Fleetwood (FWD) H1 2025 earnings summary

Executive summary

• Underlying EBIT surged to AUD 18.3 million, up AUD 12 million year-over-year, driven by strong Community and Building Solutions performance, while statutory NPAT rose 18% to AUD 7.4 million.

• Revenue for H1FY25 increased 19% year-over-year to AUD 272.7 million, with significant improvements in profit and cash flow.

• Fully franked interim dividend of AUD 0.115 per share declared, up from AUD 0.025 per share in H1FY24.

• Share buyback program acquired over 530,000 shares by December 2024, totaling 1,073,006 shares by February 2025.

• Searipple Village occupancy surged to 71%, with further contracted growth and strong order book in Building Solutions.

Financial highlights

• Revenue grew 19% year-over-year to AUD 272.7 million, supported by contract wins and high occupancy in Community Solutions.

• EBIT increased to AUD 10.4 million from AUD 6.3 million, and underlying NPAT rose to AUD 12 million from AUD 3.9 million.

• EBITDA for H1FY25 was AUD 25.2 million, up from AUD 14.5 million in H1FY24; EBIT margin improved to 3.8%.

• Cash conversion reached 98%, with free cash flow of AUD 21.6 million and closing net cash at AUD 57.5 million.

• Interim dividend payout policy remains at 100% of NPAT for FY25.

Outlook and guidance

• Searipple Village contracted occupancy for FY25 at 81% and FY26 at 73%, with H2FY25 forecast at 89%.

• Building Solutions order book at AUD 137 million, up 37% year-over-year, with 20–30% revenue growth expected in H2FY25 and 15% ROCE target to be achieved a year ahead of plan.

• RV Solutions anticipated to return to profitability in H2FY25 after restructuring and cost reductions, though medium-term outlook remains uncertain.

• Dividend policy to pay 100% of NPAT remains, with ongoing board review for future periods.