Rexel (RXL) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales reached €4.8 billion, up 3% on a same-day basis, marking the sixth consecutive quarter of sequential improvement, with North America as the main growth driver and improving trends in Europe and Asia-Pacific.

• High-growth segments like datacenters and broadband infrastructure contributed over half of US growth, with digital sales penetration reaching 33% and AI initiatives accelerating across operations.

• Completed the disposal of Finland, issued €400 million in senior notes due 2030, and executed €50 million in share buybacks.

Financial highlights

• Q3 2025 sales stable on a reported basis at €4,762m, with 3.0% same-day growth; organic growth and M&A offset by negative currency effects.

• Selling prices contributed 1.4% to sales growth (non-cable +0.9%, cable +0.5%).

• North America sales up 7.4%, Europe down 0.5% but improving sequentially, APAC near break-even; India up 26% year-over-year.

Outlook and guidance

• FY 2025 guidance confirmed: slightly positive same-day sales growth, adjusted EBITDA/EBITA margin at approximately 6%, and free cash flow conversion around 65%, excluding a €124–125 million fine.

• Q4 expected to see continued double-digit growth in US datacenters; backlog remains healthy and stable.