Fleetwood (FWD) Investor update summary

Strategic decisions and restructuring

• Announced divestment of Camec and exit from the RV Solutions segment to focus on core Building and Community Solutions divisions, with operations ceasing in H1 FY27.

• Closure of the Smithfield, NSW facility, consolidating manufacturing in Queensland and Victoria, with operations ceasing in Q1 FY27 and restructuring costs of $12–$14 million in FY26.

• Total restructuring costs expected between AUD 20 million–AUD 24 million, with anticipated cash liberation of AUD 7 million–AUD 10 million from the Camec sale.

• Annualized cost savings of AUD 8 million–AUD 9 million expected from Q2 FY27, with a payback period of 1.5–1.7 years for the NSW closure.

• Operating model simplified to two core divisions: Building Solutions and Community Solutions.

Business performance and outlook

• Underlying EBIT for FY26 is forecast between AUD 35 million–AUD 39 million, including results from RV Solutions and NSW.

• Building Solutions order book stands at approximately AUD 170 million, with strong demand across education, housing, and defense sectors.

• Community Solutions assets like Searipple and Osprey Village deliver high occupancy and recurring revenue, with Searipple contracted at 98% for H1 FY27 and Osprey fully tenanted.

• Year-end cash position expected to be around AUD 44–46 million.

• No final dividend expected to be declared for FY26 due to restructuring impacts on profits.

Growth strategy and operational focus

• Strategic priorities include driving growth in target markets, accelerating modular manufacturing excellence, and lifting capability and culture.

• Plans to standardize processes and leverage AI to improve efficiency and support teams.

• Largest modular builder in Australia by revenue, facility count, and production capacity, with six facilities and 221,775m² of production capacity.

• Diversified customer base across education, housing, commercial, government, and defense sectors, targeting under-penetrated segments for GDP+ revenue growth.

• Minimal expected impact from recent government CGT changes due to customer mix.