• Sales revenue down 1% to $8,978 million
• EBIT down 20% to $548 million
• EPS down 24% to 49 cents
• Final dividend of 11.86 cents per share, fully franked

Reece Limited ('Reece Group' or 'Reece'; ASX: REH) today announces its financial results for the full year ended 30 June 2025 (FY25). The company delivered a disappointing result, with full year earnings impacted by soft end markets across both the Australia/New Zealand (ANZ) and United States (US) regions. Sales revenue decreased 1% to $8,978 million, EBITDA was down 11% to $901 million, and EBIT was down 20% to $548 million. NPAT was down 24% to $317 million. The Group generated net operating cash inflows of $600 million and the capex to sales ratio was 2.9% for the year. The company remains well capitalised with a net leverage ratio of 0.8x. Reece made solid progress against its strategic priorities in FY25, including employee training and development, digital capabilities enhancement, and network expansion. Looking ahead, Reece expects a slow housing market recovery, with a period of soft activity still to play out in ANZ and the US housing market constrained for the next 12-18 months.

Reece expects a slow housing market recovery. In ANZ, the outlook remains uncertain with a period of soft activity still to play out. In the US, Reece anticipates the housing market to be constrained for the next 12-18 months with affordability continuing to weigh on housing activity.

Despite current headwinds, Reece remains confident in its long-term approach. The company operates in large, resilient markets where housing undersupply and population growth will drive demand for infrastructure across both its regions.