Q2 Preview: H1 Inline, H2 Inflection

研报英文原文证据摘录

Q2 Preview: H1 Inline, H2 Inflection

France | Capital Goods

Rexel EquityJuneResearch29, 2026

TARGET | ESTIMATE CHANGEQ2 Preview: H1 Inline, H2 Inflection

We see H1 results broadly in line, with a resilient performance despite the RATING BUY

unfavourable volume environment due to weather & the ME conflict. EU PRICE €36.86^

volumes remain weak, offset by continued strength in the US, as well as PRICE TARGET | % TO PT €44.20 (€43.70) | +20%

further recovery in APAC. The picture improves meaningfully in H2 however 52W HIGH-LOW €39.21 - €25.27

with seasonality, significant price coming through and improvement in FLOAT (%) | ADV MM (USD) 98.0% | 28.29

end markets, setting up for a guidance upgrade in Q3. Limited change to MARKET CAP €11.0B | $12.6B

numbers. Reiterate Buy. TICKER RXL FP

^Prior trading day's closing price unless otherwise

noted.

Resilient H1 despite still difficult volume environment. We expect growth to improve

sequentially in Q2 by ~100bps after weather created headwinds to top line in Q1. We see

sequential improvement in Europe driven by price with a still unfavourable environment for FY (Dec) CHANGE TO JEFe JEF vs CONS

volumes, with underlying construction markets remaining weak, partly offset by acceleration 2026 2027 2026 2027

in the electrification categories. We see growth remaining on good levels in the US despite the EBITA NM +1% +1% +3%

tougher comps driven by data centres running ahead of FY target (>20%), industrial automation EPS NM +1% NM +8%

improving as well as supportive pricing. APAC should slow down slightly after a bumper Q1 at

DD growth, but still remain on healthy levels. 2026 (€) Q1 Q2 Q3 Q4 FY

EPS -- -- -- -- 2.49

Seeing H2 inflection driven by pricing & underlying markets improving. We see margins at PREV 2.48