Rexel Sa · EURONEXT:RXL
Rexel Sa — Rexel Sa Ord — Q1 2024 Earnings Presentation
16 slides from Rexel Sa's earnings presentation, Apr 30, 2024
Slide 1: First-quarter 2024 sales
First-quarter 2024 sales April 30, 2024
Slide 2: Key highlights
RexeL — Key highlights a world of energy
Slide 3: Q1 2024 highlights
Q1 2024 highlights • Q1 24 sales down (4.6)% on a same-day basis at €4,707.4m, in line with expectations • Resilience of our non-residential markets and industrial automation activity, especially in North America • High base effect on electrification in Europe, notably solar • Non-cable selling pric
Slide 4: Core ED business: Resilience with positive pricing
Core ED business: Resilience with positive pricing % Mix SD sales ow Price ow Volume 2024 growth Core ED 63% -0.8% +0.7% -1.5% Electrification 22% -11.7% -1.9% -9.8% Cable 15% -8.2% -9.4% +1.2% Total 100% -4.6% -1.5% -3.1% • Resilient core ED business, down a limited 0.8% • Positive pricing contribu
Slide 5: Electrification: Continued medium-term momentum but short-term slowdown
Electrification: Continued medium-term momentum but short-term slowdown; quarter impacted by strong base effect • Electrification affected by • High comparable base effect: Peak of demand in electrification in H2 2022 & Q1 2023, up circa +30% and contributing for almost Same-day sales growth in elec
Slide 6: Further leveraging our transformation
Further leveraging our transformation • Continued focus on margin resilience, leveraging the key initiatives of the Power Up 2025 plan • Focus on customer targeting and value-added through services, driving market share and volume gains • Excellent ability to pass through price increases • Increased
Slide 7: Active capital allocation deployment
Active capital allocation deployment • Executing our capital allocation strategy • In line with our objectives to acquire up to €2bn of sales, Rexel completed end-April the signing of the acquisition of Itesa, reinforcing its position in the attractive security & communication business in France • €
Slide 8: Q1 2024 sales review
Q1 2024 sales review
Slide 9: Q1 sales supported by significant M&A contribution
Q1 sales supported by significant M&A contribution +3.0% €5,010m €4,928m -0.8% -0.5% €4,707m -4.6% Q1 24 reported sales down 4.5%: -1.5% • Negative forex and same-day sales growth Actual-day evolution • Positive contribution from Wasco -6.0% acquisition Q1 2023 Forex Acquisitions Disposals Q1 2023 O
Slide 10: Stable non-cable selling prices; volume resilience in North America
Stable non-cable selling prices; volume resilience in North America in the quarter Group -4.6% 5,010 4,707 Europe (52% Group sales) North America Asia Pacific (42% Group sales) (6% Group sales) -6.9% -1.1% 2,648 -7.7% 2,426 Q1 23 Q1 24 2,049 1,996 313 286 Selling price evolution Q1 23 Q1 24 Non-cabl
Slide 11: Recovery in copper price started in March
Recovery in copper price started in March 10 000 Apr. 24 avg: 9,544 • Cable represented 15% of Group’s Q1 23 avg: 9 500 8,959 sales 9 000 • Q1 2024 copper price : c. 5% below Q1 $/ton 8 500 2023 8 000 Q3 23 avg: Q1 24 avg: 8,401 8,540 Q2 23 avg: Q4 23 avg: 7 500 8,476 8,249 • Cable price normalizati
Slide 12: Q1 sales in Europe: Further market share gains in our key countries
Q1 sales in Europe: Further market share gains in our key countries, boosted by core ED products By country By product category • Sales in core ED1 business down a limited 3.2% • Further market outperformance in France, Germany (contrib. -200bps), with positive pricing and Switzerland and market sha
Slide 13: Q1 sales in North America boosted by strong backlog execution
Q1 sales in North America boosted by strong backlog execution By country / Region By product category • North America • Positive pricing on non-cable products • Sales in core ED1 business up +2.4% (contrib. +150bps) • Positive trends in EV charging stations and resilient industrial automation activi
Slide 14: Improvement in backlogs, providing visibility
Improvement in backlogs, providing visibility US Canada c. 2.5 months of sales c. 3.6 months of sales • Backlog in the US increased by 4% versus Q4 2023, notably driven 288 222 210 208 by datacenter, retail, 264 253 165 water/wastewater, entertainment 144 100 100 95 • High level of backlogs, combini
Slide 15: Outlook
Outlook a world of energy
Slide 16: FY 2024 guidance confirmed
FY 2024 guidance confirmed Stable to slightly positive, with high 6.3% - 6.6% > 60% comparable base in H1 Same-day Adjusted EBITA margin1 Free cash flow conversion2 growth 1. Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices. 16 2. FC