• Sales revenue up 6% to $4.6b
• EBITDA down 6% to $448m
• EBIT down 14% to $262m
• EPS down 19% to 23c
• Return on capital at 10.8%

Reece Ltd, a leading provider of plumbing, bathroom, and HVAC products and services, has reported its financial results for the half-year ended 31 December 2025 (HY26). The company's sales revenue increased by 6% to $4.6 billion, driven by network expansion in both the ANZ and US markets. However, EBITDA declined by 6% to $448 million, EBIT decreased by 14% to $262 million, and earnings per share (EPS) fell by 19% to 23 cents. The company's return on capital also decreased by 222 basis points to 10.8%. The results were impacted by challenging market conditions, including ongoing affordability challenges and softness in residential new construction, particularly in the US. In response, Reece continued to invest in its network, people, and digital capabilities to support long-term growth. The company also returned $401 million to shareholders through a share buyback program, while maintaining a strong balance sheet to fund future growth opportunities.

Reece expects gross interest expense of $65 million to $75 million for the full 2026 financial year, excluding the impact of AASB16 Leases.

In the ANZ market, Reece expects ongoing affordability challenges and a gradual recovery in demand, with performance remaining mixed across states. In the US, the company anticipates ongoing softness in residential new construction due to housing affordability pressures. Despite the near-term challenges, Reece remains focused on its long-term strategy, investing in its network, people, and digital capabilities to strengthen its market position and drive future growth.