Auto1 Q226 Preview – We expect further progress in volumes that underlines the investment case; placing Positive Catalyst Watch into the results.

研报英文原文证据摘录

Auto1 Q226 Preview – We expect further progress in volumes that underlines the investment case; placing Positive Catalyst Watch into the results.

05k

(+16% YoY) and Retail units of 33k (+39% YoY), implying total units of 238k Scott Silver - Specialist Sales -

European TMT

(+19% YoY) — ahead of consensus at 234k. On profitability, we forecast

(44-20) 7134-0412

Merchant and Retail GPU of €968 and €2,565, respectively, translating into scott.silver@jpmorgan.com

2Q26 gross profit of €283m versus €277m consensus. On costs, we incorporate

Key Changes (FYE Dec)

management’s guidance for a seasonally driven uplift in opex per unit,

Prev Cur Δ

resulting in modeled 2Q26 adjusted EBITDA of €57m (vs. €57.3m consensus). Adj. EPS - 27E (€) 1.39 1.28 -8.0%

We expect the continued step-up in GPU to be a key focus for investors, Adj. EBITDA - 27E (€ mn) 482 451 -6.3%

reinforcing improving unit economics and incremental productivity across the

platform and place the name on Positive Catalysts Watch into results (July Style Exposure

29th).

• Recent site visit confirms our bullish view. As part of our Berlin Investor

Tour last week, we spent half a day visiting several of Auto1’s key sites around

Berlin, hosted by CEO Christian Bertermann, CFO Christian Wallentin, VP

Group Treasury Philip Reicherstorfer, and Maria Shevtova (IR). We started at

the Charlottenburg pick up/drop off location (including a purchasing walk-

through around the center) as well as the Ketzin refurbishment center, where

we toured operations and also received a detailed deep-dive on the Auto1

Merchant portal by management. The day strengthened our conviction that

Auto1 still has multiple volume and GPU levers to pull from, with particularly Catalyst Watch is our short-term conviction