Inter Cars (CAR) H1 2025 earnings summary

Executive summary

• Revenue for Q2 2025 reached PLN 5.3 billion, up 9.5% year-over-year; H1 2025 revenue exceeded PLN 10.1 billion, up 8% year-over-year, with strong foreign expansion and 22 new branches opened abroad.

• Achieved #1 position in CEE for passenger car parts and #1 in the EU for truck parts, with a presence in 20 countries.

• Market share in independent garages, fleets, and dealers is around 74%, significantly higher than competitors.

• Built a comprehensive mobility ecosystem, integrating distribution, logistics, and digital platforms.

• Net profit remained stable at PLN 345.1 million, while operating profit increased to PLN 537.5 million.

Financial highlights

• Gross margin for Q2 2025 was 28.4%, down from 30% after adjusting for exchange differences; H1 2025 gross margin slightly decreased from 29.2% to 28.9% year-over-year.

• 1H2025 sales reached PLN 10.1 bn (€2.4 bn), with a 16.4% sales CAGR from 2013 to LTM Sep'25.

• EBITDA for the trailing 12 months was PLN 1.32 billion, up PLN 117 million year-over-year; EBITDA margin: 6.5% (H1 2025), up from 6.4%.

• Net cash from operating activities was PLN 564 million, up from PLN 334 million in H1 2024.

• Financial costs increased to PLN 54 million in Q2 2025 from PLN 42 million in Q2 2024, mainly due to investment scale.

Outlook and guidance

• Anticipates improved sales dynamics in upcoming quarters as postponed repairs are completed and expects further growth in 2025, with aftermarket remaining a solid foundation.

• Management expects continued growth in Central and Eastern Europe, with higher net profitability than the domestic market.

• Market consolidation expected to accelerate, benefiting larger, more efficient players.

• Ongoing investments in warehouse automation and expansion, particularly in Poland and Romania.

• No financial forecasts were published for 2025.