J P M O R G A N Europe Equity Research 23 July 2026 Rexel Updated preview with consensus - A guidance upgrade would be necessary to support the shares We update our H1 preview, first published on June 26 (link), to account for consensus received from the company and reporting from the peer group companies so far. Our forecast of +4.4% organic same-day revenue growth in H1 is slightly above consensus of +4.1%, while our margin expectation of 6.07% is largely in-line with consensus of 6.05%. We therefore expe ...