SEAT S.A. continues on its growth journey and posts its best ever first quarter financial results

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  • The company achieved an operating profit of 226 million euros, 57% more than between January and March 2023, thanks to volume increase and efficiency improvements
  • Sales revenue exceeded 3.8 billion euros, an increase of 6.8%
  • Operating return on sales grew from 4.0% to 5.9%
  • CUPRA continued to break records by completing the best first quarter in its history with 56,600 cars delivered (+21.4%)
  • The SEAT brand confirmed its strength with 81,900 deliveries, up 4.3%
  • Total deliveries of SEAT S.A. increased 10.6% to 138,600 units

SEAT S.A. has started 2024 strongly, by posting record-breaking results between January and March, driven by the volume increase of the CUPRA and SEAT brands, alongside efficiency improvements. The company achieved a record operating profit of 226 million euros in the first quarter of the year (Q1 2023: 144 million euros, +57.0%) and continued to increase its operating return on sales to 5.9% (+1.9 p.p. versus January to March of the previous year). SEAT S.A. sales revenue reached 3.803 billion euros, which also represents the company’s best figure posted for a first quarter and a 6.8% increase compared to the previous year (3.562 billion euros).

“We achieved our best ever first quarter results, which is very positive news given the highly challenging external environment and competitor framework in 2024,” said Wayne Griffiths, CEO of SEAT and CUPRA. “As SEAT S.A. moves forward on its transformation journey, we continue working hard to achieve a more robust operating profit and return on sales. Our two brands, SEAT and CUPRA, remain strong and are increasing their deliveries, contributing to our goal of becoming an even more sustainable and profitable company,” continued Griffiths.

“The results of the first three months of 2024 follow the path of our strong performance during the previous year. However, the global economic context requires us to have an even clearer focus on our strategic priorities. Managing revenue and improving efficiency, while working on an attractive model lineup, will be crucial for us to reach our goals,” said David Powels, Vice President for Finance and IT at SEAT S.A.

Strong deliveries boost financial results

The constant improvement of SEAT S.A. financial results is mainly driven by the steady growth in the volume of deliveries. Between January and March, the company’s global deliveries increased 10.6% with 138,600 vehicles (125,200 between January and March 2023), contributing to boost the market share of both brands in Western Europe from 3.5% to 3.8% in the first quarter of 2024.

SEAT S.A.’s diverse portfolio of electrified vehicles allowed the company to grow its PHEV vehicles sales to reach a total of 12,300 units, which represents a 122.3% increase compared with the same period in 2023 (5,600).

CUPRA’s results have boosted company’s sales and continue to break records by completing the best first quarter in its history. The brand delivered 56,600 cars during the first three months of the year, 21.4% more than in the same period of 2023 (46,600), and achieved its highest monthly sales result ever in March, with 23,800 cars delivered. Since its creation in 2018, CUPRA has sold close to 600,000 vehicles.

The CUPRA Formentor, the brand’s most popular model, reinforced its position as the best-selling A-CUV in Europe with 28,900 units delivered between January and March, 3.5% more than in the same period of 2023. The high demand of the CUPRA Leon family, with 15,900 vehicles delivered (+107,0%), also boosted CUPRA sales. The new versions of both models will be introduced in a few months with the objective of continuing to lead the global growth of the brand. CUPRA's three main markets in the first quarter were Germany (18,900; +42.2%), the United Kingdom (6,900; +31.7%) and Spain (5,300; +3.2 %).

The strength of the SEAT brand has been essential for the overall growth of the company. An attractive vehicle portfolio, combined with the return to full production capacity and the high demand of SEAT cars, has led to a growth in deliveries, reaching 81,900, up 4.3% on the same period in 2023 (78,600).

The iconic SEAT Ibiza, which celebrates its 40-year anniversary this year, leads the brand’s sales with 25,700 units delivered between January and March (+8.5%). The brand's main markets in this period were Spain (17,400; -3.3%), Germany (15,300; +24.1%) and the United Kingdom (11,200; +14.6%).