Core Viewpoint - Rexel demonstrated resilient sales growth in H1 2025, driven by strong performance in North America, while facing challenges in Europe. The company confirmed its full-year guidance, emphasizing ongoing productivity initiatives and strategic acquisitions to enhance market position. Sales Performance - H1 2025 sales reached €9,775.3 million, up 1.6% on a same-day basis, indicating positive momentum [1] - Q2 2025 sales were €4,950.3 million, reflecting a 0.6% increase year-on-year on a reported basis and a 1.8% increase on a constant and same-day basis [9][12] - North America sales grew by 8.7% in Q2 2025, contributing significantly to overall sales performance [17][18] Profitability - H1 2025 current adjusted EBITA margin was 5.8%, down 29 basis points compared to H1 2024, with operating income of €505.7 million [22][30] - The company achieved a free cash flow (FCF) before interest and tax of €127.2 million, representing a 21% conversion rate [34] Strategic Initiatives - Rexel executed five acquisitions, including Warshauer and Schwing, to strengthen its market presence in North America and Europe [37][40] - The company is focusing on high-growth segments such as datacenters and broadband infrastructure, which contributed to market share gains despite overall demand softness in Europe [2][4] Regional Performance - European sales declined by 3.0% in Q2 2025, with specific challenges in France and the DACH region [13][19] - Asia-Pacific sales decreased by 6.5% in Q2 2025, reflecting a competitive market environment [20][21] Outlook - The company confirmed its 2025 outlook, expecting stable to slightly positive same-day sales growth, with North America performance compensating for lower activity in Europe [39]