Fletcher Building (FBU) AGM 2026 summary

Opening remarks and agenda

• Hybrid meeting held in person and online; quorum confirmed and meeting declared open. Agenda covered FY26 results, operating performance, resolutions and final business; Peter Crowley chaired and Andrew Reding presented the operating update.

• Resolutions were to be decided by poll, with questions addressed before voting.

Financial performance review

• FY26 continuing-operations revenue was NZD 6.0bn, up 7.3% YoY; EBIT before Significant Items was NZD 414m, up NZD 85m, with NZD 49m from property sales.

• Net earnings were NZD 228m vs a NZD 419m net loss in FY25; operating cash flow was NZD 715m vs NZD 501m. Net debt was NZD 637m, within the NZD 400m–NZD 900m pre-IFRS 16 target range.

• EBIT margin was 6.9% vs 5.9%; excluding surplus property sales, margin was 6.2%. ROIC was 5.3% vs 4.1%, or 4.7% excluding surplus property sales.

• Divisional ROIC was 7.2% for Light Building Products, 5.1% for Heavy Building Materials and 1.4% for Distribution; Distribution earnings were NZD 12m vs NZD 19m in FY25, returning to profitability in H2.

• FY27 Q1 sales volumes exceeded the prior-year period in most business units, with growth across Light and Heavy Building Products and Distribution.

Board and executive committee updates

• James Miller became Deputy Chair in December 2025; Peter Crowley had been appointed Chair in February 2025. Andrew Reding is Managing Director and Group CEO.

• Sandra Dodds sought re-election, citing financial and commercial expertise and Audit and Risk Committee leadership; she joined the board in 2023 and moved back to Auckland.