Fleetwood (FWD) H1 2026 earnings summary

Executive summary

• Net profit after tax for H1 FY26 was $8.6 million, up $3.9 million or 84% year-over-year, with underlying EBIT of $18.5 million, up $0.2 million, and reported EBIT of $13.7 million, driven by strong Community Solutions performance.

• Revenue declined 16% year-over-year to $229.5 million, mainly due to lower performance in Building and RV Solutions, partially offset by higher occupancy in Community Solutions.

• Community Solutions delivered exceptional results with Searipple Village occupancy at 95% (up from 71%), Osprey Village fully occupied, and EBIT up 39% to $23.4 million.

• RV Solutions returned to underlying profitability after restructuring, including the sale of Northern RV for $4.85 million and closure of manufacturing operations.

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

Financial highlights

• Group revenue for the half was $229.5 million, down $43.2 million year-over-year, with EBITDA at $22.9 million and EBIT at $13.7 million.

• Free cash flow was negative $7.8 million, impacted by working capital outflows and a return to a tax-paying position.

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

• Interim fully franked dividend of 9.5 cents per share declared, representing a 100% payout of NPAT, down from 11.5 cents in 1H FY25.

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

Outlook and guidance

• Full-year FY26 revenue expected to be 5%-10% below FY25, with a stronger second half anticipated due to a robust $157 million order book and project commencements.

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

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

• RV Solutions to focus on aftermarket growth amid OEM market decline and is expected to remain profitable post-divestment.