Full Year 2024 Rexel SA Earnings Call Transcript
Key Points
- Rexel SA (RXEEY) achieved a 5.9% EBITA margin in 2024, demonstrating resilience despite a challenging market environment.
- The company reported a strong free cash flow conversion rate of 76%, surpassing its guidance.
- Rexel SA (RXEEY) gained market share in several key countries, indicating successful strategic investments in logistics, digital, and value-added services.
- North America showed positive sales growth, with a 3.6% increase in the last quarter, driven by non-residential and industrial markets.
- The company maintained a stable dividend of EUR 1.20 per share, reflecting confidence in its business model and mid-term ambitions.
- Rexel SA (RXEEY) experienced a like-for-like sales decline of 2.4% in 2024, marking the first negative year since 2016, excluding the COVID-19 period.
- The European market faced significant challenges, with a soft economy and political uncertainties impacting sales.
- The electrification market remained difficult, contributing negatively to same-day sales evolution.
- The company faced a 46.6% effective tax rate due to non-deductible expenses, including a fine from the French Competition Authority.
- Rexel SA (RXEEY) anticipates continued headwinds from OpEx inflation, which could impact profitability in 2025.
Good evening. This is the conference operator. Welcome, and thank you for joining the Rexel's 2024 results conference call. (Operator Instructions)
At this time, I would like to turn the conference over to Mr. Guillaume Texier, Group CEO of Rexel. Please go ahead.
Good evening, everyone, and welcome to our full year and fourth quarter 2024 results conference. Thank you, first, for making the time to join us and for accommodating the change of date, which we hope, if anything, made it slightly easier for you to be with us today in a busy results season.
I'm here with Laurent Delabarre, who will be giving you a detailed account of our financials after we've completed a short term of the main highlights of the last quarter and the full year. And after Laurent's deep dive, I'll come back to discuss our outlook for 2025 and give you a progress update on our strategic road map before we open up for questions.
So switching to Slide 3. In 2024, overall, we operated in a market
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