• Net sales up 14.8% to $676.5 million, with Holman acquisition contributing
• Adjusted EBITDA up 15.2% to $143.8 million, with margin improvement to 21.3%
• Adjusted NPAT up 12.3% to $76.0 million

Reliance Worldwide Corporation Ltd has reported its financial results for the six months ended 31 December 2024. Net sales were $676.5 million, 14.8% higher than the prior corresponding period, with the acquisition of Holman Industries on 1 March 2024 contributing to the growth. Excluding Holman and the closure of the Supply Smart sales model, sales were 3.8% higher than the prior period. Adjusted EBITDA was $143.8 million, up 15.2% on the prior period, reflecting the contribution from Holman. Adjusted EBITDA margin improved to 21.3%, up slightly from the prior period. Excluding Holman, the Adjusted EBITDA margin improved to 22.2%. Reported net profit after tax was $67.2 million, 31.8% higher than the prior period, while Adjusted NPAT was $76.0 million, up 12.3%. The company achieved $10.8 million in cost savings during the period, driven by continuous improvement initiatives, the benefits of the EMEA restructuring, and Holman synergies. The Americas segment saw sales growth of 3.3%, or 5.4% excluding Supply Smart, with Adjusted EBITDA margin improving to 21.0%. Asia Pacific sales, including Holman, were up 90.5%, with Adjusted EBITDA margin increasing to 12.0%. EMEA sales were 4.0% lower in reported currency, with Adjusted EBITDA margin improving to 29.2%.

RWC expects full year group external sales for FY25 to be up by mid-single digit percentage points relative to FY24. Excluding the impact of Holman and Supply Smart, full year group external sales are expected to be broadly flat, within a range of up or down by low single digit percentage points, relative to FY24. RWC is targeting a further improvement in consolidated Adjusted EBITDA margin (excluding Holman) through cost reduction and efficiency measures.

Macro-economic conditions in the second half of FY25 are not expected to materially improve from the first half. Despite an easing in interest rates, this has yet to flow through to improved residential markets in the US and UK. New residential dwelling commencements in Australia also continue to be weak. RWC expects full year group external sales for FY25 to be up by mid-single digit percentage points relative to FY24, but excluding Holman and Supply Smart, sales are expected to be broadly flat.