Reece, Worley and Tasmea FY26 Results: What Explains Their Earnings Differences?

Sonal Goyal

22 October 2026 07:00 AM AEDT

Reece, Worley and Tasmea FY26 Results: What Explains Their Earnings Differences?

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Key highlights

Reece (ASX:REH) reported sales of $9,378 million and EBIT of $534 million, down 2.6%.
Worley (ASX:WOR) reported bookings of $15.5 billion, up 23%, and backlog of $13.8 billion.
Tasmea (ASX:TEA) reported revenue of $1,293.3 million, up 136%, and upgraded FY27 EBITA guidance to $205–210 million.

Companies that distribute building products, deliver engineering services and acquire specialist contractors report results shaped by housing and project cycles. This article reviews the FY26 results of Reece Limited (ASX:REH), Worley Limited (ASX:WOR) and Tasmea Limited (ASX:TEA) for the year ended 30 June 2026.

Sector context

These companies are exposed to housing construction, energy and resources capital spending, acquisitions and currency. The releases refer to a subdued US residential market, the Middle East conflict and a growing order book.

Reece Limited (ASX:REH)

Reece reported FY26 results on 24 August 2026. Sales revenue was $9,378 million, up 4.5%, EBITDA was flat at $901 million, EBIT was $534 million, down 2.6%, and NPAT was $308 million, down 2.8%. The final dividend is 13.40 cents per share, fully franked.

ANZ volumes recovered during the year and the company ended with 678 branches in the region, while a subdued US residential housing market led to softer growth there. Net debt rose to $744 million from $590 million, and Reece expects more modest US growth.

Worley Limited (ASX:WOR)

Worley reported FY26 results on 26 August 2026. Aggregated revenue was $12,023 million, underlying EBITA was $734 million, down 10.8%, and underlying NPATA was $395 million, down 16.8%. Statutory NPATA was $306 million, down 35.6%, after $120 million of pre-tax restructuring costs, and the company said results were affected by the Middle East conflict and currency translation.

Bookings were $15.5 billion, up 23%, and backlog was $13.8 billion, up 9%. The final dividend is 25 cents per share, unfranked, and a further $300 million buy-back began after a $500 million buy-back was completed in May 2026. Worley expects mid to high single-digit growth in revenue and underlying EBITA in FY27.

Tasmea Limited (ASX:TEA)

Tasmea reported FY26 results on 27 August 2026. Revenue was $1,293.3 million, up 136%, underlying EBITA was $118.1 million, up 54%, and underlying NPAT was $73.7 million, up 42%, with second-half underlying EBIT about 67% above the first half. Net debt fell to $59.6 million.

The final dividend is 8.5 cents per share, fully franked, with full-year dividends of 14.5 cents excluding a 10.0 cent special dividend. FY27 guidance was upgraded to underlying EBITA of $205–210 million and underlying NPATA of $130–133 million, citing a record order book and recent acquisitions including Maxim and JPS.

Looking across the three releases

Reece reported lower earnings despite higher sales, Worley reported lower earnings with rising bookings and backlog, and Tasmea reported a large increase in revenue and earnings driven by acquisitions. Each company set out its outlook, from modest US growth at Reece to upgraded guidance at Tasmea.

FAQs

Q: What was Reece’s (ASX:REH) FY26 final dividend?

A:13.40 cents per share, fully franked.

Q: What was Worley’s (ASX:WOR) backlog?

A:$13.8 billion, up 9%.

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