Fletcher Building (FBU) Investor presentation summary

FY26 performance overview

• Revenue reached $6.0b, up 7.3% from FY25, with EBIT at $414m and net earnings of $228m, reversing a prior year loss.

• Net debt closed at $637m, within the target range, and ROIC improved to 5.3% from 4.1% in FY25.

• Operating cashflows remained strong at $715m, though still impacted by legacy projects.

• Portfolio simplification included divestment of Construction and Reinforcing & Wire divisions, and shutdown of non-core operations.

• Major operational investments included new manufacturing plants and expanded recycling initiatives.

Governance and board composition

• Board renewal resulted in 43% director diversity and 86% independence, with an average tenure of 3.6 years.

• Key committees are chaired by independent directors, supporting robust governance.

Remuneration framework and outcomes

• FY26 saw a revised STI plan focused on financial performance and updated LTI aligned to turnaround strategy.

• CEO's STI outcome was 37.5% of maximum, with full safety component forfeited due to a fatality.

• LTI grants from 2021 and 2022 were fully forfeited as performance hurdles were not met.

• Non-executive director fees remained unchanged, with a $2m annual pool and additional allowances for overseas directors.