Esprinet (PRT) Q1 2026 earnings summary

Executive summary

• Q1 2026 sales reached €1,064.7M, up 11% year-over-year, with strong performance in the Iberian Peninsula and growth in Italy despite a weak market, driven by all divisions.

• Adjusted EBITDA rose 44% to €15.7M, with margin improving to 1.47% from 1.13% year-over-year, reflecting diversification and operational efficiency.

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

• The group outpaced the market, driven by PC refresh cycles, AI-driven infrastructure demand, and cybersecurity needs.

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, impacted by acquisitions and seasonal working capital needs.

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

• Net income reached €2.8M, up from €0.5M in Q1 2025.

Outlook and guidance

• 2026 Adjusted EBITDA guidance set at €71–77M, with a focus on improving working capital.

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

• Continued digital transformation, European expansion in green tech, and innovation in services are strategic priorities.

• AI and cybersecurity expected to drive ongoing demand, though supply and cost pressures persist.