Rexel : Erratum to the Press release Q4 sales & FY 2025 results

Core Insights - Rexel reported FY 2025 sales of €19,414.6 million, reflecting a year-on-year increase of +0.7%, driven by organic growth and acquisitions [1][10] - The current adjusted EBITA margin improved to 6.0%, up +10 basis points from 5.9% in FY 2024, indicating resilience in profitability despite challenging market conditions [1][20] - Net income for FY 2025 reached €591.4 million, a significant increase of +73% compared to the previous year [1][26] - Free cash flow conversion was strong at 66.3%, or 76.4% when excluding the impact of a €124 million fine, confirming the company's cash-generative model [1][28] Financial Performance - FY 2025 operating income was €1,061.6 million, up +25.5% from €845.9 million in FY 2024, including exceptional items [1][26] - Recurring net income increased by +2.4% to €678.5 million [1][26] - Free cash flow before interest and tax was €937.8 million, reflecting a conversion rate of 76.4% when excluding the fine [1][28] Sales Growth - Same-day sales grew by +2.5% in FY 2025, with Q4 sales of €4,881.1 million showing a +3.8% increase on a same-day basis [3][7] - The company achieved a +1.8% contribution to FY 2025 sales growth from an active acquisitions strategy [3][4] - Digital sales represented 34% of total Group sales in 2025, up +226 basis points from the previous year [10] Regional Performance - North America, accounting for 46% of Group sales, saw strong growth with a +7.0% increase in FY 2025 [15][16] - Europe, which represents 48% of Group sales, experienced a slight decline of -1.1% in FY 2025 on a constant and same-day basis [11][24] - Asia-Pacific sales decreased by -0.4% in FY 2025, with Q4 sales up +4.5% on a constant and same-day basis [19][22] Strategic Initiatives - The company is executing its Axelerate 2028 strategic plan, focusing on digital transformation and cost efficiency [2][5] - Rexel completed nearly €200 million in value-creating acquisitions and divested activities in Finland and New Zealand [4][12] - A proposed dividend of €1.20 per share represents a 52% payout ratio of the Group's recurring net income [4][32] Outlook - For 2026, Rexel anticipates same-day sales growth between 3% and 5%, with a current adjusted EBITA margin expected to be around 6.2% [2][34] - The company aims to maintain a robust balance sheet with an indebtedness ratio of 2.0x as of December 31, 2025 [1][28]