• Reece has a strong balance sheet with excess capacity
• Buy-back targeted at $250 million, with flexibility to accept more or less
• Aims to return excess capital to shareholders while maintaining conservative leverage

Reece Limited is pleased to offer eligible shareholders the opportunity to participate in an off-market buy-back of Reece ordinary shares. The buy-back is a key part of Reece's broader capital management approach, with the company having a strong balance sheet and excess capacity. The Board is targeting a $250 million buy-back, with flexibility to accept more or less depending on demand, pricing, market conditions, and other factors, subject to an upper limit of $400 million. After careful consideration, the Board believes this is an efficient way to return excess capital to shareholders while maintaining a conservative leverage ratio and ensuring flexibility to fund future growth, both organic and inorganic. Eligible shareholders can offer to sell their shares at a Floor Price of $11.00, representing a 6.6% premium to the closing share price on 19 September 2025, or at a nominated price between $11.00 and $13.00 (inclusive), in 20 cent intervals. The final Buy-back Price will be determined by Reece within this range. Participation in the buy-back is voluntary, and shareholders are encouraged to read the full details in the Buy-back Booklet before deciding whether to participate.