Q2 sales & H1 2025 results
Acceleration of same day sales, fueled by North-America volume and price
Resilient profitability, thanks to acceleration of self-help actions
Full-year guidance confirmed
→ H1 25 sales of €9,775.3m up +1.6% on a same-day basis, showing a positive momentum
- Acceleration in Q2 25, up +1.8%, mainly driven by improving volume in North America
- European environment still challenging
- Q2 25 non-cable selling prices up +0.9%, with first positive impact from US tariffs
- Digital sales at 33.6% of sales in Q2 25, up +196bps, laying groundwork for future productivity gains
→ Resilient H1 25 current adjusted EBITA margin of 5.8%, leveraging additional cost initiatives, with a (2.2)% FTE reduction in H1 25 when volume contributed to +0.4% to same-day sales growth
→ H1 25 operating income of €505.7 million (vs €576.8 million in H1 24); recurring net income of €307.9 million (vs €340.8 million in H1 24)
→ FCF before interest & tax1 of €251m, representing a 42% conversion rate2, significantly above the five-year first-half average
- FCF before interest & tax stood at €127.2 million in H1 25, after April payment of the €124m fine imposed by French authorities – (appealed by Rexel)
→ Further implementation of our M&A strategy, with five deals focusing on:
- Market consolidation with the acquisitions of Warshauer and Schwing in US Northeast
- Adjacent growth with Jacmar in Canada and Tecno BI in Italy
- Value-added services with Apex in Canada
→ 2025 outlook confirmed, with profitability improvement action plans and North America performance compensating lower European activity – additional action plans launched in this trough cycle period laying the ground work to deliver midterm goals
Guillaume TEXIER, Chief Executive Officer, said:
“Rexel gained momentum in the second quarter, with accelerating sales growth driven by stronger volumes in North America. Our teams delivered solid performance across the board, capitalizing on high-growth segments such as datacenters and broadband infrastructure and achieving market-share gains in key European countries despite continuing softness in demand.
Our ongoing productivity initiatives and disciplined cost management helped to offset operating pressures, while pricing improvements that began in Q2 will continue to support margins in the second half.
I am particularly pleased with our ability to deliver once again a robust and resilient level of profitability as well as cash conversion in the context of a cycle trough. This is a striking difference from previous cycles, made possible by the transformation Rexel has undergone in the past few years, based on digital, technology and the strategic use of M&A.
Our recent performance as well as the additional initiatives that we have launched strengthen our confidence in our ability to deliver on our midterm objectives, thanks to the value creating potential of our Axelerate 2028 roadmap”
