thl provides ASX CEO Connect presentation

Tourism Holdings Limited
Tel: +64 9 336 4299
The Beach House
Fax: +64 9 309 9269
Level 1, 83 Beach Road
www.thlonline.com
Auckland City

PO Box 4293, Shortland Street

Auckland 1140, New Zealand




3 December 2024

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

THL PROVIDES ASX CEO CONNECT PRESENTATION

thl (NZX/ASX: THL) attaches a copy of its presentation for the ASX’s CEO Connect webinar to be held later
today.

There is no new material information contained within the presentation.

ENDS

Authorised by:

Grant Webster
Chief Executive Officer, 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.

---

Asseen,worldwide
ASX CEO CONNECT PRESENTATION
3 DECEMBER 2024
44°15’ S —
170°6’E

2ASX CEO CONNECT PRESENTATION
The material contained in this
document is a presentation of
information about Tourism Holdings
Limited’s (thl) activities current as of
3 December 2024. It is provided in
summary form and does not
purport to be complete. It should be
read in conjunction with thl’s
periodic reporting and other
announcements lodged with ASX
and NZX.
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

ASX CEO CONNECT PRESENTATION
Introduction
thl is a global tourism operator listed on the NZX and ASX and is the largest commercial RV rental operator in the world,
with operations across manufacturing, rentals and sales in Australia, New Zealand, North America and UK & Ireland
3
A NZX50 company listed on the
NZX since 1986 and dual-listed on
ASX in 2022
Market capitalisation of NZ$422
million and a global RV rental fleet
of 7,921 vehicles
1
Achieved NZ$51.8 million in
underlying net profit after tax
2

and declared NZ$20.7 million in
dividends in FY24
1 . Based on thl closing share price on the NZX as at 19 November 2024. Rental fleet size as of 30 June 2024
2. Underlying profit excludes NZ$12.4 million impairment of goodwill attributable to the UK/Ireland division

ASX CEO CONNECT PRESENTATION
We are vertically integrated across build/buy, rent and sell in the recreational vehicle market
Generating a connected margin across the three segments
4
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 manufacturing
•The largest commercial RV rental operator in the world with a rental
fleet of almost 8,000 vehicles
•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 overheads of our rentals locations to sell RVs direct to
consumers
•Wholesale vehicles to other dealerships on scale
•Offer a diverse range of brands and products from new to ex-rental,
motorised, caravans and other towables

ASX CEO CONNECT PRESENTATION
We manufacture RVs and other specialist commercial vehicles
We take a design-led approach to manufacturing in Australia and New Zealand, and have long-standing supplier
relationships in other markets
5
Interior Fit-out of a 6-Berth Motorhome
•RV manufacturing facilities in New Zealand and Australia
•Action Manufacturing designs and manufactures commercial vehicles for
public and private customers including St John Ambulance, Queensland
Ambulance Service and New Zealand Police
•In North America and UK/Ireland, thl procures motorhomes from multiple
large-scale RV manufacturers
Maui 6-Berth Motorhome
75%
25%
Manufacturing Revenue in FY24
RV Manufacturing
Non-RV
Manufacturing
St John Ambulance built by Action Manufacturing

ASX CEO CONNECT PRESENTATION
We are an efficient RV rental asset manager operating a house of brands
We transition our fleet through our brand portfolio to meet every customer segment
6

ASX CEO CONNECT PRESENTATION7
El Monte RV Rentals & Sales – Los Angeles, California
Over one million in daily drive-by traffic count

ASX CEO CONNECT PRESENTATION
Our business model focuses on buying, renting and selling vehicles well to maximise value
While RV rental operators traditionally “dispose” of ex-rental vehicles, we have built an entire business around it
8
NEW
ZEALAND
AUSTRALIA
NORTH
AMERICA
UK & IRELAND
Sales Locations
1
5793
Retail
(Direct to
Customer)
New
motorhomes
Ex-rental
motorhomes
New towables
Wholesale
(To Other
Dealerships)
Ex-rental
motorhomes
1. Two dealerships in New Zealand and four in Australia operate as standalone dealerships. All other sales sites are co-located on rental depots
2. Includes intercompany revenue that is eliminated at a Group level
24
sales locations
1
NZ$426m
RV sales revenue in FY24
2
Over 4,100
RVs sold in FY24
59%
41%
RV Sales by Vehicle Category in FY24
Motorised
Caravans
and Other
Towables
8%
60%
25%
7%
RV Sales by Geography in FY24
New
Zealand
Australia
North
America
UK/Ireland

ASX CEO CONNECT PRESENTATION
We completed a merger with ASX-listed Apollo Tourism & Leisure Ltd in December 2022
The merger brought two of the global leaders in commercial RV rentals together
9
•Two highly complementary businesses that together created
a more diversified, leading RV travel company
•The merger expanded thl’s operations in Australia and acted
as an entry into the Canadian market
•The merger achieved ongoing cost-out synergies and
brought together the combined expertise of two leaders in
the global RV industry, with combined operations in:
⎼RV rentals
⎼Manufacturing of RVs and other specialist vehicles in
New Zealand and Australia
⎼RV sales
⎼RV retail accessories
⎼Tourism attractions and businesses in New Zealand

ASX CEO CONNECT PRESENTATION
We have NZ$1.5 billion in total assets and nearly $900 million in recreational vehicles
We have secure funding for several years from our four-party banking syndicate
10
BANK SYNDICATE STRUCTURE
•Four party syndicated bank facility – Westpac, ANZ,
ASB and Royal Bank of Canada
•NZ$475M facility size
•Various tranches ranging from 2 to 4-year terms
•thl has NZ$1.5 billion in current and non-current assets and
over NZ$600 million in total equity
•The total value of our rental fleet and RV inventory is nearly
NZ$900 million
•We recently refinanced our bank debt facilities with a larger
syndicate and increased funding capacity and flexibility
•We also have facilities with several tier-one asset finance and
floor plan finance lenders including Mercedes Benz Finance
and Wells Fargo
NZD
TOTAL
FACILITY
USEDUNUSED
Syndicated Bank
Debt
$475M$180M$295M
Asset Finance$421M$269M$152M
Floor Plan Finance$93M$53M$39M
Other Loans$2M$0M$2M
Total$991M$502M$488M
Note: Table shows the facilities on 30 June 2024 with an adjustment for an increased Syndicated Bank Debt facility
size after refinancing in August 2024

ASX CEO CONNECT PRESENTATION
The RV industry has a positive long-term outlook
Changing demographics and travel preferences should benefit the RV travel category for the coming decades
11
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
1. RV Industry Association (2022)
2. United Nations Department of Economic and Social Affairs
3. McKinsey

ASX CEO CONNECT PRESENTATION
International tourism and the RV rental industry are in growth
There is a long runway of growth in international leisure travel back to pre-COVID-19 activity levels
12
9,568
10,631
12,033
10,015
6,942
6,508
7,233
7,921
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
•With international travel stopping in 2020, both thl
and Apollo adjusted fleet sizes to fit each domestic
market
•While international tourism arrivals have increased in
recent years, they remain 8 to 16% below pre-COVID-
19 arrivals in our primary markets. This gap is even
more significant when focusing on holiday travel only
•We have grown fleet by ~10% each year in the last two
years however our fleet is well below our previous
peak of 12,000+ vehicles
•As the global leader in RV rentals, we are investing in
fleet growth to meet RV rental demand as it recovers
and expect to continue to growth for several years to
come
FY17FY18FY19FY20FY21FY22FY23FY24
Note: Historical fleet includes both thl and Apollo Tourism & Leisure Ltd. Future year growth trajectory is
illustrative only
Group Fleet Size
FY25FY26FY27
Pandemic Fleet
Management
Post-COVID Fleet
Regrowth
Global Expansion
and Growth

ASX CEO CONNECT PRESENTATION
Our current challenge: Consumer confidence is impacting demand for recreational vehicles
We anticipate that demand will recover once broader economic conditions improve
13
•Challenging macro environment has impacted consumer
confidence and adversely affected demand for consumer
discretionary goods like RVs, boats, motorbikes and new
cars
•This has placed pressure on thl’s earnings, especially in the
Australian and North American markets, affecting RV sales
volumes and gross margins for FY24 and FY25
•Although RV sales are currently at a low point in the cycle,
we remain confident that there has been no structural
change, and that the RV sales market should improve over
time as overall consumer confidence increases
•Industry expectations in the USA are for a 7% increase in
wholesale RV shipments in 2025, and our experience has
been that US market trends tend to lead 6 to 12 months
ahead of other markets

ASX CEO CONNECT PRESENTATION
We are moving forward with new cost-out and optimisation initiatives
Targeting cost-out and efficiencies delivering a net profit after tax improvement of at least NZ$12M in FY27
14
•We believe the integration phase of the merger with Apollo
Tourism & Leisure 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 NZ$12 million in net profit after tax in FY27, primarily
through:
⎼Cost reduction across multiple categories
⎼Reduced depreciation from optimisation of fleet
production and procurement
•We see this NZ$12 million opportunity as incremental to
other opportunities to improve performance

ASX CEO CONNECT PRESENTATION
We believe thl has a positive future
Driven by three key factors: growth in international tourism, a recovery in RV sales demand and achievement of our cost-
out and optimisation targets
15
•While near-term earnings are being impacted by the
current difficulties in RV sales, we are confident that thl is
positioned well for future growth
•For this financial year, we are focused on increasing
underlying NPAT compared to FY24’s underlying net profit
after tax of NZ$51.8 million
•Beyond that, we see the three key factors supporting thl’s
growth outlook as:
1.the ongoing recovery of international tourism, rental
demand and rental fleet growth
2.the vehicle sales market returning to normal
conditions
3.delivering on our target to provide at least a $12 million
improvement in net profit after tax in FY27 through
cost reduction and optimisation

16ASX CEO CONNECT PRESENTATION
T H L O N L I N E . C O M
For more information, please contact:
Grant Webster
Chief Executive Officer
grant.webster@thlonline.com
+ 64 21 449 210
Amir Ansari
Investor Relations
amir.ansari@thlonline.com
+64 21 163 8053