• Sales revenue down 3% to A$4.4b
• EBITDA down 10% to A$475m
• EBIT down 19% to A$181m
• Continuing to invest through the cycle

Reece Ltd reported its half-year results for FY25, with sales revenue down 3% to A$4.4b and EBIT down 19% to A$181m. The company's ANZ business saw flat sales and a 17% decline in EBIT, impacted by soft housing market conditions and elevated costs. The US business saw a 5% decline in sales (in US dollars) and a 15% decline in EBIT, due to softness in residential new construction and increased competitive pressure. Reece is continuing to invest through the cycle, with a focus on operational excellence, accelerating innovation, and investing for profitable growth. This includes expanding its network in both ANZ and the US, completing two bolt-on acquisitions in ANZ, and accelerating organic expansion in the US. The company also announced a leadership reset to enable the future, with changes to the executive team and board. Reece remains confident in its long-term approach, citing its strong balance sheet, trusted brand, and large markets with attractive long-term fundamentals.

In the ANZ market, housing activity is expected to remain soft, with no material change to volume settings anticipated in the near term. In the US, the near-term outlook also remains challenging, with housing units under construction down year-on-year and interest rates and affordability continuing to create headwinds.