Rexel (RXL) AGM 2025 summary

Opening remarks and agenda

• The assembly was opened by the Chair, with key executives and auditors present, confirming the session's regular constitution and quorum at 86.13% of voting shares.

• Shareholders were informed that all relevant documents were available both at the assembly and online.

Financial performance review

• 2024 saw a -2.4% organic sales decline, but margin improved to 5.9% and free cash flow reached 76%, exceeding targets.

• Turnover increased by 0.7% to €19.2 billion, with acquisitions offsetting divestments and organic decline.

• Net result was €662 million, down from €823 million in 2023, impacted by a €124 million fine and €5 million goodwill depreciation.

• North America showed growth due to acquisitions and project dynamics, while Europe and Asia Pacific faced mixed trends.

• Q1 2025 sales rebounded to €4.8 billion (+1.4%), with digital sales now a third of turnover.

Board and executive committee updates

• The Board consists of 12 members, with strong international and gender diversity, and high engagement (97% attendance in 2024).

• Three Board mandates (including Chair and General Manager) were renewed for four years; Board size will reduce to 11.

• The Board rejected an unsolicited acquisition offer from QXO in September.