Auto Partner Group Financial Results
2024
16 April 2025
Disclaimer
This material is intended for information purposes only. It does not constitute an advertisement for or an offer of any publicly traded securities. Its contents have been
compiled from sources considered reliable and accurate by Auto Partner S.A., although there is no assurance that such sources are exhaustive or that they fully reflect
the relevant facts. This document may contain some forward-looking statements, which represent an investment risk or a source of uncertainty, and may differ
materially from actual results. Auto Partner S.A. shall not be held liable for the consequences of any decisions made in reliance on this material. Responsibility shall lie
solely with its user. This material is protected under the Polish Copyright and Neighbouring Rights Act. Any reproduction, pu blication or dissemination of this material
requires Auto Partner S.A.’s written consent.
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Agenda
1. About the Auto Partner Group
2. Market environment
3. Financial results
4. Summary
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About the Auto Partner Group
Management Board
Aleksander Górecki Andrzej Manowski Piotr Janta Tomasz Werbiński
President of the Management Vice President of Vice President of Member of the Management Board,
Board/Founder the Management Board the Management Board Chief Financial Officer
Involved in the automotive industry since With the company since 1994, serving Joined the company in 2009 as Sales Chief Financial Officer since 2019 and a
1993, the year he founded Auto Partner. as Vice President of the Management Director and served as a member of its member of the Management Board
Major shareholder. Responsible for the Board since 2007. Responsible for the Management Board since December since December 2022. Oversees the
company’s development since its inception. company’s geographical expansion, 2015. Oversees the development of the company’s finances.
His remit also covers managing relationships including the development of export sales network and marketing
with key suppliers and business partners. operations, as well as oversight of IT communications. Active in the automotive
projects. sector since 2005.
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Auto Partner Group at a glance
One of the largest distributors of automotive parts in Poland,
with a nearly 10% market share
International markets accounting for around 50% of sales
Approximately 280,000 product references available
Expanding distribution network with nearly 160,000 m2 of
warehouse space
Strong private label brands (including maXgear),
accounting for around 19% of sales
Network of MaXserwis affiliated workshops, totalling 559
at year-end 2024
Member of GlobalOne purchasing organisation
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Effective business model – Poland
broad product range
premium brands, private label brands
private label human resources
SUPPLIERS brands almost 2,700 employees
including
OF FINISHED MaXgear
PRODUCTS sales
other
brands
sales support
warehouse/logistics IT
online
Repair 61%
workshops
orders
export deliveries
to branches
Specialised
Approximately 70% of stores 32%
orders in Poland 118 branch offices
placed online Non-specialised
local warehouse
deliveries
repairers and 7%
to customers
CUSTOMERS retailers
Data as at 31 December 2024
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Effective business model – export
broad product range
premium brands, private label brands
human resources
SUPPLIERS private label almost 2,700 employees
brands
OF FINISHED including
PRODUCTS MaXgear
sales
other
brands
sales support
warehouse/logistics IT
online
orders
Approximately 99% of
international orders
placed online
Stores,
CUSTOMERS wholesalers and 100%
distributors
partnerships
and representative offices
Data as at 31 December 2024
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Key developments in 2024
Sales up 12.6% to over PLN 4.1 billion – a historic record
Double-digit growth in Poland (up 13.3%) and in
international markets (up 11.8%)
Solid profitability with a dynamically growing business scale
and despite market challenges: gross margin of 27.4% posted
for 2024
Continued international expansion – exports accounting for 50%
of revenue, with export sales exceeding PLN 2 billion
Planned opening of a new distribution centre in
Zgorzelec slated for late 2025 or early 2026
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Well-developed distribution network
IT-supported logistics Domestic and export Network of
enable just-in-time sales handled from the 118 branch
deliveries to central warehouse in
Bieruń, distribution
offices covering
geographically
all regions of
dispersed customers, centre in Pruszków and
Poland
with a frequency of the Poznań HUB
Zgo rzelec
2-8 times per day Subsidiary operating
two branch offices
in the Czech P ragu e
Republic
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Expanding warehouse space
52,000 m² 24,000 m²
Distribution centre in Warehouse in Mysłowice
Bieruń
13,500 m² 57,000 m²
Logistics and distribution centre Local warehouses within
190,000 m² (HUB) in Poznań 118 branch offices
after new distribution centre 12,500 m² 1,200 m²
Warehouse in Pruszków 2 branch offices in
opens in Zgorzelec Prague, Czech Republic
Distribution centre in Zgorzelec
30,000 m² planned to be opened in late 2025 or
early 2026
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Distribution centre in Zgorzelec
• Planned expansion of warehouse capacity by 30,000 m² – an increase of approximately 30% (excluding branch offices)
• Zgorzelec set to become Auto Partner’s most advanced and highly automated logistics hub
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Private label brands and exclusive brands contributing 19% of revenue
Exclusive brands
Private label brands
over 35,029 2,000 nearly 3,500 over 1,500
references available products available references available different applications for
clutch sets
18 workshop equipment: braking system parts power transmission
years of experience tools and power tools systems
80
product groups
car and motorcycle
parts
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Market environment
Market environment
POLAND EUROPE (European Union)
• 545 cars per 1,000 inhabitants in Poland (ACEA) • 563 cars per 1,000 inhabitants in the European
• In January–February 2025, new passenger car Union (ACEA)
registrations rose marginally by 0.3% year on year • In January–February 2025, new passenger car
(ACEA) registrations in the EU decreased by 3% (ACEA)
• During the same period, electric vehicles accounted for • During the same period, new electric vehicle
just 3.1% of total registrations (2.8 thousand cars, up registrations rose by 28.4% (255.5 thousand
12.5% year on year) (ACEA) vehicles, representing 15.2% of the total EU new car
• Average age of a passenger car: 15.1 years (ACEA) market)
• In February 2025, the median price of pre-owned cars • Average age of a passenger car: 12.5 years
dropped by PLN 1,000 from the previous month, to (ACEA)
approximately PLN 33.9 thousand (AAA Auto) • EU unemployment rate in January 2025: 5.8%
• Unemployment rate at the end of January 2025: 5.4% (Eurostat)
(Statistics Poland) • EU GDP growth in 2024: 0.8% year on year
• GDP growth in 2024: 2.9% year on year (Statistics (Eurostat)
Poland, estimates)
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Deflation in the automotive parts market in Poland and Europe
Q4 Q1 Q2 Q3 Q4
2023 2024 2024 2024 2024
182
manufacturers
basket value basket value basket value basket value basket value*
PLN 187,054 PLN 184,159 PLN 180,151 PLN 176,469 PLN 174,704
26 Price declines in transactions with workshops
distributors
-1.6%
-3.7%
5,819 -5.7%
reference numbers
-6.6%
Inflation rate in Poland
+5.0%
• Slight price increases seen in December 2024.
• In January 2025, a drop in prices to the levels recorded in November 2024.
Source: MotoFocus.pl, based on data from Motorro.pl * estimates
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Foreign exchange rate movements
EUR/PLN exchange rate
5.00000
4.80000
4.60000
4.40000
4.20000
4.00000
USD/PLN exchange rate
5.50000
5.00000
4.50000
4.00000
3.50000
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Foreign exchange rate movements in 2023-2024
EUR/PLN exchange rate
4.9
4.8
4.7
4.6
4.5
4.63
4.4
4.3
4.2
4.32
4.1
4.0
3.9
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Financial results
2024 results
REVENUE EBITDA EBIT NET PROFIT
4,112.5 343.6 289.3 208.0
PLN million PLN million PLN million PLN million
+13% -1% -4% -7%
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Strong sales growth in 2024
• Revenue up 12.6% year on year
• Similar contributions of domestic and export sales to total revenue
2024 sales [PLN million] Sales by geography [PLN million]
4,112.5 1,827.2
3,653.4 2,043.2
50% 50%
2023 2024
50%
50%
1,826.2 2,069.3
2023 2024
Domestic sales Export sales
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Strong domestic and export sales
• Export sales up 11.8% in 2024
• Domestic sales up 13.3% year on year
Export sales Domestic sales
27%* 33% 38% 42% 46% 50% 50% 50% 73% 67% 62% 58% 54% 50% 50% 50%
* Contribution to 2,043.2 2,069.3
Group’s revenue
1,827.2 1,826.2
1,409.6 1,425.1
1,227.5
1,034.4 963.3
910.1
707.1 769.8
569.3 662.7
385.2
252.2
2017 2018 2019 2020 2021 2022 2023 2024 2017 2018 2019 2020 2021 2022 2023 2024
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Continued business expansion
• Revenue growth in 2024 adversely affected by deflationary pressures from automotive parts manufacturers and by the appreciation of the
euro against the Polish złoty compared with 2023
• Key drivers supporting sales growth:
• new export routes and destinations, along with increased sales to existing customers
• further expansion of the product mix and better alignment with customer needs across different price segments
Quarterly sales
[PLN million]
1,060.8
1,062.1
994.8 994.8
938.5 956.3 921.9
836.6
751.2 737.0
706.9
639.6
587.2 611.6 587.5
469.5 433.1 475.7
371.1 396.7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021 2022 2023 2024
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Solid profitability despite market headwinds
• Distribution costs and marketing expenses, warehousing costs, and management and administrative expenses rose by 20.1% year on
year in 2024
• The increase in this expense category outpaced revenue growth by 7.5pp, driven primarily by strong cost pressures, including a
substantial increase in Poland’s minimum wage, which significantly elevated the costs of salaries and wages, a key component of the
Group’s operating expenses.
Gross profit EBITDA EBIT Net profit
[PLN million] [PLN million] [PLN million] [PLN million]
+14% 1,127.2 -1% -7% y/y
y/y y/y
-4% 223.7
346.2 343.6 302.7 y/y 208.0
989.9 289.3
50.8 +19%
+17% 287.1 +25% 65.7 +27%
Q4 y/y 77.6 Q4 y/y Q4 y/y Q4 y/y 60.6
245.6 97.0 83.6
282.9 -17% -22% 65.6 -24%
+4% 102.1 Q3 y/y
90.9
271.1 84.9 Q3 y/y Q3 y/y 50.2
Q3 y/y 71.2
+17% 296.3 -2% -7% -11%
94.6 Q2 y/y 84.1 64.2 56.9
252.4 Q2 y/y 92.6 Q2 y/y 78.4 Q2 y/y
+18% -4% -9% -6%
220.8 260.9 72.0 Q1 y/y 69.1 62.0 Q1 y/y 56.1 43.0 Q1 y/y 40.3
Q1 y/y
2023 2024 2023 2024 2023 2024 2023 2024
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Strong margin levels despite market pressure
Profitability
[%]
30.3 29.5 29.3 29.6 30.3 29.2 30.4 28.9
28.1 28.4 27.9
27.6 30.7 27.1 27.4
26.2 26.9 26.7
26.6
28.3
26.4 26.2
12.2
11.3 11.5 12.9 11.9 11.6
11.0 10.5 11.0 11.2 10.6 9.5
10.1 10.7
10.8 10.0 10.2 11.8 8.6 8.4 8.4
6.6 10.8 10.4 9.8
9.6 9.9 10.1 9.5 7.0 8.7 8.4 8.3
9.4 9.4 9.0 8.0
8.2 7.8 7.9 9.5 8.3 7.9
7.4 6.7 6.1 7.0
5.1 7.4 7.4 7.1 5.4
6.7 7.1 7.2 6.8 6.9 5.6 4.7
6.9 6.1
5.1 5.5 5.1
3.4 4.1
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2023 2024
2020 2021 2022 2023 2024
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Cash flow
• Stable liquidity position of the Group
Cash flow
[PLN million]
Operating cash flows
180.1 Investing cash flows
124.2 Financing cash flows
2.5 1.2 Total cash flows
-37.7 -45.4
-77.6
-139.9
2023 2024
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Stable inventory levels
• Strong inventory turnover: 133 days vs 137 days the year before (as at 31 December 2024)
Inventories*
[PLN million]
1,144.0
1,078.0 1,113.5
993.8 1025.7 1,019.0
969.3 964.7 981.3
839.8 876.0
827.6
749.4
656.1
608.7 603.2
469.6 478.8 503.2 491.7
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
2020 2021 2022 2023 2024
* Inventories and right of return assets
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Summary
Summary
• Record revenue, exceeding PLN 4 billion
• Solid profitability maintained despite market challenges
• Low debt level (net debt / EBITDA = 1.3x)
• Positive outlook for the automotive parts distribution market
• Focus on margins and cost control
• Plans to further expand the business scale, including through the
launch of a 30,000 m2 distribution centre in Zgorzelec in late 2025 or early
2026
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THANK YOU!
ul. Ekonomiczna 20
43-150 Bieruń, Poland
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