Slide 1: Q1 2024 Results Presentation
© esprinet’ enabling your tech experience Q1 2024 Results Presentation May 14%, 2024
Slide 2: Forward-looking statements disclaimer
This presentation may contain forward-looking statements that are subject to risks and uncertainties, including those pertaining to the anticipated benefits to be realized from the proposals described herein. Forward-looking statements may include, in particular, statements about future events, futu
Slide 3: Q1 2024 Results
enabling your tech experience Q1 2024 RESULTS
Slide 4: Q1 2024 highlights: normalized market share, margin and working capital
In the first three months we normalized our market share, The path of rationalization of businesses with structurally inadequate after a path of rationalization of businesses with structurally inadequate ROCE, ROCE is continuing to bring a decisive improvement in working capital which partially impa
Slide 5: Q1 2024 net sales by country, product and customer
Q1 2024 net sales at 926.2 M€ (-9% compared to Q1 2023). Q1 2024 gross sales(1) at 1,002.8 M€ (- 4% compared to Q1 2023). Esprinet Market(3) Net Sales As Reported Gross Sales Var. vs Q1-23 Var. vs Q1-23 Italy 633 M€ 660 M€ +3% -3% Spain 280 M€ 326 M€ -12% -12% Portugal 11 M€ 13 M€ -58% 0% Morocco 2
Slide 6: Q1 gross profit, EBITDA adj., cash conversion cycle and net financial position
Q1 Gross Profit at 53.2 M€ (-2% compared to Q1 2023), 5.74% on sales, compared to 5.34% of Q1 2023. Q1 2023 EBITDA Adj. at 14.3 M€ (-7% compared to Q1 2023); 1.55% on sales (1.51% on sales in Q1 2023). Closes at 24 days, -8 days compared to Q1 2023 and -4 days compared to Q4 2023. Negative for Euro
Slide 7: Revenues and EBITDA adj. by business pillar
479.3 547.7 -68.4 -12% 3.3 4.6 -1.3 -28% 0.69% 0.84% -0.15% 204.2 227.9 -23.7 -10% 3.0 3.2 -0.2 -6% 1.47% 1.40% 0.07% 7.8 9.0 -1.2 -13% -0.8 -1.4 0.6 -43% -10.26% -15.56% 5.30% 691.3 784.6 -93.3 -12% 5.5 6.4 -0.9 -14% 0.80% 0.82% -0.02% 231.3 231.0 0.3 0% 6.9 7.5 -0.6 -8% 2.98% 3.25% -0.26% 3.6 3.0
Slide 8: Q1 2024 income statement summary
• The Group has significantly improved the performance of its gross margin which stood (M/€) Q1 2024 Q1 2023 Var. % at 5.74%, a further progressive increase compared to 5.34% of the same period last year and compared to 5.54% at the end of last year. Sales from contracts with customers 926.2 1,018.6
Slide 9: Net invested capital and working capital
• Net Invested Capital as of March 31, 2024 stands at 559.0 M€ and is covered by: (M/€) 31/03/2024 31/03/2023 31/12/2023 o Shareholders’ equity for 370.7 M€ (412.9 M€ as of March 31, 2023); o Cash negative for 188.3 M€ (negative for 341.0 M€ as of March 31, 2023). Fixed Assets 169.1 154.1 169.3 Oper
Slide 10: Cash cycle days (4-quarter average)
90 40 80 34 35 32 31 30 29 30 70 27 28 28 30 27 26 26 60 24 23 25 50 20 21 20 17 84 40 78 77 77 80 75 75 73 1269 70 68 70 66 1366 1368 1372 15 30 62 62 59 55 57 58 58 59 57 58 54 55 52 57 51 56 52 54 54 53 54 49 48 48 47 47 8 9 49 54 428 45 44 46 44 50 53 10 20 3937 4039 4239 39 40 42 37 38 37 38 38
Slide 11: Cash cycle days (quarter-end)
100 50 90 44 42 41 40 39 40 80 33 36 33 31 30 70 29 29 29 25 26 60 20 15 50 16 16 14 12 89 90 85 85 10 40 82 81 77 76 73 72 72 73 68 70 68 69 61 65 2 66 61 66 3 30 59 60 60 59 57 56 58 55 57 5759 0 54 52 53 54 52 51 -2 52 50 51 48 51 48 48 51 43 45 45 44 20 39 41 40 39 40 4041 40 39 41 4143 36 38 37
Slide 12: ROCE trend
30% 25% 25.1% 23.2% 20.5% 20% 19.7% 17.6% 15.7% 15.8% 16.2% 15.2% 15% 14.0% 12.9% 13.3% 11.4% 14.4% 13.1% 10.9% 11.0% 10% 9.4% 9.8% 11.6% 10.8% 9.6% 8.2% 8.1% 8.4% 10.2% 9.1% 8.0% 7.0% 8.3% 8.6% 8.6% 8.2% 7.3% 6.9% 7.1% 7.9% 8.0% 7.6% 7.1% 6.4% 6.7% 05% 6.9% 6.3% 5.9% 5.5% 00% 2018 Q1 2018 Q2 2018 Q
Slide 13: 2024 Looking Forward
@ esprinet’ ‘enabling your tech experience 2024 LOOKING il FORWARD
Slide 14: Market outlook: ICT spending in Europe
• Industry analysts agree that the return to growth is nearing, expected in the second half of the year at low single digit rates, but macroeconomics, geopolitical tensions and upcoming elections remain an obstacle. • Reduced corporate IT budgets and consumer share of wallet competition from other i
Slide 15: Priorities and 2024 EBITDA adj. guidance
CONSOLIDATION OF MARKET SHARE in the countries in which we operate, catching businesses that anyway structurally guarantee satisfactory levels of ROCE MAXIMIZING GROSS MARGIN PROGRESSION, expanding and investing in new advanced technologies to guide businesses through digital transformation and remo
Slide 16: Q&A
enabling your tech experience Q&A
Slide 17: Upcoming events
EVENT DATE Italian Investment Conference 2024, May 21, 2024 organized by Unicredit & Kepler Cheuvreux TP ICAP Midcap Conference, May 23, 2024 organized by TP ICAP Midcap Mid & Small Virtual Italy Event, July 2, 2024 organized by Virgilio IR Board of Directors September 11, 2024 Approval of the Half-
Slide 18: Thank you
Thank you GRAZIE + GRACIAS - OBRIGADO« DANKE « MERCI « ZA} « iff! « RR © esprinet’ enabling your tech experience