Group 1 - Aramis Group conducted share buybacks from January 26 to January 30, 2026, totaling 9,690 shares at an average purchase price of €4.6427 per share [2] - The daily transactions included purchases of 2,141 shares on January 26, 1,051 shares on January 27, 2,173 shares on January 28, 2,164 shares on January 29, and 2,161 shares on January 30 [2] - The company operates under the authorizations granted by the General Assembly on February 4, 2025, for share buybacks [2] Group 2 - Aramis Group is a leading European B2C online used car sales company, operating in six countries with annual revenues exceeding €2.3 billion [3] - The company has sold over 119,000 vehicles B2C and attracts nearly 70 million visitors to its digital platforms each year [3] - Founded in 2001, Aramis Group employs more than 2,400 people and has nine industrial-scale refurbishing centers across Europe [3]

Core Insights - Aramis Group's first-quarter performance for fiscal year 2026 aligns with expectations despite a challenging market environment, confirming the strength of its business model and value proposition [2][6][12] - The company has reaffirmed its financial targets for 2026, aiming for at least 115,000 total B2C vehicle sales and a minimum of €55 million in adjusted EBITDA [6][22] Revenue Overview - Total revenues for Q1 2026 amounted to €550.4 million, a decrease of 4.8% compared to Q1 2025 [6][7] - B2C vehicle volumes decreased by 5.6%, reflecting heterogeneous trends across different countries, while the overall market declined by 6% [6][12] - France outperformed the market by 12 points, with revenues increasing by 6.6% to €264.9 million, driven by a 4.4% increase in total volumes [8][15] Segment Performance - B2C segment revenues reached €486.4 million, down 5.1% year-over-year, primarily due to a volume effect of -5.6% [9] - Refurbished cars revenue was €343.1 million, down 11.1%, attributed to a volume effect of -9.3% and a price effect of -1.8% [10] - Pre-registered cars revenue increased by 13.6% to €143.3 million, with a volume effect of +7.5% and a price effect of +6.0% [11] Country-Specific Analysis - In Belgium, revenues decreased by 6.3% to €73.7 million, with a volume decline of 7.7% due to temporary supply issues [16] - Spain's revenues remained stable at €77.4 million, with a volume growth of 2.8%, outperforming a market decline of 2.9% [17] - The United Kingdom saw revenues drop by 23.0% to €90.5 million, with a volume decrease of 20.3%, as part of a strategic focus on profitability [18] - Austria's revenues fell by 28.5% to €35.1 million, with a significant volume decline of 35.4% [19] - Italy experienced strong growth, with volumes up 34.9%, confirming the effectiveness of recent management and strategy adjustments [20] Strategic Outlook - The company is committed to laying the foundations for sustainable growth, acknowledging that the current transition year may temporarily affect volumes [22] - Aramis Group continues to focus on enhancing its service offerings across all markets, aligning with its long-term strategy [14]

Group 1 - Aramis Group conducted share buybacks from December 15 to December 19, 2025, totaling 22,807 shares purchased at a daily weighted average price of €4.3752 [2] - The daily transactions included purchases of 4,577 shares on December 15, 4,620 shares on December 16, 4,687 shares on December 17, 4,542 shares on December 18, and 4,381 shares on December 19 [2] - The share buybacks were authorized by the General Assembly on February 4, 2025, in accordance with regulations related to share repurchases [2] Group 2 - Aramis Group is a leading European B2C online used car sales company, operating in six countries and generating annual revenues exceeding €2.3 billion [3] - The company has sold over 119,000 vehicles B2C and attracts nearly 70 million visitors to its digital platforms each year [3] - Founded in 2001, Aramis Group employs more than 2,400 people and operates nine industrial-scale refurbishing centers across Europe [3]

Group 1 - Carvana Co (NYSE:CVNA) is recognized as a high growth stock, with UBS initiating coverage with a Buy rating and a price target of $450, highlighting its strong online platform and customer experience as key competitive advantages [1] - Currently, Carvana holds approximately 1.5% of the used car sales market, with projections suggesting it could grow to around 4% by the end of the decade and 8% over the next ten years, driven by increasing consumer comfort with online purchases [2] - The company's emphasis on customer experience, including same-day or next-day delivery options, is expected to enhance brand awareness and support its vehicle acquisition strategy [3] Group 2 - Carvana operates an e-commerce platform for buying and selling used cars, allowing customers to browse, purchase, and sell vehicles through its website or app, which includes 360-degree virtual tours of cars [4] - Following the announcement of its inclusion in the S&P 500 index, Carvana's shares experienced a positive boost, effective before market open on December 22 [3]

Group 1 - Aramis Group conducted share buybacks from December 8 to December 12, 2025, totaling 13,666 shares purchased at a daily weighted average price of €4.3766 [2] - The specific daily transactions included 4,575 shares on December 10, 4,566 shares on December 11, and 4,525 shares on December 12, with respective average prices of €4.3711, €4.3399, and €4.4194 [2] - The company operates under the authorizations granted by the General Assembly on February 4, 2025, for share buybacks [2] Group 2 - Aramis Group is a leading European B2C online used car sales company, operating in six countries and generating annual revenues exceeding €2.3 billion [3] - The company has sold over 119,000 vehicles B2C and attracts nearly 70 million visitors to its digital platforms annually [3] - Founded in 2001, Aramis Group employs more than 2,400 people and has nine industrial-scale refurbishing centers across Europe [3]

Core Viewpoint - A class action lawsuit has been filed against CarMax, Inc. and certain senior executives for securities fraud following a significant stock drop attributed to potential violations of federal securities laws [1][3]. Company Overview - CarMax, Inc. is a leading retailer of used cars, which has recently faced scrutiny due to disappointing financial results and allegations of misleading investors regarding demand for its vehicles [4][6]. Financial Performance - For the second quarter of fiscal year 2026, CarMax reported a 5.4% decline in retail used unit sales, a 6.3% decline in comparable store used unit sales, and a 2.2% decline in wholesale units. The net income for the quarter was approximately $95.4 million, down from $132.8 million in the previous year [6]. - The stock price of CarMax fell by $11.45 per share, or roughly 20%, from $57.05 on September 24, 2025, to $45.60 on September 25, 2025, following the announcement of these disappointing results [7]. Legal Issues - The lawsuit claims violations under Sections 10(b) and 20(a) of the Securities Exchange Act of 1934, with investors encouraged to seek lead plaintiff status by January 2, 2026 [3]. - The unexpected departure of CEO Bill Nash on November 6, 2025, and a weak preliminary outlook for Q3 2025 further contributed to the decline in stock price, which dropped over 24% following this news [7].

Core Insights - Alarm bells are ringing on Wall Street due to the recent collapses of Tricolor, a used car seller and sub-prime auto lender, and First Brands, an auto parts supplier, raising concerns reminiscent of the 2008 financial crisis [1][4] - The car lending market is showing signs of strain, with repossessions increasing, particularly in the sub-prime sector, indicating potential credit stress among lower-income households [2][4][6] Company-Specific Developments - Tricolor's bankruptcy has led JPMorgan Chase to disclose a $170 million charge, prompting CEO Jamie Dimon to warn of potential further issues in the market [2] - First Brands has received $500 million in rescue financing from a bankruptcy court, although concerns were raised about the viability of further lending [5] Industry Trends - Repossessions in the sub-prime auto market are on the rise, with indications that some sub-prime lenders are tightening their financing practices compared to two years ago [4] - Distress in auto lending is viewed as a bellwether for broader economic conditions, particularly affecting lower-income households who prioritize auto payments [6][7]

Core Viewpoint - CarMax, Inc. is under investigation for potential violations of federal securities laws, following a significant decline in sales and earnings attributed to a temporary demand boost from U.S. tariffs on cars [1][2][3] Group 1: Investigation Details - Bleichmar Fonti & Auld LLP is leading the investigation into CarMax for possible securities law violations [1] - The investigation is prompted by discrepancies between CarMax's claims of strong demand and the reality of declining sales figures [2] Group 2: Financial Performance - In fiscal Q2 2025, CarMax reported a 5.4% decline in retail used unit sales, a 6.3% decline in comparable store used unit sales, and a 2.2% decline in wholesale units [3] - The company's net earnings for Q2 were approximately $95.4 million, down from $132.8 million in the previous year, indicating a significant drop in profitability [3] - Following the earnings report, CarMax's stock price fell by $11.45 per share, or about 20%, from $57.05 to $45.60 [3]

Financial Data and Key Metrics Changes - Retail transaction volume reached 10,385 units, up 154% year-over-year and 38% quarter-over-quarter, indicating strong growth [4][13] - Retail revenue totaled RMB 610 million, an increase of 87% year-over-year and 31% quarter-over-quarter [14] - Gross margin for the quarter was 5.2%, down from 6.4% a year ago and 7% in the prior quarter, primarily due to price competition in the new car segment [16] - Adjusted EBITDA loss was RMB 16.5 million, a 51% reduction year-over-year [17] - For the third quarter, retail transaction volume is expected to be between 13,500 and 14,000 units, with total revenue projected between RMB 830 million and RMB 860 million [18] Business Line Data and Key Metrics Changes - Retail revenue growth was driven by a shift towards a more affordable inventory mix, with the average selling price (ASP) for retail vehicles at RMB 59,000, down from RMB 62,000 in the prior quarter [14] - Wholesale transaction volume was 1,221 units, representing a 19% decrease year-over-year but a 70% increase quarter-over-quarter [15] Market Data and Key Metrics Changes - The used car market in China has been affected by aggressive price competition in the new car segment, but recent government policies have moderated this competition [10] - The Zhengzhou superstore opened in a major transportation hub with a population of over 13 million, enhancing market presence in Henan Province [9] Company Strategy and Development Direction - The company is focused on expanding its superstore model, with the recent opening of the Zhengzhou superstore being part of a strategic plan to strengthen market presence [9][10] - The integration of AI technologies into business operations is being explored to enhance efficiency and scalability [8] - The company emphasizes careful planning for new store openings to balance profitability pressures with expansion needs [22] Management's Comments on Operating Environment and Future Outlook - Management expects retail transaction volume to maintain strong growth, projecting over 120% year-over-year growth for the third quarter and approximately 130% for the full year 2025 [10][18] - The company is confident in its ability to raise sufficient capital to support its expansion plans, given its consistent growth and early signs of recovery in capital markets [25] Other Important Information - The Wuhan superstore has shown rapid growth and operational maturity, with a significant reduction in startup losses compared to other locations [6][10] - The company has established a standardized management and operating system to facilitate the rapid ramp-up of new locations [5][7] Q&A Session Summary Question: How does the company balance short-term profitability pressures with expansion needs? - Management emphasized that expansion is carefully planned and that they focus on raising standardization and efficiency to mitigate early-stage cost pressures [22][24] Question: What measures were taken in Wuhan to achieve faster ramp-up compared to other locations? - The CEO highlighted the maturity of the digital management system and standardized business processes as key factors in the successful ramp-up of the Wuhan superstore [27][30] Question: How does management view the competitive landscape in Zhengzhou? - Management acknowledged the intense competition but expressed confidence in their differentiated superstore model and the ability to replicate success from Wuhan [32][35]

Company Insights - CarMax reported a significant decline, hitting a new 5-year low after missing second quarter earnings estimates, with retail used car sales down 5% year-over-year and auto financing income falling over 10% in the quarter [2][3] - CarMax announced a $150 million cost-cutting plan over the next 18 months, which contributed to a more than 20% drop in its shares at the close [3] - Oracle's stock closed down about 5.5% after receiving a sell rating from Rothschild and Redburn, which initiated coverage with a $175 price target, citing overestimation of contracted cloud revenues [4][5] Industry Trends - The energy sector is experiencing a rally, even as crude prices fell from a 7-week high, with speculation linking this to AI traders [6] - Copper prices are rising due to supply disruptions from Freeport MacMoran's mine suspension in Indonesia, which could impact input prices for new homes and create margin pressure for home builders [7][8] - Lithium Americas saw a nearly 100% gain recently, with a further 20% increase, as the U.S. is potentially taking a stake to secure supply chains and reduce reliance on China [8] Economic Indicators - The upcoming PCE report is crucial, with expectations for core PCE to increase to 2.9%, the highest level in 5 months, which may influence the Federal Reserve's decisions in the October meetings [9][10] - There is ongoing discussion about the impact of tariffs on inflation, with some retailers absorbing costs, while others may pass them through to consumers [12][13]