Aramis Autos | Europe 3Q26: C2B volumes ramping

Research evidence excerpt

Aramis Autos | Europe 3Q26: C2B volumes ramping

Update

July 23, 2026 04:54 PM GMT

Morgan Stanley & Co. International plc+MAramis Autos | Europe Shaqeal A Kirunda

Equity Analyst

3Q26: C2B volumes ramping Shaqeal.Kirunda@morganstanley.comMorgan Stanley Europe S.E., Madrid Branch+ +44 20 7425-0736

Javier Martinez de Olcoz Cerdan

AlphaSignals Earnings Reaction Javier.Martinez.Olcoz@morganstanley.com +34 9141-81289

Unchanged In-line Largely unchanged

Morgan Stanley & Co. International plc+

Impact to our thesis Financial results versus consensus Direction of next 12-month

consensus EPS Matias Rodriguez Florez-Estrada

Research Associate

Source: Company data, Morgan Stanley Research

Matias.Rodriguez@morganstanley.com +44 20 7425-1091

Q3 revenues supported by C2B ramp. During 3Q26 Aramis sold 29k B2C units (-5%

Aramis Autos (ARAMI.PA, ARAMI FP)

vs MSe at 30k), generating revenues of €559m, -6% below MSe at €597m. The

Autos & Shared Mobility | France

weakness is entirely driven by pre-registered (-20% volumes), which is a structural Stock Rating Overweight

issue rather than demand: pre-reg is almost entirely ICE, so higher fuel prices post- Industry View In-Line

Price target €5.00

Middle East conflict have simply redirected demand to EVs the segment can't Shr price, close (Jul 23, 2026) €3.38

supply. Management frames this as temporary. Refurbished volumes grew +2.9% 52-Week Range €6.66-2.78

Mkt cap, curr (mn) €280

against a market down -5.1%, i.e. ~8pts of share gain, with France outperforming its Net debt (09/26e) (mn)* €79

local market by +11.6pts. The growth in refurb is driven by greater C2B sourcing, EV, curr (mn)* €392

which is margin-accretive and increased by +27% YoY. Revenues grew double digits * = GAAP or approximated based on GAAP