Rexel SA
XMUN:E7V
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Rexel SA
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Rexel SA
Rexel SA is a distributor of electrical supplies for professional customers. It sells products such as wiring, lighting, controls, automation gear, safety equipment, and parts used to build, maintain, and upgrade electrical systems in homes, buildings, factories, and infrastructure. Its customers are mainly electricians, contractors, industrial firms, utilities, and other businesses that need reliable access to a wide range of electrical components. Rexel does not usually make the products it sells. Instead, it buys from manufacturers, keeps inventory in local branches and distribution centers, and resells those goods through its branch network and digital channels. The company makes money on the spread between what it pays suppliers and what it charges customers, while also earning from value-added services such as product sourcing, technical support, and fast delivery. Its role in the industry is that of a middleman that helps connect manufacturers with professional buyers. That matters because many customers need many different parts quickly, in the right specs, and from trusted brands. Rexel’s business is built around convenience, availability, and technical know-how rather than making the equipment itself.
Rexel SA is a distributor of electrical supplies for professional customers. It sells products such as wiring, lighting, controls, automation gear, safety equipment, and parts used to build, maintain, and upgrade electrical systems in homes, buildings, factories, and infrastructure. Its customers are mainly electricians, contractors, industrial firms, utilities, and other businesses that need reliable access to a wide range of electrical components.
Rexel does not usually make the products it sells. Instead, it buys from manufacturers, keeps inventory in local branches and distribution centers, and resells those goods through its branch network and digital channels. The company makes money on the spread between what it pays suppliers and what it charges customers, while also earning from value-added services such as product sourcing, technical support, and fast delivery.
Its role in the industry is that of a middleman that helps connect manufacturers with professional buyers. That matters because many customers need many different parts quickly, in the right specs, and from trusted brands. Rexel’s business is built around convenience, availability, and technical know-how rather than making the equipment itself.
Strong H1: Rexel said first-half sales reached almost EUR 10 billion for the first time, with profitability and cash generation also improving.
Q2 momentum: Same-day sales growth accelerated to 6.7% in Q2, helped by data centers in North America and electrification in Europe.
Margin progress: Adjusted EBITA margin improved 40 bps to 6.2%, supported by volumes, pricing and record productivity, despite mix pressure and inflation.
Guidance raised: Management lifted full-year same-day sales growth guidance to around 5% from 3% to 5%, and now expects at least a 6.2% current adjusted EBITA margin.
Data centers: North American data center activity remains the key growth driver, with H1 growth above 80% and 2026 growth now expected above 50% versus the original target of above 20%.
Europe trends: Electrification, HVAC, solar and EV charging remained strong in Europe, but management said the macro backdrop is still uncertain and pricing momentum should be less strong than in H1.
Cash and M&A: Free cash flow was close to EUR 250 million in H1, while 3 acquisitions added capability and are expected to contribute EUR 400 million of sales.
