Slides
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1 Q1 FY27 EARNINGS PRESENTATION FirstQuarter FY27 Earnings Presentation Thursday, August 6th
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2 Q1 FY27 EARNINGS PRESENTATION Cautionary Note and Use of Non-GAAP Measures This Earnings Presentation contains forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. James Hardie Industries plc (the “Company”) may from time to time make forward-looking statements in its periodic reports filed with or furnished to the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K and similar reports with the Australian Securities Exchange, in its annual reports to shareholders, in media releases and other written materials and in oral statements made by the Company’s officers, directors or employees to analysts, institutional investors, representatives of the media and others. Words such as “believe,” “anticipate,” “plan,” “expect,” “intend,” “target,” “estimate,” “project,” “predict,” “forecast,” “guideline,” “aim,” “will,” “should,” “likely,” “continue,” “may,” “objective,” “outlook” and similar expressions are intended to identify forward-looking statements but are not the exclusive means of identifying such statements. These forward-looking statements are based upon management's current expectations, estimates, assumptions, beliefs and general good faith evaluation of information available at the time the forward-looking statements were made concerning future events and conditions. Readers are cautioned not to place undue reliance on any forward-looking statements or rely upon them as a guarantee of future performance or results or as an accurate indication of the times at or by which any such performance or results will be achieved. Forward-looking statements are necessarily subject to risks, uncertainties and other factors, many of which are unforeseeable and beyond the Company’s control. Many factors could cause actual results, performance or achievements to be materially different from those expressed or implied in this Earnings Presentation, including, among others, the risks and uncertainties set forth in Item 1A “Risk Factors” in James Hardie’s Annual Report on Form 10-K for the year ended March 31, 2026, which include, but are not necessarily limited to risks such as changes in general economic, political, governmental and business conditions globally and in the countries in which the Company does business; changes in interest rates; changes in inflation rates; changes in exchange rates; the level of construction generally; changes in cement demand and prices; changes in raw material and energy prices; changes in business strategy; the AZEK integration and anticipated benefits and various other factors. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described herein. James Hardie assumes no obligation to update or correct the information contained in this Earnings Presentation except as required by law. This Earnings Presentation includes financial measures that are not considered a measure of financial performance under generally accepted accounting principles in the United States (GAAP). These financial measures are designed to provide investors with an alternative method for assessing our performance from on-going operations, capital efficiency and profit generation. Management uses these financial measures for the same purposes. These financial measures are or may be non-GAAP financial measures as defined in the rules of the U.S. Securities and Exchange Commission and may exclude or include amounts that are included or excluded, as applicable, in the calculation of the most directly comparable financial measures calculated in accordance with GAAP. These non-GAAP financial measures should not be considered to be more meaningful than the equivalent GAAP measure. Management has included such measures to provide investors with an alternative method for assessing its operating results in a manner that is focused on the performance of its ongoing operations and excludes the impact of certain legacy items, such as asbestos adjustments, or significant non-recurring items, such as asset impairments, restructuring gain or expenses, acquisition and pre-close financing related costs, as well as share-based compensation and adjustments to tax expense. Additionally, management uses such non-GAAP financial measures for the same purposes. However, these non-GAAP financial measures are not prepared in accordance with GAAP, may not be reported by all of the Company’s competitors and may not be directly comparable to similarly titled measures of the Company’s competitors due to potential differences in the exact method of calculation. For additional information regarding the non-GAAP financial measures presented in this Earnings Presentation, including a reconciliation of each non-GAAP financial measure to the equivalent GAAP measure, see slides titled “Non-GAAP Financial Measures” included in this Earnings Presentation. This Earnings Presentation forms part of a package of information about the Company’s results. It should be read in conjunction with the other parts of this package, including the 10-Q and Earnings Release. All comparisons made are vs. the comparable period in the prior fiscal year and amounts presented are in U.S. dollars, unless otherwise noted. Q1 FY2 7 EARNINGS PRESENTATION
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3 Q1 FY27 EARNINGS PRESENTATION 60% 5% 9% 27% James Hardie At A Glance James Hardie is a leading provider of exterior home and outdoor living solutions $5.3B FY26 PF REVENUE 9% 6-YEAR PF NORTH AMERICA REVENUE CAGR $1.4B FY26 PF ADJ. EBITDA 27.2% FY26 PF ADJ. EBITDA MARGIN Note: All financials and net sales breakdowns are based on the James Hardie 2026 fiscal year, are inclusive of AZEK Residenti al net sales and Adjusted EBITDA over the corresponding period. The data is pro forma inclusive of contribution from AZEK before acquisition. Effective as of June 30, 2026, we revised the definition of Adjusted EBITDA and Adjusted EBITDA Margin to exclude share-based compensation expense. FY26 has been recast to reflect the change. Refer to Non-GAAP Financial Measures for reconciliations for pro forma revenue, pro forma Adjusted EBITDA and pro forma Adjusted EBITDA Margin. Breakdown percentages might not add up to 100% due to rounding. North America “NA” is reflective of the combined North America segments, Siding & Trim (S&T) and Deck, Rail & Accessories (DR&A). NA Net Sales by End Market is an estimate based on Principia data and management estimates. 79% 11% 10% Total Net Sales by Geography North America Europe ANZ NA Net Sales by Product Category Fiber Cement Exteriors NA Net Sales by End-Market 43% New Construction 57% Repair & Remodel PVC Exteriors Fiber Cement Interiors Deck, Rail & Accessories DR&A S&T DR&A S&T
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Q1 FY27 EARNINGS PRESENTATION SIDING ~78% Remaining conversion opportunity by volume in new construction DECKING ~76% Remaining conversion opportunity by volume RAILING ~63% Remaining conversion opportunity by volume PERGOLAS/STRUCTURES ~85% Remaining conversion opportunity by volume Note: Represents U.S. residential total addressable market Sources: Dodge Construction Network / Principia Data, American Institute of Architects, Houzz, Freedonia, 2nd Street Advisors and company estimates. Note: Decking, Rail and Trim conversion opportunity is based on volume demanded for wood solutions in billions of linear feet as a percentage of the total addressable market according to Principia and company estimates. Trim conversion opportunity also includes engineered wood. Pergola conversion opportunity is based on projected marke t size by material in square feet based on Home Innovation Research Labs forecasts and 2nd St Advisors’ analysis OTHER EXTERIORS ~54% Remaining conversion opportunity by volume $10B TAM $4B TAM $5B TAM $3B TAM $1B TAM Over $17 Billion Material Conversion Opportunity Overall 4 Our North America Markets are Large with Substantial Opportunity for Material Conversion
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5 Q1 FY27 EARNINGS PRESENTATION Enhance Homeowner & Pro Journey Providing a best-in- class, integrated experience as the preferred industry supplier Extend Brand Leadership Establishing James Hardie as the undisputed leader in resilient exterior home solutions Advance Product Innovation Developing and delivering the most beautiful and best performing products Drive Channel Expansion Leveraging expanded portfolio and complementary geographic focus to accelerate growth Accelerate Material Conversion Converting inferior materials and accelerating premium products Focused Long-term Strategy with Multiple Levers for Profitable Growth and Performance Homeowner Focused, Customer-Contractor DrivenTM Driving Value Creation and Enterprise Efficiencies Hardie Operating System Technology The Home of Resilient Beauty.
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6 Q1 FY27 EARNINGS PRESENTATION Strong Progress on Cost & Commercial Synergies Progressing Toward Full Achievement of $125mm Three-Year Cost Synergy Target Note: The Company is targeting $125 million in run-rate cost synergies within three years of closing the transaction and $500 mi llion in run-rate commercial synergies within five years of closing the AZEK transaction. In FY26, the Company realized ~$37 million of cost synergies in the P&L. In Q1 FY27, the Company r ealized an additional ~$29 million of cost synergies in the P&L. Manufacturing & Procurement Commercial & R&D General & Administrative $125mm Integration Momentum Driving Cost Synergies CONTRACTORS DEALERS RETAILERS HOMEBUILDERS Partnering to Scale on James Hardie Siding & TimberTech® Decking Securing New, Exclusive AZEK Stocking Positions Key Shelf Space Wins, Pro Desk SKUs and In-Store Merchandising Offering A Broader Exteriors Solution to Deepen Exclusivity Partnerships Wins At Each Step of the Value Chain Validate Our Confidence in Achieving Over $500mm of Commercial Synergies Commercial Synergies Across the Value Chain Recent Wins Reinforce Confidence in Exiting FY27 at a ~$125mm Commercial Synergy Revenue Run-Rate
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7 Q1 FY27 EARNINGS PRESENTATION Hardie's National Full-Line Relationship Anchors Distribution Consolidation Across Boise Cascade's Footprint Why James Hardie What It Delivers Best-in-class exterior package: Hardie Siding + AZEK Trim + TimberTech Decking — the most complete, durable exterior and outdoor-living offering Proven Relationship: a longstanding national fiber cement partnership earned the trust to go full line Proven In Market: full-line pilot branches opened in 2025 outperformed first-year targets, validating the model ahead of the national rollout Category Leadership: AZEK PVC Trim and TimberTech Decking are premium, market-leading platforms with strong Pro pull Execution: full-line focus reduces complexity while Hardie's downstream salesforce drives contractor pull-through Full-line national distribution: the complete Hardie exterior and outdoor-living portfolio, available in one place in every major market Combined go-to-market: Hardie and Boise jointly drive demand through coordinated sales execution and local market coverage Best-in-class service: national logistics scale keeps product on the shelf when dealers need it, driving repeat pull-through Portfolio pull-through: one-stop availability lifts attachment across siding, trim, decking and railing NATIONAL FULL-LINE Boise Cascade Building Materials Distribution (NYSE: BCC) is one of the largest U.S. wholesale distributors of building products, serving independent lumberyards, dealers and retailers nationwide ~$5.9BN TTM BMD Revenue(1) 40 Distribution Locations ~750 BMD Sales Employees (1) TTM as of 3/31/2026. BMD is Boise Cascade’s core distribution segment National Reach Across Key Markets Note: Dots are directional only and are not intended to reflect exact facility locations.
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8 Q1 FY27 EARNINGS PRESENTATION Note: Reflects select regional partners within James Hardie's broader distribution network and is not intended to be a complete representation of all regional relationships. Map reflects the go- forward distribution footprint, inclusive of Boise Cascade, the six regional distributors, and all other key distribution partners. Dots are directional only and are not intended to reflect exact facility locations. Local Strength: best-in-class distributors with deep relationships and logistics expertise in their home markets Proven Partners: longstanding James Hardie relationships now extended to the broader exterior and outdoor-living portfolio Targeted Depth: added where local service density matters most, complementing our national footprint Faster Onboarding: established local teams enable a smooth, lower-disruption ramp Why Regional Partners What It Delivers Full Portfolio, One Stop: Hardie siding and trim now available alongside AZEK and TimberTech through strong regional partners in each market Complete Network: regional depth fills out the national footprint for reliable coverage in priority markets Deeper Local Share: stronger availability and service drives contractor pull-through where it counts Attachment Upside: bundling lifts cross-category sales Regional distributors are expanding their James Hardie relationships — broadening access to Hardie® siding and trim alongside AZEK® Exteriors and TimberTech® decking and railing across their markets Together, Boise Cascade and our regional partners give James Hardie unmatched distribution breadth across the U.S Best-in-Class Regional Distributors Complete the National Network Q1 FY27 EARNINGS PRESENTATION
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9 Q1 FY27 EARNINGS PRESENTATION We Launched Statement Essentials and Reset ColorPlus to Attack Vinyl Conversion in the Northeast and Midwest Statement Collection® Essentials STARTER 1ST MOVE- UP • Enabled by Local Dealers • Most popular color palette; basic design options • Full-home vinyl alternative; meets vinyl contractors where they already buy ~55 SKUs 8 COLORS Expanded Statement Collection® 1ST -2ND MOVE -UP SEMI -CUSTOM ~600 SKUs 19 COLORS Dream Collection® + TimberHue CUSTOM LUXURY The ColorPlus Reset: A Full Portfolio for Every Price Point The Reset is Launching on a Regional Basis • Regionally stocked via Boise Cascade master distribution • Standard & Expanded Design Options • Full-substrate range, 10 trim colors, 5 soffit colors Made To Order 700+ COLORS • Expanded Color Options For Design Drive Contractor • Made-to-order premium palette and natural wood-look finishes • Two tone finish that provides the look of natural wood May ‘26 REGION Midwest East (MDW East) Apr '25 LIVE Midwest West (MDW West) + Central Jan '26 Canada (ex-BC) + Montana Feb '26 North + Mid Atlantic Feb '26 Carolinas Feb '26 South, West, BC LAUNCH STATUS ColorPlus® Technology is Hardie's factory-finished, pre-painted siding — engineered to close the cost gap to vinyl LIVE LIVE LIVE LIVE LIVE Represents new regional launches since Q4 2026 earnings call
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10 Q1 FY27 EARNINGS PRESENTATION Midwest East Pilot Continues to Demonstrate Strong Momentum in Q1 Note: Represents post-commercialization period. Ship to revenue represents revenue attributed to products shipped into the region from the program Quarterly ColorPlus® Ship To Revenue – Current Year vs Prior Year Q2 25 Q2 26 Q3 25 Q3 26 Q4 25 Q4 26 Q1 26 Q1 27
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11 Q1 FY27 EARNINGS PRESENTATION Trim-Over and Hardie ProLab are Turning the Cost-Gap Story Into Closed Wins Trim-Over Method Hardie ProLab ~50% Upgrade cost vs. vinyl (down from ~100%) Vinyl Remains Primary Displacement Opportunity, with Growing Conversion from Engineered Wood ~30% Faster Installation ~1,250 Q1 Trained Contractor Crews ProLab Footprint Today Deployed With Our Key Distribution Partners • Units deployed, scaling across key markets • Expansion supported by a capital-efficient model with limited incremental investment required • Near-term growth focused on priority regions with strong demand and attractive economics ~50 Events vs Q1 Target of 36 Other Engineered Wood Vinyl
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12 Q1 FY27 EARNINGS PRESENTATION Q1 FY27 Financial Results Results Reflect Strong Contributions From Siding & Trim DespiteMarket Softness in North America Net Sales $1,475mm +64% Adjusted EBITDA $422mm +79% Adjusted EBITDA Margin 28.6% +230bps Adjusted Diluted EPS $0.36 +13% Free Cash Flow $254mm +145% Note: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Diluted EPS and Free Cash Flow are non- GAAP financial measures. Refer to Non-GAAP Financial Measures for reconciliation to the most comparable GAAP financial measures. Q1 FY2 7 EARNINGS PRESENTATION
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13 Q1 FY27 EARNINGS PRESENTATION Q1 Organic Business Results Note: Adjusted EBITDA and Adjusted EBITDA Margin are non-GAAP financial measures. Refer to Non-GAAP Financial Measures for reconciliation to the most comparable GAAP financial measures. Net Sales $1,078mm +20% Adjusted EBITDA $314mm +33% Adjusted EBITDA Margin 29.1% +280 bps Net Sales $397mm (5)% Adjusted EBITDA $108mm (15)% Adjusted EBITDA Margin 27.2% (320) bps
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14 Q1 FY27 EARNINGS PRESENTATION $206mm $288mm Cost Inflation & Freight Price/Mix Growth HSD% Inorganic Contribution Q1 FY26 R&D Volume Impact Manufacturing & SG&A Costs Price/Mix Growth AZEK Exteriors Q1 FY27 Volumes Up LDD% Previously Unallocated $642mm $860mm Price/Mix Growth HSD% Q1 FY26 Volume Price / Mix AZEK Exteriors Q1 FY27 Volumes Up LDD% Organic S&T Net Sales up 20% Inorganic Contribution Net Sales Volume Growth Returns; Strong Price/Mix Realization Drive 20% Organic Growth+34% • Fiber Cement Exteriors volume increased+MDD% - Single-family exteriors increased+MDD%, primarily due to share gains, ColorPlus® and Expanded Statement traction - Multi-family volumes increased +LDD% • Interiors volume declined (LDD%) • Price/Mixgrowth of +HSD% Positioning for Growth Despite a Challenging Near-Term Market Backdrop Siding & Trim (S&T) Note: Refer to Non-GAAP Financial Measures for reconciliation of Adjusted EBITDA to the most comparable GAAP financial measures. S&T R&D expenses increased ~$6 million primarily due to the allocation of R&D costs which were not allocated to our segments prior to the second quarter of fiscal year 2026. The allocation of previously unallocated R&D costs to the segments began July, 1st 2025. Adjusted EBITDA HOS Execution Partially Offset Freight Pressure; Volume Leverage and Price/Mix Drove Incremental EBITDA • AZEK contribution of ~$30mm drives reported growth; organic EBITDA reflects volume leverage • Favorable net price realization and continued HMOS cost savings, partially offset by higher freight costs and other general inflation • ~$6mm of previously unallocated R&D costs
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15 Q1 FY27 EARNINGS PRESENTATION Net Sales Demand Remains Healthy; Sell-Through Outpacing Shipments As Channel Normalizes • Q1 Net Sales of $305mm, down(5%), almost entirely driven by lower volume • Volume decline reflects the planned reduction in production and shipments initiated late in the prior quarter to align channel inventory with end-market demand • Continued strength across PVC decking, railing, accessories, and pergolas Deck, Rail & Accessories (DR&A) DR&A Positioned to Deliver Above Market Growth and Margin Expansion Adjusted EBITDA Temporary Absorption Headwind from Prior Quarter; Margin Expansion Runway Intact • Q1 Adjusted EBITDA of $83mm, with an Adjusted EBITDA margin of ~27% • Margin reflects lower manufacturing headwind as production was reduced to align with channel demand; expected to improve through rest of the fiscal year as production normalizes • Runway supported by cost synergies, recycled material progress and formulation optimization, improved network utilization, and application of the Hardie Operating System ("HOS") Note: All Deck, Rail & Accessories growth comparisons correspond to the quarter ended June 30, 2025, prior to the acquisition of AZEK by James Hardie, unless otherwise stated. Refer to Non-GAAP Financial Measures for reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable GAAP financial measures. Q1 FY2 7 EARNINGS PRESENTATION
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16 Q1 FY27 EARNINGS PRESENTATION Australia & New Zealand (ANZ) Europe Net Sales ANZ Net Sales Increased +26% On Strong Volume Growth and New Builder Wins, aided by an FX tailwind EBITDA Strong Profitability Continues with EBITDA Margin of ~35% Despite R&D Allocation Headwind Net Sales Sales Growth Driven by volume growth in Fiber Gypsum aided by price/mix and a FX tailwind EBITDA Margin expansion driven by operating leverage, favorable price/mix, and continued cost savings from the Hardie Operating System Note: R&D expenses increased primarily due to the allocation of R&D costs which were not allocated to our segments prior to the sec ond quarter of fiscal year 2026. The allocation of previously unallocated R&D costs to the segments began July, 1st 2025. $43mm $54mm Net Sales Increased +26% Inclusive of ~$1mm R&D Allocation Headwind Q1 FY26 Sales Growth Operating Costs Q1 FY27 $137mm $156mm +HSD% Volume Increase +MSD% Price/Mix FX Tailwind Q1 FY26 Volume Price / Mix FX Q1 FY27 $122mm $153mm +LDD% Volume Increase +LSD% Price/Mix Growth FX Tailwind Q1 FY26 Volume Price / Mix FX Q1 FY27 $22mm $30mm +HSD% Volume Increase HOS Savings & SG&A Leverage Q1 FY26 Sales Growth Operating Costs Q1 FY27
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17 Q1 FY27 EARNINGS PRESENTATION FY27 Q2 Guide and Full YearPlanning Assumptions Adjusted EBITDA and Free Cash Flow are non-GAAP measures. The Company is unable to forecast the comparable U.S. GAAP financial measure for future periods due to, amongst other fact ors, uncertainty regarding the impact of actuarial estimates on asbestos -related assets and liabilities in future periods. Such reconciling items that impact Adjusted EBITDA and Free Cash Flow have not occurred, are outside of our control or cannot be reasonably predicted. Accordingly, a reconciliation of each of Adjusted EBI TDA and Free Cash Flow to its most comparable GAAP measure is not available without unreasonable effort. However, it is important to note that material changes to these reconciling items coul d have a significant effect on our Adjusted EBITDA and Free Cash Flow planning assumptions and future GAAP results. FY27 Q2 Guide and Full Year Planning Assumptions Note: Total Net Sales and Total Adjusted EBITDA represent consolidated James Hardie figures; ANZ and Europe segment detail is not separately broken out here. ($ millions) Net Sales Low High Low High Siding & Trim 835 875 3,226 3,314 Deck, Rail & Accessories 365 395 1,210 1,240 Total Net Sales 1,485 1,575 5,564 5,723 Adjusted EBITDA Siding & Trim 259 289 1,045 1,106 Deck, Rail & Accessories 116 128 339 357 Total Adjusted EBITDA 420 455 1,536 1,625 Free Cash Flow Free Cash Flow — — Q2 FY27 FY27 ≥ $500
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18 Q1 FY27 EARNINGS PRESENTATION Cash Flow Continues to Enable Quick Deleverage Path Pro Forma FY27 Q1 Deleveraging Actions Q2 FY28 Net Debt (June 30, 2026) ~$4.1bn Debt reduction enabled by strong FCF generation as operating cash flow increases and growth capex requirements remain modest FY27 Q1 TTM Adjusted EBITDA ~$1.54bn Solid Adjusted EBITDA growth driven by sales growth and margin expansion through both organic and synergy initiatives Net Leverage Ratio ~2.7x ≤ 2.0x Note: FY27 Q1 TTM Adjusted EBITDA includes the expected contribution from cost synergies not yet realized, based on the $125 million target. Refer to Non-GAAP Financial Measures for the Net Leverage Ratio calculation. 18
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19 Q1 FY27 EARNINGS PRESENTATION Non-GAAP Financial Measures 1) Effective as of June 30, 2026, we revised the definition of Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income and Adjusted Diluted Earnings Per Share to exclude share-based compensation expense. For the three months ended June 30, 2026 and twelve months ended March 31, 2026, share-based compensation expense of $0.4 million and $9.9 million, respectively, is included in acquisition related expenses. The prior periods have been recast to reflect this change. 2) The first quarter of fiscal year 2026 includes pre-close financing interest of $34.9 million and $11.6 million non-cash loss on our interest rate swap. 3) Includes tax adjustments related to the amortization of certain U.S. intangible assets, asbestos, share-based compensation and discrete items relating to the AZEK acquisition. 4) Weighted average common shares outstanding used in computing diluted net income per common share of 584.3 million and 431.1 million for the three months ended June 30, 2026 and 2025, respectively. Adjusted EBITDA, Adjusted EBITDA Margin and Pro Forma net sales (Millions of U.S. dollars) Three Months Ended June 30, Fiscal Year Ended 2026 2025 March 31, 2026 Net income $ 104.3 $ 62.6 $ 104.0 Interest, net 61.5 37.8 231.1 Other (income) expense, net (1.1) 11.1 9.8 Income tax expense 53.0 27.1 102.7 Depreciation and amortization 168.8 56.5 493.5 Acquisition related expenses 16.6 29.4 206.9 Asbestos related expenses and adjustments (1.0) 1.0 53.7 Inventory fair value adjustment — — 47.9 Restructuring, net 5.2 — 16.2 Share-based compensation expense1 14.8 10.9 37.3 Adjusted EBITDA $ 422.1 $ 236.4 $ 1,303.1 AZEK Adjusted EBITDA for Q1 FY26 126.8 126.8 Total Pro Forma Adjusted EBITDA $ 363.2 $ 1,429.9 Three Months Ended June 30, Fiscal Year Ended 2026 2025 March 31, 2026 Net income margin 7.1 % 7.0 % 2.2 % Interest, net 4.2 % 4.2 % 4.8 % Other (income) expense, net (0.1)% 1.2 % 0.2 % Income tax expense 3.6 % 3.0 % 2.1 % Depreciation and amortization 11.4 % 6.3 % 10.2 % Acquisition related expenses 1.1 % 3.3 % 4.3 % Asbestos related expenses and adjustments (0.1)% 0.1 % 1.1 % Inventory fair value adjustment — % — % 1.0 % Restructuring, net 0.4 % — % 0.3 % Share-based compensation expense1 1.0 % 1.2 % 0.7 % Adjusted EBITDA Margin 28.6 % 26.3 % 26.9 % Total Pro Forma Adjusted EBITDA Margin 27.6 % 27.2 % Adjusted Net Income and Adjusted Diluted Earnings Per Share (Millions of U.S. dollars, except per share amounts) Three Months Ended June 30, 2026 2025 Net income $ 104.3 $ 62.6 Asbestos related expenses and adjustments (1.0) 1.0 AICF interest income (3.3) (2.6) Restructuring expenses 5.2 — Pre-close financing costs2 — 46.5 Acquisition related expenses 16.6 29.4 Amortization of intangible assets resulting from AZEK acquisition 77.6 — Share-based compensation expense1 14.8 10.9 Tax impact of adjustments3 (4.9) (11.7) Adjusted Net Income $ 209.3 $ 136.1 Three Months Ended June 30, 2026 2025 Net income per common share - diluted $ 0.18 $ 0.15 Asbestos related expenses and adjustments — — AICF interest income (0.01) (0.01) Restructuring expenses 0.01 — Pre-close financing costs2 — 0.10 Acquisition related expenses 0.03 0.07 Amortization of intangible assets resulting from AZEK acquisition 0.13 — Share-based compensation expense1 0.03 0.03 Tax impact of adjustments3 (0.01) (0.02) Adjusted Diluted Earnings Per Share4 $ 0.36 $ 0.32 (Millions of U.S. dollars) Three Months Ended June 30, Fiscal Year Ended 2025 March 31, 2026 Consolidated net sales $ 899.9 $ 4,835.8 AZEK net sales for Q1 FY26 416.6 416.6 Total Pro Forma net sales $ 1,316.5 $ 5,252.4
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20 Q1 FY27 EARNINGS PRESENTATION Non-GAAP Financial Measures Siding & Trim Segment Adjusted EBITDA and Adjusted EBITDA Margin (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Siding & Trim Segment operating income $ 214.9 $ 161.2 Acquisition related expenses 4.3 1.0 Amortization of intangible assets resulting from AZEK acquisition 18.5 — Depreciation and amortization 50.0 43.6 Siding & Trim Segment Adjusted EBITDA $ 287.7 $ 205.8 Three Months Ended June 30, 2026 2025 Siding & Trim Segment operating income margin 25.0% 25.1% Acquisition related expenses 0.5% 0.2% Amortization of intangible assets resulting from AZEK acquisition 2.2% —% Depreciation and amortization 5.8% 6.8% Siding & Trim Segment Adjusted EBITDA Margin 33.5% 32.1% Deck, Rail & Accessories Segment Adjusted EBITDA and Adjusted EBITDA Margin (Millions of U.S. dollars) Three Months Ended June 30, 2026 Deck, Rail & Accessories Segment operating loss $ (3.3) Restructuring expenses 5.2 Amortization of intangible assets resulting from AZEK acquisition 59.1 Depreciation and amortization 21.8 Deck, Rail & Accessories Segment Adjusted EBITDA $ 82.8 Three Months Ended June 30, 2026 Deck, Rail & Accessories Segment operating loss margin (1.1%) Restructuring expenses 1.7% Amortization of intangible assets resulting from AZEK acquisition 19.4% Depreciation and amortization 7.1% Deck, Rail & Accessories Segment Adjusted EBITDA Margin 27.1% Australia & New Zealand Segment EBITDA and EBITDA Margin (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Australia & New Zealand Segment operating income $ 46.8 $ 37.8 Depreciation and amortization 6.7 5.2 Australia & New Zealand Segment EBITDA $ 53.5 $ 43.0 Three Months Ended June 30, 2026 2025 Australia & New Zealand Segment operating income margin 30.5% 31.1% Depreciation and amortization 4.4% 4.3% Australia & New Zealand Segment Adjusted EBITDA Margin 34.9% 35.4% Europe Segment EBITDA and EBITDA Margin (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Europe Segment operating income $ 20.2 $ 15.1 Depreciation and amortization 10.2 6.8 Europe Segment EBITDA $ 30.4 $ 21.9 Three Months Ended June 30, 2026 2025 Europe Segment operating income margin 12.9% 11.1% Depreciation and amortization 6.5% 4.9% Europe Segment EBITDA Margin 19.4% 16.0%
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21 Q1 FY27 EARNINGS PRESENTATION Non-GAAP Financial Measures Adjusted General Corporate and Unallocated R&D EBITDA (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 General Corporate and Unallocated R&D costs $ (60.9) $ (75.5) Acquisition related expenses 12.3 28.4 Asbestos related expenses and adjustments (1.0) 1.0 Share-based compensation expense1 14.8 10.9 Depreciation and amortization 2.5 0.9 Adjusted General Corporate and Unallocated R&D EBITDA $ (32.3) $ (34.3) Adjusted Interest, Net (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Interest, net $ 61.5 $ 37.8 Pre-close financing and interest costs — (34.9) AICF interest income 3.3 2.6 Adjusted Interest, Net $ 64.8 $ 5.5 Adjusted Income Before Income Taxes, Adjusted Income Tax Expense and Adjusted Effective Tax Rate (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Income before income taxes $ 157.3 $ 89.7 Asbestos related expenses and adjustments (1.0) 1.0 AICF interest income (3.3) (2.6) Restructuring expenses 5.2 — Pre-close financing costs2 — 46.5 Acquisition related expenses 16.6 29.4 Amortization of intangible assets resulting from AZEK acquisition 77.6 — Share-based compensation expense1 14.8 10.9 Adjusted Income Before Income Taxes $ 267.2 $ 174.9 Income tax expense $ 53.0 $ 27.1 Tax impact of adjustments3 4.9 11.7 Adjusted Income Tax Expense $ 57.9 $ 38.8 Effective Tax Rate 33.7% 30.2% Adjusted Effective Tax Rate 21.7% 22.2% 1) Effective as of June 30, 2026, we revised the definition of Adjusted General Corporate and Unallocated R&D EBITDA, Adjusted Income Before Income Taxes, Adjusted Income Tax Expense and Adjusted Effective Tax Rate to exclude share-based compensation expense. For the three months ended June 30, 2026, share-based compensation expense of $0.4 million is included in acquisition related expenses. The prior period has been recast to reflect the change. 2) The first quarter of fiscal year 2026 includes pre-close financing interest of $34.9 million and $11.6 million non- cash loss on our interest rate swap. 3) Includes tax adjustments related to the amortization of certain U.S. intangible assets, asbestos, share-based compensation and discrete items relating to the AZEK acquisition. Adjusted Other Income, Net (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Other (income) expense, net $ (1.1) $ 11.1 Non-cash loss on interest rate swap — (11.6) Adjusted Other Income, Net $ (1.1) $ (0.5)
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22 Q1 FY27 EARNINGS PRESENTATION Non-GAAP Financial Measures 1) AZEK Adjusted EBITDA and Adjusted EBITDA Margin for the three months ended June 30, 2025 represents AZEK's Residential and total corporate expenses EBITDA. These results were not subject to quarterly review by their auditors. 2) Income tax expense not allocated to AZEK in Q1 FY27. 3) Primarily includes costs related to James Hardie's acquisition of AZEK. 4) Gain related to sale of Scranton Products business. 5) Effective as of June 30, 2026, James Hardie revised its definition of Adjusted EBITDA and Adjusted EBITDA Margin, to exclude share-based compensation expense. For the three months ended June 30, 2026, share-based compensation expense of $0.4 million is included in acquisition related expenses. AZEK Adjusted EBITDA and Adjusted EBITDA Margin1 (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 AZEK net income $ (13.7) $ 75.7 Interest, net 3.9 6.5 Depreciation and amortization 106.3 34.1 Income tax expense2 — 15.5 Restructuring expenses 5.2 — Acquisition related expenses 1.6 — AZEK historical acquisition and divestiture costs3 — 35.5 Gain on sale of business4 — (46.0) Share-based compensation expense5 4.9 5.5 AZEK Adjusted EBITDA $ 108.2 $ 126.8 Three Months Ended June 30, 2026 2025 AZEK net income margin (3.5)% 18.2 % Interest, net 1.0 % 1.6 % Depreciation and amortization 26.8 % 8.2 % Income tax expense2 — % 3.7 % Restructuring expenses 1.3% — % Acquisition related expenses 0.4% — % AZEK historical acquisition and divestiture costs3 — % 8.5 % Gain on sale of business4 — % (11.1)% Share-based compensation expense5 1.2 % 1.3 % AZEK Adjusted EBITDA Margin 27.2 % 30.4 % Organic James Hardie (Excluding AZEK) Adjusted EBITDA and Adjusted EBITDA Margin (Millions of U.S. dollars) Three Months Ended June 30, 2026 James Hardie (Excluding AZEK) net income $ 118.0 Interest, net 57.6 Other income, net (1.1) Depreciation and amortization 62.5 Income tax expense 53.0 Asbestos related expenses and adjustments (1.0) Acquisition related expenses 15.0 Share-based compensation expense5 9.9 James Hardie (Excluding AZEK) Adjusted EBITDA $ 313.9 Three Months Ended June 30, 2026 James Hardie (Excluding AZEK) net income margin 11.0 % Interest, net 5.3 % Other income, net (0.1)% Depreciation and amortization 5.8 % Income tax expense 4.9 % Asbestos related expenses and adjustments (0.1)% Acquisition related expenses 1.4 % Share-based compensation expense5 0.9 % James Hardie (Excluding AZEK) Adjusted EBITDA Margin 29.1 %
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23 Q1 FY27 EARNINGS PRESENTATION Non-GAAP Financial Measures Free Cash Flow (Millions of U.S. dollars) Three Months Ended June 30, 2026 2025 Net cash provided by operating activities $ 344.0 $ 206.9 Purchases of property, plant and equipment (89.8) (103.2) Free Cash Flow $ 254.2 $ 103.7 Net cash used in investing activities $ (103.6) $ (105.3) Net cash provided by (used in) financing activities $ (261.4) $ 1,402.8 Net Leverage Ratio (Millions of U.S. dollars) June 30, 2026 Numerator: Total principal amount of debt $ 4,306.3 Less: Cash and cash equivalents (289.9) Add: Finance leases 102.2 Net Debt $ 4,118.6 Denominator: (Trailing 12 months) Operating income $ 526.7 Asbestos related expenses and adjustments 51.7 Restructuring, net 21.4 Acquisition related expenses 194.1 Inventory fair value adjustment 47.9 Amortization of intangible assets resulting from AZEK acquisition 256.3 Depreciation and amortization 349.5 Share-based compensation - equity awards 32.8 Cost synergies 59.3 Total $ 1,539.7 Net Leverage Ratio 2.67x
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24 Q1 FY27 EARNINGS PRESENTATION Definitions AICF – Asbestos Injuries Compensation Fund Ltd ANZ – Australia and New Zealand DR&A – Deck, Rail & Accessories Free Cash Flow – Free Cash Flow (“FCF"), unless otherwise noted, is defined as net cash provided by operating activities less purchases of property, plant and equipment net of proceeds from the sale of property, plant and equipment. HOS – Hardie Operating System HMOS – Hardie Manufacturing Operating System NA – North America R&R – Repair & Remodel S&T – Siding & Trim TAM – Total Addressable Market TTM – Trailing Twelve Months LSD – Low Single-Digits MSD – Mid-Single Digits HSD – High Single-Digits DD – Double-Digits LDD – Low Double-Digits MDD – Mid Double-Digits
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25 Q1 FY27 EARNINGS PRESENTATION Registration invitations have been distributed. Please complete your registration for either in- person or virtual attendance by September 1, 2026. As space is limited, in-person attendance requires advance registration and is subject to availability. Save the Date Investor Day Tuesday, September 15th | New York City Q1 FY2 7 EARNINGS PRESENTATION 25