Auto1 Group U/Adr

Hello, good afternoon and good morning and good evening to international participants. Welcome to the Auto1 Group first quarter 2025 results presentation. I'm Philip Reikersdorfer, Group Treasurer. As always, I'm joined today by Christian Bertermann, our co-founder and CEO, and Markus Boser, our CFO. We will start with the presentation, followed by questions and answers. If you would like to ask a question, please raise it via the usual Zoom Q&A tool at the bottom of your screen. We will then call on you to ask your question directly after the presentation. Before I hand over, I must make you aware of the safe harbor provisions at the beginning of the presentation. These will apply to any forward-looking statements made today by management. And now over to Christian.

Thank you, Philip. Hi, everyone. And welcome to this Model 1 Group Q1 earnings call. Q1 was a very strong quarter across the board. We followed our strategy of maximizing value for our customers closely. We generated the highest demand for our products we have seen so far, and this led to double-digit unit growth for the group, alongside new records for gross profit and adjusted EVTA. Our teams are delivering excellent work, and we look forward to unlocking more of the massive growth opportunity in Europe's used car market going forward. In Q1, we sold a record 204,000 vehicles to merchants and consumers, and we crossed the 200,000 quarterly units store mark for the first time in our history. This strong result represents a 25% year-on-year unit increase. We also generated record gross profit of €236 million for Q1, surging by 45% year-on-year and €35 million more than in Q4 of last year. GroupGPU also hit a new record of €1,160, a 17% increase compared to Q1 of last year. We achieved our highest ever adjusted EBITDA of 58 million euro. This is a 3.4 fold increase of 41 million euro more compared to Q1 of last year. And our adjusted EBITDA margin climbed to 3% for the first time. This is a 1.8 percentage points increase compared to the previous year. Our teams are dedicated to building products that deliver outstanding value to our customers by listening closely to them and understanding their needs via advanced solutions that make buying, selling, or financing vehicles with us easier and more convenient. As a result, our products benefit both our merchant partners and consumers alike by offering better prices, lower costs, more choice, greater convenience, highly motivated staff, increased trust, fast delivery, and competitive financing. In Q1, we saw growing customer interest in our products, and that was the driver behind this strong set of results. Let's go into merchant performance, and let's look into some of the details here. We made excellent progress in merchant in the first quarter. We achieved fresh records across all metrics, We sold 182,000 units to our partner dealers. That represents an increase of 24% year on year. And we achieved a record merchant gross profit of 180 million Euro. That is 51 million or 40% more than in Q1 of last year. Merchant GPU was 990 Euro in Q1, a seasonally outstanding result representing a 12% increase year on year. This growth is driven by accelerating demand for our B2B offering, showing a record number of partners purchasing on orderone.com. We have now achieved six consecutive quarters of growth in merchant bias, supported by continuous platform improvements, new features, great prices, industry-leading financing, and fast delivery. In Q1, 29,500 partners purchased vehicles from us, representing a 20% increase compared to Q1 of last year. Additionally, the average basket size grew by 4% year-on-year from six to 6.2 cars. Our sourcing network expansion is going also very well. We opened 61 new branches in the first quarter across Europe. We believe that a bigger drop of network increases convenience for our selling customers and increases selection for our buyers. Hence, we will continue the build out of our purchasing network further. AutoOne Merchant Financing had a great quarter as well. We keep receiving extremely positive feedback from our partners. Our product enables them to conveniently finance vehicles they purchase on autoone.com with one click, allowing them to grow their business organically together with us. In Q1, we financed 326 million euro of merchant sales, This is 2.6 times more than in Q1 of last year. And the number of financed units grew to a new all-time high of 30,000. And that is a 2.7 fold increase compared to Q1 of last year. Our merchant financing portfolio grew by 173 million Euro year on year from 85 million Euro in Q1 of last year to 258 million Euro. we continue our growth track and we'll roll out merchants financing to more and more partners and also some more markets over the course of the year. Let's switch to retail, which had a strong quarter as well. In Q1, our retail business grew strongly across all metrics, so in unit sales, GPU, and total gross profit year on year. AutoEuro delivered record 22,000 units compared to 17,100 in Q1 of last year. That is an increase of 28% year on year. We had the highest ever retail gross profit of 56 million euro, and that grew significantly by 66% year on year. Retail GPU was 2,569 Euro in Q1, an increase of 31% compared to Q1 of last year and setting a new high. Offering fast delivery times continue to be a top priority for us in the last quarter. We were able to reduce the average delivery time from just over 13 days in Q1 of last year to 10.4 days in the first quarter of this year. That is a 21% decrease year on year. And with now 37 express hubs across Europe, where cars are available within 72 hours, we are offering express delivery benefits to customers across all nine auto fuel markets. We want to finish with taking a look at our long-term targets. We can say that start to 25 was very strong. Our teams delivered outstanding performance in Q1. We made a good step forward towards our long-term group margin target of five to 9%, reaching 3% in Q1 for the first time. We are pulling more and more transactions onto the R2.1 platform while we also keep working towards our long-term market share target of 10%. We know that we're just at the beginning of capturing this massive market opportunity ahead of us. Let me now hand over to Markus for some detailed financial updates.

Thanks, Christian. 5%.