Fletcher Building says it's not out of the woods yet, but their financial situation is improving.
It recorded an $11 million half-year loss - down from $134 million the year before.
Earnings are out of the red at $45 million, compared to $-88 million the year before.
Chief executive Andrew Reding says they'll take a while to get back on track.
"We're not forecasting great times for our financial year 2026, and indeed think that the calendar year 2027 is when things are lined up and moving properly."
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