Scienza e Tecnologia
Rexel: Q2 sales & H1 2025 results
→ H1 25 sales of €9,775.3m up +1.6% on a same-day basis, showing a positive momentum
→ Resilient H1 25 in H1 25 when volume contributed to +0.4% to same-day sales growth
→ H1 25 (vs €576.8 million in H1 24); (vs €340.8 million in H1 24)
→ of €251m, representing a 42% conversion rate , significantly above the five-year first-half average
→ , with five deals focusing on:
→ with profitability improvement action plans and North America performance compensating lower European activity - additional action plans launched in this trough cycle period laying the ground work to deliver midterm goals
Before the 124m€ French Competition Authority fine paid in April EBITDAaL into FCF before I&T
See definition in the Glossary section of this document Change at comparable scope of consolidation EBITDAaL into FCF before interest and tax In accordance to the AMF regulation, EBITA and adjusted EBITA are renamed current EBITA and current adjusted EBITA, with no change in the calculation methodology after the €124m fine imposed by the French Competition Authority, paid in April 2025 – Decision appeelad by Rexel
In Q2 2025, Rexel posted sales of €4,950m, up +0.6% on a reported basis. This includes:
Sales were up +1.8% on a constant and same-day basis. More specifically:
In H1 2025, Rexel posted sales of €9,775m, up +1.5% on a reported basis, . This includes:
In Q2 25 , sales in Europe fell (2.5)% on a reported basis, including:
Europe was down (3.0)% on a same-day basis year-on-year, in a challenging overall environment marked by difficult base effect, lower cable price contribution (vs Q1 25), and low activity in specific markets such as Solar (representing below 6% of European sales and contributing for -120bps vs Q2 2024). All three markets were in negative territory, with non-residential most impacted.
Trends by country and cluster (same-day basis):
In Q2 25, North America sales were up by +7.3% on a reported basis, including:
North America in detail:
North America trends by country (same-day basis):
In Q2 25, Asia-Pacific sales decreased by (19.4)% on a reported basis, including:
In Asia-Pacific , sales decreased by (6.5)% on a constant and same-day basis
Asia-Pacific trends by country (same-day basis):
For the graphic, open the PDF file by clicking on the link at the end of the press release
Profitability was resilient in a low-growth environment marked by a +0.4% actual-day sales increase in H1 2025, as reflected by the current adjusted EBITA margin of 5.8% vs 6.0% in 2024. The -29bps evolution resulting from a broadly stable Gross Margin at 25.0% in H1 25 (down 1bp) and opex/sales at (19.3)%, down -28 bps versus H1 2024.
More specifically, this evolution can be split between the different building blocks:
Compared to previous cycles, Rexel continues to demonstrate its capacity to adapt its cost base in a challenging sales environment. This was notably achieved through productivity initiatives, with headcount reduction reaching (2.2)% in H1 25 (vs H1 24).
*Including €(19)m for corporate costs in H1 2025
By geography, the change in current adjusted EBITA margin in H1 2025 can be explained as follows:
As a result, current adjusted EBITA stood at €563.5m (vs €588.8m in H1 2024 on a comparable basis) and current EBITA stood at €564.2m (including a broadly stable one-off copper effect of €0.7m).
Focus on the bridge from reported EBITDA to current EBITA:
Operating income in H1 25 stood at €505.7m (vs €576.8m in H1 2024).
Net financial expenses in H1 25 amounted to €(106.6)m (vs €(96.0)m in 2024), and can be broken down as follows:
Income tax in H1 25 represented a charge of €(137.5)m (vs €(127.8)m in H1 2024)
As a result, H1 25 net income stood at €261.6m (vs €353.0m in H1 2024) and recurring net income amounted to €307.9m (vs €340.8m in H1 2024) - see Appendix 3.
In H1 2025, free cash flow before interest and tax reached €127.2m (vs €335.5m in H1 2024), Excluding the €124m fine imposed by the French Competition Authority, paid in April 2025, the FCF before interest and tax stood at €251m representing a 42% conversion rate, above the last five years average
This included:
Below FCF before interest and tax, the cash flow statement reflects:
On June 30, 2025:
Rexel actively managed its portfolio with five acquisitions (including Schwing electrical Supply completed and commented in Q1 25), focusing on:
More specifically:
In addition, the disposal of our operations in Finland is expected to close in H2 2025, following customary regulatory clearance including the approval of the competition authority.
with profitability improvement action plans and North America performance compensating lower European activity - additional action plans launched in this-trough cycle period laying the ground work to deliver midterm goals.
Rexel's expectations for full-year 2025 are as follows:
October 15, 2025 Q3 2025 results
First-half 2025 financial report is available on the Group’s website (www.rexel.com).
A slideshow of the second-quarter sales and H1 2025 results is also available on the Group’s website.
Rexel, worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, non-residential, and industrial. The Group supports its residential, non-residential, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. Rexel operates through a network of more than 1,950 branches in 17 countries, with more than 27,000 employees. The Group’s sales were €19.3 billion in 2024.
Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: MSCI World, CAC Next 20, SBF 120, CAC Large 60, CAC SBT 1.5 NR, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of the following SRI indices: FTSE4Good, Dow Jones Sustainability Index Europe, Euronext Vigeo Europe 120 and Eurozone 120, STOXX® Global ESG Environmental Leaders, and S&P Global Sustainability Yearbook 2022, in recognition of its performance in terms of Corporate Social Responsibility (CSR).
For more information, visit www.rexel.com/en.
(Earnings Before Interest, Taxes and Amortization) is defined as operating income before amortization of intangible assets recognized upon purchase price allocation and before other income and other expenses.
is defined as current EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.
(Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses.
is defined as EBITDA after deduction of lease payment following the adoption of IFRS16.
is defined as net income restated for non-recurring copper effect, other expenses and income, non-recurring financial expenses, net of tax effect associated with the above items.
is defined as cash from operating activities minus net capital expenditure.
is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.
*
(*) Acquisition of Tecno BI at the end of Q3 and disposal of Finland at the beginning of September.
For the graphic, open the PDF file by clicking on the link at the end of the press release
Attachment
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