AutoTrader: Results soft (as expected) but guide still a bit below cons on EBIT; cash returns positive (albeit directionally expected)

研报英文原文证据摘录

AutoTrader: Results soft (as expected) but guide still a bit below cons on EBIT; cash returns positive (albeit directionally expected)

Equity Research

EMEA Internet

21 May 2026

AutoTrader

Results soft (as expected) but

guide still a bit below cons on

AUTOA.L/AUTO LN EQUAL WEIGHTEBIT; cash returns positive (albeit

EMEA Internet POSITIVE

Price Target GBp 605directionally expected)

Price (20-May-26) GBp 496

Trade off between soft operating trends (we’d argue FY27 op Potential Upside/Downside +21.9%

profit is a bit soft vs expectations, albeit recent KP is better) Source: Bloomberg, Barclays Research

but decent cash return (albeit directionally expected). Stock EMEA Internet

cheap on 8x FCF yield; need clarity on u/l growth reaccel. EW. Andrew Ross, CFA

+44 (0)20 7773 3023

andrew.ross@barclays.com

Results a bit below expectations. H2 group revenue of £307m, up +3% YoY , below both Barc/ Barclays, UK

cons by -2%. Group operating profit of £193m up +2% YoY, -2% below Barc and 3% below cons.

Guillaume Galland, CFAWithin this, FY26 ARPR increased +5% to £2,995, while average retailer forecourts were modestly

+44 (0)20 7773 4061

lower at 13,942 (-1% YoY) with price +4ppts, stock -1.7ppts and product +2.5ppts. Revenue guillaume.galland@barclays.com

growth moderated in the second half; management flagged softer trading conditions and lower Barclays, UK

growth in the final quarter as a result of the Dealer push back in late calendar 2025. At the

Olivia Venanciosegmental level, Trade revenues increased MSD, Consumer Services declined HSD, and

+44 (0)20 3555 0278

Manufacturer & Agency revenues grew at a mid-teens rate, while Autorama revenues increased olivia.venancio@barclays.com

+7% with operating losses narrowing year on year. Barclays, UK

For FY27, company guides to: Yash Jain