James Hardie Industries Plc: Is James Hardie (slowly) coming out of the penalty box?

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James Hardie Industries Plc: Is James Hardie (slowly) coming out of the penalty box?

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James Hardie Industries Plc

Is James Hardie (slowly) coming out of the

penalty box?

Maintain Rating: BUY | PO: 41.25 AUD | Price: 27.03 AUD

Australia based NED: Another important step… 15 May 2026

JHX announced this morning the appointment of Rob Sindel as an independent non- Equity

executive director (NED) effective 1 June 2026. Mr. Sindel was previously the MD & CEO

of CSR from Jan ‘11 until Sep ‘19. Mr. Sindel’s is well regarded with his background at ShauryaResearch VisenAnalyst>>

CSR and 35-year career experience in the Global Building Products and Construction Merrill Lynch (Australia)

materials sector. We view the announcement as another important step in regaining +61shaurya.visen@bofa.com2 9226 5825

investor confidence (especially domestic) as our investor conversations suggest there Rafe Jadrosich

have been calls for more Australian director representation within the Board. Research Analyst

BofAS

…in rebuilding investor confidence +1rafe.jadrosich@bofa.com646 855 5815

As is well documented, JHX’s deal to acquire AZEK in early 2025 was not well liked by Richard Lee >>

domestic investors. This was followed up by a cut to FY26 EBITDA consensus Research Analyst Merrill Lynch (Australia)

expectations in Aug-25 (see report: JHX: Significant cuts to estimates). Since then, we +61 2 9226 5023

think JHX has taken multiple steps to regain investor confidence: 1) Shareholders voted richard.lee5@bofa.com

against the re-election of 3 JHX directors (Chair Anne Lloyd, Peter John Davis and Rada Cameron Needham >> Research Analyst

Rodriguez; see report: JHX: AGM filing First Take); 2) CFO Rachel Wilson was replaced by Merrill Lynch (Australia)