Fleetwood Limited · ASX:FWD
Fleetwood — Investor Presentation (February 2025)
26 slides from Fleetwood's investor presentation, Feb 28, 2025
Slide 1: H1FY25 Results Presentation
H1FY25 Results Presentation 28 February 2025 Building Solutions: Woodridge School, QLD
Slide 2: Acknowledgement of Country
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)
Slide 3: Today's Speakers
Today’s Speakers Bruce Nicholson Cate Chandler Chief Executive Officer & Chief Financial Officer Managing Director
Slide 4: Highlights
DRAFT – INTERNAL USE ONLY – NUMBERS ARE PRELIMINARY Highlights Bruce Nicholson CEO & Managing Director Building Solutions: QBuild MMC Houses QLD
Slide 5: Vision and values
Zero Harm Zero harm for people Vision and the environment and values Vision Collaboration Better together To be the leader in reimagining sustainable spaces Values Zero harm, Integrity Collaboration, Say what we do and Integrity, do what we say Accountability, Innovation. Purpose To create innovativ
Slide 6: Operating Segments
Operating Segments WA SA VIC NSW QLD Fleetwood Limited - 2024 Annual General Meeting
Slide 7: Highlights
EBIT $10.4M Underlying EBIT* $18.3M Up $4.1M on H1FY24 $6.3M *excludes restructuring costs $1.9M & impairment $6M in RV Solutions Up $12.0M on H1FY24 $6.3M Highlights Free Cash Flow $21.6M Dividend fully franked 11.5cps Up $32.2M on H1FY24 H1FY24 2.5cps fully franked H1FY25 Community Solutions EBIT
Slide 8: Half on half progress
+16.4M Half on half progress 18.3 Underlying(1) EBIT $M 16.8 4.0 6.3 0.2 1.9 7.6 4.7 2.6 3.2 7.1 6.8 3.9 3.0 1.8 -2.3 -1.0 -0.7 -3.2 -3.4 -0.5 -3.4 -4.9 -4.0 -3.4 1H23 2H23 1H24 2H24 1H25 Community Solutions Building Solutions RV Solutions Corporate (1) H1FY25 Underlying EBIT excludes restructuring
Slide 9: Financial Results
DRAFT – INTERNAL USE ONLY – NUMBERS ARE PRELIMINARY Financial Results Cate Chandler Chief Financial Officer Building Solutions: Russell Island State School QLD
Slide 10: Profit & Loss
$ Million H1FY25 H1FY24 Change Profit & Loss Revenue 272.7 229.9 42.8 EBITDA 25.2 14.5 10.7 Impairment -6.0 0.0 6.0 Depreciation -8.8 -8.2 0.6 EBIT 10.4 6.3 4.1 EBIT % Revenue 3.8% 2.7% 1.1% ✚ Strong revenue growth of 19% supported by Building Solutions Finance costs -1.0 -0.8 0.2 contract wins and
Slide 11: Cash Flow
Cash Flow ✚ Solid underlying earnings and disciplined working capital management $ Million H1FY25 H1FY24 Change generated a $32.2M improvement in free cash flow EBITDA 25.2 14.5 10.7 Non-cash impairment -6.0 - -6.0 ✚ Free cash flow of $21.6M generated in the half Working capital and other 5.4 -17.4
Slide 12: Capital Management
Capital Management ✚ Strong balance sheet and closing cash position of $57.5M $ Million H1FY25 FY24 Change Net working capital / other 34.7 42.6 -7.9 ✚ Interim fully franked dividend 11.5cps, reflecting the strong balance Property Plant & Equipment 32.8 35.1 -2.3 sheet and earnings momentum Intangib
Slide 13: Segment Results
Segment Results Bruce Nicholson CEO & Managing Director Building Solutions: Education – Logan Special School QLD
Slide 14: Community Solutions Performance
1H25 1H24 Revenue Community Solutions Performance 0 5 10 15 20 25 30 35 ✚ Searipple Village occupancy averaged 71% in H1FY25 $ Million H1FY25 H1FY24 Change Revenue 33.5 17.2 16.3 ✚ An uplift in EBIT of $12.1M related to the increase in EBIT 16.8 4.7 12.1 1H25 contracted rooms EBIT % Revenue 50.2% 27
Slide 15: Building Solutions projects that underpinned the strong H1FY25 results
Building Solutions projects that underpinned the strong H1FY25 results EDUCATION HOUSING EARLY EDUCATION HOUSING Riverwalk Primary School VIC Women’s Shelter WA Aitken Hill Kindy VIC QBuild 60 homes QLD HOUSING COMMUNITY SPORT & RECREATION TOURISM Lifestyle Communities WA Shire of Moora WA Leichhard
Slide 16: Building Solutions Performance
Revenue Building Solutions Performance 0 50 100 150 200 250 1H25 ✚ Revenue grew 17.7% underpinned by recurring education $ Million H1FY25 H1FY24 1H24 Change panels projects across VIC and QLD, private and public housing Revenue 202.6 172.1 30.5 EBIT EBIT 7.1 3.2 3.9 projects in WA and QLD and an inc
Slide 17: RV Solutions Performance
RV Solutions Performance 1H25 1H24 1H25 Revenue 1H24 ✚ Difficult market and trading conditions continue to adversely $ Million H1FY25 H1FY24 Change Revenue impact sales to the Original Equipment Manufacture (OEM) Revenue 36.0 40.0 -4.0 -1.0Underlying -0.5 EBIT (1) 0.0 0.5 1.0 -0.7 1.5 1.8 2.0 -2.5 c
Slide 18: Strategy Update & Outlook
DRAFT – INTERNAL USE ONLY – NUMBERS ARE PRELIMINARY Strategy Update & Outlook Bruce Nicholson CEO & Managing Director Communities: Searipple Village WA
Slide 19: Community Solutions Strategy Outlook
Community Solutions Strategy Outlook ✚ Optimise Searipple Village across the cycle by working with long term ✚ Searipple Village FY25 contracted occupancy 81% and FY26 contracted counterparties to secure base contracted business, layering in additional occupancy 73% with opportunities to build on th
Slide 20: Building Solutions Strategy Outlook
Building Solutions Strategy Outlook ✚ A sharper focus on the Build, Transform, Grow strategic initiatives will ✚ The order book at the end of December was $137M, up from $100M improve the quality and consistency of earnings in Dec-23 ✚ Simplify systems and processes to underpin long term, sustainabl
Slide 21: RV Solutions Strategy Outlook
RV Solutions Strategy Outlook ✚ Continue to bring new accessories and products to the OEM and ✚ The caravan and recreational sector is expected to remain challenged in aftermarket segments to offset the OEM channel decline the near term ✚ Digital refresh of brand to grow online, retail and CRVS deal
Slide 22: Summary
Summary ✚ Underlying EBIT $18.3M, a $12.0M improvement on H1FY24 ✚ Strong earnings momentum and disciplined working capital management delivered a $32.2M improvement in free cash flow ✚ Reflective of the strong balance sheet and improvement in earnings, the Board declared a fully franked dividend of
Slide 23: Solid foundation with growing momentum to deliver sustainable earnings
Solid foundation with growing momentum to deliver sustainable earnings and shareholder returns
Slide 24: Q&A
Q&A
Slide 25: Important Notices and Disclaimer
Important Notices and Disclaimer The information contained in this presentation is provided by Fleetwood Limited ACN. 009 205 261 (Fleetwood) for informational purposes only and does not constitute an offer, invitation or recommendation to subscribe for or purchase any securities and neither this pr
Slide 26: Thank you
Thank you For further information, please contact: Cate Chandler Chief Financial Officer 0419 186 575 Investor Relations info@Fleetwood.com.au