Rexel Secures Shareholder Backing for Dividend and Growth Strategy

PARIS, France – April 22, 2026 – Rexel, a global leader in the distribution of energy products and services, received a resounding vote of confidence from its shareholders today. At its Combined Shareholders' Meeting held in Paris, the company saw the approval of all proposed resolutions, cementing its financial strategy and governance structure for the coming year. Key approvals included a substantial dividend payout, all executive compensation packages, and a suite of financial authorizations designed to provide strategic flexibility. The meeting, chaired by Agnès Touraine, also solidified the composition of its Board of Directors, underscoring a commitment to leadership continuity and robust oversight as the company navigates the global energy transition.

A Firm Commitment to Shareholder Returns

Central to the day's announcements was the approval of a €1.20 per share dividend, a move that reinforces Rexel's dedication to delivering value to its investors. This distribution is consistent with the company's stated policy of paying out at least 40% of its recurring net income. For the 2025 fiscal year, this dividend represents a payout ratio of 52%, based on a reported recurring net income of €678.5 million. This figure marks a 2.4% increase from the €662.3 million recorded in 2024, demonstrating a resilient financial performance.

While the company's recurring net income has seen fluctuations over the past three years, peaking at €823.3 million in 2023, the consistency of the €1.20 dividend signals management's confidence in its long-term financial health. The sustainability of this shareholder return is further bolstered by a strong free cash flow conversion and a healthy indebtedness ratio, which stood at 2.0x at the end of 2025. Investors will see the dividend's ex-date on May 11, 2026, with the payment scheduled to be made on May 13, 2026.

Forging Ahead with Financial Flexibility

Beyond the immediate dividend payout, shareholders granted the Board of Directors a broad mandate by approving all proposed financial delegations and authorizations. While seemingly a procedural step, this comprehensive approval is strategically crucial, equipping Rexel's leadership with the agility to act decisively in a dynamic market. These authorizations typically empower the board to pursue capital increases, initiate share repurchase programs, and issue a variety of securities to optimize the company's capital structure.

This flexibility is not merely theoretical. It directly supports Rexel's ambitious growth strategy, which leans heavily on both organic expansion and targeted acquisitions. In 2025 alone, the company completed nearly €200 million in external growth transactions, focusing on high-growth segments like data centers, automation, and electrification. The renewed authorizations ensure that management can continue to seize such value-creating opportunities without the delay of convening special shareholder meetings. Furthermore, it allows for the continuation of capital return initiatives like its share buyback program, through which Rexel repurchased €100 million of its own shares in 2025, bringing the total to €400 million since mid-2022.

Leadership Stability and Strategic Oversight

The meeting also affirmed the stability and expertise within Rexel's board room. Shareholders ratified the co-option of Robert Schuchna to the Board of Directors and approved the renewal of his term, alongside the four-year term renewals for veteran directors François Auque and Barbara Dalibard. The reappointment of François Auque as Deputy Chairman further signals a commitment to leadership continuity and consistent strategic oversight.

The experience of these board members is pivotal to guiding Rexel's future. While Schuchna is a more recent addition, the continued presence of Auque, with his deep background in finance and management within large industrial groups, provides a steady hand on the company's financial strategy and risk management. Similarly, Barbara Dalibard's extensive expertise in digital transformation and international business is invaluable as Rexel continues to expand its e-commerce platforms and digital service offerings, which are critical to its competitive advantage in the energy distribution sector. This blend of experience ensures the board is well-equipped to support the company's long-term vision.

Governance and Sustainability at the Core

Rexel's shareholder meeting also cast a spotlight on the company's robust corporate governance and deep-seated commitment to sustainability. The composition of the 11-member Board of Directors reflects modern governance standards, with 78% of its members classified as independent. Furthermore, excluding directors representing employees, women now constitute 44.45% of the board, a figure that demonstrates a tangible commitment to diversity in leadership.

This strong governance framework is a cornerstone of the company's broader Environmental, Social, and Governance (ESG) strategy. Rexel's purpose, to provide "electrifying solutions that make a sustainable future possible," is backed by its performance and recognition in major Sustainability and Responsible Investment (SRI) indices, including the FTSE4Good, Dow Jones Sustainability Index Europe, and Euronext Sustainable Europe 120. This external validation assures investors that the company's financial performance does not come at the expense of its ethical and environmental responsibilities, but is instead intrinsically linked to them. The board's updated committee structure, also confirmed at the meeting, ensures that key areas like nomination, compensation, audit, and CSR are overseen by a diverse and independent group of directors.

Market Context and Forward Outlook

While the shareholder meeting delivered a clear endorsement of the company's strategy, the immediate market reaction was more subdued. Rexel's stock (RXL) experienced a modest decline of 1.95% on the Euronext Paris exchange on the day of the meeting, a movement some analysts attribute to broader market anxieties over currency headwinds and geopolitical factors rather than company-specific news. It is important to view this in the context of the stock's impressive performance over the past year, having gained 77% prior to the dip.

Concurrent with the AGM, the company also released its first-quarter 2026 sales figures, which provided a solid foundation for its optimistic outlook. For the first time in 11 quarters, all three of Rexel's major geographic regions posted positive growth, with North America showing particular strength driven by the booming data center and solar energy markets. Despite currency pressures, the company confidently confirmed its full-year guidance for 2026, projecting same-day sales growth of 3-5% and an adjusted EBITA margin of around 6.2%. This underlying operational strength and clear strategic focus on high-demand electrification trends position Rexel to continue its growth trajectory, supported by the solid financial and governance foundation affirmed by its shareholders.