Rexel stock drops 12.5% over one month ahead of Q3 results publication
The electrical equipment distributor is losing ground mid-morning, in a Paris market clearly oriented downward. The session is particularly closely watched as the group publishes its third-quarter sales today, following a month packed with financial operations.
A title below its three moving averages, at 1.1% from its support level
Rexel is down 1.99% to €32.07, in the wake of an SBF 120 that is declining 1.47%. The pullback extends a series of difficult sessions: the stock is down 5.68% over one week and 12.33% over one month. The price is now 6.01% below its 20-day moving average and 11.06% below its 200-day moving average, a gap that illustrates the extent of the recent slide.
It is also approaching its support level at €31.72, at approximately 1.1% from its current price, a level that the RSI at 38 does not yet place in oversold territory. In the morning, the Paris market is evolving against a backdrop of tension over French debt, with a 10-year OAT at 4.99% on October 21 and a spread with the Bund at 1.58 points.
Third-quarter revenue expected today, following a first half with raised guidance
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Rexel is publishing its third-quarter 2026 revenue this Thursday. When the first-half results were published on July 27, 2026, the group had raised its 2026 guidance for growth and profitability, leveraging digital sales at 35% of revenue. However, the same document stated net financial debt of €3,322 million, up €690 million since December 31, 2025.
At the end of September, the distributor raised approximately €500 million through a capital increase and announced the acquisition of American GCG for $1.4 billion, an operation that must be completed by the end of 2026. Today's revenue figure will allow measurement of the group's activity since these announcements.
SectorConstruction et infrastructures›Équipements techniques bâtiment / fluides / distribution spécialisée
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Context
Period
Period: S1 2026
Key reported figures
Revenue: 9 989 millions d'euros
Quarterly revenue: 9 989 millions d'euros
Revenue growth: 2,2 %
EBITDA: 827 millions d'euros
EBITDA margin: 8,4 %
Net income: 340,3 millions d'euros
Free cash flow: 247,3 millions d'euros
3 322 millions d'euros
Guidance from the release
Objectifs 2026 rehaussés ; visibilité accrue grâce à un carnet de commandes record
Risks mentioned
Endettement financier net en hausse de 690 M€ depuis le 31 décembre 2025, à 3 322 M€
BFR opérationnel dégradé à 16,3 % du chiffre d'affaires contre 15,9 % au S1 2025
Effet de change négatif de (2,6)% sur les ventes du semestre
Opportunities identified
Objectifs 2026 rehaussés en croissance et en rentabilité
Ventes digitales à 35 % du chiffre d'affaires, en hausse de 160 bps
Plan stratégique Axelerate 2028 et stratégie active d'acquisitions (TC 360, Revere, DEE)
Outlook / guidance
Expected revenue: 20 385 millions d'euros
Management commentary: Une croissance des ventes à jours constants d'environ 5% (vs 3 à 5% initialement) ; Une marge d'EBITA courant ajusté 1 d'au moins 6,2% (vs environ 6,2% initialement) Une conversion du free cash-flow 2 supérieure à 65%
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.