Auto Partner S.A.
Company Overview
Auto Partner S.A. is a Polish importer and distributor of spare parts for passenger cars and delivery vehicles. The Group organizes distribution of vehicle spare parts directly from manufacturers to end users and operates in the independent aftermarket for spare parts classified under GVO regulations and EU directives.
Business Segments
- Sale and distribution of spare parts and accessories for motor vehicles
- Private label purchasing and distribution through Maxgear
- Foreign sales and market development through subsidiaries in the Czech Republic, Romania, Germany, Croatia and Slovakia
Key Drivers
- Demand for vehicle spare parts in Poland and EU export markets
- Expansion of sales and warehouse infrastructure
- Growth of private label brands, including Maxgear
- Supplier purchasing terms, rebates and purchasing-group benefits
- Inventory availability and logistics efficiency
Key Risks
- Working-capital intensity from large inventories and receivables
- Gross margin pressure from pricing, discounts and supplier terms
- Foreign exchange exposure from international purchases and sales
- Seasonality of spare-parts demand, with weaker winter periods
- Credit risk on trade receivables and inventory write-down risk
What to Watch
- Revenue growth in Poland versus EU markets
- Gross margin and operating margin sustainability
- Inventory growth and inventory write-downs
- Operating cash flow and working-capital conversion
- Debt, lease liabilities and finance costs
Foundational Analysis
Business Model
Auto Partner generates revenue mainly from selling goods for resale: vehicle spare parts and accessories. The Group acts as principal, bears inventory risk until control of goods transfers to customers, and recognizes revenue mainly upon delivery. Services such as training, returns handling, packaging and dropshipping are immaterial compared with merchandise sales.
Competitive Positioning
Auto Partner is a scaled Polish automotive aftermarket distributor with a broad spare-parts offering, private label exposure through Maxgear, and growing international presence in EU markets. Its position depends on purchasing scale, product availability, logistics efficiency, supplier terms, and the ability to serve repair shops and end users through its distribution network.
Economics & Capital Allocation
In 2025, revenue increased to PLN 4,424.9m from PLN 4,112.5m in 2024, while operating profit decreased to PLN 280.3m from PLN 289.3m and net profit decreased to PLN 198.9m from PLN 208.0m. In Q1 2026, revenue reached PLN 1,170.0m versus PLN 1,073.3m in Q1 2025, operating profit increased to PLN 88.1m from PLN 56.5m, and net profit increased to PLN 62.1m from PLN 39.2m.
Capital allocation is focused on warehouse and logistics capacity, IT systems, working capital, international expansion and shareholder returns. In 2025, the Group paid PLN 19.6m in dividends and generated PLN 152.0m of net operating cash flow. The Management Board also recommended a PLN 19.6m dividend for 2025, equal to PLN 0.15 per share.
Long-term Risks
Long-term risks include margin pressure in automotive parts distribution, high working-capital needs, inventory obsolescence or write-downs, weaker demand in winter periods, higher finance costs, foreign exchange volatility, and execution risk related to logistics expansion and foreign-market development.
What Would Break the Thesis
- Sustained deterioration in gross margin or operating margin
- Inventory build-up without matching sales growth, leading to write-downs or weak cash conversion
- Material increase in receivable impairment or customer credit losses
- Failure of international expansion to generate profitable growth
- Rising debt and lease liabilities combined with weaker operating cash flow
Contracts Intelligence
No contract data available for this company.
View News InsteadFinancial Performance
Quarterly Data
Click a metric row to chart it below. Click a second row to overlay it on a dual axis; click a selected row again to remove it.
| Metric | 2023Q2 | 2023Q3 | 2023Q4 | 2024Q1 | 2024Q2 | 2024Q3 | 2024Q4 | 2025Q1 | 2025Q2 | 2025Q3 | 2025Q4 | 2026Q1 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Income Statement Revenue (Quarterly) | 938.5M | 956.3M | 921.9M | 994.8M | 1.1B | 1.1B | 994.8M | 1.1B | 1.1B | 1.1B | 1.1B | 1.2B |
| Income Statement Gross Profit (Quarterly) | 252.4M | 271.1M | 245.6M | 260.9M | 296.3M | 282.9M | 287.1M | 272.6M | 306.2M | 294.0M | 302.3M | 324.9M |
| Income Statement EBITDA (Quarterly) | -5.4M | 102.1M | 77.6M | 69.1M | 92.6M | 1.1B | -903.0M | 171.0M | 996.5M | -1.2B | 337.2M | 104.6M |
| Income Statement EBIT (Quarterly) | 84.1M | 90.9M | 65.7M | 56.1M | 78.4M | 71.2M | 83.5M | 56.5M | 81.8M | 70.8M | 71.2M | 88.1M |
| Income Statement Net Income (Quarterly) | 64.2M | 65.6M | 50.8M | 40.3M | 56.9M | 50.2M | 60.6M | 39.2M | 57.9M | 49.2M | 52.6M | 62.1M |
| Costs Selling & Distribution Costs | 99.0M | 104.5M | 103.2M | 114.7M | 123.6M | 120.1M | 114.2M | 117.7M | 126.9M | 128.2M | 126.0M | 133.4M |
| Costs Administrative Expenses | 11.6M | 12.0M | 12.7M | 13.1M | 13.8M | 13.0M | 13.3M | 13.8M | 14.1M | 13.8M | 16.2M | 14.7M |
| Costs Administrative Expenses (LTM) | - | - | 47.2M | 49.3M | 51.5M | 52.5M | 53.2M | 54.0M | 54.3M | 55.1M | 58.0M | 58.8M |
| Cash Flow Operating Cash Flow | 45.3M | 48.8M | -75.7M | 171.8M | 54.2M | -66.3M | -35.6M | 115.7M | 123.4M | -1.8M | -85.4M | 158.2M |
| Cash Flow Capital Expenditure | -13.6M | -11.4M | -7.6M | -21.0M | -8.1M | -7.1M | -14.0M | -9.2M | -9.5M | -9.9M | -8.9M | -3.5M |
| Cash Flow Free Cash Flow | 31.7M | 37.4M | -83.3M | 150.8M | 46.1M | -73.4M | -49.6M | 106.5M | 113.9M | -11.7M | -94.2M | 154.7M |
| Cash Flow Depreciation & Amortization | 10.4M | 11.2M | 11.9M | 13.0M | 14.2M | 13.7M | 13.5M | 14.5M | 14.7M | 12.7M | 14.9M | 16.5M |
| LTM Metrics Revenue (LTM) | - | - | 3.7B | 3.8B | 3.9B | 4.0B | 4.1B | 4.2B | 4.3B | 4.3B | 4.4B | 4.5B |
| LTM Metrics EBITDA (LTM) | - | - | 346.2M | 243.4M | 341.4M | 1.3B | 343.6M | 445.5M | 1.3B | -903.0M | 337.2M | 270.8M |
| LTM Metrics Net Income (LTM) | - | - | 223.6M | 220.9M | 213.7M | 198.2M | 208.0M | 206.9M | 207.9M | 206.9M | 198.9M | 221.8M |
| LTM Metrics Net Profit Attributable (LTM) | - | - | 223.6M | 220.9M | 213.7M | 198.2M | 208.0M | 206.9M | 207.9M | 206.9M | 198.9M | 221.8M |
| LTM Metrics Operating Cash Flow (LTM) | - | - | 180.1M | 190.2M | 199.1M | 84.0M | 124.2M | 68.0M | 137.2M | 201.8M | 152.0M | 194.5M |
| Profitability Gross Margin | 26.9% | 28.4% | 26.6% | 26.2% | 27.9% | 26.7% | 28.9% | 25.4% | 26.8% | 25.9% | 28.1% | 27.8% |
| Profitability EBITDA Margin | -0.6% | 10.7% | 8.4% | 7.0% | 8.7% | 102.3% | -90.8% | 15.9% | 87.3% | -102.7% | 31.4% | 8.9% |
| Profitability EBIT Margin | 9.0% | 9.5% | 7.1% | 5.6% | 7.4% | 6.7% | 8.4% | 5.3% | 7.2% | 6.2% | 6.6% | 7.5% |
| Profitability Net Margin | 6.8% | 6.9% | 5.5% | 4.0% | 5.4% | 4.7% | 6.1% | 3.7% | 5.1% | 4.3% | 4.9% | 5.3% |
| Profitability ROIC | 10.1% | 14.3% | 14.7% | 13.8% | 13.1% | 11.4% | 12.5% | 12.0% | 11.9% | 11.7% | 10.7% | 12.2% |
| Profitability Cash Conversion | 71.0% | 74.0% | -149.0% | 426.0% | 95.0% | -132.0% | -59.0% | 295.0% | 213.0% | -4.0% | -162.0% | 255.0% |
| Balance Sheet Current Assets | 1.3B | 1.3B | 1.4B | 1.4B | 1.5B | 1.6B | 1.6B | 1.6B | 1.6B | 1.6B | 1.8B | 1.8B |
| Balance Sheet Current Liabilities | 485.3M | 443.8M | 456.2M | 467.0M | 517.2M | 468.2M | 415.2M | 388.5M | 339.9M | 389.7M | 453.4M | 513.9M |
| Balance Sheet Inventories | 973.6M | 962.4M | 1.0B | 998.5M | 1.1B | 1.1B | 1.1B | 1.2B | 1.1B | 1.1B | 1.2B | 1.3B |
| Balance Sheet Trade Receivables | 289.5M | 329.8M | 357.0M | 332.3M | 358.3M | 391.5M | 420.9M | 372.4M | 377.7M | 362.2M | 457.6M | 459.8M |
| Balance Sheet Trade Payables | 231.8M | 218.5M | 139.5M | 223.2M | 273.5M | 206.2M | 145.1M | 202.7M | 163.9M | 158.9M | 137.9M | 239.1M |
| Balance Sheet Total Equity | 930.6M | 996.1M | 1.0B | 1.1B | 1.1B | 1.2B | 1.2B | 1.3B | 1.3B | 1.4B | 1.4B | 1.5B |
| Balance Sheet Total Debt | 210.0M | 195.8M | 300.3M | 169.9M | 168.1M | 260.9M | 313.7M | 250.2M | 188.1M | 189.2M | 305.4M | 176.4M |
| Balance Sheet Cash & Equivalents | 27.9M | 33.7M | 37.4M | 35.2M | 41.8M | 48.8M | 38.6M | 59.5M | 75.0M | 49.0M | 51.6M | 51.6M |
| Balance Sheet Invested Capital | 1.1B | 1.2B | 1.3B | 1.2B | 1.2B | 1.4B | 1.5B | 1.5B | 1.4B | 1.5B | 1.7B | 1.6B |
| Balance Sheet Net Working Capital | 1.0B | 1.1B | 1.2B | 1.1B | 1.1B | 1.3B | 1.4B | 1.3B | 1.3B | 1.3B | 1.5B | 1.5B |
| Ratios Current Ratio | 2.70 | 3.03 | 3.12 | 2.98 | 2.86 | 3.32 | 3.86 | 4.21 | 4.67 | 4.18 | 3.89 | 3.49 |
| Ratios Net Working Capital to Revenue | 1.10 | 1.12 | 1.33 | 1.11 | 1.07 | 1.20 | 1.40 | 1.25 | 1.16 | 1.16 | 1.41 | 1.26 |
| Ratios Administrative Expenses as % of Revenue | - | - | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% | 1.3% |
| Ratios Days Inventory Outstanding (DIO) | 200 | 129 | 100 | 96 | 98 | 98 | 99 | 102 | 94 | 94 | 99 | 101 |
| Ratios Days Sales Outstanding (DSO) | 60 | 44 | 36 | 32 | 33 | 35 | 37 | 32 | 32 | 30 | 38 | 37 |
| Ratios Days Payables Outstanding (DPO) | 48 | 29 | 14 | 21 | 25 | 19 | 13 | 18 | 14 | 13 | 11 | 19 |
| Ratios Cash Conversion Cycle (days) | 212 | 144 | 122 | 106 | 106 | 115 | 124 | 117 | 113 | 111 | 125 | 119 |
Revenue (Quarterly) - Visual Analysis
Revenue (Quarterly) (PLN)
Growth Rates (QoQ% and YoY%)
Data Source: Financial data sourced from company filings and periodic reports. Values in PLN. Margins and ratios stored as decimals converted to percentages for display.
Recent News & Developments
Sentiment Analysis (Last 6 Months)
| Positive | 100% |
| Neutral | 0% |
| Negative | 0% |
Based on 2 articles
Auto Partner S.A. Reports Solid Financial Performance for 2025 Amid Strategic Expansion
Auto Partner S.A., one of Poland's largest independent automotive spare-parts distributors, has released its consolidated financial statements for the year ending December 31, 2025. The company reported a 4.4% increase in revenue, reaching PLN 4.42 billion compared to PLN 4.11 billion in 2024. This growth was driven by robust sales in both domestic and European Union markets, with EU sales contributing PLN 2.2 billion to the total revenue.
The company achieved a gross profit of PLN 1.18 billion, up from PLN 1.13 billion in the previous year, despite rising distribution and warehousing costs. Operating profit stood at PLN 280.3 million, while net profit amounted to PLN 198.9 million, slightly lower than the PLN 208 million recorded in 2024. The effective tax rate increased marginally to 19.65% from 19.59% in the prior year.
Auto Partner S.A. continued its strategic expansion in 2025, establishing new subsidiaries in Croatia and Slovakia to strengthen its presence in Central and Eastern Europe. The company also invested heavily in logistics infrastructure, including the development of a new distribution center in Zgorzelec, Poland, and the expansion of its German operations. Total capital expenditure on property, plant, and equipment reached PLN 33.6 million, with additional investments in an integrated ERP system to enhance operational efficiency.
Despite these achievements, the company faced challenges, including increased logistics costs and regulatory changes under the EU Mobility Package. Additionally, Auto Partner S.A. maintained its suspension of business in Russia and Belarus due to geopolitical tensions, which had a negligible impact on its overall revenue.
Looking ahead, the Management Board has proposed a dividend of PLN 0.15 per share for 2025, totaling PLN 19.6 million, subject to approval at the Annual General Meeting. The company remains focused on leveraging its extensive logistics network and proprietary Maxgear brand to capitalize on the growing demand for automotive aftermarket products in Europe.
Relevance to Auto Partner S.A. Business Profile
This article highlights Auto Partner S.A.'s financial performance, strategic investments, and market expansion, which align with its core business model of leveraging logistics efficiency and a broad product assortment to meet the growing demand in the automotive aftermarket sector.
Auto Partner S.A. Reports Strong Q1 2026 Financial Performance with 9% Revenue Growth
Auto Partner S.A., one of Poland's largest independent automotive spare-parts distributors, has announced its financial results for the first quarter of 2026, showcasing a robust 9% year-on-year revenue growth. The company reported total revenues of PLN 1.17 billion, up from PLN 1.07 billion in Q1 2025. This growth was driven by a 13.4% increase in export sales and a 4.5% rise in domestic sales. The company also achieved a significant improvement in gross profit margin, which rose to 27.8% from 25.4% in the same period last year.
Net profit for the quarter surged by 58.3% to PLN 62.1 million, compared to PLN 39.2 million in Q1 2025. The company attributed this performance to favorable currency exchange rates, the stabilization of product prices, and the operational efficiencies gained from its newly launched logistics center in Zgorzelec. Despite rising operational costs, including higher wages and expenses related to the new logistics center, Auto Partner managed to maintain cost discipline, resulting in a proportional increase in operating expenses and revenue.
Key financial indicators also showed improvement, with EBITDA reaching PLN 104.6 million, a 47.2% increase from the previous year. The EBITDA margin rose to 8.9%, while the net profit margin improved to 5.3% from 3.7% in Q1 2025. The company also maintained a strong liquidity position, with a current ratio of 3.49 and a high liquidity ratio of 1.00.
Auto Partner's management highlighted the importance of its new logistics center in Zgorzelec, which has enhanced the company's operational and logistical capabilities, enabling it to support further growth in revenue. The company also emphasized its focus on maintaining cost efficiency and adapting to external factors such as currency fluctuations and inflation.
Looking ahead, Auto Partner expects its expanded logistics capabilities, along with a focus on cost management and market expansion, to continue driving growth. However, the company remains cautious about potential risks, including currency volatility and rising interest rates, which could impact future performance.
Relevance to Auto Partner S.A.: This article highlights Auto Partner S.A.'s strong financial performance in Q1 2026, aligning with its business strategy of expanding its market presence, improving operational efficiency, and increasing profitability in the competitive European automotive aftermarket industry.
2026 EPS Estimates
- Not provided in the PDFs
- The provided PDFs include historical financial statements and Q1 2026 data, but do not provide a forward EPS-based valuation model
- Not provided in the PDFs
Note: EPS estimates are for informational purposes only and represent our analytical framework, not investment recommendations. These financial results estimates are based on stated assumptions and may change as new information becomes available.
Key Metrics
Company-specific performance indicators tailored to Auto Partner S.A.'s business model.
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Data Source: Key metrics are extracted from company disclosures, periodic reports, and management commentary.
Periodic Report Publication Calendar
| Quarter | Publication date |
|---|---|
| Q1 | 2026-05-21 |
| H1 | 2026-09-17 |
| Q3 | 2026-11-19 |
| Quarter | Publication date |
|---|---|
| FY | 2026-04-15 |
Schedule reflects the most recent ESPI announcement for each fiscal year. Past publication dates are shown in grey.