2024 Annual Meeting Materials

AGM17 October 2024THLConsumer Discretionary

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

17 October 2024

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

2024 ANNUAL MEETING ADDRESS

Chair’s address – Cathy Quinn ONZM

Reflections on FY24

thl remains a business with a resilient balance sheet, strong market position and positive prospects. The
issues of the last six months clearly correlate to broader sector performance in which we are not alone,
and challenging macroeconomic conditions. Yet we remain realistic and reflective. The underlying net profit
after tax of $51.8 million did not achieve our Return on Funds Employed target of 15%, as strong
performances from New Zealand and Australian Rentals, Action Manufacturing and the Tourism divisions
were weighed down by the Northern Hemisphere divisions falling below target. The overall Australian
division also did not perform to target, largely due to challenging RV sales and despite RV rentals performing
well.

We are disappointed in the trend in the thl share price over this year and recognise the impact this has on
our shareholders. In particular, we acknowledge the share price reaction after the profit downgrade release
in May. We as a Board are all shareholders and our two Executive Directors both have significant
shareholdings, with the Trouchet family being our largest single shareholder. We are aligned.

We saw sentiment turn very quickly in all markets. This was not specific to motorhomes and has been seen
across the broader vehicle and leisure industry including boats, motorbikes and new car sales. We believe
we were among the first publicly listed companies in Australasia to see this change coming and revise our
guidance, with several other companies doing the same later in May and June.

While the share price reaction and some views in the market were that thl would have to raise capital, it
was not the case, and our view remains that we do not currently require additional equity to operate the
business in its current form. We rightly indicated in May that we would engage with our lenders to seek
additional headroom on our covenants for 30 June, and we subsequently did that with no issues. We have
since implemented a significant refinancing of our bank facilities with higher facility limits, an improved
covenant structure, longer terms and better pricing. We see this as a reflection of our lenders support and
confidence in thl.

A reminder that thl’s debt is supported by assets. For every $1 of net debt that thl currently has, we have
almost $2 in the value of our rental fleet and RV inventory. We have a business that owns around 8,000
vehicles globally and in challenging times, we see the primary source of equity as our own fleet, either
through accelerating sales or reducing purchases. Our business model has a flexibility that allows us to
adjust the fleet to market conditions and we showed through the pandemic that we can do that effectively.

As part of our annual results, we withdrew the timing of achieving our goal of $100M NPAT by FY26. A
deeper and more prolonged economic downturn affecting vehicle sales, along with a slower recovery of
international tourism, particularly to New Zealand and Australia, have made this goal unachievable by FY26.
While we remain optimistic about thl’s long-term prospects, the uncertainty on the timing of a recovery of
these factors makes it difficult to provide a new target year for this goal at present.

Dividend

The Board approved a final dividend of 5 cents per share for the financial year, bringing the total dividend
for FY24 to 9.5 cents per share. This represented a pay-out of 40% of underlying net profit, within, but at
the bottom of our policy target of 40 to 60%. Based on the closing share price at the end of the financial
year, the FY24 dividend represented a 5.3% cash dividend yield or a 7.4% gross dividend yield for New
Zealand resident shareholders, given the fully imputed nature of the dividend.

While our expectations for the result changed drastically in May, the Board considered and saw no reason
for thl to deviate from its dividend payments in line with policy. The net profit for the year, while
disappointing, was still an underlying profit of over $50 million and the second largest in thl’s history. We
recognise the importance of a consistent approach to dividends for our shareholders.

The uptake for the Dividend Reinvestment Plan that was made available for the final dividend was 30%.
This is the largest uptake for thl in recent history and a reflection of our shareholders belief in a positive
outlook for thl. We are appreciative of the ongoing support from our existing shareholder base.

A strong ROFE discipline

I would like to reiterate how important Return on Funds Employed is within thl. We have an internal target
for each division to deliver a Return on Funds Employed at or above 15%.

For the rental businesses, each fleet investment decision requires Board approval and each request
includes financial analysis to demonstrate that a 15% Return on Funds Employed is achievable, or that there
is a clear plan to return a division to delivering a 15% Return on Funds Employed.

Underperforming divisions, such as North America and UK at present, receive additional attention and
scrutiny from the Board. The Board have reviewed and supported the North American synergy project that
is being implemented, which looks at how the USA and Canada divisions can work together to maximise
the opportunity in that market. While it will take some time for those benefits to be realised, we believe
the opportunities are meaningful for the future of the division.

Likewise we have had management review the UK business in some detail. We would acknowledge that
this has been one area of the merger which has not gone to plan and is therefore a focal point for
management.

In closing, the thl Board and management are focused on managing to the current conditions but are also
conscious of short-termism. We aim to continue to position thl for a recovery as economic conditions
improve. This means that we continue to invest in sensible fleet growth, in improving our digital systems,
in the safety and training of our people and continue to explore inorganic growth opportunities that present
themselves in the current environment.

Before I pass on to Grant to cover off the result in more detail, I would like to once again acknowledge and
thank all of our shareholders for your support. We hope to continue on this journey with you to more
prosperous times for thl.

CEO’s address – Grant Webster

FY24 summary

Our FY24 results reflect a mixed set of outcomes by business area and geography. Our core rentals
businesses have performed well, particularly in markets like New Zealand and Australia, but challenging
conditions in vehicle sales have impacted our overall performance.

The profit downgrade in May was a defining moment for thl and there has been significant questioning and
review of the state of the industry and its prospects by everyone involved, given the quantum and timing
so close to year-end.

The scale of the downgrade is partly a hangover from the pandemic, where we achieved record sales
margins and fleet values appreciated, resulting in an unusually large earnings exposure to our projected
vehicle sales volumes. This came to the fore in the fourth quarter of FY24 where we sold fewer ex-fleet
vehicles in Australasia and RV demand in North America did not recover in line with broader industry
expectations.

Long term investors will know a movement of this magnitude in thl is unusual. We hope you know as
shareholders that we have taken the situation very seriously, and have responded with definitive actions.

Highlights

Whilst acknowledging that we are operating in a challenging environment, I believe it is still important to
reflect on the positive elements of the year. We have seen New Zealand Rentals continue to go from
strength to strength, delivering a record EBIT result and with a continued positive outlook for fleet and
earnings growth this year.

Earlier this year we also acquired Camperagent RV Centre, a leading RV dealership in South Australia, lifting
our sales capability in that market.

We also spent $165M in net fleet capital expenditure – comprising $40M to replenish ex-rental vehicles
sold in the period and $125M to grow our overall fleet and ex-rental vehicle inventory by 1,074 vehicles.
This investment assists us to maintain a young fleet age, deliver a premium product and to be able to charge
accordingly.

Pleasingly, both Action Manufacturing and New Zealand Tourism also delivered record EBIT results. We are
delivering more profit on lower customer numbers in the Tourism division and see the opportunity to
continue growth as international tourists return. Action Manufacturing is also seeing the benefits of bolt-
on acquisitions we have undertaken in recent years in the commercial vehicle space.

The global operating context

A key indicator for our RV rental business is the state of international tourism. The recovery of tourism back
to 2019 levels continues but the pace of growth has been slower than the industry expected this year,
particularly in New Zealand and Australia. Year-to-date, international arrivals to our main operating
countries are between 8% to 16% down on 2019. These statistics show that there is a runway of growth
for our rentals businesses as leisure tourist arrivals return to pre-COVID levels.

Vehicle sales continue to be challenging. Consumers have chosen to close their wallets on big-ticket
discretionary expenses in response to increasing economic uncertainty. This is even the case for our
customer base, which leans towards older retirees that are less likely to have a mortgage and more likely
to have benefitted from the higher interest rate environment. Some of the data we see from the larger RV
markets in Australia and the US indicates that the overall RV sales market is down by nearly 40% from its
peaks.

Some investors have questioned whether the spike in RV sales through the pandemic brought forward
demand for several years. While we see that as one of the influencing factors, we also see that there is
greater category awareness for RV travel as a result. A statistic out of the USA indicated that during the
pandemic the median age of a first-time RV buyer went from 41 to 32. This can only be positive for the
long-term outlook for our industry, in which we regularly see RV buyers trade-up from towables and
campervans to motorhomes over the years as their family grows.

We see the improvement in vehicle sales being closely connected with the recovery in overall economic
conditions. In the US, which is the world’s largest RV market, industry projections are for a 7% increase in
RV shipments in 2025. Our experience has been that US market trends tend to lead 6 to 12 months ahead
of other markets.

Cost-out and optimisation initiatives

We are coming up on nearly two years since the merger with Apollo completed. We believe the integration
to-date has been implemented well but know that the journey to maximise all benefits is a longer one. We
see ourselves as nearing completion of the integration and progressing into a new phase where we look to
maximise and optimise. This is a significant project that is ongoing as we look at all markets and all segments
of our business.

The work we are currently undertaking on shifting our global businesses onto common digital platforms is
one that I am particularly excited about, as it will enable us to deeply and quickly compare key metrics and
maximise conversion rates in revenue generation and cost efficiencies between markets at a granularity
that neither thl nor Apollo has previously had.

We recently indicated that we would be moving from synergy targets to broader cost-out opportunities.
Our rebased targets are relative to the FY24 cost base, given the increasing complexity of comparing against
a counterfactual set some years ago. We are also shifting our terminology to more accurately describe
these targets as cost-out and optimisation opportunities.

We believe we can deliver an improvement of at least $12M in net profit after tax in FY27, primarily through
cost reduction across multiple categories, and reduced depreciation resulting from optimisation of our fleet
production and procurement. For clarity we note that we see this $12M as incremental to other
opportunities to improve performance.

Trading update

Moving on to a trading update for performance in the first half of this year. The recent high season in the
US has been positive where we have achieved rental revenue growth. While rental revenue in Canada has

been broadly flat, we have improved Rental Revenue per Average Rental Vehicle (RevPARV) in both US and
Canada. Forward bookings in these markets are showing growth, however this is through a quieter part of
the year.

As we near the summer season in New Zealand, our rental intakes have been positive and are showing
year-on-year growth. This market is also where we have expanded our fleet the most over the past year.
The RevPARV in the first half is expected to be slightly down in this market as we carry additional fleet
through the shoulder season ahead of the high season which is more weighted to the second half.

The rental revenue intake in Australia, which is less seasonal, has been mixed – up in some months and
down in others, but broadly flat overall for H1. We do expect a small decline in RevPARV in the first half as
we are operating a larger fleet.

In vehicle sales, the difficult market conditions at the end of FY24 have continued into the first half of FY25.
Volumes in North America have been volatile and are currently tracking below the prior year in both the
US and Canada.

Sales volumes in New Zealand so far have been in line with last year. This also applies to overall sales
volumes in Australia. We are seeing new retail sales down in that market, while our ex-rental sales are
tracking ahead of last year, likely a reflection of the market being softer at the new end. There is margin
pressure across all markets as would be expected in a down market, which will impact performance this
year.

Outlook

Our expectations for FY25 included that the first half would be significantly below FY24, as any overall
increase in rental revenue was unlikely to offset a weaker performance in vehicle sales. We continue to
hold this view for the first half of FY25. As expected, the challenging operating conditions for vehicle sales
from the fourth quarter of FY24 have persisted in the first half of FY25.

We expect to achieve NPAT growth in the second half of FY25, driven primarily by stronger rental activity
in New Zealand through the high season and targeted operating cost savings, and we remain focused on
increasing underlying NPAT in FY25.

Before passing back to the Chair, I want to acknowledge the present challenges. It is a difficult time to be
in the RV industry globally. Whilst sales are at a low point in the cycle, we are confident that there has been
no structural change. Economic conditions should improve in time, and with it the RV sales market. Most
importantly international tourism is still in recovery and growth mode even despite these challenges. And

to add to all of that, we have a clear plan and target for cost out and optimisation that in itself should
deliver an NPAT improvement of at least $12 million in FY27.

Our Board and management team have experienced these kinds of conditions before. We know that we
can’t stand still or take our ability to recover with the market for granted – we have to be fast, assertive
and agile. Better than we have ever been so that we are leading as a more effective business when market
conditions improve.

Thank you once again for your support of thl.

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), 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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Asseen,worldwide
2024 ANNUAL MEETING
17 OCTOBER 2024
44°15’ S —
170°6’E

2thl FY24 ANNUAL RESULTS PRESENTATION
Welcome
Cathy Quinn ONZM
Chair

thl 2024 ANNUAL MEETING PRESENTATION
Proxies and postal votes
•Valid proxy and postal votes: 118.9 million
•Proxy and postal votes as a percentage of
ordinary shares on issue: 54.0%
•Proxies received appointing the Chair of the
meeting as proxy: 86.2 million
3

thl 2024 ANNUAL MEETING PRESENTATION
Agenda
•Welcome and agenda
•Chair’s address
•Chief Executive’s address
•Resolution
•Q&A
•General business
•Close of meeting
4

5thl FY24 ANNUAL RESULTS PRESENTATION
Chair’s Address
Cathy Quinn ONZM
Chair

thl 2024 ANNUAL MEETING PRESENTATION
Reflections on FY24
A disappointing year for the thl share price
•A challenging period in which thl did not achieve its
15% Return on Funds Employed (ROFE) target
•Positive results from the New Zealand and Australian
rental businesses and record results from the
Tourism and Action Manufacturing divisions
•In the fourth quarter, we saw a rapid shift in
sentiment across all markets impacting motorhomes
and the broader leisure industry
•The prolonged economic downturn and slower
recovery of international tourism made achievement
of $100M in NPAT in FY26 no longer viable
6

thl 2024 ANNUAL MEETING PRESENTATION
Dividend
Dividends paid in line with policy in FY24
7
•Full year FY24 dividend of 9.5 cents per share
•Full year dividend for FY24 represented:
⎼7.4% gross dividend yield for NZ-resident
shareholders
1
and 5.3% cash dividend yield
⎼40% pay-out of thl’s underlying NPAT for FY24, at
the lower end of thl’s dividend policy of 40 to
60% pay-out
•The Board recognise the importance of a consistent
approach to dividends for our shareholders
•DRP uptake of 30% was the largest for thl in recent
history – a reflection of shareholders’ continued
support and belief in thl’s outlook
1 Based on closing share price of $1.79 at the end of FY24.

thl 2024 ANNUAL MEETING PRESENTATION
A Strong ROFE Discipline
Internal target to achieve 15% ROFE
8
•The thl Board oversees and approves all major fleet capital
expenditure decisions by region and vehicle type
•Each request must include an assessment to prove that a 15%
ROFE is achievable, or there is a clear plan to return a division to
an above-target return
•Underperforming divisions, such as North America and UK at
present, receive additional attention and Board scrutiny to
justify continued investment:
⎼We believe the opportunities from the North American
synergy project are meaningful for the future of the
division
⎼Management have reviewed the UK business, which is a
focal point

9thl FY24 ANNUAL RESULTS PRESENTATION
CEO’s Address
Grant Webster
CEO & Managing Director

thl 2024 ANNUAL MEETING PRESENTATION
FY24 Summary
Group ROFE of 10% below our internal target
1 thl uses Adjusted EBIT to calculate ROFE, which includes lease interest costs arising
from IFRS 16. Refer to the Annual Results Presentation for a full definition of ROFE on slide
30, and to a reconciliation of Adjusted EBIT to Underlying EBIT on slide 33.
•Overall results reflect a mixed set of outcomes by area
and geography
•The scale of the profit downgrade in May is partly a
pandemic hangover – the appreciation of the rental
fleet and record sales margins created an unusually
large exposure to sales volumes
•This came to the fore in Q4 where we sold fewer ex-
rentals in Australasia and RV demand in North
America did not recover in line with industry
expectations
•We have taken the situation seriously and responded
with definitive actions
10
$M NZD
Underlying
EBIT
Return on
Funds
Employed
1
New Zealand Rentals & Sales45.722.1%
Australian Rentals, Sales & Manufacturing41.911.8%
USA Rentals & Sales1.0< 0%
Canada Rentals & Sales12.28.3%
UK/Ireland Rentals & Sales(0.3)< 0%
Action Manufacturing Group13.927.8%
Tourism13.0138.4%
Group Support Services/Other(11.4)N/A
Eliminations(4.9)N/A
Group Underlying111.110.0%

thl 2024 ANNUAL MEETING PRESENTATION
Highlights
Record results from all New Zealand divisions
•Record EBIT results from New Zealand Rentals,
Action Manufacturing and the Tourism divisions
•Acquisition of Camperagent RV, a leading RV
dealership in South Australia
•$165 million spent on net fleet capital expenditure
to maintain a young fleet age and provide a
premium product:
⎼Net $40 million spent to replace ex-rental
vehicles sold
1
⎼$125 million spent to grow the fleet and ex-
rental vehicle inventory by 1,074 vehicles
1 Fleet capital expenditure spend net of ex-rental fleet sales proceeds in FY24
11

thl 2024 ANNUAL MEETING PRESENTATION
1
UN World Tourism Organisation. YTD represents January to July.
The Global Operating Context
International tourism is key for rentals
12
RENTALS
•The recovery of international tourism volumes is key for our RV
rental divisions
•The recovery to 2019 volumes is continuing but the pace of the
recovery this year has been slower than expected, particularly in
New Zealand and Australia
VEHICLE SALES
•RV demand should recovery as overall economic conditions
improve
•Towable RV registrations in Australia are down 37% on 12 months
prior, and confidence to buy a major household item is down 38%
1
•USA industry expectations are for RV shipments in 2024 to be down
46% on the peak, but to grow by 7% in 2025
2
•Our experience has been that US market trends tend to lead 6 to 12
months ahead of other markets
1 Caravan Industry Association of Australia, June 2024 vs June 2023.
2 RV Industry Association. Growth rate representative of changes to wholesale RV shipments between 2021
2024 (forecast) and 2025 (forecast).
INTERNATIONAL VISITOR ARRIVALS (COMPARED TO 2019)
1
COUNTRY202220232024 YTD
New
Zealand
-63%-24%-16%
Australia-61%-24%-12%
USA-36%-16%-10%
Canada-42%-17%-8%

thl 2024 ANNUAL MEETING PRESENTATION
Cost-Out and Optimisation Initiatives
Targeting NPAT improvement of at least $12M in FY27
•We believe the integration phase has been
implemented well and are shifting to a new phase in
2025 to maximise and optimise
•We see an opportunity to deliver an improvement of
at least $12 million in NPAT in FY27, primarily
through:
⎼Cost reduction across multiple categories
⎼Reduced depreciation from optimisation of fleet
production and procurement
•This $12 million opportunity is incremental to other
opportunities to improve performance, including the
recovery in international rentals, fleet growth and
vehicle sales
13

thl 2024 ANNUAL MEETING PRESENTATION
Trading Update
14
NORTHERN
HEMISPHERE
RENTALS
•High season revenue has exceeded the prior year in the USA, on a smaller rental fleet, resulting in higher
RevPARV
•High season revenue in Canada has been broadly flat, on a smaller rental fleet, resulting in higher RevPARV
•Forward revenue for the remainder of FY25, typically a quieter period, is showing growth on the prior year
in both North American markets
•High season revenue in the UK was in line with the prior year, with some impact from delayed vehicle
deliveries from manufacturers. We expect RevPARV to see a decline in H1 given the larger fleet across the
half this year
NEW ZEALAND
RENTALS
•Year-to-date actual revenue, and forward revenue for the summer, are showing growth on the prior year
•New Zealand is the market in which we have expanded our fleet the most over the past year
•RevPARV is expected to see a small decline in H1 due to a larger fleet held in advance of the high season
AUSTRALIAN
RENTALS
•Year-to-date actual revenue, and forward revenue for the remainder of H1, are broadly in line with the prior
year
•RevPARV is expected to see a small decline in H1 given the fleet growth this year
GLOBAL
VEHICLE
SALES
•As expected, the difficult market conditions in the fourth quarter of FY24 have persisted in the first half of
FY25
•Volumes in North America have been volatile and are tracking below the prior year in both markets
•Sales volumes in New Zealand are in line with the prior year, while overall Australian sales volumes are
broadly flat, with retail volumes down and ex-rentals volumes up
•Sales margins in all markets are under pressure and lower than in the prior year

thl 2024 ANNUAL MEETING PRESENTATION
Outlook
15
•Our expectations for FY25 included that the first half would be significantly
below FY24, as any overall increase in rental revenue was unlikely to offset a
weaker performance in vehicle sales
•We continue to hold this view for the first half of FY25. As expected, the
challenging operating conditionsfor vehicle sales from the fourth quarter of
FY24 have persisted in the first half of FY25
•We expect to achieve NPAT growth in the second half of FY25, driven
primarily by stronger rental activity in New Zealand (high season) and
targeted operating cost savings
•We remain focused on increasing underlying NPAT in FY25
•We see three key factors supporting a positive medium-term outlook:
⎼the ongoing recovery of international tourism, rental demand and
rental fleet growth
⎼the vehicle sales market returning to normal conditions
⎼delivering on our target to provide at least a $12 million improvement
in NPAT in FY27 through cost reduction and optimisation

16thl FY24 ANNUAL RESULTS PRESENTATION
Formal
business
Cathy Quinn ONZM
Chair

thl 2024 ANNUAL MEETING PRESENTATION
Resolution
Resolution 1
Auditor Remuneration
That the Directors are authorised to fix the remuneration of the
auditors for the ensuing year
17

thl 2024 ANNUAL MEETING PRESENTATION
Proxy Votes
18
Resolution 1:
Auditor
Remuneration
Postal and online
votes already cast
For117,572,853
Against37,795
Abstain10
Votes appointed to
proxies not yet cast
1,321,193
Total118,931,841

19thl FY24 ANNUAL RESULTS PRESENTATION
Q&A
Cathy Quinn ONZM
Chair

20thl FY24 ANNUAL RESULTS PRESENTATION
General
Business
Cathy Quinn ONZM
Chair

21thl FY24 ANNUAL RESULTS PRESENTATION
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 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.
Disclaimer
21

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Ongoing Disclosure Notices thl releases FY24 Climate Statements

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.