Q1 2026 REPORT
13 MAY 2026
The AUTO1 Group Continues its Growth Trajectory in Q1 2026
249K Group Units Sold22% YoY Growth
€289M Gross Profit
22% YoY Growth
€60M Adjusted EBITDA
best result since the IPO
2
Q1 2025
Q1 2026
Y-Y (%)
* 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
Q4 2025
Q1 2026
Y-Y (%)
249 |
216 |
32 |
2,437.1 |
1,880.6 |
556.5 |
289.4 |
207.0 |
82.4 |
1,166.0 |
957.0 |
2,555 |
59.8 |
2.5 % |
26.1 |
652.0 |
1,055.2 |
916.5 |
321.8 |
255.9 |
619.5 |
539.0 |
"Our record Q1 performance, driven by 22% year-on-year unit growth and record-breaking gross profit, highlights the strength and scalability of our vertically integrated business model. Our unique technology platform combined with our unmatched physical infrastructure keeps delivering outstanding value for both Merchant partners and consumers across Europe. We are very excited to further change the way people buy, sell and finance cars."
Christian Bertermann
CEO and Co-founder of AUTO1 Group
Total Units | K(#) | 204 | 21.9 % | |||
Merchant Units | K(#) | 182 | 18.8 % | |||
Retail Units | K(#) | 22 | 47.8 % | |||
Selected lines: P&L | ||||||
Group Revenue | (m EUR) | 1,942.9 | 25.4 % | |||
Merchant Revenue | (m EUR) | 1,560.5 | 20.5 % | |||
Retail Revenue | (m EUR) | 382.4 | 45.5 % | |||
Group Gross Profit | (m EUR) | 236.4 | 22.4 % | |||
Merchant Gross Profit | (m EUR) | 180.3 | 14.8 % | |||
Retail Gross Profit | (m EUR) | 56.1 | 47.0 % | |||
Group GPU* | (EUR) | 1,160.0 | 0.4 % | |||
Merchant GPU | (EUR) | 990.0 | (3.4) % | |||
Retail GPU | (EUR) | 2,569 | (0.6) % | |||
Group Adj. EBITDA | (m EUR) | 58.1 | 3.0 % | |||
Group Adj. EBITDA margin | % | 3.0 % | (0.5pp) | |||
Group Net income / (loss) | (m EUR) | 29.9 | (12.4)% |
Cash & Liquidity | (m EUR) | 604.0 | 8.0 % | |||
Inventory | (m EUR) | 1,057.7 | (0.2) % | |||
Inventory ABS liabilities | (m EUR) | 881.0 | 4.0 % | |||
Merchant Finance receivables | (m EUR) | 303.0 | 6.2 % | |||
Merchant Finance ABS Liabilities | (m EUR) | 237.2 | 7.9 % | |||
Consumer finance receivables | (m EUR) | 548.6 | 12.9 % | |||
Consumer Finance ABS Liabilities | (m EUR) | 487.1 | 10.7 % |
Group Net income | (m EUR) | 29.9 | (12.4)% | |||
Adjustments for non-cash items* | (m EUR) | 21.3 | (4.9)% | |||
Group Net income, adjusted for non-cash items | (m EUR) | 51.2 | (9.3)% | |||
Change in short-term assets, excluding captive finance and inventory | (m EUR) | (0.3) | > 1,000 % | |||
Change in short-term liabilities, excluding captive finance and inventory | (m EUR) | 8.4 | 166.1 % | |||
Change in non-inventory, non-captive finance working capital | (m EUR) | 8.1 | n.m. | |||
Net Cash from Operating Activities pre-Captive Finance, pre-inventory | (m EUR) | 59.3 | (38.1)% | |||
Capex | (m EUR) | (7.0) | (59.8)% | |||
Net Change in Financed Inventory | (m EUR) | (2.8) | n.m. | |||
Net Change in Financed Merchant Loans | (m EUR) | (44.1) | (93.0) % | |||
Net Change in Financed Consumer Loans | (m EUR) | (17.4) | 18.0 % | |||
Net change in cash and cash equivalents | (m EUR) | (12.1) | n.m. | |||
Cash and cash equivalents at the beginning of the period | (m EUR) | 613.4 | (1.5)% | |||
Cash and cash equivalents at the end of the period | (m EUR) | 601.3 | 8.4 % |
Non-IFRS Cashflow (Company definition)
3M 2025
3M 2026
Y-Y (%)
* 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
26.1 |
20.3 |
46.4 |
(32.0) |
22.3 |
(9.8) |
36.6 |
(2.8) |
37.9 |
(3.1) |
(20.6) |
48.1 |
604.0 |
652.0 |
Q1 2026 FINANCIAL SUMMARY
6 Q1 2026 HIGHLIGHTS
7 Quarterly Report
8 Outlook for the Full Year 2026
9 Q1 2026 FINANCIALS
10 Consolidated Income Statement for the Period from 1 January to 31 March 2026 Condensed
11 Consolidated Statement of Financial Position as at 31 March 2026 Condensed
13 Consolidated Statement of Cash Flows for the Period from 1 January to 31 March 2026 Condensed
14 Disclosures on Selected Balance Sheet Items
15 SERVICE
16 Glossary
17 Financial Calendar
17 Contact
01
Q1 2026 HIGHLIGHTS
PAGE 7 Quarterly Report
PAGE 8 Outlook for the Full Year 2026
Quarterly ReportResults of the first quarter 2026
In the first quarter of 2026, AUTO1 Group continued its growth trajectory. Compared with the same quarter of the previous year, the Group's key performance indicators improved.
In the first quarter of 2026, a total of 248,779 units were sold, representing an increase of 22% or 44,733 units compared with the same quarter of the previous year (Q1 2025: 204,046 units). Revenue increased by KEUR 494,194 to KEUR 2,437,136. Revenue per unit sold increased to EUR 9,796 (Q1 2025: EUR 9,522).
Gross profit reached a new record high of KEUR 289,370, representing an increase of 22% or KEUR 53,007 compared with the previous year (Q1 2025: KEUR 236,363). Gross profit per unit was EUR 1,166 (Q1 2025: EUR 1,160).
Adjusted EBITDA increased to KEUR 59,842 in the first quarter of 2026, an improvement of 3% compared with the same quarter of the previous year (Q1 2025: KEUR 58,110). The adjusted EBITDA margin fell to 2.5% (Q1 2025: 3.0%). The increase in adjusted EBITDA is primarily attributable to the rise in gross profit, which offset higher expenditure on personnel, marketing and logistics.
Higher depreciation and amortisation, finance costs and tax expenses have reduced the Group's net profit to KEUR 26,148 compared with the same quarter last year (Q1 2025: KEUR 29,858).
Merchant
The number of units sold in the Merchant segment grew by 19% in the first quarter of 2026 compared with the same period last year, reaching 216,293 units (Q1 2025: 182,062 units). This increase is primarily attributable to higher demand from dealers. Revenue increased by KEUR 320,095, or 21%, to KEUR 1,880,619 over the same period.
Gross profit in the Merchant segment increased by KEUR 26,687 to KEUR 206,993 compared with the same quarter of the previous year. This positive development is primarily attributable to the higher number of units sold. Gross profit per unit declined from EUR 990 to EUR 957 in the first quarter of 2026 compared with the same period of the previous year.
Retail
In our Retail segment, a total of 32,486 units were sold in the first quarter of 2026, marking an increase of 10,502 units, or 48%, compared with the same quarter of the previous year. This resulted in revenue of KEUR 556,517 (Q1 2025: KEUR 382,418).
Gross profit increased by 47% from KEUR 56,057 in the first quarter of 2025 to KEUR 82,376 in Q1 2026. Gross profit per unit decreased slightly compared with the same quarter of the previous year, from EUR 2,569 to EUR 2,555.
Outlook for the Full Year 2026AUTO1 confirms its outlook for the full year 2026 and remains on track to sell a total of 940,000 to 1,000,000 units. Of these, 815,000 to 865,000 units are attributable to the Merchant segment and 125,000 to 135,000 vehicles to the Retail segment under the Autohero brand.
We are keeping our outlook for gross profit unchanged at EUR 1.1 billion to EUR 1.2 billion. For adjusted EBITDA, we continue to expect a range of EUR 250 million to EUR 275 million.
Events after the reporting period
No significant events occurred after the end of the reporting period.
02
Q1 2026 FINANCIALS
PAGE 10 Consolidated Income Statement for the Period from 1 January to 31 March 2026 Condensed
PAGE 11 Consolidated Statement of Financial Position as at 31 March 2026 Condensed
PAGE 13 Consolidated Statement of Cash Flows for the Period from 1 January to 31 March 2026 Condensed
PAGE 14 Disclosures on Selected Balance Sheet Items
Consolidated Income Statement Condensedfor the Period from
1 JANUARY - 31 MARCH 2026
40,523
thereof Other expenses
(74,196)
(59,185)
Earnings before interest, tax, depreciation and amortisation (EBITDA)
54,339
53,063
Adjusted EBITDA *
59,842
58,110
Depreciation and amortisation
(14,898)
(12,540)
Earnings before interest and tax (EBIT)
39,441
(41,957)
Financial result
(6,799)
(4,635)
Earnings before tax (EBT)
32,641
35,888
Income taxes
(6,493)
(6,030)
Net result for the period
26,148
29,858
* Adjusted for separately disclosed items including non-operating effects,which comprise share-based payments and other non-operating expenses.
Gross profit
1 Jan. 2026
- 31 Mar. 2026
1 Jan. 2025
- 31 Mar. 2025
Revenue
2,437,136
1,942,942
thereof Merchant
1,880,619
1,560,524
thereof Retail
556,517
382,418
Cost of materials
(2,147,766)
(1,706,579)
KEUR
289,370
236,363
Other operating income
2,254
2,893
Personnel expenses
(106,378)
(85,051)
Other operating expenses
(130,908)
(101,142)
thereof Marketing expenses
(56,713)
Consolidated Statement of Financial Position Condensedas at
Assets
KEUR
31 Mar. 2026
31 Dec. 2025
31 MARCH 2026
Fixed assets | 175,165 | 177,519 |
Trade receivables | 510,894 | 449,279 |
thereof consumer loan receivables | 510,894 | 449,279 |
Other financial and non-financial assets | 11,250 | 7,789 |
Non-current assets | 697,309 | 634,587 |
Inventories | 1,055,152 | 1,057,654 |
Trade and other receivables | 561,396 | 495,704 |
thereof merchant financing receivables | 321,825 | 302,978 |
thereof consumer loan receivables | 108,567 | 99,349 |
Other financial and non-financial assets | 85,159 | 78,030 |
Cash and cash equivalents | 652,020 | 603,970 |
Current assets | 2,353,728 | 2,235,357 |
Total assets | 3,051,038 | 2,869,944 |
as at
Equity & Liabilities
KEUR
31 Mar. 2026
31 Dec. 2025
31 MARCH 2026
Total equity | 741,366 | 707,534 |
Financial liabilities | 1,392,952 | 1,323,295 |
Provisions, Other financial and non-financial liabilities | 61,540 | 63,485 |
Non-current liabilities | 1,454,492 | 1,386,780 |
Financial liabilities | 315,948 | 279,547 |
Trade payables | 265,045 | 255,788 |
Provisions, Other financial and non-financial liabilities | 274,186 | 240,295 |
Current liabilities | 855,179 | 775,630 |
Total liabilities | 2,309,671 | 2,162,410 |
Total equity and liabilities | 3,051,038 | 2,869,944 |
for the Period from
1 JANUARY - 31 MARCH 2026
601,263
652,020
Cash and cash equivalents at the end of the period
613,378
603,970
Cash and cash equivalents at the beginning of the period
12,540
4,635
6,030
3,562
3,594
33
8,147
(104,054)
(4,977)
(40,633)
(7,278)
(504)
308
(7,474)
248,254
(202,065)
(675)
(9,522)
35,992
(12,115)
14,898
6,799
6,493
360
3,275
409
6,777
(100,653)
(7,488)
(42,981)
(2,940)
(425)
113
(3,252)
232,314
(126,136)
(372)
(11,522)
94,283
48,050
29,858
26,148
Net result for the year Adjustments for
Depreciation and amortisation Financial result
Income taxes Change in provisions
Expenses from share-based payments
Loss on the disposal of property, plant and equipment Other non-cash effects
Changes in operating assets and liabilities Other cash flows from operating activities
Cash flow from operating activities
Acquisition of investments in property, plant and equipment Acquisition of investments in intangible assets
Proceeds from the sale of property, plant and equipment
Cash flow from investing activities Proceeds from incurring liabilities to banks Repayment of liabilities to banks
Transaction costs related to loans taken out and concluding derivatives Payments of lease liabilities
Cash flows from financing activities
Net change in cash and cash equivalents
1 Jan. 2025
- 31 Mar. 2025
1 Jan. 2026
- 31 Mar. 2026
KEUR
Disclosures on Selected Balance Sheet ItemsTrade receivables
Non-current trade receivables relate to receivables arising from the instalment purchase agreements we offer to Autohero customers in Germany, Austria and Spain. Non-current receivables from instalment purchases amounted to KEUR 510,894 as at the balance sheet date (Q4 2025: KEUR 449,279). Total receivables from instalment purchase agreements (current and non-current) amounted to KEUR 619,460 (Q4 2025: KEUR 548,628).
Current trade receivables and other receivables have increased by KEUR 65,693. Part of this increase is attributable to a rise of KEUR 18,847 in receivables from the merchant financing programme, which has been offered to selected merchants in eight European markets since October 2023.
Inventories
Inventory decreased marginally by KEUR 2,501 to KEUR 1,055,152 as at 31 March 2026 compared with the end of the year. This is primarily due to a slight reduction in the number of vehicles in the Retail segment. By contrast, inventory in the Merchant segment increased slightly.
Cash and cash equivalents
Despite the continued growth in receivables from the instalment purchase and merchant financing programmes, cash and cash equivalents increased by KEUR 48,050 in the first three months of 2026, due to both a higher proportion of assets being refinanced through our ABS facilities and positive business performance.
Equity
The increase in equity is primarily attributable to the positive net income for the first quarter of 2026.
Financial liabilities
In the first three months of 2026, total financial liabilities increased, primarily due to a increase of KEUR 83,000 in the drawdown on the consumer loan ABS facility and a rise of KEUR 35,500 in the drawdown on the inventory ABS facilities. In addition, the drawdown on the merchant financing ABS
facility was increased by KEUR 18,726. This was offset by the scheduled repayment of public ABS notes amounting to KEUR 31,049.
KEUR
31 Mar. 2026 31 Dec. 2025
Utilisation of ABS facilities and public ABS notes
Inventory ABS-facility Public ABS-notes Consumer loan ABS-facility
Merchant financing ABS-facility
Total
881,000
337,096
150,000
237,217
1,605,313
The following table shows the nominal amounts drawn down from the three facilities provided by external lenders, as well as the public ABS notes, as at the end of the quarter:
916,500 |
306,048 |
233,000 |
255,943 |
1,711,490 |
The difference between the sum of the amounts drawn down on ABS facilities and public ABS notes and the carrying amount of the reported financial liabilities arises from the recognition of transaction costs, which are accounted for over the relevant contract term using the effective interest method.
03
SERVICE
PAGE 16 Glossary
PAGE 17 Financial Calendar
PAGE 17 Contact
03 SERVICE
GlossaryABS
Asset-backed-securitisation facilities, which are utilised to secure long-term, cost-efficient financing of the inventory as well as receivables from the instalment purchase programme and merchant financing programme.
Adjusted EBITDA
EBITDA adjusted for separately disclosed items including non-operating effects, which comprise share-based payments and other non-operating expenses.
AUTO1 Group SE
The Company, together with its consolidated subsidiaries.
Autohero
Retail sales channel of the AUTO1 Group to sell used cars to private customers.
GPU
Gross profit per unit, defined as gross profit divided by units sold in a respective period.
Merchant
Wholesale sales channel of the Auto1 Group to sell used cars to dealers.
Retail
See Autohero.
Gross Profit (GP)
Defined as Revenue less cost of materials.
Financial Calendar
2026
4 June
29 July
2 September
4 November
2026 Annual General Meeting Q2 2026 Trading Update
Publication Half-year Financial Report (H1 2026)
Q3 2026 Trading and Financial Results
Contact
Investor Relations
Philip Reicherstorfer
+49 30 2016 38 213
ir@auto1-group.com
Maria Shevtsova
+49 170 556 9259
ir@auto1-group.com
Publisher
AUTO1 Group SE
Bergmannstraße 72, 10961 Berlin
+49 30 2016 38 1901
info@auto1-group.com
Disclaimer
Certain statements in this communication may constitute forward looking statements. These statements are based on assumptions that are believed to be reasonable at the time they are made, and are subject to significant risks and uncertainties. Our actual results may differ materially and adversely from any forward-looking statements discussed in this communication. You should not rely on forward-looking statements as predictions of future events. We do not undertake any obligation to update or revise these statements and do not accept any liability regarding the achievement of forward looking statements.
Bergmannstraße 72, 10961 Berlin, Germany
+4930201638360
info@auto1-group.com