Investor Presentation for Wilsons Rapid Insights Conference

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




23 May 2024

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

INVESTOR PRESENTATION FOR WILSONS RAPID INSIGHTS CONFERENCE

Please find attached a copy of the investor presentation to be delivered by thl at the Wilsons Rapid Insights
Conference today.

ENDS

Authorised by:

Cathy Quinn ONZM
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.

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WILSONS RAPID INSIGHTS CONFERENCE
23 MAY 2024

thl FY23 INVESTOR PRESENTATION
2
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 thl at 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. thl gives no warranty or
representation as to its future financial performance or any
future matter. Except as required by law or NZX or ASX
listing rules, thl is 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. thl
securities 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.
All figures are in NZD unless otherwise stated.
Disclaimer

3
thl operates a Build – Rent – Sell model in the RV market
Operating across five markets – New Zealand, Australia, United States, Canada and UK/Ireland
Build /
Buy
Rent
Sell
•Decades of experience designing and building durable RVs for rentals
•Scale purchasing benefits for chassis and componentry
•Long standing relationships with OEMs and other suppliers in markets
where thl buys instead of building
•The largest commercial RV rental operator in the world - #1 in New
Zealand, Australia and United Kingdom, #2 in North America
1
•Deep connections with tourism bodies and industry associations in
each market
•Bespoke booking and scheduling system, Motek, being implemented
in all markets globally
•Leverage the existing overheads of our rentals locations to sell RVs
direct to the consumer
•Wholesale vehicles to other dealerships on scale
•Offer a diverse range of brands and products from new to ex-
rental, towables and motorised
1
Management estimates

4
The RV market is positioned for long-term growth
Interest in RV travel from younger generations
The median age of a first-time RV buyer in the USA is 32,
down from 41 in 2020
1
Benefiting from an aging population
The number of people aged 65 years or older worldwide is
expected to double by 2050
2
RV travel is a small percentage of global tourism today
Travel and tourism is expected to grow by 5.8% a year to 2032,
outpacing growth in the overall economy
3
Shifts toward eco-tourism and sustainable travel
Travelers seeking more unique experiences and
simpler, independent travel
Notes: 1. RV Industry Association (2022). 2. United Nations Department of Economic and Social Affairs. 3. McKinsey.

5
A design-led approach to manufacturing in A/NZ, with
long-standing supplier relationships in other markets
Interior Fit-out of a 6-Berth Motorhome
•RV manufacturing facilities in New Zealand and Australia
•Action Manufacturing also designs and manufactures commercial vehicles
for public and private customers including St John Ambulance,
Queensland Ambulance Service and New Zealand Police
•In the North America and UK/Ireland markets, there are several large-scale
RV manufacturers which thl purchase motorhomes from
Maui 6-Berth Motorhome
St John Ambulance built by Action Manufacturing
81%
19%
Manufacturing Revenue in FY23
RV Manufacturing
Non-RV
Manufacturing
Notes: All FY23 metrics include 12 months of Apollo.

6
An efficient rental asset manager with a house of brands
The largest commercial RV rental operator in the world with strong market share in all operating markets
Brand
Location
Fleet AgeBrand Positioning
NZAUUSCAUK
✓✓0 – 2 YearsPremium
✓0 – 2 YearsPremium
✓0 – 2 YearsPremium
✓0 – 2 YearsPremium
✓✓✓0 – 4 YearsFlexible
✓0 – 4 YearsFlexible
✓✓✓2 – 4 YearsMid-range
✓FlexibleMid-range
✓✓✓OlderValue
✓✓OlderValue
✓✓OlderValue
Australia
#1 with ~30 - 35%
market share
New Zealand
#1 with ~25 - 30%
market share
United Kingdom
#1 with ~15 - 20%
market share
United States
#2 with ~10 – 15%
market share
Canada
#2 with ~20 - 25%
market share
Notes:

Market share reflects management estimates based on estimated total rentable RV fleet in market. Scope includes all motorized vehicles (campervans
and motorhomes); commercial operators and private vehicles via P2P (with P2P fleet adjusted to account for days utilised by private owners).

7
Vehicles flow through the rental brand portfolio
Off-fleeting for sales at all ages provides the dealerships with stock at all price points

8
We position ourselves to maximise the value in sales
Most rental operators treat sales as “disposals”, but we have a sales dealership mentality and seek to maximise the
long-term customer relationship
New ZealandAustraliaNorth AmericaUK/Ireland
Sales Locations
1
5793
Retail
(Direct to
Customer)
New
motorhomes
Ex-rental fleet
motorhomes
New towables
Wholesale
(To other
Dealerships)
Ex-rental fleet
motorhomes
Notes: 1. Two dealerships in New Zealand and four dealerships in Australia operate as standalone sites. All other sites globally are co-located on rental depots. All FY23
metrics include 12 months of Apollo.
24
sales locations
1
~$446m
RV sales revenue in FY23
~4,300+
RVs sold in FY23
66%
34%
RV Sales by Type in FY23
Motorised
Towables
(Caravans
and Camper
Trailers)
14%
60%
23%
3%
RV Sales by Geography in FY23
New Zealand
Australia
North
America
UK/Ireland

9
A proven history of adjusting our balance sheet as needed
thl and Apollo weathered the impacts of the COVID-19 pandemic without raising capital, by reducing new fleet capex and
selling the rental fleet
Debt is typically invested in increasing
assets and earnings by growing the fleet
that generates rental income
The fleet has proven itself to be mobile,
liquid and to generally hold unrealised
equity above the book value
History shows that this gives thl the
flexibility to manage debt in response to
demand shifts – as evidenced during the
COVID-19 pandemic
0
20
40
60
80
100
120
140
160
180
200
Mar-20Apr-20May-20Jun-20Jul-20Aug-20Sep-20Oct-20Nov-20Dec-20
NZ$M
thl’s net debt management in 2020
188
22
Gross Fleet
Capex
$404m
FY23
$214m
FY22
$131m
FY21
Notes: FY23 metrics include 12 months of Apollo. Gross fleet capex in FY22 and FY21 reflect a pro forma of thl and Apollo and includes an immaterial proportion of non-fleet
capex.

10
On an adjusted basis, thl’s net tangible assets per share
increases from $1.97 to an estimated $2.48
1
Rental Fleet
31 December 2023
7,366
vehicles
$628m
net book value
Ex-Fleet Sales
H1 FY24
18.3%
gross profit margin
•thl typically sells its ex-fleet vehicles above the book value – in H1 FY24 at an
average gross profit margin of 18.3%
•This margin and the associated equity is not reflected in the net book value of
thl’s rental fleet or in its reported net tangible assets
•If adjusted to include this margin, thl’s net tangible assets increases by an
estimated ~$111m, and NTA per share increases from $1.97 to an estimated $2.48
1
Notes: Net tangible assets reflects 31 December 2023. Adjusted net tangible assets includes an increase of ~$111M in the book value of thl’s motorhome fleet, allowing for a
15% gross profit margin on sale to estimate the retail market value of the thl fleet.

11
We have a positive outlook for the rentals
business
•The intake of rental hire days into the upcoming 2024/2025 high season is tracking
significantly ahead of the prior year
•The current intake reflects a single digit percentage decline in average yield which is in
line with our expectations
•The intake of rental hire days for FY25 are tracking in line with the prior year
•The current intake reflects a small single digit percentage decline in average yield which
is in line with our expectations
•The intake of rental hire days for the 2025 high season shows strong growth on the prior
year
•The greater mix of international to domestic bookings has had a negative impact on
average yields
•The intake of rental hire days for the 2025 high season shows growth on the prior year.
•Average yields are currently single digit percentage down due to a greater number of
bookings on early bird discount rates
•The intake of rental hire days for the 2025 high season shows growth on the prior year
•Average yields are holding flat

12
Outlook
•As per the recent market update,
expectations for NPAT in FY24 are
between $50M and $53M
•Current expectations for NPAT in FY25
are that it will be below the FY23 Pro
Forma NPAT of $77.1M
•Based on a positive rental growth
outlook and a recovery in the vehicle
sales market to normal conditions, thl
has retained the goal of $100M NPAT
in FY26

Questions

Thank you