Tourism Holdings Limited · NZX:THL
Tourism — Tourism Holdings Rentals — FY2025 Earnings Presentation
37 slides from Tourism's earnings presentation, Aug 25, 2025
Slide 1: FY25 Annual Results Presentation
For personal use only FY25 ANNUAL RESULTS PRESENTATION 2 5 AUGUST 2025
Slide 2: Disclaimer
Disclaimer This presentation contains This presentation has been performance information given This presentation does not take For personal use only forward-looking statements and prepared for publication in New in this presentation is given for into account any specific projections. These reflect t
Slide 3: Executive Summary
thl FY25 ANNUAL RESULTS PRESENTATION 3 Executive Summary • Statutory net loss after tax of -$25.8 million, compared to statutory net profit after tax of $39.4 million in FY24. The result includes -$54.5M in one- For personal use only off adjustments, primarily driven by non-cash impairments of USA g
Slide 4: Results Summary
thl FY25 ANNUAL RESULTS PRESENTATION Results Summary COMPARED TO THE PRIOR CORRESPONDING PERIOD For personal use only STATUTORY NET LOSS AFTER TAX UNDERLYING NET PROFIT AFTER TAX1 UNDERLYING EBIT1 UNDERLYING EBITDA1 -$25.8M $28.7M $86.8M $199.2M N/M -45% -22% -4% SALE OF SERVICES REVENUE SALE OF GOO
Slide 5: thl Global Snapshot
thl FY25 ANNUAL RESULTS PRESENTATION 5 thl Global Snapshot For personal use only Average RevPARV Ex-Fleet Sales Ex-Fleet Retail RV Retail RV Rental Volumes1 Sales Margin1 Sales Volumes Sales Margin Fleet Size 8,112 $54.5k 1,709 16.2% 2,044 8.4% FY24: 7,588 FY24: $52.4k FY24: 1,745 FY24: 22.4% FY24:
Slide 6: Global operations as at June 2025
thl FY25 ANNUAL RESULTS PRESENTATION AS AT 30 JUNE 2025 RENTAL FLEET 2,876 For personal use only LOCATIONS CREW RENTAL FLEET 21 606 653 RV Rentals Ex-Rental RV Sales Digital Tourism App LOCATIONS CREW 4 158 JAPAN RV Rentals Franchise Ex-Rental RV Sales 8,564 TOTAL RENTAL FLEET RENTAL FLEET RENTAL FL
Slide 7: Return on Funds Employed
thl FY25 ANNUAL RESULTS PRESENTATION 7 Return on Funds Employed 12 MONTHS TO 30 JUNE 2025 • Return on Funds Employed (ROFE) is thl’s primary metric to assess divisional performance and to guide investment decisions, with a RETURN ON For personal use only ADJUSTED AVERAGE PERIOD END $M NZD FUNDS targ
Slide 8: Dividend
thl FY25 ANNUAL RESULTS PRESENTATION 8 Dividend • thl continues dividend payments in line with its dividend policy, For personal use only reflecting confidence in its balance sheet strength and outlook • thl has paid dividends at the low end of its policy range of 40% to 60% of underlying NPAT in th
Slide 9: Balance Sheet and Capital Management
thl FY25 ANNUAL RESULTS PRESENTATION 9 Balance Sheet and Capital Closing Net Debt1 Equity Ratio1,2 Management • thl’s disciplined approach to capital management has seen: $492M 36.1% For personal use only FY24: 37.1% FY24: $446M ⎼ net fleet capital expenditure reduced by $22M, despite lower ex-fleet
Slide 10: thl's Value is Underpinned by its RV Fleet
thl FY25 ANNUAL RESULTS PRESENTATION thl’s Value is Underpinned by its RV Fleet • thl’s value is underpinned by its net tangible assets per share of $1.96 as of 30 June 2025. This For personal use only Book Value of Average GP primarily reflects the book value of thl’s global Division Fleet on 30 Ju
Slide 11: Positive Operating Cashflows
thl FY25 ANNUAL RESULTS PRESENTATION Positive Operating Cashflows NZD$M FY25 FY24 VAR VAR % • In FY25, thl has had positive operating cashflows of $28.6 million, representing an increase of $124.2 million compared Statutory net (loss)/profit after tax (25.8) 39.4 (65.2) N/M For personal use only to
Slide 12: Real and Accounting Depreciation Rates
thl FY25 ANNUAL RESULTS PRESENTATION 12 Real and Accounting Depreciation Rates Real Depreciation Rates REAL DEPRECIATION RATES For personal use only • The Real Depreciation Rate (RDR) is a key metric in assessing whether thl is efficiently purchasing and selling its rental fleet. RDRs in recent year
Slide 13: For personal use only
thl FY25 ANNUAL RESULTS PRESENTATION For personal use only
Slide 14: New Zealand Rentals & Sales
thl FY25 ANNUAL RESULTS PRESENTATION 14 New Zealand Rentals & Sales NZD $M FY25 FY24 VAR VAR % • Return on Funds Employed of 16.2% Rental revenue 134.4 110.6 23.7 21% Sale of goods revenue 43.7 37.0 6.7 18% For personal use only • RevPARV remained stable despite a 22% increase in average rental Cost
Slide 15: Australia Rentals, Sales & Manufacturing
thl FY25 ANNUAL RESULTS PRESENTATION 15 Australia Rentals, Sales & Manufacturing NZD $M FY25 FY24 VAR VAR % Rental revenue 143.7 129.4 14.4 11% • Return on Funds Employed of 5.1% Sale of goods revenue 217.7 246.8 (29.1) (12%) For personal use only Costs (338.9) (334.3) (4.7) (1%) • EBIT decline of 4
Slide 16: North America Rentals & Sales
thl FY25 ANNUAL RESULTS PRESENTATION 16 North America Rentals & Sales NZD $M FY25 FY24 VAR VAR % • Return on Funds Employed of <0% Rental revenue 142.2 138.5 3.7 3% Sale of goods revenue 104.8 106.8 (2.0) (2%) For personal use only • Regional rental revenue increased by 3%, with revenue growth in Co
Slide 17: UK & Ireland Rentals & Sales
thl FY25 ANNUAL RESULTS PRESENTATION 17 UK & Ireland Rentals & Sales NZD $M FY25 FY24 VAR VAR % • Return on Funds Employed <0% Rental revenue 22.1 19.0 3.1 17% Sale of goods revenue 21.0 32.2 (11.2) (35%) For personal use only • EBIT declined by NZ$3M, reflecting challenges across both rentals Costs
Slide 18: Action Manufacturing
thl FY25 ANNUAL RESULTS PRESENTATION 18 Action Manufacturing NZD $M FY25 FY24 VAR VAR % • Return on Funds Employed of 27.5% (including intercompany activity) Sale of goods - third party 63.5 74.0 (10.5) (14%) For personal use only Costs - third party (59.9) (66.4) 6.5 10% • The improvement in EBIT m
Slide 19: Tourism and Group Support Services
thl FY25 ANNUAL RESULTS PRESENTATION 19 Tourism Tourism NZD $M FY25 FY24 VAR VAR % • Return on Funds Employed of 166%, the highest in the group, with record EBIT Revenue 42.9 42.0 1.0 2% performance in FY25 Costs (29.1) (29.0) (0.1) (0%) For personal use only EBIT 13.9 13.0 0.9 7% Group Support Serv
Slide 20: For personal use only
thl FY25 ANNUAL RESULTS PRESENTATION For personal use only
Slide 21: Industry Trends
thl FY25 ANNUAL RESULTS PRESENTATION 21 Industry Trends Rentals • There are positive tourism recovery expectations for most of thl’s markets, with industry forecasts for For personal use only international visitor arrivals to surpass 2019 levels:1 ‒ by 2027 in New Zealand ‒ in 2026 in Australia ‒ in
Slide 22: Expectations for FY26
thl FY25 ANNUAL RESULTS PRESENTATION 22 Expectations for FY26 • A significant step-up in thl’s cost reduction programme is planned for For personal use only FY26, where thl plans to achieve significant additional cost-out and efficiency benefits, primarily through cash savings in fleet build and pro
Slide 23: Strategic Initiatives
thl FY25 ANNUAL RESULTS PRESENTATION 23 Strategic Initiatives (announced in thl’s growth roadmap) UK & IRELAND AUSTRALASIAN AUSTRALIAN RETAIL SALES NORTH AMERICA For personal use only MANUFACTURING • thl has been conducting a • thl has been taking actions to • The Australian Retail Sales • thl is fo
Slide 24: Net Profit After Tax Goal
thl FY25 ANNUAL RESULTS PRESENTATION 24 Net Profit After Tax Goal (announced in thl’s growth roadmap) • As announced on 4 August 2025, thl has a goal to exceed $100M in annualised NPAT over the next three to four years For personal use only • thl believes that the combination of its growth factors a
Slide 25: For personal use only
thl FY25 ANNUAL RESULTS PRESENTATION For personal use only
Slide 26: Important Notes
thl FY25 ANNUAL RESULTS PRESENTATION 26 Important Notes • All financials are in NZ dollars unless stated otherwise • Balance sheet values are converted at the following (throughout presentation). All comparisons are against closing cross-rates as at 30 June 2025: For personal use only prior correspo
Slide 27: Mapping of FY25 Non-recurring Items to Income Statement
thl FY25 ANNUAL RESULTS PRESENTATION 27 Mapping of FY25 Non-recurring Items to Income Statement NON-RECURRING ITEM NPBT IMPACT (NZD) NPAT IMPACT (NZD) IMPACT ON INCOME STATEMENT For personal use only Impairment of USA intangible assets ($36.6M) ($26.7M) Impairment loss on goodwill and other intangib
Slide 28: Glossary of Key Terms
thl FY25 ANNUAL RESULTS PRESENTATION 28 Glossary of Key Terms Average Fleet Size or Average Fleet refers to the average of the closing rental fleet balance at the end of each month in the reporting period Average Net Debt refers to the average of the net debt balance at the end of each month in the
Slide 29: For personal use only
thl FY25 ANNUAL RESULTS PRESENTATION For personal use only
Slide 30: Divisional Performance
thl FY25 ANNUAL RESULTS PRESENTATION 30 Divisional Performance YEAR ENDING 30 JUNE 2025 YEAR ENDING 30 JUNE 2024 For personal use only DIVISIONAL DIVISIONAL AVE FUNDS DIVISIONAL DIVISIONAL AVE FUNDS $M NZD REVENUE REVENUE EBITDA EBIT EMPLOYED EBITDA EBIT EMPLOYED New Zealand Rentals & Sales 178.1 74
Slide 31: Reconciliation of NPAT, EBIT and EBITDA
thl FY25 ANNUAL RESULTS PRESENTATION 31 Reconciliation of NPAT, EBIT and EBITDA Reconciliation of Statutory and Underlying NPAT Reconciliation of Reported and Underlying EBIT For personal use only NZD $M FY25 FY24 NZD $M FY25 FY24 Statutory net (loss)/profit after tax (25.8) 39.4 Reported EBIT 41.7
Slide 32: Income Statement
thl FY25 ANNUAL RESULTS PRESENTATION 32 Income Statement FULL YEAR 6 MONTHS TO 30 JUNE 6 MONTHS TO 31 DECEMBER NZD $M FY25 FY24 VAR VAR % FY25 FY24 VAR VAR % FY25 FY24 VAR VAR % For personal use only Revenue Sale of services 486.5 440.6 45.9 10% 234.6 206.6 28.0 14% 251.9 234.0 17.9 8% Sale of goods
Slide 33: Balance Sheet
thl FY25 ANNUAL RESULTS PRESENTATION 33 Balance Sheet AS AT AS AT NZD $M 30 JUN 2025 30 JUN 2024 VAR 31 DEC 2024 31 DEC 2023 VAR For personal use only Equity 577.9 616.9 (39.0) 647.3 618.4 28.9 Non-current liabilities (excluding lease liabilities) 551.8 431.3 120.5 531.2 388.5 142.7 Current liabilit
Slide 34: Ex-Rental Fleet Sales
thl FY25 ANNUAL RESULTS PRESENTATION 34 Ex-Rental Fleet Sales $M FY25 FY24 VAR VAR % $K FY25 FY24 VAR VAR % For personal use only Proceeds from ex-fleet sales Average gross margin on ex-fleet sales 19.6 20.9 (1.3) (6%) New Zealand 23.1 28.2 (5.0) (18%) New Zealand Australia1 27.8 38.3 (10.5) (28%) A
Slide 35: Retail RV Sales (New Zealand and Australia)
thl FY25 ANNUAL RESULTS PRESENTATION 35 Retail RV Sales (New Zealand and Australia) $M FY25 FY24 VAR VAR % $K FY25 FY24 VAR VAR % For personal use only Proceeds from retail RV sales Average gross margin on retail RV sales New Zealand 14.6 7.1 7.5 106% New Zealand 11.8 17.1 (5.3) (31%) Australia 189.
Slide 36: Fleet Movements
thl FY25 ANNUAL RESULTS PRESENTATION 36 Fleet Movements UNITS: FY25 FY24 VAR VAR % UNITS: FY25 FY24 VAR VAR % For personal use only New Zealand UK/Ireland Opening fleet 1,967 1,400 567 41% Opening fleet 590 532 58 11% On-fleets 787 852 (65) (8%) On-fleets 283 350 (67) (19%) Off-fleets1 305 285 20 7%
Slide 37: thlonline.com
For personal use only T H L ONL INE. COM
Tourism Holdings Rentals — FY2025 Earnings Presentation on 6ix