Q1-Q3/23 results exceeded FY22 earnings

• AutoWallis posted revenues of HUF 283bn in 9M/23 (+36% YoY), exceeding the total sales of FY22 (HUF 270 bn). The company sold nearly 35ths vehicles during the period (+46% YoY), all the while export markets grew by 13%, offset by the 3.2% decrease in the Hungarian market. Q3 sales came in at HUF 88.6 bn, representing an increase of 14% YoY and a decrease of -5.9% QoQ. Export sales accounted for 58% of the total.
• 9M/23 EBITDA rose by 35% YoY to HUF 17.5bn, resulting in an EBITDA margin of 6.2%, slightly up from 6.1% compared to the same period of last year.
• Net profit reached HUF 10.2bn (+34% YoY) in 9M/23, resulting in an EPS of HUF 22.6 compared to HUF 17.3 in 9M/22.
• In 9M/23, wholesale segment rose to 27,466 (+64% YoY) primarily due to last years’ acquisition of Renault Hungária, however growth without the acquisition is outstanding as well (+20%), mainly driven by strong sales of SsangYong. In the meantime, wholesale EBITDA margin weakened from 6.3% to 6.1%.
• Retail segment also grew by c.5% to 7,459 vehicles sold, including 6,014 new and 1,455 used cars. This meant that AW’s retail sales remained on track to outperform the Hungarian new passenger car market, which shrunk by 2.2% during the same period according to DataHouse. EBITDA of the retail division increased by 51.3%YoY to HUF 7.2bn while EBITDA margin also increased from 5.7% to 6.3% in 9M/23.
• The number of service hours in the retail business increased by 9.3% YoY to 132,736, and AutoWallis was able to grow its short-term car rental fleet by 352% YoY, thanks to the acquisition of Nelson Flottalízing Kft. in February, and the Wallis Autómegosztó Zrt. in August.