Esprinet (PRT) Q2 2025 earnings summary

Executive summary

• H1 2025 sales reached €1,931.5M, up 4% year-over-year, with Q2 sales at €969.1M, up 5% from Q2 2024, and strong profitability driven by high-margin segments and cost optimization.

• Adjusted EBITDA for H1 was €25.1M (+2% YoY), with Q2 EBITDA up 38% and net income at €3.4M (+5% YoY); Q2 net income rose to €2.9M from €54K in Q2 2024.

• The Group outperformed the Italian market, with strong growth in Iberia and Portugal, and consolidated leadership in high-tech, digital transformation, and green tech segments.

• Cost optimization and strict cost control supported operational efficiency, with ongoing focus on higher-margin businesses and rationalization of low-margin segments.

• The European reference market grew faster than expected, with the Iberian Peninsula showing significant growth and Italy remaining flat year-over-year.

Financial highlights

• Revenue: €1,931.5M (+4% YoY); Q2 revenue up 5% YoY; gross profit for H1 was €110.9M (+6% YoY), margin at 5.74%.

• Adjusted EBITDA: €25.1M (+2% YoY); Q2 EBITDA up 38%; EBIT: €12.9M (-8% YoY) due to higher amortization from new warehouse.

• Net result: €3.4M (+5% YoY); EPS stable at €0.07.

• Net financial position was negative €327.5M, worsened from -€164.0M a year earlier, mainly due to new lease liabilities and working capital changes.

• Cash conversion cycle increased to 29 days (+7 days YoY); factoring programs at €347M.

Outlook and guidance

• 2025 adjusted EBITDA expected between €63M and €71M, with optimism for the upper end of the range.

• Revenue growth accelerated in July and August, especially in Iberia and Italy.

• Focus remains on high-margin segments (V-Valley, Zeliatech) and ongoing cost optimization.

• Industry analysts expect low- to mid-single-digit growth in the ICT distribution market for H2 2025, with Spain outperforming Italy.

• Guidance remains cautious due to ongoing rationalization and macro/geopolitical uncertainties.