REH FINANCIAL STATEMENTS

Reece Ltd — balance sheet, income statement and cash flow trends

REHReece Ltd

🇦🇺 Australia · AU · Industrials · Industrial Distribution

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q2 2025 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue9.2 B A$+3.1%

Gross Profit2.6 B A$+1.7%

Operating Income504.8 M A$-25.6%

EBITDA876.7 M A$-12.7%

Net Income280.3 M A$-34.1%

Peer Comparison· Industrial Distribution

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
REH	2.8%	28.4%	9.5%	3.0%
MSM	4.4%	40.8%	10.4%	5.9%
POOL	1.8%	29.7%	11.9%	7.6%
CNM	0.5%	27.1%	12.3%	5.9%
FTT	-1.0%	22.9%	11.3%	6.3%
ADDT-B	4.2%	33.3%	14.8%	9.5%
Industry median	5.7%	29.8%	10.4%	5.6%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
REH	2.8%	28.4%	9.5%	3.0%
IFT	-11.3%	10.8%	40.6%	18.7%
QUB	17.4%	10.8%	16.2%	5.0%
ALQ	10.7%	17.1%	23.8%	9.6%
AIA	9.9%	51.0%	78.8%	41.1%
ALX	14.2%	8.4%	40.3%	162.2%
Industry median	5.7%	29.8%	10.4%	5.6%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q2 2025

Equity3.7 B A$51%
Current Liabilities1.3 B A$18%
Long-term Liabilities2.3 B A$31%

Key Figures

YoY change

Total Assets7.2 B A$+8.1%

Total Liabilities3.6 B A$+18.2%

Total Equity3.7 B A$-0.3%

Cash & ST Investments186 M A$-44.8%

Total Debt3.4 B A$+83.3%

Net Debt3.2 B A$+112.3%

Peer Comparison· Industrial Distribution

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
REH	2.34	91.6%	3.61	50.5%
MSM	1.55	39.2%	1.19	56.9%
POOL	1.87	140.4%	2.40	28.3%
CNM	2.31	119.8%	2.43	32.3%
FTT	1.61	88.1%	1.90	34.5%
ADDT-B	1.49	85.5%	1.69	39.2%
Industry median	2.29	78.1%	1.39	40.4%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
REH	2.34	91.6%	3.61	50.5%
IFT	1.30	103.2%	6.37	40.7%
QUB	1.50	137.6%	5.96	46.4%
ALQ	1.47	92.5%	1.80	42.8%
AIA	0.93	25.1%	2.92	74.1%
ALX	2.17	30.1%	22.89	75.6%
Industry median	2.29	78.1%	1.39	40.4%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q2 2025 · TTM

Key Figures

YoY change

Operating Cash Flow542.8 M A$-18.6%

Capital Expenditures196.7 M A$+27.8%

Free Cash Flow346.2 M A$-32.6%

Dividends Paid-118.6 M A$-187.4%

Peer Comparison· Industrial Distribution

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
REH	5.9%	3.8%	2.1%	193.7%
MSM	7.8%	5.6%	2.2%	132.6%
POOL	13.2%	11.3%	1.9%	173.5%
CNM	8.6%	8.0%	0.6%	145.9%
FTT	2.4%	0.4%	2.0%	37.8%
ADDT-B	13.2%	5.6%	7.7%	139.5%
Industry median	5.8%	5.0%	1.5%	126.8%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
REH	5.9%	3.8%	2.1%	193.7%
IFT	6.6%	-8.4%	15.1%	35.5%
QUB	11.9%	3.8%	8.1%	236.6%
ALQ	14.9%	7.0%	7.9%	155.2%
AIA	41.7%	-42.6%	84.3%	101.4%
ALX	383.8%	383.4%	0.4%	236.6%
Industry median	5.8%	5.0%	1.5%	126.8%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 7, 26. This content is for informational purposes only and is not investment advice.