Reliance Earnings: Still Waiting on a Housing Turnaround; Not Expecting It This Fiscal Year

Narrow-moat Reliance’s first-half fiscal 2025 earnings result was as expected. Adjusted EBITDA increased by 15% from the same period last year to USD 144 million. Revenue of USD 677 million is up 15%, or 4% excluding acquisitions. We expect a slightly weaker second half, with some product orders pulled forward into the first half ahead of an inventory system change, and no significant change to demand expected from the residential sector, which accounts for most of Reliance’s sales.