Auto Partner SA (APR) · Q2 2026 results and valuation

At 16.0% growth a year (3-year revenue growth), the model's fair value is 12.81 zł a share — the stock trades 123% above it. Today's price assumes 26.0% growth a year.

1. Figure

   Subsidiary Auto Partner Deutschland GmbH signed a lease on September 14, 2026, for approximately 24,300 m² of warehouse space to create a logistics and storage center in Germany.

   Source quote

   “On September 14, 2026, the subsidiary Auto Partner Deutschland GmbH entered into a lease agreement for warehouse space in Germany, based on which the creation of a logistics and warehouse center with an area of approx. 24,300 m² is planned.”

2. Figure

   The Group's exports to the Russian market accounted for 0.1% of the monthly revenues generated by the Group until February 24, 2022, and to the Belarusian market 0.02%.

3. Figure

   The Group's exposure to the Ukrainian market is minimal, accounting for less than 0.5% of currently generated monthly turnover.

   Source quote

   “The Group's exposure to the Ukrainian market is negligible and accounts for less than 0.5% of the monthly turnover currently generated by the Group.”

4. Figure

   The Shareholders' Meeting decided to grant a total motivational bonus of 423,000 PLN to Management Board members Grzegorz Pala and Arkadiusz Cieplak.

   Source quote

   “The Shareholders' Meeting decided to grant a performance bonus for the Members of the Management Board: Grzegorz Pal and Arkadiusz Cieplak in a total amount of: 423,000 PLN.”

5. Key theme

   On September 10, 2026, the company was added to the list of key and important entities under the national cybersecurity system act.

   Source quote

   “On September 10, 2026, the Company was entered into the register of key entities and important entities, maintained in accordance with the Act of July 5, 2018, on the national cybersecurity system (consolidated text: Journal of Laws of 2026, item 20, as amended) ('UKSC')." — notable figure this quarter (salience: 86) On September 10, 2026, the Company was entered into the register of key entities and important entities, maintained in accordance with the Act of July 5, 2018, on the national cybersecurity system (consolidated text: Journal of Laws of 2026, item 20, as amended) ("UKSC").”

2 more

1. Key theme

   The group suspended and continues to avoid cooperation with the Russian and Belarusian markets, withdrawing all representations and aftermarket parts exports to those territories.

   Source quote

   “The Group has suspended and continues to refrain from cooperation with the Russian and Belarusian markets, and has also withdrawn all representations and exports of aftermarket parts to the territories of Russia and Belarus.”

2. Figure

   The Supervisory Board passed resolution no. 1 on May 25, 2026, to appoint the Management Board of Auto Partner S.A. for a new five-year term.

   Source quote

   “The Supervisory Board on May 25, 2026, adopted Resolution No. 1, by virtue of which it appointed the Management Board of Auto Partner S.A. for a new five-year term.”

Typical for a company report — more cautious than in Q2 2025. Periodic reports carry legally required risk wording, so their tone moves little and is a weak signal.

Sentences that drove the tone

“In addition to the factors mentioned above, the net profit was positively impacted by a decrease in financing costs, which was contributed to by the year-on-year decline in WIBOR rates.”

“The strong export growth recorded in recent years is due to the intensification of activities in this direction, with the Group still seeing great potential for export growth in the coming years.”

“Risk associated with the political and economic situation in the Middle East (this risk was assessed as low).”