Q4 sales & FY 2025 results
5 minutes
February 11, 2026
• Sequential sales growth improvement in Q4 in all geographies
• Meeting or exceeding all full-year objectives
• Axelerate 2028 implementation and deeper productivity initiatives bearing fruit.
→ FY 25 sales of €19,414.6m, boosted by organic growth and acquisitions
- Same-day sales increased by +2.5% in FY 2025, with improving trends quarter after quarter
- Q4 sales of €4,881.1m, rose +3.8% on a same-day basis (up +4.7% on an actual-day basis), accelerating sequentially with positive momentum in all regions
- Continued market share gains boosted by digitalization best-in-class services in key countries including France, US, Canada, Austria and Sweden
- Active acquisitions strategy contributing for +1.8% to FY 25 sales growth
→ FY 25 current adjusted EBITA margin at 6.0% up +10bps versus the 5.9% reported in 2024, demonstrating market outperformance and margin resilience in a challenging environment
- Structural cost actions and rapid cost adaptation to mitigate opex inflation: average FTE reduced by (2.3)% while volume increased by +0.7% on actual-day basis
→ FY 25 operating income stood at €1,061.6m (vs €845.9m in FY 24), including exceptional items (restructuring, asset impairment, capital gains on disposals)
→ Net income 2025 of €591.4m up +73%; recurring net income up +2.4% at €678.5m
→ Free cash flow conversion at 66.3%, or 76.4% excluding the impact of the €124m French Competition Authority fine paid in April, significantly outpacing our guidance for the third consecutive year and confirming our cash-generative model
→ Delivering on portfolio management strategy and return to shareholders while maintaining a robust balance sheet with an indebtedness ratio at 2.0x:
- M&A: close to €200 million of value-creating acquisitions completed
- Portfolio management: divestment of activities in Finland and New Zealand
- Proposed dividend for 2025 of 1.20€ per share, a 52% payout ratio, maintaining a strong track record
- Share buyback: €100 million of shares repurchased in 2025; €400 million since mid-2022
- 296 million outstanding shares at end of 2025 vs 307 million shares mid-2022
→ 2026 outlook: 3% to 5% same-day sales growth, current adjusted EBITA margin at c. 6.2% and free cash flow conversion above 65%
→ Confirmation of Rexel’s medium-term ambitions, with continued market outperformance and execution of Axelerate 2028 strategic plan
Despite another year of macroeconomic headwinds, Rexel delivered a very solid performance in 2025, reflecting the commitment of our teams, the strength of the ‘new Rexel’ and the resilience of our transformed business model. We grew same-day sales by 2.5%, improved our current adjusted EBITA margin to 6% and achieved adjusted free cash flow conversion above 75% for the third straight year, while continuing to outperform markets in our key countries. In North America, we captured strong momentum in high-growth verticals such as datacenters and broadband infrastructure, supported by our key accounts organization and the successful Talley integration. In Europe, we intensified our self-help actions, including significant cost resets in several countries, to adapt to still-demanding conditions and deliver sequential improvement. At the same time, we mobilized the Group behind Axelerate 2028 and launched deeper transformation initiatives across AI, digital platforms, sales excellence and cost efficiency that will yield ongoing benefits over the next three years. In the Mid-term, our disciplined execution, combined with structural electrification and AI-driven opportunities, underpins our confidence in delivering profitable growth and achieving our ambitions.
Guillaume Texier
Chief Executive Officer