Thanks. Good morning, and thank you for joining us for today's annual results briefing.

Before we begin, I'd like to remind everyone of usual disclaimers, and in particular, that any forward-looking statements are based on assumptions, which are subject to change. I'm Andrea Pidcock, Chief Executive Officer of Fleetwood.

I'm joined by Kate Chandler, our Chief Financial Officer. I'll start with a brief overview of our FY26 highlights, and Kate will take us through the financial results.

Then I'll give some more detail of segment performance and outlook. FY26 was a year of decisive action for Fleetwood.

Over the past six months as CEO, my priority has been to drive the changes needed to strengthen the business and lay the foundations for long-term sustainable earnings growth. Our financial results reflect a contrasting performance in our operation operating segments.

Overall, underlying EBIT was $35.6 million with very strong cash generation of $35.9 million, up almost $9 million on last year. This strong cash performance supports a fully franked final dividend of 9.5 cents per share, bringing full year dividends to 19 cents per share.

Community Solutions had an outstanding year, delivering $50 million EBIT, supported by strong project activity in Karratha. The recently announced acquisition of Red Dog Village really cements our position as a leader in accommodation villages in the Pilbara.

As previously flagged, Building Solutions did not meet expectations and made a loss of $8.7 million. I'll go through the key drivers of this performance in more detail shortly.

I'll now hand over to Kate to take you through the financials.

Thank you, Andrea, and good morning, everyone. Turning now to our FY26 financial performance.

Revenue of $475 million was 6% lower than the prior year, reflecting softer conditions in Building Solutions and the planned exit from RV Solutions. Importantly, this was offset by our standing performance in Community Solutions, where 96% occupancy at Searipple Village drove record earnings.

Reported EBIT was $6 million and NPAT was $2.4 million. These statutory results include $29.6 million of non-recurring restructuring costs associated with simplifying the portfolio, exit and exiting RV Solutions, and resetting the Building Solutions cost base.

Excluding these one-off items, underlying EBIT was $35.6 million, only slightly below the prior year. While Building Solutions' performance was below our expectations, Community Solutions delivered record earnings and demonstrated the quality of Fleetwood's portfolio.

The closure of the Smithfield factory is expected to reduce Building Solutions' annual cost base by approximately $8 million to $9 million from the start of second quarter FY27. Combined with an improved order book and more focused operating model, we believe Fleetwood enters FY27 as a simpler, stronger, and better positioned business.

Turning now to the cash flow. A key highlight of the FY26 results was the strength of our cash generation across the group.

Operating cash flow increased to $63.9 million, while free cash flow rose 33% to $35.9 million. This outcome reflects disciplined working capital management and strong operational execution, and the release of working capital associated with the divestment of Northern RV.

The strength of our cash generation enabled us to end the year with $61.5 million of cash and no debt, providing significant balance sheet flexibility and strategic capacity. During the year, we invested $7.5 million in the business, including enhancement works at the Searipple Village and capability investments within Building Solutions.

These investments support customer outcomes, operational efficiency, and future earnings growth. Looking ahead, approximately $11.9 million of remaining cash costs associated with the Smithville Smithfield closure are expected to be incurred in the first quarter of FY27.

However, these costs are largely going to be offset by $9.5 million in proceeds from the Camec Camec divestment and approximately $4 million of tax asset recoveries across FY27 and FY28. Overall, the results highlight Fleetwood's ability to convert earnings into cash, self-fund growth initiatives, and maintain strong liquidity while returning capital to shareholders.

Turning now to capital management. Our capital allocation framework remains focused on maintaining a strong balance sheet, investing in opportunities that generate attractive returns, and returning surplus capital to shareholders.

Fleetwood finished FY26 with $61.5 million in cash and no debt, positioning the group to pursue growth opportunities from a position of financial strength. Capital employed reduced significantly from $114.7 million to $80.7 million as we simplified the portfolio, divested non-core operations, and released working capital.

At the same time, the underlying return on capital employed increased to 44.1%, demonstrating the strength of our core earnings base and attractive returns generated by operating business. The group also retained substantial capacity to support project growth with $75 million of bonding and guarantee facilities available to support the Building Solutions project pipeline.

Reflecting confidence in the balance sheet and future cash generation, the board has declared a fully franked final dividend of 9.5 cents per share, bringing the total fully franked dividends for FY26 to 19 cents per share. In addition, we completed $4.2 million of share buybacks bay- backs during the year.

Together with dividends declared and buybacks resulted in total capital returned to shareholders of $21.6 million. In summary, Fleetwood enters FY27 with a simplified portfolio, a high-return earnings base, significant financial flexibility, and a balance sheet capable of supporting both growth initiatives and ongoing shareholder returns.

I will now hand back to Andrea to take you through the segment results.

Thanks, Kate. Now to our segment results starting with Community Solutions.

I'm incredibly proud of what the team has achieved in Community Solutions over the past year. Searipple continued to perform strongly, achieving 96% occupancy during the year.

We see that continuing into FY27, where we are fully booked to the end of the calendar year. Contracted occupancy is already 72%, and we expect that to pick up given the strong pipeline of projects in the region.

I'm really thrilled with our acquisition of Red Dog Village. This is transformational for Community Solutions, taking our position from a high-performing business to an exciting growth platform.

It expands our capacity in the economic hub of the Pilbara. Together with our modular building capability uniquely positions us to support future residential development.

FY26 was a challenging year for Building Solutions. Performance was impacted by lower revenue in the first half, then margin compression in the second half.

We also had $2.7 million in costs associated with the cost historical project. In Queensland, revenue declined due to a gap between big projects finishing and new projects starting.

In New South Wales, a number of tended projects were either delayed or canceled. Coming into the second half, we had a strong order book.

As we worked through it, we found a small number of large projects hadn't been scoped and priced properly. As a result, these projects didn't deliver the margins we needed.

I reviewed our work in hand, and I don't see the same issues in the rest of our portfolio. These changes these challenging projects will be completed within the first half of FY27.

I appreciate that this result is disappointing, and I want to assure investors that I'm laser-focused on improving our scoping and estimating processes. I've recruited a highly experienced construction executive to lead a program of work to improve project governance and end-to-end execution.

In June, I announced a decision to close our New South Wales facility in Smithfield. This will structurally reduce costs by $8 million to $9 million annually, starting from the second quarter of FY27.

We remain committed to the New South Wales market, and we are confident we can meet demand leveraging our national manufacturing eff- network. The RV segment continued to face headwinds throughout the year as local caravan manufacturers struggled to compete with imports.

During the year, we closed local parts manufacturing, and we divested the Northern RV plumbing business in February. In June, we announced our decision to exit the con- the segment completely.

July, we announced the sale of Camec. Notwithstanding the challenging conditions, the RV business made a positive underlying EBIT of $1.7 million.

The sale of the two businesses achieved $14.3 million in proceeds, and a further tax benefit of around $4 million will be realized across FY27 and '28. Now to our strategy and outlook.

In my first six months as CEO, I announced that we would exit RV Solutions and close New South Wales manufacturing. These were tough decisions, but I believe they were necessary to streamline our business and structurally improve profitability.

We are now a simpler, more focused business with two core divisions: Community Solutions, which owns, operates, and manages accommodation villages; and Building Solutions, a leader in modular building across a range of sectors. In Community Solutions, we have high-quality accommodation villages in the Pilbara, one of Australia's most attractive workforce accommodation markets.

Searipple, the FIFO village we own and operate in Karratha, and Osprey, the key worker housing village that we manage in Port Hedland, provide critically needed accommodation in these markets and strong earnings for Fleetwood. In July, I announced that we are expanding Community Solutions with the acquisition of Red Dog Village from Bechtel.

This is a game changer for Fleetwood. This high-quality asset materially lifts our earnings potential and strengthens our position in the key economic hub of Karratha.

The combination of Searipple and Red Dog villages expands our capacity to supply the high demand for transient worker accommodation in the short term and positions us to meet longer-term housing needs supported by our modular building capability. In recent years, Searipple occupancy has been above 80%, driving exceptionally high returns.

We see demand continuing for the next five years, underpinned by a strong pipeline of over $30 billion in major infrastructure projects, in addition to expanded operational and maintenance activity. The Karratha region is forecasting a continued shortfall in transient worker accommodation of at least 1,500 beds for the next five years.

Our strong position allows us to meet this demand, optimize yields across our assets, and evolve our offer in line with housing and workforce needs. Red Dog Village is a great acquisition for Fleetwood.

We agreed to purchase the village from Bechtel for $20 million. It is a large accommodation camp, set on 45 hectares of Crown lease land and built in 2022.

It has over 20- 2,000 beds and excellent amenities, including large modern catering and dining, guest laundries, a well-equipped gym, a 25-meter pool, and a range of other recreational facilities. We expect completion at the end of December and to take over operations from January.

Red Dog Village is really well situated in the Gap Ridge Industrial Area of Karratha, being close to the airport and near the Burrup Peninsula. We anticipate an earn- earnings uplift of $10 million to $20 million on an annualized basis with occupancy ramping up from January.

Searipple is fully booked to the end of this calendar year, and we expect occupancy in the 82% to 92% range in FY27. In our Community Solutions business, Fleetwood has privileged accommodation assets in a key economic hub with sustained high demand.

We have these assets because we also have our Building Solutions business. We built Searipple and Osprey, and we were the selected buyer for Red Dog because of our ability to support both immediate transient worker demand and longer-term housing development.

We believe there are further opportunities to grow Community Solutions where we can replicate this combined advantage. Fleetwood Building Solutions is a leader in modular building in Australia with a national network of large-scale facilities and proven capability across multiple market sectors.

We entered FY27 with a strong order book, with $156 million of work in hand and over $200 million in tendered projects over a diverse range of sectors. It is important to add that around 60% of the work that we do is recurring work based on panel agreements that often bypass a tender process or move through it very quickly.

As a result of a stronger pipeline, we are expecting revenue to grow in FY27 by at least 5%. However, I want to emphasize that we are focused on choosing the right work and making sure that it is properly priced so that we deliver sustained profitability.

Fleetwood is a streamlined business with an expanded accommodation platform in Community Solutions and a structurally lower cost base in Building Solutions. We expect to complete the sale of Camec, the closure of Smithfield, and the acquisition of Red Dog in the first half of FY27, setting us up for more focused and profitable growth.

We operate in large markets where our ability to deliver high-quality, turnkey building projects at speed solves real problems across education, housing, and infrastructure. We have significant opportunities to grow nationally where we have proven capability.

We also have a really strong balance sheet. We had a positive cash balance of $61.5 million at the end of FY26, which supported dividends of 19 cents per share for the year.

During my first six months in Fleetwood, I've made significant changes to strengthen the business and lay the foundations for long-term earnings growth. My immediate focus areas areas are, firstly, to ensure sustained profitability in Building Solutions.

I've taken the first big step in lowering our costs with the low- the closure of Smithfield, and I'm focused on strengthening our foundations in project governance, improving operational eff- efficiency, and profitably growing revenue. Secondly, to ensure we deliver value from the Red Dog Village acquisition.

We have a lot of work to do over the coming months to make sure that we can complete the acquisition and to set ourselves up to operate from January. We also need to work with local operators to establish agreements and secure occupancy.

Thirdly, to lift capability and culture. We've recruited new capabilities into the business that we need to achieve our aspirations.

These include an experienced construction executive to lead our transformation program, high-caliber, market-oriented regional leaders, new IT leadership to help us make better use of technology, and manufacturing leaders experienced in operational best practice. This targeted lift in capability lays the foundation for a collaborative and high-performance culture.

In summary, Fleetwood is a leading modular builder with a large national footprint, well positioned to meet the needs of a housing shortfall and rise in infrastructure spend. We have resilient earnings in Community Solutions with expanded capacity and continuing high demand for workforce accommodation.

We have a strong pipeline for growth in our key segments of education, housing, and infrastructure. We are now a sharper business with a structurally lower cost base, and we have a strong balance sheet with significant net cash and ownership of key assets.

Now, we have time for questions.

Hey, Andrea and Kate. Just a few questions.

Um on Community Solutions, you got the fully booked until calendar year-end, I mean that implies sort of second half '27 is still quite a fair amount left uncontracted um and that you guys also announced, I guess, the um Red Dog acquisition about a month ago. Just colors on um, I guess, conversations with Rio and Perdaman and Woodside and how that's how we should think about occupancy from sort of second half '27 onwards?

Thanks, Caleb. Um yes, you uh you're right.

We're As we're booked we we're contracted with Rio until um April '27, and they're fully booked us out until the end of this calendar year. Um we are starting to see now some bookings come in for the second half, um but typically, they only come in 3 months ahead of time, and so we we don't expect to see that a a lot of movement on that in the in the short term.

Um In terms of our conversations with uh with uh all of the operators up there, um we've been predominantly talking with Rio Tinto. As they're they've put out a uh um RFP for their next several years of uh accommodation requirements.

They've gone through some changes internally, they were a bit late coming out with that. Uh when I met with them, they were saying that they expect that to be uh finalized by the end of this calendar year and not really before then.

We have been kind of having ongoing discussions about understanding their requirements and their needs. Um And over the next 5 to 10 years, that's uh they've got they've got some quite serious uh um requirements for accommodation up there.

We've also been in preliminary talks with Perdaman and uh and Woodside, but that was before the announcement of the Red Dog acquisition. Since Since that announcement, we've really been predominantly focused on making sure that we do all the work to uh to meet the the conditions precedent.

Um but we will be be continuing to talk with uh the other operators. When I did meet with Woodside, I've got to say, um they were talking about at the at that time how they were having to delay and and postpone and descoped major maintenance works because they couldn't find any accommodation for their workers.

We're pretty confident that that work will start to come in uh as soon as there is uh some available accommodation.

All right, thanks, Andrea. On Building Solutions, you mentioned that sort of the order book and work in hand at the moment sort of doesn't have the problems that sort of um I guess, some of the large projects you had in the um second half in terms of margins.

Um what gives you confidence in that, and what were sort of the major lessons and takeaways from sort of second half Building Solutions results?

Yeah. Look, um I've got to say it was um disappointing as we kind of started to see the the problems unfold in some of these large projects.

Um they were problems that that uh came stemmed out of misses in scoping and estimating that played out as the project started to be delivered, and we realized the costs were not as we had expected, and so the margins got compressed. Um They were tendered in the first half of FY26, which was a time, obviously before my time, but a time when there was quite a lot of uh disruption in the business.

Um we put a lot of focus on uh on our understanding our order book. We have a lot of work that is our regular repeat work um with our regular repeat customers that makes up a lot of that order book, and we have great confidence in the uh and and understanding of the the um the the margins that we expect from that work, and we just, from what we see, we just don't see the same problems in any of the the other projects in our order book at the moment.

Um We I am I have recruited ex- extra expertise, and we have started a program of work to really make sure that we embed tighter processes around governance and and project execution throughout the business. Um, and we expect that to to play out over the the coming months.

Thanks, Andrea. The final one from me, just the thinking about reinstating dividends since I think you guys put it on for under review about 2 months ago, and now you guys came out with a sort of declared a final dividend?

I'll let Kate speak to that.

Thanks, thanks, Andrea. Look, I'll take I'll take that one for the team.

Um at the time, we were guiding the market because, as you would know, we have very clear um dividend policy at the time to pay 100% of NPAT for the current year. We'd obviously we'd at the scale of our restructuring costs, we had um consumed all of that impact for then for the FY26 financial year.

However, when the board took a look back at some of our historical earnings and our fabulous way that we've managed cash and the balance sheet, they recognized that that they should return some more capital to shareholders in the way of a fully franked dividend, which we had capacity to do so. The board resolved to do that um and to reward our shareholders for that.

We we believe we've set the business up for really good growth next year, and we don't feel like we should punish shareholders for um the decisions we've done to set it up for future. That's essentially with our thinking in that space.

Thank you, guys.

morning, team. Uh just wanted to ask about um the trajectory of EBIT uh in Building Solutions over the uh FY27.

Thanks.

Thanks, Matt. Um I'll first say, obviously, I'm new to the business, but when I was looking back at the the historical EBIT, it has bounced around quite a lot.

Um Last year, sorry, FY25 was obviously a really strong year for Building Solutions off the back of high revenue and some really high-margin projects, um which then closed out at the in the second half of of FY25. Um To me, that that that bouncing around is is part of the reason behind the decision to close Smithfield because I I kind of, to me, we just have to structurally reduce our costs.

Um and and that sets us up to have a higher uh profitable base uh from which we can then grow um And as I said, one of the things that I noticed when we look at the the variation in EBIT over the over the years, my understanding is that there is underlying core of profitable project work that is really repeat business that we can depend on, and then, every now and then, there is a there is a a project or a set of projects that then have uh a negative impact on profitability. That's certainly what we saw in FY26.

That's why we have engaged this experienced capability to to to really drive a program uh and improve our internal processes to make sure uh that we that we don't make those mistakes again.

I might just wrap round that out, Matt. It's um if you take a look at some of the pieces of information we've provided you today, um the reset of that Building Solutions cost base, the three-quarter value of that is $6 million to $7 million, you can add that back.

That's a that's a another free kick. This is that setting us up for next year.

We also don't expect to have a repeat of the legacy projects from um yes, beyond the year of just under $3 million. You can add that back to the mix.

We also don't expect to have a full six or seven-month impact of poor projects. You can add that back, and plus we also see revenue growing.

We do see us getting back into um a positive um territory next year.

Great. Um and and poten- uh potentially as quickly as um in in the course of uh the first half?

The first half is going to be impacted still because we still have um Smithfield in the first quarter, uh and we still have these projects having an impact in the first quarter as well. They'll be largely complete by the end of the first quarter, but will flow in a little into the second quarter as well.

At the moment, we would say that if that the first half will be um breakeven to slightly positive um and if and we see that all of the uh benefits from the structural cost reduction and those projects being completed and the strong order book should flow into the second half.

Great. Just um wanted to clarify the Searipple uh expected occupancy of 82% to 92%.

Um, uh does that expected bookings um include um Rio uh renewal?

No, it doesn't, Matt. I'll take that one for Andrea.

Yeah. Um

the reason we've given you we've given you a range is we do, today, we have contracted occupancy 72%, and that's up 17% from when we last spoke to you in February.

Yeah.

We um we're ful- we're full at the in until the end of December,

and

we expect, based on the run rate of the last 2 years, to have occupancy bookings additional bookings from Woodside, Perdaman, and Rio across that second half of 10% to 20%. It doesn't actually include the Rio contract as we we sort of knew the one that was released to the market a few years ago,

but

they are continuing to book rooms because they've got projects going on at the moment. We normally we only talk about contracted rooms, but we're so confident in the demand in the region that we were happy to say that we expect a 10% to 20% uplift, hence, the range of 82% to 92%.

For For Searipple alone, that doesn't even contemplate Red Dog yet.

Great. Thanks.

That was helpful. Thank you.

good morning, Andrea, and good morning, Kate. Um thanks for taking the time for this call.

Just a quick one for me. Just in in sort of fleshing out some of the earlier comments or questions um by the others uh around Building Solutions, do we have enough flavor in here to sort of backward engineer a little bit into the levels of revenue that sort of see you break even, so that we can sort of be thinking about what incremental rev- revenues are adding to EBIT at JPY?

Um I I think I can kind of do it from um from the conversations we had about the the $3 million with the legacy um EBIT that you had before. Is it can we now $300 million worth of revenue is is breaking even pretty happily?

Or or is there another way to think about that? You should be thinking about the incre-

At this level of revenue that we're guiding, you should be thinking about the incremental revenue at a at a at a very high double-digit margin.

Yeah. That That

that is incremental to our earnings, yes. Um As

Incremental to 323, but

Yeah, absolutely.

Look,

as we spoke about, um 350- um 356 we did in FY25, that was on on revenues of that, we do very well. We we're It really does become very incremental very rapidly.

The point being that your revenue the revenue required to break even is is a fair bit lower as a consequence of taking these fix- fixed costs out, I think would be fair. Is that fair fair to say?

That's

correct, yeah. That's correct.

Taking out New South Wales is what And we we get we get two benefits from um the closure of Smithfield is that we don't have another factory that had manufacturing variances. We don't have those costs, and we can um do that work from other states and ship it in.

We believe that the incremental cost of transport will be less than the holding costs and manufacturing variances of that site by by a long way. by a long, long

way. Got it.

Um That makes sense. Just one more for me, just again just fleshing out um Red Dog.

That that 10 to 20 target, um uh I guess it's hard to know exactly what the timing might look like, but but in terms of the projects, it um is in your minds, is that more to do with things like further desal plug projects or stage two there or or expansion at at um Dampier port or even Andover Lithium, these sorts of things, or is it or is there enough sort of horsepower in in the current activities of Rio and Perdaman and and Woodside to see that 10 to 20 sort of show up, do you think?

We believe we believe that we will be taking the bookings, and we've had some inbound interest for Red Dog already. Okay.

We

Yeah, okay.

we're guiding 10 to 20 because we uh we're being incredibly conservative, and that is sort of set around an occupancy range of 25% to 35%. It's very low.

That certainly wasn't what we did the business case on. Um and Perdaman have uh they want extra rooms, but there just aren't any there.

Uh so we are really confident that um Perdaman will be seeking to contract rooms in um second half as as he is closing out their projects.

Gotcha. Do you have scope Yeah, and

Rio's also picked their interest as well because it's closer to the It's closer to Dampier, the Burrup Peninsula.

Yeah. Do you can you have scope to sort of line them up prior to your takeover?

Do you Or or do you have to ramp up from day one? Or can you put people in on day one, I guess, is the point in in meaning for?

We already

We already have Bechtel in from day one. I've got to say, Bechtel asked to have 150 rooms for the sort of for themselves from day one um for a few months because obviously, in the hand over of uh Pluto 2, there's going to be some carryover work.

Um We have had a lot of interest, but at this stage, because we haven't, we've only just started the process of uh of uh, doing the work to get the conditions precedent met, um we haven't really been engaging at a commercial level at all. We do also know, Woodside Woodside is particularly keen on understanding um uh what's going to happen with it, how it can support their potential Browse project, which would be massive

um if that

starting in a couple years' time.

Of course. Look, the focus for the last six weeks since the announcement, it's been it's been a busy few weeks, has been firming up uh the projects and our understanding of demand in the region to enable us to, and, and Bechtel, because we're doing it jointly, to get the uh DA extended for 5 years.

That's the first thing we have to do. I know everybody's getting very excited about, "Why haven't you contracted with them?"

It's probably first basis, get that DA and get the council convinced that the region really does need um additional transient workforce accommodation.

Yep, got it. Okay.

Thanks very much, guys. Appreciate it.

Thank you. Is there any other, anyone else on the line?

Thank you very much. Um In closing, I just want to say that I'm confident that the changes I've made over the past six months will support profitable growth for Fleetwood in both Community Solutions and Building Solutions.

Thank you for your time this morning and for your continued support of Fleetwood.