thl 2023 Investor Day presentation and trading update

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand




8 May 2023

NZX | ASX | MEDIA RELEASE
TOURISM HOLDINGS LIMITED (thl)

2023 INVESTOR DAY PRESENTATION AND TRADING UPDATE

thl has today released the presentation material for its 2023 Investor Day, to be held on Tuesday, 9 May
2023.

Slides 4 to 10 of the presentation include a trading update with commentary on expectations for yields,
vehicle sales margins and FY23 profitability.

ENDS

Authorised by:

Cathy Quinn
Chair, Tourism Holdings Limited

For further information contact:

Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210

About thl (www.thlonline.com)

thl is a global tourism operator listed on the NZX and ASX (code: THL) and is the largest commercial RV rental operator in the
world. In November 2022, thl merged with Apollo Tourism & Leisure, creating a multi-national, vertically integrated RV
manufacturing, rental, and retail business spanning motorhomes, campervans and caravans. thl also operates tourism adventure,
travel technology, and commercial vehicle manufacturing businesses.

In New Zealand/Australia, thl operates rental brands (Maui, Britz, Apollo, Mighty, Hippie, Cheapa Campa), manufacturing (Action
Manufacturing, Apollo), retail brands (Talvor, Kea, Winnebago, Adria, Coromal, Windsor), retail dealerships (RV Super Centre,
Apollo RV Sales, Kratzmann, George Day, Sydney RV, E-Camperco), travel technology (TripTech) and tourism attractions (Kiwi
Experience and the Discover Waitomo Group, which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The
Legendary Black Water Rafting Co.). In North America, thl operates the Road Bear RV, El Monte RV, CanaDream, Britz and Mighty
rental brands. In UK and Europe, thl operates the Just go, Apollo and Bunk Campers rental brands.

---

Welcome
Grant Webster
CEO & Managing Director

3
Site Tour –Action Manufacturing Factory, Hamilton
Welcome & Trading Update
Grant Webster –CEO & Managing Director
Business Overview
Grant Webster –CEO & Managing Director
Scott Fahey –Chief Marketing Officer
Nick Judd –Chief Financial Officer
Australia and New Zealand Markets
Stacey Davis –Chief Operating Officer, Australia
The UK/Europe Market
Nick Roach –Chief Operating Officer, UK/Europe
The North American Markets
Gordon Hewston –Chief Operating Officer, United States
Wrap Up and Q&A
Grant Webster –CEO & Managing Director
Site Tour –RV Super Centre Auckland
Agenda

Trading update
Latest trends in the tourism
and RV sector

5
Our views and experiences on travel and
tourism trends
oDespite broader macroeconomic challenges, the travel and tourism industry has
remained resilient and is experiencing strong growth
oForward booking activity for the 2023 high season in our Northern Hemisphere
businesses shows an increase in international volumes and some reduction in
domestic activity
oEarly forward booking activity for the 2023/24 high season in our New Zealand
and Australia businesses indicate that international volumes will continue to
grow with some reduction in domestic activity
oWe remain positive heading into FY24/25 with expectations that international
travel volumes from most markets return to pre-COVID levels in late CY24, while
the recovery of inbound from China will take longer
oWe expect that deteriorating macroeconomic conditions may influence travel
trends in favour of lower-cost destinations over the short to medium-term
oWhile broader tourism trends towards regenerative, lower carbon, sustainable
holidays are apparent, they remain far from tipping points

6
RV rental yields remain strong
~50% up on H2
FY19
Yield growth
expected to be
strong relative to
the previous peak
season
~100% up on H2
FY19
Yields trending in
line with previous
season, holding
earlier growth
Trends not
meaningful
(low season)
Yield growth
relative to the
previous season
Trends not
meaningful
(low season)
Yields trending in
line with previous
season, holding
earlier growth
AustraliaUnited States
Upcoming
Peak Season
2
UKNew Zealand
H2 FY23
Trends
1
Trends not
meaningful
(low season)
Yield growth
relative to the
previous season
Canada
1
Upcoming Northern Hemisphere peak season is June –September 2023 (previous was June –September 2022), upcoming Australasian peak season is December 2023 –February 2024 (previous was
December 2022 –February 2023)
2
Reflects trends on bookings (travelled and forward) for travel periods in H2 FY23
oYields are being closely managed in all markets and are continuing to experience growth or holding the recent growth
oNorth American yields for the 2023 high season continue to grow beyond the already strong yields achieved in the 2022 high season
oYields in New Zealand for the next peak season are continuing to grow year-on-year, partly due to the previous season having been
impacted by the late opening of New Zealand’s borders to international travellers. The trends in Australia indicate that the recent
yield growth should be retained for the coming peak season
oAustralasian yield trend indications reflect the small proportion of bookings taken (expected ~20%) as the travel period is further out

7
Our expectations for yield trends
We are managing yield to the market environments
Pre-COVID
Peak
Disruption
Recovery
Breakout
Growth
Flattening
Growth
Normalising
Pre-COVID
NZ
AU
UK
CA
US
Note: Illustrative chart only

8
Vehicle sales margins are coming off peaks
1
As detailed in the thl FY23 Interim Results Presentation released in February 2023.
Expected to
remain stable in
CY23 as business
sells older fleet
Expected to
remain stable in
FY23 and start
tonormalise in
FY24
Expected to
remain stable in
CY23 as business
sells older fleet
Expected to
remain stable in
FY23 and
normalise in FY24
Expected to
continue to
normalise across
FY23 and FY24
Expected to
continue to
normalise across
CY23
Expected to
remain stable in
FY23 and
normalise in FY24
Expected to
continue to
normalise across
CY23
AustraliaUnited States
Current
Expectations
UKNew Zealand
Earlier
Expectations
1
Expected to
normalise across
FY23 and FY24
Expected to
continue to
normalise across
CY23
Canada
oVehicle sales demand has commenced softening in all markets from the recent peaks
oWhile vehicle sales margins have remained elevated longer than earlier expectations, these are now starting to normalise
in most markets, with the USA experiencing the most rapid change
oPre-high-season demand for vehicle sales in North America has been slower to commence, partly due to poor weather
conditions in the West Coast of the USA and dealer uncertainty, placing some pressure on wholesale orders and deliveries
in Q4 of FY23
oBelow we set out our latest expectations on the normalisation of vehicle sales margins relative to earlier commentary

9
Supply challenges and cost increases are
ongoing
oSupply remains a challenge in each market however lead times are continuing
to move towards normalising as the pandemic backlog and labour shortages are
addressed
oOur current expectations are that:
oChassis supply in New Zealand/Australia will likely normalise in late CY24
oMotorhome supply in North America will likely normalise in early CY24
oMotorhome supply in UK/Europe will likely normalise in late CY24
oIn New Zealand and Australia, shipping costs have materially reduced from their
peaks however deliveries remain challenging due to port congestion
oNew vehicle pricing has increased in each market. The largest price increases are
seen in North America, while the increases in New Zealand and Australia have
been more effectively managed by Action/Apollo Manufacturing

10
Our previous FY23 profit guidance is unchanged
No change to earlier guidance for expectedFY23 net profit
after tax above $48M(or above $75M on a pro-forma basis)
1
.
There is some risk in meeting our FY23 profit expectations should vehicle sales deliveries
delay from Q4 FY23 into July/August 2023. We consider this a potential timing issue
reflecting the financial year in which the sales margin is realised
1
Pro forma includes Apollo Tourism & Leisure Ltd’s net profit after tax for the five months prior to completion of the merger.

Business
Overview
Grant Webster
CEO & Managing Director

12
The merged group has created a platform
with multiple future growth levers
Build –Rent –SellOrganic fleet growth
Realisation of
merger synergies
Acquisitions and
partnerships
1
2
3
4
1243

13
We create value across the Build –Rent –Sell model
Build /
Buy
Rent
Sell
oDecades of experience designing and building durable
RVs for rentals
oScale purchasing benefits
oLong standing relationships with OEMs
oLargest commercial RV rental operator in the world -#1 in
New Zealand, Australia and United Kingdom, #2 in North
America
1
oDeep connections with tourism bodies and industry
associations in each market
oIn-house development of tailored booking and scheduling
system, to be implemented in all markets globally
oLeverage existing overheads of rentals businesses
oDiverse range of brands and products from new to ex-
rental, towables and motorized
1
Management estimates
1243

14
Maui 6-Berth MotorhomeAction Manufacturing, Hamilton
A design-led approach to manufacturing with strong
supplier relationships
oFourmanufacturing facilitiesin New Zealand, one in Brisbane and a sub-assembly plant in Melbourne.
oAction Manufacturing in New Zealand designs and manufactures specialist commercial vehicles for a range of public and privatecustomers
including New Zealand Police, New Zealand DefenceForce and Queensland Ambulance Service. Through businesses Fairfax and Freighter,
we also manufacture truck and trailer bodies.
oApollo Brisbane produces motorised(motorhomes and campervans) and towable (caravans and camper-trailers) for the Australian and New
Zealand markets.
oIn the USA, Canada, and the UK, we purchase assembled motorhomes from OEMs, with long-standing relationships with key suppliers.
New Zealand Defence Force Medical
Truck
1243

15
Action Manufacturing
Hamilton, New Zealand

16
Apollo Manufacturing
Brisbane, Australia

17
We are the global leader in commercial RV rentals
We estimate we are #1 or #2 in RV rentals within all markets we operate in
Australia
#1 with ~30 -35%
market share
New Zealand
#1 with ~25 -30%
market share
United Kingdom
#1 with ~15 -20%
market share
United States
#2 with ~10 –15%
market share
Canada
#2 with ~20 -25%
market share
1
Market share reflects management estimates based on estimated total rentable RV fleet in market. Scope includes all motorizedvehicles (campervans and
motorhomes); commercial operators and private vehicles via P2P (with P2P fleet adjusted to account for days utilised by private owners). Campervans refer to
vans (5m –7m long-wheelbase) and motorhomes refers to vehicles with boxes built on top of cab chassis.
oWe estimate that we are the
largest or second largest
commercial RV rental operator
in each operating jurisdiction
oOur market share estimates are
inclusive of all types of
motorised RVs and an adjusted
estimate for rentable fleet on
P2P platforms
1
oMarket share in the larger,
motorhomes segment within
New Zealand and Australia is
estimated to be higher due to
the number of campervan
operators in the market
1243

18
With a competitive advantage in efficient rental asset
management
Brand
Location
Age PropositionMarket Positioning
NZAUUSCAUK
maui✓✓0 –2 YearsPremium
CanaDream✓0 –2 YearsPremium
Road Bear✓FlexiblePremium
Apollo✓✓✓0 –4 YearsFlexible
Just go✓0 –2 YearsFlexible
Bunk ✓0 –4 YearsFlexible
Britz✓✓✓2 –4 YearsMid-range
El Monte✓FlexibleMid-range
Mighty✓✓✓Tend to be olderValue
Cheapa✓✓Tend to be olderValue
Hippie✓✓Older (backpackers)Value
UK / Europe 455
New Zealand
1,485
Australia
1,855
United States
1,434
Canada
1,162
Rental fleet as at
31 December 2022
1243

Vehicle Sales and Dealerships
Scott Fahey
Chief Marketing Officer

20
Our ANZ dealership model
covers all aspects of the owner
lifecycle
oBuild/Buy–Sourcing the best
brands to sell, either built in our
factory or from our manufacturer
partners
oRetail Experience–Give our
customers an excellent
experience throughout the
entire retail journey
oService/Support–Continue to
support the customer with
additional products and services
1243

21
We aim to maximise the value achieved in sales
While most rental operators hold vehicles and then treat them as “disposals”, we have a sales
dealership mentality and recognise it is a business in its own right
oIn Australia and New Zealand we sell new RVs and the majority of the ex-rental fleet via our retail sites to maximise
value
oAustralia has eight dealerships selling a range of towable and motorised RVs
oOutside of the Australian and New Zealand markets, our vehicle sales are focused on the ex-rental fleet
xxx
Kratzmann Caravans and Motorhomes, QLDGeorge Day Caravans and Motorhomes, WA
1243

22
We have a suite of retail product brands
We offer a wide range of caravan and motorhome brands including our own brand suite
Our Core
Brand Suite
Our Brand
Franchises
1243
* Apollo has the exclusive right to manufacture Winnebago in Australia and New Zealand
*

23
We leverage ancillary opportunities in the RV category
Our dealerships in ANZ offer a wide range of RV accessories in-store and online, we also offer
finance, insurance, protection products, parts and servicing
1
RV Super Centre online storeRV Super Centre Auckland branch
1
Finance and insurance products offered under agency or referrals to third party providers.
1243

Nick Judd
Chief Financial Officer

25
We have an imperative for smart fleet growth
Detailed rolling reviews are conducted by market. When external conditions are
dynamic, fleetpurchase and sales decisions are made on a near weekly basis
Hold or Grow Market Share
Grow Category Demand
Optimise 15%+ ROFE (Utilisation,
Yield, Costs)
Manage Balance Sheet Health
Fleet Plans
by Market
Smart Growth
Imperatives
Rolling Review Horizons
5 Year Growth Plans
2 Year Supply Chain
Management
Rolling 18 Month P&L Forecasts
In-season Tactical Changes
1243

26
We have a disciplined approach to return on
funds employed
We review market conditions for every investment decision
othl’sBoard oversees and approves all major fleet capital expenditure decisions by vehicle type
and region
oEach fleet purchase decision undergoes thl’s capital expenditure assessment where future
rental yield, sales market and cost trends are assessed by vehicle type and region for the entire
period the vehicle may remain on fleet, with what we consider to be conservative assumptions
applied
oAn investment will generally not be approved unless it meets the expected minimum hurdles:
oReturn on Funds Employed of at least 15%
oPositive net present value
Return on Funds Employed = EBIT / Funds Employed
In a rising interest environment, we
apply higher WACC rates and stricter
investment hurdles
1243

27
We aim to maximisereturns across the vehicle lifecycle
We assess rental and sales values and volumes monthly to determine
tactical sales plans
Year 0Year 1Year 2Year 3Year 4Year 5
Market Value
There is an immediate
unrealised equity benefit
between build/buy
cost and retail value
Real Depreciation Rate
1
can vary between
<0 to 7% p.a.
depending on timing
and country of sale
1
The Real Depreciation Rate is the measure of the difference between the purchase price and sale price of the vehicles
sold in a financial period. It allows for no gain on sale or costs associated with the sale or management of the vehicle.
Vehicle
Value
Sale Assessment
Points
oMarket value declines at
certain milestones relating
to age and kms travelled –
we assess whether to sell
before these milestones,
maximising time on fleet,
rental revenue and sales
margin
oHistorically, fleet has
generally been sold above
its book value, with
margins maximised
through active milestone
assessment
Purchase or
build cost
1243

28
We have debt facilities available to fund the re-fleet
The Board and management are conscious of maintaining an appropriate net debt to EBITDA
ratio throughout the regrowth programme
oWe do not expect to require additional equity to
undertake the fleet regrowth programme
oFleet growth will be partly funded by retained
earnings and proceeds from the sale of existing
fleet
othl’s dividend policy during the fleet regrowth
programme will recognise the need to maintain
an appropriate net debt to EBITDA ratio
oAs previously indicated, based on our current
performance expectations for FY23, we expect
that thlwill be in a position in August to declare a
dividend
oWe expect to confirm the approach to the
dividend policy by the FY23 Annual Results
release
31 December 2022
Facility
size
DrawnUndrawn
Syndicated corporate
debt
$148.4M$98.6M$49.8M
Asset finance$401.9M$140.5M$261.4M
Floor plan finance$60.3M$37.3M$23.0M
Other loans
1
$33.4M$31.7M$1.7M
Total$644.0M$308.1M$335.9M
1
These facilities have largely been repaid post 31 December 2022. This includes repayment of
the Canadian property mortgage following the sale of the Canadian properties in January
2023.
Over $300M in undrawn debt facilities
1243

29
The pace of fleet regrowth will respond to the recovery in
demand
9,568
10,631
12,033
10,015
6,942
6,508
6,393
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY17AFY18AFY19AFY20AFY21AFY22AH1 FY23FY24FY25
We will continue to maximisefleet
growth under our ROFE
requirements while mindful of
market share goals
Our current medium-term
expectations are that fleet
willremain under 10,000 units
globally through to
the end of FY25
+1,063
vehicles
+1,402
vehicles
Decisions on regrowth
pace are influenced by:
•Cost of fleet
•Mix of fleet
•Yield trends
•Supply availability
•Demand
environment
•Optimal fleet size
•Sales demand
•Sales margins
1243

30
A proven history of flexibly managing the balance sheet
Debt is invested in growing assets and earnings through
a larger fleet of revenue-generating vehicles
Vehicles are mobile, liquid and generally have
embedded equity above their book value
This gives thl the flexibility to manage debt in response
to any shifts –as evidenced during the pandemic
1243

31
Borrowings are invested in growing funds employed
We apply strong discipline to any decisions to increase funds with our 15% Return
on Funds Employed target
0
100
200
300
400
500
600
200820092010201120122013201420152016201720182019202020212022
NZD$M
Bank BorrowingsFunds Employed
1243

Grant Webster
CEO & Managing Director

33
Progressing well in realising merger synergies
On track to deliver a steady-state EBIT uplift of $23M -$24M
Labour
Savingson track for FY23. FY24 may be slightly delayed due to integration
intensity, no long-term concerns
Group Support / CorporateDuplicate group support services spend phasing out
Sales & MarketingDuplicate fixed costs removed. Performance marketing spend on track
ITFocus on integration over costs at present, timing issue only
PropertyAll properties consolidated by mid-May. Three sites still to be subleased
Bill of MaterialsPrimary focus is cost increase mitigation. Fleet consolidation is on track
Repairs & MaintenanceOn track, also managing against inflation-based cost increases
Vehicle Sales MarginsAll target vehicles now sold through internal retail distribution channels
InterestFunding arrangements rationalized and interest savings ahead of schedule
UK and IrelandOpportunities progressing across commercial, operational and marketing
North AmericaExploring fleet opportunities to improve Canadian off-season utilisation
Commercial StandardisationPricing now run by a single team with fleet on single system from mid-May
1243

34
Embedding realisedsynergies is a key focus
Our synergy tracking model is about tracking measurable results against the
counterfactual baselines, with permanent P&L indicators embedded to sustain
synergies
NPAT
Synergy
Tracking
Other P&L
Indicators
Project Orange Actions and
Processes
Record NPAT
achievement is the
ultimate test and
measure of success
We track our
realised synergy
numbers against
the modelled
counterfactuals
We adopt other
P&L indicators in
the business to
track and embed
savings
We get assurance from specific Project
Orange synergy actions and
governance processes
1243

35
We have a long history of acquisitions and partnerships
1243

36
M&A opportunities we expect to consider
While currently focused on the merger integration, we also consider the
appropriate next opportunities for growth
oOrganic growth is the primary focus at present, given the merger and existing fleet
growth opportunities
oWe intend to continue to explore a pipeline of opportunities globally in future
oWe do not intend to explore any further RV rental opportunities in New Zealand or
Australia
oAs previously indicated, we see North America and Europe as the most suitable markets
for potential M&A expansion
oWithin Australasia, we may consider appropriate small-scale add-on acquisitions within
manufacturing or dealerships, enhancing and leveraging our current business model and
competitive advantages
1243

37
Preparing for the transition to EV
Triallinga new EV rental product for of the 2023/24 New Zealand summer
oThe thlBoard has approved a level of ongoing annual capital expenditure to trial EV and
other sustainable new vehicle technologies
oThis year we are trialling six new EV campervans in the New Zealand market
oThe vehicles will be built by Action Manufacturing on a chassis manufactured by a key
OEM manufacturer
oTravel range is expected to be up to 220kms, a meaningful increase from thl’s earlier 2018
EV trial which had an expected range of up to 140kms
oThe vehicles are expected to be on-fleet ahead of the 2023/24 summer season
oOur category of vehicles (light commercial, long-range) remains a low priority for OEMs
globally

38
Our global sustainability strategy is based on the science-
based goals of the Future-Fit Business Benchmark
✓Established a science aligned target of absolute
reduction of Scope 1 and 2 GHG emissions of 50.4%
from FY20 baseline
✓Rolled out Country and Branch Action Plans that
aim to achieve goals on energy, emissions, waste,
water, procurement and community
✓Global Sustainable Procurement Working Group
into year two of five-year plan
✓Supplier Code of Conduct rolled out to key
suppliers
✓In second year of disclosing our climate-related
financial risks and opportunities aligned with TCFD
and CRD
LEADER SCORE ON
CESG MATTERS
A-

Australia and
New Zealand
Markets
Stacey Davis –Chief Operating
Officer, Australia

40
A large, established RV industry
* Apollo has the exclusive right to import and distribute Adria in Australia and New Zealand; and the
exclusive right to manufacture Winnebago in Australia and New Zealand
*
*
RV
Darwin
Perth
Adelaide
Hobart
Melbourne
Cairns
Brisbane
Newcastle
Sydney
Broome
Alice Springs
Geelong
Kratzmann
othl is the leader in RV rentals with 1,855 fleet
1
and
~30 –35% market share
2
oKey competitors with estimated fleet of 300+ each
include Jucy, TravellersAutobarn, Cruisin’, Wicked
and Let’s Go Motorhomes, with a long tail of
smaller local operators
oRV sales market is highly fragmented –estimated
to be hundreds of small dealerships across
Australia
oJayco RV are the largest operator in Australian RV
manufacturing and sales
o~30,000 new RV (motorisedand towable)
registrations annually –a growing number of
Chinese-manufactured caravan imports into
Australia in recent years
oAn established peer-to-peer market with key
operators Camplify and Outdoorsy providing a mix
of caravans and motorisedvehicles
oInternational visitor arrivals forecast to return to
and exceed pre-pandemic levels by 2025 and then
grow a further 16% by 2027
3
1
As at31 December 2022
2
Market share reflects management estimates based on estimated total rentable RV
fleet in market. Refer to slide 17 for further details.
3
Tourism Research Australia

41
A popular international RV travel destination
othl is the leader in commercial RV
rentals with 1,485 fleet
1
and ~25 –30%
market share
2
oKey competitors with estimated fleet of
300+ each include Jucy, Wenderkreisen,
Escape, Spaceships and Tui Rentals,
with long tail of small local operators
oRentals market is strongly concentrated
on the international customer segment
oRV Super Centre is New Zealand’s
largest RV dealership by footprint
oFragmented RV sales market with few
operators with more than one location
oPeer-to-peer segment can more
effectively service outside the key
Auckland, Christchurch, Queenstown
areas
1
As at31 December 2022
2
Market share reflects management estimates based on estimated total
rentable RV fleet in market. Refer to slide 17 for further details.
* Apollo has the exclusive right to import and distribute Adria in Australia and New Zealand; and
the exclusive right to manufacture Winnebago in Australia and New Zealand
Auckland
Christchurch
Queenstown
*
*
RV

42
The market dynamics in the two countries
The New Zealand market has a greater weighting of international bookings
oHistorically ~90% of customers are international
oKey international origin markets have been Australia,
Germany, UK and Switzerland
oHistorically ~70% of bookings were generated via B2B
partners –reflective of high proportion of international,
presently a greater mix of B2C correlating with higher
domestic than pre-COVID
oHistorical average utilisation of fleet of ~60 -65%
oGreater utilisation being presently achieved due to a smaller
fleet
o2H23 yields ~50% above pre-COVID levels
oHistorically ~40 -45% of customers are domestic –Apollo
had a greater international focus than thl
oKey international origin markets have been Germany, UK
and Switzerland
oHistorically ~65% of bookings were generated via B2B
partners, presently a greater mix of B2C correlating with
higher domestic than pre-COVID
oThe market is less seasonal with more consistent utilisation
being achieved across the year –generally average
utilisation of fleet is ~70 –75% with similar utilisation
presently
o2H23 yields ~100% above pre-COVID levels
Performance
Metrics
New ZealandAustralia
Customers and
Demand
oNearly all fleet self-manufactured with Mercedes, Iveco, Ford
chassis, some flex vehicles purchased from Just go
oHistorically thlhas sold ~600 vehicles per annum mostly
retail with a small proportion wholesale, Apollo sales were
100% wholesale
oHistorical average margins of ~NZ$11,000
1
oNew vehicle pricing has increased but at a lower rate than
seen in North America and UK/Europe
oNearly all fleet self-manufactured with Mercedes, Iveco, LDV
and Toyota chassis
oHistorically each of thl and Apollo have sold between ~200 –
300 vehicles per annum. thl sales were ~25% retail while
Apollo was 100% retail through its owned dealerships
oHistorical average margins of ~A$11,000
1
oNew vehicle pricing has increased but at a lower rate than
seen in North America and UK/Europe
Fleet and Sales
1
Reflects thl ex-fleet sales trends

43
The ANZ fleet model targets all customer segments
Vehicles range from small to large and from new to ~six years, across a portfolio of brands
oNearly all fleet self-manufactured with some European imports.
Under the flex model, New Zealand imports ex-Just go fleet for the
high season, allowing vehicles to operate two successive high
seasons (UK and New Zealand) and be sold as near new
oThe greater rental durability of vehicles we manufacture allow
vehicles to remain on core fleet for longer periods than in other
markets with well managed R&M costs
oVehicles come off-fleet for sale at all age points, remaining on fleet
generally up to a maximum of ~six years
oIn New Zealand ~80% of the fleet consists of motorhomes and
long-wheelbase vans, remaining ~20% are Hiace campers
oIn Australia, ~60% of the fleet consists of motorhomes and long-
wheelbase vans, ~30 –40% are Hiace campers, 4WD fleet is
seasonal and can be up to ~15% of total fleet during season
o4WD fleet is seasonal from April to November. Apollo self-
manufactures its 4WD fleet, running multiple seasons and selling
via dealerships. thl purchases annually under buyback
arrangements with the seller repurchasing the vehicle at end of
the season
oAverage fleet age of ~3 years in Australia and ~3.5 years in New
Zealand –impacted by divestment of 310 of Apollo’s newest
motorhomes as part of the merger clearance process
oPost merger all Australian ex-rentals to be sold through owned
dealerships. In New Zealandthe majority will be sold through thl
dealerships with some wholesale volumes
6 Berth Maui River
3 Berth Maui Ultima
5 Berth Safari 4WD (Australia only)
6 Berth Britz Frontier (ex Maui River)
2 Berth Mighty Hi-Top

44
Vehicles flow through the brand portfolio
Off-fleeting for sales at all age points provides the dealerships with stock at all price points

The UK/Europe
Markets
Nick Roach
Chief Operating Officer,
UK/Europe

46
The UK rental market is highly fragmented
There is an opportunity to increase the fleet to 1,000+ vehicles in the UK & Ireland in future
United Kingdom & Ireland
Edinburgh
London
Belfast
Dublin
Hamburg
Europe
oJust go and Bunk are collectively the largest
commercial RV rental operator in the UK
1
oWith an expected peak summer fleet of ~500 vehicles
and four locations across UK/Ireland, the business has
an estimated ~15 –20% rental market share
1
oExpansion of two RV Super Centres in 2019 for vehicle
sales, maintenance and repairs (co-located with rentals)
oEstimated ~10 RV rental operators with 50+ sized fleets
oKey rental competitors include McRent, Indie Campers,
Spaceships and Easicamper
oApproximately 50% of market share is held by smaller
operators with fewer than 50 vehicles and a single
location
oP2P has been present in the market for ~10 years with
key operators today including Goboony, Camplify and
Yescapa
o2023 inbound UK tourism levels are forecast to recover
to ~86% of 2019 levels
2
Just go and Bunk
The Market
1
Market share reflects management estimates based on estimated total rentable RV fleet in
market. Refer to slide 17 for further details.
1
Visit Britain

47
A predominantly domestic business with regular re-fleeting
Customers and
Demand
Performance
Metrics
Fleet and Sales
o~65 –70% of customers are domestic –we expect to grow the international
part of the business in future
oKey international origin markets are Europe (Germany, Spain, France) and
Australia/New Zealand
o~65% of rental bookings are generated direct B2C –expected growth in
international bookings likely to mean greater mix of trade partner bookings
oAverage annual fleet utilisation of ~50 –60% due to seasonality
o1H23 yields ~55% above pre-COVID levels
oFleet acquired fully assembled from Trigano and Hymer
oUp to 70% of fleet annually shipped to thl NZ rentals via flex model,
remainder sold exclusively retail via RV Super Centre UK. Future fleet
growth in the UK creates an opportunity to grow the scale of the New
Zealand/UK flex import model
oHistorical average margins of ~£7,000
1
1
Reflects Just goex-fleet sales trends

48
Just go
Edinburgh, Scotland

49
We offer a premium product and operate a young fleet
oVehicles are 2 to 6 berth self-contained with central
heating and televisions
oWe target replenishing the entire fleet every year so that
no vehicle is more than two summers old
oCurrent average fleet age is older due to holding of
previous year’s fleet to manage new vehicle supply
challenges
oAverage fleet age is expected to materially improve by
the end of 2023
Just goBunkCombined
Fleet size:
31 Dec 2022
~230~220~450
Average
fleet age
~1.5 years~3 years~2.5 years
Fleet mix:
2 berth
~20%~33%~25%
Fleet mix:
4 –6 berth
~80%~67%~75%
6 Berth Adventurer
4 Berth Wanderer

50
Just go
Greater London, England

51
Synergy opportunities in the UK market
The synergies are expected to deliver material earnings growth to the UK
business
Commercial
Operational
Marketing
oInsurance consolidation
oCross-sale of Camperco products via RV Super Centre
oStandardisationof product offering
oProperty consolidation –Edinburgh to be consolidated in May
oBunk vehicle servicing/repairs to be done by RV Super Centre
oLaunch of Motekscheduling system in both businesses for
fleet efficiencies
oAlignment of commercial terms and management of brand
propositions between Just go and Bunk
oEfficiency in allocation of future marketing spend

The North
American
Markets
Gordon Hewston
Chief Operating Officer, United
States

53
oCanaDream established in 1995
oEstimated market share of ~20 -25%, positioned #2 to Fraserway RV.
1
Key competitors include Cruise America, who have a similar fleet
size to CanaDream
oThe CanaDream brand is positioned as the highest quality offering
and most modern fleet in the market, enabling it to achieve the
strongest yields
oCanada is experiencing similar P2P trends as observed in the United
States
oInternational tourist visits to Canada are expected to recover to 2019
volumes by 2025
3
oCompared to 2023, total international visits to Canada are forecast to
grow by 69% by 2030
2
oRoad Bear originally founded in 1980s and El Monte RV founded in
1970’s.
oEstimated market share of ~10 –15%, positioned #2 to largest
operator Cruise America
1
oRoad Bear is positioned as highest quality offering in market with an
international focus –El Monte historically a greater domestic focus
oHighly fragmented market with few operators of scale, many owner-
operated RV dealerships with localisedrental offerings
oSignificant private equity investment in P2P in recent years –key
operators Outdoorsy and RVshare. P2P operates primarily in the
domestic market
oRVIA forecast RV wholesale shipments of ~330,000 in 2023 –a
significant reduction from 2022 shipments
2
United States
Canada
Orlando
thl also has licensees in Reno, Corona, Sacramento, San Diego, Santa Cruz, Ventura /
Oxnard, Victorville, Miami, Chicago, Salt Lake City and Denver
Vancouver
Edmonton
Calgary
Toronto
Halifax
Los Angeles
San Francisco
Seattle & Ferndale
Montreal
Las Vegas
Dallas
Denver
New
Jersey
Whitehorse
1,434
vehicles
1,162
vehicles
The largest RV market in the
world
1
Market share reflects management estimates based on estimated total rentable RV fleet in
market. Refer to slide 17 for further details.
2
RV Industry Association
3
Destination Canada & Tourism Economics, Fall 2022

54
The market dynamics in the two countries
The Canadian market has a greater weighting of international bookings
oPre-COVID ~ 20% of the business was domestic –
currently elevated due to domestic growth during
pandemic
oKey international origin market is Germany, followed by
Netherlands, UK and Switzerland
oHistorically ~25% of bookings were direct B2C –this is
higher today due to more domestic business
oAverage annual fleet utilisation of ~50 –60% –business
operates at high utilisation in Q1 but <5% utilisation in
Q3 due to deep winter
o1H23 yields up ~40% on pre-COVID levels
oHistorically ~45% of the business was domestic –
currently elevated due to domestic growth during
pandemic
oKey international markets are Germanic speaking
Europe, Netherlands, UK, France
oHistorically ~50% of bookings in El Monte were direct
B2C ~30% in Road Bear
oAverage annual fleet utilisation of ~50 –60% -utilisation
outcome reflects how much of the fleet can be sold
before winter commences
o1H23 yields up ~40% on pre-COVID levels
Performance
Metrics
CanadaUnited States
Customers and
Demand
oMain chassis supplier is Ford with 20+ year relationship
oUse a variety of RV manufacturers
oHistorical margins ~CA$6,000 –10,000
oMain chassis suppliers are Ford and GM -long-standing
relationships since businesses were founded
oKey RV manufacturers are Thor, Forest River and
Winnebago –also very long-standing relationships
oLeverage a wholesale network of 60+ dealers to drive
sales volumes with some retail off our own sites
oHistorical margins ~US$6,000
Fleet and Sales

55
El Monte RV
Santa Fe Springs, California

56
CanaDream
Calgary

57
The Road Bear and El Monte fleet models
6 Berth Class A
Motorhome
6 Berth Class C
Motorhome
oFleet consists of 4 to 8 berth vehicles, ranging from Class A to Class C
oRoad Bear operates a near new fleet. Vehicle sales generally commence after a single season with the aim to sell at a
higher price than the wholesale purchase cost
oRoad Bear aims to sell/replenish approx. 60 –90% of fleet every year, El Monte approx. 30 –60% as it holds vehicles
longer than in the Road Bear model
oVehicle sales are via retail and wholesale and mix can vary by year depending on supply and demand constraints and
opportunities. There is a strong push of wholesale in the fall post high-season to reduce fleet held across the winter
period
4 Berth Class B
Camper

58
The CanaDream fleet model
We operate Class C, Class B and campers ranging from 2 to 6 berth
2 Berth Deluxe
Class B Camper
6 Berth Maxi
Class C Motorhome
3 Berth Maxi
Travel Camper
oFleet consists of Class C, Class B and campers ranging from 2 to 6 berth
oMost of the fleet is under 2 years old, with current average age of ~12 months
oAim to replenish as much of the fleet as possible –historically ~300 –450 vehicles sold annually
o~50 –70% of sales are via the wholesale channel however this can vary by year
oWe sell wholesale to a large number ofdealers –over 40 across Canada and the United States
oMost wholesale vehicle sales are to dealerships based in USA, sales generally commence after the rentals
high season

59
Synergy opportunities in North America
Operational Utilisation
Adopting a cross-border fleet approach to improve utilisation of
Canadian fleet in Q3 which currently has utilisation below 5%
Sales Channels
Reviewing the timing, location and mix of retail vs. wholesale vehicle sales
across USA and Canada, to maximise rental utilisation and sales margins
Procurement
Exploring opportunities involving CanaDream, Road Bear and
El Monte’s supply options

Wrap Up and
Q&A
Grant Webster
CEO & Managing Director

62
Disclaimer
This presentation contains forward-looking statements and
projections. These reflect thl’s current expectations, based on
what it thinks are reasonable assumptions. The statements
are based on information available to thlat the date of this
presentation and are not guarantees or predictions of future
performance. For any number of reasons, the future could be
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