Core Insights - Rexel reported Q1 2025 sales of €4,825 million, reflecting a year-on-year increase of +2.5% on a reported basis and +1.4% on a constant and same-day basis, marking a return to positive growth after a year of decline [1][6][12] - The sales growth was primarily driven by North America, which saw a +3.8% increase, while Europe experienced a slight decline of (0.7)% [4][11] - The company confirmed its full-year guidance for 2025 despite the uncertain macro-political environment and ongoing monitoring of tariff impacts on sales and profitability [1][4][16] Sales Performance - Q1 2025 sales figures: - Reported sales: €4,825 million, up +2.5% - Constant and same-day basis: +1.4% - Constant and actual-day basis: (0.4)% [1][6] - Regional breakdown: - North America: €2,151.2 million, +3.8% - Europe: €2,407.3 million, (0.7)% - Asia-Pacific: €266.6 million, +1.4% [11][13] Strategic Initiatives - The company engaged in active portfolio management, completing one acquisition in the US and disposing of its Finnish operations, aligning resources with high-value markets [1][19] - Digital sales penetration increased to 33% of total sales, up +241 basis points year-on-year, indicating a strong focus on digital transformation [1][9] Market Trends - North America showed strong sales growth driven by non-residential project execution and improved Proximity business momentum [4][12] - Europe demonstrated recovery from a previous decline, with positive trends across all countries despite an overall slight decrease [4][11] - Asia-Pacific sales were supported by a significant increase in China, which grew by +7.5% [13][15] Financial Outlook - The company maintains its FY 2025 guidance, emphasizing resilience amid a challenging economic landscape and ongoing tariff monitoring [4][16] - Free cash flow conversion is projected at approximately 65%, excluding a €124 million fine from the French Competition Authority [20]