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    Peter Steyn • Macquarie Group

    Peter Steyn's questions to James Hardie Industries PLC (JHX) leadership

    Peter Steyn's questions to James Hardie Industries PLC (JHX) leadership • Q1 2026

    Question

    Peter Steyn of Macquarie inquired about the commercial synergies from the AZEK acquisition, specifically asking how the integration of the manufacturing and logistics network would help realize these synergies, particularly within the dealer channel.

    Answer

    CEO Aaron Erter responded that while it is too early to discuss network integration specifics, he is very encouraged by early 'quick wins' on revenue synergies. He described recent meetings with major customers alongside legacy AZEK and Hardie leadership, noting verbal commitments from large dealer partners. Mr. Erter also highlighted the cross-selling of leads between the two sales networks as a testament to the complementary nature of the businesses, expressing strong confidence in exceeding synergy targets.

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    Peter Steyn's questions to James Hardie Industries PLC (JHX) leadership • Q3 2025

    Question

    Peter Steyn from Macquarie inquired how the national launch of an architectural panel product reflects confidence in the R&R market. He also asked about the company's strategy for the high-end R&R segment versus the traditional vinyl replacement market.

    Answer

    CEO Aaron Erter positioned the new panel product as another innovative solution to offer customers, helping them differentiate their offerings. He confirmed that high-end products, including panels and the Artisan line, are specifically targeted at the upper end of the market, which he noted could be an area that recovers sooner.

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    Peter Steyn's questions to James Hardie Industries PLC (JHX) leadership • Q1 2025

    Question

    Peter Steyn of Macquarie Group inquired about the contribution of new large builder contracts to the company's Primary Demand Growth (PDG) target and asked about the drivers behind the quarterly inventory increase.

    Answer

    CEO Aaron Erter stated that the company is on track to hit its 4% PDG goal for North America, noting that wins like the Meritage contract will help, but reiterated that PDG is best measured annually. CFO Rachel Wilson explained that the inventory increase was an appropriate investment to maintain high customer service levels.

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