Reliance Worldwide (RWC) Q3 2025 TU earnings summary

Executive summary

• Provided update on US tariffs' impact and revised FY25 trading outlook, citing deteriorating US economic conditions and reduced demand.

Financial highlights

• Americas FY25 external sales now expected at the lower end of guidance: broadly flat, within low single digit % change from FY24.

• Asia Pacific FY25 external sales (ex-Holman) expected up low single digits vs FY24, below prior mid-single digit growth guidance.

• EMEA FY25 external sales unchanged, expected down mid-single digits vs FY24.

• Group external sales for FY25 expected up mid-single digits vs FY24; excluding Holman and Supply Smart, now at lower end of flat guidance.

• Adjusted EBITDA margin (ex-Holman) for FY25 now expected slightly lower than FY24 due to lower sales and tariff costs.

Outlook and guidance

• FY25 Americas sales outlook reduced due to US economic uncertainty and higher tariffs.

• APAC sales growth revised down due to delayed product launches.

• EMEA sales outlook unchanged; group sales growth expected but at lower end of prior guidance.

• FY25 Adjusted EBITDA margin (ex-Holman) expected to decline slightly; cash flow conversion to remain above 90%.