Rexel Sa · EURONEXT:RXL
Rexel Sa — Rexel Sa Ord — Q2 2026 Earnings Presentation
24 slides from Rexel Sa's earnings presentation, Jul 27, 2026
Slide 1: Second-quarter sales & H1 2026 results
Second-quarter sales & H1 2026 results Paris, July 27, 2026 First-half 2026 financial report was authorized for issue by the Board of Directors held on July 27, 2026
Slide 2: Key highlights
et a world of energy Key highlights
Slide 3: Strong Q2 and H1 2026 results
Strong Q2 and H1 2026 results c. €10bn H1 26 reported sales Same-day sales growth +5.1% +3.4% in Q1, +6.7% in Q2 Digital sales 35% Up +160bps vs H1 25 Current Adjusted Ebita margin 6.2% Up +40bps vs 5.8% reported in H1 25 Ebita margin 6.4% (incl. one-off gain on copper) €247m FCF before Interest & t
Slide 4: Delivering solid performance in a volatile environment
Delivering solid performance in a volatile environment Sales growth acceleration in Q2 26 in all geographies Strong results in H1 26 Positive volumes in all geographies for the first time since Q2 2023. Europe back to positive territory Delivering a solid 6.2% adj EBITA margin in a low cycle,
Slide 5: European electrification boosted by heatwaves and higher energy prices
European electrification boosted by heatwaves and higher energy prices France | Netherlands HVAC Supported by residential activity and cooling demand Belgium | Ireland | Austria Solar Broad-based rebound as customers hedge energy costs and seek independence 22% of European sales from solar, 22% HVAC
Slide 6: Accelerating data center growth across North America
Accelerating data center growth across North America United Leveraging recent investments States • Data center activity up more than 80% in H1 26, with large project execution notably in Mountain Plains & ~9% Southeast regions of sales • Robust order intake underpinning backlog visibility • Upgraded
Slide 7: Increasing exposure to high-growth segments with value-adding acquisitions in North America
Increasing exposure to high-growth segments with 3 value- adding acquisitions in North America TECHNO-CONTACT 360 Strengthening our position in industrial automation and high-growth data centers (50% of sales c. CAD 85m of sales in 2026-2027) April 2026 Building the industrial services platform,
Slide 8: Q2 & H1 2026 Group financial review
02 Q2 & H1 2026 Group financial review
Slide 9: Accelerating trends in all geographies, boosted by volumes
Accelerating trends in all geographies, boosted by volumes 2025 & 2026 same-day sales growth by quarter Group 2025 2026 Q1 Q1 Q2 Q2 Q3 Q4 Q4 Q1 Q2 Q2 Europe Asia Pacific (46% Group sales) (7% Group sales) +6.7% North America 2025 2026 (47% Group sales) 2025 2026 Q1 Q2 Q3 Q4 Q1 Q2 +3.8% +3.4% +3.0% Q
Slide 10: Data center & industrial automation driving acceleration in North America
Data center & industrial automation driving acceleration in North America By country/region By end market/product category United States up 7.8% in Q2 All three end-markets positively oriented, with non-residential Sequential growth acceleration driven by: and industrial automation the main co
Slide 11: Energy transition boosting European activity
Energy transition boosting European activity By country By product category & end markets Sequential acceleration in France, Germany, Austria and the Same-day sales up +4.4%, with accelerating trends vs +0.6% in Netherlands Q1 2026, mainly driven by Volumes returning to positive territory Fr
Slide 12: H1 2026 sales growth driven by volume and price increases
H1 2026 sales growth driven by volume and price increases +2.0% €9,989m €9,775m +1.3% +1.4% +1.9% -0.4% €9,534m -2.6% -1.3% Same-day evolution +5.1% H1 2025 Forex Acquisitions Disposals H1 2025 Volume Non-cable Cable Calendar H1 2026 comparable price price Acquisitions effect mainly from Revere & FX
Slide 13: H1 2026 profitability boosted by operating leverage and opex action plans
H1 2026 profitability boosted by operating leverage and opex action plans +22bps 6.2% +17bps +6bps -10bps +11bps -5bps 5.8% -2bps Adj. EBITA Perimeter Calendar Operating Gross Delta Action Investment Adj. EBITA H1 2025 & FX leverage margin Inflation plans H1 2026 Delta inflation: gap between selling
Slide 14: H1 2026 recurring net income up in double digits
H1 2026 recurring net income up in double digits Main P&L items Other income & expenses €(8)m €615m €347m Net financial expenses €(113)m Recurring net income Adjusted EBITA Up 13% vs H1 25 Effective interest rate at 3.8% (vs.4.0% in H1 2025) Income tax €(150)m Effective tax rate H1 2026 : 30.5% 14 J
Slide 15: Generating robust FCF
Generating robust FCF Main FCF items Change in Trade Working Capital €(307)m €596m €670m TWCR/sales at 16.3% €251m €247m1 42% 37% conversion Change in Non-Trade Working Capital Free cash flow EBITDAaL €(35)m before interest & tax Net capex €(65)m Gross capex/sales at 0.7% 15 July 27, 2026
Slide 16: Well balanced capital allocation between M&A and return to shareholders
Well balanced capital allocation between M&A and return to shareholders Main FCF items Financial investment €398m €247m €690m1 €(503)m Dividend Free cash flow €353m Increase innetnet Change in debtdebt before interest & tax Before cash-out for net interest paid (€68m) & Income tax paid (€106m) Share
Slide 17: Debt maturity extended through successful convertible bond issuance
Debt maturity extended through successful convertible bond issuance Breakdown of main debt maturities (June 30th, 2026) 2 000 Liquidity 1 600 c.€1.8bn 1 000 400 1 200 Convertible Bond issued in May 2026 900 800 600 €400m / 1.000% / 2031 907 400 800 280 472 465 Schuldschein issued in April 2026 170 8
Slide 18: Outlook
Prexen | et a world of energy OS Outlook
Slide 19: Upgrading 2026 ambition, supported by strong start to the year and record backlog
Upgrading 2026 ambition, supported by strong start to the year and record backlog Stronger first half, with improved momentum and disciplined execution Capturing secular growth trends through our diversified portfolio Increasing visibility supported by record backlog Counter-balanced by sustained ge
Slide 20: Record backlog levels providing enhanced visibility
Record backlog levels providing enhanced visibility US Canada c. 3.1 months of sales c. 5.5 months of sales Crossing major thresholds +25% USD 2bn in the US +30% CAD 1bn in Canada 2,205 1,133 1,771 871 +25%-30% sequential improvement 1,607 855 1,475 1,470 1,526 762 Large contracts in data cent
Slide 21: Raising FY 2026 guidance
Raising FY 2026 guidance c.5% at least 6.2% Above 65% Same-day Current adjusted Free cash flow sales growth EBITA margin1 conversion2 initially 3% to 5% initially c. 6.2% 1. Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices. 2. FCF Be
Slide 22: Diversified portfolio ideally positions Rexel for future growth
Diversified portfolio ideally positions Rexel for future growth Solidly positioned to benefit from Balanced exposure to confirmed potential economic recovery secular electrification trends ~35% ~65% c. 10% AI and data growth (North America and Construction and renovation Europe) c. 10% 34% cycle in
Slide 23: Axelerate action plans on track to deliver midterm profitability guidance
Axelerate 28 action plans are on track to make us deliver our midterm profitability guidance Base EBITA profitability in 2026 ≥ 6.2% Triple digit (bps) contribution of accelerating trends to organic growth Rule of thumb: 1% volume growth ~ 5-10 bps EBITA (depending on geographies) S&B representing a
Slide 24: 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