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AUTO1 Group reports record gross profit per unit and best adjusted EBITDA result since IPO
Berlin, 2 August 2023
Berlin, August 2, 2023 – AUTO1 Group SE, Europe’s leading digital automotive platform for buying and selling used cars, today reported financial results for the second quarter of 2023, highlighting significant progress towards profitability and record group gross profit per unit despite a continued challenging market environment.
• Adjusted EBITDA of EUR (14.8) million, an improvement of EUR 32.0 million year over year
• Total gross profit of EUR 127.8 million
• Record gross profit per unit of EUR 898 for the group
• Record Retail gross profit per unit of EUR 1,680, up 62.4% year over year
• Record Merchant gross profit per unit of EUR 810, up 10.7% year over year
• Total revenue of EUR 1.3 billion
Christian Bertermann, CEO and Co-founder of AUTO1 Group: “In Q2 we took a major step towards reaching break-even. We strongly improved our cost base and unit economics across all of our business over the past year. We are more than excited to switch gears now and start investing into growth again. We are convinced that we have the power to transform one of the largest markets in the world by creating outstanding experiences for our customers, as we move the European used car market onto our platform.”
Second quarter business performance
AUTO1 Group improved its adjusted EBITDA by EUR 32.0 million year over year to EUR (14.8) million, putting the company well on track to achieve its goal of adjusted EBITDA profitability.
AUTO1 Group sold 141,682 units in total in Q2, generating revenue of EUR 1.3 billion. The group reported record gross profit per unit of EUR 898, up 18.1% year over year, resulting in EUR 127.8 million total gross profit.
AUTO1 Group’s Retail business Autohero significantly improved its gross profit per unit (GPU) to a record of EUR 1,680, exceeding the target of EUR 1,500 initially set for the end of the year. Compared to Q2 2022, Autohero improved its GPU by 62.4% year over year. Autohero sold 14,397 units, generating revenue of EUR 226.0 million and gross profit of EUR 24.7 million, up 51.2% year over year.
The Merchant segment AUTO1.com sold 127,285 vehicles to partner dealers and delivered record GPU of EUR 810, up 10.7% year over year. Merchant revenue was EUR 1.1 billion, and gross profit was EUR 103.1 million.
AUTO1 Group slightly updated its guidance for vehicles sold to 625,000 +/-5% units, of which the group is aiming for 65,000 +/-5% units sold in its Autohero retail segment and 560,000 +/-5% units sold in its AUTO1.com merchant segment. The group confirmed its full-year 2023 gross profit target of EUR 500-550 million and improved its adjusted EBITDA guidance from EUR (60)-(90) million to EUR (50)-(70) million for the full year.
The Group’s comprehensive financial results for the second quarter 2023 can be found in the company’s quarterly trading update presentation in the Investor Relations section of the AUTO1 Group homepage.
AUTO1 Group will publish its half-year financial report for 2023 on 13 September 2023.
About AUTO1 Group
Founded in 2012, AUTO1 Group is a multi-brand technology company that is building the best way to buy and sell cars online. Its local European consumer brands like wirkaufendeinauto.de offer consumers the fastest and easiest way to sell their car. Its merchant brand, AUTO1.com, is Europe's largest wholesale platform for car trading professionals. With its retail brand Autohero, AUTO1 Group is using its technology, scale and operational excellence to develop the best consumer experience to buy a car online. AUTO1 Group is operating in over 30 countries and generated a revenue of EUR 6.5 billion in 2022. Following its successful IPO in February 2021, the group's shares are trading on the regulated market (Prime Standard) of the Frankfurt Stock Exchange under the trading symbol AG1 and the ISIN DE000A2LQ884.
Director PR & Communications
Phone: +49 175 64 59 192
AUTO1 Group SE | Bergmannstrasse 72 | 10961 Berlin | Deutschland
This publication contains forward-looking statements based on current views and assumptions of AUTO1 Group’s management and made to the best of such management’s knowledge. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that could cause AUTO1 Group’s revenues, profitability or the degree to which it performs or achieves its targets to materially deviate from what is explicitly or implicitly stated or described in this publication. Therefore, persons who obtain possession of this publication should not rely on such forward-looking statements. AUTO1 Group accepts no guarantee or responsibility regarding forward-looking statements and will not adjust them to future results or developments.
AUTO1 Group Bergmannstraße 72 10961 Berlin Germany