Rexel Sa · EURONEXT:RXL
Rexel Sa — Rexel Sa Ord — Q3 2023 Earnings Presentation
16 slides from Rexel Sa's earnings presentation, Oct 20, 2023
Slide 1: Third-quarter 2023 sales
Third-quarter 2023 sales October 20, 2023
Slide 2: Key highlights
a world of eneray
Slide 3: Q3 2023 highlights
Q3 2023 highlights • Solid quarter, with volumes up and same-day sales growth of 2.6% • Growth driven by Europe and North America • Volumes grew by +2.3% on high comparable base and in a more mixed market environment, demonstrating the strength of Rexel’s market positioning • Electrification trends
Slide 4: Q3 2023 highlights
Q3 2023 highlights • Actively deploying our capital allocation strategy • Closing of Wasco acquisition, on September 1st, with high mid- term growth potential driven by local regulation on energy efficiency • Acquisition of 51% of Mavisun (c. €40m of sales) in France to strengthen our value proposit
Slide 5: Actively executing our M&A strategy
Actively executing our M&A strategy Acquisitions Rational Strategic dynamic Acquiring a leading distributor of • Doubling our size in the Netherlands Wasco HVAC products and services in the Netherlands • Gas boiler ban from 2026 will boost renovation market • Growth potential ahead as France was lat
Slide 6: Q3 2023 sales review
Q3 2023 sales review
Slide 7: Reported sales down 3.1%, impacted by forex in Q3
Reported sales down 3.1%, impacted by forex in Q3 23 €4,817m +2.6% €4,665m -0.8% €4,583m -4.5% -0.3% Actual-day evolution +1.8% Q3 2022 Forex Scope* Q3 2022 Organic Calendar Q3 2023 comparable same-day * Including Wasco consolidated from September 1st, 2023 7
Slide 8: Q3 2023 same-day sales growth driven by Europe & North America
Q3 2023 same-day sales growth driven by Europe & North America Group +2.6% Europe (48% Group sales) North America Asia Pacific 4,665 (45% Group sales) (7% Group sales) 4,583 +3.4% +2.7% 2,207 2,250 -2.7% 2,038 2,090 Q3 22 Q3 23 338 326 Q3 22 Q3 23 Q3 22 Q3 23 Q3 22 Q3 23 NB: Sales in €m are presente
Slide 9: Volumes boosted by North America and Europe in the quarter
Volumes boosted by North America and Europe in the quarter Rexel Group Europe North America +10.1% +7.2% +7.5% +5.7% +6.0% +4.3% • Sustain volume in Europe +6.4% at +3.7% +4.1% +2.8% • More difficult +4.5% base effect+4.6% +5.1% in NA+4.4% +4.3% +3.3% +2.4% +2.8% +2.3% • APAC impacted by lockdown in
Slide 10: Non-cable selling prices up +1.3%
Non-cable selling prices up +1.3% Price increases on non-cable & cable (yoy var.) +4.1% +2.2% +5.1% +6.3% +6.5% +9.1% +9.2% +9.0% +2.9% +6.6% +7.2% +6.6% • Europe : +2.6% +5.2% +4.7% +1.3% +2.3% +3.6% • North America : +0.5% • Asia Pacific : -2.3% due to China -0.2% -0.6% -1.0% -0.8% -1.8% Q1 Q2 Q3
Slide 11: Europe: Resilience on a more difficult comparable base
Europe: Resilience on a more difficult comparable base +3.4% Q3 2023 SD sales growth Our performance • By country: • Strong growth in Germany, Austria, Switzerland & UK, offsetting lower momentum in Nordics & Benelux • Market share gains in France, Germany and Switzerland • By product: • Electrifica
Slide 12: North America: Growth boosted by industrial activities
North America: Growth boosted by industrial activities +2.7% Q3 2023 SD sales growth Our performance • United States: • By market: Sustained high growth in industrial driven by production reshoring and some commercial verticals (entertainment, water, logistics, government spending…) offset negative
Slide 13: Extending debt maturity with €400m Sustainability-Linked Bond, due in 2030
Extending debt maturity with successful issuance of a €400m Sustainability-Linked Bond, due in 2030 Gross debt maturity breakdown1 and liquidity as of September 30th, 2023 1 800 1 600 1 400 829 1 200 1 000 800 400 600 400 893 600 200 360 50 400 59 39 158 50 29 2023 2024 2025 2026 2027 2028 2029 2030
Slide 14: Outlook
RexeL Outlook a world of energy
Slide 15: 2023 guidance confirmed (upgraded in July)
2023 guidance confirmed (upgraded in July) Upper end > 60% of initial guidance 6.6% - 6.9% Same-day Adjusted EBITA margin1 Free cash flow conversion2 growth Initial guidance: 2%-6% • Leveraging the diversity of our portfolio and our sales force efficiency to navigate a softer growth environment • Su
Slide 16: June CMD to update our strategic roadmap
June CMD to update our strategic roadmap • Well on track to achieve our 2025 ambition, executing on both pillars of the Power Up 25 strategic plan • Excel on fundamentals • Strive to be a differentiated leader • An update of the strategic roadmap will be presented at a Capital Markets Day to be held