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Fletcher Building (FBU) investor relations material
Fletcher Building H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
FY 2025 was challenging, with revenue down 9% to £6.99B ($7.0b) and a net loss of £419M, driven by £702M in significant items including impairments and restructuring.
Net debt reduced to £999M ($999m) from £1.77B ($1,766m), mainly via a capital raise and divestment of TradeLink.
Operating cash flow was £501M ($501m), down from £588M, reflecting lower earnings.
Urgent restructuring, portfolio simplification, and divestments are underway, with dividends paused until net debt targets are met.
The medium-term strategy focuses on manufacturing, distribution, operational excellence, leadership empowerment, and a resilient capital structure.
Financial highlights
Revenue for FY 2025 was £6.99B ($7.0b), down 9% year-over-year, with the largest decline in Residential and Development (down 30%).
EBIT before significant items was £384M, down £125M from FY24, with margin at 5.5% (down from 6.6%).
Net loss for the year was £419M, including £702M in significant items (impairments, restructuring, legacy provisions).
CapEx reduced to £313M from £420M, focused on scaling and phasing investments.
ROIC fell to 4.5% from 5.5% year-over-year.
Outlook and guidance
Prolonged subdued demand expected in New Zealand and Australian construction markets through FY 2026.
Cost reduction initiatives and portfolio simplification will continue, with full benefits likely realized in FY 2027.
Dividend remains suspended until net debt reaches the lower half of the £400M–£900M target range.
Construction divestment and residential strategic review are underway.
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