Fletcher Building Announces FY26 Half Year Results
Fletcher Building Limited, 810 Great South Road, Penrose, Auckland 1061, New Zealand
18 February 2026
Fletcher Building Announces FY26 Half Year Results
Fletcher Building today reported its results for the six months ended 31 December 2025
(1H FY26), with the Group continuing to reshape the business and delivering a stable
underlying performance against a backdrop of challenging market conditions across
New Zealand and Australia.
1H FY26 highlights
• Revenue from continuing operations of $2,866 million, broadly in line with the prior
corresponding period (pcp)
• EBIT from continuing operations before Significant Items of $145 million, reflecting
stable underlying performance
• EBIT margin before Significant Items of 5.1%, consistent with pcp
• Net cash from operating activities of $156 million, improved from $87 million in pcp
• Net debt of $1,164 million, was below internal expectation, reflecting disciplined capital
allocation and working capital management
• Total available liquidity of approximately $0.8 billion as at 31 December 2025, providing
sufficient headroom through the current market cycle
• Return on invested capital before Significant Items (ROIC) of 4.3% (1H FY25: 4.6%)
Managing Director and Chief Executive Officer Andrew Reding said the Group had
continued to make progress in difficult trading conditions: “The first half of FY26 was
another demanding period for the building industry, with subdued markets across New
Zealand and Australia. Conditions differed between a particularly weak first quarter and a
more stable second quarter. In that environment, our core manufacturing businesses held
up well, supported by disciplined cost control and better operational execution. Just as
importantly, we continued to make real progress on our strategy around simplifying the
Group, strengthening the balance sheet, and embedding a decentralised operating model
that improves accountability and performance.”
Mr Reding said the announced sale of the Construction division (announced 20
January)
was a key milestone in the Group’s transformation: “The sale of Construction is a major
step in reshaping Fletcher Building into a simpler, more focused building products
manufacturing and distribution group. Combined with the cost and capital discipline we
have put in place, it positions the Group well to benefit as market conditions recover.”
Financial summary
Revenue from continuing operations was $2,866 million, broadly in line with pcp. Lower
volumes in New Zealand residential and civil markets and continued competitive
pressure, particularly in the Distribution division, were largely offset by stable performance
across the Group’s core manufacturing businesses.
EBIT from continuing operations before Significant Items was $145 million, with margin
pressure in parts of the portfolio partially offset by structural cost reductions and
operational improvements.
Net cash from operating activities increased to $156 million, reflecting improved working
capital management and cost-out benefits. Disciplined capital allocation resulted in net
debt of $1,164 million at the half, below internal expectations.
Available liquidity (cash on hand and undrawn committed facilities) for the Group was
approximately $0.8 billion as at 31 December 2025, including a new $200 million bank
liquidity facility and extensions to key syndicated banking facilities.
Lease liabilities reduced following a reassessment of lease terms and further reductions
are expected from the Construction divestment.
Outlook
Mr Reding said market conditions were expected to remain challenging in the near term:
“In New Zealand, residential and civil demand is likely to remain relatively subdued
through FY26, with a more meaningful recovery not anticipated until calendar year 2027.
In Australia, early signs of stabilisation are emerging in parts of the portfolio, although
conditions remain uneven.”
Looking ahead, Fletcher Building expects the benefits of actions already taken on costs,
portfolio simplification, and capital discipline to progressively support performance as
market conditions improve.
In line with the Group’s capital structure settings, no interim dividend has been declared
for 1H FY26.
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
---
Half Year Results
to 31 December
2025
18 FEBRUARY 2026
Golden Bay –Portland Manufacturing Plant
Important Information
This presentation has been prepared by Fletcher Building Limited and its group of companies (“Fletcher Building”) for informational purposes. This disclaimer applies to this
document and the verbal or written comments of any person presenting it.
This presentation provides additional comment on the 2026 Half Year Financial Results dated 18 February 2026. As such, it should be read in conjunction with, and is subject
to, the explanations and views given in that document. Unless otherwise specified, all information is for the 6 months ended 31 December 2025.
In certain sections of this presentation, Fletcher Building has chosen to present certain financial information exclusive of theimpact of Significant Items. A number of non-
GAAP financial measures, such as measures before Significant Items, are used in this presentation which are used by management to assess the performance of the business
and have been derived from Fletcher Building’s financial statements for the 6 months ended 31 December 2025. You should not consider any of these statements in isolation
from, or as a substitute for, the information provided in Fletcher Building’s financial statements for the 6 months ended 31 December 2025, which are available at
www.fletcherbuilding.com. Details of Significant Items can be found in note 2.2 of those financial statements.
The information in this presentation has been prepared by Fletcher Building with due care and attention; however, neither Fletcher Building nor any of its related companies,
nor its or their directors, employees, shareholders nor any other person gives any representations or warranties (either expressor implied) as to the accuracy or completeness
of the information and, to the maximum extent permitted by law, no such person shall have any liability whatsoever to any personfor any loss (including, without limitation,
arising from any fault or negligence) arising from this presentation or any information supplied in connection with it, or any reliance thereon.
This presentation may contain forward looking statements, that is statements related to future events or other matters. Forward looking statements may include statements
regarding intent, belief or current expectations in connection with future operating or financial performance, or market conditions. Such forward looking statements are based
on current expectations, estimates and assumptions and are subject to a number of risks and uncertainties, including materialadverse events, significant one-off expenses and
other unforeseeable circumstances. There is no assurance that results contemplated in any of these forward looking statementswill be realised. Actual results may differ
materially from those projected. Except as required by law, or the rules of any relevant stock exchange, no person is under any obligation to correct this presentation at any
time after its release or to provide further information about Fletcher Building.
The information in this presentation does not constitute financial product, legal, financial, investment, tax or any other advice or any recommendation.
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited2
Agenda
Andrew Reding, Managing Director & CEO1H FY26 at a glance1.
Andrew Reding, Managing Director & CEOOperating performance2.
Will Wright, CFOFinancial results3.
Andrew Reding, Managing Director & CEOOutlook4.
1H FY26 Results
| Half Year Results Presentation | February 2026 | Fletcher Building Limited3
1H FY26
at a glance
Andrew Reding,
Managing Director & CEO
1H FY26 key takeaways
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited5
A split performance, with a better Q2 not enough to offset a difficult Q1
❶
Core performed relatively well, making up for Construction and Residential weakness
❷
Disciplined capital allocation
❸
Further cost out initiatives implemented, with benefits to flow in 2H FY26
❹
Progressed simplification strategy with Construction divestment
❺
Turnaround plan
Sale of Construction and Felix
Street announced
NX2 and CSP divestments
completed
Australian and Steel divisional
restructure
Initial phase of corporate cost out
Forward capex commitments
reduced
Implemented the decentralisation
restructure
Sale of Construction and Felix
Street announced
NX2 and CSP divestments
completed
Australian and Steel divisional
restructure
Initial phase of corporate cost out
Forward capex commitments
reduced
Implemented the decentralisation
restructure
Settle Construction and Felix
Street divestments
Continue strategic review of
Residential and Development
Continue to assess wider portfolio
for strategic fit and ROIC
performance
Further decentralise corporate
functions and drive lower costs
Capital allocation and structure
review (1H FY27)
Settle Construction and Felix
Street divestments
Continue strategic review of
Residential and Development
Continue to assess wider portfolio
for strategic fit and ROIC
performance
Further decentralise corporate
functions and drive lower costs
Capital allocation and structure
review (1H FY27)
Fully implement new operational
model
Execute on portfolio simplification
opportunities
As portfolio simplifies,
continuously improve central costs
As balance sheet targets are met,
reset dividend policy and return to
dividend-paying status
Assess and execute on growth
options inside core divisions
Fully implement new operational
model
Execute on portfolio simplification
opportunities
As portfolio simplifies,
continuously improve central costs
As balance sheet targets are met,
reset dividend policy and return to
dividend-paying status
Assess and execute on growth
options inside core divisions
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited6
Urgent prioritieshave been actioned decisively and there is a clear path of continuous improvement ahead
ImplementedShort termMedium term
Construction divestment progress
Divestment of Construction Division announced on 20 January, regulatory approvals underway
7
1. Further detail can be found in Note 3 of the 2026 Interim Financial Results
•Headline sale price of $315.6m with a potential increase to $334.1m pending the final outcome of certain
key contracts
•Asignificant step forward in delivering a simplified portfolio, resilient capital structure and improved
shareholder returns
•Following transaction adjustments and costs, net cash proceeds are estimated to be ~$300m -$315m which
will be applied to reduction of net debt; the transaction will also significantly reduce lease liabilities
•Regulatory and customer approval processes are underway, with current best estimate of completion timing
of1Q FY27
•Any potential cashflow and cost out benefits are likely to be seen from FY27 onwards
•Vertical legacy liabilities retained and to be managed by the Group post completion
1
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Continuing
operations EBIT
1,2
$145m
$2m lower than 1H FY25
Netdebt
$1,164m
vs $999m at 30 June 25
ROIC
2,3
4.3%
vs 4.6% in 1H FY25
Capex &
Investments
$161m
vs $161m in 1H FY25
1H FY26 Financial summary
1. Continuing operations 2. Before Significant Items 3. ROIC calculated on a 12 month rolling basis
Core businesses performing well despite tough Q1 trading conditions with continuing operations largely flat
8
Revenue
1
$2,866m
0.5% lower than 1H FY25
Net cash from
operating activities
$156m
vs $87m in 1H FY25
EBIT margin
1,2
5.1%
vs 5.2% in 1H FY25
Net profit
1
$45m
vs $(88)m 1H FY25
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
1H FY26 operational highlights
Firthnew flagship batching plant at 882 Great South Road opened -
supporting continuing volume and share growth in the Auckland market
Golden Bay resilient performance, with strong discipline on energy costs.
Coal substitution rates continue to increase, up a further 2% on pcp
Humes three new branches were opened in Westgate, Drury and North
Christchurch, positioning the business well for the market recovery
Winstone Aggregates commenced on-site concrete recycling at Auckland
Urban Quarry sites and established a quarry JV in Hawke’s Bay
Winstone Wallboard’s recycled content in the manufacture of plasterboard
out of the Tauranga plant has been successfully trialed up to a level of 10%
Laminex Australia focused on cost management and operational efficiency,
delivering $14 million in 1H FY26 cost out initiatives
Laminex New Zealand preparations for the July 2026 go-live of the new OSB
plant are progressing well, including brand refresh, architectural market
research, and confirmation of the initial product offering
Fletcher Insulation’s acoustics panels plant, was completed in December
PlaceMakersFrame & Truss and estimation volumes demonstrated positive
momentum with continual improvement across the period
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited9
Operating
performance
Andrew Reding, Managing
Director & CEO
Divisional performance -1H FY26
Light Building Products continues to perform well, offsetting weakness in Residential & Development and Construction
11
Construction
Residential &
DevelopmentDistribution
Heavy Building
Materials
Light Building
Products
$536m
34% from $814m
$211m
12% from $240m
$783m
flat from $780m
$1,045m
1% from $1,053m
$1,100m
3%from $1,070m
Gross revenue
1
$6m
77% from $26m
$12m
14% from $14m
$(4)m
downfrom $4m
$46m
13% from $53m
$108m
3%from $105m
EBIT (ex Sig Items)
1
1.1%
140bps from 2.5%
5.7%
10bps from 5.8%
(0.5)%
100 bps from 0.5%
4.4%
60bps from 5.0%
9.8%
flat from 9.8%
EBIT margin (%)
8.4%
130bps from 9.7%
4.2%
130bps from 5.5%
1.2%
70bps from 1.9%
3.8%
120bps from 5.0%
6.1%
30bps from 6.4%
ROIC (ex Sig Items)
2
$139m$993m$615m$1,535m$2,426m
Invested Capital
(as at 31 Dec 2025)
1. Excludes corporate costs and Group eliminations; 2. ROIC calculated on a 12 month rolling basis
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
New Zealand volumes
Light Building Products and Distribution volumes have been flat or modestly positive, while Heavy Building
Materials volumes remain flat to down
12
•
Winstone Wallboards volumes have remained
largely flat across the half, but on a daily sales
basis there has been a continual modest
improvement since Q3 FY25
•
Winstone Aggregates Volumes were impacted by
a weak roading market and project delays, down
13.2% vs 1H FY25
•
Golden Bay up 4.3% on 2H FY25 but flat vs 1H,
with non-Firth customers and new projects
supporting volume demand
•
PlaceMakersF&T continues to see improving
volumes with a noticeable sales lift in December
2026
•
Humes was impacted by weak market conditions
in the civil & residential subdivision segments
and product mix degradation, with concrete pipe
& precast volumes declining 12.8% vs 1H FY25
•
Overall, trading conditions remain competitive,
with ongoing margin pressure and compression
continuing to be seen in many business units and
especially in the Distribution division
1H FY26 Commentary
NZ PRODUCT VOLUMES
Rolling 12m average quarterly volumes, Q4 FY19 = 100
50
60
70
80
90
100
110
120
130
140
Q4 FY19Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21Q3 FY21Q4 FY21Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 FY23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Winstone WallboardsWinstone AggregatesGolden BayHumesPlaceMakers
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Note: details of each Business Unit’s respective volume metric can be found in both Q1 and Q2 Quarterly Volume Reports
Australian volumes
Volumes largely positive across Australian business units
13
•
Laminex Australia volume up 6.6% vs 1H FY25,
driven by growth in residential and renovation
markets and competitor supply issues. By state,
the highest FY26 growth is forecast in QLD
(+12%), driven by strong commercial activity,
hospital projects, and the lead-up to the
Olympics
•
IplexAustralia’s 1H FY26 volumes reduced as a
result of lower PE and PVC volumes, primarily in
the civil sector in Victoria. Overall PVC is steady,
PE challenged and BlackMax(PP) volumes are
expected to continue growing
•
Fletcher Insulation saw good volume increases in
part due to mix changes towards higher density
products following construction code changes
•
Stramit’s12 month rolling volumes are 4.8%
lower in the period ended 1H FY26 compared to
1H FY25 (pcp), but they have shown some recent
signs of improvement when the 6 months of 1H
FY26 are compared to 2H FY25 (up 11.2%)
1H FY26 Commentary
AUS PRODUCT VOLUMES
Rolling 12m average quarterly volumes, Q4 FY19 = 100
50
60
70
80
90
100
110
120
Q4 FY19Q1 FY20Q2 FY20Q3 FY20Q4 FY20Q1 FY21Q2 FY21Q3 FY21Q4 FY21Q1 FY22Q2 FY22Q3 FY22Q4 FY22Q1 FY23Q2 FY23Q3 FY23Q4 FY23Q1 FY24Q2 FY24Q3 FY24Q4 FY24Q1 FY25Q2 FY25Q3 FY25Q4 FY25Q1 FY26Q2 FY26
Laminex AUFletcher InsulationIplex AUStramit
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Note: details of each Business Unit’s respective volume metric can be found in both Q1 and Q2 Quarterly Volume Reports
Residential and Development
Volumes in the Residential and Development Division have been lower than anticipated
14
•
1H FY26 Take to Profit (TTP) of 223 residential
and apartment units is 81 units (27%) lower
than 1H FY25.
•
Sales mix in 1H FY26 also includes a meaningful
proportion of lower margin bulk section sales,
reducing the comparability of volume figures to
prior periods
•
Average net conditional sign ups to ~10
1
per
week across July–November 2025, down from
~16
1
per week in the same period prior year,
with the roll-off of several developments having
an impact
VOLUMES –Residential and Apartment units settled (Taken to Profit)
6mth volumes
1H FY26 Commentary
1. Excludes pre-sales and section/lot sales
293
515
278
189
419
304
223
373
321
392
428
467
362
-
100
200
300
400
500
600
FY20FY21FY22FY23FY24FY25FY26
1H2H
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Financial results
Will Wright, CFO
16
Income Statement
DEC 2024
6 MONTHS
DEC 2025
6 MONTHS
INCOME STATEMENT
NZ$m
2,8522,866
Revenue
(1,928)(1,965)
Cost of goods sold
924901
Gross margin
(301)(312)
Warehouse and distribution expenses
(478)(451)
Selling, general and administration expenses
38
Share of profits of associates and joint ventures
2-
Revaluation gain on investment property
(3)(1)
Other
147145
EBIT before Significant Items
(177)(7)
Significant Items
(30)138
EBIT
(31)(33)
Lease interest expense
(70)(40)
Funding costs
43(17)
Taxation (expense)/benefit
-(3)
Losses attributable to non-controlling interests
(88)45
Net earnings/(losses) from continuing operations
(46)(56)
Net losses from discontinued operations
(134)(11)
Net losses attributable to the shareholders
(14.3)(1.0)
Basic losses per share (cents)
(9.4)4.2
Basic earnings/(losses) per share from continuing operations (cents)
•Revenue was broadly aligned with pcp, with better volumes in
WWB and Laminex AU (+6.6%), that were partially offset by
81 fewer unit sales in R&D
•Gross margin held broadly flat vs pcpwhile overhead costs
savings in R&D and Corporate were partially offset by higher
costs in Distribution
•Like-for-like EBIT before Sig Items (including Construction) was
$151m compared to $167m in 1H FY25
•Significant Items mainly made up by IplexAustralia pipes legal
costs, CSP impairment and OSB plant transaction costs
•Funding costs reflect lower interest rates and lower debt vs
pcp, and includes break fees and make-whole costs from early
termination of USPP and interest rate swaps (~$10m)
•Net losses from discontinued operations includes the
Construction Division in both the current and comparative
periods and Tradelink in the comparative period
Net earnings from continuing operations positive for the first time since June 2023, with cost out initiatives and
market share gains partly offsetting the impact of volume declines and lower Residential sales
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
17
Discontinued operations
DEC 2025
6 MONTHS
FINANCIAL PERFORMANCE & CASHFLOW
NZ$m
519
Revenue
(463)
Cost of goods sold
56
Gross margin
(52)
Selling, general and administration expenses
2
Other operating income/(expenses)
6
EBIT before Significant Items
(81)
Significant Items
(75)
Losses before interest and taxation (EBIT)
(3)
Lease interest expense
(3)
Funding costs
25
Income tax benefit
(56)
Net losses from discontinued operations net of tax
(5.2)
Basic losses per share (cents)
(5.2)
Basic losses per share from continuing operations (cents)
25
Net cash inflow / outflow from operating activities
20
Net cash inflow / outflow from investing activities
(15)
Net cash inflow / outflow from financing activities
30
Net movement in cash generated by discontinued operations
•As at 31 December 2025, the Construction Division met the
criteria to be classified as held for sale and the Division has
therefore been presented as a discontinued operation
•These discontinued operations include:
•All of the New Zealand construction businesses being
sold to VINCI (as announced on 20 January 2026)
•The South Pacific construction operations, which are
expected to be divested or exited separately from the
businesses announced to be divested
•Residual legacy vertical construction liabilities, including
obligations associated with the New Zealand International
Convention Centre, which remain with the Group and do
not form part of the assets and liabilities classified as held
for sale. However, these activities have been presented
within discontinued operations as the Group completes
the wind-down of its vertical construction business
•The balance sheet for the operations to be divested includes
net assets of $183m ($428m of assets, $245m of liabilities)
The Construction Division has been presented as a discontinued operation
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
18
1H FY25 to 1H FY26 EBIT bridge
Volume and cost inflation impacts offset by cost out initiatives and market share gains
EBIT bridge 1H FY25 to 1H FY26: Key drivers of YoY change
$m
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
167
(20)
147
(20)
15
(5)
(7)
(41)
45
11145
1H FY25 Construction 1H FY25
Cont. Op.
Market
Volume
Market
Share
Price vs
Variable COGS
Residential
& Development
WHD & SGA
Cost Inflation
WHD & SGA
Cost Reduction
Other1H FY26
Cont. Op.
-
20
40
60
80
100
120
140
160
180
IncreaseDecreaseTotal
19
1. FY27 ~$98m, FY28 ~$34m; 2. Compared to Net Position held for sale, net asset value includes
$32m of cash, $76m of ROU lease liability and $6m of tax liability
Balance Sheet
30 JUN 2025
31 DEC 202431 DEC 2025
BALANCE SHEET
NZ$m
1,9051,9531,928
Inventory
849770700
Debtors
(1,202)(1,147)(929)
Creditors
(345)(255)(394)
Other Working capital
2,3492,3542,326
Property, plant and equipment and investment property
656880633
Indefinite life intangible assets
4715031
Other Intangible assets
218240211
Investments
150151152
Retirement plan assets
1,2461,2791,004
Right-of-use lease Asset
(63)(69)(61)
Deferred tax liability -brands
(8)3(8)
Derivatives for foreign currency hedging
293129
Current tax balances
2233
Net Position held for sale
5,8316,3425,855
Invested Capital
(1,497)(1,543)(1,324)
Right-of-use lease Liability
4,3344,7994,531
Funds
272251294
Deferred tax balances (excl. deferred tax on brands)
(1,172)(1,373)(1,265)
Carrying value of borrowings
34447
Value of hedge derivatives
13920294
Cash and cash equivalents (incl. those classified as held for sale)
3,607
3,923
3,661
Funds / Group Equity
•R&D funds increased +$144m, with $151m of land
purchases during the period. Further purchases of
~$64m are also expected in 2H FY26 with an additional
~$132m
1
expected across FY27 and FY28
•PPE principally increased by additional investment in
new OSB plant, with $32m increase driven by NZD/AUD
FX impact
•Construction assets and liabilities have been reclassified
as held for sale (PPE, RoU, cash, and working capital
balances), with net asset value of NZ$183m
2
•Provisions increase was largely attributable to the
additional $60m retained legacy construction project
positions
•Deferred tax balance increased by $17m with additional
Construction provisions
•Creditors reduced reflecting a more balanced and less
volatile approach to working capital
Strong focus on working capital and lease management, with Construction divestment to result in greater resilience
once completed
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
20
1. Before Significant Items
Cash flows
DEC 2024
6 MONTHS
DEC 2025
6 MONTHS
CASH FLOWS
NZ$M
Cash flow from operating activities
3,9423,411
Receipts from customers
84
Receipts from residents (new ORAs)
(3,861)(3,258)
Payments to suppliers, employees and other
(2)(1)
Income tax paid
87156
Net cash from operating activities
Cash flow from investing activities
18217
Sale of subsidiaries and investments
--
Acquisition of subsidiaries
-(3)
Investment in joint ventures and associates
76
Dividends & interest received
533
Sale of property plant and equipment
(150)(150)
Purchase of property plant and equipment and intangible assets
(5)(4)
Investment in mining, consenting and stripping
(6)(4)
Payments for investment property and development or investment property
81(135)
Net cash from investing activities
Cash flow from financing activities
(79)(55)
Funding costs (expensed & capitalised)
(135)(132)
Lease principal & interest paid
6(3)
Net non-controlling contributions/(distributions)
679-
Net issue / repurchase of shares
(752)107
Net draw / (repay) borrowings & capital notes
(281)(83)
Net cash from financing activities
(113)(62)
Net movement in cash held
•Key components of net cash flows from operating activities
included;
•EBITDA
1
before Significant Items of $331m (down ~4%
on 1H FY25)
•disciplined creditors and debtors control in M&D
divisions
•$14m legacy construction inflows, and $26m Significant
Items cash outflows
•Residential working capital spend in 1H FY26 of $142m,
largely driven by land purchases of ~$151m
•Proceeds from the sale of NX2 resulted in a net cash inflow
of $19m in 1H FY26, partially offset by disposal costs on
Tradelink
•Capex PP&E investment includes: $86.5m OSB plant, $5.4m
PlaceMakersF&T plant, $7.2m new Firth Auckland batching
plant, $2.8m Fletcher Insulation acoustic panels plant
Strong operating cash flow of $156m (up 79% on 1H FY25) despite $151m of residential land purchases and
reduced receipts from customers
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
21
1.Note Divisional central costs includes both Group recharges and direct costs incurred at a divisional level
Central costs
•Group technology costs decreased materially post restructure
and decentralisationinitiatives
•Corporate overhead costs include executive remuneration and
director fees, D&O insurance, company secretarial and listing
fees and other Group support services
•Further cost out expected post Construction divestment to
ensure corporate functions are “right sized”
•Other income primarily relates to ETS sales (1H FY25 only) and
net interest income on defined benefit pension plan
•STI accruals in 1H FY26 are lower comparable to 1H FY25
reflecting current financial performance
Increased operating discipline reflected in significantly lower corporate and divisional costs
DEC 2024
6 MONTHS
DEC 2025
6 MONTHS
CENTRAL COST SUMMARY
NZ$m
Group
5642Technology
2316Corporate overhead costs
55Property & Penrose campus
119Other Group central costs (legal, payroll and other)
--Digital@Fletcherproject costs
(4)(3)Other income
9169Group central costs (pre-recharge)
(62)(52)Group recharges
2917Net Group corporate costs
Division
1
3328Divisional central costs (pre-recharge)
(16)(16)Division recharges
1712Net Divisional corporate costs
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Working capital performance
Working capital volatility has improved and is more in line with long term averages, with significant improvements
expected with portfolio simplification
22
•Over the past two years, trading cash flows and working capital have been relatively volatile requiringthe Group to maintain significant financing
headroom
•The ongoing focus on reducing working capital volatility and trading cash flow has resulted in movements returning closer to long term averages
•Changes to the portfolio, such as the sale of the Construction division and potential divestment of Residential and Development,will likely lead
to a material reduction in working capital volatility
1. Average monthly change in trading cash for the period from FY19-FY25 accumulated over 12 months, Trading Cash is defined as
net cash from operating activities, excluding income tax paid and including lease principal and interest paid
GROUP CUMULATIVE MONTHLY ∆TRADING CASH
1
(FY19 –FY25); $m
GROUP (ex CONSTRUCTION & R&D) CUMULATIVE MONTHLY ∆TRADING CASH
1
(FY19 –FY25); $m
-600
-500
-400
-300
-200
-100
0
100
200
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Cumulative average monthly ∆ (FY19-25)
Cumulative monthly ∆ (1H FY26)
Cumulative monthly ∆ (1H FY25)
-600
-500
-400
-300
-200
-100
0
100
200
Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
Cumulative average monthly ∆ (FY19-25)
Cumulative monthly ∆ (1H FY26)
Cumulative monthly ∆ (1H FY25)
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Capital allocation
Capex and Investments of $161m in 1H FY26 flat compared to 1H FY25
23
•Investments includes contributions into Winstone
Aggregates JVs
•Stripping (removing overburden to uncover aggregate
resource) costs of ~$4m in Winstone Aggregates and
Golden Bay. These are capitalised and amortised as the
resource is extracted
•Key 1H FY26 projects include:
•OSB plant projected to go live April 2026, with initial
board production expected in June/July 2026
•Frame & Truss Cavendish Driveexpectedto go live by
the end of May 2026
•New Firth Auckland batching plant at 882 Great South
Road opened in December 2025
•Divestment of the Construction Division will result in a
meaningful reduction in capex relating to asphalt plant
renewals originally planned from 2H FY26 into FY27 and
FY28
•Full year FY26 Capex expected to be $290m -$310m
(including OSB capex), with an additional $30m to be spent
on quarry consenting & stripping and $5m on Vivid
CAPEX &INVESTMENTS BREAKDOWN
$m
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
40
43
38
18
5
4
3
6
4
5
1
67
87
0
20
40
60
80
100
120
140
160
180
1H FY251H FY26
OSB
Construction
Vivid
Investments
Stripping
Growth Capex
SIB Capex
Management of lease portfolio
Reduction of $172m in lease liabilities which will further reduce post divestment of Construction
24
•Total lease liabilities are ~$1.3bn and represent ~52% of Group gross debt
•Lease terms were re-assessed and materially shortened across the Group,
resulting in a ~$172m reduction in Continuing operations lease liabilities.
•The divestment of Construction will also lead to a further reduction of ~$76m
•In Continuing Operations, Land and Buildings account for the majority of the
leases (~83%) with Plant & Machinery responsible for the remainder (~17%)
•ROIC calculation includes ROU assets to ensure lease impact is included in
performance hurdles
Weighted average lease term (continuing operations)
As at 31 December 2025, $m
As at
31 DEC 2024
As at
31 DEC 2025
Lease Liabilities
NZ$m
(431)(395)
Light Building Products
(463)(421)
Heavy Building Materials
(374)(361)
Distribution
(1,268)(1,177)
Materials & Distribution
(12)(2)
Residential and Development
(140)(69)
Corporate & Other
(1,420)(1,248)
Continuing operations
(123)(76)
Discontinued operations
(1,543)(1,324)
Group
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
209
506
296
119
118
0
100
200
300
400
500
600
<5 years 5-10 years 10-15 years 15-20 years 20+ years
55
90
40
33
1,179
289
325
5
FY26FY27FY28FY29FY30+
Capital NotesBank LoansOther
Funding mix
Continuingto make progress on simplifying funding structure, and implementing a more efficient capital model
aligned with current operating and strategic priorities
25
TOTAL FACILITIESMATURITY PROFILE
As at 31 DECEMBER2025, $m
6090
1,219
322
•Undrawn credit lines of $750m and cash on hand of $62m
as at 31 December 2025; total liquidity of ~$0.8b
•USPP (~$295m) fully prepaid and cancelled, refinanced via
bank debtwith related swap termination costs and a make
whole payment representing cash costs of ~$7m incurred
•New $200m 2-year bank liquidity facility established and
existing $325m Tranche C of the Syndicated Facility
Agreement extended for 4 years, to FY30
•FY28 maturities reflective of a transitional capital structure
and work is already underway on their refinancing
•Average maturity of debt is 2.3 years; average interest rate
on debt is 4.7%excluding line fees and 5.8% including line
fees
•Group gearing after hedging of 24% at31 December 2025
(22%at Dec 2024)
•Moody’s rating of Baa3/stable affirmed on 25 July 2025
•$55m capital notes will be redeemed in March 2026
325
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited26
Net Debt bridge
Net Debt managed well despite significant Residential land purchases, FY26 full year expected to be flat
compared to FY25 (excluding proceeds from Construction and property sales)
NET DEBT (30 Jun 2025–31 Dec 2025)
$m
1,164
R&D Working capital movement
primarily relates to ~$151m of
land purchases in 1H FY26
999
(304)
12
161
139
(3)
(20)
132
51
(1)
30-Jun-25
Operating Cash
(ex Legacy & Sig)
Sig Items &
Legacy Cash
Net Capex,
Investments
& Acquisitions
R&D Working
Capital
Group ex R&D
Working Capital
Proceeds from
Divestments
Lease principal
and interest paid
Interest,
Hedging & Debt
Restructure Costs
Dividends,
Minorities
and Tax
31-Dec-25
IncreaseDecreaseTotal
Outlook
Andrew Reding, Managing
Director & CEO
FY26F Outlook
Operating volumes continue to be subdued, impacting operating leverage and profitability
28
•New Zealand market volumes were largely flat in Q2 FY26 and overall remain subdued with meaningful improvements not
expected until calendar year 2027
•Volumes in Australian businesses are mixed with Laminex and Fletcher Insulation starting to show a positive volume trend
which, if continued, should support earnings
•Margincompression remains a challenge across a number of Business nits, but cost outinitiatives in Business Units,
Divisions and Corporate have helped support profitabilityand operating leverage should provide upside as volumes
recover
•In addition to the recent sale of Felix Street, other industrial land sale processes currently underway also have potential to
generate EBITand act as a short term offset to weakness in Residential and Development
•Our best estimate for Construction completion remains Q1 FY27 and Residential and Development strategic review
remains underway; any potential cashflow and cost out benefits should be seen from FY27
•Looking ahead, we expect the benefits of actions already taken on costs, portfolio simplification, and capital discipline to
progressively support performance as market conditions improve
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Appendix
Fletcher Building at a glance
A leading building materials manufacturer and
distributor across New Zealand and Australia
with complementary development &
construction businesses
30
1. Before Significant Items
•NZX and ASX listed (FBU), with market
cap of ~$4.0b
•FY25 Revenue of $7b and EBIT
1
of $390m
•Operates through a portfolio of 24
business units that employs 12,500+
people across Australia and New Zealand
•Portfolio provides meaningful vertical
integration across key product categories
including construction materials, wood &
panels, water and insulation
•Exposed to structurally attractive
markets, with population growth and
infrastructure deficits driving demand for
housing and infrastructure
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Our medium-termstrategy
At our Investor Day in June we presented a clear plan for improvement
31
Supportive macro-economictrends
Medium term focus on manufacturing and
distribution of building products and materials
Urgent action
Focus on high
performance
Empower our
leaders
Resilient capital
structure
•Clear plan withimmediate
priorities already
implemented and next
stages identified
•Urgency and speed will be
maintained throughout
•Business units and the
Group will measure return
against industry-specific
WACC targets
•Underperforming business
units evaluated
•Fletcher Building’s
business units are led by
talented people, but more
autonomy and recognition
of BU-specific needs is
required
•Develop and integrate
performance-driven
culture across business
units
•Dividend paused until net
debt target of $400m -
$900m (pre IFRS-16)
achieved
•Target investment grade
credit metrics
1
2
3
4
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Light Building Products
Change from 6 months ended
31 December 2024
(1H FY25)
6 months ended
31 December 2025
(1H FY26)
3% from $1,070m
$1,100mGross revenue
4% from $965m
$1,004mExternal revenue
1% from $411m
$408mGross margin
flat from $307m
-
$306mOverheads
2% from $104m
$102mOperating profit
3% from$105m
$108m
EBIT before Significant
Items
flat from 9.8%
-
9.8%
EBIT margin before
Significant Items
From $177m
n/m
$6mSignificant Items
flat from $2,421m
-
$2,426mInvested Capital
30 bps from 6.4%
6.1%ROIC (exclSig Items)
34% from $85m
$114mCapex & Investments
•Winstone Wallboards -Revenue ~2% higher than pcpwith product margins flat due to
continued operational excellence improvements combined with favourablegypsum
price movements mitigating cost inflation on labour, utilities and paper
•Laminex Australia -Delivered a 5% revenue increase, driven by a 7% uplift in domestic
volumes (sqm). However, pricing pressure, sales mix and higher raw material costs
impacted 1H FY26 EBIT, partially offset by improved recoveries and cost management
•Laminex New Zealand -Volumes were broadly flat on pcp, with the result impacted by
plant breakdowns and accelerated depreciation of the Taupo particleboard plant
ahead of replacement by the new OSB plant, resulting in 1H FY26 EBIT declining 19%
•WaipapaPine -Volumes increased 15% on pcp, driving improved production
recoveries from more stable production operations and procurement efficiencies,
offsetting labourcost inflation. Pricing across timber products remains challenging
•Comfortech-Pink Batts volume increased by 5% compared to pcp, driven by positive
market activity and share gains. However, this strong performance was partially offset
by reduced commercial segment activity, which was down ~25%
•Fletcher Insulation -Share gains lifted glasswoolvolumes by 2% despite subdued
market conditions. Overall, margins contracted due to pricing pressures, utilities and
labourcost inflation, partially offset by plant performance and raw material savings
•IplexNew Zealand -17% volume increase compared to pcp, driven by rural South
Island sales and market share gains as the rural sector resumed delayed projects.
Pricing remains challenging particularly in the civil and plumbing segments
•IplexAustralia -volume increased 1% compared to pcp, driven by growth in electrical
and plumbing, but offset by weaker civil and irrigation volume. Market pricing pressure
impacted margins, partially offset by procurement savings and lower resin costs
•Oliveri -1H FY26 trading was subdued compared to pcp, primarily due to the
contraction of the home improvement market, with retail sales declining
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited32
Heavy Building Materials
33
Change from 6 months ended
31 December 2024
(1H FY25)
6 months ended
31 December 2025
(1H FY26)
1% from $1,053m
$1,045mGross revenue
2% from $892m
$877mExternal revenue
4% from $269m
$259mGross margin
flat from $212m
-
$214mOverheads
8% from $48m
$44mOperating profit
13% from$53m
$46m
EBIT before Significant
Items
60 bps from 5.0%
4.4%
EBIT margin before
Significant Items
-
n/m
$2mSignificant Items
8% from $1,667m
$1,535mInvested Capital
120 bps from 5.0%
3.8%ROIC (exclSig Items)
36% from $47m
$30mCapex & Investments
•Firth: Volumes were robust during the half (broadly flat YoY) with share growth
offsetting a subdued and highly competitive market. During the half, Firth’s new
flagship Auckland batching plant was opened, with costs in line with expectations
•Golden Bay: Resilient performance, with disciplined manufacturing cost
performance (particularly thermal and electrical energy) and supply chain efficiency
offsetting a 1% volume decline. Coal substitution continues to rise, up 2% on pcp
•Humes: Impacted by weak market conditions in the civil & residential subdivision
segments and product mix, with concrete pipe & precast volumes declining 13% YoY.
During the half, three new branches were opened in Westgate, Drury and North
Christchurch, positioning the business well for the market recovery
•Winstone Aggregates:Volumes were impacted by a weak roading market and
project delays, down 13% YoY. Operating and overhead cost reductions protected
margins alongside continued price discipline. Sales of recycled aggregates through
The Urban Quarry increased significantly during the period
•ColorCote: Robust performance with increased production volumes through higher
export sales and domestic share growth driving productivity improvements and
offsetting continued margin pressure
•Dimond: Volumes increased 13% YoY driven by strong uptake of new products
•Easysteel: Operating profit was broadly flat on the prior period, with higher sales
volumes (up 11% YoY) offset by continued margin pressure
•Reinforcing: Margins impacted by a highly competitive pricing environment and
persistent cost pressures. Restructuring action taken in 1H FY26 to mitigate impacts
•Stramit: Improved performance compared vs pcpdespite lower volumes (down 5%
YoY) with good operational discipline and cost control. Market share stabilising
following greater customer service and DIFOTIS focus from new management team
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Distribution
34
•1H FY26 saw the residential construction market continuing to
perform below the activity levels experienced in 1H FY25 resulting
in continued pressure on revenue and margins for the Distribution
Division
•There appears to be a disparity in the residential construction
market activity with the lower South Island regions in particular
performing relatively well while the activity in main centres has
been slower to recover following the post COVID building boom.
•PlaceMakers-Revenue flat on 1H FY25 having stabilisedmarket
share in a highly competitive market. Competitive pressure on
revenue and margins particularly felt in Q1. Frame & Truss activity
increasing in Q2 showing encouraging commercial momentum
•Mico-the plumbing supplies market remained subdued with
activity significantly below FY25. Market share gains resulted in a
revenue lift of 4% with margins only slightly below 1H FY25
despite the competitive conditions
•Both distribution business units remain focused on growing
profitable business and business efficiency in a challenging trading
environment
Change from 6 months ended
31 December 2024
(1H FY25)
6 months ended
31 December 2025
(1H FY26)
flat from $780m
-
$783mGross revenue
1% from $767m
$773mExternal revenue
1% from $193m
$191mGross margin
4% from $188m
$195mOverheads
down from $4m
n/m
$(4)mOperating profit
down from$4m
n/m
$(4)m
EBIT before Significant
Items
downfrom 0.5%
n/m
(0.5)%
EBIT margin before
Significant Items
--Significant Items
10% from $680m
$615mInvested Capital
70 bps from 1.9%
1.2%ROIC (exclSig Items)
38% from $13m
$8mCapex & Investments
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
Residential and Development
35
•223 units Taken To Profit (TTP), 81 units (-27%) lower than 1H FY25
•EBIT for 1H FY26 was $12m, $2m lower than the 1H FY25, with the
margin impact of lower volume partly offset by cost management
•Invested capital increased $80m from December 2024 inclusive of
$151m of land purchases during 1H FY26. Further purchases of
~$64m are also expected in 2H FY26 with an additional ~$132m
1
expected across FY27 and FY28
•New developments coming to market in 2H FY26 include first
homes settling at The Hill, Kaipatikiand Beachlands, support
expectations of stronger 2H volumes.
•The Beachlandspre-sales campaign (October 2025 launch) has
delivered exceptionally strong results, with 32 contracts secured as
at 31 December 2025
Change from 6 months ended
31 December 2024
(1H FY25)
6 months ended
31 December 2025
(1H FY26)
12% from $240m
$211mGross revenue
7% from $228m
$211mExternal revenue
16% from $51m
$43mGross margin
21% from $39m
$31mOverheads
flat from $12m
-
$12mOperating profit
14% from$14m
$12m
EBIT before Significant
Items
10 bps from 5.8%
5.7%
EBIT margin before
Significant Items
-
n/m
$1mSignificant Items
9% from $913m
$993mInvested Capital
130 bps from 5.5%
4.2%ROIC (exclSig Items)
33% from $6m
$4mCapex & Investments
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
1. FY27 ~$98m, FY28 ~$34m
Construction
36
Change from 6 months ended
31 December 2024
(1H FY25)
6 months ended
31 December 2025
(1H FY26)
34% from $814m
$536mGross revenue
32% from $768m
$519mExternal revenue
25% from$75m
$56mGross margin
4% from $54m
$52mOverheads
71% from $21m
$6mOperating profit
70% from $20m
$6m
EBIT before Significant
Items
130 bps from 2.4%
1.1%
EBIT margin before
Significant Items
up from $6m
n/m
$81mSignificant Items
59% from $339m
$139mInvested Capital
130 bps from 9.7%
8.4%ROIC (exclSig Items)
80% from $5m
$1mCapex & Investments
•The Construction Division’s1H FY26 performance has been impacted by
delays in project work coming to market and by slower-than-expected
commencement of projects following award
•Higgins, selected as preferred bidder on three NZTA integrated delivery
contracts (previously known as NOC maintenance contracts) securing
~$1.3b of work.One of two key wind farm projects is nearing
completion, with Higgins also announced as preferred contractor for a
further wind farm project (Dunedin). During the period, Higgins
achieved its single largest day of bitumen supply on record, being 351tn
•Brian Perry Civil, achieved practical completion on its largest project as
head contractor, at the Auckland Airport Taxiway Mike project.
Completed the TeReinga Bridge lift, the largest lift of its kind undertaken
in New Zealand, involving a 175 tonne lift over 56 metres
•Major Projects, delivered improved margin and margin performance.
Eastern Busway awarded a further works package (Zone 5 -
Whakamaumahara) securing $90m additional scope and RāHihi flyover
successfully completed -a key programme milestone. Riverlink Alliance
project (Wellington) has now mobilised on site, with construction
underway
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
37
FY25 Significant Items
•Significant Items from continuing operations
•~$7m, primarily comprising PIFWA-related legal fees of ~$4m, a CSP inventory write-
down of ~$2m, and Laminex New Zealand Taupō plant transition costs of ~$2m
•Significant Items from discontinued operations
•Totals to ~$81m, comprising ~$60m of additional provisions for retained legacy
construction projects, ~$8m of legacy overheads and legal costs associated with
vertical construction, a ~$10m of South Pacific closure costs and impairments, a ~$3m
loss on disposal of the NX2 investment, and some legal and advisory costs incurred in
connection with the divestment of Construction and strategic review of Residential
and Development
Total Significant Items of $88m in 1H FY26, primarily construction related provisions
1H FY26 Significant Items ($m)
7From Continuing operations
68Legacy construction & legal provisions
10South Pacific write down and closure costs
3NX2 divestment –loss on disposal
81Total from Discontinued operations
88Total
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
38
* Comparatives have been reclassified to reflect intra-group sales between continuing operations and Construction Division (discontinued operation), resulting in a gross-up of external revenue and cost of goods sold in continuing operations and corresponding eliminations within discontinued
operations, with no impacts on total Group results.
+ Comparatives have been represented (refer note 2.1 of the 2026 Interim Financial Results).
1. Overheads reflect warehouse, distribution, selling, general and administrative expenses.
2. Other operating income/(expenses) include restructuring and redundancy costs, and costs associated with Golden Bay®’sMVAC ship breakdown (in FY25 and the six months ended 31 December 2024).
3. Revaluation gains include gains recognisedfrom the remeasurement of Vivid Living®’sinvestment properties at each reporting date.
4. Other gains/(losses) include gains/losses from the disposal of assets, net interest income on defined benefit plans, fxgain/losses on lease liabilities and proceeds from the disposal of NZ ETS units.
Divisional breakdowns
EBITDA
before Sig
ItemsEBITDADD&AEBITSig Items
+
EBIT before
Sig Items
Reval
3
and
other gains
/ (losses)
4
Equity
Accounted
Earnings
Operating
Profit
Other income
/ (expenses)
2
Overheads
1
Gross
Margin*
External
Revenue*
Gross
Revenue
NZ$m
For the six months ended 31 December 2025 (unaudited)
170 164 62 102 (6)108 6 102 (306)408 1,004 1,100
Light Building Products
108 106 62 44 (2)46 2 44 (1)(214)259 877 1,045
Heavy Building Materials
27 27 31 (4)(4)(4)(195)191 773 783
Distribution
13 14 1 13 1 12 12 (31)43 211 211
Residential & Development
(13)(13)4 (17)(17)(17)(21)4 1 4
Corporate
4 (4)(277)
Group eliminations
305 298 160 138 (7)145 8 137 (1)(763)901 2,866 2,866
Continuing operations
For the six months ended 31 December 2024 (unaudited)
165 (12)60 (72)(177)105 1 104 (307)411 965 1,070
Light Building Products
111 111 58 53 53 3 2 48 (9)(212)269 892 1,053
Heavy Building Materials
34 34 30 4 4 4 (1)(188)193 767 780
Distribution
16 16 2 14 14 2 12 (39)51 228 240
Residential & Development
(22)(22)7 (29)(29)1 (30)3 (38)5 4
Corporate
5 (5)(295)
Group eliminations
304 127 157 (30)(177)147 6 3 138 (7)(779)924 2,852 2,852
Continuing operations
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
39
1. Upstream construction materials earnings are split approximately 61% / 39% between quarry earnings and cement earnings in 1H FY26 and 76% / 34% in 1H FY25
Divisional EBIT breakdowns
6 months to DEC 20246 months to DEC 2025Divisional EBIT (before Sig Items) (NZ$m)
8691
Wood & Panels
129
Water
1313
Insulation
111113
Total Light Building Products EBIT (excldivisional costs)
3436
Upstream construction materials
1
1611
Downstream construction materials
41
Steel
5448
Total Heavy Building Materials EBIT (excldivisional costs)
9(1)
PlaceMakers
(3)(2)
Mico
6(3)
Total Distribution EBIT (excldivisional costs)
2013
Fletcher Living
-1
Development
-(2)
Vivid
(6)-
Apartments & Clevercore
1412
Total Residential & Development EBIT (excldivisional costs)
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
40
Divisional sector revenue exposures
AU InfrastructureAU CommercialAU ResidentialNZ InfrastructureNZ CommercialNZ ResidentialEstimated Divisional breakdown (1H FY26)
-18%39%-11%32%
Wood & Panels
44%5%34%11%1%5%
Water
-21%50%-14%14%
Insulation
9%16%39%3%9%24%
Total Light Building Products
---41%25%35%
Upstream construction materials
---27%32%41%
Downstream construction materials
-11%40%6%23%20%
Steel
-5%19%20%26%30%
Total Heavy Building Materials
----11%89%
PlaceMakers
---3%28%69%
Mico
---1%14%85%
Total Distribution
-----
100%
Fletcher Living
-----
100%
Development
-----
100%
Vivid
-----
100%
Apartments
-----100%
Total Residential & Development
3%7%20%7%15%47%
Group –continuing operations
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
41
Credit metrics
JUN 2025
12 MONTHS
DEC 2025
12 MONTHSCredit metrics & covenants
$999m
$1,164m
Pre-IFRS 16 Net Debt (target $400m -$900m)
1.6x
2.1x
Senior Leverage Ratio (covenant 3.25x from FY26)
3.9x
4.1x
Senior Interest Cover Ratio (covenant 2.25x, moving to 2.75x in 2H27)
3.7x
3.7x
Gross Leverage Ratio (Moody’s)
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited
IplexAustralia & Silicosis
House remediations and pipe replacements building momentum, no change to provisions
| 1H FY26 Results Presentation | 18 February 2026 | Fletcher Building Limited42
IplexIndustry Response
1
•As of 31 December 2025, A$22 million (NZ$25 million) of the total A$155 million
(NZ$170 million) provision amount has been utilised, including A$9 million (NZ$11
million) in the current period
•Costs incurred to date under the Industry Response (IR) remain in line with the
provision and the underlying assumptions disclosed at 30 June 2025
•The IR was launched in November 2024 and now has 50 participating builders
undertaking the agreed work and remediation programme(compared to 38 builders at
30 June 2025)
•While most major builders are participating in the IR, the Buckeridge Group of
Companies (BGC), which constructed approximately 55% of the potentially affected WA
homes, has not joined the IR. The provision includes allowances for homes built by BGC,
which retains the option to participate in the IR at any time
•To the extent BGC remains outside the IR, repair costs and associated cash flows are
expected to be proportionately lower; however, this may increase exposure to disputes
and claims (BGC homes are being fitted with leak detectors)
Iplex
remediation
update
•On 12 December 2025, Fletcher Building was joined as a respondent to the proceedings by WA home builder BGC against Iplex® Australia. An additional claim
has been filed by one homeowner in the WA District Court, against both BGC and Iplex® Australia. All proceedings remain in the discovery phase, which is
expected to continue through 2026 (other than the WA District Court proceeding which has not yet reached the discovery phase)
•The outcome of the proceedings and associated liabilities, if any, remains uncertain
Iplexclass
action & BGC
proceedings
•Consistent with the position disclosed in the Group’s annual consolidated financial statements as at 30 June 2025, Laminex® Australia remains subject to a
number of silica related personal injury claims in Australia, with A$0.8 million of the provision utilisedduring the period. Based on currently available
information as at 31 December 2025, no change to the provision amount is required
Silicosis
1. Includes activities prior to launch of the Industry Response; 2.Pipe has been completely removed from the home
Completed as
at
31-Dec-25
Completed as
at
30-June-25
Completed as
at
31-Dec-24
Activity
41882003592
Leak detector
Installation
1176996732
Ceiling Pipe
Replacement
149555
Full Home
Remediation
2
---
Results Announcement
(for Equity Security issuer/Equity and Debt Security issuer)
Results for announcement to the market
Name of issuer Fletcher Building Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency NZD
Amount (000s) Percentage change
Revenue from continuing
operations
$2,866,000 0.5%
Total Revenue $3,365,000 (11.1%)
Net profit/(loss) from continuing
operations
$45,000 NA
Total net profit/(loss) $(11,000) 91.8%
Final Dividend
Amount per Quoted Equity
Security
The Board has resolved not to declare an interim dividend for HY26.
Imputed amount per Quoted
Equity Security
Record Date
Dividend Payment Date
Current period Prior comparable period
Net tangible assets per Quoted
Equity Security
$2.80 $2.76
A brief explanation of any of the
figures above necessary to
enable the figures to be
understood
• Group revenue from continuing operations of $2,866 million, up 0.5%
on HY25.
• EBIT before Significant Items from continuing operations of $145 million,
compared with an EBIT before Significant Items of $147 million in HY25.
• Significant Items from continuing operations of $7 million, materially
lower than HY25, which included a $177 million provision recognised in
relation to the Iplex Australia Western Australia pipes matter.
• Net loss from discontinued operations of $56 million for HY26
(Construction), compared with a $46 million net loss in HY25
(Construction and Tradelink).
• Group Net Loss After Tax of $11 million, compared with a net loss after
tax of $134 million in HY25.
Authority for this announcement
Name of person authorised to
make this announcement
Haydn Wong, Group General Counsel and Company Secretary
Contact person for this
announcement
Alex MacDonald, GM Corporate Finance and Investor Relations
Contact phone number +64 21 221 4266
Contact email address Alex.MacDonald@fbu.com
Date of release through MAP 18/2/2026
Unaudited financial statements accompany this announcement.
---
Interim Financial Results 2026
Fletcher Building Limited
When used in these Interim Financial Results, references to the ‘Company’
are references to Fletcher Building Limited. References to ‘Fletcher Building’
or the ‘Group’ are to Fletcher Building Limited, together with its subsidiaries
and its interests in associates and joint ventures. References to $ and NZ$
are to New Zealand dollars unless otherwise stated.
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This report and our previous reports and presentations
are available at www.fletcherbuilding.com.
Chair and Managing Director & CEO’s Review 03
Consolidated Interim Financial Statements 04
Notes to the Consolidated Interim Financial Statements 09
Independent Auditor’s Review Report 26
Contents
02
Fletcher Building Limited Interim Financial Results 2026
Chair and Managing Director
& CEO’s Review
Dear Shareholders
The first half of FY26 (1H FY26) has remained a challenging period
for Fletcher Building. Market conditions across New Zealand and
Australia continued to be subdued, with a clear contrast between
a difficult first quarter and relatively more stable conditions
in the second. Despite these headwinds, the Group has shown
resilience and made solid progress in resetting the business.
We have taken important steps to both simplify our portfolio
and strengthen our financial position.
Volumes remain soft across much of the Group, particularly
in New Zealand’s residential and civil markets, and competition
– especially in the Distribution division - continues to weigh
on margins. Against this backdrop, our core manufacturing
businesses performed relatively steadily, supported by
disciplined cost control and stronger operational execution,
helping to offset weaker conditions in Construction and
Residential and Development divisions.
Revenue from continuing operations was $2,866 million, broadly
in line with 1H FY25, while EBIT from continuing operations before
Significant Items of $145 million reflected a steady underlying
performance, despite difficult market conditions. Importantly,
operating cash flow improved to $156 million, materially higher
than the prior corresponding period, indicating strong operating
discipline and working capital management.
We continued to make good progress on several fronts during
the first half:
• We announced the divestment of the Construction division,
a significant milestone in our portfolio simplification
strategy. The transaction with VINCI Construction is valued
at $315.6 million, with a potential increase to $334.1 million
pending the final outcome of certain key contracts. We expect
to use the proceeds for debt reduction, with completion
targeted for the first quarter of FY27.
• We continued embedding our decentralised operating model.
Business Units are now fully accountable for their operational
performance, customer relationships and environmental
and social outcomes. At a Group level, we strengthened
performance alignment by adopting return on invested
capital (ROIC) as our central value metric, sharpening the
link between decision-making and long-term value creation.
• We delivered meaningful cost reductions, achieving
approximately $45 million of year-to-date savings across
Warehouse and distribution, and Selling, general and
administration expenses. Additional cost-out initiatives
were implemented during the first half, with the full earnings
benefits expected to be realised in the second half of FY26.
• Progress was made across our core operations through a
combination of growth initiatives and a focus on operational
excellence. Growth initiatives included the opening of
Firth®’s new Auckland batching plant, the commissioning
of Fletcher Insulation®’s Sonata Acoustics facility, and the
expansion of recycled aggregate capability at Winstone
Aggregates®. In parallel, operational excellence initiatives
delivered manufacturing and cost improvements at
Laminex® Australia and Winstone Wallboards®.
• We remained focused on our climate commitments,
maintaining an A– CDP rating and achieving a 23% reduction
in emissions from our FY18 baseline. Initiatives across the
businesses, such as solar generation, increased use of recycled
materials, and alternative fuels at Golden Bay®, continue
to support our long-term decarbonisation goals.
• We resolved a major legacy construction matter, with the
New Zealand International Convention Centre (NZICC)
reaching Practical Completion and being handed over to
SkyCity ahead of its formal opening in February 2026. This
represents an important milestone following several years
of remediation and will deliver a truly world-class facility for
Auckland, and New Zealand more broadly. Following the sale
of the Construction division ongoing risks and responsibilities
related to NZICC and other legacy projects will continue to be
held by Fletcher Building. As previously stated, we intend to
vigorously defend ourselves against SkyCity’s NZICC litigation.
• Disciplined capital allocation and strong working capital
management resulted in net debt below internal expectations,
further improving the Group’s financial position. The Group
retains significant liquidity headroom and capacity against
its banking covenants. As at 31 December 2025, we had
approximately $0.8 billion of available liquidity, further
supported by a new $200 million bank liquidity facility
and extensions to key syndicated banking facilities.
• The Board appointed James Miller as Deputy Chair, reflecting
its view that New Zealand-based governance leadership was
important in supporting the Chair.
While we have made solid progress, market conditions remain
challenging in New Zealand and demand across the residential
and civil sectors is expected to remain relatively subdued
through FY26, with a more meaningful recovery not anticipated
until calendar year 2027. In Australia, early signs of stabilisation
are emerging, although conditions remain uneven. Looking
ahead, we expect that the benefits of actions already taken
on costs, portfolio simplification and capital discipline will
progressively support the Group’s performance.
Given these circumstances, and in line with the Group’s capital
structure settings, no interim dividend has been declared for
1H FY26.
On behalf of the Board and management, we thank our people
for their continued commitment, discipline and professionalism
through a period of sustained change and challenging trading
conditions. We also thank our shareholders for their ongoing
support as we continue to reshape Fletcher Building into
a simpler, more resilient and more focused building products
manufacturing and distribution group.
Peter Crowley
Chair
Andrew Reding
Managing Director & CEO
03
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Continuing operationsNote
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024*
NZ$M
Audited
Year ended
Jun 2025*
NZ$M
Revenue2,866 2,852 5,644
Cost of goods sold(1,965)(1,928)(3,846)
Gross margin901 924 1,798
Warehouse and distribution expenses(312)(301)(588)
Selling, general and administration expenses(451)(478)(894)
Other operating income/(expenses)(1)(7)(7)
Operating profit137 138 309
Share of profits of associates and joint ventures8 3 10
Revaluation gain on investment property2 6
Other gains/(losses) 4 7
Significant Items2.2(7)(177)(576)
Earnings/(losses) before interest and taxation (EBIT)138 (30)(244)
Lease interest expense(33)(31)(63)
Funding costs(40)(70)(105)
Earnings/(losses) before taxation65 (131)(412)
Taxation (expense)/benefit4(17)43 71
Earnings/(losses) after taxation from continuing operations48 (88)(341)
Earnings attributable to non-controlling interests(3) (2)
Net earnings/(losses) from continuing operations attributable
to the shareholders
45 (88)(343)
Net losses from discontinued operations(56)(46)(76)
Net losses attributable to the shareholders(11)(134)(419)
* Comparatives have been represented, refer to notes 2.1 and 2.4.
Net losses per share (cents)
Basic (1.0) (14.3) (41.4)
Diluted (1.0) (14.3) (41.4)
Net earnings/(losses) per share from continuing operations (cents)
Basic 4.2 (9.4) (33.9)
Diluted 4.2 (9.4) (33.9)
Weighted average number of shares outstanding (millions of shares)
Basic 1,075 940 1,013
Diluted 1,075 940 1,013
Diluted – continuing 1,090 940 1,013
Dividends declared per share (cents)
The accompanying notes form part of and are to be read in conjunction with these consolidated interim financial statements.
On behalf of the Board, 18 February 2026
Peter Crowley
Chair
Sandra Dodds
Director, Chair of Audit and Risk Committee
Consolidated Income Statement
For the six months ended 31 December 2025
04
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024*
NZ$M
Audited
Year ended
Jun 2025*
NZ$M
Net losses attributable to shareholders(11)(134)(419)
Net earnings attributable to non-controlling interests3 2
Net losses after tax(8)(134)(417)
Other comprehensive income/(loss)
Items that do not subsequently get reclassified to Consolidated Income Statement:
Movement in pension reserve(3)(7)
(3)(7)
Items that may be reclassified subsequently to Consolidated Income Statement
in the future:
Movement in cash flow hedge reserve(3)(3)(7)
Movement in currency translation reserve74 12 (14)
Reclassification of foreign currency reserve to Consolidated Income Statement53 53
71 62 32
Other comprehensive income71 59 25
Total comprehensive income/(loss) for the period63 (75)(392)
Total comprehensive income/(loss) for the period arises from:
Continuing operations119 (82)(369)
Discontinued operations(56)7 (23)
Total comprehensive income/(loss) for the period63 (75)(392)
* Comparatives have been represented, refer to note 2.4.
The accompanying notes form part of and are to be read in conjunction with these consolidated interim financial statements.
Consolidated Statement of Comprehensive Income
For the six months ended 31 December 2025
05
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
NZ$MNoteShare capitalRetained earningsShare-based payments reserveCash flow hedge reserveCurrency translation reservePension reserveTotalNon-controlling interestsTotal equity
Total equity at 30 June 2024 (audited)2,995 288 26 3 (79)84 3,317 11 3,328
Total comprehensive income/(loss) for the period(134)(3)65 (3)(75)(75)
Movement in non-controlling interests(7)(7)
Dividends paid to shareholders of the parent5 4 (11)(2)(2)
Movement in share-based payment reserve679 679 679
Total equity at 31 December 2024 (unaudited)3,679 158 15 (14)81 3,919 4 3,923
Total comprehensive income/(loss) for the period(285)(4)(26)(4)(319)2 (317)
Movement in non-controlling interests2 2 (1)1
Movement in share-based payment reserve1 (1)
Total equity at 30 June 2025 (audited)3,680 (125)14 (4)(40)77 3,602 5 3,607
Total comprehensive income/(loss) for the period (11)(3)74 60 3 63
Movement in non-controlling interests (10)(10)
Movement in share-based payment reserve4 1 (4)1 1
Total equity at 31 December 2025 (unaudited)3,684 (135)10 (7)34 77 3,663 (2)3,661
The accompanying notes form part of and are to be read in conjunction with these consolidated interim financial statements.
Consolidated Statement of Movements in Equity
For the six months ended 31 December 2025
06
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Consolidated Balance Sheet
As at 31 December 2025
AssetsNote
Unaudited
Dec 2025
NZ$M
Unaudited
Dec 2024
NZ$M
Audited
Jun 2025
NZ$M
Current assets:
Cash and cash equivalents 62 202 139
Current tax assets 29 31 29
Contract assets 146 50
Derivatives 11 13 8
Debtors 700 770 849
Inventories 1,388 1,352 1,325
Total current assets before held for sale 2,190 2,514 2,400
Assets classified as held for sale2.4 428 5
Total current assets 2,618 2,519 2,400
Non-current assets:
Property, plant and equipment 2,205 2,247 2,223
Investment property 121 107 126
Intangible assets 664 1,030 703
Right-of-use assets 1,004 1,279 1,246
Investments in associates and joint ventures 211 240 218
Inventories 540 601 580
Retirement plan assets 152 151 150
Derivatives 1 52 43
Deferred tax assets 232 182 209
Total non-current assets 5,130 5,889 5,498
Total assets 7,748 8,408 7,898
Liabilities
Current liabilities:
Creditors, accruals and other liabilities 903 1,122 1,171
Provisions3 312 283 278
Lease liabilities 207 167 172
Derivatives 10 11 19
Contract liabilities 9 87 56
Borrowings5 60 85 60
Total current liabilities before held for sale 1,501 1,755 1,756
Liabilities directly associated with assets held for sale2.4 245 3
Total current liabilities 1,746 1,758 1,756
Non-current liabilities:
Creditors, accruals and other liabilities 26 25 31
Provisions3 66 34 61
Lease liabilities 1,041 1,373 1,325
Derivatives 3 7 6
Borrowings5 1,205 1,288 1,112
Total non-current liabilities 2,341 2,727 2,535
Total liabilities 4,087 4,485 4,291
Equity
Share capital 3,684 3,679 3,680
Reserves (21) 240 (78)
Shareholders’ funds 3,663 3,919 3,602
Non-controlling interests (2) 4 5
Total equity 3,661 3,923 3,607
Total liabilities and equity 7,748 8,408 7,898
The accompanying notes form part of and are to be read in conjunction with these consolidated interim financial statements.
07
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Consolidated Statement of Cash Flows
For the six months ended 31 December 2025
Note
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024*
NZ$M
Audited
Year ended
Jun 2025
NZ$M
Cash flow from operating activities
Receipts from customers3,411 3,942 7,311
Receipts from residents – residents’ loans – new occupation
right agreements (ORA)
4 8 27
Payments to suppliers, employees and other(3,258)(3,861)(6,837)
Income tax paid(1)(2)
Net cash from operating activities
7
156 87 501
Cash flow from investing activities
Sale of subsidiaries(2)182 174
Sale of investments19
Sale of property, plant and equipment3 53 56
Acquisition of subsidiaries(1)
Investments in joint ventures and associates(3)(4)
Dividends received3 5 16
Interest income received3 2 6
Purchase of property, plant and equipment and intangible assets(150)(150)(280)
Investment in mining, consenting and stripping(4)(5)(16)
Payments for investment property and investment property
under development
(4)(6)(12)
Net cash from investing activities(135)81 (61)
Cash flow from financing activities
Funding costs paid and expensed(48)(73)(116)
Funding costs paid and capitalised to property, plant and equipment
and intangible assets
(7)(6)(13)
Lease interest paid(36)(36)(72)
Principal elements of lease payments(96)(99)(189)
Contributions from non-controlling interests 11 42
Distribution to non-controlling interests(3)(5)(5)
Issue of shares679 679
Net (repurchase)/issue of capital notes(80)
Net (repayment)/drawdown of borrowings107 (752)(858)
Net cash from financing activities(83)(281)(612)
Net movement in cash held(62)(113)(172)
Add: opening cash and cash equivalents139 311 311
Effect of exchange rate changes on net cash17 4
Closing cash and cash equivalents94202139
Less: Cash and cash equivalents classified as held for sale2.4(32)
Closing cash and cash equivalents per Consolidated Balance Sheet62202139
* Comparatives have been represented, refer to note 2.1.
The accompanying notes form part of and are to be read in conjunction with these consolidated interim financial statements.
08
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Notes to the Consolidated Interim Financial Statements
Statement of accounting policies
1. GENERAL INFORMATION
The consolidated condensed interim financial statements presented are those of Fletcher Building Limited (the Company) and its
subsidiaries (the Group). The Group is primarily involved in the manufacturing and distribution of building materials and residential,
commercial and infrastructure construction. Fletcher Building Limited is domiciled in New Zealand. The registered office of the
Company is 810 Great South Road, Penrose, Auckland.
The Company is registered under the Companies Act 1993 and is a Financial Markets Conduct Act (FMCA) 2013 reporting entity
in terms of the Financial Reporting Act 2013. The Group is a for-profit entity. The Company is listed on the New Zealand Stock Exchange
(NZX), and the Australian Securities Exchange (ASX) as a Foreign Exempt Listing.
Basis of presentation
These consolidated interim financial statements have been prepared in accordance with Generally Accepted Accounting Practice
in New Zealand and the requirements of the Financial Markets Conduct Act 2013. Generally Accepted Accounting Practice are the
New Zealand equivalent to International Financial Reporting Standards (NZ IFRS).
These financial statements are presented in New Zealand dollars ($), which is the Group’s presentation currency, and rounded to the
nearest million unless otherwise stated.
The consolidated interim financial statements comply with NZ IAS 34 Interim Financial Reporting and do not include all the information
and disclosures required in the annual consolidated financial statements, and should be read in conjunction with the Group’s annual
consolidated financial statements for the financial year ended 30 June 2025. In complying with NZ IAS 34, these financial statements
comply with International Accounting Standard 34 Interim Financial Reporting.
The accounting policies adopted are consistent with those set out in the Group’s annual consolidated financial statements for the
financial year ended 30 June 2025, and corresponding interim reporting period, unless otherwise disclosed.
The estimates and judgements that are critical to the determination of the amounts reported in the consolidated interim financial
statements have not materially changed from those applied in the Group annual consolidated financial statements for the financial
year ended 30 June 2025, unless otherwise disclosed. Any material updates or developments are disclosed in the relevant notes and
are indicated by this adjacent coloured line.
The following key exchange rates were applied in the preparation of the consolidated interim financial statements:
NZD/AUD
Unaudited
Six months
Dec 2025
Unaudited
Six months
Dec 2024
Audited
Year ended
Jun 2025
Average rates0.89130.91110.9138
Closing rates0.86510.90630.9260
09
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
Notes to the Consolidated Interim Financial Statements (Continued)
2. KEY ESTIMATES, JUDGEMENTS AND OTHER FINANCIAL INFORMATION
2.1 CHANGES IN ACCOUNTING POLICIES, INTERPRETATION AND AGENDA DECISIONS
Changes in accounting policies: classification of interest paid as a financing cash flow and dividends and interest received as investing
cash flow
Effective for the FY25 consolidated financial statements, the Group voluntarily changed its accounting policy for the classification
of interest paid, interest received and dividends received in the Consolidated Statement of Cash Flows. Previously, interest paid was
presented net of interest received within operating activities, reflecting its inclusion in profit or loss, and in investing activities when
capitalised to the balance sheet. Dividends received were presented within operating activities, reflecting its inclusion in profit or
loss. Under the new policy, all interest paid is presented within financing activities, and interest received as investing activities, as the
classification provides a more relevant representation of the nature of these costs and income, while dividends received are presented
within investing activities, reflecting the cash flow returns of investments in associates and joint ventures. This change in presentation
policy within the Consolidated Statement of Cash Flows aligns to the required amendments to NZ IAS 7 Statement of Cash Flows, which
will become effective alongside NZ IFRS 18 Presentation and Disclosure in Financial Statements in future periods.
This change constitutes a voluntary change in accounting policy under NZ IAS 8 Accounting Policies, Changes in Accounting Estimates
and Errors and has been applied retrospectively. Accordingly, comparative amounts for the six months ended 31 December 2024 have
been restated. The change has no impact on the income statement, balance sheet or total cash flows.
The impact of the restatement on the Consolidated Statement of Cash Flows on the comparative information is as follows:
For the six months ended 31 December 2024 (unaudited)
As previously
reported
NZ$M
Adjustment
NZ$M
Restated
NZ$M
Net cash flow from operating activities(5)92 87
Net cash flow from investing activities68 13 81
Net cash flow from financing activities(176)(105)(281)
Net movement in cash held(113) (113)
Reclassification of break fees and make-whole costs on termination of US private placement (USPP) notes and related cross currency
interest rate swaps (CCIRS)
During the period ended 31 December 2025, the Group reviewed the presentation and classification of break fees and make-whole
costs relating to the prepayment of USPP notes and associated CCIRS incurred in the current and comparative periods. These costs
were previously classified and presented as Significant Items; however, the Group determined that they are more appropriately
presented within funding costs. As a result, $10 million of costs presented as Significant Items in the comparative periods ended
31 December 2024 and 30 June 2025 have been reclassified to funding costs. The reclassification also affected the Consolidated
Statement of Cash Flows, with amounts reclassified between funding costs paid and net repayment of borrowings within cash flows
from financing activities. This adjustment had no effect on total profit, earnings per share, equity or net cash flows.
This change reflects a presentation refinement only and does not represent a change in accounting policy or correction of an error
under NZ IAS 8.
CONTENTS
10
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
2.2 SEGMENT AND NON-GAAP FINANCIAL INFORMATION AND MANAGEMENT PERFORMANCE METRICS
Segmental information
Segmental information is presented in respect of the Group’s industry and geographical segments. The use of industry segments as the
primary format is based on the Group’s management and internal reporting structure, which recognises groups of assets and operations
with similar risks and returns.
Change in Divisional Structure
Effective 1 July 2025, the Group implemented a new divisional structure following a strategic review to simplify operations, decentralise
decision-making and improve performance accountability. As part of this change:
–the Building Products division was reclassified as the Light Building Products division, with Steel businesses moved into the newly
established Heavy Building Materials division;
–the Australia division was disestablished, with its businesses reallocated into the Light Building Products division, with the exception
of Stramit®, which was moved into the Heavy Building Materials division; and
–all Concrete division businesses were moved and consolidated into the Heavy Building Materials division.
In addition, from 31 December 2025, the Construction Division is presented as a discontinued operation, reflecting the expectation
of divestment and wind-down of operations.
Comparative information disclosed throughout this note has been updated to reflect both the new divisional structure and the
classification of the Construction Division as a discontinued operation. Accordingly, comparative information across all tables within
this note has been updated to reflect the current period presentation.
Description of industry segments
Light Building
Products
The Light Building Products division is a manufacturer, distributor and marketer of building products used in the
residential, industrial and commercial markets in New Zealand and Australia. Businesses include plasterboard, laminates
and panels, insulation, piping, steel and aluminium.
Heavy Building
Materials
The Heavy Building Materials division includes the Group’s interests in the concrete and aggregates value chain, including
extraction of aggregates, cement production, ready-mix concrete and concrete products, which operate primarily in
New Zealand. The division also includes the Group’s Steel businesses in both Australia and New Zealand.
Distribution
The Distribution division consists of building and plumbing product distribution businesses in New Zealand.
Residential and
Development
The Residential and Development division primarily operates in New Zealand, but also in Australia. In New Zealand, the
division’s operations include building and sale of residential homes and apartments, development and sale of commercial
and residential land and management of retirement village assets. In Australia, the division’s operations include
development and sale of commercial land. Development activity includes sale of land property which are surplus
to the Group’s operating requirements.
Discontinued
operations
Discontinued operations comprise the Tradelink® business, which was classified as held for sale from 1 April 2024 and
disposed of on 30 September 2024, and the Construction division, which has been presented as a discontinued operation
from 31 December 2025, reflecting the expectation that the majority of the division will be divested and the remaining
retained liabilities wound down. Further details of the change can be found in note 2.4.
Non-GAAP financial information policy
For internal reporting to the Board, the Audit and Risk Committee and external reporting to its stakeholders, the Group uses certain
non-GAAP financial measures (alternative performance measures) alongside its NZ IFRS results to provide additional insight into the
Group’s underlying performance and financial position. These measures – which include earnings before interest, taxation, depreciation,
depletion and amortisation expense (EBITDA) before Significant Items, earnings before interest and taxation (EBIT) before Significant
Items, net earnings per share before Significant Items, Trading cash before Significant Items, Free cash before Significant Items, Funds,
and Net debt – are not defined or specified under NZ IFRS. The Group believes that these non-GAAP measures, which are not considered
to be a substitute for or superior to NZ IFRS measures, provide stakeholders with additional useful information on the performance of
the business, with a clearer understanding of the Group’s underlying operating results and financial position. Management uses these
non-GAAP financial information measures consistently from period to period for internal planning and reporting. The Group adheres
to applicable regulatory guidance on non-GAAP disclosures, emphasizing transparency, consistency, and comparability in how these
metrics are calculated and presented. Importantly, each non-GAAP measure is reconciled to the closest IFRS measure in the accounts
so that stakeholders can clearly tie these figures back to audited IFRS results.
CONTENTS
11
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
Description of Non-GAAP Financial Information
EBIT and
EBITDA before
Significant Items
Net earnings before
Significant Items
The Group makes certain Significant Item adjustments to the statutory profit measures in order to derive non-GAAP
measures. The Group discloses certain non-operating items as Significant Items. The Group’s policy is to recognise
Significant Items for transactions or events outside of the Group’s ongoing operations that have a significant impact
on reported profit. This policy provides stakeholders with additional useful information as a mean to assess the
year-on-year trading performance of the Group. On this basis, Significant Items include, but are not limited to,
the following:
–Gains and losses arising from mergers and acquisition (M&A) activity (i.e. business acquisitions and disposals)
and associated costs.
–Restructuring and other associated costs arising from significant strategy changes that are not considered
by the Group to be part of the normal operating costs of the business.
–Impacts of significant one-off events that have a material effect on the Group’s financial performance and
asset valuation.
–Impairment charges and provisions that are considered to be significant in nature and/or value to the trading
performance of the business.
–Net gains and losses on the disposal of properties and businesses where a commitment to close has
been demonstrated.
In addition to the above, EBITDA before Significant Items excludes the depreciation and amortisation of fixed,
intangible and right-of-use (RoU) assets, while net earnings before Significant Items adjust for the net of tax
consequences of Significant Items recognised in the period to reflect an “underlying” net earnings for continuing
operations.
Trading and
Free cash before
Significant Items
Trading cash (or trading cash flow) is a non-GAAP measure highlighting cash generated or used by the Group’s
operations. Derived from NZ IFRS net operating cash flows, it adjusts for non-trading related items. Excluding
financing, tax, Significant Items, legacy cash flows, but including lease payments. Trading cash focuses on recurring
cash flows from trading activities, aiding in assessing liquidity and operational efficiency. “Trading cash” is adjusted for
net capital and investment expenditure invested during the period to reflect the “Free cash” generated or consumed
which impacts external borrowings, funding costs and potential dividends to shareholders. “Free cash” at a Group
level also includes cash tax payments. Reconciliations to the NZ IFRS cash flow statement are provided below.
Net debt
Net debt is the total of all interest-bearing borrowings (loans, USPP, capital notes, other debt), adjusted for debt
hedging activities, less cash and cash equivalents. This metric is used in determining the Group’s leverage and gearing
ratio. It is also used by management to assess financial risk and capital structure metrics. Though Net debt is a non-
GAAP measure, it is derived from NZ IFRS line items (borrowings, derivatives used in hedging of borrowings, cash)
on the balance sheet. A full reconciliation of Net debt is included in note 5.
Funds and
Invested Capital
“Funds” (or funds employed) represents the external assets and liabilities of the Group and is used for internal
reporting purposes. At a Group level, funds excludes net debt and deferred tax balances (with the exception of
deferred tax on brands) and intercompany eliminations, while at a divisional or segment level, funds excludes net
debt, intergroup advances/borrowings, current and deferred tax balances (with exception of deferred tax on brands).
This non-GAAP measure reflects the capital used in operations and assets generating earnings. Funds indicates the
capital intensity of the business and is used in return on capital measures. While NZ IFRS does not define “funds”
as a single figure, its components are derived from the audited balance sheet including investment in working capital,
fixed assets, indefinite life intangible assets and net RoU asset/liability positions.
“Invested Capital” is based on the same components as “Funds”, with the exception that it excludes RoU lease
liability positions.
CONTENTS
12
Fletcher Building Limited Interim Financial Results 2026
Industry segments: Income statement
For the six months ended
31 December 2025 (unaudited)
NZ$M
Gross
revenue
External
revenue
Gross
marginOverheads
(1)
Other
operating
income/
(expenses)
(2)
Operating
profit
Equity-
accounted
earnings
Revaluation
(3)
and other
gains/(losses)
(4)
EBIT before
Significant
Items
Significant
ItemsEBIT
Depreciation,
depletion and
amortisation
expenseEBITDA
EBITDA
before
Significant
Items
Light Building Products 1,100 1,004 408 (306) 102 6 108 (6) 102 62 164 170
Heavy Building Materials 1,045 877 259 (214) (1) 44 2 46 (2) 44 62 106 108
Distribution 783 773 191 (195) (4) (4) (4) 31 27 27
Materials and distribution 2,928 2,654 858 (715) (1) 142 8 150 (8) 142 155 297 305
Residential and Development 211 211 43 (31) 12 12 1 13 1 14 13
Corporate 4 1 4 (21) (17) (17) (17) 4 (13) (13)
Continuing operations eliminations (277) (4) 4
Continuing operations 2,866 2,866 901 (763) (1) 137 8 145 (7) 138 160 298 305
Discontinued operations 536 519 56 (52) 2 6 6 (81) (75) 20 (55) 26
Discontinued operations eliminations (37) (20)
Group 3,365 3,365 957 (815) 1 143 8 151 (88) 63 180 243 331
For the six months ended
31 December 2024 (unaudited)
NZ$M
Gross
revenue
External
revenue*
Gross
margin*Overheads
(1)
Other
operating
income/
(expenses)
(2)
Operating
profit
Equity-
accounted
earnings
Revaluation
(3)
and other
gains/(losses)
(4)
EBIT before
Significant
Items
Significant
Items†EBIT
Depreciation,
depletion and
amortisation
expenseEBITDA
EBITDA
before
Significant
Items
Light Building Products 1,070 965 411 (307) 104 1 105 (177) (72) 60 (12) 165
Heavy Building Materials 1,053 892 269 (212) (9) 48 2 3 53 53 58 111 111
Distribution 780 767 193 (188) (1) 4 4 4 30 34 34
Materials and distribution 2,903 2,624 873 (707) (10) 156 3 3 162 (177) (15) 148 133 310
Residential and Development 240 228 51 (39) 12 2 14 14 2 16 16
Corporate 4 5 (38) 3 (30) 1 (29) (29) 7 (22) (22)
Continuing operations eliminations (295) (5) 5
Continuing operations 2,852 2,852 924 (779) (7) 138 3 6 147 (177) (30) 157 127 304
Discontinued operations 1,025 970 132 (105) 27 (1) 26 (64) (38) 22 (16) 48
Discontinued operations eliminations (92) (37)
Group 3,785 3,785 1,056 (884) (7) 165 2 6 173 (241) (68) 179 111 352
For the year ended
30 June 2025 (unaudited)
NZ$M
Gross
revenue
External
revenue*
Gross
margin*Overheads
(1)
Other
operating
income/
(expenses)
(2)
Operating
profit
Equity-
accounted
earnings
Revaluation
(3)
and other
gains/(losses)
(4)
EBIT before
Significant
Items
Significant
Items†EBIT
Depreciation,
depletion and
amortisation
expenseEBITDA
EBITDA
before
Significant
Items
Light Building Products 2,089 1,895 784 (589) 195 7 (1) 201 (324) (123) 119 (4) 320
Heavy Building Materials 2,042 1,724 506 (406) (9) 91 3 94 (94) 117 117 211
Distribution 1,528 1,504 381 (361) (1) 19 19 (32) (13) 60 47 79
Materials and distribution 5,659 5,123 1,671 (1,356) (10) 305 10 (1) 314 (450) (136) 296 160 610
Residential and Development 557 520 122 (71) 1 52 6 58 (10) 48 4 52 62
Corporate 10 1 10 (64) 2 (52) 8 (44) (116) (160) 15 (145) (29)
Continuing operations eliminations (582) (5) 9 4 4 4 4 4
Continuing operations 5,644 5,644 1,798 (1,482) (7) 309 10 13 332 (576) (244) 315 71 647
Discontinued operations 1,721 1,635 209 (152) 1 58 58 (116) (58) 45 (13) 103
Discontinued operations eliminations (169) (83)
Group 7,196 7,196 2,007 (1,634) (6) 367 10 13 390 (692) (302) 360 58 750
* Comparatives have been reclassified to reflect intra-group sales between continuing
operations and Construction division (discontinued operation), resulting in a gross-up
of external revenue and cost of goods sold in continuing operations and corresponding
eliminations within discontinued operations, with no impacts on total Group results.
† Comparatives have been represented, refer to note 2.1.
(1) Overheads reflect warehouse, distribution, selling, general and administrative expenses.
(2) Other operating income/(expenses) include restructuring and redundancy costs, and
costs associated with Golden Bay®’s MVAC ship breakdown in FY25 and the six months
ended 31 December 2024.
(3) Revaluation gains include gains recognised from the remeasurement of Vivid Living®’s
investment properties at each reporting date.
(4) Other gains/(losses) include gains/losses from the disposal of assets, net interest income
on defined benefit plans, fx gain/losses on lease liabilities and proceeds from the
disposal of NZ ETS units.
Notes to the Consolidated Interim Financial Statements (Continued)
13
CONTENTS
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
Significant Items
During the period, the Group recognised a number of Significant Items arising from one-off restructuring activities, legacy legal matters,
asset recoverability assessments and the decision to divest the Construction division and exit remaining construction activities. These
items are non-recurring in nature and do not reflect the Group’s underlying operating performance.
Significant Items from continuing operations in the period include:
Light Building Products
Laminex® New Zealand transition costs ($2 million)
The Group commenced the transition to its new Taupō manufacturing plant in FY25, incurring $2 million of one-off start-up and
reorganisation costs associated with establishing new operations and commissioning production at the new facility.
Iplex® Australia Western Australia pipes legal costs ($4 million)
Iplex® Pipelines Australia (Iplex® Australia) incurred an additional $4 million in legal costs in managing claims and disputes related to the
Typlex Pro-Fit matter. These costs have been classified as Significant Items, consistent with the treatment of costs in the prior period.
Heavy Building Materials
CSP Steel divestment ($2 million)
Following a reassessment of asset recoverability in advance of its planned divestment, the Group recognised a $2 million write-down
of CSP Steel assets, which has been classified as a Significant Item.
Residential and Development
Release of previously recognised restructuring costs and provisions ($1 million)
During the period, the Residential and Development division recovered a portion of previously recognised restructuring costs and
provisions, classified as Significant Items, primarily through the sublease of vacated properties following the Auckland branch
consolidation.
Significant Items from discontinued operations in the period include:
Construction
Retained legacy construction provisions ($60 million)
The Group recognised an additional $60 million of provisions, primarily relating to legacy vertical projects that are being retained by
Fletcher Building following the expected divestment of the remainder of the Construction division. The provision covers projected costs
associated with known and announced issues and also provides for potential claims that, while currently uncertain or unknown, could
arise in the course of closing out construction defects for those projects. Refer to note 3.
Legacy project legal and other overhead costs ($8 million)
The Group recognised $8 million of legal and related overhead costs in connection with managing and responding to legal claims and
disputes on legacy construction projects, consistent with the treatment in prior years.
NX2 divestment ($3 million)
The Group completed the sale of its 13.4% interest in the NX2 Pūhoi to Warkworth Public Private Partnership during the period, resulting
in a $3 million loss on divestment, which has been classified as a Significant Item.
Papua New Guinea closure ($1 million)
The Group recognised $1 million of costs associated with the exit from its Papua New Guinea construction operations, primarily relating
to closure and wind-down activities.
South Pacific impairment ($9 million)
Following the classification of investments and operations in Fiji, Kiribati and Vanuatu as held for sale as at 31 December 2025, the Group
recognised an impairment of $9 million on assets to be divested.
CONTENTS
14
Fletcher Building Limited Interim Financial Results 2026
Industry segments: Cash flow
For the six months ended
31 December 2025 (unaudited)
NZ$M
Cash flow
from operating
activities
Adjust to
exclude: tax
payments
Adjust to
include: lease
payments
Trading
cash
Exclude:
Significant Items
and legacy
cash flows
Trading cash
excluding
Significant Items
Capital
expenditure
Net proceeds
from
divestments
Investments in
Subs, associates
and JVs
Dividends
received
Interest
received
Adjust to
include: tax
payments
Free cash
excluding
Significant Items
Light Building Products 142 (37) 105 19 124 (114) 1 11
Heavy Building Materials 112 (42) 70 1 71 (30) (3) 1 39
Distribution 28 1 (33) (4) (4) (8) (12)
Materials and distribution 282 1 (112) 171 20 191 (152) (3) 2 38
Residential and Development (129) (1) (130) 2 (128) (4) (132)
Corporate (22) (1) (4) (27) 1 (26) (1) 3 (1) (25)
Continuing operations 131 (117) 14 23 37 (157) (3) 2 3 (1) (119)
Discontinued operations 25 1 (15) 11 (11) (1) 20 1 20
Group 156 1 (132) 25 12 37 (158) 20 (3) 3 3 (1) (99)
For the six months ended
31 December 2024 (unaudited)
NZ$M
Cash flow
from operating
activities
Adjust to
exclude: tax
payments
Adjust to
include: lease
payments
Trading
cash
Exclude:
Significant Items
and legacy
cash flows
Trading cash
excluding
Significant Items
Capital
expenditure
Net proceeds
from
divestments
Investments in
Subs, associates
and JVs
Dividends
received
Interest
received
Adjust to
include: tax
payments
Free cash
excluding
Significant Items
Light Building Products 113 (34) 79 18 97 (85) 12
Heavy Building Materials 95 (37) 58 58 (47) 51 2 64
Distribution 38 1 (31) 8 8 (13) (5)
Materials and distribution 246 1 (102) 145 18 163 (145) 51 2 71
Residential and Development (54) (1) (55) (55) (6) (61)
Corporate (31) 1 (5) (35) 1 (34) (3) 166 2 (2) 129
Continuing operations 161 2 (108) 55 19 74 (154) 217 2 2 (2) 139
Discontinued operations (74) (27) (101) 140 39 (7) 18 3 53
Group 87 2 (135) (46) 159 113 (161) 235 5 2 (2) 192
For the year ended
30 June 2025 (unaudited)
NZ$M
Cash flow
from operating
activities
Adjust to
exclude: tax
payments
Adjust to
include: lease
payments
Trading
cash
Exclude:
Significant Items
and legacy
cash flows
Trading cash
excluding
Significant Items
Capital
expenditure
Net proceeds
from
divestments
Investments in
Subs, associates
and JVs
Dividends
received
Interest
received
Adjust to
include: tax
payments
Free cash
excluding
Significant Items
Light Building Products 263 (2) (68) 193 32 225 (158) 3 (1) 9 78
Heavy Building Materials 202 (76) 126 126 (91) 52 3 90
Distribution 72 1 (63) 10 10 (23) (13)
Materials and distribution 537 (1) (207) 329 32 361 (272) 55 (1) 12 155
Residential and Development 47 (3) 44 44 (12) 32
Corporate (54) (9) (63) 2 (61) (6) 159 6 98
Continuing operations 530 (1) (219) 310 34 344 (290) 214 (1) 12 6 285
Discontinued operations (29) 1 (42) (70) 120 50 (18) 16 (4) 4 48
Group 501 (261) 240 154 394 (308) 230 (5) 16 6 333
Notes to the Consolidated Interim Financial Statements (Continued)
15
CONTENTS
Fletcher Building Limited Interim Financial Results 2026
Industry segments: Balance sheet
As at 31 December 2025
(unaudited)
NZ$M
Net
working
capital
Property, plant
& equipment and
investment property
Indefinite life
intangible
assets
Other
intangible
assets
Investments
& Retirement
plan assets
Right-of-use
lease asset*
Deferred
tax liability
– brands
Derivatives for
foreign currency
hedging
Current tax
balances
Invested
Capital
Right-of-
use lease
liability*
Deferred tax
balances
(excl. deferred
tax on brands)Net debt
Funds /
Group Equity
Light Building Products 189 1,301 460 4 187 332 (47) 2,426 (395) 2,031
Heavy Building Materials 263 814 116 13 24 319 (14) 1,535 (421) 1,114
Distribution 164 72 57 7 315 615 (361) 254
Materials and distribution 616 2,187 633 24 211 966 (61) 4,576 (1,177) 3,399
Residential and Development 870 121 2 993 (2) 991
Corporate and other (87) 18 7 152 36 (8) 29 147 (69) 293 (1,164) (793)
Continuing operations 1,399 2,326 633 31 363 1,004 (61) (8) 29 5,716 (1,248) 293 (1,164) 3,597
Discontinued operations (93) 119 47 11 62 (5) (2) 139 (76) 1 64
Group 1,306 2,445 680 42 363 1,066 (66) (8) 27 5,855 (1,324) 294 (1,164) 3,661
As at 31 December 2024
(unaudited)
NZ$M
Net
working
capital
Property, plant
& equipment and
investment property
Indefinite life
intangible
assets
Other
intangible
assets
Investments
& Retirement
plan assets
Right-of-use
lease asset
Deferred
tax liability
– brands
Derivatives for
foreign currency
hedging
Current tax
balances
Invested
Capital
Right-of-use
lease liability
Deferred tax
balances
(excl. deferred
tax on brands)Net debt
Funds /
Group Equity
Light Building Products 177 1,165 571 3 180 372 (47) 2,421 (431) 1,990
Heavy Building Materials 275 816 191 13 22 363 (13) 1,667 (463) 1,204
Distribution 158 115 71 11 329 (4) 680 (374) 306
Materials and distribution 610 2,096 833 27 202 1,064 (64) 4,768 (1,268) 3,500
Residential and Development 784 119 10 913 (12) 901
Corporate and other (85) 15 107 151 100 3 31 322 (140) 251 (1,127) (694)
Continuing operations 1,309 2,230 833 134 353 1,174 (64) 3 31 6,003 (1,420) 251 (1,127) 3,707
Discontinued operations 11 124 47 16 38 108 (5) 339 (123) 216
Group 1,320 2,354 880 150 391 1,282 (69) 3 31 6,342 (1,543) 251 (1,127) 3,923
As at 30 June 2025
(unaudited)
NZ$M
Net
working
capital
Property, plant
& equipment and
investment property
Indefinite life
intangible
assets
Other
intangible
assets
Investments
& Retirement
plan assets
Right-of-use
lease asset
Deferred
tax liability
– brands
Derivatives for
foreign currency
hedging
Current tax
balances
Invested
Capital
Right-of-use
lease liability
Deferred tax
balances
(excl. deferred
tax on brands)Net debt
Funds /
Group Equity
Light Building Products 169 1,193 440 4 175 369 (44) 2,306 (432) 1,874
Heavy Building Materials 260 818 112 13 20 384 (14) 1,593 (479) 1,114
Distribution 167 68 57 8 328 628 (373) 255
Materials and distribution 596 2,079 609 25 195 1,081 (58) 4,527 (1,284) 3,243
Residential and Development 719 129 10 858 (11) 847
Corporate and other (95) 15 9 150 43 (8) 29 143 (76) 272 (999) (660)
Continuing operations 1,220 2,223 609 34 345 1,134 (58) (8) 29 5,528 (1,371) 272 (999) 3,430
Discontinued operations (13) 126 47 13 23 112 (5) 303 (126) 177
Group 1,207 2,349 656 47 368 1,246 (63) (8) 29 5,831 (1,497) 272 (999) 3,607
* Following the Group’s strategic reset, management reassessed lease extension options under NZ IFRS 16 on a lease-by-lease basis and removed extension periods no longer considered reasonably certain to be exercised. This resulted in lower right-of-use assets
and lease liabilities in the current reporting period compared with the comparative periods.
Notes to the Consolidated Interim Financial Statements (Continued)
16
CONTENTS
Fletcher Building Limited Interim Financial Results 2026
Geographic segments
For the six months ended 31 December 2025 /
As at 31 December 2025 (unaudited)
For the six months ended 31 December 2024 /
As at 31 December 2024 (unaudited)
For the year ended 30 June 2025 /
As at 30 June 2025 (audited)
NZ$M
External
revenue
EBIT before
Significant ItemsFunds*
Non-current
assets†
External
revenue
EBIT before
Significant Items ‡Funds*
Non-current
assets†
External
revenue
EBIT before
Significant Items ‡Funds*
Non-current
assets†
New Zealand 2,400 106 3,595 3,573 2,639 121 3,807 4,237 5,154 292 3,502 3,953
Australia 938 44 928 1,172 1,109 53 978 1,265 1,997 97 836 1,142
Other* 27 1 (862) 37 (1) (862) 2 45 1 (731) 1
Group 3,365 151 3,661 4,745 3,785 173 3,923 5,504 7,196 390 3,607 5,096
* Funds “other” includes net debt and taxation.
† Non-current assets exclude deferred tax assets, retirement plan surplus and financial instruments.
‡ Comparatives have been represented, refer to note 2.1.
Net earnings per share before Significant Items
The below disclosure has been included to provide additional useful information by removing the impact of Significant Items in the current period and prior comparative periods, and the resulting
impact on the earnings per share measure. The effect of Significant Items on earnings from continuing operations per share is as follows:
NZ$M
Unaudited
Six months
Dec 2025
Unaudited
Six months
Dec 2024‡
Audited
Year ended
Jun 2025‡
Net earnings/(losses) after taxation from continuing operations (as per Consolidated Income Statement)45 (88)(343)
Add back: Significant Items before taxation‡ (note 2.2)
7 177 576
Less: tax benefit on Significant Items‡ (note 4)
(2)(56)(117)
Net earnings from continuing operations before Significant Items‡50 33 116
Net earnings per share from continuing operations before Significant Items‡ (cents)4.7 3.5 11.5
Net earnings/(losses) per share (cents) from continuing operations – as reported per Consolidated Income Statement 4.2 (9.4)(33.9)
‡ Comparatives have been represented, refer to note 2.1.
Notes to the Consolidated Interim Financial Statements (Continued)
17
CONTENTS
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
2.3 INTANGIBLE ASSET IMPAIRMENT TESTING
The Group performs an annual impairment test for assets with an indefinite useful life (i.e. goodwill and brands) in June or at the
end of a reporting period when there is any new indicators that an asset may be impaired. The Group’s impairment test for goodwill
and intangible assets with indefinite lives is based on value-in-use calculations. The key assumptions used to determine the recoverable
amount for the different cash generating units were disclosed in the annual consolidated financial statements for the year ended
30 June 2025. The Group considered the cyclical nature of the construction and building industry, the current economic environment
and the historic and forecast performance of businesses in a mid-cycle environment, and concluded that no new indicators
of impairment existed that required an impairment to be recognised as at 31 December 2025.
2.4 DISCONTINUED OPERATIONS AND ASSETS HELD FOR SALE
As at 31 December 2025, the assets and liabilities of the Construction division met the criteria to be classified as held for sale, and
the results of the division have therefore been presented as a discontinued operation in the consolidated interim financial statements,
with comparatives represented. The assets and liabilities of all the construction businesses to be divested have been classified and
presented as held for sale as at that date.
The assets classified as held for sale include the South Pacific construction operations, which are expected to be divested separately
from the businesses announced to be divested on 20 January 2026, in respect of which the Group entered into a binding agreement.
Residual legacy vertical construction liabilities, including obligations associated with the New Zealand International Convention Centre
(NZICC), do not form part of the assets and liabilities classified as held for sale. However, these activities have been presented within
discontinued operations as the Group completes the wind-down of its vertical construction business.
Financial performance and cash flow information for discontinued operations
Construction
The financial performance and cash flow information for the Construction division presented are for the period ended 31 December
2025, the period ended 31 December 2024 and the year ended 30 June 2025.
Tradelink®
The financial performance and cash flow information for the Tradelink® presented are for the year ended 30 June 2025 and the period
ended 31 December 2024, including the results from 1 July 2024 and up to the date of disposal of 30 September 2024.
Unaudited
For six months ended 31 December 2025
Construction
NZ$M
Tradelink®
NZ$M
Total
NZ$M
Revenue519 519
Cost of goods sold(463)(463)
Gross margin56 56
Selling, general and administration expenses(52)(52)
Other operating income/(expenses)2 2
Significant Items(81)(81)
Losses before interest and taxation (EBIT)(75) (75)
Lease interest expense(3)(3)
Funding costs(3)(3)
Income tax benefit25 25
Net losses from discontinued operations net of tax(56) (56)
Other comprehensive income – reclassification of foreign currency translation reserve
Total comprehensive loss from discontinued operations(56) (56)
Net losses per share from discontinued operations (cents)
Basic(5.2)(5.2)
Diluted(5.2)(5.2)
Net cash inflow from operating activities25 25
Net cash inflow from investing activities20 20
Net cash outflow from financing activities*(15)(15)
Net increase in cash generated by the discontinued operations30 30
* Excludes the benefit of intercompany funding.
CONTENTS
18
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
Unaudited
For six months ended 31 December 2024†
Construction
NZ$M
Tradelink®
NZ$M
Total
NZ$M
Revenue768 202 970
Cost of goods sold(693)(145)(838)
Gross margin75 57 132
Selling, general and administration expenses(54)(51)(105)
Equity-accounted losses(1)(1)
Significant Items(6)(58)(64)
Earnings/(losses) before interest and taxation (EBIT)14 (52)(38)
Lease interest expense(3)(2)(5)
Funding costs(3)(3)
Income tax (expense)/benefit(2)2
Net earnings/(losses) from discontinued operations net of tax6 (52)(46)
Other comprehensive income – reclassification of foreign currency translation reserve53 53
Total comprehensive income from discontinued operations6 1 7
Net earnings/(losses) per share from discontinued operation (cents)
Basic0.6 (5.5)(4.9)
Diluted0.6 (5.5)(4.9)
Net cash outflow from operating activities(67)(7)(74)
Net cash inflow/(outflow) from investing activities16 (2)14
Net cash outflow from financing activities*(15)(12)(27)
Net decrease in cash generated by the discontinued operations(66)(21)(87)
Audited
For year ended 30 June 2025†
Construction
NZ$M
Tradelink®
NZ$M
Total
NZ$M
Revenue1,433 202 1,635
Cost of goods sold(1,281)(145)(1,426)
Gross margin152 57 209
Selling, general and administration expenses(101)(51)(152)
Other operating income/(expenses)1 1
Significant Items(58)(58)(116)
Losses before interest and taxation (EBIT)(6)(52)(58)
Lease interest expense(7)(2)(9)
Funding costs(7)(7)
Income tax (expense)/benefit(4)2 (2)
Net losses from discontinued operations net of tax(24)(52)(76)
Other comprehensive income – reclassification of foreign currency translation reserve53 53
Total comprehensive (loss)/income from discontinued operations(24)1 (23)
Net losses per share from discontinued operations (cents)
Basic(2.3)(5.2)(7.5)
Diluted(2.3)(5.2)(7.5)
Net cash outflow from operating activities(22)(7)(29)
Net cash outflow from investing activities(2)(2)
Net cash outflow from financing activities*(30)(12)(42)
Net decrease in cash generated by the discontinued operations(52)(21)(73)
* Excludes the benefit of intercompany funding.
† Comparatives have been represented, refer to note 2.1.
Financial performance and cash flow information for discontinued operations (continued)
CONTENTS
19
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
Assets and liabilities of disposal group classified as held for sale
The following assets and liabilities were classified as held for sale and in relation to the discontinued operation as at 31 December 2025:
As at 31 December 2025
Construction
NZ$M
Assets classified as held for sale
Cash and cash equivalents32
Property, plant and equipment119
Intangible assets58
Contract assets33
Right-of-use assets62
Debtors98
Inventories26
Total assets of disposal group held for sale428
Liabilities directly associated with assets classified as held for sale
Creditors, accruals and other liabilities117
Lease liabilities76
Provisions7
Contract liabilities39
Tax liability6
Total liabilities of disposal group held for sale245
3. PROVISIONS
Restructuring
NZ$M
Warranty &
environmental
NZ$M
Onerous
contracts
NZ$M
The Industry
Response
NZ$M
Make good
NZ$M
Other
NZ$M
Total
NZ$M
Carrying amount as at
30 June 2025
10 12 37 154 49 77 339
Charged to earnings 2 60 16 78
Settled or utilised (3) (2) (5) (11) (25) (46)
Released to earnings (1) (2) (3)
Currency translation 11 3 3 17
Reclassification to
“held for sale”
(2) (5) (7)
Carrying amount as at
31 December 2025
7 12 92 154 49 64 378
Retained legacy construction provisions
The Group’s Construction division has exposure to defects in construction projects after completion. This exposure arises
from obligations under contract and at law. As at 31 December 2025, the Group was subject to a number of claims of this nature.
In assessing these claims, the Group has applied significant estimates and judgements, including consideration of the merits of each
claim, the estimated cost of remediation, and the likelihood of recoveries from third parties.
The Group recognised an additional provision of $60 million as at 31 December 2025, primarily relating to legacy vertical construction
projects that are expected to be retained by Fletcher Building following the divestment of the remainder of the Construction division.
The provision covers projected costs associated with known and announced issues and also provides for potential claims that,
while currently uncertain or not yet identified, are expected to arise as part of discharging the Group’s present obligations under the
specified defect liability periods as stipulated in project contracts. The provision represents management’s best estimate of the costs
required to close out construction defects on those projects. The recognition of the additional provision reflects a change in the
Group’s assessment of the risks and costs associated with managing future claims following the divestment, including the absence
of an ongoing construction business.
The Group has considered its overall exposure to claims received to date and, where appropriate, has provided for them.
Notwithstanding this, there remains a risk that the Group’s ultimate exposure to these claims may exceed the amount
currently provided.
CONTENTS
20
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
New Zealand International Convention Centre (NZICC)
As announced on 4 November 2025, the New Zealand International Convention Centre (NZICC) achieved practical completion
and was formally handed over to SkyCity for operational commissioning in advance of its planned February 2026 opening. The
assessment of the project position continues to involve significant estimates and judgements, with the final outcome subject to
uncertainty, primarily relating to the close-out of final subcontractor claims, litigation liability and any recoveries under the NZICC
third-party liability insurance policy.
On 6 June 2025, SkyCity commenced proceedings against Fletcher Construction and the Company in relation to alleged delays to
the NZICC project. Fletcher Construction disputes SkyCity’s claims for additional liquidated damages above the contractual cap and
continues to defend the proceedings. The Group continues to pursue recoveries under the NZICC third-party liability insurance policy
and related legal actions; however, no recovery has been recognised as at 31 December 2025 as the proceeds are not considered
virtually certain in accordance with NZ IAS 37.
Silicosis
Consistent with the position disclosed in the Group’s annual consolidated financial statements as at 30 June 2025, Laminex®
Australia remains subject to a number of silica related personal injury claims in Australia, with A$0.8 million of the provision utilised
during the period. Based on currently available information as at 31 December 2025, no change to the provision amount is required.
Notwithstanding settlements to date, significant uncertainty remains regarding the number, timing and cost of future claims and the
Group’s ultimate exposure may differ from the amount currently provided.
The Western Australia (WA) plumbing failures Industry Response
As a result of its entry into the Industry Response (IR), Iplex® Australia recorded a provision of A$155 million (NZ$170 million) pre-tax
in FY25 for the expected costs it has agreed and is obligated to incur under the IR, which was classified as a Significant Item. The
total provision estimate, key risks and assumptions remain unchanged from those disclosed in the annual consolidated financial
statements as at 30 June 2025.
As of 31 December 2025, A$22 million (NZ$25 million) of the total provision amount has been utilised, including A$9 million
(NZ$11 million) in the current period. Costs incurred to date under the IR remain in line with the provision and the underlying
assumptions disclosed at 30 June 2025.
The IR was launched in November 2024 and now has 50 participating builders undertaking the agreed work and remediation
programme. As at 31 December 2025, 149 homes have been fully remediated and over 4,000 homes have had leak detector units
installed under the IR.
The provision continues to cover the expected direct costs of remediation and preventive measures, including leak detector
units, pipe repairs, ceiling pipe replacements and, for homes with extensive failures, full house re-pipes and associated temporary
accommodation. Excluded from the provision are builders’ overheads or margins and any legal or litigation defence costs.
While most major builders are participating in the IR, the Buckeridge Group of Companies (BGC), which constructed approximately
55% of the potentially affected WA homes, has not joined the IR. The provision includes allowances for homes built by BGC, which
retains the option to participate in the IR at any time. To the extent BGC remains outside the IR, repair costs and associated cash flows
are expected to be proportionately lower; however, this may increase exposure to disputes and claims.
The total estimated cost of remediation remains subject to significant risk and uncertainty. Key assumptions include the number of
homes expected to experience plumbing failures over time, the likelihood of repeat failures, the cost of remediation per failure, and
the timing of expenditure. Actual outcomes may differ from estimates, which could result in the provision being increased.
The provision does not include any allowance for litigation or class action risk. Two claims, including a class action, are currently
on foot in the Federal Court of Australia. Separately, a homeowner has brought a claim against both BGC and Iplex® Australia in the
WA District Court. While the IR is expected to mitigate some risks, it does not extinguish the rights of homeowners or others to pursue
claims. The Group will continue to monitor developments and reassess the adequacy of the provision as new and material information
becomes available.
CONTENTS
21
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
4. TAXATION
The Group calculates the period income tax expense using the tax rate that would be applicable to the expected total annual earnings.
The calculation of the Group’s tax expense/(benefit) as well as its major components included in the condensed interim consolidated
income statement are:
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024*
NZ$M
Audited
Year ended
Jun 2025*
NZ$M
Earnings/(losses) before taxation from continuing operations65(131)(412)
Taxation at 28 cents per dollar18(37)(115)
Adjusted for:
Difference in tax rates1(3)(3)
Non-assessable income(4)(5)(8)
Non-deductible expenses3257
Tax in respect of prior years(1)(2)
Tax expense/(benefit) on earnings from continuing operations17(43)(71)
Income tax expense/(benefit) on continuing operations is attributable to:
Tax expense on earnings before Significant Items*191346
Tax benefit on Significant Items*(2)(56)(117)
17(43)(71)
Income tax expense/(benefit) on discontinued operations is attributable to:
Tax expense on earnings before Significant Items412
Tax benefit on Significant Items(25)(4)(10)
(25)2
Income tax expense/(benefit) is attributable to:
Total current taxation expense2
Total deferred taxation benefit(10)(43)(69)
(8)(43)(69)
* Comparatives have been represented, refer to note 2.1.
The net deferred tax assets balance relating to the continuing operations of $232 million at 31 December 2025 largely comprises
New Zealand and Australia carried forward tax losses incurred in the current and prior periods, timing differences on the Group’s
provisions and net deferred tax assets on the Group’s right-of-use assets/liabilities. It is expected there will be sufficient future
earnings in New Zealand and Australia to utilise the deferred tax assets in each of these jurisdictions.
CONTENTS
22
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
5. BORROWINGS
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024
NZ$M
Audited
Year ended
Jun 2025
NZ$M
Private placements 334 323
Bank loans1,043 737 627
Capital notes217 298 217
Other loans5 4 5
Carrying value of borrowings (as per Consolidated Balance Sheet)1,265 1,373 1,172
Less: value of derivatives used to manage changes in hedged risks
on debt instruments
(7)(44)(34)
Economic debt1,258 1,329 1,138
Less: Cash and cash equivalents(94)(202)(139)
Net debt1,164 1,127 999
Carrying value of borrowings included within
the Consolidated Balance Sheet as follows:
Current borrowings60 85 60
Non-current borrowings1,205 1,288 1,112
Carrying value of borrowings (as per Consolidated Balance Sheet)1,265 1,373 1,172
In November 2025, the Group fully prepaid and cancelled all remaining US private placement (USPP) notes with a total settlement value
of approximately $298 million. The prepayment comprised principal of $293.4 million, accrued interest including coupon step-up of
$4.3 million, and a make-whole payment of $0.5 million. In conjunction with the repayment, the Group terminated the associated cross
currency interest rate swaps (CCIRS) used to hedge the underlying USPP borrowings, resulting in a termination cost of $8.2 million
recognised within funding costs in the current period. The prepayment was funded through drawings under the Group’s Australian
debt facilities (syndicated revolving credit facilities (SFA) Tranches D1 and D2), totalling A$261 million.
Reconciliation of liabilities arising from financing activities
The table below details changes in the Group’s net debt arising from financing activities, including both cash and non-cash changes.
Jun 2025
NZ$M
Drawndowns/
Cash inflows
NZ$M
Repayments/
Cash outflows
NZ$M
Currency
translation
NZ$M
Other
non-cash
movements
(incl. hedge
accounting)
NZ$M
Dec 2025
NZ$M
Private placements323 (356)23 10
Bank loans 627 822 (420)14 1,043
Capital notes 217 217
Other loans 5 5
Carrying value of borrowings
(as per Consolidated Balance Sheet)
1,172 822 (776)37 10 1,265
Less: value of derivatives used to manage
changes in hedged risks on debt
(34)61 (24)(10)(7)
Economic debt1,138 822 (715)13 1,258
Less: Cash and cash equivalents (139)62 (17)(94)
Net debt999 822 (653)(4) 1,164
CONTENTS
23
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
6. CONTINGENT LIABILITIES
There have been no material updates or developments as at 31 December 2025 from the position disclosed in the Group’s annual
consolidated financial statements as at 30 June 2025, except for the following matter.
Class action proceedings: Western Australia (WA) plumbing failures
On 12 December 2025, Fletcher Building was joined as a respondent to the proceedings by WA home builder BGC against Iplex®
Australia. An additional claim has been filed by one homeowner in the WA District Court, against both BGC and Iplex® Australia.
All proceedings remain in the discovery phase, which is expected to continue through 2026 (other than the WA District Court
proceeding which has not yet reached the discovery phase). The outcome of the proceedings and associated liabilities, if any,
remains uncertain at the date of this report.
7. RECONCILIATION OF NET LOSSES TO NET CASH FROM OPERATING ACTIVITIES
Unaudited
Six months
Dec 2025
NZ$M
Unaudited
Six months
Dec 2024*
NZ$M
Audited
Year ended
Jun 2025*
NZ$M
Net losses(11)(134)(419)
Earnings attributable to minority interest3 2
(8)(134)(417)
Add/(less) non-operating cash flow items:
Interest expense*82 111 188
Interest income(3)(2)(6)
Add/(less) non-cash items:
Depreciation, depletions and amortisation 180 179 360
Other non-cash items*45 151 566
Taxation(9)(45)(69)
Net (gain)/loss on disposal of businesses and property,
plant and equipment
(1)48 61
294 442 1,100
Net working capital movements
Residential and Development(139)(67)(8)
Construction6 (105)(95)
Other:
Debtors23 60 (7)
Inventories(1)(9)18
Creditors(19)(100)(90)
(130)(221)(182)
Net cash from operating activities156 87 501
* Comparatives have been represented, refer to note 2.1.
CONTENTS
24
Fletcher Building Limited Interim Financial Results 2026
Notes to the Consolidated Interim Financial Statements (Continued)
8. SUBSEQUENT EVENTS
Construction divestment
On 20 January 2026, subsequent to the reporting date, the Group announced that it had entered into a binding agreement to sell its
Construction division to VINCI Construction for a headline enterprise value of $315.6 million, subject to customary working capital and
net debt adjustments and a potential increase of up to $18.5 million contingent on the outcome of a small number of contracts currently
under negotiation.
The transaction comprises the sale of Fletcher Construction Holdings, including the Higgins®, Brian Perry Civil® and Fletcher
Construction Major Projects businesses. The Group’s South Pacific construction operations and residual legacy vertical construction
obligations, including the New Zealand International Convention Centre (NZICC), are excluded from this transaction.
Completion of the transaction is subject to regulatory approvals, counterparty consents under certain contracts, and the completion
of the restructuring of South Pacific operations, and is expected to occur before the end of 2026.
Amendment to the conditions of Capital Notes and redemption of FBI200 Capital Notes
On 28 January 2025, the Group through its subsidiary Fletcher Building Industries Limited (FBI) announced that the trustee for the
noteholders of each series of Capital Notes has agreed to amend the conditions of the Capital Notes. This amendment allows FBI to
elect to redeem all Capital Notes of a series on the applicable Election Date for that series, as an alternative to the procedure for rollover
of those Capital Notes on new terms. On 27 January 2026, FBI elected to redeem all of the FBI200 Capital Notes (presented as current
in the balance sheet) when they mature on 15 March 2026.
Sale of Felix Street property
On 11 February 2026, the Group entered into an unconditional agreement to sell its surplus industrial property located at Felix Street,
Onehunga, Auckland for consideration of $53.5 million. The sale follows the Group’s previously announced decision to relocate the
PlaceMakers® Frame & Truss operation to the Cavendish Drive site in Wiri, Auckland. Settlement of the transaction is expected to occur
in May 2026. The transaction had no impact on the Group’s results as at 31 December 2025.
CONTENTS
25
Fletcher Building Limited Interim Financial Results 2026
Independent Auditor’s Review Report
Independent Auditor’s Review Report to the Shareholders of Fletcher Building Limited
Conclusion
We have reviewed the consolidated condensed interim financial statements of Fletcher Building Limited (“the Company”) and its
subsidiaries (together “the Group”) on pages 4 to 25 which comprise the consolidated balance sheet as at 31 December 2025, and
the consolidated income statement, consolidated statement of comprehensive income, consolidated statement of movements
in equity and consolidated statement of cash flows for the six months ended on that date, and explanatory notes. Based on
our review, nothing has come to our attention that causes us to believe that the accompanying interim financial statements on
pages 4 to 25 of the Group do not present fairly, in all material respects, the consolidated financial position of the Group as at
31 December 2025, and its consolidated financial performance and its consolidated cash flows for the six months ended on that
date, in accordance with New Zealand Equivalent to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34)
and International Accounting Standard 34: Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been undertaken so that we might state to
the Company’s shareholders those matters we are required to state to them in a review report and for no other purpose. To the
fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s
shareholders as a body, for our review procedures, for this report, or for the conclusion we have formed.
Basis for Conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial Statements Performed by the Independent
Auditor of the Entity. Our responsibilities are further described in the Auditor’s responsibilities for the review of the financial
statements section of our report. We are independent of the Group in accordance with the Professional and Ethical Standard
1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) as
applicable to audits and reviews of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with
Professional and Ethical Standard 1.
Ernst & Young provides agreed upon procedures, taxation compliance, financial statement preparation and other assurance related
services to the Group. Partners and employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no other relationship with, or interest in, the Group.
Directors’ Responsibility for the Interim Financial Statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of the interim financial statements
in accordance with NZ IAS 34 and IAS 34 and for such internal control as the directors determine is necessary to enable the
preparation and fair presentation of the interim financial statements that are free from material misstatement, whether due
to fraud or error.
Auditor’s Responsibilities for the Review of the Interim Financial Statements
Our responsibility is to express a conclusion on the interim financial statements based on our review. NZ SRE 2410 (Revised)
requires us to conclude whether anything has come to our attention that causes us to believe that the interim financial statements,
taken as a whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited assurance engagement. We perform
procedures, consisting of making enquiries, primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are substantially less than those performed in an
audit conducted in accordance with International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do
not express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report is Graeme Bennett.
Chartered Accountants
Auckland
18 February 2026
26
Fletcher Building Limited Interim Financial Results 2026
CONTENTS
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