So, good morning, everybody. Sorry, this is going to be in English, but I'm sure everybody will understand me. Thank you for joining us for today's presentation. So, we'll first cover the full year 2024 results, and then we'll go to the Capital Markets Day. I'm Guillaume Paoli, the Co-founder and Co-CEO of the group. The other Co-founder and Co-CEO, Nicolas, is standing right there. He will not speak for this very short presentation on the full year results, but don't worry, you'll have a chance to hear him out just afterwards for the Capital Markets Day. As I said, we'll be short. We'll do also a short Q&A after this session. And please, the questions, please reserve them just for the fiscal year 2024 results. I'm with Fabien Geerolf, that most of you know probably, who is the group CFO.
So, in 2024, Aramis Group has again delivered on its profitable growth strategy and continuing to outperform the market with record figures. We have delivered over 110,000 cars to private customers. We have grown the Adjusted EBITDA fivefold to EUR 50 million. We have generated over EUR 20 million in cash. And this is sustainable growth because we have continued to satisfy our customers with record levels of customer satisfaction. And I would like to thank our teams. Some of them are in the room or watching us for this incredible performance. As you know, the market is absolutely huge, and we want to grow more and more profitably. So, we will continue to improve our business model, our operating system, by converging on the operating system between the geographies, by leveraging our European scale, and by raising the bar to improve this model. We have a very large ambition.
We will meet the massive customer demand for affordable, reliable cars with our customer value proposition, with our refurbished cars, with our pre-registered cars, and we'll detail our ambitions in the Capital Markets Day, and as a first step, next year, 2025, we'll deliver double-digit refurbished cars growth, resulting in high single-digit growth of B2C volumes. We will achieve at least EUR 65 million of EBITDA, while continuously improving our operational working capitals in terms of days of revenue. Let's take a look at where we stand now in 2024. In a nutshell, we are stronger than ever and ready to take on the market and seize the opportunities. Aramis is a European group operating in six different countries, delivering an exceptional experience to our customers with industrially refurbished cars, which are the best deal out there. They are cheaper than new cars.
They are more reliable than used cars, and also the pre-registered cars. So, we are the market leaders, both in terms of sales, in turnover, and also in terms of customer satisfaction, thanks to our incredible team. To reach our ambition and deliver profitable, sustainable growth on the long term, we have a two-pillar strategy. First, you know it, we have a European platform. This European platform, we have an operating system. And as you know, we grew by M&A in five different countries. Well, we are converging Europe-wide on this very performant operating system. And this European platform, we're going to leverage it, gather unique benefits for our customers, and create value. And we will continue to develop it opportunistically. The second pillar is that this great model, we are going to improve it. We're going to raise the bar in all its dimensions.
As you have seen, you have some books. It's the title of an excellent book. You can fetch a copy afterwards. So, these are the two pillars of our strategy. And now I will say a few words about the market. I'll be very synthetic. If we take a quick look, we can see that the market, the automotive retail market, has stabilized to a new normal. Over the fiscal year, both for the new car market and the below-eight-year used car market, there has been a moderate growth, and the market has resumed its normal functioning. We call it new normal because it resumes the normal functioning, as I was saying. But there are four underlying powerful trends that are all very big opportunities for Aramis that we will detail later on today. These four trends, you know them.
It's one, the rise of electric cars, two, the fact that purchasing power. Price is more and more important, the arrival of Chinese OEMs, and finally, the necessary transition of the automotive industry. One of the reasons why the market is normalizing is that the used car prices are stabilizing at slightly above pre-crisis level. And for our business, it's preferable, of course, to have lower prices as it helps people change their car. And we are totally immune in terms of gross profit per unit to the variation of the price, market price. So, a record year, record in terms of sales, in turnover, but also for customer engagement and team engagement, sorry, customer satisfaction and team engagement. We have a unique and powerful model.
It's a combination of a vertical integration throughout the value chain, from buying to selling, an Aramis Operating System on all the verticals of the chain, and the Aramis Performance Engine. Nicolas will detail it later on, operating at the enterprise level, at the team level, and at the people level. More on that later on. You know it, this is a huge market. We have a EUR 270 billion opportunity for cars below eight years. Our customer value proposition is very, very attractive. Again, affordable, reliable cars enabling Europeans to ensure their mobility. Our business model enables us to outgrow the market, as you can see on the left-hand side. We have, again, outgrown the market in 2024, as we have done every year since, I think, the beginning.
And even in the difficult years for us of 2022 and 2023, because there was a scarcity of pre-registered cars, we were able to outgrow the market because we grew strongly on the refurbished car sales. The result is that we're gaining market share year after year, and you'll see there is much more to come. I'll give you a few examples now of advancements regarding our strategic pillar. I remind you, first pillar, the European platform, converging and leveraging our scale. Second pillar, it's about improving the model. So, this is the first example. In Spain, in 2024, after years of growth, we have put the focus on profitability. Spanish teams have worked to converge on the operating system in several dimensions, in particular regarding sourcing and regarding refurbishing. Regarding sourcing, we have been very much more selective and accurate in choosing our cars, empowered by new data tools.
We have also developed new sourcing channels. This led to faster sales and a reduced need for pricing adjustment. In terms of refurbishing, the productivity of the Villaverde, near Madrid, factory has improved by one-third thanks to a re-engineered refurbishing flow. We implemented the pull flow approach of our group operating system and also the enhanced calibration system that we have to process used cars, and as a result, the gross profit per unit has increased. You see the numbers very strongly, and it's reaching almost the group average in terms of GPU. Also, in our first pillar, it's about leveraging our scale. We leverage our scale. It brings unique benefits to our customers, and we create value internally. This is just an example, and we'll get much more detail later on. It's our internal marketplace.
We are among the only ones, or maybe the only one, to be able to share inventory between countries, which offers our customers more opportunities to buy cars and also helps us to turn our stock faster. Again, we'll talk about this later on. To give you now an example of raising the bar, of improving and enriching our business model, as you know, since day one, we have been developing an optichannel model. Okay? Optichannel is like omnichannel, except that you are optimizing the different channels that are available to put the customer in a unified brand experience and to optimize the business. Well, just an example, we have widened optichannel coverage in 2024, opening customer centers, asset-light customer centers in Spain, Italy, and Austria, thus improving our conversion rate and improving our satisfaction rates of our customers.
I will now hand it over to Fabien, the Group CFO, for more details on the financials.
Thank you, Guillaume. So, let's now review the key financials for fiscal year 2024. Overall, we delivered a very solid financial performance with a significant improvement versus last year. We achieved 22% B2C volume growth, over EUR 50 million in Adjusted EBITDA, of which EUR 16 million in H1 and EUR 34 million in H2, versus EUR 10 million last year. We substantially improved our operating working capital from 31 days to 26 days. As a result, we generated EUR21 million positive free cash flow in the fiscal year. We will review these results in detail in the coming slides. So, let's start with revenues by segment first. The growth was driven by both B2C segments. On refurbished cars, we achieved in fiscal year 2024, 12% volume growth with an acceleration in H2. On pre-registered, we increased our volumes by 81% thanks to a rapid recovery to more normalized levels, as Guillaume explained earlier.
B2B revenues declined by 27%, which reflects a shift in the mix of our sourcing with an increasing share of cars sourced directly from professionals. Services increased by 12%, slightly below the B2C volume growth due to the adverse conditions on financing and increased interest rates. So, let's now take a look at the revenues by country. Overall, we achieved a very solid double-digit volume growth in nearly all our geographies. If we detail country by country, in France and in Belgium, volumes grew respectively by 26% and 15%. The two countries were able to leverage the full potential of their strong brands, their strong footprint of customer centers, and their unique international network of suppliers in a more normalized market. In Spain, we deliberately prioritized profitability, as Guillaume detailed earlier, after several years of hypergrowth. We now have solid foundations for future growth.
In the U.K., in a particularly difficult market, we achieved 20% volume growth, resulting in substantial market share gain. Finally, significant growth was achieved in our last two acquisitions, Italy and Austria, respectively 82% and 57%. Some more insights on our GPU now. We have substantially improved our GPU in 2024 with clear progress made between H1 and H2, as you see on the right side. On one side, we faced adverse market conditions on the margins generated by services due to higher interest rates impacting our financing margins. But on the other side, we have been able to generate higher margins on the cars themselves. That's what we call the metal components, driven by two major components. With one, we have improved the selection of the cars, and here, we have been able to leverage our know-how, our technology to buy the best cars.
You have seen one example with Spain, but it has been something that we have seen in different countries. Two, we have decreased our refurbishing cost. Once again, we had the example of Spain. We had it elsewhere, thanks to increased productivities, lower costs, and better absorption of fixed costs. More insights will be shared later on these levers during the CMD presentation. So, in addition to increasing our margins, we have continued to optimize our SG&A structure in euro per unit. Half of the improvement came from a better fixed cost absorption, thanks to the 22% growth achieved. The other half came from two factors. One, improved productivities, thanks to convergence on our operating model and technologies. And second, lower cost of customer acquisition. Here, we have increased our long-term brand investments and decreased acquisition costs for further optimization in lead generation and lead conversion.
Once again, we will come back on these topics in more details during the CMD. So, as a result of this strong growth, improved unit margins, and reduced SG&A per unit, the EBITDA significantly increased from EUR 10 million to EUR 50 million this year. And during fiscal year 2024, our EBITDA margin improved from 1.5% in H1 to 3% in H2, which gives us high confidence to achieve 5% EBITDA in 2027. We have generated EUR21 million free cash flow in fiscal year 2024. In addition to improving our profitability, we have accelerated the reduction in operating working capital in days of revenues from 31 days to 26 days. Our CapEx stood at 0.6% of revenues. We continued to invest in our technologies with an increasing share invested at the group level, allowing these investments to be shared between several countries.
As a result, our financial leverage continues to decrease, with a financial net debt now standing at EUR 61 million and an EBITDA of EUR 50 million, resulting in a leverage ratio of 1.25. As a reminder, we still need to cash out the earnout for the acquisition of Onlinecars in 2025 and for CarSupermarket in 2026. And we have available credit lines for a total amount of EUR 300 million approximately, of which less than a third are drawn today. And with that, I'll hand it over to Guillaume.
Thank you, Fabien. As we'll have the opportunity to highlight just afterwards, we are a very ambitious and entrepreneurial team. We believe we can build a huge and very profitable company because we have just a huge market and we have the business model for it. So, the two elements enable us to be very ambitious. To go step by step, here are our financial targets for next year, for 2025. So, we'll deliver double-digit organic growth on refurbished volumes, resulting in high single-digit organic growth for total B2C volumes, delivering at least EUR 65 million of adjusted EBITDA, and continuously improving our working capital in days of revenue. So, this is it for this short presentation. And now we can have a short Q&A session before taking another short break. So, I don't know if there are questions in the room. Yeah? Bonjour, Mourad.
Bonjour. So, yeah, I have a question on the GPU. When you look at the bridge that you showed between metal and services, can you give us the main component of the services decline? And also, a more broader question on service. When you think about this component five years down the road, what will be the main drivers? Financing, spare parts, or other stuff?
Okay. So, the main component is really the financing penetration. It went from 46% to 43%. And the main reason for that is the higher interest rate. Okay? And we have explained it earlier. We can detail that. Regarding the services going forward, there is a detailed slide prepared by Alejandro here, who will present it during the CMD. There are several things that we can develop where we can converge on this aspect. We can increase the penetration of the current services, or we can launch new services, services that are offered in some countries but not in others. So, these are the two levers, and we will illustrate that with precise examples during the CMD presentation. Okay?
Thank you. Good morning, Alexandre Raverdy from Kepler Cheuvreux. I have two questions related to the 2025 guidance, please. The first one on the volume guidance. I think it implies the pre-reg business to be flattish or even slightly down. I think we are not yet back to the historical level. So, is it a deliberate measure from you, or are you being cautious here? That would be the first question, and the second one on profitable growth. So, it's nice to see the EBITDA per unit growing again in 2025. I guess the question I have is, what are the key building blocks beyond that? Is it even higher GPU, metal services? Is it even further cost actions on the marketing side? Just wanted to understand what will be the main drivers for that. Thank you.
I'll take the first one. Maybe you can take the second one, even if it's a bit what we're going to tell just afterwards. Regarding the guidance, so thank you for the question. We were expecting it. So, I mean, we sell used cars. We sell cars to serve our customer needs. There are some variations in the market. We have always said that the strategic axis was refurbished cars. We operate on a market of 12 million units, cars below eight years. The pre-registered market is a much smaller market. It's 400,000. And there is, yeah, it's not totally clear where it would land, but we are confident in being able to grow it. And as a whole, we will deliver a high single-digit growth. Okay? But there is a question of a little bit of mix between the two.
If there is a surge on one, it impacts a little bit the other one. But in the end, the important part is that we're going to serve more customers with a high single-digit growth. And for the second part?
And on the big blocks to explain the gap in profitability, we will detail it, of course, during the CMD presentation again. But to make it simple, it will be both. So, it will come from the margins and from margin on services, margin on metal. We can grow both these margins, and we will explain how. And it will also come from a further reduction in SG&A in euro per unit. We will absorb more fixed costs. We think that there are some levers on productivities as well around technology. And we will give some very concrete examples on how we intend to achieve that.
So, to answer your questions, yes, there are several levers, not only one.
Do we have some other questions in the room? Yes, there is one.
Yes, hello. I just have one question on the fiscal year 2024. You have a tax credit in the P&L and a tax outflow in the cash flow. Can you elaborate a little bit on that? Thank you.
Yeah, thank you. Yeah, so indeed, thank you. We have a tax credit in the P&L. In fact, it's explained by the fact that we have generated in the past some losses. And as long as you have not proven that you were delivering profits, you cannot recognize the tax loss carry forward in your books. So, when you start delivering more profits as a mechanical impact, you recognize the tax loss carry forward in your books. So, it's a pure mechanical accounting impact.
Do we have other questions in the room? I think we have no questions on the phone and no questions from the web for the moment. So, last chance. Okay. Thank you very much for your attention. We'll do a short break and come back for 10:00 A.M. for the full Capital Markets Day.