Auto1: Berlin site visit takeaways – reinforcing our bullish stance; upside in particular underappreciated in the Merchant business

Research evidence excerpt

Auto1: Berlin site visit takeaways – reinforcing our bullish stance; upside in particular underappreciated in the Merchant business

J P M O R G A N Europe Equity Research

30 June 2026

Auto1

Berlin site visit takeaways – reinforcing our bullish Overweight

stance; upside in particular underappreciated in the AG1G.DE, AG1 GR

Merchant business Price (29 Jun 26):€23.10

Price Target (Dec-27):€37.00

We spent ~half a day visiting several of AUTO1’s key sites around Berlin (see European Internet

ACseparate Alert for entire trip feedback here). The visit was hosted by CEO Christian Marcus Diebel

Bertermann, CFO Christian Wallentin, VP Group Treasury Philip Reicherstorfer (44-20) 7742-4447

and Maria Shevtova (IR). We started at the Charlottenburg drop-off / pick-up marcus.diebel@jpmorgan.com

location (including a purchasing walk-through around the center) then traveled to J.P. Morgan Securities plc

the refurbishment center in Ketzin, where we toured operations and also received Lara Simpson

a detailed deep-dive on the AUTO1 Merchant portal by management. Overall, the (44-20) 7134-3637

lara.simpson@jpmorgan.com

day strengthened our conviction that AUTO1 has multiple volume and GPU levers, J.P. Morgan Securities plc

with particularly meaningful upside potential in the Merchant ecosystem. We

Carmen Graves

reiterate our Overweight (Top Pick in Internet) rating and €37 PT (c.50% (44-20) 3493 0506

potential upside). Below we summarise our key takeaways in “snippet” format carmen.graves@jpmorgan.com

(our numbers remain unchanged at this point). J.P. Morgan Securities plc

Thyagarajan J

We flag that we will be hosting 1x1 investor calls with more detailed feedback (91-22) 6157-5005

today/tomorrow - please reach out to your J.P. Morgan sales representative to thyagarajan.j@jpmchase.com