Q2 sales & H1 2026 Results
5 minutes
July 27, 2026
• Sales growth acceleration in Q2 across geographies
• Adj. Ebita margin up c. 40bps, reaching 6.2% in H1 26
• 2026 guidance raised
Highlights:
H1 26 sales reached €9,989m, with same-day sales growth of +5.1%, continuing to accelerate sequentially on the back of strategic investments in high-growth segments
- Q2 sales of €5,252m, up +6.7% on a same-day basis, with positive momentum in all regions
- Sequential acceleration led by value-added services in data centers in North America and electrification solutions in Europe
- Positive volumes in all geographies for the first time since Q2 2023, with Europe back in positive territory
- Favorable selling price increase environment in all regions
Three strategic acquisitions in North America, reinforcing our advanced service offering and industrial automation businesses. This includes the acquisition of Dee Electronics, completed on July 10th
Adjusted EBITA margin reached 6.2%, up c.+40bps, compared to the 5.8% reported in H1 25
- Sales growth drop-through effect and selling price increases, combined with good execution of cost savings plans and accretive effects from portfolio management
- H1 26 current non-adjusted EBITA margin at 6.4% including a positive non-recurring copper effect
H1 26 operating income at €605m (vs €506m in H1 25), including exceptional items (restructuring, asset impairment, capital gains on disposals)
Net income in H1 26 of €342m, up +31%. Recurring net income up a strong +12.6% at €347m
Outlook:
- 2026 outlook raised: same-day sales growth up c. 5% (vs 3 to 5% previously), current adjusted EBITA margin of at least 6.2% (vs c. 6.2%) and free cash flow conversion above 65% (unchanged)
- Confirmation of Rexel’s medium-term ambitions as we execute the Axelerate 2028 strategic plan
“Rexel delivered particularly good results in H1 2026 and I would like to thank all of our teams throughout the world for having made this possible. In an unstable geopolitical environment, we have made the most of the positioning we have built over the years on secular trends in electrification, both in Europe and in North America, to deliver top line growth above our initial expectations. This momentum, combined with selling price increases and disciplined cost management, drove very solid profitability at 6.2%. This set of results, as well as the visibility we have on the rest of the year, lead us to upgrade our 2026 full year guidance both for top line and profitability. Beyond 2026, the ambitious transformation initiatives we have initiated through our Axelerate 28 strategic plan are progressing well and paving the way to our midterm goals. They include the development of advanced services, the continued deployment of digital and AI tools, and an active M&A strategy with three acquisitions already completed this year."
Guillaume Texier
Chief Executive Officer