Auto1: Post call Q226 - Encouraging volume commentary and GPU trends on the call, no estimates changes, remains a key pick.

研报英文原文证据摘录

Auto1: Post call Q226 - Encouraging volume commentary and GPU trends on the call, no estimates changes, remains a key pick.

J P M O R G A N Europe Equity Research

29 July 2026

Auto1

Post call Q226 - Encouraging volume commentary and Overweight

GPU trends on the call, no estimates changes, remains AG1G.DE, AG1 GR

a key pick. Price (28 Jul 26):€24.00

Price Target (Dec-27):€37.00

Auto1 reported a solid set of Q226 results (see our initial take here). A key topic European Internet

ACon today’s call was the appropriate balance between volume growth and GPU Marcus Diebel

expansion. With AutoHero volume growth likely to moderate to the mid‑20% (44-20) 7742-4447

range in H2 (from ~40% in H1), GPU continues to trend upward. We interpret the marcus.diebel@jpmorgan.com

deceleration in volumes as deliberate, reflecting operational scaling J.P. Morgan Securities plc

considerations - Management reiterated that Autohero’s current capacity supports Lara Simpson

~250k units; sustaining ~40% growth would likely require incremental hiring (44-20) 7134-3637

lara.simpson@jpmorgan.com

(e.g., mechanics, logistics etc.) and could introduce short term bottlenecks J.P. Morgan Securities plc

elsewhere in the process. The Q2 decline in GPU was also addressed and appears

Carmen Graves

largely mix-driven: vehicles not sold in Q1 (those carrying lower GPU) were sold (44-20) 3493 0506

in Q2, weighing on the quarterly average disproportionately. Overall, we view the carmen.graves@jpmorgan.com

call as constructive. While we note management still needs to build credibility J.P. Morgan Securities plc

around the assertion that inventory levels have bottomed (and Q3 trading Thyagarajan J

commentary was for weaker trading trends than Q4), the broader equity story (91-22) 6157-5005

remains intact.