Esprinet (PRT) Q1 2026 earnings summary

Executive summary

• Q1 2026 gross sales rose 11% year-over-year to €1,064.7M–€1.1B, with growth across all divisions and strong performance in the Iberian Peninsula, Italy, Spain, Portugal, and Morocco.

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

• Net income rose to €2.8M from €0.5M in Q1 2025, confirming the effectiveness of the business model.

• Growth was driven by PC refresh cycles, AI, cybersecurity, and Green Tech (up 40–41%), with IT resellers up 16% and retail sales down 1% due to weakness in Italy.

• The group continues to benefit from digital transformation and innovation trends.

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.

• SG&A as a percentage of sales decreased from 4.23% to 4.12%; personnel costs rose 5% due to wage increases and Vamat consolidation.

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

Outlook and guidance

• 2026 adjusted EBITDA guidance set at €71–77M, assuming no further external shocks.

• Focus on improving working capital, cost discipline, and digital transformation.

• Continued support expected from AI, cybersecurity, and green tech, with PC refresh cycle ending in H1 2026.

• Q2 trends indicate continued strong turnover growth.

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