Australia · Delayed Price · Currency is AUD Reece Earnings Call Transcripts
Fiscal Year 2026
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Sales rose 6% to AUD 4.6 billion, but earnings declined due to cost inflation and ongoing investment. ANZ showed early signs of housing recovery, while US demand remained weak. FY26 EBIT is guided at AUD 520–540 million.
Fiscal Year 2025
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The meeting reviewed a challenging year with lower sales and profit, ongoing US market headwinds, and a second strike on the remuneration report. Strategic focus remains on long-term growth, network expansion, and board renewal, with all board-supported elections passing and no board spill.
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FY25 saw a 1% drop in group sales to $9B, with EBITDA down 11% and EBIT down 20% amid tough market conditions. Both ANZ and U.S. segments faced margin pressure, competitive challenges, and weak housing markets, with no near-term recovery expected.
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Group sales fell 3% to AUD 4.4 billion, with EBIT down 17% and net profit after tax down 19% amid persistent macro headwinds and competitive pressures. Investment in network expansion and digital capabilities continued, while margin compression and product deflation remain key risks.
Fiscal Year 2024
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The AGM highlighted steady financial growth despite market headwinds, board succession with new appointments, and ongoing investment in network expansion and digital innovation. Shareholders approved all resolutions, including director elections and employee share plans.
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Group sales grew 3% to AUD 9.1 billion, with flat ANZ sales and 3% U.S. growth in USD. Adjusted EBIT and NPAT rose 2% and 3% respectively, while operating cash flow and balance sheet strength improved. Near-term trading remains challenging, but long-term fundamentals are positive.