Reece (REH) AGM 2024 summary

Opening remarks and agenda

• Acknowledgment of traditional landowners and commitment to reconciliation with First Nations communities.

• Highlight of the Reece Foundation's first clean water and sanitation project in a First Nations community.

• Chair Tim Poole and CEO Peter Wilson delivered addresses outlining the meeting's focus.

• Introduction of board members, procedural matters, and confirmation of quorum for the AGM.

• Agenda included strategy and operational recap, FY24 financial review, Q1 FY25 update, and summary.

Financial performance review

• Sales revenue increased 3% to AUD 9.1 billion, adjusted EBIT up 2% to AUD 681 million, and adjusted NPAT up 3% to AUD 416 million.

• Group sales for FY 2024 were AUD 9.91 billion; ANZ sales flat at AUD 3.8 billion, US sales up 3% in USD to $3.5 billion.

• Adjusted EPS increased 3% to 64 cents; statutory NPAT up 8% to AUD 419 million.

• Q1 FY 2025 group sales down 5% to AUD 2.2 billion; ANZ sales flat, US sales down 6.5% in USD.

• Net leverage ratio improved to 0.6x from 0.9x in FY23.

Board and executive committee updates

• Ross McEwan and Angela Mentis joining the board, bringing external expertise.

• Peter Wilson transitioning to Executive Chairman and CEO; Sasha Nikolic appointed Group President and Managing Director.

• Tim Poole to retire from the board at year-end.