Fletcher Building
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Fletcher Building (FBU) investor relations material

Fletcher Building H1 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2026 earnings summary17 Feb, 2026

Executive summary

  • Performance was mixed in H1 FY26, with a challenging Q1 and stronger Q2; core businesses showed resilience despite subdued markets in New Zealand and Australia.

  • Disciplined capital allocation and cost reduction initiatives were implemented, with benefits expected in H2.

  • Significant progress on portfolio simplification, including the divestment of the Construction division.

  • Tangible progress on turnaround plan, including divisional and corporate restructuring and reduced capital commitments.

  • No interim dividend was declared for 1H FY26 due to market conditions and capital structure priorities.

Financial highlights

  • Revenue for the half was NZD 2.9 billion ($2,866 million), down 0.5% year-on-year.

  • EBIT from continuing operations was NZD 145 million ($145 million), nearly flat year-on-year; EBIT margin at 5.1%.

  • Net profit from continuing operations was NZD 45 million ($45 million), the first positive result since June 2023.

  • Operating cash flow improved to NZD 156 million ($156 million), up from NZD 87 million.

  • Net debt increased to NZD 1.16 billion ($1,164 million), mainly due to residential land purchases.

Outlook and guidance

  • New Zealand volumes expected to remain soft, with meaningful improvement not anticipated until 2027.

  • Australian volume trends in Laminex and Fletcher Insulation are encouraging, but conditions remain mixed.

  • Margin compression to persist, but cost out program will help offset pressures.

  • Portfolio simplification on track, with Construction divestment estimated to complete in Q1 FY27.

  • Full-year CapEx now expected at NZD 290–310 million, down from previous guidance.

Impact of retained legacy construction risks
What is the risk from BGC not joining Iplex IR?
Explain capital allocation strategy for FY26
Residential review: future capital deployment?
H2 cost-out: net benefit given market flex?
Business units shifting to margin focus?
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H2 202618 Aug, 2026
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Frequently asked questions

Fletcher Building Limited is a New Zealand-based company that operates in the building materials, construction, and distribution sectors across Australasia. The company manufactures and distributes a wide range of products, including cement, concrete, insulation, and roofing, as well as providing residential and commercial construction services. Fletcher Building serves industries such as construction, infrastructure, and residential development. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX and ASX.

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