Esprinet (PRT) investor relations material

Executive summary

• Q1 2026 sales grew 11% year-over-year to €1,064.7M–€1.1B, with strong performance across all divisions and regions, especially the Iberian Peninsula, and market share gains in Italy, Spain, Portugal, and Morocco.

• Adjusted EBITDA rose 44% to €15.7M, with margin improving to 1.47% from 1.13% in Q1 2025, reflecting operational efficiency and diversification.

• Net income increased to €2.8M from €0.5M in Q1 2025, confirming the business model's effectiveness.

• The group outperformed the market, driven by PC refresh cycles, AI, cybersecurity, and green tech.

• Focus remains on digital transformation, green transition, and innovation in services.

Financial highlights

• Gross profit increased 9% to €59.6M, with gross margin stable at 5.60%.

• Adjusted EBIT more than doubled to €9.6M; pre-tax profit was €4.5M (vs. €1.1M in Q1 2025).

• Net financial position was negative €350.4M, mainly due to the Vamat acquisition and seasonal working capital needs.

• Net equity stood at €392.4M, up from €390.0M a year earlier.

• Net income more than quintupled versus Q1 2025.

Outlook and guidance

• 2026 adjusted EBITDA guidance set at €71–77M, up from €69.7M in 2025, assuming no further external shocks.

• Targeting improvement in working capital and continued digital transformation.

• Expect continued support from AI, cybersecurity, and PC refresh demand, with some uncertainty after summer due to supply chain risks.

• Market expected to grow at a low- to mid-single-digit rate, supported by tech refresh cycles and AI investments.

• Focus on expanding European presence and green transition.