Esprinet (PRT) Q1 2025 earnings summary

Executive summary

• Q1 2025 sales rose 4% year-over-year to €962.4 million, confirming strong market positioning and recovery in consumer demand, especially in PC and solutions segments.

• Growth was led by V-Valley (+12%) and Zeliatech (+16%), offsetting a 6% decline in Devices.

• All regions and product categories grew, with the Iberian Peninsula rebounding and Portugal and Morocco outperforming.

• ITC spending environment improved, with expansion in Solutions (software, cloud, cybersecurity) and digitalization investments.

• Consumer segment sales up 6% and business segment up 3% year-over-year.

Financial highlights

• Gross sales reached €962.4M, up 4% year-over-year; gross profit €54.4M (+2%), margin at 5.65%.

• EBITDA Adjusted was €10.8M, down 24% year-over-year, impacted by higher operating costs from inflation and labor agreements.

• Net income was €0.5M, down 85% compared to Q1-24; EBIT Adjusted at €4.7M (-48% vs Q1-24).

• Net financial position negative at €336.6M, mainly due to seasonal working capital needs and new lease liabilities.

• Equity increased to €390.0M from €370.7M a year earlier.

Outlook and guidance

• 2025 EBITDA Adjusted guidance set at €63–71M (vs €69.5M in 2024), reflecting cautious optimism.

• Focus on cost optimization, working capital improvement, and expansion in digital, green tech, and cybersecurity.

• Fundamentals for the year remain positive, with expected low- to mid-single-digit growth driven by PC refresh, digitalization, and AI investments.

• V-Valley to pursue new distribution agreements and market share growth, including acquisitions; Zeliatech to continue accelerated expansion.