025-recovery-growth-and-structural-shifts/ . Group's Position Financial Performance 1 Jan. 2025 1 Jan. 2024 - 31 Dec. - 31 Dec. 2025 2024 EBITDA adjusted for items reported separately which comprise non-operating effects such as share-based payments and other non-operating costs. See the table below for the reconciliation to adjusted EBITDA. Defined as EBITDA divided by revenue. Number of employees by headcount. The results at group level for the 2025 financial year compared to the previous year 2024 are as follows: Revenue (in KEUR) 8,172,616 6,271,911 Revenue growth in % 30.3 14.8 Gross profit (in KEUR) 990,640 724,724 Adjusted EBITDA (in KEUR) ¹ 197,542 109,240 Adjusted EBITDA margin in % 2.4 1.7 EBITDA (in KEUR) 173,427 86,975 EBITDA margin in % ² 2.1 1.4 Cars sold (#) 842,271 689,773 Average number of employees S 6,984 5,549 KEUR 1 Jan. 2025 1 Jan. 2024 - 31 Dec. - 31 Dec. 2025 2024 EBITDA Share-based payments 86,975 17,843 Other non-operating expenses Adjusted EBITDA 4,422 109,240 The following table presents the reconciliation from EBITDA to adjusted EBITDA: 173,427 15,822 8,292 197,542 (2024: KEUR 34,574) from the instalment purchase programme and the merchant financing programme. In the Merchant segment revenue rose by 27.3%, due to an increase in vehicles sold by 125,397 vehicles to a total of 740,732 vehicles. This increase in volume is due to a steady expansion of purchasing activities, driven in particular by a higher number of purchasing branches. In the Retail segment, revenue rose by 43% compared to the previous year to KEUR 1,759,017 (2024: KEUR 1,234,099). This increase is mainly attributable to a 36% increase in the number of vehicles sold, which rose to 101,539 vehicles (2024: 74,438 vehicles). In addition, the average sales price per unit rose by EUR 745 to EUR 17,324. Gross Profit Development In the 2025 financial year, the cost of materials rose slightly less than revenues, by 29.5% or KEUR 1,634,789 to a total of KEUR 7,181,976. Of this amount, KEUR 5,690,791 (2024: KEUR 4,475,190) was attributable to the Merchant segment and KEUR 1,491,185 (2024: KEUR 1,071,997) to the Retail segment. The cost of materials include, among other items, the cost of vehicles sold, impairment losses on inventories, external transport costs (costs for transporting vehicles to customers) as expenses for purchased services, and other expenses related to the operational processing of vehicle purchases and sales. Gross profit developed positively in the financial year 2025, rising by KEUR 265,916 to KEUR 990,640. In the Merchant segment, gross profit increased by 28% to KEUR 722,808 (2024: KEUR 562,621). The gross profit per unit increased from EUR 914 to EUR 976. The Retail segment also contributed significantly to the positive development of the gross profit with an increase of 65% to KEUR 267,832 (2024: KEUR 162,102). The gross profit per unit increased from EUR 2,163 to EUR 2,605. These results underscore the strong performance of our online platforms in the used car trade and reflect our success in business with both dealers and private customers. Revenue Performance AUTO1 Group's revenue rose by 30% to KEUR 8,172,616 (2024: KEUR 6,271,911) in the past financial year. This increase was achieved in particular through an overall higher number of vehicles sold. To a lesser extent, higher prices on the used car market also contributed to the growth in revenue. Of the revenue, KEUR 6,413,599 (2024: KEUR 5,037,811) was attributable to the Merchant segment and KEUR 1,759,017 (2024: KEUR 1,234,099) to the Retail segment. Revenue includes interest income of KEUR 61,109 Business Development by Segment Merchant 1 Jan. 2025 1 Jan. 2024 KEUR - 31 Dec. - 31 Dec. 2025 2024 Revenue (in KEUR) 6,413,599 5,037,811 Revenue growth in % 27.3 12.9 Gross profit (in KEUR) 722,808 562,621 Cars sold (#) 740,732 615,335 GPU (in EUR) 976 914 Retail KEUR 1 Jan. 2025 - 31 Dec. 2025 1 Jan. 2024 - 31 Dec. 2024 Revenue (in KEUR) 1,759,017 1,234,099 Revenue growth in % 42.5 23.5 Gross profit (in KEUR) 267,832 162,102 Cars sold (#) 101,539 74,438 GPU (in EUR)* 2,605 2,163 * GPU is not equal to gross profit divided by the number of cars sold, as the effects of inventory changes due to the capitalisation of internal refurbishment costs, which are not part of the cost of materials, are not taken into account. Development of EBITDA and Adjusted EBITDA AUTO1 Group's EBITDA improved by KEUR 86,452 to KEUR 173,427 compared to the previous year. The main driver of this development was the 37% increase in gross profit, or KEUR 265,916. This was offset in particular by higher personnel expenses (+KEUR 73,028), increased marketing expenses (+KEUR 54,927) and a rise in internal transport costs (+KEUR 19,436), which had a counteracting effect. The increase in personnel expenses resulted from a higher average number of employees, which is related to the continued growth of AUTO1 Group's business activities. Expenses for share-based payments decreased by KEUR 2,021 to KEUR 15,822 in the past financial year. The increase in expenses for internal vehicle transport is attributable to the higher number of vehicles traded compared to the previous year. Marketing expenses rose by KEUR 54,927 to KEUR 195,907, with the increase mainly attributable to increased advertising measures for our Retail brand Autohero. Adjusted EBITDA is calculated from EBITDA, adjusted for share-based payments and other non-operating expenses. In the 2025 financial year, adjusted EBITDA amounted to KEUR 197,542, an improvement on the previous year's figure of KEUR 109,240. Development of the Group Result In the 2025 financial year, AUTO1 Group achieved an improved consolidated net profit of KEUR 77,949 (2024: KEUR 20,894). This positive development is primarily attributable to the improvement in EBITDA described above. Consolidated net profit was also influenced by effects related to the expansion of business activities. Depreciation and amortisation increased by KEUR 10,502 in the 2025 financial year. The financial result decreased by KEUR 6,162, mainly due to higher interest expenses in connection with the inventory ABS facilities. Tax expenses increased by KEUR 12,733 as a result of the positive development of earnings before taxes. KEUR 1 Jan. 2025 1 Jan. 2024 - 31 Dec. - 31 Dec. 2025 2024 Consolidated result Cash flows from operating activities Cash flows from investment activities Cash flows from financing activities 20,894 (219,725) (17,796) 302,726 Cash and cash equivalents at the beginning of the period 548,172 Cash and cash equivalents at the end of the period 613,378 Financial Position and Liquidity 77,949 (463,069) (23,262) 476,924 613,378 603,970 Cash and cash equivalents amounted to KEUR 603,970 at the end of the year (2024: KEUR 613,378), a decrease of KEUR 9,408 compared to the previous year. Part of the cash and cash equivalents amounting to KEUR 358,268 (2024: KEUR 241,586) is pledged and is mainly used to pre-finance the future purchase of vehicles and the further expansion of the instalment purchase programme and the merchant financing programme. The negative cash flow from operating activities of KEUR 463,069 is mainly due to the further increase in inventories of KEUR 360,923 (2024: KEUR 152,351). In addition, growth of receivables from the instalment purchase programme (increase of KEUR 183,357) and the merchant financing programme (increase of KEUR 88,596) had a negative impact on operating cash flow. The positive consolidated result and the increase in trade payables had a positive effect. Both the AUTO1 Group's inventories and the receivables from the instalment purchase programme and the merchant financing programme are refinanced via ABS facilities and public ABS notes. The resulting cash flows are reported in cash flow from financing activities. Cash flow from investing activities in 2025 totalled KEUR -23,262 (2024: KEUR -17,796) and, as in the previous year, resulted mainly from payments for investments in property, plant and equipment. The positive cash flow from financing activities amounted to KEUR 476,924 in the 2025 financial year (2024: KEUR 302,726) and resulted mainly from an increased utilisation of the ABS facilities and the second issue of public ABS notes. The utilisation of the inventory ABS facilities, which refinance inventories and currently have a term until August 2028 (repayment begins in February 2027), was increased by KEUR 281,000 as a result of the increase in inventory. Utilisation of the merchant financing ABS facility, which refinances the merchant financing programme and currently has a term until January 2029 (repayment begins in January 2027), was increased by KEUR 62,769. The nominal values of liabilities for refinancing the instalment purchase portfolio of receivables to Autohero customers increased by a total of KEUR 217,416. In September 2025, the Group placed public ABS notes with a nominal volume of KEUR 236,700 as part of its second public securitisation transaction to refinance an existing instalment purchase portfolio amounting to KEUR 248.825. Together with the public ABS notes issued for the first time in the 2024 financial year, the nominal value of the public ABS notes totalled KEUR 337,096 as of 31 December 2025. The public ABS notes are repaid monthly from the payments received on the instalment purchase receivables. Due to the additional issue of public ABS notes carried out in September 2025 to finance part of the instalment purchase portfolio, the drawdown on the consumer loan ABS facility, which remains in place and currently matures in January 2030 (with repayments commencing in January 2027), had increased by only KEUR 19,599 as at the balance sheet date compared with the previous year. Assets and Liabilities Property, plant and equipment mainly comprises the purchasing branches, the production centres for refurbishing vehicles for the Autohero platform and Autohero's delivery vehicle fleet. Due to the opening of additional purchasing branches and the establishment of our own vehicle transport fleet, property, plant and equipment (after depreciation) increased by KEUR 12,707 to a total of KEUR 156,508. Long-term trade receivables amounted to KEUR 449,279 as of 31 December 2025 (2024: KEUR 292,442). These consist of instalment purchase receivables offered to Autohero customers in Germany, Austria and, since the 2025 financial year, in Spain, which are refinanced through the consumer loan ABS facility and public ABS notes. Inventories increased by KEUR 360,923 to KEUR 1,057,654. Of this amount, KEUR 881,000 was refinanced via the inventory ABS facilities. The increase in inventories is mainly due to increased purchasing activities by AUTO1 Group and the associated higher number of vehicles held as at the reporting date. The increase was recorded in both segments. Short-term trade receivables and other receivables increased by KEUR 131,739 to KEUR 495,704. The main reason for this increase was the continued growth of the merchant financing programme. This programme allows selected merchants in Germany, France, Spain, Austria, the Netherlands and Belgium to defer their purchase price payments. In the 2025 financial year, the programme was also extended to Sweden and Poland. As at the balance sheet date, the merchant financing programme included receivables from merchants amounting to KEUR 302,978 (2024: KEUR 214,382). Other assets mainly relate to VAT receivables, which have increased due to higher trading activities. Cash and cash equivalents decreased from KEUR 613,378 to KEUR 603,970. Further details on the movement in cash and cash equivalents are provided in the section on the financial position. As at 31 December 2025, AUTO1 Group's equity increased to KEUR 707,534 (2024: KEUR 612,875). The equity ratio at the end of the reporting year was 24.7% (2024: 27.8%). The decline in the equity ratio is attributable to the increase in total assets, which was financed primarily through debt. The inventory ABS facilities, secured against the used car stock and with a senior note facility of KEUR 1,275,000, had been utilised to the extent of KEUR 881,000 as at the balance sheet date of 31 December 2025 (2024: KEUR 600,000). The instalment purchase programme is refinanced through a consumer loan ABS facility and two public ABS notes. These are secured by separate portfolios of instalment purchase receivables. The consumer loan ABS facility has a total senior notes volume of KEUR 275,000. As at 31 December 2025, this facility has a outstanding amount of KEUR 150,000 (2024: KEUR 130,401). The public ABS notes from the public securitisation of two sub-portfolios have a nominal value of KEUR 337,096 as of the reporting date (2024: KEUR 179,620). In addition, the AUTO1 Group has a merchant financing ABS facility secured by receivables from dealers for the refinancing of the merchant financing programme, with a total senior notes volume of KEUR 250,000. As of the reporting date, this credit line was utilised in the amount of KEUR 237,217 (2024: KEUR 174,448). Due to their long-term nature, these credit lines are generally reported under longterm financial liabilities. However, financial liabilities are classified as current if AUTO1 does not have the right to defer repayment for more than 12 months on the reporting date. The liabilities from the merchant financing ABS facility are reported as current because the revolving period of the facility ended at the end of January 2026. AUTO1 extended the credit line in February 2026. For the Public ABS Notes, the portion of the liabilities for which repayment is expected in 2026 is reported as current. This is based on the repayment profile of the securitised instalment purchase receivables. For further details, please refer to the notes to the consolidated financial statements under liquidity risks. Other financial liabilities mainly comprise lease liabilities, of which the long-term portion amounted to KEUR 58,240 (2024: KEUR 58,149) and the short-term portion amounted to KEUR 36,807 (2024: KEUR 32,533) as at 31 December 2025. Current liabilities also mainly include trade payables, which increased slightly compared with the previous year. Contractual liabilities reported under other liabilities also rose as a result of the higher volume of business on the balance sheet date. Due to the positive business development, tax provisions reported under current liabilities also increased. Overall Assessment The Management Board considers the financial position and results of operations of AUTO1 Group to be satisfactory. In the 2025 financial year, the Group grew at all levels and took significant steps on the way to achieve its long-term market share and profitability targets. The Group's market share expanded, gross profit reached a new all-time high and adjusted EBITDA increased significantly. The instalment purchase programme for private customers recorded continuous growth, and the merchant financing programme for dealers was expanded to other European markets. Overall, the Management Board considers AUTO1 Group to be strategically well positioned to remain successful in the long term and to continue to grow profitably even under challenging market conditions. ‌Forecast, Opportunities and Risks Risk Report In 2025, AUTO1 further strengthened its internal risk management framework, building on the comprehensive, group-wide Risk Management System (RMS) developed over prior years. The RMS continues to support decision-making processes by delivering consistent, transparent, and comparable information that fosters a unified understanding of risks and opportunities across the Group. The risk management team facilitates the formulation of strategies that drive growth while mitigating associated risks, thereby sustainably enhancing enterprise value. The subsequent report outlines the material risks and opportunities for AUTO1. Risk Management System The Management Board of AUTO1 Group SE (AUTO1) bears overall responsibility for developing and operating an effective RMS for AUTO1. The risk management team implemented the RMS on the basis of the Committee of Sponsoring Organizations of the Treadway Commission (COSO)'s framework, the Enterprise Risk Management Standard. The RMS is also based on the requirements set out in Auditing Standard 981 published by the German Institute of Public Auditors (IDW). Risk management at AUTO1 comprises the following elements: Risk Identification The structured identification and assessment of risks and opportunities remain fundamental for ensuring resilient and profitable growth at AUTO1. Risks are defined as potential adverse deviations from our expected Group performance, while opportunities represent potential positive deviations. We do not try to avoid risks at all costs. Instead, our aim is to carefully weigh up the opportunities and risks associated with our decisions and business activities from an informed perspective. AUTO1 conducts risk identification and assessment annually, utilising workshops, risk surveys, and operational insights from risk owners, while also responding promptly to emerging risks. This process is a collective effort, involving employees across all levels and departments of AUTO1, both centrally and decentrally. It embodies a top-down and bottom-up approach, ensuring comprehensive risk visibility and engagement across the organisation. The risk management team, in collaboration with risk owners in different group departments, systematically identifies risks by examining internal and external environments for emerging risks. This process also includes recognizing potential interconnections between risks based on qualitative factors, which often leads to the discovery of new risks. To strengthen our proactive approach, AUTO1 has implemented an ad hoc risk reporting system, enabling employees to anonymously report potential risks and irregularities in real-time. This system fosters a vigilant and responsive culture, allowing for timely mitigation of risks outside regular assessment periods. To support efficient communication and collaboration, risk owners assist the risk management team in recording and assessing identified risks. Our Approach to ESG Risks Recognising the critical importance of environmental, social, and governance (ESG) matters, AUTO1 actively identifies risks and opportunities related to these factors as one of the key components of our corporate sustainability strategy. This process operates in parallel with our Double Materiality Assessment (DMA) for Corporate Sustainability Reporting Directive (CSRD) compliance. While the DMA evaluates the broader impact of our operations on the environment and society, this RMS focuses specifically on integrating ESG risks that pose a potential financial materiality to the Group. Based on the CSRD standard for double materiality analysis, we conduct comprehensive analyses of our operations and supply chain to assess both the impact of our activities and the potential risks and opportunities arising from them, including financial considerations. By proactively assessing and managing these ESG-related risks and opportunities, we enhance our sustainability performance, mitigate potential risks, and capitalise on opportunities. Detailed information on our sustainability practices and progress is available in our annual Environmental, Social and Governance (ESG) Report and the sustainability section of our Group website, which reflects our ongoing commitment to responsible and sustainable business practices. Risk Assessment Once the risks have been identified, our risk owners - with the support of the risk management team - assess and quantify the individual risks on the basis of: Impact: The extent to which the risk, if it materialises, would negatively impact AUTO1 and its objectives. Probability of Occurrence: The probability that a risk materialises within one year of the date it is assessed. The impact assessment is conducted either quantitatively or qualitatively based on expert judgement, particularly when risks cannot be quantified or when qualitative aspects predominate, such as in the case of reputation risks. The impact scale ranges from marginal to critical, with particular reference to potential effects on adjusted EBITDA. Our risk assessment process differentiates between gross and net risk to assess the effectiveness of our control environment and corrective actions. Gross risk represents the inherent risk exposure before considering mitigation measures, while net risk reflects the residual exposure after implemented controls and countermeasures. In 2025, the Group's materiality thresholds were recalibrated to remain aligned with the scale of the business. All risks with potential impacts exceeding EUR 100 million are separately tracked as critical, as they could threaten the potential going concern of the Group and therefore require enhanced management attention. The risks that have a material impact on the Group in gross terms are explained in the following risk report. In parallel, the methodology was refined to ensure that extremely rare risks are not disproportionately classified as substantive risks. Risks with critical impact but rare probability continue to be monitored; however, they are excluded from the highest severity category unless the combined assessment of likelihood and impact justifies their inclusion. The combination of the two dimensions described above results in the risk assessment. The risk matrix facilitates the comparison of risks' relative priority and increases transparency over AUTO1's risk exposure. Risks identified in the red areas of the matrix are rated as substantive and require measures and monitoring by management as high priority. Risks in the yellow area are classified as moderate risks and require medium-term measures and regular monitoring. Risks in the green area are classified as minor risks and have a lower priority. Risk Treatment Together with their supervisors and the Management Board, the risk owners are responsible for ensuring that suitable risk mitigation measures and controls are established and put into practice in their area of responsibility. The risk owners assess the risks in terms of their impact on performance and their probability of occurrence and assess the available resources, existing controls and measures compared to potential opportunities. Risk treatment is based on measures or methods used to manage the risks that have been assessed. In coordination with senior management, the risk owner manages the risks in line with the approved risk appetite, selecting and executing an appropriate treatment of risk avoidance, mitigation, transfer or acceptance, ensuring the resulting residual risk remains within tolerance. Risk Monitoring Risk monitoring at AUTO1 is an ongoing, dynamic process supported by the ad hoc risk reporting system, enabling real-time updates. The mechanism keeps the Risk Management Team and the Management Board up to date on substantive and critical risk events and relevant developments. This approach involves continuous tracking of identified risks, managed collaboratively with respective risk owners and managers. Our goal is to assess current probabilities, impacts, and the implementation status of corrective actions. The Risk Management Team, along with risk owners, is responsible for integrating both continuous and ad hoc data into our risk analysis tools. Ongoing risk monitoring is embedded in our business. Risk Reporting The Management Board is informed of the Group-wide risk situation, especially about substantive risks, on a regular and ad-hoc basis. The Audit Committee receives regular updates to ensure alignment and oversight. Together with the Management Board, the Risk Management Team informs the Audit Committee of the Supervisory Board about risk management activities and existing risks every quarter. Critical risks are reported to the Management Board in a timely manner to ensure prompt and effective mitigation. System of Internal Controls over Financial Reporting In accordance with the requirements of the German Stock Corporation Act, the Supervisory Board is responsible for overseeing the effectiveness of AUTO1's internal control system (ICS), which requires a comprehensive and robust control framework. During 2025, the Group further developed its ICS with the objective of strengthening the prevention of errors, inefficiencies, and compliance breaches, and intensified internal control measures to reduce the risk of inconsistencies and misconduct involving both internal and external parties. AUTO1's risk management system was established to enhance risk awareness across the organisation, promote transparent communication on risk matters, foster a shared understanding of material risks, and support the timely initiation of mitigating actions. These processes are designed to address risks that could adversely affect the Group's performance or threaten its long-term viability. The ICS aims to embed risk mitigation procedures provided by internal controls as a fundamental component of sound corporate governance, while also improving transparency and operational efficiency by reducing complexity through the exchange of best practices and the standardisation of processes. Controls related to accounting and financial reporting are designed to ensure the accuracy and reliability of the Group's financial statements. The effectiveness of the ICS is safeguarded through a multi-layered monitoring approach. It relies primarily on ongoing operational monitoring and regular management reviews within the business functions. This is complemented by periodic assessments by the risk management team with the relevant departments, independent assurance by internal audit, and regular interaction with the Chairman of the Audit Committee. The ICS is continuously refined to reach alignment with COSO principles and the evolving needs of the Group. Internal Audit Function AUTO1 safeguards the quality of its processes through an ongoing schedule of internal audits, for which results are consolidated in a quarterly summary report to the Audit Committee. The purpose of AUTO1's Internal Audit function is to deliver independent and objective assurance and advisory support, strengthening adherence to internal control requirements and contributing to the effective operation of the business. Through a structured and methodical approach, Internal Audit continuously assesses and enhances AUTO1's corporate governance, risk management, and control frameworks. As part of its mandate, Internal Audit also detects and addresses potential misconduct, unethical behaviour, and indications of fraud, and develops appropriate response measures. The function operates in accordance with the International Professional Practices Framework issued by the Institute of Internal Auditors, including the Core Principles, Code of Ethics, and the International Standards for the Professional Practice of Internal Auditing. During 2025, AUTO1 carried out scheduled country-level and ad-hoc audits. Each audit concluded with a closing discussion with the relevant country or department head to review findings, providing impacted stakeholders the opportunity to confirm or challenge conclusions. Following alignment, remediation timelines were agreed and follow-up reviews conducted to monitor the implementation of corrective actions. This approach underscores AUTO1's commitment to accountability and continuous improvement. Looking ahead to 2026, the Group intends to further

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