Highlights

  • Reece Ltd (ASX:REH) reported FY2026 sales Revenue of $9,378 million, up 4.5% from FY2025.
  • EBITDA remained at $901 million, while EBIT declined 2.6% to $534 million and NPAT declined 2.8% to $308 million.
  • At the time of writing on 22 September 2026, Reece Ltd (ASX:REH) was trading at AUD 16.33, down 0.79% during today’s trading session.
  • The company declared a fully franked final Dividend of 13.40 cents per share, taking FY2026 total dividends to 18.84 cents per share.

Reece Ltd (ASX:REH) is a distributor of plumbing, waterworks and HVAC-R products serving commercial and residential customers across Australia, New Zealand and the United States. The company has released its FY2026 financial results, outlining revenue performance, regional operations, network expansion and Investment in technology and customer capabilities.

Reece operates through a network of approximately 1,000 branches and employs around 9,000 people across its markets. Its Business model focuses on supplying products and services to trade customers through physical branches and digital channels.

Company Business

Reece Group distributes plumbing, waterworks and HVAC-R products to trade professionals, contractors and other commercial customers. The company operates across Australia, New Zealand and the United States, with its network supporting customers across residential, commercial and infrastructure-related markets.

The company’s operations are divided primarily between the ANZ region and the US market. In FY2026, ANZ revenue increased as volumes recovered, while the US business faced softer residential new construction conditions.

Reece continues to invest in branch infrastructure, product availability, digital tools and customer experience initiatives. During FY2026, the company ended the year with 678 branches in the ANZ region and continued expanding its US network.

Recent Development

In August 2026, Reece released its FY2026 financial results for the year ended 30 June 2026. Sales revenue increased 4.5% to $9,378 million compared with $8,978 million in FY2025.

EBITDA remained unchanged at $901 million, while EBIT declined 2.6% to $534 million. Net profit after tax decreased 2.8% to $308 million. Earnings Per Share increased 0.7% to 49.5 cents.

The company generated net operating cash inflows of $645 million, compared with $600 million in FY2025. Capital Expenditure totalled $174 million, supporting network expansion and technology investment.

Net Debt increased to $744 million from $590 million, reflecting investment activity and partial funding for share buyback programmes. The company reported a net Leverage Ratio of 1.0 times.

The Board declared a final dividend of 13.40 cents per share, fully franked. The Record Date is 7 October 2026 and payment date is 21 October 2026.

Financial Performance and Sector Context

The ANZ region recorded sales revenue growth of 8.3% to $4,204 million. EBITDA increased 7.3% to $532 million, while EBIT increased 6.1% to $360 million. The company attributed growth to higher volumes and continued investment in customer capabilities.

In the US region, sales revenue increased 6.5% to US$3,511 million, supported by network expansion. However, like-for-like sales declined 1.7% due to continued weakness in residential new construction activity. EBITDA declined 4.5% to US$251 million and EBIT declined 13.0% to US$118 million.

Reece opened a net 25 new branches in the US during FY2026, expanding its network reach while continuing investment in digital platforms, including improvements to its customer application.

The industrial distribution sector is influenced by construction activity, housing conditions, infrastructure demand, Supply chain conditions and customer investment cycles. Companies operating in this market monitor Demand trends across residential and commercial sectors.

Risks to Consider

Key risks include changes in housing activity, Interest Rate sensitivity, construction cycles, supply chain conditions, operating costs and demand fluctuations across key markets.

The company highlighted that residential new construction remains a challenge in the US market, while consumer affordability conditions may influence future demand.

What to Watch Next

Future developments may include performance across ANZ and US operations, branch network expansion, digital initiatives and progress against Customer Service priorities.

Reece expects ANZ activity to support first-half FY2027 momentum, while US growth is expected to remain more modest due to ongoing residential construction challenges.

Key Insights

Reece reported FY2026 sales revenue of $9,378 million, supported by Volume recovery in ANZ and network expansion in the US. The company continued investing in branches, technology and customer capabilities while managing differing conditions across its operating regions.