Debt

Net debt

As of June 30, 2026, Rexel’s consolidated net debt stood at €3,321.9 million, as a result of €4,300.5 million gross debt minus €1033.8 million cash and cash equivalents, and plus €55.2 million of other items.

(in millions of euros)

Jun 30, 2026

Dec 31, 2025

Dec 31 2024

Dec 31 2023

Dec 31 2022

Dec 31 2021

Senior notes

2,130.0

1,782.6

1,378.8

1,370.1

953.2

999.5

Schuldschein

425.0

300.0

200.0

–

–

–

Bilateral credit facilities

76.3

20.0

80.0

50.0

–

–

Securitization

1,354.5

1,337.1

1,336.1

1,183.5

1,183.5

905.0

Medium Term Notes

88.4

75.3

60.6

49.9

–

–

Commercial paper

20.0

19.8

34.8

34.9

45.0

125.5

Other debt & cash

(772.3)

(903.4)

(606.4)

(726.9)

(723.3)

(478.8)

Net financial debt

3,321.9

2,631.4

2,483.9

1,961.5

1,458.4

1,551.2

Financing maturity profile

Leverage ratio

On June 30, 2026, Rexel’s leverage ratio* stood at 2.39x.

Financing instruments

as of June 30, 2026

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

€ 20.0

 Documentation financière**

Neu MTN

June 2022

€ 300.0*

€ 88.0

 Documentation financière**

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

Senior Credit Agreement

increased from EUR 700m to EUR 900m and extended to January 23, 2031 in December 2025

Maximum Amount (in millions)

Drawn amount

Maturity

EUR 900.0

EUR 0.0

January 23, 2031

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

Convertible bonds

Nominal amount (in millions)

Maturity

Coupon

ISIN

EUR 400.0

May 13, 2031

1.000%

FR0014016E65

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

Independent practitioner’s limited assurance report on the 2025 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

Convertible bond issuance documents, May 2026

Issuer Credits Ratings

Agencies

Long term rating

Short term rating

Outlook

Releases

Moody’s

Ba1

–

Stable

 August 31, 2026

Standard & Poor’s

BB+

B

Stable

 August 3, 2026