Annual Shareholders' Meeting documents

Fletcher Building Limited, 810 Great South Road, Penrose, Auckland 1061, New Zealand
21 October 2026

Annual Shareholders’ Meeting documents

Fletcher Building’s 2026 Annual Shareholders’ Meeting will be held today at 10.30 am
NZT. The following documents accompany this announcement in accordance with
Listing Rule 3.19.2:
• Addresses by the Chair and the Managing Director and Chief Executive Officer
• ASM presentation

ENDS

Authorised for release to the market by Haydn Wong, Company Secretary.
_____________________________________________________________________________________________________________
For further information please contact:
INVESTORS Jeremy Yan, GM Corporate Finance & Investor Relations +64 27 295 2384 Jeremy.Yan@fbu.com
MEDIA Christian May, Chief Corporate Affairs Officer +64 21 305 398 Christian.May@fbu.com

For information on Fletcher Building visit fletcherbuilding.com

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Fletcher Building Limited, 810 Great South Road, Penrose, Auckland 1061, New Zealand
21 October 2026

FLETCHER BUILDING LIMITED
2026 Annual Shareholders’ Meeting
Chair and Managing Director & CEO Address

Peter Crowley, Chair
Agenda
Tēnā koutou katoa and good morning, everyone. On behalf of the Board, it is my pleasure
to welcome you all to Fletcher Building's 2026 Annual Shareholders' Meeting.

Today’s meeting is being held both in person and online via the Computershare online
meeting platform. We therefore welcome our shareholders, proxies and guests, both
those here in the room and those joining us online. Before we start the formal business
of the meeting, I would like to ask people in the room to ensure their mobile phones are
on silent mode.

Ladies and Gentlemen, as a quorum is present and due notice of this meeting has been
given, the meeting is duly constituted and I declare it open.

I will now introduce my fellow Directors on the stage with me: James Miller, our Deputy
Chair, Andrew Reding our Managing Director and Group CEO, Sandra Dodds, Cathy
Quinn, Tony Dragicevich and Jacqui Coombes. Finally, our Company Secretary, Haydn
Wong.

Setting the agenda for today: I’ll begin with an overview of the year and the progress we
have made. I’ll then hand over to Andrew, who will provide an update on the turnaround
plan and the Group’s operating performance. We will then take any questions on those
presentations.

After that, we will move to the resolutions of the meeting and I will ask Sandra to speak
to her re-election and Jacqui to speak to the Remuneration Report. The resolutions will
be decided by poll. Questions on a resolution will be dealt with before the resolutions are
voted on.

At the conclusion of the formal business, we will take the opportunity for any final general
questions or other business from the floor and online. Please note that questions will be
moderated to avoid repetition and to summarise lengthy questions. We won't address
questions that are considered not reasonable in the context of this meeting, that repeat

questions or otherwise may restrict all shareholders having a fair chance to have their
questions heard.

For those attending online, you can start submitting your questions now. Thank you also
to the shareholders who have submitted their questions in advance. Andrew and I will
speak to a number of these in our addresses.

Finally, if for some reason we don't have the opportunity to answer your question, we will
look to answer it in due course via email.

At the conclusion of the meeting, we invite those in the room to stay and join us for some
light refreshments.

Let me start with the Board update.

Board of Directors
The Board’s composition remained stable in FY26, with a capable and diverse group of
directors contributing a broad range of experience and expertise to Fletcher Building.
Our directors bring a strong mix of skills to their role. Around the Board table we have
deep experience in building materials, manufacturing and distribution, combined with
expertise in capital markets, legal, finance and audit, large-scale transformation, and
governance of listed companies on both sides of the Tasman.

That blend of sector knowledge and broader commercial experience means the Board
can challenge and support management in equal measure, from operational
performance through to capital allocation and portfolio decisions.

In December 2025, James Miller was appointed to the newly created role of Deputy Chair.
Having a New Zealand-based Deputy Chair further strengthens the Board's connection
to our New Zealand operations and allows for more on-the-ground engagement with our
people, customers, government and local stakeholders.

FY26 key takeaways
Looking back on FY26, the Board’s assessment is that Fletcher Building made tangible
progress in stabilising and reshaping the Group. There is more work to do, but the
foundations are now much stronger than they were a year ago.

I would like to highlight five key outcomes from the year:

First, we achieved a steady financial and operating performance in a tough macro
environment. Activity across our residential and commercial markets remained relatively
subdued on both sides of the Tasman. Despite that, our businesses held their ground,
managed costs tightly and continued to serve their customers well.

Second, we progressed the execution of our strategy. Management has delivered on the
priorities set out at our Investor Day, simplifying the portfolio and sharpening our focus
as a building products manufacturing and distribution company.

Third, we have built a more resilient balance sheet, with net debt now in our target range.
This gives us greater financial flexibility and the capacity to manage through the cycle
with confidence.

Fourth, Group Return on Invested Capital improved in FY26. Returns are moving in the
right direction, but they are not yet where the Board expects them to be. Lifting returns
remains a priority for the Board and the Group.

Finally, the Group’s operating cash flows were strong in FY26 as our core businesses
performed relatively well. However, they continue to be impacted by cash outflows
associated with legacy projects, as we look to manage those matters to resolution.

We are pleased with the progress made during FY26. Taken together, these outcomes
show a business that is more focused, more disciplined and better positioned to benefit
when markets recover. However, we remain ambitious for further progress to be made
as quickly as we can.

FY26 financial summary
Turning to our financial results for FY26. Group revenue for the year was $6.0 billion from
continuing operations. That is 7.3% higher than FY25. EBIT before Significant Items was
$414 million, $85 million higher than FY25. Property sales contributed $49 million of that
increase. Our EBIT margin grew to 6.9%, up from 5.9%, and we reported net earnings of
$228 million, compared to a net loss of $419 million in FY25. This return to positive net
earnings was very important, and reflects the benefit of tighter execution and the actions
taken to reset the cost base.

Even more significant though was the substantial progress the Group made on
strengthening the balance sheet, with the reduction in net debt from $1 billion at FY25
balance date to $637 million by the end of FY26. Together with our operating cashflow of
$715 million, this greatly improves our financial position and also creates greater financial
flexibility going forward.

Capital expenditure totalled $288 million, $146 million of it relating to the new Laminex
OSB plant, and was managed with a sharper focus on returns and within a disciplined
capital allocation framework.

Return on Invested Capital, or ROIC, improved to 5.3% from 4.1%. That is progress, but it
is not yet an acceptable end point. The Board expects capital discipline and improved

returns to remain central to decision-making and assessments of our performance going
forward.

Taking into account the progress made to date, and the work still to do, the Board has
determined not to declare a dividend for FY26.

As previously advised, the Group’s dividend policy will be reset and communicated to
shareholders once the Group is both operating in the lower half of the net debt target
range and generating sustainable positive free cashflow. The Board acknowledges the
importance of dividends to shareholders and we are determined to return to being a
dividend paying company. However, the return to dividends must be prudent, sustainable
and capable of being maintained through the cycle.

Overall, Fletcher Building ended the year as a simpler and financially stronger Group,
better able to navigate current conditions and also better placed to benefit when market
activity levels recover

Strategy
During our Investor Day in June 2025, we outlined four key priorities, which the Group
has been executing on.

First – urgent action. The Group has taken decisive action after a portfolio review, leading
to the divestment of the Construction division as well as our Reinforcing & Wire business.
The property portfolio was also optimised during the year with some significant sales of
surplus land. Andrew will expand further on some of these actions shortly.

Second – delivering high performance. As mentioned before, Return on Invested Capital
– ROIC is now the key measure at Group, divisional and Business Unit levels. And we
have set targets across each of these in the company. Expectations are also reflected in
our remuneration framework, so that our incentives are aligned to our performance
expectations.

Third – we set out to empower our leaders and decentralise the structure. I’m happy to
say that our senior leaders have engaged exceptionally well, with employee NPS scores
improving by 21 points since October 2025 to plus 59.

And finally – a more resilient capital structure. With debt now in the middle of the net debt
target range, our focus is now on delivery of sustainable free cash flows.

Alongside the material progress we made during FY26 on our strategic goals, we
continued to work on improving our operational performance and I’ll turn to that now

FY26 operational highlights

Improvements to our operations strengthen the Group’s strategic position and its
pathway to higher and more sustainable returns.

I will highlight four examples in FY26 that are particularly relevant to sustainable
shareholder value:

• The first is Cavendish Drive. Our new Frame and Truss plant in Auckland is
now operational, and it gives us technology no one else has in the New
Zealand market. We had been selling Frame and Truss to meet the market,
but the margins were not acceptable. The Cavendish Drive plant will enable
us to do this in a more efficient and economically sustainable way.
• The second is the opening of Firth’s new batching plant in Penrose. This
represents a significant investment in our ready-mix capacity in Auckland and
positions the business well for future growth.
• The third is The Urban Quarry, our network of metro collection sites for dealing
with demolition waste. We opened a new site at Tamahere during the year
and overall tonnage of 938,000 relating to waste and aggregates is up 28% on
FY25. This is the start of a real position for us in the circular economy, and it
springboards off the capability that Golden Bay Cement already has in using
alternative fuels, including waste products, in its Portland cement
manufacturing plant.
• Finally – in recent news the Hunua Quarry application has been approved
securing the long term position of the quarry within the Auckland market which
Andrew will provide more detail on later.

There are other examples on the screen of operational highlights from FY26, but they are
amongst many great things that happen across our businesses.

I will now pass over to Andrew to discuss the Group’s FY26 operating performance in
more detail.


Andrew Reding, Managing Director & Group CEO

Turnaround plan
Thank you, Peter and good morning shareholders,

Peter has spoken about progress against some of our key strategic goals.

We have broken out those goals into a turnaround plan that includes a range of important
tasks and actions ahead, as we discussed at our Investor Day in June last year. They are
outlined again on this slide and, as you can see, we have ticked a number of them off
during FY26.

I want to touch on a few key items from our Turnaround plan. As previously mentioned,
the portfolio work is well in train, with the Construction divestment completing sooner
than our own expectations, alongside the sales of our Reinforcing and Wire businesses
and our interests in NX2 and CSP.

The cost out and Group structure work is well advanced.

The NZ International Convention Centre has been handed over, and the 15 or so
remaining legacy projects are provisioned for - we are working methodically through
them with the goal of closing them out.

Clearly the major initiative for the year was the Construction division divestment, and no
one should underestimate what coming out of that business does for our ability to
perform as a Group. Beyond the financial drain, Construction was consuming a great
deal of the organisation's time and attention. Monitoring its risk profile, managing the
projects and resolving disputes were significant distractions from our core business. That
focus is now back where it belongs.

I know you'll be interested in the strategic review of our Residential and Development
division that we previously announced. All I can say is that we are working through the
options to get the best outcome for shareholders and we will update you when we have
news to share.

One more thing in the “Future” column. It says, “further decentralise corporate functions”.
There is still more to do, but we are getting closer to an optimal balance. The reality is
that, whilst our preference is to have businesses choosing and owning their functionality,
some centralised corporate functions do carry real economies of scale which we may
not want to forego. But I can assure you we are running the ruler over everything.

Overall, I'm proud of what the team has achieved, as no single item on this list has got
us here – rather it is the combined progress against all of them

FY26 divisional performance
Turning to the divisions, the important message is that, whilst there was some uneven
performance, fundamentally the core manufacturing businesses delivered a creditable
and resilient outcome in what was still a challenging market.

The priority now is to convert operational improvement into consistently stronger returns
across the full portfolio. On ROIC, Light Building Products is strongest at 7.2% and Heavy
Building Materials is at 5.1%. Distribution, at 1.4%, has the furthest to go.

• Starting at the left of the table, Light Building Products, earnings grew 22%.

Additions & Alterations volume and activity in the rural sector offset weaker
residential construction activity in the North Island, while the South Island and
Australia performed relatively well.
• Winstone Wallboards grew volumes by 4% and again delivered double-digit
returns, while Insulation also performed well, including double-digit ROIC in
Australia.
• We also saw continued volume recovery through the second half across many
of the Light Building Products businesses, a result of improving activity in some
of our end markets.
• In Heavy Building Materials, earnings grew 8% versus the prior year.
• Winstone Aggregates improved materially in the second half, delivering
double-digit ROIC through stronger project activity and Urban Quarry share
growth.
• Firth benefited from lower energy costs and stronger late-year volume
momentum. However, we know that the concrete piling market, where we
have a large share in Auckland, has seen delays in project commencement.
• In Distribution, full year earnings were lower at $12 million. However,
performance improved materially in the second half of the year with the
division returning to profitability.
• Going forward, the structural cost of the division will benefit from both labour
productivity improvement from the new Cavendish Drive plant, helping us gain
greater share of wallet in further sales, as well as a flatter organisational
structure.
• A further lever for growth is our regional joint venture branch model, which
we’ve re-established this year, commencing with four branches in Southland.
• In Residential & Development, the Auckland market remained subdued, with
elevated inventories and pricing pressure, while Canterbury remained resilient

Where are the volumes tracking?
The charts show volumes for our main businesses, indexed to 100 at the end of FY19,
with Light Building Products on the left and Heavy Building Materials and Frame and
Truss on the right. Each line is a rolling twelve-month average.

The Group has made a better start to FY27, with Q1 sales volumes ahead of the same
period last year in most business units. Growth was broad-based across Light Building
Products, Heavy Building Materials and Distribution, supported by residential,
infrastructure and commercial activity, and market share gains. Compared with Q4 FY26,
volumes largely followed normal seasonal patterns. The exception was pipelines, as
customers worked through stock bought ahead of our Q4 FY26 price increases.
Residential & Development remained challenging, particularly in Auckland.

Tailwinds and Headwinds
Let me update you on how market conditions have developed since the full-year results
and what that means for the year ahead.

I’ll start with New Zealand:
• First, the Residential market. Building consents are back above 40,000 for the
first time since 2023, and our volumes have lifted a bit through the second half
of FY26 and into Q1 FY27. What’s interesting is that those consents are not
converting into activity as quickly as they normally would. Our read is that
uncertainty is causing people to hold off already consented projects,
especially given high inventory levels. That said, Additions and Alterations
activity is providing a welcome offset, and remains strong.
• Commercial construction remains weak - we are not seeing much
improvement there. There are strong indications that uncertainty, driven by a
mix of geopolitics, interest rate hikes and local election sentiment are causing
projects to be delayed.
• However, Infrastructure is the offset, with activity just starting to bubble. Major
roading and social infrastructure work is commencing, for example the
second Ashburton Bridge, the Hawke’s Bay bridge programme, Northern
Corridor, Riverlink, Ōtaki to north Levin, hospitals at Whangārei, Nelson and
Dunedin, Christchurch prison and a programme of school classrooms around
the country.

Now for Australia:
• Population growth and underlying housing demand are supportive of our
markets. Interest rates and affordability are not. Also, the picture varies more
than usual by state. Renovation activity, however, appears more robust, similar
to what we’re seeing in New Zealand.
• Meanwhile, Commercial construction is being supported by health, education
and data centre demand, concentrated in New South Wales. This is partly
offset by a contraction in office, retail and industrial projects.
• And in terms of Infrastructure, there is a strong pipeline, including the 2032
Brisbane Olympics. Growth is expected to be concentrated in energy
transmission, water and social infrastructure.

On Infrastructure in both countries, it's worth noting that our exposure to this sector is
smaller than our exposure to residential and commercial. So, while it's encouraging, it
won't move the dial for the Group on its own.

The point I would leave you with is this: The reason the last few years have been so hard
is that residential, commercial and infrastructure construction activity all came down at
the same time, in both countries. They are now moving again, albeit at different speeds.
But we do not need all three sectors to turn at once for us to make progress from here.

So, we are not wating for the markets to turn around to improve our performance. We
are proactively continuing with our strategic plan and programme of self-improvement
to deliver in any environment

Our safety
Before discussing anything else on safety, I want to acknowledge the tragic loss of Max,
our team member who passed away following a crane incident in Vanuatu in July last
year.

The loss of Max is totally unacceptable and reinforces the scale of commitment to safety
required across the entire organisation. Whilst overall our Protect programme has
delivered real improvements in our safety outcomes over the last seven years, these
serious and tragic events remind us that we must remain vigilant and continue to
improve.

We have reviewed all 339 of our locations across Australia and New Zealand as part of
our ongoing focus on improving our safety performance and, moving forward, we are
conducting a further safety system review and refreshing our Protect framework for
leaders in the business

Our customers
Our customers remain at the heart of everything we do. We are proud of the role we play
in enabling infrastructure, housing and community development across New Zealand
and Australia. The projects highlighted on this slide are just examples of our latest
projects spanning a huge range of work – from pouring concrete for wind farms and
laying pipe for our urban infrastructure, to fitting out a flagship clinic and rewarding trade
customers through PlaceMakers PLUS.

Our community
We're proud of our community partnerships. We have a role to play in both New Zealand
and Australian societies, and we try to do our bit to make a positive impact. On the slide
you will see just a small subset of examples of the good work our teams are doing across
our many locations – from supporting children living with critical illnesses, to helping
sports clubs raise roofs, to providing support to communities experiencing food
insecurity.

Our environment
Moving to the environment. We remain committed to our environmental targets, because
it is simply good business, and 76% of our revenue currently comes from Sustainably
Certified products. Scope 1 and 2 carbon emissions are 21% below our FY18 baseline,
and 86% of our waste is diverted from landfill.

Golden Bay Cement is among the top quartile of low-carbon cement producers globally
and received the Carbon Reduction Award at the 2025 Concrete NZ Conference Awards.
Initiatives such as The Urban Quarry are further examples of our circular economy
ambition.

Hunua Quarry
Turning now to further good news for Winstone Aggregates, and for Auckland.
On 15 October, the Expert Panel approved the development of our Hunua Quarry under
the Fast Track Approvals Act, granting the main consents we need to expand and deepen
the existing quarry.

Hunua is one of Auckland's largest quarries, producing around 3 million tonnes of
aggregate a year – roughly 20 to 25 per cent of the region's supply. The approval lifts our
reserves from around 40 million tonnes – roughly 10 to 15 years of supply – to around 225
million tonnes of high-quality greywacke. That supports more than 50 years of quarrying,
with output able to rise to around 5 million tonnes a year as demand requires.

Aggregate underpins New Zealand's roads, housing and commercial building. A long-
term source close to Auckland's main markets secures supply and keeps transport
distances short – benefiting our customers and the region, and giving us a long-life asset
with room to grow.

The approval comes with a comprehensive set of conditions. We're committed to
meeting them, and we'll keep working constructively with mana whenua, our neighbours
and the local community as the project moves forward.

Conclusion
As I finish with the operational update, I want to leave you with this: we have delivered a
robust performance in a tough operating environment and made good progress on our
strategic plan:
• We have progressed with the portfolio simplification.
• We have put the focus on performance and made ROIC a discipline in our
business.
• We’ve moved quickly and decisively, and we now have a fitter, leaner
organisation.

The next stage is in front of us, and the job now is proving out where the growth comes
from inside the core and exploring opportunities to further simplify the portfolio. I would
like to say thank you to all of our teams - for performing under both major organisational
change and a challenging macro environment.
I will now pass back to Peter for the Conclusion

Peter Crowley, Chair
Conclusion
Thank you Andrew. To wrap up, let me return to the five takeaways for FY26 that I set out
at the start of my presentation:

1. We delivered a steady performance in a tough macro environment;
2. We executed against our strategy;
3. We have a strengthened balance sheet, with net debt in our target range;
4. Group ROIC improved, though there is more work to do; and
5. Operating cashflows were strong, albeit still impacted by some legacy
projects.

That progress was achieved during a period of considerable organisational change and
difficult trading conditions. FY26 was an important transition year for Fletcher Building.
The task ahead is clear - to turn a simplified portfolio, stronger balance sheet and lower
cost base into sustainable improvement in returns and long-term value for shareholders.
On behalf of the Board, I thank our people for their commitment and professionalism,
and I thank you, our shareholders, for your continued support.

ENDS

Authorised for release to the market by Haydn Wong, Company Secretary.
_____________________________________________________________________________________________________________
For further information please contact:
INVESTORS Jeremy Yan, GM Corporate Finance & Investor Relations +64 27 295 2384 Jeremy.Yan@fbu.com
MEDIA Christian May, Chief Corporate Affairs Officer +64 21 305 398 Christian.May@fbu.com
For information on Fletcher Building visit fletcherbuilding.com

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Annual
Shareholders’
Meeting
21 OCTOBER 2026
Golden Bay – Portland Manufacturing Plant
Update picture

Important Information
This presentation has been prepared by Fletcher Building Limited and its group of companies (together “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 Full Year Financial Results, as derived from Fletcher Building’s financial statements dated 18 August 2026. As such,
it should be read in conjunction with, and subject to, the explanations and views given in those financial statements. Unless otherwise specified, all information as derived
from Fletcher Building’s financial statements is for the 12 months ended 30 June 2026.
In certain sections of this presentation, Fletcher Building has chosen to present certain financial information exclusive of the impact of Significant Items. A number of non-
GAAP financial measures, such as measures before Significant Items, are included 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 12 months ended 30 June 2026. 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 12 months ended 30 June 2026, 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,
directors, employees, shareholders nor any other person gives any representations or warranties (either express or implied) as to the accuracy or completeness of the
information and, to the maximum extent permitted by law, no such person has any liability whatsoever to any person for 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 material adverse events, significant one-off events or
expenses and other unforeseeable circumstances. There is no assurance that results contemplated in any of these forward looking statements will be realised. Actual results
may differ materially from those projected or assumed by such forward looking statements. Except as required by law, or the rules of any relevant stock exchange, no person is
under any obligation to correct or update 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.
2| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited

Agenda
1.FY26 at a glancePeter Crowley, Chair
2.Operating performanceAndrew Reding, Managing Director & CEO
3.ConclusionPeter Crowley, Chair
4.ResolutionsPeter Crowley, Chair
5.Thank youPeter Crowley, Chair
3 | Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited

JAMES MILLER
Deputy Chair and Independent
Non-Executive Director
Term of office:
Appointed Director in Jun 2025
Appointed Deputy Chair in Dec 2025
Last elected 2025 annual meeting
SANDRA DODDS
Independent Non-Executive
Director
Term of office:
Appointed Director in Sep 2023
Last elected 2023 annual meeting
CATHY QUINN
Independent Non-Executive
Director
Term of office:
Appointed Director in Sep 2018
Last elected 2024 annual meeting
Board of Directors
| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited4
ANDREW REDING
Managing Director &
Group Chief Executive Officer
Term of office:
Appointed Director in Aug 2024
Last elected 2024 annual meeting
PETER CROWLEY
Chair and Independent
Non-Executive Director
Term of office:
Appointed Director in Oct 2019
Appointed Board Chair in Feb 2025
Last elected 2025 annual meeting
TONY DRAGICEVICH
Independent Non-Executive
Director
Term of office:
Appointed Director in Aug 2024
Last elected 2024 annual meeting
JACQUI COOMBES
Independent Non-Executive
Director
Term of office:
Appointed Director in Apr 2025
Last elected 2025 annual meeting

FY26 at a glance
Peter Crowley, Chair
Update image

FY26 key takeaways
| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited6
❶
Steady performance in a tough macro environment
❷
Progressed the execution of our strategy
❸
Strengthened balance sheet, with net debt in target range
❹
Group ROIC improved, but more work to do
❺
Operating cashflows strong, but continue to be impacted by legacy projects

1.Continuing operations
2.Before Significant Items
3.Excluding surplus property sales, EBIT Margin was 6.2% (FY25: 5.8%) and ROIC was 4.7% (FY25: 4.1%)
7
EBIT
1,2
$414m
$85m higher than FY25
Net
Debt
$637m
vs $999m FY25
ROIC
1,2,3

5.3%
vs 4.1% at FY25
Capital
Expenditure
$288m
vs $280m FY25
Revenue
1
$6.0b
7.3% higher than FY25
EBIT Margin
1,2,3

6.9%
vs 5.9% FY25
Net Earnings
$228m
vs -$419m net loss FY25
Net Cash from
Operating Activities
$715m
vs $501m FY25
FY26 financial summary
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

•Decentralisation and upskilling of GMs
•Senior leader eNPS increased to +59
(+21 since October 2025)
Strategy
We are continuing to execute at pace on the strategy we presented at the Investor Day in June 2025
8
Investor Day
Urgent action
•Clear plan with immediate priorities set
out and next stages identified
•Business units and the Group will
measure return against industry-specific
WACC targets
•Develop and integrate a performance-
driven culture across the business
•Set net debt target of $400m - $900m
(pre IFRS-16)
1
Focus on high
performance
•Decisive portfolio action, including
divestment of Construction, Reinforcing
& Wire and surplus property
•ROIC performance now a key BU focus,
reflected in updated remuneration
framework
•Net debt now in mid-range, $637m
•Focus on delivery of sustainable free
cash flows
FY26
Strategy
2
3
4
Empower our
leaders
Strengthened
capital structure
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

FY26 operational highlights
PlaceMakers’ new Cavendish Drive Frame & Truss plant now
operational
Firth’s new flagship Auckland batching plant opened in
Penrose
The Urban Quarry opened a new site in Tamahere,
improving cleanfill options for Waikato construction projects
Winstone Aggregates Hunua Quarry fast-track expansion
now received
Fletcher Insulation AU successfully delivered the new Sonata
Acoustics plant
Iplex NZ recycling programme has diverted more than
15,000 tonnes of pipe off-cuts from landfill
Iplex AU successfully commissioned a new PVC high speed
foam core line in Strathpine, and additional large bore
BlackMax capacity in Albury
Laminex AU improved performance through a disciplined
cost-out programme
| FY25 Results Presentation | 20 August 2025 | Fletcher Building Limited9
Update pic
9| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited

Operating
performance
Andrew Reding,
Managing Director & CEO

11| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited
Turnaround plan
FY26 delivered on portfolio simplification, providing a platform for future ROIC improvement
Implemented
Future
Australian and Steel divisional
restructure
Group IT restructure
Group-wide SAP rollout stopped
Initial phase of corporate cost out
and decentralisation restructure
Completion of NZICC, and legacy
projects provisioned
Golden Bay Cement domestic
manufacturing secured until 2040
Simplified capital structure and
USPP exit
Construction Division divested
Reinforcing & Wire divested
NX2 and CSP divested
Property portfolio optimisation
(Cheltenham, Felix St, Elizabeth)
MADE by Laminex shut down
Clever Core shut down
Frame & Truss repurposed to former
Clever Core site (~$100m cash benefit)
Stopped industrial land development
Assess and execute on growth
options inside core divisions
Continue to assess wider portfolio
for strategic fit and ROIC
performance
Complete strategic review of
Residential & Development
Further decentralise corporate
functions and drive lower costs
Reset dividend policy as free cash
flow and balance sheet targets are
met

FY26 divisional performance
Improvement in core manufacturing performance; however, ROIC remains below acceptable levels
12
Light
Building Products
Heavy
Building MaterialsDistributionResidential
Development
(Land Sales)
Gross revenue
1
$2,305m

10% from $2,089m
$2,033m

4% from $1,950m
$1,577m


3% from $1,528m
$478m

13% from $550m
$121m
$7m in FY25
EBIT (ex Sig Items)
1
$246m

22% from $201m
$108m

8% from $100m
$12m

37% from $19m
$42m

21% from $53m
$52m
$3m in FY25
EBIT margin (%)
10.7%

110bps from 9.6%
5.3%

20bps from 5.1%
0.8%

40 bps from 1.2%
8.8%

80 bps from 9.6%
-

ROIC (ex Sig Items)
2
7.2%

130bps from 5.9%
5.1%

60bps from 4.5%
1.4%

60 bps from 2.0%
3.7%

120 bps from 4.9%
-

Invested Capital
(as at 30 June 2026)
$2,520m

9% from $2,306m
$1,508m

2% from $1,545m
$646m

3% from $628m
$811m

13% from $718m
-

1. Excl. corporate costs and Group eliminations; 2. ROIC calculated on a 12m rolling basis
$
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Where are the volumes tracking?
Q1 FY27 sales volumes ahead of the prior corresponding period in most business units
13
Note: 1. Winstone Wallboards: Domestic board volumes; Laminex AU: Domestic laminate sales; Fletcher
Insulation: Glasswool sales volumes; Iplex NZ: Plastic pipe volumes; Iplex AU: Plastic pipe and other sales
volumes
LIGHT BUILDING PRODUCTS VOLUMES
1
Rolling 12m average quarterly volumes, Q4 FY19 = 100
HEAVY BUILDING MATERIALS AND FRAME & TRUSS VOLUMES
2
Rolling 12m average quarterly volumes, Q4 FY19 = 100
Note: 2. Winstone Aggregates: Aggregates sales volumes; Golden Bay Cement: Domestic cement volumes;
Firth: Ready mix volumes; ColorCote: local volumes; Humes: Concrete pipe volumes; PlaceMakers: Frame &
truss volumes
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited
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 FY26Q3 FY26Q4 FY26Q1 FY27
Winstone WallboardsIplex NZLaminex AU
Iplex AUFletcher Insulation
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 FY26Q3 FY26Q4 FY26Q1 FY27
Winstone AggregatesGolden Bay CementFirth (Ready-mix)
ColorCotePlaceMakers Frame & Truss

Tailwinds and Headwinds
14
● Positive; ● Mixed; ● Negative
Residential
49% revenue exposure
Commercial
13% revenue exposure
Infrastructure
7% revenue exposure
NZ
House prices remained under near term
pressure, with inventory levels high.
Impact on new build activity uncertain.
Robust additions and alterations activity
NZ weak business investment and
economic uncertainty continue to
constrain demand
Supportive, with civil construction, roads
and bridges continuing. Timing for new
projects remains uncertain
Residential
20% revenue exposure
Commercial
7% revenue exposure
Infrastructure
4% revenue exposure
AU
Population growth and underlying
housing demand provide support,
however, activity is pressured by
elevated interest rates and affordability
Business investment is expected to grow,
with the focus on data centres
Strong pipeline, spanning all sectors,
including transport, energy, water
and Olympic facilities
Positive; ( ̶ ) Mixed; Negative
Where in the cycle are we?
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

•In 2025, we tragically lost one of our colleagues, Max, in a
fatal event in Vanuatu (Construction Division). Our
thoughts remain with his family and colleagues
•The safety and wellbeing of our people continues to be
our highest priority
•Since resetting Protect nearly sevenyears ago, we have
seen a 90% reduction in serious injuries and a 50%
reduction in our recordable injuries
•All sites have been assessed for their safety performance
and cultural maturity, with plans put in place for each site
•In FY27, we will be reviewing and refreshing our Protect
framework
Our safety
Refreshing our commitment to Protect
15
SERIOUS INJURIES
TRIFR
Total Recordable Injury Frequency Rate
CRITICAL RISKS (% CONTROLLED)
2
4
1
2
FY25FY26
Including ConstructionExcluding Construction
2.9
3.3
3.1
3.7
FY25FY26
Including ConstructionExcluding Construction
70%
79%
73%
81%
FY25FY26
Including ConstructionExcluding Construction
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Our customers
We’re proud of the products and people helping our customers build their future
16
Laminex NZ Calm &
Cohesive finishes chosen
for flagship clinic
PlaceMakers PLUS
Customer Loyalty
Programme
Firth mobilises mobile
plants for two major
wind farms
Iplex AU drives efficient
urban infrastructure
delivery
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Our community
17
Supporting the communities in which we operate
Fletcher Living Canterbury
team, planted 300 native
trees inHorotaneValley as
part of an ongoing effort
to help restore
Christchurch's natural
landscape
Tukapa Rugby & Sports
Club received a new roof,
via a community
partnership with Dimond
Roofing, ColorCote,
Farnsworth Roofing,
Cunningham
Construction, Bremick,
and Lifestyle Building &
Construction.
Fletcher Insulation,
Stramit, Iplex and Laminex
staff contributed over
2,000 meals for the First
Nations community, in
partneship with Meals for
the Mob
Mico team, together with
our partners, has
supported Make-A-Wish,
raising over $450,000
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Our environment
18
Note: 1. Scope 1 & 2 Emissions (market-based method); 2. Based on published Environmental Product Declarations (EPDs)
Supporting our local environment and improving our operational sustainability
Leadership
A-
Supplier
Engagement
A
ESG Rating
AAA
ESG Rating
71
ESG Rating
B
ESG Rating
4.5
Carbon emissions
21%
lower
vs FY18 baseline
1
76%
of revenue from
Sustainably
Certified Products
86%
of waste diverted
from landfill
Golden Bay Cement also
received the Carbon
Reduction Award at the
2025 Concrete NZ
Conference Awards
Golden Bay Cement
supported the re-
introduction of around
450 wētāpunga (giant
wētā) to Matakohe
Limestone Island
Urban Quarry
opened a new site in
Tamahere, offering
managed and
cleanfill solutions to
clients in the central
North Island.
Comfortech has
partnered with
Lodestone Energy to
match 100% of
electricity used at the
Penrose site with
solar renewable
energy
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Hunua Quarry
Fast-track approval secures the long-term position of the Hunua quarry within the Auckland market
| Annual Shareholders' Meeting | 21 October 2026 | Fletcher Building Limited19
•Hunua Quarry is one of Auckland’s largest quarries with
current output representing approximately 20-25% of
Auckland’s total aggregate production
•Approval of fast-track consent secures the future of the
quarry, with both greater certainty of resource availability
and the flexibility to expand production
•Extending the economic life of the quarry and enabling its
future expansion delivers significant and sustained
benefits to the Auckland region
~40MT
Estimated
Aggregate Reserves
10-15 years
Reserve
Life
~225MT
Estimated
Aggregate reserves
Over 50 years
Reserve
Life
Up to ~5MT
Annual Aggregate
Production
~3MT
Annual Aggregate
Production

Conclusion

Conclusion
21
❶
Steady performance in a tough macro environment
❷
Progressed the execution of our strategy
❸
Strengthened balance sheet, with net debt in target range
❹
Group ROIC improved, but more work to do
❺
Operating cashflows strong, but continue to be impacted by legacy projects
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Resolutions
Peter Crowley, Chair
Update Image

Resolutions
23
❶
That Sandra Dodds be re-elected as a director of the Company.
❷
That the directors be authorised to fix the fees and expenses of the auditor.
❸
That the Company’s Remuneration Report for the year ended 30 June 2026, as detailed on
the Company’s website, be adopted.
| Annual Shareholders’ Meeting | 21 October 2026 | Fletcher Building Limited

Thank you