Australia · Delayed Price · Currency is AUD Reece Earnings Call Transcripts
Fiscal Year 2026
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FY 2026 revenue rose 4.5% to AUD 9.4bn, while EBIT fell 2.6%; U.S. construction remained weak. The AGM reviewed a new five-year KMP incentive framework, board changes and shareholder concerns after another remuneration-report strike.
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FY 2026 saw 4.5% revenue growth to AUD 9.4 billion, with ANZ outperforming and U.S. growth driven by network expansion despite soft residential demand. The outlook is positive for ANZ's first half, while U.S. growth is expected to remain modest amid ongoing market challenges.
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Sales rose 6% to AUD 4.6B, but earnings declined due to cost inflation and ongoing investment. ANZ shows early signs of housing recovery, while US demand remains weak. FY26 EBIT is guided at AUD 520–540M, with continued focus on digital innovation and network expansion.
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 housing market softness. Continued investment in network expansion and digital innovation, but margin compression and competitive pressures remain, especially in the US.
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.