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AUTO1 Group SE Earnings Release 2024
720_ip_2024-11-13_10c7a76c-2c5f-4736-bca4-b1bb58c11a54.pdf
Earnings Release
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AUTO 7
GROUP
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Q3 2024
Disclaimer IMPORTANT NOTICE
For the purposes of this notice, "Presentation" means this document, its contents or any part of it. This Presentation does not, and is not intended to, constitute or form part of, and should not be construed as, an offer to sell, or a solicitation of an offer to purchase, subscribe for or otherwise acquire, any part of it form the basis of or be relied upon in connection with or act as any inducement to enter into any contract or commitment or investment decision whatsoever. This Presentation is neither an advertisement nor a prospectus and should not be relied upon in making any investment decision to purchase, subscribe for or otherwise acquire any securities.
- The information and opinions contained in this Presentation are provided as at the date of this Presentation, are subject to change without notice and do not purport to contain all information that may be required to evaluate AUTO1 Group SE. AUTO1 Group SE undertakes no obligation to update or revise this Presentation. No reliance may or should be placed for any purpose whatsoever on the information contained in this Presentation, or any other information discussed verbally, or on its completeness, accuracy or fairness.
- The information in this Presentation is of preliminary and abbreviated nature and may be subject to updating, revision and amendment, and such information may change materially. Neither AUTO1 Group SE nor any of its directors, officers, employees, agents or affiliates undertakes or is under any duty to update this Presentation or to correct any inaccuracies in any such information which may become apparent or to provide any additional information.
- The Presentation and discussion contain forward looking statements, other estimates, opinions and projections with respect to anticipated future performance of AUTO1 Group SE ("forward-looking statements"). By their nature, forward-looking statements involve significant risks and uncertainties, because they relate to events and depend on circumstances that may or may not occur in the future. forward-looking statements should not be read as guarantees of future performance or results and will not necessarily be accurate indications of whether or not such results will be achieved. Similarly, past performance should not be taken as an indication of future results, and nor representation or warranty, express or implied, is made regarding future performance. The development of AUTO1 Group SE's prospects, growth, strategies, the industry in which it operates, and the effect of acquisitions on AUTO1 Group SE may differ materially from those made in or suggested by the forward-looking statements contained in this Presentation or past performance. In addition, even if the development of AUTO1 Group SEs prospects, growth, strategies and the industry in which it operates are consistent with the forward-looking statements contained in this Presentation or past performance, those developments may not be indicative of AUTO1 Group SE results, liquidity or financial position or of results or developments in subsequent periods not covered by this Presentation. Any forward-looking statements only speak as at the date of this Presentation is provided to the recipient and it is up to the recipient to make its own assessment of the validity of any forward-looking statements and assumptions. No liability whatsoever is accepted by AUTO1 Group SE in respect of the achievement of such forward-looking statements and assumptions.
Europe's Used Car Market On One Platform
Q3 2024 Highlights
$\checkmark$ Highest ever number of cars sold
$\checkmark$ 26\% Y-o-Y Unit growth
$\checkmark$ Highest ever Gross Profit
$\checkmark$ Highest ever Adjusted EBITDA
$\checkmark$ Increased 2024 Guidance
Group Units Sold
K Units
AUTO1 Group Achieved Highest Ever Units and Profit in Q3 2024
AUTO1's Platform Gaining Traction Across All Products
Purchasing Update
Our Sourcing Network Continues to Grow
Merchant Update
Merchant Segment Achieves Best Ever Gross Profit While Growing Strongly
Our Merchant Products Generated Strong Demand In Q3
Buying Merchants on AUTO1.com # Unique Buyers
25.6 k
Q3 2023
Q3 2024
Average Basket
# Purchased Cars per Quarter
AUTO1 Finance Continues to Grow Strongly And Adds New Markets
We Are Confident That We Will Maintain GPU Levels in the EUR 825-925 Range Going Forward
Our Flywheel Is In Full Effect And Continues To Drive Future Growth
Autohero Delivers Best Ever Unit Performance And GPU
We Continue to Invest into the Best Customer Experience
Q3 2024 Financial Figures And FY 2024 Guidance Update
Q3 2024 Financial Figures
| FY 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q3 YoY | |
|---|---|---|---|---|---|---|---|
| Units Sold | 586,085 | 140,630 | 146,667 | 163,766 | 166,292 | 176,632 | 25.6\% |
| Revenue (€m) | 5,462.8 | 1,292.6 | 1,323.7 | 1,454.3 | 1,518.2 | 1,599.4 | 23.7\% |
| ASP (€) | 9,321 | 9,192 | 8,025 | 8,881 | 9,130 | 9,055 | (1.5\%) |
| Gross Profit (€m) | 527.9 | 134.4 | 133.8 | 162.9 | 173.3 | 187.1 | 39.3\% |
| GPU* (€) | 899 | 952 | 918 | 993 | 1,041 | 1,059 | 11.3\% |
| Opex (€m) | (572) | (134) | (138) | (146) | (153) | (153) | (14.1\%) |
| o/w Employee Costs pre SDI (€m) | (264.4) | (61.3) | (67.6) | (68.7) | (72.0) | (69.8) | (13.9\%) |
| o/w Marketing Expenses (€m) | (137.1) | (33.5) | (31.5) | (32.8) | (35.7) | (34.4) | (2.7\%) |
| o/w Internal Logistics (€m) | (78.0) | (21.7) | (20.2) | (21.8) | (22.0) | (22.8) | (4.9\%) |
| Adjusted EBITDA (€m) | (43.9) | 0.5 | (4.5) | 17.0 | 20.7 | 34.3 | 6,830\% |
| Adjusted EBITDA Margin | (0.8\%) | (0.0\%) | (0.3\%) | 1.2\% | 1.4\% | 2.1\% | 2.1pp |
We Achieved Our Best Ever Profitability Demonstrating Strong Operating Leverage
We Retain a Strong Balance Sheet with no Corporate Debt
Q3 2024 Financial Figures \& 2024 Guidance
We Upgrade FY 2024 Guidance Reflecting Q3 Performance And Strong Momentum
Unit Guidance
Units Group
Units
Merchant
Units Autohero
Financial Guidance
Gross Profit EUR 682 - 700m
Last Guidance: EUR 610 - 680m
Adj. EBITDA EUR 72 - 84m
Last Guidance: EUR 45 - 65m
Q\&A
Thanks
Appendix
In Q3 2024 We Demonstrated How to Combine Growth And Best Ever Profitability
Segment: Merchant
| FY 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q3 YoY | Q3 QoQ | |
|---|---|---|---|---|---|---|---|---|
| Units Sold | 523,019 | 125,785 | 130,922 | 146,625 | 148,598 | 157,582 | 25.3\% | 6.0\% |
| Thereof C2B | 457,885 | 110,983 | 115,892 | 132,516 | 134,648 | 143,744 | 29.5\% | 6.8\% |
| Thereof Remarketing | 65,134 | 14,802 | 15,030 | 14,109 | 13,950 | 13,838 | (6.5\%) | (0.8\%) |
| Revenue (€m) | 4,464.0 | 1,058.2 | 1,069.8 | 1,177.9 | 1,228.2 | 1,284.2 | 21.4\% | 4.6\% |
| Thereof C2B (€m) | 3,830.6 | 918.9 | 913.2 | 1,030.9 | 1,086.2 | 1,134.5 | 24.4\% | 5.3\% |
| Thereof Remarketing (€m) | 633.4 | 139.3 | 156.6 | 147.0 | 142.0 | 140.8 | 1.1\% | (0.9\%) |
| ASP (€) | 8,535 | 8,413 | 8,171 | 8,034 | 8,265 | 8,150 | (3.1\%) | (1.4\%) |
| Thereof C2B (€) | 8,366 | 8,289 | 7,880 | 7,780 | 8,067 | 7,955 | (3.9\%) | (1.4\%) |
| Thereof Remarketing (€) | 9,724 | 9,409 | 10,416 | 10,420 | 10,182 | 10,174 | 8.1\% | (0.1\%) |
| Gross Profit (€m) | 419.2 | 105.4 | 103.7 | 129.1 | 136.4 | 144.0 | 36.6\% | 5.6\% |
| GPU (€) | 801 | 838 | 792 | 881 | 918 | 914 | 9.0\% | (0.5\%) |
Segment: Retail (Autohero)
| FY 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q3 YoY | Q3 QoQ | |
|---|---|---|---|---|---|---|---|---|
| Units Sold | 63,066 | 14,845 | 15,745 | 17,141 | 17,694 | 19,050 | 28.3\% | 7.7\% |
| Revenue (€m) | 998.9 | 234.5 | 254.0 | 276.4 | 290.0 | 315.2 | 34.4\% | 8.7\% |
| ASP (€) | 15,839 | 15,794 | 16,129 | 16,125 | 16,392 | 16,545 | 4.8\% | 0.9\% |
| Gross Profit (€m) | 108.7 | 28.9 | 30.1 | 33.8 | 36.9 | 43.1 | 49.1\% | 16.8\% |
| GPU* (€) | 1,712 | 1,912 | 1,970 | 1,956 | 2,077 | 2,263 | 18.3\% | 9.0\% |
[^0]
[^0]: *GPU is not equal to gross profitinumber 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
Captive Finance Non-Recourse Funding
Our Integrated Platform, Addressing A Huge Tam, Will Enable Our Growth For Years To Come
Our Ambition Is to Facilitate 10\%+ of All European Used Car Transactions
- Our Long Term Adj. EBITDA Margin Target is 5-9\%
On Track for our Long-Term Margin Targets expressed at IPO
| 2019 | 2020 | 2021 | 2022 | 2023 | 2024 Q3 | Long Term Target |
|
|---|---|---|---|---|---|---|---|
| Merchants Units Growth | 14.0\% | $-26.7 \%$ | 24.2\% | 5.4\% | $-10.6 \%$ | 27.0\% | |
| Merchant GPU | €559 | €633 | €749 | €714 | €801 | €902 | |
| Merchant Margin | 10.04\% | 10.49\% | 9.91\% | 7.63\% | 9.39\% | 11.21\% | |
| AUTOHERO Units Growth | 90.0\% | 77.2\% | 309.9\% | 55.1\% | $-1.7 \%$ | 28.4\% | €3000 GPU |
| AUTOHERO GPU | €254 | €285 | €362 | €1,039 | €1,712 | €2,265 | |
| AUTOHERO Margin | 1.73\% | 2.19\% | 2.59\% | 6.64\% | 10.91\% | 13.65\% | |
| Group Gross Margin | 9.9\% | 10.1\% | 9.6\% | 7.5\% | 9.7\% | 11.7\% | 12-15\% |
| Payroll \& Other Operating Costs | 6.8\% | 6.7\% | 5.8\% | 5.8\% | 6.5\% | 5.9\% | 3-5\% |
| Marketing | 3.5\% | 2.8\% | 4.3\% | 3.0\% | 2.5\% | 2.1\% | 1-2\% |
| Internal Logistics | 1.3\% | 1.2\% | 1.2\% | 1.2\% | 1.4\% | 1.4\% | 1.5\% |
| Adj Skitde Margin | $-1.7 \%$ | $-0.5 \%$ | 2.2\% | $-2.5 \%$ | $-0.8 \%$ | 2.1\% | 3-9\% |
Investor Relations Contact
Philip Reicherstorfer
Group Treasurer
Maria Shevtsova
Investor Relations Expert
Address
Bergmannstr. 72
10961 Berlin
Tel.
+49 (0)30 - 201638213
E-Mail
[email protected]
Q3 Pictures and Charts
