In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.6% to 8,921.3 points.
Four ASX shares that are falling more than most today are listed below. Here's why they are dropping:
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Fortescue Ltd (ASX: FMG)
The Fortescue share price is down over 3% to $19.35. This morning, Fortescue released its full year results and reported a 15% decline in revenue to US$15,541 million and a 26% decline in underlying EBITDA to US$7,941 million. Things were even worse on the bottom line, with attributable net profit after tax sinking 41% to US$3,373 million. This led to the Fortescue board declaring a fully franked final dividend of A$0.60 per share, which brought its full year dividend to A$1.10 per share. This is down 44% on last year's payout.
G8 Education Ltd (ASX: GEM)
The G8 Education share price is down 6.5% to 85.5 cents. This has been driven by the release of the childcare operator's half year results. G8 Education posted a 3.5% decline in revenue to $464.7 million after its occupancy levels fell from 68.2% to 64.5%. However, thanks to cost reductions, its net profit increased 6.6% to $25.5 million. A trading update then revealed that its spot occupancy rate was 5.9 percentage points lower than the prior corresponding period at 67%.
Reece Ltd (ASX: REH)
The Reece share price is down a further 6% to $11.02. Investors have been selling this plumbing parts company's shares since the release of its FY 2025 results. Reece posted a 1% decline in sales revenue to $8,978 million and a 20% decline in EBIT to $548 million. In response to its results, this morning the team at Morgans downgraded its shares to a trim rating (from hold) and cut its price target on them to $11.10 (from $14.80). It said: "While we continue to view REH as a fundamentally good business with a strong culture and long track record of growth, the operating environment remains tough (particularly in the US) with further downside risk to earnings forecasts if housing conditions remain weak and competitive pressures intensify."
Web Travel Group Ltd (ASX: WEB)
The Web Travel share price is down 5.5% to $4.34. This follows the release of the travel technology company's annual general meeting update. Web Travel revealed that it is on track to achieve total transaction value (TTV) of at least $3.1 billion in the first half of FY 2026. This is up from $2.6 billion a year ago. However, this is expected to be achieved with a TTV margin of 6.2% to 6.4%. This is below the 6.7% recorded in FY 2025.
