Rexel RXL

→ 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 20^th, 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%

• Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working days

SALES

Q1 sales up +3.4% on a constant and same-day basis

Rexel posted a solid start to the year in the first quarter 2026, with sales of €4,736.9m, up +3.4% on a same-day basis. On a reported basis, sales were down (1.8)% due to calendar effects and negative forex:

• Constant and same-day sales growth of +3.4%, with all three geographies in clear positive territory for the first time in 11 quarters

• Negative calendar effect of (0.9)%, reversing in the second half of the year

• Stable net scope effect, with the positive impact from 2025 acquisitions in North America (Warshauer, Schwing, Jacmar) and Europe (Tecno Bi) offset by the divestment of Rexel's operations in Finland

• Currency effect of (4.3)%, mainly due to the significant depreciation of the US dollar, and to a lesser extent the Canadian dollar and British pound, against the euro. Assuming unchanged spot rates until year-end, this effect will ease in the remainder of the year (see Appendix 2)

On  a constant and same-day basis, sales grew by +3.4% in Q1, driven by North America and Asia-Pacific to a lesser extent, while trends improved in Europe. More specifically:

• Selling prices, contributing for +280bps, were higher than expected. They improved sequentially versus Q4 2025, driven by both cable and non-cable products

• • Pricing on cable products  (+1.7% contribution) illustrated our capacity to reflect the year-on-year copper price rise

• • Pricing for non-cable products contributed +1.1%, with price increases across most of our product categories, including conduits in North America

• Volumes (+0.6% contribution) were temporarily soft, due to weather conditions in North America and Europe, the timing of large projects and margin selectivity

• Digital sales increased by +217bps and represented 36% of Group's sales

• • Digital accounted for 44% of sales in Europe, 28% in North America, an increase of more than 500bps resulting from the adoption of new digital tools, and 28% in Asia-Pacific

Europe (50% of Group sales): Moving into positive territory with sales up +0.6% in Q1 on a constant and same-day basis

In the first quarter, sales evolution in Europe stood at (1.6)% on a reported basis, including:

• constant and same-day sales growth of +0.6%

• a calendar effect of (0.5)%

• a net scope impact of (1.9)%, from the disposal of Rexel's Finnish operations, mitigated by the acquisition of Tecno Bi in Italy

• a limited currency effect of +0.2%

• Europe was up +0.6% on a same-day basis, improving compared to 0% in Q4 2025. More specifically:

• • Residential and industrial markets, moved into positive territory

• • Pricing further improved in Q1 2026 thanks to cable and non-cable products

• • Volumes were negative in a soft market, impacted by temporary effects (weather impact and business selectivity)

• • Excluding solar (c. 4.5% of sales), same-day sales were up +1.2%

• Growing demand, at the end of the quarter for energy efficiency solutions, as illustrated by Wasco, in the Netherlands, up more than +3% in March vs c.(2)% at end of February

• In the context of rising energy prices, some European governments have begun to announce subsidy plans aiming at strengthening energy independence

• • in April, the French government announced a large-scale plan, with the ambition of doubling support for electrification to €10bn per year, with a focus on heat pumps & EV

• Looking at trends by country and cluster (same-day basis):

• • France up +2.0% mainly driven by HVAC and solar project activity in the non-residential market

• • DACH region (Germany, Switzerland, Austria & Slovenia) down (1.8)% with industry remaining in positive territory in Germany. The sequential improvement in the region was notably driven by residential & non-residential segments in Germany and residential in Switzerland

• • Benelux up +3.9%, significantly accelerating, driven by ED products in the Netherlands (residential and non-residential) and solar in Belgium

• • UK & Ireland down (5.4)%, as strong momentum in Ireland was more than offset by the UK, impacted by a difficult macro environment and ongoing business selectivity

• • Sweden was stable, with sales accelerating month-on-month throughout the quarter, driven by residential and industrial activities

North America (44% of Group sales): Strong sales growth of +5.8% in Q1 on a constant and same-day basis

In the first quarter, North America sales were down by (3.2)% on a reported basis, including:

• strong constant and same-day sales growth of +5.8%

• a calendar effect of (1.4)%

• a positive scope effect of +2.1%, resulting from the acquisitions of Warshauer and Schwing in the US, and Jacmar in Canada

• a currency effect of (9.4)%, due to the significant depreciation of the US dollar and, to a lesser extent, the Canadian dollar against the euro

North America in detail:

• Sales rose +5.8% on a same-day basis, with all three markets showing growth, led by non-residential

• In the US, growth remained driven by proximity activity, while in Canada project activity was still the main driver

• Digital sales up more than +500bps to 28%, driven by the rapid adoption of digital tools

• Increased backlog now representing 2.8 months of sales at end-March 2026

By region:

• US same-day sales were up +5.1% in Q1 2026

• • High-growth segments (datacenters and broadband infrastructure) contributed materially to Q1 growth

• • Restated for datacenters and broadband infrastructure, non-residential was also positive, driven by the hospital, mining, and water wastewater sub-end markets

• • Industrial automation was up +3%, confirming the positive trend recorded at the end of 2025

• • Non-cable pricing improved slightly, driven by piping/conduits now in positive territory

• • Backlog significantly increased, up in strong double digits versus end-December 2025

• In Canada, sales rose by +9.1% on a same-day basis, driven by datacenter projects (now  representing c. 10% of sales) and industrial automation

Asia-Pacific (6% of Group sales): Sales increased by +11.4% in Q1 on a constant and same-day basis

In the first quarter, Asia-Pacific sales increased by +7.5% on a reported basis, including:

• a strong constant and same-day sales up +11.4%

• a limited calendar effect of +0.1%

• a currency effect of (3.7)%, mainly due to the depreciation of the renminbi and the Indian rupee against the euro

In Asia-Pacific, Q1 26 sales increased by +11.4% on a constant and same-day basis

• In Australia, sales growth accelerated in the quarter, up +16.7%, notably boosted by our capacity to better capture trends in solar activity, supported by battery subsidies

• In Asia, sales in China increased by +4.4% and sales in India grew by +14.7% supported by industrial automation activity.

On April 20^th, Rexel completed the acquisition of TC 360 in Canada, further enhancing its expertise in electrical distribution, industrial automation, datacenters and services

The company generated CAD85m of sales (LTM at end November 2025). It offers end-to-end project management from design to long-term service and has increased its exposure to high-growth segments including datacenters (to represent above 50% of sales estimated in 2026-2027)

This transaction will also allow Rexel to build up its industrial service platform in Canada around recent acquisitions (Jacmar, Apex)

In the current uncertain environment, Rexel is adapting rapidly with a proven capacity to capture demand in energy transition markets, pass through price increases and implement action plans to offset higher energy prices. Rexel will also continue to leverage AI-powered tools to optimize sales efforts, capture market share, and concentrate resources on high-growth pockets, demonstrating the Group's resilience and strategic agility.

In this context, we confirm our full-year 2026 guidance, as follows:

• Same-day sales growth between 3% and 5%

• Current adjusted EBITA margin¹ at c. 6.2% 

• Free cash flow conversion² above 65%

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 2

May 11, 2026                                                            Ex dividend date

May 13, 2026                                                            Dividend payment

July 28, 2026                                                                H1 2026 results

A slideshow of the first quarter 2026 sales is also available on the Group’s website.

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.

FINANCIAL ANALYSTS / INVESTORS

PRESS

CURRENT EBITA (Earnings Before Interest, Taxes and Amortization) is defined as operating income before amortization of intangible assets recognized upon purchase price allocation and before other income and other expenses.

CURRENT ADJUSTED EBITA is defined as current EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.
EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses. 

EBITDAaL is defined as EBITDA after deduction of lease payment following the adoption of IFRS16.

RECURRING NET INCOME is defined as net income restated for non-recurring copper effect, other expenses and income, non-recurring financial expenses, net of tax effect associated with the above items.

FREE CASH FLOW is defined as cash from operating activities minus net capital expenditure.

NET DEBT is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.

* Constant and adjusted = at comparable scope of consolidation and exchange rates, excluding the non-recurring effect related to changes in copper-based cable prices and before amortization of purchase price allocation.

SALES BRIDGE

For the graph, please open the pdf file by clicking on the link at the end of the press release.

The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 16% of the Group's sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers' commercial policies and the competitive environment in the Group's markets. Changes in copper prices have an estimated so-called "recurring" effect and an estimated so called "non-recurring" effect on the Group's performance assessed as part of the monthly internal reporting process of the Rexel Group: i) the recurring effect related to the change in copper-based cable prices corresponds to the change in value of the copper part included in the sales price of cables from one period to another. This effect mainly relates to the Group’s sales; ii) the non-recurring effect related to the change in copper-based cable prices corresponds to the effect of copper price variations on the sales price of cables between the time they are purchased and the time they are sold, until all such inventory has been sold (direct effect on gross profit). Practically, the non-recurring effect on gross profit is determined by comparing the historical purchase price for copper-based cable and the supplier price effective at the date of the sale of the cables by the Rexel Group. Additionally, the non-recurring effect on current EBITA corresponds to the non-recurring effect on gross profit, which may be offset, when appropriate, by the non-recurring portion of changes in the distribution and administrative expenses.
The impact of these two effects is assessed for as much of the Group’s total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered. the Rexel Group considers such estimates of the impact of the two effects to be reasonable.
This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorité des Marchés Financiers (AMF) on March 10, 2026 under number D.26-0073. These forward-looking statements are not guarantees of Rexel's future performance, Rexel's actual results of operations, financial condition and liquidity as well as development of the industry in which Rexel operates may differ materially from those made in or suggested by the forward-looking statements contained in this release. The forward-looking statements contained in this communication speak only as of the date of this communication and Rexel does not undertake, unless required by law or regulation, to update any of the forward-looking statements after this date to conform such statements to actual results to reflect the occurrence of anticipated results or otherwise.
The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
This document includes only summary information and must be read in conjunction with Rexel’s Universal Registration Document registered with the AMF on March 10, 2026 under number D.26-0073, as well as the financial statements and consolidated result and activity report for the 2025 fiscal year which may be obtained from Rexel’s website (www.rexel.com).

Attachment

• PR - Q1 2026 sales