Rexel Sa · EURONEXT:RXL
Rexel Sa — Rexel Sa Ord — Q2 2025 Earnings Presentation
20 slides from Rexel Sa's earnings presentation, Jul 28, 2025
Slide 1: Second-quarter sales & H1 2025 results
Second-quarter sales & H1 2025 results Paris, July 28, 2025 First-half 2025 financial report was authorized for issue by the Board of Directors held on July 28, 2025
Slide 2: Key highlights
Key highlights
Slide 3: H1 2025: robust figures in mixed environment
H1 2025: robust figures in mixed environment €9.8bn H1 25 Reported sales Same-day sales growth +1.6% +1.4% in Q1, +1.8% in Q2 Digital sales c. 34% c. 200bps vs Q2 24 €251m1 FCF before Interest & tax 5.8% Current Adjusted Ebita margin 1.or €127m (21% FCF Conversion) after the €124m fine imposed by th
Slide 4: North America growth offsetting soft European markets
North America growth offsetting soft European markets North America • Q2 beat our sales expectations on higher volumes • Datacenter and broadband drove growth acceleration, representing c.12% of sales and contributing for about half of Q2 sales growth • Increasing exposure to high-growth segments re
Slide 5: Active improvement action plans leading to margin resilience
Active improvement action plans leading to margin resilience • Gross margin stability at 25% in a competitive environment • Resilient current adj. Ebita margin at 5.8% in H1 25 with action plans in place in most countries to mitigate for tough European environment, competitive pressure and opex infl
Slide 6: 2025: another active M&A year, with five acquisitions so far
2025: another active M&A year, with five acquisitions so far • Reinforcing our footprint in the Northeast SCHWING (Long island) - USD70m of sales, c. 110 FTE CONSOLIDATION • Strengthens Rexel positioning in US Northeast (New Jersey) WARSHAUER • Focus on technical expertise & service • c. USD130m of
Slide 7: Q2 & H1 2025 Group financial review
Q2 & H1 2025 Group financial review
Slide 8: Organic & M&A growth drivers both at work in Q2
Organic & M&A growth drivers both at work in Q2 25 +1.8% €4,922m €4,950m +1.7% €4,890m -0.6% +1.6% • Scope change contributes for -2.3% +1.7% including Talley & Itesa acquisitions, net of disposal of New Zealand Actual-day evolution +1.2% • FX impact largely reflects Eur/USD change Q2 2024 Forex Cha
Slide 9: Sequential sales growth acceleration in Q2 powered by North America
Sequential sales growth acceleration in Q2 powered by North America 2024 & 2025 same-day sales growth by quarter Group 2024 2025 Q1 Q2 Q3 Q4 Q1 Q2 Europe (48% Group sales) North America Asia Pacific +1.8% 2024 2025 (6% Group sales) +1.4% (46% Group sales) Q1 Q2 Q3 Q4 Q1 Q2 2024 2025 2024 2025 -0.5%
Slide 10: Despite market share gains, Europe impacted by delayed market recovery in Q2 2025
Despite market share gains, Europe impacted by delayed market recovery in Q2 2025 By country By product category & end markets • Muted overall demand across Europe • All three end markets in negative territory, with non- residential most impacted • Further French market-share gains in a challenging
Slide 11: Volume boost, higher inflation and electrification trends resulting in robust North America growth in Q2 25
Volume boost, higher inflation and electrification trends resulting in robust North America growth in Q2 25 By country/region By end markets/product category • United States: • All three markets grew, with acceleration in non- • Acceleration in volume driven by non- residential and industrial segmen
Slide 12: Cost-control action plans helping maintain profitability at a historically high level for a trough cycle environment
Cost-control action plans helping maintain profitability at a historically high level for a trough cycle environment • Under absorption of fixed cost in Europe in a context of negative volumes • Negative calendar effect to partially reverse in H2 25 6.0% +14bps +31bps 5.8% • Stable Gross margin in a
Slide 13: H1 2025 recurring net income at €308m
H1 2025 recurring net income at €308m Main P&L items Other income & expenses €(36)m Including €(11)m in restructuring €564m €308m Net financial expenses €(107)m Recurring net income Adjusted EBITA (vs €341m in H1 24) Effective interest rate at 4.0% (vs.4.3% in H1 2024) Income tax €(138)m Effective t
Slide 14: Strong FCF conversion significantly above the last 5Y average
Strong FCF conversion significantly above the last 5Y average Main FCF items Trade Working Capital €(237)m TWCR/sales at 15.8% 15.2% €596m €251m1 Non-Trade Working Capital 42% conversion EBITDAaL €(19)m1 Free cash flow before interest & tax Net capex €(71)m Gross capex/sales at 0.7% 14 1. Before €12
Slide 15: Capital allocation focusing on acquisitions & return to shareholders
Capital allocation focusing on acquisitions & return to shareholders Main FCF items Financial investment €199m €127m1 €408m €(503)m Dividend Free cash flow €355m Increase innetnet Change in debtdebt before interest & tax Before-cash-out for net interest paid (€67m) & Income tax paid (€134m) Share bu
Slide 16: Extending debt maturity through active refinancing
Extending debt maturity through active refinancing Breakdown of main debt maturities & liquidity (June 30th, 2025) Schuldschein (TAP) 2 000 €100m / 2029 1 600 Securitization programs extended 400 812 1 200 c.800m / 2028 800 700 Liquidity 600 1 000 400 622 €900m1 400 220 80 Indebtedness ratio 2025 20
Slide 17: Outlook
Outlook
Slide 18: 2025 perspective: Rexel to deliver on its goals thanks to self help action plans and solid North-America
2025 perspective: Rexel to deliver on its goals thanks to self help action plans and solid North-America NORTH AMERICA EUROPE • Continued trough-cycle environment, with consequences for • Solid markets and backlog in non-residential and industrial fixed-cost absorption and gross margin end markets •
Slide 19: FY 2025 guidance confirmed
FY 2025 guidance confirmed Stable to slightly c. 6% c. 65% positive Same-day Current adjusted Free cash flow sales growth EBITA margin1 conversion2 Excluding the €124m fine from the French Competition Authority paid in April 2025 1. Excluding (i) amortization of PPA and (ii) the non-recurring effect
Slide 20: Disclaimer
Disclaimer The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 15% of the Group's sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices als