• Sales revenue increased 6% to $4,648m
• EBITDA declined 6% to $448m due to elevated costs
• NPAT down 20% to $144m amid challenging housing market conditions

Reece Limited has reported its financial results for the half year ended 31 December 2025. The company's performance reflects the backdrop of challenging housing market conditions across both its Australia/New Zealand (ANZ) and United States (US) regions. Sales revenue increased 6% to $4,648m (HY25: $4,402m), supported by network expansion. However, EBITDA declined 6% to $448m (HY25: $475m), impacted by elevated costs associated with network expansion, investment in strategic initiatives and modest operating cost inflation. EBIT was down 14% to $262m (HY25:$305m) driven by higher depreciation and amortisation from ongoing investment in the business. NPAT was down 20% to $144m (HY25: $181m). In ANZ, sales revenue was up 4% to $2,062m (HY25: $1,980m) supported by modest growth in underlying volumes, but EBITDA was down 4% to $261m (HY25: $271m) and EBIT decreased 7% to $179m (HY25: $193m) due to elevated costs. In the US, sales revenue increased 6% to US$1,696m (HY25:$1,596m), driven by network growth, but EBITDA decreased 9% to US$123m (HY25: US$135m) and EBIT decreased 26% to US$55m (HY25: US$74m) due to higher costs associated with recent network expansion.