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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Fourth-Quarter Sales & Full-Year 2023 Results


Record sales, adjusted Ebita margin1 and free cash flow

Upgraded full-year guidance fully achieved, with Ebita in the upper end of the range

Strong free cash flow generation, demonstrating the strength and resilience of Rexel’s model

→ FY 23 sales of €19,153.4m, up +4.3% on a same-day basis

• Positive volume and price contributions: +2.0% and +2.3% respectively

• Boosted by electrification trends in Europe, mainly in H1, and commercial & industrial projects in North America

→ Sales of €4,725.3m in Q4 2023, down (1.4)% on a same day basis, on the back of a challenging base effect in electrification in Europe and lower demand in some end-markets

→ Digital penetration rate at 30% of sales in Q4 23, up +269bps

→ FY 23 adjusted EBITA margin of 6.8%, in the upper end of guidance, driven by growth in electrification trends in H1 and good execution of action plans leading to market share gains in H2

→ Recurring net income in FY 23 at €823.3m, compared to €911.8m in 2022, on a high comparable base as last year’s earnings benefited from all-time high inflation tailwind on non-cable products

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

• Highest-ever FCF before interest and tax, at close to €1bn

FCF conversion (EBITDAaL into FCF before I&T) significantly above guidance at 73%

→ Proposed dividend for 2023 to be maintained at record level of 1.20€ per share

→ Executing our capital allocation strategy with a healthy balance sheet: indebtedness ratio at 1.33x

• Share buyback: €134m of shares repurchased in 2023; €200m since mid-2022 launch of plan

• Acquisitions: €800m of acquired sales in 2023

→ 2024 outlook: Stable to slightly positive same-day sales growth, adjusted EBITA margin between 6.3% and 6.6% and conversion of free cash flow before interest and tax above 60%

→ During our June 7 CMD, we will present the initiatives implemented under the Power Up 2025 plan and share our updated mid-term prospects

 

Guillaume TEXIER, Chief Executive Officer, said:

“Rexel had an outstanding year 2023, resulting in record annual sales, profit margin and free cash flow generation. This performance once again reinforces the strength and resilience of our business model. Results, fully in line with our upgraded guidance, were driven both by supportive electrification trends, which grew at four times the pace of traditional electric distribution sales, and by the excellent execution of our action plans. I am proud of these results and wish to thank our teams in all our geographies. It is their hard work, dedication and commitment that have made Rexel a more agile, more digital and more profitable company. Rexel’s enhanced resilience allows us to target an Adjusted Ebita margin of between 6.3% and 6.6% in 2024, even in a more mixed environment. Through our Power Up 2025 action plans, we have established a new baseline of performance and will continue to deliver superior service to our customers and superior returns to our shareholders.”


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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Change in Rexel’s financial agenda


Initially planned for February 15, 2024, the publication of Rexel’s full-year 2023 results and the conference call have been moved forward to Wednesday, February 14, 2023 after market close.

This change is due to numerous company results in the Capital Goods sector scheduled for February 15. Further information related to time and connection details will be communicated in the coming weeks.


Document to download

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Evolution of Rexel’s Board of Directors


Marie-Christine Lombard has informed Rexel’s Board of Directors that due to time constraints linked to recent developments in her activities, she has resigned from her position as independent director, effective December 13, 2023.

The succession of Marie-Christine Lombard will be ensured through ongoing recruitment to complement the Board of Directors and bring in new skills.

The Board of Directors, chaired by Agnès Touraine, currently consists of 11 directors including 5 women.


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Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Rexel Announces Changes to Group Executive Committee


Rexel today announced the appointment of Roger Little as Chief Executive Officer (CEO) for the USA and leader of the USA-Canada cluster, effective December 18, 2023.

Roger Little has been CEO of Rexel Canada since March 2014 and will succeed Brad Paulsen as CEO of Rexel USA as Mr. Paulsen leaves the company to pursue another career opportunity. Mr. Little will bring to Rexel USA his extensive experience of the electrical materials industry and in particular of the industrial automation space.

Reporting to Mr. Little, Jeffrey Moyle will become CEO of Rexel Canada. Mr. Moyle joined Rexel Canada in 2016, where he held successive positions in the cable and utilities businesses as well as in supplier relationship and in digital.

Led by Guillaume Texier, Chief Executive Officer of Rexel Group, the Group Executive Committee will include the following members as of January 1, 2024:

  • Pierre Benoit, Chief Executive Officer Belgium – Luxembourg and leader of the Benelux- Nordics -Pacific cluster
  • Grégoire Bertrand, leader of the UK – Ireland cluster and Europe Chief Financial Officer
  • Laurent Delabarre, Group Chief Financial Officer
  • Guillaume Dubrule, Group Chief Digital and Marketing Officer. Guillaume has succeeded Nathalie Wright who has left Rexel to pursue new projects
  • Sabine Haman, Group Chief Human Resources and Communications Officer
  • Isabelle Hoepfner-Léger, General Secretary, Secretary of the Board of Directors and Sustainable Development Director
  • Roger Little, CEO USA and leader of the USA – Canada cluster
  • Thomas Moreau, Chief Executive Officer France and leader of the France – Italy cluster
  • Robert Pfarrwaller, Chief Executive Officer Austria and leader of the Austria – Germany Switzerland – Slovenia cluster

Guillaume Texier commented: “The appointment of Roger Little as CEO of Rexel USA will allow us to continue and accelerate our very successful transformation in the Group’s biggest country, which has translated in recent years in market share gains, increased profitability, higher digital conversion and value-creating M&A activity.

I’m extremely proud of Rexel’s executive team, which brings strong experience and expertise to drive Rexel’s Power Up 2025 growth strategy. I’m confident in their ability to pursue the Group’s mission of offering electrifying solutions that make a sustainable future possible. With our wide range of electrical products and energy-efficient solutions, we’re in a stronger position than ever to deliver excellence and help drive the global energy transition.”


Document to download

Rexel Announces Changes to Group Executive Committee


Rexel today announced the appointment of Roger Little as Chief Executive Officer (CEO) for the USA and leader of the USA-Canada cluster, effective December 18, 2023.

Roger Little has been CEO of Rexel Canada since March 2014 and will succeed Brad Paulsen as CEO of Rexel USA as Mr. Paulsen leaves the company to pursue another career opportunity. Mr. Little will bring to Rexel USA his extensive experience of the electrical materials industry and in particular of the industrial automation space.

Reporting to Mr. Little, Jeffrey Moyle will become CEO of Rexel Canada. Mr. Moyle joined Rexel Canada in 2016, where he held successive positions in the cable and utilities businesses as well as in supplier relationship and in digital.

Led by Guillaume Texier, Chief Executive Officer of Rexel Group, the Group Executive Committee will include the following members as of January 1, 2024:

  • Pierre Benoit, Chief Executive Officer Belgium – Luxembourg and leader of the Benelux- Nordics -Pacific cluster
  • Grégoire Bertrand, leader of the UK – Ireland cluster and Europe Chief Financial Officer
  • Laurent Delabarre, Group Chief Financial Officer
  • Guillaume Dubrule, Group Chief Digital and Marketing Officer. Guillaume has succeeded Nathalie Wright who has left Rexel to pursue new projects
  • Sabine Haman, Group Chief Human Resources and Communications Officer
  • Isabelle Hoepfner-Léger, General Secretary, Secretary of the Board of Directors and Sustainable Development Director
  • Roger Little, CEO USA and leader of the USA – Canada cluster
  • Thomas Moreau, Chief Executive Officer France and leader of the France – Italy cluster
  • Robert Pfarrwaller, Chief Executive Officer Austria and leader of the Austria – Germany Switzerland – Slovenia cluster

 

Guillaume Texier commented: “The appointment of Roger Little as CEO of Rexel USA will allow us to continue and accelerate our very successful transformation in the Group’s biggest country, which has translated in recent years in market share gains, increased profitability, higher digital conversion and value-creating M&A activity.

I’m extremely proud of Rexel’s executive team, which brings strong experience and expertise to drive Rexel’s Power Up 2025 growth strategy. I’m confident in their ability to pursue the Group’s mission of offering electrifying solutions that make a sustainable future possible. With our wide range of electrical products and energy-efficient solutions, we’re in a stronger position than ever to deliver excellence and help drive the global energy transition.”


Document to download

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Third-Quarter 2023 Sales


Further growth in a more mixed market environment: +2.6%

Volumes up +2.3%, with solid performance in North America and Europe

Full-Year 2023 guidance confirmed

→ Sales of €4,665.1m in Q3 2023, up +2.6% on a same day basis

→ Volumes up +2.3% on the back of high electrification comparable base and more mixed market environment, demonstrating the strength of Rexel’s market positioning

→ Favorable pricing environment on non-cable products, up +1.3% in the quarter

→ Full-Year 2023 guidance confirmed: Resilient growth, sustained profitability and strong cash generation thanks to Rexel’s strategic action plans

→ Well on track to achieve our 2025 ambition; an update on Rexel’s strategic roadmap will be presented at a Capital Markets Day in June 2024

→ Completion of the Wasco acquisition on September 1st, giving Rexel exposure to the fast-growing Dutch HVAC market, driven by energy efficiency regulations

→ Successful issuance of a €400m Sustainability Linked Bond maturing in 2030, at a competitive rate of 5.25%


“Quarter after quarter, the Rexel teams demonstrate their ability to deliver consistent profitable growth. It is particularly satisfying that this growth was achieved this past quarter despite a less favorable environment and on the back of a particularly high 2022 comparable base.
2023 is unfolding according to plan and we confirm our Full-Year guidance, which we upgraded in July. The second half should provide further affirmation that the Group’s transformation is delivering results. Our relentless focus on cash generation, efficiency and margin optimization is paying off, while our initiatives on fast-growing electrification segments, advanced services and digital are building differentiation and mid-term growth potential.
Guillaume Texier, Chief Executive Officer of Rexel


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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Rexel successfully places a sustainability-linked notes offering for a nominal amount of €400 million


Rexel, a worldwide expert in the multichannel professional distribution of products and services for the energy world, has successfully placed €400 million of its 5.250% unsecured senior sustainability-linked notes due 2030 (the “Notes”).

The delivery and settlement as well as the listing of the notes on the Euro MTF market of the Luxembourg Stock Exchange are expected to occur on or around September 13, 2023.

The Notes, which mature on September 15, 2030, will be callable as from September 2026. They will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes. The Notes are expected to obtain the following ratings: Ba1 by Moody’s (while Rexel’s corporate rating is Ba1 with a stable outlook) and BB+ by S&P (while Rexel’s corporate rating is BB+ with a stable outlook).

Rexel published yesterday its new Sustainability-Linked Financing Framework (the “Framework”) which covers debt instruments whose financial characteristics are linked with sustainability performance targets.

The Framework has been established in accordance with the Sustainability-Linked Bond Principles (SLBP) administered by ICMA and reviewed by Moody’s Investors Service, which provided a Second Party Opinion (“SPO”) on September 5, 2023. Both the Framework and the SPO are available on the Company’s website:

https://www.rexel.com/en/finance/debt/#slb

B2B distributors like Rexel have a key role to play in the adoption of greener products and solutions, especially when it comes to electrification technologies. This new issuance of sustainability linked notes confirms that ESG is at the heart of our strategy, setting short term milestones on the way to achieving our 2030 goals on greenhouse gas emissions. With this issuance, all our outstanding bonds are now linked to sustainability targets. This transaction also allows us to strengthen our balance sheet by extending the maturity of our debt at attractive financial conditions, putting us in the best conditions to pursue our ambitious development strategy.”
Guillaume Texier, CEO of Rexel


Document to download

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Rexel launches a sustainability-linked notes offering for a nominal amount of €400 million


Rexel, a worldwide expert in the multichannel professional distribution of products and services for the energy world, announced today that it intends to offer €400 million of senior unsecured sustainability-linked notes due 2030 (the “Notes”). The Notes, callable at Rexel’s discretion as from September 2026, will rank pari passu with Rexel’s senior credit facility and other senior unsecured notes.

Rexel published today its new Sustainability-Linked Financing Framework (the “Framework”) which covers debt instruments whose financial characteristics are linked with sustainability performance targets.

The Framework has been established in accordance with the Sustainability-Linked Bond Principles (SLBP) administered by ICMA and reviewed by Moody’s Investors Service, which provided a Second Party Opinion (“SPO”) in September 2023. Both the Framework and the SPO will be made available on the Company’s website:

https://www.rexel.com/en/finance/debt/#slb

 

This document is not an offer of securities for sale nor the solicitation of an offer to purchase securities in France, in the United States or any other jurisdiction.
The securities described herein may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons unless they are registered or exempt from registration under the U.S. Securities Act of 1933, as amended (the “Securities Act”). The securities described herein have not been and will not be registered under the Securities Act and Rexel does not intend to make a public offer of its securities in the United States.
The offer and sale of the Notes in France will be carried out through a placement to qualified investors only (within the meaning of Regulation (EU) 2017/1129), in accordance with article L.411-2 of the French Financial and Monetary Code and other applicable laws and regulations. There will be no public offering in France.

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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Agnès Touraine to succeed Ian Meakins as Chair of Rexel’s Board of Directors


Having been chosen to chair the Board of Directors of Unilever, Ian Meakins will retire from the Rexel Board with effect on August 31, 2023. He will be replaced as Chair of Rexel’s Board by Agnès Touraine.

In accordance with its succession plan, the Board of Directors of July 27, 2023 unanimously appointed Agnès Touraine as Chairwoman of the Board. Agnès Touraine was up to now Deputy Chairwoman and Senior Independent Director (SID).

Agnès Touraine has extensive governance experience, having chaired the Institut Français des Administrateurs (IFA) and having served on boards in France (SNCF, Tarkett), Belgium (Proximus, GBL) and the UK (Cable & Wireless Plc, Darty Plc), and previously as Chairwoman and CEO of Vivendi Universal Publishing, Havas Interactive and Hachette Livre Grand Public. She has served on the Rexel Board since 2017, chairing the Compensation Committee and the Nomination, Governance and CSR Committee. She had been appointed as Deputy Chairwoman and SID following the last Shareholders’ Meeting on April 20, 2023.

Agnès Touraine said: “I am honored to have been appointed as Chair of Rexel. The Company has undergone a deep transformation over the past years, and I will strive to ensure, with the support of the Board of Directors and the leadership of Guillaume Texier, to continue to deliver enhanced profitability, fast growth and value creation for all its stakeholders, while delivering on its ambitious ESG commitments.”


Document to download

Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83

Rexel’s First-Half 2023 Financial Report made available


Rexel’s First-Half 2023 Financial Report was filed on July 28, 2023 with the French Autorité des marches financiers (AMF).


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Investor Relations
Ludovic DEBAILLEUX
ir@rexel.com
+33 (0)1 42 85 76 50

Press Relations
Thomas KAMM
tkamm@brunswickgroup.com
+33 (0)1 53 96 83 83