Recent Insider Transactions • May 17
President of Special Projects recently sold €1.9m worth of stock On the 8th of May, Thomas Taira sold around 28k shares on-market at roughly €67.94 per share. This transaction amounted to 18% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €53m more than they bought in the last 12 months. 공시 • May 08
Carvana Brings Inspection and Reconditioning Center Capabilities to ADESA Chicago Carvana announced plans to bring Inspection and Reconditioning Center (IRC) capabilities to its existing ADESA Chicago wholesale auction site. The integration creates additional reconditioning capacity and a new inventory pool in Carvana’s national network that supports greater selection for retail customers nationwide, faster delivery speeds for Chicago car buyers, and a more robust offering for local wholesale customers. Carvana has already begun hiring local team members and expects the integration to create about 100 new good-paying, skilled, and entry-level jobs in inspection, reconditioning, and vehicle fulfillment over time. These roles require no college degree and come with comprehensive benefits. The announcement builds on Carvana's growing presence in the Chicago market, which also includes Car Vending Machines in Schaumburg and Oak Brook, as well as a multi-year front-of-kit sponsorship with Chicago Fire FC. Carvana is committed to its fast-growing Chicago customer base and continues to roll out new enhancements to the local customer experience, like same-day delivery, which launched last year. Located in Hoffman Estates, Illinois, ADESA Chicago has served wholesale customers since 2016. Now the facility will also house the teams and tools that drive Carvana retail reconditioning and fulfillment. The approximately 75-acre site includes nearly 6,000 parking spaces and offers significant infrastructure to support IRC operations alongside ongoing wholesale auction activities. The integration will establish a new pool of local retail inventory, giving Chicagoland customers access to a broader selection of vehicles with delivery options as soon as the same day. Wholesale buyers will benefit from enhanced on-site inspection and reconditioning capabilities, as well as ongoing access to ADESA's in-lane and digital auction services. Carvana’s proprietary software platform, CARLI, will power the site’s transition to an IRC-enabled facility, supporting operational efficiency and consistency across its national reconditioning network. Buy Or Sell Opportunity • May 07
Now 42% undervalued after recent price drop Over the last 90 days, the stock has fallen 80% to €13.42. The fair value is estimated to be €23.24, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 24% over the last 3 years. Meanwhile, the company has become profitable. For the next 3 years, revenue is forecast to grow by 18% per annum. Earnings are also forecast to grow by 18% per annum over the same time period. New Risk • May 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 02
First quarter 2026 earnings released: EPS: US$1.75 (vs US$1.61 in 1Q 2025) First quarter 2026 results: EPS: US$1.75 (up from US$1.61 in 1Q 2025). Revenue: US$6.43b (up 52% from 1Q 2025). Net income: US$250.0m (up 16% from 1Q 2025). Profit margin: 3.9% (down from 5.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Specialty Retail industry in Italy. New Risk • May 02
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). 
