Fleetwood (FWD) H1 2025 earnings summary

Executive summary

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

• Revenue for H1FY25 increased 19% year-over-year to $272.7 million, with EBIT up $4.1 million to $10.4 million and NPAT up to $4.7 million.

• Free cash flow improved by $32.2 million to $21.6 million, reflecting disciplined working capital management.

• Fully franked interim dividend of 11.5 cents per share declared, up from 2.5 cents, with a 100% NPAT payout policy.

• Share buyback program acquired over 530,000 shares by December 2024, supporting shareholder returns.

Financial highlights

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

• EBIT increased to $10.4 million from $6.3 million, and NPAT rose to $4.7 million from $3.9 million.

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

• Net CapEx was $3.2 million, mainly for upgrades in Community Solutions.

• EBITDA for H1FY25 was $25.2 million, up from $14.5 million in H1FY24.

Outlook and guidance

• Searipple Village contracted occupancy for FY25 at 81% and FY26 at 73%, with H2FY25 forecast at 89% and full-year at 80%.

• Building Solutions order book at $137 million, up 37% year-over-year, with 20–30% revenue growth expected in H2FY25 and 15% ROCE target to be achieved 12 months ahead of schedule.

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

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