SECOND QUARTER SALES & H1 2022 RESULTS

? Sales of €4,705.4m in Q2 2022, up +12.0% on a same-day basis. Robust activity notably driven by electrification trends, increased digital penetration, volume growth in North America and higher non-cable selling price in all geographies

? Record H1 adj. EBITA of €703.7m up +63.4% and adjusted EBITA margin at 7.7% (up +228 bps) from robust activity (actual-day sales growth of +15.3%) coupled with continued effects of our operational excellence program as well as price pass-through. Adj. EBITA includes c. 86 bps of positive one-off effects from inventory price Inflation on non-cable products, net of higher performance-linked bonuses

? Recurring net income of €471.1 million, up +94.9% in H1 2022, reaching an all-time high

? Record positive Free Cash Flow before interest and tax of €231.6m in H1 2022 (€116.3m in H1 2021). Lowest-ever first-half indebtedness ratio at 1.26x

? FY 22 guidance confirmed, supported by record-high backlog, easier base effect in Europe in H2 and China back to positive territory

? Active portfolio management with 2 acquisitions and 2 disposals, fully in line with our strategy. The combined net effect is positive on sales, profitability and ROCE

? SBTi validated our 2030 & 2050 Greenhouse Gas emission targets to reach net-zero across the value chain

? Implementing Power Up 2025 plan to strengthen the organization and further increase the resilience of our model

¹ See definition in the Glossary section of this document ² Change at comparable scope of consolidation ³ Adjusted for non-recurring copper effect

• First-half 2022 financial report was authorized for issue by the Board of Directors on July 27, 2022. It has been subjected to a limited review by statutory auditors.
• The following terms: Reported EBITA, Adjusted EBITA, EBITDA, EBITDAaL, Recurring net income, Free Cash Flow and Net Debt are defined in the Glossary section of this document.
• Unless otherwise stated, all comments are on a constant and adjusted basis and, for sales, at same number of working days.
  
  

SALES

In Q2, sales were up +26.3% year-on-year on a reported basis and up +12.0% on a constant and same-day basis.

In the second-quarter, Rexel posted sales of €4,705.4 million, up +26.3% on a reported basis, including:

• A positive currency effect of €176.6 million (i.e. +4.7% of Q2 2021 sales), mainly due to the appreciation of the US and Canadian dollars;
• A positive net scope effect of €295.5 million (i.e. +7.9% of Q2 2021 sales), mainly resulting from the acquisition of Mayer in the US;
• An almost neutral calendar effect of +0.1%.
  
  

Sales were up +12.0% a constant and same-day basis (or +12.1% on a constant and actual-day basis), notably driven by robust volumes in North America and additional selling price increases on non-cable products in all geographies, offsetting the situation in China and a more difficult volume base effect in Europe.

• The same-day sales growth of +12.0% in the quarter resulted from an +0.6% rise in volumes, an increase of 9.2% in the selling price of non-cable products and 2.2% on cable products. More specifically,
  • The non-cable contribution of 9.2% was similar to the 9.1% posted in Q1 22, thanks to additional price increases in the quarter that offset the expected lower carryover effect of circa 130bps. While the carryover effect will ease in H2 22 to converge towards zero in Q4 22, we anticipate further selling price increases in H2 22.
  • The cable products pricing contribution stood at 2.2% in Q2 22 compared to 4.1% in Q1 22, as the copper price rose sharply in Q2 21, creating a more difficult comparable base. Based on the current copper price, we anticipate the contribution to be lower and potentially negative in H2 22.
• While volumes were robust in the quarter in North America, growing by +5.1%, volumes in Asia were down (23.0)% due to the lockdown in China in April/May and Europe faced the most difficult base effect as business recovered sharply post-Covid in Q2 21. Without China, group volumes would have grown by +1.7% in Q2 (vs. +0.6% reported).
• Our teams again showed agility to ensure business continuity in an environment that remains marked by labor and supply chain tensions (notably on products embedding electronics components)
• We posted further growth in digitalization in all three geographies, with digital sales now representing 25.0% of sales, up +244bps compared to Q2 2021. Trends were positive in Europe (34.9% of sales, an increase of +109 bps), Asia-Pacific (up +25bps, now representing 4.8% of sales) and North America (16.7% of sales, an increase of +467 bps) with the strong progression in the US fueled by the transformation journey.

In addition, during the quarter, we have also:

• Accelerated the development of our webshop search engine, customer seamless experience (Rexel Easy program) and email to EDI (Esker project started in 7 countries)
• Scaled up AI solutions deployment to fuel growth and performance with increased scope of sales alerts, new roll outs of assortment optimization in the US, and AI pricing in Switzerland

In H1 2022, Rexel posted sales of €9,082.8 million, up +28.7% on a reported basis. On a constant and same-day basis, sales were up +13.9%, including a positive impact of +3.1% from the change in copper-based cable prices (vs. a positive impact of +4.6% in H1 2021) and a positive impact from non-cable copper prices of +9.2%.

The +28.7% increase in sales on a reported basis included:

• A positive currency effect of €280.9 million (i.e. +4.0% of H1 2021 sales), mainly due to the appreciation of the US and Canadian dollars;
• A positive net scope effect of €535.4 million (i.e. +7.6% of H1 2021 sales), mainly resulting from the acquisition of Mayer in the US;
• A positive calendar effect of +1.4%.
  
  

Europe (50% of Group sales): +10.4% in Q2 and +11.9% in H1, on a constant and same-day basis

In the second quarter, sales in Europe increased by +10.5% on a reported basis, including a positive currency effect of +0.3%, or €7.5 million, mainly due to the appreciation of the Swiss Franc and the British pound against the euro and a limited scope effect of (0.1)%, or €(3.2) million. On a constant and same-day basis, sales were up +10.4%, including a slightly negative volume contribution (0.5)%

• Sales in France (38% of the region’s sales) posted solid +7.6% growth on a difficult comparable base, driven by an increased number of active customers and significant price increases. While sales growth is tapering from Q1 22 due to a strong base effect, we recorded further market share gains in the quarter. Q2 22 was supported by strong demand in the industrial segment and, to a lesser extent, in the commercial end-market, offsetting lower growth in the residential market.
• Sales in Scandinavia (13% of the region’s sales) were up +9.3%, notably driven by commercial activity and strong demand in photovoltaic products.
• Benelux (11% of the region’s sales) was up +16.1%, outperforming the market, with very strong growth in EV and PV. The PV business growth was notably driven by the increase in energy prices.
• Sales in Germany (10% of the region’s sales) were up +15.5%, gaining further market share. Demand is accelerating very strongly in photovoltaics (above 200%) as a result of efforts to increase the country's energy independence in the context of the war in Ukraine.
• In the UK (8% of the region’s sales), sales were up by +8.7%, lower than in Q1 22 from a more difficult base effect, notably in the commercial business. First-half 2022 benefited until June from a contract with the Department of Education (school air filtration and CO2 equipment) contributing for 200bps in Q2 22.
• Sales in Switzerland (6% of the region’s sales) were up +3.6%, lower than Q1 22 on slightly lower building installation and cable business.
• Sales in Italy (2% of the region's sales) were up +24.4% in Q2 22, accelerating compared to Q1 22 and confirming that the recent strategic decisions are paying off.
  
  

North America (42% of Group sales): +17.2% in Q2 and +19.2% in H1 on a constant and same-day basis

In the second quarter, sales in North America were up +59.8% on a reported basis, including a positive currency effect of +11.7%, or €144.8 million, due to the appreciation of the US and Canadian dollars against the euro and a positive scope effect of €301.5 million, or +24.3%, from the acquisition of Mayer in the US. On a constant and same-day basis, sales were up +17.2%, including +5.1% volume growth.

• In the US (81% of the region’s sales), sales were up +17.9% in Q2 22.
  • The three end-markets grew at a similar pace compared to Q2 21. When compared to their pre-crisis level and looking at the different markets, growth potential is higher in the industrial market and, to a lesser extent, commercial
  • We benefited from strong overall momentum in the Mountain Plains and Gulf Central regions, notably driven by Oil & Gas, as well as robust growth in commercial
  • The Mayer integration is going well and performance is progressing above expectations, up +8.3%, on a more difficult base effect as Mayer recovered earlier from Covid in 2021. We are on track to achieve our upgraded synergy ambitions
  • The backlog remains very important, up +81% year-on-year at end June yoy, representing c. 3 months of sales
• In Canada (19% of the region’s sales), sales grew by +14.0% on a same-day basis, notably thanks to robust performance driven by industrial end-markets (O&G and mining specifically), offsetting stable demand in residential. Backlog is also very strong, representing circa 4 months of sales.

Asia-Pacific (8% of Group sales): (2.6)% in Q2 and +1.2% in H1 on a constant and same-day basis

In the second-quarter, sales in Asia-Pacific were up +3.3% on a reported basis, including a positive currency effect of +7.2%, or €24.3 million, due to the appreciation of all currencies against the euro and more specifically the Australian Dollar and the Chinese renminbi. On a constant and same-day basis, sales were down (2.6)%.

• In the Pacific (53% of the region’s sales), sales were up +4.7% on a constant and same-day basis:
  • In Australia (83% of Pacific’s sales), sales were up +5.0%, improving compared to Q1 thanks to robust demand in commercial and residential.

• In Asia (47% of the region’s sales), sales were down (9.7)% on a constant and same-day basis:
  • In China (87% of Asia’s sales), sales were down (10.9)%, impacted by the severe lockdown in April & May and product shortages. Activity was back in positive territory in June, driven by the gradual recovery in activity.

PROFITABILITY

Adjusted EBITA margin at 7.7% in H1 2022, up 228 bps compared to H1 2021

The +15.3% actual sales growth in H1 22 translated into a gross margin improvement of +131 bps year-on-year, at 26.4% of sales, and an adjusted EBITA margin at 7.7%, up +228 bps year-on-year, including a non-recurring impact of c.86 bps that benefited H1 2022 (c.109 bps of positive one-off from inventory price inflation on non-cable products net of a negative 23bps impact from higher performance-linked bonuses).

The progression is supported by:

• Our ability to pass through prices increases
• The synergies extracted from the five acquisitions completed in 2021, notably Mayer in the US
• The result of our transformation, particularly digitalization, which translates into above-market sales growth, improved customer service and higher productivity
  
  

Those tailwinds more than offset opex inflation notably on Salaries & Benefits and Transportation costs.

The graph below details the +228 bps improvement in Adjusted EBITA margin:

See bridge in the PDF file attached.

By geography:

• Europe:
  • Gross margin stood at 28.1% of sales, up +79 bps year-on-year, from pricing power.
  • Adjusted EBITA margin was up +149 bps in the first half, at 8.4% of sales despite higher opex. It includes c. 90bps of non-recurring impact from inventory price inflation on non-cable products, net of higher performance-linked bonuses.
    
    
• North America:
  
  
  • Gross margin was up +178 bps vs. H1 2021 at 25.6% of sales, illustrating the benefits of Mayer's integration and our capacity to pass through prices increases as well as a positive channel mix (proximity vs project) in the US.
  • Adjusted EBITA margin was up +297 bps at 8.5% of sales, benefiting from Mayer synergies (contributing for c. 65bps), the strong momentum in sales growth and a favorable calendar effect in H1 22 (19 bps), which will be reversed in H2 22. It includes c. 95 bps of non-recurring impact from inventory price inflation on non-cable products, net of higher performance-linked bonuses.
    
    
• Asia-Pacific:
  
  
  • Gross margin was up +189 bps year-on-year at 19.0% of sales, from improvement in Pacific and a positive mix effect as China sales dropped due to the lockdown.
  • Adjusted EBITA margin was up +57 bps, at 1.4% of sales, driven by better profitability in Pacific. We anticipate an increase in profitability in H2 22.
    
    

• At corporate level, adjusted EBITA amounted to €(13.8) million, improving versus last year’s H1 level of €(28.5)million, due to lower centrally-hosted projects.
  
  

As a result, adjusted EBITA stood at €703.7 million, up +63.4%, in H1 2022 and reported EBITA stood at €708.7 million (including a positive one-off copper effect of €+5.0 million), up +60.2% year-on-year.

Focusing on the bridge from EBITDA to Reported EBITA:

• EBITDA margin was up 130bps at 9.6%
• Depreciation of Right of Use has increased as a result of the integration of the acquisitions completed in 2021
• Depreciation and Amortization stood at €(56.2) million, implying a stable 0.6% of sales in the first half.
  
  

NET INCOME

Net income of €459.8 million in H1 2022

Recurring net income up +94.9% to €471.1 million in H1 2022

Operating income in the half-year stood at €683.6 million, up from €435.1 million in H1 2021.

• Amortization of intangible assets resulting from purchase price allocation amounted to €(5.7) million (vs. €(3.1) million in H1 2021)
• Other income and expenses amounted to a net charge of €(19.4) million (vs. a net charge of €(4.2) million in H1 2021) and included:
  • €(9.5) million impairment on IT development costs

• €(2.4) million of restructuring costs (vs €(3.5) million in H1 2021)
• €(3.0) million of costs for the disposal of our Russian business to its management. As a reminder, we have no remaining direct exposure to Russia and Ukraine.
  
  

Net financial expenses in the half-year amounted to €(51.9) million (vs. €(59.8) million in H1 2021), split as follows:

• €(30.1) million from financial cost before one-off expenses change, fair value of derivatives and foreign exchange gains & losses in H1 22 vs €(33.7) million in H1 2021, from lower cost of debt
• €(21.6) million from interest on lease liabilities in H1 2022 vs €(20.0) million in H1 2021
• €(5.1) million from one-offs in H1 2021 from the early repayment of the €500 million senior notes due in 2025 (coupon: 2.125%)
• Others for €(0.2) million in H1 22 from change in fair-value of derivatives, foreign exchange gains and losses, pensions vs €(1.0) million in H1 21
• The effective interest rate decreased to 2.01% in H1 2022 compared to 2.47% in H1 2021, largely from the refinancing of the €600 million senior notes due in 2026 (coupon: 2.75%) in November 2021.
  
  

Income tax in the half-year represented a charge of €(171.9) million (vs. €(104.7) million in H1 2021):

• The effective tax rate stood at 27.2%, lower than in H1 2021 (27.9%) largely from a lower tax rate in France (from 28.41% to 25.83%).
  
  

Net income in the half-year was €459.8 million (vs. €270.6 million in H1 2021).

Recurring net income amounted to €471.1 million in H1 2022, up +94.9% compared to H1 2021 (Appendix 3).

FINANCIAL STRUCTURE

Free cash-flow before interest and tax of €231.6 million in H1 2022

Indebtedness ratio of 1.26x at June 30, 2022

In the half-year, free cash flow before interest and tax was an inflow of €231.6 million (vs. an inflow of €116.3 million in H1 2021). This net inflow included:

• EBITDAaL of €750.3 million (vs €476.4 million in H1 2021), including €(122.2) million of lease payments in H1 2022
• An outflow of €(454.4) million from change in working capital (compared to an outflow of €(299.1) million in H1 2021), mainly to support the sales recovery. The change in trade working capital stood at €(369.2) million combined with an outflow of (85.2) million from the change in non-trade working capital, mostly explained by the non-recurring level of variable pay booked in 2021. Trade WCR stood at 14.9% of sales in H1 2022, 14bps above H1 2021 level, in a context of a disrupted global supply chain
• Lower cash outflow from restructuring (€(4.4) million in H1 22 vs €(9.0) million in H1 2021)
• A higher level of net capital expenditure (€(54.6) million vs. €(48.8) million in H1 2021). Gross capex stood at €53.3 million and represented 0.6% of sales.

Below FCF before interest and tax, the cash flow statement took into account:

• €(24.2) million of net interest paid in H1 2022 (vs €(28.5) million paid in H1 2021). H1 2021 was impacted by a €(5.1) million one off from the early reimbursement of senior notes
• €(161.0) million of income tax paid in the half-year, compared to €(57.1) million paid in H1 2021, from higher performance. H1 2021 income tax paid benefited from cash savings due to utilization of the remaining French tax losses carried forward
• €7.5 million of financial investment
• €(230.1) million of dividends paid for the year 2021 (€0.75 per share)
• €(64.4) million of negative currency effects during the half-year (vs a negative €(1.8) million in H1 2021) due to the strong appreciation of the US Dollar.
  
  

At June 30, 2022:

• Net financial debt increased by €288.3 million year-on-year at €1,811.3 million (vs €1,523.0 million at June 30, 2021), from the acquisitions completed in H2 2021, notably Mayer in the US.
• The indebtedness ratio (Net financial debt/EBITDAaL), as calculated under the Senior Credit Agreement terms, reached its lowest level ever at 1.26x, significantly lower than the 1.79x at June 30, 2021.

On July 18th, 2022, taking into account our recent transformation and updated mid-term guidance, S&P upgraded our bond rating and our issuer rating to BB+.

With the launch of Power Up 2025, we are writing a new strategic chapter aiming at solidifying our base and accelerating our profitable growth by seizing opportunities from rising electrification and enhancing our differentiation on selected key topics.

This strategy will enhance our growth profile and also improve Rexel’s resilience.

• With the first pillar of the strategy ("Excel on fundamentals"), we strive for operational excellence across the company, aiming to be leaner, simpler and more efficient to enhance resilience. Strengthening our platform is a key priority, especially important in the current environment. The five topics of this pillar are: talent culture, supplier relationships, supply chain & footprint, digital and productivity. Applied to the current environment, we are specifically focusing on resilience plans, with all countries putting increased emphasis since Q1 on headcount control, inventory quality control, credit control or mix optimization
• With the second pillar of the strategy ("Strive to be a differentiated leader"), we will focus on five areas where we believe Rexel can have a strong competitive advantage in the short- and medium-term: data & AI, advanced services, Energy solutions transition, ESG and M&A. By doing so we will position ourselves to benefit from accelerating and more resilient macro electrification trends.

Rexel announced 4 transactions to reinforce its portfolio and its local footprint in key regions. They include :

• Two acquisitions of quality businesses in Belgium and US, highly complementary with our existing footprint, as illustrated by the high level of expected synergies
• The disposal of Rexel's activities in two non-core countries, Spain and Portugal.

The combined operations will contribute positively to our sales, earnings and Return On Capital Employed in year 1. More specifically, they will add c. €75m in sales (FY 2021) on a net basis and be accretive in adjusted Ebita margin.

Acquisition of Trilec in Belgium

On July 4th, Rexel Belgium closed the acquisition of Trilec, a Belgian family-owned electrical distributor operating mostly in Flanders, with 15 branches, 172 employees and a semi-automated distribution center.
Trilec is a high-quality asset with a number 3 position in Belgium, and €80m of sales generated in 2021. Its commercial footprint and supply chain organization are very complementary to our existing base, as reflected by the high level of targeted synergies.

Acquisition of Horizon Solutions in the US

On July 7th, Rexel USA signed a definitive agreement to acquire Horizon Solutions headquartered in Rochester, New York with 10 branches and 219 employees. The Industrial automation business specialist generated sales of USD 170m in 2021.

With the acquisition, Rexel USA will benefit from a strong management team with deep industry expertise and a sound culture and strengthen its presence as an Industrial automation distributor in the Northeast Region.

The transaction is projected to be accretive to Rexel’s Earnings Per Share in year 1 and value-creating in year 2, fully in line with the Group’s commitment, notably thanks to targeted synergies.

The transaction is expected to close in Q3 22.
Disposal of Rexel in Spain & Portugal

Rexel has entered into a binding agreement with Sonepar for the sale of Rexel Spain and Rexel Portugal. In 2021, the combined entities generated revenues of €170 million, were dilutive to Group profitability, employed 560 people and had 60 branches.

In those two countries, Rexel does not have critical mass, and sees better opportunities for capital allocation elsewhere.

The transaction is subject to approval by the Spanish competition authority and is expected to close by October.

In a context of growing macroeconomic uncertainties, we are confident we will reach our recently upgraded FY 22 guidance, with H2 2022 benefiting from an all-time high backlog notably in North America, an easier volume base effect in Europe and a return to normal in China, which should be back to positive territory.

Leveraging our transformation and enhanced efficiency, we target for 2022, at comparable scope of consolidation and exchange rates: 

• Same-day sales growth of between 7% and 9%
• An adjusted EBITA¹ margin of c. 6.7%, including 50bps of non-recurring items
• Free cash flow conversion² above 60%
  
  

¹ Excluding (i) amortization of PPA and (ii) the non-recurring effect related to changes in copper-based cable prices.
² FCF Before interest and tax/EBITDAaL

NB: The estimated impacts per quarter of (i) calendar effects by geography, (ii) changes in the consolidation scope and (iii) currency fluctuations (based on assumptions of average rates over the rest of the year for the Group's main currencies) are detailed in appendix 6

October 27, 2022                        Third-quarter 2022 sales

February 16, 2023                        Fourth-quarter sales & FY 2022 results

First-half 2022 financial report is available on the Group’s website (www.rexel.com).
A slideshow of the second-quarter sales and half-year 2022 results publication is also available on the Group’s website.

Rexel, worldwide expert in the multichannel professional distribution of products and services for the energy world, addresses three main markets: residential, commercial, and industrial. The Group supports its residential, commercial, and industrial customers by providing a tailored and scalable range of products and services in energy management for construction, renovation, production, and maintenance. Rexel operates through a network of more than 1,900 branches in 24 countries, with more than 26,000 employees. The Group’s sales were €14.7 billion in 2021.

Rexel is listed on the Eurolist market of Euronext Paris (compartment A, ticker RXL, ISIN code FR0010451203). It is included in the following indices: SBF 120, CAC Mid 100, CAC AllTrade, CAC AllShares, FTSE EuroMid, and STOXX600. Rexel is also part of the following SRI indices: FTSE4Good, Dow Jones Sustainability Index Europe, Euronext Vigeo Europe 120 and Eurozone 120, STOXX® Global ESG Environmental Leaders, and S&P Global Sustainability Yearbook 2022, in recognition of its performance in terms of Corporate Social Responsibility (CSR).

For more information, visit www.rexel.com/en.

FINANCIAL ANALYSTS / INVESTORS

PRESS

REPORTED EBITA (Earnings Before Interest, Taxes and Amortization) is defined as operating income before amortization of intangible assets recognized upon purchase price allocation and before other income and other expenses.

ADJUSTED EBITA is defined as Reported EBITA excluding the estimated non-recurring net impact from changes in copper-based cable prices.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is defined as operating income before depreciation and amortization and before other income and other expenses.

EBITDAaL is defined as EBITDA after deduction of lease payment following the adoption of IFRS16.

RECURRING NET INCOME is defined as net income restated for non-recurring copper effect, other expenses and income, non-recurring financial expenses, net of tax effect associated with the above items.

FREE CASH FLOW is defined as cash from operating activities minus net capital expenditure.

NET DEBT is defined as financial debt less cash and cash equivalents. Net debt includes debt hedge derivatives.

For appendix please open the PDF file. 

The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 17% of the Group's sales and copper accounts for approximately 60% of the composition of cables. This exposure is indirect since cable prices also reflect copper suppliers' commercial policies and the competitive environment in the Group's markets. Changes in copper prices have an estimated so-called "recurring" effect and an estimated so called "non-recurring" effect on the Group's performance assessed as part of the monthly internal reporting process of the Rexel Group: i) the recurring effect related to the change in copper-based cable prices corresponds to the change in value of the copper part included in the sales price of cables from one period to another. This effect mainly relates to the Group’s sales; ii) the non-recurring effect related to the change in copper-based cable prices corresponds to the effect of copper price variations on the sales price of cables between the time they are purchased and the time they are sold, until all such inventory has been sold (direct effect on gross profit). Practically, the non-recurring effect on gross profit is determined by comparing the historical purchase price for copper-based cable and the supplier price effective at the date of the sale of the cables by the Rexel Group. Additionally, the non-recurring effect on EBITA corresponds to the non-recurring effect on gross profit, which may be offset, when appropriate, by the non-recurring portion of changes in the distribution and administrative expenses.
The impact of these two effects is assessed for as much of the Group’s total cable sales as possible, over each period. Group procedures require that entities that do not have the information systems capable of such exhaustive calculations to estimate these effects based on a sample representing at least 70% of the sales in the period. The results are then extrapolated to all cables sold during the period for that entity. Considering the sales covered. the Rexel Group considers such estimates of the impact of the two effects to be reasonable.
This document may contain statements of future expectations and other forward-looking statements. By their nature, they are subject to numerous risks and uncertainties, including those described in the Universal Registration Document registered with the French Autorité des Marchés Financiers (AMF) on March 10, 2022 under number D.22-0083.These forward-looking statements are not guarantees of Rexel's future performance, Rexel's actual results of operations, financial condition and liquidity as well as development of the industry in which Rexel operates may differ materially from those made in or suggested by the forward-looking statements contained in this release. The forward-looking statements contained in this communication speak only as of the date of this communication and Rexel does not undertake, unless required by law or regulation, to update any of the forward-looking statements after this date to conform such statements to actual results to reflect the occurrence of anticipated results or otherwise.
The market and industry data and forecasts included in this document were obtained from internal surveys, estimates, experts and studies, where appropriate, as well as external market research, publicly available information and industry publications. Rexel, its affiliates, directors, officers, advisors and employees have not independently verified the accuracy of any such market and industry data and forecasts and make no representations or warranties in relation thereto. Such data and forecasts are included herein for information purposes only.
This document includes only summary information and must be read in conjunction with Rexel’s Universal Registration Document registered with the AMF on March 10, 2022 under number D.22-0083, as well as the financial statements and consolidated result and activity report for the 2021 fiscal year which may be obtained from Rexel’s website (www.rexel.com).

Attachment

• PR- H1 2022 results