Fleetwood (FWD) H1 2026 earnings summary

Executive summary

• Net profit after tax for H1 FY26 was AUD 8.6 million, up AUD 3.9 million year-over-year, with underlying EBIT of AUD 18.5 million, up AUD 0.2 million excluding AUD 4.8 million in restructuring costs.

• Revenue declined to AUD 229.5 million from AUD 272.7 million, mainly due to lower performance in Building and RV Solutions, partially offset by strong Community Solutions results, including Searipple occupancy at 95% and Osprey Village fully occupied.

• Interim fully franked dividend of 9.5 cents per share declared, representing a 100% payout of NPAT.

• Announced on-market share buyback of up to AUD 5 million over 12 months.

• RV Solutions returned to profitability after restructuring, including the sale of Northern RV business and closure of manufacturing operations.

Financial highlights

• Group revenue for the half was AUD 229.5 million, down AUD 43.2 million year-over-year.

• EBITDA was AUD 22.9 million, down from AUD 25.2 million in H1 FY25; EBIT was AUD 13.7 million, up from AUD 10.4 million.

• Free cash flow was negative AUD 7.8 million due to working capital outflows, expected to normalize in the second half.

• Net capital expenditure was AUD 3.1 million, mainly for Searipple upgrades.

• Cash balance at period end was AUD 30.7 million, reflecting prudent capital management.

Outlook and guidance

• Full-year revenue expected to be 5%-10% below FY25, with a stronger second half anticipated due to a robust order book and project commencements.

• Searipple occupancy for FY26 forecast at 96%, with 55% of FY27 room nights already contracted.

• Building Solutions targeting a 20% return on capital employed within two years, supported by AUD 157 million order book and AUD 200 million in tenders.

• RV Solutions to focus on aftermarket growth amid OEM market decline; further capital unlocked from NRV sale.