Auction Technology Group PLC: Another encouraging update

Research evidence excerpt

Auction Technology Group PLC: Another encouraging update

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy Auction Technology 23 July 2026

Group PLC

Europe Reuters Bloomberg Rating Buy

United Kingdom ATG.L ATG LN Price target (GBX) 815 Price at 21 Jul 26 436

52-week range 494 – 263

Consumer Discretionary &

Luxury Valuation & Risks

Other consumer disc.

Another encouraging update

Gareth Davies

ATG has released another encouraging trading update for Q3 2026, with CCY Research Analyst

+44-20-754-11560 revenue growth guidance increased marginally for the second time to 5.5-6.5%

from 5.0-6.0%. The encouraging revenue trend in H1 continued through Q3, with Steve Liechti

pro forma CCY growth of 7.8% (H1 7.9%). Growth continued to be strong within Research Analyst

the A&A business, with I&C following a similar trend to H1. Lower-margin value- +44-20-7541-1549

add services underpin growth for the year which, in combination with Chairish,

Annabel Hames see a margin expectation at the lower end of the 34.5-35.5% range, consistent Research Analyst

with both DB and the consensus. Small tweaks up to our estimates for the year. +44-20-754-11574

ATG remains a key mid-cap pick for us in 2026, we reiterate our BUY rating.

Q3 trading. Group trading was positive throughout the period. Pro forma constant

currency revenue growth was 7.8%. A&A revenue saw good growth, with

continued progress for the LiveAuctioneers marketplace and a strong Chairish

performance. The rate of decline in I&C revenue was consistent with that reported

for the first half. Integration of Chairish continues to progress well, with previously

announced operational synergies of $8m (run rate) by FY27 again reiterated.

Cash generation continues to be strong, with net debt to EBITDA reduced to 1.7x