Auto1 Group (AG1G.DE) 15th German Corporate Conference — Key Takeaways

Equity Research 22 September 2026 | 1:32PM BST

Auto1 Group (AG1G.DE): 15th German Corporate Conference — Key Takeaways

James Tate | Goldman Sachs International

Adam Berlin | Goldman Sachs International

Presenters: We hosted Auto1 Co-Founder & CEO Christian Bertermann at our 15th Pulkit Gubgotra | German Corporate Conference. Goldman Sachs India SPL

Bottom Line: Management discussed: (i) the structural advantages of its Max Garner | vertically-integrated business model, (ii) Autohero growth outlook, confident in a Goldman Sachs International re-acceleration from Q4, (iii) the new trading system and benefits to GPUs with evidence of faster inventory turns, (iv) the recent launch of cross-border inventory in Autohero, (v) Merchant dealer health, and (vi) the new CFO search as being well advanced.

n Structural advantages of the operating model. Management highlighted that Auto1’s vertically integrated, technology-led model provides a structural advantage over traditional bricks-and-mortar dealerships, which remain constrained by physical locations, local inventory and manual sales processes. Auto1 operates through a single platform supported by more than 6mn historical transactions, 14 years of data, over 170 logistics centres and more than 300 logistics partners across Europe. Management believes this integrated infrastructure can support materially higher market share over time (10% long-term target) and increasing operating leverage as volumes scale, with greater transaction density improving pricing algorithms, inventory liquidity and logistics efficiency. n Autohero growth outlook. Management reiterated its confidence in Autohero’s long-term growth potential, although unit growth is expected to moderate from the c.40% delivered in Q2 as the company completes the transition to its upgraded trading system. Management aims to remain within its communicated growth corridor in Q3, with unit growth expected to re-accelerate from Q4 as inventory rebuilds and the benefits of the new trading system increasingly feed through. Management emphasised that quarterly growth can fluctuate as it

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Goldman Sachs Auto1 Group (AG1G.DE)

balances volume and GPU progression, but remains confident in the trajectory towards its longer-term milestones. n Autohero trading system and GPU progression. Following two quarters of strong unit growth but relatively stable GPUs, management deliberately prioritised inventory efficiency and margin realisation in Autohero. The upgraded trading system uses more granular data and multiple models to optimise purchasing, pricing and target margins across specific vehicle clusters. This allows Auto1 to reduce excess inventory in slower-moving cohorts, increase demand per available vehicle and improve stock turn, with average days to sale already improving in Q3 vs. Q2. Management expects to alternate between periods of GPU optimisation and faster unit growth, rather than maximising both simultaneously in every quarter. n Cross-border inventory in Autohero. Management noted that it has recently launched the first Autohero inventory to be cross-listed between markets, initially allowing German stock to be offered in Poland. Management does not expect a meaningful near-term impact given the early stage of the rollout. Over time, management believes cross-border inventory can broaden customer assortment, improve inventory liquidity and expand the potential buyer base for individual vehicles across the platform. n Merchant customer base and dealer health. Management highlighted the diversification of its dealer customer base, with no significant exposure to any individual dealer and therefore limited…