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Reece (REH) investor relations material
Reece H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary24 Aug, 2025
Executive summary
FY 2025 was one of the most challenging years, with group sales down 1% to $9 billion and earnings impacted by soft end markets in both regions.
EBITDA declined 11% to $901 million, and EBIT fell 20% to $548 million, reflecting increased costs and competitive pressures.
Earnings per share dropped 24% to 49c, with return on capital at 11.8%, down 365bps.
The group continued to invest in people, innovation, and network expansion, launching new products and digital capabilities.
Both ANZ and US regions expanded their branch networks, with 15 new branches in ANZ and 24 in the US.
Financial highlights
Group sales decreased 1% to $9 billion year-over-year.
EBITDA dropped 11% to $901 million; EBIT down 20% to $548 million.
Return on capital ratio declined 365 basis points to 11.8%.
Net operating cash inflows were $600 million, down from $751 million in FY24.
CapEx to sales ratio at 2.9%, supporting ongoing investment.
Outlook and guidance
ANZ outlook remains uncertain with continued soft volumes and a slow recovery anticipated.
US housing market expected to remain constrained for 12–18 months, with affordability and high mortgage rates as key headwinds.
Management anticipates a slow recovery and continued market headwinds but remains confident in the long-term approach.
U.S. Waterworks competitive outlook?
Drivers for ANZ EBIT margin recovery?
Network expansion plans given outlook?
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Frequently asked questions
Reece Limited is an Australian distributor of plumbing, bathroom, heating, cooling, and related building products. The company operates through a network of branches and showrooms, serving trade professionals and commercial clients across Australia, New Zealand, and the United States. Its product range supports residential, commercial, and infrastructure projects. Reece Limited is headquartered in Melbourne, Australia, and its shares are listed on the ASX.
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