Fletcher Building Investor Day

Fletcher Building Limited, 810 Great South Road, Penrose, Auckland 1061, New Zealand

24 June 2025

Fletcher Building Investor Day

Fletcher Building is hosting its Investor Day 2025 in Auckland today, starting at 9.00am
NZT.

Fletcher Building management will outline the strategy and outlook for the Company. Key
topics to be covered will include the strategic review outcomes and immediate priorities,
balance sheet settings and capital allocation and trading conditions and FY25 update.

Managing Director and Group Chief Executive Officer Andrew Reding noted that
“Following the completion of our strategic review, the purpose of the Investor Day is to
update our shareholders and stakeholders on our strategic focus on the manufacturing
and distribution of building products, our medium term strategies, the immediate actions
we have already taken and the key levers we will be using to drive our performance going
forward.”

In relation to the FY25 outlook, Mr Reding said: “We expect FY25 EBIT (before Significant
Items) to be in the range of $370m to $375m inclusive of the $16.4m loss incurred as a
consequence of the settlement reached with NZTA in relation to the P2W project that was
disclosed on 20 June (or $386.4m to $391.4m excluding the P2W settlement impact).
Given ongoing market volatility, this guidance remains subject to market conditions for
the remainder of the month, including in relation to the timing of house settlements in the
Residential and Development Division.”

With respect to Significant Items, the Company provides the following update:
• At the HY25 results, $251m of Significant Items were announced relating primarily to
Iplex Australia pipes ($177m) and the Tradelink disposal ($58m).
• In June, an expected provision of ~$12m to ~$15m on the increased cost to complete
the New Zealand International Convention Centre was announced.
• In addition to the Significant Items already announced:
– ~$10m to ~$15m is expected to be incurred in relation to defending construction
legacy and Western Australia plumbing issues.
– As a result of the strategic review actions taken, additional non-cash Significant
Items of between ~$250m and ~$440m and cash Significant Items of between
~$50m and ~$60m are expected in FY25, which will be finalised as part of year end
reporting. These will primarily relate to restructuring and redundancy costs,

goodwill and brand impairments, closure costs and the write off and provision for
onerous contracts associated with ERP projects.

Altogether the total Significant Items to be announced as part of the FY25 results are
expected to be between ~$573m and ~$781m.

The presentation materials are attached and are also available on
https://fletcherbuilding.com/investor-centre.

ENDS

Authorised for release to the market by Haydn Wong, Company Secretary.
_____________________________________________________________________________________________________________
For further information please contact:

INVESTORS Will Wright, Chief Financial Officer +64 21 490 251 Will.Wright@fbu.com
MEDIA Christian May, Chief Corporate Affairs Officer +64 21 305 398 Christian.May@fbu.com

For information on Fletcher Building visit fletcherbuilding.com

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INSERT TEXT HERE
Investor Day
June 2025

Agenda
Duration (mins)PresenterSectionNZT
10
Peter CrowleyOverview9:00am
30
Andrew Reding
Strategic review outcomes and immediate
priorities
9:10
20
Will WrightBalance sheet settings and capital allocation9:35
15
Andrew RedingTrading conditions & FY25 update10:00
30
Andrew Reding & Will WrightCombined Q&A10:15
15Coffee Break
10.45
30James Peters
PlaceMakers11:00
30Thornton Williams
Construction Materials11:30
30Hamish McBeath
OSB and FOSB12:00pm
| Investor Day | 24 June 2025 | Fletcher Building Limited2
24 June 2025

Overview
Peter Crowley, Chair

| Investor Day | 24 June 2025 | Fletcher Building Limited4
Medium term focus on
manufacturing and distribution of
building products and materials

Board of Directors
Chair appointed, refresh is now complete
| Investor Day | 24 June 2025 | Fletcher Building Limited5
ANDREW REDING
Group Chief Executive Officer &
Managing Director
Term of office:
Appointed Director in Aug 2024
PETER CROWLEY
Chair and Independent Non-
Executive Director
Term of office:
Appointed Director in 2019
Appointed Board Chair in 2025
SANDRA DODDS
Independent Non-Executive Director /
Chair of the Audit & Risk Committee
Term of office:
Appointed DirectorinSep 2023
Last elected in 2023
CATHY QUINN
Independent Non-Executive
Director
Term of office:
Appointed DirectorinSep 2018
Last elected in 2024
TONY DRAGICEVICH
Independent Non-Executive
Director
Term of office:
Appointed Director in Aug 2024
JACQUI COOMBES
Independent Non-Executive
Director
Term of office:
Appointed Director in Feb 2025,
Effective Apr 2025
JAMES MILLER
Independent Non-Executive
Director
Term of office:
Appointed Director in Dec 2024,
Effective Jun 2025
•Peter Crowley appointed as Chair
•Board refresh now complete
•Highly experienced Boardwith relevant industry exposure
•Peter Crowley appointed as Chair
•Board refresh now complete
•Highly experienced Boardwith relevant industry exposure

Executive Leadership Team
Refresh is complete now complete with six new appointments occurring throughout 2024
| Investor Day | 24 June 2025 | Fletcher Building Limited6
HAMISH MCBEATH
Chief Executive Light
Building Products
Term of office:
Joined in 2002,
Appointed in 2018
PHIL BOYLEN
Chief Executive Construction
Term of office:
Joined in 2019,
Appointed in 2022
JAMES PETERS
Chief Executive Distribution
Term of office:
Appointed in May 2024
THORNTON WILLIAMS
Chief Executive Heavy
Building Materials
Term of office:
Joined in 2011,
Appointed in Nov 2024
WENDI BAINS
Chief Safety & Sustainability Officer
Term of office:
Appointed in 2018
ANDREW REDING
Group Chief Executive Officer &
Managing Director
Term of office:
Appointed Director in Aug 2024,
Managing Director & Group CEO in Sep 2024
WILL WRIGHT
Group Chief Financial Officer
Term of office:
Appointed in Nov 2024
KYLIE EAGLE
Chief People Officer
Term of office:
Joined in 2021,
Appointed in Exec role Nov 2024
HAYDN WONG
Group General Counsel and Company
Secretary
Term of office:
Appointed in Apr 2024
STEVE EVANS
Chief Executive Residential and
Development
Term of office:
Joined in 2013,
Appointed in 2015

Reflections from the Chair
Execution of strategic
review
Execution of strategic
review
Strategic review of the portfolio, operating model and identification of underperforming Business Units
Capital structure reviewto determine the financial settings required to deliver on our strategy
Moving forward with
the turnaround
Moving forward with
the turnaround
$700m capital raisingand sale of Tradelink for ~A$170mbothhelped to reduce debt, improve financial
resilience and also provide time for management while other strategic reviews were underway
Balance Sheet resetBalance Sheet reset
Achieved significant cost reductions:
~$200m of total gross cost savingsand ~620 FTE reduction in FY25; and
~$15m of annualised fixed cost savings announced in May
Profit improvement plans for the short and medium term have been identified
We have maintained our strong safety culture, with robust systems across the business
We acknowledge past unacceptable performance and lessons have been learnt. A major turnaround is underway
11
33
22
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Where are we heading?
A simplified business, operating with capital and operational discipline
| Investor Day | 24 June 2025 | Fletcher Building Limited8
Medium term (3-5 year) focus on manufacturing and distribution of building products and materials
Business unit returns meeting or exceeding cost of capital
Simple and de-centralised portfolio structure
Net Debt target $400m to $900m –no dividends until target met
Disciplined capital allocation
Growth in earnings driven by sustainable competitive advantages

Introduction
Andrew Reding, Managing
Director & CEO

Why I took the role
Energised by the opportunity to realise the value of the great businesses within our Group
| Investor Day | 24 June 2025 | Fletcher Building Limited10
Under-appreciated assets with portfolio
•There is a significant opportunity to help rejuvenate a business with substantial latent potential
•The core businesses continue to perform, but this achievement has been clouded by the Group structure and
under-performance of specific business units
•Fletcher Building is an important company in New Zealand and helping return it to a strong footing will have a
greater impact than financial outcomes alone
Empowering great people
•Fletcher Building’s business units have great people and continue to attract strong talent
•Our empowered business unit leaders will have more autonomy, control and accountability

Our medium term strategy
Four internal levers together with external market dynamics will drive our performance
| Investor Day | 24 June 2025 | Fletcher Building Limited11
Supportive macro economic trends
Medium term focus on manufacturing and
distribution of building products and materials
Urgent action
Focus on high
performance
Empower our
leaders
Resilient Capital
structure
•Clear plan withimmediate
priorities already
implemented and next
stages identified
•Urgency and speed will be
maintained throughout
•Business units and the
Group will measure return
against industry-specific
WACC targets
•Underperforming business
units evaluated
•Fletcher Building’s business
units are led by talented
people, but more autonomy
and recognition of BU-
specific needs is required
•Develop and integrate
performance-driven culture
across business units
•Dividend paused until net
debt target of $400m -
$900m (pre IFRS-16)
achieved
•Target investment grade
credit metrics
11
22
33
44

How our strategy will deliver
We have the ingredients to build on strong competitive positions with a leaner cohort of BUs, lead by focussed GMs
| Investor Day | 24 June 2025 | Fletcher Building Limited12
Strong competitive positions and brand equity (GIB, Winstone Aggregates, Golden Bay, PlaceMakers, Iplex, Laminex)
•Unique assets that cannot be easily replicated, but can be improved with ongoing commitment to customers
Efficient, well capitalised manufacturing facilities
•Where the focus will constantly be on operational excellence, profitability and capital efficiency
A performance culture with empowered leaders
•The operating model changes give General Managers the tools to
succeed and accountability if they don’t
•High performing strategic business units
•Market position, operational and capital
discipline and high calibre leadership

Immediate actions
Andrew Reding, Managing
Director & CEO

Urgently moving forward with the turnaround
The strategic review identified immediate priorities that we are already executing on
| Investor Day | 24 June 2025 | Fletcher Building Limited14
•Completed a comprehensive, in-depth review of all business unit’s performance through the cycle, and their strategic fit
•Identified business units that have not achieved WACC returns and/or are non-strategic
•Plans under development to improve and retain, or exit, underperforming and/or non-strategic business units
Strategic review
•Disestablished Australian and Steel Divisions and allocated business units back to sector-specific divisions
•Corporate has been restructured
•~$15m of annualised structural cost savings
Immediate
Divisional
opportunities
•~$200m of total gross cost savings achieved across FY25
•Clever Core shut down
•MADE by Laminex shut down
•Closure of Laminex Monkland
•Restructure of Group information technology functions
•CSP divestment underway
•New insurance structure negotiated and to be launched in FY26 (~15%-25% like-for-like reduction in premiums)
Other “no regrets”
Cost savings
•PlaceMakersFrame & Truss repurposed to former Clever Core site (saves capex, releases excess property for sale)
•SAP programme stopped
•Exiting industrial land development
•Significant capex saving from stopping further spend on new Steel distribution centre
Other “no regrets”
Capital savings

Disestablishment of Australian Division
Organising in verticals has created significant cost synergies and will improve coordination
| Investor Day | 24 June 2025 | Fletcher Building Limited15
Note EBIT Margin displayed excludes associate income derived from (non-operational)
investments in Wespine and Hexion JVs, FY20 impacted by Covid disruptions
AUSTRALIAN DIVISION EBIT MARGIN & DIVISIONAL COST
FY19 –FY25, (incl. Sig Items, ex associate income), LHS % EBIT Margin, RHS $M Divisional costs,
•Australian divisional costs increased materially since
2019, to a level similar to divisional costs for all NZ
manufacturing and distribution businesses combined
•Allocating business units into sector-specific divisions
reduces costs, enables greater integration & potential
synergies, while maintaining diversification benefits
from exposure to a larger, faster growing market
•These businesses need to deliver acceptable through
cycle returns compared to theircost of capital or they
will not fit in the portfolio in the medium term
0.1%
-6.6%
-1.7%
1.5%
6.7%
5.5%
(10.0)
(5.0)
-
5.0
10.0
15.0
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
FY19 FY20 FY21 FY22 FY23 FY24
EBIT MarginDivisional cost ($m)
NZ Building Products
margin range

Turnaround plan
Implemented

Australia, Steel & Corporate
restructure (~$15m saving)

Clever Core shut down (~$8m
saving)

MADE by Laminex shut down

CSP divestment underway

SAP rollout stopped

Several other capital and
operational initiatives
Short term

Finalise and implement
divisional restructure

Further decentralise corporate
functions

Capital allocation and structure
reset

Sale of surplus real estate
assets
Medium term

Fully implement new
operational model

Execute on portfolio
simplification opportunities

As portfolio simplifies,
continuously improve central
costs

As balance sheet targets are
met, reset dividend policy and
return to dividend-paying status
| Investor Day | 24 June 2025 | Fletcher Building Limited16
Urgent prioritieshave been actioned decisively and there is a clear path of continuous improvement ahead

Focus on high
performance
Andrew Reding, Managing
Director & CEO

The current portfolio
| Investor Day | 24 June 2025 | Fletcher Building Limited18
Business UnitSector / skill set
Primary &
Secondary
Processing
Distribution
Construction &
Project Delivery
Our operations span multiple verticals and a wide set of management skills are required to manage business units
with differing markets and operational risks
Concrete
Steel
Wood & Panels
Water
Insulation
Residential & Development
New Zealand Distribution
Infrastructure
FCC/MP

A focus on high performing businesses
The objective of divisional and operating changes is to make our business units leaner, closer to their customers and
unencumbered by corporate overhead
| Investor Day | 24 June 2025 | Fletcher Building Limited19
Note: Medium term performance based on EBIT margins over FY19-FY25F, medium term earnings risk reflects margin volatility over the same period
Medium term earnings risk
Medium term performance
Low
High

Building a simpler and more focused business
The first step to simplifying our portfolio is reducing it to five Divisions
| Investor Day | 24 June 2025 | Fletcher Building Limited20
Construction Materials
Wood & PanelsWater
Insulation
Steel
Light Building Products
Residential & DevelopmentConstructionDistribution
Heavy Building Materials

Light Building Products
Privileged positions, with efficient low-cost manufacturing facilities
| Investor Day | 24 June 2025 | Fletcher Building Limited21

A world class plasterboard business

Unique insulation platform with strong ANZ assets
and further growth potential with investment

Exposure to demand from historic under-investment
in water infrastructure with Iplexofferings

Consistent performers that deliver earnings and
have meaningful growth prospects
DIVISIONAL VERTICAL AVERAGE EBIT CONTRIBUTION
FY19 –FY24, $M (ex. Sig Items, pre divisional costs)
(25)
-
25
50
75
100
125
150
175
200
225
Wood & PanelsWaterInsulation
AverageMaxMin

Heavy Building Materials
A leader in New Zealand aggregates, cement, concrete and steel, with strong brands and a unique footprint
| Investor Day | 24 June 2025 | Fletcher Building Limited22
1. horizontal line represents split between quarry earnings (lower half) and cement earnings (upper half),

Network of highly profitable, strategic quarry
assets that is unable to be easily replicated

Unique domestic clinker assets with flexible future
capex options

Well positioned downstream channels through
Firth & Humes for upstream construction materials

Steel assets with strong market positions and
latent turnaround potential
DIVISIONAL VERTICAL AVERAGE EBIT CONTRIBUTION
FY19 –FY24, $M (ex. Sig Items, pre divisional costs)
1
-20.0
0.0
20.0
40.0
60.0
80.0
100.0
120.0
Upstream construction materials Downstream construction materialsSteel
AverageMaxMin

Distribution
A leading national distributor of building and plumbing supplies via trusted and respected brands
| Investor Day | 24 June 2025 | Fletcher Building Limited23

Iconic brands with strong connection to the
building trade for over 40 years

PlaceMakersreturning to successful regional JV
model and “Know How, Can Do” focus

Nationwide footprint of 66 PlaceMakers stores, 8
Frame and Truss facilities and 68 Mico branches

Meaningful turnaround underway, with upside
potential from market share and market volume
BUSINESS UNIT AVERAGE EBIT CONTRIBUTION
FY19 –FY24, $M (ex. Sig Items, pre divisional costs)
(20.0)
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
PlaceMakersMico
AverageMaxMin

Residential and Development
The Residential and Development Division is one of the largest private sector developers of residential homes and
communities in Auckland and Christchurch
| Investor Day | 24 June 2025 | Fletcher Building Limited24

Track record of high (but volatile) margins and
return on capital through the housing cycle

High-quality residential asset portfolio across
Auckland and Christchurch

Experienced management team with extensive
real estate experience

Positioned to capitaliseon recent regulatory
developments and government focus on housing
R&D BUSINESS UNIT AVERAGE EBIT CONTRIBUTION
FY19 –FY24, $M (ex. Sig Items, pre divisional costs)
(20.0)
-
20.0
40.0
60.0
80.0
100.0
120.0
140.0
160.0
180.0
Fletcher Living Development Clever Core ApartmentsVivid
AverageMaxMin

Construction
A leading engineering & construction platform in New Zealand with embedded sector expertise, credentials and
relationships
| Investor Day | 24 June 2025 | Fletcher Building Limited25
Note, “Other” comprises Buildings and South Pacific

Has been re-orientated towards infrastructure and
legacy projects are nearing completion

Strong forward-pipeline of contracted work
comprising a large volume of smaller projects

Experienced local executive leadership team with
extensive civil and infrastructure experience

Deeply embedded stakeholder relationships and
strong customer engagement
CONSTRUCTION BUSINESS UNIT AVERAGE EBIT CONTRIBUTION
FY19 –FY24, $M (ex. Sig Items, pre divisional costs)
(90.0)
(80.0)
(70.0)
(60.0)
(50.0)
(40.0)
(30.0)
(20.0)
(10.0)
-
10.0
20.0
30.0
40.0
Higgins Construction Brian Perry CivilMajor ProjectsOther
AverageMaxMin

Expected benefits
The new divisional model reduces cost and improves integration by bringing similar business units together
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•Removes duplication and enable greater integration across similar skill sets/markets
•Unifies ‘affiliate’ businesses in New Zealand and Australia (Laminex, Iplex, Insulation) and supports
improved coordination across both Australian and New Zealandmarkets
•Heavy Building Materials to integrate NZ Steel assets whilst also delayering and simplifying structure
•Stramitalso moves into Heavy Building Materials to leverage potential capability, procurement &
market specific synergies

Empowering our
operational leaders
Andrew Reding, Managing
Director & CEO

Issues with a centralised operating model
| Investor Day | 24 June 2025 | Fletcher Building Limited28
A centralised approach did not deliver anticipated gains and decreased the agility of business unit management
•The concentration of decision-making power at the centre has resulted in less agility when
responding to market changes, customer demands and competitor actions
Slower decision making
•Corporate and divisional levels both add material cost and headcount to profit-making business
units and have not always provided “value for money” with leadership/managerial oversight
Unnecessary layers and
costs
•Blurred decision-making lines and limited autonomy for business unit and divisional
management has led to a lack of accountability for both performance and risk
Lack of accountability
•In an attempt to standardise operations, business units were encumbered by reporting
structures and systems that were inappropriate for the specific industry sector or size of the
business unit
One size fits all approach
to governance and
systems

New decentralised model
| Investor Day | 24 June 2025 | Fletcher Building Limited29
Accountability shifts towards business units. Each management layer has designated roles and distinct capabilities
Business Units
Profit Generator
“We know our customers, own our value
chains and differentiate to become market
leaders”

Standalone–Business units will be
equipped with the tools, resources,
capabilities and autonomy to succeed

Accountable–Each business unit will be
accountable for its performance while
benefiting from Fletcher Building’s Group
advantages, including access to capital,
shared expertise, and a disciplined,
performance-driven culture that fosters
growth and operational excellence.
Divisions
Market Expert
“We know our markets, and manage &
invest to build attractive positions”
Designated Market Expertise–
Divisions will be organised around
specific markets and sectors in which
their business units operate
Collaboration–adjacent business
units operating in similar markets or
sectors will be more closely connected
to allow collaboration and sharing
specialist knowledge
Holding co.
Capital Governor
“We provide strategic direction, manage our
capital & portfolio for attractive returns”

Lean Group–The Holding Company is
in the process of streamlining activities
towards a cost-efficient structure

High-value functions–Strategic
oversight, risk management and capital
allocation will be the future focus areas
at a Group level

69
53
107
229
(15)
(10)
189
(15)
A leaner operating model
The move to a decentralised model has significant financial andoperational benefits
| Investor Day | 24 June 2025 | Fletcher Building Limited30
1. Reflects annualised costs as at May 2025
Overheads have been
reduced by c.$30m in phase
one, with further reductions
in line with divestments
CENTRAL COSTS
Exit FY25F
1
, $m

Expected benefits
The new organisational model allows for faster decision making, customer centricity, role clarity and cost efficiencies
| Investor Day | 24 June 2025 | Fletcher Building Limited31
•Stronger focus on core capabilities
•Accountability where it counts
•Quicker decision-making
•Closer to customers and markets
•Faster response to market opportunities
•Empowering business units and GMs
•Clearer roles and responsibilities
•A culture of ownership and performance

Building a resilient
capital structure
Will Wright, CFO

A clearly defined financial framework
Resilient Balance
Sheet
Resilient Balance
Sheet
•Target Net Debt of $400m to $900m over the medium term
•Target investment grade credit metrics
•Reduce the seasonality of working capital
Disciplined Capital
Allocation
Disciplined Capital
Allocation
•Targeting a ROIC greater than WACC through the cycle
•Ensure all businesses have ROIC targets reflective of the sectors in which they operate
•Retarget incentives for management
•Transparency of financial information and value drivers to the market
Focus on Shareholder
Returns
Focus on Shareholder
Returns
•Stay in business capex broadly in line with depreciation
•Clear and appropriate hurdle rates in place for new investment
•Greater oversight of, and accountability for, opexinvestment decisions
•Dividend policy will be reassessed and communicated as the target balance sheet levels are achieved
Strong focus on driving financial performance and disciplined allocation of capital
11
33
22
| Investor Day | 24 June 2025 | Fletcher Building Limited33

Focus on Shareholder Returns
Targeting returns above cost of capital through the cycle and improved disclosure to drive accountability
| Investor Day | 24 June 2025 | Fletcher Building Limited34
Notes: (1) ROIC defined as NOPAT (ex Sig Items) divided by monthly average invested capital in any given financial year; (2) Invested capital is
comprised of net operating assets (i.e., working capital, fixed assets, investments, ROU assets) and includes Goodwill.
•Business units to be assessed against industry-specific
ROIC targets
•Intention for FY25 Cashflow Statements to be
presented in alignment with IFRS18
•To initiate quarterly shareholder letter, which will
include volume information
•Analysis also underway on asset velocity, cash
operating margins and efficiency of the asset base
•Taken together, these changes will provide a more
granular view of performance within the Group and
across different Divisions
FY19 -FY24 Group ROIC
(1)
ROIC (%) and average invested capital
(2)
($m)
6,440 6,220 5,748 5,127 5,305 5,425
7.5%
1.9%
9.1%
9.5%
8.7%
5.4%
FY19FY20FY21FY22FY23FY24

Capital structure through the cycle
Medium term Net Debttarget adjusted to $400m -$900m providing the business with a foundation to deliver long
term growth, while also maintaining sufficient headroom to absorb potential market volatility
| Investor Day | 24 June 2025 | Fletcher Building Limited35
Note:
1
EBITDA before Sig Items & B&I (Pro forma Pre-IFRS-16 from FY20),
2
Net debt pre IFRS-16 / EBITDA before Sig Items & B&I
(Pro forma Pre-IFRS-16 from FY20)
617900863776290830924728876854EBITDA
1
($m)
2.9x1.6x0.8x0.2x1.7x0.4x1.4x2.7x1.6x2.0xActual leverage
2
0.6x0.4x0.5x0.5x1.4x0.5x0.4x0.5x0.5x0.5xImplied leverage $400m
1.5x1.0x1.0x1.2x3.1x1.1x1.0x1.2x1.0x1.1xImplied leverage $900m
NET DEBT / (CASH): FY15 TO FY25F
Pre IFRS-16 as at 30 June, $m
1726
1434
1953
1273
325
497
173
670
1412
1766
0
500
1000
1500
2000
2500
3000
FY15FY16FY17FY18FY19FY20FY21FY22FY23FY24FY25F
Net Debt Target range ~$400m -~$900m
FY25F Lease
Liabilities
Pre-IFRS16
FY25F Net
Debt

Net Debt through time
A number of items have been a drag on Fletcher Building’s balance sheet over the past 5 years but, looking forward,
greater discipline, a simplified portfolio and improved operational performance should result in greater cash generation
| Investor Day | 24 June 2025 | Fletcher Building Limited36
NET DEBT MOVEMENTS FY20 TO FY25F
Pre IFRS-16 as at 30 June, $m
Legacy construction
cashflows have been a
significant drag on cashflow
1050-1100
497
(3,000.0)
(2,500.0)
(2,000.0)
(1,500.0)
(1,000.0)
(500.0)
-
500.0
1,000.0
1,500.0
2,000.0
IncreaseDecreaseTotal
No distributions planned until
Net Debtis within target range
Capex of (~$2,000m) with
Winstone Wallboards and
Laminex Taupo representing
large growth capex initiatives

Balance Sheet levers
Achieving and then maintaining Net Debtwithin the target range will require a combination of “one-off” capital
releases and longer term capital allocation and dividend discipline
| Investor Day | 24 June 2025 | Fletcher Building Limited37
•Dividend will remain suspended until net debt reaches the middle-lower end of the target range, at which
point the dividend policy will be reviewed and communicated to the market
Shareholder distributions
•Increased focus on forecasting and ensuring growth capex in particular is correctly sized
Capital expenditure
•Continue to analyse the land portfolio and where possible release capital from excess holdings and/or
inefficient sites
•Optimise timing and conditions of any future Residential and Development land purchases
Land acquisition &
divestment
•Medium term portfolio divestments will release capital but also unlock further central cost savings,
supporting longer term earnings resilience
Strategic portfolio
divestments

80
55
90
40
33
147
143
325
957
276
4
FY25FY26FY27FY28FY29+
Capital NotesUSPPBank LoansOther
Funding mix
The current debt profile is overly complex and expensive for our current and future needs
| Investor Day | 24 June 2025 | Fletcher Building Limited38
1. As at 31 December 2024
DEBT MATURITY PROFILE
As at 31 December 2024, $M
84
55
562
997
452
•Lower Net Debtlevels of $400m -$900m (pre
IFRS-16)
•Investment grade credit metrics
•Simplified funding mix with increased flexibility
•Average funding costs currently ~6.1% (pre line
fees)
1
FUTURE TARGET STATE

Disciplined Capital Allocation
Capital expenditure is crucial to ongoing sustainment of earnings and growth, but is subject to well defined controls
both prior to commitment and during project execution
| Investor Day | 24 June 2025 | Fletcher Building Limited39
•Stay in business and growth capex (organic or
external) are all subject to a staged approval process
•Prior to commitment, a project goes through a formal
committee approval process prior to final CEO or
Board approval (depending on size)
– CEO approval required for projects between $1m-
$10m
– Board approval required for projects >$10m
•Hurdle rates specific and appropriate to the industry
in which the business unit operates are applied as
part of the approval process
– Will be aligned to group and divisional ROIC targets
TARGET FUNDING MIX
Operating
Cash Flow
Property &
Asset Sales
Business Unit
Divestments
Debt Facility
Headroom
Source of capital
Stay in Business Capex
Organic Growth Capex
Available Funds
Acquisitions
Shareholder Returns

Disciplined Capital Allocation
Target SIB capex equal to depreciation, with major upcoming growth projects focused on key Light Building
Product and Heavy Building Material assets
| Investor Day | 24 June 2025 | Fletcher Building Limited40
•Where SIB investment is required to
support business units with ageing,
(predominately depreciated) assets
it will be appropriately scaled and
phased through time. We will also
review local manufacture vs import
•Winstone Wallboards and the
acquisitions of WaipapaTimber and
Tumu were responsible for the
majority of growth-related
expenditure up to FY23
•From FY23 onwards, expenditure on
Laminex’s OSB manufacturing facility
in Taupo has been the largest
consumer of growth capex
•Historically SIB has remained close
to DD&A and the intention is to
remain at that level
CAPEX SPENDING AND FORECAST
FY19-FY24,FY25F; $m
224
193
137
189
216
206
13
8
5
5
5
12
35
125
136
22
22
78
156
90
38
4
18
20
26
183
11
10
0
100
200
300
400
500
600
700
FY19FY20FY21FY22FY23FY24FY25F
SIB CapexStrippingGrowth capexWWBVividAcqusitionsInvestmentsDD&A (excl. RoU)

Working Capital Strategy
Close management of working capital will remain a key part of the overall financial strategy
| Investor Day | 24 June 2025 | Fletcher Building Limited41
•Fletcher Building operates large
working capital balances and over the
course of a financial year significant
cash movements can occur
•There has always been a focus on
working capital management, with an
emphasis on year-end cash flows, but
greater focus will be put on reducing
volatility (where commercially viable)
•The Residential and Development and
Construction Divisions have a
substantial impact on intra-year
volatility
1. Average monthly change in trading cash for the period from FY19-FY24 accumulated over 12 months
CUMULATIVE AVERAGE MONTHLY ∆TRADING CASH
1
(FY19 –FY24); $m
-300
-250
-200
-150
-100
-50
0
50
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Cumulative average (Manufacturing & Distribution)Cumulative average (Group)

Key messages
Strong focus on driving financial performance and disciplined allocation of capital
| Investor Day | 24 June 2025 | Fletcher Building Limited42
•Targeting ROIC greater than WACC across all business units
•Transparent and consistent financials
•Net Debt target -$400m to $900m
•Reduce working capital cyclicality
•Disciplined capital allocation
•Dividend policy reviewed as target Net Debt level achieved

Macro trends &
outlook
Andrew Reding, Managing
Director & CEO

Where in the New Zealand cycle are we?
Sales volumes of key products across the portfolio provide a view of market conditions and potential outlook
| Investor Day | 24 June 2025 | Fletcher Building Limited44
Note: WWB –Domestic Board volume (m
2
),
Humes –Concrete pipe volume (tonnes) –for FY19&FY20 annual data only available, monthly data has been averaged out,
PM –Frame & Truss (m
3
),
WA –sales volume (tonnes),
GBC –domestic cement volumes (tonnes)
PRODUCT VOLUMES
Rolling 12m average quarterly volumes, Q4 FY19 = 100
50
60
70
80
90
100
110
120
130
140
Q4 FY19Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21Q3 FY21Q4 FY21Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 FY23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25
Winstone WallboardsWinstone AggregatesGolden BayHumesPlaceMakers

Where in the Australian cycle are we?
Sales volumes of key products across the portfolio provide a view of market conditions and potential outlook
| Investor Day | 24 June 2025 | Fletcher Building Limited45
Note: Laminex AU –Board Laminate volume (m
2
),
Fletcher Insulation –Glasswool sales volume (tonnes),
Iplex AU –Plastic pipe and other sales volume (tonnes),
Stramit –Total manufacturing volumes (tonnes)
PRODUCT VOLUMES
Rolling 12m average quarterly volumes, Q4 FY19 = 100
50
60
70
80
90
100
110
120
Q4 FY19Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21Q3 FY21Q4 FY21Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 FY23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25
Laminex AUFletcher InsulationIplex AUStramit

90
100
110
120
130
140
150
160
1995 1998 2001 2004 2007 2010 2013 2016 2019 2022
New ZealandAustraliaOECD members
Market fundamentals
We operate in structurally attractive markets, with higher population growth and infrastructure deficits driving
demand for infrastructure and the materials required to construct it
| Investor Day | 24 June 2025 | Fletcher Building Limited46
Source: OECD Questionnaire on Affordable and Social Housing (2023 & 2021), World Bank Group (April 2025); OECD.org 2021
POPULATION GROWTH
1995 = 100
INFRASTRUCTURE QUALITY INDEX
2021
50
60
70
80
90
100
OECD Average
83.5

FY25F update
Operating volumes continue to subdued, impacting operating leverage and profitability
| Investor Day | 24 June 2025 | Fletcher Building Limited47
FY25F EBIT Outlook
•FY25F EBIT (pre Significant Items) expected to be between $370m and $375m inclusiveof the $16.4m loss incurred as a consequence ofthe settlement
reached with NZTA in relation to the P2W project (disclosed on 20 June)
•Excluding the P2W settlement impact, FY25F EBIT (pre Significant Items) is expected to be between $386.4m and $391.4m
•Guidance is subject to marketconditions for the remainder of the month and uncertainty with regard to the timing of house settlements
FY25F Significant Items guidance
•At the HY25 results, $251m of Significant Items primarily relating to IplexAustralia pipes
($177m) and Tradelink disposal ($58m) were announced
•In June an expected provision of ~$12m -~$15m on the increased cost to complete NZICC was
announced
•In addition to theSignificantItems already announced
– ~$10m -~$15m is expected to be incurred in relation to defending construction legacy and
WA plumbing issues
– As a result of the strategic review actions taken, additional non-cash Significant Items of
between ~$250m -~$440m and cash Significant Items of between ~$50m -$60m are
expected in FY25;thesewillbe finalised as partof year end reporting
– These primarily relate to restructuring and redundancy costs, goodwill and brand
impairments, closure costs and the write off and provision for onerous contracts
associated with ERP projects
•Altogether the total Significant Items announcedat the full year FY25 results areexpectedtobe
between ~$573m -~$781m
FY25F Significant Items guidance
($m)
251HY25 reported
12 -15NZICC cost to complete
10 -15
Legal cost -WA plumbing & Legacy
construction
250 -440Strategic review non-cash items
50 -60Strategic review cash items
~573 -~781Total

Closing remarks
Andrew Reding, Managing
Director & CEO

What does this mean for shareholders?
Fletcher Building’s new strategic direction will lead to a leaner more focused organisation
| Investor Day | 24 June 2025 | Fletcher Building Limited49
•Heavy Building Materials –a leader in New Zealand aggregates, cement, concrete and steel, with strong brands and footprint
•Light Building Products –privileged positions, with efficient low-cost manufacturing facilities
•Distribution–a leading national distributor of building and plumbing supplies via trusted and respected brands
Strong core
portfolio
❶
•Vertically integrated positions in building materials & products, from raw materials through to distribution
•Lean operating modelwith business units empowered with the tools, resources and autonomy they need to succeed, while
bearing accountability for performance
A clear strategy
for future growth
❷
•NZ economic cycle poised for improvement driven by falling interest rates, pro-investment Government, undersupply of
residential dwellings and an infrastructure deficit
•Government policy supportive of growth in housing supply and infrastructure with “RONS” procurement beginning
•Australian market forecasting growth driven by increasing infrastructure spend, lower interest rates and increased housing
starts to meet shortfall in cumulative historic housing construction
Favourable
market tailwinds
❸
•Refreshed Board with strong experience in building manufacturing and distribution
•Experienced management team with deep industry knowledge combined with knowledge of the portfolio
Refreshed board
and management
capability
❹
•New Net Debt target of $400m -$900m over the medium term
•Final legacy construction projects near-complete
•Possible future divestments and surplus land disposalsprovide capital release to support balance sheet target and capex
Capital structure
ready to support
growth
❺

Appendix

ROIC framework
| Investor Day | 24 June 2025 | Fletcher Building Limited51
NOPAT
(trailing 12-months)
Invested
capital
(Average month end
for LTM)
÷ =
ROIC
Invested capital components
A disciplined capital allocation framework driving investment decisions, performance accountability and sustainable
value creation across business units
EBIT (pre significant items)
×
(1 –tax rate)
NOPAT calculation
Net working
capital
InvestmentsFixed assets
ROU assetsIntangibles
+++
+
ROIC framework
•ROIC serves as the primary investment decision
framework, ensuring all capital allocation
decisions are evaluated against value creation
potential
•Business units operate within industry-specific
ROIC targets that exceed WACC through the cycle
•All capital expenditure proposals must
demonstrate alignment with the assigned ROIC
thresholds before approval
•Continuous monitoring of ROIC performance
against targets, with regular assessment of
invested capital efficiency across all business
units

Additional financial information
| Investor Day | 24 June 2025 | Fletcher Building Limited52
Further financial information including:
•Re-stated divisional metrics; and
•Indexed volume data
Is available in excel form via the Fletcher Building Investor relations website:
https://fletcherbuilding.com/investor-centre/financial-results-and-announcements

---

NAIL THE
BASICS

| Investor Day | 24 June 2025 | Fletcher Building Limited
PlaceMakers
stores
Frame & Truss
plants
c.$1.3bn
FY25 Revenue
c.25%
FY25 Market Share
PlaceMakers
Frame& Truss
Mico
2

0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
30.0%
35.0%
0
200
400
600
800
1000
1200
1400
1600
1800
2019 2020 2021 2022 2023 2024 2025 Est
COGSTotal CostsEBITPM Market ShareGP %
Financial performance FY19 to FY25F
| Investor Day | 24 June 2025 | Fletcher Building Limited3
PM performance growth post COVID FY20, peaking in FY23 alongside market growth
Market share starting to decline from FY19/20
Revenueis relatively flat FY19 to FY25E while the market has grown
Cost of Goods have grown just 3.9%over the six year periodand overheads 11.3%-
significantly below inflation for the period.
Margin compression through competition and price pressure flowing to loss of EBIT,
compounded by loss of Revenue from Market Share
COST OF GOODS SOLD, COST, EBIT AS % REVENUE
Building activity peaked in FY23
with significant drop in FY24
Building activity peaked in FY23
with significant drop in FY24
REVENUE LOSS FROM MARKET SHARE DECLINE
EBIT LOSS FROM MARKET SHARE DECLINE

PLACEMAKERS + FRAME & TRUSS MARKET SHARE
Market Share
PlaceMakershas been losing market share since 2019
| Investor Day | 24 June 2025 | Fletcher Building Limited4
Source: CreditWorksNZ
Jul-19
Aug-19
Sept-19
Oct-19
Nov-19Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sept-20
Oct-20
Nov-20Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sept-21
Oct-21
Nov-21Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sept-22
Oct-22
Nov-22Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sept-23
Oct-23
Nov-23Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sept-24
Oct-24
Nov-24Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
End FY19 Market Share
32.2%
End FY19 Market Share
32.2%
F&T Price reset began Q2 FY24, early share recovery of four points....
Structural share loss accelerated when the cycle turned...
F&T price
reset
F&T price
reset
PlaceMakers Market Share
F&T Market Share
FY25 PlaceMakers Market
Share average 25.1%
FY25 PlaceMakers Market
Share average 25.1%

| Investor Day | 24 June 2025 | Fletcher Building Limited5
NAIL THE
BASICS
Great builds start with SOLID
FOUNDATIONS-both in construction and
in business. Nail the basics, and everything
else falls into place
Why it matters?
Customer Trust, Cost Discipline,
Execution Excellence

Nailing the basics
Getting us back on track
| Investor Day | 24 June 2025 | Fletcher Building Limited6
CUSTOMER
ISSUEACTION
We focused brand on the wider market
including DIY and Retail Customers instead of
our core business
We forced a specialisedUrban Hub structure
into ruralcreating additional management
layers, additional cost and loss of relationships
in market
We disestablished our Joint Venture structure
across the Rural market, creating new
competitors (3)
We are 100% refocused on growing our Trade and
Commercial Customer base
We have removed two layers and 200+ roles where our
team were too removed from our customers
We have disestablished Hub structures in the rural
markets
We are relaunching Joint Ventures in rural areas over
the next 3 years –Provincial Markets work best with local
ownership and community relationships
We are doubling down on our ‘Know How, Can Do’ roots
to deliver increased technical value to our customers
We are improving our category management –right
range, right place, at the right price

Nailing the basics
Getting us back on track
| Investor Day | 24 June 2025 | Fletcher Building Limited7
MANUFACTURING
& SUPPLY CHAIN
ISSUEACTION
We did not have the manufacturing expertise
needed resulting in poor capital decisions (Felix
Street)
We did not adjust to the slowing cycle fast
enough to remove cost and lower prices
resulting in lost market share
Our team has been refreshed with the expertise needed
We stopped the Felix Street Frame & Truss project and
opted to repurpose the Clever Core Cavendish Drive site
c.$30m capex avoided and reduction in construction time
of c.6 months
We have repriced our Frame & Truss offer to win the
work
We have a strong focus on cost and efficiency so to
deliver value to our customers
We keep improving our DIFOT (target >95%)

Competitive advantages
Set up to Win
| Investor Day | 24 June 2025 | Fletcher Building Limited8
STORE NETWORK
& RANGE
66 Stores providing coverage
across the country
Key locations and proximity to
customers winning the local and
national customer
Biggest trade range in the market
PEOPLE
Knowledge ‘Know How, Can Do’
100% Commitment to our
Customers
Community Relationships
Joint Venture owners with ‘skin in
the game’ and strong
connections to rural community
MANUFACTURING &
SUPPLY CHAIN
8 Frame & Truss Plants with a
focus on productivity and
efficiency
Dedicated Estimations team
Dedicated Delivery Fleet with
excellent Delivery on time in full
(DIFOT)
BRAND
Iconic and trusted brand
Known and supported by the
Trade and wider community for
44 years

---

INSERT TEXT HERE
Heavy Building Materials Division
Construction Materials Vertical

Leading market positions -Leader in aggregates & recycling, NZ’s only domestic manufacturer of cement, ready-mixconcrete, masonry&
Dricon (bagged dry concrete) and pipelines & solutions supplier
Unique NZ wide footprint & network withwell-balanced sector exposure –in particular the more resilient infrastructure sector
Strong technical capabilities& leading brands
Leading market positions -Leader in aggregates & recycling, NZ’s only domestic manufacturer of cement, ready-mixconcrete, masonry&
Dricon (bagged dry concrete) and pipelines & solutions supplier
Unique NZ wide footprint & network withwell-balanced sector exposure –in particular the more resilient infrastructure sector
Strong technical capabilities& leading brands
#1
Leader in aggregates, recycling, clean fill, transportation and lab
services
11 active quarries, 4 clean fills and 2 urban yards –with a
dedicated trucking & delivery service nationwide
#1
NZ’s only integrated cement manufacturer, offering NZ’s lowest
carbon GP cement
An efficient plant with further waste management income streams
in close proximity to NZ's largest market; with dedicated shipping,
trucking & rail distribution; six regional service centres
#1
Leader in ready-mix concrete, masonry and bagged pre-mix
concrete/mortars (Dricon)
66 certified plants, 6 masonry plants and 2 Dricon plants
#2
Infrastructure supply partner for water management and civil
precast construction solutions
19 sales branches and 4 concrete pipe and precast manufacturing
facilities
The Construction Materials vertical is NZ’s leading construction materials
business with a foundation in circularity and low-carbon
| Investor Day | 24 June 2025 | Fletcher Building Limited2
38%
26%
36%
Business Unit
Residential
Commercial
Infrastructure
Revenue Weighted Sector Exposure
OverviewPosition

~8 million tonnes aggregates p.a.
~470k tonnes recycling/cleanfillp.a.
~30% of sales to internal customers
~8 million tonnes aggregates p.a.
~470k tonnes recycling/cleanfillp.a.
~30% of sales to internal customers
~1m tonnes cement p.a.
~100k tonnes waste diverted p.a.
~60% of sales to internal customers
~1m tonnes cement p.a.
~100k tonnes waste diverted p.a.
~60% of sales to internal customers
Our vertically integrated business model is aggregate-led, with
downstream presence to deliver value-added solutions and drive pull-
through
CustomersCustomers
~1.5 million m3 readymix p.a.
~800k m2 masonry p.a.~80k tonnes pipes and precast p.a.
~70k tonnes Dricon p.a.
~1.5 million m3 readymix p.a.
~800k m2 masonry p.a.~80k tonnes pipes and precast p.a.
~70k tonnes Dricon p.a.
Upstream
materials
represent
~70% of
consolidated EBIT
Upstream
materials
represent
~70% of
consolidated EBIT
Downstream
solutions
represent
~30% of
consolidated EBIT
Downstream
solutions
represent
~30% of
consolidated EBIT
| Investor Day | 24 June 2025 | Fletcher Building Limited3

Golden Bay is NZ’s only integrated
cement manufacturer
The Portland plant in Whangāreihas been producing cement since
1913 providing critical supply chain resilience to the construction
industry
Strategically located near two limestone quarries which provide
supply of necessary raw materials for cement manufacturing; and
the Whangārei Harbour allowing marine distribution
Significant player in waste solutions currently diverting ~100k
tonnes of waste from landfill each year
550 people (direct +
indirect)
Cement capacity
~1m tonnes p.a.
~60% NZ market
share
6 marine terminals in
major North Island
ports
Waste diverted and
co-processed
~100k tonnes p.a.
1
EcoSure® General Purpose (‘GP’) cement; Infrastructure Sustainability Council of Australasia baseline (2017)
~26% lower
embodied carbon vs
baseline
1
| Investor Day | 24 June 2025 | Fletcher Building Limited4

Cement manufacturing occurs in two stages: production of clinker from
raw materials; and grinding of clinker to produce cement for distribution
| Investor Day | 24 June 2025 | Fletcher Building Limited5
Clinker production is an emissions intensive process:
1. Thermal energy: ~35% of current process emissions (addressable by Golden Bay)
2. Limestone chemical reaction ~65% of current process emissions (hard-to-abate, requires industry focus e.g. carbon capture)
Clinker productionCement production & distribution

Golden Bay’s use of waste-derived alternative fuels is industry leading
and we play a significant role in waste diversion for NZ
XX
| Investor Day | 24 June 2025 | Fletcher Building Limited6
2003: bio-fuel (Woodwaste)
introduced as a partial replacement
for coal ~10% coal substitution
2010: introduction of construction
& demolition waste (C&D) into
process ~25% coal substitution
2021: installation of feed system to
handle tyre-derived fuel ~50% coal
substitution
2023: purchase of shredder machine, adding
pre-processing capabilities & ability to handle
other wastes ~50-60% coal substitution
2025: Front-end firing project to introduce hard-
to-recycle plastic waste & wood into front end of
kiln ~70-80% coal substitution target
2030+: Target of being coal-free
100% coal substitution target
20032010
2021
2023
2025
2030+

Decarbonisation of cement is playing a key role in the NZ concrete
industry achieving net-zero emissions by 2050
| Investor Day | 24 June 2025 | Fletcher Building Limited7
Concrete NZ Net Zero Roadmap
What Golden Bay is
doing:
•Current coal
substitution rates of
>60% are industry
leading
•Growing the use of
waste-derived in
alternative fuels & raw
materials
•Target of being coal
free by 2030+
What Golden Bay is doing:
•Increasing the use of supplementary cementitious
materials to reduce clinker factor
•Leveraging downstream network with Firth to drive
market uptake of low carbon cement
What Golden Bay is doing:
•Renewable geothermal power purchase agreement (PPA)
in place with Ngāwhā Generation (Top Energy)
•Direct landfill gas-to-energy electricity offtake agreement
with Northland Waste
What Golden Bay is doing:
•Supporting small-scale carbon capture
pilot trial currently at Portland
•Exploring future commercial
opportunities for carbon offtake
What Firth is doing:
•Increasing the use of recycled aggregates and
admixtures to allow reduced clinker factor
•Trial of electric readymix truck bowls
What the Division is doing:
•Use of innovative foundation systems (Firth
RibRaft, X-Pod) to do more with less
•Ongoing trials to test and improve low-carbon
readymix, precast and masonry applications

Current Emissions Trading Scheme settings are uncertain, preventing
significant investments in decarbonisation
| Investor Day | 24 June 2025 | Fletcher Building Limited8
Manufacturing of clinker and cement are qualifying activities under the Emissions Trading Scheme (‘ETS’), therefore Golden Bay has historically
received Industrial Allocations (IA’s) of carbon units (NZU) annually based on an allocative baseline, representing the emissions intensity of the
NZ cement manufacturing industry.
The Climate Change Response (Late Payment Penalties and Industrial Allocation) Amendment Act 2023 introduced uncertainty, preventing
significant investment in decarbonisation initiatives.
Issue 1: Disincentivising accelerated decarbonisation
Re-baselining against own activity and potentially every 5-years
Issue 2: Local manufacturing has a cost of carbon while importers do not –“a level playing field”
Establishment of a Carbon Border Adjustment Mechanism (‘CBAM’) achieving import carbon price parity
1
2

We are committed to decarbonising cement & concrete, and we want to remain
manufacturing in NZ, but we cannot deploy significant capital with regulatory
uncertainty
| Investor Day | 24 June 2025 | Fletcher Building Limited9
Positive Government engagement to date–decarbonisation
without deindustrialisation
Significant investment in decarbonising local manufacturing is not
viable without certainty, a Carbon Border Adjustment Mechanism
will be in place in the medium-term
Given regulatory settings, we have reviewed our capital plans for
Golden Bay.
Over FY27-30, GB intends to deploy ~$70-80m allowing greater
use of SCMs to continue to decarbonise our offering and provide
capacity to meet demand.
The current investment plan retains flexibility to remain a
domestic manufacturer or transition to an import model.
Ground granulated blast furnace slag (GGBFS
/ Slag) –steel manufacturing by-product
Calcined clay –naturally occurring
kaolinite heated to >600°C
Pozzolans –naturally occurring volcanic
materials used in ancient Greek and Roman
construction
Recycled concrete –processed
following end of life
Supplementary Cementitious Materials (‘SCMs’)

Questions?

---

OSB and
FOSB
JUNE 2025
The future of engineered wood
products

OSB is a reconstituted wood panel formed by layering
wood strands together at specific orientations to achieve
structural properties of plywood at a reduced
manufacturing cost
FOSB is a wood panel with an OSB core and ‘fine’ surface
layers; this provides a board with a surface finish similar
to MDF but enhanced structural integrity
Oriented strand board (OSB)
Fine OSB (FOSB)
What is OSB and FOSB?
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited2

Why OSB?
OSB is a ubiquitous building product in North America and Europe, on par with structural plywood. In Asia, OSB
consumption is rapidly growing (10yr CAGR: 28%) and displacing structural plywood as observed in other geographies
Sources: FAO Data
(1) Apparent consumption = Production + Imports –Exports
(2) Note: Plywood includes LVL
0
2
4
6
8
10
12
200020022004200620082010201220142016201820202022
Apparent Consumption (m m3)
Europe
OSBPlywood
10yr CAGR 2013-2023
OSB 1.8%
Plywood 1.0%
10yr CAGR 2013-2023
OSB 5.7%
Plywood 0.4%
0
2
4
6
8
10
12
14
16
18
20
0
10
20
30
40
50
60
70
80
90
100
200020022004200620082010201220142016201820202022
OSB -Apparent Consumption (m m3)
Plywood -Apparent Consumption (m m3)
Asia
PlywoodOSB (RHS)
10yr CAGR 2013-2023
OSB 28.3%
Plywood -1.2%
0
5
10
15
20
25
30
199519971999200120032005200720092011201320152017201920212023
Apparent Consumption (m m3)
North America
OSBPlywood
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited3

Why FOSB?
FOSB is intrinsically superior to PB and MDF in most properties
MDFFOSBParticleboardMaterial
FOSB & MDF
Similar
FOSB & MDF
Similar
Prone to edge
breakout
Processing Machine impact
Fabricator | Joiner
720-740 Kg/m2620-680 Kg/m2600-650 kg/m2Weight / Handling
Less likely to
split on edge
Less likely to
split on edge
Screw holding
Superior edge
tape adherence
Superior edge
tape adherence
Face and edge finishing
Sag 50% of MDFStrength / Rigidity
Home Owner
Superior
vs MR MDF and
particleboard
MR
Moisture resilience
Durability
Smoothest
Smoothness
& colour are key
Laminating
UF/MUF resin
PMDI resin
(No added
formaldehyde)
UF/MUF resinIndoor air quality
FOSB advantages over PB
Strength, stiffness and moisture resistance
No added formaldehyde resin
Ability to control board properties, density etc, for specific
uses
FOSB advantages over MDF
As above, plus lighter weight
Less likely to split when screwing into edges
MDF advantages over FOSB are limited
Premium market finishes including face machining for vinyl
wrap or lacquer finish
Market inertia given the established market position of MDF
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited4

Supportive macro construction trends
Insights:
Increasing demand of multi-unit residential construction
leading to increased flooring requirements and optionality
Rising demand for lightweight construction materials over
traditional concrete and steel e.g. wood panel based
commercial mid-floor systems
Increasing uptake of new residential construction systems
e.g. Rigid Air Barriers (RAB)
Sustainable building materials with environmental
credentials
79%
64%
47%
8%
20%
43%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
2013 2015 2017 2019 2021 2023
PPN of consents
New Zealand Residential Construction by Typology
HousesApartmentsRetirement UnitsTownhouses, flats, units
Key construction sector trends are driving increased demand and intensity of construction wood panels
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited5

Plant overview –Laminex Taupō
New plant will utilise advanced technology to produce a
wide range of quality, cost competitive and superior
products with diverse applications in furniture, joinery and
thebroaderconstructionsector
Provides a platformto explore innovative engineered wood
product (EWP) opportunities across wall systems, roof
sheathingandmasstimber
The new wood panel production line will supersede the
currentparticleboardlinewhichwillbedecommissioned
At production of 120,000m3, the investment is expected to
generatemid-cycleincrementalEBITofapproximately$40m
byFY31
Capacity
160,000m3 p.a.
Capacity will enable
supply to domestic
& export markets
Health & Safety
Best practice safety
standards through
automation and
earthquake
resilience
Sustainability
On-site biomass
energy generation
derived from
production waste
Innovation &
Productivity
Investment in
advanced
technologies
improving NZ
productivity
Local economy
150+ people onsite
during delivery,
positively
contributing to the
local economy
Competitive
Products
Creates a leading
wood panels
position in NZ
Incremental
returns @ mid
cycle
EBIT of c.$40m
by FY31
Leading investment in the New Zealand wood panels manufacturing industry
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited6

Manufacturing process
MDF
OSB
Plywood
PB
Raw
Materials
Wood
Processing
Gluing
Drying
Forming &
Pressing
Finishing
Pulp log & Residues
Residues
Unpruned Peeler Log
Stranding
Flaking
Milling
Peeling
Pulp log/Residues
Fibre
Refine
Mill
Strand
Peel
Particle Classification
Strand Orientation
Orientation of
veneer layers
Fibre Distribution
Density is important
FOSB
Process
7
Finished
Product
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited7

Product innovation pipeline
The new plant will enable the development of a wide range of engineered wood products
Wall systems / SIPs
Expanded flooring
and structural rangeStrand lumber
Rigid Air Barrier, Roof
Sheathing
High Performance &
Solid Core Doors
Up to 40mm
thickness
Large format panels
up to 7m long
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited8

Delivery programme
Plant nearing completion, 1
st
board targeted in early FY27
FY26FY27
FY28
Construction completion
Plant commissioning
Core product range development
BRANZ / Codemarkaccreditation
Development of product range extension
Increased plant utilisation and
volume ramp up
Sales opportunities & development for domestic /
export markets
| Investor Day -OSB | 24 June 2025 | Fletcher Building Limited9