• Net profit after tax of US$43.7 million, down 34.9% on prior corresponding period
• Adjusted net profit after tax of US$52.2 million, down 31.3% on prior corresponding period
• Net sales down 4.6% to US$645.4 million

Reliance Worldwide Corporation Ltd (RWC) announced Net Profit after Tax (NPAT) of US$43.7 million for the six months ended 31 December 2025, down 34.9% on the prior corresponding period (pcp). Adjusted NPAT was US$52.2 million, down 31.3% on pcp. Net sales were US$645.4 million, 4.6% lower than pcp. Adjusting for the previously disclosed pull-forward of demand into the first half of the pcp in the Americas, the exit from certain low-margin product lines in the Canadian market, and the sale of manufacturing operations in Spain, underlying net sales for the period were 1.9% lower than the pcp. Operating earnings (EBITDA) for the period were US$111.1 million, 22.2% lower than the pcp. Results for the period included a net (US$0.3 million) in one-off items. Adjusted EBITDA was US$111.4 million, 22.5% lower than the pcp. The operating earnings for the period were adversely impacted by US tariffs. The expected full year net impact of tariffs in FY26 is in the range of US$25 million to US$30 million, with the impact weighted to the first half of FY26. Cash generated from operations was US$102.6 million, 19.2% lower than the pcp. Operating cash flow conversion for the period was 92.1% of Adjusted EBITDA versus 88.3% in the pcp.

RWC expects, after adjusting for the exit from certain low margin product lines in Canada and the sale of RWC's manufacturing operations in Spain which occurred in FY25, that second half external sales will be up on the prior corresponding period by mid-single digit percentage points. Full year external sales for FY26 are expected to be broadly flat. The introduction of tariffs in the US will negatively impact earnings by between US$25m and US$30m in FY26.

RWC expects trading conditions in the second half of FY26 to remain broadly consistent with those experienced in the first half of FY26. The benefits from the transfer of product sourcing away from China to lower tariff countries, coupled with price adjustments and cost reduction measures, will continue to flow through in the second half of FY26.