Esprinet (PRT) Q3 2025 earnings summary

Executive summary

• Achieved solid growth in Q3 and 9M 2025, with revenue, gross profit, and EBITDA Adjusted all increasing, driven by strong performance in Spain and Portugal, while Italy remained flat.

• Net financial position improved by nearly €60 million year-over-year, reaching -€287.2 million, reflecting effective working capital management.

• Focus on high-margin Solutions & Services and green tech segments, with the Vamat acquisition expected to further boost growth and expand into Benelux and Ireland.

• Operating costs rose, but their impact on sales decreased, and cost structure management supported margin improvements.

• Net income for 9M 2025 was €6.2 million, down 7% year-over-year, mainly due to higher income taxes.

Financial highlights

• 9M 2025 sales reached €2,893.3 million, up 4% year-over-year; Q3 sales were €961.8 million, up 3% year-over-year.

• Gross profit for 9M 2025 was €161.7 million (+5% YoY), with a margin of 5.59%.

• EBITDA Adjusted for 9M 2025 was €37.3 million (+3% YoY); Q3 EBITDA Adjusted was €12.1 million (+4% YoY).

• Net financial position improved to -€287.2 million from -€344.3 million a year earlier.

• Cash conversion cycle was 28 days, up 6 days year-over-year but down one day sequentially.

Outlook and guidance

• Full-year 2025 EBITDA Adjusted guidance reaffirmed at the upper end of €63–71 million, supported by strong 9M results and sector forecasts.

• Continued focus on high-margin Solutions & Services, green tech expansion, and leveraging the PC refresh cycle.

• Q4 expected to benefit from the Vamat acquisition and seasonality.