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    Harry Saunders

    Research Analyst at E&P Financial Group

    Harry Saunders is an Associate Director specializing in research of the building materials, transport, and services sectors at E&P Financial Group. He covers major listed infrastructure and building materials companies, including Reliance Worldwide Corporation and James Hardie Industries, actively engaging in their earnings calls and performance assessments. Since joining Evans and Partners in 2019 as an associate analyst, Saunders has built a robust reputation, previously serving over three years at Investec in London where he covered the support services sector after starting as an intern. He holds a Bachelor of Science in Geography (Hons) from the University of Birmingham, has completed Level II of the CFA Program, and maintains a strong record for sector insights and analytical rigor.

    Harry Saunders's questions to James Hardie Industries (JHX) leadership

    Harry Saunders's questions to James Hardie Industries (JHX) leadership • Q4 2025

    Question

    Harry Saunders from E&P Financial Group asked for a breakdown of James Hardie's internal outlook for North American Repair & Remodel (R&R) and new single-family end markets in fiscal year 2026, as well as the company's expected above-market growth.

    Answer

    CEO Aaron Erter explained that while external forecasts see the R&R market declining by mid-to-high single digits, James Hardie expects to outperform those markets. He noted the company's guidance is built to withstand this market softness due to its strategy of outperformance and gaining share.

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    Harry Saunders's questions to James Hardie Industries (JHX) leadership • Q3 2025

    Question

    Harry Saunders of E&P asked if volume growth in FY26 is achievable given weak R&R market commentary from peers, questioned the expected primary demand growth (PDG), and asked if margins could still expand if the market underperforms expectations.

    Answer

    CEO Aaron Erter expressed confidence in achieving growth even in a 'flattish' market due to strategic investments and market outperformance. CFO Rachel Wilson noted their historical outperformance has been around 5% annually. Erter highlighted key customer wins as evidence of their strategy's success but declined to speculate on margins in a hypothetical weaker market.

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    Harry Saunders's questions to James Hardie Industries (JHX) leadership • Q1 2025

    Question

    Harry Saunders of E&P Financial Group questioned the confidence in the second-half volume improvement implied by the full-year guidance and asked for an update on the company's internal view on the Repair & Remodel market.

    Answer

    CEO Aaron Erter reiterated confidence in the full-year guidance range, emphasizing the team's ability to outperform the market. CFO Rachel Wilson added that the guidance range reflects market uncertainty. On R&R, Wilson noted their internal assessment is that the market is softer than in May, citing moderated consumer confidence and continued negativity from big-box retailers on large projects.

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