Esprinet (PRT) Q2 2026 earnings summary

Executive summary

• H1 2026 sales rose 8% year-over-year to €2,089.3 million, with gross profit up 9% and net income up 40% to €4.8 million, driven by strong performance in Spain, Portugal, and all divisions.

• Adjusted EBITDA grew 27% to €31.9 million, with margin rising to 1.53% from 1.30%, and adjusted EBIT up 56% to €20.1 million, reflecting improved cost control.

• The Group outperformed the market in Spain and Portugal, with sales growth of 14.4% and 39.8% respectively, and maintained positive momentum in Italy.

• Green Tech and services segments showed exceptional expansion, with Green Tech turnover up 40% and services turnover up 41% in Q2.

• Full-year 2026 adjusted EBITDA guidance was raised to €77–82 million, reflecting strategic momentum and robust demand in infrastructure, AI, and advanced solutions.

Financial highlights

• Gross profit margin improved to 5.79%, supported by a higher share of high-margin products and effective cost control.

• Net financial position was negative €325.5 million, stable year-over-year and improved from Q1 2026.

• Earnings per share rose to €0.10 from €0.07, and cash flow from operations was €16.6 million.

• Cash conversion cycle improved to 25 days, down 4 days year-over-year.

• Net financial debt/EBITDA at 4.4x; net financial debt/net equity at 0.9x.

Outlook and guidance

• 2026 adjusted EBITDA guidance raised to €77–82 million, with management aiming for the upper end based on strong H1 results.

• Sustained growth expected in H2 and into 2027, driven by continued focus on high-margin segments and services.

• Market expected to remain dynamic, with growth led by AI, infrastructure, cybersecurity, and digital sovereignty.

• Anticipated further improvement in working capital, targeting a 21-day cash conversion cycle by year-end.

• Management expects continued growth, albeit at a more moderate pace, with inflation and supply constraints as key factors.