Amendment to 2024 Annual Report

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



Amendment to 2024 Annual Report
Auckland, 21 August 2024: Fletcher Building Limited wishes to correct a typographical
error in the Independent Auditor’s Report forming part of its 2024 Annual Report released
earlier today.
In the first paragraph on page 148, the word “million” has been added, as follows:
“An impairment of $222 million has been recognised during the year ended 30 June
2024.”
This error has been rectified, and attached is the updated 2024 Annual Report.

ENDS

Authorised by:
Haydn Wong
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

---

Annual Report 2024
Fletcher Building Limited

When used in this annual report, references to the ‘Company’ are references to Fletcher Building Limited. References to ‘Fletcher Building’
or the ‘Group’ are to Fletcher Building Limited, together with its subsidiaries and its interests in associates and joint ventures. All references
to financial years FY24 and FY23 in this annual report are to the financial year ended 30 June.
References to $ and NZ$ are to New Zealand dollars unless otherwise stated.
In certain sections of this report the Group has chosen to present certain financial information exclusive of the impact of significant items
and/or the results of the legacy projects, consistent with previous market guidance. Where such information is presented, it is clearly
described and marked with an appropriate footnote. This allows the readers of this report to better understand the underlying operations
and performance of the Group.
Subcontractor teams continue work on
Fletcher Living's® Waiata Shores development.
Fletcher Building Limited Annual Report 2024
2

Welcome to our FY24 Annual Report, which describes our business operations, approach
to doing business and performance for the year. As with our previous reports, we have
included commentary on our strategy, governance, environmental and social performance
of our business alongside our financial results. We welcome questions, comments or
suggestions about this report to investor.relations@fbu.com.
This report and our previous reports and presentations are available at
fletcherbuilding.com.
Our Year
04 We are Fletcher Building
05 At a glance
06 Acting Chair’s Report
07 Acting CEO’s Report
08 Positioning ourselves for the future
09 Progress to target
10 Health and Safety
14 Our Customers
16 Continued investment in sustainable,
local manufacturing
18 Sustainability
23 Our People
Performance
28 Group Performance
30 Group Overview
34 Building Products
36 Distribution
38 Concrete
40 Australia
42 Residential and Development
44 Construction
Governance
46 Board and Executive Team
50 Corporate Governance
62 Sustainability Materiality
and Methodology
65 Remuneration Report
Financial Report
86 Trend Statement
87 Financial Statements
94 Notes to the Financial Statements
146 Independent Auditor’s Report
Other Disclosures
150 Statutory Disclosures
158 Corporate Directory
This Annual Report is dated 21 August 2024
and is signed on behalf of the Board by:
Contents
Front cover: Fletcher Living's®
Head of Sustainability Nicola
Tagiston with LowCO™ Home
residents Ella and Brendan
Smith. Nicola was awarded
the Emerging Leader award
at the 2024 NAWIC (National
Association for Women in
Construction) Awards.
Throughout this annual
report there are QR codes
which you can scan
with your mobile phone
camera to view additional
online material.
Welcome to the interactive PDF. For the best experience,
use Adobe Acrobat Reader. Click on the sections above
to go to the desired pages. To go back to the contents,
click on the

CONTENTS
menu button on the top right
of each page. The financial statements, notes and
references are also clickable for your convenience.
Barbara Chapman
Acting Chair
Sandra Dodds
Director
Fletcher Building Limited Annual Report 2024
3

Fletcher Building is a significant manufacturer, retailer, home
builder and partner on major construction and infrastructure
projects. Spanning the full value chain, we operate diversified
businesses across our core markets of New Zealand and
Australia, from resource extraction, product manufacturing
and distribution through to property development and
infrastructure construction.
Our purpose, ‘improving the world around us through smart
thinking, simply delivered’ is focused on accessing the best
ideas from around the world, or through innovating in our
own right, and bringing them to market in ways that make our
customers’ lives easier. As a business, we are decarbonising,
minimising waste and continually innovating to produce
better, more sustainable products and homes. In doing so,
we are building better environments for our customers and
communities, and a more sustainable future for generations
to come.
Fletcher Building is dual listed on the NZX and ASX,
and operates through six divisions – Building Products,
Distribution, Concrete, Australia, Residential and
Development and Construction.
New Zealand
Australia
South Pacific
Fletcher Building has operations in Papua New Guinea, Fiji, Samoa
and American Samoa, Tonga, Vanuatu and the Solomon Islands.
The above metrics exclude Tradelink®, which is
treated as a discontinued operation.
(1) Total Recordable Injury Frequency Rate. Total
number of recorded injuries per million hours
worked. Does not include Restricted Work Injuries.
FY24 excludes Wood Products. FY23 excludes Rocla
and Tumu®.
(2) Combined Scope 1 and Scope 2 emissions for
the Group.
(3) Net Promoter Score measures how satisfied our
customers are with our business; excludes Altus®
and the Construction division.
The 'Methodology used for non-financial measures'
section of this report explains how the above
measures are calculated.
We are Fletcher Building
Safety TRIFR
(1)
3.3
2023: 3.1
Employee NPS
35
2023: 29
Customer NPS
(3)
48
2023: 42
Carbon Emissions
(2)
reduction from FY18
baseline year
19%
Fletcher Building Limited Annual Report 2024
4

At a glance
People in New Zealand,
Australia and the South
Pacific
(1)
Operating sites
(1)
12,500+
780
EBIT before
significant items
(1, 2)
EBIT margin before
significant items
(1, 2)
Earnings per share
$
509m6.6%
(2 9.0
)
cents
Cash flows from
operating activities
Total dividend
$
398m
nil
2023: $388m
2023: 34.0 cents
Information as at 30 June 2024.
(1) From continuing operations; excludes Tradelink® which is treated as discontinued operations.
(2) Measures before significant items are non-GAAP measures used by management to assess the performance of the Group and have been derived
from Fletcher Building’s financial statements for the year ended 30 June 2024.
Revenue
(1)
Net (loss)/earnings –
reported
Leverage ratio
(net debt/EBITDA)
$
7,683m
(
$
227m)
1.99x
2023: $7,679m
2023: $235m
2023: 1.22x
2023: $785m2023: 10.2%
2023: 30.0 cents
Fletcher Building Limited Annual Report 2024
5

Dear Shareholders
As we reflect on the past financial year, I want
to acknowledge the considerable disruption
we have faced as a Company. This year
has tested our resilience and adaptability
and the Board appreciates the support our
shareholders have provided as we work to
overcome these challenges.
Governance and accountability
The requirement to announce additional
legacy Construction cost provisions over the
course of the year, together with the ongoing
plumbing issues in Western Australia, have
negatively affected both the Company’s
reputation and its financial performance.
In recognition of this, we have made a
number of Board and Management changes
as we progress through a period of renewal.
Ross Taylor retired in August 2024 having led
Fletcher Building as CEO since November
2017. During his time, Ross refocused the
Company to its current New Zealand and
Australia operations, turned around the
Australia division and reset the Construction
division including delivering completion
on almost all the 80 loss-making projects.
Ross led the Company with renewed
focus on our underlying businesses with
important investment, drove commitments
and improved its performance in safety,
sustainability, customer and people metrics.
He led the business strongly as we adapted
to the arrival and impact of COVID-19. The
Board is grateful for his contribution.
On 20 August 2024, the Board was pleased
to announce the appointment of Andrew
Reding as Group Chief Executive Officer and
Managing Director, following a global search.
We are pleased to have secured a leader of
Andrew’s calibre, experience and respect
in the market. His deep understanding of
the sectors we operate in, coupled with his
knowledge of Fletcher Building, make him
the ideal executive to lead the Group. He
assumes his new role on 30 September 2024.
The Board would also like to express
our appreciation to Nick Traber for his
contribution as Acting Group CEO. He has
been instrumental in providing stability at a
critical time, and on behalf of the Company,
we thank him for his energy and leadership
during this period.
On Board changes, Bruce Hassall retired as
Chair having served on the Board for seven
years. He governed through the significant
restabilisation of the Company including a
focus on cleaning up the legacy issues and
repositioning the go-forward business for
long-term performance and growth.
Further Board retirements included Doug
McKay, Martin Brydon and Rob McDonald.
All three served from 1 September 2018
and were very effective in either leading or
being part of a number of subcommittees.
Acting Chair's Report
We thank all our departing directors for their
involvement and influence.
Joining the Board as a non-executive director
in August 2024 was Tony Dragicevich, who
brings significant industry experience in
leading distribution and manufacturing
businesses across Australia and New Zealand.
Tony’s appointment is subject to shareholder
approval at the Annual Shareholders’ Meeting.
The Board and Executive team composition is
a critical priority for the Board. It is essential
that the Board and leadership team have the
right skills and capability required to drive the
performance of the business to deliver value
in the near and longer-term.
Operational challenges
The macro-economic backdrop of higher
interest rates and inflation have persisted
throughout the year and placed pressure
on developers and those invested in the
housing market. Building market activity
in New Zealand and Australia declined
considerably, with the lower volumes having
a significant impact on the performance of
Fletcher Building businesses. In response, the
Group has been focused on the disciplined
management of cost, working capital, cash,
capital expenditure and debt, as well as right-
sizing of businesses, where required, to the
current market conditions.
Western Australia plumbing, legacy
Construction, Higgins®, Tradelink®
divestment
At the half year, we reported extensively on
the ongoing Western Australia plumbing
issues, where our testing and expert reports
on causation showed that the leaks are
caused by installation failures and that
there is no manufacturing defect. Since
that time, we have been working through
developing and implementing a workable and
appropriate industry solution. Builders have
continued to draw down on the A$15 million
fund we established to remediate repairs for
their customers. We acknowledge the class
action proceeding filed in the Federal Court
of Australia and served on Iplex® Pipelines
Australia (Iplex®) in August 2024. Iplex®
intends to defend the proceedings. As per
our detailed disclosure notes, risks remain on
this matter.
Regrettably, we also reported $180 million of
additional provisions on a number of the final
Construction legacy projects at the half year.
Progress is being made on the New Zealand
International Convention Centre and Hobson
Street Hotel project (NZICC), and through the
year the Construction team completed and
handed over the carparks and the Horizon
Hotel to the client. In addition, the remaining
Contract Works Insurance claims with the
project insurers and the client were settled
in line with those assumed in the provisions
taken in February 2024, de-risking this aspect
of the project. The current provision on the
project is unchanged from that taken in
February 2024. However, risks will remain
until the project is completed, as described
in our detailed disclosure notes. These
include risks on time and cost to complete
the construction works and commission the
building, and the potential for disputes and
wash-up claims.
The Board has established additional
subcommittees that monitor and maintain
regular oversight on both Western Australia
plumbing issues and the Construction
business and legacy projects. During FY24,
the Board has placed particular emphasis
on regularly engaging with a broad range
of shareholders to receive and discuss their
feedback.
Disappointingly, a full review of the Higgins®
businesses at the year end led to a $117
million non-cash impairment and write-
down in their carrying value. We have tasked
Management to deliver on the credible path it
has to drive the business forward.
Positively, the successful shift to a 50/50 joint
venture for the Fiji Construction business is
highly strategic as it will enable the Company
to work with two strong local partners, Fiji
National Provident Fund and Fijian Holdings
Limited. Further, the Board was pleased
to enter into an agreement on the sale of
Tradelink® subsequent to year end and
expects settlement on 30 September 2024.
Taking into account these key matters, the
net loss attributable to shareholders for FY24
was $227 million compared to a profit of $235
million in FY23. This included $333 million of
significant items (mainly on legacy provisions
and Higgins) and $141 million net loss from
discontinued operations related to Tradelink®.
Given the current market conditions and in
line with the dividend policy (which is to pay
dividends in the range of 50% to 75% of net
earnings before significant items, and having
regard to available cash flow) and covenant
agreements, the Board has not declared a
final dividend.
Managing through-the-cycle
We remain connected to our purpose of
'improving the world around us through smart
thinking, simply delivered' with our focus on
customer, people, safety and sustainability
and our longer-term pipeline of investments
that will deliver when the market returns to
growth. With continued housing undersupply,
significant infrastructure demand, ageing
population and supportive immigration
settings, the long-term macro fundamentals
are solid.
In the immediate term, the Board remains
focused on seeing the legacy Construction
projects and Western Australia plumbing
matters to completion and on navigating
the headwinds in the economies where we
operate, ensuring the balance sheet remains
robust.
It has been pleasing to see the continued
improvements on our non-financial metrics
of safety, sustainability, customer and people
as disclosed in this report. This is critical
for the delivery of long-term sustainable
performance.
On behalf of the Board, I would like to
express my gratitude to our people for their
hard work and dedication during this very
difficult year. We also thank our shareholders
for your patience and support given the
disappointing performance. As we face the
current challenges, the Group is maintaining
its strong focus to manage them and deliver
sustainable outcomes for all stakeholders.
Barbara Chapman, Acting Chair
Barbara Chapman
Acting Chair
Fletcher Building Limited Annual Report 2024
6

The 2024 financial year has been a
challenging one for Fletcher Building.
The Company is navigating tough
market conditions with slowing demand,
inflationary and competitive pressures as
well as a transition in leadership. Despite the
obstacles, Fletcher Building’s businesses
have demonstrated resilience with a focus
on optimising our operational performance
and tightly managing the things within our
control. These focus areas include costs,
cash, capital expenditure, extending the
tenor of our debt facilities and obtaining
more favourable terms for covenant testing,
selling Tradelink® and resolving outstanding
legacy issues.
Financial performance overview
Market volumes declined materially in FY24.
In New Zealand, market volumes fell 25%
and in Australia, market volumes fell 15%,
each compared to the first half of FY23,
resulting in substantial revenue declines in
our materials and distribution businesses.
Offsetting this, and despite a tough housing
market this year, our New Zealand residential
business sold 886 units, compared to 617 in
FY23. Combined with higher revenues in the
Construction division, Group revenue from
continuing operations for the year was $7,683
million versus $7,679 million in FY23.
Our focus on costs in the softer market
has been a key priority across the Group.
Gross overhead cost reductions for the
year were $111 million, partly offset by
continued overhead inflation of $91 million
and restructuring costs of $16 million. We
also adjusted the implementation of our
capital expenditure programme to the
current market environment, with base
capex reduced and in-flight growth projects
reviewed and rephased.
Earnings before interest and tax (EBIT) for
continuing operations and before significant
items, was $509 million, down 35% from
$785 million in FY23. The Group EBIT margin
before significant items from continuing
operations softened in FY24 to 6.6%, from
10.2% in FY23.
Disappointingly, total significant items for
continuing operations for FY24 were $333
million. This was primarily due to a $117
million non-cash impairment and write-down
in the carrying value of the Higgins® business,
and the additional provisions required on our
legacy Construction projects announced at
HY24.
During the year, we made the decision to
divest our Tradelink® operations in Australia,
and in August 2024 we were pleased to
enter into a sale agreement with Metal
Manufactures Pty Limited. As a consequence,
Tradelink® has been treated as a discontinued
operation in the financial statements.
Including the impairment and write-down of
Acting CEO's Report
$158 million, the net loss from discontinued
operations was $141 million.
After factoring in Tradelink® discontinued
operations, we recorded a net loss after tax
of $227 million, compared to net earnings
of $235 million in FY23. Our return on funds
employed (ROFE) before significant items
was 10.0%, compared to 17.1% in FY23.
Strong cash flow performance and tight
control of working capital have been key
priorities over the past year. Trading cash
flows from continuing operations (excluding
legacy and significant items) were $784
million, compared to $537 million in FY23.
Overall cash flows from operational activities
were $398 million compared to $388 million
in FY23. At year end, net debt of $1.8 billion
was better than guidance, and we had strong
liquidity of $1.1 billion.
Our people, customers and communities
We are continuously driving to improve our
non-financial performance. Our focus remains
on enhancing the positive impact that we can
make on our people, customers, communities
and the environment.
Reflecting our commitment to Health and
Safety, in FY24 we recorded one serious
injury (3 in FY23), a significant improvement
on the 21 serious injuries we sustained during
the same 12-month period only five years
ago. Additionally, we have maintained a Total
Recordable Injury Frequency Rate (TRIFR) of
3.3 (3.1 in FY23) and a steady 89% of our sites
remained injury free across the year.
Investing in our people continues to be a
core priority. We have expanded our efforts
to attract, retain, and develop top talent,
fostering a diverse culture of excellence,
collaboration, and innovation. FBuSay,
our annual internal engagement survey,
spotlighted our progress, with an employee
Net Promoter Score (eNPS) of 35, a 6-point
uplift on eNPS of 29 in FY23. Pleasingly,
we have welcomed 236 more women into
leadership across our businesses. This has
lifted our proportion of women in leadership
to 23% from 21%, as we move to our goal of
30% by FY27.
Understanding and meeting the needs of our
customers continues to be a key component
of our strategy. We strengthened our levels
of customer engagement, leveraging digital
tools and data analytics to improve service
and build stronger relationships. Pleasingly,
we recorded a Net Promoter Score (NPS)
of 48 (compared to NPS 42 in FY23), which
is nearing our target of NPS ≥55, a strong
testament to the customer programmes each
of our businesses have been driving forward.
Over the past year, our commitment to
sustainability has resulted in substantial
progress toward our environmental goals.
We continue to make steady progress in
decarbonising our operations. This year, our
combined scope 1 and 2 emissions were 969
kt CO2e (1,012 in FY23), 19% lower than our
FY18 baseline year.
The response from our customers, as we
decarbonise and introduce more sustainable
products and solutions into the market,
has been excellent. This year we derived
74% of our product revenue from products
with sustainability certifications in our
manufacturing businesses. Similarly, we are
focused on how we manage waste across our
Nick Traber, Acting CEO
780+ sites, achieving 87% of waste diverted
from landfill this year, and exceeding our
target of 70% diversion by FY26.
The Residential and Development division
has continued to performed well through the
cycle and over the years, generating strong
EBIT margins and ROFE above 15%. We think it
is the right time to explore capital partnership
options for Residential and Development,
to invest in and drive the next phase of the
business’s success. Consequently, we have
engaged Jarden to explore partnership
options with both local and international
investors.
Legacy issues
With regards to our Construction legacy
projects, we achieved full works completion
on the Pūhoi to Warkworth motorway, one
of the largest infrastructure projects ever
undertaken in New Zealand. This means
that our last remaining Construction legacy
projects are the New Zealand International
Convention Centre and Hobson Street Hotel
(NZICC) and the Wellington International
Airport carpark (WIAL). On NZICC, in FY24 we
handed over the Horizon Hotel to the client
and settled our Contract Works Insurance
claims. The remainder of the NZICC project,
plus remedial works on the WIAL carpark, are
on track for completion through FY25.
Meanwhile, we remain focused on reaching a
pragmatic industry response to the plumbing
matters in Western Australia. Constructive
negotiations continue and Iplex is intent on
trying to reach an agreement in principle
with the Government and key parties in the
near term.
Outlook
We expect the year ahead to remain
challenging, with macro-economic pressures
likely to persist through the year. At this point,
we are planning for FY25 market volumes in
our materials and distribution businesses to
be 10% to 15% lower year-on-year compared
to FY24, however we remain vigilant to further
market weakness. In this environment, we
have a strong focus on tightly managing
costs and cash flows. We will also focus on
protecting our people, delivering on our
promise to customers and ensuring our
businesses are well positioned for when our
markets return to growth.
I want to acknowledge that the year has been
disruptive for many of our stakeholders. I wish
to offer my sincere appreciation for how our
people have adapted and remained focused
on supporting each other and our customers
this year.
As my time with Fletcher Building comes to
a close, I also offer my personal thanks to our
people, customers and shareholders for their
continued support and commitment as we
settle into a new phase of Fletcher Building’s
story.
Nick Traber
Acting CEO
Fletcher Building Limited Annual Report 2024
7

Driven through key focus areas
Positioning ourselves for the future
A committed and leading provider of building products and
customer-led solutions for attractive trans-Tasman markets.
As our businesses and our customers navigate the current
economic cycle, we remain busy further strengthening the
fundamentals of how our businesses operate to be resilient
to market movements and provide strong positioning for
growth when the time is right.
Uniquely positioned in attractive markets across New
Zealand and Australia, Fletcher Building’s focus is to deliver
leading and diversified building materials and customer
solutions, through our strong brands. The long-term growth
outlook for the region is robust, with demand for high quality
housing and infrastructure to support growing populations,
the subject of enduring macro tailwinds.
We actively manage our portfolio by tapping into a deep
knowledge to go where attractive markets in our sector are.
This informs where we believe we should grow and where we
should recycle capital for future opportunities.
To drive performance across our portfolio of businesses, we
hold each to account across six key focus areas. In doing so,
we believe we can drive market leading performance across
both financial and non-financial measures. The way we go
about this is always characteristic of our committed and
capable people, and the values we share.
A place where
the belief that
‘all injuries are
preventable’
is possible,
together we work
to send each of
our people home
safely, every day.
SAFETY
Relentless focus
on providing more
of the products,
services and
solutions our
customers love.
CUSTOMER
A culture
of inclusive
and diverse
workplaces, where
people feel a sense
of belonging and
can reach their full
potential.
CAPABLE
& HIGHLY
ENGAGED
PEOPLE
Well run
businesses that
are disciplined on
cost and profitable
with good margins
as we perform
through the cycle
of our industry.
OPERATIONAL
& FINANCIAL
PERFORMANCE
Decarbonising,
minimising waste
and continually
innovating to
produce better,
more sustainable
products and
homes.
SUSTAINABILITY
Anchored by our Values
Investing in
sustainable
business and the
next generation of
building products
and services for
our local markets.
INNOVATION
& GROWTH
Better
Together
Customer
Leading
Be BoldProtect
Fletcher Building Limited Annual Report 2024
8

Progress to target
The above metrics exclude Tradelink® which is treated as a discontinued operation.
1
Total number of recorded injuries per million hours worked. Does not include Restricted Work Injuries. FY24 excludes Wood Products.
2
Net Promoter Score measures how satisfied our customers are with our business; excludes Altus® and the Construction division.
3
Acquisitions include Tumu® branches in Hawke's Bay and Waipapa in FY23. Growth includes investment in the new Winstone Wallboards® plant in Tauriko, new Laminex®
New Zealand plant in Taupō, new PlaceMakers® Frame & Truss plant, and Steel site consolidation in Papakura.
4
Earnings before interest and tax, excluding significant items. FY20 significantly impacted by COVID-19 lockdowns. Trading Cash excludes significant items, legacy and
discontinued operations.
5
Scope 2 emissions assessed using location-based methodology. FY18 is the baseline year for Fletcher Building's verified Science-based Target for carbon reduction.
6
Employee engagement measures employee’s sentiment, giving our people the opportunity to share what it's like to work for Fletcher Building.
As we navigate through the current market, we remain focused as we continue to close the gap
towards best-in-class performance against our goals.
Customer Net
Promoter Score (NPS
2
)
Target ≥55
Total Recordable Injury
Frequency Rate (TRIFR1)
Operational and
Financial Performance
4
Target ROFE > 15%
Growth and
Investments $m
3
FY20FY21 FY22FY23 FY24
FY22FY23 FY24
FY22FY23 FY24
567902 502537 784
FY18FY22FY23 FY24
1,012
1,052
1,1 9 9
969
36
26
42
29
48
35
Scope 2 emissions
(kt CO2e)
Scope 1 emissions
(kt CO2e)
3.5
5.0
3.1
3.3
EBIT4 ($m)
ROFE
Trading cash ($m)
655
741
785
18.8%
19.3%
17.1%
Carbon Emissions5
19% decrease since FY18
Target 30% by FY30
Employee Engagement
Rating6
Target >40
509
10.0%
Acquisitions
Growth
5.7
155
3.7%
22
78
1 74
11
191
215
183
FY20FY21 FY22FY23 FY24
FY20FY21 FY22FY23 FY24
Data collected
for FY20 and FY21
not comparable.
Data collected
for FY20 and FY21
not comparable.
Fletcher Building Limited Annual Report 2024
9

In FY24
3.3
TRIFR
FY23: 3.1
1
serious
injury
FY23: 3
59%
risks controlled through
Critical Control Verification
(CCV) processes
FY23: 48%
87%
of our people believe all
injuries are preventable
FY23: 86%
89%
sites injury free
Health and Safety
Zero injuries, everyday, everywhere
In FY24, a strong focus on our culture and bringing our critical risks under control led to fewer serious
injuries, and contributed to less severe injuries overall. Safety Leadership Programme and frontline
Power Up team-based refresher training continued, and several areas of the business trialled health
and wellbeing initiatives that will be made available across the Group from FY25 onwards.
SAFETY
Our focus in FY24 has been to continue to build capability by refreshing our Safety Leadership
Programme (SLP) and Power Up for frontline across each of our businesses. This investment
in our leaders and teams has been essential in maintaining our safety performance as we
upskill new safety leaders and introduce the Protect Safety programme to new starters. Safety
continues to be our leading driver for employee engagement and 90% of our people state
that they believe their leaders take responsibility for safety.
When it comes to the safety of our people, we can never be too comfortable that we are
doing enough. As we enter FY25, the Protect Safety programme will be adapted and updated
to keep skills fresh and grow the maturity of our safety culture. We keep challenging our
established and emerging safety leaders and teams to grow their capabilities, even as
business-wide safety cultures mature and as injuries become less frequent.
Overall, the total number of injuries we recorded in FY24 was relatively unchanged from
FY23, with the Total Recordable Injury Frequency Rate (TRIFR) of 3.3. Encouragingly, we are
recording fewer injuries related to our critical risks, and those recordable injuries that are
sustained, tend to be less severe. It’s our goal to achieve zero serious injuries, and in FY24,
we recorded one serious injury compared to three serious injuries in FY23.
In FY24, 89% of our sites remained injury free, including the entire Building Products division
for five straight months. This demonstrates that achieving 'zero injuries' is possible.
Protect-powered safety performance
Injury Performance
FY20FY21FY22FY23FY24
TRIFR scale
1.2
1
0.8
0.6
0.4
0.2
0
12
10
8
6
4
2
0
Serious injuries
Serious injury
Total Recordable Incident
Frequency Rate (TRIFR) (A2+)
7
5.7
8
5.0
2
3.4
3
3.13.3
1
Fletcher Building Limited Annual Report 2024
10

Never leaving it to luck: action on high
potential, near-miss incidents
A core part of the Protect mindset is to remain vigilant to
emerging risk, particularly as our overall safety performance
continues to improve.
High potential incidents (potentially serious or fatal incidents
where we ‘got lucky’ by avoiding more serious or fatal injury),
are a major focus for us. Our people have steadily increased
their reporting of these events as leaders have demonstrated
their commitment to listening and learning from these
incidents. Our reporting has nearly doubled over the past
five years, giving us more opportunities to learn before they
potentially translate into a serious incident.
In FY24, our analysis shows that our decrease in injury
rates has occurred with a simultaneous increase in near-
miss incident reporting. This decrease is also supported
by significant risk containment activities and frontline
observations related to our critical risks.
Building confidence in keeping risk under
our control
In FY24 all divisions established baseline controls for 21
identified safety, health and environmental critical risks
managed across our businesses. The benefit of this lead
measure is for our people to have more confidence in the
application of critical controls: controls we know will protect
our people from serious injury or a fatality.
A total of over 12,000 Critical Control Verifications (CCVs)
were performed by line leaders and supported by safety
teams in FY24.
At the beginning of the year, our CCVs confirmed that of
these critical risks, 48% were considered ‘fully controlled’

across all our risks and all our sites (in other words, 48%
of the time, all of the critical controls were in place when
checked). This has steadily improved over the course of
the year and the proportion of ‘fully controlled’ risks has
increased to over 59% at the end of FY24. In FY25, we will be
targeting further improvements and driving Risk Elimination
Plans to eliminate exposure of people to risk through ‘above
the line controls’, such as engineering controls.
Proving the value of Critical Controls
Our Residential and Development division was the first to
complete its full rollout of CCVs and develop a targeted plan
for improving critical risk performance. At the start of the
year, they verified that 49% of risks were considered fully
controlled so they pursued an improved performance from
this base.
The Fletcher Living® team embedded the use of CCVs at
key phases of the build to check specific critical risks and
controls (such as for scaffolding at the start-up phase), and
they started analysing their results at a local, site level each
month. Through targeted plans and interventions, the team
improved its performance to over 70% controlled at year end.
This corresponded to zero serious injuries (down from two in
FY23) and zero high potential events (down from 16 in FY23).
Videos:
Welcome to
Protect - our safety
programme.
Our award-winning Safety Leadership
Programme (SLP) is evolving to an
adaptive framework as safety culture
matures. Here, new learning modules
for SLP 2.0 Healthy Work are trialled by
a range of business leaders before they
are made more widely available in 2025.
Fletcher Building Limited Annual Report 2024
11

Entry or at risk
reactive
SLP 1.0 Safety
Foundations
Power Up 1.0
Safety Foundations
Entry leadership
dependent
SLP 2.0 Healthy Work
Power Up 2.0
Healthy Work
Trust commitment
independent
PROTECT CULTURE MATURITY FRAMEWORK
SLP 3.0 Lifting Off
Power Up 3.0
Team Game Plan
High performing team
interdependent
Develop
leaders
Enable
frontline
Manage
critical risk
Traditional Safety
Approach
Leadership vision,
principles, coaching,
risk mindfulness,
leadership interactions
Values, behaviours,
impairment, speak up,
risk radar, danger bias,
stop think do
Hunting out and
containing dangerous
stuff (S3S4)
Leaders are starting
to lead differently
Wellbeing, spot the
signs, healthy work,
early intervention,
above the line controls,
learning teams
Health Ripple Effect,
wellbeing, spot the
signs, safe to fail,
learning teams
Frontline engages and
starts to feel safe
Reflect back, plan forward
& choose from existing
programs (operational
excellence, high
performing team, etc)
Reflect back, plan
forward with a team
game plan legacy
Critical Risk Plans to
eliminate exposure to
people (% Above the Line
Controls implemented)
Frontline engages and
starts to feel safe
Verifying that our critical
controls are in place
(% controlled)
Risk Containment
Sweeps
Risk Elimination Plans
Critical Control
Verifications (CCVs)
Introducing the Protect Colours Framework
We know that not all individuals’ and teams’ culture and
capabilities are the same at any one time. It is for this reason
that our Protect programme must evolve to become an
adaptive framework that fosters safety culture amongst
teams, while also challenging and growing individuals’
safety skills.
In FY24 we launched the Protect Culture Maturity Framework
(or ‘Colours Framework’) which is founded on the Dupont
Bradley Curve and articulates how we will develop our
safety culture maturity over time. This framework supports
continuous development for businesses, teams and
individuals as their safety culture shifts from reactive,
at-risk compliance cultures, through to more team-based,
interdependent and high performing safety cultures.
It is non-linear so safety leaders can move their businesses
and teams forward (or backward) at any time along the curve
to access the right learning and tools as they are ready.
To align with this approach, a progressive curriculum of
our Protect programme learning is being made available.
Entirely new modules, Safety Leadership Programme ‘SLP 2.0
Healthy Work’ for leaders and ‘Power Up 2.0 Healthy Work’ for
frontline will offer a strong wellbeing and psychosocial risk
focus for teams that are ready in FY25. New syllabus elements
are designed to help teams build further trust, expand their
safety ‘why’ to address health and to continue to increase our
frontline leadership on these issues.
Fletcher Building Limited Annual Report 2024
12

More and more of our people tell us that
they want to prioritise what we are calling
‘healthy work’ practices in our day to day.
For some people this means accessing
team-based lifestyle programmes, whereas
for others this includes specific medical or
mental health support.
In FY24 we undertook a review of our
wellbeing approach and we identified that,
consistent with the research globally, the
best thing we can do for the mental health
of our people is to continue to drive a
high performing culture where people feel
safe, valued and have a sense of purpose.
Additionally, we identified that the most
impact we can have on individuals is
through easy access to medical and mental
health advice for employees and their
families. And finally, we learned that lifestyle
change programmes where teams ‘opted
in’ for fun social activities or habit-forming
changes, saw the most significant results.
Many of our businesses already do great
work with their teams to champion good
health. In FY24, over 18,000 of our people
and their families came together for events
with either physical, social or mental
challenges. For example, at Firth’s® Hunua
site, the team tackled a specific goal, to
reduce sugary drink intake and increase
physical activity, which they did by 71%.
At Winstone Wallboards®, 20 people
participated in a weight-loss challenge,
where 74kgs were collectively shed.
At Fletcher Insulation® in Australia, the
team has developed its own “Living Safely
Everywhere" platform. This expanding safety
thinking includes health initiatives such as
skin cancer awareness and mental health,
and even supported 18 people to participate
in a mental health first aid course.
As a result of this review and by looking
closely at what works for our people, we
have partnered with the Employee Welfare
Fund to reimagine wellbeing for our people.
Our new ‘FB Well’ programme will build
on our Healthy Work focus, offering our
teams a menu of options to support social
connection, mental wellness, financial
stability and physical health. In addition,
we will be rolling out online employee care
platform Sonder to our employees and their
families, providing them with easy access to
medical advice, safety support and mental
health care all in one place.
Wellbeing at work
At Laminex®’s distribution centre in Auckland all 35 of their
people participated in six weeks of nutrition and health education
sessions culminating in a ‘Wellbeing Masterchef’ healthy meal-prep
challenge. The programme facilitated by LifeCare Consultants and
with funding from the Employee Welfare Fund (EWF) helped teams
establish a longer-term common goal – to regularly eat breakfast,
something not everyone was doing every day. The support
extended to equipping the site’s kitchen with smoothie makers, as
well as new vending machines with healthier choice food options.
18,000
people involved in EWF
wellbeing events in FY24
POWERED BY
fū
Well
It was heart-warming to
see how much the team
learned from these sessions.
Together we have committed
to making an effort to have
breakfast and a lot of team
members have recognised
the importance of movement
and joined the gym.
Sue Evans - Auckland Distribution Centre
Manager, Laminex® New Zealand.
Fletcher Building Limited Annual Report 2024
13

Our Customers
In the past twelve months, we have continued to make progress in understanding
customer needs more deeply and driving these perspectives into our business strategy,
operations and practices. In FY24, we recorded a six-point improvement in the main
measure of our customer engagement, Net Promoter Score (NPS)1 to a result of NPS 48
(compared to NPS 42 in FY23). While this is a pleasing result making strong progress
towards our Group target of 55+, we think there is still room to improve the consistency
and focus of how we show up for our customers.
One area of focus is ensuring our people are fully engaged in how they make a difference.
Encouragingly, in our latest internal engagement survey, our people showed an improved
attitude to performing for our customers. On responding to questions on the experience
they offer customers, we recorded a three-point uplift in internal engagement (eNPS) to a
combined result of 35.5 (compared to the same measure of eNPS 32.5 in FY23).2
Relentless focus and insights-driven action
Regardless of what market we operate in, our customers tell us that the fundamentals
of product delivery and quality, backed by exceptional service, are what matter most
to them.
Each of our businesses is held to account on customer performance metrics and the
quality of its plans to address pain points important to our customers. These plans with
specific actions are designed based on deep insights gathered on the efficacy of our
customer relationships and interactions, and by benchmarking against competitors to
better understand how we are positioned in the markets we operate. We also closely
monitor our performance on delivery and service with a variety of tools, including tracking
delivery in-full on-time (DIFOT) for relevant businesses. Across the group these insights
point to opportunities to deliver even more exceptional service, new products and
innovative solutions to always exceed customers’ expectations.
By taking this insights-based approach, we have been able to drive performance,
upskill our senior leaders, and bring the voice of the customer directly to planning
and decision making.
We believe that the key to our success is in how satisfied and loyal our customers are. Ensuring that
all our businesses maintain relentless focus on their customers is a key priority for Fletcher Building.
CUSTOMER
1 Relationship Net Promoter Score
(NPS)
FY22FY23FY24
42
48
36
48.0

NPS
FY23: 42.0
Net Promoter Score1
Customers have responded strongly
to Comfortech's® H1 Hub with online
tools for planning projects in light of
new regulation to support increased
insulation of homes.
2 Includes Tradelink®.
Fletcher Building Limited Annual Report 2024
14

Firth®: Supporting customers with easy digital tools for common build challenges
Comfortech®: Customer solutions engineered for comfort, climate and protection
Firth® have been developing,
manufacturing and delivering concrete
and concrete products to New Zealanders
for almost a century from its 70+ sites. This
long standing success can be attributed
to constantly adapting to evolving
customer needs and requirements, in
particular using digital means to enable
market leading solutions to solve complex
customer problems.
This approach has proven highly effective
in partnering with customers to enable
better business outcomes.
The variables customers often have to
manage to ensure a successful concrete
pour can be challenging, not least the
predictability of the weather. Firth® have
made a mobile platform Truckast available
for customers to offer live insights to help
drive efficiency of order delivery and
pour performance on site. Truckast also
provides a range of other uses including
order management, a real-time view
of trucks making their way to site and
weather forecasts for the pour location.
Firth's® ability to deliver the products
and services customers require, when
they need them, has set it apart from
competitors and this is reflected in how
customers feel about their experience with
Firth®. In FY24, the company recorded an
increase in customer engagement with a
10 point uplift in NPS, to a market leading
NPS of 77.3 (compared to NPS 67.7 in
FY23).
The benefits of using an insights-led approach to deeply understand what is important
to our customers, are demonstrated by several of our businesses who already do
this well.
Comfortech® Building Performance Solutions (formerly named Tasman Insulation and
Forman Building Systems) acted on the opportunity to support customers to navigate
how building regulation changes would affect their projects. Effective from May 2023,
the H1 Building Code requirements in New Zealand brought sizeable change to how new
build construction must support energy efficiency. The team understood that customers
wanted suppliers to make this process easy, with three key customer purchasing criteria
clear on preference for products designed and tested for New Zealand conditions and
always readily available.
Comfortech® created simple online tools which show solutions specifically designed
to meet the H1 Building Code requirements. The ‘H1 Hub’ now offers educational
information for residential and commercial builds, as well as technical resources that
offer high quality, accurate information that is readily available and easy to use.
In addition, Comfortech® has introduced a range of Pink® Superbatts® products which
maximise thermal performance and are specifically developed to meet the H1 Building
Code changes.
As a result of continuing to evolve and respond to industry challenges, the team’s H1
solutions are often positively referenced in customer surveys. In addition, the H1 Hub on
the Comfortech® website saw an 83% increase in traffic during the first three months of
the H1 changes coming into effect and the business has continued to supply customers
nationwide with a delivery in full on time (DIFOT) score of over 90%.
Comfortech®
NPS
50.0
FY23: 61.7
DIFOT
90%
Firth®
NPS
70.8
FY23: 67.6
Anon (customer), NPS Survey data
Pink® Batts® provide the easiest documentation to fit
[insulation to] tight spaces and meet H1 values.
Website:
Firth®
Fletcher Building Limited Annual Report 2024
15

We are proud to have made $850 million of investments in productive assets and sustainable
manufacturing in New Zealand, Australia and across the Pacific over the past five years. In doing so,
we are reinvesting in the future of local economies and prioritising sustainable building products for
more high quality, warm, dry and healthy homes people love to live in. This foresight has strengthened
our businesses to continue to support our customers as we have been navigating a significantly softer
market environment in FY24.
Laminex® New Zealand: Leading the next generation of popular,
sustainable building products
As a natural building material, wood has strong customer appeal, and is flexible to local
climate and conditions. It is ideal for how we construct exterior and finishing elements of
most buildings in this part of the world, and typically more sustainable than alternatives.
Laminex® New Zealand continues to perform and customers respond well to its range of
wood panels, popular with commercial and home builders alike.
The construction of its $350 million Taupō plant expansion has progressed in FY24 and
will be on track to begin production from late 2026.
The new 20,000m2 Taupō facility will allow the business to diversify its range of popular
panels, modular housing floors, walls, ceilings and cabinetry, such as leading Melteca®
range, used in kitchens, bathroom and commercial projects. It will also include a fully
integrated processing and packaging line which will generate further operational
efficiencies, increase the number of products on offer and can scale to triple current
production capacity when needed.
Powered and lit with low-carbon options, the plant will initially employ 66 people on
opening and is designed to sensibly manage waste and produce some of its own energy
requirements through a bio-mass facility on site. These features increase the sustainability
of the products coming off the line, create operational efficiencies, as well as keeping
running costs relatively contained.
PlaceMakers® Frame & Truss:
Enhanced quality and efficiency for
Auckland builds
In Auckland, PlaceMakers® Frame & Truss is redeveloping
an Onehunga manufacturing site formerly home to
Winstone Wallboards®. On completion in 2026, the new
plant will allow the business to enhance efficiency and
increase local weekly production capacity from 500m
3

product per week, to 1,200m
3
of its modern timber wall-
frame and roof-truss pre-fabrication components.
Advanced automation within the plant, including the
use of robotics, will decrease fabrication lead time from months to weeks, significantly
improve precision dimensioning and tolerance of the finished product, as well as provide
an even safer environment for the team. Modern machinery and innovation built into the
$112 million facility upgrade will enable PlaceMakers® Frame & Truss to develop its cassette
floor offer while also advancing new product offerings such as sheathed structural
support products. All timber off-cuts generated will be recycled across Fletcher Building
businesses to minimise waste.
Continued investment in sustainable,
local manufacturing
>
$
850

million
investment in
productive assets
over the past 5 years
≥
15
%

ROFE
target for investments
made (at maturity)
INNOVATION
& GROWTH
Growth and
Investments $m*
Acquisitions Growth
FY20FY21FY22 FY23 FY24
22
78
163
11
191
215
183
*The above metrics exclude
Tradelink® which is treated as a
discontinued operation.
Acquisitions include Tumu® branches
in Hawke's Bay and Waipapa in FY23.
Growth includes investment in the
new Winstone Wallboards® plant in
Tauriko, new Laminex® New Zealand
plant in Taupō, new PlaceMakers®
Frame & Truss plant, and Steel site
consolidation in Papakura.
Fletcher Building Limited Annual Report 2024
16

Working together with customers to
address the environmental impact of
new homes and the building products
they require, is essential as we adapt to a
changing climate.
In 2021, Fletcher Living® embarked on
an ambitious project, pulling together
a group of sustainability and technical
experts from across Fletcher Building and
the wider industry to shrink the carbon
footprint of residential homes. The project
reimagined how homes could be built
more sustainably showcasing a pathway
to a low emission, climate resilient future.
The result: Fletcher Living's® first low
carbon home, known as LowCO.
In January 2024, the three-bedroom stand-
alone LowCO home designed for low
energy, low carbon and low water use with
biodiverse landscaping2, was completed,
and in July 2024, the Smith family moved
in. Three other terrace-style LowCO
homes have now also been completed.
The Smiths will remain in regular contact
with the project team over the first three
years of use, as the team continues to
learn how the house stands up to the
demands of family life compared to their
modelling.
Ella Smith says, “Brendan is keeping
a keen eye on the smart monitoring
LowCO™: Homes fit for a lower-carbon future
7x less1
carbon emitted than
a typical new-build
standalone home1
Homestar

10
2
(v5) New Zealand Green
Building Council

80%
1
potable water savings
(house) & 50% (terrace)
For design and expected
performance information,
go to the LowCO website.
technology installed in the house, such
as temperature, water and energy usage.
For me, I am excited about experiencing
sustainable living beyond the usual
baseline of solar and rainwater."
On average, the lifespan of a typical New
Zealand detached home is 90 years. In
their research the LowCO team found
that during this time our houses would
need to emit 7x less carbon than a typical
New Zealand new-build detached house
to be consistent with keeping global
warming below 1.5 degrees Celsius.
While operating savings will help recover
upfront costs for a homeowner, the
LowCO build is more expensive to build,
than an equivalent sized three-bedroom
standalone Fletcher Living® home,
demonstrating why it is so important for
industry to make sustainable products
more available at scale.
Fletcher Residential and Development's
Head of Sustainability and LowCO
project lead, Nicola Tagiston reflects
that “while the individual energy, water,
and green technologies in LowCO are
incredibly forward-thinking and represent
best practices, what makes LowCO
extraordinary is its building science
and data-driven approach to design
and material choices. The project has
enabled our own businesses, such as
Comfortech® and Firth®, along with
public entities like Watercare, building
science experts Sustainable Engineering
Ltd and landscape architecture through
Beca, to unite around a common goal of
building a low carbon house.”
“LowCO stands as an opportunity to
keep learning and testing future, more
sustainable building practices. It is
also a testament to what the industry
can achieve when we prioritise the
needs of future generations and push
the boundaries of what is possible in
construction today.”
Ella Smith, LowCO Home resident
How cool that we can recycle so much
water! Brendan and I love that our three-
year-old daughter Tui loves to pick flowers
from the meadow! We are thrilled to be the
first to try out lower carbon home living and
with the added benefit of fewer bills to pay.
1 For information on the
reference emissions for a
standard build, and the design
and calculated performance
projections for LowCO, see
page 64 or refer to the case
studies on the LowCO website.
2 LowCO achieved a Homestar 10 rating as a
result of the sustainable aspects of the design.
Fletcher Building Limited Annual Report 2024
17

Doing sustainably better business, in partnership with our customers and communities, is core
to our business strategy. We understand that our business activities can have impacts on the
environment, and it is important to our customers, shareholders and our people to reduce these
impacts. To do this, we put significant effort into actions that are important to our customers and can
create meaningful change.
In FY24 we made positive progress on our sustainability measures. These actions have been
internationally recognised, again achieving leadership ratings from the Carbon Disclosure Project
and inclusion in the S&P Sustainability Yearbook.
Action on emissions
We are committed to reducing our
greenhouse gas (GHG) emissions to
limit the impact of our operations on our
planet, and to mitigate climate risk to our
business. In addition to reducing our own
GHG emissions, we support our supply
chain to understand and reduce their
emissions too.
A summary of our process for assessing
climate-related risks is included in the
Corporate Governance section of this
report. We will also issue a separate
Climate Statement for FY24 in line with
mandatory reporting requirements set
by the New Zealand External Reporting
Board.
Scope 1 and Scope 2 GHG emissions
for our ongoing operations were 969
thousand tonnes of CO2e (kt CO2e) which
is a reduction of 4% from FY23 and a
reduction of 19% from our baseline year of
FY181. While some of the reduction from
FY23 to FY24 is due to lower production
activity in FY24, our business is becoming
less carbon intensive as we implement
carbon reduction measures.
GHG emissions relative to our
revenue have decreased 22%
from 162 t CO2e/$m in FY18 to
126 t CO2e/$m in FY24.
The highest sources of GHG emissions
for our business are from our cement
operations at Golden Bay™, electricity
used in our Australian businesses, process
heat from our manufacturing operations
in New Zealand, and the fuel used for
transport in New Zealand.
We made progress in all these areas
in FY24. Coal use at Golden Bay™ was
reduced through substitution with
alternative fuels including waste tyres
that would otherwise be sent to landfill,
using 18,000 tonnes in FY24. Together
with our use of biofuel, we achieved 47%
substitution of coal with alternative fuels
at Golden Bay™ during FY24. In FY25 we
will explore further options to reduce coal
usage.
Carbon dioxide is also produced from
the cement manufacturing process
itself, and therefore requires industry
solutions for these emissions. In FY24 we
collaborated with Concrete New Zealand
on development of this country's concrete
industry roadmap to achieve net zero
carbon emissions by 2050. The roadmap
charts a clear path to substantial carbon
reduction across the industry and it is
our collective goal to reduce emissions
by 44 per cent from 2020 levels, by
2030. To do this we will need to increase
the production and use of lower carbon
cement and concrete in New Zealand. For
our operations, we continued to research
and pilot options for lower carbon cement
in FY24, and will continue in FY25.
Sustainability
19%
Reduction in GHG
emissions since FY18
(
1
)
A-
CDP ‘Leadership’ level
for management of GHG
emissions
A-
CDP Supplier
engagement rating
Fletcher Building Limited
Sustainability
Yearbook Member
S&P Global
1 Emissions and comparisons provided in this report are calculated for the Group on an equity share basis for our
continuing operations, and exclude Tradelink®. In this, and in our previous Annual Reports, emissions are reported
according to the Greenhouse Gas Protocol location-based methodology for Scope 2 emissions. FY24 emissions
including Tradelink®, calculated using both the location-based and market-based methodologies, are available on
the Sustainability Reports section of our website. The Methodology for non-financial measures section of this report
explains how emissions have been assessed and where the assurance statements can be found.
SUSTAINABILITY
Fletcher Building Limited Annual Report 2024
18

Carbon emissions
Emissions (kt CO2
e)

location based
Emissions intensity (t CO2
e/$m)
1,400
1,200
1,000
800
600
400
200
0
180
160
140
120
100
80
60
40
20
0
74%
product revenue from
sustainably certified
products in our
manufacturing businesses
87%
waste diverted
from landfill
FY18FY19FY20FY21FY22FY23FY24
Our Australian businesses are becoming less carbon
intensive both as a result of the electricity grid in Australia
decarbonising and due to our actions to install and purchase
green electricity. The rooftop solar installation constructed
in FY24 for one of our Laminex® operations in Queensland
will provide a reduction of approximately 900 t CO2e in FY25
by comparison with previous years and a second installation
is underway. In FY25 we will investigate further rooftop
solar and renewable electricity purchasing options for our
businesses in Australia.
The use of natural gas for process heat reduced in our New
Zealand operations. The installation of more efficient infrared
ovens in our Steel business in the previous year reduced
emissions by c.2,500 t CO2e in FY24 by comparison with
previous years. Our new wallboards facility at Tauriko was
designed with energy efficiency in mind, resulting in c.1,850
t CO2e of GHG reduction in this year, which we would expect
to improve further with a full year of operation in FY25.
We continue to transition our Construction road fleet toward
hybrid vehicles, and increased from 18% hybrid in FY23 to
32% in FY24. We are actively looking for cost effective options
for lower emission heavy fleet and equipment. We upgraded
some of our bitumen tankers with more efficient vehicles
which also have higher load capacity, meaning fewer trips by
road, and we sourced an electric dumper for our Wellington
Belmont quarry which we estimate will result in a reduction of
30,000 litres of fuel during FY25.
Our supply chain (Scope 3) emissions were 1,326 kt CO2e
in FY24, which is a 7% decrease from FY23, mainly due to
lower activity. We continue to work with our supply chain on
emissions reduction and were proud to be recognised for
leadership in supplier engagement by the Carbon Disclosure
Project (CDP) in FY24 with an ‘A-’ rating for our supplier
engagement on carbon reduction.
Te Ara Tūhono/Pūhoi to Warkworth motorway built in
joint venture with Acciona, is one of only three projects
outside North America to gain certification by the
Greenroads Sustainability Transport Council. Achieving
‘Silver’ accreditation, the project was recognised for
outstanding performance in construction environmental
management and site health and safety management,
as well as for community and iwi engagement.
303
290
275
266
259
239
217
896
812
804
823
793
773
752
Scope 1 emissionsScope 2 emissionsEmissions intensity
Fletcher Building Limited Annual Report 2024
19

Revenue from Sustainably Certified
Products – Target 75% by FY26
Percentage of
product revenue
80%
70%
60%
50%
40%
30%
20%
10%
0%
FY22FY23FY24
71%
74%
61%
Prioritising sustainable products and solutions
The future of the building products and construction
sector is best supported through developing and using
more sustainable building products and solutions.
Pleasingly, in FY24 we made more of these products
available and increased the proportion of these products
sold to customers.
We completed LowCO™, our sustainable homes of the future,
in FY24. The LowCO house and terraces are designed to
use significantly less carbon, electricity and water than a
standard build. One of the aims of building to the exacting
standards required by LowCO is to be an exemplar of
sustainable residential construction – which is why LowCO’s
designs are freely available for anyone to use.
Lower carbon infrastructure construction is important
to our customers and communities. To support progress
towards this, we partnered in the launch of the New Zealand
Environmental Product Declaration library housed within
Mott MacDonald’s Moata Carbon Portal, a tool designed to
streamline measurement and reduction of embodied carbon
in infrastructure projects.
We increased the number of sustainability certifications
held by our products. When we refer to ‘sustainably
certified’ products, we mean products made or sold by
our manufacturing businesses that hold a credible, third
party verified, sustainability certification that is recognised
in green building and sustainable infrastructure ratings.
These products support our customers to build using more
sustainable materials, and we added eight more certified
products to our portfolio in FY24, including certifications
for Humes® precast concrete, Laminex® particle board
and melamine products, and Altus® aluminium and
window systems.
Our Higgins® team published New Zealand's
first Environmental Product Declaration for
asphalt this year.
Our next step for this product is funded research on
biological binders for asphalt that could reduce asphalt
emissions and decarbonise road construction.
Product revenue from sustainability certified products in
our manufacturing businesses increased from 71% in FY23
to 74% this year, very close to our goal to achieve 75% by
FY26. This included revenue from products that hold Type
I environmental labels such as Eco Choice Aotearoa and
Global GreenTag GreenRate™, or Type III certification such as
Environmental Product Declarations.
Type I & Type III
certifications
Type III
certifications
Type I
certifications
28%
46%
SUSTAINABILITY
Our Laminex® Australia business has over 90
years of making building products in Australia,
including those shown here in one of our
customer showrooms.
Laminex® has a focus on reducing environmental
impact. Just under 90% of products sold by
Laminex® Australia hold Global GreenTag
GreenRate™ sustainability certification, a
robust third-party certification that identifies
environmentally preferable products and can
contribute toward customers achieving a Green
Star building rating.
Our manufacturing facility at Toolara is taking
further steps. The plant is already 100% water self-
sufficient, and generates part of its energy from
renewable biomass. In FY25, a new rooftop solar
installation will provide renewable energy as well.
Fletcher Building Limited Annual Report 2024
20
Fletcher Building Limited Annual Report 2024
20

The planning and engagement on the Positive Biodiversity
plan for our quarries carried out in FY24 will be realised in
FY25, including the start of our seven-year commitment to
support Nature Lands yellow crowned Kākāriki breeding
programme and support for the recovery of indigenous
flora and fauna in areas near to our operations.
As part of this commitment we will begin pest control on
960 hectares at Maungakawa Reserve in the Waikato in
partnership with Ngāti Hauā, 250 hectares of pest control
at Tiakiriri Kukupa Scenic Reserve (also known as Otaika
Valley Reserve) in Northland, and restoration planning for
three sites in Auckland.
Reducing waste and building up the circular economy
Each of our divisions is seeking out opportunities to reduce
or reuse waste, and working with customers and partners to
drive positive change through the circular economy.
In FY24 we completed a structured review across our
divisions to increase understanding of the waste streams
in our main regions of operation, improve the quality
of our waste data, and identify future circular economy
opportunities for our businesses to pursue.
We already recycle substantial quantities of wood, concrete,
plasterboard and steel, with the benefit of keeping these key
construction materials available for reuse and out of landfill.
In FY24 we recycled 171,000 tonnes of waste and sent 25,000
tonnes to landfill, achieving 87% diversion of waste from
landfill and exceeding our target to achieve >70%.
In addition to the recycled waste noted above, we continued
to use waste wood dust generated in operations at our
Laminex® businesses as an energy source to fuel those
operations, converting 116,000 tonnes to energy in FY24.
This not only avoids waste disposal but also provides carbon-
neutral energy that would emit c.85 kt CO2e if natural gas
was used instead.
Circular economy requires more than waste reduction, it is
also about innovation within our sector to reduce the overall
use of materials. While we are at an early stage with circular
economy, we have already implemented several initiatives.
Since its launch in 2022, Iplex® Australia’s Pipeback
programme has recovered 50 tonnes of material from
customers, mostly PVC and PE pipe off-cuts, recycling it back
into manufacturing and reducing the need for raw materials.
We acquired The Urban Quarry® in FY23, which turned over
30,000 tonnes of waste concrete and other materials into
recycled aggregates in FY24, not only removing waste from
landfill, but providing quality materials to our customers.
Fletcher Building Limited Annual Report 2024
21

Firth’s® South Auckland area manager Rajesh (Roger) Panjanani and certified driver
Lesley Kemeny chat as they prepare for a local concrete pour at a site in Pukekohe,
South Auckland. Lesley credits Roger and the team’s great support as she was
amongst the first to access Fletcher Building’s gender affirmation leave in late 2023.
Lesley is passionate about sharing her story of transitioning at work with the aim to
highlight the people and services that are available to help.
Lesley Kemeny, certified truck driver at Firth®
It’s an important part of anyone’s journey that they
get some support from somewhere. It’s a very
emotional and very personal experience and not
all transgender people are the same. The more we
can do to make people feel comfortable to step into
who they really are, when they are ready, the better.
Fletcher Building Limited Annual Report 2024
22

Our People
At Fletcher Building, we recognise that as we support our people to grow and develop their careers,
our customers and businesses also benefit.
Together with support from the Fletcher Building Employee Education Fund, in FY24 we focused on
delivering the things that our people tell us keep them engaged. We invested in their capabilities with
a special emphasis on connecting with customers, and we further built up our inclusive culture to
support and empower our people to reach their full potential.
A highly engaged and
customer-committed
workforce
Central to our ability to deliver excellence
for our customers, is the exceptional
experience we offer our people. After
all, these are the people who in turn
create quality customer experiences of
their own.
In FY24, we focused engagement activities
on the areas our people told us mattered
the most. Workshops and roadshows
with our frontline, enabled leaders to
talk through business plans, building an
important sense of connection to how our
people contribute to our business. We also
responded to their challenge to do more
to recognise their great work, including
by highlighting their stories to the wider
organisation. Several businesses also
initiated new recognition programmes
of their own. This approach is having a
positive impact and in FY24 we increased
our measure of employee engagement,
employee Net Promoter Score (eNPS), by
six points to eNPS 35 (eNPS 29 in 2023).
Improving customer
outcomes through the
development of our people
We believe there is more we can do,
through our people, to enhance the
experience we offer our customers. In
FY24 we set out to apply this focus to our
training and development programmes.
Enhanced sales and service have been
the focus for development activities with
specific programmes in place to drive
customer outcomes in each business.
For example, within the New Zealand
Distribution division, training to sharpen
skills for better teamwork to deliver
‘exceptional moments’ for customers,
supported a positive 10+ point uplift as
shown in branch-level NPS scores during
the period.
35eNPS
Employee Net Promoter Score
FY23: 29
23.2%
women in leadership
FY23: 20.7%
89
more women in operational
leadership
162,000+
hours of training delivered
across all programmes in FY24
$5.1m spend
CAPABLE & HIGHLY
ENGAGED PEOPLE
Employee Engagement
Rating
FY22FY23FY24
29
35
26
Support from the
Fletcher Building
Employee Education
Fund (EEF)
Benefits offered by our Employee
Education Fund (EEF) included support
for external study for 211 people and
reached into the community with
extra tuition for families (supporting
391 individuals). Also through EEF, we
have continued to offer development
opportunities for the children of our
people through Outward Bound, Spirit
of Adventure and Hillary Outdoors,
which involved 65 young people in FY24,
and this year began offering holiday
programmes for Fletcher Building
families which offer great childcare
options for school holiday periods.

Fletcher Building Limited Annual Report 2024
23

BUILDhers
™
: A home built by women
In March 2024, Fletcher Living's® first residential house-build project BUILDhers™ in
Whenuapai, north-west Auckland, was completed.
As well as delivering the comfortable, stylish, high-quality four-bedroom stand-alone
home the customer expects, the project succeeded in raising awareness and challenging
stereotypes that have prevented female tradespeople being a more common sight on site.
During the six months it was underway, the build made headlines as the team welcomed
over 20 groups on site, including young women from local high schools, and through the
‘Girls in High Vis’ initiative. The team celebrated International Women’s Day with a visit from
the Prime Minister, Christopher Luxon.
We are seeing an impressive rise in the numbers of skilled, site-based women entering
the industry with all the technical expertise needed. However, there is still more work to
be done to attract women to the industry. While the project involved 40+ skilled women
contributing to the design, build, marketing and sales phases, the team further highlighted
the lack of women in particular trades such as carpentry and scaffolding. The final home
delivered on time and on budget, meant the project was around 75% female built.
The next phase of the project has commenced, with Fletcher Living's® announcing
BUILDhers™ 2 which will undertake to build another home at Whenuapai from late-2024.
Planning and resourcing is now underway with a goal to involve an even higher proportion
of female tradespeople in this next build.
Our Construction, Building Products, Residential and
Development divisions have invested in innovation sprint
training to enable a faster path to market for new customer
solutions. In FY24, this training resulted in a range of
new initiatives being implemented, bringing several new
products, driving more value and enhancing sustainability
offerings. Examples of this include new acoustic panels at
Comfortech® and slab water tanks for rain retention for new
Fletcher Living® homes.
Encouragingly, our people tell us that they believe that they
are contributing to improve customer outcomes too. In our
latest internal engagement surveys, we recorded a six-point
improvement on this customer-oriented question. These
efforts helped achieve improved customer engagement as a
whole in FY24, with NPS of 48 which is approaching our best-
in-class target of ≥55.
Opportunities for more women to
participate and lead our businesses
Our Diversity, Equity and Inclusion strategy is driven through
three key areas: fostering an inclusive culture; improving
gender balance, and in creating more diverse ethnicity within
our leadership groups.
Construction, manufacturing and engineering are fantastic
careers for women and in FY24, we were determined to
increase the number of women in leadership in almost all
areas of our business. Several mentoring programmes are
now in place across the business, partnering our female
leaders with senior leaders. In FY24, 85 women participated
in our Women to Leadership mentoring programme which
provides 10 months of mentoring by a senior leader. These
efforts have supported improved engagement and further
strengthened our pipeline of female leadership talent.
During the year, we increased the overall proportion of
women in leadership from 20.7% in FY23 to a total of 23.2%
in FY24, with 236 more female leaders since FY23 (and within
that, 89 more female leaders of operations). Additionally,
with the appointment of four new female general managers
in FY24, we bring the proportion of the businesses run by
women to 22%, from 6% in FY23. This represents significant
progress as we work on achieving our target of 30% women
in leadership by FY27.
While our gender pay gap (the median pay for women
compared to men, regardless of job or level) is closing at
1.9%, our gender pay parity gap (paying women and men
the same for similar sized jobs) is larger at 5.1% (5.2% in
FY23). This gap is in part the result of continued increasing
wages in a tight, male-dominated building and construction
market. To take action to close the gap, we have reviewed
and pinpointed the moments where pay parity can creep and
updated tools for remuneration decision making. We are also
working with our leaders to support them to navigate the part
they play in achieving pay equity in their teams.
40+
women involved in
design, build and finish
20+
groups welcomed
on site to discuss
opportunities for
female careers in trades
Website:
BUILDhers™
Pictured: Project Manager,
Jasmin Lawrence (right), with
carpenters Melanie Henshaw
and Sylvia Campbell from
Fletcher Living's® BUILDhers™
project in Whenuapai.
Fletcher Building Limited Annual Report 2024
24

Being a part of the Tikanga programme with Te Wānanga o Aotearoa has been a truly
enriching learning experience. Through this we've been gifted fantastic cultural tools for
engaging with customers and people, and new light has been shined on the responsibility
we have in managing our operations with care for our community and the land.
Mike Arthur - General Manager, Winstone Wallboards®.
Video:
First Nations
36
participated in
Whakatupu i a Tupu Māori
and Pacific Leadership
FY23: 36
100+
people involved in basic
Te Reo learning
23
people completed
Te Wānanga programmes
in Tikanga or Te Reo in FY24
We celebrate the diversity of the many different ethnicities present across our
operations in Aotearoa New Zealand, Australia and the Pacific, and support specific
initiatives to enhance connections with indigenous cultures across the lands we share.
As a significant business with a long history in Aotearoa, we understand the
responsibility we have to empower our Māori communities, iwi, hapu, whānau,
customers and partners to grow and enhance their social, cultural, economic and
environmental wellbeing. In FY24 our Māori strategy ‘Te Kākano’ (the ‘seed’ or
‘beginning’) was initiated to help the business to better engage with Te Ao Māori
(Māori worldview), and weave more cultural practice into our daily business.
Our relationships with iwi local to our businesses in New Zealand are important to us,
and we have the opportunity to build and enhance that kaupapa (principle). Together
with representative iwi input we are strengthening our platform for engagement with
Māori communities. In FY24, we have been proud to work closely with many iwi and
hapu. For example, we have greatly appreciated the support of Taranaki whanui and
Ngāti Toa Rangatira as we refine our work to enhance the biodiversity of our Winstone
Aggregates® sites at Belmont Quarry, and in Taupō where, with the support of Te Awa
Kairangi, we are transforming our Laminex® manufacturing plant. We continue our
iwi partnerships with Te Aakitai Waiohua, Ngaati Te Ata Waiohua and Ngaati Tamaoho
supporting our PlaceMakers®, Higgins® and Firth® business in Tāmaki Makaurau. In
Hobsonville, Auckland at the Te Uru terraces, our Residential and Development teams
have effectively worked together with Ngāti Whātua o Kaipara, including collaborating
on some artwork that now adorns the apartment block.
In Australia, we are generating a deeper understanding of the rich history and culture
of Aboriginal and Torres Strait Islander peoples. Developing the contribution we can
make to reconciliation, is core to our Reflect Reconciliation Action Plan (RAP). The
Reconciliation Working Group was convened with representation from each of our
Australian businesses, and in September 2023, the group came together for the first
time, meeting with Yarnup, our First Nations partners in Brisbane.
This first phase of the programme is centred on ‘looking inwards’. To begin
that exploration, the team commissioned a video bringing to life the journey to
reconciliation which will help maintain momentum as we take early steps forward. In
FY25 we will move towards broader strategic initiatives including our membership
of Supply Nation, to increase opportunities for Aboriginal and Torres Strait Islander
suppliers, who are under-represented in our supply chain, to work with us.
Lifting up our indigenous cultures
Winstone Aggregates® environmental
manager Ian Wallace (left) meets with
members of the Pukekawa Quarry kaitiaki
group, Nanaia Rawiri (Ngāti Āmaru and Ngāti
Pou) and quarry manager Lance Gosling.
Fletcher Building Limited Annual Report 2024
25

A pilecap constructed at Brian Perry Civil’s® Otaihanga
precast yard being transported by our largest jack-up
barge Manahau. BPC is delivering the Seaview Resilience
Project for CentrePort in Wellington, seismically
strengthening the wharf which feeds the adjacent fuel tank
farms while it continues to operate.
Fletcher Building Limited Annual Report 2024
26

Group Performance
Fletcher Building Limited Annual Report 2024
27

Group Performance
Continuing operations
2024
NZ$M
2023
(3)

NZ$M
Revenue7,6 8 37,6 7 9
EBIT before significant items
(1)
509785
Significant items
(2)
(333)(301)
EBIT176484
Lease interest expense(58)(53)
Funding costs(142)(94)
Earnings before tax(24)337
Tax expense(55)(88)
Earnings after tax(79)249
Non-controlling tax(7)(19)
Net (loss) / earnings(86)230
Net earnings before significant items 183447
Basic earnings per share (cents)(29.0)30.0
Basic earnings per share before significant items - continuing operations (cents)23.45 7.1
Dividends declared per share (cents)34.0
Cash flows from operating activities398388
Capital expenditure429461
Investments11183
Revenue - continuing operations
2024
NZ$M
Restated
2023
(3)

NZ$M
Building Products1,3451,443
Distribution1,6151,824
Concrete1,0821,085
Australia1,9792,222
Materials and Distribution divisions
6,0216,574
Residential and Development796607
Construction1,6141,319
Other1010
Gross revenue8,4418,510
Less: intercompany revenue(758)(831)
External revenue7,6 8 37,6 7 9
(1) EBIT before significant items is a non-GAAP measure used by management to assess the performance of the business and has been derived from Fletcher Building
Limited’s consolidated financial statements for the period ended 30 June 2024. Further details of significant items can be found in note 2.2 of the consolidated
financial statements.
(2) Further details of significant items can be found in note 2.2 of the consolidated financial statements.
Note: External revenue includes income from the Group's Vertical Buildings Business (2024: $159 million 2023: $104 million), which the Group is in the process of
exiting. The New Zealand International Convention Centre and Hobson Street Hotel (NZICC) represent the largest project to complete in this sector. EBIT before
significant items, however, excludes any earnings from these projects, which are recognised as a Significant Item.
(3) The comparatives have been represented for Tradelink® classified as a discontinued operation. Further details of the change can be found in note 2.4.
Fletcher Building Limited Annual Report 2024
28

(1) EBIT before significant items is a non-GAAP measure used by management to assess the performance of the business and has been derived from Fletcher Building
Limited’s consolidated financial statements for the period ended 30 June 2024. Further details of significant items can be found in note 2.2 of the consolidated
financial statements.
(2) The comparatives have been represented for Tradelink® classified as a discontinued operation. Further details of the change can be found in note 2.4.
The above metrics exclude Tradelink®, which is treated as a discontinued operation.
* Before significant items.
1 FY20 significantly impacted by COVID-19 lockdowns.
EBITEBIT before significant items
(1)
2024
NZ$M
2023
(2)

NZ$M
2024
NZ$M
2023
(2)

NZ$M
Building Products124200143215
Distribution4914049141
Concrete134154130156
Australia109157126167
Materials and Distribution416651448679
Residential and Development100147100147
Construction(264)(247)2826
Corporate and other(76)(67)(67)(67)
Total EBIT176484509785
Lease interest expense(58)(53)(58)(53)
Funding costs(142)(94)(142)(94)
Earnings before tax(24)337309638
Tax expense(55)(88)(119)(172)
Earnings after tax(79)249190466
Non controlling interests(7)(19)(7)(19)
Net earnings - continuing operations(86)230183447
Discontinued operation(141)5(1)5
Net earnings(227)235182452
$1.9b revenue
$5.6b revenue
22% NZ
3% AU
Infrastructure
19%
Construction
24%
AU Materials
and Distribution
17% NZ
7% AU
Commercial
36% NZ
15% AU
Residential
Group Performance (continued)
FY201FY21FY22 FY23 FY24FY201FY21FY22 FY23 FY24FY201FY21FY22 FY23 FY24
Group
EBIT* ($m)
Focus across NZ and Australia
Group
EBIT* Margin
Revenue weighted to market
Materials and Distribution Divisions
EBIT* Margin
Value chain revenue
155
2.4%
6.6%
8.9%
9.6%
10.2%
5.1%
7.4 %
8.8%
9.1%
10.3%
655
509
741
785
48%
NZ Materials
and Distribution
9% Residential and Development
Fletcher Building Limited Annual Report 2024
29

Group Overview
External revenue for the Group’s continuing operations
1
was $7,683 million, broadly in line with the
prior year’s $7,679 million. EBIT for continuing operations and before significant items was $509
million, down 35% compared to $785 million in the prior year. Group net earnings were an $227
million loss compared to $235 million reported in the prior year. Cash flows from operating activities
were $398 million, compared to $388 million in the prior year. Return on funds employed (ROFE)
excluding significant items was 10.0%, down on prior year of 17.1%.
While FY24 revenue was broadly flat,
the year had a higher weighting to
the Construction and Residential and
Development businesses, as revenues
for the materials and distribution
divisions (Building Products,
Distribution, Concrete, and Australia)
were materially impacted by a sharp
market slowdown in both New Zealand
and Australia.
In New Zealand, the first half of FY24
saw market volumes for the materials
and distribution divisions decline ~15%
against 1H23; and in the second half
of FY24, market volumes declined
a further ~10% against the 1H23
baseline. In Australia, market volumes
in the first half of FY24 declined ~8%
against 1H23; and in the second half
of FY24, volumes moved a further ~7%
lower. The residential sector in New
Zealand was the hardest hit, due to
challenging economics for housing
developers and falling consumer
confidence in the housing market.
Commercial and infrastructure
markets also declined, though not so
sharply as the residential sector, while
the rural market in New Zealand was
very weak due to reduced agricultural
expenditure. The challenging trading
environment led to pressure on
pricing and gross margins in certain
businesses, particularly in the
Distribution division in New Zealand,
which was subject to a significant
increase in competitive intensity.
For the Residential and Development
division, the market for house sales
in New Zealand was positive in the
first half, and then slowed materially
through the balance of FY24. This
slowdown was driven by greater
caution among prospective home
buyers as the New Zealand economic
outlook deteriorated; ongoing
challenges to secure residential home
loan financing; and a significant
increase in house listings. This led to
fewer transactions across the overall
market and also resulted in house
prices, which had been lifting in the
first half of FY24, returning to negative
growth in the second half of the year.
Cost inflation pressures across the
Group remained above long-term
averages in FY24, albeit the rate of
inflation eased slightly from the prior
year. Inflation averaged around 5%
across the Group in FY24, with areas of
higher cost pressure including labour
rates, international freight and New
Zealand electricity costs.
In response to the challenging market
and inflationary environment, the
Group has focused on managing
things within its control, in particular:
customer service, costs, cash flow,
capital allocation, funding lines, and
closing out the legacy construction
projects. Cost reduction has been
a particular focus, occurring
progressively across the Group as
market activity has declined. In FY24
key cost measures have included:
reducing manufacturing shift and
distribution store labour; exit of
loss-making sites and product lines;
reduction in overhead headcount; and
compression of discretionary spend.
The chart below provides a summary
bridge of EBIT before significant items
for the Group’s continuing operations
from FY23 and FY24, highlighting key
features of the FY24 result.
1. Lower market volumes for the
materials and distribution divisions
were the most significant driver of
earnings change, resulting in a $220
million adverse impact year on year;
2. Market share loss in the Distribution
division in the first half of FY24 was
partially offset by gains in certain
Concrete and Building Products
businesses (net $20 million EBIT
decline);
3. Despite competitive pressure on
pricing and areas of variable cost
pressure (e.g. electricity), overall
gains on price more than offset
inflation for the materials and
distribution divisions (net $32m EBIT
benefit);
4. Movements in steel prices resulted
in a $16 million year-on-year adverse
movement in steel inventory
valuations in the Building Products
division ($8 million benefit in FY23,
$8 million cost in FY24);
5. Land Development earnings were
$29 million lower in FY24 as less
profitable brownfield sites were
sold;
6. Overhead cost reduction across
the Group provided a $111 million
benefit on a gross basis, more than
EBIT Bridge FY23 to FY24: Key Drivers of Year on Year Change*
(EBIT before Significant Items, Continuing Operations, NZ$m)
(220)
(20)(29)
(27)
(91)
111
785
509
32
(16)
(16)
FY23Market
volume
Market
share
Land DevRestructuring
costs
Price vs
variable
COGS
Overhead
inflation
OtherSteel
inventory
valuation
Overhead
cost
reduction
FY24
1234567
Market Impacts –
Materials & Distribution
Overheads –
All divisions
Resi &
Devt
* Due to its classification as a discontinued operation, Tradelink® has been excluded from the Group’s continuing
operations in FY24. FY23 results have been restated on a like-for-like basis with FY24.
Fletcher Building Limited Annual Report 2024
30

Group Overview (continued)
(1) EBIT before significant items is a non-GAAP measure used by management to assess the performance of the business and has been derived from Fletcher Building
Limited’s consolidated financial statements for the period ended 30 June 2024. Further details of significant items can be found in note 2.2 of the consolidated
financial statements.
(2) The comparatives have been represented for Tradelink® classified as a discontinued operation. Further details of the change can be found in note 2.4.
Cash flow
2024
NZ$M
2023
(2)

NZ$M
EBIT before significant items
(1)
509785
Depreciation and amortisation337307
Lease principal payments and lease interest paid(226)(212)
Provisions and other(8)(56)
Trading cash flow before working capital movements612824
Working capital movements172(287)
Trading cash flow excluding significant items and legacy projects - continuing
operations
784537
Discontinued operations(18)11
Legacy projects cash flow(376)(31)
Significant items cash flow(49)(42)
Trading cash flow341475
Add: lease principal repayments206196
Less: cash tax paid(15)(191)
Less: funding costs paid(134)(92)
Cash flows from operating activities398388
offsetting inflationary overhead
cost increases of $91 million and
restructuring costs of $16 million;
7. Other reflects reduced JV income
and lower investment property
revaluations in Vivid Living® in FY24.
Detailed analysis of the individual
divisional results is included in
the subsequent sections of the
Management Commentary.
At the end of FY24, the Group’s legacy
construction projects were nearing
completion. During the year, full works
completion was achieved on the Pūhoi
to Warkworth (P2W) roading project,
and on the Horizon Hotel portion of
New Zealand International Convention
Centre (NZICC) project. The remaining
legacy construction works are
concentrated on NZICC (expected
to complete the build by the end of
calendar 2024 with commissioning
and handover in early 2025) and
less substantial remedial works on
the Wellington International Airport
Limited (WIAL) carpark. The Group
also continues to pursue material
claim recoveries on the P2W project.
Disappointingly, as announced at the
Interim Results, an additional provision
of $165 million was required on the
NZICC project and $15 million on the
WIAL carpark. Positively, the remaining
Contracts Works Insurance claims on
the NZICC project were settled and
paid in June 2024, with the amount
materially in line with the provision
announced in February 2024.
A review of the Australian Tradelink®
business led to a $122 million non-
cash impairment and writedown in its
carrying value in the Interim Results.
Following this, the decision was made
to commence a divestment process
of the business. Consequently,
Tradelink® has been classified as
a discontinued operation in the
financial statements. On 12 August
2024, the Group announced that it
has entered into an agreement with
Metal Manufactures Pty Limited to
sell 100% of the shares in Tradelink®
for A$170 million. As a result, an
additional impairment of $36 million
(A$32.5 million) was recognised at
30 June 2024, principally against the
business unit’s property, plant and
equipment, right-of-use assets, and
deferred tax assets. A review into the
resetting of the Higgins® New Zealand
business has also led to a $100 million
non-cash impairment and write down
of the business.
Across the Group, significant item
charges in FY24 totalled $488 million.
Of this, $333 million was from
continuing operations, mainly from
the additional legacy construction
provisions and Higgins® impairment
and write down.
Net interest expense for the Group was
$200 million in the year, of which $142
million related to funding costs and
$58 million related to lease expenses.
Tax expense was $55 million in the year
compared to $88 million in the prior
year.
Basic earnings per share from
continuing operations were (11.0) cents
for the year, compared to 29.4 cents in
the prior year. Excluding the impact of
significant items, earnings per share
from continuing operations were 23.4
cents, compared to 57.1 cents reported
in the prior year.
Group cash flows
Within the prevailing challenging market
conditions, the Company has remained
focused on ensuring robust cash flows.
Despite materially lower earnings
year-on-year, the Group delivered cash
flows from operating activities of $398
million, in line with the prior year’s $388
million. The key components of the
operating cash flow performance were:
• A material improvement in trading
cash flows (excluding significant
items and legacy projects) to $784
million in FY24, compared to the prior
year’s $537 million;
• Materially higher legacy project cash
outflows of $376 million, almost
entirely on the NZICC and P2W
Fletcher Building Limited Annual Report 2024
31

Group Overview (continued)
projects, compared to a $31 million
outflow in FY23;
• Significant items cash outflows
(excluding legacy construction
projects) of $49 million, primarily
related to the Winstone Wallboards®
Tauriko plant transition costs and
Iplex® Australia Pro-fit matters,
compared to $42 million in the prior
year;
• Higher funding costs paid of $134
million, compared to $92 million in
the prior year; and,
• Lower cash tax payments of $15
million compared to $191 million in
FY23.
The Group’s free cash flow from
continuing operations and excluding
legacy construction projects was a
$304 million inflow compared to a
$327 million outflow in the prior year.
The materials and distribution divisions
reported strong trading cash flows
before significant items of $615 million,
compared to $707 million in the prior
year, despite ~$230m of lower earnings
and deteriorating customer liquidity.
The result was achieved through tight
management of inventories and trade
receivables, which resulted in a ~$200
million favourable reduction in working
capital. Creditor terms remained
consistent with the prior period.
The Residential and Development
division reported a materially improved
trading cash flow of $166 million,
compared to an outflow of $107
million in the prior year. A total of $156
million of land purchases (historic
agreements brought on balance sheet)
were settled during the year. However,
overall working capital in the division
reduced by $67 million in FY24, with
land development and housing work-
in-progress actively managed lower.
The division made limited new land
commitments in the year, remaining
well-positioned to support its future
sales pipeline through a total of
~4,200 sections under its control.
For the 2,800 sections and two rural
properties on balance sheet at the
end of June 24, the assessed market
valuation was ~$265 million higher
than the book value.
The Construction division recorded
a strong trading cash flow before
significant items and legacy projects of
$73 million, underpinned by good cash
generation in both Brian Perry Civil®
and Higgins®.
Net capital expenditure and
investments for the Group were $426
million in FY24, consisting of:
• Base capital expenditure of $228
million (maintenance, digital/ERP,
sustainability, and efficiency capital
expenditure), within the Group’s
FY24 guidance of $200 – $250
million;
• Growth capital expenditure and
investments of $136 million, lower
than the most recent FY24 guidance
of ~$150 million as the Group looked
to reduce capital outflows in a
deteriorating market environment.
The Group continued investment in
in-flight growth projects, primarily
the new Laminex® Taupō wood
panels plant ($98 million); a new
Firth® site development in Penrose
($10 million); and the consolidation
of Steel businesses in Papakura
($14 million).
• Final capital expenditure for the
Winstone Wallboards® plasterboard
plant of $38 million, with the project
commissioned in the first half of the
year on time and on budget.
In addition, the Group invested $20
million in the Vivid Living® retirement
village developments, and received
$7 million from the sale of plant and
equipment.
Dividend payments in the year
were $124 million for the FY23 final
dividend, with no interim dividend
having been declared.
Balance sheet, returns and
funding
ROFE before significant items for the
year to 30 June 2024 was 10%, below
the Group’s target of 15%. Funds
employed increased to $4.9 billion
compared to $4.8 billion at 30 June
2023, resulting from: an unwind of
onerous contract provisions on the
legacy construction projects; and the
Group’s investment in in-flight growth
projects.
The Group’s leverage ratio (net debt /
EBITDA before significant items) at 30
June 2024 was 1.99 times, compared
to 1.22 times at 30 June 2023, which
principally reflects debt drawdowns
associated with legacy cash outflows,
and the impact of the weaker earnings
in the year.
The Group’s gearing at 30 June 2024
was 34.7% compared with 27.8% at 30
June 2023.
Total funding available to the Group
at 30 June 2024 was $2,837 million, of
which $760 million was undrawn and
there was an additional $311 million of
cash on hand. This provided liquidity
to the Group at 30 June 2024 of
$1.1 billion.
In the first half of the year, the
Group executed a New Zealand
dollar denominated loan facility to
November 2026 with a three-bank
syndicate of $400 million, which
replaced the $300 million bilateral
revolving credit facility which was
due to mature in October 2024.
In June, the Group made
amendments to its banking
agreements which extend the tenor
of its debt facilities and enable it
to rely on more favourable terms
for covenant testing through to the
end of calendar 2025, if required.
Should the Group need to rely on
the amended covenant levels, it will
not pay a dividend until it agrees to
be tested by, and complies with, its
existing covenant levels.
The Group refinanced an Australian
dollar denominated $674.5m facility
that was scheduled to expire in
October 2025. The agreement
extends the expiry date for this
facility into two longer dated
maturities: A$424.5 million that will
now expire in July 2027, and A$250
million that will expire in June 2029.
The agreement significantly improves
the tenor of the Company’s funding
lines, such that the next material debt
maturity is in FY27.
The Group also announced its first
investment grade credit rating of
Baa2 assigned by Moody’s Investors
Service in the first half of the year.
This rating was subsequently
amended in June 2024 to Baa3 on a
negative outlook, following a review
by Moody’s.
The average maturity of the Group’s
debt at 30 June 2024 was 3.0 years,
with the currency split being 83%
New Zealand dollar; 16% Australian
dollar; and 1% spread over various
other currencies.
The Group currently has 44% of all
borrowings with fixed interest rates
with an average duration of 2.3 years.
Inclusive of floating rate borrowings,
the average interest rate on the debt
(based on period-end borrowings)
was 6.2%.
Dividend
Given the current market conditions
and in line with the Company’s
dividend policy and banking
covenant restrictions, the Board has
not declared a final dividend.
Fletcher Building Limited Annual Report 2024
32

Apprentice builder Richard Kalonihea
of Auckland's Craftsman Builders
confirms receipt, as PlaceMakers
Delivery team oversee order dispatch.
Divisional Performance
Fletcher Building Limited Annual Report 2024
33

Building Products
*before significant items
Safety
FY24: 2.4 | FY23: 2.5
(TRIFR1)
Customer
FY24: 41.6 | FY23: 48.7
(NPS2)
People
FY24: 45 | FY23: 41
(eNPS)
Environment
FY24: 54 kt CO2e
FY23: 62 kt CO2e
Carbon emissions
3
74% Revenue
from sustainably-
certified products

FY24
215
143
FY23
48% Residential
33% Commercial
19% Infrastructure
Revenue Weighted
Sector Exposure
34.0%
32.8%
ROFE*: 11%
The Building Products division reported gross revenue of $1,345
million, 7% lower than the prior year. EBIT before significant items was
$143 million, compared to the $215 million reported in the prior year.
Gross margin was 32.8% down from the prior year’s 34.0%, whilst EBIT
margin reduced 430 basis points to 10.6%. Trading cash flow of $192
million was $20 million higher than the prior year.
Revenue
$
1,345m
1 Excludes Wood Products
2 Excludes Altus®
3 Combined Scope 1 & 2 carbon
emissions with an allocation
of Corporate emissions.
The FY24 results demonstrate solid
operating performance despite the
slowing residential and commercial
market environment. Revenue decline
compared to the previous year was driven
by the division's substantial exposure to
the residential sector (c. 48%) and the
commercial sector (c. 33%). However,
notwithstanding the lower market activity
and intense market competition, Winstone
Wallboards® and Laminex® continued to
expand market share.
The division’s gross margins remained
robust reflecting the solid pricing and
cost disciplines achieved despite the
continuing elevated cost inflation,
particularly on gypsum and paper
combined with high electricity and
labour cost. This was partly offset by
reduced resin and steel prices. The new
plasterboard plant in Tauranga resulted
in an $11 million higher depreciation
expense, while in our metals business
lower steel prices (~10% lower) resulted
in an adverse year on year inventory
valuation movement of $16 million ($8
million benefit in FY23 vs. a $8 million cost
in FY24).
In FY24, a continued focus was
managing the cost base in line with
the softening market conditions. Cost
reduction measures through the year
included: manufacturing shift reduction,
warehousing cost optimisation, order and
freight consolidation and high emphasis
on cutting back discretionary spending,
and trimming fixed overhead costs,
with more cost rationalisation strategies
embedded in all businesses ready to
be deployed in the event of further
market slowdown. Pleasingly, the FY24
second half overhead cost (excluding
restructuring costs of $2m) reduced by
$10 million compared to the first half.
The division’s EBIT before significant
items was $143 million, compared to
$215 million in the prior year. Key drivers
of the lower earnings were the material
reduction in market activity; higher
Winstone Wallboards® depreciation; and
the steel inventory revaluation referred
to above.
Notwithstanding the softer earnings, the
division delivered strong trading cash flow
of $192 million, $20 million higher than
the prior year, stemming from a reduction
in working capital, particularly trade
receivables and inventory. Stock returned
to more normal levels in FY24, with prior
year balances elevated by high post-
COVID stockholdings.
Capital expenditure was $178 million,
mostly for the ongoing construction of
the Laminex® Taupō wood panels plant
($98 million), completion of the Winstone
Wallboards® plasterboard plant ($38
million) and Steel Hunua site consolidation
($14 million) which are also the drivers for
the funds increase, now at $1,311 million.
Throughout FY24, in response to the
highly competitive market environment,
the division overhauled its sales strategies.
Winstone Wallboards® refreshed their
customer engagement roadmap resulting
in more meaningful and insightful
customer feedback paving the way
for market share gains. At Laminex®, a
product relaunch of Melteca® delivered
share gains and higher margins. Wood
products has begun implementing a
cohesive sales and operations process
that enhances alignment with both
internal and external customer needs.
The insulation business has revamped
its Pink® Batts® and PinkFit® strategy
driving the conversion of major customers
such as Kāinga Ora. Fletcher Steel®
has launched a new sales framework
that targets a broader customer base,
which combined with improved product
and service offering in our roofing
segment has started to enable market
share gains. At Iplex® New Zealand the
fittings segment has undergone portfolio
expansion that enabled higher traded
volume during the year despite the
slowing market.
172
192
Trading cash
FY24FY23
16%
of group
revenue
EBIT*
Gross margin
34

Our Building Products businesses
Light Building Products
Wood Products
Metals
Financial Summary
Year ended 30 June
2024
NZ$M
2023
NZ$M
Gross revenue1,3451,443
External revenue1,0931,154
Gross margin32.8%34.0%
Overheads308295
EBIT before significant items
(1)
143215
EBIT margin before significant items
(1)
10.6%14.9%
Significant items
(2)
(19)(15)
Funds1,3111,210
ROFE
(3)
11%18%
Trading cash flow192172
Capital expenditure178191
Investments
(4)
4106
EBIT before significant items
(1)

Year ended 30 June
2024
NZ$M

2023
NZ$M
Light Building Products124159
Metals2463
Wood Products2-
Divisional costs(7)(7)
Total143215
(1) EBIT before significant items is a non-GAAP measure used by management to assess
the performance of the business and has been derived from Fletcher Building
Limited's consolidated financial statements for the period ended 30 June 2024.
(2) Details of significant items can be found in note 2.2 of the consolidated financial
statements.
(3) EBIT before significant items / closing funds.
(4) Investments for the period ended 30 June 2024 include deferred settlement on
Waipapa earn-out.
Dimond Structural® sales manager,
Ian Davies with customers at the
Dimond Structural® Hunua Road,
Papakura site opening.
Fletcher Building Limited Annual Report 2024
35

Distribution
The Distribution division reported gross revenue of $1,615 million,
11% lower than the prior year. EBIT before significant items was $49
million, compared to $141 million in the prior year. Gross margin
was 26.3%, down 260 basis points from 28.9% in the prior year. EBIT
margin before significant items was 3.0%, compared to 7.7% in the
prior year. Trading cash flow was $53 million, compared to $185
million in the prior year.
FY24 presented significant challenges
for the Distribution division. With a 78%
exposure to the residential sector, the
division’s market volumes fell sharply.
Additionally, the division was impacted
by PlaceMakers®' market share loss in the
first half of FY24 as competitors moved
aggressively on price. The division’s
share position stabilised in the second
half of FY24, however, price concessions,
particularly in frame and truss, were
necessary to achieve this. All regions
experienced market volume declines,
with the slowdown least pronounced in
the Auckland / Northland region and most
significant in the Waikato-Bay of Plenty
and Lower North Island regions.
The division’s gross margin was impacted
by these price concessions resulting in a
260-basis point erosion in gross margin
compared to the prior year. The decline
in the division’s gross margin dollars
was approximately 60% due to revenue
decline and 40% due to margin erosion.
Inflationary pressures continued to
be significant, particularly in labour,
property and technology expenses.
With employee costs constituting a
large portion of overall overheads, a
prudent approach was adopted, rehiring
only when necessary. Other key cost
control measures included revised shift
patterns across the branch network
and frame and truss manufacturing
plants, and all discretionary expenses
(travel, entertainment, consultancy)
were significantly reduced. Overall, the
division’s FY24 overhead expenses were
3% lower than the prior year, despite cost
inflation running at ~5%.
The division’s FY24 EBIT was $49 million,
compared to $141 million in the prior year,
with an EBIT margin of 3.0%, down
from 7.7%.
Trading cash flow for the year was
$53 million. This was supported by: a
reduction in stock levels by $9 million
through FY24; and improved customer
cash collections, with debtors’ days
trending down closer to FY22 levels
despite the tight customer credit
environment.
Capital expenditure in the year was $11
million, primarily comprising milestone
payments on equipment and capital
works for the relocation of PlaceMakers®
frame and truss manufacturing plant in
Auckland, which will improve operational
efficiency and enable share growth for the
business. Continued investment in digital
programmes, including the launch of a
new integrated Trade Portal and Customer
Relationship Management (CRM) platform
in PlaceMakers®, also featured. Planning
for the final integration of systems and
remaining processes between Tumu®4 and
PlaceMakers® started in the second half
of FY24 and is progressing well, with a
target completion by the end of the first
half of FY25.
In FY24, significant improvements were
made across non-financial metrics.
Customer NPS increased to 43 from 31
in the prior year. People eNPS rose to 41,
up from 30 in the prior year, reflecting
the division’s success in ensuring positive
customer and employee sentiment
despite a challenging market backdrop.
Ongoing focus on safety resulted in a
TRIFR of 3.5, down from 4.1 in the prior
year, underscoring our commitment
to a safe working environment. This
improvement highlights our proactive
approach to safety management through
rigorous protocols, ongoing training
and a strong safety culture, ensuring our
employees can go home safely every day.
Revenue
Safety
FY24: 3.5 | FY23: 4 .1
(TRIFR1)
Customer
FY24: 43.2 | FY23: 31.3
(NPS2)
Environment
FY24: 10 kt CO2e
FY23: 10 kt CO2e
Carbon emissions
3
78% Residential
22% Commercial
Revenue Weighted
Sector Exposure
1 FY24 includes Tumu®, FY23
excludes Tumu®
2 FY23 excludes Tumu®
3 Combined Scope 1 & 2 carbon
emissions with an allocation of
Corporate emissions
4 Tumu is a registered trademark of Tumu
Merchants Limited.
FY24FY23
ROFE*: 16%
People
FY24: 41 | FY23: 30
(eNPS)
$
1,615m
Trading cash
FY24FY23
19%
of group
revenue
185
53
49
141
28.9%
26.3%
EBIT*
*before significant items
Gross margin
36

Our New Zealand
Distribution businesses
PlaceMakers® account manager,
David McConchie, on site
with customer Haydn Miller of
Rightline Construction.
Financial Summary
Year ended 30 June
2024
NZ$M
2023
NZ$M
Gross revenue1,6151,824
External revenue1,5781,792
Gross margin26.3%28.9%
Overheads377388
EBIT before significant items
(1)
49141
EBIT margin before significant items
(1)
3.0%7.7 %
Significant items
(2)
-(1)
Funds305312
ROFE
(3)
16%45%
Trading cash flow53185
Capital expenditure1162
Investments-61
(1) EBIT before significant items is a non-GAAP measure used by management to assess
the performance of the business and has been derived from Fletcher Building
Limited's consolidated financial statements for the period ended 30 June 2024.
(2) Details of significant items can be found in note 2.2 of the consolidated financial
statements.
(3) EBIT before significant items / closing funds.
Fletcher Building Limited Annual Report 2024
37

Concrete
The Concrete division reported gross revenue of $1,082 million, in
line with the prior year. EBIT before significant items was $130 million,
compared to $156 million in the prior year. Gross margin was 28.1%
down from the prior year’s 28.9% while EBIT margin was 12.0%, down
240 basis points from the prior year. Trading cash flow of $165 million
was a $9 million increase on the $156 million in the prior year.
The division delivered robust top-line
results in a challenging market, with the
decline in market activity offset by price
discipline and market share growth. The
division has continued to push into the
commercial and infrastructure segments,
particularly within the Firth® business,
which gained ~2 percent of market share
during the year. Winstone Aggregates®
increased revenue by 18% compared
to the prior year with the current year
including a full year of contribution from
The Urban Quarry® business acquired in
April 2023.
A key focus for the year has been aligning
the division’s fixed and variable cost
base to the current market environment.
In Firth®, this has involved closure or
repurposing of six regional concrete
plants and reallocation of trucks to
maximise utilisation. In Golden Bay™,
the focus has been increasing internal
cement supply in the South Island and
mitigating thermal energy cost inflation
through higher usage of alternative fuels.
In Humes® and Winstone Aggregates®, the
focus has been on production efficiency
and delivering benefits from recent
investments in debottlenecking and
operational improvements.
The division’s gross margin of 28.1%
was 80 basis points lower than the prior
year (FY23: 28.9%), mainly reflecting
the higher mix of revenue from the
commercial and infrastructure segments
and continued input cost inflation – in
particular, elevated electricity costs in
the second half impacting Golden Bay™.
Divisional overhead costs increased by
4% against the prior year, primarily due
to the acquisition of The Urban Quarry®
business. Excluding this acquisition,
overhead costs reduced 2% year on year.
EBIT before significant items of $130
million was $26 million lower than the
prior period. The key driver was the softer
market, lower gross margin from a higher
mix of commercial and infrastructure
revenues, elevated electricity costs, and
the sale of NZ carbon units in FY23.
Trading cash flow for the division was
strong at $165 million, up on the prior
year despite lower earnings due to
disciplined working capital management.
Stock management has been a key
highlight, particularly in Humes® which
has delivered a material reduction from
the prior year. Divisional debtor days
remained in line with the prior year, with
the heightened credit risk in the current
market environment well managed, with
collections closely monitored and no
material bad debt impacts during
the year.
Capital expenditure in the period of $89
million was focused on asset renewal,
quarry resource extension and key
in-flight initiatives – comprising the
development of Firth’s® new flagship
ready mix concrete plant in Auckland, and
continued investment in alternative fuels
capability to increase coal substitution at
Golden Bay™.
A key highlight for the period was the
successful integration of The Urban
Quarry® business into Winstone
Aggregates®. This provides a platform to
fast-track recycling of construction and
demolition waste, increasing the division’s
circular offering to customers.
Safety
FY24: 3.8 | FY23: 3.4
(TRIFR)
Customer
FY24: 5 1.1 | FY23: 51.2
(NPS)
People
FY24: 42 | FY23: 28
(eNPS)
Environment
FY24: 605 kt CO2e
FY23: 625 kt CO2e
Carbon emissions
1
78% Revenue
from sustainably-
certified products
FY24
156
130
FY23
39% Residential
26% Commercial
35% Infrastructure
Revenue Weighted
Sector Exposure
ROFE*: 16%
Revenue
1 Combined Scope 1 & 2 carbon
emissions with an allocation of
Corporate emissions
$
1,082m
156
165
Trading cash
FY24FY23
13%
of group
revenue
EBIT*
28.9%
28.1%
*before significant items
Gross margin
38

Our Concrete businesses
Financial Summary
Year ended 30 June
2024
NZ$M

2023
NZ$M
Gross revenue1,0821,085
External revenue782800
Gross margin28.1%28.9%
Overheads179172
EBIT before significant items
(1)
130156
EBIT margin before significant items
(1)
12.0%14.4%
Significant items
(2)
4(2)
Funds836789
ROFE
(3)
16%20%
Trading cash flow165156
Capital expenditure8965
Investments710
(1) EBIT before significant items is a non-GAAP measure used by management to assess
the performance of the business and has been derived from Fletcher Building
Limited's consolidated financial statements for the period ended 30 June 2024.
(2) Details of significant items can be found in note 2.2 of the consolidated financial
statements.
(3) EBIT before significant items / closing funds.
Programme manager, Auckland Airport,
Adrienne Khor with construction/
operations manager, Auckland Airport,
Mark Blanchard at the Brian Perry Civil®
Auckland airfield expansion project.
A project in conjunction with the Firth®
and Concrete division.
Programme manager, Auckland Airport,
Adrienne Khor with construction/
operations manager, Auckland Airport,
Mark Blanchard at the Brian Perry Civil®
Auckland airfield expansion project.
A project in conjunction with the Firth®
and Concrete division.
Fletcher Building Limited Annual Report 2024
39

Australia
The Australia division (continuing operations) reported gross revenue
of $1,979 million, 11% lower than the prior year. EBIT before significant
items was $126 million, compared with $167 million in the prior year.
Gross margin increased to 34.5%, up from 33.5% in the prior year
while EBIT margin decreased to 6.4% compared to 7.5% in the prior
year. Trading cash flow was an inflow of $165 million, in line with the
prior year.
The first half of FY24 saw market volumes
for the division decline ~8% against 1H23;
and in the second half of FY24, market
volumes declined a further 7% against the
1H23 baseline. Residential finishing trades
softened in the second half, impacting H2
performance in Laminex® and Fletcher
Insulation®. The reduced level of civil
project activity was the main driver of
top line declines in Iplex®, and Stramit®
was impacted by the slowing residential
detached housing and shed markets.
Market share was mixed, with gains
achieved in Fletcher Insulation® and
Oliveri®, share held in Laminex® and Iplex®
and minor share losses experienced in
Stramit®.
Input cost inflation pressure remained
a feature of the trading environment.
Costs persisted at elevated levels in
freight, property, utilities, and labour,
but eased for raw materials. The
division restructured business lines and
departments, and consolidated and
closed sites to help manage the cost
pressures and mitigate the impacts of
lower trading volumes. Continued strong
pricing governance and new products
brought to market assisted the delivery of
gross margin improvements of 100 basis
points compared to the prior year.
EBIT before significant items of $126
million and EBIT margin of 6.4% were both
down on the prior year. At a business
unit level, Laminex® Australia, Iplex®
Australia and Fletcher Insulation® all
performed well in the challenging trading
environment, while Stramit's® results were
disappointing. Significant items of $17
million for the year relate predominantly
to legal costs for the Iplex Australia
pipes matter and the discontinuation of
engineered stone sales.
Trading cash flow for the division was an
$165 million inflow, in line with a $166
million inflow in the prior year. Lower
earnings were offset by a $38 million
unwind of working capital, including a
reduction of inventories in line with lower
revenues. Debtor collections remained
strong and the credit risk from increased
construction insolvencies was well
managed with no material impacts from
insolvencies experienced during the year.
Capital expenditure in the year was $53
million, with ongoing investments in
the areas of new product development,
manufacturing automation technologies
and digital omni-channel programmes.
The division’s focus on customer
produced positive outcomes, with
customer NPS increasing to 45 from 21 in
the prior year. This was mainly attributable
to improved efficiency rates in DIFOT
(Delivery in Full On Time). Additionally,
the division has seen substantial growth
in digital sales and has gained market
share in higher-margin segments, which
include, Laminex® decorative products,
Fletcher Insulation's® FirmaSoft® and
Rockwool® range, and the Oliveri®
bathroom category.
Total Recordable Injury Frequency Rate
(TRIFR) in the year was 3.4 and no serious
injuries were recorded. Pleasingly, 99%
of sites were injury free and Oliveri® had
zero injuries in the year.
The division remains focused on
sustainability, with a c. 20% reduction
in carbon emissions since 2018 and is
on track to achieve over 60% reduction
by 2030. Our Reconciliation Action Plan
has progressed well as we continue
our journey to support Aboriginal and
Torres Strait Islander people. Gender
participation and pay parity also improved
on the prior year.
Safety
FY24: 3.4 | FY23: 3.2
(TRIFR)
Customer
FY24: 44.5 | FY23: 21.0
(NPS1)
People
FY24: 14 | FY23:15
(eNPS)
Environment
FY24: 258 kt CO2e
FY23: 273 kt CO2e
Carbon emissions
2
73% Revenue
from sustainably-
certified products
FY24
167
126
FY23
63% Residential
24% Commercial
13% Infrastructure
Revenue Weighted
Sector Exposure
ROFE*: 11%
Revenue
All metrics exclude Tradelink®,
classified as a discontinued
operation. FY23 excludes Rocla®.
1 Excludes Haven and Water
Filters Australia
2 Combined Scope 1 & 2 carbon
emissions.
of group
$
1,979m
166
165
Trading cash
FY24FY23
24%
of group
revenue
33.5%
34.5%
EBIT*
*before significant items
Gross margin
40

Our Australia businesses
Building Products Australia
Steel Australia
Financial Summary
Year ended 30 June
2024
NZ$M
2023
(1)

NZ$M
Gross revenue1,9792,222
External revenue1,9252,163
Gross margin34.5%33.5%
Overheads552586
EBIT before significant items
(2)
126167
EBIT margin before significant items
(2)
6.4%7. 5%
Significant items
(3)
(17)(10)
Funds1,1281,138
ROFE
(4)
11%15%
Trading cash flow165166
Capital expenditure5350
Investments-6
EBIT before significant items
(2)

Year ended 30 June
2024
NZ$M
2023
NZ$M
Building Products Australia129144
Steel Australia731
Divisional costs(10)(8)
Total126167
(1) The comparatives have been restated to exclude discontinued operations. Further
details of the change can be found in note 2.4 of the consolidated financial statements
(2) EBIT before significant items is a non-GAAP measure used by management to assess
the performance of the business and has been derived from Fletcher Building
Limited's consolidated financial statements for the period ended 30 June 2024.
(3) Details of significant items can be found in note 2.2 of the consolidated financial
statements.
(4) EBIT before significant items / closing funds.
Fletcher Insulation® national sales
manager, Helen Awali.
Fletcher Building Limited Annual Report 2024
41

Residential and
Development
The Residential and Development division reported gross revenue of
$796 million, 31% higher than the prior year. EBIT was $100 million
compared to $147 million in the prior year. Gross margin was 21.9%
down from the prior year’s 33.3% while EBIT margin was 12.6%, down
from 24.2% in the prior year. Trading cash flow was an inflow of $166
million compared to an outflow of $107 million in FY23.
Following a challenging FY23, New
Zealand housing market conditions
showed initial signs of improvement
through HY24. In the second half, record
market house listings, elevated interest
rates and broader economic uncertainty
adversely impacted buyer sentiment
and urgency. Despite this challenging
backdrop, Fletcher Residential delivered
strong sales volumes, continuing to
leverage its high-quality, customer centric
reputation, with a focus on lower price
points in the most active part of the
market. 886 units were taken to profit in
FY24, compared to 617 in the prior year.
Clever Core™, the division’s panelisation
business, delivered 180 homes in the
year, a 22% increase on the prior year.
Vivid Living® opened its first retirement
development at Red Beach, completing
17 settlements, and construction
commenced at the next village in Karaka,
South Auckland.
Fletcher Residential reported EBIT of $94
million, down from $112 million in the prior
year with an EBIT margin of 13% (FY23:
20%). The FY24 result included revaluation
gains associated with Vivid Living® of $2
million, compared to $16 million in the
prior year.
The Industrial Development business
delivered EBIT of $6 million, reflecting
five small land transactions, compared to
$35 million in the prior year largely driven
by one land transaction. These provided
a cash contribution of $58 million in the
current year.
Trading cash flow in FY24 was an inflow
of $166 million, compared to an outflow
of $107 million in the prior year. The
division settled $156 million of land
purchases in FY24, most of which were
contracted in prior periods, including
the first major payment for The Hill at
Ellerslie Racecourse. Despite these land
additions, divisional funds employed
reduced from $915 million at 30 June
2023, to $841 million at 30 June 2024,
as the division actively managed cash
flow in a challenging housing market.
The decrease in funds was driven by a
reduction in housing stock due to strong
FY24 sales volumes, together with a
scaling back of some build programmes.
A number of apartment projects have
also been paused until better market
conditions prevail.
Looking ahead, the division remains
well positioned to support its future
sales pipeline through a total of ~4,200
sections under control. For the ~2,800
sections and two rural properties on
balance sheet at June 2024, the assessed
market value was ~$265 million higher
than the book value, providing a degree
of margin resilience for the business in
future periods.
The division continues to lead the
industry on innovation and sustainability,
including the completion of LowCO™, a
series of standalone and terrace homes
that produce seven times less carbon
than the standard Kiwi home, recently
awarded a Homestar 10 certification, and
BUILDhers™, a New Zealand-first project,
built and sold almost entirely by a team
of women.

$
796m
Revenue
Safety
FY24: 5.2 | FY23: 3.0
(TRIFR)
Customer
FY24: 65.3 | FY23: 72.2
(NPS1)
Environment
FY24: <1 kt CO2e
FY23: <1 kt CO2e
Carbon emissions
2
147
(107)
100
166
93% Residential
7% Commercial
Revenue Weighted
Sector Exposure
Trading cash
1 In FY23, Vivid Living® and
Apartments were not present
thus excluded
2 Combined Scope 1 & 2 carbon
emissions with an allocation
of Corporate emissions
FY24
FY24
FY23
FY23
ROFE*: 12%
33.3%
21.9%
People
FY24: 60 | FY23: 40
(eNPS)
9%
of group
revenue
EBIT*
Gross margin
42

Our Residential and
Development businesses
Financial Summary
Year ended 30 June
2024
NZ$M
2023
NZ$M
Gross revenue796607
External revenue739594
Gross margin21.9%33.3%
Overheads7672
EBIT
(1)
100147
EBIT margin12.6%24.2%
Funds841915
ROFE
(2)
12%16%
Trading cash flow166(107)
Capital expenditure
(3)
2023
EBIT
(1)

Year ended 30 June
2024
NZ$M
2023
NZ$M
Fletcher Residential94112
Industrial Development635
Total100147
(1) The EBIT result includes a $2 million gain on revaluation of Vivid Living® investment
property (2023: $6 million). There were no gains on transfer of land from Fletcher Living®
to Vivid Living® in the current period (2023: $10 million).
(2) EBIT / closing funds.
(3) Capex includes investment property development for Vivid Living®.
New home consultants Tian Tian
Wang, (left) and MeeLei Ang
(right) with customers at the
Fletcher Living® Chinese Home
Buyers Evening in Penrose.
Fletcher Building Limited Annual Report 2024
43

The Construction division reported gross revenue of $1,614 million,
which was $289 million or 22% higher than the prior year. Prior to
elimination of intra-Group margin on the Winstone Wallboards® plant,
EBIT before significant items was $28 million compared to $32 million
in the prior year. Trading cash outflow of $310 million compares to an
outflow of $26 million in the prior year. Excluding legacy contracts,
trading cash was an inflow of $66 million compared to an inflow of $5
million in the prior year.
The increase in top-line performance
compared to the prior year was driven
by higher volumes in Higgins® and Brian
Perry Civil® businesses. Higgins® benefited
as reconstruction works commenced
following the destructive weather events
in FY23, and Brian Perry Civil® from
significant programmes of work across
the water, airports and marine sectors. A
key highlight for Brian Perry Civil® was the
successful commencement of work on
the Auckland Airport expansion project,
while the division has also benefited from
projects such as the Eastern Busway
Alliance, which combines cross-business
capabilities from Major Projects, Higgins®,
and Brian Perry into one project.
A continued focus on safety, well-being
and engagement of our people saw TRIFR
remain stable at 3.0 (FY23: 2.9) and eNPS
lift to 32 (FY23: 25).
Gross margin dollars across the specialist
works businesses of Brian Perry Civil® and
Higgins® increased by $24 million on the
prior year, with gross margin in FY24 of
8.4%, compared to 9.4% in the prior year.
Divisional cost controls remained tight,
with overheads at 6.9% of gross revenue
(FY23: 8.3%). Overall, EBIT for the division
was $28 million and EBIT margin was 1.7%
(FY23: 2.4%).
Significant items for the period totalled
$292 million, including $180 million of
legacy provisions recognised through
the half-year results: $165 million for
increased costs on the NZICC project, and
$15 million for expected remedial works
costs for Wellington International Airport
Limited (WIAL). Both projects are part of
the legacy vertical building operations
being wound down. A review into the
resetting of the Higgins® New Zealand
business has also led to a $100 million
non-cash impairment and write down of
the business. Following the agreement to
divest 50% of its Fiji construction business
to two local partners, that was completed
on 31 July 2024, a non-cash impairment
of $17 million has been recognised. This
was partially offset by income recognised
from the recovery of Cyclone Gabrielle
and North Island Floods insurance claims
received during the year.
Trading cash flow for the division was an
outflow of $310 million, driven by outflows
of $376 million associated with legacy
projects, primarily NZICC and Pūhoi to
Warkworth. Positively, the remaining
Contract Works Insurance claims with the
NZICC project insurers were settled and
paid in June 2024, de-risking this aspect
of the project, with the amount materially
in line with the provision announced in
February 2024. On legacy projects, full
works were completed on the Pūhoi to
Warkworth project, the Hobson Street
Hotel and NZICC basement carpark were
handed over to the client, and remedial
works have progressed on the Wellington
International Airport Carpark.
Excluding legacy contracts, trading
cash flow was a $66 million inflow. This
was driven by strong working capital
management, including finalisation of
variation claims and accounts, and client
advance payments received in the second
half of FY24 for new work won.
The Construction division orderbook
closed the financial year at $1.8 billion,
compared to $2.8 billion in FY23. A $500
million downwards adjustment to the
orderbook was made in 2H FY24 for the
division’s share of the Transport Rebuild
East Coast (TREC), based on latest NZTA
budget advice. Preliminary work continues
on the Riverlink project in Wellington,
however the full scheme is not yet
recognised in orderbook.
Capital expenditure in the year of $20m,
compared to $19m in prior period,
concentrated on civil equipment for the
Higgins® and Brian Perry Civil® businesses.

$
1,614m
Revenue
77% Infrastructure
23% Commercial
Revenue Weighted
Sector Exposure
19%
of group
revenue
Safety
FY24: 3.0 | FY23: 2.9
(TRIFR)
Environment
FY24: 41 kt CO2e
FY23: 41 kt CO2e
Carbon emissions
1
1 Combined Scope 1 & 2 carbon
emissions with an allocation
of Corporate emissions
People
FY24: 32 | FY23: 25
(eNPS)
Construction
* before significant items and prior
to elimination of intra-Group
margin in relation to Winstone
Wallboards® Tauriko plant.
32
(26)
28
(310)
FY24
FY24
FY23
FY23
ROFE*: 20%
Trading cashEBIT*
9.4%
8.4%
Gross margin
44

Traffic controller, Usaia
Nataraku from Higgins® Fiji.
Our Construction businesses
Financial Summary
Year ended 30 June
2024
NZ$M
2023
NZ$M
Gross revenue
(1)
1,6141,325
External revenue1,5661,176
Gross margin8.4%9.4%
Overheads111110
EBIT before significant items
(1, 2)
2832
EBIT margin before significant items
(1, 2)
1.7%2.4%
Significant items
(3)
(292)(273)
Funds13885
ROFE
(4)
20%38%
Trading cash flow
(1)
(310)(26)
Capital expenditure2019
(1) Prior to elimination of intra-Group margin in relation to Winstone Wallboards® Tauriko plant.
(2) EBIT before significant items is a non-GAAP measure used by management to assess the
performance of the business and has been derived from Fletcher Building Limited's consolidated
financial statements for the period ended 30 June 2024.
(3) Details of significant items can be found in note 2.2 of the consolidated financial statements.
(4) EBIT before significant items / closing funds.
Note: External revenue includes income from the Group's Vertical Buildings Business (2024:
$159 million 2023: $104 million), which the Group is in the process of exiting. The New Zealand
International Convention Centre and Hobson Street Hotel (NZICC) represent the largest project to
complete in this sector. EBIT before significant items, however, excludes any earnings from these
projects, which are recognised as a Significant Item.
Fletcher Building Limited Annual Report 2024
45

Barbara Chapman
CNZM, BCom, CMInstD
Acting Chair and
Independent Non-Executive
Director
Term of office: Appointed
Acting Chair 4 March 2024,
director 1 September 2018,
last elected 2023 annual
meeting.
Board committees:
Chair of the People and
Remuneration Committee,
Chair of the Nominations
Committee, Member of the
Disclosure Committee.
Barbara brings extensive
and diverse trans-Tasman
executive experience to the
Board having served as CEO
and managing director of
ASB Bank for seven years
and having held a number
of senior executive roles
responsible for marketing,
communications, human
resources, life insurance and
retail banking in New Zealand
and Australia. She has an
extensive list of professional
achievements to her credit,
including being named
New Zealand Herald’s 2017
Business Leader of the Year.
In 2019, Barbara was made
a Companion of the New
Zealand Order of Merit for
services to business.
Barbara is the Chair of
Genesis Energy Limited and
NZME (New Zealand Media
and Entertainment) Limited,
Deputy Chair of The New
Zealand Initiative and is a
director of Bank of New
Zealand.
Barbara was appointed
Acting Chair on 4 March
2024 to facilitate the search
for the new permanent Chair
of Fletcher Building.
Peter Crowley
BEcon, BA, FAICD
Independent Non-Executive
Director
Term of office: Appointed
director 1 October 2019,
last elected 2022 annual
meeting.
Board committees:
Member of the Audit and
Risk Committee, Member of
the Nominations Committee,
Member of the People and
Remuneration Committee,
Member of the Safety,
Health, Environment and
Sustainability Committee.
Peter has over 40 years
of experience in the
construction materials and
building products industries
across Australia, New
Zealand, Asia, Europe and
North America.
From 2003-2015, he served
as managing director and
CEO of GWA Group Limited,
a leading Australian supplier
of building fixtures and
fittings to households and
commercial premises. He
also spent 18 years in the
cement industry, including
various chief executive roles
with The Rugby Group plc.
and a variety of managerial
roles with Queensland
Cement and its parent
company Holcim.
Peter is a director of
Barrambin Trading Company
Pty Limited and The Riverside
Coal Transport Company Pty
Limited.

Cathy Quinn
ONZM, LLB, CMInstD
Independent Non-Executive
Director
Term of office: Appointed
director 1 September 2018,
last elected 2021 annual
meeting.
Board committees:
Chair of the Disclosure
Committee, Chair of the
Safety, Health, Environment
and Sustainability
Committee, Member of the
Audit and Risk Committee,
Member of the Nominations
Committee.
Cathy practised as one of
New Zealand’s foremost
commercial and corporate
lawyers for over 30 years.
In 2016, Cathy was made an
Officer of the New Zealand
Order of Merit for services to
law and women.
Cathy is a director of
Fonterra Co-operative
Group Limited and Rangatira
Limited, chairs Tourism
Holdings Limited and Fertility
Associates Holdings Limited,
and is Pro-Chancellor of
the University of Auckland
Council.
Our Board
Fletcher Building Limited Annual Report 2024
46