Auto Trader Group PLC: FY26: Slight Miss; FY27 Adj. EBIT Outlook ~3% Below, £600m Returns Supportive

Research evidence excerpt

Auto Trader Group PLC: FY26: Slight Miss; FY27 Adj. EBIT Outlook ~3% Below, £600m Returns Supportive

Update

May 21, 2026 06:53 AM GMT

Morgan Stanley & Co. International plc+MAuto Trader Group PLC | Europe Ed Young

Equity Analyst

FY26: Slight Miss; FY27 Adj. Ed.Young@morganstanley.comDavid Nolan +44 20 7677-1761

David.Nolan@morganstanley.com +44 20 7425-4297

EBIT Outlook ~3% Below, Luke Holbrook

Luke.Holbrook@morganstanley.com +44 20 7425-1882

£600m Returns Supportive

Auto Trader Group PLC (AUTOA.L, AUTO LN)

Internet | United Kingdom

Reaction to earnings

Stock Rating Equal-weight

Unchanged Modest shortfall Modest revision lower Industry View In-Line

Impact to our thesis Financial results versus consensus Direction of next 12-month Price target 650p

consensus EPS Shr price, close (May 20, 2026) 496p

52-Week Range 920-446p

Source: Company data, Morgan Stanley Research Mkt cap, curr (mn) £4,381

Net debt (03/26e) (mn)* £(11)

Summary. Auto Trader has reported FY26 revenue of £624m, (+4%) 2% below EV, curr (mn)* £4,368

(company-compiled) consensus of £632m (MSe £635m). Within the mix, the core * = GAAP or approximated based on GAAP

Auto Trader business reported revenue of £585m, 1% below consensus of £593m

(MSe £595m) with Average Revenue Per Retailer (ARPR) of £2,995 (+5%), 1% below

consensus of £3,017, reflecting both the more difficult trading conditions and

retailer feedback regarding the Deal Builder product roll-out by. The average

number of retailer forecourts decreased to 13,942 from 14,013. Autorama revenue

came in at £39m, in-line with consensus. Group operating profit was £393m (62.9%

margin), 2% below consensus of £399m (63.1% margin) driven by the core Auto

Trader business with operating profit of £408m versus consensus of £412m. While