Rexel: sales up 11.4% in third quarter, guidance raised to 7%
Rexel published quarterly sales of 5,453 million euros on October 22, 2026, up 11.4% on a comparable basis and at constant number of days. The group subsequently raised its annual growth target to approximately 7%, compared to approximately 5% previously.
Third-quarter revenue is above the range of the two analysts surveyed before publication, who anticipated an average of 5.19 billion euros (between 5.14 and 5.23 billion). According to Chief Executive Officer Guillaume Texier, this represents "the strongest quarterly sales growth since 2022".
The acceleration is primarily driven by North America, up 17.4%, while Europe advances 4.5%. The publication comes after a period in which the stock declined 12.5% over one month (in trading on October 22, 2026, before the figures were released), amid a capital increase and acquisition in the United States.
Third-quarter sales up 14.6% on a reported basis
On a reported basis, third-quarter sales advanced 14.6%. Organic growth constitutes the bulk of this: volumes contribute 6.3%, the increase in selling prices 2.9% on cables and 2.2% on non-cable products, across the three geographic zones.
Adding to this are a calendar effect of 0.6%, a net scope effect of 1.2% and a currency effect of 1.2%, linked to the appreciation of the US dollar and Australian dollar against the euro. The scope effect combines the contribution of acquisitions in North America (Revere, Techno-Contact, Dee Electronics) and Europe (Tecno Bi), which account for 2.1%, and the exit from Finnish operations.
Over the first nine months, sales reached 15,442 million euros, up 7.3% at constant days and 6.2% on a reported basis, with a negative currency effect of 1.4%. The pace of the third quarter alone is therefore higher than that of the cumulative total. As a reference point, the group had achieved 19.4 billion euros in revenue for fiscal year 2025.
North America, at 51% of sales, drives growth
In the United States, sales advance 18.2% at constant days. Activity related to data centers, which represents approximately 13% of US sales, shows three-digit growth. Industrial automation advances approximately 20%, other non-residential and residential segments approximately 5%. Canada is up 13.4%.
The North American order backlog stands at more than 3 billion dollars as of end of September 2026, up 42% compared to end of 2025, or 3.4 months of sales. Digital sales represent 31% of the zone's revenue, up 604 basis points.
In Europe (43% of sales), air conditioning, solar and electric vehicle charging stations advance approximately 13% and account for more than 20% of sales. Benelux (+7.5%), the DACH region (+6.4%), Sweden (+4.8%) and France (+3.6%) are up, the United Kingdom and Ireland stable (−0.1%). Asia-Pacific (6% of sales) advances 15.8%.
Growth target raised to approximately 7% and agreement signed for GCG
Rexel now targets for 2026 sales growth at constant days of approximately 7%, an adjusted current EBITA margin of at least 6.4% (versus at least 6.2% when the increase was announced in the second quarter) and free cash-flow conversion above 65%, an unchanged target. Medium-term targets remain sales growth between 5% and 8%, of which 2% to 3% from acquisitions, and an adjusted current EBITA margin above 7%.
The group has also signed an agreement to acquire GCG in the United States, presented as its largest transaction in more than 15 years and its fourth transaction in North America in 2026. Financing is based on a capital increase of 500 million euros, already completed, and completion is expected by end of 2026.
Fourth-quarter sales and annual results will be published on February 10, 2027. Until then, the key element of this publication remains the annual growth target raised to approximately 7%, compared to approximately 5% when the second quarter was published.
