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Inter Cars SAUPDATE: Inter Cars automotive posts PLN 187.4 mln attrib. net profit in Q2 2025, below consensus
Listed automotive parts distributor Inter Cars posted PLN 187.4 million (EUR 43.9 mln) net profit in the second quarter of 2025, against market expectations for PLN 210.8 (EUR 49.5 mln) net take, the company's financial report showed.
Revenues in the second quarter of 2025 reached PLN 5,335.7 million (EUR 1,118.4 mln), compared to the expected PLN 5,333 million (EUR 1,117.9 mln), and EBITDA—based on PAP Business calculations—was PLN 346.9 million (EUR 72.7 mln), versus the consensus of PLN 367.1 million (EUR 76.9 mln).
Year to date, in the first half of 2025, Inter Cars posted revenues of PLN 10.1 billion (EUR 2.12 bln), EBITDA of PLN 656.4 million (EUR 137.5 mln), EBIT of PLN 537.5 million (EUR 112.6 mln), and net profit of PLN 345.1 million (EUR 72.2 mln).
The report states that in 2025, the group continued to strengthen its foreign expansion, both in countries where it develops sales through branch networks and in countries where it sells directly to customers without an existing distribution network. In the last 12 months, 22 new branches were opened in foreign companies.
Export sales, understood as direct sales (from Inter Cars SA) to foreign contractors and to dependent foreign distribution companies, increased by 12.4 percent compared to the same period last year. Sales carried out by dependent foreign distribution companies in the first half of 2025 amounted to PLN 5,512 million (EUR 1,155.5 mln), representing growth of over 14 percent.
"In the current reporting period, the group recorded sales growth in almost all geographic markets, except the United Kingdom. In the first half of 2025, the highest sales dynamics compared to the same period in 2024 (converted into PLN and after consolidation exclusions) were noted by companies in the following countries: Serbia, Greece, Bosnia, Slovenia, Moldova, and Romania," the report said.
Inter Cars’ domestic market revenues accounted for approximately 39 percent of the entire group’s revenues (after consolidation eliminations).
The consolidated gross margin on sales was 29 percent. It was stated that in the first half of 2025, the impact of exchange rate differences on the margin change was 0.1 percentage points. Eliminating the impact of exchange rate differences, the margin would be 28.9 percent for the first half of 2025 and 29.2 percent for the first half of 2024.
According to management, the decrease in gross profitability is temporary.
Sales and general administration costs for the six-month period in 2025 accounted for 14.2 percent of sales, which is 0.1 percentage points higher compared to the corresponding period last year (14.1 percent).
Below are Inter Cars’ results for Q2 2025 and their comparison to the PAP Biznes consensus:
| 2Q2025 | results | consensus | difference | y/y | q/q | YTD 2025 | y/y |
| Revenues | 5335.7 | 5333.0 | 0.1% | 9.5% | 116% | 10115.7 | 7.6% |
| EBITDA | 346.9 | 367.1 | -5.5% | 6.8% | 12..1% | 656.4 | 9.8% |
| EBIT | 285.8 | 307.6 | -7.1% | 3.3% | 13.5% | 537.5 | 6.9% |
| Attrib. net profit | 187.4 | 210.8 | -11.1% | -0.8% | 18.8% | 345.1 | -0.1% |
| EBITDA margin | 6.5% | 6.9% | -0.38 | -0.16 | 0.03 | 6.49% | 0.13 |
| EBIT margin | 5.4% | 5.8% | -0.41 | -0.32 | 0.09 | 5.31% | -0.04 |
| net margin | 3.5% | 4.0% | -0.44 | -0.37 | 0.21 | 3.41% | -0.26 |
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