Rexel Half-Year Report 2023

Guillaume TEXIER, Chief Executive Officer, said: “I’m extremely proud of Rexel’s solid performance in the first half of 2023 as it proves that the company is able to deliver very strong results even in a more uncertain economic environment. Our exposure to several fast-growing and resilient segments, notably those linked to electrification, allowed us to more than offset the softness in a limited number of end-markets. Our relentless focus on efficiency allowed us to maintain a record-high level of profitability. In addition, our refocused portfolio, with well-targeted acquisitions and divestments, is now contributing strongly to our performance.

Highlights

• H1 23 sales of €9,763.0m, up +8.1% on a same day basis, driven by positive volumes and prices
• Q2 23 sales of €4,835.1m, up +6.2% on a constant and same-day basis.
• Solid volumes, up +3.3% after +4.1% in Q1
• Positive pricing contribution from both non-cable and cable, up +2.8% but slowing sequentially, as anticipated
• Market share gains in key countries, capitalizing on operational excellence, digital and additional services offering
• Electrification trends contributing strongly, especially in Europe – growing c. 5x times faster than the rest of the business in H1 and representing 22% of our sales
• H1 23 adjusted EBITA of €702.3m, implying a 7.2% adj EBITA margin up +16bps from record-high level, restated for non-recurring items from inventory price inflation on non-cable products in H1 2022. This progression results from strong activity and good execution of our action plans
• Recurring net income in H1 23 at €455.1m, down (3.4)%, on high base effect as 2022 earnings benefited from all-time high inflation tailwind on non-cable products
• Positive Free Cash Flow before interest and tax of €242.3m in H1 2023 (vs €231.6m in H1 2022). Indebtedness ratio at 1.26x