Reece +13.9%: Reece rallied sharply after a cost-driven beat, despite ongoing pressure in the US. They also guided ahead of market for the FY.
- 1H EBIT $262m, ~5% above consensus
- US EBIT −26% YoY, reflecting elevated investment
- FY26 EBIT guidance $520–540m, ~5% above consensus
Expectations were low, and the company has (and continues) to caution about tough conditions, though they are doing a very good job on costs. Challenges are still there, but this one has true turnaround appeal.
MM is bullish REH ~$16
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