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    Keith Chau • MST Marquee

    Keith Chau's questions to James Hardie Industries PLC (JHX) leadership

    Keith Chau's questions to James Hardie Industries PLC (JHX) leadership • Q1 2026

    Question

    Keith Chau from MST Financial requested a quantification of the inventory destocking impact on Q1 volumes and asked about its expected persistence into the second quarter. He also sought commentary on James Hardie's competitive standing in the market.

    Answer

    CEO Aaron Erter described a timeline where customers shifted from preparing for growth in March to a defensive inventory posture by July due to a softening environment. He stated that, inventory aside, the company performed in line with the market, down mid-single digits, and expects destocking to continue in Q2 and Q3. Regarding competition, Mr. Erter asserted that James Hardie is holding its own in the segments it participates in, citing its strong position with large homebuilders and in key metro areas, and noted that direct comparisons are difficult due to different market exposures.

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    Keith Chau's questions to James Hardie Industries PLC (JHX) leadership • Q4 2025

    Question

    Keith Chau of MST Marquee questioned the state of the sales channel, asking about inventory levels and the potential risk of destocking given the soft end-market demand and a weaker-than-expected selling season.

    Answer

    CEO Aaron Erter stated that, in general, channel inventory levels are normal. While acknowledging the softness in R&R and challenges for homebuilders, he stressed that James Hardie's focus remains on winning share through its differentiated value proposition, regardless of the market environment.

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    Keith Chau's questions to James Hardie Industries PLC (JHX) leadership • Q3 2025

    Question

    Keith Chau of MST Marquee asked about the drivers of the expected high single-digit raw material inflation for FY26 and questioned how the company ensures that cost savings from the Hardie Operating System (HOS) are retained long-term.

    Answer

    CFO Rachel Wilson identified cement, alumina, and resins as the primary drivers for FY26 inflation, stating that HOS savings are fully expected to offset these increases. CEO Aaron Erter emphasized that HOS is not a one-time initiative but a permanent part of the company's culture, ensuring that efficiency gains are sustained regardless of market conditions.

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    Keith Chau's questions to James Hardie Industries PLC (JHX) leadership • Q1 2025

    Question

    Keith Chau of MST Marquee sought clarity on the dynamics of homebuilder channel sales impacting the Q2 outlook and questioned how the company is managing SG&A spending amidst market uncertainty.

    Answer

    CFO Rachel Wilson confirmed that public builders are moderating their start pace due to affordability pressures, which is reflected in the Q2 guidance. CEO Aaron Erter explained the 'pedal and clutch' approach to SG&A, stating they are 'clutching' on discretionary items like a new TV commercial but continuing to invest ('pedal') in strategic initiatives like the contractor alliance program to support long-term growth.

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    Keith Chau's questions to Amcor PLC (AMCR) leadership

    Keith Chau's questions to Amcor PLC (AMCR) leadership • Q4 2025

    Question

    Keith Chau asked about the process for divesting the underperforming North American Beverage business and management's confidence in improving its performance before a potential sale.

    Answer

    CEO Peter Konieczny emphasized that the immediate priority is to stabilize the business's performance over the next few quarters before exploring strategic alternatives. He stressed that the short-term operational issues are being addressed separately from the long-term strategic portfolio assessment and that any future action will be carefully considered to maximize shareholder value.

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    Keith Chau's questions to Amcor PLC (AMCR) leadership • Q3 2025

    Question

    Keith Chau pressed for details on procurement synergy tactics, referencing a specific supplier meeting and asking about the consequences for suppliers who do not cooperate.

    Answer

    CEO Peter Konieczny declined to discuss specific supplier negotiation tactics or communications, citing the sensitive nature of the topic. He affirmed that the company has a playbook and will represent its business interests respectfully but firmly, without elaborating on the details requested.

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    Keith Chau's questions to Amcor PLC (AMCR) leadership • Q2 2025

    Question

    Keith Chau asked for an update on underlying consumer demand, whether any restocking has occurred, and if the end of healthcare destocking will lead to a positive price/mix improvement in the Flexibles division in the second half.

    Answer

    CEO Peter Konieczny stated that consumer demand modestly softened in Q2 vs Q1, in line with expectations. He confirmed the company is pleased with its volume performance, noting four consecutive quarters of sequential improvement. Konieczny affirmed that healthcare destocking is now largely complete, which will improve the mix exposure in the second half and support a return to growth in that category. He clarified that the company does not see a broad restocking trend, only normal seasonal inventory shifts.

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