Slides
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1H FY2026 Results Presentation 25 February 2026 Community Solutions: Searipple Village, Karratha WA, For personal use only
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Andrea Pidcock Chief Executive Officer Cate Chandler Chief Financial Officer Today’s Speakers 2 For personal use only
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Fleetwood Australia acknowledges the Gadigal people of the Eora Nation, the traditional custodians of this land on which we meet today. We pay our respects to Elders past and present. Artwork by Garry Purchase ( Dharawal , Bidjigal and Dhungutti ) 3 For personal use only
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Zero Harm Zero harm for people and the environment Vision To be the leader in reimagining sustainable spaces Purpose To create innovative spaces so people can thrive Values Zero harm, Collaboration, Integrity, Accountability, Innovation Collaboration Better together Integrity Say what we do and do what we say Accountability I hold myself accountable We hold ourselves accountable Innovation We will grow through Innovation Vision and Values 4 For personal use only
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SA NS W QL D WA VIC Operating Segments 5 Sold 18 February 2026 For personal use only
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Interim Fully Franked Dividend 9.5 cps Down 2 cps 1H25 Underlying* EBIT $18.5M Up $0.2M on 1H25 Building Solutions Order Book $157M Dec - 25 Up $20M on 1H25 $137M Won work 1H26 $215M Net Profit After Tax $8.6M Up $3.9M on 1H25 (1) Underlying EBIT excludes restructuring costs and impairments in RV Solutions in 1HFY25 and 1HFY26, refer to Appendix for det ails Overview 1H26 6 Community Solutions Searipple Occupancy 95% 1H26 1H25 71% FY26 96% contracted rooms RV Solutions Underlying EBIT (1) $0.7M Up $1.4M on 1H25 For personal use only
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(1) Underlying EBIT excludes restructuring costs and impairments in RV Solutions in 1HFY25 and 1HFY26, refer to Appendix for det ails Underlying (1) EBIT $M Year on year progress 7 2.2 2.1 6.3 2.0 18.3 19.4 18.5 1H23 2H23 1H24 2H24 1H25 2H25 1H26 For personal use only
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Financial Results Cate Chandler Chief Financial Officer 8 Building Solutions: Russell Island State School QLD For personal use only
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✚ Revenue from higher occupancy in Community Solutions was offset by declines in Building Solutions and RV Solutions ✚ Net profit after tax of $8.6M was up $3.9M on 1HFY25 ✚ Restructuring costs of $4.8M have been excluded from underlying EBIT, these relate to the closure of RV Solutions manufacturing operations and consolidation of the Victorian operations ✚ Underlying EBIT $18.5M was up $0.2M up on the PCP The improvement in Underlying EBIT in Community Solutions, RV Solutions and Corporate more than offset the decline in Building Solutions performance Profit & Loss $ Million H1FY26 H1FY25 Change Revenue 229.5 272.7 - 43.2 EBITDA 22.9 25.2 - 2.3 Impairment - - 6.0 6.0 Depreciation - 9.2 - 8.8 - 1.3 EBIT 13.7 10.4 3.3 EBIT % Revenue 5.9% 3.8% 2.1% Finance costs - 1.2 - 0.9 - 0.3 Tax expense - 3.9 - 4.8 0.9 NPAT 8.6 4.7 3.9 $ Million H1FY26 H1FY25 Change RVS Impairment Goodwill - 6.0 - 6.0 RVS Restructuring 4.8 1.9 2.9 Excluded from Underlying EBIT 4.8 7.9 - 3.1 RVS Restructuring tax - 1.4 - 0.6 - 0.8 Excluded from Underlying NPAT 3.4 7.3 - 3.9 $ Million H1FY26 H1FY25 Change Community Solutions 23.4 16.8 6.6 Building Solutions - 1.6 7.1 - 8.7 RV Solutions 0.7 - 0.7 1.4 Corporate - 4.0 - 4.9 0.9 Underlying EBIT 18.5 18.3 0.2 Underlying NPAT 12.0 12.0 0.0 9 For personal use only
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✚ Free cash flow closed at - $7.8M due to a $15.0M decline in working capital from an unfavourable working capital swing in Building Solutions, this is forecast to unwind across 2H26 ✚ Net capex spend incurred of $3.1M was predominantly on the Searipple V illage in Karratha to upgrade guest amenities ✚ Bank guarantee and bonding facilities of $60M, project bonding of $37.7M has increased with a higher order intake and $22.3M undrawn ✚ Solid balance sheet and closing cash position of $30.7M ✚ Interim fully franked dividend 9.5cps reflects a payout of 100% of Net Profit After Tax ✚ Fleetwood has announced an on - market share buy - back of up to $5M over the next 12 months, reflecting its active capital management and strong balance sheet Cash Flow & Capital Management $ Million H1FY26 H1FY25 Change EBITDA 22.9 25.2 - 2.3 Non - cash - 0.9 - 6.0 5.1 Working capital and other - 15.2 5.4 - 20.6 Operating cash flow 6.8 24.6 - 17.8 Cash conversion 30% 98% - 65% Net capex - 3.1 - 3.2 0.1 Net interest paid - 0.4 - 0.3 - 0.1 Net tax paid - 6.4 4.8 - 11.2 Lease repayments - 4.7 - 4.3 0.4 Free Cash Flow - 7.8 21.6 - 29.4 Dividends paid - 12.5 - 2.4 - 10.1 Share buyback - - 1.1 1.1 Financing cash flows - 12.5 - 3.5 - 9.0 Movement in net cash - 20.3 18.2 - 38.5 Net Opening Cash 51.0 39.3 11.7 Net Closing Cash 30.7 57.5 - 26.8 $ Million H1FY26 FY25 Change Net working capital & other 62.0 44.2 - 17.8 Property, Plant & Equipment 31.8 32.2 - 0.4 Intangibles 37.2 38.3 - 1.1 Capital Employed 131.0 114.7 - 16.3 H1FY26 H1FY25 Change Interim dividend - cps 9.5 11.5 - 2.0 10 For personal use only
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Segment Results Cate Chandler Chief Financial Officer Building Solutions: Perth Factory WA For personal use only
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✚ Searipple Village occupancy of 95% in 1HFY26 was underpinned by contracted rooms nights from Rio Tinto, SCJV and Woodside , supported by several maintenance and construction projects in the region ✚ Higher “physical” occupancy compared to historical run rates drove an increase in operating cost as accommodation options in the Karratha region tighten ✚ The roll out of high - speed internet and W i - F i continued , as did upgrades to common area s to improve the guest experience ✚ Osprey Village in Port Hedland remains fully occupied with a waitlist of potentially ~40 - 50 tenants Community Solutions H1FY24 172.1 $ Million H1FY26 H1FY25 Var Occupancy % 95% 71% 24% Revenue 46.1 33.5 12.6 EBIT 23.4 16.8 6.6 EBIT % Revenue 50.7% 50.2% 0.5% Revenue $Million EBIT $Million 12 Performance For personal use only
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✚ Revenue decline of 27% is due to materially softer revenue in NSW and project delays in QLD impacted the timing of revenue , while all other S tates experienced double digit revenue growth ✚ The diversification of revenue across the network continues - ▪ Education: public education panel works in VIC, QLD and WA ▪ Education: modular penetration into private schools ▪ Housing: private and public housing projects in WA and QLD ▪ Mining/Renewables: increasing activity in WA, SA, QLD and NSW ✚ Gross margins improved slightly half on half, though fixed costs were unable to be reduced to offset the decline in revenue in NSW and QLD Building Solutions H1FY24 172.1 H1FY24 3.2 $ Million H1FY26 H1FY25 Var Work in Hand 157.0 137.0 20.0 Repeatable Revenue % 77% 83% - 6% Revenue 148.8 202.6 - 53.8 EBIT - 1.6 7.1 - 8.7 EBIT % Revenue - 1.1% 3.5% - 4.6% H1FY24 172.1 Revenue $Million EBIT $Million 13 Performance Highlights For personal use only
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✚ RV Solutions has returned to profitability through the closure of local manufacturing, product rationalisation and site consolidation in Victoria ✚ The revenue decline of 8% was due to the impact of reduce d product lines due to the closure of manufacturing along with a slightly lower demand from OEM’s ✚ New product innovation sales continue to, in part, offset the decline in OEM performance, while all the aftermarket branches traded profitably ✚ All local manufacturing closed at the end of October 2025. The H 1 FY26 underlying EBIT result includes a manufacturing loss to the end of October of $0.9M that is non - recurring ✚ Restructuring costs of $4.8M were incurred, the details are outlined in the Appendix RV Solutions H1FY24 172.1 H1FY24 3.2 $ Million H1FY26 H1FY25 Var Revenue 33.2 36.0 - 2.8 EBIT - 4.1 - 8.6 4.5 EBIT % Revenue - 12.4% - 24.0% 11.6% Restructuring 4.8 7.9 3.1 EBIT Underlying (1) 0.7 - 0.7 1.4 EBIT Underlying (1) % Revenue 2.1% - 2.0% 4.1% H1FY24 172.1 Revenue $Million EBIT Underlying $Million 14 Performance Highlights * Underlying excludes restructuring costs and impairment of goodwill outlined in the Appendix For personal use only
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Community Solutions: Searipple Village Karratha, WA Strategy Update & Outlook Andrea Pidcock Chief Executive Officer 15 For personal use only
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Strategy Outlook Community Solutions ✚ Optimise Searipple Village across the cycle by working with long term counterparties to secure base contracted business, layering in additional rooms nights from new projects and shutdowns ✚ Capitalise on the central Karratha location and premium central facilities to position Searipple Village as a preferred transient worker accommodation village ✚ Develop opportunities to leverage synergies with Building Solutions ✚ Searipple Village FY26 contracted occupancy is currently 96% with some rooms still available in June ✚ Searipple Village contracted FY27 occupancy is currently 55% with opportunities to increase further due to the increase in activity in Karratha and limited supply of rooms in the region ✚ Osprey Village continues to have a strong waiting list for tenants 16 For personal use only
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Strategy Outlook Building Solutions ✚ Accelerate transformation from builder to manufacturer ✚ Build a diversified order book in key segments: Housing, Education, Defence, Resources and Energy ✚ Simplify and standardise systems and processes to improve efficiency and support sustainable growth ✚ A target Return on Capital Employed of 20% to be achieved within the next two years ✚ The current order book is $157M Dec - 25 is up from $137M Dec - 24 ✚ H 1 FY26 order intake of $215M is supporting H 2FY 26 revenue ✚ The pipeline to replenish remains strong with over $200M in tenders submitted ✚ Repeatable ‘panel’ work across the Education, Housing and Commercial customers is expected to provide over 65% of revenue ✚ FY26 revenue is expected to decline 5 - 10% against FY25 17 For personal use only
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Strategy Outlook RV Solutions ✚ The RV domestic OEM market continues to face headwinds with further declines in the OEM segment expected ✚ Camec will continue to drive innovation in the aftermarket segment supported by over 1 million caravans and RV ’ s across Australian and New Zealand ✚ Continued focus on operating costs and branch profitability ✚ The sale of the Northern RV plumbing business will unlock capital employed of circa $3.5M and H 2FY 26 will include the residual profit on sale ✚ N orthern RV plumbing services was sold on a going concern basis for $ 4.85M and Fleetwood will cease operating the business from 18 February 2026 ✚ Camec will continue to operate as a distributer of caravan and camping accessories including windows and doors to OEMs, wholesale trade customers and direct to consumers in store and online ✚ Right size the cost base to support the distribution of accessories to the aftermarket segment 18 For personal use only
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Summary and Outlook 19 ✚ Underlying EBIT $18.5M and an interim Dividend of 9.5 cps ✚ The current policy to pay 100% of NPAT as fully franked dividends remains unchanged ✚ On - market buyback of ordinary shares up to $5.0M for a period of 12 months Community Solutions ✚ FY26 contracted occupancy of 96% will underpin continued strong earnings ✚ FY27 occupancy already 55% contracted with opportunities to contract additional rooms to service the increasing market demand Building Solutions RV Solutions ✚ Building Solutions order book $15 7 M as at Dec - 25, supported by an order intake of $215M across H 1FY 26 ✚ FY26 revenue is expected to be 5 - 10% below FY25 ✚ Northern RV plumbing has been sold for $4.85M and all assets transfer re d to the new owners on 18 February 2026 ✚ Camec has returned to profitability and will focus on selling and distributing caravan and camping accessories to the aftermarket For personal use only
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Q&A 20 For personal use only
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Appendix 21 $ Million H1FY26 H1FY25 Change Impairment Goodwill NRV - 6.0 Impairment Dandenong lease 1.3 - Impairment manufacturing assets 0.5 - Makegood & site closure costs 1.5 0.6 Loss on sale of mfg. equipment 0.7 - Redundancy costs 0.8 0.8 Stock obsolescence provision - 0.5 Excluded from Underlying EBIT 4.8 7.9 - 3.1 RV Solutions Impairment & Restructuring costs ✚ H 1 FY26 underlying results excluded $4.8M in restructuring costs related to the closure of manufacturing and site consolidation in Victoria ✚ H 1 FY25 underlying results excluded $6.0M impairment of Northern RV goodwill and $1.9M in restructuring costs related the outsourcing of the first phase of doors and site rationalisation in WA For personal use only
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Thank you Investor Relations : info@ f leetwood.com.au For further information, please contact: Cate Chandler Chief Financial Officer 0419 186 575 22 For personal use only
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Important Notices and Disclaimer The information contained in this presentation is provided by Fleetwood Limited ACN. 009 205 261 (Fleetwood) for informationa l p urposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this presentation nor anything contained in it shall form the basis of a ny contract or commitment. No party other than Fleetwood has authorised or caused the issue of this document, or takes responsibility for, or makes any statements, representations or undertakings in this present ati on. Summary information This presentation contains summary information about Fleetwood and its activities which is current as at the date of this pre sen tation. The information in this presentation is of a general nature and does not purport to be complete nor does it contain all the information which a prospective investor may require in evaluating a possible investm ent in Fleetwood or that would be required in a prospectus or product disclosure statement prepared in accordance with the requirements of the Corporations Act 2001 ( Cth ). This presentation should be read in conjunction with Fleetwood’s other periodic and continuous disclosure announcements lodged with the ASX, which are available at www.asx.com.au Not investment advice The information contained herein is not investment or financial product advice and has been prepared without taking into account the investment objectives, financial situation or particular needs of any particular person . The views, opinions and advice provided in this presentation reflect those of the individual presenters only. Cautionary statement concerning forward looking information This presentation may contain certain forward - looking statements. The words “anticipate”, “believe”, “expect”, “future”, “projec t”, “estimate”, “forecast”, “likely”, “intend”, “should”, “could”, “ may”, “target”, “plan” and other similar expressions are intended to identify forward looking statements. Forward looking statements, opinions and esti mat es provided in this presentation are based on assumptions and contingencies which are subject to change without notice, as are statements about industry trends, which are based on interpretations of current mar ket conditions. Indications of, and guidance on, performance of Fleetwood are also forward - looking statements. Such forward looking statements are not guarantees of future performance and involve known and unkn own risks, uncertainties and other factors, many of which are beyond the control of Fleetwood, and its officers, employees, agents and associates, that may cause actual results to differ materially from tho se expressed or implied in such statements. You should not place undue reliance on forward looking statements and, to the full extent permitted by law, neither Fleetwood nor any of its directors, employees, advisers or agents assume any obligation to update such information. Disclaimer This presentation has been prepared in good faith, but no representation or warranty, express or implied, is made as to the f air ness, accuracy, completeness, correctness, reliability or adequacy of any statements, estimates, opinions or other information, or to the reasonableness of any assumption or other statement, contained in the pr ese ntation (any of which may change without notice). To the maximum extent permitted by law, Fleetwood and its professional advisers and their related bodies corporate, affiliates and each of their respective d ire ctors, officers, partners, employees, advisers and agents and any other person involved in the presentation disclaim all liability and responsibility (including, without limitation, any liability arising from fault o r n egligence) for any direct or indirect loss or damage which may arise or be suffered through use of or reliance on anything contained in, or omitted from, this presentation. Other jurisdictions The distribution of this presentation in other jurisdictions may be restricted by law. Persons into whose possession this pre sen tation comes should inform themselves of and observe any such restrictions . 23 For personal use only