Aramis Group (ARAMI) H2 2024 earnings summary

Executive summary

• Achieved record performance in FY2024 with revenue of €2.238 billion, B2C car sales over 112,000 (up 21.9%), and adjusted EBITDA rising fivefold to €50.5 million, with €21 million in free cash flow.

• Outperformed the market with strong customer satisfaction (NPS 73), 15% revenue growth, and continued profitable growth leveraging a European platform.

• Expanded refurbishing centers from 2 to 8 and presence from 3 to 6 countries, accelerating operational integration.

• Employee engagement reached e-NPS of 57.

Financial highlights

• Revenue increased 15% to €2,238 million; gross profit per unit rose 5.7% to €2,285; adjusted EBITDA margin improved to 2.3%.

• Operating working capital improved to 26 days of revenues, down from 31 days.

• Free cash flow reached €21 million; capex was €13.7–14 million (0.6% of revenues).

• Net debt reduced to €61 million; leverage ratio at 1.2x net debt/adjusted EBITDA.

• Net income was €5.0 million, compared to a €32.3 million loss in 2023.

Outlook and guidance

• FY2025 targets double-digit organic growth in refurbished volumes, high single-digit B2C volume growth, and adjusted EBITDA above €65 million.

• Continued focus on improving working capital efficiency and margin expansion.

• Confident in achieving 5% EBITDA margin by 2027.

• Market normalization anticipated, with modest positive growth in the used car sector.