0459 GMT - Fletcher Building continues to tick boxes on its strategic transformation, says Forsyth Barr. The building materials supplier's FY26 result slightly beat expectations for earnings and net debt. "Despite recent volatility, Fletcher's core materials and distribution divisions delivered strong earnings growth, aided by cost-out and higher volumes," analyst Rohan Koreman-Smit says. Profit margins and return on invested capital are lifting off lows. Still, they remain below long-term targets. "Near-term trading could stay volatile, but Fletcher is levered to an early stage cyclical recovery in New Zealand construction," says Forsyth Barr, which rates Fletcher at outperform.