Company Reports

Fletcher's fiscal 2026 underlying EBIT of NZD 414 million was 26% higher than the prior year. Operational improvements and sales volume growth underpinned 100 basis points of margin expansion. Shares rose 4%.

Fletcher Building is a New Zealand building supplies company. We estimate that about 65% of its revenue is tied to residential construction, 25% to commercial, and about 10% to infrastructure.

Fletcher Building is a New Zealand building supplies company. We estimate that about 65% of its revenue is tied to residential construction, 25% to commercial, and about 10% to infrastructure.

A bump in sales volumes and an additional NZD 12 million of property sales earnings are behind Fletcher's 6% increase in EBIT guidance for fiscal 2026. It expects EBIT of NZD 400 million-NZD 403 million.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.

Fletcher's divestments and property sales are expected to provide NZD 450 million in cash in fiscal 2026, including the construction business sale, settled in May. Additionally, Fletcher expects fiscal 2026 EBIT of NZD 378 million, including property earnings, at the midpoint of a guided range.

Fletcher released its product sales volumes for the third quarter of fiscal 2026, with light building products seeing solid growth across most products, while heavy building materials were mixed. Its costs are set to rise from the conflict in the Middle East.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.

Fletcher's first-half fiscal 2026 adjusted EBIT of NZD 145 million was flat on the prior year, on a like-for-like basis. Although cyclical weakness in the residential sector persists, management has been pursuing its turnaround plan, including the sale of assets such as the construction business.

Fletcher Building's second-quarter fiscal 2026 volumes were mixed compared with last year. Sales of most light building products, supporting the residential segment, were generally modestly higher. Heavier building materials, including aggregates, concrete pipes, and steel, were mostly lower.

Fletcher Building's first-quarter fiscal 2026 volumes were generally lower across most building material categories, compared with the first quarter of fiscal 2025. Volumes were modestly higher in some categories, including steel reinforcing, domestic concrete, and steel and truss.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.

Fletcher's fiscal 2025 adjusted net loss of NZD 419 million was almost twice as much as the prior year's loss. The result reflected construction cyclicality in Australia and New Zealand, with low volumes of new house builds resulting in 9% lower revenue.

Fletcher Building made three material announcements at its investor day: a downgrade in fiscal 2025-adjusted EBIT, now about 9% lower than midyear guidance; significant costs of up to NZD 780 million; and dividend payments paused until the balance sheet improves. Shares fell 3%.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.

Fletcher Building said it has received inquiries about some noncore businesses, including the construction division, since announcing its strategic review. It will release further details in late June 2025. Shares are up 9% since the announcement.

SkyCity intends to sue Fletcher Building for about NZD 330 million in damages from the delay in constructing the New Zealand International Convention Centre. Originally it was due for delivery in early 2019, but following a fire and covid-19, handover is expected in February 2026.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.

No-moat Fletcher Building’s first-half fiscal 2025 underlying EBIT of NZD 167 million was 37% lower than the previous corresponding period due to lower revenue and EBIT margin of 7% and 210 basis points respectively. A net after tax loss of NZD 134 million reflects almost NZD 200 million in one-off costs to complete the New Zealand International Convention Centre and repairs for households hit by the Iplex pipe issues in Western Australia.

Fletcher Building is a New Zealand building supplies company. We estimate about 65% of its revenue is tied to residential construction, 25% commercial, and about 10% infrastructure.