Reece (REH) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a quorum, introduction of board members, committee chairs, and audit partners present.

• Procedures for online participation, voting, and Q&A were outlined, with all resolutions decided by poll.

• Chair and CEO Peter Wilson addressed the meeting, outlining the company's long-term growth story and strategic focus.

Financial performance review

• FY25 group sales declined 1% to AUD 9 billion; EBITDA down 11% to AUD 901 million, and EBIT down 20% to AUD 548 million.

• Net profit after tax (NPAT) was AUD 317 million, down 24% from the prior year.

• CapEx to sales ratio was 2.9%; return on capital ratio decreased by 365 basis points to 11.8%.

• Q1 FY26 saw 8% sales growth driven by network expansion, but EBITDA declined 8% and EBIT was down 18%.

• ANZ sales grew 1% to AUD 3.9 billion; US sales fell 5% in AUD, with currency effects impacting results.

Board and executive committee updates

• Board reshaped with retirements and new appointments: Angela Mantas, Gavin Street, and Jacqueline Chow joined.

• Ongoing search for a lead independent director to ensure balanced governance for minority shareholders.

• Chairman Emeritus role established for Alan Wilson, focusing on culture and advisory.