Fourth Quarter 2026 Earnings Presentation

Fourth Quarter FY26

Earnings Presentation

Q4 FY26 EARNINGS P RE

SENTA TIO N

1

Tuesday, May 19th

James Hardie is a leading provider of exterior home and outdoor living solutions

James Hardie At A Glance

$5.3B

FY26

PF REVENUE

9%

6-YEAR

PF NORTH AMERICA

REVENUE CAGR

$1.4B

FY26

PF ADJ. EBITDA

26.5%

FY26

PF ADJ. EBITDA

MARGIN

Total Net Sales by Geography

ANZ

11%

10%

Europe

NA Net Sales by End-Market

43%

New Construction

DR&A

S&T

NA Net Sales

by Product Category

Deck, Rail &

Accessories

27%

DR&A

S&T

60%

Fiber Cement

Exteriors

North America

79%

57%

PVC 9%

Exteriors

5%

Repair & Remodel

Fiber Cement

Interiors

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: All financials an d net sales b reakdowns ar e b ase d on the James Hardie 20 26 fiscal year , are inclusive of AZEK Residen ti al net sales and Ad justed EBITDA over the co rrespondin g p eriod.

The data is pro forma inclusive of contribu tion from AZEK before acquisition. Refer to Non-GA AP Fina ncia l Measure s for reconciliatio ns for pro forma revenue, pro fo rma A djusted EBITDA and 3

pro forma Adjusted EBITDA Margin. Bre akd own pe rcenta ges might not a dd up to 100 % due to ro unding. North Amer ica "NA" is re flective of the combine d North Americ a segmen ts, Sid ing &

Trim ( S&T) a nd Deck, Rail & Accesso ries (DR&A). NA Net Sa les by End Market is an estimate b ase d on P rincipia data a nd ma nagem ent estima tes.

Our North America Markets are Large with Substantial Opportunity for Material Conversion

S ID IN G

O T H E R EX TE R I O R S

D E C K IN G

R A IL I N G

P ER G O L A S / ST R U C TU R E S

~78%

Remaining conversion opportunity by volume in new construction

~54%

Remaining conversion

opportunity by volume

~76%

Remaining conversion

opportunity by volume

~63%

Remaining conversion

opportunity by volume

~85%

Remaining conversion

opportunity by volume

$10B TAM $4 B TAM $5 B TAM $3 B TAM $1 B TAM

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: Represents U.S. residential total addressable market

Sources: Dodge Construction Network / Principia Data, American Institute of Architects, Houzz, Freedonia, 2nd Street Advisors and company estimates.

Note: Decking, Rail and Trim conversion opportunity is based on volume demanded for wood solutions in billions of linear feetas a percent age of the total addressable market according to Principia and company 4

estimates. Trim conversion opportunity also includes engineered wood. Pergola conversion opportunity is based on projected market size by material in square feet based on Home Innovat ion Research Labs forecasts and 2nd St Advisors' analysis

Focused Long-term Strategy with Multiple Levers for Profitable Growth and Performance

The Home of Resilient Beauty.

Accelerate Material Conversion

Converting inferior materials and accelerating premium products

Drive Channel Expansion

Leveraging expanded portfolio and complimentary geographic focus to accelerate growth

Advance Product Innovation

Developing and delivering the most beautiful and best performing products

Extend Brand Leadership

Establishing James Hardie as the undisputed leader in resilient exterior home solutions

Enhance Homeowner & Pro Journey

Providing a best-in-class, integrated experience as the preferred industry supplier

Homeowner Focused, Customer and Contractor DrivenTM Driving Value Creation and Enterprise Efficiencies

Hardie Operating System Technology

Q4 FY26 EARNINGS P RE SENTA TIO N

5

Strong Progress on Cost & Commercial Synergies

Integration Momentum Driving Cost Synergies

Commercial Synergies Across the Value Chain

Commercial & R&D

$125mm

General & Administrative

Wins At Each Step of the Value Chain Validate Our Confidence in Achieving Over $500mm of Commercial Synergies

CONTRACTORS

Partnering to Scale on James Hardie

Siding & TimberTech® Decking

DEALERS

Securing New, Exclusive AZEK Stocking

Positions

RETAILERS

Key Shelf Space Wins, Pro Desk SKUs

and In-Store Merchandising

HOMEBUILDERS

Offering A Broader Exteriors Solution to

Deepen Exclusivity Partnerships

Manufacturing &

Procurement

Progressing Toward Full Achievement of $125mm Three-Year Cost Synergy Target

Recent Wins Reinforce Confidence in Exiting FY27 at a ~$125mm Commercial Synergy Revenue Run-Rate

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: The Comp any is tar geting $125 million in run-rate cost syner gies within thr ee yea rs of closing the tr ansaction and $5 00 mi llion in run-rate comme rcia l synergies within five years of

closing the AZEK transactio n. In FY2 6, the Comp any re alize d ~$37 million of cost synergies in the P& L. 6

We Launched Statement Essentials and Reset ColorPlus to Attack Vinyl Conversion in the Northeast and Midwest

Statement Collection®

Essentials

•

•

ST ARTER

1 ST M O VE- UP

•

Enabled by Local Dealers

Most popular color palette; basic

design options

Full-home vinyl alternative; meets vinyl contractors where they already buy

~55 SKUs

8 COLO RS

ColorPlus® Technology is Hardie's factory-finished, pre-painted siding - engineered to close the cost gap to vinyl

RE G IO N

L AU N CH ST AT U S

Midwest East (MDW East) Apr '25

Expanded Statement

Collection®

•

•

1 ST- 2 N D MO VE- UP

SEM I- CU ST OM

•

Regionally stocked via Boise

Cascade master distribution

Standard & Expanded Design

Options

Full-substrate range, 10 trim

colors, 5 soffit colors

~600 SKUs

19 COLO RS

Midwest West (MDW West) + Central Jan '26

Canada (ex-BC) + Montana Feb '26

North + Mid Atlantic Feb '26

Dream Collection® +

TimberHue

•

•

CU ST OM

L U XU RY

•

Expanded Color Options For

Design Drive Contractor

Made-to-order premium palette

and natural wood-look finishes

Two tone finish that provides the look of natural wood

Made To

Order

700 + CO LO RS

Carolinas Feb '26

May '26

South, West, BC

(Q1 FY27)

Q4 FY26 EARNINGS P RE SENTA TIO N

7

Targeted Case Study: Early Proof That the Reset is Working

Monthly Ship To Revenue - Current Year vs Prior Year

FY Q2 FY Q3 FY Q4

Prior Year Current Year (post-reset)

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: Represents post-commercialization period - 90-day ramp from Apr '25 launch; completed by Jul '25. 8

Note: Ship to revenue represents revenue attributed to products shipped into the region from the program

Trim-Over and Hardie ProLab Are Turning the Cost-Gap Story Into Closed Wins

Trim-Over Method Hardie ProLab

~50%

Upgrade cost vs. vinyl

(down from ~100%)

~30%

Faster Installation

1,000

3,750

Trained Contractor Crews

vs Target (Quarterly)

• Units deployed, scaling across key markets

• Expansion supported by a capital-efficient model with limited incremental investment required

• Near-term growth focused on priority regions with strong demand and attractive economics

Q4 FY26 EARNINGS P RE SENTA TIO N

9

Hardie's Incumbent Distribution Relationship Drives AZEK PVC Trim

Consolidation Across Lansing's National Footprint

RESPECT SERVICE EXCELLENCE

Headquartered in Richmond, VA, Lansing Building Products is one of the largest one-step distributors of exterior building products in the U.S., serving professional contractors since 1955

• Best-in-class exterior package: Hardie siding and AZEK PVC trim delivers the most beautiful, durable exterior combination

• Proven siding relationship: Longstanding Hardie relationship provided trust to consolidate brands

• Category leadership: AZEK is the premium, market-leading PVC trim platform with strong Pro pull

  113

  Total Branches Nationwide

• Execution: Consolidated SKUs reduce complexity while Hardie's downstream salesforce drives contractor pull-through

  What It Delivers

Q4 FY26 EARNINGS P RE SENTA TIO N

AZEK Trim offered in relevant locations

across the Lansing footprint

EMPOWERMENT COMMUNITY INTEGRITY

Founded in 2004, CBUSA is the nation's largest group purchasing organization for independent and custom home builders, providing a centralized purchasing platform that aggregates demand and delivers incentives to its builder members

Q4 FY26 EARNINGS P RE SENTA TIO N

Organic S&T Net Sales

Down (7%)

Q4 FY25 Volume Price / Mix AZEK Exteriors Q4 FY26

Adjusted EBITDA

Cost Discipline and HOS Execution Partially Offset Volume

Pressure; Q4 Reflects Transitional Marketing Investment

DR&A Positioned To Continue Delivering Above Market Growth And Margin Expansion

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: All Deck, Rail & Accessories growth comparisons co rrespond to the qu arter ended March 31, 2025, p rior to the acquisitio n of AZEK by James

Hardie, unless other wise stated. Refer to Non-GA AP Fina ncia l Measure s for reconciliatio n of Adjusted EBITDA and Adju sted EBITDA Margin to the 15

most comparab le GAAP financial me asu res.

Q4 FY26 EARNINGS P RE SENTA TIO N

Australia & New Zealand (ANZ) Europe

Net Sales

ANZ Net Sales Increased +18% While Residential Construction Backdrop Remains Muted

Net Sales

Sales Growth Driven by Fiber Gypsum volume growth, aided by FX tailwind

FX Tailwind

$140mm

FX Tailwind

$152mm

+MSD% +LSD%

Volume Increase Price/Mix Growth

$118mm

Q4 FY25 Volume Price / Mix FX Q4 FY26

Adjusted EBITDA

Strong Profitability Continues with Adj EBITDA Margin of ~36% Despite R&D Allocation Headwind

Inclusive of ~$1mm

Q4 FY25 Volume Price / Mix FX Q4 FY26

$135mm

+LSD%

Volume Increase

Flat Price/Mix

+LSD% Sales Increase in Local Currency

EBITDA

Volume Growth Offset by Start-up Costs for the Orejo line and Incremental Freight to Support Regional Fiber Gypsum expansion

Net Sales Increased +18%

R&D Allocation Headwind

$50mm

$41mm

$22mm

+LSD% Volume Increase

$23mm

Increased Commissioning Costs, Higher Freight

Q4 FY25 Sales Growth Operating Costs Q4 FY26 Q4 FY25 Sales Growth Operating Costs Q4 FY26

16

Q4 FY26 EARNINGS P RE SENTA TIO N

Note: Refer to Non-GA AP Fina ncia l Measure s for reconciliatio n of Adjusted EBITDA and Adju sted EBITDA Margin to the most compar able GAAP finan cial measures. R&D exp enses increased primar ily due to the allo cation of R&D costs which wer e not allocated to o ur seg ments prior to the second quar ter of fisca l year 202 6. The allocation of pre viou sly unallocated R&D costs to the segments beg an July, 1 st 2025.

FY27 Q1 Guide and Full Year Planning Assumptions

Adjusted EBITDA

Free Cash Flow

Free Cash Flow - - > $500

Note: Total Net Sales and Total Adjusted EBITDA represent consolidated James Hardie figures; ANZ

and Europe segment detail is not separately broken out here.

Q4 FY26 EARNINGS P RE SENTA TIO N

Adju sted EBITDA and Free Cash Flow are non-GA AP me asu res. The Comp any is unable to for eca st the compara ble US GAAP fina ncia l measure for futu re periods due to, among st oth er factors, uncertainty r egardin g the impact of actua rial estimates on asbestos-rela ted assets and liabilities in future periods. Such reconciling items that impact Ad justed EBITDA an d Free Cash Flow have not occurred, are outside of our control or cannot be reasonably predicted. Accordin gly, a reconciliatio n of each of Ad justed EBI TDA and Free Cash Flow to its most comparab le GAAP measure is no t available without u nreasonab le effort. However, it is important to note that material change s to these reconciling items could have a sign ificant effect on ou r A djusted EBITDA a nd Fre e Cash Flo w 17

plan ning assumptions and futu re GAAP results.

Cash Flow Continues to Enable Quick Deleverage Path

≤ 2.0x

~$1.51bn

Q2 FY28

Deleveraging Actions

Pro Forma

FY26

Note: "FY26 Adjusted EBITDA" includes AZEK's Residential Q1 FY26 Adjusted EBITDA of ap proximate ly $127 million and the expected cont ribution from cost syne rgies not yet re alize d, based on the $125 million target. Refer to Non-GA AP Fina ncia l Measure s for the Net Leverage Ratio calculation.

18

Q4 FY26 EARNINGS P RE SENTA TIO N

18

Non-GAAP Financial Measures

(Millions of US dollars)

Three Months and Full Year Ended March 31

Q4 FY26 Q4 FY25 FY26

Net income $ 28.5 $ 43.6 $ 104.0

Adjusted EBITDA and Adjusted EBITDA margin

43.6

28.5 $

$

Net income

Q4 FY26 Q4 FY25

Three Months Ended March 31

(Millions of US dollars, except per share amounts)

Adjusted net income and Adjusted diluted earnings per share

Interest, net 62.3 2.9 231.1

Other expense, net 0.1 0.4 9.8

Income tax expense 17.9 15.2 102.7

Depreciation and amortization 163.0 59.4 493.5

Asbestos related expenses and adjustments 51.1 137.6

AICF interest income (2.7) (2.4)

Restructuring, net 40.2 (7.0)

Pre-close financing costs - 0.8

Acquisition related expenses 17.8 16.5

Amortization of intangible assets resulting from AZEK

acquisition

72.4 -

Tax adjustments (34.7) (33.0)

Three Months Ended March 31

Net income per common share - diluted

Q4 FY26 Q4 FY25

$ 0.05 $ 0.10

Asbestos related expenses and adjustments 0.09 0.32

AICF interest income - -

Restructuring, net 0.07 (0.02)

Pre-close financing costs - -

Acquisition related expenses 0.03 0.04

Amortization of intangible assets resulting from AZEK

acquisition 0.12 -

Tax adjustments (0.06) (0.08)

Adjusted diluted earnings per share1$ 0.30 $ 0.36

4,835.8

$

Consolidated net sales

Full Year Ended

March 31, 2026

(Millions of US dollars)

AZEK net sales for Q1 FY26 416.6

Q4 FY26 EARNINGS P RE SENTA TIO N

1) Weighted average common shares outstanding used in computing diluted net income per common share of 584.7 million and 430.9 million for the three months

ended March 31, 2026 and 2025, respectively. 19

Non-GAAP Financial Measures

Siding & Trim Segment Adjusted EBITDA and Adjusted EBITDA margin

Australia & New Zealand Segment Adjusted EBITDA and Adjusted EBITDA

margin

Q4 FY26 EARNINGS P RE SENT

TIO N

Depreciation and amortization

A

4.4%

4.0%

Europe Segment EBITDA and EBITDA margin

9.9%

9.4%

Europe Segment operating income margin

Depreciation and amortization 5.5% 6.3%

20

Non-GAAP Financial Measures

Adjusted interest, net

Net Leverage Ratio

March 31

FY26

(Millions of US dollars)

Total principal amount of debt $ 4,567.2

Less: Cash and cash equivalents (269.2)

Add: Finance leases 103.5

Denominator: (Trailing 12 months)

(Millions of US dollars)

Three Months Ended March 31

Q4 FY26 Q4 FY25

General Corporate and Unallocated R&D costs $ (113.0) $ (196.6)

Q4 FY26 EARNINGS P RE SENTA TIO N

Adjusted General Corporate and Unallocated R&D costs $ (45.5) $ (42.5)

Depreciation and amortization 3.2 0.9

Adjusted General Corporate and Unallocated R&D EBITDA $ (42.3) $ (41.6)

1. Includes tax adjustments related to the amortization benefit of certain US intangible assets, asbestos and

discrete items relating to the AZEK acquisition. 21

Non-GAAP Financial Measures

Adjusted Return on Capital Employed ("Adjusted ROCE")

Q4 FY26 EARNINGS P RE SENTA TIO N

1. GCE: Calculated as Total Assets minus Current Liabilities as reported in our financial results; adjusted by:

   1. Excluding balance sheet items related to legacy issues (such as asbestos adjustments), dividends

      payable and deferred taxes;

   2. Excluding non-current assets other than Property, Plant, & Equipment; and

   3. Adding back asset impairment charges in the relevant period, unless otherwise determined by the

      People & Remuneration Committee.

2. Adjustments to GCE:

   1. Deducts all greenfield construction-in-progress, and any brownfield construction-in-progress projects involving capacity expansion that are individually greater than $20 million, until such assets reach commercial production and are transferred to the fixed asset register and assets held for sale;

   2. Excludes proceeds from the Term Loan A not employed at that time; and

   3. Excludes restricted cash. 22

Non-GAAP Financial Measures

55.2

16.2 $

$

AZEK net income

Q4 FY26 Q4 FY25

Three Months Ended March 31

(Millions of US dollars)

AZEK Adjusted EBITDA and Adjusted EBITDA margin1

Organic James Hardie (Excluding AZEK) Adjusted EBITDA and Adjusted EBITDA margin

Interest, net 4.5 5.3

Depreciation and amortization 102.4 33.1

Income tax expense2 - 17.8

Restructuring 1.3 -

Acquisition related expenses (1.9) -

AZEK historical acquisition and divestiture costs3 - 6.1

Other4- 0.5

12.3

$

James Hardie (Excluding AZEK) net income

Three Months

Ended March 31

Q4 FY26

(Millions of US dollars)

Interest, net 57.8

Other income, net 0.1

Depreciation and amortization 60.6

Income tax expense 17.9

Asbestos related expenses and adjustments 51.1

Restructuring, net 38.9

Acquisition related expenses 19.7

12.6 %

3.6 %

AZEK net income margin

Interest, net 1.0 % 1.2 %

Depreciation and amortization 23.0 % 7.6 %

Income tax expense - % 4.1 %

Restructuring 0.3% - %

Acquisition related expenses (0.4%) - %

AZEK historical acquisition and divestiture costs3 - % 1.4 %

Other4 - % 0.1 %

1.3 %

James Hardie (Excluding AZEK) net income margin

Interest, net 6.0 %

Other income, net - %

Depreciation and amortization 6.3 %

Income tax expense 1.9 %

Asbestos related expenses and adjustments 5.3 %

Restructuring, net 4.0 %

Acquisition related expenses 2.1 %

Q4 FY26 EARNINGS P RE SENTA TIO N

1. AZEK Adjusted EBITDA and Adjusted EBITDA margin for the three months ended March 31, 2025 represents AZEK's Residential and total

   corporate expenses EBITDA presented using James Hardie's basis of presentation.

2. Income tax expense not allocated to AZEK in Q4 FY26.

3. Primarily includes costs related to James Hardie's acquisition of AZEK.

4. Relates to reduction in workforce. 23

Definitions

AICF - Asbestos Injuries Compensation Fund Ltd

ANZ - Australia & New Zealand

ASP - Average net sales price ("ASP") - Total net sales of fiber cement and fiber gypsum products, excluding siding accessory sales, and Deck, Rail & Accessories net sales divided by the total

volume of products sold.

DR&A - Deck, Rail & Accessories

Free Cash Flow - Free Cash Flow ("FCF"), unless otherwise noted, is defined as net cash provided by operating activities less purchases of property, plant and equipment net of proceeds from the sale of property, plant and equipment.

HOS - Hardie Operating System

MMSF - Million standard feet, where a standard foot is defined as a square foot of 5/16" thickness

NA - North America

R&R - Repair & Remodel

S&T - Siding & Trim

TAM - Total Addressable Market

LSD - Low Single-Digits MSD - Mid-Single Digits HSD - High Single-Digits DD - Double-Digits

LDD - Low Double-Digits

Q4 FY26 EARNINGS P RE SENTA TIO N

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