Inter Cars (CAR) H1 2026 earnings summary

Executive summary

• H1 2026 consolidated sales revenue rose 13% YoY to PLN 11.4bn; net profit increased 42% to PLN 490.5m and operating profit rose 33% to PLN 712.9m, including PLN 23m insurance compensation for a Ukrainian warehouse fire.

• H1 EBITDA was ~PLN 860m; trailing-12-month EBITDA reached PLN 1.63bn, up PLN 304m YoY, with margin improving to 7.5% from 6.5%.

• Operating cash flow was PLN 792.7m; net debt/EBITDA improved to 1.76 from 1.98 YoY.

• Foreign subsidiaries’ sales grew more than 19% YoY; 28 branches opened in the prior 12 months, while domestic sales represented 36.5% of revenue.

• International markets grew faster than domestic operations as investment continued alongside a prudent balance sheet.

Financial highlights

• Sales margin rose to 30.1% from 29.0% YoY; management cited stronger sales, pricing, purchasing terms, product mix and scale.

• H1 operating cash flow increased to PLN 792.7m from PLN 564m YoY; EBITDA-to-operating-cash-flow conversion was ~92%.

• Investment expenditures reached PLN 302m, up from PLN 179m in H1 2025; operating costs grew nominally at a pace similar to sales.

• Basic EPS increased to PLN 34.99 from PLN 24.36 YoY; inventory turnover was 134 days.

• Interest paid fell to PLN 79m from PLN 101m in H1 2025; lease liability repayments were PLN 109m.

Outlook and guidance

• Management expects continued growth in international markets, especially CEE, with focus on logistics optimization and inventory turnover.

• Demand in key markets remained healthy; June sales growth of 18% was strong momentum, not guidance for following months because of seasonality.

• Leverage is expected to improve with EBITDA growth and the logistics program nearing completion; future initiatives are expected to be smaller in scale.

• Priorities remain profitable organic growth, market-share gains and appropriate returns on deployed capital; management cautioned against extrapolating individual-month performance.

• Continued investment in automation and distribution infrastructure is intended to support future expansion.