FBU Investor Day FY22 EBIT guidance c.$750m reiterated

Investor Presentation21 June 2022FBUMaterials

FletcherBuilding
Investor Day
June 2022
22 June 2022
Building for tomorrow

Fletcher Building Limited
Outline for today
Session 1Divisional expos
Session 2Presentations and Q&A
(Hybrid)
Session 3Site visits
Session 4Evening event

Fletcher Building – Building for Tomorrow
Page 3 | Fletcher Building Limited Investor Day Presentation| © June 2022
1.Building for tomorrowRoss Taylor / Bevan McKenzie8:00am / 10:00am55 mins
2. Building Products
Hamish McBeath8:55am / 10:55am20 mins
3. Distribution
Bruce McEwen9:15am / 11:15am20 mins
Coffee break
9:35am / 11:35am10 mins
4.Concrete
Nick Traber9:45am / 11:45am20 mins
5. Australia
Dean Fradgley10:05am / 12:05pm20 mins
6. Residentialand Development
Steve Evans10:25am / 12:25pm20 mins
7. Concluding Remarks
Ross Taylor10:55am / 12:55pm5 mins
Presenter
Section
AEST / NZTDuration

A scale NZ & Australia in-country manufacturer of building products with
complementary distribution, development & construction businesses
FY22F $2.8b Rev $115m EBIT 4,600 people
Australia
New Zealand
NZX/ASX listed: FBU
47%
Resi
27%
Comm
26%
Infra
Revenue Weighted Sector Exposure
Page 4 | Fletcher Building Limited Investor Day Presentation| © June 2022
Nationwide presence
Businesses across heavy & light
building products & distribution,
residential development, and roading /
infrastructure construction
Assets well invested & cost competitive
Significant growth opportunities in
adjacencies & disruptive plays
Nationwide but East Coast focus
Businesses across light building
products & distribution
Assets well invested and cost
competitive
Ongoing opportunity to build further
on performance improvements
achieved over last three years
FY22F $6.5b Rev $635m EBIT 9,100 people
62%
Resi
27%
Comm
11%
Infra
Revenue Weighted Sector Exposure
Note: Rev is Gross Revenue; EBIT is EBIT before significant items, NZ includes corporate costs of $65m
All currency in this presentation is in NZD. All revenue weighted sector exposures in this presentation are for HY22

It is likely the New Zealand Plasterboard market will come back into
equilibrium by October 2022
Page 5 | Fletcher Building Limited Investor Day Presentation| © June 2022
WWB Average Daily Orders (sqm)
Auckland
lockdown
Plasterboard market volumes were being met to customers up to August 2021
Following the Auckland lockdown, industry shortages across a range of key
building supplies including timber, insulation, and plasterboard caused customers
to bring forward their orders to ensure they had stock
Order volumes for plasterboard more than doubled through Nov-21 to Feb-22
– this volume is approximately twice the industry’s current capacity to build
We were able to meet some extra demand through this period by drawing down
on inventory below normal levels and by importing some additional volume out of
Australia. Our supplier paused supply to us in Nov-21 due to high industry
demand in Australia
Due to the extent of the demand surge, we introduced an allocation model in
Feb-22 to give merchants certainty on what we could supply, and to allow us to
clear the order backlog
In addition, we reconfigured our factory through Mar-22 to May-22 to lift
production effective Jul-22, and our import availability will resume from Aug-22
(as international capacity issues start to ease)
We have also granted 10 trademark royalty-free licenses so far to allow others to
import boards
These moves will increase our supply into the NZ market by around 10%. This
should see the market come back into equilibrium by around October 2022
In the interim PlaceMakers (and other merchant customers) will run an
emergency allocation fund to alleviate smaller customer hardship issues
-
50,000
100,000
150,000
200,000
250,000
300,000
350,000
400,000

New WWB plant at Taurikoopens in 2023 and will add an extra 30% of
capacity to the NZ market
New plant was approved in 2019 when consents were running at
35,000 p.a. vs. the current level of c.50,000 p.a.
Plant was delayed by around 12 months due to COVID lockdown
impacts and border closures
Project progressing well and scheduled to commence full production
in May 2023
At completion the Tauriko plant will add an additional 30% in-
country production capacity, easily supporting existing demand and
providing significant future capacity
The new plant provides increased ability to innovate on products, by
allowing for better formulation optionality and changeover speeds
Onsite warehousing combined with improved cross dock facilities
will facilitate continued service capability enhancements to
customers
Page 6 | Fletcher Building Limited Investor Day Presentation| © June 2022
Taurikoplant on track for a May 2023 opening

Our vision, purpose and strategic goals will continue to underpin the next
steps of our journey...
Page 7 | Fletcher Building Limited Investor Day Presentation| © June 2022
Vision
Purpose
Strategic
Goals
To be the leader in New Zealand and Australian building products and solutions
Improving the world around us through smart thinking, simply delivered
Zero injuries
every day
Market leading
customer
solutions
and services
Lowest
delivered cost
Economic
performance
of each business
in industry
top quartile
Leadership
in innovation,
sustainability,
and growth
via disruption

ROFE
2
c.18%
EBIT
1
Margin (2H22F) c.9.5%
EBIT
1
c.$750m
... which we are confident can deliver strong growth at present market
levels and materially improve through-the-cycle performance
1. Before significant items
2. Return on Funds Employed (ROFE) is EBIT to average funds (net debt and equity less deferred tax asset)
Page 8 | Fletcher Building Limited Investor Day Presentation| © June 2022
FY22F
c.9-10% EBIT margin and ROFE ≥ 15% through-the-cycle
Medium-term targets at current market levels
+ $150-300m
+ 100-200bps
≥15%
Significant pipeline of growth
investments in adjacencies
Continued push to higher margin
products / segments
Further improvements in
Australia margins
Smaller, more focused FCC
Continued operational &
customer focus

Our confidence is underpinned by a proven & capable leadership team
which continues to grow & evolve in line with our aspirations (1/2)
Page 9 | Fletcher Building Limited Investor Day Presentation| © June 2022
Operational Leaders
NICK
TRABER
Chief Executive
Concrete
PHIL
BOYLEN
Chief Executive
Construction
Deep operational knowledge
of our manufacturing plants
& supply chains
Driving manufacturing
enhancements
20 years industry experience
/ 20 years FBU
Global residential &
construction experience
Established successful
Residential & Development
business, driving significant
growth
35 years industry experience
/ 8 years FBU
Distribution sector
experience across multiple
industries with deep
operational experience
Proven track record of driving
change & delivering growth;
driving digital innovation
15 years industry experience
/ 8 years FBU
International design &
construction experience
Deep industry knowledge
across large complex projects
& maintenance-style
contracts; delivered BPC
turnaround
30 years industry experience
/ 3 years FBU
International distribution &
manufacturing sector
experience
Experienced leader in B2B &
B2C with successful track
record of growth &
turnaround strategies
30 years industry experience
/ 9 years FBU
HAMISH
McBEATH
Chief Executive
Building Products
STEVE
EVANS
Chief Executive
Residential and
Development
Global career in building
materials, circular &
distribution business
Leadership track record of
driving sustainable growth,
particularly via innovation &
decarbonisation
20 years industry experience
/ 1.5 years FBU
DEAN
FRADGLEY
Chief Executive
Australia
BRUCE
McEWEN
Chief Executive
Distribution

Our confidence is underpinned by a proven & capable leadership team
which continues to grow & evolve in line with our aspirations (2/2)
Page 10| Fletcher Building Limited Investor Day Presentation| © June 2022
Fletcher Building Group Team
JOE
LOCANDRO
Chief Information
Officer
ROSS
TAYLOR
Chief Executive
Officer
Highly experienced lawyer
Former Head of M&A at a
global investment bank
13 years experience as Group
General Counsel
3 years FBU
20 years international
experience in strategy, M&A
& commercial / finance roles
Driven FBU programmes to
turnaround cost, margin,
cash and balance sheet
position
8 years at FBU
Leading & driving Protect
safety at FBU
Deep experience in health &
safety leadership for
international organisations in
multiple jurisdictions
18 years industry experience
/ 4 years FBU
Global career in engineering,
construction, building
products & sector value chain
Proven experience leading
business turnarounds &
improving performance
39 years industry experience
/ 4.5 years FBU
Successful development &
delivery of comprehensive
people strategies
Led significant culture change
& focused on supporting
safety, performance, diversity
& talent development
24 years industry experience
/ 9 years FBU
ANDREW
CLARKE
Group General
Counsel and
Company Secretary
BEVAN
McKENZIE
Chief Financial
Officer
Global experience in leading
digital technology strategies ,
and IT functions in major
organisations
Proven experience in digital
transformations & ERP
implementations
25 years industry experience
/ 3 months FBU
CLAIRE
CARROLL
Chief People Officer
WENDI
CROFT
Chief Health and
Safety Officer

This is further reinforced by an experienced GM team and good progress
across all people metrics
82% engagement across a stable team of General Managers
(GMs), which has been in place & driven the business reset
+300bps improvement in engagement across all employees
since FY21, following COVID & cost-out in FY20
Focus is on improving diversity & fostering an inclusive culture:
We have >50% women in functional roles
Women account for 20% of operational roles and 14% of
operational leadership roles. We are on track to increase
the proportion of women in operational roles
Pay parity has improved to 96%, up 1.5% on prior year. We
have plans to close this gap over the next two years
Programmes in place to increase ethnicity in leadership
Page 11| Fletcher Building Limited Investor Day Presentation| © June 2022
Employee Engagement Rating
1
70%
71%
66%
69%
FY18FY19FY21FY22
72%
78%
76%
82%
FY18FY19FY21FY22
General Managers
All employees
1. The employee engagement survey did not take place in March 2020 due to COVID-19 and NZ being in ‘Level 4’ lockdown

We are making good progress on safety and getting everyone home safely
each & every day
1. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries
2. Serious Injury include immediate treatment as an in-patient at hospital for more than 24 hours or immediate treatment for a serious
injury or illness as defined by Safe Work Australia
YTD22 = 11 months ended 31 May 22
Page 12| Fletcher Building Limited Investor Day Presentation| © June 2022
10.7
8.5
6.8
6.0
6.4
6.7
6.9
5.1
5.2
5.7
5.0
3.5
FY11FY12FY13FY14FY15FY16FY17FY18FY19FY20FY21YTD22
32% reduction in TRIFR
91% (or 890) sites injury free
Four businesses injury free
2,337 leaders trained in Safety Leadership
3,440 risk containment sweeps
Strategic
Goals
Zero injuries every day
Market leading
customer solutions
and services
Lowest delivered cost
Economic performance
of each business
in industry top quartile
Leadership in
innovation,
sustainability, and
growth via disruption
Total Recordable Injury Frequency Rate
1

We are driving market leading customer solutions and services
1. Net Promoter Score (NPS) measures how satisfied our customers are with our businesses. Prior years’ NPS have been restated to reflect
business units currently in the NPS programme; excludes Altus and the Construction Division
Customer
Maintaining customer NPS despite supply chain disruptions
190,000 customers now on our online / omnichannel
systems
50% of our businesses now have industry leading fulfilment
promise & outcomes
$25-50m p.a. ongoing investment in systems, digital and
data & analytics
Page 13| Fletcher Building Limited Investor Day Presentation| © June 2022
Net Promoter
Score
1
37
Online sales
run-rate
$500m
since
FY18
+4
(vs. nil in FY18)
Strategic
Goals
Zero injuries every day
Market leading
customer solutions
and services
Lowest delivered cost
Economic performance
of each business
in industry top quartile
Leadership in
innovation,
sustainability, and
growth via disruption

Our relentless focus on operational improvements will continue into
the future
Cost structures constantly benchmarked against local /
international competition
$200-250m p.a. base capex including maintenance &
ongoing efficiency gains
Continue to improve pricing disciplines and ensure inflation
headwinds are recovered
Digital, digitisation & automation continue to be
implemented, driving further efficiencies
Distribution & logistics continue to evolve, including
omnichannel, in-store, large DC’s and direct from supplier
1. Before significant items
2. FY19 is a pro forma number adjusted for discontinued operations and IFRS16 to allow for like-for-like comparison
Page 14| Fletcher Building Limited Investor Day Presentation| © June 2022
EBIT
1
Margin (%)
7.2%
8.2%
c.9.5%
FY19FY212H22F
2
+230
bps
Strategic
Goals
Zero injuries every day
Market leading
customer solutions
and services
Lowest delivered cost
Economic performance
of each business
in industry top quartile
Leadership in
innovation,
sustainability, and
growth via disruption

Strategic
Goals
Zero injuries every day
Market leading
customer solutions
and services
Lowest delivered cost
Economic performance
of each business
in industry top quartile
Leadership in
innovation,
sustainability, and
growth via disruption
We are driving economic performance of each business to be in its
industry upper quartile
Page 15| Fletcher Building Limited Investor Day Presentation | © June 2022
Note: As assessed against global listed peers – EBIT margins for peers are for the last twelve months as at May 2022
Source: CapitalIQ
EBIT Margin Industry Economic Performance
Building Products DistributionConcreteResidential & Dev.ConstructionAustralia
Upper
quartile
Median
Lower
quartile
Division
2H22F
2H22F
2H22F
2H22F
2H22F
2H22F
FY19
FY19
FY19
FY19
FY19
FY19

Strategic
Goals
Zero injuries every day
Market leading
customer solutions
and services
Lowest delivered cost
Economic performance
of each business
in industry top quartile
Leadership in
innovation,
sustainability, and
growth via disruption
We have a compelling suite of growth opportunities in front of us arising from the
sustainability, innovation and disruption trends we see across our sectors
1. Carbon Emission Intensity = FBU CO
2
Tonnes for every $1m or revenue. ISO 14064-1
2. LTM = Last twelve months; 12 months ended 31 March 2022
Driving 30% lower carbon from FY18
Page 16| Fletcher Building Limited Investor Day Presentation| © June 2022
1,238
1,147 1,147
1,145
1,130
149
138
157
141
136
-
50
100
150
200
-
500
1,000
1,500
2,000
FY18FY19FY20FY21LTM
Carbon (CO
2
) Emissions (‘000 Tonnes) & Carbon Emission Intensity
1
2
We are making good progress on driving sustainability
c.9% sustainable reduction in emissions from FY18
46% waste diverted from landfill, compared to 39% in FY20
50% of revenue with Environmental Product Declarations
We are actively driving innovation and looking for disruption
opportunities
300 start-ups / disruptors reviewed in innovation scans
Many of these being implemented and trialled in our businesses
This has translated to a compelling suite of growth opportunities
c.$500m of investment over FY23-25
Targeting ROFE ≥ 15% at mid-cycle activity levels

Significant
near-term
profit growth
Well-positioned
for macro
trends
and any
economic cycle
Strong
enduring
financial
position and
returns
Established
pipeline of
growth
investments –
primarily
organic
Plans and
runway for
further margin
improvement
Our strategy positions us well to drive shareholder value in the short- and
long-term
01
0305
02
Page 17| Fletcher Building Limited Investor Day Presentation| © June 2022

04
FY22F EBIT c.$750m
FY23 EBIT target
$100m+ growth
Medium-term
targets:
+100-200bps
in a flat market
9-10%
through-the-cycle
c.$500m growth
capex over FY23-25
Disciplined
investment approach
in residential
development
Scale in-country
operations in NZ/AU
Industry backlog
supports next
12-18 months
Leverage at
lower-end of
1-2x range
ROFE ≥ 15%
Note: EBIT and margin are before significant items

1. Near-term profit growth
We expect FY22 EBIT of c.$750m, with an FY23 target for a $100m+ uplift (assuming a broadly flat market)
1. Before significant items
FY22F EBIT
1
by Division ($m)FY23 EBIT
1
Ta rge t
Page 18| Fletcher Building Limited Investor Day Presentation| © June 2022
Building Productsc.$210m
Distributionc.$135m
Concretec.$125m
Australiac.$115m
Residential and Developmentc.$215m
Constructionc.$30m
Corporatec.$(65)m
Intercompany eliminations (new WWB plant)c.$(15)m
Groupc.$750m
FY23 target is for $100m+ uplift in Group EBIT (vs. FY22F)
Key assumptions:
Broadly flat market activity in FY23 (vs. 2H22F)
c.10ppt lower margins in residential development
(vs. FY22F)
c.$20m of Industrial Development business EBIT
(vs. $48m in FY22F)
c.$75m of corporate costs, including $15m of additional
opexfor the Digital@Fletcher Foundations ERP project
2H22F EBIT Marginc.9.5%

2. Margin
EBIT margin has improved by 200bps (vs. FY19), driven by cost-out, improved pricing and revenue mix
Cost-out:Gross cost reduction of >$250m, focused
particularly on supply chain and overheads
Efficiency:c.$100m investments in manufacturing
rationalisationand automation across the period
Pricing:Improved segment-based pricing and management
of rebates / discounts, driving improved gross margin
Revenue mix:Growth in accretive segments across the
products, distribution and residential businesses
Note:FY19 included $57m of Industrial Development EBIT (vs. nil in 2H22F).
FY19 EBIT margin excluding Industrial Development is 6.6%
1. Before significant items
2. FY19 is a pro forma number adjusted for discontinued operations and IFRS16 to allow for like-for-like comparison
Group EBIT
1
Margin (%)Key levers driving improvement over FY19-22
Page 19| Fletcher Building Limited Investor Day Presentation| © June 2022
7.2%
8.2%
c.9.5%
FY19FY212H22F
+230
bps
2

2. Margin
Price effectiveness and cost efficiency have been key drivers of margin improvement
Overheads / Revenue % in Products & Distribution Div’s
1
Page 20| Fletcher Building Limited Investor Day Presentation| © June 2022
1. Building Products, Concrete, Distribution and Australia
2. FY19 is a pro forma number adjusted for discontinued operations and IFRS16 to allow for like-for-like comparison
22.9%
21.9%
c.21.5%
FY19FY212H22F
-140
bps
2
Gross Margin % in Products & Distribution Div’s
1
+70
bps
2
29.3%
29.6%
c.30.0%
FY19FY212H22F

2. Margin
Targeting 100-200bps of further EBIT margin expansion at current activity levels; 9-10% target at mid-cycle
Page 21| Fletcher Building Limited Investor Day Presentation| © June 2022
Current EBIT
1
Margin (%)
c.9.5%
2H22F
Drivers of Margin Expansion
Medium-Term Target EBIT
1
Margin (%)
Target average margin
@ mid-cycle
Target average margin
@ current activity levels
Growth in margin-accretive
NZ segments
(i.e. materials, distribution,
& residential development)
Improved performance in
AustraliaEBIT
1
margins
from c.4.5% to 6-7%
More focused & profitable
Construction business
c.10.5-11.5%
c.9-10%
1. Before significant items
+50-100
bps
+25-50
bps
+25-50
bps

2. Margin
Fletcher Construction order book well-placed to deliver 3-5% margins, with two legacy projects to complete
Page 22| Fletcher Building Limited Investor Day Presentation| © June 2022
Committed forward order book of $3.1b
Underpins c.80% of FY23F revenue
Focus on NZ civil infrastructure: roading, marine, airports & water.
Strong forward pipeline of investment in these sectors
Order book is predominantly low-to-medium risk contracts; larger
infrastructure projects are contracted under alliance model
Gross margins >10% and EBIT margins 3-5% (excl. legacy projects)
Two legacy projects to complete:
Puhoi to Warkworthmotorway: 2023 completion; currently
negotiating claims settlements including for COVID-related
delays
International Convention Centre: 2025 completion
Fletcher Construction
Waikato Expressway

3. Investment
‘Base’ capex of $200-250m p.a. to support underlying business; focus is on digital, efficiency & sustainability
1. Excludes Right-of-Use Depreciation
Page 23| Fletcher Building Limited Investor Day Presentation| © June 2022
$25-50m p.a.
Acceleration of improvements to ERP systems data &
analytics and customer-facing eCommerce tools
$150-175m p.a. to maintain current asset base
Compares to underlying depreciation
1
of $165m p.a. in FY22
$25-50m p.a.
Focus on cost reduction & carbon emissions reduction
Maintenance
Digital
Efficiency & Sustainability
‘Base’ Capex: $200-250m p.a.
Note:Base capex does not include new WWB plant remaining spend of $100-125m in FY23

3. Investment
‘Above base’ growth capex of c.$500m over FY23-25, mainly on organic investments into NZ adjacencies
Page 24| Fletcher Building Limited Investor Day Presentation| © June 2022
1. Excludes Right-of-Use Depreciation
‘Above Base’ Growth Capex: c.$500m over FY23-25, targeting ROFE ≥ 15% and $75m+ of EBIT uplift at maturity
c.$500m of investment in product & network adjacencies
over FY23-25
Current pipeline is mainly organic, focused on New Zealand:
Wood-fibre based panel products
Glasswoolinsulation expansion (building code change)
Aggregates resource & low-carbon cement binders
Distribution network and Frame & Truss expansion
Targeting ROFE ≥ 15% at mid-cycle activity levels
Margins expected to be accretive to 9-10% mid-cycle target
Will continue to explore additional opportunities in NZ & AU

3. Investment
Residential Development investment based on through-the-cycle metrics, with sensible capital allocation
Page 25| Fletcher Building Limited Investor Day Presentation| © June 2022
Value-add from: attractive locations that make sense through the cycle;
efficiencies of building at scale; targeting a lower-to mid price point;
flexing housing typologies
Market value of current land independently assessed at c.$350-400m
higher than book value of c.$400m – i.e. c.2x higher than book
Land pipeline secured to deliver growth to c.1,400 units in FY25
Focusing on strategic locations which make sense through-the-cycle
Investment hurdle is ROFE > 15%and EBIT margins of 15-20%+
Disciplined approach to investing for growth
Business model has built in resilience to
softening NZ house prices
Growth in Residential Development achieved whilst maintaining
sensible limits on investment – will remain less than 20% of Group funds
Residential Development Business: Investment Approach and Resilience
Sensible capital allocation vs. balance of Group

4. Financial position and returns
We expect to operate at the lower end of our target leverage range –resilient balance sheet settings
Page 26| Fletcher Building Limited Investor Day Presentation| © June 2022
Leverage (Net Debt / EBITDA)
0.4x
0.7-0.8x
c.0.2x
c.0.1x
c.0.2-0.5x
Dec-21Share
Buyback
2H22
Investment
(incl. WWB
plant)
Jun-22FGrowth
Investment
Opportunities
Adjusted
leverage
Target range
2.0x
1.0x
Strong balance sheet to support growth investments
Investments may lift the Group’s leverage by c.0.2x to 0.5x
over the FY23-25 period – with a lag between capex and
earnings for organic opportunities
The Group will maintain a preference for relatively
conservative balance sheet metrics to ensure resilience
through any economic cycle
The Group expects to continue to operate at the lower end
of our target leverage range in the medium-term

4. Financial position and returns
Material improvement in ROFE; strong and sustainable shareholder returns
Page 27| Fletcher Building Limited Investor Day Presentation| © June 2022
13.5%
c.18.0%
FY19FY22FThrough-the-
cycle target
2
ROFE
1
(%)
1. Return on Funds Employed (ROFE) is EBIT to average funds (net debt and equity less deferred tax asset)
2. FY19 adjusted for IFRS 16 to allow like-for-like comparison
>15%
18.0
18.0
Last 12 Months
Interim Dividend FY22
Final Dividend FY21
Returns
Dividends (cps)Share buyback
41.2m
shares repurchased for
$275m
completed in May-22
Through-the-cycle
target

4. Financial position and returns
Shareholder returns supported by underlying trading cash flows
Page 28| Fletcher Building Limited Investor Day Presentation| © June 2022
585
565
929
c.350-400
FY19FY20FY21FY22F
Underlying Trading Cash Flow
1
($m)
c.$2.5b of total underlying trading cash flow in FY19-22F
FY22F trading cash flow lower on investments in inventory
Draw-down of stocks in FY21
Investments in FY22 to support customer service
levels in disrupted supply chain environment
In FY23, we expect broadly stable working capital levels in
the products and distribution divisions
1. Trading Cash Flow = EBITDA less Lease Principal Payments & Lease Interest Paid plus / minus Working Capital Movements. Underlying
trading cash flow excludes FCC Legacy cash flow and Significant Items
2. Working capital cycle for products and distribution divisions

5. Market outlook – summary
Current volumes strong; backlog to support activity over next 12-18 months
Page 29| Fletcher Building Limited Investor Day Presentation| © June 2022
Current trading volumes in the business remain strong
Demand is running ahead of industry capacity to build in residential, particularly in New Zealand
NZ residential consents of c.50k p.a. are 20-30% above capacity
Backlog of residential activity in NZ and Australia, as well as a solid pipeline of non-residential work, are likely to support robust
market volumes over the next 12-18 months
FBU FY23 earnings guidance is based on the assumption of a broadly flat market compared to the second half of FY22
Market outlook for FY24 and beyond has a heightened degree of uncertainty
Focus on ensuring operating disciplines (especially pricing & cost management) remains strong, ensuring we can adapt to any
market softening
Balance sheet settings strong and resilient to any economic cycle

(40%)
(30%)
(20%)
(10%)
0%
10%
20%
30%
40%
50%
199519982001200420072010201320162019
2022
ActualModel estimates
5. Market outlook – macroeconomic impact
Given heightened macro uncertainty, we asked Deloitte to look at the relationship between key economic
variables and activity in our markets – and to provide an independent view of the medium-term outlook
Page 30| Fletcher Building Limited Investor Day Presentation| © June 2022
Model Example: NZ Residential WPIP
Deloitte Access Economics’ model draws on movement in
key economic variables, notably:
Inflation
Employment and household disposable income
Mortgage rates
House prices
Population growth
Public and private investment
Across all FB markets (i.e. residential and non-residential, NZ
and AU), Deloitte established strong historical relationships
between movement in these variables and work put in place
(WPIP) in NZ or work done in AU
Deloitte has provided FB with a view of WPIP / work done
for FY23-25F, based on its outlook for key economic
variables in NZ & AU
Note: The analysis was conducted on 9
th
May 2022
Source: Deloitte Access Economics

5. Market outlook – non-residential NZ & AU
NZ & AU non-residential are 45-50% of FB’s market exposure. Pipeline of work expected to be solid
Page 31| Fletcher Building Limited Investor Day Presentation| © June 2022
NZ Commercial & Infrastructure WPIP ($b)
AU Commercial & Infrastructure Work Done (A$b)
Non-residential activity is expected to
remain supportive over the medium-
term, driven in particular by public
sector investment
Outlook is for flat to slightly higher
activity (in real terms) vs. 2H22F
Infometrics / BIS Oxford and Deloitte
forecasts are broadly aligned
Note: WPIP = Work Put In Place
Source: BIS Oxford Economics (May-22) for AU –2019/20 prices; Infometrics (Apr-22) for NZ – 2009/10 prices
5.9
6.26.2
6.8
6.4
6.5
5.9
6.4
6.2
6.7
6.2
6.7
6.4
6.3
0
2
4
6
8
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F
5.3
5.2
7.0
7.3
7.2
7.1
6.6
6.9
7.1
7.3
7.0
8.1
7.5
7.7
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F
xx%
FB revenue exposure
Deloitte base case
CommercialInfrastructure
40.4
40.1
45.1
46.5
49.7
47.4
48.8
50.2
52.1
53.4
48.8
52.2
53.5
52.6
0
10
20
30
40
50
60
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F
CommercialInfrastructure
18%19%
3%8%
Actual WPIP / Work Done
BIS Oxford / Infometrics forecasts
106.2
96.8
117.5
94.1
90.7
90.5
95.2
102.7
107.8
112.1
98.1
111.0
117.3
113.0
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F

5. Market outlook – residential AU
AUresidential activity is currently at an average of the past five years – material near-term backlog and solid outlook
Page 32| Fletcher Building Limited Investor Day Presentation| © June 2022
Source: BIS Oxford Economics (May-22) – 2019/20 prices
AU Residential Work Done (A$b)
AU residential activity is currently at an average of the past
five years
Recent levels of consenting, plus disruptions to activity in
the past 12 months (e.g. COVID, supply chain and floods)
are expected to support market volumes through FY23
BIS Oxford’s current forecast appears bullish on the
medium-term outlook. Deloitte Access Economics’ forecast
is pointing to a roughly flat market
77.8
80.2
81.1
80.9
72.9
73.5
76.6
75.1
74.3
75.1
75.1
85.3
93.0
87.2
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F
xx%
FB revenue exposure
BIS Oxford forecast
19%
Deloitte base case
Actual Work Done

5. Market outlook – residential NZ
NZresidential currently at capacity – backlog likely to support next 12-18 months; FY24 softening expected
NZ Residential WPIP ($b)
9.2
10.1
10.5
10.9
10.4
12.2
13.0
12.8
12.4
12.2
12.4
12.1
9.8
8.7
0.0
2.0
4.0
6.0
8.0
10.0
12.0
14.0
FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25F
Page 33| Fletcher Building Limited Investor Day Presentation| © June 2022
Current consenting levels of c.50k p.a. are c.20-30% above
industry capacity to build
This backlog is likely to support market volumes at or around
current levels over the next 12-18 months
Stats NZ analysis shows that the proportion of new dwelling
consents cancelled has historically been ~2-7%
Infometrics & Deloitte Access Economics both forecast a
softening in NZ residential activity from FY24
Deloitte is slightly more optimistic (vs. Infometrics) on
medium-term outlook
FB bases its through-the-cycle targets on NZ residential
volumes being at c.15-20% below current activity – equating
to c.30k p.a. of housing completions
33%
xx%FB revenue exposure
Infometrics forecast
Deloitte base case
Actual WPIP
Source: Infometrics (Apr-22) for NZ – 2009/10 prices
WPIP = Work Put In Place

Significant
near-term
profit growth
Well-positioned
for macro
trends
and any
economic cycle
Strong
enduring
financial
position and
returns
Established
pipeline of
growth
investments –
primarily
organic
Plans and
runway for
further margin
improvement
Summary
We will drive ongoing performance and growth – building a sustainably better, more resilient business
01
0305
02
Page 34| Fletcher Building Limited Investor Day Presentation| © June 2022

04
FY22F EBIT c.$750m
FY23 EBIT target
$100m+ growth
Medium-term
targets:
+100-200bps
in a flat market
9-10%
through-the-cycle
c.$500m growth
capex over FY23-25
Disciplined
investment approach
in residential
development
Scale in-country
operations in NZ/AU
Industry backlog
supports next
12-18 months
Leverage at
lower-end of
1-2x range
ROFE ≥ 15%
Note: EBIT and margin are before significant items

Questions
Page 35| Fletcher Building Limited Investor Day Presentation| © June 2022

Fletcher Building Limited
Agenda
1. Building for tomorrowRoss Taylor / Bevan McKenzie
2. Building ProductsHamish McBeath
3.Distribution Bruce McEwen
4. ConcreteNick Traber
5. Australia Dean Fradgley
6. Residentialand DevelopmentSteve Evans
7. Concluding Remarks Ross Taylor

Products
c.45%#1 / #2
Pipes
c.35%#2
Steel
c.25%#1 / #2
The leading New Zealand building products solutions provider with
unrivalled network
Market leading building products brands for the finishing trades with world leading technical product knowledge
Strong in-country manufacturing presence, providing a large range of decorative surfaces & panel products. The only manufacturerof plasterboard &
glasswoolinsulation
Integrated value chain in concrete & plastic pipes, servicing a wide range of customerswith solutions into multiple sectors
Balanced portfolio of Steel businesses including EasySteel, Pacific Coilcoaters, Dimond Roofing, CSP Pacific, and Reinforcing & Wire Products
44%
28%
28%
Residential
Commercial
Infrastructure
Page 37| Fletcher Building Limited Investor Day Presentation| © June 2022
Building Products
Business Unit Market Share
1
PositionRevenue Weighted Sector Exposure
2
1. FBU Management estimates
2. For HY22

EBIT margin growing to c.14% through pricing disciplines, new products and
manufacturing efficiency investments; ROFE decline reflects investment in inventory
$167m
c.$210m
FY19FY22F
12.4%
c.13.6%
23.3%
c.20.2%
FY192H22F
EBIT ($m)
1
EBIT Margin
1
(%) and ROFE
2
(%)
FY19YTD22
TRIFR
3
6.42.7
NPS
3648
Engagement
72%74%
Carbon (‘000t)
4
5862
Key Non-financial Measures
EBIT marginROFE
Page 38| Fletcher Building Limited Investor Day Presentation| © June 2022
Building Products
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison. FY19 also restated to include Forman
2. ROFE (Return on Funds Employed) calculated based on closing funds; FY22F
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD22 = 11 monthsended 31 May 22
4. Combined Scope 1 & 2 carbon emissions. FY19 represents FY18 baseline. YTD22 = 12 months ended 31 Mar 22

Driving growth with new glasswoolinsulation plant
Current plant at full capacity; responding to Building Code change requiring c.2x current bales of insulation
Pricing disciplines in place to offset inflation
Ongoing gains in existing plant manufacturing efficiencies is
continuing to deliver small capacity enhancements to meet current
market demands
Finalising offshore supply arrangements to boost supply options
prior to new plant commissioning
TINZ and Forman businesses merged – will trade as Comfortech
Comfortechwill offer solutions in thermal comfort, acoustic
performance, moisture / vapour control and fire barriers
Final stages of scoping new production line – to be installed next to
existing line
Will triple existing line and be able to produce latest generation
glasswoolinsulation, facilitating volume & market share growth
from late FY24
Old line approaching end-of-life and will be decommissioned
Delivering growth through code change requirements Driving operational performance (top & bottom line)
Page 39| Fletcher Building Limited Investor Day Presentation| © June 2022
New Batch House and Melter Tower
Building Products

Laminex Taupo plant upgrade for wood-fibre products
Laminex Taupo plant upgrade
Delivering growth through modernisation, adjacencies & higher margin products
Final stages of vendor selection for new panels plant in Taupo
New plant will offer a wider range of latest generation wood-fibre
based panel products not currently available in NZ
Capacity will allow us to meet demand for export sales
Once complete, will generate c.$20m of mid-cycle earnings uplift
from FY27
Page 40| Fletcher Building Limited Investor Day Presentation| © June 2022
Laminex upgrade site footprint
Grey and translucent blue indicates new plant and equipment to be built beside
existing end-of-life plant which will be decommissioned on completion
Driving operational performance (top & bottom line)
Product range refresh and product category growth driving higher
sales & better margins
Introduced Surround by Laminex: higher margin & paint alternative
Continued development of digital capability and offering – now 30%
of sales and growing rapidly
Building Products

New Steel site delivering best-in -class manufacturing
Steel
Investing to achieve world-class logistics, cost & operating efficiencies as well as market share
1
st
stage of infrared ovens installed successfully, final stage due
Dec/Jan, strong confidence on delivery of improved operational
efficiencies, product offerings & reduction in carbon emissions
New purlin mill (triple existing capacity & broader range) ordered;
will commission on new site in Mar-24 (earlier than rest of the site)
Purpose-built steel distribution & processing centre to be
constructed by FY26, delivering significant handling capacity &
efficiency gains
Steel manufacturing efficiencies
Driving operational performance (top & bottom line)
Steel plate processing upgraded and new machines added,
facilitating growth options
CSP in final stages of new barrier development which will enable
international IP licensing opportunities
Strong price / mix processes driving improved distribution margins
Digital upgrade programme underway which will deliver enhanced
freight management & online sales opportunities from end of FY23
Page 41| Fletcher Building Limited Investor Day Presentation| © June 2022
Building Products

Papakura manufacturing plant automation
Humes
2-year manufacturing upgrade programme nearing completion, delivering low-cost, efficient manufacturing
Humes Papakura manufacturing plant automation will be
operational from Aug-22
Will deliver production efficiencies, with the automation of a
number of previously manual production processes
Page 42| Fletcher Building Limited Investor Day Presentation| © June 2022
Completed site consolidation, resulting in two nationwide pipe
manufacturing sites and three nationwide precast sites
Upgrades of existing plant and addition of new process technology
will lift available capacity by 30%
New product development now possible
Manufacturing footprint
Improved product offerings increasing exposure to civil
infrastructure and civil subdivision
Distribution Branch Refresh Programme well underway – aiming to
complete over the next 18 months
New branches opened in Taupo and Timaru in FY22
Two additional new branches planned for opening in FY23
Point-of-sale digital solutions
Driving operational performance (top & bottom line)
Building Products

Building Products continuing to strengthen & grow existing manufacturing
positions in NZ via ongoing innovation & investments
Improved modern & automated manufacturing plants expected to drive
operational efficiency and address capacity constraints to facility share
growth
Solid programme of new product development aimed at broadening
our addressable market
Rolling out opportunities by pushing into adjacent sectors to deliver
medium-term growth
ROFE will settle at 16-17% by FY27 once new investments materialise to
balance sheet
Page 43| Fletcher Building Limited Investor Day Presentation| © June 2022
Building Products
Drop-down box
Growing margins to c.14% through pricing disciplines,
new products and manufacturing efficiency investments

Questions
Page 44| Fletcher Building Limited Investor Day Presentation| © June 2022

Leading trade distribution businesses in New Zealand
A leading trade distributor of building & plumbing supplies across the NZ market, with strong geographic network reach
Deep customer connections, leading technical knowledge, and strong grass roots presence through leading respected brands
Strategically positioned across the key metro markets; strong regional presence diversifying sales & earnings risk
Investing in capability to deliver market leading customer service through an integrated digitised supply chain
Harnessing digital capability to enable our customers to transact when & where they need it
Revenue Weighted Sector Exposure
2
78%
21%
Residential
Commercial
Page 46| Fletcher Building Limited Investor Day Presentation| © June 2022
Business Sector Market share
1
Position
Distribution
SMEsc.26%#1
Commercialc.30%#2
GHBsc.35%#2
Plumbingc.35%#1
Bathroomc.25%#1
1. FBU Management estimates
2. For HY22

Sustainable performance improvement through strong operating
disciplines
Page 47| Fletcher Building Limited Investor Day Presentation| © June 2022
51.2%
c.56.5%
$115m
c.$135m
FY19FY22F
Distribution
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison. FY19 also restated to exclude Forman
2. ROFE (Return on Funds Employed) calculated based on closing funds; FY22F
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD22 = 11 monthsended 31 May 22
4. Combined Scope 1 & 2 carbon emissions. FY19 represents FY18 baseline. YTD22 = 12 months ended 31 Mar 22
EBIT ($m)
1
EBIT Margin
1
(%) and ROFE
2
(%)Key Non-financial Measures
FY19YTD22
TRIFR
3
5.84.8
NPS
4427
Engagement
75%71%
Carbon (‘000t)
4
79
EBIT marginROFE
7.4%
c.8.7%
FY192H22F

Growth delivered through top line sales growth, embedded pricing
disciplines and cost efficiencies
Strong pricing disciplines & capability to recover inflation
Sales excellence to capture targeted market share
Digitised end-to-end supply chain to deliver best-in -class fulfilment
Embedded cost efficienciesDisciplined sales growth through top line initiatives
Page 48| Fletcher Building Limited Investor Day Presentation| © June 2022
In-sourced delivery fleet to control costs and increase service
Enhanced network configuration to drive scale efficiencies
Cost base reset with ongoing workforce optimisation
Distribution

Network expansion centred around our customers to drive ongoing
growth
Six branches & one Frame & Truss manufacturing facility
c.200 staff with deep community connection
$130-140m sales; $10-12m EBIT p.a.
Commerce Commission approval expected in Q1 FY23
Page 49| Fletcher Building Limited Investor Day Presentation| © June 2022
... and strengthen market positions in growth areas
Tumu stores expected to deliver earnings uplift...
Continued network optimisation
New or refurbished branch openings across PlaceMakers & Mico
networks to improve customer offer
10 regional hubs covering 65% of PlaceMakers’ sales volume,
delivering scale efficiencies & consistency of execution
Existing PlaceMakers,
F&T & Mico sites
Distribution

Scaling up Frame & Truss manufacturing
Safer operating environment for our people
Improved quality product in dimension and tolerance
Technology & automation enabling innovation in new products
Increased capacity enabling potential for capturing increased share
of wallet on balance-of-house spend
Page 50| Fletcher Building Limited Investor Day Presentation| © June 2022
Investing in automation
Automation equipment to drive safety & innovation and improve quality
Distribution

Innovation in digital tools differentiating the business for sustainable
returns
Continued development of digital tools driving ease of integration
into customers ecosystems
Making it easy for our customers to order & quote to increase share
of customers’ spend
Digital sales growth through e-tools >$100m (or >7% of total sales)
60% of PlaceMakers trade customers registered on e-tools
150,000 advanced delivery notifications to customers per month
Mico e-tools, mobile app & portal capability launched in Q1FY23
Enhancing our customer experienceDigitising our operations / end-to-end supply chain
Page 51| Fletcher Building Limited Investor Day Presentation| © June 2022
Distribution

Insights via data & analytics enabling customer experience personalisation
Data & analytics team established; tech foundations built
Core customer data cleansed; personalisation enabled for:
Digital onboarding
Lapsed customer engagement
Test & learn targeted promotions to enhance share of wallet
Customer segmentation by recency, frequency & monetary (RFM)
engagement
Addressing customer pain points with opportunity to further
enhance share of wallet
Harnessing tech capabilities to differentiateFocus on solving key challenges with data & analytics
Page 52| Fletcher Building Limited Investor Day Presentation| © June 2022
Distribution

Distribution Division driving growth & margin expansion through
continued innovation & operational discipline
Page 53| Fletcher Building Limited Investor Day Presentation| © June 2022
Strong financial performance with growing EBIT margins & strong ROFE
Profitable network expansion & investment in growth corridors
Disciplined pricing methodologies & capability in place to offset inflation
Ongoing innovation in customer-focused digital solutions, making it easier for our
customers
Key transformation initiatives underway for future positioning in a competitive
market
Market leading brands and capability to capture greater share of customer spend
to grow market share in key segments
Distribution
Drop-down box
Sustainable earnings growth through focused top-line sales growth
(incl. network expansion), pricing disciplines and cost efficiencies –
to deliver ongoing EBIT margin expansion of 50-100bps

Questions
Page 54| Fletcher Building Limited Investor Day Presentation| © June 2022

Coffee Break
Presentations will resume at 9:45am AEST / 11:45am NZT
Page 55| Fletcher Building Limited Investor Day Presentation| © June 2022

Leader in Certified Concrete (ready-mix), masonry & Dricon (bagged
dry concrete)
75 certified, six masonry, and two Dricon plants
#1
Only local integrated manufacturer of binder & distribution services
A state-of-the-art plant at Portland with dedicated shipping, trucking
& rail distribution; six service centres
#1
Leader in aggregates, recycling / clean fill & transportation services
11 active quarries, and four clean fills – with a dedicated trucking &
delivery service nationwide
#2
NZ leader in sustainable binder & concrete –underpinned by strong
brands, unique footprint & technical capabilities
Well-positioned in NZ’s fastest growing markets, with a well-balanced mix of major sector exposures (across residential, commercial & infrastructure)
Uniquefootprint & logistics network, strong technical capabilitiesand brands
Covering the full value chain – the only domestic manufacturer of cement, supporting resilience of the NZ construction industry
46%
26%
28%
Residential
Commercial
Infrastructure
Page 57| Fletcher Building Limited Investor Day Presentation| © June 2022
Revenue Weighted Sector Exposure
1
Business Unit OverviewPosition
Concrete
1. For HY22

Sustainable margin and profit improvement based on strengthened
market position, improved cost base and investment discipline
$89m
c.$125m
FY19FY22F
11.1%
c.15.0%
14.0%
c.21.0%
FY192H22F
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds; FY22F
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD22 = 11 monthsended 31 May 22
4. Combined Scope 1 & 2 carbon emissions. FY19 represents FY18 baseline. YTD22 = 12 months ended 31 Mar 22
5. Carbon intensity of cement expressed in kg of CO
2
per tonne of cement. FY19 represents FY18 baseline. YTD22 = forecast 12 months ended 30 Jun 22
Page 58| Fletcher Building Limited Investor Day Presentation| © June 2022
Concrete
EBIT ($m)
1
EBIT Margin
1
(%) and ROFE
2
(%)Key Non-financial Measures
FY19YTD22
TRIFR
3
2.02.6
NPS
5161
Engagement
75%74%
Carbon (‘000t)
4
771695
Carbon intensity
5
728kg
5
701kg
EBIT marginROFE

Strong sustainable growth platform driven by continuous improvement of
our core business and capturing future growth opportunities
Base business: Drive operational performance & efficiency Driving growth plans: Innovation, digital & sustainability
Top line
Bottom line
Strengthened market position and
expanded footprint
Capacityupgrades& debottlenecking
Enhanced product & service offering
Operational excellenceinitiatives
Production& supply chain optimisation
across the Division
Lean support organisation;local P&L
ownership
Innovation
Leader in low carbon binders & concrete
Innovative sustainablesolutions
Digital
Sustainability
Operational & supply chain optimisation;
product quality controls
Digital customer experience; customer
portal; online concrete ordering
Alternativefuels & raw materials;waste
management
Circularoffering:recycling & reuse
Page 59| Fletcher Building Limited Investor Day Presentation| © June 2022
Concrete

... to low carbon construction solutions
Firth’s growth is underpinned by extended footprint & operations
and fast scaling of low carbon product & solutions
From industry leading concrete products...
Page 60| Fletcher Building Limited Investor Day Presentation| © June 2022
Extended Certified footprint
Expanded ready-mix plant & truck network,
increasing capacity by ~10% to support future
growth
Smart design solutions
X- Pod foundation system for efficient and
resource reduced construction;
100% recyclable and made from recycled
materials
EcoMixlow carbon concrete
NZ’s first low carbon concrete at scale;
20-40% lower carbon vs. the ISCA
1
baseline
Digital customer experience
First to market B2C online sales portal;
>50% of Certified processes now digital with
Firth Mobile Ticket
Strengthened masonry operations
Extended & optimisedmasonry production;
automation at flagship Hunuaplant increasing
capacity by ~5-10%
Launching mid-FY23:
Concrete
1. ISCA = Infrastructure Sustainability Council of Australia

... to sustainable binderand waste management
Golden Bay’s performance is driven by increased supply chain capacity,
leading operational & carbon performance, and scaling of waste management
From leading carbon and operational performance...
Page 61| Fletcher Building Limited Investor Day Presentation| © June 2022
Alternative fuels & raw materials
~50% coal substitution achieved, resulting in
>80kt of waste tires & wood chips being
diverted from landfilland ~$5m p.a. of profit
contribution
Supply chain optimisation
Major terminal upgrades (New Plymouth,
Wellington), resulting in ~5-10% of increased
shipping capacity
Fast scale waste management
80% coal substitution as next milestone;
fast scale waste management; alternative raw
materials to deliver unique solution to key NZ
waste issues
Operational excellence
Relentlessfocus on operational excellence,
delivering ~2-3% EBIT margin expansion and
world-leading carbon performance
EcoSurelow carbon binder
NZ’s first low carbon binder at scale;
domestically manufactured & sourced;
30% lower carbon than the ISCA
1
baseline
Launching mid-FY23:
Concrete
1. ISCA = Infrastructure Sustainability Council of Australia

... tocircular materialsmanagement
Winstone Aggregates is capturing growth from capacity upgrades,
geographic expansion & scale-up of circular offering
From leading aggregates supplier...
Page 62| Fletcher Building Limited Investor Day Presentation| © June 2022
Enhanced service offering
Leveraging transport capability to deliver
superior service to customers, with over 30% of
sales delivered to customers’ sites
Operational excellence
Improving utilisation and cost efficiency across
quarries and transport, delivering ~3-4% of EBIT
margin expansion
Geographic expansion
Expansion into attractive regions;
~5-10% volume uplift from recent land
purchase in the South Island by FY25
Circular materials offering
Job site materials offer leveraging transport,
clean fill & recycling capabilities;
scalinguse of recycled concrete from
deconstruction; closing material cycles
Capacity upgrades & debottlenecking
Investment in key operations to capture growth,
such as >100% capacity increase at Whitehall
and upgrades at flagship quarries (i.e. Hunua,
Belmont)
Concrete

ConcreteDivision offers an attractive platform for sustainable growth
Leading concrete business based on strong brands, capabilitiesandfootprint
Underlying performance improvement initiatives delivering ahead of plan
Driving growth plans to capture opportunities in innovation, digital and
sustainability
First low carbon binder & concrete at scalein NZ to be launchedbyFY23
Leveraging digital to enhance customer experience and process optimisation
Fast tracking of recycling / circular offer and waste management services
Page 63| Fletcher Building Limited Investor Day Presentation| © June 2022
Concrete
Drop-down box
Initiatives in place to drive 100-200bps of margin expansion
and above-market growth over the short-and medium-term

Questions
Page 64| Fletcher Building Limited Investor Day Presentation| © June 2022

Products
c.40%#1
c.30%#1
c.35%#2
Distribution
c.22%#2
Steel
c.20%#2
Well-established businesses & brands that operate across manufacturing
& distribution, with momentum to grow
Well-positioned businesses with strong brands; scale in respective markets
Leading manufacturer of decorative surfaces, plastic pipes, insulation and steel
Leading plumbing supplier of own brand and other products servicing trade plumbers
Providing product solutions and delivering growth across key markets
Page 66| Fletcher Building Limited Investor Day Presentation| © June 2022
62%
27%
11%
Residential
Commercial
Infrastructure
Additions & Alterations 32%
New build
30%
Australia
Business Unit Market Share
1
PositionRevenue Weighted Sector Exposure
2
1. FBU Management estimates
2. For HY22

Material profit improvement continues, with EBIT margin exit run-rate
of c.4.7% – we are confident in the sustainability of this earnings growth
Page 67| Fletcher Building Limited Investor Day Presentation| © June 2022
$72m
c.$115m
FY19FY22F
2.6%
c.4.7%
5.2%
c.8.3%
FY192H22F
Australia
1. NZD for ongoing operations before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds; FY22F
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD22 = 11 monthsended 31 May 22
4. 58% represents FY21 reported
5. Combined Scope 1 & 2 carbon emissions. FY19 represents FY18 baseline. YTD22 = 12 months ended 31 Mar 22
EBIT ($m)
1
EBIT Margin
1
(%) and ROFE
2
(%)Key Non-financial Measures
FY19YTD22
TRIFR
3
5.43.5
NPS
3315
Engagement
59%
4
61%
Carbon (‘000t)
5
359313
EBIT marginROFE

Australia has more than doubled margins since FY19 and will deliver 5%+ returns in
FY23. There is strategic momentum to deliver +200-300bps in the medium-term
Page 68| Fletcher Building Limited Investor Day Presentation| © June 2022
Driving operational performance through top & bottom line initiatives
Pricing strategies beyond cost price recovery, removed low margin revenue
Permanent structural changes made to lift performance
Category focus driving revenue and margins
Own brand performance
Digital expansion & omni-channel
Adjacencies & white space
Increased revenues in repair & maintenance / A&A which are less susceptible to market cycles
Automation for labour efficiency
Growth levers in play to deliver medium-term margin growth
Australia

Operational performance & growth strategies...
Laminex
Performing well in-market; a well-positioned business heading towards double-digit EBIT margins
Targeted segmental growth in core categories; leading the market in
decorative
Pricing strategies more than offsetting inflation
Digital transactions now accounting for 30% of revenue, attracting &
retaining customers and reducing our cost-to-serve
... being delivered to achieve double digit EBIT margins
74%
26%
Residential
Commercial
Revenue Weighted Sector ExposureEcommerce Sales
Dual Brand Strategy
Product innovation: Surround by Laminex generating higher margins
with $50m of targeted sales in the medium-term
Adjacencies that solve customers’ problems and fill gaps in the
market; pilot stores for Haven Kitchens in place
Continuation of digital strategies, creating new revenue streams,
driving incremental online sales, and lifting margins
Dual brand strategy for margin expansion
Surround by Laminex
Page 69| Fletcher Building Limited Investor Day Presentation| © June 2022
1%
15%
26%
30%
FY19FY20FY21FY22 YTD
Ecommerce Sales %
Australia

Laminex
Strategy in action; pilot stores for Haven Kitchens in place and alternative fibre trials underway
Haven Kitchens – Pilot Stores in MelbourneResearch & Product Development
Page 70| Fletcher Building Limited Investor Day Presentation| © June 2022
Australia

Plumbing Distribution
Margins have grown by c.200bps over three years; momentum will add 100bps p.a. in the medium-term
Page 71| Fletcher Building Limited Investor Day Presentation| © June 2022
Sustainable gross profit improvement driven by segmental growth
SME plumber weighting of total revenue continues to grow
Own brand & private label driving margin accretion; own brand
front-of-wall now at 30%
Operational performance & growth strategies...
... delivering growth to achieve 5%+ EBIT margins
Driving primary demand in own brand, delivering improved profits
Rolling programme of showroom upgrades to strengthen the
customer value proposition
Digital strategies creating new revenue streams and increasing
margins; >$50m p.a. of online sales from FY23
B2C website growing revenues
B2B offering launched
Reducing cost-to-serve
Australia
Revenue Weighted Sector ExposureSME Participation
Investment in showrooms
Own brand
82%
14%
4%
Commercial
Infrastructure
Residential
53%
37%
10%
SME
Projects
Retail / Other

Plumbing Distribution
Strategy in action; complete digital offer and own brand penetration are driving margin expansion
Own brand driving growth Tradelink into 2
nd
year of digital sales
Page 72| Fletcher Building Limited Investor Day Presentation| © June 2022
FY21FY22 YTD
Digital Sales
Digital sales $
FY21FY22 YTD
GM%
Digital Margin
We are now accelerating into
back-of-wall with own brand
hot water systems
Own brand sales
>600%
300bps
22%
26%
30%
FY17FY19FY22F
% of Front of Wall
Australia
And now, we have entered B2B for value

FY19FY20FY21FY22F
Fletcher Insulation
Delivered 700bps of EBIT margin improvement over three years – well-positioned for future growth
Page 73| Fletcher Building Limited Investor Day Presentation| © June 2022
Optimised manufacturing and distribution footprint; investment in
automation has driven the lowest cost-to-serve in target markets
Segmental growth delivered through expansion into installed solutions
Winning in core products and markets
Better margins from operational performance & growth
Delivering growth
Continued manufacturing automation programmes for efficiency
Strengthening our digital offer will see attraction of new customers
White space adjacency, bringing new products to market and
delivering customer solutions and margin accretion
-15%
Australia
Revenue Weighted Sector Exposure
Manufacturing cost per tonne
1
Commercial
Residential
61%
39%
1. Excluding raw materials

Stramit
Stramithas performed reasonably well in a challenging year within a highly constrained domestic steel market
Page 74| Fletcher Building Limited Investor Day Presentation| © June 2022
FY19FY20FY21FY22F
+72%
Australia
Pricing strategies have seen margin recovery
Targeted segmental growth in sheds, with strong demand in a highly
constrained environment
Steel supply chain disruption and raw material shortages have been
challenging
Better margins from operational performance & growth
Delivering growth
Sheds and doors driving margin enhancement
Manufacturing efficiency and automation
Digital offer improving customer experience and reducing cost-to-serve
Revenue Weighted Sector ExposureSheds Participation
Sheds Revenue
69%
31%
Residential
Commercial
35%
19%
23%
23%
Sheds
Projects
Domestic /
Residential
Distributor

Iplex
Enhanced strategy is improving the quality of earnings through-the-cycle
Page 75| Fletcher Building Limited Investor Day Presentation| © June 2022
Australia
Optimised our manufacturing footprint
Redefined our core markets to play in more attractive profit pools
Expansion in master distributed products
Better margins from operational performance & growth
Delivering growth
Bringing innovation to current categories and growing the business in
products with differentiated value propositions
Driving growth in specification and primary demand with water
authorities and municipal asset owners
Manufacturing investment in automation to ensure lowest cost to
manufacture and serve
Revenue Weighted Sector Exposure
Investment in low cost manufacturing
30%
6%
64%
Residential
Commercial
Infrastructure

Healthy momentum delivering 5%+ in FY23; line of sight to 200-300bps
growth over the medium-term
Page 76| Fletcher Building Limited Investor Day Presentation| © June 2022
Australia
Drop-down box
Delivering 5%+ EBIT margins in FY23 – well-positioned for further EBIT
growth through adjacencies, digital maturity, margin accretive products,
and innovation
Strong
operational
discipline
Locked in
improved quality
of earnings
Strong digital
cadence
Ahead of our
ESG targets
Commitment to
zero harm

Business Unit Overview
Fully integrated developer of communities at scale
Strong relationships with iwi & government; providing access to quality land
Extensive land pipeline to support delivery of 1,000+ homes sold p.a.
Apartments business delivering higher density schemes on FRL sites and outside central-city locations
Offsite manufacturer of panelised homes targeting 250 homes for FY23
Retirement business established, first homes expected to be occupied in FY23
Differentiated market proposition with ORAs
1
based on 15% DMF
2
, share of capital gains
Industrial
Development
Blending disposal of FB properties with consenting and development of new land
Continue to target $25m EBIT p.a.
Centred around Auckland & Christchurch, delivering new master-planned communities at scale for the last 10+ years
Existing communities continue to show great demand as we deliver quality homes to the most robust parts of the market
Land secured to grow Apartments business to c.300 apartments p.a. in FY25 –we will deliver >100 apartments in FY23 in existing communities
Clever Core continuing to grow –first projects delivered to Kāinga Ora; looking at larger facility to meet demand post-FY25
Continuing to grow and shape the businesses, building off our well-
established strengths and market brands
1. Occupational Right Agreement
2. Deferred Management Fee
Page 79| Fletcher Building Limited Investor Day Presentation| © June 2022
Residential &
Development

A strong base established with performance driven by measured growth;
anticipating that EBIT margins will return to c.20%
13.4%
c.27.0%
14.8%
c.30.1%
FY19FY22F
Page 80| Fletcher Building Limited Investor Day Presentation| © June 2022
81
167
56
48
FY19FY22F
ResiIndustrial Dev't
2
c.$215m
$137m
Residential includes
Apartments, Clever Core
and Vivid Living
Residential &
Development
1. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
2. ROFE (Return on Funds Employed) calculated based on closing funds; FY22F
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD22 = 11 monthsended 31 May 22
4. Combined Scope 1 & 2 carbon emissions. FY19 represents FY18 baseline. YTD22 = 12 months ended 31 Mar 22
5. Zoned lots under control excludes rural land at Taupaki
EBIT ($m)
1
Residential EBIT
1
Margin & ROFE
3
(%)Key Non-financial Measures
EBIT marginROFE
FY19YTD22
TRIFR
3
6.03.9
NPS
6379
Engagement
85%81%
Carbon (‘000t)
4
0.30.3
FY22F
Lots under control
5
5,566
Units taken to profit
c.700

Combination of pragmatic financial assumptions & strong product positioning gives us
confidence our Residential Development business is well-positioned through-the-cycle
Page 81| Fletcher Building Limited Investor Day Presentation| © June 2022
Factoring in a c.10% drop in EBIT margins in FY23 (vs. FY22F) due to
a combination of price and cost
Products located in the most robust parts of the market with the
most depth
Resilient sales due to community building focus (not just houses)
Extension of communities into apartments & retirement from strong
IP developed, densification & changing demographics
Strong land bank, acquired through prudent investment guardrails /
a through-the-cycle perspective
Ability to slow / ramp-up development works & house building
through changing market conditions, rather than alter price
EBIT Margin %
28%
24%
31%
24%
21%
14%
21%
29%
FY15FY16FY17FY18FY19FY20FY21FY22F
Residential &
Development

Growing to 1,000 homes p.a. in Auckland & Christchurch,
strengthening position and providing prudent / sensible market presence
Existing locations continue to show robust demand, and
new locations are in strong demand locations
Strong competitive position –great locations, building
whole communities with a variety of home typologies, and
targeting the market where there is the most depth
Leveraging innovation into new typologies plus customer
solutions to densification, to continue to deliver houses in
below median price points
Industry leadership through solutions to address climate
change challenges (including the launch of LowCOhome in
WaiataShores) provides an “at scale” response. Utilising
technology around solar energy, low carbon concrete,
water use & recycling, and passive house level insulation
Page 82| Fletcher Building Limited Investor Day Presentation| © June 2022
Distribution of FY22F residential sales
0%
10%
20%
30%
40%
<$650,000$650,001 -
$800,000
$800,001 -
$950,000
$950,001 -
$1,100,000
$1,100,001 -
$1,250,000
>$1,250,001
Auckland
median price
Growing from a strong base
Residential &
Development
LowCOhome

Auckland Apartments in non-CBD Locations
Targeted locations and prudent fundamentals support
our Apartments business
Auckland densification providing significant opportunities in non-central
but inner urban locations, where we already have a market presence
and higher density is a logical extension to our communities. These are
the locations which provide solid returns without the volatility of central
city locations
120 apartments to be delivered in FY23, c.40% of which are already sold;
further 20% in KiwiBuildprice points where demand is strong
Innovation IP developed through Clever Core, allowing faster build times
An experienced team established to deliver apartments with specialist
construction management, design & sales competency
Great locations, prudent fundamentals continue to enable scaling of
business to c.300 apartments p.a. by FY25, targetingROFE ≥ 15% and
driving costs down through clever design and smart procurement
Page 83| Fletcher Building Limited Investor Day Presentation| © June 2022
Hobsonville
Panmure
Oranga
Northcote
Three Kings
Residential &
Development

Retirement adding to our communities and expanding our
product reach
A new offering for 70+ year old residents inside our established master-planned
communities, targeting retirees wanting independent living with ability to
access care through a healthcare partner
A significantly underserved part of the market, with a high proportion of
downsizers who are unable to find suitable offerings and are unlikely to want to
enter a traditional ‘full service’ retirement village
Attractively priced 1-, 2- & 3-bedroom duplexes, apartments and terraces (ORA
1
with only 15% DMF
2
and share of capital gains
3
)
Communal facility based around a residents’ lounge; villages well-located in
existing FRL developments, to take advantage of local services & community
assets
Leveraging partnerships to deliver key healthcare and digital services in a
capital-light manner
First units to be occupied in FY23; continued confidence in market to deliver
c.150 homes p.a. by FY25
Page 84| Fletcher Building Limited Investor Day Presentation| © June 2022
Residential &
Development
1. Occupational Right Agreement
2. Deferred Management Fee
3. Residents receive 50% of capital gains on termination of ORA net of refurbishment costs

Offsite manufacturing delivering speed & volume benefits;
high level of IP established
Third year of production, with c.100 homes in FY22F and
c.250 homes in FY23F
External customer sales through Kāinga Ora & Group Home
Builders
Innovation & start-up nature resulting in evolution of Clever
Core’s design, manufacturing & installation efficiency
Established high level of IP and a significant barrier to entry
Well set for improved returns and potential to leverage
learnings by establishing a new larger site to scale up the
customer offering in the future
Faster build time with working capital savings, safety
benefits & significantly reduced waste – to date, this has
reflected a premium cost to traditional stick build
Page 85| Fletcher Building Limited Investor Day Presentation| © June 2022
Assembling Clever Core panels at Whenuapai
Residential &
Development

Industrial Development blending rehabilitation & upgrade of legacy FB
sites with new opportunities
Recent development income through decontamination &
repositioning of FB assets at Emu Plains, Rooty Hill & Gailes in
Australia
Continuing to focus on delivering new assets across the wider FB
Group, including Humes Steel into Papakura, expansions at
Taupo Laminex, and WWB Christchurch
Competitiveadvantage in ability to source land and navigate the
complex rezoning process of land in Auckland region,
particularly in mixed use areas. Recent sites secured include
Silverdale, Whenuapai, Penrose and Papakura
Further potential to leverage FB operations as cornerstone
tenants of new developments in Auckland (e.g. Firth plant at
882 Great South Rd, Penrose)
Aim to use the industrial land development business to provide
sustainable earnings of c.$25m p.a. by FY25 and 15% ROFE
Page 86| Fletcher Building Limited Investor Day Presentation| © June 2022
Kauri Rd, Whenuapai mixed Industrial & Residential development
Residential &
Development

Work-In-Progress (WIP) will continue to grow & get efficient,
but has off-ramps if market does not support
Strong land pipeline with through-the-cycle perspective on land purchases
and WIP base
c.5,600
1
lots under control support future growth pipeline
Does not include lots that will result from rezoning our positions
outside the present urban boundary (c.2,000 extra lots)
Balanced approach to serving land (i.e. ready now, progressive
drawdown, and un-zoned), with our focus moving to larger land
parcels where we can add more value
Funds in land on balance sheet is currently c.$400
2
million
We maintain a through-the-cycle perspective on land purchases,
resulting in a c.$350-400m valuation buffer in our land bank when
comparing purchase price with today’s valuation
Our WIP consists of Development (land infrastructure) and House
Build WIP
Current book value on balance sheet is c.$300
2
million
WIP will be positively impacted by faster speed of build (e.g.
through further use of Clever Core), which proportionally reduces
WIP against volumes on a year-to-year basis
WIP can largely be turned on or off to suit market conditions
Strong land pipeline and through-the-cycle perspective on
purchases
Page 87| Fletcher Building Limited Investor Day Presentation| © June 2022
Residential &
Development
1. Excludes rural land at Taupaki
2. As at 31 May 2022 and includes costs to develop land to serviced lots, where applicable

Growth outlook underpinned by great locations, diversified product and
our community offering
Page 88| Fletcher Building Limited Investor Day Presentation| © June 2022
Division well-positioned in terms of product price points, locations, range
of products to deliver consistent through the cycle earnings
A land bank procured which is balanced between land available now and
land to be developed for homes over the next 10 years
Well-located land operating in the most robust parts of the market
A significant base of Residential earnings which is able to respond to
market conditions
The emergence of Retirement and Apartments earnings, responding to
customer demand in our existing communities
Use of innovation to deliver faster build times, reduced build costs, and
continually evolving product to meet the lower price points of the market
Total Volume of Residential Units Taken To Profit
0
200
400
600
800
1,000
1,200
1,400
1,600
FY14FY15FY16FY17FY18FY19FY20FY21FY22FFY23FFY24FFY25FFY26F
Residential &
Development
Drop-down box
Delivering strong & stable earnings with 15-20%+ EBIT margins and ROFE above 20% – highly accretive to
Group margin and returns

Significant
near-term
profit growth
Well-positioned
for macro
trends
and any
economic cycle
Strong
enduring
financial
position and
returns
Established
pipeline of
growth
investments –
primarily
organic
Plans and
runway for
further margin
improvement
Our strategy positions us well to drive shareholder value in the short- and
long-term
01
0305
02
Page 90| Fletcher Building Limited Investor Day Presentation| © June 2022

04
FY22F EBIT c.$750m
FY23 EBIT target
$100m+ growth
Medium-term
targets:
+100-200bps
in a flat market
9-10%
through-the-cycle
c.$500m growth
capex over FY23-25
Disciplined
investment approach
in residential
development
Scale in-country
operations in NZ/AU
Industry backlog
supports next
12-18 months
Leverage at
lower-end of
1-2x range
ROFE ≥ 15%
Note: EBIT and margin are before significant items

Important Information
ThispresentationhasbeenpreparedbyFletcherBuildingLimitedanditsgroupofcompanies(“FletcherBuilding”)forinformationalpurposes. Thisdisclaimerappliestothis
documentandtheverbalorwrittencommentsofanypersonpresentingit.
Incertainsectionsofthispresentation,FletcherBuildinghaschosentopresentcertainfinancialinformationexclusiveoftheimpactofsignificantitems. A numberofnon-GAAP
financialmeasuresareusedinthispresentationwhichareusedbymanagementtoassesstheperformanceofthebusinessandhavebeenderivedfromFletcherBuilding’s
financialstatements. Yo ushouldnotconsideranyofthesestatementsinisolationfrom,orasa substitutefo r,theinformationprovidedintheFinancialStatementswhichare
availableatwww
.fletcherbuilding.com.
TheinformationinthispresentationhasbeenpreparedbyFletcherBuildingwithduecareandattention,however,neitherFletcherBuildingnoranyofitsdirectors,employees,
shareholdersnoranyotherpersongivesanyrepresentationsorwarranties(eitherexpressorimplied)astotheaccuracyorcompletenessoftheinformationandtothe
maximumextentpermittedbylaw,nosuchpersonshallhaveanyliabilitywhatsoevertoanypersonforanyloss(including,withoutlimitation,arisingfromanyfaultor
negligence)arisingfromthispresentationoranyinformationsuppliedinconnectionwithit.
ThispresentationcontainsnotonlyinformationaboutthehistoricalperformanceofFletcherBuildinganditsoperations,butalsosomeforwardlookingstatements,thatis
statementsrelatedtofuture,notpast,eventsorothermatters. Forwardlookingstatementsmayincludestatementsregardingourintent,belieforcurrentexpectationsin
connectionwithourfutureoperatingorfinancialperformance,ormarketconditions. Suchforwardlookingstatementsarebasedoncurrentexpectations,estimatesand
assumptionsandaresubjecttoa numberofrisksanduncertainties,includingmaterialadverseevents,significantone-offexpensesandotherunforeseeablecircumstances.
Thereisnoassurancethatresultscontemplatedinanyoftheseprojectionsandforwardlookingstatementswillberealised. Actualresultsmaydiffermateriallyfromthose
projected. Exceptasrequiredbyl a w,ortherulesofanyrelevantstockexchangeorlistingauthority,nopersonis underanyobligationtoupdatethispresentationatanytime
afteritsreleaseortoprovidefurtherinformationaboutFletcherBuilding.
Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxoranyotheradviceora recommendation.
Page 91| Fletcher Building Limited Investor Day Presentation| © June 2022

---

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand

Fletcher Building Investor Day, FY22 EBIT guidance of c.$750m reiterated

Auckland, 22 June 2022: Fletcher Building Limited (‘Fletcher Building’ or the
‘Company’) is today holding a hybrid Investor Day for investors and analysts with
presentations and Q&A taking place from 10:00am to 1:00pm NZT.

Fletcher Building management will present on the theme of “Building for
tomorrow”, including presentations covering five of the company’s divisions
along with the key drivers of performance and growth across the business.
Attached is the slide presentation.

Included in the presentation is guidance confirming our FY22 EBIT (before
significant items) which is expected to be c.$750 million. In addition, FY22 second
half EBIT margin (before significant items) is expected to be c.9.5%.

Fletcher Building CEO Ross Taylor said: “We are pleased to be able to highlight
where we are taking the company over the next few years as we continue to
drive operational improvements and growth. We have been actively investing
both capital and overheads with a focus on delivering some exciting future
growth opportunities in FY23 and beyond.”

To register for the event and to watch the webcast live, please access the
following microsite: Investor Day | Fletcher Building Holdings Ltd - Investor Day
Microsite (gcs-web.com)

The microsite will be available for a replay of the presentations.

Investors and analysts will be able to ask questions live via the webcast facility
following each of the presentations. While every endeavour will be made to
answer all the questions that are submitted, this may not be possible due to time
constraints, so we can follow this up after the presentations.

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
#Ends

Authorised by:
Andrew Clarke
Company Secretary

For further information please contact:

MEDIA
Christian May
General Manager – Corporate Affairs
+64 21 305 398
Christian.May@fbu.com
INVESTORS AND ANALYSTS
Aleida White
Head of Investor Relations
+64 21 155 8837
Aleida.White@fbu.com

D&O initial disclosure – Boylen D&O Ongoing Disclosure

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.