Aramis Group - 2024 third-quarter activity
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
alexandre.leroy@aramis.group
+33 (0)6 58 80 50 24
Press contacts
Brunswick
Hugues Boëton
Tristan Roquet Montegon
aramisgroup@brunswickgroup.com
+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
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