Rexel (RXL) Q3 2026 TU earnings summary

Executive summary

• Q3 2026 sales were €5,452.9m, up 14.6% reported and 11.4% on a constant, same-day basis; the strongest quarterly performance since 2022.

• Growth accelerated sequentially, with balanced volume and price contributions and positive contributions across all three geographies; data centers, energy transition and industrial automation were key drivers.

• Strong momentum and record backlog supported a second FY2026 guidance increase; management reported no current activity slowdown or customer inventory build-up.

Financial highlights

• Q3 same-day growth included 6.3 points from volume and 5.1 points from price: 2.9 points from cable and 2.2 points from non-cable products.

• Q3 reported growth also reflected calendar, net scope and currency effects of 0.6%, 1.2% and 1.2%, respectively.

• 9M 2026 sales reached €15,441.8m, up 6.2% reported and 7.3% on a constant, same-day basis.

• Digital sales rose 256 bps to 36% of total sales, reaching 44% in Europe, 31% in North America and 23% in Asia-Pacific.

Outlook and guidance

• FY2026 same-day sales growth guidance rose to ~7% from ~5% after the Q2 upgrade, versus an initial 3–5% range.

• FY2026 current adjusted EBITA margin guidance increased to at least 6.4% from at least 6.2%; excludes PPA amortization and non-recurring copper-price effects.

• Free cash flow conversion guidance remains above 65% of EBITDAaL; medium-term ambitions include 5%–8% sales growth and current adjusted EBITA margin above 7%.

• High-growth segments, differentiated electrification and digital offerings, acquisitions and historically high backlog support visibility amid volatile macroeconomic and geopolitical conditions.