Aramis Group - 2026 first-half results

PRESS RELEASE

Arcueil, May 19, 2026

2026 first-half results

First-half results in line with expectations
Resilience of unit margins and positive cash generation in a challenging market environment
Results at March 31, 2026, first half of the financial year ending September 30, 2026

• First-half 2026 revenue of €1,134.2 million (-6.5%) and B2C volumes of 56,444 units (-7.3%), in a context of deteriorated macroeconomic conditions and operational transitions carried out in several geographies
• Market¹ for used vehicles under 8 years old down -4.4%, particularly in France (-7.8%), the Group 's leading market
• Customer satisfaction among the best in the industry, with an NPS² of 74 and supported by continued team engagement, illustrated by a strong eNPS³ of 48
• Resilience of gross profit per B2C vehicle sold (GPU), up to €2,332 (+0.6% compared to the first half of 2025)
• Adjusted EBITDA of €23.3 million compared to €32.8 million in the first half of 2025; positive net income
• Cash generation⁴ of +€2.6 million over the first half of 2026, driven by inventory control
• Net debt⁵ of €39.7 million at March 31, 2026, after the disbursement of €34.0 million to acquire the remaining shares held by the minority shareholder in our UK subsidiary; Aramis Group now has full ownership of all its subsidiaries
• 2026 full-year objectives revised on May 12, 2026, reflecting in particular the impact of the Middle East conflict on the pre-registered vehicles segment:
  • Total B2C vehicles sold of at least 110,000 units (versus at least 115,000 units previously);
  • Adjusted EBITDA between €35 and €45 million (versus at least €55 million previously);

Nicolas Chartier and Guillaume Paoli, co-founders⁶ of Aramis Group:
“This first half of 2026 demonstrates the progress made by our teams across all our geographies to consolidate the foundations for healthy and sustainable growth. France is outperforming its market, Italy is showing strong growth momentum, and Spain is returning to its best historical unit margin levels. Our customer purchasing channel is progressing in all our countries. The improvement in unit margins between the first and second quarters demonstrates the progress made as part of our operational transitions, particularly in the United Kingdom and Austria. In parallel, we continue the deployment of our brand and technology platforms, while accelerating our artificial intelligence initiatives.
The new geopolitical context temporarily weighs on pre-registered vehicle volumes, which led us to revise our targets for fiscal year 2026. The fundamentals of our model remain solid, and we confirm our medium-term objectives.“

2026 FIRST-HALF ACTIVITY

Overview of volumes and revenues

2026 first-half B2C and B2B volumes

2026 first-half revenues

By segment

By country

Analysis of the change in revenues by segment

B2C – sales of cars to private customers (88% of revenues)

B2C segment revenue – corresponding to sales of refurbished and pre-registered cars to private customers – totaled €1,001.6 million in the first half of 2026.

Revenue from the refurbished cars segment reached €727.6 million, down -9.8%, including a volume effect of -8.4% and a price/mix effect of -1.4%. This decline reflects the operational transitions initiated in the United Kingdom and Austria, in a used vehicle market for vehicles under 8 years old down -4.4% across all the Group 's geographies. During the first half, customer purchasing volumes (C2B) showed growth of +7.6% at Group level and over 30% at the end of the first half.

Revenue from the pre-registered cars segment amounted to €273.9 million, up slightly by +0.8% compared to the first half of 2025, including a volume effect of -3.4% and a price/mix effect of +4.1%. This segment, concentrated mainly in France and Belgium, results from supply and demand differentials in the new car market: the acceleration in demand for electric vehicles following the Middle East conflict mechanically reduces these differentials, temporarily contracting the availability of pre-registered electric vehicles in the market. In France, this phenomenon is amplified by the eco-bonus benefiting new electric vehicles, making the pre-registered electric vehicle, which does not benefit from it, less competitive compared to the new vehicle offer.

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

B2B segment revenue reached €70.0 million in the first half of 2026, down -5.2% compared to the first half of 2025, including a volume effect of -4.6%. Volumes of vehicles purchased from private customers are progressing during the first half with a growing share of these sourcing volumes (+3 points) now refurbished and sold in B2C.

Services (6% of revenues)

Servicesgenerated €62.6 million of revenue during the first half of 2026, up +2.4% compared to the first half of 2025, confirming the momentum of this segment in an environment of declining volumes. This growth is mainly driven by the continuous improvement of our financing offers, as well as by the development of insurance offers. The penetration rate of financing solutions is relatively stable over the period.

Analysis of the change in revenues by country

Revenue generated in France in the first half of 2026 reached €538.7 million, up +3.7%. France continues to grow, open new points of sale, with 4 new openings during the first half of 2026, and invest in its technologies, with for example the deployment of a new customer purchasing module during the period. In a used vehicle market for vehicles under 8 years old down -7.8% over the period, France posted volumes up +0.9%, representing an outperformance of +8.7 points, demonstrating the robustness of its integrated model, despite the repercussions of the Middle East conflict on the pre-registered segment at the end of the first half of 2026.

Revenue generated in Belgium in the first half of 2026 reached €150.9 million, down -8.8% compared to the first half of 2025. This decline is linked to difficulties encountered in pre-registered vehicle sourcing (-27% over the period), resulting on the one hand from the reorganization of the purchasing team, and on the other hand from the repercussions of the Middle East conflict on the pre-registered vehicles segment at the end of the first half of 2026. Refurbished vehicles showed growth of +8.3%. To accelerate operational convergence, Aramis Group has created a France-Belgium cluster, under the responsibility of the France CEO.

In Spain, revenue generated in the first half of 2026 reached €156.7 million, down -3.3% compared to the first half of 2025. The momentum is particularly positive at the end of the period, with unit margin levels reaching historical highs during the last two months. Sourcing from private customers is also experiencing strong acceleration, with volumes more than doubled compared to the first half of 2025 and almost tripling in March 2026 alone.

In the United Kingdom, revenue reached €197.8 million in the first half of 2026, down -22.3% compared to the first half of 2025. In line with the announced strategy, the Group deliberately reduced unprofitable activities, which resulted in a significant improvement in profitability. The development of the customer purchasing activity now constitutes the main lever for profitable growth in the United Kingdom.

In Austria, revenue amounted to €70.3 million in the first half of 2026, down -28.4% compared to the first half of 2025, reflecting the transition phase in progress. The first positive effects of this transition are beginning to materialize at the end of the half, particularly on unit margins. The management teams are ramping up, and convergence efforts are continuing.

In Italy, revenue reached €19.8 million in the first half of 2026, up strongly by +43.2% compared to the first half of 2025. The entity is continuing its strong growth trajectory, with B2C volumes up more than 50% compared to the previous year, in a market down -6.8%, representing an outperformance of +57.9 points. To accelerate the deployment of its convergence strategy in Italy, Aramis Group has appointed a new Chief Executive Officer at brumbrum and created a Spain-Italy cluster under the responsibility of the Spain CEO.

INCOME STATEMENT

Condensed income statement⁷

Gross profit

Gross profit per B2C vehicle sold (GPU) reached €2,332, up +0.6% compared to the first half of 2025 (€2,317).

The resilience of margins observed during the first half of 2026 reflects the Group 's ability to improve the selection of the best vehicles for its customers, thanks to the development of its sourcing channels and its technologies, as well as the improvement of its service offer. Spain and the United Kingdom stand out with significantly improving unit margin levels.

Adjusted EBITDA

Adjusted EBITDA reached €23.3 million in the first half of 2026, compared to €32.8 million in the first half of 2025 (-28.9%).

In the context of declining volumes, Aramis Group maintained its discipline on unit margins and SG&A which remained stable in absolute value.

Operating income

Operating income for the first half of 2026 amounted to €6.6 million compared to €15.4 million in the first half of 2025.

In addition to adjusted EBITDA, operating income includes:

• -€1.0 million of personnel expenses related to share-based payments;
• restructuring costs of -€0.5 million;
• depreciation and amortization of -€15.2 million (including -€7.7 million related to IFRS 16).
  
  

Net income

Net income for the first half of 2026 was positive at €0.1 million compared to €6.4 million in the first half of 2025.

It includes:

• financial result of -€3.5 million, including net financial debt cost of -€1.3 million, financial expenses on lease liabilities (IFRS 16) of -€2.2 million;
• corporate income tax, totaling -€3.0 million. 

CASH-FLOW AND FINANCIAL STRUCTURE

Inventories and operating working capital requirements

Operating working capital amounted to €138.3 million at March 31, 2026, representing 22 days of revenues, an improvement of 2 days compared to March 31, 2025.

This performance illustrates the Group 's constant discipline in inventory management across all its geographies.

Cash position

Net debt amounted to €39.7 million at March 31, 2026, compared to €6.1 million at the end of September 2025. This change of €33.6 million mainly reflects the payment of the Motordepot earn-out of €34.0 million, made in January 2026 as planned, and is mainly composed of the following elements:

• +€2.6 million of cash generation, driven by EBITDA contribution, control of operating working capital requirements and CAPEX;
• -€34.0 million payment for the Motordepot earn-out (£30 million), made in January 2026 as planned. Aramis Group is now free of any commitment relating to acquisition earn-out payments;
• -€1.5 million of share buybacks as part of the Long-Term Incentive Plan (LTIP)
  
  

Aramis Group 's balance sheet ratios thus remain very healthy. At March 31, 2026, the Group has undrawn unconditional credit lines of approximately €200 million.

OUTLOOK

The first half of 2026 is in line with expectations: the first positive effects of the transitions are materializing in the United Kingdom and Austria, while Spain and Italy stand out with solid momentum.

The macroeconomic environment remains particularly challenging: the market for vehicles under 8 years old thus recorded a decline of -4.4% during the first half of 2026.

The outbreak of the Middle East conflict at the end of February significantly accelerated demand for electric vehicles. The Group knows how to take advantage of this trend in the refurbished vehicles segment, which temporarily weighs on the pre-registered vehicles segment.

In this context, Aramis Group revised, on May 12, 2026, its annual targets for fiscal year 2026 and now expects:

• total B2C vehicles sold of at least 110,000 units (versus at least 115,000 units previously);
• adjusted EBITDA between €35 and €45 million (versus at least €55 million previously);

In a massive and fragmented European used vehicle market, Aramis Group has numerous structural competitive advantages to continue gaining market share, for example its integrated digital model and its technology platforms.

Aramis Group thus confirms its medium-term objectives:

• average annual organic growth in total B2C vehicle volumes "high single-digit ";
• adjusted EBITDA at approximately 5% of revenues. 

GOVERNANCE

Following the Board of Directors meeting dated April 15, 2026, Aramis Group announces changes to its governance.

Following the resignation of James Weston on April 13, the Board of Directors decided to co-opt Carlo Cavalchini as new director representing Automobiles Peugeot SA (Stellantis group). Carlo Cavalchini will exercise his term for the remaining duration, until the end of the Annual General Meeting of shareholders that will approve the accounts for the financial year ending September 30, 2027.

Carlo Cavalchini currently holds the position of Deputy Group Treasurer at Stellantis N.V., with over twenty years of international experience in corporate finance, capital markets, mergers and acquisitions, and treasury management. Holder of a master 's degree in economics and finance from the University of Turin, he has held positions with increasing responsibilities within Stellantis, Fiat Chrysler Automobiles, Iveco and Comau.

The co-option of Carlo Cavalchini as director will be subject to ratification at the next Ordinary General Meeting of Aramis Group.

His co-option brings solid expertise in corporate finance, treasury management and capital markets and is in line with the strategic partnership between Aramis Group and Stellantis.

In this respect, the shareholders ' agreement concluded between Automobiles Peugeot SA (Stellantis group) and the Company 's founders, Nicolas Chartier and Guillaume Paoli, in connection with the Company 's initial public offering, has been extended retroactively until December 21, 2026. It is specified that this agreement does not constitute a concerted action between the parties within the meaning of Article L. 233-10 of the French Commercial Code.

The Board of Directors now has eight members: the two co-founders, three directors representing Stellantis (Silvia Vernetti, Sophie le Roi and Carlo Cavalchini) and three independent directors (Sonia Barrière, Patrick Bataillard and Delphine Mousseau). The independence rate stands at 38% and the feminization rate at 50%, in accordance with the recommendations of the AFEP-MEDEF Code.

The diversity of members ' skills continues to guarantee a high level of strategic and operational excellence, ensuring sustainable and long-term development for the Company.

The composition of the Committees has evolved as follows: Silvia Vernetti joins the Nominations and Remuneration Committee, Carlo Cavalchini joins the Audit Committee, and Sophie le Roi joins the CSR Committee, in accordance with best governance practices.

***

Status of statutory auditors ' procedures:

At its meeting of May 19, 2026, the Board of Directors of Aramis Group approved the consolidated financial statements for the first half of fiscal year 2026, ended March 31, 2026. The limited review procedures on the half-year accounts have been carried out. The limited review report will be issued after verification of the half-year management report.

Next financial information:

2026 third-quarter activity: July 23, 2026 (after market close)
2026 annual results: November 25, 2026 (after market close)

About Aramis Group – www.aramis.group

Aramis Group is the European leader for B2C online used car sales and operates in six countries. A fast-growing group, an e-commerce expert and a vehicle refurbishing pioneer, Aramis Group takes action 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 25 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 annual revenues of more than €2.3 billion, Aramis Group sells more than 119,000 B2C vehicles and welcomes close to 70 million visitors across all its digital platforms each year. The Group employs more than 2,400 people and has nine 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 18, 2025, filed with the French Financial Markets Authority (AMF) under number D.25-0778 and available on the Group 's website (www.aramis.group) and on the AMF website (www.amffrance.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

investor@aramis.group

APPENDICES

Net profit and loss

Statement of financial position

Cash-flow statement

Reconciliation of gross profit per unit (GPU)    

Reconciliation of adjusted EBITDA

Breakdown of operating working capital requirement

Reconciliation of net debt with net financial debt under IFRS

¹ Market for used vehicles less than eight years old, on average across the six geographies of the Group. Source: S&P Global and Aramis Group
² Net Promoter Score, a widely used indicator measuring customer satisfaction
³ Employee Net Promoter Score, a widely used indicator measuring employee engagement
⁴ Total cash-flow excluding cash-outs related to Motordepot earn-out payment (€34m) and share buyback program (€1.5m)
⁵ Net financial debt excluding lease liabilities (IFRS 16)

⁶ Nicolas Chartier is Chairman and Chief Executive Officer of the Company, and Guillaume Paoli is Deputy Chief Executive Officer, based on a 2-year rotation
⁷ See appendices for the reconciliation of gross profit and adjusted EBITDA
⁸ Net financial debt excluding lease liabilities (IFRS 16) and minority shareholder put options Carsupermarket.com

Attachment

• Press release - ARAMIS GROUP - Half-Year results H1-FY26

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