Rexel: 2Q26 preview: Wired for upside

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Rexel: 2Q26 preview: Wired for upside

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Rexel

2Q26 preview: Wired for upside

Reiterate Rating: BUY | PO: 45.00 EUR | Price: 38.21 EUR

Q2 to validate pricing acceleration 01 July 2026

We think our Buy thesis outlined in our recent upgrade will be validated at Q2: stronger Equity

pricing should more than offset soft volumes, still held back by delayed recovery in

European residential construction, while industrial automation and energy transition Aron Ceccarelli >>

products continue to recover. We expect pricing realisation to accelerate, with both cable Research Analyst

MLI (UK)

and non-cable inflecting on higher-than-expected copper prices and OEM price +44 20 7996 3827

increases. We now estimate Q2 comparable sales growth (same day) of +5.6% yoy, with aron.ceccarelli@bofa.com

c.4.7% from pricing and 0.9% from volumes, and H1 adjusted EBITA margin of 6.2%, Benjamin Heelan >>

Research Analyst

slightly ahead of VA consensus at 6.1%. FY26 adjusted EBITA is unchanged, with Merrill Lynch (DIFC)

margins at 6.4%, but with higher H1 offset by a slightly lower H2. We reiterate Buy and +44 20 7996 5723 benjamin.heelan@bofa.com

leave our PO unchanged at EUR45. Alexander Jones, CFA >>

MLI (UK)NA leads, Europe mixed +44 20 7995 5828

From a geographical standpoint, we expect North America organic sales growth (same alexander.jones2@bofa.com

day) of 6.2% in Q2, led by pricing, similar to Q1, with industrial automation continuing to Uma Samlin >>

improve gradually. Demand for automation solutions from datacentres remains a key Research Analyst

growth driver for this business line. Although still a small part of Group sales (3% of +44 20 7995 1964

Group sales / 7% of NA), we expect datacentre growth to comfortably exceed the “above uma.samlin@bofa.com