thl FY24 Interim Results

FOR AND ON BEHALF OF THE BOARD WHO AUTHORISED
THE ISSUE OF THE INTERIM CONSOLIDATED FINANCIAL
STATEMENTS ON 20 FEBRUARY 2024.
CATHY QUINN
CHAIR OF THE BOARD
ROB HAMILTON
CHAIR OF THE AUDIT AND RISK COMMITTEE
20 FEBRUARY 2024
FOR THE PERIOD ENDED 31 DECEMBER 2023
FY24 Interim
Financial Statements

Consolidated interim statement of income
FOR THE PERIOD ENDED 31 DECEMBER 2023
NOTES
UNAUDITED
31 DEC 2023
$000’s
UNAUDITED
31 DEC 2022
$000’s
Sales of services
1233,966 134,094
Sales of goods
1215,232 126,952
Total revenue
449,198 261,046
Cost of sales
(161,095)(85,917)
Gross profit
288,103 175,129
Administration expenses
3
(52,928)(38,209)
Operating expenses
3(161,760)(99,688)
Net other operating income
2536 5,060
Operating profit before financing costs*
73,951 42,292
Finance income
1,347 260
Finance expenses
(19,279)(6,940)
Net finance costs
(17,932)(6,680)
Share of profit f rom associates
-812
Profit before income tax for the period
56,019 36,424
Income tax expense
4(16,287)(11,262)
Profit for the period
39,73225,162
Earnings per shareCENTSCENTS
Basic earnings per share
18.415.3
Diluted earnings per share
18.315.3
* The consolidated interim statement of income includes one non-GAAP measure (that is, operating profit before financing costs or
‘EBIT’) which is not a defined term in New Zealand International Financial Reporting Standards (‘NZ IFRS’). The Directors and
management believe that this non-GAAP financial measure provides useful information to assist readers in understanding the
Group’s financial performance. This measure should not be viewed in isolation and is intended to supplement the NZ GAAP
measures. Therefore, it may not be comparable to similarly titled amounts reported by other companies.
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
1thl FY24 INTERIM FINANCIAL STATEMENTS

Consolidated interim statement of comprehensive income
FOR THE PERIOD ENDED 31 DECEMBER 2023
UNAUDITED
31 DEC 2023
$000’s
UNAUDITED
31 DEC 2022
$000’s
Profit for the period39,732 25,162
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit
or loss
Foreign currency translation reserve movement
(net of tax)
(9,851)(7,195)
Cash flow hedge reserve movement (net of tax)(1,335)944
Items that will not be reclassified subsequently to profit
or loss
Equity investment reserve movement (net of tax)
1,449 (1,968)
Other comprehensive loss for the period(9,737)(8,219)
Total comprehensive income for the period29,995 16,943
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
2thl FY24 INTERIM FINANCIAL STATEMENTS

UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
RETAINED
EARNINGS
$000’s
TOTAL
EQUITY
$000’s
Balance as at
1 July 2023
503,0072,01818,08187,849610,955
Profit for the period
---39.73239,732
Other comprehensive
loss for the period-(1,335)(8,402)-(9,737)
Total comprehensive
(loss)/income for
the period
-(1,335)(8,402)39,73229,995
Transactions with
owners, recorded
directly in equity
Dividends paid
5
---(32,247)(32,247)
Ordinary shares issued
11
9,266---9,266
Transfers f rom
employee share
scheme reserve1,081-(1,081)--
Share-based payments--419-419
Balance as at
31 December 2023
513,3546839,01795,334618,388
UNAUDITEDNOTES
SHARE
CAPITAL
$000’s
CASH FLOW
HEDGE
RESERVE
$000’s
OTHER
RESERVES
$000’s
RETAINED
EARNINGS
$000’s
TOTAL
EQUITY
$000’s
Balance as at
1 July 2022
278,98332114,66437,700331,668
Profit for the period---25,16225,162
Other comprehensive
income/(loss) for
the period-944(9,163)-(8,219)
Total comprehensive
income/(loss) for
the period-944(9,163)25,16216,943
Transactions with
owners, recorded
directly in equity
Ordinary shares issued
as part of consideration
for 51% acquisition of
Just go
11
8,031---8,031
Ordinary shares issued
for the acquisition
of Apollo
11
212,889---212,889
Ordinary shares issued
11
646---646
Transfers f rom
employee share
scheme reserve2,289-(2,289)--
Share-based payments--641-641
Balance as at
31 December 2022502,8381,2653,85362,862570,818
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of changes in equity
FOR THE PERIOD ENDED 31 DECEMBER 2023
3
thl FY24 INTERIM FINANCIAL STATEMENTS

NOTES
31 DEC 2023
UNAUDITED
$000’s
30 JUNE 2023
AUDITED
$000’s
Assets
Non-current assets
Property, plant and equipment
6746,485659,291
Intangible assets
190,678190,315
Investments
24,626
23,193
Derivative financial instruments
9492,422
Right-of-use assets
7132,256145,010
Total non-current assets
1,094,9941,020,231
Current assets
Cash and cash equivalents
50,32076,794
Trade and other receivables
64,05064,183
Inventories
199,859181,928
Current tax receivables
69813
Derivative financial instruments
405421
Total current assets
315,332323,339
Total assets
1,410,3261,343,570
NOTES
31 DEC 2023
UNAUDITED
$000’s
30 JUNE 2023
AUDITED
$000’s
Liabilities
Non-current liabilities
Interest bearing loans and borrowings
12344,414 250,715
Deferred income tax liability
44,05736,987
Lease liabilities
126,490 139,226
Total non-current liabilities
514,961426,928
Current liabilities
Interest bearing loans and borrowings
12109,230111,225
Trade and other payables
62,21062,033
Revenue in advance
52,65775,980
Employee benefits
18,76619,348
Provisions
3,5803,495
Derivative financial instruments
395-
Current tax liabilities
8,50412,903
Lease liabilities
21,63520,703
Total current liabilities
276,977305,687
Total liabilities
791,938732,615
Net assets
618,388610,955
Equity
Share capital
11513,354 503,007
Cash flow hedge reserve
683 2,018
Other reserves
9,017 18,081
Retained earnings
95,334 87,849
Total equity
618,388610,955
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
Consolidated interim statement of financial position
AS AT 31 DECEMBER 2023
4thl FY24 INTERIM FINANCIAL STATEMENTS

NOTES
UNAUDITED
6 MONTHS
TO 31 DEC 2023
$000’s
UNAUDITED
6 MONTHS TO
31 DEC 2022
RESTATED
$000’s
Cash flows from operating activities
Receipts f rom customers
215,829155,733
Proceeds f rom sale of goods
212,223107,023
Interest received
1,347189
Payments to suppliers and employees
(292,896) (145,079)
Purchase of rental assets
(186,698)(103,538)
Interest paid
(18,618)(7,441)
Income tax paid
(10,014)(450)
Net cash flows (used in)/from operating activities (78,827) 6,437
Cash flows from investing activities
Proceeds f rom sale of property, plant and equipment
81775
Purchase of property, plant and equipment
8(4,212)(3,228)
Purchase of intangibles
(3,356)(5,370)
Net cash received as part of the Apollo
business combination
-50,602
Net cash received as part of the step acquisition
of Just go-4,374
Net cash flows (used in)/from investing activities
(6,751)46,453
Cash flows from financing activities
Proceeds f rom exercise of share options
1,260 849
Proceeds f rom borrowings
408,76462,669
Repayment of borrowings
1
(310,955) (89,565)
Repayment of lease liability principal
1
(11,200)(5,859)
Dividends paid(27,826)-
Net flows cash from/(used in) financing activities60,043 (31,906)
Net increase/(decrease) in cash and cash equivalents(25,535)20,984
Cash and cash equivalents at the beginning
of the period76,79438,816
Effect of exchange rate fluctuations on cash
and cash equivalents(939)(993)
Cash and cash equivalents at the end of the period
50,32058,807
The accompanying notes form part of, and should be read in conjunction with, these financial statements.
1.
For the period ended 31 December 2022, the repayment of rental fleet lease liability of $13.5 million was reclassified from
‘Repayment of lease liability principal’ to ‘Repayment of borrowings’ in the consolidated interim statement of cash flows to align
with the Group’s methodology presented in the consolidated financial report for the financial year ended 30 June 2023.
Consolidated interim statement of cash flows
FOR THE PERIOD ENDED 31 DECEMBER 2023
5thl FY24 INTERIM FINANCIAL STATEMENTS

6thl FY24 INTERIM FINANCIAL STATEMENTS
About this report 7
Section A – Financial performance 8
1 Segment reporting 8
2 Net other operating income 11
3 Administration and operating expenses 11
4 Income tax expense 11
5 Dividends 11
Section B – Assets used to generate profit 12
6 Property, plant and equipment 12
7 Right-of-use assets 13
8 Capital commitments 13
9 Impairment of non-financial assets 13
Section C – Investments 15
10 Business combinations 15
Section D – Managing funding 16
11 Share capital 16
12 Interest bearing loans and borrowings 17
13 Financial instruments 18
Section E – Other 20
14 Related party transactions 20
15 Foreign currency translation reserve 22
16 Contingencies 22
17 Events after the reporting period 22
Notes to the consolidated
interim financial
statements

7
thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
About this report
Basis of preparation
The primary operations of Tourism Holdings Limited (the ‘Company’ or ‘thl’) and its subsidiaries
(together the ‘Group’) are the manufacture, rental and sale of recreational vehicles (‘RVs’)
including motorhomes, campervans and caravans and other tourism related activities. The
Company is domiciled in New Zealand.
Tourism Holdings Limited is a company registered under the Companies Act 1993 and is an FMC
reporting entity under Part 7 of the Financial Markets Conduct Act 2013. The Company’s shares
are dual listed on the New Zealand Stock Exchange and the Australian Securities Exchange
(ticker code: THL).
The registered office is:
Level 1, 83 Beach Road
Auckland 1010
New Zealand

The consolidated interim financial statements of the Group have been prepared:
• in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP),
NZ IAS 34 Interim Financial Reporting, and IAS 34 Interim Financial Reporting, as applicable
for a “for profit” entity. These interim financial statements do not include all the information
and disclosures required in the annual financial statements and therefore should be read in
conjunction with the annual report for the year ended 30 June 2023;
• in New Zealand dollars with values rounded to thousands ($000’s) unless otherwise stated.
These financial statements have been prepared on a going concern basis.
These unaudited interim financial statements were approved for issue on 20 February 2024.
Changes in accounting policies
The accounting policies used in the preparation of these interim financial statements are
consistent with those used in the 30 June 2023 annual financial statements, unless
otherwise stated.
There were no substantial amendments to New Zealand Accounting Standards adopted during
the period that have a material impact on the Group.
Seasonality of business
The tourism industry is subject to seasonal fluctuations with peak demand for tourism attractions
and transportation over the summer months of each country the Group operates in. New Zealand
and Australia’s profits are typically generated over the southern hemisphere summer months and
in Canada, the United States of America and the United Kingdom, profits are typically generated
over the northern hemisphere summer months. Due to the seasonal nature of the businesses, the
risk profile at 31 December 2023 is not representative of all risks faced during the period. The
operating revenue and profits of the Group’s segments are disclosed in note 1.
Critical accounting estimates and judgement
The preparation of interim consolidated financial statements requires management to make
judgements, estimates and assumptions that affect the application of accounting policies and
the reported amounts of assets and liabilities, income and expense. Actual results may differ from
these estimates.
The estimates used in the preparation of these interim consolidated financial statements are
consistent with those used in the 30 June 2023 annual consolidated financial statements, unless
otherwise stated.

8thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Section A – Financial operations
In this section
This section explains the financial operations of thl, providing additional information about
individual items in the consolidated statement of income, including segmental information,
certain expenses and dividend distribution information.
1. Segment reporting
thl is organised into geographic and service type operating segments. They are made up of the
following business operations:
New Zealand Rentals Rental of motorhomes and the sale of new and ex-rental fleet direct
to the public and through a dealer network;
Action Manufacturing Manufacturing and the sale of motorhomes and other
speciality vehicles;
Tourism Group Kiwi Experience and the Discover Waitomo Caves Group experiences;
Australia Rental of motorhomes and 4WD vehicles, manufacture of RVs, the
sale of new and used RVs and ex-rental fleet direct to the public and
through a dealer network and Australian Group Support Services;
United States Rentals Rental of motorhomes and the sale of new and ex-rental fleet directly
to the public and through a dealer network;
Canadian Rentals Rental of motorhomes and the sale of new and ex-rental fleet directly
to the public and through a dealer network;
UK/Europe Rentals Rental of motorhomes and the sale of new and ex-rental fleet directly
to the public and through a dealer network; and
Other Includes thl digital, Group Support Services in New Zealand, and
Group consolidation and elimination entries.
Operating segments are reported in a manner consistent with the internal reporting provided to
the chief operating decision-maker (‘CODM’). The CODM, who is responsible for allocating
resources and assessing performance of the operating segments, has been identified as the
executive management team together with the Board of Directors (the Board), who make
strategic decisions.
Operating profit/(loss) before interest and tax is the main financial measure used by the CODM to
review the Group’s performance.
All revenue is reported to the executive team on a basis consistent with that used in the
consolidated statement of income. Operating expenses incurred by one segment on behalf of
another and recharged on a cost-recovery basis are presented on a net basis. Segment assets and
liabilities are measured in the same way as in the financial statements. These assets and liabilities
are allocated based on the operations of the segment, and the physical location for assets.
Segment assets consist primarily of property, plant and equipment, intangible assets, right-of-use
assets, inventories, receivables and operating cash. The investments and derivatives designated
as hedges of borrowings are allocated to ‘Other’ operating segment. Net funds employed is a
non-GAAP measure that is not defined in NZ IFRS (this measure has not been subject to a
separate audit or review).
The Board and management believe that non-GAAP financial measures provide useful
information to assist readers in understanding the Group’s financial performance. These
measures should not be viewed in isolation and are intended to supplement the NZ GAAP
measures and therefore may not be comparable to similarly titled amounts reported by
other companies.
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
Reconciliation of the Group’s net funds employed
(non-GAAP measure)
Total assets
1,410,3261,343,570
Less: Cash and cash equivalents
(50,320)(76,794)
Less: Total liabilities
(791,938)(732,615)
Add: Interest bearing loans and borrowings
453,644 361,940
Net funds employed
1,021,712 896,101

9thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1. Segment reporting (continued)
UNAUDITED
FOR THE PERIOD ENDED
31 DECEMBER 2023
NEW ZEALAND
RENTALS
$000’s
ACTION MANU-
FACTURING
$000’s
TOURISM
GROUP
$000’s
AUSTRALIA
$000’s
UNITED STATES
RENTALS
$000’s
CANADIAN
RENTALS
$000’s
UK/EUROPE
RENTALS
$000’s
OTHER
$000’s
TOTAL
$000’s
Sales of services43,916-18,34267,99553,84837,31211,906647233,966
Sales of goods - external19,13734,264-117,37426,19010,2508,017-215,232
Sales of goods - inter-segment-54,408----15,621(70,029)-
Total revenue63,05388,67218,342185,36980,03847,56235,544(69,382)449,198
Depreciation
(8,297)(2,145)(706)(15,781)(12,045)(4,525)(1,796)355(44,940)
Amortisation
(10)(8)(68)165(61)141-(927)(768)
Other costs - external(39,946)(27,682)(12,298)(147,436)(57,752)(24,751)(15,484)(4,370)(329,539)
Other costs - inter-segment-(51,121)----(15,213)66,334-
Operating profit/(loss) before
interest and tax14,8007,7165,27022,31710,36018,4273,051(7,990)73,951
Interest income
-55-1961255451792471,347
Interest expense
(1,078)(574)
(26)
(5,361)(4,987)(4,566)(1,818)(869)(19,279)
Profit/(loss) before tax13,7227,1975,24417,1525,49814,4061,412(8,612)56,019
Income tax expense
(3,847)(2,015)(1,536)(5,868)(1,458)(3,477)(262)2,176(16,287)
Profit/(loss) after tax9,8755,1823,70811,2844,04010,9291,150(6,436)39,732
Capital expenditure87,18440616651,18238,2827,3654,9771,347190,909
As at 31 December 2023
Non-current assets
227,79125,91914,646328,253259,740167,56841,94729,1301,094,994
Total assets 264,24982,54617,721475,351295,786196,34464,71213,6171,410,326
Net funds employed181,15751,2373,831321,265236,928122,57154,58450,1391,021,712

10thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1. Segment reporting (continued)
UNAUDITED
FOR THE PERIOD ENDED
31 DECEMBER 2022
NEW ZEALAND
RENTALS
RESTATED
$000’s
ACTION MANU-
FACTURING
REPORTED
$000’s
TOURISM
GROUP
REPORTED
$000’s
AUSTRALIA
RESTATED
$000’s
UNITED STATES
RENTALS
RESTATED
$000’s
CANADIAN
RENTALS
RESTATED
$000’s
UK/EUROPE
RENTALS
RESTATED
$000’s
OTHER
RESTATED
$000’s
TOTAL
REPORTED
$000’s
Sales of services26,414-9,36146,41350,674161544527134,094
Sales of goods - external21,80722,111-34,31244,0122,2782,328104126,952
Sales of goods - inter-segment-39,471-----(39,471)-
Total revenue48,22161,5829,36180,72594,6862,4392,872(38,840)261,046
Depreciation
(5,966)(1,632)(729)(8,095)(10,376)(222)(472)(37)(27,529)
Amortisation
(15)(2)(309)(126)(63)(47)-(436)(998)
Other (costs)/income - external(36,551)(18,763)(6,850)(51,972)(67,035)(2,555)242(6,743)(190,227)
Other costs - inter-segment-(37,274)-----37,274-
Operating profit/(loss) before
interest and tax5,6893,9111,47320,53217,212(385)2,642(8,782)42,292
Interest income
8710-1293312-(11)260
Interest expense
(392)(280)
(30)
(1,406)(1,809)(669)(162)(2,192)(6,940)
Share of profit f rom joint ventures
and associates------812-812
Profit/(loss) before tax5,3843,6411,44319,25515,436(1,042)3,292(10,985)36,424
Income tax expense
(1,506)-(469)(5,831)(4,239)319125339(11,262)
Profit/(loss) for the period3,8783,64197413,42411,197(723)3,417(10,646)25,162
Capital expenditure37,2171,72216124,11846,722372,75033112,760
As at 30 June 2023
Non-current assets
138,699 26,90315,659284,072 267,109195,43061,29231,0671,020,231
Total assets170,405 80,75017,538431,358 305,853209,66876,43051,568 1,343,570
Net funds employed123,061 43,42710,300282,584 217,012126,64751,932 41,138 896,101

11
thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
1. Segment reporting (continued)
The operating segments previously disclosed in the Group’s consolidated financial report for the
period ended 31 December 2022 were restated to align with the Group’s operating segments
disclosed in the Group’s consolidated financial report for the financial year ended 30 June 2023.
The previously reported Apollo Group segment was reclassified by geographical location and
allocated to the Australia, New Zealand Rentals, United States Rentals, Canadian Rentals, and UK/
Europe operating segments noting the Apollo Group comparatives for the period ended
31 December 2022 were for the December 2022 month only. The Other segment was reclassified
to report the UK/Europe businesses under the UK/Europe Rentals operating segment.
Provisional goodwill of $102.1 million at 30 June 2023 acquired from the Apollo business
combination was reallocated from the Other operating segment to the Australia and
New Zealand Rentals operating segments of $95.1 million and $7.0 million respectively.
2. Net other operating income
UNAUDITED
6 MONTHS TO
31 DEC 2023
$000’s
6 MONTHS TO
31 DEC 2022
$000’s
Other income633 810
Fair value movements on financial assets recognised at fair value
through profit or loss14760
Gain on previously held equity instruments
1
- 3,507
Loss on disposals of non-fleet assets(111) (17)
Net other operating income
536 5,060
3. Administration and operating expenses
Administration and operating expenses include:
UNAUDITEDNOTES
6 MONTHS TO
31 DEC 2023
$000’s
6 MONTHS TO
31 DEC 2022
$000’s
Wages and salaries83,206 49,210
Depreciation
6,744,940 27,529
Amortisation
768 998
Repairs and maintenance including
damage repairs
19,255 13,088
Raw materials and consumables2,753 1,023
Rental and lease costs
2,359 1,252
Transaction costs
2
- 5,229
4. Income tax expense
Tax has been applied on all taxable income at the respective tax rate applicable to each
jurisdiction in which the Group operates.
5. Dividends
During the period ended 31 December 2023, the Group paid the 2023 final dividend of
$32.2 million (15 cents per share). There were no dividends paid or declared during the
period ended 31 December 2022.
1.
For the period ended 31 December 2022, $3.5 million relates to the Group’s revaluation of its previously held 49%
shareholding in Just go.
2.
For the period ended 31 December 2022, transaction costs of $5.2 million from the Apollo merger were expensed
through the consolidated statement of income.

12thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Section B – Assets used to generate profit
In this section
This section describes the assets thl uses in the business to generate profit, including:
• Property, plant and equipment
The most significant component is the motorhome fleet. Premises in general are leased,
however significant owned properties are the Waitomo Caves Visitor Centre and the
Waitomo Caves Homestead.
• Right-of-use assets
The most significant leased assets relate to the premises in New Zealand, Australia, Canada
and the United States.
• Impairment of non-financial assets
Non-financial assets includes goodwill arising from the purchase of the Apollo, Road Bear RV,
El Monte RV, Just go Motorhomes, Transcold businesses; brands; and supplier relationships.
6. Property, plant and equipment
MOTORHOMES
$000’s
OTHER
PLANT AND
EQUIPMENT
$000’s
CAPITAL
WORK IN
PROGRESS
$000’s
TOTAL
$000’s
Cost676,80995,80437,271809,884
Accumulated depreciation(86,557)(64,036)-(150,593)
Closing net book value as at
30 June 2023 (audited) 590,25231,76837,271659,291
Movement during the period
ended 31 December 2023
(unaudited)
Additions and transfers f rom work
in progress (net)
137,0664,21249,631190,909
Disposals(959)(927)-(1,886)
Reclassification of motorhomes
to inventories(52,864)--(52,864)
Foreign exchange rate movements(15,016)(371)-(15,387)
Depreciation(29,971)(3,607)-(33,578)
Closing net book value as at
31 December 2023 (unaudited) 628,50831,07586,902746,485
Cost720,45897,02486,902904,384
Accumulated depreciation(91,950)(65,949)-(157,899)
Closing net book value as at
31 December 2023 (unaudited) 628,50831,07586,902746,485

13thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
7. Right-of-use assets
Right-of-use assets have the following additions and modifications:
BUILDINGS
$000’s
VEHICLES AND
EQUIPMENT
$000’s
TOTAL
$000’s
Cost190,429136190,565
Accumulated depreciation (45,502)(53)(45,555)
Closing net book value as at 30 June 2023
(audited)144,92783145,010
Movement during the period ended
31 December 2023 (unaudited)
Additions
1,526-1,526
Terminations(192)-(192)
Modifications472-472
Foreign exchange rate movements(3,195)(3)(3,198)
Depreciation(11,349)(13)(11,362)
Closing net book value as at 31 December 2023132,18967132,256
Cost184,950117185,067
Accumulated depreciation(52,761)(50)(52,811)
Closing net book value as at 31 December 2023132,18967132,256
8. Capital commitments
Capital commitments relate to the build of the Group’s motorhome fleet. Purchase orders placed
for capital expenditure at balance date but not yet incurred are as follows:
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
Property, plant and equipment
189,007 153,436
9. Impairment of non-financial assets
The table below details the cash-generating units (CGU) that goodwill, brands and supplier
relationships are attributable to:
GROUP’S CGUS
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
Goodwill
Australia
94,93295,140
United States Rentals
33,53935,000
UK/Europe Rentals
11,66512,055
New Zealand Rentals
6,9116,984
Action Manufacturing
2,4752,475
149,522151,654
Brands
Australia
6,5736,185
United States Rentals
888929
UK/Europe Rentals
406419
7,8677,533
Supplier relationships
Australia
7,2297,124
164,618166,311
The value of goodwill and brands allocated to each of the UK/Europe Rentals, New Zealand
Rentals, and Action Manufacturing operating segments is not significant in comparison to the
Group’s total carrying amount of goodwill, brands and supplier relationships.
In accordance with NZ IAS 36 Impairment of Assets, the Group is required to assess whether there
are indications these non-financial assets may be impaired at 31 December 2023. If any such
indication exists, the Group shall estimate the recoverable amount of the CGU. For the purposes
of impairment testing, goodwill acquired in a business combination is allocated to groups of CGUs
which represent the Group’s operating segments (refer to note 1).

14thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
9. Impairment of non-financial assets (continued)
The impairment indicator assessment observed there were impairment indicators in United
States Rentals which warranted the calculation of the recoverable value at 31 December 2023.
The results of this updated impairment test from 30 June 2023 reconfirmed there was no
impairment of non-financial assets in United States Rentals at 31 December 2023.
The recoverable amount of the United States Rentals had been determined using value in use
calculations. These calculations use cash flow projections based on management prepared
forecasts covering a five-year period plus a terminal value calculation. The annual free cash flows
are then discounted by a country specific post-tax discount rate to arrive at a recoverable amount
(or enterprise value) of the CGU which is compared to the carrying book value. An external party
has reviewed the discount rate calculation used during the period ended 31 December 2023
based on the current market inputs. The Group has adopted this discount rate in the value in
use calculation.
The value in use models used by the Group to generate the cash flow projections incorporate the
expected growth rates from markets the businesses operate in. Capital expenditure and disposal
proceeds are projected forward based on current build or purchase costs, realisable sale values
and expected fleet rotation by vehicle type (for the rentals operations).
The following table shows the sensitivity analysis for the value in use calculation of
United States Rentals:
KEY ASSUMPTION
CHANGE IN KEY
ASSUMPTION
REDUCTION IN
RECOVERABLE
AMOUNT
($000’S)
INCREASE IN
RECOVERABLE
AMOUNT
($000’S)
WOULD THE
INDICATED
SENSITIVITY
RESULT IN
IMPAIRMENT
Discount rate: 11.30%
(30 June 2023: 11.30%)
Discount rate
(+/- 1.00%)(10,588)13,127No
Terminal growth rate: 2.50%
(30 June 2023: 2.50%)
Terminal growth rate
(+/- 0.5%)(4,048)4,536No
YieldYield (+/- 5.00%)(21,529)21,536No
Vehicle sales margin
Vehicle sales margin
(+/- 2.00%)(11,136)11,466No
On a standalone basis, none of the sensitivity tests shown in the table above would result in an
impairment for United States Rentals. The United States businesses has over the long term
provided some of the best returns within the Group and operates in the largest RV market in the
world. It continues to perform profitably and is expected to do so in the future.
No impairment of United States Rentals was recognised during the period to 31 December 2023,
however, a change in any of the key assumptions noted below would result in a breakeven
position with no remaining headroom.
KEY ASSUMPTIONCHANGE IN KEY ASSUMPTION
Discount rateAn increase of 2.48%
Terminal growth rateA decrease of 4.99%
YieldA decrease of 6.25%
Vehicle sales marginA decrease of 5.00%

15thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
10. Business combinations
Update on the acquisition of Apollo Tourism & Leisure Ltd
On 10 December 2021, the Company announced that it had entered into a conditional Scheme
Implementation Deed with Apollo Tourism & Leisure Ltd (‘Apollo’ or ‘ATL’) to merge through an
Australian Scheme of Arrangement. Under the Scheme thl would acquire all outstanding shares
in ATL. The scheme was conditional upon thl receiving approval to list on the Australian Securities
Exchange (‘ASX’) and subject to approval of ATL shareholders and finalisation of appropriate
funding arrangements for the merged entity. In addition, there were various court and regulatory
approvals in Australia and New Zealand, including competition regulatory clearance and other
conditions specified.
Following the satisfaction of all conditions, the Group acquired ATL on the 30 November 2022
with the implementation of the Scheme of Arrangement. ATL shareholders were issued one thl
share for every 3.210987 ATL shares held resulting in 57,693,364 shares being issued.
thl’s closing share price on 30 November 2022 of $3.69 was used to calculate the acquisition
consideration of $213.9 million as per the requirements under NZ IFRS 3. The consideration value
is comprised of the fair value of the new shares issued and the fair value of 898,150 ATL shares that
were previously held by thl.
As disclosed in note 18 of the Group’s consolidated financial statements for the financial year
ending 30 June 2023 the fair value of assets and liabilities arising from the ATL acquisition were
determined on a provisional basis, which was to be completed within 12 months from acquisition
as permitted under NZ IFRS 3. As at 31 December 2023, the acquisition date fair value of assets
acquired and liabilities recognised has been finalised resulting in no changes to the provisional
amounts or valuation methodologies previously disclosed.
The goodwill balance of $101.8 million on acquisition is attributed to expected synergies in
Australia and New Zealand and has been allocated to the Australia ($94.9 million) and
New Zealand Rentals ($6.9 million) operating segments.
The contribution of Apollo for 1 month to the Group results for the period ended 31 December
2022 was revenue of $28.1 million and operating profit before interest and tax of $2.2 million.
If the acquisition had occurred at the beginning of the period, the contribution to revenue and
operating profit before interest and tax for the period is estimated at $233.4 million and
$44.2 million respectively.
Section C – Investments
In this section
This section explains the investments held by thl and the acquisitions made during the period.

16thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
11. Share capital
NUMBER OF
ORDINARY
SHARES
ISSUED
CAPITAL
$000’s
Balance as at 1 July 2022 (audited)152,060,700278,983
Ordinary shares issued during the period:
As the consideration for Apollo merger
57,693,364212,889
As part consideration for 51% of Just go acquisition2,941,8578,031
Exercise of share options granted to employees473,1501,058
Exercise of share rights granted to employees831,6921,836
In lieu of directors' fees12,71441
Balance as at 31 December 2022 (unaudited)
214,013,477502,838
Ordinary shares issued during the period:
Exercise of share options granted to employees
60,211163
In lieu of directors' fees3,4356
Balance as at 30 June 2023 (audited)214,077,123503,007
Ordinary shares issued during the period:
Dividend reinvestment plan
1,869,7556,711
Global NZD$1000 share bonus to employees383,0241,295
Exercise of share options granted to employees587,8011,542
Exercise of share rights granted to employees313,920799
Balance as at 31 December 2023 (unaudited)217,231,623513,354
All issued shares are fully paid and have no par value. Holders of ordinary shares are entitled to
receive dividends when declared and are entitled to one vote per share at shareholders’ meetings.
On 29 September 2023, 1,869,755 ordinary shares were issued and allotted at the issue price of
$3.5873 per share (inclusive of a 2% discount) under the Dividend Reinvestment Plan in respect of
the 2023 final dividend.
On 30 October 2023, 383,024 ordinary shares were issued and allotted at the issue price of $3.38
to eligible employees as part of the Group’s global NZD$1,000 share bonus.
The Group received $1.3 million (31 December 2022: $0.8 million) in cash proceeds from
employees for the exercise of 587,801 (31 December 2022: 473,150) share options during the period
ended 31 December 2023.
Section D – Managing funding
In this section
This section summarises thl's funding sources and financial risks.

17thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
12. Interest bearing loans and borrowings
The Group’s borrowing structure includes a syndicated corporate debt facility, asset financiers
and floor plan finance.
The corporate debt facility Guaranteeing Group consisting of Tourism Holdings Limited and all
material New Zealand, Australian, United States, United Kingdom and Ireland 100% owned
subsidiaries had, at 31 December 2023, multi-currency revolving credit facilities with Westpac
Banking Corporation, Westpac New Zealand Limited, ANZ Bank New Zealand Limited, Australia
and New Zealand Banking Group Limited plus Australia and New Zealand Banking Group Limited
(London branch). The Group has provided a composite first ranking debenture over the assets
and undertakings of the Guaranteeing Group in New Zealand, Australia, United States, United
Kingdom and Ireland. Certain members of the Group also have asset finance facilities in place. In
support of these facilities, the relevant members of the Group have granted specific security over
the assets financed under these facilities as well as related property and proceeds of such
financed assets.
In aggregate, the total funding available exceeds the current requirements of the Group. The
Group has sufficient working capital and undrawn financing facilities to service its operating
activities and ongoing fleet investment.
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
Non-current liabilities
Syndicated bank borrowings
176,337 107,357
Asset finance
168,077 143,358
344,414 250,715
Current liabilities
Asset finance
51,298 72,771
Floor plan finance
57,932 36,828
Other loans
- 1,626
109,230 111,225
Total borrowings
453,644 361,940
The Group has the following borrowing facilities:
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
Total facilities
Syndicated bank borrowings
249,093 250,898
Asset finance
383,963 411,014
Floor plan finance
59,274 54,457
Other loans
1,788 3,489
694,118 719,858
Drawn at the reporting date
Syndicated bank borrowings
176,337 107,357
Asset finance
219,375 216,129
Floor plan finance
57,932 36,828
Other loans
- 1,626
453,644 361,940
Undrawn at the reporting date
Syndicated bank borrowings
72,756 143,541
Asset finance
164,588 194,885
Floor plan finance
1,342 17,629
Other loans
1,788 1,863
240,474 357,918
The carrying amount of the Group’s borrowings are denominated in the following currencies:
UNAUDITED
31 DEC 2023
$000’s
AUDITED
30 JUN 2023
$000’s
New Zealand dollar
114,562 38,422
Australian dollar
104,602 86,026
United States dollar
117,990 107,872
Pounds sterling
34,961 41,307
Canadian dollar
81,529 88,313
453,644 361,940

18thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
12. Interest bearing loans and borrowings (continued)
Syndicated bank borrowings
On 27 June 2023, the Group amended its multi-currency syndicated banking facilities with
Westpac Banking Corporation, Westpac New Zealand Limited and ANZ Bank New Zealand
Limited to include Australia and New Zealand Banking Group Limited and Australia and
New Zealand Banking Group Limited (London Branch). The amendment includes committed
facilities for debt funding equivalent to approximately NZ$250 million. The facility consists of a
number of multi-currency tranches, including a new GBP facility, all maturing in July 2025. The
Group’s covenants include leverage ratio, debt service cover ratio, Guaranteeing Group coverage
ratio, equity ratio and loan to value ratio. Interest rates applicable at 31 December 2023 range
from 6.6% to 7.3% p.a.
Asset finance
Loans from asset financiers are fully secured debt in relation to motor vehicle assets and may only
be used for the purchase of fleet assets and subject to a number of covenants ratios, including a
current ratio, debt service coverage and debt to tangible net worth ratio. Interest rates applicable
at 31 December 2023 range from 3.46% to 8.95% p.a.
Floor plan finance
Floor plan facilities are maintained to fund the inventory of new motorhomes and caravans held
for resale at retail sales outlets in Australia. Terms are interest only for the first six months and
then interest of 9.26% p.a. plus principal. For some lenders, balances are secured through
retention of title until point of sale.
Other loans
Other loans of $1.6 million in relation to mortgages over land and buildings and COVID-19 support
loans previously provided to Apollo entities in the United Kingdom, were repaid during the period.
Covenants
The consolidated group is subject to lending covenants across a number of its borrowing facilities.
As at the date of these financial statements the Group is within the banking covenant
requirements.
13. Financial instruments
The carrying amount of financial assets and financial liabilities recorded in the consolidated
interim financial statements approximates their fair values:
• Derivative financial instruments and financial assets are carried at fair value as
discussed below.
• Receivables and payables are short term in nature and therefore approximate fair value.
• Interest bearing liabilities re-price at least every 90 days and therefore approximate fair value.
Financial instruments of the Group that are measured in the consolidated statement of financial
position at fair value are classified by level under the following fair value measurement hierarchy:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities.
Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset
or liability, either directly (that is, as prices) or indirectly (that is, derived from prices).
Level 3 Inputs for the asset or liability that are not based on observable market data (that is,
unobservable inputs).
There were no changes to these valuation techniques during the period. There were no transfers
of derivative financial instruments between levels of the fair value hierarchy during the period.
As at 31 December 2023 the Group’s assets and liabilities measured at fair values were issued
shares in Camplify Holdings (CHL) which are classified within Level 1 of the fair value hierarchy.
There were no transfers of financial instruments between levels of the fair value hierarchy
during the year.

19thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
13. Financial instruments (continued)
UNAUDITED
AS AT 31 DECEMBER 2023
FINANCIAL
ASSETS AT
AMORTISED
COST
$000’s
FINANCIAL
ASSETS VALUE
THROUGH
PROFIT OR
LOSS
$000’s
FINANCIAL
ASSETS
VALUE
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Assets
Investments
-6824,558-24,626
Cash and cash equivalents50,320---50,320
Trade and other receivables42,618---42,618
Derivative financial
instruments---1,3541,354
Liabilities
Interest bearing loans
and borrowings
453,644---453,644
Trade and other
payables57,599---57,599
Derivative financial
instruments
---395395
AUDITED
AS AT 30 JUNE 2023
FINANCIAL
ASSETS AT
AMORTISED
COST
$000’s
FINANCIAL
ASSETS VALUE
THROUGH
PROFIT OR
LOSS
$000’s
FINANCIAL
ASSETS
VALUE
THROUGH OCI
$000’s
DERIVATIVES
USED FOR
HEDGING
$000’s
TOTAL
$000’s
Assets
Investments
--23,193-23,193
Cash and cash equivalents76,794---76,794
Trade and other receivables53,010---53,010
Derivative financial
instruments---2,8432,843
Liabilities
Interest bearing loans
and borrowings
361,940---361,940
Trade and other
payables64,170---64,170

20thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Section E – Other
In this section
This section includes the remaining information relating to thl’s consolidated financial
statements which is required to comply with financial reporting standards.
14. Related party transactions
Key management compensation
UNAUDITED
31 DEC 2023
$000’s
31 DEC 2022
$000’s
Salaries and other short-term employee benefits
5,192 2,784
Share based payments benefits
391 457
5,583 3,241
Total positions included in key management compensation are 15 (31 December 2022: 16).
Executive management do not receive any directors’ fees as directors of subsidiary companies.
Directors’ fees
UNAUDITED
31 DEC 2023
$000’s
31 DEC 2022
$000’s
Directors’ fees
368 280
Directors’ fees (shares issued in lieu of cash):
NO. OF SHARESAMOUNT
UNAUDITED
31 DEC 2023
‘000
31 DEC 2022
‘000
31 DEC 2023
$000’s
31 DEC 2022
$000’s
Shares issued in lieu of cash
-13-35
Accrued value of shares yet to be
issued in lieu of cash
---6

21thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
Trouchet Family
As a result of the merger with Apollo on 30 November 2022, the Trouchet family hold an interest
of 27,918,801 ordinary shares (31 December 2022: 27,910,023) via a number of holding companies
and intermediary trusts. Luke Trouchet is an Executive Director of thl.
The following transactions occurred with the Trouchet family and related entities during
the period:
31 DEC 2023ONE MONTH TO 31 DEC 2022
UNAUDITED
REVENUE
$’000
RECEIVABLES
$’000
REVENUE
$’000
RECEIVABLES
$’000
Motorhomes sold to Caravans
Away Pty Ltd (Director related
entity of L Trouchet)
965 -3121,255
Servicing and repairs sold to
Caravans Away Pty Ltd (Director
related entity of L Trouchet)
11 ---
UNAUDITED
EXPENSES
$’000
PAYABLES
$’000
EXPENSES
$’000
PAYABLES
$’000
Rental expenses paid to KL One
Trust (Director related entity of
L Trouchet)
55-1022
Rental expenses paid to Eastglo
Pty Ltd (Director related entity of
L Trouchet)123-1852
Advertising expenses paid to RV
Boss Pty (Director related entity
of L Trouchet)4188-
Annual salary paid to A Trouchet
inclusive of superannuation
(A related party of L Trouchet)31-4-
Schork Family
As part of the consideration for the acquisition of El Monte Rents Inc, the Group issued 3,384,266
ordinary shares in thl to entities associated with the Schork family. An entity associated with the
Schork family provides warranties to customers of El Monte Rents Inc - the total amount paid
by customers during the period ended 31 December 2023 was $24,000 (period ended
31 December 2022: $32,000). At the time of the acquisition, the Group entered into a number
of property lease agreements with entities associated with the Schork family. The leases are in
relation to branches used by El Monte RV. The cost of the leases is set out in the table below:
UNAUDITED
31 DEC 2023
$000’s
31 DEC 2022
$000’s
Total lease payments
1,930 1,795

22thl FY24 INTERIM FINANCIAL STATEMENTS
Notes to the consolidated interim financial statements (continued)
FOR THE PERIOD ENDED 31 DECEMBER 2023
15. Foreign currency translation reserve
Exchange differences arising on the translation of foreign operations are taken to the foreign
currency translation reserve. When any net investment is disposed of, the related component
of the reserve is recognised in profit and loss as part of the gain or loss on disposal.
The closing exchange rates used to translate the statement of financial position are as follows:
UNAUDITED
31 DEC 2023
AUDITED
30 JUN 2023
NZD/AUD 0.92790.9182
NZD/USD 0.63400.6075
NZD/CAD0.83870.8052
NZD/GBP0.49770.4816
16. Contingencies
As at 31 December 2023, other than bank guarantees, which are predominantly in lieu of bonds
paid relating to leased assets, the Group has no material contingent liabilities.
17. Events after the reporting period
On 23 January 2024, the Group announced it has entered into an agreement to purchase
Camperagent RV Centre, a leading RV sales dealership in Adelaide, South Australia. The
acquisition was completed on 31 January 2024 for a total cash consideration of $11.8 million,
consisting of $4.3 million in goodwill and $7.5 million in net tangible assets, comprising largely of
inventory held for sale. The fair value of the assets and liabilities arising from the acquisition have
been determined on a provisional basis and will be finalised within 12 months from acquisition as
permitted under NZ IFRS 3.
On 19 February 2024, the Directors approved a fully imputed, partially franked interim dividend of
4.5 cents per share payable on 5 April 2024.
There are no other events after the reporting period which materially affect the information
within the Group’s consolidated interim financial statements.

23
thl FY24 INTERIM FINANCIAL STATEMENTS
Independent auditor’s review report
TO THE SHAREHOLDERS OF TOURISM HOLDINGS LIMITED
Report on the review of the interim financial statements
Conclusion
We have reviewed the interim financial statements of Tourism Holdings Limited (“the Company”)
and its subsidiaries (together “the Group”) on pages 1 to 22 which comprise the consolidated
interim statement of financial position as at 31 December 2023, and the consolidated interim
statement of income, consolidated interim statement of comprehensive income, consolidated
interim statement of changes in equity and consolidated interim statement of cash flows for the
six months ended on that date, and other explanatory information. Based on our review, nothing
has come to our attention that causes us to believe that the accompanying interim financial
statements on pages 1 to 22 of the Group do not present fairly, in all material respects, the
financial position of the Group as at 31 December 2023, and its financial performance and its cash
flows for the six months ended on that date, in accordance with New Zealand Equivalent to
International Accounting Standard 34: Interim Financial Reporting and International Accounting
Standard 34: Interim Financial Reporting.
This report is made solely to the Company’s shareholders, as a body. Our review has been
undertaken so that we might state to the Company’s shareholders those matters we are required
to state to them in a review report and for no other purpose. To the fullest extent permitted by
law, we do not accept or assume responsibility to anyone other than the Company and the
Company’s shareholders as a body, for our review procedures, for this report, or for the conclusion
we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity. Our responsibilities are further
described in the Auditor’s responsibilities for the review of the financial statements section of our
report. We are independent of the Group in accordance with the relevant ethical requirements in
New Zealand relating to the audit of the annual financial statements, and we have fulfilled our
other ethical responsibilities in accordance with these ethical requirements.
Ernst & Young provided tax advisory and immigration services to the Group. Partners and
employees of our firm may deal with the Group on normal terms within the ordinary course of
trading activities of the business of the Group. We have no other relationship with, or interest in,
the Group.
Directors’ responsibility for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation and fair presentation of
the interim financial statements in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34:
Interim Financial Reporting and for such internal control as the directors determine is necessary
to enable the preparation and fair presentation of the interim financial statements that are free
from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on our
review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to our
attention that causes us to believe that the interim financial statements, taken as a whole, are not
prepared in all material respects, in accordance with New Zealand Equivalent to International
Accounting Standard 34: Interim Financial Reporting and International Accounting Standard 34:
Interim Financial Reporting.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a limited
assurance engagement. We perform procedures, consisting of making enquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other
review procedures. The procedures performed in a review are substantially less than those
performed in an audit conducted in accordance with International Standards on Auditing
(New Zealand) and consequently do not enable us to obtain assurance that we would become
aware of all significant matters that might be identified in an audit. Accordingly, we do not
express an audit opinion on those interim financial statements.
The engagement partner on the review resulting in this independent auditor’s review report
is Simon O’Connor.
Chartered Accountants
Auckland
20 February 2024

thlonline.com

---

Letter from
the Chair & CEO
FEBRUARY 2024

We are confident about
thl’s growth opportunities
and have reiterated our
target of $100M in NPAT
in FY26.
CATHY QUINN ONZM – CHAIR
1thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

Letter from
the Chair & CEO
Dear Shareholders
On behalf of the Board, we present the financial statements for the half-year ending
31 December 2023. During this period, thl delivered net profit after tax of NZ$39.7M, an
increase of 58% over the prior corresponding period (pcp), which included one month of
trading from Apollo due to the merger completing on 30 November 2022.
We consider that we are in a strong position today. We have made significant progress on
the integration of the merger, realisation of synergies and are managing a large change
programme positively whilst organically growing the business with the recovery of
international tourism. We are being responsive to broader market conditions, in
particular the vehicle sales market and managing our fleet investment decisions.
Two clear trends through our results have been the outperformance of rentals on a global
basis and ongoing volatility in vehicle sales. Sales margins are normalising following an
elevated period, in line with the commentary we have provided over the last year.
We are confident about thl’s growth opportunities and have reiterated our target of
$100M in NPAT in FY26.
Business performance
Our rentals businesses in each market
performed well during the period, supported
by strong rental yields that saw good growth
in most markets.
The Road Bear, El Monte and CanaDream
teams in North America operated with a
positive 2023 high season, achieving growth
in hire days, peak rental fleet and average
rental yields (although the yield growth in
the USA was nominal). The USA attributed
most of its growth to greater domestic
activity, whereas Canada saw a greater
proportion of international customers than
in recent years. The UK business, which
operates on the same high season in the
Northern Hemisphere, also had a strong
rental season with revenue and yield growth.
The 2023/2024 high season in Australasia has
also been positive to date with good rental
yield growth achieved. New Zealand in
particular achieved a strong year-on-year lift,
as the prior year saw a shorter booking lead
time with borders opening only some
months out from the high season. Australian
rentals grew tourism bookings however
rental revenue in that market remained
stable as the division had the benefit of
~A$5M in revenue in the pcp related to
the NSW floods.
International tourist arrivals remain well
below pre-pandemic levels with recent data
from the UN World Tourism Organization
indicating that international tourist arrivals
to Oceania in 2023 were only at 74% of 2019
levels. This presents a positive growth
opportunity for our rentals business in
this region over the coming years with
expectations that international tourism
arrivals return towards pre-COVID levels and
we continue to grow our fleet to service this
additional demand.
Our overall result was impacted by the
ongoing challenges in the global vehicle
sales market, which are also evident across
the broader automotive retail market. This
is the area of our business that has been
NET PROFIT AFTER TAX
NZ$39.7M =
INCREASE OF
58%
2thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

more sensitive to the current economic
uncertainty and the high interest rate
environment and while initially limited to
the North American market, is increasingly
impacting demand levels and sales volumes
in other sales markets.
The sales margins achieved in recent years
are continuing to normalise as we sell a
greater proportion of ex-fleet vehicles
purchased at higher costs originally. We
have been clear for some time that this will
eventuate, and the reductions that we are
seeing are in line with our expectations.
We continue to achieve gross profit margin
ratios ranging from ~11% to ~20% in most
markets, with New Zealand an outlier that
continues to achieve elevated margins
over 35%. The normalisation of margins will
continue to be offset by the benefits of
synergies and the growth of our fleet,
enabling us to achieve our overall
growth targets.
Action Manufacturing has delivered a record
half-year result with growth in external
revenue of 55%. Our Tourism businesses,
Discover Waitomo and Kiwi Experience have
also had a record first half, leveraging the
recovering Tourism market in New Zealand.
In particular, Waitomo benefitted from
the additional travellers related to the
Women’s FIFA World Cup jointly hosted
in New Zealand. Positively, Action
Manufacturing and the Tourism division
are on track to deliver record full year
results in FY24.
Dividend
We have declared an interim dividend of
4.5 cents per share, 100% imputed and 25%
franked. The interim dividend will be eligible
for the thl Dividend Reinvestment Plan with
a discount of 2% available to participating
shareholders.
As we previously advised, we expect the
split of thl’s annual dividends to be weighted
approximately ~30% and ~70% between
interim and final dividends. The dividend
policy approved by the thl Board last year
remains, targeting a pay-out ratio of 40 to
60% of thl’s underlying net profit after tax.
INTERIM DIVIDEND
4.5cps
3thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

A significant amount of
effort has gone into the
integration project over this
period as we now well and
truly operate as a single,
global organisation. We are
on track to deliver our
original scope of $27 to
$31M in annual cost-out
synergies ahead of
original expectations.
GRANT WEBSTER – CEO
4thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

Capital management
Net debt on 31 December 2023 was $403M
and represents a net debt to EBITDA ratio
of ~2.1x on a trailing 12-month basis. We
continue to invest in growing our fleet as
the demand for rentals recovers. Our closing
rental fleet of 7,366 vehicles on 31 December
2023 represents a 15% increase across the
last 12 months. Our fleet investment in H1
is largely reflected in an additional net 500
vehicles in work-in-progress, being vehicles
paid for but remaining in the on-fleeting
process on 31 December 2023, and therefore
excluded from rental fleet figures.
Our total fleet remains well below the
combined peak fleet levels of thl and Apollo,
providing a runway for continued growth
over the coming years.
Merger integration
The end of this reporting period coincides
with the completion of the first twelve
months of thl and Apollo combined. A
significant amount of effort has gone into
the integration project over this period as we
now well and truly operate as a single, global
organisation. We are on track to deliver our
original scope of $27 to $31M in annual
cost-out synergies ahead of original
expectations and have a pilot underway for
additional North American fleet synergies.
Our integration activity has continued in the
period as we have focused on RV product
efficiency, IT systems consolidation and
addressing the tail end of duplicate spend
across various categories. While we expect
to achieve our initial estimates early, we do
continue to seek out further synergy
opportunities to execute on. The largest
of these opportunities remains the North
American synergies that we believe are
achievable by having the USA and Canada
businesses operate more cohesively from a
fleet management perspective.
CFO update
The recruitment process for the CFO role is
ongoing. There is a clear focus on making an
appointment that is right for thl today, which
is taking longer than originally planned.
Steven Hall, Deputy CFO, has recently
returned to the business in a full time
capacity after a period on parental leave.
Current CFO Nick Judd’s final day with thl
will be at the end of February 2024 and
Steven Hall will operate as Acting CFO
from 1 March until the recruitment
process is complete.
ESG initiatives
We are proud to say that thl has been
recognised for our ESG efforts as a top three
performer in Forsyth Barr’s Carbon & ESG
Ratings of 58 of New Zealand’s best-known
businesses listed on the NZX.
We are pleased with our progress on social
sustainability with the publication of our first,
global Modern Slavery Statement in
RENTAL VEHICLE FLEET
7,366
5
thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

December 2023. Our Climate & Carbon
Strategy has seen a reduction in our Scope 1
and 2 greenhouse gas emissions and a
robust assessment of our climate risks and
opportunities. However, we recognise that
the significant challenge of decarbonising
our fleet, given supply-side challenges, still
lies ahead and we remain committed to
becoming a ‘future-fit’ business.
M&A activity
We continue to explore acquisition
opportunities of varying scales on a
global basis. Positively, the acquisition
of Camperagent RV in South Australia
successfully completed on 31 January and
our existing Adelaide retail operations are
already in the process of relocating to the
site and the rental operations will follow after
the high season. Camperagent is an example
of an opportunity that makes good business
sense by providing a single scale site for all
our operations in Adelaide, expanding our
sales capability and becoming the leading
RV dealership in the region. We will continue
to explore such opportunities across the
different segments of our business and
execute where appropriate.
Outlook
Whilst EBITDA and EBIT continue to track
to our expectations, a slower vehicle sales
market in H1 FY24 and earlier than expected
payments for new fleet have resulted in
higher net debt and interest costs.
Our current expectations for NPAT in FY24
is around $75M. Rental demand and yields
continue to outperform expectations, which
provides some upside potential to this
expectation. There also remains a level of
uncertainty around retail vehicle sales,
which provides downside risk.
While our NPAT expectations are slightly
lower than our earlier ambitions for the year,
we see FY24 as a transitional year where our
earnings composition shifts from the
elevated vehicle sales margins of recent
years, towards more sustainable rental
earnings. All of this is being achieved against
the backdrop of a negative macro and global
vehicle sales environment.
We reiterate and remain focused on
achieving our goal for $100M in NPAT in
FY26. We expect that FY26 will see the
benefit of stronger rental earnings through
a larger global fleet, greater stability in
the global vehicle sales market and the
realisation of the full synergy benefits from
the Apollo merger. While there is some
volatility in the near term associated with the
vehicle sales market, we believe this will be
temporary in nature. Our category of travel
is one that has grown in popularity in recent
years and which we believe has a positive
future. We believe we are positioned very
well to make the most of that over the
coming period.
In closing, we’d like to thank all our
shareholders for their ongoing support and
all of our crew across the globe, who work
tirelessly everyday to create
unforgettable journeys.
Cathy Quinn ONZM
Chair
Grant Webster
CEO
6thl FY24 INTERIM RESULTS – LETTER FROM THE CHAIR & CEO

thlonline.com

---

FY24INTERIM RESULTS
20F E B R U A R Y 2024
UNITED
FOR
GROWTH

thlFY24 INTERIM RESULTS PRESENTATIONthlFY24 INTERIM RESULTS PRESENTATION
•All financials are in NZ dollars unless stated otherwise (throughout
presentation). All comparisons are against prior corresponding period unless
stated otherwise.
•H1 FY24 had no non-recurring items and therefore statutory and underlying
earnings were equal.
•H1 FY23 includes the following non-recurring items (which have been
excluded from underlying earnings):
•Gross transaction costs of $5.2M in relation to the merger with Apollo;
•A gain of $3.5M on the revaluation of thl’s49% shareholding in Just go
(resulting from the acquisition of the remaining shares); and
•A gain of $0.6M on the revaluation of thl’s previous shareholding in
Apollo (resulting from the acquisition of the remaining shares).
•The depreciation expense and interest expense recognisedin H1 FY24 in
relation to IFRS 16 was $11.4M (H1 FY23: $4.8M) and $4.4M (H1 FY23: $2.7M)
respectively. Actual lease payments for the period were $11.2M (H1 FY23:
$5.9M).
•The average NZD:AUD cross-rate for H1 FY24 was 0.9241 (H1 FY23 -0.9045).
The average NZD:USD cross-rate for H1 FY24 was 0.6053 (H1 FY23 -0.6075).
The average NZD:CAD cross-rate for H1 FY24 was 0.8165 (H1 FY23 -0.8511 for
the month of December only).The average NZD:GBP cross-rate for H1 FY24
was 0.4823 (H1 FY23 -0.5157). Averages reflect the average of the six months
rates unless otherwise stated.
•EBIT refers to operating profit/(loss) before financing costs and tax and is a
non-GAAP measure. This measure should not be viewed in isolation and is
intended to supplement the NZ GAAP measures and therefore may not be
comparable to similarly titled amounts reported by other companies.
•Average fleet sales margin reflect vehicle sales revenue (net of any dealer
commissions) less the net book value of the vehicles sold. It excludes other
costs of sale.
•Net debt refers to interest bearing loans and borrowings less cash and cash
equivalents.
•The balance sheet is converted at the closing rate as at 31 December 2023.
The USD cross-rate used was 0.6340 (H1 FY23 –0.6335); the AUD cross-rate
used was 0.9279 (H1 FY23 –0.9366); the CAD cross-rate used was 0.8387 (H1
FY23 –0.8588); and the GBP cross-rate used was 0.4977 (H1 FY23 –0.5252).
2
Important
notes

thlFY24 INTERIM RESULTS PRESENTATION
3
Explanatory Note to Presentation of Financial Metrics
•thl’s FY24 interim consolidated financial statements for the period ended 31
December 2023 include results from all thl and Apollo entities across the entire
reporting period
•However, the financial statements for the prior corresponding period (pcp) (FY23
interim consolidated financial statements for the period ended 31 December 2022)
do not include Apollo’s results for the five months prior to 30 November 2022, due
to the Scheme of Arrangement with Apollo completing on 30 November 2022
•Unless otherwise stated, comparisons to the pcp in this presentation exclude
Apollo’s results for the five months prior to 30 November 2022
•However, where thl believes that it is helpful for readers to compare results against
a pcp that also includes Apollo’s results for the five months to 30 November 2022
(being the period before the merger), a pro forma comparison has been provided.
Where used, the FY23 metrics are referred to as “pro forma”
•All rental yield and gross profit margin ratio comparisons in this presentation are
compared against the pro forma pcp

thlFY24 INTERIM RESULTS PRESENTATION
4
•Net profit after tax of $39.7M, an increase of 58% on the pcp
•Rentals performs well globally, with rental yields growing or
remaining stable in all markets
•Continued rental fleet growth, with closing rental fleet of 7,366
up 15% on the pcp
•An interim dividend of 4.5 cents per share declared, 100%
imputed and 25% franked
•A challenging global vehicle sales environment sees fewer
sales volumes. Gross profit margins are now normalising in
most markets, in line with our expectations
•Action Manufacturing and Tourism deliver record half-year
results and are on track to deliver record results for FY24
•We currently expect NPAT in FY24 to be around $75M. Rental
demand and yields continue to outperform expectations
which provides some upside potential. There also remains a
level of uncertainty around retail vehicle sales which provides
downside risk
•We reiterate our goal to deliver $100M in NPAT in FY26
Executive Summary

thlFY24 INTERIM RESULTS PRESENTATION
5
Results Summary
Compared to the prior corresponding period
REVENUECLOSING RENTAL FLEET
2
$
449
M +72%
7,366
+15%
NET PROFIT AFTER TAX
$
39.7
M
Statutory/Underlying
EBIT
$
74.0
M +75%
DIVIDEND
3
NET DEBT
2
4.5

cents per share
$
403
M +62%
1
H1 FY24 had no non-recurring items. For further details on the non-recurring items in H1 FY23 refer to slide 2.

2
On 31 December.
3
100% imputed and 25% franked.
+58%
(vs statutory)
+51%
(vs underlying
1
)
EBITDA
$119.7
M +69%

thlFY24 INTERIM RESULTS PRESENTATION
6
Rental Yields and Sales Margins
•On a global basis, rental yields (weighted by hire days) in H1 increased
by 9%:
•New Zealand and Canada achieved double-digit percentage yield
growth
•Australia and the UK achieved high single-digit percentage yield
growth
•USA yields remained broadly stable
•Trends in H2 rental forward bookings show yields in New Zealand and
the UK continuing growth compared to pcp while Australia holds
yields in line with the pcp
•North American H2 forward bookings show a small decline in yields on
the pcp however this is largely related to shoulder seasons, with more
stability in the peak month yields. We remain early in the booking
window for the 2024 high season with a large proportion of domestic
bookings (generally booked closer to the travel period) still to come
•As has been indicated for some time, sales margins are normalising
following an elevated period through the COVID-19 pandemic. The
normalisation is evident in most divisional H1 results with reductions in
the gross profit margin ratio on sales in all markets other than New
Zealand
•The gross profit margin ratio on fleet sales in H1 has ranged from ~11%
to ~20% in most markets, with margins in New Zealand remaining
elevated at ~37%

thlFY24 INTERIM RESULTS PRESENTATION
77
31 December 2023
Total facility
size
DrawnUndrawn
Syndicated bank debt$249.1M$176.3M$72.8M
Asset finance$384.0M$219.4M$164.6M
Floor plan finance$59.3M$57.9M$1.3M
Other loans$1.8M$0.0M$1.8M
Total$694.1M$453.6M$240.5M
Key dividend details
•Record date of 22 March 2024
•Payment date of 5 April 2024
•Eligible for the thl Dividend Reinvestment Plan at a discount
of 2% for participating shareholders
•DRP election date of 25 March 2024
•FY24 interim dividend of 4.5 cents per share, 100% imputed and 25%
franked
•As previously indicated, thl’s targeted pay-out ratio is 40 – 60% of
underlying NPAT andthe expected split of annual dividends between
interim and final is approximately ~30% to ~70%
•Net debt on 31 December 2023 was $403M, representing a net debt to
EBITDA ratio of ~2.1x on a trailing 12-months, and reflecting our
ongoing investment in fleet regrowth. The average effective interest
rate on group borrowings was 7.2%
•The increase in net debt of $118M since 30 June 2023 can be
compared to net rental fleet capital expenditure of $103M during the
same period
•The fleet investment in H1 is reflected in an increase of 133 to the
rental fleet and a net additional ~500 vehicles in work-in-progress,
being vehicles paid for but remaining in the on-fleeting process on 31
December 2023, and therefore excluded from rental fleet figures
•We expect ~$170M of net fleet capex in FY24 with an additional ~$10M
in non-fleet capex
Dividend and Capital Management

thlFY24 INTERIM RESULTS PRESENTATION
Merger Integration and Synergies
•We are on track to deliver our original scope
of $27 to $31 million in annual cost-out
synergies ahead of original expectations
•Activity in the period has focused on all areas
including RV product (bill of materials and
maintenance costs), IT systems consolidation
and the tail of duplicate spend across labour,
property and corporate costs
•There are multiple operational and
productivity synergies that are being
identified from bringing NZ and Australian
manufacturing together
•We continue to seek out further synergy
opportunities to execute on
•The synergies relating to North American fleet
opportunities are currently in pilot phase with
cross-border fleet transfers underway. These
synergies are expected to be realised from
FY25
•~$1.5M in implementation costs were incurred
in H1 FY24
Expected cost-out recurring synergies
1
Indicative phasing of fixedsynergies
-
25%
50%
75%
100%
Mar-22
Jun-22
Sep-22
Dec-22
Mar-23
Jun-23
Sep-23
Dec-23
Mar-24
Jun-24
Sep-24
Dec-24
Mar-25
Jun-25
% of fixed synergies realised
56%
47%
14%
15%
30%
25%
14%
EBITPre-tax cash
Interest savingsVariable
PropertyDuplication of corporate costs
$23m – $24m p.a.
$27m – $31m p.a.
Fixed
70%
Fixed
62%
% realised at
FY end
FY23FY24FY25
19% 79% 100%
Expected synergies and phasing as disclosed in the
Replacement Scheme Booklet dated 26 October 2022
1.Percentages based on mid point of synergy range
8

thlFY24 INTERIM RESULTS PRESENTATION
9
Divisional
Review
9

thlFY24 INTERIM RESULTS PRESENTATION
10
•New Zealand delivered EBIT growth of 160% against the pcp,
and 8% growth against the pro forma pcp. The pro forma also
included $4.6M in EBIT relating to 110 vehicle sales to Jucy
•Rental revenue growth of 37% against pro forma was
supported by a double-digit percentage increase in average
rental yields and 22% growth in rental fleet compared to 12
months prior
•Hire days remain at ~50% of FY19 levels given the lower fleet
size, demonstrating the growth opportunity through re-fleeting
as hire days return towards pre-COVID levels
•The business delivered a total of 180 sales in a challenging
economic environment, down from 376 in the pro forma pcp.
Demand for used/ex-rental vehicles has remained more
positive with most of the softness seen in new vehicle demand
•The gross profit margin ratio on fleet sales remained largely flat
at 37%, a positive result considering wider market conditions
•~400 vehicles remained in preparation for on-fleeting as at 31
December 2023 and were therefore excluded from rental fleet
figures. Once on-fleeted this should increase the fleet to 2,000+
vehicles in the back end of the high season
•The RV Super Centre retail dealership network has expanded to
five locations with the opening of new branches in Palmerston
North and Hamilton, expanding our national retail accessories
and workshop footprint
New Zealand Rentals & Sales
6 months to 31 December
NZD $M
FY24
FY23
VAR
VAR %
Pro Forma
FY23
VAR
VAR %
Rental revenue
43.9
26.5
17.4
66%
32.1
11.8
37%
Sale of goods revenue
19.2
21.8
(2.6)
(12%)
39.3
(20.1)
(51%)
Costs
(48.3)
(42.6)
(5.7)
(13%)
(57.7)
9.4
16%
EBIT
14.8
5.7
9.1
160%
13.7
1.1
8%
Rental fleet movement
Units:
FY24
FY23
(2)
VAR
VAR %
Opening fleet - 30 Jun
1,400
1,009
391
39%
Fleet sales
(1)
(157)
(147)
10
7%
Fleet purchases
572
623
(51)
(8%)
Closing fleet - 31 Dec
1,815
1,485
330
22%
(1)
Includes vehicles written off.
(2)
The H1 FY23 opening fleet excludes the Apollo fleet. Additions through the Apollo merger on 30 November 2023 are shown through "fleet purchases".
RV sales
6 months to 31 December
Units:
FY24
FY23
VAR
VAR %
Pro Forma
FY23
VAR
VAR %
Fleet sales
(1)
152
147
5
3%
327
(175)
(54%)
Retail RV sales
28
49
(21)
(43%)
49
(21)
(43%)
Total RV Sales
180
196
(16)
(8%)
376
(196)
(52%)
(1)
Total fleet sales excludes vehicles written off.

thlFY24 INTERIM RESULTS PRESENTATION
11
•EBIT growth of 9% against pcp and a decline of 45% against pro
forma pcp. A solid rental performance was impacted by
challenges with vehicle sales volumes and margins. The pro
forma also included A$7.9M in EBIT relating to 200 vehicle sales
to Jucy
•Total hire days in H1 were at ~60% of FY19 levels given lower
fleet levels, demonstrating the growth opportunity through re-
fleeting as hire days return towards pre-COVID levels
•Compared to the pro forma pcp, tourism hire days grew
however overall rental revenue remained stable and overall hire
days declined, as rentals had the benefit of ~A$5M in revenue in
the pcp related to the NSW floods
•Within tourism, there was a shift in mix from domestic to
international, as more Australians choose to travel overseas, but
with growth in international exceeding the decline in domestic
•Total RV sales volumes declined by 19% against pro forma pcp.
The gross profit margin ratio on vehicle sales is normalising in
line with expectations, reducing to ~14% for new retail sales and
19% for fleet sales
•Brisbane Manufacturing sees ongoing operational and
efficiency improvements and greater alignment with New
Zealand manufacturing
•The Camperagent RV acquisition successfully completed on 31
January. The consolidation of sites is underway and to be
completed by the end of FY24
Australian Rentals, Sales &
Manufacturing
6 months to 31 December
AUD $M
FY24
FY23
VAR
VAR %
Pro Forma
FY23
VAR
VAR %
Rental revenue
62.9
42.0
20.9
50%
63.2
(0.3)
(0%)
Sale of goods revenue
108.6
30.9
77.7
251%
138.6
(30.0)
(22%)
Costs
(150.9)
(54.0)
(96.9)
(179%)
(164.4)
13.5
8%
EBIT
20.6
18.9
1.7
9%
37.4
(16.8)
(45%)
Rental fleet movement
6 months to 31 December
Units:
FY24
FY23
(2)
VAR
VAR %
Opening fleet - 30 Jun
2,081
1,206
875
73%
Fleet sales
(1)
-
(122)
(122)
N/M

Transfers to dealerships
(1)
(248)
(14)
234
1,671%

Buybacks returned
(63)
(167)
(104)
(62%)

Fleet purchases
482
900
(418)
(46%)
Buyback purchases
-
49
(49)
N/M
Closing fleet - 31 Dec
2,252
1,852
400
22%
(1)
Includes vehicles written off.
(2)
The H1 FY23 opening fleet excludes the Apollo fleet. Additions through the Apollo merger on 30 November 2023 are shown through "fleet purchases".
RV sales
6 months to 31 December
Units:
FY24
FY23
VAR
VAR %
Pro Forma
FY23
VAR
VAR %
Fleet sales
(1)
116
135
(19)
(14%)
387
(271)
(70%)
Retail RV sales
1,070
229
841
367%
1,074
(4)
(0%)
Total RV Sales
(2)
1,186
364
822
226%
1,461
(275)
(19%)
(1)
Total fleet sales excludes vehicles written off.
(2)
Total sales excludes buybacks returned.

thlFY24 INTERIM RESULTS PRESENTATION
12
•EBIT was down 40%, with rentals improvement weighed
down by a challenged vehicle sales performance
•Rental revenue growth of 6% was achieved through increases
in domestic hire days and the rental fleet, whilst retaining the
yield increases achieved in recent years
•The broader RV sales market remains challenging. The gross
sales margin on fleet sales is normalisingas expected,
declining to ~17%. The reduction in margins reflect the higher
original cost of the vehicles being sold as well as some price
discounting
•The sales market is currently in the low season and further
insight on the recovery should become clearer in Q4 FY24
when the selling season normally commences
•Booking intake volumes for the 2024 rentals season are
tracking ahead of the prior year, however we remain early in
the booking window. The current intake for H2 shows yield
stabilisingin line with our expectations for this market
•~400 vehicles remained in preparation for on-fleeting as at 31
December 2023 and were therefore excluded from rental
fleet figures
•A younger average fleet age compared to pre-COVID has
allowed us to hold back fleet purchases in this market to
mitigate against the risk of an ongoing soft sales market, with
little impact to the rental product proposition and fleet mix
USA Rentals &Sales
6 months to 31 December
USD $M
FY24
FY23
VAR
VAR %
Rental revenue
32.7
30.9
1.8
6%
Sale of goods revenue
15.9
26.4
(10.5)
(40%)
Costs
(42.3)
(46.7)
4.4
9%
EBIT
6.3
10.5
(4.2)
(40%)
Fleet and RV sales
6 months to 31 December
Units:
FY24
FY23
VAR
VAR %
Opening fleet - 30 Jun
1,818
1,642
176
11%
Fleet sales
(1)
(227)
(319)
(92)
(29%)
Fleet purchases
-
111
(111)
N/M
Closing fleet - 31 Dec
1,591
1,434
157
11%
(1)
Includes vehicles written o ff.

thlFY24 INTERIM RESULTS PRESENTATION
13
•CanaDream performed well in the period with EBIT growth of
23% achieved through growth in rentals and sales volumes,
despite the difficult sales market
•Rental revenue increased by 38%, reflecting a double-digit
percentage growth in rental yields combined with more hire
days and a larger high season fleet
•The Canadian fleet has increased by 16% compared to 12 months
prior. The closing fleet size reflects market being in the low
season, with plans in place for the 2024 high season fleet to be
larger than 2023
•Forward bookings for H2 are still at an early stage but indicate
yield stabilisation, in line with our expectations
•Despite the challenging sales environment, the business lifted
sales volumes against pcp, delivering 101 sales, through new
wholesale relationships and greater retail traffic, and with the
pcp impacted by constraints of supply available for sale
•As previously indicated, sales margins are continuing to
normalise. Gross profit margin on fleet sales was 11%, impacted
by the prior write-up of fleet book values resulting from the
Apollo merger purchase price accounting adjustments
•North American fleet synergy opportunities are currently in pilot
phase with cross-border fleet transfers underway from Canada
to the USA
•The comparison to statutory H1 FY23 is not provided here as the
prior period would only include the results for December 2022
Canada Rentals &Sales
6 months to 31 December
CAD $M
FY24
Pro forma
FY23
VARVAR %
Rental revenue30.622.28.438%
Sale of goods revenue8.45.72.747%
Costs(23.9)(15.7)(8.2)(52%)
EBIT15.112.32.823%
Fleet and RV sales
6 months to 31 December
Units:
FY24
FY23
(2)
VAR
VAR %
Opening fleet - 30 Jun
1,402
-
1,402
N/M
Fleet sales
(1)
(96)
(20)
76
380%
Fleet purchases
44
1,182
(1,138)
(96%)
Closing fleet - 31 Dec
1,350
1,162
188
16%
Retail RV sales
5
-
5
N/M
Total RV Sales
101
20
81
405%
(1)
Includes vehicles written o ff.
(2)
The H1 FY23 o pening fleet excludes the A po llo fleet. A dditio ns thro ugh the A po llo merger o n 30 No vember 2023 are sho wn thro ugh " fleet purchases" .

thlFY24 INTERIM RESULTS PRESENTATION
14
•EBIT of £1.5M, broadly in line with the pro forma pcp
•Rental revenue grew by 2% with good growth in rental yields
offsetting a small decline in hire days
•The material growth in fleet sales volumes relates to 155
vehicles sold to New Zealand Rentals as flex fleet. With the
UK business now 100% owned, we are operating the flex
model on a larger scale
•Gross profit margin on fleet sales reduced to ~12%, largely due
to the intercompany sales to New Zealand Rentals reflecting
wholesale pricing. These vehicles will eventually be sold at
retail pricing in New Zealand
•Our European branch in Germany was closed in December
2023
•The comparison to statutory H1 FY23 is not provided here as
the prior period would only include 3 months of Just go and 1
month of Apollo results
UK/Ireland Rentals &Sales
14
6 months to 31 December
GBP £M
FY24
Pro forma
FY23
VAR
VAR %
Rental revenue
5.8
5.7
0.1
2%
Sale of goods revenue
11.4
3.7
7.7
208%
Costs
(15.7)
(7.8)
(7.9)
(101%)
EBIT
1.5
1.6
(0.1)
(6%)
Fleet and RV sales6 months to 31 December
Units:
FY24
FY23
(2)
VARVAR %
Opening fleet - 30 Jun532204328161%
Fleet sales
(1)
(221)(56)165295%
Fleet purchases47307(260)(85%)
Closing fleet - 31 Dec358455(97)(21%)
(1)
Includes vehicles written o ff.
(2)
The H1 FY23 o pening fleet excludes the A po llo fleet. A dditio ns thro ugh the A po llo merger o n 30 No vember 2023 are sho wn thro ugh " fleet purchases" .

thlFY24 INTERIM RESULTS PRESENTATION
15
•Action Manufacturing continues growth, delivering a
record half-year performance on both a third party and
post intercompany elimination basis
•Significant revenue growth in commercial manufacturing
segment, up 55% on the pcp
•Shipping costs continue to normalise towards pre-COVID
levels, however reliability of shipping times from Europe is
patchy given the recent issues in the Red Sea
•Cost inflation has stabilised with some areas of the supply
chain seeing some deflation, while lead times are reducing
to more normal cycles and holding
•Action continues to grow scale with a 20% increase in the
headcount, 20% increase in vehicles manufactured across
all Action divisions and 53% increase in RV kitsets and other
products
•Greater operational alignment between Action
Manufacturing and Brisbane Manufacturing sees ongoing
efficiency improvements
Action Manufacturing Group
6 months to 31 December
NZD $M
FY24
FY23
VAR
VAR %
Sale of goods - third party
34.3
22.1
12.2
55%
Costs - third party
(29.9)
(20.4)
(9.5)
(47%)
EBIT - third party
4.4
1.7
2.7
159%
Sale of goods - intercompany
54.4
39.5
14.9
38%
Costs - intercompany
(51.1)
(37.3)
(13.8)
(37%)
EBIT - pre intercompany elimination
(1)
7.7
3.9
3.8
97%
(1)
EB IT - pre interco mpany eliminatio n includes interco mpany revenue and co sts relating to the sale o f vehicles to
thl
rentals

thlFY24 INTERIM RESULTS PRESENTATION
16
•253% growth in EBIT as the businesses benefit from a
recovering New Zealand tourism market
•The Waitomo businesses had a strong start to the year with
New Zealand co-hosting the Women’s FIFA World Cup, with
an uplift in guests in Q1, particularly from the USA market
•The Chinese market is returning faster than earlier
expectations, which should deliver a further benefit to
Waitomo in H2 FY24
•Kiwi Experience has had a positive start to the season with
good ticket sales with limited discounting in pricing. The
business has a good forward book but is seeing some
softness in the youth/back packer travel market
•We expect that the Tourism division will deliver a record EBIT
result in FY24
Tourism
6 months to 31 December
NZD $M
FY24FY23VARVAR %
Revenue18.39.48.995%
Costs(13.0)(7.9)(5.1)(65%)
EBIT5.31.53.8253%

thlFY24 INTERIM RESULTS PRESENTATION
17
•Group Support Services & Other contains costs relating to
New Zealand-based corporate staff, administration and other
overhead costs, as well as thl digital costs and triptech
revenue and costs.
•Due to historical accounting practices, costs relating to
Australian-based corporate staff, administration and
overheads are reported in the Australian Rentals, Sales and
Manufacturing division, in line with Apollo’s accounting
practices prior to the merger
•A portion of these overhead costs are recharged to the
individual business units and therefore not reflected in this
table
•The EBIT loss in H1 was $4.3M, up from a loss of $2.1M. The
increase relates partly to integration implementation costs
and the employee share bonus for group support staff.
•Intercompany revenue and costs relating to transactions
between Action Manufacturing and thl rentals, as well as
vehicle sales from UK/Ireland Rentals to New Zealand Rentals
are eliminated inGroup Eliminations
•We expect to consolidate all corporate group support,
administration and overhead costs into a single division from
FY25
Group Support Services & Other;
Group Eliminations
Group Support Service & Other
6 months to 31 December
NZD $M
FY24
FY23
VAR
VAR %
Revenue
0.6
0.5
0.1
20%
Costs
(4.9)
(2.6)
(2.3)
(88%)
EBIT before non-recurring items
(4.3)
(2.1)
(2.2)
(105%)
Group Eliminations
6 months to 31 December
NZD $M
FY24
FY23
VAR
VAR %
Intercompany revenue elimination
(70.0)
(39.4)
(30.6)
(78%)
Intercompany costs elimination
66.3
37.3
29.0
78%
EBIT
(3.7)
(2.1)
(1.6)
(76%)

thlFY24 INTERIM RESULTS PRESENTATION
18
Divisional Performance
Note: Non-recurring items are excluded from the divisional results and reported in the “non-recurring items” row. Divisional results include any intercompany revenue and
expenses. These are eliminated in “Group Eliminations”.
6 months to 31 December 20236 months to 31 December 2022
$M NZDREVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
New Zealand Rentals & Sales 63.1 23.1 14.8 159.2 48.2 11.7 5.7 91.2
Australian Rentals, Sales & Manufacturing 185.4 37.9 22.3 311.7 80.7 28.7 20.5 144.5
USA Rentals & Sales 80.0 22.5 10.4 219.0 94.7 27.6 17.2 190.3
Canada Rentals & Sales 47.6 22.8 18.4 128.3 2.4 (0.1) (0.4) 168.7
UK/Ireland Rentals & Sales 35.5 4.9 3.1 70.1 2.9 (0.3) (0.8) 30.6
Action Manufacturing Group 88.7 9.9 7.7 47.1 61.6 5.5 3.9 45.9
Tourism 18.3 6.0 5.3 13.2 9.4 2.5 1.5 12.4
Group Support Services/Other 0.6 (3.3) (4.3) 35.3 0.5 (1.3) (2.1) 62.0
Group eliminations(70.0) (4.1) (3.7)
–
(39.4) (2.4) (2.1)
–
Non-recurring items
– – – – –
(1.1) (1.1)
–
thl 100% owned entities 449.2 119.7 74.0 983.9 261.0 70.8 42.3 745.6
Associates (Just go, Jul to Sep 2022)
– – – – – –
0.8
–
Group Total 449.2 119.7 74.0 983.9 261.0 70.8 43.1 745.6

thlFY24 INTERIM RESULTS PRESENTATION
19
Divisional Performance
Prior period reflecting pro forma performance of collective thl and Apollo across six months
Note: Non-recurring items are excluded from the divisional results and reported in the “non-recurring items” row. Divisional results include any intercompany revenue and
expenses. These are eliminated in “Group Eliminations”. The H1 FY23 UK/Ireland Rentals & Sales results above differ from those in the FY23 interim results presentation, as the
latter did not include the results from Just go for the first three months of H1 FY23. Group Support Services/Other includes H1 FY23 EBIT of $1.6M relating to foreign currency
translation adjustments on inter-entity loans within the Apollo group. In the FY23 interim results presentation, those adjustments were included in the Canada Rentals & Sales
division.
6 months to 31 December 2023
6 months to 31 December 2022 (Pro Forma)
$M NZD
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
New Zealand Rentals & Sales
63.1
23.1
14.8
71.4
21.3
13.7
Australian Rentals, Sales & Manufacturing
185.4
37.9
22.3
222.2
54.7
40.6
USA Rentals & Sales
80.0
22.5
10.4
94.7
27.7
17.2
Canada Rentals & Sales
47.6
22.8
18.4
34.3
17.9
15.2
UK/Ireland Rentals & Sales
35.5
4.9
3.1
18.1
4.7
3.2
Action Manufacturing Group
88.7
9.9
7.7
61.6
5.5
3.9
Tourism
18.3
6.0
5.3
9.4
2.5
1.5
Group Support Services/Other
0.6
(3.3)
(4.3)
0.1
0.3
(0.5)
Group Eliminations
(70.0)
(4.1)
(3.7)
(39.4)
(2.4)
(2.1)
Non-recurring items
–
–
–
–
(6.6)
(6.6)
Group Total
449.2
119.7
74.0
472.4
125.6
86.1

thlFY24 INTERIM RESULTS PRESENTATION
20
Outlook

thlFY24 INTERIM RESULTS PRESENTATION
21
Outlook
•Whilst EBITDA and EBIT continue to track to our
expectations, a slower vehicle sales market in H1 FY24 and
earlier than expected payments for new fleet have resulted
in higher net debt and interest costs
•Ourcurrent expectations forNPAT in FY24 is around $75M.
Rental demand and yields continue to outperform which
provides some upside potential to these expectations.
There also remains a level of uncertainty around retail
vehicle sales which provides downside risk
•While our NPAT expectations are slightly lower than our
earlier ambitions for the year, we see FY24 as a transitional
year where our earnings composition shifts from the
elevated sales margins of recent years towards more
sustainable rental earnings, all being achieved against the
backdrop of a negative macro and global vehicle sales
environment
•We reiterate our goal to deliver $100M in NPAT in FY26. We
expect that FY26 will see the benefit of stronger rental
earnings through a larger global fleet, greater stability in
the global vehicle sales market and the realisation of the
full synergy benefits from the Apollo merger

thlFY24 INTERIM RESULTS PRESENTATIONthlFY24 INTERIM RESULTS PRESENTATION
22
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.

thlFY24 INTERIM RESULTS PRESENTATION
23
Thank you

thlFY24 INTERIM RESULTS PRESENTATION
24
Supplementary
information

thlFY24 INTERIM RESULTS PRESENTATION
25
Divisional EBIT before Non-recurring Items, Group Eliminations & Gain on Jucy Sales
Prior period reflecting pro forma performance of collective thl and Apollo across six months
$9.1
$31.9
$17.2
$15.1
$3.2
$3.9
$1.5
$14.8
$22.3
$10.4
$18.4
$3.1
$7.7
$5.3
$0.0
$5.0
$10.0
$15.0
$20.0
$25.0
$30.0
$35.0
NZ Rentals &
Sales
Australia
Rentals, Sales &
Manufacturing
USA Rentals &
Sales
Canada Rentals
& Sales
UK/Ireland
Rentals & Sales
Action
Manufacturing
Tourism
Earnings before interest and tax (EBIT)
H1 FY23 Pro FormaH1 FY24
NZD ($M)
Note: The gain on Jucy sales in H1 FY23 Pro Forma was NZ$4.6M in New Zealand and NZ$8.7M in Australia.

thlFY24 INTERIM RESULTS PRESENTATION
Income Statement Summary
26
6 Months to 31 December
NZD $MFY24FY23VARVAR %
Revenue
Sale of services234.0134.0100.075%
Sale of goods215.2127.088.269%
Total revenue449.2261.0188.272%
Costs(329.5)(190.2)(139.3)(73%)
EBITDA119.770.848.969%
Depreciation & amortisation(45.7)(28.5)(17.2)(60%)
EBIT74.042.331.775%
Net finance costs(17.9)(6.7)(11.2)(168%)
Share of profit from associates0.00.8(0.8)N/M
Net profit before tax56.036.419.654%
Taxation(16.3)(11.2)(5.1)(45%)
Net profit after tax39.725.214.558%
Net profit after tax is attributable to:
Equity holders of the Company39.725.214.558%
Basic EPS (in cents)
(1)
18.415.3
Diluted EPS (in cents)
(1)
18.315.3
(1)
Based on weighted average number of shares on issue across the reporting period

thlFY24 INTERIM RESULTS PRESENTATION
Balance Sheet
27
As at
NZD $M31 Dec 202330 Jun 2023VAR31 Dec 2022VAR
Equity618.4611.07.4570.847.6
Non current liabilities (excl lease liabilities)388.5287.7100.8197.4191.1
Current liabilities (excl lease liabilities)255.3285.0(29.7)270.9(15.6)
Lease liabilities148.1159.9(11.8)120.227.9
Total source of funds1,410.31,343.666.71,159.3251.0
Intangible assets (incl goodwill)190.7190.30.4212.5(21.8)
Investments24.623.21.420.44.2
Derivative financial instruments0.92.4(1.5)0.00.9
Property, plant and equipment746.5659.387.2473.2273.3
Right-of-use assets132.3145.0(12.7)130.41.9
Current assets315.3323.4(8.1)322.8(7.5)
Total use of funds1,410.31,343.666.71,159.3251.0
Net debt position (excl lease liabilities)403.3285.1118.2249.3154.0
Net tangible assets427.7420.77.0358.369.4
Net tangible assets per share
(1)
$1.97$1.97$1.67
Book value of net assets per share
(1)
$2.85$2.85$2.67
Debt / debt + equity ratio (net of intangibles)48.5%40.4%41.0%
Equity ratio (net of intangibles)35.1%36.5%37.8%
(1)
Based on shares on issue at the relevant balance date

thlFY24 INTERIM RESULTS PRESENTATION
Ex-Rental Fleet Sales (Excludes Retail Sales)
Prior period reflecting pro forma performance of collective thl and Apollo
28
Note: Gross margin equals vehicle sales revenue (net of any dealer commissions) less the net book
value of the vehicles sold. It excludes other costs of sale. FY23 figures above include a gain on the
sale of 110 motorhomes in New Zealand and 200 motorhomes in Australia to Jucy Rentals on 30
November 2022. The equivalent table in thl’s FY23 Interim Results Presentation did not include the
gain related to the sales to Jucy Rentals. The figures on this slide include intercompany sales and
margin relating to the sale of 155 vehicles from thl UK/Ireland to thl New Zealand.
6 months to 31 December
#FY24
Pro Forma
FY23
VARVAR %
Fleet vehicles sold (excluding buybacks)
New Zealand152327(175)(54%)
Australia116416(300)(72%)
USA227319(92)(29%)
Canada95524383%
UK/Ireland21665151232%
Total fleet vehicles sold (excluding buybacks)8061,179(373)(32%)
6 months to 31 December
$M
FY24
Pro Forma
FY23
VAR
VAR %
Proceeds from sale of fleet
New Zealand
11.3
28.0
(16.7)
(60%)
Australia
14.9
44.4
(29.5)
(66%)
USA
25.6
44.0
(18.4)
(42%)
Canada
8.7
6.3
2.4
38%
UK/Ireland
20.9
6.5
14.4
222%
Total proceeds from sale of fleet
81.4
129.3
(47.9)
(37%)
Net book value of fleet sold
New Zealand
7.1
17.9
(10.8)
(60%)
Australia
12.1
29.1
(17.0)
(58%)
USA
21.3
32.0
(10.7)
(33%)
Canada
7.7
3.9
3.8
97%
UK/Ireland
18.3
4.4
13.9
316%
Total net book value of fleet sold
66.5
87.3
(20.8)
(24%)
Gross margin on fleet sold
New Zealand
4.2
10.1
(5.9)
(59%)
Australia
2.8
15.3
(12.5)
(82%)
USA
4.3
12.0
(7.7)
(64%)
Canada
1.0
2.4
(1.4)
(59%)
UK/Ireland
2.6
2.1
0.5
24%
Total gross margin on fleet sold
14.9
42.0
(27.1)
(65%)
6 months to 31 December
$k
FY24
Pro Forma
FY23
VAR
VAR %
Average gross margin on fleet sales
New Zealand
27.6
31.0
(3.4)
(11%)
Australia
24.2
36.8
(12.6)
(34%)
USA
18.9
37.6
(18.7)
(50%)
Canada
10.3
46.2
(35.9)
(78%)
UK/Ireland
12.0
32.3
(20.3)
(63%)
6 months to 31 December
%
FY24
Pro Forma
FY23
VAR
Gross profit margin (%) on fleet sales
New Zealand
37.2%
36.2%
1.0%
Australia
18.8%
34.5%
-15.6%
USA
16.8%
27.3%
-10.5%
Canada
11.3%
38.1%
-26.8%
UK/Ireland
12.4%
32.3%
-19.9%

thlonline.com

---

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




20 February 2024

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

FY24 INTERIM RESULTS

Summary:
• Net profit after tax (NPAT) of $39.7M, an increase of 58% on the prior corresponding period (pcp)
• Rentals performs well globally, with rental yields growing or remaining stable in all markets
• Continued rental fleet growth, with closing rental fleet of 7,366 up 15% on the pcp
• An interim dividend of 4.5 cents per share declared, 100% imputed and 25% franked
• A challenging global vehicle sales environment sees fewer sales volumes. Gross profit margins are
now normalising in most markets, in line with our expectations
• Action Manufacturing and Tourism deliver record half-year results and are on track to deliver record
results for FY24
• We currently expect NPAT in FY24 to be around $75M. Rental demand and yields continue to
outperform expectations which provides some upside potential. There also remains a level of
uncertainty around retail vehicle sales which provides downside risk
• We reiterate our goal to deliver $100M in NPAT in FY26
thl today releases its results for the six months ending 31 December 2023.

Cathy Quinn, thl Chair, said “we consider that we are in a strong position today. We have made
significant progress on the integration of the merger, realisation of synergies and are managing a large
change programme positively whilst organically growing the business with the recovery of international
tourism. We are being responsive to broader market conditions, in particular the vehicle sales market
and managing our fleet investment decisions.”

Grant Webster, thl CEO, said “the two clear trends through our results have been the outperformance of
rentals on a global basis and ongoing volatility in vehicle sales. Our rentals businesses in each market
have delivered positive results, supported by strong rental yields that saw good growth in most markets.
Our overall result was impacted by the ongoing challenges in the global vehicle sales market, which are
also evident across the broader automotive retail market.

“Action Manufacturing and our Tourism division have also had strong performances, delivering record
half-year results with both on track to deliver record full year results in FY24.”

Dividend

An interim dividend of 4.5 cents per share, 100% imputed and 25% franked, will be payable on 5 April
2024. The Dividend Reinvestment Plan (DRP) is available to eligible shareholders that wish to participate,
and a 2% discount is available. The record date is 22 March 2024 and the final date for DRP elections is
25 March 2024.

As previously advised, we expect the split of annual dividends between interim and final to be
approximately ~30% to ~70%.

Outlook Commentary

Whilst EBITDA and EBIT continue to track to our expectations, a slower vehicle sales market in H1 FY24
and earlier than expected payments for new fleet have resulted in higher net debt and interest costs.

Our current expectations for NPAT in FY24 is around $75M. Rental demand and yields continue to
outperform, which provides some upside potential to this expectation. There also remains a level of
uncertainty around retail vehicle sales, which provides downside risk.

We see FY24 as a transitional year where our earnings composition shifts from the elevated vehicle sales
margins of recent years, towards more sustainable rental earnings. All of this is being achieved against
the backdrop of a negative macro and global vehicle sales environment.

We reiterate and remain focused on achieving our goal for $100M in NPAT in FY26. We expect that FY26
will see the benefit of stronger rental earnings through a larger global fleet, greater stability in the global
vehicle sales market and the realisation of the full synergy benefits from the Apollo merger.

While there is some volatility in the near term associated with the vehicle sales market, we believe this
will be temporary in nature. Our category of travel is one that has grown in popularity in recent years and
which we believe has a positive future. We believe we are positioned very well to make the most of that
over the coming period.

The FY24 interim financial statements, as well as a letter from the Chair and the CEO and an investor
presentation, are available on thl’s website and on the NZX and ASX websites.

ENDS

Authorised by:

Cathy Quinn
Chair, Tourism Holdings Limited

For further information contact:

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

Investors and Analysts:
Amir Ansari
Manager – Strategy & Development; Company Secretary
Direct Dial: +64 9 336 4203
Mobile: +64 21 163 8053

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 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, Camperagent, 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.

---

Results announcement
Tourism Holdings Limited




Results for announcement to the market
Name of issuer Tourism Holdings Limited
Reporting Period 6 months to 31 December 2023
Previous Reporting Period 6 months to 31 December 2022
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$449,198 +72%
Total Revenue $449,198 +72%
Net profit/(loss) from
continuing operations
$39,732 +58%
Total net profit/(loss) $39,732 +58%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.04500000
Imputed amount per Quoted
Equity Security
$0.01750000
Record Date 22 March 2024
Dividend Payment Date 5 April 2024
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.97 $1.67
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached unaudited interim financial statements and
investor presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Cathy Quinn
Contact person for this
announcement
Grant Webster
Contact phone number +64 9 336 4255
Contact email address grant.webster@thlonline.com
Date of release through MAP

20 February 2024

Unaudited interim financial statements accompany this announcement.

---

Distribution Notice





Section 1: Issuer information
Name of issuer Tourism Holdings Limited
Financial product name/description Ordinary Shares
NZX ticker code THL
ISIN (If unknown, check on NZX
website)
NZ HELE 0001S9
Type of distribution
(Please mark with an X in the
relevant box/es)
Full Year Quarterly
Half Year X Special
DRP applies X
Record date 22 March 2024
Ex-Date (one business day before the
Record Date)
21 March 2024
Payment date (and allotment date for
DRP)
5 April 2024
Total monies associated with the
distribution
$9,775,423
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.06250000
Gross taxable amount $0.06250000
Total cash distribution $0.04500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00794118
Section 3: Imputation credits and Resident Withholding Tax
Is the distribution imputed Fully imputed
If fully or partially imputed, please
state imputation rate as % applied
100%
Imputation tax credits per financial
product
$0.01750000
Resident Withholding Tax per
financial product
$0.00312500

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
2.0%
Start date and end date for
determining market price for DRP
25 March 2024 2 April 2024
Date strike price to be announced (if
not available at this time)
3 April 2024
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
New issue
DRP strike price per financial product
$TBC
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
5:00pm NZ time on 25 March 2024
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Grant Webster, CEO
Contact person for this
announcement
Amir Ansari, Manager Strategy & Development
Contact phone number +64 21 1638053
Contact email address amir.ansari@thlonline.com
Date of release through MAP

20 February 2024

=== IR PAGE TRANSCRIPT: FY24 Interim Results - Investor Call Transcript – 20 February 2024 ===

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




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

FY24 INTERIM RESULTS – INVESTOR CALL TRANSCRIPT

Key:
GW Grant Webster - thl
NJ Nick Judd -
thl
AA Amir Ansari - thl
D Daniel
KC Kieran Carling – Craigs Investment Partners
JO John O’Shea – Ord Minnett
VN Vignesh Nair - UBS
GL Grant Lowe - Jarden
BW Ben Wilson – Wilsons Advisory
BM Belinda Moore – Morgans Financial
AB Andy Bowley – Forsyth Barr

TRANSCRIPT
[START OF AUDIO RECORDING AT 00:00:00 MINS]
D Good day, and thank you for standing by. Welcome to the Tourism Holdings Limited fiscal year 2024, half
year results briefing. At this time all participants are in listen only mode. After the speakers’ presentation
there will be a question and answer session. To ask a question during this session you [inaudible] *11 on
our telephone. You will then hear an automated message advising your hand is raised. To withdraw your
question, please press *11 again. Please be advised that today’s conference is being recorded. I would now
like to hand the conference over to your speaker today, Grant Webster, Chief Executive Officer. Please go
ahead.
GW Thank you, Daniel. That was a wonderful introduction. Thanks everybody for joining us today for the FY 24
interim results presentation. We’ve got a couple of people in the room with us today. We’ve got Amir
Ansari that you know. Welcome back Steven Hall from parental leave and thank you very much for taking
on the acting CFO role, which we announced today as well. And of course, Nick Judd, our CFO – your last
results phone call with THL in this current reign at least, if we don’t get you back in the future, we’ll see.
Alright, we’re going to move through the presentation reasonably quickly so we can get through your Q&A.
We do think there are some elements that are a little bit complicated in the result given the merger, but
broadly speaking it’s pretty self-explanatory. So if we’re at the explanatory note page, it’s fair to say that
overall we know it is a messy period again due to the comparatives, the transaction accounting, number of
the intercompany eliminations and we’ve still got the pro forma results in here and a lot of moving parts.
So our goal has been to simplify the information that we’re focussing on today. We want to be talking
about the business performance in general, we want to be talking about the outlook and the long term
goals and direction accordingly. Before we get into that, we’ve had a couple of questions come through
already this morning on the treatment of the purchase price acquisition accounting in relation to our
guidance of the NPAT where we’ve said would be around $75m for the year. For clarity for all, that number

does include the acquisition accounting impact which we had previously estimated at around $4.4m and
we still believe that’s around the right figure. So on a pre-acquisition accounting basis, the equivalent would
be $79.4m. We’ve mentioned this previously, that we are consistently including the $4.4m. There are
elements of it that will continue in perpetuity and we believe it is the most accurate way to be recording.
Not everyone has grasped that, so just that clarification as we try and keep things simple.
So let’s move straight to the executive summary. The rentals business within THL is going well and we’ve
seen the transition back to tourism globally very positively across the business. The sales business, I guess
we’d say is okay, with some expected headwinds in what is an uncertain FY24, but importantly we see no
longer term or structural changes in that market or consumers in any way that concerns us. Debt is higher
than it’s historically been but again that’s about us increasing out fleet, and with that obviously an
expectation that we increase revenue and we deliver that return on funds employed that we expect and
hold dearly to the way that we operate this business.
We’ve noted that the synergies are going very well and as a business we’re happy with how the merger is
progressing in general. The synergies both from the timing perspective and overall quantum are positive.
Strategically we have reinforced the point that we are well positioned to achieve the FY26 goal of $100m
net profit after tax. The assumptions and market conditions remain suitable for us to achieve that. When
you look at that future goal you’ve got to say that this year is a transition year, a minor bump in the
progression towards those broader strategic goals.
Just quickly moving on to the results slide, it’s all pretty self-explanatory. The statutory result of $39.7m,
up 58% on the prior year has been well received by the media and has been well articulated but we’ll talk
more about the pro forma comparison as we move through the divisional results. We’re certainly well
aligned in the business with our expectations for revenue growth, and you’ll see revenue up 72%. And
you’ll also see that we have fleet up at 15%. Now that does reflect the trading fleet. There is a work in
progress fleet level that will be covered later on by Nick, and with that we’ll talk more about the net debt
and the CapEx number. As we’ve said, it does increase our net debt to $403m and as I mentioned earlier,
with that being focussed on fleet growth it is all about how we generate the additional revenue associated
with that fleet, and that’s where we get that opportunity to build and grow towards that target. And finally,
I just want to mention the dividend at 4.5 cents per share. Nick will cover the details of that, including why
you shouldn’t try and necessarily extrapolate an exact figure for our profit for the year or final dividends
given the nature of those assumptions.
Let’s move on to rental yields and sales margins. It’s a positive story globally when it comes to rental yields.
We’ve given some broad indication on H1 and we’ll talk about our division outlook as well. We haven’t
included that graph that we did historically on where we thought the pattern of yields are, but it would be
fair to say in every country we have not moved in the way that we thought, we have moved more positively.
The result shows that we’re focussed and driving the right mix between yield, fleet size and market share,
and given that we’ve continued to grow yields in the first half we would reinforce the fact that we’re coming
off a higher base moving forward. It’s a pleasing place to be and it’s one where customers see the value in
our product and shows that we’re managing yield in a way that’s appropriate for the market and the
broader opportunities of the business. We’ve highlighted before and we’d reinforce that we do see some
yield decline or stabilisation in some areas as we move forward, but we’ll talk about those on a divisional
basis. We will not see yields return to pre-Covid levels with our current expectations. Margins are
normalising in vehicle sales and we’ve been clear about that time after time in the recent expectations.
I’ll pass over to Nick now to talk about the dividend, the capital management and the synergies.

NJ Thanks Grant, and hello to all on the call. Focussing for a start on the dividend, it is pleasing that we’ll pay
our first interim dividend in a number of years. A 4.5 cent dividend, which is 100% imputed and 25%
franked. A reminder that our dividend policy is to pay 40% to 60% of underlying NPAT. As previously guided,
our dividends are expected to be split approximately 30% as interim and 70% as final, which aids the
seasonality of cash flows associated with the fleet purchasing and business earnings.
As Grant stated earlier, the 30% to 70% split is an approximation and shouldn’t be used as a proxy of the
4.5 cents to try and work out the profit number for the year.
Debt has materially increased in half one as we have grown the fleet, particularly in the Southern
Hemisphere, held fleet for longer due to the slower sales market, particularly in the Northern Hemisphere,
taken delivery of some fleet earlier than expected, particularly in the US and New Zealand, and had a rise
in floorplan debt associated with holding stock for longer in our Australian retail business. At the 31
st
of
December we have a net debt to EBITDA ratio of 2.1, and it will stay more elevated as we continue to invest
in the fleet regrowth, but this is in line with expectations and we expect full year net fleet CapEx to be
around previous expectations at $170m with an additional $10m spent on non-fleet CapEx.
As Grant mentioned we had a significant number of fleet sitting in the work in progress balance at the 31
st

of December as US purchases were delivered earlier than original expectations and a larger number of
fleet, both new and used, were shipped from the UK and Europe down to New Zealand and they were in
the process of being on-fleeted at that point in time. Supply chains do remain with some bumps and hence
why we’ve taken delivery of some vehicles earlier, but it is certainly in a much improved situation from a
year ago.
Positively, even with some longer term low fixed rate debt rolling off and being replaced by current price
debt, we have seen our effective interest rate at 7.2% for the half decrease and sit slightly below the FY23
effective interest rate and we continue to see pricing improvements from our funding group. We continue
to have a strong and very supportive lending group and have significant head room to enable the re-fleet.
Turning to merger, integration and synergies. As Grant has touched on, the story is positive here and if this
slide looks familiar, it is because it is, we’ve used this slide consistently regarding our synergies in a number
of our presentations. The information on the slide also remains similar as we are on track to deliver the
$27m to $31m in pre-tax cash synergies ahead of our original timing, and we are now at a point where we
can assuredly say that the synergies will be delivered. We will achieve 100% of the synergies in FY25.
Significant activity continues in the business to deliver the synergies with key recent focus areas being
delivery of the integrated IT roadmap, product related areas such as the bill of materials and repairs and
maintenance supplier spend, and the final labour, property and duplicate corporate costs coming out of
the business. Alignment of the manufacturing businesses in Australia and New Zealand is going well with
quick win productivity and operational synergies identified and planned to roll out in half two, and longer
term initiatives planned for implementation in FY25.
FY25 is also aimed at scaling the North American fleet synergies with a trial of fleet transfers between
Canada and USA currently underway and taking place this month. Given that they are a reoccurring cost of
multiple years, we have not excluded the $1.5m in implementation costs from our underlying performance.
We expect to be under the implementation costs budget that we identified and with the majority of spend
having occurred also.
Lastly, with every month the counterfactual plans which the synergy comparison was built against get less

and less relevant and we are likely to stop reporting on the synergies in the near future as the
counterfactual has become irrelevant and you will see the benefits flow through to the NPAT bottom line.
It is important to remember that we are not immune from the inflationary cost increases that all businesses
face and which will impact costs into the future.
I will now pass back to Grant to give a summary of the business unit performance.
GW Brilliant. Thanks Nick, appreciate that. Right, let’s go through the results starting with New Zealand. We’re
very pleased with the New Zealand business in almost every aspect of the operation. As with Australia,
when we compare year on year, the previous period did have the sale of vehicles to Jucy, but in New
Zealand the tourism demand has been particularly strong and yields have continued to grow by double
digit amounts and show no signs of decreasing at this point in time. Vehicles are buoyant and margin
remained broadly in line with our expectations, although we would note that the vehicle sales market is
quieter at the top high end of the market where price points are sort of north of $200,000.
We’re positive about the broad outlook for rentals and vehicle sales in New Zealand. We’d note the
opening of two more RV Super Centres, one in Hamilton that leverages the Action Manufacturing site in
Foreman Road, and one in Palmerston North. That’s certainly a good growth area for us as a business with
low capital deployed.
Let’s move on to Australia. So the Australian result was slightly behind our internal expectations. When
looking at the pro forma result you certainly see a significant drop on the prior year but we note again that
that compares with the Jucy sale of vehicles and a significant non-tourism revenue benefit that we had in
the prior correspondence period relating to the Sydney floods, which obviously wasn’t repeated this year
and because of the time of year it wasn’t something that we could replace with tourism revenue easily.
Within tourism in general, there was a shift from domestic to international as more Australians chose to
travel overseas. With vehicle sales we saw the decline against the pro forma corresponding period
reflecting the general market for automotive and leisure sales in Australia. The gross profit margin is
normalising as we’ve indicated and again, that’s what we’ve expected. This segment also includes Brisbane
manufacturing and the administration costs for Australia, which will be separated out in time.
We’re very pleased to get the Camperagent Adelaide acquisition underway and then completed at the
start of this year. It sets us up really well for good synergies in that market and ongoing development of
the region in South Australia.
Moving on to the USA. That’s certainly a disappointing result for us driven clearly by the vehicle sales
market. If you do follow this market you would have seen reporting from the industry of public listed
companies up there that, as I say, that clearly indicated that it’s a market wide issue, it’s not a
thl issue and
you’d understand where the current market is. Importantly, in that vehicle sales market there is an
expectation that it will rebound and often it can rebound quite quick, and over decades has had an ongoing
compounding growth. Calendar 2024 is expected within the market to see some growth in RV sales and
the general market is reflecting that. Particularly we’d expect to see growth if interest rates starts to fall,
which could be any time, anybody’s pick, but we would suggest some time around mid-year. We remain
conservative in our expectations from a rentals and sales perspective at the moment.
In the USA you’ll see that we had growth in hire days and retention of the yield growth, which we’ve
achieved over previous years. The rental outlook for this coming high season remains reasonably positive.
There’s an international trade event in Germany in just over a week’s time, which should give us some real

good indication of the mood towards the USA and Canadian rental markets. It will be interesting because
those markets will certainly see the trends for the high season coming out of Europe. If you look at the
public information from the listed wholesale entities in tourism, it certainly does indicate that demand is
still strong for North America tourism in general. The customers seem to be more price sensitive in the US
market. That’s what we’re seeing and some of it relates to exchange rate, but we overall remain positive
about the US in the long term and again we see no structural issues in that business that doesn’t see it
improving over time.
With Canada, a positive result for the first half. Really strong yield growth over the prior period,
corresponding period, and again pretty much double digit growth in yield and achieved those high yields
obviously because we had a higher rental demand than the US and it is a shorter season and fleet size and
the total market seems to have stayed pretty stable. We see yields stabilising in this market in the current
period, but again would reiterate that point that that stabilisation is coming off a higher growth base.
Vehicle sales in Canada remained a challenge and for the same reasons as we just discussed in the US.
Realistically both Canada and the US are one market when it comes to vehicle sales. We continue to
progress our synergies in that area and we’ve got much greater alignment between the USA and Canada
when it comes to vehicle sales, and we’ll be combining the leadership for vehicle sales across Canada and
US in a very short period of time.
The UK and Ireland and are still a minor part of the business at this point in time and they had an okay half
year. Costs have increased in that business and we’re watching it carefully, in particular insurance has been
a real issue for us which we’re looking to resolve over the coming period. We did see the flex fleet
movement commence again to New Zealand in the last period and those of you that might be new to that,
I would simply put that’s where we take the opportunity to move vehicles from the UK post their high
season down to New Zealand for the New Zealand high season, thus you get a double utilisation
opportunity within one year and can then look to move those vehicles in the New Zealand sales market.
We did have shipping issues this year and you would have heard that in a number of different businesses
which did impact the availability of those vehicles for the peak season. Action Manufacturing had a very
pleasing result and they continue to grow from the benefited scale, and we also see, as Nick mentioned,
some of those supply constraints starting to ease but would offset somewhat in those shipping issues that
we’re seeing on a global basis.
When you look at the growth and headcount here it reflects both the demand from a sales perspective,
the growth and acquisition and the easing of the labour market as well. Chris Devoy, the CEO of Action
Manufacturing now leads both New Zealand and Australia, and that’s provided us some real opportunity
to get more synergies happening in that space to further explore technology benchmarking. We’ve seen
our design capability leveraged across both those businesses and obviously we’re getting those supply
chain benefits as we’ve expected within our synergy goals.
From the tourism perspective, the businesses have recovered extremely well. We’re really pleased with
the results from the FIFA Women’s World Cup. We saw that as very beneficial over the winter period. We’d
like to see the different councils and government in New Zealand target more events of this kind into the
future.
The EBIT margins in the tourism businesses are returning to above pre-Covid levels and it shows that strong
operating leverage that exists within the business. We have importantly said that our expectation at this
point in time, that the tourism businesses, these two businesses combined will exceed their previous
record EBIT results and that will be with a lower visitor number than pre-Covid. So we continue to see a

positive outlook for these businesses and we’ll continue to invest in these businesses as appropriate.
We now look at group support and eliminations. It’s a complicated area and I don’t think we need to go
through in detail. There’s no real change in its approach at this time but we will consolidate all our group
support costs moving forward and simplify the way that we present them given that a number of base
costs all fit within the Australian segment.
The increase in costs here does, as we’ve talked about, relate to the integration programme and obviously
the group support share of the employee bonus that we put in place as well. At a group level right across
the organisation we’ll just remind people that there was over $2m cost for the period as well.
The next couple of slides are just really good slides to get an idea of the divisions in comparison and we’ll
leave you to analyse that in your own time, and we’ll move on to the final slide of the outlook.
It’s important to note for us that in general we continue to be on track with our expectations from both an
EBITDA and an EBIT perspective. It has been a slower vehicle sales market in the first half which has in part
led to a higher net debt, but we do have that higher net debt because we are growing fleet for the future.
Importantly, that higher debt has higher interest costs and so when you look at our expectations for FY24
of around $75m, it’s important to note the primary movement is in the interest cost line.
Yes, the expectations for the year are slightly below our earlier ambitions for the year but we would remind
everyone that this is a transition year, it is a small change and where are our earnings composition into the
future shifts from elevated sales margins of recent years towards more sustainable rental earnings.
Importantly, we’d reiterate again that the assumptions and structural natural of the business reiterates our
ability and belief to achieve the $100m NPAT goal in FY26. That will be the benefit of stronger rental
earnings through a larger global fleet, greater stability in global sales, and importantly the realisation of the
full synergy benefits from the Apollo merger.
We’ll move to Q&A and thank everybody for taking the time to be part of this presentation and we’ll open
up Daniel to you for questions from the floor.
D Thank you. As a reminder, to ask a question please press *11 on your telephone and wait for your name to
be announced. To withdraw your question please press *11 again. Please stand by while we compile the
Q&A roster. Our first question comes from Kieran Carling with Craigs Investment Partners. Your line is now
open.
KC Hi guys. First question from me is just around your commentary on yields in Australia through the second
half, building in line with the PCP. You know, we’ve been hearing from some RV operators that in Australia
rental yields are starting to soften quite dramatically, particularly in relation to the domestic consumer.
Can you just provide us with a bit of a read on how the domestic consumer is holding up relative to
international, and whether you see any risk that, you know, yields decline into FY25?
GW So I’ll pick that up, Kieran, thanks for the question. Look, we’d reiterate the key points that we’ve said. So
yields are stabilising. There could be some decline, though they are coming off a higher and higher base.
So yes, there could be some movement. We’ve always stated that year after year after year, we’ve stated
since post-Covid in the high yields that there will be some degree of movement in stabilisation in those
yields. From a domestic perspective, we’re still positive from a domestic perspective. Yes, domestic
business in total has declined. You would expect that as outbound tourism has increased and we have more
international coming into the market. So yeah, comments from other players in the market don’t overly

surprise me, but they would not be an indication of where we see our yields necessarily. We remain positive
about the demand outlook that we have relative to our expectations including yields.
KC Okay, thanks for that. Just in terms of your updated guidance of around $75m, you know, that implies just
over a 60% lift in underlying NPAT through the second half of the year and obviously a fairly even
distribution of earnings between the first and second half. Can you just help us carve out kind of where
that earnings uplift is going to come from within the group in the second half, and also where you see the
seasonality of earnings sitting beyond FY24?
GW Okay, so let’s just take the last part first. The seasonal earnings beyond FY24, over time we will revert more
towards traditional pre-Covid split. You’ve got to take into account obviously Canada being in the business
and so forth and so on, so there are some changes there, but the general trend is heading that way. There’s
no big difference than pre-Covid. In terms of the second half, I mean basically it’s an extension of that same
point. So you’ve got a much stronger January, February, March high season than New Zealand and Australia
relative to the prior year, you’ve got more fleet in those jurisdictions over that high season period as well.
Those are the big changes that move the seasonal nature of the second half. Same with obviously tourism
as well, it’s peak season for the tourism businesses. Anything, Nick, that you would add to that?
NJ No, spot on.
KC Okay, thanks. And you touched on the fact there was some shipping impacts for vehicles coming into New
Zealand from Europe just prior to the peak period. Are you able to quantify, you know, how many vehicles
that impacted and what the financial impact was for the first half?
GW So it was just shy of 200 vehicles, but we wouldn’t quantify what that meant because we were sort of
phasing those into the fleet over that time. We started to see that the shipping delays were... they weren’t
well, well forecasted but we did plan for them so it wasn’t a massive impact from that perspective. It’s
more about the debt levels at year end relative to the earnings.
KC Okay, thank you.
D Thank you. One moment for our next question. Our next question comes from John O’Shea with Ord
Minnett. Your line is now open.
JO Morning guys, can you hear me okay?
GW Yeah, great John. Good to hear you.
JO Thanks very much. Look, a couple of my questions have already been covered but I just wanted to confirm
in relation to the synergies, what we’re talking about here is with that graph, that 100% realisation, we’re
talking about a run rate, is that correct? So that means that by FY26 we should get the full quantum in that
earnings in the FY26 financial year, is that the right way to think about it?
NJ Bang on, John. I’m glad that the number of times we’ve shown it we’ve finally got the message through to
everybody. You’re spot on.
JO Yep, okay. Terrific, thanks very much. I guess the second question relates to, just picking up your comment
there you said about the Canada and the US sort of synergy in there between doing some business between
the two, can you just elaborate and give us a little bit more colour on what you’re talking about there,

Grant?
GW Sure.
JO And that opportunity and what that could mean moving forward?
GW Yeah, so the simple way of talking about it, and I think it probably won’t be simple when I get into the
detail, but anyway the simple way of talking about it is that you’ve got two fleets, two different... obviously
same peak season but a lot lower off peak season in Canada. And basically looking at buying a particular
group of fleet that can work across both jurisdictions, and by doing so you can pull some of the capital out
over winter in the Canadian operation and so that’s part of it. And then obviously from a sales perspective
as well, being aligned where we can actually sell across both markets in an effective way. So rather than
sort of one business going to one dealer with a particular fleet and then Canada coming back in the door
of the next week, just really aligning where all that fleet sits and what we retail in each jurisdiction so forth
and so on. So it has literally been a vehicle type by vehicle type comparison, comparison of what chassis,
what manufacturer, what those costs are, what achieves the right yields... and adjustable with those fleet
numbers.
JO And I guess the extension of that is clearly, I mean, my question is does that vehicle exist that is suitable
for both? And if it does, how quickly can you act on that?
GW So that’s the trial that Nick talked about. So we do have some vehicles that are moving at the moment and
yes, we have ordered vehicles into next year that will be multipurpose across those jurisdictions. Not all
vehicles, but some vehicles.
JO Yeah.
GW Yep.
JO And I take it then that... if you work through the numbers on that, it could have a material impact on the
earnings, is that reasonable?
GW Material for the North American business in time as the fleet all rotates through, absolutely, yep. Thank
you for highlighting that, you’re absolutely right.
JO And is that included in your $100m target?
GW Some of it is. Some of it is, some of it flows through beyond that as well.
JO Okay, no worries. That’s it for me guys, thanks very much for taking my questions.
GW Not at all, thanks John. Always appreciate it.
D
Thank you. One moment for our next question. Our next question comes from Vignesh Nair with UBS, your
line is now open.
VN Hi, morning, Grant and Nick, can you hear me?
GW Yes, fine. Thanks Vignesh.

VN Awesome, just three questions from me this morning. First off, just focussing on the sales business, I
suppose you’ve mentioned kind of gross margins on sort of resales coming back in line with longline
averages, you’ve sort of done 19%-ish for the first half by my calcs, what can we sort of expect going into
the second half? Is it sort of a kind of a big decline into your longline average levels of sort of 13% to 14%
or is it kind of buffered with sort of that longline average sort of resale margin hit in the sort of FY25 year
and beyond?
GW Yeah, no there’s no dramatic change in the second half. There might be a little bit more in the US
normalisation as we get towards the end of the financial year, but no, most of it flows through into FY25.
VN And is that sort of the same for the retail sales, so the non-fleet sales? I think you did 14% in Australia, is
that kind of a similar style of decline into second half and beyond there?
GW Look, exactly what happens with margins in the retail side in Australia will be interesting, and by that I don’t
mean that they’ll necessarily go back in a dramatic way at all. We’re focussed on making sure that we’re
maintaining our market share and pushing volume through that market. There might be a little bit of a
margin hit but overall when we look at gross margin dollars, I think we’ll be in a reasonable place and quite
comparative.
NJ The difference with the Australian retail is you have a much broader product mix than you do in the other
regions where you’re obviously only selling used fleet, and so that gives us tools and levers that we can
play to which has an impact on that gross margin and obviously on the bottom line as well, depending on
consumer and market demand, but it’s a lot more nuanced and varied because of that.
GW Yep.
VN Okay, so that’s helpful. Second question is just on the fleet size, you sort of have around 7,400 as of the
end of the first half, what sort of target I suppose do you set for yourself into FY24? Obviously you have I
suppose 400, you know, in preparation in New Zealand the US, so I suppose is it sort of taking into account
that 800 overall and then kind of, for the US sales high season into the sort of later end of the second half,
is that how you should sort of think about where you should land on a final kind of yearend sales [over-
talking] number?
NJ Yeah, that’s it 100%. That’s the right way to think about it. We haven’t change the goal that we said, you
know, we’re still targeting 9,500, I think we’ve been pretty clear that that’s more weighted towards FY25
growth. Exactly as you’re thinking about it is right.
VN
Okay, awesome. And the final question is just I suppose double check on what Kieran was talking to in the
Australian business, on sort of rental revenue. I just wanted to get a better gauge of what’s happening to
volumes there. Like you sort of said that overall rental hire days have declined, that’s a function of the fleet
size difference, what’s actually happened to kind of, the utilisation on a per RV basis in the rental business
in Australia?
GW So just a reminder that, well actually just check the transcript for what I’ve said to Kieran, but no, just a
reminder that it was non-tourism revenue that was the big miss in the half to half within the rentals
business. Now two key things for that: that essentially runs at 100% utilisation for a long period of time,
the way that we certainly account for it because that fleet is out essentially on a rental contract, and that
was a very long rental contract for the large number of vehicles in it. So if you take that into account, the

utilisation hasn’t grown quite to the degree that we would have expected or desired, but if you take that
out we are still seeing utilisation growth but we still have utilisation opportunities in Australia as well, and
that’s again part of that, we talked about this before, that domestic to international switch. So domestic
started leaving outbound before international started coming back to a full normal pattern, so that’s where
some of the dynamics are at in the Australian market. Again, nothing that we’re concerned about
structurally, and we still see strong growth in that market.
VN Right, so just to fully clarify. On a per RV sort of fleet basis you’re still seeing I suppose, you know, PCP
growth with this half versus the last on a pro forma basis?
GW We didn’t exactly say that, but overall we do see... yeah, well we do see growth, I didn’t specifically call out
in the second half, but yeah, we should see growth...
NJ And even tourism.
GW Yeah, just have to check exactly what the non-tourism number was in H2.
NJ Okay, awesome. That’s all from me guys. Appreciate it.
GW Thank you.
D Thank you. One moment for our next question. Our next question comes from Grant Lowe with Jarden,
your line is now open.
GL Hi team, can you hear me okay?
GW Yeah, good thanks Grant.
GL Great, most of mine have been asked already so just with a minor one to start with. You called out on the
outlook slide about earlier than expected payments I believe was the language for new fleet, can you just
quantify roughly how much that was?
NJ Yeah, so we gave the vehicle numbers that that related to. So it’s obviously in the US predominantly, which
the numbers are in the slide there.
GL Right.
NJ And so yeah, effectively it’s just... and there was an impact obviously in New Zealand as well where we had
those vehicles that came in, as Grant mentioned, and due to the shipping issues. We would have rather
they got here prior to Christmas but they didn’t, so we had the fleet paid for but not earning. Does that
make sense?
GL Yeah, so that relates to the 400 and the 400 you’ve called out on each of those slides?
NJ That’s right.
GL Right, yeah, understood. Okay, and then just... so you’ve been very clear about yields sort of settling at
much higher levels than pre-Covid in the last few presentations clearly, and you’ve sort of called out that
2H, you know, is looking good, but how do you see... you’re looking at the booking curve for sort of longer
term, are you seeing any sort of changes anywhere along the booking curve in terms of yields, either sort

of at the front end, and I guess, you know, last minute bookings as well, or sort of around shelter seasons
or any change in that booking curve?
GW There’s a few points in there. I think most of it we’ve probably answered in our general commentary where
we see things stabilising. Some of the shoulders have been a little bit lower in some areas, high seasons
have been a little bit higher, still with growth, so that’s what it’s... it’s a little bit all over the place but not
dramatically, not like major, major declines anywhere. At this point in time it could still be nuanced within
the weighted average mix that we have. There’s definitely... we’ve made some commentary in general
terms, the Kiwi Experience backpacker market hasn’t been quite as strong as what we thought, so that
lower backend, that backpacker part of the market, which could be part of what Kieran was picking up in
Australia as well actually, just reflecting on it, that that part of the market is a little bit lower and they are
lower priced [over-talking].
GL Yeah, okay, and... yeah, and you’ve sort of mentioned about how the yields are sort of, yeah, I forget the
exact wording you used, more positive than you’d sort of expected a few months ago, how are you seeing
the margins? We can obviously do the maths on percentages and the dollar margins on the vehicles, but
how do they compare to your expectations? Again, you’ve been very clear they’re coming down, but how
are they tracking relative to those expectations at the ASM for example?
GW Well it’s slightly different by region. In general terms you would say that they’ve been declining at a slower
rate than what we expected. US is probably the one that’s declining in line with our expectations.
GL That’s great, thank you. That’s all.
D Thank you. One moment for our next question. Our next question comes from Ben Wilson with Wilsons
Advisory. Your line is now open.
BW Thank you. Good morning, gentleman. Again, most of my questions have been answered but look, just in
terms of the 500 vehicles that were pre-paid, not wanting to [00:40:32] the point but can you potentially
just clarify a little bit how that relates to the 400 vehicles that remain in preparation for on-fleeting in both
the US and New Zealand, I imagine the 500 mostly relates to the US but also the shipping issues in New
Zealand. If you can just clarify how to [00:40:53].
AA Hey Ben, you’ve got Amir here. I’ll just step in for the guys. So look, when we look at the WIP balance we’re
saying that there’s 400 in NZ and 400 in the US, but especially in the context of net debt and the movement
there, we’re flagging that there’s an additional net 500. The reason for that is that there is generally a level
of work in progress within each market. If you go back to 30 June there was some WIP in New Zealand, so
when you look at the net number it’s 500.
BW Okay, thanks Amir. And just lastly, in terms of US sales, just wondering how much of the weakness was
general market weakness and demand versus did you still have a bit of an issue in terms of being able to
secure enough room on dealership floors for your product?
NJ They sort of go hand in hand [over-talking] really in terms of, so the overall market was soft and so as they
lend to certainly the winter period there was of resistance and reluctance to see the utilised floor plan lines
that were available. Some of them had less available than what they have previously but certainly there
was no differentiation, it was symptomatic of the overall market and the sentiment up there at the current

time.
GW [00:42:17].
BW Okay, thanks Nick. And appreciate this might be drawing a long bow, but I guess with the flavour of the
CamperAgent acquisition as well, is there an argument that you should be looking at acquisitions or
development with dealerships in the US, I guess to sort of be able to tackle a bit more ownership of this
problem going forward?
GW That’s an interesting one. So you’re saying that we should own more dealerships, or own dealer... well I
mean we’ve got dealership sites on a number of our existing sites, but you’re suggesting that we go into
the dealership market, more in the US?
BW I’m just wondering if it’s, you know, something that you’re looking at because, as I understand it, you
don’t... it’s most of it focussed in what you’ve got in Australia, but [over-talking].
GW It’s on our existing site, that’s right. And I mean, it’s fair to say, as we were saying, that we sell used ex-
rental fleet and that’s all that we sell at the moment. So I think we’ll take that on advice, Ben, thank you.
BW Thank you.
D Thank you. As a reminder, to ask a question please press *11 on your telephone and wait for your name to
be announced. To withdraw your question, please press *11 again. One moment for our next question.
Our next question comes from Belinda Moore with Morgans, your line is now open.
BM Good morning everyone. Just on the net debt, Nick, can you give us any guide sort of where you see that
year end and I suppose over the next few years, you know, in your peak fleet period. Where do you sort of
see net debt to EBITDA peaking or what level wouldn’t you take it over? And I suppose more broadly, I
think in some of your commentary you allude to you continue to assist some other acquisitions, potentially
a bit more flavour on that. And then just with group corporate costs, how should we think about that for
the full year, and I suppose in 25, does that $2m sort of one off bonus come out please? Thank you.
NJ Yeah, so I’ll start with the last one firstly. Yeah, the $2m does come out. Obviously the Board may make a
choice at some point in future to redo that again, but at this stage it comes out, so that’s an easy one to
answer. Moving back to the net debt and then maybe Grant will want to touch on the acquisitions, but so
we’re obviously slightly higher than what our expectations were at this point in time, but we still have a
reasonable number of purchases to come in [00:45:20] market so, you know, we’ve still got peak season
purchases to go for Canada, for UK and we continue to re-fleet in New Zealand and Australia through the
manufacturing facilities, that we have to have a more, I guess a more stable build profile throughout the
year rather than the peaks that we see in the northern hemisphere. So you can expect that debt will be
there or thereabouts in terms of... and, you know, it will be slightly more than what it is now and hence
why we’ve guided towards that net CapEx number, that net fleet CapEx number of $170m. We said that
we’ve done $103m, so there’s a net $67m upside in that and that gives you a fairly good indication of
where that goes. We obviously have in that first half, which is one thing to note, was we had the dividend
that came through and we fully paid that dividend both an interim and final at the same period. So we
obviously don’t have that reporting in the second half and nor will that go into halves in future. So Grant,
do you want to touch on the acquisitions piece?