Fletcher Building Quarterly Volume Report for Q1 FY26

Fletcher Building Limited, 810 Great South Road, Penrose, Auckland 1061, New Zealand
13 October 2025

Fletcher Building Quarterly Volume Report for Q1 FY26

As part of its ongoing commitment to transparency and enhanced visibility for
shareholders, Fletcher Building provides its quarterly update of key product sales
volumes for the first quarter of the 2026 financial year (Q1 FY26).

Andrew Reding, Managing Director and Chief Executive Officer, said: “The quarterly
volumes show that there were further declines in trading volumes and ongoing pressure
on margins amid subdued market conditions during the first quarter. The principal drivers
for the softer performance were continued weak demand across key markets and
heightened competitive activity, particularly in the New Zealand market.”

“This has resulted in a further tough quarter for the business. The market remains highly
competitive, as demand stays low, particularly across the residential and infrastructure
sectors.”

Divisional Volumes

• Light Building Products volumes were generally below prior corresponding
period (pcp), but slightly higher compared to Q4 FY25. Positive volume growth
was seen in Comfortech (+3.8% pcp) and Iplex NZ (+14.1% pcp). In Australia,
while volumes were down substantially on pcp, both Laminex AU and Iplex AU
saw positive performance vs Q4 FY25. Across the Division, margins have been
relatively stable with production efficiencies (e.g. Winstone Wallboards) and cost
management offsetting soft volumes.
• Heavy Building Materials has experienced some pronounced volume
contractions. Winstone Aggregates volumes fell 4.1% versus Q4 FY25 and 6.3%
versus pcp, reflecting weaker roading and project activity. Both Firth and Golden
Bay have so far experienced volumes broadly in line with last year. Steel volumes
were marginally up on Q4 FY25 (and higher vs pcp), but margins have
compressed further in the quarter.
• Within the Distribution Division, PlaceMakers Frame & Truss volumes were flat to
marginally higher on pcp; however, margins contracted owing to competitive
trading conditions.
• Residential took 88 residential and apartment units to profit in Q1 FY26, compared
to 90 in Q1 FY25. Overheads continue to be tightly managed to mitigate the impact
of historically low sales volumes amid elevated market inventories (currently at

11-year highs). The Division expects potential improvement in sentiment following
recent OCR adjustments.

Cost-out and Efficiency Programme

Andrew Reding said, “Given the continued deterioration in market conditions, we
continue to carefully examine our cost base with a further cost-out programme targeting
c.NZ$100m in annualised savings. Approximately NZ$50m in benefits are expected to
be realised in the second half of FY26, with full annualised savings to be achieved in
FY27.”

“This cost-out programme is focused primarily on back-office operations and efficiencies,
while seeking to maintain front-line operational capabilities, and will partially offset the
earnings impact of market conditions.”

Market

Fletcher Building anticipates market conditions to remain challenging throughout the
remainder of the financial year, with continued uncertainty on the timing of recovery in
the residential sector. However, the recent significant OCR reductions should support
greater liquidity in the New Zealand housing market and there are some signs of
steadying or improving market conditions in Australia. In the meantime, management
remains focused on cash preservation, cost discipline, and maintaining a strong balance
sheet to support the business through the downturn, and to position the Group strongly
for improved operating leverage when markets improve.

The specific volume information for Q1 FY26 is available below.

ENDS

Authorised for release to the market by Haydn Wong, Company Secretary.
_____________________________________________________________________________________________________________
For further information please contact:
INVESTORS Alex MacDonald, GM Corporate Finance & Investor Relations +64 21 221 4266 Alex.MacDonald@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

FLETCHER BUILDING QUARTERLY VOLUME DATA
Business UnitMetric
Rolling 12mth average
quarterly volumes¹Change (%)Change (%)
Light Building Products
Q1 FY26
Q1 FY26
vs Q4 FY25
Q1 FY26
vs Q1 FY25
Winstone WallboardsDomestic board volumes 93.9
-0.5%-3.8%
Laminex NZDomestic sales volumes 96.3
-0.6%-3.9%
ComfortechGlasswool sales 83.2
0.8%3.8%
Iplex NZPlastic pipe volumes 89.9
4.5%14.1%
Laminex AUDomestic sales volumes 77.71.0%-7.5%
Fletcher InsulationGlasswool sales 97.8
0.1%-5.6%
Iplex AUPlastic pipe and other sales volumes 57.7
1.5%1.5%
Heavy Building Materials
Q1 FY26
Q1 FY26
vs Q4 FY25
Q1 FY26
vs Q1 FY25
Winstone AggregatesAggregates sales volumes 69.4
-4.1%-6.3%
Golden BayDomestic cement volumes 99.9
-0.1%0.8%
FirthReady mix volumes 94.9
0.1%-0.2%
FirthMasonry volumes 61.9
0.1%-6.4%
HumesConcrete pipe volumes 55.4
2.0%-3.7%
ReinforcingReinforcing volumes 94.4
2.6%6.1%
EasysteelEasysteel - volumes 79.3
1.4%1.2%
DimondDimond - volumes 95.8
3.0%1.5%
ColorCoteColorCote - local volumes 76.6
1.3%-11.7%
StramitSales volumes 70.5
-1.4%-7.7%
Distribution
Q1 FY26
Q1 FY26
vs Q4 FY25
Q1 FY26
vs Q1 FY25
PlaceMakersFrame & Truss sales86.3
0.3%2.8%
Residential
Q1 FY26
Q1 FY26
vs Q4 FY25
Q1 FY26
vs Q1 FY25
Residential² Residential + Apartment units taken to profit88
-0.3%-16.1%
1. Index value, Q4 FY19 = 100
2. Raw data – not indexed, % changes reflect rolling 12 month volume
Metric definitions
Winstone Wallboards: Domestic board volumes (000 m2)
Laminex NZ, Laminex AU: Domestic sales volumes (000 m2)
Comfortech, Fletcher Insulation: Glasswool sales (tonnes)
Iplex NZ: Plastic pipe volumes (tonnes)
Iplex AU: Plastic pipe and other sales volumes (000 tonnes)
Winstone Aggregates: Aggregates sales volumes (000 tonnes)
Golden Bay: Domestic cement volumes (000 tonnes)
Firth: Ready mix volumes (000 m3)
Firth: Masonry volumes (000 m2)
Humes: Concrete pipe volumes (000 tonnes)
Reinforcing: Reinforcing volumes (tonnes) - note restated to exclude wire
Easysteel: Easysteel volumes (tonnes) - note restated to exclude wire
Dimond: Dimond volumes (tonnes)
ColorCote: Colorcote local volumes (tonnes)
Stramit: Sales volumes (tonnes)
PlaceMakers: Frame & Truss sales (m3)
Residential: Residential + Apartment units taken to profit