Aramis Group 2024 third quarter activity

Aramis Group - 2024 third-quarter activity

Issuer

ARAMIS GROUP S.A.

PRESS RELEASE

Arcueil, July 23, 2024

2024 third-quarter activity

Continued strong and profitable growth driven by all countries
Accelerated improvement in execution, leading to
FY24 adjusted EBITDA guidance upgrade

Revenues at June 30, 2024, third quarter of the fiscal year ending September 30, 2024

• Third quarter 2024 revenues of €573.5 million, up by 17.3%
• Total sales of vehicles to private customers up 24.8% compared to the third quarter of 2023, reaching 28,808 units, outperforming the market by 25 points¹. Refurbished vehicle volumes rose by 17%, and pre-registered vehicle volumes increased by 67%
• Significant growth driven by all the Group's geographies and another record customer satisfaction level with NPS² at 74
• Gross profit per unit (GPU) significantly increased, exceeding the level of €2,153 generated in the first half of 2024
• 2024 adjusted EBITDA objective raised: at constant scope, the volumes of B2C vehicles sold by Aramis Group will exceed 110,000 units (unchanged) and its adjusted EBITDA will exceed €40 million (vs exceed €32 million previously)
  
  

Nicolas Chartier and Guillaume Paoli, co-founders³ of Aramis Group:
"Aramis Group's activity continues to follow a very positive trend, confirming our leadership in the European market. Thanks to the significant efforts of our local teams, all the countries in which we operate are now growing, demonstrating the strength of our value proposition for all our customers. In the third quarter of 2024, our refurbished vehicle sales growth accelerated markedly compared to the second quarter, and our gross profit per unit increased, reflecting the commitment of our teams and our continuous improvement initiatives. Driven by these strong performances, we are raising our annual adjusted EBITDA objective and now expect to reach at least €40 million.
In June, we celebrated the tenth anniversary of the inauguration of our first car refurbishing center in Donzère, located in the south of France. A pioneer in Europe in industrial-scale refurbishing, this plant has shown unparalleled performance for the past 10 years. We are more convinced than ever of the relevance of our strategy, focused on the considerable potential of the refurbished used car market, a product perfectly suited to household budget constraints and essential for the ecological transition of the automotive industry."

2024 THIRD-QUARTER ACTIVITY

Overview of volumes and revenues

2024 third-quarter B2C volumes

In units	Reported basis
	Q3 2024	Q3 2023	Change (%)	9M 2024	9M023	Var. %
Refurbished cars	22,571	19,361	+16.6%	64,933	57,940	+12.1%
Pre-registered cars	6,237	3,726	+67.4%	19,104	9,139	+109.0%
Total B2C volumes	28,808	23,087	+24.8%	84,037	67,079	+25.3%

2024 third-quarter revenues

By segment

In million of euros	Reported basis
	Q3 2024	Q3 2023	Change (%)	9M 2024	9M 2023	Var. %
Refurbished cars	389.7	349.7	+11.5%	1,121.2	1,030.7	+8.8%
Pre-registered cars	118.3	61.6	+91.9%	351.7	163.9	+114.6%
Total B2C	508.0	411.3	+23.5%	1,472.9	1,194.6	+23.3%
Total B2B	35.7	52.1	-31.5%	112.1	158.1	-29.1%
Total services	29.8	25.6	+16.5%	86.9	77.0	+12.8%
Revenues	573.5	489.0	+17.3%	1,671.8	1,429.8	+16.9%

By country

In million of euros	Reported basis
	Q3 2024	Q3 2023	Change (%)	9M 2024	9M 2023	Var. %
France	238.3	200.1	+19.1%	716.1	587.1	+22.0%
Belgium	69.7	66.1	+5.4%	208.8	186.9	+11.7%
Spain	82.8	77.2	+7.3%	233.3	259.3	-10.0%
United Kingdom	118.4	103.2	+14.7%	332.1	280.9	+18.3%
Austria	56.4	37.9	+48.9%	159.9	105.9	+50.9%
Italy	8.0	4.6	+75.9%	21.6	9.7	+122.9%
Revenues	573.5	489.0	+17.3%	1,671.8	1,429.8	+16.9%

Analysis of the change in revenues by segment

B2C - sales of cars to private customers (89% of revenues)

Revenues for the B2C segment - corresponding to sales of refurbished and pre-registered cars to private customers - amounted to €508.0 million for the third quarter of 2024, up +23.5% from the third quarter of 2023. Aramis Group sold 28,808 B2C vehicles during the period, representing a 24.8% increase compared to last year and an outperformance of 25 points⁴ compared to the market for used vehicles under 8 years old, the Group's core target.

Revenues for the refurbished cars segment amounted to €389.7 million, up 11.5% compared to the third quarter of 2023. A total of 22,571 vehicles were delivered, representing a 16.6% increase. The average selling price per unit decreased by around 4%, reflecting both the general price trend in the used car market and the evolution of Aramis Group's mix.

Revenues for the pre-registered cars segment amounted to €118.3 million, an increase of 91.9% compared to the third quarter of 2023. A total of 6,237 vehicles were delivered, representing a 67.4% increase. The average selling price per unit for pre-registered vehicles increased by 15% compared to the third quarter of 2023, due to mix effects.

B2B - sales of cars to professional customers (6% of revenues)

Revenues for the B2B segment amounted to €35.7 million in the third quarter of 2024, down 31.5% compared to the third quarter of 2023. Given the market normalization, Aramis Group is able to seize more opportunities from its professional suppliers, resulting in a relative decrease in vehicle purchases from private individuals, a portion of which is resold in B2B (mostly vehicles over 8 years old or with more than 150,000 km).

Services (5% of revenues)

Revenues generated by services amounted to €29.8 million in the third quarter of 2024, an increase of 16.5% compared to the third quarter of 2023. This period confirms the trend towards stabilization in the contribution of the financing solutions offered by Aramis Group.

Analysis of the change in revenues by country

Revenue generated in France (42% of revenues) in the third quarter of 2024 increased by 19.1%. Total B2C volumes showed strong growth of 27%, including 17% for refurbished vehicles.

Revenue in the United Kingdom (21% of revenues) rose by 14.7%. Volumes sold increased by 23% during the quarter, in a British market that remains uncertain.

In Spain (14% of revenues), revenues grew by 7.3%. B2C vehicle volumes returned to a positive trend as expected after several quarters of decline, increasing by 16% in the third quarter of 2024 compared to last year. Initiatives focused on improving refurbishing processes, enhancing the product offering, and opening three new sales points contributed to the positive dynamic in the country.

In Belgium (12% of revenues), revenues increased by 5.4% to €69.7 million, with a volume effect of 3%.

In Austria (10% of revenues), revenues surged by 48.9% to €56.4 million, driven by a significant increase in volumes of 57%.

Finally, in Italy (1% of revenues), revenues for the third quarter of 2024 amounted to €8.0 million, an increase of 75.9%.

Additionally, gross profit per unit (GPU) continues to improve across all countries, particularly in the refurbished vehicle segment, thanks to constant operational optimization and Aramis Group's unique ability to seize the best purchasing opportunities in a market that is returning to traditional functioning.

OUTLOOK

In a market that continues to normalize, Aramis Group stands out with very strong operational and financial performance. Its unique ability to identify, acquire, and process vehicles under competitive conditions allows it to offer unmatched value to its customers and maintain sustained growth. Continuous improvement initiatives, accelerating in several countries, also contribute to increased productivity and ensure profitability.

Given these elements, the Group:

• Raises its annual adjusted EBITDA objective, now expecting it to exceed €40 million, compared to more than €32 million previously;
• Maintains its growth objective and thus still expects B2C vehicle volumes to exceed 110,000 units, at constant scope.

Aramis Group also reminds that it will hold a Capital Markets Day on November 27, 2024, during which it will review its business model, competitive advantages, and provide an update on its medium and long-term strategy and outlook.

**

Next financial information:

2024 annual results: November 26, 2024 (after market close)
Capital Markets Day: November 27, 2024

About Aramis Group - www.aramis.group

Aramis Group is the European leader for B2C online used car sales and operates in six countries. A growing group, an e-commerce expert and a vehicle refurbishing pioneer, Aramis Group acts each day for more sustainable mobility with an offering that is part of the circular economy. Founded in 2001, it has been revolutionizing its market for over 20 years, focused on ensuring the satisfaction of its customers and capitalizing on digital technology and employee engagement to create value for all its stakeholders. With full-year revenues of €2 billion, Aramis Group will sell more than 110,000 vehicles B2C this year and welcomes more than 70 million visitors across all its digital platforms each year. The Group employs more than 2,500 people and has eight industrial-scale refurbishing centers throughout Europe. Aramis Group is listed on Euronext Paris Compartment B (Ticker: ARAMI - ISIN: FR0014003U94).

Disclaimer

Certain information included in this press release is not historical data but forward-looking statements. These forward-looking statements are based on current beliefs and assumptions, including, but not limited to, assumptions about current and future business strategies and the environment in which Aramis Group operates, and involve known and unknown risks, uncertainties and other factors, which may cause actual results or performance, or the results or other events, to be materially different from those expressed or implied in such forward-looking statements. These risks and uncertainties include those discussed or identified in Chapter 4 "Risk Factors and Control Environment" of the Universal Registration Document dated December 19, 2023, filed with the French Financial Markets Authority (AMF) under number
D. 23-0864 and available on the Group's website (www.aramis.group) and on the AMF website (www.amf-france.org). These forward-looking statements and information are not guarantees of future performance. Forward-looking statements speak only as of the date of this press release. This press release does not contain or constitute an offer of securities or an invitation or inducement to invest in securities in France, the United States or any other jurisdiction.

Investors contact

Alexandre Leroy
Head of Investor Relations,
Financing and Cash Management
[email protected]

+33 (0)6 58 80 50 24

Press contacts

Brunswick
Hugues Boëton
Tristan Roquet Montegon

[email protected]
+33 (0)6 79 99 27 15

¹ Market for used vehicles less than 8 years old, on average across the 6 geographies of the Group, source S&P Global and Aramis Group
² Net Promoter Score, a widely used indicator measuring customer satisfaction, as of the end of June 2024
³ Guillaume Paoli is Chairman and Chief Executive Officer of the Company, and Nicolas Chartier is Deputy Chief Executive Officer, based on a two-year rotation
⁴ On average across the 6 geographies of the Group, source S&P Global and Aramis Group

Attachment

• Press release - ARAMIS GROUP - 2024 third-quarter activity