• Sales revenue up 6% to $4,648 million
• EBITDA down 6% to $448 million
• EBIT down 14% to $262 million
• EPS down 19% to 23 cents
• Interim dividend of 5.44 cents per share, fully franked

Reece Ltd ('Reece Group' or 'Reece'; ASX: REH) announced its financial results for the half year ended 31 December 2025 (HY26). Sales revenue increased 6% to $4,648 million, supported by network expansion, while Group like-for-like sales were flat versus the prior year. EBITDA declined 6% to $448 million, impacted by elevated costs associated with network expansion, investment in strategic initiatives, and modest operating cost inflation. EBIT was down 14% to $262 million, driven by higher depreciation and amortisation from ongoing investment in the business. NPAT was down 20% to $144 million. Reece's capex to sales ratio of 1.8% supported organic network expansion, branch refurbishments, and technology investments. Net debt increased to $1.0 billion, driven by lower operating net cash flow and partial funding of the share buyback program. The company continued to execute on its three strategic priorities: operational excellence, accelerating innovation, and investing for profitable growth. Reece remains cautious about the pace of recovery and does not expect a material shift in demand for the remainder of FY26.

Reece anticipates Group EBIT for full year FY26 to be within the range of $520-$540 million.

Reece remains cautious about the pace of recovery and does not expect a material shift in demand for the remainder of FY26.