Rexel (1K) | Hold | Q2 to confirm good volume and price trends

Research evidence excerpt

Rexel (1K) | Hold | Q2 to confirm good volume and price trends

#EarningsPreview #Positive #TPchange

Release date: 26 June 2026

Company research

ESG profile HoldRexel

France | Capital goods Beta Profile: MCap: EUR11.0bn

Target Price: EUR40.00 (38.00) Change in TP: 5.3 % Bloomberg: RXL FP Reuters: RXL.PA

Current Price: EUR37.30 Change in Sales: 1.4% 26E/1.4% 27E Free float 100%

Up/downside: 7.2% Change in Adj EBIT: 3.7% 26E/4.7% 27E Avg. daily volume (EURm) 54.1

YTD abs performance 11.0% Market data: 25 June 2026 Change in Adj. EPS: 3.7% 26E/4.8% 27E

52-week high/low (EUR) 38.57/25.39

Q2 to confirm good volume and price trends Price performance

Why this report?

Ahead of the Rexel Q2 and H1 2026 results, scheduled for release on 28th July,

we lift our forecasts and price target. Within North America, Rexel should

benefit from positive demand (data centres) and pricing. In Europe, against a

low base of comparison, we see the electrification-linked products (Solar,

HVAC and EV linked) driving growth. Underlying demand from residential and

non-residential construction likely to remain subdued. We see volume

improvement, an increase in pricing, and internal efficiencies offsetting

higher operating costs, enabling EBITA margin expansion. Recent M&A,

focused in the US, provides a new platform for growth and confirms strategic

progress. We expect positive momentum in estimates post the H1 results and

note Rexel's valuation discount to key peer Wesco is at a record level.

FY to 31/12 (EUR) 12/26E 12/27E 12/28E

Key findings Sales 20,057 20,945 21,874

Suppliers in key product segments, including low-voltage products and cables, EBITDA adj. 1,688 1,822 1,952

have raised pricing during Q2 more than expected at the start of the year. Gross EBIT adj. 1,240 1,363 1,482

Net profit adj.