Q1 2026 Inter Cars SA Earnings Call Transcript
Key Points
- Inter Cars SA (WAR:CAR) reported a 12% growth in EUR for Q1 2026, outperforming main European peers.
- The company achieved a sales increase of over 13.5% compared to Q1 2025, surpassing its 10% growth target for 2026.
- Inter Cars SA's gross margin improved from 29.4% to 29.6%, aided by positive exchange rate differences.
- The company opened 24 new branches abroad, indicating successful international expansion.
- Inter Cars SA achieved a net profit increase of 34%, reaching PLN211 million, showcasing strong profitability in a competitive market.
- The Polish market remains highly competitive, impacting selling prices and domestic sales share.
- Domestic sales accounted for only 36.8% of total revenue, down from 39.5% in Q1 2025, indicating a decline in the domestic market's contribution.
- The market growth in Europe is less dynamic post-COVID, with overall growth less than 1% to 2%.
- High competition and numerous suppliers are putting pressure on margins.
- The company had to cancel a franchisee contract in Warsaw, indicating potential challenges in franchise management.
The first part of the meeting will be presentation of the result and market status by Krzysztof SoszyÅski, Vice President of Inter Cars Poland, and also Piotr Zamora, Member of the Board and the Finance Director. First part of the meeting will be the presentation, and the second part, you will have a possibility to ask the questions. Please, Krzysztof, the stage is yours.
Good afternoon. I would like to start a description of the situation in the independent aftermarket. Our conclusions from the benchmark against market peers are similar to those presented during our recent quarter, the fourth quarter 2025. Market consolidation will continue, and we believe that organic growth is proving more effective than merger and acquisitions.
If we look on our results for the first quarter, our growth, 12% in EUR. This is something which is outstanding in comparison to the main European peers. As well visible is that player number one, LKQ Europe, because we try to only take this part
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