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AUTO1 Group SE: AUTO1 Group reports strong Q1 growth and confirms guidance for 2022
Berlin, 11. May 2022
• AUTO1 Group Q1 2022 revenue up 82% YoY at EUR 1.64 billion, gross profit up 44% YoY to EUR 124.0 million
• AUTO1 Group’s Merchant business continues to expand its market leadership, with units up 26% YoY at 155,052 units and revenue up 74% YoY to EUR 1.4 billion
• Strong increase in Autohero GPU by 182% YoY to EUR 718, significant advance towards 2023 target of EUR 1,000 GPU
• AUTO1 Group confirms 2022 guidance
Berlin, 11. May 2022 – AUTO1 Group, Europe’s leading platform for buying and selling used cars online, today announced its financial results for the first quarter. Once again, it delivered strong growth across all key metrics driven by the continued success of its all-digital business model.
AUTO1 Group Q1 revenues jumped 82% year-on-year to EUR 1.64 billion in the three-month period ending on 31 March 2022 (Q1 2021: EUR 899.5 million), as gross profit rose 44% year-on-year to EUR 124.0 million (Q1 2021: EUR 86.4 million). AUTO1 Group maintained car purchases at a high level, with a 36% increase in units to 179,593 (Q1 2021: 131,973 units), laying a solid foundation for continued expansion in the quarters ahead.
AUTO1’s Merchant business was once again a key driver of group performance, with a 26% year-on-year increase to 155,052 units (Q1 2021: 122,722 units), further strengthening its number-one position in the European market for used cars. Revenues in the merchant segment rose 74% to EUR 1.4 billion (Q1 2021: EUR 803 million).
Autohero, the leading fully digital used car retailer for consumers in the EU, saw another quarter of substantially improved gross profit per unit (GPU) while growing units strongly. The number of units sold via Autohero surged by more than 86% year-on-year to 14,558 units, from 7,815 units in last year’s first quarter. Autohero grew its GPU by 182% year-on-year to EUR 718 (Q1 2021: EUR 255), marking an important step towards the Group’s 2023 target of EUR 1,000 and its long-term target of EUR 3,000 in Retail GPU. At the same time, Autohero’s brand awareness grew across all markets, especially in AUTO1’s core markets of Germany (29%) and France (21%).
Christian Bertermann, CEO and Co-founder of AUTO1 Group: "The first quarter has been another very strong quarter for us, following our success in 2021. Our unique business model has shown enormous resilience in a challenging market environment and the performance we’re delivering today shows that we’re on track for a strong year. Our customers love what we do, as highlighted by the considerable increase in Autohero’s NPS to above 70. Our significant increase in Autohero GPU shows the power of our platform and is the first step towards an increasing focus on profitability over the next few quarters. We are pleased to confirm our guidance for 2022, as well as our expectation to reach adjusted EBITDA profitability by Q4 2023.”
Outlook: AUTO1 Group confirmed its full-year 2022 revenue target of between EUR 5.7 billion and EUR 6.8 billion and a gross profit range of EUR 470-580 million with an adjusted EBITDA margin between -2.0% and -3.0%. The Group continues to aim for a target of 650,000-770,000 units sold, with 70,000-90,000 units sold in its rapidly growing Autohero retail segment.
AUTO1 Group - key figures:
The Group’s complete 2022 Q1 financial results can be found on the company’s quarterly report and results presentation in the Investor Relations section of the AUTO1 Group homepage.
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. 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.
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.
Director of Corporate Finance
AUTO1 Group Bergmannstraße 72 10961 Berlin Germany