Inter Cars (CAR) H1 2025 earnings summary

Executive summary

• H1 2025 revenue was PLN 10,115.7m, up 8% YoY; sales in euros rose 10.3% to €2.406bn. Operating profit increased to PLN 537.5m, while net income was nearly flat at PLN 345.1m.

• Gross margin held at 29%; management described profitability pressure as temporary and cited currency movements as a factor.

• Expansion across foreign markets continued alongside investment in automated logistics and higher inventory to supply new warehouses.

• The distribution network had 660+ branches across 20 countries, supporting a broad aftermarket portfolio and omnichannel services.

Financial highlights

• Q2 2025 sales were €1.263bn, up 11.5% YoY; H1 sales were €2.406bn, up 10.3%.

• Revenue was PLN 10,115.7m vs PLN 9,402.2m; gross profit was PLN 2,933.3m vs PLN 2,729.4m.

• Operating income rose to PLN 537.5m from PLN 502.9m; net income was PLN 345.1m vs PLN 345.5m.

• Operating cash flow reached PLN 564.2m vs PLN 334.5m; investing cash outflow was PLN 142.0m vs PLN 43.2m.

• Sales and general administration costs were 14.2% of sales vs 14.1%; distribution-service costs were PLN 950.1m.

Outlook and guidance

• Q3 results may be affected by supplier and operating-cost inflation, interest rates, FX movements, the Ukraine war, logistics optimization, inventory turnover and customer growth.

• Management prioritized process optimization and cost control to improve operating margins, describing lower gross profitability as temporary.

• High market uncertainty and the unpredictable course of the Ukraine conflict limit visibility into results for coming months.