James Hardie Industries (JHX) Q3 2025 earnings summary

Executive summary

• Delivered strong Q3 FY25 results with net sales of $953 million, down 3% year-over-year, and adjusted EBITDA of $262 million (27.5% margin), down 7%, while reaffirming FY25 and FY26 growth plans and focusing on margin expansion and innovation.

• Maintained robust performance and operational execution despite challenging demand and raw material headwinds, with continued investments in capacity and customer partnerships.

• Outperformed end markets in North America, supported by strategic investments and a focus on long-term value creation through material conversion and demand generation.

• Emphasized safety, sustainability, and operational efficiency through the Hardie Operating System (HOS).

Financial highlights

• Q3 FY25 net sales were $953 million, down 3% year-over-year; adjusted EBITDA was $262 million (27.5% margin), down 7%; adjusted net income was $154 million, down 15%; adjusted diluted EPS was $0.36.

• North America: Net sales $719 million (down 1%), EBIT margin 29.1%, ASP up 2%, volume down 3%.

• Asia-Pacific: Net sales $118 million (down 12%), driven by 28% volume drop from Philippines exit, offset by 20% ASP rise; EBIT margin 29.3%.

• Europe: Net sales $116 million (down 1%), high-value product sales grew double digits; EBIT margin 3.1%, EBITDA margin 10.3%.

• Nine months FY25: Net sales $2.91 billion, adjusted EBITDA $811 million (27.9% margin), operating cash flow $657 million, capex $333 million, share repurchases $150 million.

Outlook and guidance

• FY25 guidance reaffirmed: North America volume at least 2.95bnsf, EBIT margin at least 29.3%, adjusted net income at least $635 million, and capex ~$420 million.

• FY26 planning assumes sales and adjusted EBITDA growth and margin expansion across all regions, with double-digit North America net sales growth and 500bps EBITDA margin expansion vs. FY24.