Esprinet (PRT) Investor presentation summary

Strategic positioning and growth drivers

• Leading distributor of high-tech products and consumer electronics in Southern Europe, with a growing presence in digital transformation and green technologies.

• Three divisions: Esprinet (tech products), V-Valley (digital transformation/cloud/cybersecurity), and Zeliatech (renewable energy/energy efficiency).

• Addressable market nearly doubled with entry into green tech, targeting both tech and sustainability macro trends.

• Focus on expanding advanced technology offerings, digital platforms, and service models to capture new growth opportunities.

• M&A remains central to strategy, supporting expansion and diversification.

Financial performance and capital allocation

• Q1 2026 gross sales up 11% year-over-year to €1.1B, with strong growth in Iberia and resilience in Italy.

• EBITDA Adj. for Q1 2026 at €15.7M (+44% YoY), with margin improvement to 1.47% and gross profit margin stable at 5.60%.

• Cash conversion cycle at 26 days, net financial position negative €350.4M, reflecting recent acquisitions.

• Normalized free cash flow averaged €55M over the last 5 years, with a 10-year total of €345M.

• 2025 proposed dividend payout at 86%, with flexible share buyback and ongoing M&A capability.

Market trends and operational highlights

• Outperformed the market in all segments, with double-digit growth in Spain and strong momentum in green tech.

• V-Valley division now contributes 51% of EBITDA Adj., Zeliatech 7%, reflecting shift toward higher-margin services and green tech.

• Continued focus on optimizing working capital and maintaining a low fixed asset intensity business model.

• ROCE at 6.1% in Q1 2026, with management targeting further improvement.

• Guidance for 2026: EBITDA Adj. between €71–77M, with ongoing initiatives in digital transformation and green transition.