Q1 2026 sales: Solid start to the year
5 minutes
April 22, 2026
• All three geographies in positive territory for the first time in 11 quarters
• North America the main growth engine; Europe improves sequentially
• 2026 guidance confirmed
→ Q1 2026 sales of €4,736.9m, up +3.4% on a same-day basis
- North America on a solid growth trajectory: same-day sales up +5.8%, mainly driven by high growth segments (datacenters and broadband infrastructure)
- double digit backlog progression (vs Dec. 2025) provides improved visibility
- Europe continuing its progressive recovery with electrification rebound providing a potential additional tailwind against the backdrop of the Middle East crisis
- Excellent start of the year in Asia-Pacific, notably driven by strong solar & battery growth in Australia
- Higher-than-anticipated price effect (Middle East, second wave of US tariffs) offsetting temporary volume softness (weather in North America and Europe, project timing, margin selectivity)
→ Continued ramp-up of digital penetration rate, up +217bps to 36% of sales in Q1 2026
→ Acquisition of Techno-Contact 360 in Canada completed on April 20th, enhancing expertise in electrical distribution, industrial automation, datacenters and services
→ Rapid adaptation to the uncertain environment, with proven capacity to capture demand in energy transition markets, pass through price increases and offset higher energy prices
→ 2026 outlook confirmed: 3% to 5% same-day sales growth, current adjusted EBITA margin at c. 6.2% and free cash flow conversion above 65%
| Key figures (€m) | Q1 2026 | YoY change |
| Sales on a reported basis | 4,736.9 | (1.8) % |
| On a constant and actual-day basis | +2.6% | |
| On a constant and same-day basis | +3.4% | |
| Same-day sales growth by geography | ||
| Europe | 2,368.7 | +0.6% |
| North America | 2,081.7 | +5.8% |
| Asia-Pacific | 286.5 | +11.4% |
Rexel started 2026 on a strong note, with all three regions returning to growth. The US & Canada remain our main growth engine, supported by strong momentum in our high-growth segments, leveraging our unique value proposition in the datacenter space, but we also expect Asia Pacific and Europe to further contribute to the positive momentum in 2026. The current conflict in the Middle East increased overall macroeconomic uncertainties, but also demonstrates how our transformation is paying off, making Rexel a more agile company. Even as we seize business opportunities in electrification resulting from rising energy costs for our customers, we have also taken actions to offset the impact of the energy prices on our operating expenses. On the back of our solid start to the year, we confirm our full-year guidance and remain confident in our ability to deliver profitable growth while advancing our Axelerate 2028 roadmap.
Guillaume Texier
Chief Executive Officer