James Hardie Industries PLC 4QFY26 Conference Call Feedback

研报英文原文证据摘录

James Hardie Industries PLC 4QFY26 Conference Call Feedback

J P M O R G A N Asia Pacific Equity Research

20 May 2026

James Hardie Industries PLC Overweight

JHX.AX, JHX AU

4QFY26 Conference Call Feedback Price (19 May 26):A$26.78

Price Target (May-27):A$39.00

James Hardie's 4QFY26 conference call Q&A discussions were focused on the Australia

following topics: (i) drivers of fiber cement return to growth in FY27; (ii) margin

Australia Industrials

expansion levers against cost inflation; (iii) DR&A inventory dynamics and

outlook; (iv) commercial and cost synergy progress; and (v) pricing strategy amid Lee Power AC

competitive dynamics. (61-2) 9003-8725

lee.power@jpmorgan.com

• Confidence in fiber cement return to growth underpinned: Management Dylan Adrian

outlined several drivers supporting positive organic volume growth in S&T in (61-2) 9003-7397

dylan.adrian@jpmorgan.com

FY27: (i) R&R expansion in the Northeast and Midwest, where a ~$1bn

Nick Torelli conversion opportunity exists (a Midwest pilot running ~1 year has delivered

(61-4) 6817-5219

LDD growth, with the playbook now being rolled out to the Mid-Atlantic, nick.torelli@jpmorgan.com

Carolinas and South); (ii) a ~$750m regional homebuilder opportunity J.P. Morgan Securities Australia Limited

(CBUSA agreement a proof point); (iii) competitive share gains as a competitor

vacates the space; and (iv) commercial synergies from the combined sales

force. Guidance implies ~50/50 split between price and volume/initiatives,

with pricing (~3-3.5% realization) broadly offsetting the ~3% market decline

and initiatives driving the incremental 0-3% growth. Management noted

favorable comps and normalised inventory levels also support the outlook.

• Margin expansion driven by cost synergies, plant actions, and