Inter Cars (CAR) Q3 2024 earnings summary

Executive summary

• Achieved 7.6% sales growth in PLN and 14.5% in EUR for the first three quarters of 2024, outpacing most European competitors and maintaining leadership in CEE for passenger car parts and in Europe for commercial vehicle parts.

• Opened 34 new foreign subsidiaries in the last 12 months, strengthening overseas expansion and export sales.

• Domestic market (Poland) remains the largest, accounting for 40% of total revenue.

• Built a comprehensive mobility ecosystem with a robust distribution network, supplier partnerships, and omnichannel logistics.

• Focused on organic growth, expanding market share, and consolidating a loyal customer base.

Financial highlights

• Consolidated sales revenue reached PLN 14.32 billion for the first three quarters of 2024, up from PLN 13.3 billion year-over-year; YTD Q3 2024 sales totaled €3.33 billion, a 14.5% increase year-over-year.

• Net profit was PLN 552.8 million, a 5% decrease compared to the same period last year.

• Gross margin for the period was 29.3%, down 0.3 percentage points year-over-year.

• EBITDA margin was 6.6% (down from 7.39% year-over-year); EBITDA CAGR from 2013 to LTM September 2024 was 16.3%.

• Operating cash flow for YTD Q3 2024 was PLN 425.3 million, up PLN 124 million year-over-year.

Outlook and guidance

• Positive outlook for 2025 with expectations of further sales growth and margin improvement, targeting double-digit growth in several countries.

• No major improvement in working capital expected for 2025 due to growth ambitions.

• Continued focus on cost optimization, process improvements, and logistics investments.

• Management expects inflation, labor costs, fuel, energy, and interest rates to impact Q4 2024 results.

• No official financial forecasts were published for 2024.