France · Delayed Price · Currency is EUR Rexel Earnings Call Transcripts
Fiscal Year 2026
-
The AGM reviewed strong 2025 results, with revenue of EUR 19.4 billion and robust cash flow. Strategic acquisitions, digitalization, and sustainability initiatives were highlighted. All resolutions, including dividend and director renewals, were approved by a high quorum.
-
Q1 2026 delivered solid growth across all regions, driven by strong pricing, data centers, and solar activity, with limited impact from the Middle East crisis. Full-year guidance is confirmed, and backlog and digital sales are at record highs.
Fiscal Year 2025
-
Delivered resilient 2025 results with 2.5% same-day sales growth, 6% adjusted EBITDA margin, and 76% free cash flow conversion, outperforming guidance. North America led growth, data centers surged, and digital/AI initiatives accelerated. 2026 guidance targets continued growth and margin expansion.
-
Q3 2025 sales rose 3% on a same-day basis, led by North America and high-growth segments like data centers and broadband. Guidance for slightly positive full-year sales growth and a 6% adjusted EBITDA margin is confirmed, with digital and AI transformation ongoing.
-
H1 2025 saw accelerating sales growth, resilient profitability, and strong cash flow, led by North America and digital transformation. Europe remained weak but market share gains continued in France, while five acquisitions strengthened the portfolio. Guidance for 2025 is confirmed.
-
The meeting reviewed resilient 2024 results despite a challenging environment, with stable dividends, strong digital and sustainability progress, and the launch of a new strategic plan. All resolutions, including Board renewals and compensation, were approved.
-
Q1 2025 saw a return to positive growth, with sales up 2.5% and digital revenue rising to 33%. North America led growth, while Europe improved sequentially. Guidance for 2025 is confirmed, with pricing expected to rise but volume risks remain amid tariff and macro uncertainty.
Fiscal Year 2024
-
Despite a challenging 2024, especially in Europe, the company delivered resilient results with a 5.9% EBITDA margin and record free cash flow conversion. 2025 guidance is cautious, expecting stable to slightly positive growth, with North America leading momentum and Europe expected to rebound in H2.
-
Q3 sales grew 2.1% reported, driven by acquisitions, but European market weakness and PV declines led to a downward revision of full-year guidance. EBITDA margin is now expected at 5.9%, with cost savings and headcount reductions underway.
-
H1 2024 saw resilient performance with €9.6bn sales, a 6% adjusted EBITDA margin, and record free cash flow, despite challenging European markets. Guidance for 2024 is confirmed at the lower end, with margin improvement expected from cost actions and easing deflation.
-
Strong growth and profitability improvements have been achieved through electrification, digitalization, and disciplined M&A, with acceleration businesses now 32% of sales and a clear path to 40%. Upgraded midterm targets include 5–8% annual sales growth, EBITDA margin above 7%, and enhanced free cash flow, all underpinned by sustainability and value-added services.