Ord Minnett Travel & Tourism Day Presentation

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




29 November 2023

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

ORD MINNETT TRAVEL & TOURISM DAY PRESENTATION

Please find attached a copy of the investor presentation to be delivered by thl at the Ord Minnett Travel &
Tourism Day Conference today.

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.

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ORD MINNETT TRAVEL & TOURISM DAY
29 NOVEMBER 2023

2
We create value across the Build –Rent –Sell RV model
Global RV
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
oDiverse range of brands and products from new to ex-
rental, towables and motorized
oLeverage existing overheads of rentals businesses
1
Management estimates

3
A truly global company today
as at 30 June 2023
JAPAN
FRANCHISEE
UK & IRELAND
FLEET
532 (7%)
RV RENTALS
EX-RENTAL RV SALES
AUSTRALIA
FLEET
2,081 (29%)
RV RENTALS
NEW, USED AND EX-RENTAL RV SALES
RV MANUFACTURING
NEW ZEALAND
FLEET
1,400 (19%)
RV RENTALS
NEW, UESD AND EX-RENTAL RV SALES
RV AND COMMERCIAL MANUFACTURING
TOURISM ATTRACTIONS & ACTIVITIES
USA
FLEET
1,818 (25%)
RV RENTALS
EX-RENTAL RV SALES
SOUTH AFRICA
FRANCHISEE
CANADA
FLEET
1,402 (19%)
RV RENTALS
EX-RENTAL RV SALES

4
Our merger with Apollo has created a
platform with multiple future growth levers
Expansion of Build –
Rent –Sell
Organic fleet growth
Realisation of merger
synergies
Acquisitions and
partnerships
1
2
3
4

5
The positive state of tourism is evident in the strength of
global rental yields
~55% up
on FY19
Yields in
Q1 –Q3 FY24
showing
strong growth
on FY23 pcp
~85% up
on FY19
Yields in
Q1 –Q3 FY24
showing
growth on
on FY23 pcp
~40% up
on FY19
2023 peak
season yields
in line with
the 2022 peak
season
~50% up
on FY19
2023 peak
season yields
in line with
the 2022 peak
season
AustraliaUSA
Forward
Average
Rental Yield
Trends
1
UKNew Zealand
FY23
Average
Rental Yields
~20% up
on FY19
2023 peak
season yields
showing
growth on
2022 peak
season
Canada
1
Trends reflect the travelled and forward booking positions as at August 2023, as presented in thl’s FY23 Annual Results.
Metrics representthe yield trends observed in the Northern Hemisphere peak season bookings (June 2023 –September
2023) and Southern Hemisphere bookings for Q1 to Q3 of FY24 (July 2023 -March 2024), in each case compared to the
previous corresponding period.
Pre-COVID
Peak
Disruption
Recovery
Breakout
Growth
Flattening
Growth
Yield
Stabilisation
Pre-COVID
NZ
AU
UK
CA
US
Rental yield trends
Phases
*Average rental yields by market are not to scale and not directly comparable between markets.
This chart is illustrative
showing where we believe
each market is relative to each
market’s “peak yield” position

6
Our view of global tourism and RV
•The global RV rental market went from strength to strength and has seen
prices, wages and other input costs all increase
•Tourism demand has been resilient –customers are accepting the higher
rental 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 behind the recovery in international
airline capacity
•The downside for thl from the higher living costs, inflation and interest
costs sees RV sales softening, more so in North America than other
markets

7
We are in a positive position with a long-
term growth outlook
•Delivered record underlying result in FY23 -underlying pro forma NPAT of
$77.1M, statutory NPAT of $49.9M
1
•Effectively integrating two leading operators in the RV rental industry, with
material merger synergy opportunities
•Balance sheet strength to fund current fleet regrowth plan
•A resilient business model that was proven through the COVID pandemic with
neither thlnor Apollo undertaking a capital raise
•Growing interest in RV lifestyle and increased interest in RV from a younger
demographic are positive indicators for long term growth
1
Refer to thl’s FY23 Annual Results Presentation for a reconciliation of underlying pro forma NPAT to statutory NPAT

8
Our medium term ambitions
•We do believe that our $100M NPAT goal is achievable through organic
growth and full synergy realisation
•We have allowed for yield stabilisation in all markets in our assumptions for
the achievement of $100M NPAT
•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

ORD MINNETT TRAVEL & TOURISM DAY
29 NOVEMBER 2023
Thank you

thl FY23 INVESTOR PRESENTATION
10
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.