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James Hardie Reports Fourth Quarter FY26 and Full-Year FY26 Results; Provides FY27 OutlookMay 19, 2026 4:30 PM
Business Wire Fourth Quarter Highlights Net Sales of $1.40 Billion, an Increase of 45% Year Over Year; Organic Net Sales Decreased 1% Net Income of $29 Million, Adjusted EBITDA of $381 Million, Exceeding Guidance and Expectations Full Year Highlights Net Sales of $4.84 Billion, an Increase of 25% Year Over Year; Organic Net Sales Decreased 2% Net Income of $104 Million, Adjusted EBITDA of $1.27 Billion, Exceeding Guidance and Expectations Cost Synergies Ahead of Schedule, Commercial Synergies On Track FY27 Outlook Company Targeting Pro Forma Adjusted EBITDA Growth of 4% to 8% in FY27; Organic Growth Expected in Siding & Trim FY27 Free Cashflow of $500+ Million Expected, an Increase of more than $200+ Million Year Over Year James Hardie Industries plc (NYSE / ASX : JHX) ("James Hardie" or the "Company"), a leading provider of exterior home and outdoor living solutions, today announced results for its fourth quarter ending March 31, 2026. Aaron Erter, CEO of James Hardie said, "We delivered Adjusted EBITDA above our guidance range in the fourth quarter, reflecting disciplined execution and the strength of our business model in a challenging operating environment. Despite unfavorable weather in February and early March that impacted reported results and disrupted construction activity across key regions, the business delivered underlying performance that exceeded expectations." Mr. Erter added, “Fiscal 2026 was a transformational year for James Hardie, highlighted by the closing of the AZEK acquisition. As we integrate the businesses, we are seeing continued progress across both cost and commercial synergies, further strengthening our belief in the long-term value creation opportunity from the combination. For the full fiscal year, we delivered solid financial performance despite a challenging operating environment. Despite our markets declining mid-to-high single digits for the year, our organic net sales declined just 2% year over year. We finished the year with Adjusted EBITDA of $1.27 billion and Adjusted EBITDA margin of 26.2%. We delivered strong flow-through on our cost actions and realized meaningful benefits from the operational initiatives implemented throughout the year, positioning the business for improved margin performance moving forward.” Mr. Erter concluded, “Inflationary and affordability pressures continue to weigh on housing activity. We are focused on what we can control: our cost base, pricing discipline, and providing exceptional products and service to our customers. Against that backdrop, we enter fiscal year 2027 with confidence. We see customers responding to our differentiated products, strong brands, and go to market strategy of the combined company. We are making solid progress on the integration and have surpassed our FY26 cost synergy target. That puts us ahead of plan and increases our confidence in achieving our $125 million cost synergy target ahead of our original three-year timeline. On the commercial front, based on recently signed agreements and the activity we’re seeing in the market, we have confidence in reaching our $125 million run-rate commercial synergy milestone exiting FY27. We also expect a meaningful step-up in Free Cash Flow to greater than $500 million in FY27. This will be driven by higher Adjusted EBITDA as we realize both cost and commercial synergies, a reduction in one-time integration and transaction-related costs, and continued discipline around capital spending and working capital. As these factors come together, cash conversion will improve, giving us greater flexibility to reduce leverage over time.” Consolidated Financial Information Q4 FY26 Q4 FY25 Change FY26 FY25 Change Group (US$ millions, except per share data) Net Sales 1,403.9 971.5 +45% 4,835.8 3,877.5 +25% Operating Income 108.8 62.1 +75% 447.6 655.9 (32%) Operating Income Margin 7.7% 6.4% +130bps 9.3% 16.9% (760bps) Net Income 28.5 43.6 (35%) 104.0 424.0 (75%) Net Income per common share - Diluted 0.05 0.10 (51%) 0.19 0.98 (81%) Net Income Margin 2.0% 4.5% (250bps) 2.2% 10.9% (870bps) Adjusted Net Income 172.6 156.1 +11% 595.7 644.3 (8%) Adjusted Diluted Earnings Per Share 0.30 0.36 (19%) 1.09 1.49 (27%) Adjusted EBITDA 380.9 268.6 +42% 1,265.8 1,079.4 +17% Adjusted EBITDA Margin 27.1% 27.6% (50bps) 26.2% 27.8% (160bps) Segment Business Update and Results Siding & Trim Q4 FY26 Q4 FY25 Change FY26 FY25 Change Siding & Trim (US$ millions) Net Sales 767.0 718.9 +7% 2,963.1 2,863.3 3% Operating Income 146.8 202.4 (27%) 661.9 840.9 (21%) Operating Income Margin 19.1% 28.2% (910bps) 22.3% 29.4% (710bps) Adjusted EBITDA 253.0 247.6 +2% 951.4 1,001.6 (5%) Adjusted EBITDA Margin 33.0% 34.4% (140bps) 32.1% 35.0% (290bps) Siding & Trim net sales increased 7% compared to the quarter ended March 31, 2025, driven by the contribution from AZEK Exteriors. On an organic basis, net sales declined 7%, reflecting lower volumes from softer market demand, partially offset by price/mix. Exterior product volumes declined low-double digits in the quarter, with Single-Family down mid-double digits, partially offset by Multi-Family growth of low-single digits. Interior product volumes declined high-single digits. The decline in Single-Family Exteriors was driven by softer new construction activity, particularly in the Southeast and Western regions, where the Company has strong exposure to large national homebuilders. Texas, the Company’s largest region by volume, declined high-single digits year-over-year but improved approximately 25% sequentially, though activity remains below historical levels. For the full fiscal year, Exterior product volumes declined high-single digits, with Single-Family down low double digits and Multi-Family up mid-single digits. Interior product volumes declined low-double digits. Geographic trends were consistent with the fourth quarter, with the Southeast and Western regions representing the primary areas of weakness. Texas declined low-double digits year-over-year. Market conditions remained challenging, with subdued building activity and ongoing affordability pressures. Siding & Trim experienced weather-related volume headwinds in February and early March, reflecting its geographic exposure across key new construction markets. Year-over-year comparisons were further impacted by elevated channel inventory levels in the prior year, creating an additional headwind to current quarter volumes. Fourth quarter and full year reported operating income margins of 19.1% and 22.3% decreased 910 and 710 basis points year-over-year, respectively, primarily reflecting AZEK acquisition-related expenses, amortization of acquired intangibles, and restructuring charges. Adjusted EBITDA margin, which excludes these items, decreased 140 basis points year-over-year in the quarter to 33.0%, and decreased 290 basis points for the full year to 32.1%. Volume declines in the quarter weighed on year-over-year margins, partially offset by improved decremental margins reflecting cost actions and disciplined SG&A management. The quarterly decline was further impacted by marketing-related costs associated with the integration of the two companies, as previously committed contractor events, trade shows, and sales meetings from both organizations were held in the quarter, as well as the allocation of certain R&D expenses held at the corporate level not previously included in the segment. These headwinds were partially offset by mid-single-digit average net sales price increase. As volumes recover, the Company expects to benefit from strong incremental margins driven by the deployment of the Hardie Manufacturing Operating System for improved manufacturing utilization across the network. Deck, Rail & Accessories (DR&A) Q4 FY26 FY26 Deck, Rail & Accessories (US$ millions) Net Sales 345.3 795.2 Operating Income (Loss) 18.2 (17.7 ) Operating Income (Loss) Margin 5.3 % (2.2 %) Adjusted EBITDA 97.5 224.8 Adjusted EBITDA Margin 28.2 % 28.3 % DR&A net sales increased +5% compared to the quarter ended March 31, 2025, prior to the acquisition, driven primarily by price/mix improvement, as volumes were essentially flat year-over-year. Adjusted EBITDA margin was 28.2% reflecting the benefit of top-line growth. During the quarter, the Company fulfilled strong early buy orders, resulting in elevated channel inventory levels as sell-through, which was up low-single-digits, moderated in February and early March due to weather related disruptions. In response, we reduced production exiting the quarter to better align with channel conditions. We expect a temporary P&L impact in the first quarter of FY27 as this inventory is absorbed. In addition to cost synergies, the runway for margin improvement in Deck, Rail & Accessories is supported by continued progress in recycled material usage and formulation optimization, improved utilization across the manufacturing network, and the application of the Hardie Operating System ("HOS"). We continue to execute our proven growth strategy focused on material conversion from wood, share gains, and product innovation. Recent introductions — including new railing and accessory offerings launched in early 2026 — have been well received, expanding our portfolio and enhancing both aesthetics and functionality for homeowners and contractors. We remain focused on driving downstream demand through contractor engagement while selectively expanding our channel presence. James Hardie's combination with AZEK continues to support growth through expanded distribution, incremental shelf space and a more comprehensive exterior solutions offering. Australia & New Zealand (ANZ) Q4 FY26 Q4 FY25 Change FY26 FY25 Change Australia & New Zealand (US$ millions, unless otherwise noted) Net Sales 139.6 118.1 +18% 520.6 519.9 —% Net Sales (A$ millions) 200.2 188.1 +6% 785.8 795.0 (1%) Operating Income 42.5 43.0 (1%) 153.9 111.0 +39% Operating Income Margin 30.4% 36.4% (600bps) 29.6% 21.7% +790bps Adjusted EBITDA 50.0 40.8 +23% 177.7 180.5 (2%) Adjusted EBITDA Margin 35.8% 34.5% +130bps 34.1% 34.7% (60bps) Net sales increased +18% in the quarter, or 6% in the Australian dollar, with mid-single digit volume growth and low-single digit average net sales price growth in Australian dollars. Adjusted EBITDA margin of 35.8% increased 130 basis points in the quarter as volume growth and lower cash costs reflecting favorable raw material prices and improved manufacturing performance drove strong operating leverage. This improvement was modestly offset by the allocation of R&D costs not previously charged to the segment and slightly higher SG&A costs, primarily marketing-related. The Company is focused on driving growth in Australia and New Zealand by evolving from a fiber cement business to a broader building products platform. The strategy centers on defending and extending our core fiber cement operations while accelerating adoption of whole home solutions to better align with changing customer preferences and modern building design trends. While market conditions remain challenged, the ANZ team continues to focus on operational execution, including advanced manufacturing initiatives and HOS productivity improvements to support margin expansion and consistent profitability. Europe Q4 FY26 Q4 FY25 Change FY26 FY25 Change Europe (US$ millions, unless otherwise noted) Net Sales 152.0 134.5 +13% 556.9 494.3 +13% Net Sales (€ millions) 130.0 127.7 +2% 480.4 460.6 +4% Operating Income 14.3 13.3 +8% 52.2 38.0 +37% Operating Income Margin 9.4% 9.9% (50bps) 9.4% 7.7% +170bps EBITDA 22.7 21.8 +4% 82.2 70.4 +17% EBITDA Margin 14.9% 16.2% (130bps) 14.8% 14.2% +60bps Net sales increased 13% in the quarter, or 2% in Euros, driven by low-single digit volume growth, an FX tailwind, and flat price/mix realization. Operating Margin of 9.4% decreased 50 basis points year over year. EBITDA margin of 14.9% decreased 130 basis points year over year, reflecting a prior year one-time item that did not repeat, commissioning costs associated with our new Orejo production line and higher freight to support fiber gypsum growth. These headwinds were partially offset by favorable raw material purchasing, as well as improved plant performance. Markets across Europe remain challenged, particularly in Germany, the Company’s largest market, where recovery is expected to be gradual. Against the backdrop, we remain focused on improving profitability of our core fiber gypsum business through product innovation and continued optimization of our operating network. We are prioritizing our higher-margin, innovation-led product portfolio, including flooring systems and underfloor heating solutions, which continues to deliver strong growth and attractive returns. We also see an opportunity to expand in adjacent applications, including fire protection and prefabricated construction, where our differentiated product performance and sustainability advantages support continued share gains. Margin expansion is expected to be driven by operating leverage from sales growth, alongside ongoing efficiency initiatives, including manufacturing optimization, logistics improvements and HOS productivity actions. Outlook Q1 FY27 Guidance and Full Year Planning Assumptions Turning to guidance, Ryan Lada, CFO, said, “The operating environment remains uncertain. We are not assuming a market recovery. What gives us confidence is execution — synergy realization, our enhanced go-to-market model, manufacturing cost actions taken in FY26, and disciplined capital allocation. In forming our fiscal year 2027 outlook, we assessed a broad range of macroeconomic indicators, including commentary from large homebuilders, repair and remodel market trends, channel inventory levels across our distribution network, and broader consumer sentiment. In Siding & Trim, channel inventories have normalized and visibility has improved. We expect to return to organic growth, driven by repair and remodel expansion in underpenetrated regions, improved product mix, and the contribution of commercial synergies from the combined platform. In Deck, Rail & Accessories, we expect above-market performance for the full year, supported by product innovation, channel expansion, and contractor conversion. At the total company level, we expect earnings growth, driven by synergy realization, manufacturing cost improvements, and disciplined execution. We also expect Free Cash Flow to improve meaningfully in FY27, driven by higher profitability and the roll-off of most integration and acquisition-related costs we had in FY26." We provide certain of our outlook on a non-GAAP basis, as we cannot predict some elements that are included in reported GAAP results, including the impact of actuarial estimates on asbestos-related assets and liabilities in future periods. Refer to the discussion of non-GAAP financial measures below for more details. Full Year Planning Assumptions Are As Follows: Net Sales for Siding & Trim: $3.04 to $3.13 billion Net Sales for Deck, Rail & Accessories: $1.11 to $1.15 billion Total Net Sales: $5.25 to $5.41 billion Adjusted EBITDA for Siding & Trim: $1.02 to $1.07 billion Adjusted EBITDA for Deck, Rail & Accessories: $333 to $343 million Total Adjusted EBITDA: $1.45 to $1.50 billion Free Cash Flow: At Least $500 million Now Turning To The First Quarter: Siding & Trim enters Q1 with normalized channel inventory and improved visibility. In Deck, Rail & Accessories, channel inventories are slightly elevated following strong early buy orders and weather-related sell-through softness in February and early March. We expect a near-term P&L impact in Q1 as inventory normalizes. The full year outlook for the segment is unchanged. First Quarter Guidance Assumptions Are As Follows: Net Sales for Siding & Trim: $758 to $781 million Net Sales for Deck, Rail & Accessories: $291 to $300 million Total Net Sales: $1.32 to $1.35 billion Adjusted EBITDA for Siding & Trim: $256 to $272 million Adjusted EBITDA for Deck, Rail & Accessories: $78 to $82 million Total Adjusted EBITDA: $354 to $375 million Note: All planning assumptions include a full-year contribution from the AZEK acquisition. Free cash flow represents net cash provided by operating activities less purchases of property, plant and equipment plus proceeds from the sale of property, plant and equipment. Cash Flow, Capital Investment & Allocation Operating cash flow totaled $589.8 million for the twelve months ended FY26, driven by net income adjusted for non-cash items of $806.7 million, partially offset by $107.0 million of asbestos claims and handling costs paid and higher working capital of $33.9 million. Capital expenditures were $383.9 million. Our capital allocation priorities for FY2027 are straightforward: invest in organic growth, deploy capital expenditures with discipline, and reduce leverage. We are targeting approximately 2.0x net leverage by the end of the second quarter of fiscal year 2028. Capital expenditures for FY2027 are expected to be in the range of approximately 6% to 7% of net sales, reflecting maintenance and targeted growth investments across the manufacturing network. Our current footprint is well positioned to support demand across both fiber cement and decking, and we do not anticipate the need for significant new capacity in the near term. The previously announced closures of our Fontana, California and Summerville, South Carolina facilities are expected to generate approximately $25 million in annualized cost savings beginning in FY2027. Reported Financial Results (Millions of US dollars) March 31
2026 March 31
2025 Assets Current assets: Cash and cash equivalents $ 269.2 $ 562.7 Restricted cash and cash equivalents 5.0 5.0 Restricted cash and cash equivalents - Asbestos 70.2 37.9 Restricted short-term investments - Asbestos 198.5 175.8 Accounts and other receivables, net 517.3 391.8 Inventories 635.7 347.1 Prepaid expenses and other current assets 113.6 100.6 Assets held for sale 10.9 73.1 Insurance receivable - Asbestos 3.5 5.5 Workers’ compensation - Asbestos 2.9 2.3 Total current assets 1,826.8 1,701.8 Property, plant and equipment, net 3,084.6 2,169.0 Operating lease right-of-use-assets 133.4 70.4 Finance lease right-of-use-assets 100.8 2.7 Goodwill 4,780.4 193.7 Intangible assets, net 3,340.1 145.6 Insurance receivable - Asbestos 20.8 23.2 Workers’ compensation - Asbestos 18.7 16.5 Deferred income taxes 73.3 600.4 Deferred income taxes - Asbestos 282.5 284.5 Other assets 27.2 22.1 Total assets $ 13,688.6 $ 5,229.9 Liabilities and Shareholders’ Equity Current liabilities: Accounts payable and accrued liabilities $ 712.5 $ 446.4 Accrued payroll and employee benefits 167.9 133.3 Operating lease liabilities 32.9 21.6 Finance lease liabilities 5.6 1.1 Long-term debt, current portion 43.8 9.4 Accrued product warranties 10.7 7.3 Income taxes payable 13.1 10.3 Asbestos liability 128.3 119.4 Workers’ compensation - Asbestos 2.9 2.3 Other liabilities 39.7 59.1 Total current liabilities 1,157.4 810.2 Long-term debt 4,491.2 1,110.1 Deferred income taxes 399.7 121.1 Operating lease liabilities 114.3 63.9 Finance lease liabilities 97.9 1.9 Accrued product warranties 53.3 26.9 Asbestos liability 880.3 864.2 Workers’ compensation - Asbestos 18.7 16.5 Other liabilities 50.3 53.6 Total liabilities 7,263.1 3,068.4 Total shareholders’ equity 6,425.5 2,161.5 Total liabilities and shareholders’ equity $ 13,688.6 $ 5,229.9 Three Months Ended March 31 Years Ended March 31 (Millions of US dollars, except per share data) 2026 2025 2026 2025 Net sales $ 1,403.9 $ 971.5 $ 4,835.8 $ 3,877.5 Cost of goods sold 880.5 598.7 3,106.2 2,372.5 Gross profit 523.4 372.8 1,729.6 1,505.0 Selling, general and administrative expenses 289.8 151.8 946.4 596.2 Research and development expenses 16.2 12.4 60.7 48.5 Restructuring, net 40.2 (7.0 ) 16.2 50.3 Acquisition related expenses 17.8 16.5 206.9 16.5 Asbestos adjustments 50.6 137.0 51.8 137.6 Operating income 108.8 62.1 447.6 655.9 Interest, net 62.3 2.9 231.1 10.3 Other expense, net 0.1 0.4 9.8 0.2 Income before income taxes 46.4 58.8 206.7 645.4 Income tax expense 17.9 15.2 102.7 221.4 Net income $ 28.5 $ 43.6 $ 104.0 $ 424.0 Income per share: Basic $ 0.05 $ 0.10 $ 0.19 $ 0.98 Diluted $ 0.05 $ 0.10 $ 0.19 $ 0.98 Weighted average common shares outstanding (Millions): Basic 580.1 429.8 541.8 430.8 Diluted 584.7 430.9 545.5 432.1 Years Ended March 31 (Millions of US dollars) 2026 2025 Cash Flows From Operating Activities Net income $ 104.0 $ 424.0 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 493.5 216.2 Lease expense 41.8 32.9 Deferred income taxes (17.9 ) 62.1 Share-based compensation 38.0 23.0 Asbestos adjustments 51.8 137.6 Gain on sale of land (26.2 ) — Non-cash restructuring expenses 23.5 38.2 Non-cash interest expense 8.8 2.0 Non-cash charge related to step up of inventory 47.9 — Other, net 41.5 19.1 Changes in operating assets and liabilities: Accounts and other receivables (15.6 ) (28.9 ) Inventories (48.5 ) (15.7 ) Operating lease assets and liabilities, net (47.3 ) (34.0 ) Prepaid expenses and other assets (1.2 ) (40.6 ) Insurance receivable - Asbestos 3.8 3.9 Accounts payable and accrued liabilities 30.2 18.3 Claims and handling costs paid - Asbestos (107.0 ) (114.4 ) Income taxes payable 2.2 (2.7 ) Other accrued liabilities and interest (33.5 ) 61.8 Net cash provided by operating activities $ 589.8 $ 802.8 Cash Flows From Investing Activities Purchases of property, plant and equipment $ (383.9 ) $ (422.2 ) Proceeds from sale of property, plant and equipment 108.2 0.4 Capitalized interest (6.1 ) (21.0 ) Cash consideration for The AZEK Company acquisition, net of cash acquired (3,919.8 ) — Purchase of restricted investments - Asbestos (190.1 ) (183.1 ) Proceeds from restricted investments - Asbestos 183.2 179.2 Net cash used in investing activities $ (4,208.5 ) $ (446.7 ) Cash Flows From Financing Activities Proceeds from term loans $ 2,500.0 $ — Proceeds from senior secured notes 1,700.0 — Proceeds from revolving credit facility 130.0 — Repayments of term loans (323.4 ) (7.5 ) Repayment of revolving credit facilities (130.0 ) — Repayment of senior unsecured notes (465.2 ) — Debt issuance costs paid (41.6 ) — Proceeds from exercise of vested stock options 1.7 — Share issuance costs due to AZEK acquisition (2.1 ) — Repayment of finance lease obligations (4.8 ) (1.2 ) Shares repurchased — (149.9 ) Shares issued net of cash paid for shares withheld for taxes (13.7 ) (7.3 ) Net cash provided by (used in) financing activities $ 3,350.9 $ (165.9 ) Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos $ 6.6 $ (0.4 ) Net (decrease) increase in cash and cash equivalents, restricted cash and restricted cash - Asbestos (261.2 ) 189.8 Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period 605.6 415.8 Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period $ 344.4 $ 605.6 Non-Cash Investing and Financing Activities Capital expenditures incurred but not yet paid $ 50.2 $ 41.3 Non-cash ROU assets obtained in exchange for new lease liabilities $ 58.5 $ 33.6 Non-cash consideration for AZEK acquisition $ 4,143.6 $ — Supplemental Disclosure of Cash Flow Activities Cash paid during the year for interest $ 207.8 $ 63.6 Cash payment for income taxes, net $ 85.1 $ 128.1 Cash paid to AICF $ 125.4 $ 99.2 Further Information Readers are referred to the Company’s Consolidated Financial Statements and Management’s Discussion and Analysis in the Company's Annual Report on Form 10-K for the year ended March 31, 2026 for additional information regarding the Company’s results. All comparisons made are vs. the comparable period in the prior fiscal year and amounts presented are in US dollars, unless otherwise noted. Conference Call Details James Hardie will hold a conference call to discuss results and outlook Tuesday, May 19, 2026 at 6:00pm EDT (Wednesday, May 20, 2026 at 8:00am AEST). Participants may register for a live webcast and access a replay following the event of the event on the Investor Relations section of the Company’s website (ir.jameshardie.com). 2026 Investor Day James Hardie will host its Investor Day in New York City on September 15, 2026. The event will offer investors the opportunity to hear directly from key leaders across the business and gain deeper insight into the drivers of our performance and value creation. A formal invitation to register for in-person or virtual attendance will be provided in the coming weeks. About James Hardie James Hardie Industries plc is the industry leader in exterior home and outdoor living solutions, with a portfolio that includes fiber cement, fiber gypsum, and composite and PVC decking and railing products. Products offered by James Hardie are engineered for beauty, durability, and climate resilience, and include trusted brands like Hardie®, TimberTech®, AZEK® Exteriors, Versatex®, fermacell® and StruXure®. With a global footprint, the James Hardie portfolio is marketed and sold throughout North America, Europe, Australia and New Zealand. James Hardie Industries plc is incorporated and existing under the laws of Ireland. As an Irish plc, James Hardie is governed by the Irish Companies Act. James Hardie’s principal executive offices are located at 1st Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02 FD79, Ireland. Forward-Looking Statements This Earnings Release contains forward-looking statements and information within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are not statements of historical fact, contain estimates, assumptions, projections and/or expectations regarding future events, which may or may not occur. 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 subject to a number of risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties described in "Risk Factors" in our Annual Report on Form 10-K for the fiscal year ended March 31, 2026; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie 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 acquisition 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. Forward-looking statements are based on the Company’s current expectations, estimates and assumptions. Readers are cautioned not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and the Company assumes no obligation to update any forward-looking statements or information except as required by law. Non-GAAP Financial Measures To supplement our Earnings Release and consolidated financial statements prepared and presented in accordance with generally accepted accounting principles in the United States, or ("GAAP"), we use certain non-GAAP financial measures, as described with this earnings release, to provide investors with additional useful information about our financial performance, to enhance the overall understanding of our past performance and future prospects and to allow for greater transparency with respect to important metrics used by our management for financial and operational decision-making. We are presenting these non-GAAP financial measures to assist investors in seeing our financial performance and liquidity from management’s view and because we believe they provide an additional tool for investors to use in comparing our core financial performance and liquidity over multiple periods with other companies in our industry. Adjusted Net Income: Defined as net income before asbestos related expenses and adjustments, AICF interest income, restructuring, net, pre-close financing costs, acquisition related expenses, inventory fair value adjustment, amortization of intangible assets results from AZEK acquisition and tax adjustments. Adjusted EBITDA: Defined as net income before interest, net, other expense (income), net, income tax expense, depreciation and amortization, asbestos related expenses and adjustments, restructuring, net, acquisition related expenses, and inventory fair value adjustment. Adjusted Diluted EPS: Defined as Adjusted Net Income divided by weighted average common shares outstanding – diluted, to reflect the conversion or exercise, as applicable, of all outstanding shares of restricted stock awards, restricted stock units and options to purchase shares of our common stock. Adjusted Segment EBITDA: Defined as segment operating income before depreciation and amortization, restructuring expenses, acquisition related expenses, and inventory fair value adjustment. The Company does not calculate net income by segment, therefore, Adjusted Segment EBITDA is reconciled to the closest GAAP measure of segment profitability, Segment operating profit. Adjusted General Corporate and Unallocated R&D EBITDA: Defined as General Corporate and Unallocated R&D costs before depreciation and amortization, restructuring, net, acquisition related expenses and asbestos related expenses and adjustments. The Company does not calculate net income for General Corporate and Unallocated R&D costs, therefore, Adjusted General Corporate and Unallocated R&D EBITDA is reconciled to the closest GAAP measure of profitability, General Corporate and unallocated R&D costs. Adjusted Income Before Income Taxes: Defined as Income before income taxes before asbestos related expenses and adjustments, AICF interest income, restructuring, net, pre-close financing costs, acquisition related expenses, inventory fair value adjustment and amortization of intangible assets resulting from AZEK acquisition. Adjusted Income Tax Expense: Defined as income tax expense before tax adjustments. Adjusted Effective Tax Rate: Defined as Adjusted Income Tax Expense divided by Adjusted Income Before Income Taxes. Adjusted Interest, net: Defined as Interest, net before pre-close financing and interest costs, and AICF interest income. Adjusted Other Expense (Income), net: Defined as Other expense (income), net before non-cash loss on interest rate swap. Free Cash Flow: Defined as net cash provided by (used in) operating activities less purchases of property, plant and equipment plus proceeds from sale of property, plant and equipment. These non-GAAP financial measures have limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our results as reported under GAAP. Non-GAAP financial measures may be calculated differently from, and therefore may not be directly comparable to, similarly titled measures used by other companies. See the accompanying earnings tables for a reconciliation of these non-GAAP measures to their most directly comparable GAAP measures. The Company is unable to forecast the comparable US GAAP financial measure for future periods due to, amongst other factors, 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 EBITDA 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 could have a significant effect on our Adjusted EBITDA and Free Cash Flow planning assumptions and future GAAP results. This Earnings Release has been authorized by the James Hardie Board of Directors. Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Net income $ 28.5 $ 43.6 $ 104.0 $ 424.0 Interest, net 62.3 2.9 231.1 10.3 Other expense, net 0.1 0.4 9.8 0.2 Income tax expense 17.9 15.2 102.7 221.4 Depreciation and amortization 163.0 59.4 493.5 216.2 Acquisition related expenses 17.8 16.5 206.9 16.5 Asbestos related expenses and adjustments 51.1 137.6 53.7 140.5 Inventory fair value adjustment — — 47.9 — Restructuring, net 40.2 (7.0 ) 16.2 50.3 Adjusted EBITDA $ 380.9 $ 268.6 $ 1,265.8 $ 1,079.4 AZEK Adjusted EBITDA for Q1 FY26 126.8 Total Pro Forma Adjusted EBITDA $ 1,392.6 Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Net income margin 2.0 % 4.5 % 2.2 % 10.9 % Interest, net 4.4 % 0.3 % 4.8 % 0.3 % Other expense, net — % — % 0.2 % — % Income tax expense 1.3 % 1.6 % 2.1 % 5.7 % Depreciation and amortization 11.6 % 6.1 % 10.2 % 5.6 % Acquisition related expenses 1.3 % 1.7 % 4.3 % 0.4 % Asbestos related expenses and adjustments 3.6 % 14.1 % 1.1 % 3.6 % Inventory fair value adjustment — % — % 1.0 % — % Restructuring, net 2.9 % (0.7 )% 0.3 % 1.3 % Adjusted EBITDA margin 27.1 % 27.6 % 26.2 % 27.8 % Adjusted net income and Adjusted diluted earnings per share (Millions of US dollars, except per share amounts) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Net income $ 28.5 $ 43.6 $ 104.0 $ 424.0 Asbestos related expenses and adjustments 51.1 137.6 53.7 140.5 AICF interest income (2.7 ) (2.4 ) (10.1 ) (10.9 ) Restructuring, net 40.2 (7.0 ) 16.2 50.3 Pre-close financing costs1 — 0.8 46.5 0.8 Acquisition related expenses 17.8 16.5 206.9 16.5 Inventory fair value adjustment — — 47.9 — Amortization of intangible assets resulting from AZEK acquisition 72.4 — 178.7 — Tax adjustments2 (34.7 ) (33.0 ) (48.1 ) 23.1 Adjusted net income $ 172.6 $ 156.1 $ 595.7 $ 644.3 Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Net income per common share - diluted $ 0.05 $ 0.10 $ 0.19 $ 0.98 Asbestos related expenses and adjustments 0.09 0.32 0.10 0.33 AICF interest income — — (0.02 ) (0.03 ) Restructuring, net 0.07 (0.02 ) 0.03 0.12 Pre-close financing costs1 — — 0.08 — Acquisition related expenses 0.03 0.04 0.38 0.04 Inventory fair value adjustment — — 0.09 — Amortization of intangible assets resulting from AZEK acquisition 0.12 — 0.33 — Tax adjustments2 (0.06 ) (0.08 ) (0.09 ) 0.05 Adjusted diluted earnings per share3 $ 0.30 $ 0.36 $ 1.09 $ 1.49 1. Includes pre-close financing interest of $34.9 million as well as an $11.6 million non-cash loss on our interest rate swap incurred in the first quarter of fiscal year 2026. 2. Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and discrete items relating to the AZEK acquisition, and $18.2 million in respect of the ATO settlement agreement incurred in the second quarter of fiscal year 2026. 3. Weighted average common shares outstanding used in computing diluted net income per common share of 584.7 million and 430.9 million for the three months ended March 31, 2026 and 2025, respectively. Weighted average common shares outstanding used in computing diluted net income per common share of 545.5 million and 432.1 million for the fiscal years ended March 31, 2026 and 2025, respectively. Siding & Trim Segment Adjusted EBITDA and Adjusted EBITDA margin (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Siding & Trim Segment operating income $ 146.8 $ 202.4 $ 661.9 $ 840.9 Acquisition related expenses 3.4 — 11.8 — Inventory fair value adjustment — — 11.2 — Amortization of intangible assets resulting from AZEK acquisition 19.1 — 42.7 — Restructuring expenses 35.6 — 35.6 — Depreciation and amortization 48.1 45.2 188.2 160.7 Siding & Trim Segment Adjusted EBITDA $ 253.0 $ 247.6 $ 951.4 $ 1,001.6 Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Siding & Trim Segment operating income margin 19.1 % 28.2 % 22.3 % 29.4 % Acquisition related expenses 0.4 % — % 0.4 % — % Inventory fair value adjustment — % — % 0.4 % — % Amortization of intangible assets resulting from AZEK acquisition 2.5 % — % 1.4 % — % Restructuring expenses 4.7 % — % 1.2 % — % Depreciation and amortization 6.3 % 6.2 % 6.4 % 5.6 % Siding & Trim Segment Adjusted EBITDA margin 33.0 % 34.4 % 32.1 % 35.0 % Deck, Rail & Accessories Segment Adjusted EBITDA and Adjusted EBITDA margin (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 FY26 Deck, Rail & Accessories operating income (loss) $ 18.2 $ (17.7 ) Restructuring expenses 1.2 3.4 Inventory fair value adjustment — 36.7 Amortization of intangible assets resulting from AZEK acquisition 53.3 136.0 Depreciation and amortization 24.8 66.4 Deck, Rail & Accessories Segment Adjusted EBITDA $ 97.5 $ 224.8 Quarter and Full Year Ended March 31 Q4 FY26 FY26 Deck, Rail & Accessories operating income (loss) margin 5.3 % (2.2 %) Restructuring expenses 0.3 % 0.4 % Inventory fair value adjustment — % 4.6 % Amortization of intangible assets resulting from AZEK acquisition 15.4 % 17.1 % Depreciation and amortization 7.2 % 8.4 % Deck, Rail & Accessories Segment Adjusted EBITDA margin 28.2 % 28.3 % Australia & New Zealand Segment Adjusted EBITDA and Adjusted EBITDA margin (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Australia & New Zealand Segment operating income $ 42.5 $ 43.0 $ 153.9 $ 111.0 Restructuring expenses 1.4 (7.0 ) 1.4 50.3 Depreciation and amortization 6.1 4.8 22.4 19.2 Australia & New Zealand Segment Adjusted EBITDA $ 50.0 $ 40.8 $ 177.7 $ 180.5 Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Australia & New Zealand Segment operating income margin 30.4 % 36.4 % 29.6 % 21.7 % Restructuring expenses 1.0 % (5.9 %) 0.2 % 9.3 % Depreciation and amortization 4.4 % 4.0 % 4.3 % 3.7 % Australia & New Zealand Segment Adjusted EBITDA margin 35.8 % 34.5 % 34.1 % 34.7 % Europe Segment EBITDA and EBITDA margin (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Europe Segment operating income $ 14.3 $ 13.3 $ 52.2 $ 38.0 Depreciation and amortization 8.4 8.5 30.0 32.4 Europe Segment EBITDA $ 22.7 $ 21.8 $ 82.2 $ 70.4 Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Europe Segment operating income margin 9.4 % 9.9 % 9.4 % 7.7 % Depreciation and amortization 5.5 % 6.3 % 5.4 % 6.5 % Europe Segment EBITDA margin 14.9 % 16.2 % 14.8 % 14.2 % Adjusted General Corporate and Unallocated R&D EBITDA (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 General Corporate and Unallocated R&D costs $ (113.0 ) $ (196.6 ) $ (402.7 ) $ (334.0 ) Restructuring, net 2.0 — (24.2 ) — Acquisition related expenses 14.4 16.5 195.1 16.5 Asbestos related expenses and adjustments 51.1 137.6 53.7 140.5 Depreciation and amortization 3.2 0.9 7.8 3.9 Adjusted General Corporate and Unallocated R&D EBITDA $ (42.3 ) $ (41.6 ) $ (170.3 ) $ (173.1 ) Adjusted income before income taxes, Adjusted income tax expense and Adjusted effective tax rate (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Income before income taxes $ 46.4 $ 58.8 $ 206.7 $ 645.4 Asbestos related expenses and adjustments 51.1 137.6 53.7 140.5 AICF interest income (2.7 ) (2.4 ) (10.1 ) (10.9 ) Restructuring, net 40.2 (7.0 ) 16.2 50.3 Pre-close financing costs1 — 0.8 46.5 0.8 Acquisition related expenses 17.8 16.5 206.9 16.5 Inventory fair value adjustment — — 47.9 — Amortization of intangible assets resulting from AZEK acquisition 72.4 — 178.7 — Adjusted income before income taxes $ 225.2 $ 204.3 $ 746.5 $ 842.6 Income tax expense $ 17.9 $ 15.2 $ 102.7 $ 221.4 Tax adjustments2 34.7 33.0 48.1 (23.1 ) Adjusted income tax expense $ 52.6 $ 48.2 $ 150.8 $ 198.3 Effective tax rate 38.6 % 25.9 % 49.7 % 34.3 % Adjusted effective tax rate 23.4 % 23.6 % 20.2 % 23.5 % 1. Includes pre-close financing interest of $34.9 million as well as an $11.6 million non-cash loss on our interest rate swap incurred in the first quarter of fiscal year 2026. 2. Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and discrete items relating to the AZEK acquisition, and $18.2 million in respect of the ATO settlement agreement incurred in the second quarter of fiscal year 2026. Adjusted interest, net (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Interest, net $ 62.3 $ 2.9 $ 231.1 $ 10.3 Pre-close financing and interest costs — (0.8 ) (34.9 ) (0.8 ) AICF interest income 2.7 2.4 10.1 10.9 Adjusted interest, net $ 65.0 $ 4.5 $ 206.3 $ 20.4 Adjusted other expense (income), net (Millions of US dollars) Quarter and Full Year Ended March 31 Q4 FY26 Q4 FY25 FY26 FY25 Other expense, net $ 0.1 $ 0.4 $ 9.8 $ 0.2 Non-cash loss on interest rate swap — — (11.6 ) — Adjusted other expense (income), net $ 0.1 $ 0.4 $ (1.8 ) $ 0.2 Free Cash Flow (Millions of US dollars) Full Year Ended March 31 FY26 FY25 Net cash provided by operating activities $ 589.8 $ 802.8 Purchases of property, plant and equipment (383.9 ) (422.2 ) Proceeds from sale of property, plant and equipment 108.2 0.4 Free Cash Flow $ 314.1 $ 381.0 Net cash used in investing activities $ (4,208.5 ) $ (446.7 ) Net cash provided by (used in) financing activities $ 3,350.9 $ (165.9 ) View source version on businesswire.com: https://www.businesswire.com/news/home/20260519665257/en/ Investor and Media Contact
investors@jameshardie.com Original: James Hardie Reports Fourth Quarter FY26 and Full-Year FY26 Results; Provides FY27 Outlook
US Market News
4月前
James Hardie Reports Third Quarter FY26 ResultsFebruary 10, 2026 4:38 PM
Business Wire
Q3 FY26 Net Sales of $1.2 Billion, Up +30% with Organic Net Sales +1%
Operating Income of $176 Million, Adjusted EBITDA of $330 Million
Siding & Trim Net Sales Up +10% with Organic Net Sales Down (2%)
~500 Basis Points of Sequential Siding & Trim Adjusted EBITDA Margin Expansion
Deck, Rail & Accessories Net Sales Up +2% with Sell-Through Up Mid-Single-Digits
Integration and Cost Synergies Ahead of Schedule, Focused on the Achievement of $125 Million Target
James Hardie Industries plc (NYSE / ASX : JHX) ("James Hardie" or the "Company"), a leading provider of exterior home and outdoor living solutions, today announced results for its third quarter ending December 31, 2025.
Aaron Erter, CEO of James Hardie said, “In the third-quarter, we achieved or exceeded each of our financial commitments despite a mixed macro backdrop. We are taking actions to address the current market environment, including optimizing our manufacturing footprint and better aligning our cost structure with the slower, but stabilizing, pace of demand. These actions will improve near-term profitability and better position the Company to profitably grow when conditions improve.
“Siding & Trim organic net sales were down modestly in the quarter, while Adjusted EBITDA margin improved nearly 500 basis points sequentially primarily driven by price / mix favorability and our actions to drive Hardie Operating System savings. Deck, Rail & Accessories delivered mid-single-digit sell-through growth, demonstrating our ability to drive material conversion through channel expansion and new product initiatives."
Mr. Erter continued, “Our confidence in the combination of James Hardie and AZEK continues to be strong as customers respond to our differentiated products, leading brands, focus on innovation and investment across the value chain. We continue to make progress on the integration and have surpassed our FY26 cost synergy goal. Our progress to date reaffirms our confidence in hitting our $125 million cost synergy target. On the commercial front, our early wins with dealers, contractors and homebuilders will drive meaningful revenue synergies in FY27 and beyond, demonstrating our potential to accelerate material conversion across exteriors and outdoor living."
____________________
Note: All Deck, Rail & Accessories growth comparisons correspond to the quarter ended December 31, 2024, prior to the acquisition of AZEK by James Hardie, unless otherwise stated.
Consolidated Financial Information
Q3 FY26
Q3 FY25
Change
9 Months
FY26
9 Months
FY25
Change
Group
(US$ millions, except per share data)
Net Sales
1,239.8
953.3
+30%
3,431.9
2,906.0
+18%
Operating Income
176.2
206.1
(15%)
338.8
593.8
(43%)
Operating Income Margin
14.2%
21.6%
(740bps)
9.9%
20.4%
(1,050bps)
Adjusted EBITDA
329.9
262.1
+26%
884.9
810.8
+9%
Adjusted EBITDA Margin
26.6%
27.5%
(90bps)
25.8%
27.9%
(210bps)
Net Income
68.7
141.7
(52%)
75.5
380.4
(80%)
Adjusted Net Income
142.2
153.6
(7%)
423.1
488.2
(13%)
Diluted EPS - US$ per share
0.12
0.33
(64%)
0.14
0.88
(84%)
Adjusted Diluted EPS - US$ per share
0.24
0.36
(31%)
0.79
1.13
(30%)
Segment Business Update and Results
Siding & Trim
Q3 FY26
Q3 FY25
Change
9 Months
FY26
9 Months
FY25
Change
Siding & Trim
(US$ millions)
Net Sales
788.3
719.3
+10%
2,196.1
2,144.4
2%
Operating Income
202.9
209.3
(3%)
515.1
638.5
(19%)
Operating Income Margin
25.7%
29.1%
(340bps)
23.5%
29.8%
(630bps)
Adjusted EBITDA
268.6
250.5
+7%
698.4
754.0
(7%)
Adjusted EBITDA Margin
34.1%
34.8%
(70bps)
31.8%
35.2%
(340bps)
Net sales increased 10% due to the inorganic net sales contribution from AZEK Exteriors. On an organic basis, net sales declined (2%) with an increase in average net sales price more than offset by lower volumes driven by soft market demand. Volume of Exterior products declined mid-single-digits, with Single-Family down high-single-digits and Multi-Family up high-single-digits, while volume of Interior products declined double-digits. The Single-Family Exteriors decline was primarily due to a weaker new construction environment across the South, where James Hardie has built strong leadership positions with large homebuilders in key long-term growth markets such as Texas, Florida and Georgia. Housing markets in these geographies have been especially impacted by affordability challenges and elevated housing inventory. While Adjusted EBITDA margin improved 490bps sequentially, adjusted EBITDA margin decreased (70bps) year-over-year to 34.1%, due to unfavorable production cost absorption and higher freight and raw material costs, and the allocation of certain R&D expenses which were not allocated to the segment in the prior year, partially offset by a higher average net sales price and Hardie Operating System (HOS) savings.
In Siding & Trim, we are focused on returning the segment to organic growth through four core growth strategies.
R&R Focus: We are increasing our focus on repair & remodel, particularly in the Northeast and Midwest, where we see $1 billion material conversion opportunity in wood- and wood-look siding products
Deeper New Construction Penetration: We are expanding on our strong large builder relationships and seeking growth with custom and local builders where there is $750 million of opportunity for additional growth
Product Innovation: We are focused on new product innovation in Siding, including differentiated offerings, to support our long-term growth
Installation Efficiency: We are partnering with our contractors and installers to introduce innovative installation techniques to reduce time and installed costs, expanding the total addressable market for fiber cement
Deck, Rail & Accessories (DR&A)
Q3 FY26
9 Months
FY26
Deck, Rail & Accessories
(US$ millions)
Net Sales
194.1
449.9
Operating Loss
(24.0
)
(35.9
)
Operating Loss Margin
(12.4
%)
(8.0
%)
Adjusted EBITDA
48.7
127.3
Adjusted EBITDA Margin
25.1
%
28.3
%
Deck, Rail & Accessories net sales increased +2% compared to the quarter ended December 31, 2024 prior to the acquisition driven primarily by price / mix. Sell-through was up mid-single-digits, consistent with growth in the prior quarter. Adjusted EBITDA margin was 25.1% reflecting the benefit of top-line growth, partially offset by growth investments. In addition to cost synergies, the runway for margin improvement in Deck, Rail & Accessories is enabled by recycling initiatives, improved absorption across the manufacturing network, and leveraging the Hardie Operating System.
In Deck, Rail & Accessories, the organic strategy remains consistent with a focus on continued channel expansion and new product launches. Last calendar year's new product launches have been well received by customers, and additional new offerings are being launched in early 2026 which strengthen TimberTech's commitment to combining superior aesthetics with advanced functionality for both homeowners and contractors alike. Additionally, the combination with James Hardie has helped to accelerate growth and secure incremental shelf space at dealer partners throughout early buy negotiations as customers recognize the enhanced value proposition delivered through a comprehensive product portfolio, trusted brands and long-term partnerships.
Australia & New Zealand (ANZ)
Q3 FY26
Q3 FY25
Change
9 Months
FY26
9 Months
FY25
Change
Australia & New Zealand
(US$ millions, unless otherwise noted)
Net Sales
126.5
118.1
+7%
381.0
401.8
(5%)
Net Sales (A$ millions)
192.9
180.1
+7%
585.6
606.9
(4%)
Operating Income
35.6
34.8
+2%
111.4
68.0
+64%
Operating Income Margin
28.1%
29.3%
(120bps)
29.2%
17.2%
+1,200bps
Adjusted EBITDA
41.2
39.7
+4%
127.7
139.7
(9%)
Adjusted EBITDA Margin
32.6%
33.5%
(90bps)
33.5%
34.7%
(120bps)
Net sales increased +7%, with low-single-digit volume growth and a mid-single-digit increase in average net sales price. Adjusted EBITDA margin of 32.6% decreased (90bps) as volume and price growth and HOS savings were more than offset by unfavorable production cost absorption and the allocation of R&D costs which were not previously allocated to the reportable segments.
The Company is focused on driving growth in Australia and New Zealand through new customer acquisitions and project conversion enabled by customer collaboration and leveraging the James Hardie brand. The teams are innovating to accelerate material conversion to fiber cement with a key focus on new construction. Overall, while market demand remains challenged, the ANZ team is focused on finding further manufacturing efficiencies and driving HOS savings to underpin the segment's consistent profitability.
Europe
Q3 FY26
Q3 FY25
Change
9 Months
FY26
9 Months
FY25
Change
Europe
(US$ millions, unless otherwise noted)
Net Sales
130.9
115.9
+13%
404.9
359.8
+13%
Net Sales (€ millions)
112.4
108.6
+3%
350.4
332.9
+5%
Operating Income
9.1
3.6
+153%
37.9
24.7
+53%
Operating Income Margin
7.0%
3.1%
+390bps
9.4%
6.8%
+260bps
EBITDA
16.6
11.9
+39%
59.5
48.6
+22%
EBITDA Margin
12.7%
10.3%
+240bps
14.7%
13.5%
+120bps
Net sales increased +13%, or +3% in Euros, driven by mid-single-digit volume growth. While underlying price realization remains positive, average net sales price in Euros was down modestly due to unfavorable mix shift as fiber gypsum volumes meaningfully outpaced fiber cement in the quarter. EBITDA margin increased +240bps to 12.7%, attributable to favorable plant performance, as well as lower raw material costs. Higher SG&A expense relates to increased investment in sales teams and marketing supporting growth strategies for high-value products.
Markets across Europe remain challenged, particularly in Germany, the Company's largest European market, where improvement is anticipated to be more gradual. Growth in high-value products, such as Therm25TM fiber gypsum flooring, remains a strategic priority, as leveraging a broader and deeper product portfolio should accelerate share gains and customer wins. The team's plan to expand margins is comprised of purposeful investment to drive operating leverage alongside sales growth and HOS savings from production footprint optimization and freight management.
Outlook
FY26 Guidance
With respect to FY26 guidance, Ryan Lada, CFO, said, “For Siding & Trim, market conditions remain challenged, consistent with our prior expectations; however, channel inventories have normalized. As a result, we are allowing our stronger-than-expected third-quarter performance to flow through to full-year results, resulting in a modest increase in the guidance range for the segment. We continue to expect the broader Exteriors market to remain mixed in the near term. For Deck, Rail & Accessories, mid-single-digit sell-through growth continued through the third quarter and into early Q4. We expect channel partner inventories to remain at seasonally normal levels for the remainder of the fiscal year."
Net Sales for Siding & Trim: $2.953 to $2.998 billion (prev. $2.925 to $2.995 billion)
Net Sales for Deck, Rail & Accessories: $787 to $800 million (prev. $780 to $800 million)
Adjusted EBITDA for Siding & Trim: $939 to $962 million (prev. $920 to $955 million)
Adjusted EBITDA for Deck, Rail & Accessories: $219 to $224 million (prev. $215 to $225 million)
Total Adjusted EBITDA: $1.232 to $1.263 billion (prev. $1.20 to $1.25 billion)
Free Cash Flow: At Least $200 million (unchanged)
Note: All guidance includes a partial-year contribution from the AZEK acquisition which was incorporated into James Hardie results beginning at closing on July 1, 2025. Free cash flow represents net cash provided by operating activities less purchases of property, plant and equipment net of proceeds from the sale of property, plant and equipment.
Cash Flow, Capital Investment & Allocation
Operating cash flow totaled $455 million for the nine months ended FY26, driven by net income, adjusted for non-cash items of $536 million and lower working capital of $33 million, partially offset by $87 million of asbestos claims and handling costs paid. Capital expenditures were $303 million.
Our capital expenditures program is driven by strategic investments that support long-term growth and operational excellence. These priorities include adding new capacity ahead of anticipated demand, funding new product development and other strategic initiatives, and maintaining and reinvesting in our existing facilities and equipment. For fiscal year 2026, we expect total capital expenditures of approximately $400 million, inclusive of approximately $75 million related to AZEK initiatives. Spending associated with our Global Capacity Expansion program is projected to be approximately $90 million of the fiscal year 2026 total.
Reported Financial Results
(Millions of US dollars)
(Unaudited)
December 31
2025
March 31
2025
Assets
Current assets:
Cash and cash equivalents
$
344.2
$
562.7
Restricted cash and cash equivalents
5.0
5.0
Restricted cash and cash equivalents - Asbestos
25.7
37.9
Restricted short-term investments - Asbestos
187.3
175.8
Accounts and other receivables, net
311.0
391.8
Inventories
665.8
347.1
Prepaid expenses and other current assets
160.2
100.6
Assets held for sale
11.3
73.1
Insurance receivable - Asbestos
5.8
5.5
Workers’ compensation - Asbestos
2.5
2.3
Total current assets
1,718.8
1,701.8
Property, plant and equipment, net
3,095.4
2,169.0
Operating lease right-of-use-assets
127.3
70.4
Finance lease right-of-use-assets
106.1
2.7
Goodwill
4,822.0
193.7
Intangible assets, net
3,526.9
145.6
Insurance receivable - Asbestos
21.5
23.2
Workers’ compensation - Asbestos
17.5
16.5
Deferred income taxes
74.7
600.4
Deferred income taxes - Asbestos
272.1
284.5
Other assets
22.2
22.1
Total assets
$
13,804.5
$
5,229.9
Liabilities and Shareholders’ Equity
Current liabilities:
Accounts payable and accrued liabilities
$
667.2
$
446.4
Accrued payroll and employee benefits
150.7
133.3
Operating lease liabilities
31.6
21.6
Finance lease liabilities
5.4
1.1
Long-term debt, current portion
43.8
9.4
Accrued product warranties
11.2
7.3
Income taxes payable
14.4
10.3
Asbestos liability
127.3
119.4
Workers’ compensation - Asbestos
2.5
2.3
Other liabilities
59.7
59.1
Total current liabilities
1,113.8
810.2
Long-term debt
4,565.1
1,110.1
Deferred income taxes
564.6
121.1
Operating lease liabilities
112.5
63.9
Finance lease liabilities
103.6
1.8
Accrued product warranties
42.5
26.9
Asbestos liability
831.5
864.2
Workers’ compensation - Asbestos
17.5
16.5
Other liabilities
56.7
53.7
Total liabilities
7,407.8
3,068.4
Total shareholders’ equity
6,396.7
2,161.5
Total liabilities and shareholders’ equity
$
13,804.5
$
5,229.9
(Unaudited)
Three Months Ended December 31
(Unaudited)
Nine Months Ended December 31
(Millions of US dollars, except per share data)
2025
2024
2025
2024
Net sales
$
1,239.8
$
953.3
$
3,431.9
$
2,906.0
Cost of goods sold
791.6
590.9
2,225.7
1,773.8
Gross profit
448.2
362.4
1,206.2
1,132.2
Selling, general and administrative expenses
249.7
144.7
656.6
444.4
Research and development expenses
16.6
11.5
44.5
36.1
Restructuring, net
(24.0
)
—
(24.0
)
57.3
Acquisition related expenses
29.4
—
189.1
—
Asbestos adjustments
0.3
0.1
1.2
0.6
Operating income
176.2
206.1
338.8
593.8
Interest, net
65.6
3.8
168.8
7.4
Other expense (income), net
—
—
9.7
(0.2
)
Income before income taxes
110.6
202.3
160.3
586.6
Income tax expense
41.9
60.6
84.8
206.2
Net income
$
68.7
$
141.7
$
75.5
$
380.4
Income per share:
Basic
$
0.12
$
0.33
$
0.14
$
0.88
Diluted
$
0.12
$
0.33
$
0.14
$
0.88
Weighted average common shares outstanding (Millions):
Basic
579.4
429.5
529.2
431.2
Diluted
583.1
430.9
533.9
432.6
(Unaudited)
Nine Months Ended December 31
(Millions of US dollars)
2025
2024
Cash Flows From Operating Activities
Net income
$
75.5
$
380.4
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
330.5
156.8
Lease expense
30.6
24.6
Deferred income taxes
5.6
94.8
Stock-based compensation
29.2
17.7
Asbestos adjustments
1.2
0.6
Non-cash restructuring expenses
1.1
40.2
Non-cash interest expense
6.9
1.5
Non-cash charge related to step up of inventory
47.9
—
Gain on sale of land
(26.2
)
—
Other, net
33.4
17.0
Changes in operating assets and liabilities:
Accounts and other receivables
150.6
86.4
Inventories
(77.4
)
(20.5
)
Operating lease assets and liabilities, net
(34.4
)
(25.8
)
Prepaid expenses and other assets
1.6
(8.6
)
Insurance receivable - Asbestos
3.2
3.0
Accounts payable and accrued liabilities
(40.7
)
(15.6
)
Claims and handling costs paid - Asbestos
(86.8
)
(87.7
)
Income taxes payable
3.4
(10.2
)
Other accrued liabilities and interest
0.2
2.8
Net cash provided by operating activities
$
455.4
$
657.4
Cash Flows From Investing Activities
Purchases of property, plant and equipment
$
(302.8
)
$
(333.0
)
Proceeds from sale of property, plant and equipment
108.2
—
Capitalized interest
(6.1
)
(16.7
)
Cash consideration for The AZEK Company acquisition, net of cash acquired
(3,919.8
)
—
Purchase of restricted investments - Asbestos
(141.7
)
(145.2
)
Proceeds from restricted investments - Asbestos
141.7
141.4
Other
—
0.4
Net cash used in investing activities
$
(4,120.5
)
$
(353.1
)
Cash Flows From Financing Activities
Proceeds from senior secured notes
$
1,700.0
$
—
Proceeds from term loans
2,500.0
—
Proceeds from revolving credit facility
70.0
—
Repayments of term loans
(312.5
)
(5.6
)
Repayment of senior unsecured notes
(465.2
)
—
Debt issuance costs paid
(41.6
)
—
Repayment of finance lease obligations
(2.8
)
(0.9
)
Shares repurchased
—
(149.9
)
Taxes paid related to net share settlement of equity awards
(11.7
)
(7.3
)
Net cash provided by (used in) financing activities
$
3,436.2
$
(163.7
)
Effects of exchange rate changes on cash and cash equivalents, restricted cash and restricted cash - Asbestos
$
(1.8
)
$
1.1
Net (decrease) increase in cash and cash equivalents, restricted cash and restricted cash - Asbestos
(230.7
)
141.7
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at beginning of period
605.6
415.8
Cash and cash equivalents, restricted cash and restricted cash - Asbestos at end of period
$
374.9
$
557.5
Non-Cash Investing and Financing Activities
Capital expenditures incurred but not yet paid
$
23.3
$
23.2
Non-cash ROU assets obtained in exchange for new lease liabilities
$
47.9
$
27.2
Non-cash consideration for AZEK acquisition
$
4,143.6
$
—
Supplemental Disclosure of Cash Flow Activities
Cash paid to AICF
$
62.7
$
49.6
Further Information
Readers are referred to the Company’s Condensed Consolidated Financial Statements and Management’s Analysis of Results for the third quarter ended December 31, 2025 for additional information regarding the Company’s results.
All comparisons made are vs. the comparable period in the prior fiscal year and amounts presented are in US dollars, unless otherwise noted.
Conference Call Details
James Hardie will hold a conference call to discuss results and outlook Tuesday, February 10, 2026 at 5:00pm EST (Wednesday, February 11, 2026 at 9:00am AEDT). Participants may register for a live webcast and access a replay following the event of the event on the Investor Relations section of the Company’s website (ir.jameshardie.com).
About James Hardie
James Hardie Industries plc is the industry leader in exterior home and outdoor living solutions, with a portfolio that includes fiber cement, fiber gypsum, and composite and PVC decking and railing products. Products offered by James Hardie are engineered for beauty, durability, and climate resilience, and include trusted brands like Hardie®, TimberTech®, AZEK® Exteriors, Versatex®, fermacell® and StruXure®. With a global footprint, the James Hardie portfolio is marketed and sold throughout North America, Europe, Australia and New Zealand.
James Hardie Industries plc is incorporated and existing under the laws of Ireland. As an Irish plc, James Hardie is governed by the Irish Companies Act. James Hardie’s principal executive offices are located at 1st Floor, Block A, One Park Place, Upper Hatch Street, Dublin 2, D02 FD79, Ireland.
Cautionary Note and Use of Non-GAAP Measures
This Earnings Release includes financial measures that are not considered a measure of financial performance under generally accepted accounting principles in the United States (GAAP), such as Adjusted Net Income, Adjusted EBITDA, Adjusted Diluted EPS and Free Cash Flow. 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 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. A reconciliation of these adjustments to the most directly comparable GAAP measure is included in this Earnings Release below.
The Company is unable to forecast the comparable US GAAP financial measure for future periods due to, amongst other factors, uncertainty regarding the impact of actuarial estimates on asbestos-related assets and liabilities in future periods.
This Earnings Release contains forward-looking statements and information that are subject to risks, uncertainties and assumptions. Many factors could cause the actual results, performance or achievements of James Hardie to be materially different from those expressed or implied in this release, including, among others, the risks and uncertainties set forth in Section 3 "Risk Factors" in James Hardie’s Annual Report on Form 20-F for the fiscal year ended March 31, 2025; changes in general economic, political, governmental and business conditions globally and in the countries in which James Hardie 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 acquisition 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 Release except as required by law.
This Earnings Release has been authorized by the James Hardie Board of Directors.
Non-GAAP Financial Measures
Adjusted EBITDA and Adjusted EBITDA margin
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Operating income
$
176.2
$
206.1
$
338.8
$
593.8
Asbestos related expenses and adjustments
0.7
0.9
2.6
2.9
Restructuring, net
(24.0
)
—
(24.0
)
57.3
Acquisition related expenses
29.4
—
189.1
—
Inventory fair value adjustment
—
—
47.9
—
Amortization of intangible assets resulting from AZEK acquisition
57.6
—
106.3
—
Depreciation and amortization
90.0
55.1
224.2
156.8
Adjusted EBITDA
$
329.9
$
262.1
$
884.9
$
810.8
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Operating income margin
14.2
%
21.6
%
9.9
%
20.4
%
Asbestos related expenses and adjustments
0.1
%
0.1
%
0.1
%
0.1
%
Restructuring, net
(2.0
)%
—
%
(0.7
%)
2.0
%
Acquisition related expenses
2.4
%
—
%
5.5
%
—
%
Inventory fair value adjustment
—
%
—
%
1.4
%
—
%
Amortization of intangible assets resulting from AZEK acquisition
4.6
%
—
%
3.1
%
—
%
Depreciation and amortization
7.3
%
5.8
%
6.5
%
5.4
%
Adjusted EBITDA margin
26.6
%
27.5
%
25.8
%
27.9
%
Adjusted net income and Adjusted diluted earnings per share
US$ Millions, except per share amounts
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Net income
$
68.7
$
141.7
$
75.5
$
380.4
Asbestos related expenses and adjustments
0.7
0.9
2.6
2.9
AICF interest income
(2.4
)
(2.7
)
(7.4
)
(8.5
)
Restructuring, net
(24.0
)
—
(24.0
)
57.3
Pre-close financing costs1
—
—
46.5
—
Acquisition related expenses
29.4
—
189.1
—
Inventory fair value adjustment
—
—
47.9
—
Amortization of intangible assets resulting from AZEK acquisition
57.6
—
106.3
—
Tax adjustments2
12.2
13.7
(13.4
)
56.1
Adjusted net income
$
142.2
$
153.6
$
423.1
$
488.2
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Net income per common share - diluted
$
0.12
$
0.33
$
0.14
$
0.88
Asbestos related expenses and adjustments
—
—
—
0.01
AICF interest income
—
(0.01
)
(0.01
)
(0.02
)
Restructuring, net
(0.04
)
—
(0.04
)
0.13
Pre-close financing costs1
—
—
0.09
—
Acquisition related expenses
0.05
—
0.35
—
Inventory fair value adjustment
—
—
0.09
—
Amortization of intangible assets resulting from AZEK acquisition
0.09
—
0.20
—
Tax adjustments2
0.02
0.04
(0.03
)
0.13
Adjusted diluted earnings per share3
$
0.24
$
0.36
$
0.79
$
1.13
1 Includes pre-close financing interest of $34.9 million as well as a $11.6 million non-cash loss on our interest rate swap incurred in the first quarter of fiscal year 2026.
2 Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and discrete items relating to the AZEK acquisition, and $18.2 million in respect of the ATO settlement agreement incurred in the second quarter of fiscal year 2026.
3 Weighted average common shares outstanding used in computing diluted net income per common share of 583.1 million and 430.9 million for the three months ended December 31, 2025 and 2024, respectively. Weighted average common shares outstanding used in computing diluted net income per common share of 533.9 million and 432.6 million for the nine months ended December 31, 2025 and 2024, respectively.
Siding & Trim Segment Adjusted EBITDA and Adjusted EBITDA margin
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Siding & Trim Segment operating income
$
202.9
$
209.3
$
515.1
$
638.5
Acquisition related expenses
3.6
—
8.4
—
Inventory fair value adjustment
—
—
11.2
—
Amortization of intangible assets resulting from AZEK acquisition
12.8
—
23.6
—
Depreciation and amortization
49.3
41.2
140.1
115.5
Siding & Trim Segment Adjusted EBITDA
$
268.6
$
250.5
$
698.4
$
754.0
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Siding & Trim Segment operating income margin
25.7
%
29.1
%
23.5
%
29.8
%
Acquisition related expenses
0.5
%
—
%
0.4
%
—
%
Inventory fair value adjustment
—
%
—
%
0.5
%
—
%
Amortization of intangible assets resulting from AZEK acquisition
1.6
%
—
%
1.0
%
—
%
Depreciation and amortization
6.3
%
5.7
%
6.4
%
5.4
%
Siding & Trim Segment Adjusted EBITDA margin
34.1
%
34.8
%
31.8
%
35.2
%
Deck, Rail & Accessories Segment Adjusted EBITDA and Adjusted EBITDA margin
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
FY26
Deck, Rail & Accessories Segment operating loss
$
(24.0
)
$
(35.9
)
Restructuring expenses
2.2
2.2
Inventory fair value adjustment
—
36.7
Amortization of intangible assets resulting from AZEK acquisition
44.8
82.7
Depreciation and amortization
25.7
41.6
Deck, Rail & Accessories Segment Adjusted EBITDA
$
48.7
$
127.3
Three and Nine Months Ended December 31
Q3 FY26
FY26
Deck, Rail & Accessories Segment operating loss margin
(12.4
%)
(8.0
%)
Restructuring expenses
1.1
%
0.5
%
Inventory fair value adjustment
—
%
8.1
%
Amortization of intangible assets resulting from AZEK acquisition
23.1
%
18.4
%
Depreciation and amortization
13.3
%
9.3
%
Deck, Rail & Accessories Segment Adjusted EBITDA margin
25.1
%
28.3
%
Australia & New Zealand Segment Adjusted EBITDA and Adjusted EBITDA margin
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Australia & New Zealand Segment operating income
$
35.6
$
34.8
$
111.4
$
68.0
Restructuring expenses
—
—
—
57.3
Depreciation and amortization
5.6
4.9
16.3
14.4
Australia & New Zealand Segment Adjusted EBITDA
$
41.2
$
39.7
$
127.7
$
139.7
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Australia & New Zealand Segment operating income margin
28.1
%
29.3
%
29.2
%
17.2
%
Restructuring expenses
—
%
—
%
—
%
13.9
%
Depreciation and amortization
4.5
%
4.2
%
4.3
%
3.6
%
Australia & New Zealand Segment Adjusted EBITDA margin
32.6
%
33.5
%
33.5
%
34.7
%
Europe Segment EBITDA and EBITDA margin
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Europe Segment operating income
$
9.1
$
3.6
$
37.9
$
24.7
Depreciation and amortization
7.5
8.3
21.6
23.9
Europe Segment EBITDA
$
16.6
$
11.9
$
59.5
$
48.6
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Europe Segment operating income margin
7.0
%
3.1
%
9.4
%
6.8
%
Depreciation and amortization
5.7
%
7.2
%
5.3
%
6.7
%
Europe Segment EBITDA margin
12.7
%
10.3
%
14.7
%
13.5
%
Adjusted General Corporate and Unallocated R&D EBITDA
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
General Corporate and Unallocated R&D costs
$
(47.4
)
$
(41.6
)
$
(289.7
)
$
(137.4
)
Restructuring gain
(26.2
)
—
(26.2
)
—
Acquisition related expenses
25.8
—
180.7
—
Asbestos related expenses and adjustments
0.7
0.9
2.6
2.9
Depreciation and amortization
1.9
0.7
4.6
3.0
Adjusted General Corporate and Unallocated R&D EBITDA
$
(45.2
)
$
(40.0
)
$
(128.0
)
$
(131.5
)
Adjusted income before income taxes, Adjusted income tax expense and Adjusted effective tax rate
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Income before income taxes
$
110.6
$
202.3
$
160.3
$
586.6
Asbestos related expenses and adjustments
0.7
0.9
2.6
2.9
AICF interest income
(2.4
)
(2.7
)
(7.4
)
(8.5
)
Restructuring, net
(24.0
)
—
(24.0
)
57.3
Pre-close financing costs1
—
—
46.5
—
Acquisition related expenses
29.4
—
189.1
—
Inventory fair value adjustment
—
—
47.9
—
Amortization of intangible assets resulting from AZEK acquisition
57.6
—
106.3
—
Adjusted income before income taxes
$
171.9
$
200.5
$
521.3
$
638.3
Income tax expense
$
41.9
$
60.6
$
84.8
$
206.2
Tax adjustments2
(12.2
)
(13.7
)
13.4
(56.1
)
Adjusted income tax expense
$
29.7
$
46.9
$
98.2
$
150.1
Effective tax rate
37.9
%
30.0
%
52.9
%
35.2
%
Adjusted effective tax rate
17.3
%
23.4
%
18.8
%
23.5
%
1 Includes pre-close financing interest of $34.9 million as well as a $11.6 million non-cash loss on our interest rate swap incurred in the first quarter of fiscal year 2026.
2 Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos, and discrete items relating to the AZEK acquisition, and $18.2 million in respect of the ATO settlement agreement incurred in the second quarter of fiscal year 2026.
Adjusted interest, net
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Interest, net
$
65.6
$
3.8
$
168.8
$
7.4
Pre-close financing and interest costs
—
—
(34.9
)
—
AICF interest income
2.4
2.7
7.4
8.5
Adjusted interest, net
$
68.0
$
6.5
$
141.3
$
15.9
Adjusted other income, net
US$ Millions
Three and Nine Months Ended December 31
Q3 FY26
Q3 FY25
FY26
FY25
Other expense (income), net
$
—
$
—
$
9.7
$
(0.2
)
Non-cash loss on interest rate swap
—
—
(11.6
)
—
Adjusted other income, net
$
—
$
—
$
(1.9
)
$
(0.2
)
Net Debt
US$ Millions
December 31
FY26
Total principal amount of debt
$
4,648.1
Cash and cash equivalents
(344.2
)
Net debt
$
4,303.9
Free Cash Flow
US$ Millions
Nine Months Ended December 31
FY26
FY25
Net cash provided by operating activities
$
455.4
$
657.4
Purchases of property, plant and equipment
(302.8
)
(333.0
)
Proceeds from sale of property, plant and equipment
108.2
—
Free Cash Flow
$
260.8
$
324.4
View source version on businesswire.com: https://www.businesswire.com/news/home/20260210453798/en/
Investor and Media Contact
investors@jameshardie.com
Original: James Hardie Reports Third Quarter FY26 Results
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