2024 Universal Registration Document made available

Rexel’s 2024 Universal Registration Document, including the annual financial report for the 2024 financial year, was filed on March 10, 2025 with the French Autorité des marchés financiers (AMF).

The Universal Registration Document notably includes the following information:

• The report on corporate governance prepared by the Board of Directors (including the compensation policy for corporate officers);
• The description of the share repurchase plan;
• The Sustainability Statement; and
• The reports of statutory auditors and information regarding their fees.

The Universal Registration Document is available on Rexel’s corporate website (www.rexel.com/en) in the “Investors – Regulated Information” section and on the AMF’s website (www.amf-france.org). It is also available at no cost at Rexel’s headquarters, 13, boulevard du Fort de Vaux, 75017 Paris, France.

Rexel Achieves CDP “A” Rating and SBTi Validation for Scope 3 Goals

Rexel is excited to announce two major milestones in its commitment to combat climate change. The company has been recognized by both CDP and the Science Based Targets initiative (SBTi) for its ambitious environmental goals, further solidifying its position as a leader in environmental sustainability.

CDP “A” Rating
Rexel has earned an “A” rating from CDP. This achievement recognizes the completeness, accuracy and transparency of the information disclosed by Rexel on greenhouse gas emissions, along with climate risks and opportunities. The rating also acknowledges the concrete actions taken by the company to limit its environmental impact. Committed to accelerating the energy transition, Rexel promotes sustainability across its business, from its own operations to the products, services and solutions offered to customers.

Science Based Targets Initiative (SBTi) Approval
In addition, Rexel is proud to announce SBTi approval of its newly expanded sustainability strategy, which includes a 35% reduction in all applicable Scope 3 emissions by 2030, compared to emissions only from the use of products sold previously. The company recently updated its targets to reflect changes in the organization and improved environmental data. Notably, Rexel has grown significantly worldwide, particularly in the United States and in electrification market segments. Rexel can now also calculate emissions on a product-by-product basis, extending beyond the emissions from the use of sold products to include product manufacturing and transportation.

Further, SBTi has approved Rexel’s renewed target to reduce Scopes 1 and 2 emissions by 60%. This approval ensures that Rexel’s ambitious strategy is credible and aligned with the latest climate science as the company achieves N Z by 2050.

Isabelle Hoepfner-Léger, Rexel’s General Secretary, Secretary of the Board of Directors, and Sustainable Development Director, said, “We are thrilled to have achieved a CDP ‘A’ rating and SBTi approval of our updated emissions reduction targets, and I thank all the teams involved in the process. At Rexel, we are actively working to limit climate change by reducing emissions from all areas of our business. As a leading distributor of electrical products, solutions and services, we have an important role to play in sharing environmental information and guiding manufacturers and customers toward the most sustainable options. These latest milestones demonstrate our progress in ‘electrifying solutions that make a sustainable future possible’.”

Fourth-Quarter Sales & Full-Year 2024 Results

Sales & Ebita margin in line with revised guidance 2024; FCF conversion exceeding objective 

Positive North America momentum balancing softer environment in Europe

Transformation actions gaining momentum throughout 2024 – to be further amplified in 2025

→ FY 24 sales at €19,285.1m, up +0.7% on a reported basis

• Same-day sales down (2.4)% in FY 2024; improving trends quarter after quarter
  • Q4 sales of €4,893.1m, down (0.5)% on a same-day basis (up +1.0% on an actual-day basis) thanks to positive momentum in North America, up +3.6%
  • Continued market share gains boosted by best-in-class services which includes digitalization
• Active acquisitions strategy contributing for +2.9% to FY 24 sales growth

→ FY 24 current adjusted EBITA margin at 5.9%, demonstrating resilience in a difficult macro environment 

• Structural cost actions combined with rapid cost adaptation (FTE down (2.7)% versus volume down (1.5)% yoy), to mitigate impact of sales decline on our profitability

→  Digital sales penetration at 32% of sales in Q4 24, up +232bps

• Digital sales now above €6bn in 2024, making Rexel one of the largest digital BtB players
• Digital sales growth contributed to outperformance and productivity gains

→ FY 24 operating income of €845.9 million (vs €1,216.6 million in FY 23), including exceptional items (French Competition Authority fine for €124m against which Rexel has lodged an appeal, Goodwill impairment, acquisitions costs); net income of €341.0 million

→ Free cash flow conversion well above guidance at 76%, confirming our cash-generative model

→ Attractive return to shareholders: proposed dividend for 2024 of 1.20€ per share, for a 54% payout ratio, based on recurring net income of €662.3 million in 2024 (vs €823.3 million in 2023)

→ Executing our capital allocation strategy with a healthy balance sheet: indebtedness ratio at 1.83x

• Share buyback: €100m shares repurchased in 2024; €300m since mid-2022
• M&A: more than €500m of value creative acquisitions completed in 2024
• Portfolio management: disposal of Rexel business in New Zealand, signed on February 1^st, as a result of the continuous strategic review of our portfolio

→ 2025 outlook: Stable to slightly positive same-day sales growth, current adjusted EBITA margin at c. 6% and free cash flow conversion at c. 65% (excluding the €124m fine from the French Competition Authority to be paid in 2025)

→ Confirmation of Rexel’s medium-term ambitions, driven by solid electrification trends, market outperformance, further transformation of the business model and acceleration of savings programs

Guillaume TEXIER, Chief Executive Officer, said: 

“In softer 2024 conditions than anticipated, especially in Europe, the Rexel teams seized the opportunity to demonstrate how the transformation of the last few years could positively impact the business by deploying advanced services, digital penetration and value solutions to customers, resulting in market share gains in several countries.

We leveraged our increased presence in North America, a region with solid prospects in which we have expanded through organic growth and active M&A with 9 acquisitions completed since 2021. We quickly adapted our cost base across the Group, allowing us to deliver resilient profitability and record high free cash flow conversion.

We are entering 2025 with good momentum on three aspects: market share gains, strong exposure to the positive North American market, and optimization projects. This acceleration of our transformation allows us to be confident that we are on track to reach our medium-term ambitions.”

New date for Rexel’s full-year results

The publication of Rexel’s full-year 2024 results and accompanying conference call, which had initially been scheduled for February 13, 2025, have been brought forward to Wednesday, February 12, 2025 after market close.
This change has been made in response to a large number of results publications in the sector. Timing and connection details will be communicated in the coming days.

Rexel launches faster, more responsive mobile app to put more power in installers’ pockets

Rexel is rolling out a faster and more powerful mobile app in Australia, following launches in France, Austria, UK, the Netherlands and Sweden. This “pocket toolbox” enables installers to consult and order the products they need three times faster than before, thanks to new features, like image-based product recommendations and smart reordering.

More powerful features…

Designed for small and medium installers working on construction sites or facility management systems, Rexel’s new app speeds up access to product information and purchases, helping users make informed decisions and save time on the job.

These new features include:

• Image-based product recommendations enabling installers to submit a photo of an electrical panel and visualize related products*
• A repeat purchase assistant displaying past purchases by product category
• Quick-access buttons to essential features (“Find a product,” “My orders”, “My quotes”, etc.) from the home screen
• A more powerful product search engine
• Auto log-in for fast, secure access to a user’s account

…For an improved customer experience

Available anytime, anywhere from a mobile phone or tablet, this new native app was developed by Rexel’s R&D and software development teams in response to customer feedback.

Guillaume Dubrule, Rexel’s Chief Digital & Marketing Officer, commented, “We want to enhance the user experience across all our online and offline touchpoints to help customers build their businesses. This new app puts the best tools in installers’ pockets, enabling them to access Rexel’s expertise fast and at their convenience.”

To gather, analyze and interpret feedback from customers, Rexel has since several years a Voice of Customer team. “This team plays a crucial role in improving customers’ experience by helping us understand their evolving needs and preferences. Our new mobile app, offering fast and intuitive mobile access to our products, is concrete proof of our customer-centric approach,” concluded Guillaume Dubrule.

*available only in France

Rexel’s reaction to the French Competition Authority’s decision on the special price agreement mechanism

Rexel was informed of the operative part of the French Competition Authority’s decision, which considers the so-called special price agreement mechanism (“dérogations”) as anti-competitive and sanctions Rexel, along with Schneider, Legrand and Sonepar. Rexel was ordered to pay a fine of 124 million euros.

Rexel considers that this dérogations mechanism, which is transparent and known to all market players, is a standard commercial discount on the purchase price granted by the supplier to the distributor, leaving it completely free to set its resale prices and offer its customers the most competitive offer.

Rexel will carefully study the Competition Authority’s decision and reserves the right to appeal its decision before the Paris Court of Appeal.

Third-quarter 2024 Sales

Same-day sales down (2.1)% in Q3 24 in a more challenging market, especially in Europe

2024 outlook lowered; acceleration of cost reduction actions

Medium-term ambitions confirmed

→ Q3 24 sales of €4,762.3m, down (2.1)% on a same-day basis, or (0.7)% on an actual-day basis:

• North America: Positive evolution in Q3 24, driven by good backlog execution, notably in non-residential and pick-up in residential, despite negative impact from weather events in September
• Europe: Good performance amid challenging markets
  • More difficult macro conditions, especially in Central and Northern Europe (Germany, Austria, Benelux)
  • No recovery yet of construction markets, which should start benefiting from recent interest rate cuts
  • Electrification categories, especially solar, still contributing negatively despite easier comparable base
  • Market share gains in most of our 19 countries, including France and Germany
• Improved pricing environment on both cable and non-cable products, but further price deterioration in solar
• Activity improved sequentially over the quarter, reaching close to breakeven in September

→ Q3 24 sales up +2.1% on a reported basis with a +3.1% contribution from acquisitions, including Wasco in Europe and Talley and Electrical Supplies Inc in North America

→ Ramp-up of digital sales to 32% of sales in Q3 24, up +254bps, in line with our roadmap

→ 2024 outlook lowered to reflect the recent negative evolution of the trading environment in Europe

• Same-day sales between -2.5% and -2.0%, with stable trends in North America and mid-single digit drop in Europe (vs previous indication of being in the low end of the initial guidance of stable to slightly positive same-day sales growth in FY 24)
• Adjusted EBITA margin around c. 5.9% (vs previous indication of being in the low end of the initial guidance of between 6.3% and 6.6%), with rapid cost reduction actions partly mitigating volume drop-through effect and gross margin pressure
• Strong Free Cash Flow focus, with conversion now expected to be above 65% (vs previous guidance of 60%)

→ Accelerating structural transformation of the organization, resulting in expected annualized savings of c.45m by end-2025

→ Rexel confirms its medium-term ambitions as detailed in its June 2024 CMD on the back of solid electrification trends, positive commercial dynamics, fundamental changes in the business model and acceleration of savings programs

Rexel Board of Directors rejects an unsolicited preliminary proposal from QXO

Rexel confirms it has received earlier this week an unsolicited, non-binding preliminary proposal from QXO regarding a potential acquisition of Rexel at an indicative price of €28.00 to €28.40 per share.

Rexel’s Board of Directors has reviewed the proposal in detail and has unanimously decided not to pursue it,  considering that it significantly undervalues the company and does not reflect its value creation potential through its Power Up 25 strategic plan. The Board of Directors remains highly confident in Rexel’s management to deliver the mid-term objectives presented in during the June 2024 Capital Markets Day. Indeed, Rexel’s management team has successfully demonstrated over the last few years its ability to increase the company’s underlying profitability and enhance its growth profile in an accelerating electrification world.

Rexel does not intend to make any additional comments on this proposal.

Press Release – Second-Quarter Sales and Half-Year 2024 Results

Sequential organic sales improvement between Q1 and Q2

Resilient profitability and record FCF generation in H1 24, supported by strong discipline and self-help plans

 2024 outlook confirmed – in the lower end of the range

→ Q2 24 sales up +1.8% on a reported basis, driven by our M&A strategy in Europe and North America

→ H1 24 sales of €9,629.7m, down (3.5)% on a same-day basis, with a gradual improvement in the period:

• Q2 24 down (2.4)% after (4.6)% in Q1 24, notably from easier base effect on electrification
• Improving activity month after month

→ Ramp-up of digital sales, to 31% of sales in Q2 24, up +290bps, fostering future productivity gains

→ H1 24 adjusted EBITA margin resilience at 6.0%, supported by our productivity gains and cost initiatives

→ H1 24 operating income of €576.8 million (vs €660.0 million in H1 23) and recurring net income of €340.8 million (vs €455.1 million in H1 23)

→ Record Free cash flow generation, demonstrating the strength and resilience of our model

• FCF before Interest and tax reached an all-time high for a first half at €335.5 million, representing a 53% conversion rate (EBITDAaL into FCF before I&T)

→ Active capital allocation in the first half:

• Completion of the acquisition of Talley, in the US and agreement signed to acquire Itesa in France, subject to antitrust approval, reinforcing Rexel’s position in the security & communication businesses
• Agreement signed on July 10 to acquire Electrical Supplies Inc in the US, reinforcing Rexel’s footprint in Florida, adding circa USD60m of sales
• Share buyback for c. €50m

→ 2024 outlook confirmed – In a more complex environment, notably marked by political uncertainties and a more competitive market, Rexel confirms its guidance, with same-day sales growth and adjusted Ebita margin expected in the lower end of the initial range

Press Release – Rexel’s First-Half 2024 Financial Report made available

Rexel’s first-half 2024 financial report was filed on July 30, 2024 with the French Autorité des marches financiers (AMF).