In this paper, we use the replica trick in order to compute the effect
ive permittivity of a medium where the local permittivity is a random
binary variable. A Gaussian variational treatment leads us to self-con
sistent equations which are solved and yield a replica diagonal soluti
on (no replica symmetry breaking). We obtain an effective-medium formu
la previously derived by a cumulant expansion. This formula is satisfa
ctory from many points of views (Hashin and Shtrikman bounds, low dens
ity expansion, etc) showing that the replica method does not violate s
ome basic principles.