James Hardie delivered a solid start to fiscal 2025 (QQ1) with resilient profitability in a softening market environment. Total net sales of $990.97 million rose 3.84% year-over-year, while adjusted EBITDA reached a quarterly record of $286.0 million, up 2% vs. the prior year, underscoring the company’s ability to translate pricing power and mix into cash flow amid inflationary headwinds. Net income of $155.3 million and diluted EPS of $0.36 reflected ongoing operating discipline and selective cost controls, though headwinds from labor, freight, and cement costs persisted. North America (NA) remained a key driver, reporting a 31.2% EBIT margin and mid-single-digit sales growth, supported by price realization from an annual ASP uplift. Asia Pacific (APAC) faced softer volumes (down ~9% in AUD) but benefited from price/mix, while Europe posted record top-line growth in euros driven by high-value products (fiber cement and Therm25). A strategic pivot to exit the Philippines in APAC was executed to focus resources on regions with the right to win, reinforcing a long-term value creation framework. Management reaffirmed FY25 guidance, highlighting PDG-driven outperformance and a capital allocation policy centered on organic growth, balance-sheet flexibility, and shareholder returns (stock buybacks). The company also disclosed ongoing capacity investments (ColorPlus, Prattville) and planned expansions (Orejo, Cleburne, Crystal City) to support future volume growth. Overall, James Hardie remains a growth company with substantial cash generation potential, albeit with meaningful near-term macro headwinds and execution intricacies across geographies.