PARIS — Rexel today released its 2025 fourth quarter and full-year results.
- Sequential improvement in Q4 growth across all regions
- Achievement or exceeding of all annual targets
- Implementation of Axelerate 2028 and strengthening of productivity initiatives bearing fruit.
Guillaume Texier, General Manager, stated:
Despite another year marked by 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 new business model. We increased our like-for-like sales by 2.5%, improved our current adjusted EBITA margin to 6%, and achieved an adjusted free cash flow conversion rate above 75% for the third consecutive year, while continuing to outperform our markets in our key countries. In North America, we captured the momentum of high-growth segments, such as data centers and broadband infrastructure, supported by our Large Accounts organization and the successful integration of Talley. In Europe, we intensified our internal actions, including significant cost adjustments in several countries, to adapt to still challenging conditions and deliver sequential improvement. At the same time, we mobilized the Group around Axelerate 2028 and launched deeper transformation initiatives covering AI, digital platforms, commercial excellence, and operational efficiency, which will continue to have an impact over the next three years. In the medium term, the rigor of our execution, combined with the structural opportunities linked to electrification and AI, reinforces our confidence in our ability to deliver profitable growth and achieve our ambitions.
→ 2025 sales of €19,414.6M [USD 23,045.13M], driven by organic growth and acquisitions
- Sales growth at constant exchange rates is projected to increase by 2.5% in 2025, with improving trends quarter after quarter.
- Q4 revenue of €4,881.1M [USD 5,793.87M], up 3.8% on a like-for-like basis (up 4.7% on a current basis), with sequential acceleration and positive momentum across all regions
- Continued market share gains, driven by digitalization and value-added services in countries such as France, the United States, Canada, Austria, and Sweden
- Active management of the acquisition strategy, contributing +1.8% to sales growth in 2025
→ Adjusted current EBITA margin for 2025 of 6.0%, up 10 basis points from 5.9% reported in 2024, demonstrating market outperformance and our resilience in a challenging macroeconomic environment
- Implementation of structural actions, combined with a rapid adjustment of expenses to mitigate the effect of rising operating costs: staff numbers down (2.3)% compared to a 0.7% increase in volumes at current rates
→ 2025 operating result of €1,061.6M (vs €845.9M in 2024) [USD 1,260.12M (vs 1,004.08M in 2024)], including exceptional items (restructuring, asset impairment, capital gains on disposals)
→ Net income for 2025 of €591.4 million [USD 701.99 million], up +73%; recurring net income up +2.4% to €678.5 million [USD 805.38 million]
→ Free cash flow conversion of 66.3%, or 76.4% excluding the impact of the €124M [USD 147M] fine paid to the French Competition Authority in April, significantly exceeding our forecasts for the third consecutive year and confirming our cash-generating model
→ Execution of our portfolio management and shareholder return strategy while maintaining a robust balance sheet with a debt ratio of 2.0x:
- Acquisitions: nearly €200 million [USD 238 million] in value-creating external growth transactions completed
- Portfolio management: sale of operations in Finland and New Zealand
- The proposed dividend for 2025 is €1.20 [USD 1.42] per share, representing a payout ratio of 52%, which remains at a high level.
- Share buybacks: €100M [USD 118.70M] repurchased in 2025, €400M [USD 474.80M] since mid-2022
- 296 million shares outstanding at the end of 2025 compared to 307 million in mid-2022
→ 2026 Targets: Like-for-like sales growth of 3% to 5%, adjusted current EBITA margin of approximately 6.2% and free cash flow conversion above 65%
→ Confirmation of Rexel’s medium-term ambitions, with continued outperformance of the markets and the execution of the Axelerate 2028 strategic plan
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