Scienza e Tecnologia
Rexel: First-Quarter 2025 Sales
→ Q1 25 sales of €4,825m, up +1.4% on a same-day basis, back to positive territory
→ Active portfolio management with one US acquisition and the disposal of our Finnish operations, prioritizing acquisitions in combination with targeted divestments designed to allocate resources to markets offering the highest value-creation potential for Rexel
→ Continued ramp-up of digital penetration rate, reaching 33% of sales in Q1 25 , up +241bps
→ Execution of strategy presented at our June 2024 CMD and deployment of Axelerate 2028, focused on acceleration of operational excellence initiatives to secure mid-term ambitions
→ 2025 guidance confirmed , while continuing to closely monitor direct and indirect effects of tariffs on sales and profitability, particularly in North America
SALES
In Q1, sales were up +2.5% year-on-year on a reported basis and +1.4% on a constant and same-day basis
In the first quarter 2025, Rexel posted sales of €4,825m, up +2.5% on a reported basis. It includes:
Sales were up +1.4% on a constant and same-day basis or down (0.4)% on a constant and actual-day basis. More specifically:
Europe (50% of Group sales): Slightly down (0.7)% in Q1 on a constant and same-day basis
In the first quarter , sales in Europe declined by (0.8)% on a reported basis, including:
Germany, Switzerland & Austria
More specifically:
Looking at trends by country and cluster, on a same-day basis:
North America (45% of Group sales): Strong sales growth of +3.8% in Q1 on a constant and same-day basis
In the first quarter, sales in North America were up by +7.8% on a reported basis, including:
More specifically, in North America:
Looking at trends on a same-day basis, in our two countries:
Asia-Pacific (5% of Group sales): +1.4% in Q1 on a constant and same-day basis
In the first quarter, sales in Asia-Pacific decreased by (6.8)% on a reported basis, including:
In Asia-Pacific , sales increased by +1.4% on a constant and same-day basis thanks to China.
Looking at trends on a same-day basis in our main countries:
Rexel actively managed its portfolio with one acquisition and one disposal, prioritizing acquisitions in combination with targeted divestments designed to allocate resources to markets offering the highest value-creation potential:
Rexel confirms its FY 25 guidance, in an uncertain environment, while continuing to closely monitor direct and indirect effects of tariffs on sales and profitability, particularly in North America.
Rexel's expectations for full-year 2025 are as follows:
Excluding ( i ) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices.
FCF Before interest and tax/ EBITDAaL
NB: The estimated impacts per quarter of (i) calendar effects by geography, (ii) changes in the consolidation scope and (iii) currency fluctuations (based on assumptions of average rates over the rest of the year for the Group's main currencies) are detailed in appendix 2
May 14, 2025 Detachment date of the dividend
May 16, 2025 Dividend payment
July 28, 2025 (post-market) H1 2025 results
A slideshow of the first-quarter 2025 sales is 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 40 ESG, 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.
FINANCIAL ANALYSTS / INVESTORS
PRESS
CURRENT EBITA (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.
CURRENT ADJUSTED EBITA is defined as current EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses.
EBITDAaL is defined as EBITDA after deduction of lease payment following the adoption of IFRS16.
RECURRING NET INCOME 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.
FREE CASH FLOW is defined as cash from operating activities minus net capital expenditure.
NET DEBT is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.
* Constant and adjusted = at comparable scope of consolidation and exchange rates, excluding the non-recurring effect related to changes in copper-based cable prices and before amortization of purchase price allocation.
SALES BRIDGE
The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 16% of the Group's sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers' commercial policies and the competitive environment in the Group's markets. Changes in copper prices have an estimated so-called "recurring" effect and an estimated so called "non-recurring" effect on the Group's performance assessed as part of the monthly internal reporting process of the Rexel Group: i) the recurring effect related to the change in copper-based cable prices corresponds to the change in value of the copper part included in the sales price of cables from one period to another. This effect mainly relates to the Group's sales; ii) the non-recurring effect related to the change in copper-based cable prices corresponds to the effect of copper price variations on the sales price of cables between the time they are purchased and the time they are sold, until all such inventory has been sold (direct effect on gross profit). Practically, the non-recurring effect on gross profit is determined by comparing the historical purchase price for copper-based cable and the supplier price effective at the date of the sale of the cables by the Rexel Group. Additionally, the non-recurring effect on current EBITA corresponds to the non-recurring effect on gross profit, which may be offset, when appropriate, by the non-recurring portion of changes in the distribution and administrative expenses.
The impact of these two effects is assessed for as much of the Group's total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered. the Rexel Group considers such estimates of the impact of the two effects to be reasonable.
This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorité des Marchés Financiers (AMF) on March 10, 2025 under number D.25-0084. These forward-looking statements are not guarantees of Rexel's future performance, Rexel's actual results of operations, financial condition and liquidity as well as development of the industry in which Rexel operates may differ materially from those made in or suggested by the forward-looking statements contained in this release. The forward-looking statements contained in this communication speak only as of the date of this communication and Rexel does not undertake, unless required by law or regulation, to update any of the forward-looking statements after this date to conform such statements to actual results to reflect the occurrence of anticipated results or otherwise.
The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
This document includes only summary information and must be read in conjunction with Rexel's Universal Registration Document registered with the AMF on March 10, 2025 under number D.25-0084, as well as the financial statements and consolidated result and activity report for the 2024 fiscal year which may be obtained from Rexel's website (www.rexel.com).
Attachment
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