Fletcher Building Ltd

FBU: XASX (AUS)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Fletcher Earnings: New Zealand’s Housing Sector Slow to Recover

Esther Holloway

Feb 19, 2025

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

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Fletcher Building Ltd

Fletcher Earnings: New Zealand’s Housing Sector Slow to Recover

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