• Sales down 4.6% but underlying sales down 1.9%
• Adjusted EBITDA down 22.5% due to US tariffs, higher costs
• Adjusted NPAT down 31.3% to $52.2 million
• Expects FY26 sales to be broadly flat, EBITDA margins lower

Reliance Worldwide Corporation Ltd (RWC) reported its interim operating and financial results for the six months ended 31 December 2025. Net sales were $645.4 million, 4.6% lower than the prior corresponding period (pcp), with sales declines in the Americas (-7.2%) and Asia Pacific (-0.7%), partially offset by a 2.4% increase in EMEA. Adjusting for the pull-forward of demand in the Americas, exit from low-margin product lines in Canada, and the sale of manufacturing operations in Spain, underlying net sales were 1.9% lower than the pcp. Adjusted EBITDA was $111.4 million, 22.5% lower than the pcp, primarily due to the impact of US tariffs, lower volumes in the Americas, and increased costs in EMEA. Adjusted NPAT was $52.2 million, 31.3% lower than the pcp. For the full year FY26, RWC expects consolidated external sales to be broadly flat, after adjusting for the exit from low-margin product lines in Canada and the sale of manufacturing operations in Spain. The impact of tariffs is expected to be lower in the second half, but Adjusted EBITDA margins for the full year FY26 will be lower than FY25. The company provided guidance for key financial metrics including operating cash flow conversion, capital expenditure, depreciation and amortization, net interest expense, effective tax rate, and cost savings.

For FY26, RWC expects: operating cash flow conversion above 90%, capital expenditure of $25-30 million, depreciation and amortization of $70-72 million, net interest expense of $21-25 million, adjusted effective tax rate of 18-21%, and cost savings of $8-10 million.

Trading conditions in the second half of FY26 are expected to remain broadly consistent with the first half. In the Americas, second half sales are expected to be up mid to high-single digits after adjusting for the exit from low-margin product lines in Canada, but EBITDA margin will be lower than the pcp due to tariffs. In Asia Pacific, second half sales are expected to be broadly flat to up low-single digits, with EBITDA margin up on the pcp. In EMEA, second half sales are expected to be broadly flat, and EBITDA margin is expected to be broadly flat on the pcp and higher than the first half.