Fleetwood Announces Plans to Exit RV Market and Close NSW Manufacturing Site

Fleetwood Limited (ASX: FWD) has launched a major operational reset involving the planned divestment of its recreational vehicles (RV) business and the closure of its Building Solutions manufacturing facility in Smithfield, New South Wales.

The restructure, which follows a strategic review, is designed to simplify the group’s operating model while sharpening its focus on modular building and accommodation operations.

Fleetwood expects underlying EBIT excluding restructuring costs for FY26 to align with consensus at between $35 million and $39m.

The company does not expect the Building Solutions division to return to profitability in the second half of FY26 due to a lower win rate and revenue in NSW and several projects delivered below forecast gross margins.

Second-half NPAT will be affected by total restructuring costs of between $20m and $24m across the RV Solutions exit and Smithfield closure, and Fleetwood expects the earnings impact from those charges to result in no final dividend being declared for FY26.

Business Exit to Refocus Capital

Fleetwood will exit the RV Solutions segment through the divestment of its remaining Camec business, which supplies caravan and RV parts, accessories, and components across Australia and New Zealand.

The company has determined Camec—which services direct retail and online customers, manufacturers, dealers, repairers, and retailers—no longer fits its future strategic priorities.

It expects to engage with potential acquirers and cease operating in the RV Solutions segment during FY27, with restructuring costs from the exit anticipated to total between $8 million and $10m.

Fleetwood plans to redirect management attention and capital towards growth opportunities in its core modular building operations.

Smithfield Facility to Close

Fleetwood will close Smithfield in the first quarter of FY27 after a review identified sufficient capacity in Queensland and Victoria to meet current and forecast demand from NSW.

The group will retain sales and project delivery capability in NSW, allowing it to continue servicing community needs across housing, schools, and infrastructure projects.

Fleetwood expects the Smithfield closure to reduce annualised fixed costs by between $8m and $9m per year, with benefits beginning in the second quarter of FY27.

The closure will trigger FY26 restructuring costs of between $12m and $14m, including redundancies, asset disposals, and lease exit costs.

Improved Competitive Position

Chief executive officer Andrea Pidcock described the Camec divestment and Smithfield closure as part of a broader reset to improve the group’s competitive position.

“The divestment of Camec and closure of the Smithfield site will simplify our operating model and strengthen competitiveness, supporting future growth in our core Building Solutions business,” Ms Pidcock said.

“This reset reduces our cost base while we will continue to deliver high-quality outcomes.”

Fleetwood confirmed the initiatives had been authorised by the board and will be outlined further in a market briefing hosted by Ms Pidcock and chief financial officer Cate Chandler.