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Rexel a world of energy SECOND QUARTER SALES & FIRST - HALF 2021 RESULTS Same - day sales growth up + 32.3 % in Q2 , accelerating after an already robust Q1 H1 Adj . EBITA margin at 5.6 % , driven by sales growth and digital transformation Recently upgraded FY 21 guidance confirmed thanks to robust growth drivers → Sales of € 3,726.6m in Q2 2021 , leveraging our capacity to ensure business continuity for our customers in an environment marked by strong price increases and product scarcity On a constant and same - day basis , sales were up + 32.3 % in Q2 2021 vs Q2 2020 and up + 9.6 % compared to Q2 2019 ; sequential acceleration vs Q1 2021 ( + 5.4 % vs Q1 2019 ) Same - day sales growth of + 32.3 % driven by strong volume recovery ( contribution : + 22.1 % ) , and positive pricing on both cable ( contribution : + 6.5 % ) and non - cable products ( contribution : + 3.6 % ) Market outperformance in key countries , including in the US where organic sales are back to their 2019 level → H1 21 adj . EBITA margin up +232 bps at 5.6 % ( above H1 19 margin of 4.7 % ) from digital penetration ( 22.6 % of sales in Q2 21 , up +123 , bps including 33.2 % of sales in Europe ) , price increase management and operational excellence . It demonstrates the result of our profound transformation over the last 5 years . → Recurring net income of € 241.7m up + 192.9 % in H1 2021 , from all - time high EBITA performance and optimized balance sheet → Positive Free Cash Flow before interest and tax of € 116.3m in H1 2021 ( € -17.3m in H1 2019 ) from robust operational results and active management of Working Capital → Rapid deleveraging thanks to strong FCF , bolstering our confidence in reaching an indebtedness ratio of 1.5x to 2x in FY 21 depending on M & A opportunities → Confirmation of the recently upgraded FY 21 guidance , with strong upside potential in all geographies , notably in North America where volumes ( excluding inflation ) are still 15 % below pre - crisis level Key figures¹ ( € m ) - Actual Sales On a reported basis On a constant and actual - day basis On a constant and same - day basis Gross margin²³ As a percentage of sales Adjusted EBITA² As a percentage of sales Reported EBITA Operating income ( loss ) Net income ( loss ) Recurring net income FCF before interest and tax Net debt at end of period H1 2021 7,057.8 Press Release July 28 , 2021 - H1 2021 Results 1,805.6 25.6 % 398.2 5.6 % H1 2020 6,045.6 1,486.7 24.6 % PRESS RELEASE Paris , July 28 , 2021 199.3 3.3 % H1 2019 6,799.5 1,698.6 25.0 % 319.2 4.7 % 319.6 290.1 163.9 167.7 ( 17.3 ) H1 2021 vs H1 2020 +16.7 % + 19.4 % +19.9 % +24.2 % 99 bps +103.0 % 232 bps +130.0 % n / a n / a +192.9 % 442.4 192.3 435.1 ( 296.8 ) 270.6 ( 439.8 ) 241.7 82.5 116.3 176.8 1,523.0 1,690.3 2,172.6 € 650m reduction reduction ¹ See definition in the Glossary section of this document ² Change at comparable scope of consolidation ³ Adjusted for non - recurring copper effect ( 60.5 ) H1 2021 vs H1 2019 € 167m +3.8 % +7.3 % +7.6 % +9.8 % 59 bps +30.3 % 99 bps + 38.4 % n / a n / a +44.1 % +133.6 Patrick BERARD , Chief Executive Officer , said : " After having demonstrated our resilience during the acid test of the pandemic , our H1 results confirm that the profound transformation initiated five years ago has made Rexel a more agile company . This allows us to fully capture the incipient recovery and adapt to the current environment , marked by price increases and growing product scarcity . Rexel's journey since 2017 has resulted in a stronger and more digital business model , for the benefit of all its stakeholders . With Rexel well positioned to continue its growth trajectory , I am pleased to pass on the baton to Guillaume Texier on September 1 to execute the strategic plan presented at our last Capital Market Day , which aims to deliver a historically high level in terms of sales and profitability by continuously improving customer service . " 1/17