Inter Cars (CAR) Q3 2025 earnings summary

Executive summary

• Achieved 10–10.5% sales growth in Q3 2025 year-over-year, with consolidated sales revenues for the nine months reaching PLN 15,527 million and strong organic growth and market share gains.

• Net profit rose 15% for the nine-month period, reaching PLN 583 million, despite impairment from a warehouse loss in Ukraine.

• Achieved #1 position in CEE for passenger car parts and #1 in the EU for truck parts, with presence in 20 countries.

• Geographic diversification increased, with 19 new branches opened abroad and domestic share of sales declining to 38–39.5%.

• Built a comprehensive mobility ecosystem, integrating distribution, logistics, and digital platforms.

Financial highlights

• Q3 2025 sales reached €1,268 million (PLN 5.4 billion), up 10–10.5% year-over-year; YTD 3Q2025 sales at €3,665 million, up 10.1%.

• EBITDA for the nine months was PLN 1,055 million (6.8% margin), with a 16.3% CAGR from 2013 to LTM September 2025.

• Net profit for nine months: PLN 583 million (+15% year-over-year).

• Gross margin for Q3 2025 (excluding FX) stable at 29.9%.

• Operating costs as a share of sales rose to 14.3% from 14% year-over-year, mainly due to logistics investments.

Outlook and guidance

• 2025 sales target of 12% growth remains within reach, with Q4 performance critical.

• Continued focus on organic growth, market share expansion, and investment in logistics and digitalization.

• Logistics automation expected to yield PLN 70–80 million in annual savings from 2026.

• Net debt to EBITDA expected to remain around 2, not exceeding 2.5 in 2026.

• Key Q4 factors: inflation, labor and fuel costs, interest rates, currency trends, and logistics optimization.