Climate Statements 2025

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

23 October 2025

Climate Statements 2025

Fletcher Building presents its Climate Statements for the year ended 30 June 2025,
which can be found at https://fletcherbuilding.com/sustainability/sustainability-reports-
publications-and-policies/.

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

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FLETCHER BUILDING LIMITED
2025 Climate
Statements

2 / Fletcher Building Climate Statements 2025
Reporting Entity
These Climate Statements are the Group Climate
Statements for Fletcher Building Limited and its
subsidiaries, and are equivalent to the Group’s mandatory
Climate-related Disclosures (CRD). When used in these
statements, references to the ‘Company’ are references to
Fletcher Building Limited. References to ‘Fletcher Building’,
‘FB’, ’we’, ‘our’ or the ‘Group’ are to Fletcher Building Limited
together with its subsidiaries and, where relevant, its
interests in associates and joint ventures. These Climate
Statements relate to our continuing operations, unless
otherwise stated. The scope of the reporting entity aligns
with that used in the Group’s 2025 consolidated financial
statements.
Reporting Period and Currency
These Climate Statements have been prepared for the
financial year ended 30 June 2025 (FY25). All references
to financial years are to the financial year ended 30 June.
References to $ and NZ$ are to New Zealand dollars unless
otherwise stated. Information, including metrics, has been
stated on the basis of our continuing operations unless
otherwise stated.
Important Notice/Disclaimer
This report contains current and forward-looking
statements about climate change, the impacts of it both
generally and on the Group, and the Group’s response to
it. Forward-looking statements may include statements or
opinions regarding intent, belief or current expectations,
scenarios, anticipated impacts, risks and opportunities,
metrics and targets and transitional activities. The current
and forward-looking statements are subject to a number
of risks and uncertainties and are necessarily based on
evolving assessments, judgements, assumptions and
incomplete data. Actual outcomes may differ materially
from what is described, as future results may vary due to
economic, technological and market factors beyond the
Group’s control, and there is no assurance that outcomes
contemplated in any current or forward-looking statements
(including our ability to meet any targets) will be realised.
While the Group aims to fairly present information for the
year ended 30 June 2025 as at the publication date (21
October 2025), this report and its contents: should not be
relied upon as guarantees of future performance; contain
no representations, warranties or assurances in relation
to any forward-looking statements or opinions; and do
not constitute legal, financial, investment or tax advice or
advice of any other kind.
To the extent permitted by law, the Group does not accept
any liability whatsoever for any loss arising directly or
indirectly from any use of, or reliance upon, the information
contained in this report.

3 / Fletcher Building Climate Statements 2025
Contents
Message from the Chair and Managing Director & CEO 4
Statement of Compliance 6
Our Governance of Climate-related Risks and Opportunities 7
Board oversight of climate-related risks and opportunities 7
Board skills and competence 7
Management role in assessing and managing climate-related risks and opportunities 7
Governance activities in FY25 8
Governance and management hierarchy overview 10
Strategy 11
Our climate-related transition journey at-a-glance 13
Current climate-related physical and transitional exposure and impacts 14
Scenario analysis 14
Climate-related physical and transition risks and opportunities and anticipated impacts 15
Time horizons 16
Physical Risks and Opportunities 17
Physical risk modelling conducted in FY25 21
Transition Risks and Opportunities 23
Our Transition Plan 31
Our Transition Plan in response to climate-related risks and opportunities 31
How carbon emission reduction targets are embedded as part of our Transition Plan 33
Carbon Reduction Roadmap – Scope 1 and 2 emissions 34
Scope 1 and 2 Transition Roadmap Initiatives 35
Measured Scope 3 Transition Roadmap Initiatives 36
Case Study – Golden Bay® Decarbonising New Zealand’s Cement 37
Risk Management 39
Metrics and Targets 41
Greenhouse gas (GHG) emissions 43
Appendices 48
Appendix A: Glossary of terms 48
Appendix B: Methodology used for greenhouse gas (GHG) emissions 49
Appendix C: Detailed climate scenarios 70
Appendix D: Data sources used for the three scenarios 73
Appendix E: Climate risk assessment methods and limitations of the scenario analysis 76
Appendix F: FB’s Internal Cost of Carbon Framework 78
Appendix G: Table of disclosures 79
Independent Assurance Report 81
Cautionary Statement 85

4 / Fletcher Building Climate Statements 2025
At Fletcher Building, we recognise that climate change is
one of the defining challenges of our time. Our impact
extends beyond our own operations, as our products and
decisions shape the built environment for generations.
This brings an opportunity - to reduce emissions and
enable lower-carbon choices for our customers and
communities. Over the past year, we have made progress
in aligning our strategy with a low-carbon future. Central
to this is our science-based decarbonisation pathway,
which sets clear and measurable targets for reducing
emissions. We remain committed to reducing our Scope 1
and 2 emissions by 30% against a FY18 baseline by 2030
and to achieving Net Zero Scope 1 and 2 emissions by
2050. Meeting these goals will require regulatory certainty
particularly in respect of sustained investment, disciplined
execution and collaboration across our value chain.
In FY25, we advanced several key initiatives. In our cement
and concrete operations, where emissions are most
material, we have invested in alternative fuels, clinker
substitution and product innovation to lower embodied
carbon. We are expanding the availability of lower-carbon
concrete solutions and working closely with industry
partners to accelerate uptake. Our energy transition
programme is reducing reliance on fossil fuels, with an
increasing share of renewable electricity across our sites.
The greatest opportunity lies in the products we produce
and provide. By embedding sustainability into product
design and expanding our range of certified lower-carbon
materials, we enable builders, architects and developers to
make climate-positive choices. We believe long-term value
will come from solutions that support both resilience and
affordability in the built environment.
We are acutely aware of the transition risks and
opportunities that lie ahead. Regulatory uncertainty,
particularly around the New Zealand Emissions Trading
Scheme, presents challenges for our decarbonisation
investments. Market shifts towards low-carbon products,
energy availability and supply chain resilience are all critical
factors influencing our strategy. We continue to engage
with government, industry peers, iwi, our supply chain
and research partners to accelerate systemic change and
enable our business to remain resilient and competitive.
Transparency and accountability remain core to
our approach. These Climate Statements follow the
recommendations of the International Sustainability
Standards Board (ISSB) and Task Force on Climate-related
Financial Disclosures (TCFD), providing investors and
stakeholders with a clear view of our risks, opportunities
and progress.
We are proud of the progress made to date and equally
mindful of the work still ahead. On behalf of the Board
and Executive team, we thank our people, customers and
partners for their ongoing support.
Peter Crowley
Chair, Fletcher
Building Limited
Message from the Chair and
Managing Director & CEO
Andrew Reding
Managing Director and CEO,
Fletcher Building Limited

5 / Fletcher Building Climate Statements 2025
Key Highlights for 2025
79%
sustainably certified
products
2
vs FY18 baseline
24%
lower
1
Scope 1 and 2
carbon emissions
87%
of waste diverted
from landfill
2
As part of their Positive Biodiversity strategy,
Winstone Aggregates® worked with Natureland
Wildlife Trust to breed and release yellow
crowned kakariki chicks at Mount Bruce,
a 900-hectare restored forest home of
endangered wildlife.
Golden Bay® achieved an exit run rate of ~65%
coal substitution in FY25 following completion
of the front-end firing capability that allows the
use of more waste products such as plastics.
Winstone Wallboards® has partnered with
Hastings District, Napier City councils, Central
Environmental and major local building supply
merchants to trial a recycling system, where
plasterboard offcuts are collected, processed,
and turned back into new product.
Our Australia businesses generated 975
MWh of solar electricity across three sites,
equivalent to 684 t CO
2
e of avoided emissions.
1. Scope 1 & 2 emissions decreased partly due to increased coal substitution in cement, renewable energy sources in Australia and other initiatives; however, lower market activity and trading volumes are also a factor. Emissions may fluctuate with
sales absent further mitigation. Refer to Strategy (page 12) for detailed justification.

2. The revenue for sustainably certified products is a percentage of the total revenue from products made or sold by our manufacturing businesses only. Waste diverted from landfill does not include waste that is not managed under our principal
waste contracts and where specific waste measurements for our operations are not provided to us. Please refer to Appendix A: Glossary of Terms for definitions and further clarification.
of manufacturing
revenue from

6 / Fletcher Building Climate Statements 2025
Statement of Compliance
Fletcher Building Limited (together with its subsidiaries, the ‘Group’, ‘Fletcher Building’ or ‘FB’) is a Climate Reporting
Entity under the Financial Markets Conduct Act 2013 (the Act). This report, which constitutes our Group Climate
Statements in accordance with the Act, covers the period from 1 July 2024 to 30 June 2025. The statements and
disclosures are prepared in compliance with the Aotearoa New Zealand Climate Standards (NZ CS), comprising NZ CS
1: Climate-related Disclosures, NZ CS 2: Adoption of Aotearoa New Zealand Climate Standards and NZ CS 3: General
Requirements for Climate-related Disclosures. In accordance with NZ CS 2, Fletcher Building has applied the following
adoption provisions for this reporting period:
• Adoption Provision (AP) 2: Anticipated financial impacts – applied in full. Accordingly, anticipated financial impacts of
climate-related risks and opportunities are not disclosed in this report.
• Adoption Provision 4: Scope 3 greenhouse gas (GHG) emissions – Disclosed for all GHG Protocol supply chain
categories except Downstream leased assets and Processing of sold products (see Appendix B).
• Adoption Provision 6: Comparatives for metrics – Two years of comparatives are disclosed for Scope 1, 2 and 3
emissions, and Scope 1 and 2 intensity; one year is disclosed for all other metrics, consistent with AP 6.
• Adoption Provision 7: Analysis of trends – Trends provided for disclosed Scope 1, 2 and 3 GHG emissions, but not for
other metrics.
On behalf of Fletcher Building Limited, 21 October 2025.
Cathy Quinn
Director, Chair of Safety,
Health, Environment and
Sustainability Committee
Sandra Dodds 
Director, Chair of Audit
and Risk Committee
Peter Crowley
Chair

7 / Fletcher Building Climate Statements 2025
Our Governance of Climate-related Risks and Opportunities
Board oversight of climate-related
risks and opportunities
The role of the Fletcher Building’s Board of Directors (the
Board) is to provide overall strategic guidance and effective
oversight of management for the purposes of protecting
and enhancing the value of Fletcher Building assets in the
best interests of the Group. The Board is responsible for
oversight of climate-related risks and opportunities. This
includes oversight of the identification of key financial and
non-financial risks and overseeing the Group’s commitment
to sustainable development, the environment and the community.
The Board’s roles and responsibilities are formalised in a
Board Charter, which is available on the Group’s website.
The Board Charter sets out those powers and functions
that may be delegated to management and those that are
reserved for the Board and Board sub-Committees. Where
climate-related matters are material to the Group, they are
presented to the Board for consideration. In FY25, reporting
was provided related to the Science-based Targets Initiative
and for the Golden Bay® regulatory uncertainty and
investment strategy. The Board also receives and discusses
reports from the relevant sub-Committees.
The role of the Audit and Risk Committee (ARC) is to
oversee the Group’s overall Risk Management Framework,
including climate-related risks. This involves overseeing the
mechanisms and internal controls that identify, monitor and
manage the material financial, operational and emerging
risks and approve public disclosures of matters relating to
its area of responsibility.
The role of the Safety, Health, Environment and
Sustainability Committee (SHES) is to support the Board
on strategies related to environmental and sustainability
matters. This includes having responsibility for overseeing
the Group’s strategies, policies, governance and
performance in relation to the environment, monitoring
compliance with environmental- and sustainability-related
requirements, and monitoring developments in climate
science and key climate change developments.
Board skills and competence
The Board has expanded its climate-related expertise
through targeted education sessions. In April 2024, the
Board participated in an externally facilitated in-depth
exploration of regulatory, legal and practical aspects of
current and forecast climate-related risks and opportunities.
The Board seeks and receives internal and external advice
related to climate-related risks as required. Ongoing
education, along with regulatory and market updates, are
provided to the ARC and SHES Committees. Additionally,
the Board’s climate capability is strengthened through
individual directors’ experiences on boards of other climate
reporting entities, and through participation in professional
director networks such as Chapter Zero New Zealand, which
supports governance capability on climate-related matters.
The Board has adopted a skills matrix which, since FY23,
has assessed the extent to which ‘environmental, social and
governance’ skills and experience is represented among
the directors. The current Board Skills Matrix is available at
https://fletcherbuilding.com/investor-centre/
corporate-governance.
Management role in assessing and
managing climate-related risks and
opportunities
The Executive team is responsible for identifying, assessing
and managing climate-related risks and opportunities.
Supported by the Climate Reporting Working Group
(CRWG) members (see pages 9 to 10 for details of its roles
and responsibilities), the Executive team is responsible for
implementing the sustainability strategy within their teams
and respective business units. This includes the integration
of climate transition, mitigation plans and initiatives into
5-year divisional plans, and capital allocation reviews, which
are then considered, and may be discussed through the
Group’s annual budget planning processes and monthly
operational reviews where material.
The Executive team is also responsible for overseeing
whether business units are appropriately identifying,
assessing and monitoring climate-related risks and
opportunities in accordance with the Group’s Risk
Management Policy and Sustainability Policy, including

8 / Fletcher Building Climate Statements 2025
assessing the asset value or percentage exposed to
physical climate-related risks.
Divisional Chief Executives present their climate- and
sustainability-related strategies and performance to SHES
on a rotating basis every 18 months. These presentations
provide updates on key metrics, initiatives, challenges
and insights.
The Chief Financial Officer (CFO) and the Chief Safety
and Sustainability Officer (CSSO) have management
co-accountability for Fletcher Building’s annual
Climate Statements.
Fletcher Building’s Climate Statements are prepared by the
CRWG and reviewed by the members of the ARC and SHES
prior to being endorsed for approval by the Board.
All Divisional Chief Executives are required to provide
a long-term carbon reduction plan that supports
Fletcher Building’s 30% reduction in combined Scope 1
& 2 emissions by 2030 target, and identifies and costs
specific GHG reduction initiatives, including goals that
work towards achieving Net Zero by FY50.
In FY25, the Short-Term Incentives (STI) for Executives were
weighted 50% financial and 50% non-financial including
weighted goals for individual performance. These non-
financial goals are individually determined and may
include ESG goals where issues or matters are material
to the Group or division. For example, the Concrete Chief
Executive had a 5% goal related to the Golden Bay®’s
decarbonisation strategy.
Governance activities in FY25
Audit and Risk Committee (ARC)
The ARC met five times during FY25, with relevant
Executives present at all meetings to support discussion
of climate-related risks. Climate-related matters were
considered at three of these meetings:
• November 2024: management recommended pre-
assurance over climate-related disclosures;
• February 2025: management provided an update
on mandatory climate-related disclosures, the FY25
delivery plan for the Group’s Climate Statements and
regulatory developments; and
• May 2025: management presented the draft FY25 pro
forma Climate Statements incorporating pre-assurance
provider recommendations, together with updates
on key action plans scheduled for completion by
31 October 2025.
The ARC also reviewed a summary of the Group’s risks
under categories such as ‘Business Resilience’, ‘Supply
Chain’, ‘Environmental’ and ‘Regulatory and Legal’, presented
by the Group Risk function in November 2024 and May
2025. Climate-related risks and opportunities are managed
separately from this process; however, they are interlinked
with these categories and considered in that context. While
the ARC’s responsibilities include receiving annual updates
on the Group’s responsibilities under the Emissions Trading
Scheme (ETS) updates, none were provided to the ARC in
FY25, as this matter was reviewed directly by the Board,
particularly in relation to impacts on Golden Bay®.
Safety, Health, Environment and Sustainability
Committee (SHES)
The SHES met six times in FY25. Standard agenda items
include carbon emissions performance against targets, key
assumptions monitoring, progress on strategic items (e.g.,
manufacturing revenue from sustainably certified products
and waste diverted from landfill) as well as relevant
regulatory updates.
The standard quarterly SHES agenda includes updates
from a Divisional Chief Executive on their sustainability
performance and insights (this rotates so all divisions
are represented at least every 18 months). In FY25, the
following Divisions presented to the SHES: Residential and
Development, Concrete, Distribution and Construction.
In addition, two special SHES meetings were held. One in
August 2024 to review the ESG content for the FY24 Annual
Report; one in December 2024 to review and approve
planned updates to Fletcher Building’s Science-based
Targets. Both of these were then submitted to the Board
for endorsement.
People and Remuneration Committee (PREM)
PREM considered climate-related Executive remuneration
matters once during FY25, including setting STI targets
and reviewing Executive STI performance against climate
objectives. In August 2025, PREM approved the FY25
Remuneration Report for circulation to shareholders, which
included disclosure of climate-related STI outcomes.

9 / Fletcher Building Climate Statements 2025
Climate Reporting Working Group (CRWG)
The CRWG is a cross-functional group comprising
representatives from Fletcher Building’s Insurance &
Treasury, Risk & Assurance, Governance, Sustainability,
Corporate Affairs and Finance & Performance teams.
During FY25, following updates to the operating model,
the CRWG continued to coordinate climate reporting
activities through regular cross-functional working
sessions and updates, rather than formally scheduled
meetings. Engagement increased in the lead-up to the
disclosure reporting period to seek alignment of activities
and reporting.
Due to operational model changes carried out during
FY25, the CRWG was unable to meet formally with the full
Executive team to inform, support decision-making and
monitor climate-related matters, relying instead on ad hoc
and informal communications. This is an area we plan
to strengthen in the coming year by formalising regular
catch-up sessions between the CRWG and the Executive
team. In practice, because the CRWG is comprised of
representatives from the Executive and Group functions,
its members inform and are informed by the activities of
those functions. Where a Group function has materials for
submission to the ARC or other Board sub-Committees
(e.g. the Group’s Risk Register presented to the ARC), those
materials were reviewed by the relevant Executives for that
function prior to submission. This evidences the interaction
between the CRWG and Executives, with each function
respectively engaging with the Executive in the preparation
and review of materials.
Flow to the Board
The outputs of the ARC, SHES and PREM were reported
to the Board after each Committee meeting. This
allows climate-related risks, opportunities, metrics and
remuneration matters to be considered at Committee
level and elevated for the Board’s oversight.
In May 2025, Golden Bay® provided an update directly
to the Board, addressing key questions raised at the
December 2024 Board meeting on its future operating
model in light of ETS policy settings. This update,
which covered decarbonisation progress, regulatory
developments and alternative operating pathways, was
consistent with the disclosures on Golden Bay® made
elsewhere in these Climate Statements.
In September 2025, the SHES approved the Group’s FY25
GHG emissions for inclusion in these Climate Statements.
A joint meeting of the SHES and ARC occurred in mid-
October 2025 to endorse these Climate Statements,
prior to submission to the Board for approval on 21
October 2025.

10 / Fletcher Building Climate Statements 2025
PREM COMMITTEE
SHES COMMITTEE
Governance and management hierarchy overview
The diagram below outlines Fletcher Building’s governance and management hierarchy for climate-related risks and opportunities, with key responsibilities set out in the accompanying narrative.
ROLES AND RESPONSIBILITIES WITHIN CLIMATE GOVERNANCE
FB BOARD
Responsible for oversight of climate-related
risks and opportunities. Includes oversight of
identification of key financial and non-financial
risks, as well as FB’s commitment to sustainable
development, the environment and the community.
Delegates climate-related responsibilities to ARC
and SHES and receives recommendations from
those Committees in relation to those matters.
Seeks internal and external advice on climate
risks.
Monitors Scope 1 & 2 GHG emissions
performance.
Approves Sustainability Policy, targets, Risk
Management Policy and annual Climate Statements
on the recommendation of the Board sub-Committees.
Develops its climate and sustainability expertise
through education sessions.
Through its Skills Matrix the Board assesses on an
ongoing basis whether FB has Directors with the
requisite expertise and experience in the area of ESG.
SUB COMMITTEES (ARC AND SHES)
Meet at least four times annually. Reporting to the
Board after each meeting.
Review relevant aspects of the Climate Statements
before recommending them to the Board for approval.
Receive ongoing education and updates on
regulations and market trends.
AUDIT AND RISK COMMITTEE (ARC)
Oversees FB’s Risk Management Framework
and the internal controls to identify, monitor
and manage the material strategic financial,
operational and emerging risks. Approves public
disclosures related to its role and responsibilities.
Reviews the Risk Register with management to
track and update risks at least biannually or as
needed.
Reviews risk summaries and relevant ETS updates
at least annually.
SAFETY, HEALTH, ENVIRONMENT AND SUSTAINABILITY COMMITTEE (SHES)
Oversees FB’s sustainability strategy and ESG
issues, including reporting on Scope 1 & 2 progress.
Reviews Emissions Inventory annually and
Sustainability & EHS policies biannually.
Tracks emissions performance and carbon
reduction progress biannually.
PEOPLE AND REMUNERATION COMMITTEE (PREM)
Assists the Board in setting climate-related STI targets for Executives,
set annually.
Annually reviews Executive STI performance on climate objectives.
EXECUTIVE
Manages climate-related risks and reports
impacts to the ARC or Board at least biannually.
Implements sustainability strategy and integrates
climate plans into divisional plans and capital
reviews, with monthly operational reporting.
Responsible for BUs identify and monitor climate
risks per policies, with annual reporting.
CHIEF FINANCIAL OFFICER (CFO) AND CHIEF SAFETY AND SUSTAINABILITY OFFICER (CSSO)
Lead climate reporting to ARC and SHES Committees respectively .Co-accountable for FB’s annual Climate Statements.
CRWG
Supports the reporting of climate-related impacts on the business and prepare the Group’s annual Climate Statements.
ARC COMMITTEE
INTERNAL AUDIT
CFO
FINANCEGOVERNANCE
CORPORATE AFFAIRS
CSSO
DIVISIONDIVISION
FB BOARD
EXECUTIVE LEADERSHIP
INSURANCESUSTAINABILITY
BUBUBUBU
CLIMATE REPORTING
WORKING GROUP
(CRWG)
GROUP
RISK

11 / Fletcher Building Climate Statements 2025
Strategy
Fletcher Building is a major manufacturer, distributor,
home builder and partner in construction and
infrastructure projects. Dual-listed on the NZX and ASX,
it operated through six divisions during FY25: Building
Products, Distribution, Concrete, Australia, Residential
and Development and Construction. Fletcher Building
has over 500 operating sites across New Zealand,
Australia and the South Pacific.
Fletcher Building’s diversified businesses span
resource extraction, manufacturing, distribution,
property development and infrastructure construction.
For more details about Fletcher Building and our
work in sustainability, including performance data,
see our website.
We want to play a leading role in building a climate-
resilient and sustainable economy and have a positive
impact on the environment. Our sustainability strategy is
driven by five goals that bring to life where and how we
can make this happen.
Our Strategic Goals
Purpose
Strategic
Goals
What does
this look
like?
Group
Measures
Enablers
Improving the world around us through smart thinking, simply delivered
Leading the way in
sustainable building
products & solutions
We innovate to
deliver sustainable
building products &
solutions, and work
with the industry to
achieve this
Net positive
environmental
impact
Our mindset &
actions focus on
making a positive
impact on our
environment
Our community at
the heart of what
we do
Our actions enrich
our customers’
lives and the
communities we
operate in
Safe, diverse &
inclusive workplace
Our people can
bring their whole
selves to work and
go home safely at
the end of the day
Sustainability-focused culture & mindset driving our people
Transparency of our sustainability performance
30% women in leadership
(by FY27)
Net Zero carbon
(by FY50)
Zero serious injuries
75% manufacturing revenue from
sustainably certified products (by FY27)
Engagement (eNPS) ≥40
70% waste avoided, recycled
and/or reused (by FY26)
NPS ≥55
Circular economy
commitment across
our businesses
We consciously
eliminate waste and
create ways to reuse
products & materials

12 / Fletcher Building Climate Statements 2025
The Group’s climate strategy is aligned to Net Zero Scope
1 & 2 carbon emissions by 2050, supported by a near-
term target of reducing Scope 1 and 2 emissions by 30%
by 2030 against a FY18 baseline. This ambition is framed
within a science-based approach and is underpinned
by actions across operations, products and supply
chains. The Group continues to prioritise innovation,
with initiatives such as the development of lower-carbon
cement alternatives, energy-efficient housing and circular
economy solutions, including expanded waste reduction
and recycling activities. These efforts are complemented
by a commitment to transparent reporting and disclosure,
with annual measurement of progress against targets,
independent assurance of greenhouse gas inventories and
alignment to the recommendations of the Task Force on
Climate-related Financial Disclosures (TCFD).
The climate strategy acknowledges the need to address
both mitigation and adaptation. Alongside emissions
reduction initiatives, the Group performs a stand-alone
assessment of transition risks, such as carbon pricing,
regulatory change and evolving market expectations, and
of physical risks, including flooding, heat stress, extreme
weather events, longer-term exposure to sea-level rise,
water stress and wildfires/bushfires. These risks are
considered across multiple time horizons, informing the
consideration of required resilience in forward planning.
The integration of climate targets with the Group’s broader
sustainability objectives, including a focus on sustainably
certified products and diversion of waste from landfill
within the same timeframe, reflects the Group’s intention
to embed climate considerations throughout its business
model. These targets are also core to supporting our
progress on Scope 3 emissions.
A material challenge to this strategy and to the achievement
of our targets arises from ongoing uncertainty in the
regulatory environment, particularly in relation to the
New Zealand Emissions Trading Scheme (NZ ETS). Recent
changes to NZ ETS legislation have created ambiguity
regarding the future level of free allocation of carbon
credits to emissions-intensive trade-exposed industries.
This uncertainty has direct implications for the Group’s
Golden Bay® business, New Zealand’s only domestic
cement manufacturer, which plays a critical role in national
supply resilience. While the Group remains committed to
decarbonising cement and concrete, the absence of stable
and predictable policy settings constrains the ability to
deploy the significant capital required for domestic low-
carbon manufacturing.
The Group recognises there are broader challenges in
the delivery of its climate strategy. Reducing Scope 3
emissions remains a complex undertaking, requiring
greater collaboration with suppliers and partners across
the value chain. While progress has been made in year-on-
year emissions reduction for emissions sources measured
and disclosed, the rate of reduction will need to accelerate
if the Group is to achieve its FY26 and 2030 milestones.
It should also be noted that the Group’s near-term 2030
target is based on absolute reductions in carbon emissions
rather than intensity-based measures. As such, the ability to
achieve targets is also sensitive to changes in production
volumes, which may increase as the Group seeks to
grow its businesses. This dynamic creates an additional
challenge in balancing growth aspirations with the delivery
of absolute emissions reductions. The success of the
Group’s strategy is also influenced by external factors,
including the cost and availability of new technologies,
F Y3 0 Ta rg et
F Y26 Ta rg et
30% reduction
from a 2018 baseline
(‘30 by 30’)
Target Exceeded
Target Exceeded
Scope 1 & 2 greenhouse gas (GHG) emissions
Percentage of waste diverted from the landfill
FY25 Progress
FY25 Progress
24% reduction
from a 2018 baseline
F Y26 Ta rg et
75%
70%
Manufacturing revenue from sustainably certified products
FY25 Progress
79%
87%

13 / Fletcher Building Climate Statements 2025
2008
Published the first
GHG emissions
inventory
From 2018
onwards
Audited Scope 1 and
2 GHG emissions
2019
Set and validated
Scope 1 and 2
emissions reduction
target and Scope 3
supplier engagement
target in accordance
with the Science-
based Targets
Initiative (SBTi)
process
Aon New Zealand’s involvement
Marsh Advisory’s involvement
2020
Completed a physical
risk assessment
of its assets to
impacts from climate
change based on
a Representative
Concentration
Pathway (RCP) 8.5
worst-case scenario
and pointed to
modest risk exposure
from climate stressors
2022
Undertook second
physical risk
assessment and high-
level transition risk
assessment
Published first
voluntary climate
risk disclosure
Set Net Zero 2050 as
additional climate goal
Set target for revenue
from products
with full Life Cycle
Assessment (LCA),
including embodied
carbon assessment
2023
Engaged a third-
party consultant to
review the Group’s
Risk Framework,
including a review
of governance
and processes for
assessing climate-
related risks and
opportunities
Participated in New
Zealand Green Building
Council (NZGBC)
development of
climate scenarios for
the construction and
property sectors in NZ
From 2023 up to date
Conducted further scenario analysis, leveraging developed scenarios specific
to its operations; Educated and engaged various divisions to understand and
provide input on the impacts, risks and opportunities related to climate change.
2024
ARC approved a
Carbon Pricing
Framework which
introduces an ‘Internal
Cost of Carbon’
to be considered
and incorporated
within FB’s capital
investment decision-
making process
Completed divisional
and group review of
transition risks and
opportunities
2025
Building on prior
years’ scenario
modelling and
physical risk
assessment, Marsh
Advisory completed
a physical risk
assessment of Tier
1 and 2 assets (~92%
Group coverage) and
a key supply chain risk
assessment review
Our climate-related transition journey at-a-glance
renewable energy and the stability of climate and energy
policies in New Zealand and Australia. In the longer term,
the Group expects physical risks associated with climate
change to become more material. Ongoing adaptation
planning will therefore be required.
Fletcher Building is actively reviewing its portfolio and
strategic priorities. As part of this, announcements have
been made during FY25 and FY26 of the intention to sell
our Construction business and to undertake a strategic
review of the Residential and Development businesses. As
with any significant change to the business, if these give
rise to material divestments, they will result in a change to
the emissions and risk profile of the Group. Re-baselining
and updating our risks and plans will occur as part of the
annual financial cycle each year and be updated for any
divestments or other significant changes to the Group.

14 / Fletcher Building Climate Statements 2025
Current climate-related physical and transitional
exposure and impacts
During the year, the Group observed a number of climate-related impacts but none
of these were financially material to the Group. In aggregate, the estimated impact of
physical and transition risk exposures was less than 5% of Group’s earnings before interest
and taxation and Significant Items (EBIT before Significant Items).
While currently not having a material financial impact, carbon pricing and changes in
regulations in New Zealand are potentially having the most significant impact on the
Group, with more moderate impacts seen in insurance premiums, and customer, supplier,
shareholder and competitor behaviour. Below is a summary of current impacts:
• Lower capital is being deployed by Golden Bay® to decarbonise its operations than
previously signalled, as a result of uncertainty introduced from recent changes to ETS
legislation in 2023, including the Climate Change Response (Late Payment Penalties
and Industrial Allocation) Amendment Act 2023, regarding future free allocation levels
which, in the Group’s view, disincentivise accelerated decarbonisation and increase
the possibility of emissions leakage.
• Higher fuel costs are being incurred due to the NZ ETS and other carbon pricing
mechanisms.
• Additional compliance costs in FY25 for annual Climate Statements required under
the New Zealand Climate Standards (NZ CS), including external assurance, scenario
analysis and disclosure reviews, plus internal resources. Further additional costs are
expected in FY26 when Fletcher Building Australia Pty Ltd begins reporting under the
Australian Sustainability Reporting Standards, which have different requirements to the
NZ CS.
• Increased Group-wide insurance costs driven by climate-related risks such as property
damage and business interruption (the underlying impacts directly associated with
‘Climate’ are difficult to quantify and cannot be easily bifurcated from other drivers).
• Investment in initiatives that reduce emissions, improving energy efficiency and
increasing availability of lower-carbon products. Projects undertaken in FY25 have
contributed collectively to progress against our Carbon Reduction Roadmap and
our Science-based Targets, supporting the Group’s pathway to a 30% reduction
in combined Scope 1 and 2 emissions by 2030 (see Metric and Targets – Capital
Deployment below (page 42)).
Scenario analysis
In FY24, Fletcher Building assessed three climate scenarios based on the New Zealand Green
Building Council (NZGBC) ‘Climate Scenarios for the Construction and Property Sector’.
These were developed with participation from a wide range of industry and public sector
stakeholders, and Fletcher Building contributed through representation on the NZGBC
Leadership Group and Technical Working Group. The NZGBC scenarios were then reviewed
and agreed with the Board and Audit and Risk Committee for adoption by Fletcher Building.
FLETCHER BUILDING’S THREE CLIMATE SCENARIOS OVERVIEW
‘Orderly’
scenario (1.5°C)
Decarbonisation policies are enacted immediately and smoothly. Whole of life carbon
emission reductions requirements for buildings is at 90% by 2050. The data for this
scenario is sourced from downscaled NIWA projections from the Intergovernmental
Panel on Climate Change Fifth Assessment Report (IPCC AR5) and is aligned to
Representative Concentration Pathways (RCP) 2.6. Once downscaled data for IPCC
AR6 is available, this scenario will align to Shared Socioeconomic Pathways (SSP) 1-1.9.
‘Disorderly’
scenario (<2°C)
Significant decarbonisation is delayed until 2030, leading to global warming being
limited by 2100. The sector faces high transition risks and costs after 2030 as entities
rush to decarbonise. The data for this scenario is sourced from downscaled NIWA
projections from IPCC AR5 and is aligned to RCP2.6. Once downscaled data for IPCC
AR6 is available, this scenario will align to SSP1-2.6.
‘Hot House
World’ scenario
(>3°C)
Global warming reaches more than 3 degrees above pre-industrial levels by 2100.
No further decarbonisation policies are enacted. Emissions continue to rise, and the
sector faces limited transition risk, but extreme physical risk. This scenario, and the
assessments in FY20 and FY22, align to RCP 8.5 and SSP3.
Please refer to Appendix C: Detailed climate scenarios and Appendix D: Data sources used for the three scenarios.
The three NZGBC climate scenarios adopted by Fletcher Building remain unchanged
in FY25. They continue to serve as stand-alone assessments, providing the basis

15 / Fletcher Building Climate Statements 2025
for identifying and integrating both physical and transition risks and
opportunities into Group, divisional and business unit risk reviews.
For FY25, Fletcher Building retained the 2024 scenario framings (‘Orderly’
(~1.5°C), ‘Disorderly’ (<2°C) and ‘Hot House World’ (>3°C)) and refined how
these scenarios are represented where model outputs were not available.
As part of the FY25 physical risk modelling, Marsh Advisory used these
scenarios to assess climate hazards across Fletcher Building’s material sites.
Due to limitations in model availability at a scale appropriate for asset-level
assessment (refer to Appendix E), the low-warming model run SSP1-2.6 was
not explicitly modelled. This absence is common in impact modelling, as
incremental changes in risk at lower levels of warming are often small relative
to baseline years, and modelling effort is typically prioritised elsewhere.
To address this, Marsh Advisory applied climate analogues
3
for SSP1-2.6
across the three reporting horizons (2030, 2050 and 2100). Where preferred
low-warming model runs (SSP1-2.6 / RCP2.6 or SSP1-1.9) were not available,
vendor model runs and years were used as analogues, selected based on
their similarity in absolute global mean surface temperature increase (relative
to pre-industrial, 1880–1900) for each reporting horizon. These analogue
years were chosen to align temporally with the reporting periods, minimising
transient-state mismatches. This approach preserves comparability of
the physical climate hazard results, while maintaining the socioeconomic
assumptions embedded in the proxy SSP (for example, SSP2 versus SSP1).
The ‘Orderly’ scenario is arguably no longer considered reasonable, given
that achieving a below -1.5°C pathway is increasingly viewed as unlikely.
However, that scenario is maintained for comparability with international
frameworks, alignment with regulatory guidance, and to assess the
resilience of Fletcher Building’s strategy against a more ambitious
decarbonisation pathway.
Climate-related physical and transition risks and
opportunities and anticipated impacts
Fletcher Building recognises that the transition to a low-carbon economy brings both material
risks and significant opportunities. The key climate-related risks and opportunities identified across
the Group, along with their anticipated impacts, are outlined below. In line with NZ CS 2 Adoption
Provision 2, we have not provided anticipated financial impacts for physical risks or transition risks and
opportunities.
Value chain limitations
Many of our suppliers and customers are at an early stage in their climate reporting journey. As a
result, our understanding of climate-related risks and opportunities across the full value chain is
limited and is dependent on the quality and availability of information accessible at this stage.
Scope considered
• Upstream: In FY25, our assessment focused on 27 critical supplier sites (highest spend and
criticality), including two Australian joint ventures where Fletcher Building has joint control. These
suppliers represent the most significant risks to continuity of raw materials and services for the
Group (e.g., cement inputs, timber, resins, plasterboard paper). Broader Tier 1 suppliers were not
individually assessed due to lower risk profiles and/or data limitations.
• Downstream: Risks and opportunities have been evaluated at the level of key customer segments
(residential, commercial and infrastructure). Assessing physical climate risks at an individual
customer level is not practicable due to variation in geography, end use and design. Accordingly,
these are considered more broadly in the context of the markets in which we operate.
• Operations: In FY25, all operational sites were considered for transition risks, while 177 sites
(representing ~92% of the Group’s Total Insured Value) were assessed for physical risks.
• Data and methodological constraints: Climate scenario modelling, emissions factors and
physical risk projections remain subject to evolving methodologies and data availability. Current
assessments represent best-effort estimates rather than precise forecasts.
3. A climate analogue refers to a model run from a different scenario or year that reflects a comparable level of global
warming (relative to pre-industrial 1880–1900) and is used as a practical proxy where preferred model runs are unavailable.

16 / Fletcher Building Climate Statements 2025
Time horizons
Physical risk assessment: These time horizons were
selected because the construction and property sectors
in general, and our operations specifically, hold long-lived
assets that will be subject to the long-term impacts of
climate change. They are also aligned with the Group’s
business planning and asset management processes.
Short-term (Present – 2030)
The short-term horizon aligns with the 5-year business planning cycle,
including proposed capital deployment for decarbonisation initiatives.
Short-term (Present – 2030)
The short-term horizon is aligned to the Group’s 5-year planning
cycle and captures most of the period aligned to Fletcher Building’s
2030 SBT for GHG emissions reduction.
Long-term (2050 – 2100)
The long-term horizon broadly aligns to a 50-year asset lifetime for
significant physical assets.
Long-term (Beyond 2040)
We have noted any risks beyond two business planning cycles as
being in the long-term horizon.
Medium-term (2030 – 2050)
The medium-term horizon aligns with Fletcher Building’s ‘Net Zero by
2050’ strategic goal.
Medium-term (2030 – 2040)
The medium-term horizon aligns with two business planning cycles.
Present
Present
2050
2030
2100
2040
Ye a r
Physical risk assessment
Transition risk assessment
Transition risk assessment: For the transition risk
assessment, Fletcher Building used the same three
scenarios as for physical risks. The short-term horizon is the
same for both assessments. However, the medium-term
and long-term horizons for transition risk assessment are
shorter than the physical risk assessment. This is because
the nature of transition risks, which are policy, regulatory,
market, technology and reputational risks, means that there
is limited value (and very high uncertainty) in assessments
beyond one to two business planning cycles (approximately
5 to 10 years).

17 / Fletcher Building Climate Statements 2025
The Group expects to continue facing potential disruptions
from weather events and other climate-related hazards.
While individual events may materially affect Group assets
or operations in a given year, the current annualised average
exposure is not considered material at a Group level.
We have disclosed material climate-related risks and
opportunities, determined based on their potential
impact on overall Group earnings, expressed as an annual
average loss/benefit (i.e., expected average impact within
a 12-month period over time). This approach does not
capture the acute impact of rare, severe events (e.g., a
1-in-200-year flood), which could have a materially greater
impact in a given year. However, in our view, this approach
gives greater insight into the average anticipated risk
exposure and change in risk factors under the various
scenarios and time horizons specific to climate impacts.
This assessment is based on historic and recent modelling
of physical risks to our assets, as well as the impacts of
severe weather events experienced in FY23 and FY25. It
does not, however, extend to suppliers or customers.
During FY23, the impacts of Cyclone Gabrielle
and the North Island floods in New Zealand were
consistent with the levels of exposure and loss
indicated by our historic scenario analysis for sites
identified as being at high or very high flood risk. The
impact amounted to $21 million for property damage
and direct remedial works. This included impairment
of property and plant, rectification of damage
and remediation of leased assets, and write-down
of inventory.
This impact was not material to the Group’s cash
flows in FY23. Additionally, in FY24, the Group
received insurance proceeds of $10 million relating
to those property damage losses and costs for direct
remedial works.
In FY25, the significant Queensland Floods in
Australia were assessed to have a non-material
business interruption impact on the Group.

Physical Risks and Opportunities

18 / Fletcher Building Climate Statements 2025
The below table reflects the Group’s identified physical
risk and opportunities related to climate. Note that no
physical opportunities were identified in FY25 or FY24.
Part 1 of 3
Unmitigated anticipated impact to business operations
LowMediumHigh
PHYSICAL RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
PR1: The risk of increasing frequency and/or severity of extreme weather events to assets of the Group.
Floods - fluvial (riverine)
and pluvial (flash) floods
Sites/locations
exposed
4
: c.25%
Potential for increased frequency and intensity of rainfall leading to increased river discharge as well as localised overland and flash flooding,
particularly in more urbanised locations.
Particularly in New South Wales (NSW) and Queensland in the long term under the ‘Disorderly’ and ‘Hot House World’ scenarios. However, risk
profile expected to remain broadly consistent across all scenarios and time horizons.
Key anticipated impacts:
• Flooding of manufacturing plants, warehouses and distribution centres, stores, resulting in operational downtime and damage to equipment
and inventor y.
• Disruption of transport links to and from sites, delaying deliveries of raw materials and finished goods.
• Increased site drainage and stormwater management requirements.
Hurricanes/ Typhoons/
Cyclones
Sites/locations
exposed
4
: c.80%
Changes in wind regimes and sea surface temperatures have the potential to enhance wind speeds and intensity of hurricanes/typhoons.
Particularly in Auckland and Queensland under all scenarios, with risk to Western Australia and Whangarei expected to increase over the medium
to long term under the ‘Disorderly’ and ‘Hot House World’ scenarios.
Key anticipated impacts:
• Physical damage to site buildings, storage yards, quarries and infrastructure (see Floods).
• Health and safety risks to employees during high-wind events.
• More frequent power outages at operational sites, requiring backup energy solutions.
Wildfires/ Bushfires
Sites/locations
exposed
4
: c.40%
Increased incidence of fire-inducing weather due to confluence of days with higher temperatures, wind speeds and drier conditions.
Identified as a primary risk in Queensland area under all scenarios and time horizons, with limited/lower risk to other regions.
Key anticipated impacts:
• Heightened risk of bushfires near production sites or distribution yards, causing direct asset damage or evacuation.
• Increased insurance costs and site compliance requirements for fire protection.
• Potential interruptions to supply chains if fires affect transport corridors.
4. Based on 177 of Fletcher Building’s 536 assets across Australia and New Zealand, representing approximately 92% of Fletcher Building’s assets
Total Insured Value (TIV). Percentages are calculated based on the TIV of sites exposed compared to the total TIV of the 177 assets assessed.
S – Short term <2030
M – Medium term 2030-2050
L – Long term 2050-2100

19 / Fletcher Building Climate Statements 2025
PHYSICAL RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
PR2: The risk of longer-term shifts in climate patterns to assets of the Group.
Water Stress
Sites/locations
exposed
4
: c.60%
Demand for safe, usable water exceeds supply.
Identified as a heightened risk in Western Australia and Queensland under all scenarios and time horizons, with increased risk in Victoria in the
medium and long term in a ‘Hot House World’ scenario.
Key anticipated impacts:
• Constraints on site water use for production processes (e.g., concrete batching, plasterboard manufacturing).
• Higher costs for water access, treatment or recycling infrastructure.
• Risk of regulatory restrictions on industrial water use during drought periods.
Sea-level rise
Sites/locations
exposed
4
: c.0%
Very low risk under all scenarios and time horizonsRising sea levels, high tides, vertical land movements and storm surges result in a higher incidence of coastal flood events.
Key anticipated impacts:
• Coastal or low-lying sites exposed to inundation and saltwater intrusion.
• Increased cost of flood protection or site relocation in extreme cases.
• More frequent disruptions to coastal transport and logistics hubs.
Heat Stress
Sites/locations
exposed
4
: c.100%
Heightened temperature, humidity and urban heat island effects result in increased heat stress.
Key anticipated impacts:
• Heat stress risks for employees working in outdoor or uncooled indoor environments.
• Reduced operational efficiency of equipment and cooling systems.
• Increased energy costs for site cooling and ventilation.
PR3: The risk of increasing frequency and/or severity of extreme weather events and risk of longer-term shifts in climate patterns to supply chain.
Natural Hazard
(Acute and Chronic)
Sites/locations exposed:
All to varying degrees
The impact to earnings of Group-wide supply chain risks
within a 12-month period, including the potential impact
from climate change, are assessed as ‘minor’ in our Group
Risk Framework (i.e., $7.5 million to $50 million earnings
impact). This year our supply chain risk focused on 27 key
supplier sites, including two Australian-based joint ventures.
The assessment only relates to our current exposure, not
to different scenarios or time horizons as this has not been
embedded into current processes.
Reliance on suppliers in climate-vulnerable regions may cause disruption and price volatility.
Natural hazards (including extreme heat, river flood, coastal flood and earthquakes) that may impact supplier sites and supply chain for
business units.
Major drivers of supply chain vulnerability include high natural hazard exposure and moderately high supplier concentration risk, particularly in
India, New Zealand, China and Taiwan. In many cases, these risks are underpinned by exposure to suppliers of suppliers (Tier 2 suppliers), rather
simply to our direct suppliers.
Key anticipated impacts:
• Expected delays or downtime in relation to critical raw materials supply/finished goods required for operations, impacting operational
recoveries and ability to meet customer orders.
Part 2 of 3
4. Based on 177 of Fletcher Building’s 536 assets across Australia and New Zealand, representing approximately 92% of Fletcher Building’s assets
Total Insured Value (TIV). Percentages are calculated based on the TIV of sites exposed compared to the total TIV of the 177 assets assessed.

20 / Fletcher Building Climate Statements 2025
Part 3 of 3
PHYSICAL RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
PR4: The risk of increasing frequency and/or severity of extreme weather events and risk of longer-term shifts in climate patterns on customers.
• Separate analysis of risk to customers under different scenarios and time horizons has not been conducted. We have also not yet assessed the anticipated financial or operational impacts of this risk. Assessing the downstream implications
of climate change at an individual customer level is not practicable for our business. In particular, inferring physical climate risk exposure to customers (e.g., the resilience of their assets or construction projects to flooding, fire or extreme
weather events) is highly challenging, given the wide variation in end use and geography.

21 / Fletcher Building Climate Statements 2025
Physical risk modelling
conducted in FY25
The FY25 physical climate risk assessment focused on 177 key
assets representing approximately 92% of Fletcher Building’s
Total Insured Value (TIV). Using downscaled Coupled Model
Intercomparison Project Phase 6 (CMIP6) climate projections
and RMS Climate on Demand modelling, we assessed risk
exposures from heat stress, water stress, flooding, wildfires,
hurricanes and sea-level rise across multiple climate
scenarios and time horizons. To assess the potential impacts
of these risks over relevant time horizons, Fletcher Building,
in conjunction with Marsh Advisory, applied the NZGBC
scenarios to 177 of the Group’s 536 assets or sites across
Australia and New Zealand, comprising:
• Tier 1 assets: 67 sites accounting for approximately
77% of the Group’s Material Damage value and 73% of
Business Interruption value; and
• Tier 2 assets: 110 sites accounting for 16% of Material
Damage value and 18% of Business Interruption value.
Tier 3 assets, comprising 359 sites and accounting for 7%
of Material Damage value and 9% of Business Interruption
value, were not assessed.
This modelling is considered the most appropriate as it aligns
with the approach our insurers use to assess physical risk
exposure across our sites. As insurance cover for physical
risks represents the Group’s primary financial response to
such events, having consistency between our internal risk
assessment and insurer methodologies strengthens the link
between risk identification and risk transfer, with a focus on
sites most material to the business and business operations.
Across the scenarios, the analysis shows that:
• Short- and medium-term risk drivers: Water Stress
and Hurricanes/Typhoons remain the dominant risks
across the Group in the short- and medium-term
horizons under all scenarios, reflecting the current and
emerging vulnerabilities of our Australian and New
Zealand asset base to water availability constraints and
severe storm events.
• Long-term risk drivers: In the long-term horizon
(2050–2100), Heat Stress emerges as the dominant
physical risk driver under a ‘Hot House World’ scenario
(accounting for close to 60% of portfolio exposure
– we have determined exposure based on the
annualised average loss rate for sites assessed and
calculated the exposure percentages based on the
total TIV of sites exposed compared to the total TIV of
177 assets assessed) and the second most dominant
under a ‘Disorderly’ scenario, consistent with projected
rising temperature trends. Water Stress remains the
leading long-term risk under a ‘Disorderly’ scenario,
and the second most dominant under a ‘Hot House
World’ scenario highlighting the continued importance
of water security for our operations.
• Australia versus New Zealand exposure: Underlying
risks are different between Australia and New Zealand
under the scenarios, with the proportionate risks for
New Zealand sites significantly lower than for Australian
sites. In 2020, Australian operations represented
approximately 35% of the Group’s portfolio exposure,
rising to nearly 60% by 2100 under RCP 8.5. These
shifts reflect both the relative concentration of
insured asset value in climate-exposed regions and
the assessed vulnerabilities of Australian sites, which
represent circa 45% of the Group’s TIV.
• Scenario outcomes: Under the ‘Disorderly’ pathway
(RCP 4.5), the Group’s portfolio exposure increases
gradually, rising by around 60% compared with the
2020 baseline by 2100. Under the ‘Hot House World’
pathway (RCP 8.5), risk grows more sharply, increasing
by more than 200% compared with the 2020 baseline
and more than double the outcome under RCP 4.5.
• Asset concentration: By 2100, eight of the ten most
exposed assets are Heat Stress–driven, with six of
these located in Queensland. Collectively, these top
ten sites represent approximately one-fifth of the
Group’s TIV. Within this Group, Laminex® Toolara is
the single largest hotspot, accounting for circa 30%
of Australia’s long-term physical risk under a ‘Hot
House World’ scenario and circa 26% for Group-wide
risk, despite representing circa 24% of Australia’s TIV.
Laminex® Monkland is also highlighted as a material
contributor to long-term Heat Stress exposure in
Queensland, reinforcing the high sensitivity of the
Laminex® portfolio to extreme heat.
• Risk concentration in Queensland: Risk for the Group
is primarily concentrated to sites in Queensland under
all scenarios and time horizons. The risk to Queensland
sites is most acute under a ‘Hot House World’ scenario
where Heat Stress is the most pronounced, with
Wildfires/Bushfires also contributing to increased risk
along with Water Stress in the region. Queensland is
identified as the most exposed region, increasing from
just over one-third of portfolio risk in 2020 to more
than half by 2100. Given Queensland accounts for

22 / Fletcher Building Climate Statements 2025
circa 30% of the Group’s TIV, changes in this region are
particularly influential to the Group’s overall risk profile.
• Scope and limitations of assessment: The assessment
excludes supply chain and asset devaluation risks and
assumes a static asset portfolio. Results are indicative
and subject to uncertainties inherent in climate
modelling. These findings support our ongoing risk
management and strategic resilience planning.
Fletcher Building’s supply chain risk assessment, conducted
independently of our physical climate scenario analysis,
focused on 27 key supplier sites, including two Australian-
based joint ventures, representing critical sources of raw
materials and services. The assessment identified natural
hazard and geopolitical risks, with coastal flooding posing
the highest threat. Risks were expressed as estimated
downtime (in days) based on historical event data from
Marsh Advisory’s modelling, rather than actual events
experienced by Fletcher Building, which informs our
understanding of potential disruption. The overall financial
impact was assessed as minor within a 12-month period.
We acknowledge limitations in data coverage and supplier
climate reporting maturity. We continue to engage with
suppliers to enhance resilience and plan to incorporate
climate scenario analysis of supply chain risks in future
disclosures.
Major drivers of supply chain vulnerability include high
natural hazard exposure and moderately high supplier
concentration risk, particularly in India, New Zealand, China
and Taiwan. In many cases, these risks are underpinned by
exposure to suppliers of suppliers (Tier 2 suppliers).
For example:
• ATP Electronics Taiwan Inc., a Tier 2 supplier, provides
automatic data processing machine components
used in flooring, Pink® Batts®, plates and other product
lines. Its site is exposed to both coastal flooding
and earthquake risk, with estimated downtime of
approximately 195+ days and 220+ days respectively
in severe events.
• East Gate in Taiwan has been identified as the
highest concentration risk for the Group assessed,
which includes one Tier 1 supplier site (Interactive
Corporation) and a high number of Tier 3 supplier
sites. 28 product lines are impacted within this area of
concentration with PVC Pipe being the product line
with the highest risk. 52% of sites in the concentration
area also share high potential natural hazard risk, driven
by earthquake risk.
The modelling highlights the complexity of Fletcher
Building’s supply chain. Findings will be used to guide
future risk discussions in exposed business units and used
to assess regional natural hazard and geopolitical and
supplier concentration risks, engage with critical suppliers
on resilience measures, monitor disruption events, identify
short- and medium-term mitigation options (e.g., extra
stock, dual sourcing) and evaluate insurance coverage in
the context of residual risks. See Appendix E: Climate risk
assessment methods and limitations of the scenario analysis
for detailed findings.

23 / Fletcher Building Climate Statements 2025
We reviewed global and regional risk frameworks in
FY22 and FY23 to inform our climate-related disclosures.
Following the sector scenarios, we engaged a consultant in
FY24 to identify potential transition risks and opportunities
relevant to our operations. These were moderated in a
series of workshops by subject matter experts from across
the business. They were then reviewed by the Executive
team to confirm the most material risks, opportunities and
impacts, their expected time horizons and the relative
priority of each. Material risks and opportunities were
prioritised based on likelihood and impact. For example,
a risk noted as ‘high’ priority would be one that the
moderation group considered to have both high likelihood
and a material impact at Group level under a specific
scenario and time horizon.
Leveraging the prior year’s in-depth assessment, for the
FY25 Climate Statements, Divisional CFOs were asked
to provide impact ratings on the summarised transition
risks and opportunities. Ratings were assigned using
the Group’s internal risk matrix and divisional materiality
thresholds across each scenario and time horizon. These
ratings were also used internally to help prioritise risks and
opportunities for management action and monitoring.
These inputs were then consolidated and moderated to
produce overall assessments for Australia and New Zealand
at a Group level. As the results were broadly consistent
across both countries, the outcomes are presented below
in two consolidated summary tables (one for risks and one
for opportunities).
One previously identified opportunity in the prior year
(‘integrate lean design and off-site manufacturing
principles into projects for carbon and cost savings’) has
been removed following the closure of Clever Core® in
FY25, as the related business unit is no longer part of the
Group’s portfolio.
This assessment confirms that the most material transition
risks for Fletcher Building remain consistent with those
identified in FY24. In particular, carbon pricing and
regulatory change (TR1), market preference shifts toward
low-carbon products (TR2) and energy availability and cost
(TR3), continue to represent higher priority risks across
scenarios and time horizons.
Several opportunities have also been prioritised. These
include low-carbon product leadership (TO2), with more
than 75% of manufacturing revenue already attributed to
certified sustainable products; industry leadership and
influence (TO2), through sector-wide decarbonisation
initiatives such as the Concrete NZ Net Zero Roadmap;
innovation in energy and processes (TO3), encompassing
renewable generation, alternative fuels and electrification
of plant and fleet; and policy alignment advantage (TO1),
particularly in New Zealand if carbon pricing is applied to
importers, then this could strengthen the competitiveness
of local production.
Overall, the findings reinforce that transition-related factors,
particularly those linked to policy, markets, energy and
supply chains, will continue to be a major driver of Fletcher
Building’s business strategy and capital allocation. Risks
and opportunities are assessed on a whole-of-Group basis,
embedded into divisional planning, and used to inform
both near-term investment decisions and our long-term
Transition Plan.
Transition Risks and Opportunities

24 / Fletcher Building Climate Statements 2025
TRANSITION RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
TR1: Carbon pricing and regulation – Policy changes may disadvantage local manufacturers or increase operational costs through emissions trading schemes or carbon pricing, stricter building codes or planning requirements.
Industrial allocation settings -
Emissions Trading Scheme
(Policy and Legal)
High Priority
Short- to medium-term focus
Policy and regulatory changes for emissions-intensive trade-exposed (EITE) businesses, including re-baselining of industrial allocation, that
make local cement manufacturing financially unsustainable.
Principally impacting the Concrete division.
Key anticipated impacts:
• The discretionary review of industrial allocation discourages private investment into decarbonisation due to the uncertainty it creates as
a result of potential 5-yearly reviews.
• Cost increases to domestic operators shifts production overseas to jurisdictions with lower, or no, carbon pricing.
• Lack of local production makes New Zealand reliant on imported cement, which results in heightened supply chain risk for the
construction sector, and less economic resilience.
• Global emissions increase due to the higher intensity of overseas producers.
Carbon pricing policies
(Policy and Legal)
High Priority
Short- to medium-term focus
Policy and regulatory changes including carbon pricing policies that make local manufacturing less cost-competitive.
Principally impacting the Concrete division.
Key anticipated impacts:
• Importers are not captured by the NZ ETS, which puts local manufacturers within the ETS at risk of a loss of market share. This has a
direct impact on potential viability of domestic cement production.
• Reduced revenue generation ability of existing assets.
• Competition in both quality (lower-carbon, high-quality imports) and cost (cheap, higher-carbon overseas imports).
• The ETS impacts energy prices broadly, which will impact costs across the business.
• Carbon capture, uptake and storage options are currently prohibitively expensive and in our view will remain so for the medium to long term.
Part 1 of 4
Unmitigated anticipated impact to business operations
LowMediumHigh
S – Short term <2030
M – Medium term 2030-2040
L – Long term 2040+

25 / Fletcher Building Climate Statements 2025
TRANSITION RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
Stricter building codes and land
use guidelines
(Policy and Legal)
Medium- to long-term focus
Increased planning requirements and more stringent building codes and land use guidelines as a result of extreme weather events.
Key anticipated impacts:
• Potential risk of stranded assets in Residential and Development portfolio.
• Resilience requirements may increase for Fletcher Building’s existing manufacturing facilities.
Building code advances faster
than technology solutions
(Policy and Legal)
Long-term focus
Building code advances faster than technology solutions with tighter regulations around material specifications in design.
Principally impacting Building Products, Australia and Concrete divisions.
Key anticipated impacts:
• Certain building products becoming obsolete in light of worsening extreme weather events.
• Risk of low-cost, low-emission products reaching NZ market ahead of local products’ ability to adapt.
TR2: Market preference shift – Customer, investor, employee and shareholder demand impacted by cost pressures, reputation and/or appetite for more sustainable products and services.
Stakeholder demand for lower-
carbon products and services
may erode market share if not met
(Market)
High Priority
Medium- to long-term focus
Failure to meet consumer, client and employee expectations on sustainable innovation.
Key anticipated impacts:
• Fletcher Building may lose market share if it does not invest sufficiently in sustainable innovation to meet potential future demand for
sustainable products.
• However, if investment in developing and bringing to market more sustainable products outpaces demand, there may be a cost impact.
• Our recruitment pool may be restricted if purpose-driven future employees want to work elsewhere given a lack of sustainable action.
Disruptive competitor
innovation
(Technology)
High Priority
Medium- to long-term focus
Early introduction of greener products/services by competitors.
Key anticipated impacts:
• Potential for building products to be displaced by overseas imports.
• Loss of market share to lower-carbon competitors’ products or margin erosion.
Part 2 of 4

26 / Fletcher Building Climate Statements 2025
TRANSITION RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
Customers transition impacted
by cost pressures
(Policy and Legal)
Medium- to long-term focus
Customers may delay their long-term sustainability commitments due to short-term cost pressures, which will impact on demand for
sustainable products.
Principally impacting the Concrete and Residential and Development divisions.
Key anticipated impacts:
• Clients may continue to make decisions based on cost, putting off delivering on their sustainability ambitions, which will impact on
demand for sustainable products from our business.
• Ability for clients to undertake long-term strategic planning or target setting may suffer from government policy shifts.
Public perception as a large
carbon emitter
(Reputation)
Medium-term focus
Key anticipated impacts:
• Insurance companies and investors may avoid emissions-intensive industries/assets or those without a firm plan to build resilience.
• Accessing capital may become more expensive if we do not progress our Reduction Roadmap.
• External pressure for more aggressive targets.
• Targets become more difficult to reach if emissions reduction investments or actions are delayed.
Association with emissions-
intensive infrastructure
(Reputation)
Medium-term focus
Continuing to construct infrastructure that enables GHG emissions, like roads and airports, may be viewed as unfavourable by investors and
the public.
Principally impacting the Concrete and Construction divisions.
Key anticipated impacts:
• Decline in reputation if viewed as continuing to construct grey, rather than green, infrastructure which may deter investment.
TR3: Energy availability and cost - Renewable energy sources and new technology may be difficult or expensive to access, raising costs.
Renewable energy sources
difficult or expensive
(Technology)
High Priority
Medium- to long-term focus
Inability to make use of alternative renewable energy sources, or Unstable supply and pricing of low-carbon material feedstocks and fuels.
Principally impacting the Concrete and Australia divisions.
Key anticipated impacts:
• Downstream reputational and financial impacts.
• Failing to switch from energy sources that are subject to future pricing policies may increase costs for Fletcher Building and end users.
• Risk of locking in fossil fuel combustion technology for manufacturing if comparable cost solutions are not available soon. Inability to
lock in long-term supplies of material feedstocks and fuels may impact ability to transition certain processing activities, leading to a risk
of failing to meet emissions reduction milestones.
• Long-term forecast may suffer from global pricing volatility.
• Risk of not meeting climate-related targets.
Part 3 of 4

27 / Fletcher Building Climate Statements 2025
TRANSITION RISKSCENARIOPOTENTIAL AND KEY ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
New technology is expensive
and incompatible
(Technology)
Long-term focus
New technology is overly expensive or incompatible with the Australia or New Zealand operating environment.
Principally impacting the Concrete division.
Key anticipated impacts:
• Slower progression towards achieving climate-related commitments and targets if new solutions for emissions abatement are not able
to be adopted or developed.
• Materials that are not cost-competitive may not be attractive to clients.
• Carbon capture, uptake and storage options are currently prohibitively expensive and in our view will remain so for the medium to long
term.
Existing costs increase
(Market)
Medium- to long-term focus
Increased expense of manufacturing existing products and technology.
Principally impacting business units involved in the manufacture of products.
Key anticipated impacts:
• Margin erosion (e.g., through pricing in the cost of compliance with the NZ ETS, higher fossil fuel costs (i.e., gas in NZ)) or requiring
external sourcing of alternative materials for cement manufacture.
• The cost of alternative materials may be higher than the materials currently used.
Part 4 of 4

28 / Fletcher Building Climate Statements 2025
TRANSITION OPPORTUNITYSCENARIOPOTENTIAL OPPORTUNITY AND ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
TO1: Policy and regulation – Policy and regulation changes may benefit early movers and domestic manufacturers.
Medium- to long-term focus
Potential opportunities to support climate adaptation through NZ’s national adaptation plan.
Principally benefitting the Concrete and Construction divisions.
Key anticipated impacts:
• Develop products that can be made and installed throughout the year, are less prone to seasonal changes, and are durable under
extreme weather events.
• Positive public perception and social licence to operate could be improved by contributions to climate adaptation.
TO2: Industry leadership to drive market change – Participation in decarbonisation initiatives strengthens positioning and influence.
Lower-carbon product
development
All time horizons focus
Innovation and development of building products and services with a smaller carbon footprint.
Principally benefitting the Concrete, Building Products and Australia divisions.
Key anticipated impacts:
• Leading the industry could help expand competitive advantage.
• Reduction of costs by making raw materials go further.
• Competitive advantage of cement innovation relative to other competitors.
• Market presence retained across New Zealand as the leading supplier.
Innovation to drive climate
change solutions
Short- to medium-term focus
Prioritise innovation to drive climate change solutions and resilience.
Principally benefitting the Construction and Residential and Development divisions.
Key anticipated impacts:
• Primary benefit in the infrastructure space is changing systems, not products. Examples are off-site construction and lower-carbon
design for bridges, foundations and other structural elements.
• Potential to develop offerings aligned to climate adaption.
• Ability to evaluate potential sector level impacts.
Potential opportunity and anticipated impact
LowMediumHigh
S – Short term <2030
M – Medium term 2030-2040
L – Long term 2040+
Part 1 of 3

29 / Fletcher Building Climate Statements 2025
TRANSITION OPPORTUNITYSCENARIOPOTENTIAL OPPORTUNITY AND ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
Packaged service offerings
Short- to medium-term focus
Identify and package service offerings spanning business units that meet promote resilience and broader societal benefits.
Key anticipated impacts:
• Increased revenue from selling total package services comprises products spanning multiple business units, for example selling a total
residential/commercial system that meets potential future embodied emission requirements.
• Better coordination across our people in advocacy roles to offer a more holistic solution to clients, moving from a focus on selling
products to systems that resolve problems.
Influence market preferences
Medium- to long-term focus
Identify ways to influence the mass market to support their own decarbonisation ambitions.
Benefits all divisions.
Key anticipated impacts:
• Impacts will be most effective to a targeted audience, through education of designers, specifiers and group home builders on choices
they can make to reduce the impact of their projects, leading to uptake of more sustainable products.
• Ability to leverage our first-to-market range of Environmental Product Declarations (EPDs), building a brand around existing, ‘more
sustainable’ products.
• Potential to position PlaceMakers® as the ‘storefront’ for more sustainable products.
• Potential to sell package solutions, rather than just individual products, meaning more sustainable choices become simple for
customers to make.
TO3: Innovation in energy and processes – Shifting to lower-emission fuels and materials, and investing in more efficient processes, onsite renewable generation, and electric vehicles to reduce costs and decarbonise supply chain.
Energy efficiency initiatives
Short- to medium-term focus
Energy efficiency improvements driven by the implementation of the ’30 by 30’ emissions reduction programme.
Principally benefiting Concrete and Australia divisions.
Key anticipated impacts:
• Over the short term, cost reduction is the primary impact.
• Over the medium term, the key outcome is revenue protection.
Part 2 of 3

30 / Fletcher Building Climate Statements 2025
TRANSITION OPPORTUNITYSCENARIOPOTENTIAL OPPORTUNITY AND ANTICIPATED IMPACTS
ORDERLY
1 . 5 ° C
DISORDERLY
<2°C
HOT HOUSE
WORLD >3°C
SMLSMLSML
Alternative, lower emission
energy sources
All time horizons focus
Opportunities to use alternative, lower-emission energy sources and reduce dependence on imported energy sources like coal and diesel.
Principally benefiting Concrete and Australia divisions.
Key anticipated impacts:
• Potential for cost reduction, if this can be achieved with energy pricing in the Australia and New Zealand markets.
• Decarbonisation of energy sources will flow through to products and services, supporting Fletcher Building to meet emissions
reduction targets.
• Positive or improved investor relations, through investor ability to demonstrate their own transition plans.
• Potential for net positive energy residential developments.
• Positive market positioning from ‘greener’ construction projects, e.g., non-fossil energy, if we are an early mover.
• Increased resilience and more energy independence, with reduced risk of supply chain disruptions.
Implement circular economy
solutions
Short- to medium-term focus
Implement circular economy principles within Fletcher Building’s business group.
Principally benefiting the Concrete and Building Products divisions.
Key anticipated impacts:
• Use of biomass in some product manufacturing, or sale of pelletised biomass, supporting non-fossil fuels.
• Reduced space requirements for waste through designing out waste, increased reuse and recycling.
Part 3 of 3

31 / Fletcher Building Climate Statements 2025
Our Transition Plan
Our Transition Plan is centred on reducing emissions,
expanding lower-carbon products and services and
strengthening resilience and adaptation to climate
risks. To support this, capital projects are no longer
assessed solely on financial returns. The Group’s capital
project business case templates have been updated
to also allow for considerations of how initiatives align
with transition objectives and sustainability goals,
including contributions such as emissions reductions,
energy-efficiency improvements or circular-economy
outcomes. Priority initiatives aligned with these goals
include investment in alternative fuels at Golden
Bay® (pending regulatory certainty, as explained in
page 12), renewable energy procurement in Australia
and upgrades to deliver lower-carbon, more efficient
manufacturing and service delivery.
Our Transition Plan in response to climate-related risks and opportunities
RESPONSES TO PHYSICAL RISKS
Risk/
Opportunity
PR1: The risk of increasing frequency
and/or severity of extreme weather
events to assets of the Group
PR2: The risk of longer-term
shifts in climate patterns to
assets of the Group
PR3: The risk of increasing
frequency and/or severity
of extreme weather events
and risk of longer-term
shifts in climate patterns to
supply chain
PR4: The risk of increasing
frequency and/or severity
of extreme weather events
and risk of longer-term
shifts in climate patterns
on customers
ResponsesFletcher Building manages climate-
related risks through its business
continuity framework, which is
reviewed annually and incorporates
internal reviews and external expert
input.
Bushfire risk is recorded in business
unit risk registers, discussed at
annual risk workshops, and managed
through continuity plans, emergency
procedures, fire detection/suppression
systems and insurer-led risk
engineering surveys, with progress
reported to the ARC annually.
Cyclone risk is addressed through
proactive preparation guides, which
have been shared and discussed with
business units over the past two years.
The Group also maintains Material
Damage and Business Interruption
insurance to protect against losses
from extreme weather and climate-
related events.
Current exposure to these
risks is considered low.
We intend to progressively
align our enterprise Risk
Management Framework
to explicitly include long-
term climate-related risk
considerations. As part of
this evolving approach, we
are also looking to integrate
specific climate factors
into asset management
processes.
The Group holds Material
Damage and Business
Interruption insurance to
cover losses from extreme
weather and climate-
related events. This policy
also includes supplier
contingency (general and
supplier-specific) to help
reduce potential losses from
supply chain disruptions.
We are looking to
progressively integrate
more in-depth assessment
of supply chain risks
(specifically from climate-
related impacts) into our risk
processes.
We are committed to playing
a leading role in building
a climate-resilient and
sustainable economy in the
countries we operate while
doing so in a way that is
commercially and financially
sustainable for our business.
We aim to engage and work
with our customers regularly
to inform our strategy and
improve customer service,
while contributing to wider
economic resilience.
Continued on next page...

32 / Fletcher Building Climate Statements 2025
RESPONSES TO TRANSITION RISKS AND OPPORTUNITIES
Risk/
Opportunity
TR1: Carbon pricing and regulation
TO1: Policy and regulation
TR2: Market preference shift
TO2: Industry leadership to drive market change
TR3: Energy availability and cost
TO3: Innovation in energy and processes
ResponsesThe Group is proactively monitoring regulatory
developments and maintaining regular engagement with
government, regulators and industry bodies.
Financial modelling for the Golden Bay® Cement
business is being regularly updated to assess potential
regulatory impacts and changes.
The Group is actively tracking proposed carbon import
rules and positioning New Zealand production as a
lower-carbon alternative.
Certification initiatives are being advanced to support
compliance with anticipated regulatory requirements.
The Group is committed to a ‘30 by 30’ near-term target
for Scope 1 and 2 emissions reductions and to achieving
Net Zero Scope 1 and 2 emissions by FY50.
The Group is targeting >75% of manufacturing revenue
from sustainably certified products and >70% of waste
diverted from landfill.
The Group is contributing to sector-wide efforts such as
the Concrete NZ Net Zero Roadmap.
Global scanning for innovation is being carried out, with
business units and divisions supporting fast-tracked
development of low-carbon solutions.
The Group is maintaining transparency through public
emissions targets and disclosures and is seeking to build
trust through active engagement with ESG networks and
stakeholders.
The Group is investing in solar and renewable
procurement (particularly in Australia) and increasing
the use of alternative fuels such as biomass and tyres in
cement operations.
The Group is engaging with at-risk suppliers, prioritising
local or low-carbon sources, and factoring supply chain
emissions into procurement (e.g., working with key steel
and cement suppliers on science-based targets and low-
carbon pathways).
Flexible design and procurement strategies are being
integrated to manage material availability and exposure.
The Group is continuing to invest in low-carbon and
more efficient manufacturing processes to reduce costs
where they make the most impact.

33 / Fletcher Building Climate Statements 2025
G O A L S T H AT
SUPPORT OUR
BUSINESS MODEL
1. OUR ‘30 BY 30’ NEAR-
TERM TARGET FOR SCOPE
1 AND 2 GHG EMISSIONS
REDUCTION
2. NET ZERO SCOPE 1
AND 2 TARGET
3. OUR MANUFACTURING
REVENUE FROM
SUSTAINABLY
CERTIFIED PRODUCTS
4. OUR WASTE DIVERTED FROM
LANDFILL
DETAILED

GOALS
A Science-based Target to
achieve 30% reduction in
Scope 1 and Scope 2 GHG
emissions by 2030, from a
2018 baseline
To achieve Net Zero carbon
emission by FY50
To have >75% of product
revenue from our
manufacturing businesses
from products that hold a
third-party sustainability
certification that is based
on whole-of-life analysis
To have >70% of waste diverted
from landfill either by reuse,
reduced or recycled
OUR
FOCUS AREAS
Reducing our operational emissionsProviding lower-carbon
products and services
Reducing operational waste and
increase recycling or circular
opportunities
OUR
PRIORITIES
Reduce our use of coal, natural gas and diesel, reduce cement
process emissions
Integration of emissions reductions into business strategies
and capital investment decisions
Continue offering lower-
carbon products to market
Moving into offering lower-
carbon services within our
operations
Seek opportunities to reduce or
reuse waste, and working with
customers and partners to drive
circular economy opportunities
OUR
PROGRESS
In FY25, we achieved 24% reduction of combined Scope 1
& 2 GHG emissions against our 2018 baseline (on track to
our target)
In FY25, we achieved 79%
manufacturing revenue
from sustainably certified
products (exceeding target)
In FY25, we achieved 87%
waste diversion from landfill
(exceeding target)
OUR POTENTIAL
BARRIERS
Three potentially significant barriers to implementation of the Group’s Transition Plan and its emissions reduction targets are:
• Regulatory uncertainty, as explained on page 12, particularly in relation to the ETS and its treatment of emissions-intensive trade-
exposed emitters, may pose a significant barrier to implementing the Transition Plan should it make operational costs or capital to
decarbonise uneconomic in the local market.
• The potential impact of high energy costs, or lack of availability of lower-carbon energy sources.
• The Group’s ability, including the ability of our supply chain, to implement the transition for goods and services where proven
technical solutions do not yet exist.
Fletcher Building’s Scope 1 and 2 emissions
reduction target was set and validated in December
2019 in accordance with the Science-based Targets
Initiative (SBTi) process for setting targets. Our target
is aligned to a ‘well-below two degrees’ future.
The target is a 30% absolute reduction in combined
Scope 1 and 2 emissions by 2030 from a FY18 base
year. The ‘30 by 30’ target does not rely on offsets.
In addition to this near-term Scope 1 and Scope
2 target, Fletcher Building’s long-term target is
Net Zero by 2050 for Scope 1 and Scope 2 GHG
emissions. This is consistent with New Zealand
and Australian regulatory goals that are aligned
to a 1.5 degrees future and therefore we consider
our Net Zero target to be aligned to a 1.5 degrees
future. The Net Zero target is an internal target but
is aligned to the Science-based Targets approach.
This target is likely to rely on offsetting for residual
emissions, which would be for no more than 10% of
emissions. Our targets remain subject to regulatory
certainty for cement manufacturing.
Fletcher Building has completed the analysis for ‘well
below 1.5 degrees’ including short-and long-term
targets associated with Net Zero and aligned with a
1.5 degrees pathway. As part of this, we have further
analysed our Scope 3 emissions and drafted targets.
These are currently in the validation process with the
Science-based Targets Initiative (SBTi) and as a result
we are not yet in a position to disclose these.
How carbon emission reduction targets are embedded as part of our Transition Plan

34 / Fletcher Building Climate Statements 2025
The key business tool we use for emissions
reduction planning and assumptions is our
Carbon Reduction Roadmap. This maps
technically feasible carbon reduction options
for Scope 1 and Scope 2 GHG emissions for
each of our divisions through to 2030.
In order to achieve our ’30 by 30’ near-
term target for Scope 1 and 2 emissions
reductions, we would need to continue
to decarbonise through to FY30, building
on the 24% reduction achieved from FY18
to FY25. The Roadmap shows the key
initiatives required to be delivered from
FY25 to FY30 in order to achieve our target.
Our Roadmap to 2030 assumes the
Australian National Electricity Market
achieves its target of 82% renewable
component by 2030 and lower-emission
transport becomes available in the
transport sector in New Zealand in line
with Transport sector midpoint scenarios
5
.
We also recognise the need to align our
reduction trajectory with a Net Zero in
Scope 1 and Scope 2 emissions outcome
by 2050. The main actions in our Carbon
Reduction Roadmap are detailed in the
Scope 1 and 2 Transition Plan Roadmap
Initiatives table in page 35.
Carbon Reduction Roadmap – Scope 1 and 2 emissions
Scope 1 & 2 Emissions (kt CO
2
e)
Scope 1 & 2 Emissions (kt CO

e)
FY18 (Baseline)
FY18-25 Reduction
FY25
Coal use and cement operations
AU & NZ renewable electricity
Process heat conversion
Transport fuel – our ‡leet
FY30 Target
200
400
600
800
1,000
1,200
1,400
IncreaseDecreaseTotalFY30 Target
Completed Actions (to FY25)Future Actions (FY26-FY30)
-288
26
-2
-5
-117
839
1,199
911
5. Mahere Hohenga kia Whakakorea te Waro ā-Kawenga 2022–25
Decarbonising Transport Action Plan 2022–25
As a result of regulatory uncertainty ,
as explained on page 12, regarding the
Emissions Trading Scheme and level playing
field (to be competitive) with importers,
we have reviewed our capital investment
strategy for Golden Bay®. Our previous
strategy required significant investment for
targeted decarbonisation. Given the lack of
clear regulatory requirements for emissions
reductions, we have significantly reduced
our investment. In the short term, Golden
Bay® assumes that the market will pick up
and, as such, they will experience a small
increase (2%) in their emissions. The capital
investment strategy will be reviewed in 2026
(pending regulatory certainty). Regardless
of this change to the Roadmap, based on
our projections and assumptions, we are
still currently on track for achieving our ‘30
by 30’ target.
The Roadmap is reviewed and revised by
each division as part of annual budget
reviews and as part of the annual 5-year
plan reviews. Performance against
the Roadmap is reported to the SHES
Committee at least twice per annum,
along with updates and progress against
key assumptions, and is included in the
incentives for the Chief Executive of the
Concrete division, which is the division
with the highest contribution to emissions.

35 / Fletcher Building Climate Statements 2025
Scope 1 and 2 Transition Roadmap Initiatives
COAL USE AND CEMENT OPERATIONSELECTRICITY IN OUR AUSTRALIAN
BUSINESSES
PROCESS HEAT FROM OUR
MANUFACTURING OPERATIONS
TRANSPORT FUEL – OUR FLEET
THE HIGHEST SOURCES OF SCOPE 1 AND
2 GHG EMISSIONS FOR OUR BUSINESS,
COLLECTIVELY CONTRIBUTING OVER
90%, ARE
• Coal used for process heat in our cement
operations at Golden Bay® plant in Portland
• Carbon dioxide produced from the cement
manufacturing process itself
• Electricity used in the manufacture of
products in our Australian businesses
• Process heat from our manufacturing
operations in New Zealand
• Fuel used for transport in New Zealand
PERCENTAGE OF SCOPE 1 AND 2 GHG
EMISSION SOURCES
FY25 : 58%
FY24 : 56%
FY25 : 20%
FY24 : 21%
FY25: 9%
FY24: 9%
FY25: 7%
FY24: 7%
OUR FOCUS AREAS
Reduce coal consumption in cement
manufacturing.
Integrate alternative cementitious materials.
Shift to renewable electricity sources and
leverage solar installations.
Reduce emissions from natural gas use in
steel coating and wallboard operations.
Transition fleet to hybrid and EVs; reduce
emissions from light and heavy vehicles.
OUR PRIORITIES
Support industry roadmap to Net Zero
by 2050.
Continue to make the case to the government
for regulatory settings that do not disadvantage
local manufacturing over imports.
Execute rooftop solar rollout and secure
cost-effective renewable electricity contracts
across regions with the greatest impact
on emissions.
Identify lower-emission alternatives for high-
temperature heat applications.
Replace light vehicles with hybrids; explore
affordable EV and viability of hydrogen
options for heavy fleet.
OUR INITIATIVES
Continue to reduce coal usage at Golden
Bay® via coal substitution with biomass, waste
end-of-life tyres and other alternative fuels.
Install rooftop solar at three large sites;
secure renewable electricity contracts;
and investigate other regions for
renewable electricity.
Upgrade equipment for efficiency; explore
biomass and other low-carbon heat sources.
Leasing hybrids for light vehicles;
partnering with suppliers exploring EV and
monitoring viability of hydrogen technology.
REDUCTION FROM FY18 BASELINE
YEAR – FY25
24%
LIMITATION
To execute our reduction plan, market
acceptance of low-carbon cement and
cementitious materials is key.
We are reliant on the Australian electricity
grid achieving its targets for renewable
content by 2030.
Few viable replacements for natural gas in
high-temperature applications; tech still
developing.
Dependent on the availability of electric or
other non-ICE (Internal Combustion Engine)
options entering the NZ market that are
appropriate for our business.

36 / Fletcher Building Climate Statements 2025
Measured Scope 3 Transition Roadmap Initiatives
PURCHASED STEEL AND CEMENTFREIGHTCONSTRUCTION OPERATIONS
AND MATERIALS
IN-USE AND END-OF-LIFE EMISSIONS FROM
SOLD PRODUCTS THAT WE MANUFACTURE

PERCENTAGE OF MEASURED
SCOPE 3 GHG EMISSION
SOURCES
FY25 : 48%
FY24 : 52%
FY25 : 14%
FY24 : 9%
FY25: 16%
FY24: 15%
FY25: 7%
FY24: 9%
OUR FOCUS AREAS
Decarbonisation of upstream materials;
evaluate supplier alignment with global steel
and cement emission reduction pathways.
Assess carbon intensity of current freight
operations; identify potential low-emission
transport solutions.
Identify materials with high embodied
carbon beyond steel and cement, map
emissions along supply chains.
Improve energy efficiency and reduce embodied
emissions in manufactured products and the houses
we build.
Advance circular economy principles by increasing
recycled content, improving end-of-life recovery
and supporting sustainable material use.
OUR PRIORITIES
Engage with key suppliers on alignment with
decarbonisation pathways.
Focus on heavy freight decarbonisation
impacts by 2050.
Identify high-carbon components and
quantify their contribution.
Scale up low-carbon, energy-efficient building
systems and circular solutions.
Collaborate with suppliers to reduce embodied
emissions and increase recycled content in products.
Design out waste and create circular pathways for
manufacturing by-products.
OUR INITIATIVES
Investigate long-term options to identify
cost-effective supply of low-carbon steel
and cement.
Engagement with suppliers to
understand and align with long-term
decarbonisation goals.
Investigating materials with high embodied
carbon for future reduction initiatives.
Plasterboard offcut recovery and upcycling schemes.
Assess the feasibility of expanding utilisation of
bio-based raw materials.
LIMITATION
Dependent on supplier commitments and
material affordability.
Reliant on third-party logistics and sector-
wide technological advancements.
Data gaps on material impacts and supply
chain complexity.
Energy resilience and affordability challenges.
Dependence on consistent supply and cost-effective
processing of waste streams.
Data gaps on household energy use and recycled
content logistics.
Need for supply chain collaboration and
technological advancements.

37 / Fletcher Building Climate Statements 2025
Target of being coal-free
100% coal substitution target
Case Study –
Golden Bay® Decarbonising
New Zealand’s Cement
Golden Bay® Cement is New Zealand’s only domestic
cement manufacturer, playing a critical role in maintaining
national building materials supply resilience. As part
of its commitment to sustainability, Golden Bay® has
taken steps to reduce coal use and offer lower-carbon
cement products.
Its adoption of waste-derived alternative fuels reflects a
focus on innovation and environmental responsibility. This
approach contributes meaningfully to reducing reliance
on fossil fuels and supports broader efforts to manage
industrial waste and promote circular economy principles.
Since 2003, Golden Bay® has progressively replaced coal
with alternative fuels, reaching 65% substitution in FY25
with a goal of being coal-free by 2030. To sustain the
investment required to meet this goal, it is essential that
a level playing field is established between imported and
domestically manufactured cement. A Carbon Border
Adjustment Mechanism (CBAM), or a comparable policy
instrument, will be critical to ensuring fair competition and
supporting the decarbonisation of local production.
Golden Bay®’s decarbonisation journey has been a
cornerstone of Fletcher Building’s Carbon Reduction
Roadmap and is aligned with the Concrete NZ Net Zero
Roadmap, which targets Net Zero emissions across the
concrete sector by 2050. As New Zealand’s only domestic
cement producer, Golden Bay® is pioneering practical
solutions to cut embodied carbon in their products and
increasing diversions from landfill with their alternate fuel use.
Bio-fuel (Woodwaste)
introduced as a partial
replacement for coal

~10% coal substitution
Installation of feed system
to handle tyre-derived fuel

~50% coal substitution
Front-end firing project to
introduce hard-to-recycle
plastic waste & wood into
front end of kiln

~65% coal substitution target
Purchase of shredder machine,
adding pre-processing
capabilities & ability to
handle other waste

~50-60% coal substitution
Introduction of construction
& demolition waste (C&D)
into process

~25% coal substitution
2003 2010 2021202320252030
Golden Bay®’s Alternate Fuel Journey

38 / Fletcher Building Climate Statements 2025
Golden Bay® has recently invested in modernising its
manufacturing processes, adopting alternative fuels for the
calciner, optimising operations, increasing mineral additions
to cement and implementing hotdisc firing.
In line with the Global Cement and Concrete Association
and Concrete NZ Net Zero Roadmaps, between FY25 and
FY30, Golden Bay® intends to invest to support the continued
decarbonisation efforts. With a focus on increasing the use
of alternate fuels and raw materials, continuing development
of low-carbon cements and increasing supply of low-carbon
Supplementary Cementitious Products (SCMs), these
initiatives are critical to achieving Fletcher Building’s ‘30 by
30’ near-termtarget for Scope 1 and 2 emissions reductions
and to enabling a coal-free future for New Zealand’s cement.
Net Zero 2050 targets for Golden Bay® are dependent
on regulatory certainty and availability of developing
technologies such as Carbon Capture, Storage and Use
(CCSU). Further information on the regulatory challenges
that may impact Golden Bay®’s decarbonisation pathway is
provided in the Strategy section of these Climate Statements
(page 12), consistent with the ‘Property, plant and equipment’
disclosure note within Fletcher Building’s FY25 Annual Report
(page 42).
Potential Golden Bay® CO
2
Reduction pathway (relative, kg CO
2
/t cement equivalent)
952
728
682
Less than
600
Less than
450
Target Net Zero
ISC* Baseline
Key decarbonisation
focus areas for
Golden Bay® to
achieve Net Zero
2050 Targets
(Aligned to Concrete NZ Net Zero
2050 Strategies for Decarbonisation)
* ISC stands for Infrastructure Sustainability Council
(2020)
GBC Baseline
(2018)
FY25FY30FY40FY50
ClinkerCement & BindersElectricityCarbon Capture & Utilisation
Reducing emissions from clinker production
Use of waste materials as alternative fuels
(both biomass waste and fossil-derived waste)
to replace fossil fuels, energy eŽiciency
measures and use of decarbonised raw
materials.
Reducing emissions from cement and binders
Using less cement by replacing it partly with
SCMs and mineral additions (particularly
limestone) in Portland cements.
Decarbonisation of electricity
Further decarbonising New Zealand’s electricity
grid with renewable power purchase agreements
and land•ill gas generator offtake agreements,
which reduces the carbon emissions from
cement grinding.
Support CCSU R&D and Development and
commercialisation in NZ
Removing CO
2
from the chemical process for
producing Portland cement from exhaust gases for
use a CO
2
feedstock or for permanent storage.

39 / Fletcher Building Climate Statements 2025
Risk Management
Fletcher Building’s Risk Management Framework is aligned
with ISO31000: 2018 Risk Management – Principles and
Guidelines standard. The purpose of the Risk Management
Framework is to identify, assess, control, monitor and
report the key risks faced so that the Group can achieve its
objectives and protect its staff, customers and reputation.
The framework provides a consistent structure for risk
management and is aligned with the overall Group strategy.
The Group’s Risk Management Framework, including
the current key risks it is focused on, is set out in the
Corporate Governance Statement 2025 available on the
Group’s website. While the Group’s assessment of climate-
related risks and opportunities, as presented in these
statements, is conducted on a stand-alone basis from other
risk management processes, the Group intends to build
the learning from these assessments into future risk and
resilience discussions across the business.
Current material physical risks from climate impacts are
generally captured and considered within the Group’s
risk framework and in business units’ risk registers under
categories such as ‘Business Resilience’ (e.g., disruption to
business processes, loss of key assets, energy access) and
‘Supply Chain’. Current material transition risks are reflected
under ‘Regulatory and Legal’, ‘Environment’ and ‘Corporate
Reputation and Social Licence to Operate’.
However, more detailed assessments of climate-related
risks and opportunities across different scenarios and
time horizons are not yet fully integrated into current risk
management practices at the business unit level. These
assessments are still primarily conducted at a Group level
and are not consistently understood or embedded across
all parts of the business.
The Group is progressively aligning its enterprise Risk
Management Framework to explicitly incorporate climate-
related risk considerations, including the use of multiple
scenarios and time horizons. As part of this approach,
climate-related considerations are beginning to be
incorporated into aspects of asset management, such
as planning, maintenance and investment reviews, with
further integration expected over time. Climate-related risk
analysis is also progressively being embedded into risk
management processes, including the review of business
continuity plans within individual business units so they can
adapt and respond to any new key risks identified.
Enterprise Level
The Group’s risk management and assurance processes
are overseen by the Board and Executive Leadership Team,
with a dedicated internal audit team reporting to the ARC.
The climate-related scenario analysis and risk management
process is overseen by the Group’s CRWG and Risk team,
reporting into the ARC annually. With support from the
Group’s insurance broker, assumptions for climate-related
risk scenarios are used as inputs to model potential
outcomes and assess key risks and opportunities to which
the Group could be exposed and may need to respond.
Business Unit / Divisional Level
Operational risk management is the responsibility of
individual business unit managers and Divisional Chief
Executives. Each business unit has a General Manager
(GM) and Senior Leadership Team (SLT) accountable for
implementing risk management processes and maintaining
a key risk register.
Risk registers are reviewed annually in workshops
between business unit leadership teams and Group
Risk. In these workshops, risks are identified (including
current material climate-related and other exposures),
assessed using a standard 5x5 risk matrix and assigned
ratings based on probability (Y-axis) and financial impact
(X-axis). The resulting risk level (low, medium, high, very
high) determines both the frequency of review and the
approval level required within Fletcher Building. Group
Risk aggregates outcomes from all workshops to evaluate
the Group’s overall risk profile and reports this to the ARC.
Twice annually, Group Risk formally engages with the
ARC to present the aggregate risk profile, highlight ‘very
high’ rated risks, and discuss emerging risks observed
through the workshops. This process also supports the
identification of any material current climate-related
exposures outside of specific climate-related risk
management processes carried out by the CRWG and
Group Risk team.

40 / Fletcher Building Climate Statements 2025
In FY25
• 27 risk workshops were held with business units
to support bottom-up reporting and appropriate
risk management strategies being implemented.
These workshops were not conducted through
a specific climate risk lens; however, climate-
related considerations were addressed in certain
circumstances, particularly in the context of business
continuity, resilience and environmental risks.
• The Group engaged Marsh Advisory to conduct a
detailed physical climate risk assessment across its
Tier 1 and Tier 2 sites (177 leased and owned sites
with a total insurable value of $10 million or greater),
representing approximately 92% of the Group’s Total
Insured Value. The approach undertaken by Marsh
Advisory broadly aligns with previous physical risk
assessments in terms of asset focus, hazard and
impact modelling. Notably, this year’s analysis provides
more granular and comprehensive estimates of
potential damage and revenue impacts at site level.
Building on prior assessments, this analysis reflects
the Group’s ongoing commitment to climate risk
evaluation. The findings will inform adaptation and
resilience measures across the business.
• For the first time, and in collaboration with Marsh
Advisory, an in-depth supply chain risk assessment,
which included consideration of climate-related risks,
was completed for 27 of the Group’s key supplier
sites. The assessment provided additional insights into
potential physical and transition risks, supporting future
risk discussions and mitigation planning.
• Transition risks and opportunities were reconfirmed
with Divisional CFOs, building on the FY24 findings.
Feedback was consolidated into priority ratings for
New Zealand and Australia, with the principal change
from FY24 being structural, with similar risks and
opportunities consolidated into single categories to
improve clarity.

41 / Fletcher Building Climate Statements 2025
Metrics and Targets
Fletcher Building discloses climate-related metrics and targets in line with NZ CS 1. This section summarises those metrics, with references to detailed disclosures elsewhere in these
Climate Statements. No additional industry-based metrics or key performance indicators are disclosed.
METRIC CATEGORYFY25FY24NOTES
Percentage of gross
revenue vulnerable to
transition risks
100%100%Currently, it is not possible to distinguish exposure at the level of each individual asset or activity. However, each division is subject to at least one of the material
transition risks identified in Transition Risks and Opportunities (pages 23-30) above.
Therefore, at a Group level we estimate that all gross revenue is exposed to transition risks. The comparative FY24 percentage has been updated to align with the
current methodology, which treats all Group’s gross revenue as exposed to transition risks. This provides consistency with the FY25 disclosure and should avoid
potential confusion.
Percentage of assets
vulnerable to physical
risks
92% 100% The percentages reflect the proportion of the Group’s assets included in the physical risk assessment, not the proportion directly exposed.
In FY24, Aon assessed 100% of FB sites in NZ, expressing potential physical impacts as asset value loss (e.g. $54 million for a 1-in-200-year pluvial flood across all NZ
sites) and performed a high-level assessment of FB sites in Australia. As disclosed in the FY24 Climate Statements (page 21), this high-level assessment of Australian
sites included qualitative consideration of a range of physical hazards, with examples including exposures identified at the Laminex® Toolara site. These were
highlighted as areas for future detailed analysis once more granular data became available. Based on these assessments, we consider 100% of Fletcher Building’s
assets were exposed to physical climate-related risks, noting that the level of analytical granularity differed between regions.
In FY25, Marsh Advisory assessed 92% of FB’s sites in both Australia (AU) and NZ (Tier 1 and Tier 2), with results expressed as Average Annual Loss (AAL) and related
metrics. We consider, based on these analyses, 100% of assessed assets were exposed to physical risks from climate change. However, because only 92% of sites
were assessed in FY25, we can only speak to the vulnerability of those sites. Accordingly, we consider that 92% of sites in FY25 are vulnerable to physical risks.
Summary modelling outcomes for FY25 are set out in the Physical Risk Modelling conducted in FY25 section (pages 21-22).
Percentage of business
activities aligned
with climate-related
opportunities
100%100% Currently, it is not possible to distinguish alignment at the level of each individual asset or activity. However, each division aligns with at least one of the climate-
related transition opportunities identified in Transition Risks and Opportunities (pages 23-30) above.
Therefore, at a Group level we consider that all business activities are aligned with climate-related opportunities.
Part 1 of 2

42 / Fletcher Building Climate Statements 2025
METRIC CATEGORYFY25FY24NOTES
Capital deployment
- Amount of capital
expenditure, financing
or investment deployed
toward climate-related
risks and opportunities
Not materialNot materialWe invest in projects that contribute to carbon reduction, energy efficiency and the development of lower-carbon building products. In FY24, Fletcher Building
disclosed that $179 million of capital was deployed towards carbon reduction initiatives, responding to climate-related risks and opportunities. This amount reflected
the total capital invested in each project during the year, and therefore the figure did not separate out the capital specifically addressing climate-related risks and
opportunities. The capital cost incurred that specifically addresses climate-related risks and opportunities has been assessed as being not financially material for
FY25 and also for FY24.
Key investments/initiatives in FY25 include:
• Golden Bay® Cement front-end firing capability (FY25 capex spend: $6.1 million) - This was implemented in FY25, enabling the use of up to 30,000 tonnes of
additional waste-derived alternative fuels per annum. Once fully operational, this project is expected to offset up to 17,000 tonnes of CO
2
emissions per year by
displacing coal as a thermal fuel in the production of cement.
• Higgins® introduced a new bitumen tanker fleet that has reduced fuel burn by 19% per tanker (FY25 capex spend: $2.3 million), anticipated to deliver an
estimated 65% reduction in CO
2
per kilometre, with ongoing work to quantify the total emissions reduction achieved since implementation.
• Solar-as-a-service panel installations across multiple Laminex® Australia sites, generating renewable electricity and reducing Scope 2 emissions.
• Renewable Power Purchase Agreements (PPAs) in Australia, providing long-term emissions reduction benefits and supply chain resilience.
Internal emissions price:
Projects < 5 years
NZ$80 or AU$60
per tonne CO
2
e
NZ$80 or AU$60
per tonne CO
2
e
We have developed an internal emissions price framework to assess the potential financial impact of carbon reduction initiatives in project evaluation and capital
planning. However, no business case with a value greater than $500,000 has utilised this framework in FY25. Refer to Appendix F: FB’s Internal Cost of Carbon
Framework.
Internal emissions price:
Projects > 5 years
NZ$100 or AU$50
per tonne CO
2
e
NZ$100 or AU$50
per tonne CO
2
e
Management
remuneration linked to
climate-related risks
and opportunities
NilNil5% of the STI available for the Chief Executive in the Concrete division (less than $30,000 in each of FY25 and FY24) was tied to delivery of key decarbonisation
enablers supporting our 30% emissions reduction target by 2030. However, no payout was made in FY25 or FY24 against this target due to Board exercising their
discretion to not pay STIs to Executives in these years.
Part 2 of 2

43 / Fletcher Building Climate Statements 2025
Greenhouse gas (GHG) emissions
Appendix B sets out Fletcher Building’s GHG emissions
methodology and assurance approach. Scope 1 and 2
emissions have obtained reasonable assurance, while
Scope 3 emissions have obtained limited assurance.
In FY25 we also restated our FY18, FY23 and FY24
inventories to account for divestments and inclusion
of additional Scope 3 sources:
• Divestment of Tradelink® and New Zealand Ceiling
& Drywall Supplies; and
• Inclusion of the following Scope 3 sources: End-of-
life emissions from sold products, in-use emissions
from sold products and well-to-tank emissions from
liquid fuels.
Scope 1 and 2 GHG Emissions
Scope 1 and Scope 2 GHG emissions for our ongoing
operations were 911 kilotonnes of CO
2
e (kt CO
2
e) in FY25.
The majority of these were associated with our cement
operations, process heat, transport fuel and electricity
use in Australia.
Target – Near-term Science-based Target (validated by the Science-based Targets Initiative (SBTi) in
December 2019):
• 30% absolute reduction in combined Scope 1 and 2 GHG emissions by 2030 from a FY18 base year
• Aligned to a ‘well-below two degrees’ future
SCOPEBASELINE AND COMPARATIVES (kt CO
2
e )PERFORMANCE AND ANALYSIS OF TRENDS (kt CO
2
e )
F Y 1 8
BASELINE
FY23FY24FY25COMMENTS
S C O P E 1
896773752714Scope 1 emissions declined 20% from baseline; FY25 reductions were primarily due
to lower use of thermal fuels and fugitive emissions from clinker in cement-making
operations, and natural gas used for process heat, in both cases due to reduced
productivity.
SCOPE 2
303239217196Scope 2 emissions declined 35% from baseline; FY25 reductions due to decreased
consumption in Australia and lower emission factors in the Australian electricity grid
in FY25.
SCOPE 3
8281,5701,5031,587Scope 3 emissions increased in the first few years due to improved data quality
predominantly from steel supply and more recently from inclusion of suppler
specific freight data. (see Appendix B for more detail on sources of Scope 3
emissions (Categories 4 to 6))
TOTA L2,0272,5822,4722,498

Emissions intensity for Scope 1 & 2 has decreased 29% from our baseline of 183 t CO
2
e/$ million in FY18 to 130 t CO
2
e/$
million in FY25. Emissions intensity increased 3% from FY24 due to lower revenue in FY25.
Our absolute emissions would be expected to increase when the market conditions improve and production increases.
As a result, we will continue to monitor our emissions intensity (as well as absolute emissions) to provide a full picture of
our emissions profile.

44 / Fletcher Building Climate Statements 2025
Summary of Scope 1 and Scope 2 GHG Emissions Sources
896
812
804
823
793
773
752
714
303
290
275
266
259
239
217
196
183
152
170
151
136
132
126
130
0
20
40
60
80
100
120
140
160
180
200
0
200
400
600
800
1,000
1,200
1,400
FY18
(Base Year)
FY19FY20FY21FY22FY23FY24FY25FY30
(Target)
Emissions Intensity (t CO

e/$m)
Emissions (kt CO

e)
Location based
Scope 1 EmissionsScope 1 EmissionsEmissions Intensity
839
FY30 Target
Summary of Scope 1 and Scope 2 GHG
Emissions Sources
Most of our emissions reductions have occurred
because of reduced production, increased coal
substitution in cement and increased renewable
content from electricity grids as well as gains from
capital investment in asset improvements.

45 / Fletcher Building Climate Statements 2025
Breakdowns of Scope 1 and 2 GHG Emissions by source and year
OUR KEY EMISSIONS
SOURCES
EMISSIONS

( kt CO
2
e)
REDUCTION
(%)
FY18FY24FY25FY18-25
SCOPE 1
Cement Operations
Manufacture of
cement – thermal
fuels and clinker
66354552720%
Process Heat –
Other Fossil
Natural gas and LPG
used for process heat
in manufacturing
98918117%
Transport Fuel
Fuel used in vehicles
72646115%
SCOPE 2
Electricity AU
Electricity used in
Australian operations
27620018035%
Scope 1 and 2 GHG emission sources
Cement
Operations
44%
Process Heat
(Coal)
13%
Electricity used
in Australia
20%
Process Heat
(Other Fossil)
9%
Transport Fuel
7%
Other Scope 1 & 2
7%

46 / Fletcher Building Climate Statements 2025
Measured Scope 3 GHG Emissions
Scope 3 GHG emissions were assessed as 1,587 kt CO
2
e
in FY25. The highest sources of measured Scope 3 GHG
emissions
6
for our business, collectively contributing circa
84% of Scope 3 GHG emissions, are:
• Purchased steel and purchased cement;
• Construction operations and materials;
• Freight; and
• In-use and end-of-life emissions from sold products.
There are a number of smaller sources that make up our
Scope 3 GHG emissions. The following make up 2% of
Scope 3 GHG Emissions each: transmission and distribution
losses from the electricity and natural gas grids; business
travel and employee commuting; and well-to-tank emissions.
In addition, there are other sources individually contributing
less than 2% each of overall Scope 3 GHG emissions.
In FY25, we increased the quantity of supplier-specific data
sourced directly from freight providers and reduced our
reliance on spend-based estimates. The resulting increase
in Scope 3 emissions from freight are therefore a reflection
of improved data quality and do not necessarily mean an
increase in real-world emissions.
Our Transition Plan currently focuses on addressing the
most significant components of currently measured Scope
3 GHG emissions.
Breakdown of Measured Scope 3 GHG Emissions by source and year
SCOPE 3 GHG PROTOCOL CATEGORIESOUR KEY EMISSIONS SOURCES
EMISSIONS (kt CO
2
e )
FY18FY24FY25
SCOPE 3
1. Purchased goods and services
Purchased Steel
Embodied emissions from purchased steel
Not
measured
728703
1. Purchased goods and services
Construction operations and materials
Construction materials and activities, raw materials
used in manufacturing
356221258
4. Upstream transportation and distribution
9. Downstream transportation and distribution
Freight
Contracted freight services (land, water, air)
138129217
11. Use of sold products
12. End-of-life treatment of sold products
In-use and end-of-life emissions from sold products
In-use and end-of-life emissions from sold products we
manufacture
Not
measured
136111
1. Purchased goods and services
Purchased Cement
Embodied emissions in purchased cement
224753
3. Fuel- and energy-related activities
(not included in Scope 1 or Scope 2)
Well-to-tank emissions
Upstream emissions associated with production of
liquid fuels
373331
6. Business travel
7. Employee commuting
Business travel & employee commuting
Flights, accommodation, rental cars, employee
commuting and remote working
251925
6. We assess Scope 3 GHG emissions for all upstream value chain categories and all downstream categories other
than processing of sold products and downstream leased assets. Details of the Scope 3 categories assessed,
and the assurance of Scope 3 GHG emissions, are provided in the Assurance Statements for FY18, FY23 and FY24
that are available in the ‘Sustainability reports, publications and policies’ section of our Sustainability web page
(fletcherbuilding.com/sustainability).

47 / Fletcher Building Climate Statements 2025
Measured Scope 3 GHG emissions sources
Purchased
Steel
44%
Purchased Cement
3%
Construction operations and
materials
16%
Freight
14%
In-use and end-of-life
emissions from sold
products
7%
Other Scope 3
16%

48 / Fletcher Building Climate Statements 2025
Appendices
Appendix A: Glossary of terms
1. Manufacturing revenue from sustainably certified products
The manufacturing revenue from sustainably certified products included in this report is
revenue from products that hold a credible, third party verified, sustainability certification.
The sustainability certifications that we include are Type I environmental labelling
requirements under the ISO 14024 Standard (Eco Choice Aotearoa, Good Environmental
Choice Australia, Global GreenTag GreenRate™) and Type III environmental declaration
requirements under the ISO 14025 Standard.
These certifications qualify for the sustainable products credits in either the Green Star
or IS Rating construction sustainability ratings within New Zealand and Australia.
We calculate the revenue for sustainably certified products as a percentage of the total
revenue from products made or sold by our manufacturing businesses. We exclude
revenue from non-manufacturing businesses (our Distribution and Construction
businesses) from the total revenue used for this calculation.
Where revenue is noted as being for products that hold Type I certification, these
products may also hold Type III certification.
Where revenue is noted as being for products that hold Type III certification, these
products do not also hold Type I certification.
2. Waste diverted from landfill
The waste diverted from landfill figures included in this report are the tonnage of waste
diverted from landfill. These figures include waste managed as part of our principal waste
contracts, which represents most of the waste generated from our operations, together
with waste reported by individual operational sites.
The figures for waste diverted from landfill do not include waste material resulting from
our operations that was reused as cleanfill or hardfill, or waste used for energy recovery.
The waste figures in this report do not include waste that is not managed under our
principal waste contracts, and where specific waste measurements for our operations
are not provided to us.

49 / Fletcher Building Climate Statements 2025
Greenhouse Gas (GHG) emissions are calculated in
accordance with the Greenhouse Gas Protocol: A Corporate
Accounting and Reporting Standard, Corporate Value
Chain (Scope 3) Accounting and Reporting Standard:
Supplement to the GHG Protocol Corporate Accounting
and Reporting Standard (together referred to as the GHG
Protocol), ISO 14064-1:2018 International Standard for GHG
Emissions Inventories and Verification and Aotearoa New
Zealand Climate Standards (NZ CSs) - issued by External
Reporting Board (XRB).
Scope 1 (ISO 14064 category 1, direct emissions), Scope 2
(ISO 14064 category 2, indirect emissions from imported
energy) and Scope 3 GHG emissions (ISO 14064 categories
3-6, indirect emissions from the supply chain) have been
externally assured by Toitū Envirocare in accordance with
NZ SAE 1: Assurance Engagements over Greenhouse Gas
Emissions Disclosure - issued by External Reporting Board
(XRB). Scope 1 and 2 GHG emissions have Reasonable
assurance, and Scope 3 GHG emissions have Limited
assurance. Assurance statements for FY18, FY23 and FY24 are
available in the ‘Sustainability Reports’ section of our website.
GHG emissions are calculated in accordance with the GHG
Protocol location-based methodology. All Scope 1, 2 and
3 GHG emissions from our businesses are calculated on
the equity share basis. This means that emissions from our
businesses and from joint ventures we have an ownership
interest in have been included. For joint ventures, the
percentage of emissions included is based on our
percentage ownership of the joint venture.
Scope 3 GHG emissions, those from our supply chain, were
calculated in accordance with the GHG Protocol. Scope
3 GHG emissions were assessed for all upstream supply
chain categories and all downstream categories other than
processing, use and end-of-life treatment of sold products,
and downstream leased assets. Our reported Scope 3 GHG
emissions for FY25 include data sourced directly from our
largest steel and cement suppliers. Supplier-specific data
was used for circa 63% of reported Scope 3 GHG emissions.
Limited assurance has been completed for 13 of the 15
Scope 3 GHG Protocol Categories. The following two
GHG Protocol Supply Chain Categories are excluded
from our reporting:
1. Downstream leased assets: We do not lease downstream
assets.
2. Processing of sold products: The significant majority of our
sold products are building supplies sold for direct use in
building and construction, and not reprocessed for final
use. Therefore, processing of sold products is not expected
to have significant emissions but has not been evaluated.
For the balance of emissions, we have used emission
factors from goods and services published by the New
Zealand
7
or Australian
8
Governments to convert the mass,
volume or other units for goods and services into tonnes
of CO
2
equivalents (t CO
2
e). Both the New Zealand and
Australian government emission factors use the 100-year
time-horizon GWP (GWP100) values, as listed in table 8.A.1
of the Fifth Assessment Report (AR5) of the IPCC. Where
data on quantities of supply chain goods and services was
not available, we have estimated emissions using spend-
based factors, using the internationally recognised DEFRA
factor set
9
, corrected for exchange rates and inflation. The
DEFRA factors use 100-year time-horizon GWP (GWP100)
values, as listed in table 8.A.1 of the Fifth Assessment
Report (AR5) of the IPCC.
As required periodically by the Greenhouse Gas Protocol
accounting standard, we re-baselined our emissions
in FY25 to account for acquisitions, divestments,
methodology changes and improved availability of historic
data. Re-baselining means that the GHG emissions
and emission reductions are based on what our real-
world emissions would have been for all years from, and
including, FY18 if the boundary of our operations for those
years had been the same as for FY25.
GHG emissions are calculated for our continuing
operations and exclude emissions from our Tradelink®
and New Zealand Ceiling & Drywall Supplies, which were
divested in FY25.
The tables below within this Appendix provides an overview
of how data were collected for each GHG emissions
source, the source of the data and an explanation of any
uncertainties or assumptions made.
7. Ministry for the Environment. 2024. Measuring emissions: A guide for organisations: 2024
detailed guide. Wellington: Ministry for the Environment (MfE).
8. Australian National Greenhouse Accounts Factors Workbook 2024, Australian Government
Department of Climate Change, Energy, the Environment and Water (DCCEEW).
9. Conversion factors kg CO
2
per £ spent, by SIC code 2022 from: UK and England’s carbon
footprint to 2022 - GOV.UK (www.gov.uk).
Appendix B: Methodology used for greenhouse gas (GHG) emissions

50 / Fletcher Building Climate Statements 2025
Exclusions are estimated to be less than 5% of total
emissions inventory.
All data was calculated using the most recent GHG
emissions factors from New Zealand and Australia. These
were sourced from the New Zealand Ministry for the
Environment (MfE, July 2024) and Australian National
Greenhouse Accounts factors supplied from the Australian
Department of Climate Change, Energy, the Environment
and Water (DCCEEW, August 2024).
10,11

All emissions were calculated using emission factors
published by MfE, DCCEEW, IEA or calculated using
third-party data as specified below.
Emission factors from IEA, MfE, DCCEEW & DEFRA use
Global Warming Potentials (GWP) from the IPCC fifth
assessment report (AR5).
Where applicable, unit conversions applied when
processing the activity data has been disclosed.
Assessment criteria for sources and uncertainties
GHG quantification is subject to inherent uncertainty
because of incomplete scientific knowledge used to
determine emissions factors and the values needed to
combine emissions of different gases.
Uncertainties were qualitatively assessed based
on the quality of the activity data and relevance of
emissions factors.
Where there is higher confidence in data quality (e.g.,
invoiced quantities from suppliers or directly metered
data) the uncertainty in activity data is lower. Where we
have used spend data, the data is highly aggregated at a
Group level and therefore the uncertainty increases due to
reduced granularity of data on products and services being
purchased. In addition, the aggregate at Group level can
affect the accuracy of activity category allocations.
For emissions factors, where we have regionally specific
emissions factors there is lower uncertainty (e.g., MfE,
DCCEEW). Where we have had to apply spend-based
factors, these are from foreign jurisdictions and are
adjusted for inflation and exchange rates. The emissions
factor in UK jurisdictions, for example, may not accurately
reflect the emission rates for the same activity in New
Zealand and Australia.
Excluded sources and business units
Fletcher Building owns a number of holding, trustee, name
reservation and other companies that are inactive. These
businesses that have no operational activities are excluded
from the inventory.
We use hydrofluorocarbons (HFCs) and refrigerants in some
of our cooling systems but these have not been quantified
and are not included in the GHG inventory. Estimates
illustrate that emissions from HFCs were <1% of total
emissions. We do not have data or estimate emissions from
the products that we distribute, but do not manufacture.
Refer to Scope 3 emissions (ISO 14064 Category 5) (page
68) below for more detail.
Scope 1 emissions (ISO 14064 Category 1)
Emission factors for waste end-of-life-tyres and clinker were
sourced from Tables 7 and 9, respectively, from the Climate
Change (Stationary Energy and Industrial Processes)
Regulations 2009.
12
Emission factors for refuse derived fuel were calculated from
third-party elemental analysis and calorific value studies
conducted on a representative sample of plastic waste.
Biogenic emissions from wastewater treatment at Laminex®
Australia were estimated using the NGER Industrial
Wastewater Calculator v 1.5 (2023-2024), published by the
Australian Clean Energy Regulator.
13
All emissions from
wastewater were reported as biogenic CO
2
.
Biogenic emissions, such as those from biomass
combustion, the biogenic fraction of tyres and liquid
biofuels, and biomass decomposition in wastewater, are
relevant to Fletcher Building and were quantified during
inventory preparation. In accordance with ISO 14064-
1:2018, these emissions are reported separately because
they are considered part of the natural carbon cycle and
fall outside the scope of the disclosed anthropogenic GHG
inventory. Biogenic emissions for Fletcher Building were
251 kt CO
2
e.
10. https://environment.govt.nz/publications/measuring-emissions-a-guide-for-organisations-
2024-detailed-guide/
11. https://www.dcceew.gov.au/climate-change/publications/national-greenhouse-accounts-
factors-2024
12. https://www.legislation.govt.nz/regulation/public/2009/0285/latest/DLM2390302.html
13. https://cer.gov.au/document/nger-wastewater-industrial-calculator-2023-24

51 / Fletcher Building Climate Statements 2025
The following GHG Source Data tables are used as part of our standard GHG Inventory Management and were applied in FY25, where applicable.
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Biomass – air dry (H
2
O ≥20%) /
GB Biomass – air dry (H
2
O
≥20%)
Wood chips used in heat plantMeasured data obtained from
process weighing equipment
Invoices and bulk reports from
suppliers
tMfE (NZ) / DCCEEW
(AU)
5%Activity data: Obtained from process weighing
equipment and supplier reports.
Emission factor: Assumes a constant moisture
content of wood.
Biomass – oven dry (H
2
O <20%) Sander dust and reject board hogged for
fuel
Calculations based on sampling and
production volumes
tMfE (NZ) / DCCEEW
(AU)
15%Activity data: Calculated from production reports and
assumes constant dust generation per product type.
BioPetrol – E10 /
BioPetrol – E10 (post 2004)
10% ethanol blend biopetrol used in
Australia
Invoices and bulk data reports from
suppliers
lCalculated from
DCCEEW factors for
ethanol and regular
petrol
2%Emission factor: Calculated from DCCEEW factors for
regular petrol and bioethanol.
Biosolids Dried organic sludge used in heat plantCalculated data obtained from
count and average skip weight of
centrifuged material
tDCCEEW (AU)20%Activity data: Estimated from samples of average bin
weights and count.
CO
2
from Formaldehyde
production
Fugitive emissions given off as a
byproduct of formaldehyde manufacturing
Calculated from stack emission rate
and plant operating hours
tIPCC10%Activity data: Flow rates calculated from periodic
stack testing. Calculation assumes that stack flow
rates and CO
2
concentrations are uniform.
Diesel – Stationary /
Diesel AU – Stationary
Diesel fuel used in stationary plant
(e.g., generators, heat plant) and non-
road registered mobile equipment (e.g.,
forkhoists and loaders)
Invoices and bulk data reports from
suppliers
lMfE (NZ) / DCCEEW
(AU)
1%Emission factor: Assumes a constant calorific value
for fuel.
Diesel – Transport /
Diesel AU – Transport
Diesel fuel used in road registered
vehicles (e.g., cars and trucks)
Invoices and bulk data reports from
suppliers
lMfE (NZ) / DCCEEW
(AU)
1%Emission factor: Assumes a constant calorific value
for fuel.
Dolomite Raw material used in glassmaking that
dissociates in the process to release CO
2
Data from ERP system, reconciled
with monthly count cycles
tDCCEEW (AU)5%Emission factor: Assumes that MgCO3/CaCO3 ratio is
constant in purchased dolomite.
Fire suppressant CO
2
Inert gas used as a fire prevention device
in coal baghouses
Supplier invoices – quantity deliveredkgIPCC1%Activity data: Assumes that activity data from supplier
is accurate.
Part 1 of 3

52 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Welding gas CO
2
Inert gas used in weldingInvoices and bulk data reports from
suppliers
kgIPCC1%Activity data: Assumes that activity data from supplier
is accurate.
GB Clinker (CaO) Product of cement manufacture, from
limestone that dissociates in the process
to release CO
2
Measured data obtained from
process weighing equipment and
stock surveys
tClimate Change
(Stationary Energy and
Industrial Processes)
Regulations 2009
1%Activity data: Obtained from stockpile surveys and
process weighing equipment.
GB Clinker (MgO) Product of cement manufacture, from
limestone that dissociates in the process
to release CO
2
Measured data obtained from
process weighing equipment and
stock surveys
tClimate Change
(Stationary Energy and
Industrial Processes)
Regulations 2009
1%Activity data: Obtained from stockpile surveys and
process weighing equipment.
GB Coal Bituminous Bituminous coal used in cement kilnMeasured data obtained from
process weighing equipment and
stock surveys
tMfE (NZ)1%Activity data: Obtained from stockpile surveys and
process weighing equipment.
Refuse derived fuelWaste plastic used as fuel for cement kiln
at Golden Bay® Cement
Measured data obtained from
process weighing equipment and
stock surveys
tMfE (NZ)20%Emission factor: Based on microanalysis of point
samples. Assumes make-up of feedstock and GCV is
uniform.
Waste end-of-life tyres (WELT)Shredded waste tyres used as fuel for
cement kiln at Golden Bay® Cement
Measured data obtained from
process weighing equipment and
stock surveys
tClimate Change
(Stationary Energy and
Industrial Processes)
Regulations 2009
5%Emission factor: Assumes a consistent fossil:biogenic
ratio and that GCV is uniform for all feedstock.
AcetyleneWelding gasSupplier invoices – quantity deliveredkgEPA Ireland1%Activity data: Assumes that activity data from supplier
is accurate.
LFO / LFO AULight fuel oil combusted for process heatInvoices and bulk data reports from
suppliers
lDCCEEW (AU)1%Activity data: Assumes that activity data from supplier
is accurate.
Limestone NZ (pure) Raw material used in glassmaking that
dissociates in the process to release CO
2
Measured data obtained from
process weighing equipment
tClimate Change
(Stationary Energy and
Industrial Processes)
Regulations 2009
5%Activity data: From weighing equipment. Assumes
constant purity of material.
Part 2 of 3

53 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
LNZ Taupo OD Biomass Sum of dry sander dust and reject product
used as fuel in heat plant at Laminex® NZ
Taupo
Calculated data from count of reject
product and sanded production
volumes
tMfE (NZ)15%Activity data: Assumes a constant ratio of sander dust
per unit of production.
LPG - Stationary /
LPG AU - Stationary
LPG used in stationary plant (e.g.,
generators, heat plant) and non-road
registered mobile equipment (e.g.,
forkhoists and loaders)
Invoices and bulk data reports from
suppliers
kgMfE (NZ) / DCCEEW
(AU)
1%Activity data: Assumes that activity data from supplier
is accurate.
LPG - Transport /
LPG AU - Transport
LPG fuel used in road registered vehicles
(e.g., cars and trucks)
Invoices and bulk data reports from
suppliers
kgMfE (NZ) / DCCEEW
(AU)
1%Activity data: Assumes that activity data from supplier
is accurate.
Natural Gas Natural gas used in stationary heat plantInvoices and bulk data reports from
suppliers
GJMfE (NZ) / DCCEEW
(AU)
1%Activity data: Assumes that activity data from supplier
is accurate.
Petrol - Stationary /
Petrol AU - Stationary
Petrol used in stationary plant (e.g.,
generators) and non-road registered
mobile equipment (e.g., forkhoists and
loaders)
Invoices and bulk data reports from
suppliers
lMfE (NZ) / DCCEEW
(AU)
1%Emission factors: Assume a constant calorific value
for fuel and do not differentiate between regular and
premium grades.
Petrol - Transport /
Petrol AU - Transport
Petrol fuel used in road registered vehicles
(e.g., cars and trucks)
Invoices and bulk data reports from
suppliers
lMfE (NZ) / DCCEEW
(AU)
1%Emission factors: Assume a constant calorific value
for fuel and do not differentiate between regular and
premium grades.
Soda Ash /
Soda Ash NZ
Raw material used in glassmaking that
dissociates in the process to release CO
2
Measured data obtained from
process weighing equipment (NZ) /
Data from ERP system, reconciled
with monthly count cycles (AU)
tDCCEEW (AU) /
Climate Change
(Stationary Energy and
Industrial Processes)
Regulations 2009 (NZ)
1%Activity data: From weighing equipment. Assumes
constant purity of material.
WastewaterEmissions from wastewater system used at
Laminex® Australia Toolara plant
Internal activity, 3rd-party COD
reports, Clean Energy Regulator
NGER wastewater calculator
t CO
2
eClean Energy Regulator
(AU)
50%Activity data: Assumes constant ratio of wastewater
per unit of production.
Emission factor: Assumes aeration of pond.
Part 3 of 3

54 / Fletcher Building Climate Statements 2025
Scope 2 emissions (ISO 14064 Category 2)
Electricity emissions from operations in the island nations (Fiji, Papua New Guinea, Vanuatu) by Fletcher Construction South Pacific used “Other Asia” emissions factors from IEA v17
(04/2022).
All other emission sources used New Zealand factors by default.
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Electricity consumption Purchased grid electricityInvoices and bulk data reports from
suppliers
kWhMfE (NZ) / DCCEEW
(AU) / IEA
1%Activity data: Assumes that activity data from supplier
is accurate.
Generated electricityElectricity generated from solar panels
on-site
Invoices and bulk data reports from
suppliers
kWhN/A1%Activity data: Assumes that activity data from supplier
is accurate.
Renewable electricityPurchased electricity from renewable
sources
Invoices and bulk data reports from
suppliers
kWhMfE (NZ) / DCCEEW
(AU) / IEA
1%Activity data: Assumes that activity data from supplier
is accurate.
Scope 3 emissions (ISO 14064 Category 3)
Emissions for category 3 sources were estimated using a hybrid method of supplier-specific, average and spend data, according to the GHG Protocol Technical guidelines. Where data
was available directly from suppliers, this was used in conjunction with supplier-specified emission factors. Where supplier-specific emission factors were unavailable, published data
was used from MfE.
The spend method used Group level operating expenses data and UK DEFRA factors from 2022, adjusted for average July 2024 to June 2025 exchange rates and UK CPI inflation on
30 June 2025.
Employee commuting was estimated based on online voluntary survey data taken during March 2025 to obtain information on average commuting habits. In FY25, 1141 employees
responded (approximately 10%). The survey covered:
• Total distance travelled by employees during commuting.
• Types and quantities of fuels consumed during transportation.
• Mode of transport used by employees (private transport, company car, public transport & walking).
• Days worked from home.
Part 1 of 3

55 / Fletcher Building Climate Statements 2025
The average-data method was used to extrapolate the sample results to a representative headcount of 11,605 FTE.
Wheel-to-tank emissions for Category 1 petroleum-based fuels (Diesel, Petrol, LFO, LPG, BioPetrol, Biodiesel) were calculated using NGA fuel production emission factors published by
DCCEEW. These were applied to fuel usage in all regions.
Where available, subcontractor transport fuel emissions were calculated using supplied reports of direct fuel consumption (volume) or distance-based measures. Where supplier-
specific emission factors were unavailable, it was estimated using operating expenses data and DEFRA spend-based factors.
Business travel emissions were calculated from supplier-specific reports, using emission factors published by MfE. For rental cars, the distance travelled per day in New Zealand was
assumed to be 50 km, in Australia 82.1 km (51 miles).
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Dom Average Flights - Domestic Economy
(average)
Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: Includes radiative forcing.
SH Economy ClassFlights - Short Haul EconomyBulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
SH Premium Economy Class Flights - SH Premium Economy Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
SH Business Class Flights - SH Business Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
SH First Class Flights - SH First Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
SH Average PassengerFlights - SH Average PassengerBulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
Part 1 of 7

56 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
LH Economy Class Flights - LH Economy Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
LH Premium Economy Class Flights - LH Premium Economy Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
LH Business Class Flights - LH Business Bulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
LH First Class Flights - LH First ClassBulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
LH Average PassengerFlights - LH Average PassengerBulk data reports from travel agencypkmMfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Emission Factor: NZ factors applied to flights in all countries.
Includes radiative forcing.
Rental car small - petrol Rental car small - petrol Bulk data reports from travel agencykm
(converted
from d)
MfE (NZ)5%Activity data: Supplier assumes daily travel distance.
Emission Factor: NZ factors applied to cars in all countries.
Rental car medium - petrolRental car medium - petrolBulk data reports from travel agencykm
(converted
from d)
MfE (NZ)5%Activity data: Supplier assumes daily travel distance.
Emission Factor: NZ factors applied to cars in all countries.
Rental car large - petrol Rental car large - petrol Bulk data reports from travel agencykm
(converted
from d)
MfE (NZ)5%Activity data: Supplier assumes daily travel distance.
Emission Factor: NZ factors applied to cars in all countries.
Rental car extra large -
petrol
Rental car extra large - petrolBulk data reports from travel agencykm
(converted
from d)
MfE (NZ)5%Activity data: Supplier assumes daily travel distance.
Emission Factor: NZ factors applied to cars in all countries.
Part 2 of 7

57 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Rental car default - petrolRental car default - petrol
Used when type of car
unknown
Bulk data reports from travel agencykm
(converted
from d)
MfE (NZ)5%Activity data: Supplier assumes daily travel distance.
Emission Factor: NZ factors applied to cars in all countries.
FreightThird-party road, rail, surface
and air freight
Supplier-specific reportstkm, t
CO
2
e, l
MfE (NZ)5%Activity data: Assumes that activity data and/or calculated
emissions from suppliers is accurate.
Emission factor: Average container ship and bulk carrier used.
NZ emission factors used where fuel volumes supplied directly
by supplier.
Road TransportRoad freight used for upstream
& downstream transportation
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Water TransportSurface shipping used for
upstream transportation
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Employee commutingEmployee travel to workplaceEmployee surveyNZDDEFRA (UK)10%Activity Data: Survey responses received from 10% of employees,
which is statistically significant but low with respect to absolute
coverage.
Room night - AEBusiness travel -
accommodation in United Arab
Emirates
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - AUBusiness travel -
accommodation in Australia
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - BEBusiness travel -
accommodation in Belgium
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - BGBusiness travel -
accommodation in Bulgaria
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Part 3 of 7

58 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Room night - BRBusiness travel -
accommodation in Brazil
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - CABusiness travel -
accommodation in Canada
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - CHBusiness travel -
accommodation in Switzerland
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - CKBusiness travel -
accommodation in Cook
Islands
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - CNBusiness travel -
accommodation in China
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - CZBusiness travel -
accommodation in Czech
Republic
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - DEBusiness travel -
accommodation in Germany
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - DZBusiness travel -
accommodation in Algeria
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - ESBusiness travel -
accommodation in Spain
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - FJBusiness travel -
accommodation in Fiji
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - FRBusiness travel -
accommodation in France
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Part 4 of 7

59 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Room night - GUBusiness travel -
accommodation in Guam
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - HKBusiness travel -
accommodation in Hong Kong
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - HUBusiness travel -
accommodation in Hungary
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - IDBusiness travel -
accommodation in Indonesia
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - INBusiness travel -
accommodation in India
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - ITBusiness travel -
accommodation in Italy
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - JPBusiness travel -
accommodation in Japan
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - KHBusiness travel -
accommodation in Cambodia
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - KRBusiness travel -
accommodation in South Korea
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - LUBusiness travel -
accommodation in Luxembourg
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - MYBusiness travel -
accommodation in Malaysia
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - NLBusiness travel -
accommodation in Netherlands
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Part 5 of 7

60 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Room night - NRBusiness travel -
accommodation in Nauru
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - NUBusiness travel -
accommodation in Niue
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - NZBusiness travel -
accommodation in New
Zealand
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - PGBusiness travel -
accommodation in Papua New
Guinea
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - PTBusiness travel -
accommodation in Portugal
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - SBBusiness travel -
accommodation in Solomon
Islands
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - SEBusiness travel -
accommodation in Sweden
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - SGBusiness travel -
accommodation in Singapore
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - THBusiness travel -
accommodation in Thailand
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - TLBusiness travel -
accommodation in Timor-Leste
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - TOBusiness travel -
accommodation in Tonga
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Part 6 of 7

61 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Room night - TRBusiness travel -
accommodation in Turkey
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - TWBusiness travel -
accommodation in Taiwan
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - UKBusiness travel -
accommodation in United
Kingdom
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - USBusiness travel -
accommodation in USA
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - VNBusiness travel -
accommodation in Vietnam
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - VUBusiness travel -
accommodation in Vanuatu
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night - WSBusiness travel -
accommodation in Samoa
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Room night – ZABusiness travel -
accommodation in South Africa
Bulk data reports from travel agencyRoom
night
MfE (NZ)5%Activity data: Assumes that activity data from supplier is accurate.
Scope 3 emissions (ISO 14064 Category 4)
Emissions from waste to landfill were calculated using data supplied by waste service suppliers in New Zealand and Australia and internal records. All waste to landfill in New Zealand
was assumed to enter landfills with gas capture. There was no data available about landfill destinations in Australia so the default construction & demolition waste factor from the
Australian DCCEEW was used.
Certain Category 4 emissions, specifically those relating to purchased goods and services, and capital goods, were estimated using spend-based methodologies that rely on
industry-average emission factors and high-level assumptions. These estimations are inherently uncertain, and variations in the underlying assumptions or spend categorisation could
significantly affect the accuracy of the reported emissions for these categories.
Part 7 of 7

62 / Fletcher Building Climate Statements 2025
Some freight emissions were calculated using supplier-specific emissions reports. These reports provided limited transparency regarding the underlying methodologies, emission
factors and data sources used.
Pre-calculated emissions, haulage or fuel consumption from third-party freight services were sourced directly from suppliers where available for road, rail and surface freight. Other
significant sources of freight emissions (gypsum and paper) were calculated using haulage data from imported material weights and assuming direct port-to-port distances for average
bulk or container ships, respectively, and relevant emission factors from MfE. Where supplier-specific freight data was unavailable, it was estimated using operating expenses data and
DEFRA spend-based factors.
Purchased steel and cement were included as significant sources of Category 4 emissions. Emissions factors for embodied emissions in these materials were obtained from EPD
data (cement), directly from suppliers or using industry average values where supplier-specific data was unavailable (steel). EPD data for purchased cement was sourced from
EPD Australasia. Industry average values for steel were sourced from World Steel.
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Fuel and energy related
activities
Well-to-tank emissions (WTT) from
production of liquid fuels, fuel-
related activities not elsewhere
covered
Supplier-specific reportsl, kgDCCEEW (AU, WTT
emissions), MfE
(NZ)
20%Activity data: Assumes that supplier reports are accurate.
Emission Factor: WTT emission factor from AU applied to fuel use
in all countries (LPG, diesel, petrol, biopetrol, LFO).
Waste generated in
operations
Waste generated in operationsSupplier-specific reportstMfE (NZ), DCCEEW
(AU)
20%Activity data: Covers all preferred suppliers, some of whom
estimate weight to landfill.
Emission factor: Assumes gas capture at landfills.
Upstream leased assetsUpstream leased assetsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
ConstructionConstruction operations and raw
materials
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Machinery and equipment
n.e.c.
Purchased machineryEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Part 1 of 6

63 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Other manufactured goodsPurchased manufactured goodsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Rest of repair; Installation -
33.11-14/17/19/20
Maintenance activities and
installation services
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Manufacture of cement,
lime, plaster and articles
of concrete, cement and
plaster
Finished concrete productsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Services to buildings and
landscape
Services to buildings and
landscape
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Paper and paper productsPaper and paper productsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Wholesale and retail trade
and repair services of motor
vehicles and motorcycles
Vehicle procurement and
maintenance
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Petrochemicals -
20.14/16/17/60
Petrochemicals not elsewhere
covered
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Wood and wood productsWood and wood productsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Part 2 of 6

64 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Advertising and market
research services
Advertising and market research
services
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Computer, electronic and
optical products
Computer, electronic and optical
products
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Rental and leasing servicesRental and leasing servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Telecommunications
services
Telecommunications servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
FurnitureFurnitureEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Other food productsOther food productsEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Computer programming,
consultancy and related
services
Contracted IT servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Financial services, except
insurance and pension
funding
Financial servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Part 3 of 6

65 / Fletcher Building Climate Statements 2025
GHG SOURCE/SINKDESCRIPTIONSOURCE OF DATAUNIT
SOURCE OF
EMISSION FACTOR
U N C E R TA I N T Y
(QUALITATIVE)
MAIN SOURCES OF UNCERTAINTY

(ACTIVITY DATA / EMISSION FACTOR)
Human health servicesHuman health servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Natural water; water
treatment and supply
services
Water treatment & supplyEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Warehousing and support
services for transportation
Warehousing servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Other professional,
scientific and technical
services
Professional servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Office administrative, office
support and other business
support services
Administrative servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Services of head offices;
management consulting
services
Consultancy servicesEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Wearing apparelClothing and PPEEstimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Architectural and
engineering services;
technical testing and
analysis services
Architectural & engineering
services
Estimated from spend dataNZDDEFRA (UK)50%Activity data: Highly aggregated in Group level report.
Adjustments made for exchange rate & inflation.
Emissions factor: From international jurisdiction (UK).
Part 4 of 6