Q4 sales & FY 2025 resultsSequential sales growth improvement in Q4 in all geographiesMeeting 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
Guillaume TEXIER, Chief Executive Officer, said: "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."
Financial review for the period ended December 31, 2025
This press release presents Rexel's consolidated financial statements for the year ended December 31, 2025. The audit procedures by the Statutory Auditors are in progress and their report on the consolidated financial statements for the year ended December 31, 2025 will be issued on February 12, 2026
The full year 2025 financial report was authorized for issue by the Board of Directors on February 11, 2026
The following terms are defined in the Glossary section of this document: Current EBITA; Current adjusted EBITA, EBITDA; EBITDAaL; Recurring net income; Free Cash Flow and Net Debt
Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working days
Main FY 2025 figures
Key figures1 (€m) - Actual
FY 2025
YoY change
Sales on a reported basis
19,414.6
+0.7%
On a constant and actual-day basis
+2.0%
On a constant and same-day basis
+2.5%
Current adjusted EBITA2
1,157.8
+1.8%
As a percentage of sales
+6.0%
Stable
Current EBITA
1,163.3
+2.1%
Operating income
1,061.6
+25.5%
Net income
591.4
+73.4%
Recurring net income
678.5
+2.4%
FCF before interest and tax3
937.8
+2.3%
FCF conversion3, 4
76.4%
Net debt at end of period
2,631.4
€148m increase
1 See definition in the Glossary section of this document 2 Change at comparable scope of consolidation 3 Excluding the €124m French anti-trust fine 4 EBITDAaL into FCF before interest and tax
SALES
Q4 sales stable at (0.2)% year-on-year on a reported basis, up +3.8% on a constant and same-day basis
Key figures (€m)
Q4 2025
YoY change
FY 2025
YoY change
Sales on a reported basis
4,881.1
(0.2) %
19,414.6
+0.7%
On a constant and actual-day basis
+4.7%
+2.0%
On a constant and same-day basis
+3.8%
+2.5%
In Q4 2025, Rexel posted sales of €4,881.1m, broadly stable (0.2)% on a reported basis with positive organic growth offset by disposals and forex impacts. This includes:
Constant and same-day sales growth of +3.8% with:
volume growth acceleration (+2.1% contribution) and sequential selling price improvement compared to Q3 25, mainly driven by cable products (+0.8% contribution). The non-cable pricing remains unchanged (+0.9% contribution) compared to Q3 25 with improved situation in North America mainly offset by China
a sequential improvement in all geographies compared to Q3 25
A positive calendar effect of +0.9%
A negative net scope effect of (0.6)%, resulting from the divestment of Rexel's New Zealand and Finland operations (respectively deconsolidated from Feb.1st and Sept.1st, 2025), offset by the acquisitions in North America (Warshauer, Schwing, Jacmar, Talley, Electrical Supplies Inc) and in Europe (Tecno Bi)
A negative currency effect of (4.1)%, mainly due to the depreciation of the US and Canadian dollars, and to a lesser extent the Australian dollar, renminbi and British Pound, against the euro
FY sales up +0.7% year-on-year on a reported basis, +2.5% on a constant and same-day basis
In FY 2025, Rexel posted sales of €19,414.6m, up +0.7% on a reported basis, reflecting positive organic and M&A contributions. This performance includes:
Constant and same-day sales growth of +2.5%, with contributions of +1.2% from volume, +0.6% from non-cable selling prices and +0.7% from cable product selling prices
A negative calendar effect of (0.5)%
A positive net scope effect of +0.9%, mainly resulting from acquisitions of Talley, Itesa, Warshauer, Schwing, Electrical Supplies Inc, Jacmar and Tecno Bi, net of the New Zealand and Finland disposals
A negative currency effect of (2.2)%, mainly due to the depreciation of the US and Canadian dollars, and to a lesser extent the Australian dollar and renminbi, against the euro
Digital sales in 2025 increased by +226bps to represent 34% of total Group sales:
Digital accounted for 44% of sales in Europe, up +107bps; 25% in North America, an increase of +347bps driven by rapid adoption of Digital/AI tools; and 27% in Asia-Pacific, vs 17% in FY 24
Europe (48% of Group sales): Stable sales evolution in Q4, down (1.1)% in FY 2025 on a constant and same-day basis
In Q4 25, sales growth evolution in Europe stood at (1.8)% on a reported basis, including:
Stable constant and same-day sales
A positive calendar effect of +0.6%
A negative net scope impact of (2.3)%, from the disposal of Finland mitigated by the acquisition of Tecno Bi in Italy
A stable currency effect of (0.1)%
Key figures (€m)
% of the region's sales
Q4 2025
YoY change
FY 2025
YoY change
Europe
2,348.3
0%
9,403.2
(1.1) %
o/w France
42%
978.9
+3.0%
3,756.2
+1.5%
DACH
22%
524.6
(4.7) %
2,191.8
(2.9) %
Benelux
18%
412.0
+2.6%
1,553.5
+0.1%
UK & Ireland
9%
213.1
(6.7) %
945.3
(7.7) %
Nordics
7%
155.2
(0.2) %
732.2
(3.1) %
Europe was flat on a same-day basis year-on-year, while improving sequentially compared to (0.5)% in Q3 25, in an environment that remains challenging. More specifically:
Volumes were stable (vs Q3 25) in a soft market affected by political and macro uncertainties
Pricing in Q4 25 slightly improved versus Q3 25, driven mainly by cable pricing (similar non-cable selling price contribution)
Excluding Solar (4.5% of sales), same-day sales growth was up +0.5%
By market:
The residential market was flat, excluding Solar, with first sign of recovery in some countries such as in Sweden and in the Netherlands
Non-residential was flat
Industry slightly increased
Trends by country and cluster (same-day basis):
France increased by +3.0% in a challenging environment, achieving further broad-based market-share gains, with a strong contribution from HVAC
Sequential deterioration in DACH region (Germany, Austria, Switzerland), down (4.7)%, on business selectivity particularly in the non-residential segment, amid a difficult macro environment. However, the Group increased market share in Austria
Benelux increased by +2.6% driven by Dutch ED activity and accelerated Solar growth in Belgium
UK & Ireland down (6.7)%, with positive momentum in Ireland driven by industry mitigating a tough UK market, except in the London area benefiting from our recent investments
Sweden was flat, a sequential improvement notably driven by industrial segment and a lower negative impact from Solar (-250bps Q4 contribution vs -650bps in Q3 2025)
North America (46% of Group sales): Strong sales growth of +7.9% in Q4 and +7.0% in FY 2025 on a constant and same-day basis
In Q4 25, North America sales were up by +2.9% on a reported basis, including:
Strong constant and same-day sales growth of +7.9%
Positive calendar effect of +1.4%
Positive scope effect of +2.2%, resulting from the acquisitions of Warshauer, Schwing, Talley & Electrical Supplies Inc in the US, and Jacmar in Canada
Negative currency effect of (8.1)%, due to the depreciation of the US and Canadian dollars against the euro
Key figures (€m)
% of the region's sales
Q4 2025
YoY change
FY 2025
YoY change
North America
2,251.2
+7.9%
8,906.8
+7.0%
o/w United States
82%
1,857.2
+6.9%
7,381.9
+6.6%
Canada
18%
394.0
+12.9%
1,524.9
+8.5%
Sales rose +7.9% on a same-day basis, with all three markets positive. In more details:
The acceleration was driven by non-residential, particularly datacenter activity in Canada
While US was driven by proximity activity, projects were the main growth driver in Canada
Non-cable pricing was slightly better compared to Q3 25 thanks to further improvement in piping/conduit products
Backlog remains solid representing 2.7 months of activity at year end, similar to the previous quarter
More specifically:
US same-day sales were up +6.9% in Q4 2025
High-growth verticals (datacenters and broadband infrastructure) contributed for more than 55% of US growth
Industrial automation business accelerated, up +8%, while residential remained positive (driven by the Northwest region)
Demand was strong in Solar and EV charging
Canada saw significant sales growth acceleration in Q4, up +12.9% on a same-day basis, driven by non-residential activity and market share gains
Strong activity in Datacom
Demand in datacenter significantly accelerated (Project in the Western region) representing 7.5% of sales in the quarter.
Asia-Pacific (6% of Group sales): Sales increased by +4.5% in Q4 and decreased by (0.4)% in FY 2025 on a constant and same-day basis
In Q4 25, Asia-Pacific sales decreased by (10.6)% on a reported basis, including:
Constant and same-day sales increase of +4.5%
Stable calendar effect of (0.1)%
Negative scope effect of (6.9)%, resulting from the disposal of Rexel's New Zealand activities
Negative currency effect of (7.4)%, mainly due to the depreciation of the Australian dollar and the renminbi against the euro
Key figures (€m)
% of the region's sales
Q4 2025
YoY change
FY 2025
YoY change
Asia-Pacific
281.6
+4.5%
1,104.7
(0.4) %
o/w Australia
50%
142.2
+3.7%
551.2
(0.9) %
China
41%
115.2
+3.1%
465.0
(1.6) %
India
9%
24.2
+16.9%
88.5
+9.0%
In Asia-Pacific, Q4 25 sales increased by +4.5% on a constant and same-day basis
In Australia, sales growth accelerated in the quarter, up +3.7%, notably boosted by Solar activity (supported by battery subsidies)
In Asia, China and India sales grew by respectively +3.1% and +16.9% supported by industrial automation activity.
PROFITABILITY
Current adjusted EBITA margin at 6.0% in 2025, up +10bps versus 5.9% reported in 2024
For the graph, please open the pdf file by clicking on the link at the end of the press release.
In a low-growth environment marked by a +2.0% actual-day sales increase in FY 2025, profitability was resilient as reflected by the current adjusted EBITA margin of 6.0% up +10bps versus the 5.9% adjusted EBITA margin reported in 2024 (and stable on a comparable basis)
More specifically, this margin progression can be split between the different building blocks:
Portfolio & FX effect contributed for +11bps mainly thanks to accretive portfolio operations with positive contributions from both acquisitions and disposals
Calendar effect stood at -5bps
Operating leverage stood at -8bps, mainly due to muted environment in Europe;
Delta inflation (gap between selling price increase and operating cost inflation) had a negative impact of -19bps, improving vs H1 mainly due to better selling price increase
Operating-cost inflation stood at +2.2% (+2.9% from wage increases and +2.0% from other operating expenditure including right-of-use depreciation) versus selling price increase up +1.3%
This was more than offset by internal actions on Gross Margin as well as cost savings & productivity initiatives
Gross Margin was up +9bps representing a robust achievement in a competitive environment. This was supported by active selling price management.
Action plans contributed for +33bps, in line with expectations
Finally, opex investments for growth (mainly digital) impacted adjusted Ebita margin by -11bps
Compared to previous cycles, Rexel continues to demonstrate its capacity to adapt its cost base in a challenging sales environment. This was achieved in particular through productivity initiatives, with headcount reduction reaching (2.3)% in 2025 (vs 2024), while volume was up +0.7% on an AD growth basis
By geography, the change in current adjusted EBITA margin in 2025 can be explained as follows:
FY 2025 (€m)
Europe
North America
Asia Pacific
Group
Sales
9,403.2
8,906.8
1,104.7
19,414.6
On a constant and actual-day basis
(1.6) %
+6.6%
(0.7) %
+2.0%
On a constant and same-day basis
(1.1) %
+7.0%
(0.4) %
+2.5%
Current adj. EBITA
535.2
650.8
12.6
1,158*
% of sales
5.7%
7.3%
1.1%
6.0%
Change in bps as a % of sales
-16 bps
27 bps
-110 bps
Stable
*Including €(41)m for corporate costs in 2025
More specifically:
Europe was down -16 bps at 5.7% of sales, resulting from negative operating leverage, mainly due to the under-absorption of fixed costs notably in underperforming countries, partly mitigated by rapid cost adaptation with a reduction of 4% of the workforce (-600 FTE on average in 2025)
North America was up +27 bps at 7.3% of sales, thanks to positive sales momentum, effects from tariffs on selling prices and strict operating expenditure discipline (unchanged FTE in a growing environment)
Asia-Pacific was down -110 bps at 1.1% of sales, in a more competitive environment notably in China.
As a result, current adjusted EBITA stood at €1,157.8m (vs €1,137.2m in 2024 on a comparable basis) and current EBITA stood at €1,163.3m (including a positive one-off copper effect of €5.5m similar to €7.4m in 2024).
Focus on the bridge from reported EBITDA to current EBITA:
EBITDA margin was up +14bps at 8.0% on a reported basis
Right-of-use depreciation stood at €(269.8)m vs €(258.3)m in 2024, mainly resulting from lease inflation and additional investment in logistic capacity notably in the US
Other depreciation and amortization stood at €(119.3) million, or 0.6% of sales
Reported basis (€m)
FY 2024
FY 2025
YoY change
EBITDA
1,515.6
1,552.5
+2.4%
% EBITDA margin
7.9%
8.0%
Depreciation Right of Use (IFRS 16)
(258.3)
(269.8)
Other depreciation and amortization
(117.9)
(119.3)
Current EBITA
1,139.3
1,163.3
+2.1%
NET INCOME
Net income of €591.4 million up +73% in FY 2025; recurring net income of €678.5 million up +2.4%
Operating income in the year stood at €1,061.6m (vs €845.9m in 2024)
Amortization of intangible assets resulting from purchase price allocation amounted to €(45.6)m (vs €(35.7)m in 2024), explained by recent acquisitions, notably Talley
Other income and expenses amounted to a net charge of €(56.2)m (vs a net charge of €(257.7)m in 2024, including the 124m€ fine booked in 2024) and notably included:
€(41.1)m in restructuring mainly in Europe
€36.0m in capital gains on disposals
€(29.7)m in asset impairment, mainly in the UK
€(20.4)m in other, including integration costs and pension buy-in in Canada
Net financial expenses in the year amounted to €(214.2)m (vs €(207.7)m in 2024), and can be broken down as follows:
€(141.9)m from financial costs stable compared to €(141.5)m in 2024, reflecting better cost of debt and higher gross debt. The effective interest rate decreased to 3.96% in 2025 from 4.35% in 2024
€(72.2)m from interest on lease liabilities in 2025 vs €(66.2)m in 2024, reflecting impact from acquisitions and inflation
Income tax in the year represented a charge of €(256.0)m (vs €(297.2)m in 2024)
The tax rate stood at 30.2% in 2025, including the impact of the exceptional tax in France of €23.5m
The normative tax rate stood at 30% in 2025, or 27% excluding the exceptional tax in France
As a result, net income in the year stood at €591.4m up +73% (vs €341.0m in 2024) and recurring net income amounted to €678.5m up +2.4% vs 2024 (see Appendix 3)
FINANCIAL STRUCTURE
Free cash-flow before interest and tax of €937.8m in 2025, excluding the French Authority fine
Indebtedness ratio of 2.03x on December 31, 2025
In 2025, free cash flow before interest and tax reached €813.8m (vs €916.5m in 2024), representing a free cash flow conversion rate (EBITDAaL into FCF before interest and taxes) of 66.3%. Excluding the €124m fine imposed by the French Competition Authority and paid in April 2025, FCF before interest and tax stood at €937.8m, representing a 76.4% conversion rate, above the average for the last four years
This included:
EBITDAaL of €1,226.8m of which €(325.7)m of lease payments in 2025
Operating cash flow of €1,189.2m, notably including €(68.9)m of other operating revenue and costs
An outflow of €(239.1)m from change in working capital (compared to an inflow of €34.3m in 2024)
The change in trade working capital was an outflow of €(138.7)m. On a constant basis, trade Working Capital Requirements (TWCR) stood at 15.0% of sales in 2025, (vs 14.6% in 2024), mainly related to the sales growth acceleration in Q4. In number of days, both Inventories & Receivables improved, partly offsetting deterioration in payables. DOI & DSO improved by respectively 1.5 and 1 day
The change in non-trade working capital was an outflow of €(100.4)m, including the €(124)m French Competition Authority fine paid in April.
Net capital expenditure of €(136.2)m (vs €(125.8)m in 2024). Gross capital expenditure represented 0.7% of sales, a broadly stable level year-on-year, with continued investment in digital, branches and supply-chain.
Below FCF before interest and tax, the cash flow statement included:
€(137.1)m in net interest paid in 2025 (vs €(129.6)m paid in 2024);
€(270.6)m in income tax paid in 2025, compared to €(281.0)m paid in 2024;
€(161.5)m in financial investment mainly including Warshauer, Schwing, Jacmar and Tecno Bi acquisitions, net of the inflow from disposals (Finland and New Zealand)
€(354.6)m in dividends paid in 2025 based on 2024 earnings (€1.20 per share);
€(100.0)m in share buybacks;
€75.4m in currency effects (vs €(19.0)m in 2024) mainly due to the USD depreciation
At December 31, 2025:
Net financial debt increased by €147.6m year-on-year to €2,631.4m (vs €2,483.9m on December 31, 2024), including €28.6m for an earn-out for Talley and put option for Mavisun and Tecno-BI.
The indebtedness ratio (net financial debt/EBITDAaL) stood at 2.03x, as calculated under Senior Credit Agreement terms.
Proposed dividend for 2025 at 1.20€ per share
Rexel will propose to maintain the dividend at 1.20€ per share, to be paid fully in cash. This represents a payout of 52% of the Group's recurring net income, in a high end of the policy of distributing at least 40% of recurring net income.
This dividend, payable in cash on May 13th, 2026 (ex-dividend date on May 11th), is subject to the approval of the Annual Shareholders' Meeting to be held in Paris on April 22, 2026.
Outlook
In 2026, we anticipate contrasted trends between the different regions, more specifically:
Further growth in North America with:
Macro uncertainties following the introduction of tariffs
Less traction from sustainable electrification solutions
Further progression in datacenter, lower contribution from broadband infrastructure
Positive trends in industrial automation supported by new legislation "One Beautiful Bill" and reshoring
Improving trends in Western Europe, especially in H2:
Continued challenging environment with construction market at trough
Lack of consumer confidence, amid macro and political uncertainties
Easier comparison base for electrification trends
Lower interest-rate environment starting to have positive impact on leading indicators in the residential market
German infrastructure plan could be materialized in the second part of the year
Selling prices increase and opex inflation:
Opex inflation to remain higher than selling price increase
Carry-over of 2025 selling pricing in the US
Potential additional price increases to reflect recent copper price increase
In this uncertain overall environment, the priority will be to offset the cost inflation headwind and preserve our profitability, notably thanks to
The full-year effect of 2025 cost-reduction action plans
New 2026 savings actions kicking in
In this context, Rexel's expectations for full-year 2026 are as follows:
Same-day sales growth between 3% and 5%
Current adjusted EBITA margin1 at c. 6.2%
Free cash flow conversion2 above 65%
Rexel's medium-term ambitions remain unchanged
Sales growth potential of between 5% and 8%, with targeted M&A representing between 2% and 3%
Current adjusted EBITA margin above 7%
An average conversion rate of 65% of EBITDAaL into Free Cash Flow before interest and tax
1 Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices. 2 FCF Before interest and tax/EBITDAaL
NB: The estimated impacts per quarter of (i) calendar effects by geography, (ii) changes in the consolidation scope and (iii) currency fluctuations (based on assumptions of average rates over the rest of the year for the Group's main currencies) are detailed in appendix 6
CALENDAR
April 22, 2026 Q1 2026 sales
April 22, 2026 Annual Shareholders' Meeting
May 11, 2026 Detachment date of the dividend
May 13, 2026 Dividend payment
FINANCIAL INFORMATION
Full year 2025 financial report is available on the Group's website (www.rexel.com).
A slideshow of the fourth quarter sales and full year 2025 results publication is also available on the Group'swebsite.
ABOUT REXEL GROUP
Rexel, worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, non-residential, and industrial. The Group supports its residential, non-residential, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. Rexel operates through a network of 1,876 branches in 17 countries, with 26,306 employees. The Group's sales were €19.4 billion in 2025.Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: MSCI World, CAC Next 20, SBF 120, CAC Large 60, CAC SBT 1.5 NR, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of the following SRI indices: FTSE4Good, Dow Jones Sustainability Index Europe, Euronext Sustainable Europe 120 and S&P Global Sustainability Yearbook 2025, in recognition of its performance in terms of Corporate Social Responsibility (CSR).For more information, visit www.rexel.com/en.
CONTACTS
FINANCIAL ANALYSTS / INVESTORS
Ludovic DEBAILLEUX
+33 1 42 85 76 12
[email protected]
PRESS
Brunswick: Laurence FROST
+33 6 31 65 57 06
[email protected]
GLOSSARY
CURRENT EBITA (Earnings Before Interest, Taxes and Amortization) is defined as ...
