Inter Cars (CARP) reported robust first-half 2026 results, with group revenue reaching 11.4 billion złoty, including 6.5 billion złoty from international operations—up more than 19% year-over-year. Despite the strong performance, shares edged down 0.33% to $897 from a previous close of $900.
The company posted a gross margin of 30.1%, which CFO Piotr Grabowski described as “structural,” reflecting scale and efficiency gains. EBITDA came in at approximately 860 million złoty, while net profit reached roughly 500 million złoty. Operating cash flow surged more than 40% to 790 million złoty, up from 564 million złoty a year earlier, with EBITDA-to-cash conversion around 92%.
Leverage improved to a net-debt-to-EBITDA ratio of 1.76x, down from slightly below 2.0x. Capital expenditures totaled about 300 million złoty for property, plant, equipment, and intangible assets.
In May 2026, Inter Cars signed a 4-billion-zloty financing agreement without securities, involving a syndicate of eight banks. The revolving credit facility tenor was extended from one year to three years, and the term loan tenor from three years to five years, with bank margins negotiated downward.
Operational investments include the Stęszew Logistics Center, a company-owned warehouse with a total projected cost of approximately 685 million złoty. Slightly less than 190 million złoty was spent in the first half, with the remainder expected in H2 2026 and launch planned for Q1 2027.
A warehouse extension and robotization project in Bulgaria is estimated at around €50 million. Over the past 12 months, Inter Cars opened 28 new branches outside Poland, bringing its total active locations to approximately 650.
The company entered the German market with its first location in Wuppertal. Management indicated a potential for 300–400 locations in Germany over time, aiming to become a top-four player in the market.
June sales growth reached 18%, which CEO Krzysztof Soszyński called “quite outstanding,” though he cautioned that the figure should not be used as direct guidance due to seasonality.
The European automotive aftermarket continues to benefit from an aging vehicle fleet. New-car registrations across Europe fell to about 9–10 million annually between 2020 and 2022, compared with roughly 13 million in 2019, and stood at 10.8 million at the end of 2025.
Working capital in Q2 saw inventory increase by 238 million złoty, while trade payables rose by 120 million złoty. The lubricants segment accounts for less than 9% of total revenue.
Trading at a P/E ratio of 2.87, Inter Cars is now about 10.7% below its 52-week high of $1,004 and 71.8% above its low of $525.
Soszyński emphasized the company’s garage-focused strategy: “We take the market share because we are focused on the garage… building local networks, logistic capabilities, and the workshop relationships take time, but this is a path we have already successfully followed across many other markets.”
Analyst Callum participated in the earnings call, which also noted LKQ as a competitive reference point in the broader European auto-parts distribution landscape.
