Rexel Sa · EURONEXT:RXL
Rexel Sa — Rexel Sa Ord — FY 2025 Earnings Presentation
31 slides from Rexel Sa's earnings presentation, Feb 11, 2026
Slide 1: Fourth-quarter sales & FY 2025 results
Fourth-quarter sales & FY 2025 results Paris, February 11, 2026 2025 consolidated financial statements were authorized for issue by the Board of Directors held on February 11, 2026
Slide 2: Key highlights
Key highlights
Slide 3: Key highlights
Key highlights • Another year of market outperformance and margin resilience, further demonstrating Rexel’s transformed model • Fast adaptation to challenging markets, with progressive acceleration throughout the year • Self-help actions boosted by Axelerate 28 strategic plan, paving the way for fut
Slide 4: Meeting or exceeding all full-year guidance
Meeting or exceeding all full-year guidance +2.5% 6.0% 76%* Same-day Current adjusted Ebita FCF before interest and tax sales growth margin (%) conversion FY 25 guidance Slightly positive growth c. 6.0% Above 65%* * Excluding the €124m French anti-trust fine 4
Slide 5: Making the most of a challenging environment
Making the most of a challenging environment A globally unsupportive environment… … in which Rexel outperformed • Gained market share in all of our key markets with • Europe impacted by residential market cyclical long-term initiatives paying off trough, lack of consumer confidence, temporary • Sale
Slide 6: Leveraging our presence in our two main geographies
Leveraging our presence in our two main geographies Managing profitable growth in North America Adapting cost in a challenging Europe • Capturing trends in high-growth segments and • Muted environment: negative volume and flat price managing tariffs • Rapid cost adaptation: c. 4% of workforce reduct
Slide 7: Capturing Datacenter growth in North America
Capturing Datacenter growth in North America Reinforcing our well-established Promising start in Datacenter in Canada presence in the US • Market outperformance: sales growth >50% in Q4 & FY 25 • Datacenter (c.7.5% of sales in Canada) drove Q4 25 (7% of sales in the US in Q4 25) sales growth acceler
Slide 8: Another year of active portfolio management
Another year of active portfolio management Synergic consolidation Growth on adjacencies €2.8bn turnover acquired since 2021 and €2.0bn net of disposals Europe 21 acquisitions completed, including four in 2025 60% in core business and c. 40% in adjacencies North America Specific focus on North Ameri
Slide 9: Continuous digital penetration driving differentiation
Continuous digital penetration driving differentiation Digital sales (% of Group’s sales) B2B leader in digital 60% With more than 1/3 of the sales going through digital 50% channels 50% Progressing by ~300bps every year through 40% 34% • New tailor-made features (including AI powered) 30% • Continu
Slide 10: Accelerating transformational change to deliver future performance
Accelerating transformational change to deliver future performance Sales force productivity boost through organizational changes and AI-based adoption Supply-chain optimization through automation, internal synergies, and AI Cost-base resets in lower profitability countries Full offering leverage inc
Slide 11: AI: moving quickly from proof-of-concept to mass adoption
AI: moving quickly from proof-of-concept to mass adoption From ideas… … to adoption RFQ acceleration tools 50% + of US quoting teams using new quotation tools 65%+ of US teams (Inside sales team) and 70%+ of French teams (service centers) using AI-powered order entry tools Order entry smart automati
Slide 12: Changing our productivity baseline
Changing our productivity baseline Productivity Ratio 1 From 0.9% historically to 2.8% in 2025 2.8% 1.6% 1.5% 1.3% 0.9% Main levers: • Structural initiatives, digital adoption and AI tools • Rapid cost adaptation to challenging 2016-2021 2022 2023 2024 2025 markets 1 Delta FTE EOP – Organic volume e
Slide 13: Q4 & FY 2025 Group financial review
Q4 & FY 2025 Group financial review
Slide 14: Momentum increased throughout the year
Momentum increased throughout the year 2024 & 2025 same-day sales growth by quarter Group 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Europe (48% Group sales) Asia Pacific +3.8% North America +3.0% (6% Group sales) +1.8% 2024 2025 +1.4% (46% Group sales) Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2024 2025 -0.5% 2024 2025 0% Q1
Slide 15: Sequential improvement in Europe in Q4
Sequential improvement in Europe in Q4 By country By product category & end markets • France, up +3.0% in a challenging environment, • Flat same-day sales, improved from -0.5% in Q3 achieved further broad-based market-share gains, 2025 with strong HVAC contribution • Stable volume in a soft market a
Slide 16: North America remained the growth engine in Q4
North America remained the growth engine in Q4 By country/region By end markets/product category • United States: • All three markets positive, with Non-Residential driving the acceleration. Industrial automation • High-growth verticals (datacenters and increased 8% broadband infrastructure) contrib
Slide 17: Acquisitions and organic growth drove full-year sales progression
Acquisitions and organic growth drove full-year sales progression +0.6% +0.7% €19,415m €19,285m +1.8% €19,027m +1.2% -0.5% -2.2% -0.9% Same-day change +2.5% FY 2024 Forex Acquisitions Disposals FY 2024 Volume Non-cable Cable Calendar FY 2025 comparable price price Europe North America Asia-Pacific S
Slide 18: Record productivity compensated for delta inflation headwind
Record productivity compensated for “delta inflation1” headwind • Gross margin improvement in a competitive environment +33bps +11bps 6.0% 5.9% -5bps +9 bps -11bps • Cost inflation (+2.2% in FY 2025) more than -8bps offset by productivity initiatives -19bps • Number of FTEs down 2.3%; volume (AD Sal
Slide 19: Full-year recurring net income up 2.4%
Full-year recurring net income up 2.4% Main P&L items Other income & expenses €(56)m Including €(41)m in restructuring €1,158m €679m Net financial expenses €(214)m Recurring net income Adjusted EBITA (vs €662m in 24) Effective interest rate at 4.0% (vs. 4.4% in 2024) Income tax €(256)m Effective tax
Slide 20: Strong FCF conversion above four-year average
Strong FCF conversion above four-year average Main FCF items Trade Working Capital €(237)m €(139)m €1,227m €596m TWCR/sales at 15.0% 15.2% €938m €251m11 42% 76% conversion Non-Trade Working Capital Free cash flow EBITDAaL €24m1 1 €(19)m before interest & tax Net capex €(71)m €(136)m Gross Grosscapex
Slide 21: Record FCF conversion, above 70% for the third consecutive year
Record FCF conversion, above 70% for the third consecutive year FCF before interest and tax (€m) 1200 DISCIPLINED CAPEX POLICY 996 Well balanced investment between 1000 938 917 873 Digital (c. 55%) and network/supply 800 681 chain modernization (c. 45%) 76% 76%1 600 73% 400 66% ACTIVE WORKING CAPITA
Slide 22: Capital allocation focused on acquisitions and shareholder return
Capital allocation focused on acquisitions and shareholder return Main FCF items Acquisitions €227m €814m1 €147m €(503)m Dividend Free cash flow before interest & tax €355m Increase innetnet Change in debtdebt Before-cash-out for net interest paid (€137m) & Income tax paid (€271m) Net debt Share buy
Slide 23: Debt maturity extended through active refinancing
Debt maturity extended through active refinancing Breakdown of main debt maturities & liquidity (December 31st, 2025) Liquidity c.€1.9bn 2000 Senior Notes issued 1600 September 2025 1000 €400m / 4.000% / 2030 1200 400 800 Securitization program increased and extended 400 856 800 900 c.€170m max. / 2
Slide 24: Dividend proposed at €1.20, maintaining our strong track record
Dividend proposed at €1.20, maintaining our strong track record Payout ratio 52% High end of guidance1, reflecting €1.20 €1.20 €1.20 €1.20 confidence in our business model 400 €0.75 54% 52% €0.46 40% 43% Subject to AGM approval €0.40 €0.40 €0.42 €0.44 40% Covid crisis 45% 48% 44% 41% 50% 600 April 2
Slide 25: Outlook
Outlook
Slide 26: 2026: European macro improvement expected; uncertain overall context
2026: European macro improvement expected; uncertain overall context • Macro uncertainties following introduction of tariffs ? Further growth in • Less traction from sustainable electrification solutions - North America • Further progression in datacenter, lower contribution from broadband infrastru
Slide 27: FY 2026 guidance
FY 2026 guidance 3% to 5% c. 6.2% Above 65% Same-day Current adjusted Free cash flow sales growth EBITA margin1 conversion2 ‘Inflation gap’ offset by cost initiatives 1. Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices. 27 2. FCF Bef
Slide 28: A deep-rooted transformation, gathering pace
A deep-rooted transformation, gathering pace 2010-2019 2020-2025 MEDIUM TERM Digital penetration Operational excellence Portfolio management Advanced services Acceleration markets AI-boosted tools 28
Slide 29: Maintaining our mid-term ambition with accelerated self-help
Maintaining our mid-term ambition with accelerated self-help What has changed compared to our CMD 2024 Medium term objectives confirmed • Focus on high growth verticals (Datacenter) + Sales 5% to 8% growth • Accelerated adoption of generative AI + including 2% to 3% from acquisitions • Strong focus
Slide 30: Concluding remarks
Concluding remarks • 2025, another demonstration of resilience through the cycle bottom • Favorable Q4 Europe & North America momentum confirmed in early 2026 • Axelerate 2028 launch: transformational change unlocks future performance • Reinforced ambition to reach mid-term guidance, despite weaker
Slide 31: Disclaimer
Disclaimer 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 als