James Hardie Industries: potential U.S. reclassification

Research evidence excerpt

James Hardie Industries: potential U.S. reclassification

J P M O R G A N Global Markets Strategy

27 July 2026

James Hardie Industries: potential

U.S. reclassification

Potential Index Impact

Following the completion of its merger with AZEK in July 2025, James Hardie Global Quantitative and Derivatives

Industries (JHX) has been treated as a non-U.S. company by several index Strategy

providers despite its NYSE listing. JHX is incorporated in Ireland and maintains Min Moon AC

its corporate headquarters in Ireland. As a result, key index providers have (1-212 ) 272-8456

reviewed the company under their nationality and domicile frameworks rather than min.k.moon@jpmorgan.com

automatically classifying it as a U.S. security. J.P. Morgan Securities LLC

Pankaj Gupta, CFA

(44-20) 7134-5483

A key development came on May 19, 2026, when JHX filed a U.S. Form 10-K. pankaj.gupta2@jpmorgan.com

Both MSCI and S&P Dow Jones Indices generally require SEC reporting through J.P. Morgan Securities plc

10-K/10-Q filings for inclusion in their U.S. equity universes. Consequently, JHX Vivek G Shah

may now become eligible for inclusion in certain U.S. benchmark indices during (44-20) 7134-4084

upcoming review cycles. vivek.g.shah@jpmorgan.com

J.P. Morgan Securities plc

Index Membership: Joanne Cheung AC

(852) 2800-8596

• James Hardie Industries (JHX US) is a member of the Russell 1000 Index. joanne.cy.cheung@jpmorgan.comJ.P. Morgan Securities (Asia Pacific) Limited/ J.P.

Morgan Broking (Hong Kong) Limited

Potential Passive Index Impact:

FTSE Australia / FTSE USA:

FTSE initially retained JHX in the Australian index universe following the AZEK

transaction and increased index shares to reflect the larger post-merger share count.