Reece Limited · ASX:REH
Reece — Investor Presentation (February 2026)
28 slides from Reece's investor presentation, Feb 23, 2026
Slide 1: Half Year Results FY26
Half Year Results FY26 6 months ended 31 December 2025
Slide 2: Disclaimer
Disclaimer The material in this presentation has been prepared by Reece Limited (ABN 49 004 Non-IFRS Financial Information 313 133) (“Reece") (ASX:REH) and is general background information about Reece's activities current as at the date of this presentation, 23 February 2026. The Reece uses certain
Slide 3: Agenda
Peter Wilson Agenda Chair & CEO 01 HY26 Overview & strategy recap 02 Operational update Sasha Nikolic Group President & MD 03 Financial review 04 Outlook Andy Young Group CFO 05 Q&A 3 Agenda Reece. Works for you.
Slide 4: HY26 Overview & Strategy Recap
01 HY26 Overview & Strategy Recap Peter Wilson 4 Reece. Works for you.
Slide 5: HY26 Group financial overview
HY26 Group financial overview Market conditions remain challenging Sales revenue EBITDA EBIT $4.6b $448m $262m up 6% vs pcp down 6% vs pcp down 14% vs pcp EPS Return on capital Half year dividend 23c 10.8% 5.44c down 19% vs pcp down 222bps vs pcp per share, fully franked 5 Reece. Works for you.
Slide 6: Our Blueprint
Our Blueprint Inspired Live the Embrace Execute Deliver by our Reece our 2030 Strategic Customer Purpose Way Vision Priorities Promise 6 Reece. Works for you.
Slide 7: 2030 Vision
• Customised service Operational • Attracting, retaining and upskilling our people excellence 2030 • Leadership training and development Vision Accelerating innovation • • • Integrated digital experience team Advancing our digital capabilities Product and range development Our trade's most valuable
Slide 8: Operational Update
02 Operational Update Sasha Nikolic 8 Reece. Works for you.
Slide 9: ANZ branch network
ANZ branch network 12 680 branches 129 58 +4 48 187 +4 new branches Ongoing investment 189 in network infill and 41 upgrades 16 9 Reece. Works for you.
Slide 10: Staying one step ahead of our customers' needs
Staying one step ahead of our customers’ needs 10 Reece. Works for you.
Slide 11: US branch network
US branch network 286 branches +19 +19 new branches Ongoing investment to scale and upgrade network 11 Reece. Works for you.
Slide 12: Building capability to support growing network
Building capability to support growing network 12 Reece. Works for you.
Slide 13: Financial review
03 Financial review Andy Young 13 Reece. Works for you.
Slide 14: ANZ financial summary
ANZ financial summary Market stabilising, performance mixed across states Sales up 4% HY26 HY26 HY25 Var. % 31 December 2025 (A$m) • Modest volume growth • Performance remains mixed at a state level Sales revenue 2,062 1,980 4% • Pricing broadly neutral EBITDA 261 271 (4%) EBITDA margin 12.6% 13.7%
Slide 15: US financial summary
US financial summary Residential new construction remains soft USD HY26 Sales up 6% (US dollars) HY26 HY25 Var. % 31 December 2025 (US$m) • Network expansion supporting headline Sales revenue 1,696 1,596 6% sales growth EBITDA 123 135 (9%) • Sales down low single digits on a LFL basis EBITDA margin
Slide 16: Cashflow
Cashflow HY26 HY26 HY25 • Lower net cash inflow driven by 31 December 2025 (A$m) elevated costs associated with Net cash inflow from operations 199 256 network expansion Capital Expenditure (86) (129) • Capex/sales ratio 1.8% supporting ongoing investment in the Proceeds from sale of assets 4 3 busi
Slide 17: Balance sheet
Balance sheet Net working capital Debt • NWC to sales ratio 20% (FY25: 19%), driven • Increase in net debt driven by lower operating by seasonality in receivables and payables net cash inflow and share buyback • Tightly controlled inventory while maintaining • Net leverage ratio 1.5x (FY25: 0.8x) av
Slide 18: Group performance
Group performance Return on capital 5,000 25% 4,000 20% Return on capital (%) Shareholders equity plus net debt ($m) 3,000 16% 15% 15% 13% 13% 13% 2,000 11% 10% 1,000 5% - 0% 1H21 1H22 1H23 1H24 1H25 1H26 Shareholders equity Net debt Return on capital Investing through the cycle to support long-term
Slide 19: Capital management priorities
Capital management priorities Enable long-term profitable growth 01. 02. 03. Invest in the Strong balance Returns to business sheet shareholders Organic Pay down debt; Dividends, investments retain flexibility share buyback and M&A for growth 19 Reece. Works for you.
Slide 20: $401m share buyback
Off-market buyback of $365m completed $401m share On-market buyback up to $85m ($35m completed) buyback Strong balance sheet with flexibility to fund future growth 20 Reece. Works for you.
Slide 21: Outlook
04 Outlook Peter Wilson 21 Reece. Works for you.
Slide 22: Outlook ANZ
Australian single family private housing Outlook ANZ 160 commencements & completions 150 140 Demand remains subdued 130 Units 000’s 120 110 • Ongoing affordability challenges 100 Gradual recovery emerging, expect 90 • performance to remain mixed across states 80 Jun-19 Jun-20 Jun-21 Jun-22 Jun-23 Ju
Slide 23: Outlook US
Outlook US US single and multi family housing under construction Housing market remains constrained 2,000 1,800 1,600 Units 000's • Expect ongoing softness in residential new 1,400 construction 1,200 • Housing affordability pressures continue to 1,000 impact activity 800 Jun-19 Jun-20 Jun-21 Jun-22
Slide 24: A long-term approach
A long-term approach Focused on long-term Well capitalised, Large markets, strategy enabling investment with attractive long-term to build a stronger fundamentals business 24 Reece. Works for you.
Slide 25: Q&A
05 Q&A 25 Reece. Works for you.
Slide 26: Appendix
Appendix Reconciliation from Statutory EBIT to EBITDA Reconciliation from statutory EBIT to Adjusted EBIT 31 Dec (A$m) HY26 HY25 HY24 HY23 HY22 HY21 31 Dec (A$m) HY26 HY25 HY24 HY23 HY22 HY21 EBIT (statutory) 262 305 367 325 275 236 EBIT (statutory) 262 305 367 325 275 236 Add back/deduct: Add back/
Slide 27: Appendix
Appendix Group definitions and non-IFRS measures Footnotes Like for like (LFL) Like for like sales refers to branches that have reported a full 12- 1 Australian Bureau of Statistics, Private Sector, Houses, New. month of sales in both the current and prior year. 2 Australian Bureau of Statistics, Va
Slide 28: Works for you.
Works for you.