Reliance Worldwide
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Reliance Worldwide (RWC) investor relations material

Reliance Worldwide H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary16 Feb, 2026

Executive summary

  • First half FY26 performance was impacted by US tariffs and weak end markets, but operational discipline led to strong cash generation and reduced leverage.

  • Strategic initiatives advanced, including commissioning a new Poland plant, plans for a Mexico facility, and the launch of SharkBite Max in Australia.

  • Sourcing diversification away from China and selective price actions were implemented to offset tariff effects.

  • Net sales for the half year ended 31 December 2025 were $645.4 million, down 4.6% year-over-year, with declines in the Americas and APAC, but growth in EMEA.

  • Cost savings of $4.4 million were achieved through procurement, manufacturing, and distribution efficiencies.

Financial highlights

  • Net sales for HY26 were $645.4 million, down 4.6% year-over-year; underlying sales declined 1.9%.

  • Adjusted EBITDA was $111.4 million, down 22.5% year-over-year, with a margin of 17.3%.

  • Adjusted NPAT was $52.2 million, down 31.3% year-over-year; adjusted EPS was 6.7 cents.

  • Distribution for the half totals US4.0 cents per share, split equally between cash dividend and share buy-back.

  • Operating cash flow conversion was 92.1%; net debt reduced by $21.2 million to $310.4 million.

Outlook and guidance

  • Second half FY26 operating margins expected to improve sequentially in all regions, with Americas sales up mid- to high-single digits year-over-year.

  • Full year FY26 consolidated external sales expected to be broadly flat; adjusted EBITDA margin to be lower than prior year.

  • Tariff impact for FY26 remains $25–$30 million, with two-thirds absorbed in H1; FY27 residual impact now $5–$7 million.

  • Cost savings of $8–10 million targeted for FY26; operating cash flow conversion expected above 90%.

  • Copper volatility to be offset by supply chain, cost, and pricing actions; long-term goal to eliminate copper as a material P&L item by FY29.

How did US tariffs impact operating earnings?
What caused the significant inventory increase?
Why is 50% distribution allocated to buy-backs?
How will material substitution affect brand value?
Mexico plant: long-term value beyond tariffs?
What drives H2 volume recovery assumptions?
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Frequently asked questions

Reliance Worldwide Corporation Limited is an Australia-based company that designs, manufactures, and supplies plumbing and water control systems. The company’s product portfolio includes pipe fittings, valves, thermostatic products, and other water control solutions used in residential, commercial, and industrial plumbing applications. RWC serves clients globally, focusing on products that facilitate efficient water flow and improve plumbing system safety and performance. Its offerings support various industries, including construction, maintenance, and repair. The company is headquartered in Melbourne, Australia, and its shares are listed on the ASX.

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