Inter Cars (CAR) H2 2024 earnings summary

Executive summary

• Achieved record sales of PLN 19.47 billion, up 8% year-over-year, with a 13.6% increase in EUR terms, outpacing major European competitors.

• Net profit reached PLN 721.5 million, a 3% increase, despite margin pressure from price deflation and local price wars.

• Opened 32 new branches, expanding to 664 locations across 20 countries, and continued investments in logistics automation and green energy.

• Launched the first stage of warehouse robotization, with further automation projects underway in Poland and Romania.

Financial highlights

• Consolidated revenue: PLN 19,473 million (+8% y/y); net profit: PLN 721.5 million (+3% y/y).

• EBITDA: PLN 1,265.5 million (+4% y/y); EBITDA margin: 6.5% (down from 6.75%).

• Net debt/EBITDA: 2.18 (up 20.4% y/y); total assets: PLN 10,765.9 million (+16.1% y/y).

• Cash flow from operations: PLN 336.5 million (down from PLN 486.7 million), mainly due to higher inventory.

• Dividend paid: PLN 10.1 million (PLN 0.71 per share).

Outlook and guidance

• Strategy focuses on further market share gains, continued geographic expansion, and investments in automation and green energy.

• Management expects continued growth in the independent aftermarket, driven by the aging vehicle fleet and demand for repairs.

• Ongoing investments in logistics and digitalization to enhance efficiency and customer service.