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    Andrew Scott • Morgan Stanley

    Andrew Scott's questions to James Hardie Industries PLC (JHX) leadership

    Andrew Scott's questions to James Hardie Industries PLC (JHX) leadership • Q4 2025

    Question

    Andrew Scott of Morgan Stanley questioned the modest 1% Average Sales Price (ASP) increase in North America, asking about the realization of the price increase and if better pricing is needed to hit full-year growth targets.

    Answer

    CEO Aaron Erter explained that the company is realizing its price increase as anticipated, but the reported 1% ASP figure was negatively impacted by product mix. Specifically, the significant decline in the multifamily segment created a headwind of nearly 1.5 percentage points. He affirmed the company's commitment to achieving positive ASP moving forward.

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    Andrew Scott's questions to James Hardie Industries PLC (JHX) leadership • Q3 2025

    Question

    Andrew Scott of Morgan Stanley questioned the balance between investing for market share growth and maintaining near-term margins, referencing the 'pedal and clutch' metaphor. He also asked for clarity on the company's approach to its share buyback program.

    Answer

    CEO Aaron Erter explained that the Hardie Operating System (HOS) provides efficiency savings that allow the company to fund long-term growth initiatives without sacrificing margins. CFO Rachel Wilson reiterated that share repurchases are a key capital allocation priority but declined to comment on specific timing, noting the current $300 million authorization runs through October 2025.

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    Andrew Scott's questions to James Hardie Industries PLC (JHX) leadership • Q1 2025

    Question

    Andrew Scott from Morgan Stanley asked if the lower Q2 North American margin guidance was solely due to volume deleverage and inquired about the margin impact on the APAC segment from exiting the Philippines market.

    Answer

    CFO Rachel Wilson confirmed the lower Q2 margin guidance is primarily driven by lower volumes, but also noted that raw material headwinds are expected to be 'particularly hard' in the quarter. CEO Aaron Erter stated that exiting the Philippines will increase the Asia Pacific segment's margin over the long term, as the decision was made to focus resources on markets where the company has a 'right to win'.

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