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Aramis Group - 2025 annual results
PRESS RELEASE
In 2025, Aramis Group deployed the strategy announced at its Capital Markets Day in November 2024 to continue the convergence of its entities, fully capitalize on its European scale, and sustainably anchor its profitable, cash-generative growth.
The sharing of expertise intensified across the Group, particularly in vehicle selection and optimization of refurbishing processes, leading to continuous structural improvements. This operational convergence resulted in a marked increase in GPU in the second half of 2025, up more than €85 compared to the first half, reaching €2,359 for the fiscal year.
In France, the Group's first market, Aramis Group maintained its profitable growth momentum, confirming the strength of its value proposition and the relevance of its operating model. Vehicle volumes grew steadily, driven by the opening of four new sales points while maintaining a level of profitability in line with the Group's objectives, close to 5% adjusted EBITDA.
In Italy, the evolution of the management team and the acceleration of the turnaround enabled a major milestone to be reached with positive adjusted EBITDA in Q4 2025, while accelerating volume growth.
Following the founders’ departure in the United Kingdom and Austria, management and operational transitions are underway. These changes have led to a short-term refocus on profitability and cash generation, with initial effects visible in the last quarter, thereby laying the foundations for profitable growth.
The promising rollout of the internal marketplace accelerated with a doubling of intra-group delivery volumes. This platform strengthens value creation at European scale, improving inventory turnover and diversifying the offering.
Aramis Group also strengthened its technology and data platform, including the production launch of new applications aimed at better serving its customers through artificial intelligence, as well as the launch of a new vehicle buyback tool for private customers in France and Spain.
The unification of brand platforms and visual identity continues across all geographies, strengthening the consistency of Aramis Group's differentiating value proposition.
– corresponding to sales of refurbished and pre-registered cars to private customers – reached €2,110.8 million in 2025, up +7.1% compared to fiscal year 2024, including a +6.2% volume effect and a +0.9% price effect.
reached €1,556.8 million, showing growth of +3.0%, broken down into a positive volume effect of +4.2% partially offset by a price effect of -1.2%. This momentum is however impacted by the transition phase following the departure of the founders in the UK and Austria, a key step to begin a new phase of profitable and sustainable growth in these geographies.
reached €554.0 million, up +20.7% compared to 2024, including a volume effect of +13.9% and a price effect of +6.8%. This performance demonstrates Aramis Group's ability to seize market opportunities, thanks to its unique supplier network across Europe.
The Group continues to gain market share in the segment of vehicles under 8 years old, outperforming it by +6 points during fiscal year 2025. Aramis Group once again demonstrates the quality of its value proposition as an integrated player, capable of purchasing more vehicles at the best price, refurbishing them more efficiently, and serving an ever-growing number of customers in Europe.
B2B segment revenue amounted to €145.1 million in 2025, down -3.6% compared to fiscal year 2024, due to a decline in the average selling price of vehicles sold in B2B with an impact of -7.4%, partially offset by an increase in volumes with an impact of +3.8%. B2B segment activity, largely correlated with the volume of vehicles purchased from private customers, is growing again.
Revenue generated by services reached €123.7 million during fiscal year 2025, up +6.8% compared to 2024. This growth was driven, on the one hand, by the increase in B2C vehicle volumes delivered, and on the other hand by the increase in the penetration rate of financing solutions, which now stands at 44%, up +1 points compared to 2024, reflecting the effectiveness of commercial initiatives deployed and the continuous improvement of the service offering.
Revenue generated in France during fiscal year 2025 reached €1,038.1 million, recording growth of +11.0%. Growth was supported by both refurbished vehicle volumes (+8.7%) and pre-registered vehicle volumes (+16.3%). France, close to the adjusted EBITDA target of 5%, continues to expand its sales network and continues to consolidate its model by enriching its service offerings and investing, together with other Group entities, in improving its information systems.
In Belgium, revenue reached €322.8 million, demonstrating significant growth of +11.4%, also driven by the growth in pre-registered vehicle volumes (+13.5%) and refurbished vehicles (+7.1%).
In Spain, revenue reached €311.9 million in 2025, driven by volume growth of +2.9% compared to 2024. Growth in Spain was impacted by the flooding of the Valencia sales point (the country's second-largest sales point in terms of sales volume) and its refurbishment center early in the year. The Valencia site fully reopened in May 2025, thus enabling a return to more dynamic growth in Q4 (+6% yoy).
Revenue generated in the United Kingdom reached €490.9 million, representing growth of +8.1%, driven by strong volume momentum in the first half (+14.7% yoy). The second half saw a controlled slowdown in growth (-0.3%), due to a refocus on profitability following the operational departure of the founder in June 2025. Specifically, this resulted in the discontinuation of low-margin vehicle sales and the optimization of marketing expenses, with an improvement in this country's profitability already visible in the last quarter.
In Austria, revenue reached €187.4 million, down -14.9% compared to 2024. This change is explained, on the one hand, by an unfavourable base effect after exceptional growth in 2024 driven by one-off sourcing opportunities, and on the other hand by a management transition period following the departure of the entity's historical founder in January 2025.
In Italy, volumes sold to private customers declined by -0.6% during the period, while revenue increased by +3.3%. Including deliveries to other Group entities, total volumes sold by Italy increased by +31.1%, with Italian vehicles being sold in other Group countries via the internal marketplace. After three quarters marked by a decline in volumes of -8.2% compared to 2024, notable improvements were observed in the fourth quarter due to the reorganization of the management team and changes in commercial strategy implemented in June, with a sharp increase in volumes sold to private customers of +27.2% and a significant improvement in profitability, with EBITDA turning positive for the first time in the last quarter.
In 2025, gross margin reached €281.0 million, an increase of +9.6% compared to fiscal year 2024. Gross profit per B2C vehicle sold (GPU) reached €2,359 in 2025, compared to €2,285 in 2024, consolidating Aramis Group's position as a European benchmark .
This improvement results from:
Adjusted EBITDA stood at €67.8 million in 2025, compared to €50.5 million the previous year.
In addition to the improvement in its unit margins, Aramis Group continues its discipline in managing selling, general and administrative (SG&A) expenses, which are growing approximately twice as slowly as volumes sold. In particular, marketing expenses amounted to €33.1 million, down -7.1% in unit cost terms (COCA), demonstrating the continuous optimization of conversions and the increased efficiency of brand image investments.
Operating income for fiscal year 2025 more than doubled, reaching €28.9 million compared to €12.2 million in 2024, reflecting the ongoing profitability recovery of the Group.
In addition to adjusted EBITDA, operating income includes:
Net income for 2025 quadrupled to €19.9 million compared to €5.0 million in 2024.
This figure includes a financial result of -€6.8 million, comprising net financial debt costs of -€4.0 million and lease-related financial charges (IFRS 16) of -€4.4 million. It also includes corporate income tax of -€2.2 million.
Operating working capital stood at €136.8 million. It thus represents 21 days of revenue as of September 30, 2025, an improvement of 5 days compared to September 30, 2024.
The improvement in working capital is mainly due to:
Net debt amounted to €6.1 million as of September 30, 2025, compared to €61.0 million at the end of September 2024, representing a reduction in net debt of €54.9 million, which breaks down as follows:
Aramis Group's balance sheet ratios thus remain very healthy. As of September 30, 2025, the Group has approximately €230 million in undrawn and unconditional credit lines.
In November 2024, Aramis Group announced its new strategic plan aimed at strengthening the performance of all its entities by harmonizing their practices around the Group's operating system, fully capitalizing on its pan-European scale, and continuously enriching its unique model.
Since then, the Group has deployed numerous initiatives in each of the countries where it operates, reflecting concrete progress in implementing this plan.
Over the coming months, the Group will maintain this momentum but anticipates a more gradual execution pace than initially planned, reflecting its commitment to ensuring effective and sustainable implementation of its initiatives.
Considering these challenges and in a macroeconomic environment still characterized by limited visibility, heightened by the political context in France, its primary market, the Group remains both prudent and agile, adjusting its priorities to support its mid-term performance.
In this context, Aramis Group targets, for fiscal year 2026:
In light of the above, the Group reaffirms the ambitions presented at its Capital Markets Day, with the horizon now expected beyond 2027. Thus, Aramis Group targets in the mid-term:
Furthermore, the Group will maintain discipline on its working capital requirements, as historically demonstrated.
Following the Board of Directors meeting on November 26, 2025, Aramis Group announces changes to its governance.
Following the departure of Philippe de Rovira on July 2, the Board of Directors decided to co-opt Silvia Vernetti as a new director representing Stellantis. Silvia Vernetti will serve for the remaining term, until the end of the Annual General Meeting of shareholders that will approve the accounts for the fiscal year ended September 30, 2028.
Silvia Vernetti was appointed in June 2025 as Head of Stellantis Joint Ventures, after having held the position of Head of Business Development and Global Corporate Office and served on Stellantis' Top Executive Team since January 2021.
The co-optation of Silvia Vernetti as a director will be subject to ratification at the next Ordinary General Meeting of Aramis Group.
Her co-optation is in line with the strategic partnership between Aramis Group and Stellantis and brings solid expertise in strategic planning, commercial and industrial development, and financial management.
During its meeting on November 26, 2025, the Board of Directors of Aramis Group approved the consolidated financial statements for the fiscal year 2025, ended September 30, 2025. The audit procedures on the consolidated financial statements and the verification work on sustainability information have been completed. The certification report on the consolidated financial statements will be issued after verification of the management report. The report on sustainability information is being issued.
2026 first-quarter activity: January 27, 2026 (after market close)
2026 first-half results: May 19, 2026 (after market close)
2026 third-quarter activity: July 23, 2026 (after market close)
2026 annual results: November 25, 2026 (after market close)
investor@aramis.group
Brunswick
Hugues Boëton
Tristan Roquet-Montégon
aramisgroup@brunswickgroup.com
Net Promoter Score, a widely used indicator of customer satisfaction, as of September 30, 2025
Employee Net Promoter Score, an indicator used to measure employee engagement, as of September 30, 2025
Used car market for vehicles under 8 years old across the Group’s six geographies, sourced from S&P Global and Aramis Group
Total cash-flow excluding cash-outs related to Onlinecars earn-out payment (€7m) and share buyback program (€3.7m)
Net financial debt excluding lease liabilities (IFRS 16) and minority shareholder put options Carsupermarket.com
Nicolas Chartier serves as Chairman and CEO of the Company, while Guillaume Paoli is Deputy CEO, based on a rotation every two years
See appendices for the reconciliation of gross profit and adjusted EBITDA
Compared to the average gross profit per unit of European listed companies, and considering the differences in the definition of gross profit
Net financial debt excluding lease liabilities (IFRS 16) and minority shareholder put options Carsupermarket.com
Net financial debt excluding lease liabilities (IFRS 16) and minority shareholder put options Carsupermarket.com
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