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Rexel (RXL) investor relations material

Rexel H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary11 Feb, 2026

Executive summary

  • Achieved market outperformance and margin resilience in 2025, meeting or exceeding all key performance indicators and full-year objectives, driven by business transformation, digitalization, and strategic initiatives.

  • Delivered strong free cash flow conversion, margin performance, and robust acquisition activity, especially in North America, with targeted divestments.

  • Accelerated digital and AI adoption, boosting productivity and operational efficiency, with digital sales rising to over one-third of group sales.

  • Net income increased by 73% to €591.4m; recurring net income up 2.4% to €678.5m.

  • Maintained a robust balance sheet and continued shareholder returns via dividends and buybacks.

Financial highlights

  • Full-year same-day sales growth of 2.5%, with Q4 growth accelerating to 3.8%; reported sales of €19.4 billion, up 0.7% year-over-year, mainly driven by organic growth.

  • Adjusted EBITA margin at 6.0% for 2025, up 10bps from 2024.

  • Free cash flow conversion before interest and tax reached 76%, well above guidance and historical averages; 66.3% including a €124m French antitrust fine.

  • Operating income reached €1,061.6m, up 25.5% year-over-year.

  • Gross profit margin improved to 25.1% of sales.

Outlook and guidance

  • 2026 guidance: same-day sales growth of 3–5%, adjusted EBITA margin around 6.2%, and free cash flow conversion above 65%.

  • Medium-term objectives: 5–8% sales growth (including 2–3% from acquisitions), adjusted EBITA margin above 7%, and cash conversion of 65%.

  • Expecting further growth in North America, gradual improvement in Europe, and continued focus on execution and cost discipline.

Mitigate negative delta inflation in 2026?
Europe/Asia-Pacific growth & profitability strategy
Sustain North America growth with less broadband
AI's net margin impact on midterm targets?
What sustains FCF conversion above 70%?
Data center offering expansion strategy?
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Frequently asked questions

Rexel S.A. is a global distributor of electrical supplies and services, providing a wide range of products for automation, lighting, energy management, and electrical solutions. The company serves professionals in sectors such as construction, industrial, and commercial markets, offering electrical equipment, cables, and wiring devices. Rexel also provides value-added services, including technical support, digital solutions, and energy efficiency consulting, helping clients optimize their electrical systems and improve energy use. The company is headquartered in Paris, France, and its shares are listed on the Euronext Paris.

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