Esprinet (PRT) Investor presentation summary

Market position and strategy

• Leading high-tech and consumer-electronics distributor in Southern Europe; 1,826 people, 2025 sales of €4.3bn and 21% share of a €40.7bn IT and CE market.

• FY25 sales and EBITDA mix: Esprinet 74% and 42%; V-Valley 21% and 51%; Zeliatech 5% and 7%.

• V-Valley focuses on advanced IT, cloud and cybersecurity; Zeliatech on renewable energy, energy efficiency and AI datacenter opportunities.

• Priorities include organic market-share gains, gross-margin improvement, cost alignment, working-capital efficiency and continued M&A.

• Capital allocation includes a proposed FY25 dividend payout of ~86%, flexible buybacks, organic investment and M&A capability.

H1 operating performance

• H1-26 sales rose 8% YoY to €2,089.3m; adjusted EBITDA increased 27% to €31.9m, with margin at 1.53% vs. 1.30%.

• H1 gross profit increased 9% to €121.0m; gross margin was 5.79% vs. 5.74%, while SG&A rose 4% and fell to 4.26% of revenue from 4.44%.

• Iberia remained strong: H1 sales rose 21% in Spain and 37% in Portugal; Italy sales increased 4%, with a Q2 rebound.

• H1 V-Valley revenue rose 8% to €469.2m and adjusted EBITDA 11% to €20.5m; Zeliatech revenue rose 38% to €138.3m and EBITDA 57% to €2.2m.

• H1 adjusted EBIT was €20.1m, up 56%; net income was €4.8m, up 40%.

Financial position and cash generation

• Net financial debt was €325.5m at June 30, 2026, vs. €327.5m a year earlier and €350.4m at March 31, 2026.

• Cash conversion cycle closed at 25 days, down 1 day QoQ and 4 days YoY; ROCE was 6.3% vs. 6.6% in Q2-25.

• Working-capital actions include reducing inventory, negotiating longer vendor payment terms and rationalizing activities with high working-capital needs; factoring programs totaled €401.6m vs. €347.7m YoY.

• Normalized free cash flow averaged €54.9m over the last five years and €34.5m over the last ten years; the 10-year average cash cycle was 23.4 days.