2023 Annual Meeting Address

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




19 October 2023

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

2023 ANNUAL MEETING ADDRESS

Chair’s address – Cathy Quinn ONZM

The last 12 months have seen many achievements and milestones. What you see on screen are only some
of the highlights and demonstrate the progress we’ve made across the business.

Touching on some of the key highlights, in December we merged thl and Apollo to create the world’s largest
commercial RV rental operator and listed on the ASX. We then delivered a record profit result for the year
and recommenced dividends with a final and full year dividend of 15 cents per share. The team have also
been busy progressing the integration of the two companies and positively are tracking ahead of schedule
in realising synergies. It is a truly exciting time at thl as we have taken actions and capitalised on
opportunities over the last 12 months to create the potential for future growth. Across the organisation
we have created real momentum.

We do consider that we are in a positive position today as a business, and I will touch on a few of the
factors that give us this confidence.

We are today the world’s largest commercial RV rental operator by fleet size, with an estimated number
one or number two rentals share position in each operating region. We have just delivered a record
underlying net profit after tax of $77.1M on a pro forma basis, or $49.9 million on a statutory basis, all
while effectively integrating the two global leaders in RV rentals through the transformational merger with
Apollo. We have meaningful synergy opportunities arising from the merger and a significant fleet regrowth
plan ahead. We will benefit from our vertical integration into manufacturing in New Zealand and Australia
as we undertake our re-fleeting. We believe we have the balance sheet strength to enable us to fund our
current fleet regrowth plans without requiring additional equity or diluting shareholders.

We have a proven Board of Directors and Executive team who effectively managed the company through
the biggest shock to tourism in history without a capital raise, and who are strongly focused on supporting
the future growth of thl. All while appropriately managing the risks to our business and people. With the
addition of our Australian-based directors, Sophie, Rob and Luke, we also have a Board with significant
Australian industry, governance and capital markets experience.

More broadly, while there are some macro headwinds in the economy, we have observed tourism
spending to date to be resilient as people seek to travel after several years of restricted international
tourism. We also see positive long-term indicators for our industry with a growing interest in travel by RV
and increased travel from a younger demographic.

The combination of all of these factors we believe suggests a bright future for thl and our industry.

At thl we have a history of publicly stated profit growth goals. We believe these are effective at creating a
north star for the group, creating momentum and alignment internally.

With our first set of merged financials complete, we believe now is an appropriate time to set a new goal.
As a Board and management team, while we recognise that in the short-term the current macroeconomic
conditions will create some volatility, particularly in the North American market, we do have confidence in
the long-term direction of this business.

Having reviewed each business and their core operating metrics, we have set a goal for thl to achieve
$100M in net profit after tax in the 2026 financial year.

While we have multiple earnings growth levers, including the regional expansion of the build, rent, sell
model, our fleet regrowth plan, the realisation of merger synergies and acquisitions and partnerships, we
do believe that our $100M NPAT goal is achievable through organic growth and the full realisation of the
identified merger synergies.

This does not mean that we don’t consider acquisition opportunities. We will continue to explore these as
and when they arise, as thl has always done.

Lastly, we have every intention for ongoing growth beyond this target. We do not see thl’s growth stopping
there. However, achievement of a $100M net profit after tax goal would be a milestone on our growth
journey that should not be underestimated both culturally and financially.

Before I pass on to Grant to cover off the result in more detail, I would like to acknowledge and thank all
of our shareholders for your support of the businesses through-out what was an unprecedented
challenging period. We have come out of this period in a stronger position and hope to continue on this
positive growth journey with you.

CEO’s address – Grant Webster

FY23 was a phenomenal year for thl and deserves celebrating. From a financial perspective as Cathy
mentioned we delivered a record result. Whether you look at thl on a standalone basis, or whether you
look at the pro forma merged group and compare it against the two best years in thl and Apollo’s history,
it is a record underlying pro forma result.

From the figures on screen you will see that it has been a complex result with the merger completing part
way through the year, with four different net profit after tax metrics reported. As we move forward into a
full year as a merged group, our result will become less complex and we will look to simplify the detail
provided for both ease of understanding and commercial sensitivity.

I want to take a moment to acknowledge this result against our original expectations for the year set back
in August last year. Combining thl and Apollo’s first profit guidance for FY23 gave a result of approximately
$51 million at the top end, meaning our final result beat the original expectations by over $25 million or
50%. This is a significant increase and a real testament to our team. Their hard work has contributed to us

delivering this result and put us in a position where we have been able to award all our permanent crew
globally with a net $1,000 share or cash bonus, which will be payable later this month. This bonus has been
received very positively and we see many benefits from an employee engagement and retention
perspective.

Looking ahead I am excited to announce that we have entered into an agreement in connection with the
lease and development of our new flagship Auckland branch. Some may remember that unfortunately our
old branch burned down in late 2020, and we have been operating from a temporary site near the Auckland
Airport since then.

Our new site, located in South Auckland, will be transformational for thl. We will be investing approximately
$20 million across the next 14 months to re-develop the site so that it is fit-for-purpose as a rentals and
vehicle sales branch, as well as the sole head office for our Auckland-based crew. We believe that the
grounds, facilities and interior spaces of this location present a once-in-a-lifetime opportunity to deliver a
world-class experience for our guests in a more efficient manner. Our investment in this flagship site is a
statement as to where we see the future of our business heading.

The scale of the site will enable us to invest in a full-service RV Super Centre dealership featuring an indoor
showroom showcasing brand new motorhomes and caravans, an extended retail store and a large-scale
service centre for motorhome owners. This will be our first full-fledged dealership model in New Zealand,
and we believe will become the premier shopping destination for RV enthusiasts and owners in New
Zealand. The development will be undertaken in consideration of our future-fit principles and with a focus
on solar power and water conservation. We look forward to hosting you as shareholders and potential
customers once our site is fully developed.

Having recently visited a number of our businesses and operating regions, it is worthwhile to give a brief
update on our view of the global tourism and RV industry today.

The global RV rental market has gone from strength to strength. We are seeing that prices are up across
all aspects of the tourism industry, as are wages and input costs. Demand has been extremely resilient and
customers are accepting the reality of higher tourism prices and remain keen to travel. The concept of
revenge travel is beginning to feel like a misnomer, as the changes appear to be a long-term positive trend
ahead of us. RV rental supply remains well down on pre-COVID supply levels and we expect it will take
several years for this to recover, likely lagging well behind the recovery in international airline capacity.

The positivity that we are seeing in tourism demand does contrast with the challenging broader
macroeconomic conditions. The downside of the economic situation will have an impact on RV sales
globally, but more so the North American market than others. The usual RV purchaser in New Zealand or
Australia would be the mortgage-free retiree, who may have seen some benefit from the higher interest
rates and can often be in a position to pay using savings, so is less impacted by the rising financing costs.
For thl, retail RV sales is a valuable growth area, but it is not a business-critical aspect and we expect will
grow again from calendar 2024 on.

Moving on to an update on the latest North American high season, which normally covers the period from
late June through to September.

From a rentals perspective we have had a positive season and achieved strong yields in line with our earlier
expectations. The Canadian business benefited from the larger fleet size this year and had a very strong
shoulder season, and the USA business operated at high utilisation across the Burning Man festival period.
From a vehicle sales perspective, we are seeing average margins continue to normalise as we have
previously indicated. Quarter one sales volumes are up on last year but down on expectation, reflecting
the subdued retail RV market, driven by constrained household budgets and greater financing costs.

As we indicated in our annual results, we have already managed for this outcome by taking a conservative
approach to our 2024 purchase volumes, so that our fleet size and funds employed are appropriately
managed to the markets.

Looking at the broader RV industry in North America, the consensus is that total wholesale shipments of
new RVs, which covers both towables and motorhomes, will be around 300,000 in calendar 2023. This is
seen as a low point with expectations of a recovery in calendar 2024 of up to 20% growth in RV volumes.
Of critical importance is that the current environment is generally seen as a temporary decline, with no
structural shift away from the growing interest in the RV category.

When we consider thl’s position within the RV category, it is important to recognise that our sales presence
is in the used motorhome part of the market. The motorhome category has generally seen less of a decline
than towables and the used category is also partly protected as customers trade down to our vehicles at
lower price points.

The expected reduction in purchase and sales in this market over the next 18 months will see us slightly
age the rental fleet, however we operate a very young fleet in both these markets. On average our
operating fleet in Canada is only 1.2 years old and it is even lower in the USA at 1 year.

The positive upside to the current environment is that we are able to deal more effectively with our
suppliers on both delivery timing and price.

We are currently in the process of implementing new demand generation strategies in the USA business
to support a sustainable improved ROFE performance and are positive about the overall outlook of the
North American market beyond FY24 and the synergies that we can create between the two businesses.

Our expectations for FY24 remain unchanged from the guidance we provided as part of our annual results.
We remain of the view that last year’s pro forma underlying NPAT of $77.1M is a good starting point and
continue to be positive about thl’s opportunity for growth in FY24 and beyond.

On a group basis we have delivered a positive performance to date in this financial year relative to our
expectations, with challenges in the retail RV sales market, particularly in North America, offset by
outperformance in other areas of the business.

We have decided not to provide half-year guidance at this time, as it would not give clarity on the
performance of the business across the full year. There are several factors that will need to be considered
when comparing the half-year result against the prior corresponding period, including the sale of 310
motorhomes to Jucy in the first half of FY23, and the impact of acquisition accounting adjustments and the
thl global crew bonus paid in the first half of FY24. These factors should result in the H1 underlying
contribution this year being a lesser proportion of the full year result.

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
Welcome
Cathy Quinn ONZM
Chair

3
Proxies and postal votes
•Valid proxy and postal votes: 117.5 million
•Proxy and postal votes as a percentage of ordinary shares
on issue: 54.2%
•Proxies received appointing the Chair of the meeting as
proxy: 80.8 million

4
Today’s agenda
•Welcome and agenda
•Chair’s address
•Chief Executive’s address
•Resolutions
•Q&A
•Close of meeting

Chair’s Address
Cathy Quinn ONZM
Chair
Chair Address

6
A year of momentous achievements
RELAUNCH OF
KIWI EXPERIENCE
FROM HIBERNATION
RETURN OF
INTERNATIONAL TOURISTS
TO DISCOVER WAITOMO
ROLL OUT OF MOTEK, OUR
GLOBAL BOOKING AND FLEET
MANAGEMENT PLATFORM
RATIONALISATIONOF
FINANCINGSTRUCTUREWITH
REDUCTIONOFLENDERS
LAUNCH OF NEW
FUTURE FLEET EV
PROJECTS GLOBALLY
US OPERATIONS REDUCED WATER
USE BY 50% OVER
LAST FOUR YEARS
AUSTRALIA BRANCHES
REDUCED ELECTRICITY USE BY
22% OVER LAST THREE YEARS
MELBOURNE REDUCED
WASTE BY 35% OVER LAST
THREE YEARS
ROLLOUT OF NEW
FUTURE-FIT BRANCH ACTION
PLANS GLOBALLY
LAX REDUCED WASTE TO
LANDFILL BY ~30% OVER LAST
THREE YEARS
211 NOMINATIONS
FOR CREW
RECOGNITION AWARD
TRANSFORMATIONAL
MERGER WITH APOLLO
TOURISM & LEISURE LTD
ACHIEVED HIGHEST MARKET
CAPITALISATION IN
thl’s HISTORY IN FY23
DELIVERED A RECORD
UNDERLYING NET PROFIT
AFTER TAX RESULT
ACTION MANUFACTURING’S
ACQUISITIONS OF TRANSCOLD AND
FREIGHTER
ACQUIRED REMAINING
SHAREHOLDING IN
JUST GO MOTORHOMES
CONSOLIDATION OF 13 thl
AND APOLLO BRANCHES
ACROSS AUSTRALASIA
DIVESTMENT OF
MOTORHOMES AND BRANCHES
TO JUCY RENTALS
NEW PLATINUM
4-BERTH AND 6-BERTH
VEHICLE DESIGNS
EXPANSION OF TOWABLE AND
MOTORISED PRODUCT RANGE IN
AUSTRALIAN RV DEALERSHIPS
RELOCATION OF
ACTION MANUFACTURING
TO NEW HAMILTON FACTORY
SALE AND LEASEBACK
OF APOLLO’S PROPERTIES
IN CANADA
RECOMMENCED
DIVIDEND PAYMENTS
DUAL LISTED ON ASX

7
We are in a positive position with a long-
term growth outlook
•Largest global RV rental fleet operator with #1 or #2 market share in RV rentals
in each operating region
1
•Delivered record underlying result in FY23 -underlying pro forma NPAT of
$77.1M, statutory NPAT of $49.9M
2
•Effectively integrating two leading operators in the RV rental industry, with
material merger synergy opportunities
•Balance sheet strength to fund current fleet regrowth plan
•Proven Board of Directors and Executive team focused on supporting the future
growth of thl
•Growing interest in RV lifestyle and increased interest in RV from a younger
demographic are positive indicators for long term growth
1
Management estimate
2
Refer to thl’s FY23 Annual Results Presentation for a reconciliation of underlying pro forma NPAT to statutory NPAT

8
Our medium term ambitions
•Current macroeconomic conditions will create some short-term
volatility, particularly in the North American market
•We do believe that our $100M NPAT goal is achievable through
organic growth and full synergy realisation
•We have every intention for ongoing growth beyond our $100M
goal
•We will continue to explore appropriate earnings accretive
acquisition opportunities
We have set a goal for thl to achieve
$100M in NPAT in the 2026 financial year

CEO’s Address
Grant Webster
CEO & Managing Director

10
Our financial year in review
A record NPAT performance
+$52.0M
STATUTORY NET
PROFIT
AFTER TAX (NPAT)
$
49.9
M
(FY22: -$2.1M)
+$226.6M
NET DEBT
4
$
285.1M
(FY22: $58.5M)
+$53.2M
UNDERLYING NPAT
1
$
47.8
M
(FY22: -$5.4M)
+3,172
FLEET AT YEAR END
7,233
(FY22: 4,061)
5
UNDERLYING PRO
FORMA NPAT
1,2
$
77.1
M
(FY22: N/A)
+$318.0M
TOTAL REVENUE
$
663.8
M
(FY22: $345.8M)
+$82.0M
EBIT
$
88.9
M
(FY22: $6.9M)
$
81.1
M
(FY22: N/A)
1
Excludes the following non-recurring items: A $4.1M gain on the revaluation of 49% shareholding in Just Go and existing Apollo shares, a $1.0M gain on revaluation of shares held in Camplify Holdings Limited; offset by $$3.0M (after tax)of
transaction costsinrelation to the Apollo merger.
2
Includes 12 months of Apollo and Just go results at assumed 100% ownership, notwithstanding that those businesses became wholly-owned part way through the year. Refer to the FY23 Results Investor Presentation for reconciliations to
Statutory NPAT.
3
$81.1M result is after t h e r e v e r s a l o f a $4.0M net N P A T reduction f r o m Apollo acquisition accounting adjustments.
4
Net debt refers to interest bearing loans and borrowings less cash and cash equivalents.
5
4,061 includes Just go fleet and therefore differs from thl’s reported fleet at FY22 year-end of 3,858.
UNDERLYING
PRO FORMA NPAT
1,2,3
(REMOVING ACQUISITION
ACCOUNTING ADJUSTMENTS)

11
Developing our new Auckland flagship branch
Expected to be ready in December 2024

12
With a full-service RV Super Centre dealership

13
Our view of global tourism and RV
•The global RV rental market has gone from strength to strength and seen
prices, wages and other input costs all increase
•Tourism demand has been resilient –customers are accepting the reality
of higher prices and remain keen to travel
•RV rental supply remains well below pre-COVID –we expect it will take
several years to recover and lag behindthe recovery in international
airline capacity
•The downside to the economic situation will impact RV sales, more so in
North America than other markets

14
An update on the 2023 North American
high season and vehicle sales market
•Positive rentals season with strong yields in line with expectations
•Vehicle sales margins continue to normalise, sales volumes are up on last year
but down on expectations, reflecting the subdued retail RV market
•Our conservative approach to 2024 purchase volumes should effectively
manage fleet size and funds employed to the market dynamics
•Industry expectations are for 300,000 wholesale RV shipments in 2023 as a low
point, with up to 20% growth in volumes in 2024
•We are positive about the outlook of the North American market beyond FY24
and the synergies that we can create between the two businesses

15
FY24 outlook
•Our expectations for FY24 are unchanged from the guidance provided as part of
annual results
•We remain of the view that last year’s pro forma underlying NPAT of $77.1M is a good
starting point and continue to be positive about thl’s opportunity for growth in FY24
and beyond
•On a group basis we have delivered a positive performance to date relative to our
expectations. Challenges in the retail RV sales market, particularly in North America,
have been offset by outperformance in other areas
•Several factors should be considered when comparing NPAT for the half-year against
the prior period, including:
•a gain in H1 FY23 of ~$9M relating to the sale of 310 motorhomes to Jucy
•a reduction in H1 FY24 of ~$3M due to acquisition accounting adjustments and
~$2M for the cost of the thl global crew bonus
•We have decided not to provide half-year guidance as it would not give clarity on our
full-year performance. The above factors should result in the H1 underlying contribution
this year being a lesser proportion of the full year result

Formal business
Cathy Quinn ONZM
Chair

17
Voting
•Eight ordinary resolutions
•Voting by way of poll
•Online attendees -vote using the electronic voting card once online
registration is validated
•In-person attendees –vote using the voting card provided by Link staff at
the registration desk
•Refer to the Virtual Meeting Online Portal Guide or contact the helpline –
0800 200 220 (New Zealand) or 1800 990 363 (Australia)

18
Resolutions
Resolution 1
Re-election of
Cathy Quinn
That Catherine Agnes Quinn, who retires by rotation and is
eligible for re-election, be re-elected as a Director of the
Company

19
Resolutions
Resolution 2
Re-election of
Gráinne Troute
That Gráinne Patricia Troute, who retires by rotation and is
eligible for re-election, be re-elected as a Director of the
Company

20
Resolutions
Resolution 3
Election of
Sophie Mitchell
That Sophia Adele Mitchell (appointed by the Board on 30
November 2022) be elected as a Director of the Company

21
Resolutions
Resolution 4
Election of
Robert Baker
That Robert Baker (appointed by the Board on 30 November
2022) be elected as a Director of the Company

22
Resolutions
Resolution 5
Election of
Luke Trouchet
That Luke Gustave Trouchet (appointed by the Board on 30
November 2022) be elected as an Executive Director of the
Company

23
Resolutions
Resolution 6
Election of
Grant Webster
That Grant Gareth Webster (appointed by the Board on 30
November 2022) be elected as an Executive Director of the
Company

24
Resolutions
Resolution 7
Director
Remuneration
That the maximum aggregate amount of remuneration payable to all Directors
taken together (in their capacity as Directors) be increased from $750,000 per
annum to a maximum of $850,000 (plus GST, if any) per annum with this sum
available to be paid to the Directors of the Company as the Board considers
appropriate and which may be payable either in whole or in part by way of an issue
of ordinary shares in the Company, provided that any issue occurs in compliance
with the NZX Main Board Listing Rule 4.7.1

25
Resolutions
Resolution 8
Auditor
Remuneration
That the Directors are authorised to fix the remuneration of the
auditors for the ensuing year.

26
Proxy votes
Resolution 1:
Cathy
Quinn
Resolution 2:
Gráinne
Troute
Resolution 3:
Sophie
Mitchell
Resolution 4:
Robert
Baker
Resolution 5:
Luke
Trouchet
Resolution 6:
Grant
Webster
Resolution 7:
Director
Remuneration
Resolution 8:
Auditor
Remuneration
Postal and online
votes already cast
For109,271,535116,375,410116,428,870116,422,684116,500,188116,538,10287,282,502112,023,375
Against7,234,980128,905116,425122,61147,1925,894349,2664,409,283
Abstain52,61252,61211,63211,6329,54712,931753,801623
Votes appointed
to proxies not yet
cast
956,689958,889958,889958,889958,889958,889870,2661,082,535
Total117,515,816117,515,816117,515,816117,515,816117,515,816117,515,81689,255,835117,515,816

Q&A
Cathy Quinn ONZM
Chair

General
business
Cathy Quinn ONZM

Thank you

thl FY23 INVESTOR PRESENTATION
30
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 different and the assumptions
on which the forward-looking statements and projections
are based could be wrong. thlgives no warranty or
representation as to its future financial performance or any
future matter. Except as required by law or NZX listing
rules, thlis not obliged to update this presentation after its
release, even if things change materially.
This presentation has been prepared for publication in New
Zealand and may not be released or distributed in the
United States.
This presentation is for information purposes only and does
not constitute financial advice. It is not an offer of securities,
or a proposal or invitation to make any such offer, in the
United States or any other jurisdiction, and may not be
relied upon in connection with any purchase of thl
securities. thlsecurities have not been, and will not be,
registered under the US Securities Act of 1933 and may not
be offered or sold in the United States, except in
transactions exempt from, or not subject to, the
registration of the US Securities Act and applicable US
State securities laws. Past performance information given
in this presentation is given for illustrative purposes only
and should not be relied upon as an indication of future
performance.
This presentation may contain a number of non-GAAP
financial measures. Because they are not defined by
Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) or International Financial Reporting Standards
(IFRS), thl’s calculation of these measures may differ from
similarly titled measures presented by other companies
and they should not be considered in isolation from, or
construed as an alternative to, other financial measures
determined in accordance with NZ GAAP.
This presentation does not take into account any specific
investors objectives and does not constitute financial or
investment advice. Investors are encouraged to make an
independent assessment of thl. The information contained
in this presentation should be read in conjunction with
thl’s latest financial statements, which are available at:
www.thlonline.com.