• Creates a leading exterior and outdoor living growth platform
• Accelerates material conversion-led growth
• Provides customers a comprehensive solution of sustainable exterior and outdoor living brands
• Delivers best-in-class financial profile

James Hardie Industries plc (ASX / NYSE: JHX) and The AZEK Company Inc. (NYSE: AZEK) announced a definitive agreement for James Hardie to acquire AZEK for a total transaction value of $8.75 billion, including AZEK's net debt. The combination will create a leading exterior and outdoor living building products growth platform with efficient scale and profitability supported by leading brands driving material conversion. The transaction is expected to accelerate James Hardie's revenue growth trajectory and generate at least $350 million of additional annual adjusted EBITDA from synergies. It is also expected to be accretive to James Hardie's cash earnings per share in the first full fiscal year after closing. The combined company will have a compelling value proposition, increased scale, significant runway for enhanced financial growth, and two major global listings, unlocking potential for valuation uplift. The transaction is currently anticipated to close in the second half of calendar year 2025 and is subject to customary closing conditions, regulatory approvals, and AZEK shareholder approval.

James Hardie today reaffirmed its fiscal year 2025 guidance provided on November 13, 2024, for North American volume and EBIT Margin, as well as Adjusted Net Income, not including any acquisition related costs. AZEK also reaffirmed all elements of its full-year fiscal 2025 and second quarter of fiscal 2025 outlook provided on February 4, 2025.

The combination of James Hardie and AZEK is expected to accelerate the annual growth rates of James Hardie's net sales and adjusted EBITDA by more than 250 basis points and 300 basis points, respectively, over the next five years. The combined company is also well positioned for a valuation uplift as a leading growth platform in building products with a strengthened financial profile and greater global institutional investor relevance through two major stock exchange listings.