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.

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

• Strong performance in V-Valley (digital/cloud/cybersecurity) with 12% H1 sales growth and Zeliatech (green tech) with 26% Q2 growth.

• The Group outperformed the Italian market and saw strong growth in Iberia and Portugal, with a focus on high-margin segments and cost optimisation.

• Strategic focus on higher-margin businesses, especially solutions, services, and green tech, is yielding results.

Financial highlights

• Gross profit for H1 was €110.9M (+6% YoY), with a margin of 5.74% (vs. 5.67% in H1 2024); Q2 margin at 5.83%.

• Adjusted EBITDA: €25.1M (+2% YoY); Q2 EBITDA up 38% YoY.

• EBIT for H1 was €12.9M (-8% YoY), impacted by higher depreciation from new warehouse investment.

• Net financial position was negative €327.5M as of June 30, 2025, mainly due to working capital and lease liabilities.

• ROCE at 6.6% (7.1% as of June 30, 2024).

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 cost optimization.

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

• Continued investment in high-growth segments and potential M&A in green tech.