Tourism Holdings Limited · NZX:THL
Tourism — Tourism Holdings Rentals — H1 FY2026 Earnings Presentation
35 slides from Tourism's earnings presentation, Feb 23, 2026
Slide 1: FY26 Interim Results Presentation
For personal use only FY26 INTERIM RESULTS PRESENTATION 23 FEBRUARY 2026
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: Key Messages from the CEO
thl FY26 INTERIM RESULTS PRESENTATION 3 Key Messages from the CEO • We are pleased with the performance of the business as a whole in H1 of FY26 and the execution of several planned initiatives. We have discussed this year being one of transition, as we have passed the inflection point For personal
Slide 4: Executive Summary
thl FY26 INTERIM RESULTS PRESENTATION 4 Executive Summary • 17% increase in statutory net profit after tax to $29.6M For personal use only • 11% increase in underlying net profit after tax to $29.5M • 4% increase in total revenue to $477.3M, consisting of an 11% increase in sale of services revenue
Slide 5: Decisive Execution of Strategic Initiatives
thl FY26 INTERIM RESULTS PRESENTATION 5 Decisive Execution of Strategic Initiatives • Since announcing our growth roadmap in August 2025, we’ve For personal use only made substantial progress executing our key strategic Completed Next Steps Underway initiatives: ⎼ Entered into conditional agreement
Slide 6: Results Summary
thl FY26 INTERIM RESULTS PRESENTATION 6 Results Summary COMPARED TO THE PRIOR CORRESPONDING PERIOD For personal use only STATUTORY NET PROFIT AFTER TAX UNDERLYING NET PROFIT AFTER TAX1 UNDERLYING EBIT1 UNDERLYING EBITDA1 $29.6M 29.5M $64.4M 126.2M 17% 11% 8% 11% SALE OF SERVICES REVENUE SALE OF GOOD
Slide 7: Focused on Capital Discipline and ROFE Improvement
thl FY26 INTERIM RESULTS PRESENTATION 7 Focused on Capital Discipline and ROFE Improvement 12 MONTHS TO 31 DECEMBER 2025 • Return on Funds Employed (ROFE) is thl’s primary metric for assessing divisional performance and guiding investment RETURN ON For personal use only ADJUSTED AVERAGE PERIOD END $
Slide 8: Improving Fleet and RevPARV
thl FY26 INTERIM RESULTS PRESENTATION 8 Improving Fleet and RevPARV 3,500 Average Rental Fleet Size 3,038 3,000 2,882 2,754 2,576 2,617 Strong growth in global average rental fleet size – up 10% to 8,542 2,367 2,500 2,171 For personal use only • Fleet growth has been weighted toward New Zealand and
Slide 9: Vehicle Sales Stabilising
thl FY26 INTERIM RESULTS PRESENTATION 9 Vehicle Sales Stabilising REAL DEPRECIATION RATES Ex-fleet Sales H1 FY26 FY25 Group Ex-Fleet Sales For personal use only • The adjustments to fleet depreciation rates following the COVID-era RDR elevated margins aimed to deliver lower, more stable ex-fleet mar
Slide 10: Positive Operating Cashflows
thl FY26 INTERIM RESULTS PRESENTATION 10 Positive Operating Cashflows1 6 months to 31 December • H1 FY26 net operating cashflows increased 67% vs the pcp NZD$M H1 FY26 H1 FY25 VAR VAR % For personal use only • H2 FY26 is expected to see significant operating cashflow growth vs the pcp, supported by:
Slide 11: Disciplined Capital Management
thl FY26 INTERIM RESULTS PRESENTATION 11 Disciplined Capital Management Net Debt (NZD $M) 600 Forecast 492 493 Net Debt1 500 477 446 For personal use only 403 <400 • $493M at 31 December 2025, broadly flat to 30 June 2025, but has 400 since reduced by approximately $30M in January 2026 • We believe
Slide 12: Dividend Growth
thl FY26 INTERIM RESULTS PRESENTATION 12 Dividend Growth • The Board has approved an interim FY26 dividend of 3.0 cents per For personal use only share, which will be 100% imputed and 0% franked • The interim dividend represents a 20% increase on the pcp • thl targets distributing approximately 30%
Slide 13: For personal use only
thl FY26 INTERIM RESULTS PRESENTATION For personal use only
Slide 14: Outlook Statements
thl FY26 INTERIM RESULTS PRESENTATION 14 Outlook Statements • We expect underlying NPAT in FY26 to be in the range of $43M and $47M, For personal use only reflecting expected NPAT growth of approximately 50% to 65%. This guidance includes the impact of an approximate $1M reduction in underlying NPAT
Slide 15: Tracking our Growth Roadmap Assumptions
thl FY26 INTERIM RESULTS PRESENTATION 15 Tracking our Growth Roadmap Assumptions For personal use only $100M NPAT GROWTH ROADMAP ASSUMPTION STATUS (compared to an FY25 base) Rental Days: ~25% growth, total days remain • Outperforming on a global basis below FY19 levels • NZ, AU and CA outperforming,
Slide 16: For personal use only
thl FY26 INTERIM RESULTS PRESENTATION 16 For personal use only
Slide 17: For personal use only
thl FY26 INTERIM RESULTS PRESENTATION 17 For personal use only
Slide 18: New Zealand Rentals & Sales
thl FY26 INTERIM RESULTS PRESENTATION 18 New Zealand Rentals & Sales NZD $M H1 FY26 H1 FY25 VAR VAR % • Return on Funds Employed (TTM) of 12.3%, down from 19.0%: Rental revenue 61.6 54.7 6.9 13% Sale of goods revenue 22.5 21.6 0.9 4% For personal use only ⎼ Current TTM is distorted as it includes a
Slide 19: Australia Rentals, Sales & Manufacturing
thl FY26 INTERIM RESULTS PRESENTATION 19 Australia Rentals, Sales & Manufacturing NZD $M H1 FY26 H1 FY25 VAR VAR % Rental revenue 88.5 73.8 14.8 20% • Return on Funds Employed (TTM) of 5.8%, down from 8.7% Sale of goods revenue 102.1 115.3 (13.3) (11%) For personal use only Costs (173.9) (173.7) (0.
Slide 20: North America Rentals & Sales
thl FY26 INTERIM RESULTS PRESENTATION 20 North America Rentals & Sales NZD $M H1 FY26 H1 FY25 VAR VAR % • Return on Funds Employed (TTM) of 1.7%, up from 0.5% Rental revenue 95.8 91.2 4.6 5% Sale of goods revenue 30.8 24.0 6.9 29% For personal use only • EBIT improvement supported by: Costs (99.6) (
Slide 21: UK & Ireland Rentals & Sales
thl FY26 INTERIM RESULTS PRESENTATION 21 UK & Ireland Rentals & Sales NZD $M H1 FY26 H1 FY25 VAR VAR % • Return on Funds Employed (TTM) <0%, in line with the pcp Rental revenue 15.2 12.4 2.8 23% Sale of goods revenue 12.0 10.2 1.7 17% For personal use only • As announced on 16 February 2026, thl has
Slide 22: Action Manufacturing
thl FY26 INTERIM RESULTS PRESENTATION 22 Action Manufacturing NZD $M H1 FY26 H1 FY25 VAR VAR % • Return on Funds Employed (TTM) of 29.3% (including intercompany activity), up from 27.9% Sale of goods - third party 34.9 35.3 (0.4) (1%) For personal use only Costs - third party (31.7) (32.5) 0.8 3% •
Slide 23: Tourism and Group Support Services
thl FY26 INTERIM RESULTS PRESENTATION 23 Tourism Tourism NZD $M H1 FY26 H1 FY25 VAR VAR % • Return on Funds Employed (TTM) of 167%, the highest in the group, up from 146% Revenue 18.4 19.3 (1.0) (5%) • Growth in the Chinese market was offset by declines in the Australian, Korean and Costs (13.7) (14
Slide 24: For personal use only
thl FY26 INTERIM RESULTS PRESENTATION 24 For personal use only
Slide 25: Important Notes
thl FY26 INTERIM RESULTS PRESENTATION 25 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 31 December 2025: For personal use only prior cor
Slide 26: Mapping of H1 FY26 Non-recurring Items to Income Statement
thl FY26 INTERIM RESULTS PRESENTATION 26 Mapping of H1 FY26 Non-recurring Items to Income Statement NON-RECURRING ITEM NPBT IMPACT (NZD) NPAT IMPACT (NZD) IMPACT ON INCOME STATEMENT For personal use only Utilisation of USA deferred tax assets previously impaired N/A 0.6 Income tax expense Impairment
Slide 27: Glossary of Key Terms
thl FY26 INTERIM RESULTS PRESENTATION 27 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 28: Divisional Performance
thl FY26 INTERIM RESULTS PRESENTATION 28 Divisional Performance 6 MONTHS TO 31 DECEMBER 2025 6 MONTHS TO 31 DECEMBER 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
Slide 29: Reconciliation of NPAT, EBIT and EBITDA
thl FY26 INTERIM RESULTS PRESENTATION 29 Reconciliation of NPAT, EBIT and EBITDA Reconciliation of Statutory and Underlying NPAT Reconciliation of Reported and Underlying EBIT For personal use only NZD $M H1 FY26 H1 FY25 NZD $M H1 FY26 H1 FY25 Statutory net profit after tax 29.6 25.3 Reported EBIT 6
Slide 30: Income Statement
thl FY26 INTERIM RESULTS PRESENTATION 30 Income Statement NZD $M H1 FY26 H1 FY25 VAR VAR % For personal use only Revenue Sale of services 280.1 251.9 28.2 11% Sale of goods 197.2 206.4 (9.2) (4%) Total revenue 477.3 458.4 19.0 4% Costs (351.5) (346.8) (4.7) (1%) EBITDA 125.8 111.6 14.3 13% Depreciat
Slide 31: Balance Sheet
thl FY26 INTERIM RESULTS PRESENTATION 31 Balance Sheet AS AT NZD $M 31 DEC 2025 30 JUN 2025 VAR 31 DEC 2024 VAR For personal use only Equity 623.0 577.9 45.2 647.3 (24.3) Non-current liabilities (excluding lease liabilities) 538.9 551.8 (12.9) 531.2 7.6 Current liabilities (excluding lease liabiliti
Slide 32: Ex-Rental Fleet Sales
thl FY26 INTERIM RESULTS PRESENTATION 32 Ex-Rental Fleet Sales 6 months to 31 December 6 months to 31 December $M H1 FY26 H1 FY25 VAR VAR % $K H1 FY26 H1 FY25 VAR VAR % For personal use only Proceeds from ex-fleet sales Average gross margin on ex-fleet sales New Zealand 20.6 27.9 (7.3) (26%) New Zea
Slide 33: Retail RV Sales (New Zealand and Australia)
thl FY26 INTERIM RESULTS PRESENTATION 33 Retail RV Sales (New Zealand and Australia) 6 months to 31 December 6 months to 31 December For personal use only $M H1 FY26 H1 FY25 VAR VAR % $K H1 FY26 H1 FY25 VAR VAR % Proceeds from retail RV sales1 Average gross margin on retail RV sales New Zealand 4.7
Slide 34: Fleet Movements
thl FY26 INTERIM RESULTS PRESENTATION 34 Fleet Movements UNITS: H1 FY26 H1 FY25 VAR VAR % UNITS: H1 FY26 H1 FY25 VAR VAR % For personal use only New Zealand UK/Ireland Opening fleet - 30 Jun 2,452 1,967 485 25% Opening fleet - 30 Jun 653 571 82 14% On-fleets 564 652 (88) (13%) On-fleets - 87 (87) N/
Slide 35: thlonline.com
For personal use only T H L ONL INE. COM
Tourism Holdings Rentals — H1 FY2026 Earnings Presentation on 6ix