Annual Shareholders’ Meeting documents

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

22 October 2025

Annual Shareholders’ Meeting documents

Fletcher Building’s 2025 Annual Shareholders’ Meeting will take place today at 10.30am
NZT. Included with this announcement are the following documents:

• Chair and Managing Director and Chief Executive Officer’s Addresses
• ASM Presentation

ENDS

Authorised for release to the market by Haydn Wong, Company Secretary.
_____________________________________________________________________________________________________________
For further information please contact:
INVESTORS Alex MacDonald, GM Corporate Finance & Investor Relations +64 21 221 4266 Alex.MacDonald@fbu.com
MEDIA Christian May, Chief Corporate Affairs Officer +64 21 305 398 Christian.May@fbu.com
For information on Fletcher Building visit fletcherbuilding.com

---

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

FLETCHER BUILDING LIMITED
2025 Annual Shareholders’ Meeting
Chair and Managing Director & CEO Address


Peter Crowley, Chair
Tena koutou katoa and good morning, everyone. On behalf of the Board, it is my pleasure
to welcome you all to Fletcher Building’s 2025 annual shareholders’ meeting.

Board of Directors
Financial Year 2025 marked the completion of our Board renewal - a process that has
brought new perspectives and deep sectoral experience to Fletcher Building.
I was honoured to be appointed Chair in February and I'm pleased to be working
alongside a very capable and diverse group of directors.

We welcomed Tony Dragicevich and Andrew Reding onto the Board in August last year,
Jacqui Coombes in April and James Miller in June. Each brings valuable expertise in
governance, operations, and industry leadership. Sandra Dodds continues to lead our
Audit and Risk Committee, while Cathy Quinn, who chairs our Safety Health
Environmental & Sustainability Committee and our Disclosure Committee, remains a key
contributor to our governance and legal oversight, particularly in relation to the legacy
issues that we are working our way through.

This refreshed Board is well-positioned to support the business through its
transformation. We are focused on ensuring strong oversight, strategic clarity, and
accountability across the Group. With the Board now renewed, we are confident we can
support management in executing the turnaround plan and delivering long-term value
for shareholders.

Financial Year 2025 Financial Summary
Turning to the numbers.
Revenue for the year was $7.0 billion, down 9% from Financial Year 2024 and Earnings
Before Interest and Tax before significant items was $384 million - down $125 million
from Financial Year 2024. Our EBIT margin fell to 5.5%, and we reported a net loss of $419
million. This follows the $227 million loss reported in Financial Year 2024.

Despite these headwinds, we made substantial progress on strengthening the balance
sheet. Net debt reduced from $1.77 billion to $999 million. This reduction includes the
proceeds of the capital raise undertaken in November 2024 – we take this opportunity to
acknowledge the strong support we received from our shareholders for this capital raise.
We also generated $501 million in operating cash flow.

Capital expenditure and investments totalled $313 million, down from $420 million in
Financial Year 2024, reflecting disciplined capital allocation. Return on invested capital
was 4.5%, down from 5.5% in the prior year. We remain focused on improving this metric
through cost-out initiatives and portfolio simplification.

Encouraging progress on legacy risks
Through last financial year, we made significant progress resolving legacy issues that
have adversely impacted Fletcher Building in recent years.

The New Zealand International Convention Centre is now effectively completed, with
acceptance testing and compliance processes underway. We expect to handover this
magnificent building to SkyCity shortly. As we have advised to the market, there are
claims related to the Convention Centre. We intend to vigorously defend ourselves
against SkyCity’s legal proceedings and we are confident in our position. Our Court
proceedings against the roofing sub-contractors on the convention centre are nearly
complete, with judgment expected in the second half of this financial year.

In Western Australia, the remediation of ceiling pipe issues continues to track well. As at
the 30th of June, nearly 1,000 ceiling pipe replacements have been completed, 55 homes
fully remediated, and over 2,000 leak detector units installed. Importantly, costs remain
consistent with our estimates, and no additional provision changes have been required.
The impressive Puhoi to Warkworth motorway project was opened to traffic in June 2023
and reached full works completion in May 2024. We have now settled all material
outstanding claims with the New Zealand Transport Agency and insurers, closing out a
complex and long-running matter.

These outcomes reflect our commitment to resolving legacy issues and in doing so
allowing the company to focus more fully on the future - on operational performance,
strategic execution, and delivering shareholder value.

Financial Year 2025 operational highlights
Despite the macroeconomic headwinds on both sides of the Tasman, our operating
businesses delivered a number of encouraging results throughout Financial Year 2025.

Our Firth ready mix concrete business increased its national market share to
approximately 40%, and to over 50% in Auckland. Golden Bay now holds more than 60%
market share nationally.

Winstone Aggregates commenced on-site concrete recycling - this is a step forward in
reducing waste and cost. A win-win if ever there was one.

Winstone Wallboards are achieving significant improvements through the new Tauriko
plasterboard plant with A-grade recovery yields consistently above our 95 percent target.

Fletcher Insulation in Australia introduced 16 new products during the year,
demonstrating innovation and responsiveness to market needs.

Waipapa Pine is now operating at full capacity, contributing to our manufacturing
footprint and supply chain resilience.

These operational highlights reflect the strength of our portfolio and the continuing efforts
and dedication of teams across the Group.

Taking Action
While the result for the 2025 Financial Year was disappointing to all of us, decisive action
has been taken to reset the business.

We have enhanced the capability of our Board and senior management team – with four
new Board members and six new executives appointed during the year.

We have taken action to address the corporate structure – restructuring from six divisions
to five, reducing divisional overhead and bringing decision making closer to our
customers.

Approximately $200 million of cost savings were implemented in Financial Year 2025 and
a further $30 million were announced at Investor Day, with cost reduction remaining an
ongoing area of focus.

We achieved a 43% reduction in net debt to $999 million as at 30 June.

We have clarity with regards to our medium term strategy, which was presented to
shareholders in late June and we are developing a culture of accountable, empowered
leadership, transparency and performance.

We have the building blocks in place.

Our medium-term strategy
As we laid out at the Investor Day, the business’ medium-term focus remains on
manufacturing and distribution of building products and materials.

We've implemented urgent actions to stabilise the business and are now focused on
embedding a high-performance culture across the Group. Divisional autonomy is being
increased, with business unit returns being measured against industry-specific Weighted
Average Cost of Capital targets. Underperforming units are being evaluated, and we are
taking steps to decentralise corporate functions and reduce central costs.

Dividend payments remain paused until we reach the lower half of our net debt target
range of $400 to $900 million. We are targeting investment-grade credit metrics and a
more resilient capital structure.

Overall, the construction sector is currently under extreme pressure. However, we have
a clear strategy, and our renewed management has already been taking bold steps to
mitigate the downside and position our businesses well for when demand does return.

Challenging first quarter
Before I close this section wanted to touch on the challenging trading conditions that we
have experienced in the first quarter of financial year 2026.

Our quarterly volume update released last week showed further declines in trading
volumes and ongoing pressure on margins. The primary driver of this was continued
weak demand and heightened competitive activity, particularly in the New Zealand
market.

Light Building Products volumes were generally below prior corresponding period, but
slightly higher compared to Fourth Quarter of Financial Year 2025. Across the Division,
margins were relatively stable with production efficiencies and cost management
offsetting soft volumes.

Heavy Building Materials experienced some pronounced volume contractions with
Winstone Aggregates volumes down 4.1% versus Fourth Quarter Financial Year 2025 and
6.3% versus the prior corresponding period, reflecting weaker roading and project
activity.

Competition continues to be felt across the Group, with margins in Steel and Distribution
coming under particular pressure this quarter.

To offset some of this impact, we are controlling what we can by taking out another
$100m of cost, which Andrew Reding will discuss in more detail.

On that note, I'll now hand over to Andrew to speak to operating performance,
stakeholders and the turnaround plan.

Andrew Reding, Managing Director & CEO
Thank you Peter. Tena koutou katoa. I would also like to add my welcome to those joining
the meeting today, both here in the room and online. Let's begin with a look at where we
are in the cycle.

Where in the cycle are we?
In New Zealand, we have experienced a prolonged period of subdued demand in the
residential and commercial construction markets, and we expect that to continue
through Financial Year 2026. Building merchant sales remains a reliable proxy for sector
activity and our current data shows nominal sales across the wider merchant sector
tracking below prior-year levels, even before adjusting for inflation. This weakness has
persisted for the past 18 months, with rolling 12-month figures well off the peaks of the
last cycle. The softness is broad-based, affecting both residential and non-residential
segments.

In Australia, we are seeing early signs that the gap between completions and
commencements is beginning to converge. For total dwellings, approvals and
commencements are starting to align, indicating a potential stabilisation in the pipeline.
New house activity, however, remains slower to respond, with commencements still
lagging approvals. Australian market conditions remain mixed. While some segments
show resilience, others continue to face headwinds from interest rates, labour
constraints, and elevated input costs.

Where are FBU volumes tracking?
As Peter mentioned, in the interests of providing transparency and insight to shareholders
and analysts, we recently began publishing quarterly volume data. This has been well
received, particularly by institutional investors and equity analysts. We announced our
Quarter 1 Financial Year 2026 volume data last week.

On the left of the slide, you can see product volumes in New Zealand going back to just
before Covid. These show that market conditions remained extremely weak in the first
quarter. We experienced a mix of volume outcomes, but across the board, margin
weakness continues. As well as the weak demand across key markets, we are seeing
heightened competitive activity, particularly in the New Zealand market.

On the right of the slide, you can see the equivalent data in Australia. There, volumes
have improved slightly quarter-on-quarter (except for Stramit), but remain below
Financial Year 2024. Laminex, Iplex, and Fletcher Insulation are adapting to market

conditions with targeted product and channel strategies. We continue to monitor trends
closely and adjust operations accordingly.

Across both Australia and New Zealand, we anticipate market conditions will remain
challenging throughout the remainder of this financial year. There is continued
uncertainty on the timing of recovery in the residential sector. It is worth noting though,
that the recent significant OCR reductions should in time support greater liquidity in the
New Zealand housing market and there are some signs of steadying or improving market
conditions in Australia.

Financial Year 2026 cost out initiatives
However, we are not standing still waiting for market conditions to improve. We have
continued to carefully examine our cost base.

Last week we announced a further cost-out programme targeting another approximately
$100 million in annualised savings. Of that, around $50 million in benefits are expected
to be realised in the second half of Financial Year 2026, with full annualised savings
expected to be achieved in Financial Year 2027. This is over-and-above the $30 million of
Financial Year 2026 cost out that was announced at Investor Day.

Together, these cost initiatives will aid profitability and partially offset the earnings impact
driven by market conditions. The programme is focused primarily on back-office
operations and efficiencies, while seeking to maintain front-line operational capabilities
so that our businesses are ready and have the capacity to respond when market
conditions improve.

Our Customers
Our customers remain at the heart of everything we do. From Auckland Airport to
Christchurch Te Kaha Stadium, our products and people are helping to build the future.
These projects showcase the breadth of our capabilities and the trust placed in us by
leading developers and contractors.

To give some context to these examples, during Auckland International Airport’s Taxiway
Mike project, Firth and Brian Perry Civil completed their largest ever concrete pour of
1,300 cubic metres, in a single 12-hour night shift. The NZICC project is nearing handover
and, once complete, will be a significant asset for New Zealand, capable of hosting
events for up to 4 and a half thousand people.
Our Customers

Finally, in Canterbury our GIB products are used extensively throughout the new
Christchurch Te Kaha Stadium. We are proud of the role we play in enabling
infrastructure, housing, and community development across New Zealand and Australia.

Our Community
We're also proud of our community partnerships. From restoring backcountry huts to
supporting trade academies and local infrastructure, Fletcher Building is committed to
making a positive impact. These initiatives reflect our values and our role as a responsible
corporate citizen. We will continue to support the communities we operate in and invest
in initiatives that deliver long-term social value.

Turnaround Plan
To conclude, we have acted decisively to reshape the business over the past 12 months.
We have already implemented many of the key priorities and we have clear action plans
for the short and medium term.

In Financial Year 2025, we implemented $200m of cost savings and announced a further
$30m at Investor Day, but we haven’t stopped there. Further work in Financial Year 2026
is targeting another approximately $100 million of cost savings, which will be crucial to
our profitability in a challenging market environment. These efficiencies will also improve
our performance when we do see demand return. Our Corporate functions are being
decentralised to give divisions and business units more autonomy and accountability.
The divisional restructures, which are now complete, position us to focus our resources
on the divisions and the projects that will generate the highest returns.

We are progressing a number of potential divestments, including our Construction
division, CSP and our 13.4 percent equity stake in the Puhoi to Warkworth toll road. We
are also progressing the strategic review of our Residential and Development Division.

But there is still a lot more work to do. We remain committed to rebuilding to an
acceptable return on invested capital. Over the medium term, we will embed the new
operating model and continue to simplify our business portfolio. Once balance sheet
targets are met, we will reset our dividend policy, in order to deliver sustainable and
growing returns to shareholders.

I will now hand back to Peter to conclude the presentation section of the meeting.

Peter Crowley, Chair
Governance update
Thank you, Andrew.

Governance enhancements have been a key focus in Financial Year 2025. We've
introduced revised financial reporting aligned to the IFRS 18 accounting standard, with
clearer breakdowns across revenue, Earnings Before Interest and Tax, and cash flow.

The Financial Year 2025 annual results presentation included significantly more detail in
relation to our strategies and changes, thereby improving transparency for shareholders.
Quarterly volume reporting was introduced in July, providing timely insights into market
activity levels across the business.

In September, we released a standalone Remuneration Report, detailing executive and
broader workforce remuneration. Our Corporate Governance Statement was updated in
August and now acts as a standalone document outlining our frameworks and policies.
The Board Skills Matrix has also been refreshed to reflect the new composition of the
Board and is published on our website.

These initiatives support our commitment to transparency, accountability, and best-
practice governance.

Conclusion
In closing, Financial Year 2025 was a year of action.
We have developed and communicated a clear medium term strategy for the Group.
We have implemented immediate steps to stabilise the business and reduce costs.
Our focus remains on improving operating performance, customer service and reducing
net debt and we have clear priorities for Financial Year 2026.

So, while market conditions in New Zealand and Australia are expected to remain soft,
we are well-positioned to benefit from improved operating leverage when recovery
begins.

Thank you for your continued support.

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

---

Annual
Shareholders’
Meeting
22 OCTOBER 2025
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 2025 Full Year Financial Results dated 20 August 2025. As such, it should be read in conjunction with and subject to the
explanations and views given in that document. Unless otherwise specified, all information is for the 12 months ended 30 June2025.
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 12 months ended 30 June 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 12 months ended 30 June 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,
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 shall have any liability whatsoever to any person forany 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.
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited2

Agenda
Peter Crowley, ChairFY25 at a glance1.
Andrew Reding, Managing Director & CEOOperating performance2.
Peter Crowley, ChairGovernance & Conclusion3.
Peter Crowley, ChairResolutions4.
Peter Crowley, ChairQ&A5.
Peter Crowley, ChairThank you6.
FY25 Results
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited3

Board of Directors
Chair appointed, refresh is now complete
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited4
ANDREW REDING
Group Chief Executive Officer &
Managing Director
Term of office:
Appointed Director in Aug 2024
PETER CROWLEY
Chair and Independent Non-
Executive Director
Term of office:
Appointed Director in 2019
Appointed Board Chair in 2025
SANDRA DODDS
Independent Non-Executive Director /
Chair of the Audit & Risk Committee
Term of office:
Appointed DirectorinSep 2023
Last elected in 2023
CATHY QUINN
Independent Non-Executive
Director
Term of office:
Appointed DirectorinSep 2018
Last elected in 2024
TONY DRAGICEVICH
Independent Non-Executive
Director
Term of office:
Appointed Director in Aug 2024
JACQUI COOMBES
Independent Non-Executive
Director
Term of office:
Appointed Director in Feb 2025,
Effective Apr 2025
JAMES MILLER
Independent Non-Executive
Director
Term of office:
Appointed Director in Dec 2024,
Effective Jun 2025

FY25 at a glance
Peter Crowley, Chair

EBIT
1,2
$384m
$125m lower than FY24
Netdebt
$999m
vs $1,766m at 30 June 24
ROIC
4.5%
vs 5.5% at FY24
Capex &
Investments
$313m
vs $420m FY24
FY25 Financial summary
1. Continuing operations 2. Before Significant Items
Tough macro conditions across all sectors; we are positioning the business for the realities of the current market
and to maximiseleverage to any cyclical upturn
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited6
Revenue
1
$7.0b
9% lower than FY24
Net cash from
operating activities
$501m
vs $588m in FY24
EBIT Margin
1,2
5.5%
vs 6.6% in FY24
Net loss
$419m
vs $227m in FY24

Encouraging progress on legacy risks
Over the course of FY25 there has been a sustained effort to close out historic legacy issues
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited7
[Photo]
•Construction works effectively complete, with acceptance
testing and compliance processes underway
•Client handover expected in calendar year 2025
NZICC
•As at 30 June, participating builders have completed 996
ceiling pipe replacements, fully remediated 55 homes and
installed leak detector units in over 2,000 homes (work
done under both the Interim Fund and Industry Response)
•Costs currently tracking consistent with estimates –no
provision change
WA pipes
[Photo]
•Full works completion approved in May 2024 following June
2023 opening
•Settled outstanding claims with NZTA (June 2025) and
insurers (August 2025)
Puhoi to
Warkworth

FY25 operational highlights
Firth
increased market share to ~40% nationally and
above 50% in Auckland
Golden Bay
market share improved to +60% nationally
Winstone Aggregates
commenced on-site concrete
recycling
Winstone Wallboards
achieved A-grade recovery
yields exceeding target of 95%
Fletcher Insulation
launched 16 new insulation
products
WaipapaPine
now operating at full utilisation
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited8

Taking action
Board and Management -four new board members
and six new executives
Corporate restructure -six divisions reduced to five,
reducing divisional overhead
$200m of gross cost savings -implemented across
FY25
Net Debt reduction -from $1,766m in FY24 to
$999m in FY25
New strategy in place -we presented a clear plan
for improvement at our Investor Day
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited9

Our medium-termstrategy
At our Investor Day in June we presented a clear plan for improvement
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited10
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 with
immediate 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 well
led, but require more
autonomy and
recognition of specific
needs
•Develop and integrate
performance-driven
culture across business
•Dividend paused until
net debt target of
$400m -$900m (pre
IFRS-16) achieved
•Target investment grade
credit metrics
1
2
3
4

Challenging first quarter
Operating environment –subdued market with
declining volumes and margin pressure
Light Building Products –volumes below pcp, but
above Q4 2025, margins relatively stable
Heavy Building Materials –volumes contracted
especially in Winstone Aggregates (6.3% vs pcp)
Margin pressure –across the Group business units
are seeing intense competition, in particular Steel
and Distribution who suffered margin compression
Cost out –$100m incremental programme,
controlling cost and support profitability
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited11

Operating
performance
Andrew Reding,
Managing Director & CEO
New Zealand International Convention Centre

Where in the cycle are we?
Sales across the wider building merchant market are tracking below previous years (in nominal terms)
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited13
Source: Creditworks, ABS
Note: NZ Building Merchant Sales are displayed in nominal terms
NZ BUILDING MERCHANT SALES
$m, rolling 12 month sales (Jun-20 to Sep-25)
AUS NEW HOUSE
Seasonally adjusted, (Approvals, Commencements & Completions)
3,000
3,500
4,000
4,500
5,000
5,500
6,000
6,500
Jun-20
Sept-20
Dec-20
Mar-21
Jun-21
Sept-21
Dec-21
Mar-22
Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Sept-25
20000
25000
30000
35000
40000
45000
Mar-17
Jun-17
Sept-17
Dec-17
Mar-18
Jun-18
Sept-18
Dec-18
Mar-19
Jun-19
Sept-19
Dec-19
Mar-20
Jun-20
Sept-20
Dec-20
Mar-21
Jun-21
Sept-21
Dec-21
Mar-22
Jun-22
Sept-22
Dec-22
Mar-23
Jun-23
Sept-23
Dec-23
Mar-24
Jun-24
Sept-24
Dec-24
Mar-25
Jun-25
Aug-25
New House approvedNew House commencedNew House completed

Where are FBU volumes tracking?
Weak demand is continuing for a number of key products
14
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 FY26
Winstone WallboardsWinstone AggregatesGolden Bay
HumesPlaceMakers
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited
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 FY26
Laminex AUFletcher InsulationIplex AUStramit
Note: WWB –Domestic Board volume (m
2
), Humes –Concrete pipe volume (000 tonnes) –for FY19&FY20 annual data only available, monthly data
has been averaged out, PM –Frame & Truss (m
3
), WA –Aggregates sales volumes (000 tonnes), GBC –Domestic cementvolumes (000 tonnes)
Laminex AU –Domestic sales volumes (000 m
2
), Fletcher Insulation –Glasswoolsales volume (tonnes), IplexAU –Plastic pipe and other sales volume
(000 tonnes), Stramit–Sales volumes (tonnes)

FY26 cost out initiatives
In response to a challenging trading environment further initiatives are underway to protect profitability
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited15
Market conditions in FY26 have continued to be testing, with subdued demand and tough competition
We have continued to closely examine our cost base and identify opportunities to improve efficiency
Cost out: $200m implemented in FY25, announced an additional $30m at Investor Day and $100m last week
The cost-out programmeis focused primarily on back-office operations and efficiencies

Our Customers
We’re proud of the products and people helping our customers build their future
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited16
Auckland Airport –Firth &
Brian Perry Civil
New Zealand
International
Convention
Centre –
Fletcher
Construction
WaitangiruaLink
Road project
-IplexNZ

Our Customers
We’re proud of the products and people helping our customers build their future
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited17
Christchurch
Stadium –
Winstone
Wallboards
SH1 Loop Road
Safety
Improvement
Project -Firth
Western
Sydney
International
Airport –
IplexAU
TeWaka Aorangi
Child Wellness
Centre –
Laminex

Our Community
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited18
Supporting the communities that we operate in
Supporting the restoration of 30
iconic huts across the country as
part of 5 year partnership with
Back Country Trust.
Fletcher Living
designed, built
and handed
over Taurangi
Reserve to
Auckland
Council
Supporting One
Tree Hill College
Trade Academy
–transforming
KāingaOra
home into a
HomeStarLevel
7 sustainable
masterpiece
Winstone
Aggregates’
Community
Sponsorship
Fund supports
Coastguard
Kaipara

Turnaround plan

Australia, Steel & Corporate
restructure

Clever Core shut down

MADE by Laminex shut down

CSP divestment underway

SAP rollout stopped

Forward capex commitments
reduced

Finalise and implement divisional
restructure

Australia, Steel & Corporate
restructure

Clever Core shut down

MADE by Laminex shut down

CSP divestment underway

SAP rollout stopped

Forward capex commitments
reduced

Finalise and implement divisional
restructure

Construction divestment
processes underway

Commencing strategic review of
Residential and Development

Sale of 13.4% equity stake in P2W
toll road nearing completion

Progressing Felix Street sale

Focus on achieving fair value for
divested assets

Further decentralise corporate
functions and drive lower costs

Capital allocation and structure
reset underway

Construction divestment
processes underway

Commencing strategic review of
Residential and Development

Sale of 13.4% equity stake in P2W
toll road nearing completion

Progressing Felix Street sale

Focus on achieving fair value for
divested assets

Further decentralise corporate
functions and drive lower costs

Capital allocation and structure
reset underway

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

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
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited19
Urgent prioritieshave been actioned decisively and there is a clear path of continuous improvement ahead
ImplementedShort termMedium term

Governance &
Conclusion
Peter Crowley, Chair

Governance update
A number of initiatives have been implemented that will allow greater transparency for shareholders and assist the
Board’sgovernance processes
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited21
•Revised reporting in FY25 aimed to improve readability and transparency, the Investor Presentation has
been expanded and now includes a significant amount of previously unreported information.
•In the Annual Report, segment reporting now has clearer breakdowns across revenue, EBIT, and cash by
segment and the cash flow statement is aligned to IFRS 18, with more detail on operating, investing, and
financing activities (including clearer treatment of interest paid, interest received, and dividends received)
Financial reporting & IFRS 18
initiatives
•In July, quarterly volume reporting was introduced to provide shareholders and the market with more
timely information about activity levels across key indicators across the business
Volume reporting
•In September, the FY25 Remuneration Report was released, providing a standalone document with detail
on remuneration for senior management and the wider business
Remuneration report
•In August, the Board’s corporate governance statement was updated and now acts as standalone
document detailing the governance arrangements, frameworks and policies in place
Corporate governance
statement
•To reflect the new composition of the Board following the refresh process, the Board Skills Matrix has also
been updated, showing the capabilities held across the Board
Skills matrix

Conclusion
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited22
Developed medium term strategy and communicated it internally and externally
❶
Immediate actions being taken on turnaround plan and cost out programme
❷
Clear focus on operating performance and servicing our customers
❸
On track with reducing net debt, with clear priorities for FY26
❹
NZ and AUS markets likely to remain weak in FY26
❺
Well positioned for improved operating leverage when market conditions do recover
❻

RāHihi flyover –Eastern Busway Project

Resolutions
Peter Crowley, Chair
New Zealand International Convention Centre

Resolutions
| Annual Shareholders’ Meeting | 22 October 2025 | Fletcher Building Limited34
That Peter Crowley be re-elected as a director of the Company.
❶
That Jacqui Coombes be elected as a director of the Company.
❷
That James Miller be elected as a director of the Company.
❸
That the directors be authorisedto fix the fees and expenses of EY as the Company’s auditor.
❹
That the Company’s Remuneration Report for the year ended 30 June 2025, as detailed on
the Company’s website, be adopted.
❺

RāHihi flyover –Eastern Busway Project

Thank you