Debt

Net debt

As of June 30, 2025, Rexel’s consolidated net debt stood at €3,077.8 million, as a result of €3,367.4 million gross debt minus €439.3 million cash and cash equivalents, and plus €149.8 million of other items.

(in millions of euros)

Jun 30, 2025

Dec 31 2024

Dec 31 2023

Dec 31 2022

Dec 31 2021

Senior notes

1,382.7

1,378.1

1,370.1

953.2

999.5

Schuldschein

200.0

200.0

–

–

–

Bilateral credit facilities

80.0

80.0

50.0

–

–

Securitization

1,228.5

1,336.1

1,183.5

1,183.5

905.0

Medium Term Notes

95.5

60.6

49.9

–

–

Commercial paper

266.8

34.8

34.9

45.0

125.5

Other debt & cash

(175.7)

(606.4)

(726.9)

(723.3)

(478.8)

Net financial debt

3,077.8

2,483.9

1,961.5

1,458.4

1,551.2

Financing maturity profile

Leverage ratio

On June 30, 2025, Rexel’s leverage ratio* stood at 2.40x.

Financing instruments

as of June 30, 2025

Instrument

Date of implementation

Size of the program (in millions of currency)

Outstanding amount (in millions of currency)

Documentation

Commercial paper

September 2010

€ 300.0

€ 266.8

 Documentation Financière*

Neu MTN

June 2022

€ 300.0**

€ 95.5

 Documentation Financière*

*French version only / ** Neu MTN Program size increased to €300m from €100m on July 30th, 2025

Senior Credit Agreement

extended to January 23, 2030 in January 2025

Maximum Amount (in millions)

Drawn amount

Maturity

EUR 700.0

EUR 0.0

January 23, 2030

Senior notes

Nominal amount (in millions)

Maturity

Coupon

Rating (Moody’s / S&P)

ISIN (Regulation S / 144A)

1st call date
EUR 400.0

Jun 15, 2028

2.125%

Ba1 / BB+

XS2332306344 ｜ N/A

Jun 15, 2024
EUR 600.0

Dec 15, 2028

2.125%

Ba1 / BB+

XS2403428472｜ N/A

Dec 15, 2024
EUR 400.0

Sept 15, 2030

5.25%

Ba1 / BB+

XS2655993033 ｜ N/A

Sept 15, 2026

EUR 400.0

Sept 15, 2030

4.00%

Ba1 / BB+

XS3146987543 ｜ N/A

Sept 15, 2027

Listing: Luxembourg Stock Exchange - Euro MTF Market

Sustainability-Linked Bond

Date

Sustainability-Linked Bond Framework

Second Party Opinion on Rexel’s Sustainability-Linked Bond Framework

Independent practitioner’s limited assurance report on the 2016 baseline

Independent practitioner’s limited assurance report on the 2023 figures

Target Satisfaction Notice

October 2021

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April 2021

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September 2023

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Redemption of senior notes

Issuer Credits Ratings

Agencies

Long term rating

Short term rating

Outlook

Releases

Moody’s

Ba1

–

Stable

 August 27, 2025

Standard & Poor’s

BB+

B

Stable

 August 27, 2025