Tourism Holdings Limited · NZX:THL
Tourism — Tourism Holdings Rentals — FY2026 Earnings Presentation
35 slides from Tourism's earnings presentation, Aug 25, 2026
Slide 1: FY26 Annual Results Presentation
For personal use only FY26 ANNUAL RESULTS PRESENTATION 25 AUGUST 2026
Slide 2: Disclaimer
thl FY26 ANNUAL RESULTS PRESENTATION 2 Disclaimer This presentation contains This presentation has been information given in this This presentation does not take forward-looking statements and prepared for publication in New presentation is given for illustrative into account any specific investors
Slide 3: Executive Summary
thl FY26 ANNUAL RESULTS PRESENTATION 3 Executive Summary • Statutory NPAT (Continuing Operations) of $39.9M, up from a loss of $14.1M in FY25 • Underlying NPAT (Continuing Operations) up 34% to $46.1M For personal use only • Sale of services revenue (Continuing Operations), primarily rentals, up 11%
Slide 4: Explanatory Note for Continuing / Discontinued Operations
thl FY26 ANNUAL RESULTS PRESENTATION 4 Explanatory Note for Continuing / Discontinued Operations For personal use only • Following the divestment of the UK & Ireland Rentals & Sales business on 31 March 2026, the financial results of that business are presented as a discontinued operation in accorda
Slide 5: Continuing Operations compared to prior corresponding period
thl FY26 ANNUAL RESULTS PRESENTATION 5 CONTINUING OPERATIONS - COMPARED TO THE PRIOR CORRESPONDING PERIOD (PCP) For personal use only STATUTORY NET PROFIT AFTER TAX1 UNDERLYING NET PROFIT AFTER TAX1 UNDERLYING EBIT1 UNDERLYING EBITDA1 $39.9M $46.1M $105.4M $222.4M N/M 34% 17% 14% SALE OF SERVICES RE
Slide 6: Update on Takeover Approaches
thl FY26 ANNUAL RESULTS PRESENTATION 6 Update on Takeover Approaches • Two non-binding indicative proposals currently before the Board, For personal use only comprising a revised $3.10 per share proposal from the BGH consortium and a competing proposal from a party the Board considers to be a credib
Slide 7: Return on Funds Employed
thl FY26 ANNUAL RESULTS PRESENTATION 7 Return on Funds Employed Stronger operating performance and capital portfolio management delivering higher returns; still more to do • Return on Funds Employed (ROFE) is thl’s primary metric for 12 MONTHS TO 30 JUNE 2026 For personal use only assessing division
Slide 8: Decisive Strategic Execution
thl FY26 ANNUAL RESULTS PRESENTATION 8 Decisive Strategic Execution Exited underperforming assets, consolidated operations and positioned the group for future earnings growth Completed in FY26 • Strategic actions announced in August 2025 were executed during FY26: For personal use only ⎼ thl UK & Ir
Slide 9: RV Rental and Sales Snapshot
thl FY26 ANNUAL RESULTS PRESENTATION 9 RV Rental and Sales Snapshot Rental business metrics continue to improve; sales remain challenging For personal use only Average RevPARV Ex-Fleet Sales Ex-Fleet Retail RV Retail RV Rental Volumes Sales Margin Sales Volumes Sales Margin Fleet Size 8,160 $58.0k 1
Slide 10: Balance Sheet and Capital Management
thl FY26 ANNUAL RESULTS PRESENTATION 10 Balance Sheet and Capital Management Balance sheet strengthened through FY26 Closing Net Debt1 Equity Ratio2 • Net debt1 reduced significantly during FY26 to $436 million at 30 June 2026 (or $453 $436M 41% For personal use only million if normalised over the f
Slide 11: Positive Operating Cashflows
thl FY26 ANNUAL RESULTS PRESENTATION 11 Positive Operating Cashflows1 Improved profitability translated into stronger cash generation 12 months to 30 June • Net operating cash flow increased 67% to $67.3 million, driven by: NZD$M FY26 FY25 VAR VAR % For personal use only ⎼ Improved profitability Sta
Slide 12: Dividend Growth
thl FY26 ANNUAL RESULTS PRESENTATION 12 Dividend Growth thl's dividend policy targets an interim dividend of approximately 30% of the full-year dividend, with the balance paid as a final dividend Full-year dividend increased 62% to 10.5 cps; payout ratio of 50% of underlying NPAT Dividends (NZD cent
Slide 13: For personal use only
thl FY26 ANNUAL RESULTS PRESENTATION For personal use only
Slide 14: Rental Bookings Trends
thl FY26 ANNUAL RESULTS PRESENTATION 14 Rental Bookings Trends Recovery of booking momentum is underway Rental Revenue Intake – All Future Periods (vs PCP) For personal use only Southern Hemisphere As at As at Intakes in the Last February 2026 August 2026 4 Weeks1 • Prior to the Middle East conflict
Slide 15: RV Sales Industry Commentary
thl FY26 ANNUAL RESULTS PRESENTATION 15 RV Sales Industry Commentary Near-term pressure persists; travel fundamentals remain attractive; and thl’s rental-led model is well positioned For personal use only Near-term industry challenges continue • 2026 has been weaker than expected for the RV sales in
Slide 16: Outlook
thl FY26 ANNUAL RESULTS PRESENTATION 16 Outlook • thl entered H2 FY26 with strong momentum across its rental businesses, with booking intake trends tracking well ahead of prior year levels and For personal use only strategic initiatives progressing well and expected to contribute meaningfully to ear
Slide 17: For personal use only
thl FY26 ANNUAL RESULTS PRESENTATION For personal use only
Slide 18: For personal use only
thl FY26 ANNUAL RESULTS PRESENTATION For personal use only
Slide 19: thl at a glance as at June 2026
thl FY26 ANNUAL RESULTS PRESENTATION 19 AS AT 30 JUNE 2026 RENTAL FLEET 2,784 For personal use only RV Rentals Ex-Rental RV Sales Digital Tourism App JAPAN Franchise 8,587 TOTAL RENTAL FLEET RENTAL FLEET RENTAL FLEET 2,919 2,884 FY 26 TOTAL ASSETS RV Rentals NZ$1.58bn SOUTHERN RV Rentals New and Ex-
Slide 20: New Zealand Rentals & Sales
thl FY26 ANNUAL RESULTS PRESENTATION 20 New Zealand Rentals & Sales NZD $M FY26 FY25 VAR VAR % • EBIT increased 9% to $52.7 million, driven by 17% growth in rental Rental revenue 157.8 134.4 23.4 17% revenue For personal use only Sale of goods revenue 45.1 43.7 1.4 3% Costs (150.2) (129.9) (20.3) (1
Slide 21: Australia Rentals, Sales & Manufacturing
thl FY26 ANNUAL RESULTS PRESENTATION 21 Australia Rentals, Sales & Manufacturing NZD $M FY26 FY25 VAR VAR % • Underlying EBIT increased 32%, driven by: Rental revenue 172.0 143.7 28.3 20% Sale of goods revenue 151.1 217.7 (66.6) (31%) For personal use only ⎼ 20% growth in rental revenue, supported b
Slide 22: North America Rentals & Sales
thl FY26 ANNUAL RESULTS PRESENTATION 22 North America Rentals & Sales NZD $M FY26 FY25 VAR VAR % • ROFE was 0.5% (FY25: negative) Rental revenue 143.7 142.2 1.5 1% Sale of goods revenue 71.0 104.8 (33.8) (32%) For personal use only • The division has benefited from cost and synergy initiatives acros
Slide 23: Action Manufacturing
thl FY26 ANNUAL RESULTS PRESENTATION 23 Action Manufacturing NZD $M FY26 FY25 VAR VAR % • ROFE of 30.8% (including intercompany activity), up from 27.5% Sale of goods - third party 68.1 63.5 4.6 7% For personal use only • Third-party manufacturing EBIT increased by 55%, driven by Costs - third party
Slide 24: Tourism and Group Support Services
thl FY26 ANNUAL RESULTS PRESENTATION 24 Tourism Tourism • ROFE of 182%, the highest in the group, up from 166% NZD $M FY26 FY25 VAR VAR % Revenue 42.4 42.9 (0.6) (1%) • Growth in Chinese visitor numbers partly offset softer Australian, Korean and Costs (28.6) (29.1) 0.5 2% domestic New Zealand deman
Slide 25: For personal use only
thl FY26 ANNUAL RESULTS PRESENTATION For personal use only
Slide 26: Important Notes
thl FY26 ANNUAL RESULTS PRESENTATION 26 Important Notes • All financials are in NZ dollars unless stated otherwise • Balance sheet values are converted at the following For personal use only (throughout presentation). All comparisons are against closing cross-rates as at 30 June 2026: prior correspo
Slide 27: Glossary of Key Terms
thl FY26 ANNUAL 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 ANNUAL RESULTS PRESENTATION 28 Divisional Performance 12 MONTHS TO 30 June 2026 12 MONTHS TO 30 June 2025 For personal use only DIVISIONAL DIVISIONAL AVE FUNDS DIVISIONAL DIVISIONAL AVE FUNDS NZD $M REVENUE EBITDA EBIT EMPLOYED REVENUE EBITDA EBIT EMPLOYED New Zealand Rentals & Sales 202.9
Slide 29: Reconciliation of EBITDA, EBIT and NPAT
thl FY26 ANNUAL RESULTS PRESENTATION 29 Reconciliation of EBITDA, EBIT and NPAT Reconciliation of Reported EBITDA / EBIT and Statutory NPAT to underlying measures FY26 FY25 Mapping to Income NZD $M EBITDA EBIT NPAT EBITDA EBIT NPAT Statement For personal use only Reported EBITDA and EBIT, and Statut
Slide 30: Income Statement
thl FY26 ANNUAL RESULTS PRESENTATION 30 Income Statement FULL YEAR 6 MONTHS TO 30 JUNE 6 MONTHS TO 31 DECEMBER NZD $M FY26 FY25 VAR VAR % FY26 FY25 VAR VAR % FY26 FY25 VAR VAR % For personal use only Revenue Sale of services 517.5 464.4 53.1 11% 252.5 224.8 27.8 12% 265.0 239.6 25.4 11% Sale of good
Slide 31: Balance Sheet
thl FY26 ANNUAL RESULTS PRESENTATION 31 Balance Sheet AS AT AS AT NZD $M 30 JUN 2026 30 JUN 2025 VAR 31 DEC 2025 31 DEC 2024 VAR For personal use only Equity 641.1 577.9 63.2 623.0 647.3 (24.3) Non-current liabilities (excluding lease liabilities) 500.4 551.8 (51.4) 538.9 531.2 7.6 Current liabiliti
Slide 32: Ex-Rental Fleet Sales
thl FY26 ANNUAL RESULTS PRESENTATION 32 Ex-Rental Fleet Sales 12 months to 30 June 12 months to 30 June $M FY26 FY25 VAR VAR % $K FY26 FY25 VAR VAR % For personal use only Proceeds from ex-fleet sales Average gross margin on ex-fleet sales New Zealand 23.9 19.6 4.3 22% New Zealand 21.2 23.1 (1.9) (8
Slide 33: Retail RV Sales (New Zealand and Australia)
thl FY26 ANNUAL RESULTS PRESENTATION 33 Retail RV Sales (New Zealand and Australia) 12 months to 30 June 12 months to 30 June For personal use only $M FY26 FY25 VAR VAR % $K FY26 FY25 VAR VAR % Proceeds from retail RV sales1 Average gross margin on retail RV sales New Zealand 10.7 14.6 (3.9) (27%) N
Slide 34: Fleet Movements
thl FY26 ANNUAL RESULTS PRESENTATION 34 Fleet Movements UNITS: FY26 FY25 VAR VAR % For personal use only New Zealand Opening fleet - 1 Jul 2,452 1,967 485 25% On-fleets 814 787 27 3% Off-fleets1 347 302 45 15% Closing fleet - 30 Jun 2,919 2,452 467 19% Australia Opening fleet - 1 Jul 2,586 2,361 225
Slide 35: thlonline.com
For personal use only T H L ONL INE. COM
Tourism Holdings Rentals — FY2026 Earnings Presentation on 6ix