Fletcher Building (FBU) AGM 2025 summary

Opening remarks and agenda

• Meeting opened with a welcome to shareholders, proxies, and guests, both in person and online, and confirmation of quorum and agenda overview.

• Agenda included FY25 results, financial summary, CEO presentation, governance updates, Q&A, and voting on resolutions.

Financial performance review

• Revenue for FY25 was $7 billion, down 9% from FY24; EBIT before significant items was $384 million, $125 million lower than FY24.

• Net loss increased to $419 million from $227 million in FY24.

• Net debt reduced from $1.77 billion to $999 million, aided by a capital raise and strong operating cash flow of $501 million.

• Capital expenditure was $313 million, down from $420 million, reflecting disciplined allocation.

• Return on invested capital fell to 4.5% from 5.5% the prior year.

Board and executive committee updates

• Board renewal completed, with Peter Crowley appointed Chair in 2025 and several new directors and executives joining.

• Board focused on strategic clarity, accountability, and supporting management in executing the turnaround plan.