The online used car dealer AUTO1 has significantly raised its annual forecast after a surprisingly strong start to the fiscal year. In the first quarter of 2024, the company achieved an adjusted EBITDA of 17 million euros, while an operating loss of 25 million euros was recorded in the same period of the previous year. This result far exceeded market expectations, which had anticipated further losses.

Due to this positive development, AUTO1 has adjusted its forecast for the full year. It now expects an adjusted EBITDA between 20 and 40 million euros, a significant increase compared to the original expectation of merely achieving the break-even point. This raised forecast led to a surge in the stock price of the SDAX-listed share on Wednesday. It temporarily increased by 26.39 percent in XETRA trading and reached 6.80 euros.

Analysts React Positively to Quarterly Results. Adam Berlin of UBS emphasized that the merchant segment, in particular, with commercial dealers delivered strong figures, while the AutoHero retail business slightly exceeded expectations. Marcus Diebel of JPMorgan highlighted the strong profitability, noting that the market consensus for the adjusted operating result is now likely to settle at around 30 million euros, the midpoint of the new target range.

The Success in the First Quarter and the Raised Forecast Reflect AUTO1's Successful Business Model Adjustments and an Overall Favorable Market Development for Online Car Dealers who Play a Key Role in the Constant Transformation of the Automotive Trade.