• Reece reports FY25 sales of $9 billion, down 1% and EBITDA of $901 million, down 11%
• Executed $365 million share buyback, returning excess capital to shareholders
• Continuing to invest in network expansion, innovation and people to drive long-term growth

Reece Ltd held its 2025 Annual General Meeting, with Chair and CEO Peter Wilson delivering the opening address. Wilson provided an overview of Reece's history, from its humble beginnings in 1920 to becoming a $9 billion business today with over 900 branches and 9,000 employees across Australia, New Zealand and the US. Wilson outlined Reece's purpose, vision and strategic priorities, which include operational excellence, accelerating innovation and investing for profitable growth. He acknowledged the challenging FY25, with group sales down 1% to $9 billion and EBITDA down 11% to $901 million, reflecting soft end markets and increased competition. However, Wilson reiterated Reece's long-term focus and commitment to investing through the cycle to build a stronger business.The company recently executed a $365 million off-market share buyback, purchasing 4.3% of shares on issue. This enabled Reece to return excess capital to shareholders while maintaining a strong balance sheet and flexibility for future growth. Wilson also discussed Reece's board renewal, with the appointment of new independent directors Angela Mentis, Gavin Street and Jacqueline Chow to provide additional skills and expertise. Chow, the new Remuneration Committee Chair, and Street, the Audit and Risk Committee Chair, also addressed the meeting, outlining their priorities.Group President and Managing Director Sasha Nikolic provided further details on Reece's FY25 financial performance, with ANZ sales up 1% but US sales down 5% in USD terms. He highlighted Reece's continued investment in network expansion, innovation and people development, positioning the company for the future.Despite the challenging trading environment, Reece remains confident in its long-term strategy and ability to deliver value for customers and shareholders.

Reece reported FY25 group sales of $9 billion, down 1%, and EBITDA of $901 million, down 11%. EBIT declined 20% to $548 million. The company declared a total FY25 dividend of 18.36 cents per share.