Thank you, madam. Good morning, everyone, from me too, and thank you for joining us for the Esprinet Group Q1 2026 results presentation.

I am Giulia Perfetti, Investor Relations and Sustainability Manager of Esprinet, and here with me is Giovanni Testa, CEO of the group, who today will comment on the results. Before we start, please note that this presentation contains forward-looking statements, and so I would like to draw your attention to the regulation note on page 2 regarding the information contained within this document.

Today's call is being recorded, and the podcast will be posted on the Esprinet website in the investor section together with the presentation. I will now turn the call over to Giovanni to begin presenting and commenting with you on the Q1 2026 results.

Giovanni, over to you.

Thank you, Giulia. Welcome to this investor call.

We can start. For sure, the first quarter of 2026 began with a very solid growth, even if the environment remained very complex.

The most significant result we think that is the group performance was driven not only by market conditions, but also by a capacity to increase our market share in Italy, Spain, and Portugal as well. We will see some details in the next slide.

This confirms the group ability to identify key structural trends in demand and translate them into concrete results. Speaking about sales dynamics, gross sales reached €1.1 million, representing an 11% year-on-year increase.

As in the last quarters, the Peninsula Ibérica continues to perform very well, with an excellent result despite a very challenging comparison with Q1 2026. Also Italy is showing some signal of growth, but for sure in a market that is a weak market.

The topic of the market in this moment remains the PC refresh. We have the long tail of the refresh of Windows 10 that will be closed probably in the H1 2026.

There is a moment of restock by our customers in anticipation of some potential supply constraint in the second half of 2026. The main drivers are related to AI demand and overall cybersecurity, overall because [rising?]

about cyber threats. There is also and good ongoing development of the green tech market.

Speaking about the profitability indicators and the financial structure, the quarter shows a very clear improvement of the profitability of the group. Adjusted EBITDA stands at €15.7 million compared to a March 2025, we have an increase of 44%.

The margin as a percentage of sales rose to 1.47% and is compared to 1.13% in the same period of the previous year. We can say that the result is driven by two key factors: a gross margin that is stands at 5.6%, and the capability, and we will see also that in the next slide, to keep cost under strict control.

The cash conversion cycle is closed at 26 days, is stable with the figure that we had in full-year 2025, and is down compared to Q1 2026, 2025. The net financial position is negative by €350 million and is essentially in line with the same period of last year.

The difference between last year is connected to the price paid by the acquisition of Vamat that the group closed in October 2025. We are speaking about a deal, an M&A deal related to the Zelatech space.

ROCE is stand at 6.1% against 6.4% of Q1 of the last year. Passing to the sales evolution, what we can say starting this slide is that the group beat the market in all region in which we are present, by all the product categories, for all the cluster that we show in the slide.

This is a very good result, because underperforming all the markets means that we are doing a good job not only in one country for a favorable market, for example, Spain, but we are doing a good job in all the countries where we are present. There is also a good performance of Morocco, even if we are not able to show the market andamento, but we have increased 64%, 34% the sales value of Morocco.

We see a good performance of the screens and is connected to the good performance overall of notebook for the price increase of the unit selling price for notebook, also for smartphone. For us there is a good performance of the devices because we are flat for the net sales compared to the 2025 Q1 result, despite the market decreased of 5%.

We are happy again to show a very good increase of the turnover for Solutions and Services and GreenTech, overall GreenTech 40%, that is a good demonstration of the strategy of the group that is focalized on the green transition, the green market. Speaking about retailers and e-tailers and reseller cluster of customer, we decreased 1% on the retailers and e-tailers space, doing better of the market, and we increase of 16% in a reseller space, beating the market that increased about 9%.

I think that overall we can show you a consistent performance of the group. We beat the market by country, by product category, by customer segment.

As we said before, we see an increase of our market share also in Spain, not only the turnover, but also the market share, and is a good result because the comparison between 2025 and Q1 and 2026 to Q1 was not so easy to beat. In the next slide, we see the profit and loss Q1 2026 by the three dimensions, our three spaces: Esprinet, Vinzeo, and Zelatech.

As we can see, we increase our turnover of 11%, but we did better for EBITDA margin figure, because we increased 44%. It means that the cost related to each space, Esprinet, Vinzeo, and Zelatech, are under control.

We will see in the next slides, has slightly rose because we checked and we put under control all the possible rose and we are trying to introduce better processes also to keep the same profitability or increase the profitability, maintaining the same staff needed, despite increasing of 11% the turnover. Speaking about the percentage of EBITDA margin, you can see that for all of that we increased a lot.

We would like to underline the performance of the devices, because last year in Q1 2025 we lost €0.4 million, and in this quarter we gained €1.2 million. The good performance is connected for sure a good performance of the gross margin and gross profit, but also for a reduce of the cost, fixed cost, related to an advertising program for our own brand that in last year was done in the first quarter.

We see also good performance on solutions. We see a very good performance because we more than three times increased EBITDA of GreenTech.

Just to anticipate maybe some questions about services, the performance of services and the decrease of sales and EBITDA is fully connected to a one-shot deal in Esprinet Iberica did in Q1 2025 and not repeated in Q1 2026. Perfectly that we launched in March 2025 Innovactive, that is the new division that will serve the Esprinet Group cross-country and cross-company focalized to deliver and to sales services for all the Esprinet Group.

We are very focused on services, but we know perfectly that service space is in a market in which we have to work not in a run rate business, but in a project business. Sometimes it could happen that a deal can pass from a quarter to another.

In the next slide, we will see the Q1 profit and loss summary. We have already commented the increase of sales and then of gross profit.

About SG&A, we have a high decrease of the percentage on sales of the SG&A that is passed from 4.23% to 4.12%. We can see that the only cost that increased is the personnel cost, that increased by 5%.

The increase of the cost is related to two events: the collective bargaining agreement, both in Italy and Spain, that started in the Q2 and Q3 2025, that is not represented so in Q1 2025, and the perimeter of the personnel cost of Vamat that remember we acquired in October 2025. All the other operating costs decrease, is a reduction of more or less 6% compared to the peak of Q1 2025, in which I would like to remind you that we insert also some consultant costs related to the M&A of Vamat that the process started in the early Q 2025 and closed and finished in October 2025.

About EBIT, we have more than doubled the result of Q1 2025. Speaking about the net financial expenses, we have two different situations: with decrease of 7% or 6% the other financial expenses, but we have an increase of the foreign exchange losses that in Q1 2025 was a gain of €0.7 million, and in Q1 2026 represents a loss of €1.1 million.

Say that, net income is more than five times the net income of Q1 2025. We can say only that we are happy for the result.

Speaking about the balance sheet, this slide is representing our balance sheet, and we want to have your attention on two metrics: the net financial debt and the operating net working capital. The net working capital follow the usual interim pattern, because every Q1 show us a greater cash absorption that is different from the other quarter of the year.

Speaking about the net financial debt, we have an increase of €14 million compared Q1 2025 to Q1 2026, and is fully connected to the price that we paid for the acquisition of Vamat in October 2025. We are speaking about €15 million.

The other net financial debt is stable despite an increase of 11% of the turnover. Next slide, please.

Passing to the operating net working capital, we are in line with the value of Q1 2025. We have a slightly increase of the inventory, and is connected to some purchase that we have done to anticipate some issues about shortage of products.

I remind you that we are speaking about overall notebook, smartphone, and server. Trade payables and trade receivables are in line with the same andamento of the Q1 2025, and what we are trying to do is to remain focused on reducing inventory on one hand, and on the other hand is we are trying to obtain a longer DPO from the vendors.

We are not working in this moment on DSO, because we think that in this moment, for geopolitical scenario, for the financial situation overall in Italy, but also in Spain, it's not useful and we can say also very difficult, but overall not useful to ask to our customer to reduce the time of payment, because we think that a role of distributors is also to sustain the channel, to sustain our customer, sometimes in these moments in that the geopolitical scenario put some doubts on some aspect. For example, the capacity to deliver the product by the vendor from the next month, next next month.

About this aspect, we want to transmit you that we are checking continuously with the vendors the capacity to respect the delivery time and to deliver the products not only in the right time, but also in the right quantity. At the moment, we don't see any issue of shortage till more or less August, September.

After that, we have no a clear visibility of what can happen. There is, from our point of view, a positive situation, better than expected when we started to speak about the shortage of RAMs in Q4 2025 and also in Q1 2026.

Passing to the next slide, here is a slide in which we show you the working capital metrics four-quarter average. The result of Q1 is fully in line with the full-year 2025 result of 26 days and increased only one day by Q1 2025.

Speaking about the quarter-end, we reduced 3 days the quarter-end working capital metrics, the cash cycle, from 37 to 34%, and the increase from the Q4 and Q1 is exactly the same of every year, as you can see in the graphic, because is a normal run of our market during the year. ROCE is 6.1%, exactly the same of the full-year 2025 result.

All in all, what we expect, the geopolitical scenario is a fact that we have to consider, because not only the war, but also the Iran issue and the Hormuz problem can put some problems on the table, we can say. We will have some supply chains because there is a longer period of delivery of the product.

We see a pricing cost pressure because our suppliers are shipping in operation with a higher cost than in the past. We, after having seen that, we think that we have to remain positive, because the distribution is the way in which the IT market passed the most part of the business.

We remember that every year we have seen an increase of the percentage of the business that is passing through distributors. AI remain the main growth engine, very, very close to the cybersecurity opportunities, because cybersecurity spending is rising every quarter due to also a lot of attacks that hacker are doing to some companies.

The AI infrastructure investment are very high, is supporting demand, and is one reason why we have a little shortage of server, because the RAMs that we need to prepare a server to have a 1 TB of capacity, that is the capacity that we need to run a AI infrastructure, is consuming a lot of RAMs. Customers, we have seen in Q1, are anticipating the potential shortage, exactly as we have done, accelerating purchases.

This effect is supporting the short-term growth. I would like to repeat, distribution channel have a strategic role in this moment, more than in the past.

All is all connected to the geopolitical scenario and the shortage, possible shortage of the products. We want to announce the group 2026 guidance, in which we announce the EBITDA adjusted guidance of between €71 to €77 million, with also a target of improving working capital.

For sure, and we are assuming that no further external shocks will be in the next month. We hope also that the crisis in the Middle East can have a stabilization and helping us to reach a light positive result.

I have finished my presentation, and I open the Q&A session to you.

Good morning. Can you hear me?

Yes.

Perfect. Thanks for the presentation and thanks for taking my questions.

The first one is about your guidance, in particular on EBITDA first. I was wondering under which scenario you would end let's say towards the lower bound of your range, €71 million if I'm not wrong.

Secondly, on working capital, you said you plan to improve it. You talked about DPOs and inventories, but do you have a specific target set on working capital?

Second question is about weakness that we have seen in Q1 in retail. Do you have any explanation because of this weakness, retail versus strength in the other channel?

Third question and last question is about Zelatech, very strong performance. I was curious understanding which product category drove the 40% increase in GreenTech.

Thank you.

Thank you to you. Speaking about the guidance, the calculation we can say that we have done is that we have seen an increase of the EBITDA adjusted in Q1 compared to the Q1 2025.

We think that we have the possibility, in a pessimistic scenario, to repeat the results of Q2, Q3, and Q4 of last year, and we have added simply the increase of the EBITDA margin done in Q1 compared to Q1 2025. We want also to say that we have announced a guidance, but for sure we are working very strong to have at the end of the year a result that could show to the market a target result very very close to our upper target of €77 million.

About working capital, we prefer not to say a specific target. For sure, we are working about reducing inventory.

Reducing inventory is in this moment meaning not only reducing the value, but also the quantity, because maintaining the same quantity for some product categories, server, notebook, and smartphone, we have seen an increase of 20%, 30%, 40%. To maintain the same quantities available for our customers in the inventory, means an increase of the value of the total inventory.

The third question was related to Zelatech, and it's easy to answer. It's all connected to photovoltaic products, overall battery and inverters.

We have done a very strong work about it, and from Italy, we are continuing to increase the sales abroad, and we are starting to work also in other countries that in Q1 was not present, for example, Holland, Belgium, and Ireland. Part of the result is also connected to have included in the perimeter of the sales the result of the acquisition of Vamat.

About your second question that was related to retailers customers and maybe also the consumer market, the decrease that we have shown is fully connected to the Italian market, because in the Spanish one that cluster of customers are growing. On the contrary, in Italy there are some issues for some retailers, and probably also the demand of end user is decreasing due to some situation also geopolitical that is not so clear.

Thank you. Maybe as a follow-up of this last answer, have you seen throughout the quarter an improvement in the retail picture, meaning weak January and maybe some recovery in February or March, or the performance has remained let's say weak and constant throughout the three months?

More or less remained the same. We have seen just a little improvement in March compared to January, February, but is very very low.

We cannot say a big difference between January, February, and March.

Perfect. Thank you very much.

Thank you to you.

Hi, good morning, everyone. Thank you for the presentation.

First question: do you expect the PC refresh demand related to Windows 11 and the pull-forward effect linked to memory shortages to remain supportive also in the second quarter or in the second half? Then, looking at the supply chains, you already said something regarding product availability.

I was wondering if you can also provide an update on how the prices are evolving. Last question: I remember that in a previous meeting you mentioned a standstill situation in the public administration market, mainly related to price negotiations.

Could you provide an update on how the situation is evolving? Thank you.

Let me start from the last question, that is the public administration. I have spent some days in Rome last week.

I have a lot of meetings with some public administration starting from Consip. For sure, there are a lot of projects that are on hold in this moment, because after a lot of years in which we have worked in a deflation market, now we are working in inflation market, and all the actors of our market are not available in this moment to change their position.

In this moment, the issue is to change the set of the contractual agreements between all the channel, vendors, distributors, and system integrator with the public administration. I think that after having spoken with them, in a very short period, this situation will be solved, because it's not possible for the public administration to freeze all the projects.

All the projects that in this moment are on hold, we think that we will start in few months. Maybe for some product categories in few weeks, because for example for cybersecurity tender, they have the need to start immediately in order to protect the system of the public administration.

About the shortage of the products and the price increase, as I have already said, we have a vision of the next month, more or less after the summer. For the moment in which we will arrive in the summer, the situation will be the same of today.

We are seeing an increase of the unit selling price overall notebook, but at the same time in this moment we see the availability of the products that will continue till August, September. In the last quarter of this year, we have asked a lot other times to the vendors, but they are not available to share with us their plans and their forecasts.

There are some vendors that are more prepared to this shortage of product, other have some difficulties. All in all, we think that the market will be sustained by the increase of the PC notebook layer, and we will continue to see a grow of the market for that product category.

About the refresh of Windows 10 to Windows 11, probably with the end of Q2 we finish.

Thank you very much.

Hello, good morning, and thanks for taking my questions. The first one is on the recent acquisition, on Vamat.

Could you please provide us an indication about the contribution of Vamat on top line and also on the EBITDA, if possible? The second question is on the OpEx level.

We have seen a good result year-on-year, also thanks to let's say an easy comp, since in Q1 2025 there was some consultancy costs related to the acquisition. I would like to understand if this level, it's something sustainable also over the next quarters.

Finally, the last question is on the let's say current update on the first weeks of Q2, just to understand what are the trends you are facing and if might we expect again a solid trend in terms of growth. Thank you.

Thank you to you. About Vamat, Vamat, as we have presented when we announced the deal, is a small company with a turnover about 50, around €50 million.

The contribution in Q1 of Vamat to the turnover is in a order of some million euro. About EBITDA, we have seen that this Vamat contribution is in line to the contribution of Zelatech for the other countries.

We are in line with expectation that we had when we bought Vamat. Probably we hope to see a better result of Vamat in the next month, in specific region of Ireland, because in Holland and Belgium we are seeing the increase of the market that is present more or less in all the countries in Western Europe.

Ireland is a country that is starting now to introducing photovoltaic products, and so is the region in which we have more appetitive to obtain a good result. About cost, fixed or variable cost, I think there is no difference in our vision.

We have already said that we maintain a very high control over the fixed costs. Maybe in the next quarters we will invest in some projects also in AI space that will insert some costs, but we think that the percentage of influence on the turnover will remain more or less the same.

We have no idea in this moment of a increase of the incidence of the fixed and variable costs. About Q2, what we can say is that the stronger increase of our turnover in Q1 is also represented in the first month of Q2.