Esprinet S.p.A.

Good morning, this is the Chorus Call Conference Operator. Welcome and thank you for joining the ESPRINET First Half 2026 Results Conference Call. As a reminder, all participants are in listen-only mode and after the presentation there will be an opportunity to ask questions. At this time, I would like to turn the conference over to Miss Giulia Perfetti, IR Manager and Sustainability Manager. Please go ahead, madam.

Thank you, madam. Good morning, everyone, from me too. And thank you for joining us for the S.p.A. group H1 2026 results presentation. and Giulia Perfetti, Investor Relations and Sustainability Manager of Esprinet. And with me here is Giovanni Testa, CEO of the group, who today will comment on the results. Before we start, please note that this presentation contains a formal looking statement, so I would like to draw your attention to the regulation note on page two regarding information contained within this document. Today's call is being recorded and the podcast will be posted on the ESPRIT 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 H1 2026 results. Giovanni, over to you.

Thank you, Giulia. Welcome also from me. And I think that we can start with the H1 2026 results of the ESPRIT. The world picture of the first half of 26 confirmed our strategy. The solid results reinforced the momentum that we had from the start of the year. The second quarter, I've mentioned the strong performance of the first, and this allows us, and this is the first news that I would like to underline with you, with a solid outlook for the second half and let us to raise our 2026 guidance to adjust the bid of between 77 million euros and 82 million euros. So the maximum of the previous guidance that we announced in May now is the minimum of the guidance, the minimum of the fork. Passing on the sales side, gross sales grew over 80% year-on-year, exceeding €2 billion in the half. Also in the second quarter, the Iberian Peninsula remained our engine. It is the market that is more growing in the region in which we are present. and once again delivering a double digit growth. On the contrary in Italy the market is growing but low single digit and the trend of the market in the second quarter in Italy is more or less the same of the first quarter. So we are in a market that is starting to grow but not as we would like to see and what is not like we are seeing in the space. Demand is driven primarily by the infrastructure, artificial intelligence, memory and storage. and this is a trend that started in the last month or last year and is continuing also today. We see a little shortage of components but we see also a very important increase of the unit average selling price overall speaking about smartphone, notebook, tablet and servers. The first three product categories are related to the S.p.A. space and several are related to the business that we manage under our brand Vivalli. In pieces, overall, what we have to underline is that the decline in unit shipment was more than offset by rising average price, but for sure we see a number of units sold that is less and is an important number, an important figure, with respect to what is the business of PC Notebook in this moment. Greentech has sustained the remarkable growth that we had in the first quarter and What is the main aspect for us is that our strategy to grow, to push a lot in these product categories, in renewable energy, is a win strategy in this moment. Passing to profitability and about the financial structure, the bid adjust for the first six months of the year was at 31.9 million euro with an increase of 27% compared with the same period of 2025 and also the incidence of the sales rising to 1.53 from 1.30. This result is supported also by a gross profit margin of 5.79 and also from our capability to keep all the fixed and variable costs under control. And this is another aspect that is important in our strategy because we are trying to grow in sales and in gross margin, gross profit, keeping under control the cost and reducing the impact of the overall fixed cost on the turnover. The cash conversion cycle is closed at 25 days, one day better than the first quarter and four days better than Q2 2025. The net financial position is negative of €325 million and is flat. if you see the compare period of June 2025 and is better or more or less 25, 30 million euro of March 2026. Rose stood at 6.3%. At the end of the day, what we can see is that we are growing. We are growing in sales and we are growing overall in a bidda margin.