Business
AUTO1 : Q1 2026 Results Presentation
AUTO1 : Q1 2026 Results
About this update from Auto1 Group Se
Trading Update Q1 2026 13 May 2026 Highlights 3 41 41 41 AUTO1 Group Delivered Record Results in Q1 Group Units Sold K Units + 22 % YoY 250 249 225 219 219 200 204 200 175 1 150 125 100 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Group Gross Profit EUR Million Group GPU EUR + 22 % YoY 1,17 6 1,20 2 300 1,16 0 1,166 1,14 8 289 275 250 225 23 6 26 25 5 8 23 1 1 200 175 150 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Group Adj. EBITDA EUR Million Group Adj. EBITDA Margin % 3.0 % 2.4 % 2.5 % 60 2.1 % 2.1 % 58 60 50 52 40 42 45 1 30 20 10 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 We Are Realising Operating Leverage From Our Q4 2025 Capacity Investments Into 2026 Total OPEX / Unit EUR 285 211 237 206 241 Personnel Costs / Unit Sold Non-Personnel Costs / Unit 1,000 874 942 941 1,005 923 Adj. EBITDA / Unit 750 478 499 525 551 511 500 250 396 443 416 454 412 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Merchant Update Our Merchant Business Delivered Strong Results in Q1 Merchant Units Sold K Units + 19 % YoY 216 200 182 192 190 177 150 100 50 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Merchant Gross Profit EUR million + 15 % YoY 200 207 180 185 188 170 150 100 50 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Merchant GPU EUR 1000 990 961 966 986 957 750 500 250 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 In Q1 2026 More Dealers Than Ever Purchased From Us Buying Merchants on AUTO1.com # Unique Buyers, K + 23 % YoY 40 36.2 30 29.4 20 10 Q1 2025 Q1 2026 Average Basket # Purchased Cars Per Quarter 6.0 6.2 6.0 4.5 3.0 1.5 Q1 2025 Q1 2026 Merchant Financing Continues to be a Strong Demand Driver Merchant Sales Financed EUR million + 22 % YoY 350 330 300 270 250 200 Q1 2025 Q1 2026 # of Units Financed K Units + 19 % YoY 35 35.8 30 30.1 25 20 Q1 2025 Q1 2026 + 25 % YoY € 322 m Portfolio Balance Retail Update Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Q3 2022 Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Our Retail Business Delivers Remarkable Growth Since Launch Autohero Units Sold K Units + 48 % YoY 32 30 25 22 20 15 10 5 Autohero Gross Profit KEUR Autohero GPU / Average Selling Price % + 47 % YoY 82 80 20% 70 17.5% 60 15% 50 12.5% 40 10% 30 7.5% 20 5% 10 2.5% 56 Autohero Unit Sales Growth Rate Continues to Surge on Strong Demand Autohero Units Sold K Units + 48 % YoY 32.5 30 27.0 28.7 22.0 23.8 15 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Retail Gross Profit EUR million + 47 % YoY 80 82 73 78 60 61 56 40 20 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Retail GPU EUR 2500 2,569 2,538 2,664 2,632 2,555 1875 1250 625 Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 Autohero is Becoming The Leading Used Car Brand Across Europe Autohero Brand Awareness % 35% 35 32 33 30% 28 25% 26 20% Q1 Q2 Q3 Q4 Q1 2025 2025 2025 2025 2026 Italy France Germany Spain Source: Nielsen Brand Tracker Weighted by population aged 18-64. Average for 9 Autohero markets 13 82 77 Co-Branded Purchase Branches with Pick-Up Services Autohero Brand Only Pick-Up Locations Total, End of Q1 2026 We Are Leveraging Our Branch Network Offering Both Drop-off and Pick-up Services to Maximize Convenience for our Customers Pick-up Locations Q1 2026 Co-Branded Purchase Branches with Pick-Up Services Autohero Pick-Up Locations 10.7 Days, Average Delivery Time * Total, End of Q1 2026 * Average delivery time refers to the duration between order verification and the handover to the customer. Time averages both time for home deliveries and deliveries to 14 a pick-up location Our Long Term Goals 15 Our Long Term Goals Our Vertically Integrated Business Model Maximizes Value For Our Customers Higher Selling Prices Lower Buying Prices Lower Processing Cost Competitive Financing Rates Fast And Reliable Delivery Greater Selection Greater Convenience Increased Trust Highly Motivated Staff 16 We Are Steadily Progressing Towards Our Long Term Targets 240K 220K 200K 10 % 249 Group Adj. EBITDA EUR Million Group Adj. EBITDA Margin % 5-9 % Adj. EBITDA 180K 160K 140K 120K 100K 80K 60K 40K 015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Group Units Sold 20K 3.1 % AUTO1 26 Market Share 1 L-T AUTO1 Market Share Target 75 2.1 % 1.4 % 2.2 % 3.0 % 2.1 % Margin Target 2.4 % 2.5 % 2.1 % 2014 2 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Q1 50 1.2 % 58 60 52 45 27.5 Million Group Units Sold € 700 Billion 34 37 25 17 21 Q1 Q2 Q3 Q4 42 Q1 Q2 Q3 Q4 Q1 European Used Car Transactions 2 European Used Car Market Size 3 24 24 24 24 25 25 25 25 26 17 ¹ Market share: 2025 (based on transactions in markets that are relevant to AUTO1 Group) ² Consolidated Used Car Transactions in the following markets: DE, FR, IT, ES, NL, BE, AT, SE, PT, PL, FI, DK, SK, CZ, EE , LT, LV, HR, RO, HU, BG, UA, GR (where AUTO1 Group is present) 3 Source: OC&C, Finaccord, 2019. Used Car Market Size and Dealer Statistic Comprises EU27 and Norway, Switzerland, Ukraine, Albania, Bosnia and Herzegovina, North Macedonia, Republic of Moldova (excluding Bulgaria, Iceland, Cyprus, Malta), European Used Car. Market Size incl. B2B and Financing Transactions Capital Markets Event Event AUTO1 Group Capital Markets Event Date June 17, 2026 Time 3 pm CET Format Live Online Webinar Agenda Historic Merchant and Retail Segment Disclosure, KPI Trends and Long Term Segment Targets 18 Q4 2025 Financial Figures And FY 2026 Guidance 19 AUTO1 Group Financial Figures Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 YoY Units Sold 204,046 200,498 218,617 219,110 21.9% Revenue (€m) 1,942.9 1,970.6 2,124.8 2,134.3 25.4% Average Selling Price (€) 9,522 9,828 9,719 9,741 2.9% Gross Profit (€m) 236.4 231.2 257.7 265.4 22.4% GPU* (€) 1,160 1,148 1,176 1,202 0.4% Opex pre SDI (€m) (178.3) (188.8) (205.8) (220.2) 28.8% o/w Employee Costs pre SDI (€m) (80.8) (88.8) (90.9) (99.4) 26.7% o/w Marketing Expenses (€m) (42.0) (44.7) (52.3) (56.9) 35.2% o/w Internal Logistics (€m) (24.7) (26.1) (27.6) (29.7) 29.9% Adjusted EBITDA (€m) 58.1 42.3 51.9 45.2 3.0% Adjusted EBITDA Margin 3.0% 2.1% 2.4% 2.1% (0.5pp) 248,779 2,437.1 9,796 289.4 1,166 (229.5) (102.5) (56.7) (32.1) 59.8 2.5% *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. Differences may exist due to rounding 20 Our Strong Units Sales and Operating Leverage Drove Q1 Results EUR Million +33.5 -9.6 +0.2 -2.4 -3.0 59.8 -4.0 45.2 Adj. EBITDA Q4 2025 Gross Profit Unit Uplift Gross Profit GPU Uplift Marketing Costs Internal Logistics Core Opex Employee Cost pre SDI Other Adj. EBITDA Q1 2026 We Maintain a Strong Balance Sheet Total Cash EUR Million No Corporate Debt 650 652 600 604 550 Q4 2025 Q1 2026 Inventory EUR Million Financed through our Inventory ABS Facility 1,200 1,058 Inventory ABS LTV 87 % 800 400 Q4 2025 Q1 2026 1,055 Captive Finance Assets EUR Million Financed through Captive ABS Facilities 1,000 750 852 303 Merchant Loans 941 322 Merchant Loans Merchant ABS LTV 80 % 500 549 Consumer Loans 619 Consumer Loans Consumer ABS LTV 87 % 250 Q4 2025 Q1 2026 Guidance 2026 Guidance Unit Guidance Financial Guidance Units Group Units Merchant Units Autohero 940 - 1,000k 815 - 865k 125 - 135k Gross Profit EUR 1.1 - 1.2 bn Adj. EBITDA EUR 250 - 275 m Thanks 24 Appendix 25 Long Term Growth Dynamics Outstanding Growth Trajectory Since Foundation Group Units Sold K Units + 22 % YoY 249 240 220 20 4 200 180 160 140 120 100 80 60 40 20 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q1 25 26 Gross Profit EUR Million + 22 % YoY 289 280 260 240 236 220 200 180 160 140 120 100 80 60 40 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1 Q1 25 26 26 AUTO1 Sourcing Advantages Our C2B Products Generate Superior Value For Our Selling Customers Our Brand Promises Hassle-free and fast online car appraisal Optimal prices based on Pan-European demand aggregation Convenient drop-off locations Immediate payment to our customers Seamless deregistration 90 % Of All Cars AI-Priced Brand Recognition by country Brand Trustpilot Awareness Score DE 66% 4.2 4.4 4.6 4.3 3.7 4.3 4.4 4.4 61% AT 56% BE 60% SE 55% NL 64% ES 69% IT 58% FR Data source: 27 Nielsen Brand Tracker, Q1 2026 (DE/ES/FR/IT: Sample size 3,000 per market, NatRep 18-64 age. NL/SE/BE/AT: Sample size 1,000 per market, NatRep 18-64 age. Data for the Portugal market is not available). Trustpilot, 05.05.2026 Merchant AUTO1.com is the Most Compelling Sourcing Channel for Our Partners THE #1 PLATFORM FOR DEALERS Superb Selection End-to-end Fulfillment >30,000 Cars in Stock Cars Immediately Available Uniform quality standards Most diverse inventory selection Pan-European coverage Delivery across Europe at competitive prices AUTO1 as Single Counterparty Effortless Document and Administration Handling Easy Purchasing Buy Now, Pay Later Dedicated sales support AI-based Recommendation Tools 24/7 Purchasing Experience Premium Return Right Bidding, Payment and Logistics fully integrated Convenient and Seamless Merchant Financing for up to 180 days Financing solution funds 100% of Purchase Price Retail Autohero Strengthens Its Footprint Across Europe By Offering An Outstanding Product To Customers A TRUSTED BRAND Selection Large Multi Brand Selection of Immediately Available Inventory (>16K cars) Detailed and Uniform Car Profiles Convenience Highest Transparency Standards backed by In-house Refurbishment Standard 1 Year Warranty Return Guarantee Value-added Services (incl. Premium Warranty, Trade-in, GAP/PPI Insurance, Spare Tires, etc) Price Hassle Free Car Pricing Pay on Delivery Option Convenient and Integrated Consumer Financing Delivery Convenient pick-up Locations Delivery from 48 h for Selected Inventory Unique Last-mile Delivery Experience Option Highlights We Benefit from Network Effects, Accelerating Unit and GPU Growth, While Scale Economies Drive Operating Leverage Inventory & Selection Strong Balance Sheet Proprietary Transactional Data AI-Based Pricing Network Effects Scalable Unit Economics In-House Refurbishment Branch Network & Fulfilment Centralised HQ Functions Trusted Brand Captive Finance 30 10% Market Share 5-9% Adj. EBITDA Margin Merchant: Financials Segment: Merchant (AUTO1.com) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 YoY Q1 QoQ Units Sold 182,062 176,674 191,632 190,364 18.8% 13.6% Revenue (€m) 1,560.5 1,555.2 1,656.6 1,641.2 20.5% 14.6% Average Selling Price (€) 8,571 8,803 8,645 8,622 1.4% 0.8% Gross Profit (€m) 180.3 169.7 185.1 187.7 14.8% 10.3% GPU (€) 990 961 966 986 (3.4%) (2.9%) 216,293 1,880.6 8,695 207.0 957 Differences may exist due to rounding 31 Retail: Financials Segment: Retail (Autohero) Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026 Q1 YoY Q1 QoQ Units Sold 21,984 23,824 26,985 28,746 47.8% 13.0% Revenue (€m) 382.4 415.3 468.2 493.1 45.5% 12.9% Average Selling Price (€) 17,395 17,433 17,351 17,153 (1.5%) (0.1%) Gross Profit (€m) 56.1 61.5 72.5 77.8 47.0% 5.9% GPU* (€) 2,569 2,538 2,664 2,632 (0.6%) (3.0%) 32,486 556.5 17,131 82.4 2,555 *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. Differences may exist due to rounding 32 Captive Finance Non-Recourse Funding: Step 1, Funding Assets AUTO1 Group Junior Notes Sell Captive Finance Receivables Financing SPVs Autohero Funding AUTO1 Car Funding Merchant Finance Finance Hero Assets: Captive Finance Receivables Liabilities: Senior notes Mezzanine Notes Senior + Mezzanine Notes External Lenders Banks Asset Management Funds Payment for Receivables with proceeds from Notes ● Junior notes Financing SPV's purchase captive finance receivables from AUTO1 Group Financing SPVs fund themselves with mix of external debt and funding from AUTO1 Group to fund purchase of receivables External funding often structured as multiple tranches with different levels of seniority Under EU (and US) securitisation regulations, AUTO1 Group as originator needs to provide at least 5% of funding as risk retention Lenders have only claim against the assets held by SPV and related interest cash flows Financing SPVs are legally NOT part of AUTO1 Group and their debt is not guaranteed or otherwise supported by AUTO1 Group ("non-recourse") Captive Finance Non-Recourse Funding: Step 2, Debtors Pay Junior Notes / Financing SPVs Senior + External Lenders Risk Retention Assets: Captive Finance Mezzanine Notes AUTO1 Group Servicing Fees + Excess Interests + Final Collections Receivables Liabilities: Senior notes Mezzanine Notes Junior notes Fixed Interest + Repayment Banks Asset Management Funds Interest + Principal Consumers Interest + Principal Merchants Debtor payments split between interest and principal waterfall Interest waterfall distributed monthly in order of priority Servicing fee to AUTO1 Credit losses credited to principal waterfall to ensure full repayment Senior interest payments Mezzanine interest payments Remaining amounts to AUTO1 Group as Excess Interest / economic claim Principal repayments and credit loss compensation: In revolving period (ie "warehouse") used to purchase incremental new receivables During amortisation (ie FinanceHero) used to repay debt in order of seniority with junior notes repaid last Junior Notes repaid from collections once external debt repaid Captive Finance Non-Recourse Funding: What is AUTO1 Group Exposure? AUTO1 provides funds upfront to allow SPV to purchase receivables but has no subsequent obligation to commit further cash Base case is that AUTO1 Group makes a good return on captive finance structures: AUTO1 entitled to excess of interest paid by debtors over refinancing cost and credit losses Upfront risk retention provided by AUTO1 will be repaid as receivables paid off in amortisation case If credit performance is so bad that cost of credit exceeds the net interest margin, then most junior tranche (ie risk retention) will be impaired Worst case is that AUTO1 will not receive excess interest and initial investment in risk retention will not be repaid. AUTO1 is not obliged to commit any more cash While AUTO1 Group is not owner of Financing SPV and does not guarantee any SPV liabilities, AUTO1 is exposed to the positive (or negative) development of the Financing SPV. We therefore fully consolidate the assets and liabilities. AUTO1 Balance Sheet: All of our long-term debt is non-recourse; No Corporate Debt € mln selected balance sheet lines Rationale to exclude from Corporate Net Debt Assets Liabilities ABS Facility Draw Level, % Cash Inventory Inventory ABS Liabilities Merchant Finance Receivables Merchant Finance ABS Liabilities Consumer Finance Receivables Consumer Finance ABS Liabilities FloorPlan financing is generally considered short term payables rather than debt by Ratings Agencies Under Ratings Agencies Captive Finance Rules, Non-recourse re-financing does not count towards net debt Under Ratings Agencies Captive Finance Rules, Non-recourse re-financing does not count towards net debt Q1 2026 652.0 1,055.2 321.8 619.5 Q1 2026 916.5 255.9 539.0 87% 80% 87% Contacts Investor Relations Contacts Philip Reicherstorfer Group Treasurer Maria Shevtsova Head of Investor Relations Address Bergmannstr. 72 10961 Berlin Tel. +49 170 556 9259 E-Mail [email protected]