Second-Quarter Sales & Half-Year 2022 Results: Record Performance
Robust activity with same-day sales growth of +12.0% in Q2 2022
Historically high adjusted EBITA, results and & FCF for a first half
FY 2022 upgraded guidance confirmed
→ Sales of €4,705.4m in Q2 2022, up +12.0% on a same-day basis. Robust activity notably driven by electrification trends, increased digital penetration, volume growth in North America and higher non-cable selling price in all geographies
→ Record H1 adjusted EBITA of €703.7m up +63.4% and adjusted EBITA margin at 7.7% (up +228 bps) from robust activity (actual-day sales growth of +15.3%) coupled with continued effects of our operational excellence program as well as price pass-through. Adjusted EBITA includes c. 86 bps of positive one-off effects from inventory price inflation on non-cable products, net of higher performance-linked bonuses
→ Recurring net income of €471.1 million, up +94.9% in H1 2022, reaching an all-time high
→ Record positive Free Cash Flow before interest and tax of €231.6m in H1 2022 (€116.3m in H1 2021). Lowest-ever first-half indebtedness ratio at 1.26x
→ FY 2022 guidance confirmed, supported by record-high backlog, easier base effect in Europe in H2 and China back to positive territory
→ Active portfolio management with 2 acquisitions and 2 disposals, fully in line with our strategy. The combined net effect is positive on sales, profitability and ROCE
→ SBTi validated our 2030 & 2050 Greenhouse Gas emission targets to reach net-zero across the value chain
→ Implementing PowerUP 2025 plan to strengthen the organization and further increase the resilience of our model
“I am very pleased that Rexel again posted record results in H1 2022, demonstrating the robustness of our business model in an environment still marked by solid demand, but also high product cost increases and continued supply chain challenges. The electrification trends that we have highlighted during our Capital Markets Day are clearly at play and benefiting us. To reinforce Rexel even further in an environment of economic uncertainty, we started actively implementing our Power Up 2025 strategic plan. By continuously increasing digital sales, focusing on electrification trends and ESG, and concentrating our portfolio on our strengths, as we have done with two acquisitions and two divestments, we will continue to enhance our growth profile and further reinforce our resilience and our agility.”
Guillaume Texier – CEO of Rexel