Q4 2026 Fleetwood Ltd Earnings Call

August 26, 2026

Speaker #2: Thank you for standing by, and welcome to the Fleetwood Limited full-year FY26 financial results market briefing. All lines have been placed on mute to prevent any background noise.

Operator: Thank you for standing by, and welcome to the Fleetwood Limited Full Year FY26 Financial Results Market Briefing. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. If you would like to ask a question during Q&A time, simply press star followed by the number 1 on your telephone keypad. To withdraw your question, press the star 1 again. For operator assistance throughout the call, please press star 0. Finally, I would like to advise all participants that this call is being recorded. I would now like to welcome Andrea Pidcock, CEO, to begin the presentation. Andrea, over to you.

Speaker #2: After the speaker's remarks, there will be a question-and-answer session. If you would like to ask a question during the Q&A time, simply press star followed by the number one on your telephone keypad.

Speaker #2: And to withdraw your question, press the star one again. For operator assistance throughout the call, please press star zero. Finally, I would like to advise all participants that this call is being recorded.

Speaker #2: I'd now like to welcome Andrea Pidcock, CEO, to begin the presentation. Andrea, over to you.

Speaker #3: 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 the usual disclaimers.

Andrea Pidcock: Thanks. Good morning, and thank you for joining us for today's annual results briefing. Before we begin, I would like to remind everyone of the usual disclaimers, and in particular, that any forward-looking statements are based on assumptions which are subject to change. I am Andrea Pidcock, Chief Executive Officer of Fleetwood, and I am joined by Cate Chandler, our Chief Financial Officer. I will start with a brief overview of our FY26 highlights, and Cate will take us through the financial results. Then I will give some more details of segment performance and outlook. FY26 was a year of decisive action for Fleetwood. Over the past 6 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 contrasting performance in our operating segments.

Speaker #3: And in particular, any forward-looking statements are based on assumptions which are subject to change. I'm Andrea Pidcock, Chief Executive Officer of Fleetwood, and I'm joined by Kate Chandler, our Chief Financial Officer.

Speaker #3: 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 on segment performance and outlook.

Speaker #3: 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.

Speaker #3: Our financial results reflect a contrasting performance in our 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.

Andrea Pidcock: Overall, underlying EBIT was AUD 35.6 million, with very strong cash generation of AUD 35.9 million, up almost AUD 9 million on last year. This strong cash performance supports a fully franked final dividend of AUD 0.095 per share, bringing full-year dividends to AUD 0.19 per share. Community Solutions had an outstanding year, delivering AUD 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 AUD 8.7 million. I will go through the key drivers of this performance in more detail shortly. I will now hand over to Cate to take you through the financials.

Speaker #3: 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.

Speaker #3: And 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.

Speaker #3: 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.

Speaker #4: 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.

Cate Chandler: Thank you, Andrea, and good morning, everyone. Turning now to our FY26 financial performance. Revenue of AUD 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 outstanding performance in Community Solutions, where 96% occupancy at Searipple Village drove record earnings. Reported EBIT was AUD 6 million and NPAT was AUD 2.4 million. These statutory results include AUD 29.6 million of non-recurring restructuring costs associated with simplifying the portfolio, exiting RV Solutions, and resetting the Building Solutions cost base. Excluding these one-off items, underlying EBIT was AUD 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.

Speaker #4: Reflecting softer conditions in Building Solutions, and the planned exit from RV Solutions. Importantly, this was offset by our outstanding performance in Community Solutions, where 96% occupancy at Cedar Pool Village drove record earnings.

Speaker #4: 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 and exiting RV Solutions, as well as resetting the Building Solutions cost base.

Speaker #4: 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.

Speaker #4: The closure of the Smithfield factory is expected to reduce Building Solutions' annual cost base by approximately $8 to $9 million from the start of the second quarter of FY27.

Cate Chandler: The closure of the Smithfield factory is expected to reduce Building Solutions' annual cost base by approximately AUD 8 to 9 million from the start of Q2 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 FY26 results was the strength of our cash generation across the group. Operating cash flow increased to AUD 63.9 million, while free cash flow rose 33% to AUD 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 AUD 61.5 million of cash and no debt, providing significant balance sheet flexibility and strategic capacity.

Speaker #4: Combined with an improved order book and a more focused operating model, we believe Fleetwood enters FY27 as a simpler, stronger, and better-positioned business. Turning now to the cash flow.

Speaker #4: A key highlight of 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.

Speaker #4: This outcome reflects disciplined working capital management and strong operational execution, as well as 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.

Speaker #4: During the year, we invested $7.5 million in the business, including enhancement works at Cedar Pool Village and capability investments within Building Solutions. These investments support customer outcomes, operational efficiency, and future earnings growth.

Cate Chandler: During the year, we invested AUD 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 AUD 11.9 million of remaining cash costs associated with the Smithfield closure are expected to be incurred in the first quarter of FY27. However, these costs are largely going to be offset by AUD 9.5 million in proceeds from the Camec divestment and approximately AUD 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.

Speaker #4: Looking ahead, approximately $11.9 million of the remaining cash costs associated with the Smithfield closure are expected to be incurred in the first quarter of FY27.

Speaker #4: However, these costs are largely going to be offset by $9.5 million in proceeds from the Cadillac divestment, and approximately $4 million of tax asset recoveries.

Speaker #4: Across FY27 and FY28, overall, the result highlights Fleetwood's ability to convert earnings into cash. They'll fund growth initiatives and maintain strong liquidity, while returning capital to shareholders.

Speaker #4: 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.

Cate Chandler: 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 AUD 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 AUD 114.7 million to AUD 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 our strength of our core earnings base and attractive returns generated by our operating business. The group also retained substantial capacity to support project growth, with AUD 75 million of bonding and guaranteed facilities available to support the Building Solutions project pipeline.

Speaker #4: 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.

Speaker #4: At the same time, the underlying return on capital employed increased 44.1%, demonstrating the strength of our core earnings base and the attractive returns generated by our operating business.

Speaker #4: The group also retained substantial capacity to support project growth, with $75 million of bonding and guaranteed facilities available to support the building solutions project pipeline.

Speaker #4: 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.

Cate Chandler: Reflecting confidence in the balance sheet and future cash generation, the board has declared a fully franked final dividend of AUD 0.095 per share, bringing the total fully franked dividends for FY26 to AUD 0.19 per share. In addition, we completed AUD 4.2 million of share buyback during the year. Together with dividends declared and buybacks, this resulted in total capital return to shareholders of AUD 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.

Speaker #4: In addition, we completed $4.2 million of share buybacks during the year. Together with dividends declared, share buybacks resulted in a total capital return to shareholders of $21.6 million.

Speaker #4: In summary, Fleetwood enters FY27 with a simplified portfolio, a higher-return earnings base, significant financial flexibility, and a balance sheet capable of supporting both growth initiatives and ongoing shareholder returns.

Speaker #4: I will now hand back to Andrea to take you through the segment results.

Speaker #3: 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.

Andrea Pidcock: Thanks, Cate. Now to our segment results, starting with Community Solutions. I am 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 at 72%, and we expect that to pick up given the strong pipeline of projects in the region. I am really thrilled with our acquisition of Red Dog Village. This is transformational for Community Solutions, strengthening our position from a high-performing business to an exciting growth platform. It expands our capacity in the economic hub of the Pilbara, and together with our modular building capability, uniquely positions us to support future residential developments. FY26 was a challenging year for Building Solutions.

Speaker #3: Cedar Pool continued to perform strongly, achieving 96% occupancy during the year. We see that continuing into FY27, where we are fully booked through the end of the calendar year.

Speaker #3: Contracted occupancy is already at 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.

Speaker #3: This has been transformational for community solutions, strengthening our position from a high-performing business to an exciting growth platform. It expands our capacity in the economic hub of the Pilbara.

Speaker #3: And together with our modular building capability, this 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.

Andrea Pidcock: Performance was impacted by lower revenue in the first half, then margin compression in the second half. We also had AUD 2.7 million in costs associated with the 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 tendered projects were either delayed or canceled. Coming into the second half, we had a strong order book, but as we worked through it, we found a small number of large projects had not been scoped and priced properly. As a result, these projects did not deliver the margins we needed. I reviewed our work in hand, and I do not see the same issues in the rest of our portfolio. These challenging projects will be completed within the first half of FY27.

Speaker #3: We also had $2.7 million in costs associated with the historical project. In Queensland, revenue declined due to a gap between big projects finishing and new projects starting.

Speaker #3: And in New South Wales, a number of tendered projects were either delayed or canceled. Coming into the second half, we had a strong order book, but as we worked through it, we found a small number of large projects hadn't been scoped and priced properly.

Speaker #3: 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.

Speaker #3: These changing projects will be completed within the first half of FY27. This is disappointing, and I want to assure investors that I'm laser-focused on improving our scoping and estimating processes.

Andrea Pidcock: I appreciate that this result is disappointing, and I want to assure investors that I am laser-focused on improving our scoping and estimating processes. I 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 the decision to close our New South Wales facility in Smithfield. This will structurally reduce costs by AUD 8 to AUD 9 million annually, starting from Q2 FY27. We remain committed to the New South Wales market, and we are confident we can meet demand leveraging our national manufacturing 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.

Speaker #3: 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 the decision to close our New South Wales facility in Smithfield.

Speaker #3: This will structurally reduce costs by $8 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 network.

Speaker #3: 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.

Speaker #3: In June, we announced our decision to exit the segment completely, and in July, we announced the sale of Cadillac. Notwithstanding the challenging conditions, the RV business made a positive underlying EBIT of $1.7 million.

Andrea Pidcock: In June, we announced our decision to exit the segment completely. In July, we announced the sale of Camec. Notwithstanding the challenging conditions, the RV business made a positive underlying EBIT of AUD 1.7 million. The sale of the two businesses achieved AUD 14.3 million in proceeds, and a further tax benefit of around AUD 4 million will be realized across FY27 and FY28. 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.

Speaker #3: 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 FY28.

Speaker #3: 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.

Speaker #3: 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.

Speaker #3: 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.

Andrea Pidcock: 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 to 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 demands of transient worker accommodation in the short term, and positions us to meet longer-term housing needs, supported by our modular building capability.

Speaker #3: Cedar Pool, 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 to Fleetwood.

Speaker #3: 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.

Speaker #3: This high-quality asset materially lifts our earnings potential and strengthens our position in the key economic hub of Karratha. The combination of Cedar Pool 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.

Speaker #3: In recent years, Cedar Pool 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.

Andrea Pidcock: 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 AUD 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 a village from Bechtel for AUD 20 million. It is a large accommodation camp set on 45 hectares of Crown leased land and built in 2022.

Speaker #3: 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 yield across our assets, and evolve our offer in line with housing and workforce needs.

Speaker #3: 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-leased land and built in 2022.

Speaker #3: It has over 2,000 beds and excellent amenities, including large, modern catering and dining areas, guest laundries, a well-equipped gym, a 25-meter pool, and a range of other recreational facilities.

Andrea Pidcock: It has over 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 earnings uplift of AUD 10 million to AUD 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.

Speaker #3: 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 Region industrial area of Karratha, being close to the airport and near the Burrup Peninsula.

Speaker #3: We anticipate an earnings uplift of $10 million to $20 million on an annualized basis, with occupancy ramping up from January. Cedar Pool is fully booked to the end of this calendar year, and we expect occupancy in the 82% to 92% range in FY27.

Speaker #3: 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.

Speaker #3: We built Cedar Pool 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.

Andrea Pidcock: 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 AUD 156 million of work in hand and over AUD 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.

Speaker #3: 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.

Speaker #3: We entered FY27 with a strong order book, with $156 million of work in hand and over $200 million of intended projects across a diverse range of sectors.

Speaker #3: It is important to add that around 60 percent of the work that we do is recurring work based on panel agreements that often bypass the attended process or move through it very quickly.

Speaker #3: As a result of the 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.

Andrea Pidcock: As a result of the 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 H1 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, and we have significant opportunities to grow nationally where we have proven capability. We also have a really strong balance sheet.

Speaker #3: 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 Cadillac, the closure of Smithfield, and the acquisition of Red Dog in the first half of FY27.

Speaker #3: 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.

Speaker #3: And 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 and a half million dollars at the end of FY26, which supported dividends of 19 cents per share for the year.

Andrea Pidcock: We had a positive cash balance of AUD 61.5 million at the end of FY26, which supported dividends of AUD 0.19 per share for the year. During my first six months in Fleetwood, I made significant changes to strengthen the business and lay the foundations for long-term earning growth. My immediate focus areas are, firstly, to ensure sustained profitability in Building Solutions. I have taken the first big step in lowering our costs with the closure of Smithfield, and I am focused on strengthening our foundations in project governance, improving operational 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.

Speaker #3: During my first six months in Fleetwood, I made significant changes to strengthen the business and lay the foundations for long-term earnings growth. My immediate focus areas are, firstly, to ensure sustained profitability in Building Solutions.

Speaker #3: I've taken the first big step in lowering our costs with the closure of Smithfield, and I'm focused on strengthening our foundations in project governance, improving operational efficiency, and profitably growing revenue.

Speaker #3: 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.

Speaker #3: 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.

Andrea Pidcock: Thirdly, to lift capability and culture. We have 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 lifting 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 rising 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.

Speaker #3: 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 practices.

Speaker #3: This targeted lifting 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 rising infrastructure spend.

Speaker #3: We have resilient earnings in Community Solutions, with expanded capacity and continuing high demand for workforce accommodations. We have a strong pipeline for growth in our key segments of education, housing, and infrastructure.

Speaker #3: 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.

Andrea Pidcock: We are now a sharper business with a structurally lower cost base. We have a strong balance sheet with significant net cash and ownership of key assets. We have time for questions.

Speaker #3: Now we have time for questions.

Speaker #1: Thank you, Andrea. As mentioned, we will now begin the Q&A session. For those listening by phone who would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue.

Operator: Thank you, Andrea. As mentioned, we will now begin the Q&A session. For those listening by phone and would like to ask a question, please press star followed by one on your telephone keypad to raise your hand and join the queue. To withdraw your question, simply press star one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question. Again, that is star one to raise your hand and join the queue. Your first question comes from the line of Caleb Wang of PAC Partners. Please go ahead.

Speaker #1: And to withdraw your question, simply press star-one again. When called upon, please use your handset, ensure your line is unmuted, and be ready to ask your question.

Speaker #1: And again, that is *star one* to raise your hand and join the queue. Your first question comes from the line of Caleb Wang of PAC Partners.

Speaker #1: Please go ahead.

Caleb Wang: Hey, Andrea and Cate. Just a few questions. On Community Solutions, you guys are fully booked until calendar year-end. That implies H2 2027 is still quite a fair amount left uncontracted. You guys also announced, I guess, the Red Dog acquisition about a month ago. Just colors on, I guess, conversations with Rio and Perdaman and Woodside and how we should think about occupancy from H2 2027 onwards.

Speaker #2: Hey Andrea and Kate, just a few questions. On community solutions, you guys are fully booked until calendar year-end. So, I mean, that implies sort of the second half of '27 is still quite a fair amount left uncontracted.

Speaker #2: And then you guys also announced, I guess, the Red Dog acquisition about a month ago. So just some color on, I guess, conversations with Rio and Perth and Woodside, and how we should think about occupancy from sort of the second half of '27 onwards.

Speaker #3: Thanks, Caleb. Yes, you're right. So, as you know, we're booked—we're contracted with Rio until April 27, and they've fully booked us out until the end of this calendar year.

Andrea Pidcock: Thanks, Caleb. Yes, you are right. As you know, we are contracted with Rio until April 2027, and they have fully booked us out until the end of this calendar year. We are starting to see now some bookings come in for the second half, but typically they only come in three months ahead of time. We do not expect to see a lot of movement on that in the short term. In terms of our conversations with all of the operators up there, we have been predominantly talking with Rio Tinto. As you know, they have put out a RFP for their next several years of accommodation requirements. They have gone through some changes internally, so they were a bit late coming out with that. When I met with them, they were saying that they expect that to be finalized by the end of this calendar year and not really before then.

Speaker #3: We are starting to see now some bookings come in for the second half, but typically, they only come in three months ahead of time.

Speaker #3: And so, you know, we don't expect to see a lot of movement on that in the short term. In terms of our conversations with all of the operators up there, we've been predominantly talking with Rio Tinto. As you know, they've put out an RFP for their next several years of accommodation requirements.

Speaker #3: They've gone through some changes internally, so they were a bit late coming out with that. When I met with them, they said they expect that to be finalized by the end of this calendar year, and not before then.

Speaker #3: But we have been kind of having ongoing discussions about understanding their requirements and their needs. And over the next five to ten years, they've got some quite serious requirements for accommodation up there.

Andrea Pidcock: We have been having ongoing discussions about understanding their requirements and their needs. Over the next five to 10 years, they have got some quite serious requirements for accommodation up there. We have also been in preliminary talks with Perdaman and Woodside, but that was before the announcement of the Red Dog acquisition. Since that announcement, we have really been predominantly focused on making sure that we do all the work to meet the conditions precedent, but we will be continuing to talk with the other operators. When I did meet with Woodside, I have got to say, they were talking about, at that time, how they were having to delay and postpone and descope major maintenance works because they could not find any accommodation for their workers. So we are pretty confident that that work will start to come in, as soon as there is some available accommodation.

Speaker #3: We've also been in preliminary talks with Perthman and Woodside, but that was before the announcement of the Red Dog acquisition. Since that announcement, we've really been predominantly focused on making sure that we do all the work to meet the conditions precedent.

Speaker #3: But we will be continuing to talk with the other operators. When I did meet with Woodside, I've got to say, they were talking about, at that time, how they were having to delay and postpone, and descope major maintenance works because they couldn't find any accommodation for their workers.

Speaker #3: So we're pretty confident that that work will start to come in as soon as there is some available accommodation.

Speaker #2: All right, thanks, Andrea. And on building solutions, you mentioned that Audible can work hand-in-hand at the moment and sort of doesn't have the problems that, I guess, some of the large projects you had in the second half had in terms of margins.

Caleb Wang: All right. Thanks, Andrea. On Building Solutions, you mentioned that the order book can work in hand at the moment, sort of doesn't have the problems that, I guess some of the large projects you had in the second half in terms of margins. What gives you confidence in that, and what were sort of the major lessons and takeaways from second half Building Solutions results?

Speaker #2: What gives you confidence in that, and what were the major lessons and takeaways from the second half, building solutions results?

Speaker #3: Yeah, look, I've got to say, it was disappointing as we kind of, you know, started to see the problems unfold in some of these large projects.

Andrea Pidcock: Yeah, look, I have got to say it was disappointing as we started to see the problems unfold in some of these large projects. They were problems that stemmed out of misses in scoping and estimating that played out as the project started to be delivered, and we realized that the costs were not as we had expected, and so the margins got compressed. They were tendered in the H1 FY26, which was a time, obviously before my time, but a time where there was quite a lot of disruption in the business. We have put a lot of focus on our understanding our order book. We have a lot of work that is our regular repeat work with our regular repeat customers that makes up a lot of that order book, and we have great confidence and understanding of the margins that we expect from that work.

Speaker #3: They were problems that stemmed from misses in scoping and estimating, which played out as the project started to be delivered, and we realized that the costs were not as we had expected.

Speaker #3: And so the margins got compressed. They were tendered in the first half of FY26, which was a time, you know—obviously before my time—but a time where there was quite a lot of disruption in the business.

Speaker #3: We've put a lot of focus on our understanding—on our audit book. We have a lot of work that is our regular, repeat work with our regular, repeat customers, and that makes up a lot of that audit book.

Speaker #3: And we have great confidence in the—and understanding of—the margins that we expect from that work. And we just, you know, from what we see, we just don't see that it's the same problems in any of the other projects in our audit book at the moment.

Andrea Pidcock: From what we see, we just do not see the same problems in any of the other projects in our order book at the moment. I have recruited extra expertise, and we have started a program of work to really make sure that we embed tighter processes around governance and project execution throughout the business. We expect that to play out over the coming months.

Speaker #3: I have recruited extra expertise, and we have started a program of work to really make sure that we embed tighter processes around governance and project execution throughout the business.

Speaker #3: And we expect that to play out over the coming months.

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

Caleb Wang: Yeah. 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.

Andrea Pidcock: I'll let Cate speak to that.

Speaker #3: I'll let Kate speak to that. Thank you. Thanks, Andrea. Look, I'll take that one for the team. At the time, we were guiding the market because, as you would know, we had a very clear dividend policy at the time to pay 100% impact to the current year.

Cate Chandler: Thanks, Andrea. Look, I'll take that one to the team. At the time, we were guiding the markets because, as you would know, we had a very clear dividend policy at the time to pay 100% NPAT for the current year. So obviously, at the scale of our restructuring costs, we had consumed all of our NPAT 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 they should return some more capital to shareholders in the way of a fully franked dividend, which we had the capacity to do so, and so the board resolved to do that, and to reward our shareholders for that.

Speaker #3: So we'd obviously, at the scale of our restructuring costs, consumed all of our impact 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 they should return some more capital to shareholders in the way of a fully franked dividend, which we had the capacity to do so.

Speaker #3: And so the Board resolved to do that, and to reward shareholders for that. So we believe we've set the business up for really good growth next year.

Cate Chandler: 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 the decisions we've done to set it up for the future. That was essentially the thinking in that space.

Speaker #3: And we don't feel like we should punish shareholders for the decisions we've made to set it up for the future. And that was essentially the thinking in that space.

Speaker #2: Thank you, guys. Your next question comes from the line of Matthew Chen of Morris. Please go ahead.

Caleb Wang: Thank you, guys.

Operator: Your next question comes from the line of Matthew Chen of Moelis. Please go ahead.

Matthew Chen: Morning, team. Just wanted to ask about the trajectory of EBIT in Building Solutions over the FY27. Thanks.

Speaker #4: Morning, team. Just wanted to ask about the trajectory of EBIT in Building Solutions over FY27. Thanks.

Andrea Pidcock: Thanks, Matt. I have to say, obviously I am new to the business, but when I was looking back at the historical EBIT, it has bounced around quite a lot. 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 that then closed out in the second half of FY25. To me, that bouncing around is part of the reason behind the decision to close Smithfield, because to me, we just have to structurally reduce our costs. That sets us up to have a higher profitable base, from which we can then grow.

Speaker #3: Thanks, Matt. I’ve got to say, you know, obviously I’m new to the business, but when I was looking back at the historical EBIT, it has bounced around quite a lot.

Speaker #3: 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.

Speaker #3: But then it closed out in the second half of FY25. To me, that bouncing around is part of the reason behind the decision to close Smithfield, because I've kind of—you know, to me, we just have to structurally reduce our costs.

Speaker #3: And that sets us up to have a higher profitable base from which we can then grow. And, as I said, you know, one of the things that I noticed when you look at the variation in EBIT over the years, my understanding is that there is this underlying core of profitable project work that is really repeat business that we can depend on.

Andrea Pidcock: As I said, one of the things that I noticed when you look at the variation in EBIT over the years, my understanding is that there is this underlying core of profitable project work that is really repeat business that we can depend on. Then every now and then there is a project or a set of projects that then have a negative impact on profitability. That is certainly what we saw in FY26. That is why we have engaged this experienced capability to really drive a program and improve our internal processes to make sure that we do not make those mistakes again.

Speaker #3: And then every now and then, there is a project or a set of projects that have a negative impact on profitability. And that's certainly what we saw in FY26.

Speaker #3: And that's why we have engaged this experienced capability to really drive a program and improve our internal processes, to make sure that we don't make those mistakes again.

Speaker #3: I might just talk around that out, Matt. It's if you take a look at some of the pieces of information we've provided you today, the reset of the building solutions cost base, the three-quarter value of that is 6 to 7 million dollars.

Cate Chandler: I might just top round that out, Matt. If you take a look at some of the pieces of information that is provided you today.

Cate Chandler: The reset of the Building Solutions cost base, the three-quarter value of that is AUD 67 million. You can add that back. That is another free kick that is setting us up for next year. We also do not expect to have a repeat of the legacy projects from yonder year of just under AUD 3 million. You can add that back to the mix. We also do not expect to have a full six or seven-month impact of core projects. So you can add that back. Plus, we also see revenue growing. We do see us getting back into a positive territory next year.

Speaker #3: So you can add that back, so that's another free kick. This is about setting us up for next year. We also don't expect to have a repeat of the legacy projects from, yes, younger year of just under $3 million.

Speaker #3: 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, so you can add that back.

Speaker #3: And, plus, we also see revenue growing. So we do see ourselves getting back into positive territory next year.

Speaker #2: Yep, great. And potentially as quickly as in the course of the first half.

Matthew Chen: Yep. Great. Potentially as quickly as in the course of the first half?

Andrea Pidcock: Well, the H1 is going to be impacted still because we still have our Smithfield in the Q1.

Speaker #3: Well, the first half is going to be impacted still because we still have our Smithfield in the first quarter, and we still have these projects having an impact in the first quarter as well.

Matthew Chen: Yep

Andrea Pidcock: We still have these projects having an impact in the Q1 as well. They will be largely complete by the end of the Q1, but will flow in a little into the Q2 as well. At the moment, we would say that the H1 will be

Speaker #3: That will be largely complete by the end of the first quarter, but we'll flow a little into the second quarter as well. So at the moment, we would say that the first half will be breakeven to slightly positive.

Cate Chandler: break even to slightly positive. We see that all of the benefits from the structural cost reduction and those projects being completed and the strong order book should flow into the H2.

Speaker #3: And we see that all of the benefits from the structural cost reduction and those projects being completed, and the strong audit book, should flow into the second half.

Speaker #2: Great. And just wanted to clarify: The C report expected occupancy of 82% to 92%—does that expected bookings include the Rio renewal?

Matthew Chen: Great. Just wanted to clarify the Searipple expected occupancy of 82% to 92%. Does that expected bookings include Rio renewal?

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

Speaker #3: No, it doesn't matter. I'll take that one for Andrea. The reason we've given you a range is, today we have contracted occupancy of 72%.

Matthew Chen: Yep.

Cate Chandler: The reason we've given you a range is we do today, we have contracted occupancy of 72%, and that's up 17%

Speaker #3: And that's up 17% from when we last spoke to you in February. We're full at the end until the end of December. And we expect based on the run rate of the last two years to have occupancy booking additional bookings from Woodside, Pertiment, and Rio across that second half of 10 to 20%.

Matthew Chen: Yep

Cate Chandler: from when we last spoke to you in February.

Matthew Chen: Yep.

Cate Chandler: We're full at the inn until the end of December.

Matthew Chen: Yeah

Cate Chandler: expect, based on the run rate of the last 2 years, to have occupancy booking, additional bookings from Woodside, Perdaman, and Rio across that H2 of 10% to 20%. It doesn't actually include the Rio contract as we sort of-

Speaker #3: So it doesn't actually include the Rio contract as we sort of know—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.

Matthew Chen: Yeah

Cate Chandler: the one that was released to the market a few years ago, but they are continuing-

Cate Chandler: to book rooms because they've got projects going on at the moment. 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 Searipple alone. That doesn't even contemplate Red Dog yet.

Speaker #3: So, we normally would only talk about contracted rooms, but we're so confident in the demand in the region that we're happy to say we expect a 10 to 20% uplift—hence, the range of 82 to 92% for Sea Ripple alone.

Speaker #3: And that doesn't even contemplate Red Dog yet.

Speaker #2: Great, thanks. That's helpful. Thank you. And before we move on to the next question, a reminder: if you would like to join the queue, please press star one. And your next question comes from the line of Gavin Allen of Euros Hartley's.

Matthew Chen: Great. Thanks. That's helpful. Thank you.

Operator: Before we move on to the next question, a reminder, if you would like to join the queue, to press star one. Your next question comes from the line of Gavin Allen of Euroz Hartleys. Please go ahead.

Speaker #2: Please go ahead.

Gavin Allen: Good morning, Andrea, and good morning, Cate. Thanks for taking the time for this call. Just quick ones, just in fleshing out some of the earlier comments or questions by the others around Building Solutions. Do we have enough flavor in here to backward engineer a little bit into the levels of revenue that see break even so that we can be thinking about what incremental revenues you are adding to EBIT at GP? I think I can kind of do it from the conversations we had about the AUD 3 million worth of legacy EBIT that you had before. Are we now at AUD 300 million worth of revenue is breaking even pretty happily or is there a way to think about that?

Speaker #4: Good morning, Andrea. And good morning, Kate. Thanks for taking the time for this call. Just a quick one—may I just sort of flesh out some of the earlier comments or questions by the others?

Speaker #4: 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 be thinking about what incremental revenues you're adding to EBIT at GP?

Speaker #4: I think I can kind of do it from the conversations we had about the $33 million worth of legacy EBIT that you had before.

Speaker #4: But is it—are we now at $300 million worth of revenue as breaking even, pretty happily? Or is there another way to think about that?

Speaker #3: You should be thinking about the increment at this level of revenue that we're guiding. You should be thinking about the incremental revenue as a very high double digit.

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

Speaker #3: Margin— that is incremental to our earnings, yes.

Gavin Allen: Yeah.

Cate Chandler: That is incremental to our earnings. Yes. If you look back to

Gavin Allen: Incremental to the AUD 323.

Speaker #4: Incremental to 323, but.

Speaker #3: Yeah, absolutely. And if you look back to the 356 we did in FY25, that was, you know, on revenues of that, we do very well.

Cate Chandler: Yeah, absolutely.

Gavin Allen: Yeah.

Cate Chandler: If you look back to the AUD 356 we did in FY25, that was on revenues, and that we did very well.

Speaker #3: So, it really does become very incremental, very rapidly.

Gavin Allen: Yeah

Cate Chandler: It does become very incremental very rapidly.

Speaker #4: Yeah, I mean, but the point being that your revenue—the revenue required to break even—is a fair bit lower as a consequence of taking these fixed costs out.

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

Speaker #4: I think it would be fair. Is that fair to say?

Cate Chandler: Correct. Yeah. That is correct. Taking out New South Wales as well.

Speaker #3: Yeah, that's correct. Taking out New South Wales is lower. And we get two benefits from the closure of Smithfield: one, we don't have another factory to have manufacturing variances.

Cate Chandler: We get two benefits from the closure of Smithfield, is that we do not have another factory to have manufacturing variances. We do not have those costs, and we can do that work from other states and ship it in. We believe that the incremental cost of transport would be less than the holding costs and manufacturing variances of that site by a long way.

Speaker #3: We don't have those costs, and we can do that work from other states and ship it in. We believe that the incremental cost of transport would be less than the holding costs and manufacturing variances of that site by a lot—by a lot.

Gavin Allen: Yeah.

Cate Chandler: By a lot.

Gavin Allen: Yep, got it. That makes sense. Just one more from me. Just again, just fleshing out Red Dog. So that 10 to 20 target, I guess it is hard to know exactly what the timing might look like, but in terms of the projects, in your mind, is that more to do with things like further desalination plant projects or stage 2 there or expansion at Dampier Port or even Andô Lithium, these sorts of things? Or is there enough sort of horsepower in the current activities of Rio and Perdaman and Woodside to see that 10 to 20 sort of show up, do you think?

Gavin Allen: Yep, got it. That makes sense. Just one more from me. Just again, just fleshing out Red Dog. So that 10 to 20 target, I guess it is hard to know exactly what the timing might look like, but in terms of the projects, in your mind, is that more to do with things like further desalination plant projects or stage 2 there or expansion at Dampier Port or even Andover Lithium, these sorts of things? Or is there enough sort of horsepower in the current activities of Rio and Perdaman and Woodside to see that 10 to 20 sort of show up, do you think?

Speaker #2: Yeah, I've got it.

Speaker #4: That makes sense. And just one more for me, again, just fleshing out Red Dog. So, that 10 to 20 target— I guess it's hard to know exactly what the timing might look like, but in terms of the projects, in your minds, is that more to do with things like further Decel projects or Stage Two there, or expansion at Dampier Port, or even Andover Lithium?

Speaker #4: These sorts of things, or is there enough sort of horsepower in the current activities of Rio and Pertiment and Woodside to see that 10 to 20 sort of show up, do you think?

Speaker #3: Well, we believe that we will be starting to take some bookings, and we've had some inbound interest for Red Dog already. Okay. So we're guiding $10 to $20 million because we've been incredibly conservative.

Cate Chandler: Well, we believe that we will be starting to take some bookings, and we have had some inbound interest for Red Dog already. Okay, so-

Gavin Allen: Yeah, okay.

Cate Chandler: We are guiding 10 to 20 because we are being incredibly conservative, and that is sort of set around an occupancy range of 25% to 35%, so very low. That certainly wasn't what we did the business case on. Perdaman have. They want extra rooms, but there just aren't any there. So we are really confident that Vickers will be seeking to contract rooms in the second half as he is closing up those projects.

Cate Chandler: We are guiding 10 to 20 because we are being incredibly conservative, and that is sort of set around an occupancy range of 25% to 35%, so very low. That certainly wasn't what we did the business case on. Perdaman have. They want extra rooms, but there just aren't any there. So we are really confident that Vikas will be seeking to contract rooms in the second half as he is closing up those projects.

Speaker #3: And that is sort of set around an occupancy range of 25% to 35%. That's very low. That certainly wasn't what we did the business case on.

Speaker #3: And pertinently, they want extra rooms, but there just aren't any there. So we are really confident that, because we'll be seeking to contract rooms.

Speaker #3: In the second half, as he's closing up those projects.

Speaker #4: Yeah, gotcha.

Gavin Allen: Yeah, got you. You have scoped-

Speaker #3: And Rio has also, yeah, Rio's also piqued their interest as well. It's closer to Dampier, the Barrier Peninsula.

Cate Chandler: Rio also. Yeah, Rio's also piqued their interest as well, because it's closer to Dampier, the Burrup Peninsula.

Speaker #4: Yeah. And you have scope to sort of line them up prior to your takeover? Or do you have to ramp up from day one?

Gavin Allen: Yeah. You have scope to sort of line them up prior to your takeover? Do you have to ramp up from day one, or can you put people in on day one, I guess is the point, in meaningful-

Speaker #4: Or can you put people in on day one, I guess, is the point in meaningfully?

Speaker #3: We already have Bechtel in on day one. I was going to say, Bechtel asked to have 150 rooms for themselves from day one.

Cate Chandler: We already have Bechtel in on day one. I was going to say, Bechtel-

Gavin Allen: Yeah. I understand that.

Cate Chandler: asked to have 150 rooms for themselves from day one for a few months, because obviously in the handover of Pluto Train 2, there is going to be some carryover work. We have had a lot of interest, but at this stage, because we have only just started the process of doing the work to get the conditions precedent met, we have not really been engaged at a commercial level at all.

Speaker #3: For a few months, because obviously in the handover of Pluto 2, there’s going to be some carryover work. We have had a lot of interest, but at this stage, because we haven’t—you know, we’ve only just started the process of, you know, doing the work to get the conditions precedent met—we haven’t really been engaging at a commercial level at all.

Speaker #3: But we do also know, you know, Woodside is particularly keen on understanding what's going to happen with it, how we can support their potential Browse project, which would be massive.

Andrea Pidcock: We do also know, Woodside is particularly keen on understanding what is going to happen with how we can support their potential Browse project, which would be massive.

Gavin Allen: Yeah, of course.

Speaker #3: So, we'll be starting in a couple of years' time. Yeah. Look, the focus of the last six weeks since the announcement—it's been a busy few weeks—has been firming up the projects and our understanding of demand in the region to enable us to, and Bechtel, because we're doing it jointly, to get the DA extended for five years.

Andrea Pidcock: potentially starting in a couple of years' time.

Cate Chandler: Yeah. Look, the focus of the last 6 weeks since the announcement, it's been a busy few weeks, has been firming up the projects and our understanding of demand in the region to enable us, and Bechtel, because we're doing it jointly, to get the DA extended for 5 years. That's the first thing we have to do. I know everybody is getting very excited about, well, how have you contracted for the most. Probably first base is get that DA and get the council convinced that the region really does need additional transient work accommodation.

Speaker #3: That's the first thing we have to do. So I know everybody is getting very excited about, "Why haven't you contracted with the most—" Probably, first base is get that DA and get the council convinced that the region really does need additional transit work accommodation.

Speaker #4: Yep, got it. Okay. Thanks very much, guys. I appreciate it.

Gavin Allen: Yep, got it. Okay, thanks very much, guys. Appreciate it.

Speaker #3: Thank you. Is there anyone else on the line?

Cate Chandler: Thank you. Is there anyone else on the line?

Speaker #2: There are no further questions at this time on the phone, so I'll turn the call back over to Andrea.

Operator: There are no further questions at this time on the phone. I will turn the call back over to Andrea.

Speaker #3: Okay. Well, thank you very much. In closing, I just want to say that I'm confident the changes I've made over the past six months will support profitable growth for Fleetwood in both Community Solutions and Building Solutions.

Andrea Pidcock: Well, thank you very much. In closing, I just want to say that I am confident the changes I have made over the past six months will support profitable growth for Fleetwood in both Community Solutions and Building Solutions. Thanks for your time this morning and for your continued support of Fleetwood.

Speaker #3: Thank you for your time this morning, and for your continued support of Fleetwood.

Operator: This concludes today's conference call. Thank you all for joining us. You may now disconnect.

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Q4 2026 Fleetwood Ltd Earnings Call

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