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Esprinet (PRT) investor relations material
Esprinet Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
H1 2025 sales reached €1,931.5M, up 4% year-over-year, with Q2 sales at €969.1M, up 5% from Q2 2024, and net result up 5% to €3.4M, despite higher operating costs and increased financial debt.
Profitability in Q2 was robust, with EBITDA up 38% and EBIT adjusted up 2% year-over-year, driven by strong performance in high-margin segments, cost optimization, and solid gross profit margins.
The Group outperformed the Italian market and gained share in Portugal and Iberia, with advanced solutions, digital/cloud/cybersecurity, and green tech segments leading growth.
Cost structure optimization and effective management supported operational efficiency, with a strategic focus on higher-margin businesses and rationalizing low-margin, high working capital segments.
Leadership in high-tech product distribution was consolidated, with notable performance in digital transformation and green tech.
Financial highlights
H1 2025 sales: €1,931.5M (+4% YoY); gross profit: €110.9M (+6% YoY, margin 5.74%); EBITDA: €25.1M (+2% YoY); EBIT: €12.9M (-8% YoY); net result: €3.4M (+5% YoY).
Q2 2025 gross profit increased 9% year-over-year, with margin at 5.83% versus 5.59% in Q2 2024.
Net financial position was negative €327.5M as of June 30, 2025, worsened from -€164.0M a year earlier, mainly due to new lease liabilities and working capital changes.
Cash conversion cycle increased to 29 days (+7 days YoY), reflecting seasonal working capital needs.
Factoring programs totaled €347.7M as of June 30, 2025, essentially unchanged year-over-year.
Outlook and guidance
2025 adjusted EBITDA expected between €63M and €71M, with optimism for the upper end of the range, supported by strong sales momentum in July and August, especially in Iberia and Italy.
Market analysts expect low- to mid-single-digit ICT distribution growth in H2 2025 in the Group’s core regions, with Spain outperforming Italy.
Guidance remains unchanged, with a focus on high-margin segments and rationalizing the offering, which may offset some growth.
Cautious approach maintained due to macroeconomic and geopolitical uncertainties, but current trends are positive.
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