AUTO1 GROUP (+) : Q1 26 results: investments bearing fruit

研报英文原文证据摘录

AUTO1 GROUP (+) : Q1 26 results: investments bearing fruit

EQUITIES

GENERAL RETAIL

AUTO1 GROUP OUTPERFORMPRICE* EUR18.3  TARGET PRICE EUR28 (UPSIDE 53%)

Q1 26 results: investments bearing fruit

Volume acceleration13 MAY 2026

Securities Research Report Q1 26 results saw a sequential pick-up in volumes in both merchant (+19%) and retail (+48%). In

Production time: 18:40* (London time) merchant, the group benefited from the recent increase in the number of active buyers on the

Research Analysts & Publishing Entities platform while segment GPU declined QoQ, reflecting low inventory turn in January related to

Mourad Lahmidi severe weather. Auto Hero has clearly benefited from brand investments made in the past two

BNP Paribas SA quarters and has continued to gain market share. Retail GPU was stable QoQ, also reflecting the(+33) 1 42 99 50 63

mourad.lahmidi@bnpparibas.com group’s focus on market share gains.

William Packer Unit economics improvingBNP Paribas London Branch

(+44) 207 039 9509 Opex per unit improved to EUR923 in Q1 26 vs. EUR1k in Q4 25 as higher volumes helped absorb

william.packer@uk.bnpparibas.com the recent pick-up in investments (marketing, refurbishing, logistics). Management pointed to

further improvement in unit economics going forward, notably on improved marketing costs per

unit. Adj. EBITDA was up only 3% YoY at EUR60m which mainly reflected the high comparison

basis as the group benefited from unusually high inventory turn and low opex intensity (at EUR874

in Q1 25). The group maintained its guidance for 2026 including EBITDA of EUR250-275m (+25%

to 40%).

Estimates and TP unchanged – Outperform maintained

We maintain our EUR28 TP, and our estimates are broadly unchanged. Q1 26 demonstrated that

investing in growth has borne fruit for Auto1.