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 growth, led by North America and improving trends in Europe and Asia-Pacific.

• High-growth verticals like datacenters and broadband infrastructure contributed over half of US growth, with digital sales penetration rising to 33% of group revenue.

• Digital and AI initiatives are being deployed across commercial and operational functions.

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

• FY25 sales growth guidance narrowed to "slightly positive" versus 2024, with profitability and cash flow targets confirmed.

Financial highlights

• Q3 2025 sales stable on a reported basis at €4,758–€4,762 million, up 3.0% on a same-day/constant days basis, with organic growth and M&A offset by negative currency effects.

• Selling prices contributed 1.4% (non-cable +0.9%, cable +0.5%) to Q3 sales growth.

• 9M 2025 sales totaled €14,533.5 million, up 2.1% at constant days and 1.0% reported.

• North America sales up 7.4%, Europe down 0.5% (France and Benelux positive), APAC near break-even with India up 26%.

• Digital sales accounted for 33% of group revenue in Q3, with Europe at 44%, North America at 23%, and Asia-Pacific at 26%.

Outlook and guidance

• 2025 guidance confirmed: slightly positive same-day sales growth for the full year, with adjusted EBITA/EBITDA margin targeted at approximately 6%.

• Free cash flow conversion expected at about 65%, excluding a €124–€125 million fine.

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