Esprinet (PRT) Q4 2025 earnings summary

Executive summary

• FY25 gross sales grew 5% to €4.6 billion, with strong double-digit growth in Spain and Portugal, and flat results in Italy, driven by a focus on high-margin segments and digital transformation.

• Outperformance in Solutions & Services and Green Tech, with Green Tech revenues up 18% year-over-year and solution services up 12% in Q4.

• Adjusted EBITDA reached €69.7 million, stable year-over-year and at the upper end of guidance.

• CEO succession: Alessandro Cattani to be succeeded by Giovanni Testa in May 2026, ensuring continuity in strategy and management.

• Advanced sustainability initiatives, including CSRD-compliant reporting, reduced emissions, and gender equality certification.

Financial highlights

• Gross profit increased 3% to €237.2 million, with a margin of 5.53% and stable EBITDA margin year-over-year.

• Adjusted EBIT was €45.3 million, down 2% year-over-year due to higher depreciation from investments.

• Net income for FY25 was €20.2 million, down 6% year-over-year, with a 36% tax rate.

• Net financial debt increased to €43.8 million, attributed to seasonal factors and higher working capital.

• Cash conversion cycle improved to 26 days, with ongoing efforts to reach 20-21 days.

• Proposed dividend of €0.35 per share, payout ratio above 85%.

Outlook and guidance

• Market fundamentals remain strong, with robust ICT spending, digitalization, and AI investments expected to drive growth.

• Mid-single digit growth anticipated for the European distribution market in 2026, with guidance to be announced in May.

• Continued focus on value-added segments, M&A, and expanding European presence in green tech.