Aramis Group’s Profit Surge Masks a Deeper Corporate Overhaul

ARCUEIL, FRANCE – November 26, 2025

European online used car retailer Aramis Group this week trumpeted a banner year, announcing that its 2025 net income had quadrupled to nearly €20 million and its net debt was slashed by 90%. While the headline figures suggest a company firing on all cylinders, a closer look at the operational shifts across its six-country footprint reveals a narrative of consolidation, centralized control, and the growing influence of its majority shareholder, automotive giant Stellantis.

The results, on their face, are impressive. The company posted revenues of €2.38 billion, a 6% organic increase, and an adjusted EBITDA of €67.8 million, up 34% from the previous year. In a joint statement, co-founders Nicolas Chartier and Guillaume Paoli celebrated the results as proof of the "strength and relevance of our model," highlighting market share gains and a remarkable performance in France. But behind these numbers, a significant transformation is underway, one that sees entrepreneurial ventures in multiple countries brought to heel under a unified corporate strategy, raising questions about the future direction and independence of the firm.

The Price of Convergence

Aramis Group’s strategy, dubbed "convergence," aims to harmonize practices across its entities in France, Belgium, Spain, the UK, Austria, and Italy. The press release celebrates this as a driver of efficiency, pointing to an increased gross profit per unit (GPU) of €2,359. However, the implementation of this strategy has had starkly different consequences depending on the market, particularly in countries where founding entrepreneurs have recently departed.

In the United Kingdom and Austria, the departures of the local founders were followed by what the company describes as a "short-term refocus on profitability and cash generation." This corporate jargon masks a deliberate slowdown. UK revenue growth, which was a strong 14.7% in the first half of the year, slowed to a near-standstill (-0.3%) in the second half. The company states this was achieved by "discontinuing low-margin vehicle sales and the optimization of marketing expenses." Similarly, revenue in Austria plummeted by nearly 15% following a "management transition period" after its founder's departure in January.

This pattern—where corporate headquarters prioritizes margin over market share conquest following the exit of a founder—is a classic tale of post-acquisition integration. While investors may cheer the improved profitability, it represents a fundamental shift from a growth-oriented, entrepreneurial culture to one of managed, sustainable returns.

The situation in Italy offers another facet of this top-down control. After a period of underperformance, a "reorganization of the management team" and a new commercial strategy led to a dramatic Q4 turnaround, with the division posting positive EBITDA for the first time. A key component of this was the company's "internal marketplace," a platform that allows vehicles from one country, like Italy, to be sold in others. While this boosts efficiency and optimizes inventory on a pan-European level, it also centralizes power, turning country-level operations into supply cogs in a larger machine rather than independent growth engines.

The Stellantis Shadow

Perhaps the most significant force shaping Aramis Group’s future is its relationship with majority shareholder Stellantis, the multinational corporation behind brands like Peugeot, Fiat, Chrysler, and Jeep. This partnership was cast into sharp relief with the announcement that Silvia Vernetti, Stellantis’s Head of Joint Ventures, will join the Aramis Group board of directors.

Vernetti is a high-level Stellantis executive with deep experience in strategic planning and corporate development. Her appointment, described as being "in line with the strategic partnership," solidifies the automaker's influence over the retailer's governance and long-term strategy. This relationship provides Aramis with a powerful, almost unfair, advantage in sourcing vehicles—a critical bottleneck in the used car industry. While competitors fight for inventory in open auctions, Aramis can potentially leverage its connection to one of the world's largest car manufacturers for a steady supply.

This raises critical questions about market dynamics and accountability. Is Aramis Group, which bills itself as the "European leader for B2C online used car sales," truly an independent market disruptor, or is it evolving into a vertically integrated sales channel for Stellantis's used vehicle portfolio? While the partnership is undoubtedly beneficial for Aramis's bottom line, it blurs the lines of competition and concentrates more power within the hands of a few dominant automotive players. The "convergence" of Aramis's entities may not just be about internal efficiency, but also about aligning the entire group more closely with the strategic objectives of its corporate parent.

A Cautious Road Ahead

Despite the celebratory tone of the annual report, the company's outlook is notably cautious. The 2026 targets—at least 115,000 vehicles sold and €55 million in adjusted EBITDA—are lower than the 2025 results of 119,109 vehicles and €67.8 million in EBITDA. Furthermore, the company has pushed back the timeline for its medium-term ambition of achieving a 5% EBITDA margin, now citing a horizon "beyond 2027" due to the macroeconomic context and the "more gradual execution pace" of its strategic plan.

This tempered forecast suggests that the operational overhauls in the UK and Austria, coupled with a volatile economic environment, present significant headwinds. The drive for technological efficiency, through AI-powered customer service and new digital buyback tools, is a clear attempt to build a more resilient, cost-effective operation. However, the path to harmonizing six distinct national businesses, each with its own market dynamics and history, is proving more complex than anticipated.

The story of Aramis Group in 2025 is not just one of financial success. It is a case study in the lifecycle of a modern digital enterprise, from disruptive growth to corporate consolidation. As the influence of Stellantis grows and the focus shifts from aggressive expansion to disciplined profitability, the company is fundamentally changing. While shareholders are reaping the rewards today, the long-term impact of this shift on competition, innovation, and the company's own identity remains to be seen.