The ASX Growth Portfolio holds Reece. The company released its FY26 result on Monday 24 August 2026, covering the twelve months to 30 June 2026.
Group revenue rose 4.5% to $9,378 million, or 7.3% in constant currency. EBITDA held flat at $901 million, EBIT fell 2.6% to $534 million and net profit after tax fell 2.8% to $308 million. Earnings per share edged up 0.7% to 49.5 cents, helped by the $401 million Reece spent on buybacks during the year. The board declared a final fully franked dividend of 13.40 cents, taking the FY26 total to 18.84 cents from 18.36 cents.
| Metric | Actual (FY26) | vs FY25 |
| Revenue | $9,378m | +4.5% |
| EBITDA | $901m | flat |
| EBIT | $534m | -2.6% |
| NPAT | $308m | -2.8% |
| EPS | 49.5c | +0.7% |
| Total DPS | 18.84c | +2.6% |
The two regions pulled in opposite directions. ANZ lifted sales 8.3% to $4,204 million and EBIT 6.1% to $360 million, with margin slipping 17 basis points to 8.6%. Volumes recovered through the second half and the network finished at 678 branches. In the US, sales grew 6.5% in local currency to US$3,511 million, while like-for-like sales fell 1.7% and EBIT dropped 13.0% to US$118 million as margin compressed 76 basis points to 3.4%. Reece opened 25 US branches over the year, taking that network to 292, so the cost base expanded faster than residential demand.
Operating cash flow rose 7.5% to $645 million, free cash flow reached $487 million and net debt closed at $744 million, or 1.0 times EBITDA. Return on capital came in at 11.9%.
Management expects ANZ to carry a solid activity pipeline into the first half of FY27, while flagging that lead indicators could deteriorate as housing affordability pressure persists. It sees US new residential construction staying soft, non-residential holding up better, and modest growth overall. Chairman and chief executive Peter Wilson said, “Looking beyond the cycle, we have continued to invest for the long term.” Group president and managing director Sasha Nikolic added, “Our approach is the same as it has always been: prioritise our customers, run the business efficiently and continue investing to build a stronger Reece for the long term.”
REH closed at $16.90 on the day, up 2.18%, against a 52 week range of $10.14 to $17.63.
