Fletcher Building Investor Day, FY23F EBIT of c.$800m

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

Fletcher Building Investor Day, FY23F EBIT of c.$800m

Auckland, 21 June 2023: 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 8:30am to 11:30am NZT.

Fletcher Building management will outline the strategy and outlook for the
Company. Key areas of focus will be on delivering sustained operational
performance through-the-cycle, and progress on the investment programme to
drive medium-term earnings growth. Attached is the slide presentation.

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 in both the financial
and non-financial areas of our strategy. We have been actively investing capital
in growth opportunities from within the business as well as making sensible bolt-
on acquisitions. Progress on safety and sustainability continues to be strong,
and we are focused on driving greater improvements in the customer, innovation
and people areas of our strategy. With the fundamentals of the Australian and
New Zealand building sectors being supported by long-term by macro tailwinds,
and with a strong balance sheet, Fletcher Building is well positioned for growth
over the medium term.”

On nearer-term performance and outlook, Mr. Taylor said: “In FY23 we expect
EBIT (before significant items) to be c.$800 million and EBIT margins (before
significant items) to be greater than 9%. This represents a solid performance as
we have seen market activity soften in the second half, along with the ongoing
impact of wet weather. Our house sales in FY23 will be around 650 units, below
our previous target but proving some resilience in a slow New Zealand housing
market. In line with prior guidance, cash flows have been strong in the second
half. For FY24, our current outlook is for market volumes in our materials and
distribution businesses to soften by a further c.8%, and we are targeting 700-800
house sales. In Construction, our legacy projects are nearing completion, with
some risk still to manage as we close out claims, but our go-forward business is
well-positioned with a more focused and lower-risk order book.”

Fletcher Building Limited, Private Bag 92114, Auckland 1142, 810 Great South Road, Penrose, Auckland 1061, New Zealand
As previously advised, to register and attend the event online and to watch the
webcast live, please click on this link.
Investors and analysts will be able to ask questions live via the webcast facility.
While every endeavor will be made to answer all the questions that are
submitted, this may not be possible due to time constraints, and is at the
discretion of Fletcher Building management.

The webcast will be available for a replay of the presentations after 3:30pm
NZST and the presentations will be available on www.fletcherbuilding.com
#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

---

FletcherBuilding
Investor Day
June 2023
21 June 2023

Proven & capable leadership team with strong tenure
NICK
TRABER
Chief Executive
Concrete
PHIL
BOYLEN
Chief Executive
Construction
HAMISH
McBEATH
Chief Executive
Building Products
STEVE
EVANS
Chief Executive
Residential &
Development
DEAN
FRADGLEY
Chief Executive
Australia
BRUCE
McEWEN
Chief Executive
Distribution
JOE
LOCANDRO
Chief Information
Officer
ROSS
TAYLOR
Chief Executive
Officer
ANDREW
CLARKE
Group General
Counsel &
Company Secretary
BEVAN
McKENZIE
Chief Financial
Officer
CLAIRE
CARROLL
Chief People Officer
Operational LeadersFletcher Building Group Team
WENDI
CROFT
Chief Health and
Safety Officer
Page 2| Fletcher Building Limited Investor Day Presentation| © June 2023

Investor Day Agenda
Page 3| Fletcher Building Limited Investor Day Presentation| © June 2023
1.OverviewRoss Taylor / Bevan McKenzie6:30am / 8:30am40 mins
2. ConcreteNick Traber7:10am / 9:10am20 mins
3. Building ProductsHamish McBeath7:30am / 9:30am20 mins
4.DistributionBruce McEwen7:50am / 9:50am20 mins
Coffee break8:10am / 10:10am15 mins
5. ConstructionPhil Boylen8:25am / 10:25am20 mins
6. Residentialand DevelopmentSteve Evans8:45am / 10:45am20 mins
7.AustraliaDean Fradgley9:05am / 11:05am20 mins
8. Concluding RemarksRoss Taylor9:25am / 11:25am5 mins
PresenterSectionAEST / NZTDuration

Fletcher Building Limited
Outlook
Ross Taylor, CEO

FY23 EBIT expected to be c.$800m; margins >9%, solid performance
despite softer market & wet weather in 2H23
Page 5| Fletcher Building Limited Investor Day Presentation| © June 2023
Note: EBIT and EBIT Margin exclude significant items; FY19 is a proforma number adjusted for discontinued operations and IFRS16 to allow for
like-for-like comparison; FY20 not included as the year was significantly impacted by COVID lockdowns, so not comparable
EBIT($m) and EBIT Margin (%)
$598m
$668m
$756m
c.$800m
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
10.0%
-
100
200
300
400
500
600
700
800
900
FY19FY21FY22FY23F
▪NZ & AU Materials & Distribution: market activity softer
in 2H23, also impacted by wet weather. Overall FY23
volumes 5%-7% below peak in 2H22. Margins robust on
pricing/cost control
▪Residential & Development: c.650 house sales in FY23,
below prior target but a good performance in a tough
housing market. Ind. Devt. earnings of c.$30-40m
▪Construction: in line with guidance, strong order book
▪Cash flowsstrong in 2H23
▪FY23 EBIT of c.$800m excludes Significant Items. Iplex
Australia Pro-fit costs will be classified as a Significant
Item; previously announced A$15m provision as we
work through cause and extent of the issues
Drivers of FY23F Financial Performance
7.2%
8.2%
8.9%
>9%
EBITEBIT margin

FY24, expect market to tighten further, focused on performing through
the cycle (TTC), will continue with committed growth investments
Page 6| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Expect c.8% market volume decline in FY24 vs. FY23, softer residential, ongoing solid
commercial / infrastructure
▪Focused on preserving operational gains through FY24 as we drive medium term
margin improvements
▪Market showing signs of stabilising, targeting c.700-800 unit sales in FY24
▪Average YoY margins likely to contract in FY24 before recovery in FY25
▪Maintain tight control of funds invested in the business until housing market recovers
▪Go forward business focused on strong operational disciplines and building on the
high-quality order book
▪Convention Centre close to completion / work through Legacy Project disputes
▪Strong organic growth plans continue, committed investment of $800m+ FY23-FY26.
Leverage (Net Debt / EBITDA) will lift in FY24 on growth investment & FCC legacy cash
outflows, but remaining within target 1x-2x range. Strong liquidity in place
RESIDENTIAL &
DEVELOPMENT
NZ & AUSTRALIA
MATERIALS &
DISTRIBUTION
ORGANIC GROWTH
CONSTRUCTION

Construction legacy projects nearing conclusion; remaining risks to
manage are related mainly to claim settlements
Page 7| Fletcher Building Limited Investor Day Presentation| © June 2023
Pūhoito Warkworth motorway (P2W)
▪Fletcher Construction (FCC) is a 50-50 JV partner with Acciona
▪Opened in June 2023, some deferred works to complete through FY24
▪Project has lodged a number of claims (>$200m, of which FB share is 50%), mainly related to COVID delays. Successful resolution
of these claims needed to hold current project provision –cash receipts assumed to flow in FY25 (see slide 31)
International Convention Centre (NZICC)
▪Continuing to track to target completion in late 2024; nearly fully procured; building weather-tight in Nov 2023
▪Cost risk reducing as scope is better defined, risk estimated at $0m-$50m
▪Assume we will secure remaining insurance proceeds c.$150m, plus c.$50m ‘BAU’ client revenues (i.e. for work that was still to
complete at time of fire)
▪As completionnears,disputewithSkyCitypossible. No claims received to date and project forecast does not allow for any
All other legacy projects (c.80 in total) now complete, disputes/defects have emerged in a small number of projects
▪Wellington International Airport claim for remedial works on carpark project: c.$40m claim, which FCC disputes

Fletcher Building Limited
Medium Term Outlook

FB is focused on the NZ & AU Building Sector: this sector is attractive,
resilient & is supported by long-term macro tailwinds
Page 9| Fletcher Building Limited Investor Day Presentation| © June 2023
Population growth
(incl. net migration) +
Housing & infrastructure
deficits underpin
long term solid overall sector
growth
Population growth
Sector generally & region
specifically have been slow
adopters & innovators relative
to other sectors –creating
disruption & “step”
opportunities in the value
chain
Disruption opportunities
Economy & politics are stable,
transparent & feature strong
governance
Stable government
Geographic isolation &
relative smaller market scale,
provide natural hurdles for
imports & disruption
Isolated markets

FB has a highly attractive & diverse set of businesses across the building
value chain
Focus across NZ & Australia
NZX/ASX listed: FBU
Revenue weighted to market
NZ Materials
&
Distribution
44%
AU Materials
&
Distribution
32%
Resi &
Dev't8%
Construction
16%
Value chain revenue
Note: Key figures are for FY22. Revenue is Gross Revenue
Page 10| Fletcher Building Limited Investor Day Presentation| © June 2023
51%
Residential
27%Commercial
22%
Infrastructure
$6.5b
revenue
$2.8b
revenue

OUR
PURPOSE
IMPROVING THE
WORLD AROUND
US THROUGH
SMART THINKING,
SIMPLY DELIVERED
“
We invest in businesses across the building products & solutions value
chain that align with our purpose
Page 11| Fletcher Building Limited Investor Day Presentation| © June 2023
We identify the ATTRACTIVE MARKETS & SECTORS we believe we can win in
We source, understand & APPLY GLOBAL BEST PRACTICE in the local market
context to each business ensuring a SUSTAINABLE COMPETITIVE
ADVANTAGEcan be achieved
We hold businesses:
•That are or can be#1 or #2in their markets
•Which have or can achieve, SUFFICIENT SCALEto allow investments to
position the business with a SUSTAINABLE COMPETITIVE ADVANTAGE
against local & global competition

We drive performance in each business through a now proven set of
operating disciplines
Page 12| Fletcher Building Limited Investor Day Presentation| © June 2023
OPERATIONAL &
FINANCIAL
PERFORMANCE
INNOVATION &
GROWTH
SUSTAINABILITYCUSTOMERSAFETY
CAPABLE &
HIGHLY ENGAGED
PEOPLE

This has seen us drive material margin performance improvements across
all our businesses over the last few years...
EBIT Margin Industry Economic Performance
Building Products NZ DistributionConcreteResidential & Dev.ConstructionAustralia
Upper
quartile
Median
Lower
quartile
Division
now
Note: As assessed against global listed peers –EBIT margins for peers are for the last twelve months as at April 2023 and for Fletcher
Building -FY23F; excludes significant items
Source: Capital IQ
Page 13| Fletcher Building Limited Investor Day Presentation| © June 2023
now
now
now
FY19
now
FY19
now
FY19
FY19
FY19
FY19

Progress in Safety & Sustainability has also been good and we are well
positioned to take these to “best in class” in the near term
Safety: good progress continues
Total Recordable Injury
Frequency Rate
1
5.0
3.4
3.2
FY21FY22YTD23
1. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries;
2. YTD23 is 11 months ended 31 May 2023
3. ‘000 Tonnes; FY18 baseline has been adjusted to account for the divestment of Rocla and the acquisition of TUMU
4. LTM = Last twelve months; 12 months ended 31 March 2023
5. FY22
90%
(878) sites injury free
2
100%
sites injury free
NowTarget
NO
INJURIES
Page 14| Fletcher Building Limited Investor Day Presentation| © June 2023
Sustainability: 30% lower carbon by 2030, net zero by 2050
NET ZERO FY50
51%
waste diverted from landfill
5
1,213
1,049
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
FY18LTM
Carbon (CO
2
) Emissions
3
NowTarget
70%
waste avoided, recycled
and/or reused by FY26
Carbon (CO
2
) Emissions
3
4
2
30% FY30

Our emphasis to drive the next leg of performance improvements now
moves to our other key operating disciplines
-13%
CO
2
EMISSIONS
OPERATIONAL &
FINANCIAL
PERFORMANCE
INNOVATION &
GROWTH
SUSTAINABILITYCUSTOMERSAFETY
CAPABLE &
HIGHLY ENGAGED
PEOPLE
>9%
EBIT MARGINS
$800m+
COMMITTED
INVESTMENT
40
NPS
3.2
TRIFR
26
eNPS
MAINTAIN FOCUS& MOMENTUM IN THESE AREAS
ALL UPPER QUARTILE BUSINESSES DO THESE AREAS REALLY WELL
Page 15| Fletcher Building Limited Investor Day Presentation| © June 2023
Note: TRIFR is 11 months ended 31 May 2023, NPS is 11 months ended 31 May 2023; EBIT margins is FY23F; CO2 Emissions is 12 months
ended 31 March 2023 vs FY18 baseline; eNPSis FY23

Customer: driving customer solutions & services
≥ 55
Net Promoter Score
1
Online sales run-rate
We now want to get our Customer performance from “Good” to “Great”
across all our businesses
36
40
FY22YTD23
FY18FY19FY20FY21FY22FY23F
$500m
$0m
NowTarget
Page 16| Fletcher Building Limited Investor Day Presentation| © June 2023
Net Promoter Score
1
$900m
2
▪We have made strong progress in our Customer journey
▪Our focus on improved service offerings, product
availability, DIFOT
3
& product innovation, has seen NPS
increase to 40 in FY23 YTD
▪However, our competitive benchmark NPS (customers &
non-customers) sits on average <10
▪This focus will continue -there remains a large
opportunity to differentiate, as our industry is generally
poor at customer service & solutions
▪We are growing our online presence and full suite of omni
channel offerings
▪Online sales at $900m p.a. -expected c.$1.5b p.a. in
2025
Online Sales
c.$1.5b
FY25
1. Net Promoter Score (NPS) measures how satisfied our customers are with our business (excludes the Group JV’s and associates)
2. YTD23 is for the 11 months ended 31 May 2023
3. DIFOT = Delivered In Full On Time

Achieving industry leading employee engagement is an equally important
part of the puzzle... our people wanting to go “above and beyond”
Engagement: focus on continued improvement
Employee Engagement Rating
1. Leadership includes all employees that are classified as frontline leaders, leaders of leaders, GMs & CEs
20%
women in leadership
1
NowTarget
30%
women in leadership
1
by FY27
≥eNPS
40
Employee Engagement Rating
Page 17| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Our engagement target for FB Group is >40 –global upper
quartile
▪FB Group presently sits “about average” with an eNPSof 26
▪General Manager engagement is a very strong eNPSof 62
▪We are working across several fronts to improve this:
▪GMs getting their front line genuinely connected to their
business purpose and aspiration
▪Continuing to improve on recent diversity gains –targeting
30% women in leadership by FY27
▪Build on recent improvements to parental leave, transition
leave, across other key people policies
▪Complete our pathway to pay parity (now 96%) over the
next couple of years.
▪Programmes in place to increase ethnicity in leadership
23
26
FY22FY23

FY24FY25FY26FY27FY28
We have a strong growth outlook having made $800m+ of commitments @ 15% ROFEs,
which will mature in FY27, and a significant number of other opportunities available to us
Page 18| Fletcher Building Limited Investor Day Presentation| © June 2023
Laminex Taupō
Waipapa Timber
Growth
Comfortech
$800m+ in committed growth capex @ 15% ROFE
Full run-rate returns from FY27
Significant further organic opportunities available

FY24FY25FY26FY27FY28
Putting all this together -Fletcher Building is well positioned for a tougher FY24, and then
moving to both margin expansion and material growth in the years beyond this
Page 19| Fletcher Building Limited Investor Day Presentation| © June 2023
Margins
Growth
Macro
Residential headwindsMarket tailwinds
Preserve
operational gains
Further operating margin improvements / + any cycle upside
$800m+ in committed growth capex @ 15% ROFE
Full run-rate returns from FY27
Significant further organic opportunities available

Fletcher Building Limited
Medium Term Outlook
Bevan McKenzie, CFO

Page 21| Fletcher Building Limited Investor Day Presentation| © June 2023
6.6%
8.0%
8.3%
>9%
FY19FY21FY22FY23F
EBIT
1
Margin: NZ and AU Materials & Distribution Divisions
1. Before significant items; FY20 not included as the year was significantly impacted by COVID lockdowns, so not comparable
2. FY19 is a pro forma number adjusted for discontinued operations and IFRS16 to allow for like-for-like comparison
▪Sustained margin uplift delivered from FY19 to FY23
▪Driven mainly by operational improvements in our NZ and
AU Materials & Distribution businesses
▪Fixed cost reductions (>$250m gross cost out FY18-
FY20)
▪Exit of unprofitable categories
▪Investment in automation / efficiency in our
manufacturing sites and supply chains
▪Improved pricing disciplines
▪Building cycle has been supportive to margins, however
offset by dilutionary impact of inflation
EBIT
1
Margin: Group
7.2%
8.2%
8.9%
>9%
FY19FY21FY22FY23F
2
We have established a solid base of operational performance
2

Our FY23 margins have been delivered in a market already softening off the
peak –outlook for FY24 is for activity to move to around mid-cycle levels
Page 22| Fletcher Building Limited Investor Day Presentation| © June 2023
~7%~8%
~5%~8%
This year: FY23 vs. 2H22Outlook: FY24 vs. FY23Market volumes
Outlook has heightened degree of uncertainty, esp. in NZ residential. Current indicators point to overall FY24 market
volumes c.8% down on FY23 and a total of c.15% below 2H22. This would put FY24 at c. mid-cycle levels.

In the medium term, our sectors are supported by solid macro tailwinds
Page 23| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Long-term housing stock
undersupply
▪Rebound of immigration to NZ & AU
post-border closures
▪Demographic change impacting
housing typologies
▪Commercial investment continues
in a positive trajectory, esp. in
logistics, health & education
▪Infrastructure deficit will require
decades of large investment across
key asset classes, esp. water and
transport
Residential CommercialInfrastructure

We are focused on locking-in the operational gains we have made and
driving further margin expansion over the medium term
Targeting 1%-2% margin expansion over the medium term @ mid-cycle activity levels –
a stronger cycle provides opportunity above this
Page 24| Fletcher Building Limited Investor Day Presentation| © June 2023
Drivers of Medium Term Margin Expansion
▪Investment in growth adjacencies
–$800m+ committed, mainly organic NZ focus
▪Customer services and solutions
–differentiation to drive share gains on an efficient cost base
+50-100
bps
▪Scaling of house sales on a well-positioned land bank
–but only when market conditions permit
▪More focused & profitable Construction business
–delivering consistent 5% margins
+25-50
bps
+25-50
bps
CONSTRUCTION
NZ & AUSTRALIA
MATERIALS &
DISTRIBUTION
RESIDENTIAL &
DEVELOPMENT

Growth investment programme well advanced, strong ROFEs & earnings
uplift
$800m+ growth invest’sFY23-26
Waipapa
Timber
acquisition
Insulation
(Code
Change)
Timber /
wood panels
$120m+ full run-rate EBIT growth
Circular
economy &
binders
New Frame &
Truss plant
(automation)
c.$35m EBIT from
Waipapa, Tumu, and
circular acquisitions in FY24
c.$85m EBIT from organic
investments contributing
from FY25/26
Screened against robust criteria
M&A
Tumu
acquisition
ROFE ≥ 15%
Resilient, attractive
markets at Mid-Cycle levels
Rapid runway to earnings
Organic
Page 25| Fletcher Building Limited Investor Day Presentation| © June 2023
Circular economy

Committed growth investment of $800m+ is phased over FY23-FY26
Page 26| Fletcher Building Limited Investor Day Presentation| © June 2023
Committed Growth Capex ($m)
c.$300m
c.$250mc.$250m
FY23FFY24FY25-26
Note: Excludes WWB Tauriko plant and base capex envelope of $200m-$250m p.a.
Further significant organic
opportunities available
in FY26 onwards

Customer: great customer outcomes are strongly linked to performance
across all key metrics
Page 27| Fletcher Building Limited Investor Day Presentation| © June 2023
PROFITABILITY
(EBIT margin %)
SAFETY
(TRIFR)
2.2
4.4
ENGAGEMENT
(eNPS)
40
20
CUSTOMER
(Relationship NPS)
60
10
~2.5x
Top third of FB BUs by
customer NPS
Bottom third of FB BUs by
customer NPS
FB Average

Customer: our performance is solid, but too variable across BUs –consistent
delivery at target levels represents a massive opportunity in our industry
Page 28| Fletcher Building Limited Investor Day Presentation| © June 2023
Note:
1
Relationship NPS results based on FY23 YTD, where unavailable FY22 is used;
(40)
(30)
(20)
(10)
0
10
20
30
40
50
60
70
Current FB
average: 40
Our
target: 55
Competitive Benchmark NPS Results 2022-23
NZAU
Best Competitor
28
Av all Fletcher BUs
2
Av all Competitors
Best Competitor
29
36
Av all Fletcher BUs
3
Av all Competitors
-9
Best Fletcher BU
Best Fletcher BU
58
-17
FB Relationship
1
NPSResults FY23 –by Business Unit
Minimum expectation
for all BUs in FY24: 30

Customer: we are focused on improving service and solutions in four areas
Page 29| Fletcher Building Limited Investor Day Presentation| © June 2023
THE
FUNDAMENTALS
PRODUCT QUALITY,
AVAILABILITY, & DELIVERY
Right product, right place,
on time, every time –DIFOTIS
RESPONSIVE, JOINED UP
CUSTOMER SERVICE
Seamless customer experience &
communication across all channels
LEADERSHIP
IN SUSTAINABILITY
BRINGING INNOVATIVE
NEW SOLUTIONS
TO MARKET
SHAPING THE
FUTURE

Housing: we are well-positioned to grow unit sales in the future –but only
once we are confident of a NZ market recovery
Valuation of Land on Balance Sheet
1
Growth Potential in Stronger Market (units)
c.650
1,200+
FY23FFuture potential
$650m
c.$1bn
Book ValueMarket Value
Funds invested in Residential & Development expected to remain relatively flat at
c.$800m-$850m ahead of a NZ housing market recovery
Page 30| Fletcher Building Limited Investor Day Presentation| © June 2023
▪High-quality communities built at scale, avg.
price <$1m = deepest part of market
▪Land bank
2
of 5,000+ units in proven
locations; land on bal. sheet is materially in
the money
▪c.650 units sold in tough FY23 market; some
apartment developments paused to manage
funds. Targeting c.700-800 unitsales in FY24
▪Can scale delivery to 1,200+ units in the
future –only when conditions permit
1. Market value of land on balance sheet is as at Jun 2023 and includes cost to develop land to serviced lots, where applicable
2. Land pipeline = lots under our control, consist of a mix of raw land, land under development and finished sections

Construction legacy projects are a cash outflow in FY23-FY24 before
assumed claim recoveries in FY25
Page 31| Fletcher Building Limited Investor Day Presentation| © June 2023
Forecast FCC Legacy Project Cash Flows ($m)
▪Buildings: remaining net cash outflows relate to losses on
fire reinstatement works and final ‘BAU’ works; outflows are
concentrated in FY24 following partial settlement received
from Contracts Works insurers in 2H23
▪Infrastructure: outflows relate mainly to completion of Pūhoi
to Warkworth ahead of assumed claims settlement
▪FY25F assumed cash inflow relatestofinal claims
settlements. Actual amounts are subject to resolution of
claims
▪All cash flows shown are pre-tax
10
(230)
(65)
(40)
c.125
FY23FFY24FFY25F
BuildingsInfrastructureClaim Recoveries

Underlying cash flows and balance sheet settings remain robust
Page 32| Fletcher Building Limited Investor Day Presentation| © June 2023
585
929
525
c.500-550
FY19FY21FY22FY23F
Underlying Trading Cash Flow
1
($m)
1. Trading Cash Flow = EBITDA less Lease Principal Payments & Lease Interest Paid / minus Working Capital Movements. Underlyingtrading
cash flow excludes FCC Legacy cash flow and Significant Items
▪Underlying FY23 cash flows robust, strong second half
delivered in line with prior guidance
▪Forecast balance sheet metrics at Jun-23F:
▪Net debt c.$1.5b
▪Funding facilities c$2.8b
▪Liquidity c.$1.3b
▪Leverage ratio c.1.3x vs. target range of 1x-2x
▪Growth capex and FCC legacy cash outflows will lift leverage
ratio through FY24, but remaining within 1x-2x target range

Well positioned for cycle, disciplines & culture driving performance, with
clear pathway for growth
Page 33| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Solid FY23 delivered in softer trading conditions
▪FY24 focus on preserving operational gains as market reverts to mid-cycle levels
▪Construction legacy nearing completion, some risk to manage, go-forward business is more focused and lower-risk
▪Medium-term outlook remains positive, all sectors supported by macro tailwinds
▪Strategic focus shifting from cost / efficiency to top-line growth, especially investment in adjacencies, improved
customer service & solutions and people focus
▪Balance sheet in good shape to support $800m+ committed growth investment
▪Pipeline of further growth opportunities available once we have certainty of cycle

Questions
Page 34| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Concrete
Nick Traber, CE

NZ leader in sustainable binders & concrete with leading positions based
on strong brands, unique footprint & technical capabilities
Page 36| Fletcher Building Limited Investor Day Presentation| © June 2023
Concrete
1. For HY23, restated to include Humes
▪Unique NZ wide footprint & network and well-balanced sector exposure mix
▪Strong technical capabilities& leading brands
▪Strong positions -only domestic manufacturer of cement, strong position in aggregates & recycling,ready-mixconcrete,
masonry& Dricon(bagged dry concrete) and pipelines & solutions supplier
42%
26%
32%
Revenue Weighted Sector Exposure
1
Residential
Commercial
Infrastructure
Strong, well-known brands

Non-financial metrics
Page 37| Fletcher Building Limited Investor Day Presentation| © June 2023
Concrete
1. ROFE (Return on Funds Employed) calculated based on closing funds; FY23F
2. Before significant items; FY19 is adjusted for proforma IFRS16 and Humes to allow like-for-like comparison
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. 11 months ended 31 May 23
4. Combined Scope 1 & 2 carbon emissions. GBC 12 months ended 31 Mar 23 vs FY18 baseline
▪Balanced sector exposures with differentiated offers for
commercial & infrastructure compensating soft residential
market
▪Strengthened position in the resilient South Island and
maintenance & repair markets
▪Increased capacity to serve key constrained markets
(roading aggregates, waste management, recycling,
insulation)
▪Improved operational performance and flexible supply
chain to quickly adjust to energy volatility and transport
disruption
▪DecentralisedP&L ownership & lean organisationallowing
for fast adjustments and reallocation of resources to
market demand
Resilient business model to perform through the cycle with strong FY23
performance despite a softening market, inflation & weather events
Resilient business model
$99m
c.$155m
10.2%
c.14.0%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
-
20
40
60
80
100
120
140
160
180
200
FY19FY23F
ROFE
1
c.19%
EBIT
2
EBIT
2
margin
SAFETYCUSTOMERENVIRONMENTPEOPLE
2.9
(TRIFR
3
)
55
(NPS)
-13%
(CARBON
4
)
28
(eNPS)
Key financial metrics

Initiatives to drive mid-term performance through innovation, digital &
sustainability customer solutions
Page 38| Fletcher Building Limited Investor Day Presentation| © June 2023
Concrete
▪Differentiated and innovative solutions supporting asset owners and specifiers to
decarbonise the built environment
▪Making it easy for customers to trade with us, leveraging digital
▪Strengthened market coverage and product availability through capacity increases
and bolt-ons
CUSTOMER
DRIVEN
PERFORMANCE
FOCUS
AREAS
▪INNOVATION:Leading the transition in low carbon and circular construction in NZ
▪DIGITAL:Leverage digital for customer experience, production and supply chain
optimisation
▪SUSTAINABILITY:Fast scale alternative fuels & raw materials, waste management,
supplementary cementitious materials, concrete recycling & reuse

Leading the transition to low carbon construction with industry’s largest
range of low carbon products & solutions
Concrete
Page 39| Fletcher Building Limited Investor Day Presentation| © June 2023
1. International baseline as defined by the Infrastructure Sustainability Council of Australia
2. EcoZero'scarbon neutral status is calculated from cradle to gate of Golden Bay's Portland Manufacturing facility. The offsets purchased,
cancel the carbon credits from manufacture and exclude any carbon from transport from Portland to the retailer.
Low Carbon Cement
NZ’s lowest carbon GP cement, 30% lower carbon
than international baseline
1
Carbon Neutral Cement
NZ’s first carbon neutral
2
cement, remaining carbon
offset through carbon credits. Exclusive to PlaceMakers
Launched 2022, >80% FY23F cement sales
Launched 2023, >20% of bagged cement sales
Low Carbon Concrete
NZ’s first low carbon concrete at scale;
20-40% lower carbon than international baseline
1
Launched 2023, 10x capacity increase
Thermal Flooring Solutions
Thermal insulated flooring solution to meet
new H1 Building Code changes
Digital Foundation Design Tool
Digital solution making low carbon floor design
easy for architects and engineers
Launched 2019, >$5m total sales
Smart Foundation Systems
Fully recyclable foundation system for efficient
and resource reduced construction
Launched 2022, >70% FY23F concrete sales Launched 2022, >200 users
Leader in low carbon products...
...and low carbon solutions

At the forefront of the circular economy with a platform to fast-scale waste
management and recycling services offering
Concrete
Use
Return
Make
CONSTRUCTION & DEMOLITION WASTECLINKERSUBSTITUTION
ALTERNATIVEFUELSALTERNATIVE RAW MATERIALS
Page 40| Fletcher Building Limited Investor Day Presentation| © June 2023
Reclaimed waste replacing virgin raw
materials from process industry:
▪Ashes
▪Mineral processing wastes
▪Sludges
Waste diverted from landfill, replacing coal:
▪Treated construction timber waste
▪Wood processing waste
▪End of life tyres
▪Waste plastic
▪Industrial wastes
Supplementing clinker by utilising
waste from industry:
▪Ashes
▪Silica fume
▪Slag
Recycled materials utilised from
deconstruction and demolition:
▪Excavation, clean fill
▪Waste concrete
▪Bricks, blocks and masonry
▪Asphalt, glass
>100,000 tonnes waste recycled or reused in FY23

Strong pipeline of opportunities across Division & organic and bolt-on
adjacenciesto drive future growth
Page 41| Fletcher Building Limited Investor Day Presentation| © June 2023
Concrete
FY24FY25FY26FY27FY28
FIRTH / DRICON
FUTURE
ADJACENCIES
GOLDEN BAY
HUMES
WINSTONE
AGGREGATES
New flagship
Auckland plant
Further organic and bolt-on opportunities for circular & decarbonisation opportunities
Investment in production & supply chain to
decarbonise, increase capacity and resilience
Roading and permeable
solutions
Major plant upgrade
commissioned
Scale circular
materials offering
Resource extension /
expansion
Expanded bagged
product range
Expand water solutions

Leading platform for sustainable growth based on resilient business model
with a portfolio of initiatives to innovation, digital & sustainability
Page 42| Fletcher Building Limited Investor Day Presentation| © June 2023
Concrete
PERFORMANCE
▪Improved performance in FY23 despite a softening
market, high inflation and weather events
▪Resilient business model, well-positioned to perform
through the cycle
TTC RESILIENCE
Pipeline of
initiatives in place
to drive future
growth through
innovation, digital
& sustainability
GROWTH
▪Strong pipeline of growth opportunities across
division
▪Further opportunities for circular &
decarbonisation growth
▪Customer initiatives to drive mid term performance
▪Differentiated customer solutions driven by
innovation, digital and sustainability

Questions
Page 43| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Building Products
Hamish McBeath, CE

Leading platform for sustainable growth based solutions provider with
unrivalled network
Page 45| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Four light building products in-country manufacturing businesses (only manufacturer of plasterboard & glasswoolinsulation);
strong brands & all #1 or #2 market positions
▪Balanced Metals portfolio consisting of Fletcher Steel businesses including EasySteel, Roofing (PCC & Dimond), CSP, Reinforcing
and Cyclone Wire. 50% JV of Altus gives good exposure to extruded windows and industrial aluminium distribution
▪Woodas emerging sector, plans to continue to expand over next five years, recently acquired Waipapa Pine
49%
28%
23%
Revenue Weighted Sector Exposure
1
Residential
Commercial
Infrastructure
Strong, well-known brands
Building Products
Light Building
Products
Metals
Wood
1. For HY23, restated to exclude Humes which is now in the Concrete Division and excludes Waipapa Timber which was acquired in Jun 2023

Non-financial metrics
Page 46| Fletcher Building Limited Investor Day Presentation| © June 2023
▪# 1 / 2 market positions, strong market share
▪Top quartile margin performance
▪Plant/ activity cost base strongly positioned against local &
international competition
▪Product & service proposition provides competitive advantage
▪H1 Building Code changesproviding growth in some areas of
residential
▪Product embodied carbon favourably positioned against
benchmarked competitors
▪TRIFR average top quartile across these businesses
▪Continued YoY improvement on customer NPS
▪Top quartile industry staff engagement with eNPSabove 40
Continued investment and performance improvement has division well-
positioned for sustained TTC performance
Top performing businesses with strong attributes
$158m
c.$215m
13.4%
c.14.9%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
-
50
100
150
200
250
FY19FY23F
ROFE
1
c.18%
EBIT
2
EBIT
2
margin
SAFETYCUSTOMERENVIRONMENTPEOPLE
3.0
(TRIFR
3
)
49
(NPS)
75%41
(eNPS)
Key financial metrics
Building Products
1. ROFE (Return on Funds Employed) calculated based on closing funds; FY23F
2. Before significant items; FY19 is adjusted for proforma IFRS16 and Humes to allow like-for-like comparison
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD23 = 11 monthsended 31 May 23
(PRODUCTS SUSTAINABLY
CERTIFIED)

Continued investment and performance improvement will support medium
term performance ahead of larger organic investments commissioning
Page 47| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Best-in-class servicestandard set by WWB and Comfortech
▪Customer & employee experience improvements with expanded digital ordering solutions
▪Lower embodied carbon product offerings in roofing giving customers real choice
▪Delivery management (real time) progressively rolling out across the brands over 3 years
CUSTOMER
NEW
PRODUCTS &
SERVICES
▪Market share gains & more product innovation post WWB Tauriko plant opening
▪Building code changes increasing volumesthrough Comfortech
▪Revitalising NZ shed offer via Dimond & ecommsolution rollouts across Steel
▪Broadened civil range and new rainwater solutions in Iplex
Building Products

Tauriko WWB plant –project on track & budget, plasterboard production
trials commenced 15 May 23
Page 48| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Increased ability to innovate on products, by
allowing for better formulation optionality &
changeover speeds
▪Onsite warehousing combined with improved
cross dock facilities enabling continued
customer service capability enhancements
▪Onsite Finished product warehousing
equivalent to c.25 sales days. Nationally c.55
sales days
▪Overall, 13% reduction in CO
2
emissions upon
commissioning with additional options to
reduce a further 30% with investment
▪Waste plasterboard recycling facility –up to
10% recycled material feed back into the
process; zero manufacturing trade waste
Building Products
▪Market-leading direct to site service model
▪Adding 30% in-country production capacity, easily supporting existing
demand & providing significant future capacity
How we drive WWB’s performance

Growth opportunities through organic adjacencies & disciplined M&A give
the division a longer term growth trajectory
Page 49| Fletcher Building Limited Investor Day Presentation| © June 2023
FY24FY25FY26FY27FY28
LAMINEX TAUPŌ
FUTURE
ADJACENCIES
WAIPAPA TIMBER
COMFORTECH
GLASSWOOL PLANT
$270m capex EBIT contributing
Full run-rate @
15% ROFE
$220m capex
Consents & Design
Full run-rate @
15% ROFE
Further Timber Adjacencies, Structural, Finished
Products, Biomass Fuels
Building Products
Plant upgrade / double shift
Further EBIT contribution

Page 50| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Integration planning & execution with focus on people, safety and customers
▪Retention of the Vendors in the business for 12 months to facilitate
knowledge transfer and drive operating performance. The earn-out metrics
are well aligned between Vendor interest & Fletcher growth targets
▪Bolster relationships with Northland community including log supply,
community, and local customers
▪Increase customer service with focus on order to delivery process to support
volume growth
▪Extend current shift pattern from early 2024 to deliver an extra 15% capacity
▪With planned investments we are aiming to increase the volume within the
first three years. Requires additional people to support a two shift pattern
and c.$25m of capital in order to remove constraints
▪Any volume above existing customers demand can be flexed to PlaceMakers
branch network, renewable fuels has additional growth opportunities
Building Products
Waipapa Timber transacted 9 Jun 23, post OIO approval; Year 1 earnings
c.$12.5m EBIT
Driving performance at Waipapa

Medium term portfolio outlook
Page 51| Fletcher Building Limited Investor Day Presentation| © June 2023
Strong market
positions with
strong capex
programme adding
to EBIT and
margins over the
medium term
Building Products
TTC RESILIENCE
▪FY24 margins expected to track slightly lower towards mid-cycle levels
▪Focused on pricing disciplines & manufacturing efficiencies
▪Businesses have the ability to flex down further if market softens but
equally if volumes are there, then well positioned to outperform
GROWTH
▪c.$12.5m EBIT from Waipapa in FY24
▪c.$500m growth capex committed for Comfortech and Laminex;
ROFEs @15% with full run-rate EBIT from FY27
MEDIUM TERM
PERFORMANCE
▪Manage transition to WWB Tauriko supply & deliver new products
▪Optimise Comfortech stock holdings through building code change for
more insulation requirements
▪Continue to execute on Laminex and Steel digital solutions
▪New products continually launched across the portfolio FY24/25

Questions
Page 52| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Distribution
Bruce McEwen, CE

Leading trade distribution businesses in New Zealand
Page 54| Fletcher Building Limited Investor Day Presentation| © June 2023
Distribution
1. For HY23
▪A leading national distributor of building & plumbing supplies via trusted & respected brands: PlaceMakers, Tumu HB & Mico
▪Supported by our leading timber PlaceMakers & Tumu frame & truss manufacturing operations across New Zealand
▪Primarilytargeted at trade customers across the SME, commercial and national customer segments
78%
22%
Revenue Weighted Sector Exposure
1
Residential
Commercial
Strong, well-known brands

Non-financial metrics
Page 55| Fletcher Building Limited Investor Day Presentation| © June 2023
1. ROFE (Return on Funds Employed) calculated based on closing funds; FY23F
2. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. 11 months ended 31 May 23
▪#1 or #2 market positions held by each of our businesses
▪Strong EBIT margin performance
▪Offering a market-leading customer experience in DIFOT, track
& trace delivery and a truly seamless omni-channel experience
▪Deep customer connections, leading technical knowledge &
strong grass roots presence through leading respected brands
▪Strategically positioned across the key metro markets, with
strong regional presence,to diversify sales & earnings risk
▪Strong pricing disciplines & capability to recover inflation
▪Effective cost management,driven through ongoing workforce
optimisation & network configuration (established hubs) to
drive scale efficiencies
Well-positioned for through-the-cycle performance
Strong customer connections
$114m
c.$140m
7.3%
c.7.7%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
-
20
40
60
80
100
120
140
160
180
200
FY19FY23F
ROFE
1
c.44%
EBIT
2
EBIT
2
margin
SAFETYCUSTOMERENVIRONMENTPEOPLE
5.2
(TRIFR
3
)
30
(NPS)
70%30
(eNPS)
Key financial metrics
Distribution
(Waste diverted from
landfill)

Performance will be driven by relentless customer focus, supported by
ongoing efficiency improvements to deliver higher margins
Page 56| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Best in class customer support –underpinned by customer centric leadership
▪Capability build of our sales & support teams–Sales & Service Transformation and
advanced data & analytics across our businesses
▪Highly efficient frame & truss operation, key to market share and margin uplifts
CUSTOMER
NETWORK
OPTIMISATION
▪Store format optimisation including introduction of smaller formats as part of ongoing
innovation of the best from offshore markets
▪Market leading fulfilment through digitisation of end-to-end supply chain, with
distribution hubs in key strategic locations & direct-to-site delivery by manufacturers
Distribution

Successful integration of the Tumu Hawkes Bay acquisition
Page 57| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Acquired six Tumu branches and a frame & truss plant in Sep 22
▪Successfully integrated the business and its c.200 staff into the Distribution
division –focusing on:
▪Retaining key talent in the team & maintaining a strong team culture
▪Retaining our key customers, through great service & tracking of
customer performance
▪Delivering strong EBIT, particularly given the weather events in the
region in 2H23; well-positioned for growth
▪Expected FY24 EBIT & EBIT margin ahead of our acquisition business case
ConcreteDistribution
PlaceMakers,
F&T & Mico sites
Network gaps filled in East Coast on North Island
Successful integration of Tumu, with expected FY24 ahead of business case

Growth opportunities for market share gains through automation,
efficiencies & digital
Page 58| Fletcher Building Limited Investor Day Presentation| © June 2023
FY24FY25FY26FY27FY28
PLACEMAKERS
& TUMU
DIGITAL
OPPORTUNITIES
PLACEMAKERS
FRAME & TRUSS
MICO
Distribution
Sales & Service transformation, best in class customer service
Driving turnaround through ongoing digital platform upgrades
& network performance
New automated frame & truss plant driving volumes & share of
wallet to grow market share
Network format optimisation
Digital transformation with advanced data analytics, automation, and
real-time decision making support
Optimised network/DC fulfilment/densification

Investment in automated frame & truss manufacturing driving efficiencies
and new capability
Page 59| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Investment in a new automated frame & truss plant centred in
Auckland
▪Technology & automation enabling greater efficiency and new
product innovation in margin-accretive segments
▪Safer operating environment for our people
▪Improved product quality in dimension & tolerance, synergies with
offsite manufacturing
▪Increased capacity enabling capture of increased share of wallet on
balance-of-house customer spend
▪Targeting FY25 as Year 1 of operation
ConcreteConcreteDistribution
Continuing to invest in our future

Distribution division well-positioned for TTC performance, and continuing
to drive growth & margin expansion
▪Strong financial performance, with growing EBIT margins
& strong ROFE
▪Disciplined pricing methodologies & capability to offset
inflation
▪Relentless customer-centric focus
Page 60| Fletcher Building Limited Investor Day Presentation| © June 2023
TTC RESILIENCE
Sustainable
customer centric
earnings growth
through
efficiencies,
automation and
digital to deliver
ongoing EBIT
margin expansion
GROWTH
▪PlaceMakers’ automated frame & truss manufacturing
▪Network optimisation of market leading brands, formats &
locations
MEDIUM TERM
PERFORMANCE
▪Profitable network expansion / optimisation & investment
in growth corridors
▪Ongoing innovation in customer-focused digital solutions to
support full omnichannel experience
ConcreteConcreteDistribution

Questions
Page 61| Fletcher Building Limited Investor Day Presentation| © June 2023

Coffee Break
Presentations will resume at 8:25am AEST / 10:25am NZT
Page 62| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Construction
Phil Boylen, CE

▪Focused on infrastructure construction & services with lower-risk order book of $2.2b
▪Positioned in growth sectors of transport, water and marine with a strong pipeline of public-sector funded works
▪Regional self-delivery model, with specialised civil equipment and asphalt production base
▪Balance of long-term maintenance contracts, multi-year framework agreements, specialist small works and major engineering projects
Fletcher Construction is a leading NZ focused infrastructure construction
& maintenance specialist
Page 64| Fletcher Building Limited Investor Day Presentation| © June 2023
Revenue Weighted Sector Exposure
1
1 Orderbook as at Apr-23, including c.$300m NZICC revenue to go
Strong, iconic brands
37%
38%
25%
Roads /
Transport
Water
Infrastructure
Services
Construction

FCC’s size & focus has been reset to a lower volume of better quality work
Page 65| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Focused exclusively into the critical infrastructure
market
▪Multi-year programmes across transport, water and
civil works
▪Businesses competitively positioned with engineering,
specialist self-perform teams & regional manufacturing
footprint
▪Well through legacy projects allowing focus on core
services brands & new multi-year alliances
▪Entering FY24 well-committed with the business 82%
sold on revenue & 72% on margin
▪Target TRIFR for FY24 of <2.5
Strong attributes
c.$1.2b divisional revenue
@ c.2.6% EBIT margin
Higgins & BPC EBIT margin: c.4.5%
Construction
1. FY24 forecast, excludes Buildings BU being wound up with remaining legacy projects to complete
2. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD23 = 10 monthsended 30 Apr 23
3. Combined Scope 1 & 2 carbon emissions. 12 months ended 31 Mar 23 vs FY18 baseline.
Non-financial metrics
SAFETYCUSTOMERENVIRONMENTPEOPLE
2.7
(TRIFR
2
)
30
(NPS)
-11%
(CARBON
3
)
25
(FCC eNPS)
Key financial metrics
1

The committed forward order book sits at a strong 1.8x revenue at
average gross margins of 12% with a further preferred of c.$2.5b revenue
Page 66| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Forward order book primarily lower-risk forms of
contracts
▪Alliances, national and local maintenance
contracts, and cost-plus / measure & value
▪Strong pipeline of preferred projects c.$2.5b
(Riverlink, East Coast Recovery Alliance, Eastern
Busway, Taxiway Mike, others)
▪EBIT margins of c.5% on new work
▪Strong NZ infrastructure market, our exposure is to
roading, water, airports, marine –also creates
synergies with Concrete Division
Profile of forward work
Construction
Orderbook Profile ($bn)
0.0
0.2
0.4
0.6
0.8
1.0
1.2
1.4
FY24FY25FY26FY27FY28FY29FY30FY31FY32
Secured forward order bookPreferred
Total order
book of
$2.2b
1
over
10 years
Targeted
growth to
$4.0b
2
by 1H
FY24
1. Continuing operations only (i.e. excludes remaining NZ buildings work to complete)
2. $2.2b opening orderbook on continuing operations (i.e. excl. NZICC) plus $2.5b preferred projects less orderbook reduction from 1H FY24
revenue $0.65b continuing operations

Detailed programme of works, repeatable self-delivered scope
Page 67| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Partnership for the delivery of water and wastewater
infrastructure for Auckland
▪Works include upgrading and expanding network of
pipes, pump stations and treatment plants
▪$1.2b+ contract over 10 years to 2029
▪Early Contractor Involvement in negotiated packages
of low to medium risk work averaging $50m
▪Construction packages largely self-delivered by Brian
Perry Civil
Watercare Enterprise Model
Construction

Responding to critical infrastructure requirements across the regions
Page 68| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Multi-year agreement to deliver the
required major civil construction work
include roads, bridges & rail corridors in
the Hawkes Bay Region
▪Construction costs estimated >$850m
1
over 6 years
▪Negotiated packages of work –target cost
(risk is capped at margin)
▪Scheduled to execute Project Alliance
Agreement mid-July –converts to
orderbook
▪Recovery works underway already
East Coast Recovery Alliance
Construction
1. Anticipated Fletcher Construction share of total Alliance revenue
Remediation of significant damage to critical roads

Margin improvement through lower-risk form of contracts
Page 69| Fletcher Building Limited Investor Day Presentation| © June 2023
How we are driving performance
▪Driving performance through Alliance based contracts that meet
specified risk profiles with two new foundation projects:
▪Eastern Busway Auckland($800m+ construction value)
▪RiverLinkWellington($600m+ construction value)
▪Negotiated project budgets built up through collaborative framework
with the customer –risk is capped at margin
▪This transition is forecast to generate meaningful contributions to
earningsbeyond FY24F
▪Projects support the pull-through of specialised services (Higgins &
Brian Perry Contractors) and broader Fletcher Building products
Construction

Focus is on delivering margin improvement over the medium term to get
to 5% EBIT margin
Page 70| Fletcher Building Limited Investor Day Presentation| © June 2023
1
2
3
Legacy projects materially completed, teams focused on delivery of new work from a high quality
orderbook in critical infrastructure (water, marine, airports & roads)
New & lower-risk major projects –Wellington RiverLink& Auckland Eastern Busway will start
generating substantive returns
East Coast Recovery Alliance provides further scale to Higgins regional project & maintenance
programmes
Construction

Medium term portfolio outlook
▪~$172b infrastructure spend next decade, NZ govt
committed ~$62b in ‘22 Budget for 2022 to 2026
1
▪Roads (44%) & water (19%) -well positioned to capture a
large share of this activity
Page 71| Fletcher Building Limited Investor Day Presentation| © June 2023
MARKET
Targeted & robust
pathway to 5%
EBIT over next 24
months
ORDER BOOK
▪Strong orderbook of $2.2b, expected to grow beyond $4b by
end of 1H FY24
▪Well positioned with key infrastructure customers to deliver
their programmes with specialised regional crews and
equipment
PROFITABILITY
▪Clear enablers now in place to drive better profitability
through reset workbook
▪Large investment in past 24 months upgrading systems and
processes to support productivity and risk management
Construction
1. InfometricsInfrastructure Pipeline Profile (IPP) report June 2022

Questions
Page 72| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Residential and
Development
Steve Evans, CE

Strong brands
Leading developer with strong reputation for quality build
Page 74| Fletcher Building Limited Investor Day Presentation| © June 2023
Location of unit sales
1
Auckland
Christchurch
89%
11%
▪Developer of residential homes & communities, apartments & retirement living units in Auckland & Christchurch markets
▪Only remaining at scale OSM supplier in New Zealand; projects located in market with the most depth –generally <$1 million price point, attracting
first home buyers & a wide range of other customers
▪Our approach to land & partnerships provides the ability to slow / ramp-up development works & house building through changing market
conditions, flexing WIP to manage funds appropriately to maintain market leading ROFE as the market moves
▪A strong & specialist development skillset assists to deliver group assets & new industrial projects
Unit sales split
1
79%
12%
6%
Apartments –
open market
Homes –social
Homes –
open
market
Apartments –social
Industrial
1%
2%
1. For FY23F
Residential &
Development

Ability to flex scale & typology in proven locations where most depth of
market; strong land bank positions
Page 75| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Developments in strong / well-proven locations. Good
historic land purchase disciplines have allowed us to
maintain volumes at good margins
▪Strong land bank, acquired through prudent investment
guardrails; land bank valuation c.$350m above book value
▪Our offer of completed homes in established
developmentshas fared better in current tighter market
▪Well-regarded & trusted brand; customer NPS at 72
▪TRIFR of 2.6 -industry leading
▪Leading sustainability in the residential marketthrough
our development of LowCO, our low carbon home
▪Now diverting 40% waste from landfill (vs 10% 3 years ago)
▪eNPSof 40, employee engagement top quartile
81
c.120
56
c.30-40
21.4%
c.23.4%
0.0%
5.0%
10.0%
15.0%
20.0%
-
50
100
150
200
250
FY19FY23F
c.$150-160m
$137m
ROFE
1
c.19%
EBIT
2
margin
Industrial Dev’t
Residential
1. ROFE (Return on Funds Employed) calculated based on closing funds; FY23F
2. Before significant items; FY19 is adjusted for proforma IFRS16 to allow like-for-like comparison
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD23 = 11 monthsended 31 May 23
Non-financial metrics
SAFETYCUSTOMERENVIRONMENTPEOPLE
2.6
(TRIFR
3
)
72
(NPS)
LowCOHome
40
(eNPS)
WASTE REDUCTION
Strong attributes and skillset established
Key financial metrics
EBIT
2
Residential &
Development

Pragmatically positioned for market reality with price points and locations in deepest part of
market; targeting c.700-800 unit sales in FY24 with average YoY margins likely to contract before
recovery in FY25
Page 76| Fletcher Building Limited Investor Day Presentation| © June 2023
Residential &
Development
Distribution of FY23F residential unit sales
0%
5%
10%
15%
20%
25%
<$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
house price
Three Kings,
Stonefields
▪FY23 business performed strongly through softening market
▪FY24 expecting further cost increases and sales price
compression before improving volumes and margins in FY25
▪We continue to refine our typologies to maintain an average
price point below $1m –the deepest part of market
supporting our sales target of c.700-800 units through FY24
▪Strategic investments in Stonefieldsand Three Kings satisfies
higher price point market and great margins
▪Key to success has been our careful management of
development and building WIP to maintain robust margins &
ROFEs. This has seen us slow / delay some development
works & house / apartment building, but continue to get
builds ready for when market returns
Managing well through the softened market

Managing medium term performance with good disciplines in place
Page 77| Fletcher Building Limited Investor Day Presentation| © June 2023
Residential &
Development
FLETCHER
LIVING
▪Continuing to deliver valued communities with new and existing home typologies, focusing on
below median price products in strong demand locations. Volumes to lift when market turns
VIVID
LIVING
▪Continue with rollout, providing innovative solution for aging demographic in our wider
residential communities, with ability to share capital gains & with lower DMFs
APARTMENTS
▪Delivering Three Kings, One Central, Hobsonvilleand Orangaapartments demonstrates
capability, with team focussed on getting faster and cheaper delivery
CLEVER CORE
▪Now only scale panelisationproducer in NZ -improved external customer appetite. New roof
line, and interface with new F&T plant allows volume and profit growth without future capex
INDUSTRIAL
DEVELOPMENT
▪Using development skillset and knowledge to source and consent land for future industrial
development; whilst continuing to support FB businesses growth

Raw land to new community -Waiata Shores continues to deliver 100+
homes p.a.
Page 78| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Community has gained strength, with part of site sold to
Progressive Enterprises has delivered a supermarket &
medical centre, both now open
▪As Waiata Shores becomes more successful, we are pivoting
to greater intensification to maintain price point
attractiveness
▪New products introduced including smaller terraces around
parks, car club units & a bigger Vivid Living site
▪Sold >100 units in FY23, this will increase as the market
returns
▪Still at least three years remaining
Residential &
Development
How we are driving performance

Maintaining control of funds invested until housing market recovers; well-
positioned to drive significant growth
▪Current market supports c.700-800 unit sales p.a. without
cannibalisingprice
▪Strong brand & marketing keeps business agile for future market
movement. We can scale to >1,000 p.a. once market returns
▪Vivid continues to gain pace, forecast to grow to c.100 units p.a.
▪Development business continues to consent already secured
locations for when the market returns
▪Well-located sites in One Central, Three Kings, Northcote will
allow over 200 apartment units p.a. to be delivered, but only
when the market returns
▪Clever Core is ready to scale up to support this growth
▪Our land bank c.5,000 units
1
, in larger land parcels where a
variety of Residential & Vivid solutions can be rolled out
Page 79| Fletcher Building Limited Investor Day Presentation| © June 2023
Residential &
Development
The Hill, masterplanned, well-positioned for c.1,000 units
Flex to market conditions, ready to go when market returns
1. Land pipeline = lots under our control, consist of a mix of raw land, land under development and finished sections

Partnering with iwi and government gives access to more land, and leads
to great outcomes
Page 80| Fletcher Building Limited Investor Day Presentation| © June 2023
Residential &
Development
▪Having partnerships with government & iwi allows access
to previously unavailable land
▪Partnerships are long term, with multiple projects with
NgātiWhātuaand Marutūāhu
▪Key to partnership success is common interest, values &
outcomes
▪Current projects with iwi include Okahukura, Homai,
Tauoma, TeUruand new projects at Waka Moana &
Kaipātiki
▪Government & local government see the benefit of having
proven developer working alongside mana whenua
How we are driving performance
Tauoma
Homai
Okahukura

Resilient business model with ability to navigate TTC and with a strong
portfolio of initiatives to drive sustainable growth
▪Holding market volume delivery through the bottom of the cycle
▪Management of funds through build and development WIP but
using the downturn to look for strategic land acquisitions
▪Continue to drive consenting for growth when market returns
Page 81| Fletcher Building Limited Investor Day Presentation| © June 2023
Performing
through the cycle
Margin expansion
as the market
returns
Future growth
▪Great land bank in strong locations
▪Scale-up home volumes in resi& retirement with well planned land bank
▪Clever Core integration with frame & truss allows greater volumes with
no additional capex
▪Turn the tap back on for consented & build-ready apartments
▪Strong development team with access to growth areas through
longer term relationships through iwi and government
▪Continue to grow Vivid Living and apartment businesses driven
around sound medium term business rationale
▪Delivering LowCO& looking at commercialisation opportunities
Residential &
Development
MEDIUM TERM
PERFORMANCE
GROWTH
TTC RESILIENCE

Questions
Page 82| Fletcher Building Limited Investor Day Presentation| © June 2023

Fletcher Building Limited
Australia
Dean Fradgley, CE

Well-established light building products & distribution businesses which
have delivered margin improvement with more to come
Page 84| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
➔Significant
near-term
profit growth
▪Leading manufacturer of decorative surfaces, plastic pipes, insulation, steel roofing, sheds and doors
▪Distribution business delivers full range plumbing & bathroom products including higher margin own brand
▪Scale in respective markets
▪Margin growth delivered with strong opportunities for further upside
Residential
60%
28%
12%
Commercial
Infrastructure
Revenue weighted sector exposure
1
Strong, well-known brands
1. For HY23

Australia’s operational disciplines & margin growth has it soundly
positioned for this cycle
Page 85| Fletcher Building Limited Investor Day Presentation| © June 2023
▪# 1 or #2 market position in all businesses
▪Customer strategies to attract new and retain existing customers
▪Performing well in categories that matter
▪Cost competitive against local/international competition
▪Strong pricing & procurement disciplines backed by governance
▪Customer response to digital strategy is strong, delivering higher
profits & increased customer retention
▪Own brand & private label delivering margin uplift
▪High vitality evidenced by new products to market
▪Sensible capital investments for growth
▪TRIFR average top quartile across these businesses
Australia
$72m
c.$170m
2.6%
c.5.5%
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
-
50
100
150
200
FY19FY23F
1. ROFE (Return on Funds Employed) calculated based on closing funds; FY23F
2. Before significant items; FY19 is adjusted for proforma IFRS16 and to allow like-for-like comparison
3. TRIFR = Total no. of recorded injuries per million hours worked. Does not include Restricted Work Injuries. YTD23 = 11 monthsended 31 May 23
4. Combined Scope 1 & 2 carbon emissions. YTD23 = 12 months ended 31 Mar 23 vs FY18 baseline
Non-financial metrics
SAFETYCUSTOMERENVIRONMENTPEOPLE
3.0
(TRIFR
3
)
26
(NPS)
-20%
(CARBON
4
)
14
(eNPS)
Key financial metrics
Attributes
ROFE
1
c.12%
EBIT
2
margin
EBIT
2

CUSTOMER
Medium term performance driven by new product development, driving
digital & improving customer experience
Page 86| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
FOCUS AREAS
▪Laminex approaching double digit EBIT margins as we continue to drive performance in digital,
decorative categories, backed by a strong vitality index
▪Stramit’sperformance is growing at pace as we execute strategies in margin accretive categories, i.e.
sheds & doors producing higher margin products
▪Tradelink is underperforming and now driving price beyond original plans in light of increasing costs of
doing business. Having doubled NPS, the ability to recover price is an opportunity and is now
accelerating
▪Ongoing focus on DIFOTIS continues to lift NPS
▪Building out digitally based omni-channel solutions providing customers choice in how they transact
with us, attracting and retaining customers
▪Continued investment in new product development that solve customer problems, i.e. higher margin
Laminex Surround™, Fletcher Insulation Firmasoft™

Building out digitally based solutions: over 35% of Laminex revenue is now
online attracting more customers & delivering improved margins
Page 87| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
▪Laminex digital journey commenced 2019, now largest
digital sales in the group accounting for 35% of sales
▪Continuous programme of enhancements to improve
customer experience
▪Strong uptake & repetitive user base with 40% of customers
transacting online monthly
▪Margin accretive channel
Digital NPS 49
Digital sales of total 35%
Digital CAGR 32%
Monthly customer use 40%
“Nice user
interface. Easy to
navigate and
order.”
New revenue streams driving incremental online sales
Note: DigitalNPS YTD May 23; Monthly customer use is as at May 23; Digital sales % is FY23F; CAGR is FY20 to FY23F

FY24FY25FY26FY27FY28
Further growth opportunities primarily through organic adjacencies &
innovation lifting to 7-8% EBIT margins in the medium term
Page 88| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
TRADELINK
STRAMIT
LAMINEX
OTHER BUSINESSES
Product expansion to new
decorative categories
Build out B2B digital
offer –mobile app
Investment in
doors expansion
Targeted automation
investments reducing cost
to serve
Core DIFOT(IS) 95%+, NPS 40+
Back of wall own brand build out
SME 50%+, Retail 15%+
Haven kitchen model
distribution maturity
Digitally based
customer value proposition
Iplex investment in latest
manufacturing technologies
Fletcher Insulation further
expansion of installation offer
Fletcher Insulation expansion
into decorative solutions
Increased manufacturing
automation investment
Oliveri expansion into
Water Filters

Category focus: Stramit delivering margin accretive sheds & doors
segments
Page 89| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
Driving performance in highest margin categories
▪Stramit is the only roll-forming player with a complete, steel,
sheds & door offering
▪Taureandoor systems expansion underway with capital
allocated to meet future market demands in residential,
commercial and own brand shed growth
▪Revenue CAGR three times higher than the Stramit group,
highest EBIT margin of all products
▪Fair dinkum builds revenue growth >50% over the past 5 years
providing pull through demand from Stramit core and Taurean
Door Systems
▪~30% of Stramit’srevenue now comes from builds & doors

FY23F EBIT growth of c.$50m in a declining market. Well positioned through operational
discipline and growth investments to deliver more value over the medium term
Page 90| Fletcher Building Limited Investor Day Presentation| © June 2023
Australia
TTC RESILIENCE
TTC resilience with
EBIT margin
holding above 5%
in the near term,
well positioned to
grow a further
200bps+ over the
medium term
▪Strong operational disciplines in place, demonstrating ourability to
get price TTC with lift in customer metrics
▪Holding margins at 5%+ through pricing disciplines, manufacturing
efficiencies & cost control
▪Well-positioned to navigate through forecast market declines in FY24
GROWTH
▪A suite of committed growth investments in vitality, digital, innovation
and automation maturing over the medium term
MEDIUM TERM
PERFORMANCE
▪Relentless obsession to improve customer metrics
▪Digital strategies are strong and continue to attract new and retain
existing customers
▪A strong pipeline of accretive category growth plans lifting margins

Questions
Page 91| Fletcher Building Limited Investor Day Presentation| © June 2023

Well positioned for cycle, disciplines & culture driving performance, with
clear pathway for growth
Page 92| Fletcher Building Limited Investor Day Presentation| © June 2023
▪Solid FY23 delivered in softer trading conditions
▪FY24 focus on preserving operational gains as market reverts to mid-cycle levels
▪Construction legacy nearing completion, some risk to manage, go-forward business is more focused and lower-risk
▪Medium-term outlook remains positive, all sectors supported by macro tailwinds
▪Strategic focus shifting from cost / efficiency to top-line growth, especially investment in adjacencies, improved
customer service & solutions and people focus
▪Balance sheet in good shape to support $800m+ committed growth investment
▪Pipeline of further growth opportunities available once we have certainty of cycle

Important Information
ThispresentationhasbeenpreparedbyFletcherBuildingLimitedanditsgroupofcompanies(“FletcherBuilding”)forinformationalpurposes.Thisdisclaimerappliestothis
documentandtheverbalorwrittencommentsofanypersonpresentingit.
Incertainsectionsofthispresentation,FletcherBuildinghaschosentopresentcertainfinancialinformationexclusiveoftheimpactofsignificantitems.Anumberofnon-GAAP
financialmeasuresareusedinthispresentationwhichareusedbymanagementtoassesstheperformanceofthebusinessandhavebeenderivedfromFletcherBuilding’s
financialstatements.Youshouldnotconsideranyofthesestatementsinisolationfrom,orasasubstitutefor,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
assumptionsandaresubjecttoanumberofrisksanduncertainties,includingmaterialadverseevents,significantone-offexpensesandunforeseeablecircumstances.Thereis
noassurancethatresultscontemplatedinanyoftheseprojectionsandforwardlookingstatementswillberealised.Actualresultsmaydiffermateriallyfromthoseprojected.
Exceptasrequiredbylaw,ortherulesofanyrelevantstockexchangeorlistingauthority,nopersonisunderanyobligationtoupdatethispresentationatanytimeafterits
releaseortoprovidefurtherinformationaboutFletcherBuilding.
Theinformationinthispresentationdoesnotconstitutefinancialproduct,legal,financial,investment,taxoranyotheradviceorarecommendation.
Page 93| Fletcher Building Limited Investor Day Presentation| © June 2023

Appendix –Humes moved from Building Products to Concrete during FY23
1. Pro forma adjusted IFRS 16 and excludes discontinued
2. Pro forma adjusted Forman Buildings segmental change (Distribution to Building Products)
Page 94| Fletcher Building Limited Investor Day Presentation| © June 2023
Pro formaReportedReportedReportedReported
Building Products2019
1,2
2020
2
2021
2
2022
2
2023 H1Building Products (excl. Humes)2019
1
2020
2
2021
2
2022
2
2023 H1
Gross revenue1,348 1,205 1,471 1,610 835Gross revenue1,179 1,062 1,308 1,458768
External revenue1,044 951 1,167 1,301 684External revenue885 818 1,015 1,155619
EBIT before significant items168 88 199 210 118EBIT before significant items158 83 182 192111
Trading cash flow157 126 248 119 78Trading cash flow140 116 218 11080
Funds718 702 768 1,024 1,180Funds599 597 658 8921,039
Depreciation, depletion & amortisation expense47 55 59 52 27Depreciation, depletion & amortisation expense41 49 54 4624
Capital expenditure55 53 111 204 126Capital expenditure52 51 92 186125
Pro formaReportedReportedReportedReported
Concrete2019
1
2020202120222023 H1Concrete (incl. Humes)2019
1
2020202120222023 H1
Gross revenue802740849881487Gross revenue971 883 1,012 1,033554
External revenue549503583626344External revenue708 636 735 772408
EBIT before significant items897411312874EBIT before significant items99 79 130 14681
Trading cash flow13610016416357Trading cash flow153 110 194 17256
Funds646607573597631Funds765 712 683 729772
Depreciation, depletion & amortisation expense7274716633Depreciation, depletion & amortisation expense78 80 76 7236
Capital expenditure6550368121Capital expenditure68 52 55 9522
Reported
Restated

Sustainability important part of our DNA
We will achieve our growth while remaining true to our
purpose:
▪A safe, diverse and inclusive workplace
▪Our community at the heart of what we do
▪Move progressively to a net positive environmental
impact, founded in managing climate impact & risk
▪Lead the way in sustainable building products &
solutions
▪Circular economy commitment across our
businesses
“Improving the world around us through smart thinking, simply delivered”
Leading to world-class sustainability credentialsWe have a focused plan to drive sustainability outcomes
Member of S&P Sustainability Yearbook
2023 (Building Products sector, Top 15%)
Listed in Dow Jones Sustainability Index for
Australia (Building Products sector)
CDP ‘A-‘ rating –in Leadership category for
management of our carbon emissions
CDP ‘A’ rating for Supplier Engagement –in
CDP Leadership category
MSCI ‘AA –Leader’ ESG rating
Page 95| Fletcher Building Limited Investor Day Presentation| © June 2023