Slides
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Paris, July 27, 2026 Second-quarter sales & H1 2026 results First-half 2026 financial report was authorized for issue by the Board of Directors held on July 27, 2026
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01 Key highlights
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July 27, 20263 c. €10bn H1 26 reported sales +5.1% 6.2% Current Adjusted Ebita margin Up +40bps vs 5.8% reported in H1 25 Same-day sales growth +3.4% in Q1, +6.7% in Q2 35% Digital sales Up +160bps vs H1 25 Ebita margin (incl. one-off gain on copper)6.4% FCF before Interest & tax€247m Strong Q2 and H1 2026 results
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July 27, 20264 Sales growth acceleration in Q2 26 in all geographies Strong results in H1 26 Positive volumes in all geographies for the first time since Q2 2023. Europe back to positive territory Leveraging investments in high growth segments accelerating trends in data centers in North America double-digit growth in energy transition solutions (solar, EV & HVAC) in Europe and Australia Favorable pricing improvement in all regions multiple price increases driven by raw materials/energy pressure back to 1%-2% pricing range in non-cable in Europe, after more than 2 years of pricing pressure Delivering a solid 6.2% adj EBITA margin in a low cycle, volatile environment benefitting from operating leverage, partially mitigated by adverse product/market mix effects boosted by record productivity of 4% thanks to the effects of optimization programs and AI transformation higher selling prices offsetting opex inflation Delivering solid performance in a volatile environment
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July 27, 20265 European electrification boosted by heatwaves and higher energy prices France | Netherlands Supported by residential activity and cooling demand Belgium | Ireland | Austria Broad-based rebound as customers hedge energy costs and seek independence Netherlands | Switzerland | France Growth supported by higher electric vehicle registrations and infrastructure needs 22% of Europe sales from Solar, HVAC & EV charging c.+15% of regional growth driven by energy-transition solutions HVAC Solar EV stations 22% of European sales from solar, HVAC & EV charging c.+15% Energy transition-related growth
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July 27, 20266 United States ~9% ~ 25% of backlog • Data center activity up more than 80% in H1 26, with large project execution notably in Mountain Plains & Southeast regions • Robust order intake underpinning backlog visibility • Upgraded 2026 growth ambition Canada Expanding capabilities ~7% of sales • Built strong credibility and market exposure in under a year • Diversifying into white room, fiber optic and cooling systems • Techno-Contact 360 adds solution design expertise Leveraging recent investments of sales >50% FY 26 expected growth in DC activity Accelerating data center growth across North America
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Increasing exposure to high-growth segments with 3 value- adding acquisitions in North America July 27, 20267 Strengthening our position in industrial automation and high-growth data centers (50% of sales in 2026-2027) Building the industrial services platform, offering differentiated full-lifecycle solutions combining design, project execution and recurring service revenues Enhancing our capabilities in industrial automation through a leading Rockwell Automation partner platform Offering technical expertise and a comprehensive suite of value-added solutions and services Gaining critical mass in the important and growing Midwest region, adding 10 locations DEE ELECTRONICS c. USD 50m of sales July 2026 Enhancing Rexel’s advanced manufacturing capabilities through a leading US provider of electronic assemblies, wire harness and panel assemblies serving blue-chip OEMs Further strengthening our exposure to high-growth data centers (cooling market) – ~ 20% of sales TECHNO-CONTACT 360 c. CAD 85m of sales April 2026 REVERE ELECTRICAL SUPPLY c. USD 330m of sales May 2026
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02 Q2 & H1 2026 Group financial review
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Accelerating trends in all geographies, boosted by volumes July 27, 20269 Group 2025 & 2026 same-day sales growth by quarter 2025 2026 +1.4% +1.8% +3.0% +3.8% +3.4% +6.7% Q1 Q2 Q3 Q4 Q1 Q2Q1 Q2 Q3 Q4 Q1 Q2 Selling price contribution in Q2 26 Non-cable: +1.4% Cable: +2.2% Volume contribution in Q2 26 : 3.1% North America (47% Group sales) +3.8% +8.7% +7.4% +7.9% +5.8% +7.8% Q1 Q2 Q3 Q4 Q1 Q2 -0.7% -3.0% -0.5% 0% +0.6% Q1 Q2 Q3 Q4 Q1 Q2 Europe (46% Group sales) 2025 2026 Asia Pacific (7% Group sales) +1.4% -6.5% -0.5% +4.5% +11.4% +17.0% Q1 Q2 Q3 Q4 Q1 Q2 2025 2026 +4.4%
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July 27, 202610 By end market/product category All three end-markets positively oriented, with non-residential and industrial automation the main contributors Favorable selling price environment By country/region United States up 7.8% in Q2 Sequential growth acceleration driven by: Data centers up more than 100% Industrial automation up +15% Positive trends in aerospace, hospital, water & wastewater Record backlog, up c. 25% (vs end-March) Canada up 7.5% in Q2, boosted by data center activity By channel Digital sales up more than 380 bps to 27% in H1 26, driven by the rapid adoption of new digital tools (quote and order entry) Project activity is the main US & Canadian growth driver Increased backlog representing 3.5 months of sales at end- June 26 Data center & industrial automation driving acceleration in North America
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Energy transition boosting European activity July 27, 202611 By product category & end markets Sequential acceleration in France, Germany, Austria and the Netherlands France up +6.3%, mainly driven by HVAC offer, both in commercial and residential segments DACH region up +2.6%, improving sequentially, driven by Austria (solar boosting residential) & Germany (solar back to broadly stable) Benelux up +7.6%, mainly supported by HVAC/EV solutions in the Netherlands and solar in Belgium UK/Ireland down -3.8%, with strong growth in Ireland (boosted by solar) more than offset by a long-lasting downturn in the UK Sweden up +3.2%, driven by residential segment and good strategic execution Same-day sales up +4.4%, with accelerating trends vs +0.6% in Q1 2026, mainly driven by Volumes returning to positive territory Significant selling price increases in both cable and non- cable products HVAC solar and EV charging stations boost driven by energy price volatility and repeated heat waves By country
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H1 2026 sales growth driven by volume and price increases July 27, 202612 H1 2025 Forex Acquisitions Disposals H1 2025 comparable Volume Non-cable price Cable price Calendar H1 2026 Same-day evolution +5.1% €9,775m -2.6% €9,534m -0.4% €9,989m +1.4% -1.3% Acquisitions effect mainly from Revere & Warshauer as well as Techno-Contact, Schwing, Jacmar and Tecno Bi to a lesser extent FX impact mainly from USD depreciation. Positive effect in the remainder of the year1 1 Assuming unchanged spot rate until year end +1.9% +1.3% +2.0%
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H1 2026 profitability boosted by operating leverage and opex action plans July 27, 2026 Adj. EBITA H1 2025 Perimeter & FX Calendar Operating leverage Gross margin Delta Inflation Action plans Investment Adj. EBITA H1 2026 +17bps -2bps +6bps Europe North America Asia-Pacific +22bps 6.2% -10bps 5.8% -5bps Delta inflation: gap between selling price increase and opex inflation +11bps Actual-day sales growth Adj. EBITA margin +2.3% 6.3% (+50 bps) +6.2% 7.1% (+3 bps) +14.8% 1.2% (+50 bps) 13
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H1 2026 recurring net income up in double digits July 27, 202614 Recurring net income Up 13% vs H1 25 €347m Adjusted EBITA €615m Other income & expenses €(8)m Net financial expenses €(113)m Effective interest rate at 3.8% (vs.4.0% in H1 2025) Income tax €(150)m Effective tax rate H1 2026 : 30.5% Main P&L items
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July 27, 202615 Change in Trade Working Capital Free cash flow before interest & tax €251m1 42% conversion €(307)m Net capex Change in Non-Trade Working Capital €(65)m €(35)m EBITDAaL €596m Main FCF items TWCR/sales at 16.3% Gross capex/sales at 0.7% Free cash flow before interest & tax €247m 37% conversion EBITDAaL €670m Main FCF items Gross capex/sales at 0.7% Generating robust FCF
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Well balanced capital allocation between M&A and return to shareholders July 27, 202616 Financial investment Change in net debt €(503)m €398m Share buyback Dividend €20m €353mFree cash flow before interest & tax €247m Main FCF items €690m1 Increase in net debt Net debt €1,962m Net debt €3,322m Indebtedness ratio at 2.4x Before cash-out for net interest paid (€68m) & Income tax paid (€106m) 1 Compared to 31 December 2025
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July 27, 202617 Breakdown of main debt maturities (June 30th, 2026) Liquidity 400 600 Convertible Bond issued in May 2026 €400m / 1.000% / 2031 Schuldschein issued in April 2026 €125m with maturities in 2029 and 2031 c.€1.8bn 472 907 17080 1 000 280 800 465 900 400 800 1 200 1 600 2 000 2026 2027 2028 2029 2030 2031 Securitization Long Term financing (Bonds and Schuldschein) Undrawn SCA Debt maturity extended through successful convertible bond issuance
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03 Outlook
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July 27, 202619 Upgrading 2026 ambition, supported by strong start to the year and record backlog Stronger first half, with improved momentum and disciplined execution Capturing secular growth trends through our diversified portfolio Increasing visibility supported by record backlog Counter-balanced by sustained geopolitical tensions in the Middle East and energy price volatility
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Crossing major thresholds USD 2bn in the US CAD 1bn in Canada Record backlog levels providing enhanced visibility July 27, 202620 US c. 3.1 months of sales 756 713 762 855 871 1,133 2022 2023 2024 2025 Q1 26 Q2 26 Canada c. 5.5 months of sales 1,607 1,475 1,470 1,526 1,771 2,205 2022 2023 2024 2025 Q1 26 Q2 26 +25% +30% +25%-30% sequential improvement Large contracts in data centers & space industry in the US Large data center project in Canada won by TC 360 post-acquisition
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Raising FY 2026 guidance July 27, 202621 c.5% Same-day sales growth initially 3% to 5% at least 6.2% Current adjusted EBITA margin1 initially c. 6.2% Above 65% Free cash flow conversion2 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 ; EBITDAaL: Earnings Before Interest, Taxes, Depreciation and Amortization after Leases
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22 Diversified portfolio ideally positions Rexel for future growth c. 15% c. 10% c. 10% 34% 29% 2% Construction in North American Construction & renovation in Europe Other July 27, 2026 Construction and renovation cycle in Europe Commercial and residential construction in North America AI and data growth (North America and Europe) Industry automation and reshoring Energy transition acceleration (mainly Europe) Balanced exposure to confirmed secular electrification trends Solidly positioned to benefit from potential economic recovery ~35% ~65%
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23 Axelerate 28 action plans are on track to make us deliver our midterm profitability guidance July 27, 2026 Base EBITA profitability in 2026 ≥ 6.2% Target EBITA profitability (midterm) >7% Adding 10% of acquired sales to Rexel with a 200bps accretive effect (for example from synergies) would generate ~20bps EBITA% 4 least profitable Rexel countries represent ~15% of sales with triple digit (bps) confirmed profitability improvement potential Several programs implemented in the framework of Axelerate 28 in pricing, supply chain, procurement and product mix with double digit (bps) global EBITA% improvement potential S&B representing a ~10% of sales global cost, with current improvement initiatives tapping into a double-digit additional productivity potential Triple digit (bps) contribution of accelerating trends to organic growth Rule of thumb: 1% volume growth ~ 5-10 bps EBITA (depending on geographies)
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The Group is exposed to fluctuations in copper prices in connection with its distribution of cable products. Cables accounted for approximately 16% 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) March 10, 2026, under number D.26-0073. 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, 2026, under number D.26-0073 as well as the financial statements and consolidated result and activity report for the 2025 fiscal year which may be obtained from Rexel’s website (www.rexel.com). Disclaimer July 27, 202624