FY25 Interim Results

23°41’ S
133°52’ E
As seen, worldwide
FY24 INTERIM
FINANCIAL STATEMENTS
For the period ended
31 December 2024

CREATING UNFORGETTABLE JOURNEYS
OUR PURPOSE
36°27’ N — 112°35’ W

Staying the course
Dear Shareholders
We are pleased to present the
interim results for the fiscal year
2025 for thl.
It has been a period marked by significant
challenges, but also opportunities and
improvements. By some measures, this
has been the most difficult period for the
RV sales industry in decades. We believe
that thl has maintained its performance
relatively well compared to many
counterparts in the RV industry.
Results
thl’s underlying net profit after tax for the
period was $26.5 million, down $13.2 million
on the prior corresponding period (pcp).
1

The core rental business has grown, with
rental revenue increasing by 8% and the
rental fleet expanding by 11%. However, the
decline reflects the persisting challenges in
RV sales.
Group ROFE (trailing 12-months) was 8.1%.
The UK and North America have continued
to underperform, and the Board has a
clear focus on driving improvement in
these divisions.
Pleasingly, New Zealand Rentals & Sales
has gone from strength to strength and
grown EBIT, despite holding a larger fleet
over the first half which typically has lower
utilisation. Rental revenue increased by
25% during a period in which inbound
visitor growth was only 6%. This division
is on track to achieve another record EBIT
performance in FY25, demonstrating the
operating leverage in our rental business
and the effectiveness of the Build, Rent
and Sell model.
The most notable decline compared
to the pcp has been in our Australian
division, mainly due to challenges in the
Retail Dealerships, which have seen the
greatest impact from the current cycle.
Our experience indicates that consumer
discretionary spending on big-ticket items
in Australia is currently the softest among
the markets in which we operate. However,
we have not seen any indicators of a
structural change in this market and have
an expectation of a recovery to normal
operating conditions in the future. We
hope to see this recovery begin in 2025,
though the precise timing and extent
are uncertain. Recent data shows that
North American RV retail sales increased
in October and November 2024 after 40
consecutive months of decline. This is a
positive sign, as our experience has been
that North America typically precedes
global trends by 6 to 12 months.
1 The underlying result excludes a $1.2 million impact
on NPAT from redundancy costs from H1 FY25.
Shareholders are encouraged to review the
financial statements for statutory results.
Dividend
The Board has declared an interim dividend
of 2.5 cents per share, 100% imputed and
0% franked. The dividend will be eligible for
the thl Dividend Reinvestment Plan with
a discount of 2% for eligible participants.
As previously advised, we expect the split
of thl’s annual dividends to be weighted
approximately 30% and 70% between the
interim and final dividends.
We recognise the importance of
appropriately balancing shareholder
dividends with thl’s capital requirements
for fleet growth. Over the past two years,
we believe thl has successfully maintained
this balance by paying dividends at the
lower end of the policy’s 40% to 60% of
underlying NPAT pay-out range.
Achievements
In August 2024 we successfully
completed the second stage of our post-
merger refinancing plan. This involved a
refinance of our syndicated bank facility,
increasing the limit from $250M to $480M.
Additionally, two new lenders, ASB and
Royal Bank of Canada, joined the syndicate.
We see balance sheet management as
a core competency for thl and do not
currently have any intention of raising
equity to fund our organic fleet growth
ambitions. We have an equity ratio of
38.9%, higher than the norm for our
industry, and this is reflected in our net
tangible asset value of $2.07 per share.
Cathy Quinn
CHAIR
Grant Webster
CEO
1
thl FY25 INTERIM FINANCIAL STATEMENTS
LETTER FROM THE CHAIR AND CEO

We are cognisant of the challenging
market conditions and have been focused
on prudent balance sheet management.
We have moderated fleet growth, adjusted
manufacturing capacity, and reduced
average funds employed in North America,
instead targeting improvement through
fleet utilisation and capital efficiency.
We expect gross and net fleet capital
expenditure for FY25 to be lower than in
recent years. We believe this is a prudent
strategy in the current market conditions.
We know that to remain competitive,
we must leverage our relative balance
sheet strength at the low-point in the
cycle. Continuing investments in business
improvement are crucial, particularly
when many of our competitors are not
in a position to do so.
During the half-year period we have
remained active with numerous projects,
including the transition to a single
digital platform across multiple areas
and investments in new properties like
Waitomokia in Auckland and Perth in
Australia. In Canada we also launched
Motek, our bespoke fleet management
and booking system. This marks the first
time all our rental divisions are operating
on the same system globally. We believe
that all of this activity, combined with
the experience of our leadership team,
positions thl well ahead of a recovery.
We are pleased with the
progress we’re making in
our cost reduction and
optimisation initiatives
and are on track to meet
our goal to deliver an
NPAT benefit of at least
$12M in FY27.
We are pleased with the progress
we’re making in our cost reduction and
optimisation initiatives and are on track to
meet our goal to deliver an NPAT benefit
of at least $12M in FY27. We continue to
seek out and harvest the benefits from the
merger. Some of our achievements in the
period include:
•
Lowering build costs in Australia/
New Zealand and in vehicle procurement
elsewhere, which should provide
ongoing benefits over the coming years
as more of the fleet rotates;
•
Improving product alignment across
North America and transferring more
ex-fleet vehicles between the USA and
Canada as part of our North American
business optimisation;
•
Rationalising our manufacturing
locations in Australia with the closure
of the Melbourne sub-assembly plant
and consolidation of activity into the
Brisbane factory; and
•
Implementing the first stage of our
organisational structure optimisation
across executive, group support and
front-line manufacturing roles
There will be a continued focus on the
execution of our cost reduction initiatives
over the next two years.
The Tourism Industry
Looking at the broader context of
tourism, there has been a clear positive
shift in the New Zealand Government’s
approach, which we are very supportive
of. In our view, this marks the first
time in several years that the tourism
industry in New Zealand has had such
Government encouragement. The
recovery in international visitors to pre-
COVID levels slowed in 2024, with actual
growth below earlier expectations and
many other countries. New Zealand
remains an appealing destination to
international tourists and has the potential
to reach, and ultimately exceed, 100% of
pre-COVID visitors.
Beyond New Zealand, we are conscious
of the geopolitical changes taking place
following the USA election and are
focused on leveraging opportunities while
managing risks to our business.
A developing issue of relevance to our
operations is the potential risk of tariffs
between the USA and Canada. We are
closely monitoring this situation to assess
any impacts on our North American
business optimisation project and global
supply chains more broadly. It is important
to note that any imposition of tariffs would
affect the entire RV industry, not just thl.
2
thl FY25 INTERIM FINANCIAL STATEMENTS
LETTER FROM THE CHAIR AND CEO

Outlook
We remain focused on increasing
underlying NPAT in FY25, but acknowledge
the risks and uncertainty in the coming
period.
We are growing global rental hire days
and we are on track to deliver our cost-
out targets which should add significant
benefit in the coming years. New Zealand
and Australian rentals have been positive,
with robust demand and fleet growth.
Countering this growth is a more
prolonged downturn in RV sales. In
particular, the Australian market remains
under pressure on volumes and margin
and is not yet showing signs of a recovery
from the bottom of the cycle.
Considering the impacts, both actual and
potential, across the various operating
jurisdictions results in a range of possible
outcomes for FY25. The key factors
driving variability in the second half of
FY25 include:
•
the degree of recovery in North
American vehicle sales in the 2025 sales
season, which typically commences
around May;
•
opportunities in North America for
non-tourism bookings related to the
LA fires and ongoing discussions
concerning larger wholesale vehicle sales
opportunities;
•
short-term impacts from North
American tariffs. The announcement
has seen increased demand for our
Canadian fleet, as dealers and customers
anticipate an upcoming tariff on imports
from the USA;
•
performance at several major RV sales
shows across New Zealand and Australia
in the coming months; and
•
rentals for the Easter and ANZAC day
period, which fall in the same week
in 2025. This has historically led to an
increase in late domestic rental demand
in Australia and New Zealand.
Although we will be driving to achieve the
best of these outcomes, market factors
may delay our recovery until FY26 and
prevent us from delivering underlying
NPAT growth in FY25 overall.
The uncertainty in vehicle sales and
potential outcomes from these factors
also make it difficult to provide an accurate
profit guidance range for FY25 at this time.
We will have more certainty on vehicle
sales and several of these other factors in
the fourth quarter of FY25, at which point
we intend to provide earnings guidance
for FY25.
We remain confident in the global rental
outlook and continue to reinforce that
there are no indicators of a structural
change in the demand for RVs in our
operating markets. This combined with
our ongoing efforts in cost out and
optimisation, efficiencies, investment in
people and leveraging merger benefits,
underpins our confidence in a strong
rebound in future performance.
Thank you to our shareholders for your
continued support.
Sincerely,
Cathy Quinn
CHAIR
Grant Webster
CEO
3
thl FY25 INTERIM FINANCIAL STATEMENTS
LETTER FROM THE CHAIR AND CEO

38°31’ S — 143°57’ E
Financials
Consolidated interim statement of comprehensive income 5
Consolidated interim statement of financial position 6
Consolidated interim statement of changes in equity 7
Consolidated interim statement of cash flows 8
Notes to the consolidated financial statements 10
Independent Auditor’s Report 25
4thl FY24 INTERIM FINANCIAL STATEMENTS

Notes
Unaudited
31 Dec 2024
$000’s
Unaudited
31 Dec 2023
$000’s
Sales of services1251,917233,966
Sales of goods1206,440215,232
Total revenue458,357449,198
Cost of sales(161,012)(161,095)
Gross profit297,345288,103
Administration expenses3(57,390)(52,928)
Operating expenses3(184,763)(161,760)
Other operating income22,638536
Operating profit before financing costs
(1)
57,83073,951
Finance income1,1541,347
Finance expenses(23,784)(19,279)
Net finance costs(22,630)(17,932)
Profit before income tax expense for the period35,20056,019
Income tax expense4(9,935)(16,287)
Profit for the period25,26539,732
Other comprehensive income/(loss)
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve movement (net of tax)
12,558(9,851)
Cash flow hedge reserve movement (net of tax)(515)(1,335)
Items that will not be reclassified subsequently to profit or loss
Equity investment reserve movement (net of tax)
–1,449
Other comprehensive income/(loss) for the period12,043(9,737)
Total comprehensive income for the period37,30829,995
Earnings per shareCENTSCENTS
Basic earnings per share11.5318.41
Diluted earnings per share11.5218.27
(1) The consolidated interim statement of comprehensive 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.
Consolidated interim statement of comprehensive income
For the period ended 31 December 2024
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
5thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS

Notes
Unaudited
31 Dec 2024
$000’s
Audited
30 Jun 2024
$000’s
Assets
Non-current assets
Investments
150148
Derivatives1,0661,269
Property, plant and equipment6864,191829,284
Right-of-use assets7193,260130,089
Intangible assets190,717186,462
Deferred tax assets4326683
Total non-current assets1,249,7101,147,935
Current assets
Cash and cash equivalents
48,70856,785
Investments10982
Derivatives168357
Inventories237,220221,216
Trade and other receivables50,10971,083
Total current assets336,314349,523
Total assets1,586,0241,497,458
Notes
Unaudited
31 Dec 2024
$000’s
Audited
30 Jun 2024
$000’s
Liabilities
Non-current liabilities
Derivatives
257–
Employee benefits139300
Interest-bearing loans and borrowings11479,900385,515
Lease liabilities191,195126,909
Deferred tax liabilities451,00045,495
Total non-current liabilities722,491558,219
Current liabilities
Derivatives
9105
Trade and other payables65,14182,633
Current tax payables5079,968
Employee benefits19,91619,914
Revenue in advance59,75469,243
Interest-bearing loans and borrowings1146,099117,157
Lease liabilities22,05320,579
Provisions2,7542,752
Total current liabilities216,233322,351
Total liabilities938,724880,570
Net assets647,300616,888
Equity
Share capital
10519,682516,402
Cash flow hedge reserve6481,163
Other reserves28,42715,134
Retained earnings98,54384,189
Total equity647,300616,888
Consolidated interim statement of financial position
As at 31 December 2024
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
66thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS

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 2024516,4021,16315,13484,189616,888
Profit for the period–––25,26525,265
Other comprehensive (loss)/
income for the period
–(515)12,558–12,043
Total comprehensive (loss)/
income for the period
–(515)12,55825,26537,308
Transactions with owners,
recorded directly in equity
Dividends paid5–––(10,911)(10,911)
Ordinary shares issued103,280–––3,280
Share-based payments––735–735
Balance as at
31 December 2024
519,68264828,42798,543647,300
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 2023503,0072,01818,08187,849610,955
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 paid5–––(32,247)(32,247)
Ordinary shares issued10 9,266–––9,266
Transfers from employee
share scheme reserve
10 1,081–(1,081)––
Share-based payments––419–419
Balance as at
31 December 2023
513,3546839,01795,334618,388
Consolidated interim statement of changes in equity
For the financial period ended 30 June 2024
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
7thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS

Consolidated interim statement of cash flows
For the period ended 31 December 2024
Notes
Unaudited
31 Dec 2024
$000’s
Unaudited
31 Dec 2023
$000’s
Cash flows from operating activities
Receipts from customers
261,925215,829
Proceeds from sale of goods205,358212,223
Interest received1,1541,347
Payments to suppliers and employees(314,257)(292,896)
Purchase of rental assets(91,686)(186,698)
Interest paid(24,254)(18,618)
Net income tax paid(13,950)(10,014)
Net cash flows from/(used in) operating activities24,290(78,827)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
178817
Purchase of property, plant and equipment(17,397)(4,212)
Purchase of intangibles(2,122)(3,356)
Net cash flows used in investing activities(19,341)(6,751)
Cash flows from financing activities
Proceeds from exercise of share options
10–1,260
Proceeds from interest-bearing loans and borrowings321,921408,764
Repayments of interest-bearing loans and borrowings(316,583)(310,955)
Repayments of lease liability principal(12,213)(11,200)
Dividends paid(7,705)(27,826)
Net cash flows (used in)/from financing activities(14,580)60,043
Net decrease in cash and cash equivalents(9,631)(25,535)
Opening cash and cash equivalents 56,785 76,794
Effect of exchange rate fluctuations on cash and
cash equivalents
1,554(939)
Closing cash and cash equivalents 48,70850,320
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
8thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS

Notes to the consolidated interim financial statements
Index
Section A – Financial performance 11
1 Segment reporting 11
2 Other operating income 15
3 Administration and operating expenses 15
4 Income tax 15
5 Dividends 15
Section B – Assets used to generate profit 16
6 Property, plant and equipment 16
7 Right-of-use assets 17
8 Capital commitments 17
9 Non-financial assets 17
Section C – Managing funding 19
10 Share capital 19
11 Interest-bearing loans and borrowings 19
12 Financial instruments 21
Section D – Other 23
13 Key management personnel and related party disclosures 23
14 Foreign currency translation reserve 24
15 Contingencies 24
16 Subsequent events 24
9thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
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)
and IAS 34 Interim Financial Reporting, as applicable for a “for profit” entity. They
comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting. These condensed consolidated interim financial statements do not include
all the information and disclosures required in the consolidated annual financial
statements and therefore should read in conjunction with the annual report for the
financial year ended 30 June 2024;
• 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 consolidated interim financial statements were approved for issue on
25 February 2025.
Changes in accounting policies
The accounting policies used in the preparation of these consolidated interim financial
statements are consistent with those used in the 30 June 2024 annual consolidated
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 as at 31 December 2024 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 consolidated 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 consolidated interim consolidated
financial statements are consistent with those used in the 30 June 2024 annual
consolidated financial statements, unless otherwise stated.
10thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
In this section
This section explains the financial operations of the Group, providing additional
information about individual items in the consolidated interim statement of
comprehensive 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 & Sales – 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 – Kiwi Experience and the Discover Waitomo Caves Group experiences;
Australia Rentals, Sales & Manufacturing – 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;
North America Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental
fleet directly to the public and through a dealer network in the United States of America
and Canada;
United Kingdom & Ireland Rentals & Sales – Rental of motorhomes and the sale of new
and ex-rental fleet directly to the public and through a dealer network; and
Corporate – New Zealand Group Support Services and thl digital.
Section A – Financial performance
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 interim statement of comprehensive income. The Group is not reliant on any
one external individual customer for 10 per cent or more of the Group’s revenue. Operating
expenses incurred by one segment on behalf of another and recharged on a cost-recovery
basis are presented on a net basis. Interest expense is recognised in the segment that
holds the interest-bearing loans and borrowings. Interest is not charged on intercompany
loans where the loan is within the same tax jurisdiction. Intra-group dividends are
presented net of eliminations.
Segment assets and liabilities are measured in the same way as in the consolidated
interim statement of financial position. 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, trade and other receivables and cash and cash equivalents used in the
operations of the segments. Derivatives designated as hedges of borrowings are allocated
to the ‘Corporate’ operating segment as these are managed and monitored on a
group basis.
11thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
1. Segment reporting (continued)
For the period ended 31 December 2024 (unaudited)
New Zealand
Rentals & Sales
$000’s
Action
Manufacturing
$000’s
Tourism
$000’s
Australia
Rentals, Sales &
Manufacturing
$000’s
North America
Rentals & Sales
(1)
$000’s
United Kingdom
& Ireland
Rentals & Sales
$000’s
Corporate
(2)
$000’s
Total
$000’s
Sales of services - external54,741–19,33673,74991,23812,357496251,917
Sales of goods - external21,60235,315–115,31123,97610,236–206,440
Sales of goods and services - inter-segment–51,240––––25451,494
Total segment revenue76,34386,55519,336189,060115,21422,593750509,851
Depreciation(10,898)(2,299)(782)(16,339)(19,280)(3,099)(247)(52,944)
Amortisation(9)(7)(312)(615)(58)–(839)(1,840)
Other costs - external(48,232)(30,384)(13,058)(157,850)(74,716)(19,445)(3,716)(347,401)
Other costs - inter-segment–(46,177)––––(254)(46,431)
Segment operating profit/(loss) before finance costs17,2047,6885,18414,25621,16049(4,306)61,235
Interest income–46–143426175221,154
Interest expense(1,888)(544)(25)(6,438)(9,092)(2,366)(3,431)(23,784)
Segment profit/(loss) before income tax15,3167,1905,1597,96112,494(2,300)(7,215)38,605
Segment income tax (expense)/benefit(4,237)(2,013)(1,447)(2,409)(3,110)7891,557(10,870)
Segment profit/(loss) for the period11,0795,1773,7125,5529,384(1,511)(5,658)27,735
Capital expenditure53,1261,2661,08037,52613,3098,48597114,889
Other segment disclosures as at 30 June 2024 (audited)
Non-current assets
245,29324,17413,865358,319432,68056,13125,8821,156,344
Total assets285,97373,87716,134525,848496,53867,05940,4401,505,869
(1) During the period ended 31 December 2024, the previously reported ‘Canada Rentals & Sales’ and ‘United States Rentals & Sales’ operating segments were combined into one operating segment named ‘North America Rentals & Sales’. This
change reflects the recent appointment of a Chief Operating Officer North America to oversee the United States and Canada rentals and sales operations, the Group’s focus to realise synergy opportunities in the North American operations, and
the regional management of the Group’s fleet and ex-fleet vehicles across the United States and Canada based on seasonal and commercial factors.
(2) Consistent with the presentation of the consolidated financial statements for the financial year ended 30 June 2024, the previously reported ‘Other’ segment has been renamed to ‘Corporate’ and the consolidation adjustments relating to the
intra-group sale of goods have been removed. A reconciliation between the Group’s reportable segment revenue, profit before income tax, and assets is presented separately within the segment reporting note.
12thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)

For the period ended 31 December 2023 (unaudited)
New Zealand
Rentals & Sales
Reported
$000’s
Action
Manufacturing
Reported
$000’s
Tourism
Reported
$000’s
Australia
Rentals, Sales &
Manufacturing
Reported
$000’s
North America
Rentals & Sales
Restated
$000’s
United Kingdom
& Ireland
Rentals & Sales
Reported
$000’s
Corporate
Restated
$000’s
Total
Restated
$000’s
Sales of services - external 43,916 – 18,342 67,995 91,160 11,906 647 233,966
Sales of goods - external 19,137 34,264 – 117,374 36,440 8,017 – 215,232
Sales of goods and services - inter-segment – 54,408 – – – 15,621 – 70,029
Total segment revenue 63,053 88,672 18,342 185,369 127,600 35,544 647 519,227
Depreciation (8,297) (2,145) (706) (15,781) (16,570) (1,796) (326) (45,621)
Amortisation (10) (8) (68) 165 80 – (927) (768)
Other costs - external(39,946) (27,682) (12,298) (147,436)(82,323) (15,484) (4,370) (329,539)
Other costs - inter-segment– (51,121) – – – (15,213) – (66,334)
Segment operating profit/(loss) before finance costs14,8007,7165,27022,31728,7873,051(4,976)76,965
Interest income– 55 – 196 670 179 247 1,347
Interest expense(1,078) (574) (26) (5,361) (9,553) (1,818) (869) (19,279)
Segment profit/(loss) before income tax13,722 7,197 5,244 17,152 19,904 1,412 (5,598) 59,033
Segment income tax (expense)/benefit(3,847) (2,015) (1,536) (5,868) (4,935) (262) 2,176 (16,287)
Segment profit/(loss) for the period9,875 5,182 3,708 11,284 14,969 1,150 (3,422) 42,746
Capital expenditure 87,184 406166 51,18245,6474,977 77 189,639
Other segment disclosures as at 30 June 2023 (audited)
Non-current assets
138,699 26,903 15,659 284,072 462,539 61,292 40,334 1,029,498
Total assets 170,405 80,750 17,538 431,358 515,521 76,430 61,301 1,353,303
1. Segment reporting (continued)
13thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
Reconciliation of reportable segment revenue and profit before income tax
Unaudited
RevenueProfit before tax
31 Dec 2024
$000’s
31 Dec 2023
$000’s
31 Dec 2024
$000’s
31 Dec 2023
$000’s
Segment total509,851519,22738,60559,033
Consolidation adjustments relating to the intra-group sale of goods
(1)
(51,458)(70,029)(3,405)(3,014)
Consolidation adjustments relating to the intra-group sale of services(36)–––
Consolidated total458,357449,19835,20056,019
Reconciliation of reportable segment assets
Audited
Non-current assetsTotal assets
30 Jun 2024
$000’s
30 Jun 2023
$000’s
30 Jun 2024
$000’s
30 Jun 2023
$000’s
Segment total1,156,3441,029,4981,505,8691,353,303
Consolidation adjustments relating to intra-group sale of goods
(1)
(8,409)(9,185)(8,411)(9,733)
Consolidated total1,147,9351,020,3131,497,4581,343,570
(1) This consolidation adjustment relates to the elimination of internal sales and purchases of rental fleet vehicles between the Group’s operating segments. Sales and purchases of rental fleet vehicles and inventory between (1) the
Australian manufacturing, retail and rental businesses; and (2) United States and Canadian retail and rental businesses, are eliminated within the ‘Australia Rentals, Sales & Manufacturing’ and ‘North America Rentals & Sales’ operating
segments respectively.
1. Segment reporting (continued)
14
thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
2. Other operating income
Unaudited
31 Dec 2024
$000’s
31 Dec 2023
$000’s
Fair value gains on financial assets recognised at fair
value through profit or loss
2514
Other income2,517633
Gain/(loss) on disposals of non-fleet assets96(111)
Other operating income2,638536
Other income in the current period includes proceeds from the final settlement of the
Mangere fire insurance claim, other insurance related income, and sublease income.
3. Administration and operating expenses
Administration and operating expenses include:
UnauditedNotes
31 Dec 2024
$000’s
31 Dec 2023
$000’s
Wages and salaries 92,30683,206
Depreciation6,751,88444,940
Amortisation1,840768
Repairs and maintenance including damage repairs23,38419,255
Marketing costs8,4836,679
Information technology costs5,3315,215
Raw materials and consumables2,8002,753
Rental and lease costs2,2272,359
Net foreign exchange loss356136
4. Income tax
Income tax has been applied on all taxable income at the respective tax rate applicable to
each jurisdiction in which the Group operates.
5. Dividends
Unaudited
31 Dec 2024
Unaudited
31 Dec 2023
Cents
per share$000’s
Cents
per share$000’s
2024 final dividend (December 2023:
2023 final dividend)
5.0 10,91115.032,247
Total dividends on ordinary shares10,91132,247
Dividends not recognised in the consolidated
interim statement of financial position
(1)
Dividends determined since balance date
2025 interim dividend (December 2023:
2024 interim dividend)
2.55,5024.59,784
(1) The 2025 interim dividend on ordinary shares determined but not recognised in the consolidated interim statement
of financial position is estimated based on the total number of ordinary shares on issue as at 31 December 2024.
15thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
6. Property, plant and equipment
Motor-
homes
$000’s
Motor
vehicles
$000’s
Land
and
buildings
$000’s
Other plant
and
equipment
$000’s
Capital
work in
progress
$000’s
Total
$000’s
Cost833,5953,30036,11258,09673,0431,004,146
Accumulated
depreciation
(112,576)(1,711)(22,785)(37,790)–(174,862)
Net book value as at
30 June 2024 (audited)
721,0191,58913,32720,30673,043829,284
Movement during
the period ended
31 December 2024
(unaudited)
Additions and
transfers from work
in progress (net)
126,9791,1262,7922,568(24,383)109,082
Disposal and write-offs(1,108)(71)-(12)–(1,191)
Depreciation(35,616)(229)(1,127)(2,709)–(39,681)
Reclassification of
motorhomes to
inventories
(60,503)––––(60,503)
Foreign exchange
rate movements
25,7663312212907 27,200
Net book value as at
31 December 2024
(unaudited)
776,5372,41815,30420,36549,567864,191
Cost904,0294,08839,69760,29349,5671,057,674
Accumulated
depreciation
(127,492)(1,670)(24,393)(39,928)–(193,483)
Net book value as at
31 December 2024
(unaudited)
776,5372,41815,30420,36549,567864,191
Section B – Assets used to generate profit
In this section
This section describes the assets the Group 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.
• 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.
16thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
7. Right-of-use assets
Buildings
$000’s
Vehicles
and
equipment
$000’s
Total
$000’s
Cost192,560126 192,686
Accumulated depreciation(62,535)(62) (62,597)
Net book value as at 30 June 2024 (audited)130,02564 130,089
Movement during the period ended
31 December 2024 (unaudited)
Additions
66,7231 66,724
Modifications4,882–4,882
Depreciation(12,189)(14) (12,203)
Foreign exchange rate movements3,7671 3,768
Net book value as at 31 December 2024 (unaudited)193,20852 193,260
Cost265,543130 265,673
Accumulated depreciation(72,335)(78) (72,413)
Net book value as at 31 December 2024 (unaudited)193,20852 193,260
The additions in the current period primarily relate to the commencement of the lease for
the new Mangere site in New Zealand.
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 2024
$000’s
Audited
30 Jun 2024
$000’s
Property, plant and equipment204,624106,372
9. Non-financial assets
The table below details the cash-generating units (CGU) that goodwill, brands and
supplier relationships are attributable to:
31 Dec 2024 (unaudited)
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Total
$000’s
Australia Rental, Sales & Manufacturing101,1386,7327,404115,274
United States Rentals & Sales 37,694998–38,692
New Zealand Rentals & Sales 7,079––7,079
Action Manufacturing2,475––2,475
Total intangible assets with
an indefinite useful life
148,3867,7307,404163,520
30 Jun 2024 (audited)
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Total
$000’s
Australia Rental, Sales & Manufacturing100,2336,6747,339114,246
United States Rentals & Sales34,976926–35,902
New Zealand Rentals & Sales7,017––7,017
Action Manufacturing2,475––2,475
Total intangible assets with
an indefinite useful life
144,7017,6007,339159,640
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
2024. If any such indication exists, the Group shall estimate the recoverable amount of the
CGU. For the purpose of the impairment test, goodwill is allocated to the CGUs or a group
of CGUs, which largely represent the Group’s operating segments (refer to note 1).
17thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
United States Rentals & Sales
The impairment indicator assessment observed there were impairment indicators in the
United States Rentals & Sales CGU (a separately monitored CGU within the North America
Rental & Sales operating segment) which warranted the calculation of the recoverable
value at 31 December 2024. The results of this updated impairment test from 30 June 2024
reconfirmed there was no impairment of non-financial assets in the United States Rentals
& Sales CGU at 31 December 2024.
The recoverable amount of the United States Rentals & Sales CGU is its value in use. The
recoverable values are determined by discounting the future cash flows generated from
the continued use of the CGU which are based on the 2025 financial year business plans
and are projected for years two to five using key assumptions to cover a five-year period.
A terminal growth rate of 2.5% (June 2024: 2.5%) is used to extrapolate cash flows beyond
the five-year projections.
The key assumptions include rental fleet yield, utilisation and fleet size, vehicle sales
margin, and operating costs. 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. The cash flow projections and values assigned to the key
assumptions represent management’s assessment of future trends and the expected
growth rates in the markets the businesses operate in and are based on both external
and internal sources of data.
The weighted average cost of capital is used as the post-tax discount rate. The discount
rates reflect an equity beta and a market risk premium sourced from observable market
inputs. The annual free cash flows are then discounted by a country specific post-tax
discount rate to arrive at a recoverable amount of the CGU which is compared to the
carrying amount.

Unaudited
31 Dec 2024
Audited
30 Jun 2024
Discount rates (%)Post-tax
Pre-tax
equivalentPost-tax
Pre-tax
equivalent
United States Rentals & Sales11.316.711.317.0
The following table shows the sensitivity of the recoverable value of the United States
Rentals & Sales CGU based on changes in the key management assumptions.
Key assumptions
Change in
Key assumption
Reduction in
recoverable
amount
$000’s
Increase in
recoverable
amount
$000’s
Where headroom is
reduced, would the
indicated sensitivity
result in impairment
Discount rate +/- 1.0%(10,541)13,084No
Terminal growth rate +/- 0.5%(4,057)4,546No
Rental yield+/- 5.0%(21,041)21,041Yes
Rental utilisation+/- 5.0%(9,211)9,211No
Vehicle sales margin+/- 5.0%(27,887)27,887Yes
A change in any of the key management assumptions of United States Rental & Sales CGU
as noted below would result in a breakeven position with no remaining headroom.
Key assumptionSensitivity to breakeven
Discount rate 1.3%
Terminal growth rate (1.9%)
Rental yield (3.2%)
Rental utilisation(7.5%)
Vehicle sales margin (2.4%)
9. Non-financial assets (continued)
18thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
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 4 October 2024, 1,840,055 ordinary shares were issued and allotted at the issue price of
$1.7817 per share (inclusive of a 2% discount) under the Dividend Reinvestment Plan in
respect of the 2024 final dividend.
No share options or rights were exercised during the period ended 31 December 2024. In
the prior period, the Group received $1.3 million in cash proceeds from employees for the
exercise of 587,801 share options during the period ended 31 December 2023.
11. Interest-bearing loans and borrowings
The Group’s borrowing structure includes a syndicated corporate debt facility, asset
financiers and floor plan finance.
On 15 August 2024, the Group completed a refinancing of the multi-currency syndicated
bank facilities. The new agreement increased total committed facilities from NZD 250
million equivalent at 30 June 2024 to NZD 480 million equivalent at 31 December 2024.
In addition to Westpac New Zealand Limited, ANZ Bank New Zealand Limited and
Australia and New Zealand Banking Group Limited (London Branch), two new banks,
ASB Bank Limited and Royal Bank of Canada were added to the banking syndicate. The
facilities include NZD 190 million equivalent two-year, NZD 152 million equivalent three-
year and NZD 133 million equivalent four-year tranches, maturing in August 2026, August
2027 and August 2028 respectively.
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.
Section C – Managing funding
In this section
This section summarises the Group’s funding sources and financial risks.
10. Share capital
Number of
ordinary shares
Share capital
$000’s
Balance as at 1 July 2023 (audited)214,077,123503,007
Ordinary shares issued during the period
ended 31 December 2023:
Dividend reinvestment plan
1,869,7556,711
Global NZD 1,000 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
Ordinary shares issued during the period
ended 30 June 2024:
Dividend reinvestment plan
796,1192,445
Exercise of share options granted to employees196,667603
Balance as at 30 June 2024 (audited)218,224,409516,402
Ordinary shares issued during the period
ended 31 December 2024:
Dividend reinvestment plan
1,840,0553,280
Balance as at 31 December 2024 (unaudited)220,064,464519,682
19thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
The Group has the following borrowing facilities:
Unaudited
31 Dec 2024
$000’s
Audited
30 Jun 2024
$000’s
Non-current
Syndicated bank borrowings
377,390180,446
Asset finance102,510205,069
479,900385,515
Current
Asset finance
34,09963,867
Floor plan finance12,00053,290
46,099117,157
Total interest-bearing loans and borrowings525,999502,672
31 Dec 2024 (unaudited)
Total
facility
$000’s
Used at
reporting
date
$000’s
Unused at
reporting
date
$000’s
Syndicated bank borrowings479,215377,390101,825
Asset finance286,546136,609149,937
Floor plan finance93,49812,00081,498
Total interest-bearing loans and borrowings859,259525,999333,260
30 Jun 2024 (audited)
Total
facility
$000’s
Used at
reporting
date
$000’s
Unused at
reporting
date
$000’s
Syndicated bank borrowings250,544 180,446 70,098
Asset finance420,726 268,936 151,790
Floor plan finance92,685 53,290 39,395
Other loans1,801 – 1,801
Total interest-bearing loans and borrowings765,756 502,672 263,084
The carrying amount of the Group’s borrowings (NZD equivalent) are denominated in the
following currencies:
Unaudited
31 Dec 2024
$000’s
Audited
30 Jun 2024
$000’s
New Zealand dollar148,004139,552
Australian dollar131,987132,677
United States dollar134,786110,375
Pounds sterling55,70941,545
Canadian dollar55,51378,523
Total Interest-bearing loans and borrowings525,999502,672
Syndicated bank borrowings
The Group has committed facilities for debt funding equivalent to approximately NZD
480 million at 31 December 2024 and encompass various multi-currency tranches, with
maturity dates of August 2026, August 2027 and August 2028. These facilities are part of
a syndicated banking arrangement involving Westpac New Zealand Limited, ANZ Bank
New Zealand Limited, Australia and New Zealand Banking Group Limited (London branch),
ASB Bank Limited and Royal Bank of Canada. The Group’s covenants include leverage ratio,
interest cover ratio, Guaranteeing Group coverage ratio, equity ratio and prior ranking debt
ratio. Interest rates applicable at 31 December 2024 range from 5.4% to 6.6% p.a (June 2024:
6.1% to 7.4% 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.
Interest rates applicable at 31 December 2024 range from 3.5% to 9.0% p.a (June 2024: 3.5%
to 9.0% 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 plus principal at a range from 8.8% to 9.3% (June 2024:
8.8% to 9.3% p.a). For some lenders, balances are secured through retention of title until
point of sale.
Other loans
Other loans are mortgages over land and buildings and COVID-19 support loans previously
provided to Apollo entities in the United Kingdom. These loans were repaid in the previous
period ended 31 December 2023.
Covenants
The consolidated Group is subject to lending covenants across several of its borrowing
facilities. As at the date of these consolidated financial statements the Group is within all
covenant requirements.
11. Interest-bearing loans and borrowings (continued)
20thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
12. Financial instruments
12.1 Financial assets and liabilities measured at fair value
Financial instruments of the Group that are measured in the consolidated interim
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).
The level in the fair value hierarchy within which the fair value measurement is
categorised, is determined based on the lowest input to the fair value measurement. If a
fair value measurement uses observable inputs that require significant adjustment based
on unobservable inputs, the measurement is a Level 3 measurement. The Group’s policy is
to recognise transfers into and transfers out of fair value hierarchy levels as of the date of
the event or change in circumstances that caused the transfer.
The following table presents the financial assets and liabilities that are measured at fair value categorised by fair value hierarchy.
Unaudited
31 Dec 2024
Audited
30 Jun 2024
Level 1
$000
Level 2
$000
Level 3
$000
Total
$000
Level 1
$000’s
Level 2
$000’s
Level 3
$000’s
Total
$000’s
Financial assets
Investments
109–15025982–148230
Derivatives–1,234–1,234–1,626–1,626
1091,2341501,493821,6261481,856
Financial liabilities
Derivatives
–266–266–105–105
The fair value of investment and derivatives is calculated using quoted prices. Where such prices are not available, valuation techniques include the use of discounted cash flow analysis
using the applicable yield curve or available forward price data for the duration of the instruments.
The following inputs are used for fair value calculations of derivatives:
Interest rate forward price curvePublished market swap rates
Foreign exchange forward pricesPublished spot foreign exchange rates and interest rate differentials
Discount rate for valuing interest rate derivatives
The discount rates used to value interest rate derivatives are published market interest rates as applicable to the
remaining life of the instrument
Discount rate for valuing forward foreign exchange contracts
The discount rates used to value interest rate derivatives are published market interest rates as applicable to the
remaining life of the instrument
21thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
12.2 Financial assets and liabilities not measured at fair value
The following table discloses a comparison of the carrying value and fair value of interest-
bearing loans and liabilities which are not measured at fair value after initial recognition.
Interest-bearing loans and liabilities are designated as Level 2 in the fair value hierarchy.
Unaudited
31 Dec 2024
Audited
30 Jun 2024
Carrying
value
$000’s
Fair value
$000’s
Carrying
value
$000’s
Fair value
$000’s
Financial liabilities
Interest-bearing loans and borrowings
525,999526,330 502,672503,366
Trade and other receivables and trade and other payables are short-term in nature and
therefore the carrying value approximates fair value.

12.3 Measurement categories of financial assets and liabilities
The tables below represent the measurement categories of the financial instruments.
31 Dec 2024 (unaudited)
Amortised
cost
$000’s
Fair value
through
profit or loss
$000’s
Derivatives
used for
hedging
$000’s
Total
$000’s
Financial assets
Cash and cash equivalents
48,708––48,708
Investments–259–259
Derivatives––1,2341,234
Trade and other receivables
(1)
35,410––35,410
Financial liabilities
Derivatives
––266266
Trade and other payables
(2)
58,201––58,201
Interest-bearing loans and borrowings525,999––525,999
30 Jun 2024 (audited)
Amortised
cost
$000’s
Fair value
through
profit or loss
$000’s
Derivatives
used for
hedging
$000’s
Total
$000’s
Financial assets
Cash and cash equivalents
56,785––56,785
Investments–230–230
Derivatives––1,6261,626
Trade and other receivables
(1)
46,370––46,370
Financial liabilities
Derivatives
––105105
Trade and other payables
(2)
74,842––74,842
Interest-bearing loans and borrowings502,672––502,672
(1) Excludes prepayments and GST/VAT receivables included in ‘Trade and other receivables’.
(2) Excludes GST/VAT payables and other payroll-related liabilities included in ‘Trade and other payables’.
12. Financial instruments (continued)
22thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
13.2 Related party disclosures
As a result of the merger with Apollo on 30 November 2022, the Trouchet family hold an
interest of 26,076,336 ordinary shares (December 2023: 27,918,801) 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 202431 Dec 2023
Unaudited
Revenue
$000’s
Receivables
$000’s
Revenue
$000’s
Receivables
$000’s
Motorhomes sold to Caravans Away Pty Ltd
(Director related entity of L Trouchet)
166–965–
Servicing and repairs sold to Caravans Away
Pty Ltd (Director related entity of L Trouchet)
1–11–
Administration fees received from
Caravans Away Pty Ltd
(Director related entity of L Trouchet)
1–1–
Administration fees paid RV Boss Pty Ltd
(Director related entity of L Trouchet)
1–1–
31 Dec 202431 Dec 2023
Unaudited
Expenses
$000’s
Payables
$000’s
Expenses
$000’s
Payables
$000’s
Rental expenses paid to KL One Trust
(Director related entity of L Trouchet)
67–55–
Rental expenses paid to Eastglo Pty Ltd
(Director related entity of L Trouchet)
121–123–
Advertising expenses paid to RV Boss Pty Ltd
(Director related entity of L Trouchet)
4017418
Annual salary paid to A Trouchet inclusive
of superannuation
(A related party of L Trouchet)
28–31–
Section D – Other
In this section
This section includes the remaining information relating to the Group’s consolidated
interim financial statements which is required to comply with financial
reporting standards.
13. Key management personnel and related party disclosures
13.1 Key management personnel
Unaudited
31 Dec 2024
$000’s
31 Dec 2023
$000’s
Salaries and other short-term employee benefits3,7065,049
Post-employment benefits120143
Share-based payments benefits477391
Termination benefits383–
Total compensation to key management personnel4,6865,583
Total positions included in key management compensation as at 31 December 2024 are 14
(December 2023: 15). Executive management do not receive any directors’ fees as directors
of subsidiary companies.
Unaudited
31 Dec 2024
$000’s
31 Dec 2023
$000’s
Directors’ fees365368
23thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Notes to the consolidated interim financial statements (continued)
14. 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 or loss as part of the gain or loss
on disposal.
The closing exchange rates used to translate the statement of financial position of the
foreign operations are as follows:
Unaudited
31 Dec 2024
Audited
30 Jun 2024
NZD/AUD0.90700.9139
NZD/USD
0.56400.6080
NZD/CAD0.80980.8330
NZD/GBP0.44950.4814
15. Contingencies
As at 31 December 2024, the Group has bank guarantees of $5.9 million in place (June 2024:
$3.6 million) which are predominantly in lieu of bonds paid on leased assets.
16. Subsequent events
On 24 February 2025, the Directors approved a fully imputed and unfranked 2025 interim
dividend of 2.5 cents per share payable on 4 April 2025.
There are no other events after the reporting period which materially affect the
information within the Group’s consolidated interim financial statements.
24thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS
For the period ended 31 December 2024

Independent auditor’s review report to the
shareholders Tourism Holdings Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements of Tourism
Holdings Limited (“the Company”) and its subsidiaries (together “the Group”) on
pages 5 to 24 which comprise the consolidated interim statement of financial position
as at 31 December 2024, and the consolidated interim statement of comprehensive
income, consolidated interim statement of changes in equity and consolidated interim
statement of cash flows for the period ended on that date, and explanatory notes.
Based on our review, nothing has come to our attention that causes us to believe that
the accompanying interim financial statements on pages 5 to 24 of the Group do not
present fairly, in all material respects, the consolidated financial position of the Group as
at 31 December 2024, and its consolidated financial performance and its consolidated
cash flows for the period ended on that date, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim Financial Reporting (“NZ IAS 34”) and
International Accounting Standard 34: Interim Financial Reporting (“IAS 34”).
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 interim 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 provides other assurance related 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 NZ IAS 34 and
IAS 34 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 NZ IAS 34 and IAS 34.
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
25 February 2025
25thl FY25 INTERIM FINANCIAL STATEMENTS
FINANCIALS

AS AT 30 JUNE 2024
Global Footprint
SOUTHERN
AFRICA
Franchise
JAPAN
Franchise
CANADA
Calgary
Edmonton
Halifax
Montreal
Toronto
Vancouver
Whitehorse
UK & IRELAND
Belfast
Dublin
Edinburgh
London
USA
Denver
Dallas Fort Worth
Agoura Hills
Las Vegas
Santa Fe Springs
Orlando
San Bernardino
Seattle
San Leandro
Dublin
Van Nuys
NEW ZEALAND
Auckland
Hamilton
Waitomo
Palmerston North
Christchurch
Queenstown
AUSTRALIA
Adelaide
Alice Springs
Broome
Brisbane
Cairns
Darwin
Hobart
Melbourne
Perth
Sydney

THLONLINE.COM
See you out there.
34°22’ S — 136°06’ E

---

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




25 February 2025

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

FY25 INTERIM RESULTS

Summary:
- Underlying net profit after tax of $26.5M, down 33%.
1

- Statutory net profit after tax of $25.3M, down 36%.
- Group Return on Funds Employed (trailing 12 months) of 8.1%.
- Underlying EBITDA of $113.3M, down 5%.
1

- Continued recovery in international tourism underpins rental fleet growth of 11% and rental
revenue growth of 8%.
- Ongoing vehicle sales challenges result in 4% decrease in sale of goods revenue and lower
margins for ex-rental and retail RV sales.
- Interim FY25 dividend of 2.5 cents per share, 100% imputed and 0% franked.
- Progressing cost-out and optimisation initiatives, continued confidence in delivering at least a
$12M NPAT benefit in FY27.
- We remain focused on increasing underlying NPAT in FY25, but acknowledge the risks and
uncertainty in the coming period.
- Market factors, including a more prolonged downturn in RV sales, may delay our recovery until
FY26 and prevent us from delivering underlying NPAT growth in FY25.
- We intend to provide FY25 earnings guidance in the fourth quarter of FY25 when there is more
clarity.

thl today releases its results for the six months ending 31 December 2024.

Cathy Quinn, thl Chair, said “the underlying net profit after tax for the period was $26.5M, down
$13.2M on the prior corresponding period. The core rental business has grown, with rental
revenue increasing by 8% and the rental fleet expanding by 11%. However, the decline reflects the
persisting challenges in RV sales.


1
Underlying performance excludes non-recurring items. Refer to the Investor Presentation for further information.

“This has been a period marked by significant challenges, but also opportunities and
improvements. By some measures, this has been the most difficult period for the RV sales industry
in decades. We believe that thl has maintained its performance relatively well compared to many
counterparts in the RV industry”.

Grant Webster, thl CEO, said “pleasingly, New Zealand Rentals & Sales has gone from strength to
strength and grown EBIT. New Zealand increased rental revenue by 25% during a period in which
inbound visitor growth was only 6%. The most notable decline has been in our Australian division,
mainly due to challenges in the Retail Dealerships, which have seen the greatest impact from the
current cycle.

“We have remained active with numerous projects, including the transition to a single digital
platform across multiple areas and investments in new properties like Waitomokia in Auckland
and Perth in Australia. In Canada we also launched Motek, our bespoke fleet management and
booking system. This marks the first time all our rental divisions are operating on the same system
globally. We believe that all of this activity, combined with the experience of our leadership team,
positions thl well ahead of a recovery.

“We are also pleased with the progress we’re making in our cost reduction and optimisation
initiatives and are on track to meet our goal to deliver an NPAT benefit of at least $12M in FY27.
We continue to seek out and harvest the benefits from the merger.”

Dividend

An interim dividend of 2.5 cents per share, 100% imputed and 0% franked, will be payable on
Friday 4 April 2025. The Dividend Reinvestment Plan (DRP) is available to eligible shareholders that
wish to participate, and a 2% discount is available. The record date is Friday 21 March 2025 and
the final date for DRP elections is Monday 24 March 2025.

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

Outlook Commentary

We remain focused on increasing underlying NPAT in FY25, but acknowledge the risks and
uncertainty in the coming period.

We are growing global rental hire days and we are on track to deliver our cost-out targets which
should add significant benefit in the coming years. New Zealand and Australian rentals have been
positive, with robust demand and fleet growth.

Countering this growth is a more prolonged downturn in RV sales. In particular, the Australian
market remains under pressure on volumes and margin and is not yet showing signs of a recovery
from the bottom of the cycle.

Considering the impacts, both actual and potential, across the various operating jurisdictions
results in a range of possible outcomes for FY25. The key factors driving variability in the second
half of FY25 include:
- the degree of recovery in North American vehicle sales in the 2025 sales season, which
typically commences around May;
- opportunities in North America for non-tourism bookings related to the LA fires and ongoing
discussions concerning larger wholesale vehicle sales opportunities;
- short-term impacts from North American tariffs. The announcement has seen increased
demand for our Canadian fleet, as dealers and customers anticipate an upcoming tariff on
imports from the USA;
- performance at several major RV sales shows across New Zealand and Australia in the coming
months; and
- rentals for the Easter and ANZAC day period, which fall in the same week in 2025. This has
historically led to an increase in late domestic rental demand in Australia and New Zealand.

Although we will be driving to achieve the best of these outcomes, market factors may delay our
recovery until FY26 and prevent us from delivering underlying NPAT growth in FY25 overall.

The uncertainty in vehicle sales and potential outcomes from these factors also make it difficult to
provide an accurate profit guidance range for FY25 at this time. We will have more certainty on
vehicle sales and several of these other factors in the fourth quarter of FY25, at which point we
intend to provide earnings guidance for FY25.

We remain confident in the global rental outlook and continue to reinforce that there are no
indicators of a structural change in the demand for RVs in our operating markets. This combined
with our ongoing efforts in cost out and optimisation, efficiencies, investment in people and
leveraging merger benefits, underpins our confidence in a strong rebound in future performance.

The FY25 interim financial statements, as well as a letter from the Chair and CEO and an investor
presentation, are available on thl's website and on NZX and ASX.

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
General Manager – Investor Relations & Group Planning
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
FY25 INTERIM RESULTS PRESENTATION
25 FEBRUARY 2025

2thl FY25 INTERIM 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

thl FY25 INTERIM RESULTS PRESENTATION
Executive Summary
3
•Underlying net profit after tax of $26.5M, down 33%
•Statutory net profit after tax of $25.3M, down 36%
•Group Return on Funds Employed (trailing 12 months) of 8.1%
•Underlying EBITDA of $113.3M, down 5%
•Continued recovery in international tourism underpins rental fleet
growth of 11% and rental revenue growth of 8%
•Ongoing vehicle sales challenges result in 4% decrease in sale of
goods revenue and lower margins for ex-rental and retail RV sales
•Interim FY25 dividend of 2.5 cents per share, 100% imputed and
0% franked
•Progressing cost-out and optimisation initiatives, continued
confidence in delivering a benefit of at least $12M NPAT in FY27
•We remain focused on increasing underlying NPAT in FY25, but
acknowledge the risks and uncertainty in the coming period
•Market factors, including a more prolonged downturn in RV sales,
may delay our recovery until FY26 and prevent us from delivering
underlying NPAT growth in FY25
•We intend to provide FY25 earnings guidance in the fourth
quarter of FY25, when there is more clarity

Results Summary
COMPARED TO THE PRIOR CORRESPONDING PERIOD
UNDERLYING NET PROFIT AFTER TAX
2
$26.5M
-33%
STATUTORY NET PROFIT AFTER TAX
$25.3M
-36%
UNDERLYING EBIT
2
$59.6M
-19%
UNDERLYING EBITDA
2
$113.3M
-5%
RENTAL REVENUE
$232M
+8%
SALE OF GOODS REVENUE
$206M
-4%
INTERIM DIVIDEND
2.5cps
1.On 31 December 2024 & 31 December 2023.
2.Excludes non-recurring items. Refer to slide 31 for a reconciliation of underlying NPAT, EBIT and EBITDA.
thl FY25 INTERIM RESULTS PRESENTATION
CLOSING RENTAL FLEET
1
8,172
+11%-44%

thl FY25 INTERIM RESULTS PRESENTATION
Return on Funds Employed (Trailing 12 Months)
New Zealand divisions above target; North America and UK/Ireland bring down group performance
5
•Due to the seasonality of thl’s divisions, ROFE should
be evaluated over a 12-month period
•Group Return on Funds Employed for the 12 months
ending 31 December 2024 was 8.1%
•thl targets each division delivering at least 15% ROFE
•New Zealand continues to excel with ROFE well
above target
•The North America and UK divisions have remained
well below target. The Board and Management have
a clear focus on driving improvement in these
divisions
•ROFE in Australia is impacted by retail RV sales. The
division also carries most of the goodwill from the
Apollo merger
1.thl uses Adjusted EBIT to calculate ROFE. Adjusted EBIT reflects underlying EBIT and includes lease interest costs arising from IFRS 16. Average Funds and Period End Funds exclude IFRS 16 lease liabilities. Refer to the Glossary of Key Terms on slide 28 for
further detail on the calculation methodology for ROFE, and on slide 31 for a reconciliation of Adjusted EBIT to Reported EBIT.
2.Funds employed in the Australian Rentals, Sales & Manufacturing division includes $114.2M of the goodwill recognised as part of the merger with Apollo Tourism & Leisure Limited.
$M NZD
Adjusted
EBIT
1
Average
Funds
1
Period End
Funds
1
Return on
Funds
Employed
New Zealand Rentals & Sales
47.6
250.5
268.9
19.0%
Australian Rentals, Sales & Manufacturing
2
32.9
379.1
391.5
8.7%
North America Rentals & Sales
1.7
350.5
354.9
0.5%
UK/Ireland Rentals & Sales
(3.5)
59.0
61.9
< 0%
Action Manufacturing Group
12.9
46.3
44.3
27.9%
Tourism
12.8
8.8
6.3
146.0%
Group Support Services/Other
(11.1)
13.7
10.7
N/A
Eliminations
(4.6)
(14.6)
(14.2)
N/A
Total
88.8
1,093.1
1,124.4
8.1%
Trailing 12 Months to 31 December 2024

thl FY25 INTERIM RESULTS PRESENTATION
thl Global Snapshot
Rental fleet and revenue are growing, while sales are at a cyclical low
6
Average
Rental
Fleet Size
7,807
H1 FY24: 7,212
RevPARV
$29.8k
H1 FY24: $30.6k
Ex-Fleet Sales
Volumes
1
595
H1 FY24: 651
Ex-Fleet
Sales Margin
1
24.4%
H1 FY24: 26.1%
Retail RV
Sales Volumes
1,092
H1 FY24: 1,094
Retail RV
Sales Margin
9.1%
H1 FY24: 10.8%
•Average Rental Fleet Size: Grew by 8%,
with increases in New Zealand, Australia
and the UK, offset by an intentional
reduction in North America to improve
capital efficiency
•RevPARV: Decreased by 3%. New Zealand
and Australian markets have absorbed
fleet growth well, seeing only minor
RevPARV reduction. North America has
improved, but the global metric was
affected by the UK
•Ex-Fleet Sales Volumes: Down 9%, largely
due to 43% reduction in North America.
New Zealand down, but strong
improvement in Australia
•Ex-Fleet Sales Margin: Margins are still
normalising globally as cheaper vehicles
purchased pre-COVID are still being sold.
With depreciation rate adjustments
implemented in FY25, margins and thl’s
earnings sensitivity to vehicle sales
volumes should decrease over time
•Retail RV Sales Volumes: Volumes in line
with pcp due to contribution of
Camperagent, acquired in January 2024.
On a same-store basis, volumes were
down 18%
•Retail RV Sales Margin: Continued
pressure from the most challenging RV
sales market in recent history. Margins are
currently below typical expectations
1.thl’s historical reporting of ex-fleet sales volumes have included intercompany sales between the UK & New Zealand divisions. In H1 FY24, there were 155 such sales, but none in H1 FY25. To accurately reflect changes in external
sales volumes and margins, these sales have been excluded from the H1 FY24 metrics above.

thl FY25 INTERIM RESULTS PRESENTATION
RV Industry Market Overview
RV operators worldwide are navigating tough
market conditions
7
•thl has remained profitable and continues to pay a dividend
through what we believe are the most challenging conditions in
the RV sales industry in decades
•We believe that thl has maintained its performance relatively well
when compared to many counterparts in the RV industry:
⎼Prominent USA RV dealers Camping World and LazyDays with
net losses in 2024 YTD
1
⎼World’s largest RV manufacturer, Thor Industries, with net
income down 29% in FY24
2
⎼Two European rental operators, OffCampers and Vanever,
entered insolvency
⎼Two caravan manufacturers in Australia, Tango Caravans and
Highline Caravans, went into liquidation, and other
manufacturers have consolidated
⎼Knaus Tabbert, the second largest European RV manufacturer,
halted production for two months to manage inventory levels
•The sentiment across the industry is that the current challenges
are cyclical and that the long-term outlook is positive
1.Camping World 3Q results for the nine months to 30 September 2024 released on 28 October 2024; LazyDays 3Q
results for the nine months to 30 September 2024 released on 18 November 2024.
2.Thor Industries 4Q results for the twelve months to 31 July 2024, released on 24 September 2024.

thl FY25 INTERIM RESULTS PRESENTATION
Dividend
Interim dividend of 2.5 cps declared
8
•The Board has approved an interim FY25 dividend of 2.5 cents per
share, 100% imputed and 0% franked
•The dividend reinvestment plan is offered for eligible shareholders
with a 2% discount available
•As previously indicated, thl targets distributing approximately
30% of its annual dividend as an interim dividend, and 70% as a
final dividend
•In the last two financial years, thl has paid a dividend at the lower-
end of its dividend policy range. The Board believes this strikes an
appropriate balance between thl’s capital requirements for fleet
growth and shareholder returns
•As of 31 December 2024, thl has fully utilised all of its existing
Australian tax losses
1.thl currently has tax losses in Australia and is therefore not generating franking credits
KEYDIVIDEND DATES
•Ex-dividend date of Thursday 20 March 2025
•Record date of Friday 21 March 2025
•DRP election date of Monday 24 March 2025
•Payment/DRP issue date of Friday 4 April 2025

thl FY25 INTERIM RESULTS PRESENTATION
Strengthening Financial Resilience
Focus on prudent management of balance sheet
9
•Closing net debt of $477M. Higher debt attributable to fleet
growth during period and slower than anticipated vehicle
sales
•thl’s equity ratio of 38.9%
2
(as at 31 December 2024) is
underpinned by the global rental fleet of over 8,000 vehicles
•Given challenging market conditions, thl remains focused on
balance sheet management:
⎼Moderating fleet growth – right-sizing manufacturing in
Australia and carefully managing fleet capex to optimise
fleet efficiency
⎼Improving liquidity – syndicated bank facility refinanced in
July 2024, limit increased from $250M to $480M, reducing
reliance on asset financing
⎼Reducing funds employed in North America – improving
business performance through higher fleet utilisation
•The liquidity of thl’s fleet and ability to reduce fleet purchases
provides thl with flexibility in managing its balance sheet
Closing Net Debt
1
$477M
31 Dec 2023: $403M
Net Debt to Underlying
EBITDA (TTM)
3
2.4x
H1 FY24: 1.9x
Average Net
Debt
1
$468M
H1 FY24: $354M
1.Net debt excludes IFRS 16 lease liabilities.
2.Equity ratio net of intangibles, right-of-use assets and liabilities, prepayments and deferred tax assets.
3.EBITDA is normalised to exclude non-recurring items.
4.Total borrowings are net of $1.1M of deferred borrowing costs capitalised onto the syndicated bank facility.
Equity Ratio
2
38.9%
31 Dec 2023: 40.2%
AS AT 31 DEC 2024
FACILITY TYPE
FACILITY
SIZE
DRAWNUNDRAWN
Syndicated bank facility$479.2M$377.4M$101.8M
Asset finance$286.5M$136.6M$149.9M
Floor plan finance$93.5M$12.0M$81.5M
Total
4
$859.2M$526.0M$333.2M

thl FY25 INTERIM RESULTS PRESENTATION
Disciplined Capital Management
Conservatively growing fleet in current conditions
10
Capital Management
•We are implementing thl’s capital management disciplines
by moderating fleet manufacturing and purchases, and
improving rental utilisation
•As a result, gross and net fleet capital expenditure in H1 have
been significantly lower than the pcp
•Over time, these adjustments will rectify the excess inventory
caused by lower-than-expected sales
Capital Expenditure
•Gross fleet capital expenditure in FY25 is expected to be
approximately $290M to $300M, compared to $353M in FY24
1
•The variability in vehicle sales volumes in H2 make it
challenging to provide net fleet capital expenditure guidance
for FY25 at this time
•Non-fleet capital expenditure in H1 FY25 has been higher than
usual due to construction works for the Waitomokia rental
branch and dealership in Auckland, and equipment upgrades
for manufacturing improvements, among other investments
•Non-fleet capital expenditure in H2 FY25 will also be higher
than recent years. Total FY25 non-fleet capital expenditure is
expected to be approximately $45M but should return
towards typical levels from FY26 onwards
1.FY24 includes $16M of intercompany fleet capex for purchases made by New Zealand from the UK. No
such purchases are expected in FY25.
Gross Fleet Capital
Expenditure
$92M
H1 FY24: $187M
Net Fleet Capital
Expenditure
$38M
H1 FY24: $102M
Non-Fleet Capital
Expenditure
$20M
H1 FY24: $7M
Ex-Fleet Sales
Proceeds
$54M
H1 FY24: $85M
Note: The figures above include fleet bought or sold under buyback agreements in Australia. These are omitted from the PPE note in
the financial statements as they are classified as operating leases rather than acquisitions or disposals of fixed assets. Ex-fleet sales
proceeds on this slide will therefore differ from slide 34 which excludes buyback arrangements. The figures include expenditure and
proceeds from intercompany transactions. Non-fleet capital expenditure includes purchases of software and other intangible assets
recognised within Intangibles in the Statement of Financial Position.

thl FY25 INTERIM RESULTS PRESENTATION
Cost Out and Optimisation Initiatives
Confidence remains high in meeting our targeted cost
reduction plan for at least $12M NPAT benefit in FY27
✓Closure of the Melbourne sub-assembly plant, with activity consolidated into
the Brisbane factory as part of the rationalisation of manufacturing locations
in Australia
✓Continued optimisation of fleet production in New Zealand and Australia, and
procurement savings in North America/Europe
✓First stage optimisation of organisational structure across executive, group
support and front-line manufacturing roles
✓Greater product alignment across North America, and more ex-fleet vehicles
transferred between the USA and Canada as part of the North American
business optimisation
‒We are closely monitoring the evolving USA/Canada tariff situation for any
potential impact on this model
✓Motek, single system for booking, pricing and scheduling now in place in all
rental operations globally
11

thl FY25 INTERIM RESULTS PRESENTATION
Building for a Stronger Future
We are facing a cyclical low but are implementing initiatives for sustainable growth
12
INITIATIVESEXPECTED BENEFITS AND TIMEFRAME
EXPECTED SIZE OF
OPPORTUNITY
1
Rental Demand Recovery and Fleet
Growth
•Organic growth of thl’s rental fleet by 20%+, with opportunity for material earnings growth due to thl’s high
operating leverage.
•Recovery over several years, with the pace of growth expected to align with the international tourism
recovery and improvements in the macroeconomic environment.
$$$
Fleet Build Cost Reduction
•Vehicle design changes, production line improvements, direct procurement from China and better labour
efficiency, supporting reduced costs and quality improvement.
•This will lead to immediate cash benefits from FY25 on new units and profit over a vehicle’s lifespan (up to 6
years) through reduced depreciation and R&M expense.
$$$
North American Business Model
Optimisation
•Primary initiatives include optimising fleet movement and alignment between the USA and Canada,
expanding direct retail sales capabilities, and developing a network for generating non-tourism and events
rental revenue.
•These efforts aim to deliver steady growth in rentals and sales revenue over multiple years while improving
capital efficiency, with significant contributions expected from FY26 onwards.
$$$
“One System” Across The Globe
•Moving to single systems across fleet management and reservations, scheduling, asset management, ERP,
payroll, CMS and data platform.
•Eliminates system overlap allowing cost savings on redundant systems, enhances operational efficiency, and
allows more meaningful global IP sharing.
$$
Capital Management
•Establishment of $480M syndicated, four-party bank facility.
•Consolidating asset finance facilities into a smaller group of high-quality lenders.
•Interest cost savings from FY25, while also enhancing financial resilience and providing access to capital for
ongoing growth.
$
Growing our People
•Leveraging technology and integration of AI into the ways of working for greater capability building,
efficiency and engagement.
$
1.Illustrative only.

thl FY25 INTERIM RESULTS PRESENTATION
Real and Accounting Depreciation Rates
13
•The Real Depreciation Rate (RDR) is a key metric in assessing whether
thl is efficiently purchasing and selling its rental fleet
•thl’s RDRs have been below historical norms as vehicle values
appreciated during the pandemic, but are expected to normalise in
the future
•RDRs in Australasia are typically higher as vehicles are held on the
fleet longer, whereas vehicles in the Northern Hemisphere are
typically sold within one to two years
•RDRs in Australasia are expected to stay below historical norms due to
merger manufacturing synergies and more ex-fleet vehicles sold
through thl’s own dealerships
•thl annually reviews its accounting depreciation rates and makes
adjustments, if required, so that earnings are appropriately
apportioned between the Rentals and Sales divisions
•While overall depreciation expense is expected to be higher in FY25,
changes to accounting depreciation rates that commenced on 1 July
2024 will have different impacts on Canada and UK/Ireland (higher
depreciation rates) and New Zealand and Australia (lower
depreciation rates)
•These adjustments do not affect overall earnings over the vehicle
lifecycle, cashflows,
1
or the Real Depreciation Rate, however they do
impact the reporting periods in which profit is recognised
REAL DEPRECIATION RATE
•The difference between the original purchase price and sale
price for ex-fleet vehicles sold in a reporting period, represented
as an annual depreciation percentage
•It allows for no gain on sale or costs associated with the sale or
maintenance of the rental vehicle
•It is not impacted by the accounting depreciation rate applied to
the vehicle during its time on the rental fleet
•A low Real Depreciation Rate indicates that thl is efficiently
managing the purchasing and selling of fleet, with a low
differential between purchase and sale prices
1.Except the timing of tax payments.
2.Historical norms represent thl only. Historically, the UK/Ireland business was a joint venture that mostly sold vehicles to thl New Zealand. Historical RDR data is therefore unavailable for UK/Ireland.
REAL DEPRECIATION RATES
H1 FY25FY24HISTORICAL NORM
1
New Zealand~3%~2%~6 - 7%
Australia~2.5%~1%~7 - 9%
North America~0%~0%~0 - 1%
UK/Ireland<0%< 0%N/A

14thl FY25 INTERIM RESULTS PRESENTATION
36°14′N—116°49′W
Divisional
Review

thl FY25 INTERIM RESULTS PRESENTATION
New Zealand Rentals & Sales
15
•Return on Funds Employed (TTM) of 19.0%
•Another period of earnings growth due to increased fleet and the
recovery in international tourism. The division is expected to achieve
deliver another record EBIT result in FY25
•The division achieved 25% rental revenue growth, an excellent
achievement given international visitors to New Zealand during the
same period grew by only 6%
•A 1% reduction in RevPARV is considered a positive outcome, given
the larger fleet in the first half, which typically has lower utilisation.
The benefits of this larger fleet will be more evident in the second
half of FY25
•We are growing the New Zealand fleet at the fastest pace out of all
our markets, as the total fleet remains well below pre-COVID levels
•The vehicle sales market remains tough, with total RV sales volumes
down 7%. More affordable stock still sells well but new and higher-
priced vehicle sales are slow
•Ex-fleet margins are continuing to normalise and are facing
particular pressure from the ex-UK units acquired during the
pandemic which incurred higher shipping costs
•Auckland operations and group support will relocate to Waitomokia
in April 2025. This move will consolidate three Auckland locations,
expand rental capacity for ongoing growth, and establish the largest
RV dealership in New Zealand
NZD $M
H1 FY25
H1 FY24
VAR
VAR %
Rental revenue
54.7
43.9
10.8
25%
Sale of goods revenue
21.6
19.1
2.5
13%
Costs
(59.1)
(48.3)
(10.9)
(23%)
EBIT
17.2
14.8
2.4
16%
Rentals division
Operating rental fleet
H1 FY25
H1 FY24
VAR
VAR %
Average rental fleet size
1,961
1,556
405
26%
Revenue per average rental vehicle
H1 FY25
H1 FY24
VAR
VAR %
RevPARV (NZD $k)
27.9
28.2
(0.3)
(1%)
Vehicle sales division
Unit sales (#)
H1 FY25
H1 FY24
VAR
VAR %
Ex-fleet sales
111
152
(41)
(27%)
Retail RV sales
57
28
29
104%
Total RV sales
168
180
(12)
(7%)
Gross profit margin %
H1 FY25
H1 FY24
VAR
GP margin on ex-fleet sales
32.0%
37.2%
(5.2%)
GP margin on retail RV sales
11.5%
14.3%
(2.7%)
Total GP margin on RV sales
22.9%
31.8%
(8.9%)
Real depreciation rate on ex-fleet sales
H1 FY25
H1 FY24
RDR
~3%
~2%

thl FY25 INTERIM RESULTS PRESENTATION
Australia Rentals, Sales &
Manufacturing
16
•Return on Funds Employed (TTM) of 8.7%
•31% decrease in EBIT due to vehicle sales margin pressures, despite
continued growth in the rental fleet and rental revenue
•Improving rental utilisation has been a key focus, helping to offset the
impact on RevPARV from the expected normalisation of rental yields.
The division continues to aim for further utilisation improvement
•The growth in total RV sales is attributable to the contribution from
Camperagent RV, acquired in January 2024.
•Focused efforts have achieved an 84% increase in ex-fleet sales and a
A$13M reduction in Australian dealership inventory, despite the
challenging sales market
•Three underperforming RV dealerships (Newcastle, Geelong, Cairns)
have been recently shut down, and further synergies between rental
and retail operations are being explored
•Rental operations in Sydney and Perth are expected to relocate to
new, larger premises in H2 FY25, increasing capacity at two key entry
ports for international customers
•Reflective of the reduction in demand and changes to production
plans for 2025, the Melbourne sub-assembly plant was closed in
December 2024 with activity assumed by the Brisbane factory
•The Brisbane factory has discontinued the production of caravans and
is now focusing on motorhomes and campervans. This shift is
expected to improve ROFE from Manufacturing
NZD $MH1 FY25H1 FY24VARVAR %
Rental revenue73.868.05.88%
Sale of goods revenue115.3117.4(2.1)(2%)
Costs(173.7)(163.1)(10.6)(7%)
Underlying EBIT
1
15.422.3(7.0)(31%)
AUD $MH1 FY25H1 FY24VARVAR %
Rental revenue67.262.94.37%
Sale of goods revenue105.1108.6(3.5)(3%)
Costs(158.4)(150.9)(7.5)(5%)
Underlying EBIT13.920.6(6.7)(32%)
Rentals division
Operating rental fleetH1 FY25H1 FY24VARVAR %
Average rental fleet size2,3672,1711969%
Revenue per average rental vehicleH1 FY25H1 FY24VARVAR %
RevPARV (AUD $k)28.429.0(0.6)(2%)
Vehicle sales division
Unit sales (#)H1 FY25H1 FY24VARVAR %
Ex-fleet sales2131169784%
Retail RV sales1,0351,066(31)(3%)
Total RV sales1,2481,182666%
Gross profit margin %H1 FY25H1 FY24VAR
GP margin on ex-fleet sales34.7%48.0%-13.3%
GP margin on retail RV sales8.9%10.7%-1.7%
Total GP margin on RV sales12.2%13.9%-1.7%
Real depreciation rate on ex-fleet salesH1 FY25H1 FY24
RDR~2..5%~1%
1.Refer to slide 30 for Reported EBIT.

thl FY25 INTERIM RESULTS PRESENTATION
North America Rentals & Sales
17
•Return on Funds Employed (TTM) of 0.5%
•The North America segment combines USA Rentals & Sales and Canada
Rentals & Sales, as they are now more closely integrated in their
management, fleet and organisational structure
•North America’s EBIT declined by NZ$7.6M due to:
⎼lower RV sales volumes and pressure on sales margins
⎼a $3M increase in depreciation expense in Canada, despite a
reduction in average fleet size. This is due to the adjustment of
depreciation rates effective from 1 July 2024, aligning the approach in
Canada with other regions – refer to slide 13
•By closely managing the fleet size, the division has achieved an increase
in RevPARV and improved rental utilisation, even though rental revenue
has remained stable
•Focused efforts have increased retail (direct) RV sales share of total sales
from 18% to 55%, helping to offset margin pressures. We expect a higher
proportion of wholesale sales in the second half, which should increase
volumes but will impact margins
•The business grew non-tourism and events rental revenue and is
actively exploring demand for emergency accommodation bookings
from the LA fires
•A streamlining of locations has resulted in the planned closure of two
underperforming branches in the USA
•We are closely monitoring the USA & Canada tariff situation to assess
any impacts on our North American business optimisation project
NZD $M
H1 FY25
H1 FY24
VAR
VAR %
Rental revenue
91.2
91.2
0.1
0%
Sale of goods revenue
24.0
36.4
(12.5)
(34%)
Costs
(94.0)
(98.8)
4.8
5%
EBIT
21.2
28.8
(7.6)
(26%)
Rentals division
Operating rental fleet
H1 FY25
H1 FY24
VAR
VAR %
Average rental fleet size
2,882
3,038
(156)
(5%)
Revenue per average rental vehicle
H1 FY25
H1 FY24
VAR
VAR %
RevPARV (USD $k)
19.3
18.2
1.0
6%
Vehicle sales division
Unit sales (#)
H1 FY25
H1 FY24
VAR
VAR %
RV sales
183
322
(139)
(43%)
Gross profit margin %
H1 FY25
H1 FY24
VAR
GP margin on RV sales
14.1%
15.5%
(1.4%)
Real depreciation rate on ex-fleet sales
H1 FY25
H1 FY24
RDR
~0%
< 0%

thl FY25 INTERIM RESULTS PRESENTATION
NZD $MH1 FY25H1 FY24VARVAR %
Rental revenue12.411.90.44%
Sale of goods revenue10.223.6(13.4)(57%)
Costs(22.6)(32.5)10.031%
EBIT0.13.1(3.0)(98%)
GBP £MH1 FY25H1 FY24VARVAR %
Rental revenue5.85.80.00%
Sale of goods revenue4.811.4(6.6)(58%)
Costs(10.5)(15.7)5.233%
EBIT
0.1
1.5(1.4)(95%)
Rentals division
Operating rental fleetH1 FY25H1 FY24VARVAR %
Average rental fleet size59844715034%
Revenue per average rental vehicleH1 FY25H1 FY24VARVAR %
RevPARV (GBP £k)9.713.0(3.3)(25%)
Vehicle sales division
Unit sales (#)H1 FY25H1 FY24VARVAR %
RV sales88216(128)(59%)
Gross profit margin %H1 FY25H1 FY24VAR
GP margin on RV sales20.9%12.4%8.5%
Real depreciation rate on ex-fleet salesH1 FY25H1 FY24
RDR< 0%< 0%
UK & Ireland Rentals & Sales
18
•Return on Funds Employed (TTM) <0%
•A disappointing performance in both rentals and RV sales has led to a
$3M EBIT decline
•Rentals were significantly impacted by delayed production and
deliveries from RV manufacturers, with 50% of the new fleet in 2024
arriving in the middle of the high season, missing the early weeks of
FY25
•No vehicles were sold to thl New Zealand in the period under the flex
model (compared to 155 in H1 FY24). This has reduced RV sales
volumes but increased GP margin.
1
Excluding intercompany sales, the
division grew external retail sales volumes by 44%
•The decision to keep fleet in the UK in 2024 has impacted the
division’s performance, resulting in a larger fleet over winter and
therefore higher depreciation expense
•The division is expected to operate at a loss in the second half of FY25,
traditionally a seasonally slower period
1.Refer to slide 34 for sales volumes and margin on external sales only.

thl FY25 INTERIM RESULTS PRESENTATION
NZD $M
H1 FY25
H1 FY24
VAR
VAR %
Sale of goods - third party
35.3
34.3
1.0
3%
Costs - third party
(32.5)
(29.9)
(2.6)
(9%)
Underlying EBIT - third party
2.8
4.4
(1.6)
(36%)
Sale of goods - intercompany
51.2
54.4
(3.2)
(6%)
Costs - intercompany
(46.2)
(51.1)
4.9
10%
Underlying EBIT - incl. intercompany
transactions
1
7.9
7.7
0.2
2%
Action Manufacturing (NZ)
19
•Return on Funds Employed (TTM) of 27.9% (inclusive of intercompany
transactions)
•EBIT for third-party work decreased by 36%, driven by margin
pressures, as customers delay new capital expenditure in response to
current macroeconomic conditions
•The EBIT margin on thl work has increased as Action implements
initiatives to optimise fleet production and reduce build costs. This
should lead to benefits for thl Rentals through lower fleet pricing in
future years, which will see Action’s EBIT margin on thl work return
to typical levels
•Action is experiencing a softer pipeline for third-party work with
continued pressure on margins and volumes. However, the pipeline
for Government-related work (emergency vehicles) remains robust
•Action continues to invest in aligning systems and culture across its
divisions, as well as in new equipment to deliver ongoing efficiencies
•The Action Manufacturing reporting segment includes thl’s New
Zealand manufacturing division only. thl’s Australian manufacturing
operations are included in the Australian Manufacturing, Rentals &
Sales segment
1.EBIT including intercompany transactions comprises intercompany revenue and costs from the manufacture of RVs for
thl's rental operations, which are eliminated at a group level. EBIT - third party comprises only the revenue and costs
from the manufacture of specialist commercial vehicles for third parties. Refer to slide 30 for Reported EBIT.

thl FY25 INTERIM RESULTS PRESENTATION
Tourism
20
•Return on Funds Employed (TTM) of 146%, the highest in the group
•Strong result, especially as the pcp had the benefits of the FIFA Women’s World Cup
during typically quiet months
•The China inbound market has seen the strongest improvement, followed by the
Australian market
Group Support Services & Other
Group Eliminations
•Any margin generated on intercompany vehicle transfers between Action
Manufacturing and New Zealand and Australia Rentals & Sales, or other operating
segments, is eliminated on group consolidation
•Typically, Manufacturing profit is released over the rental life of a vehicle to offset
depreciation. Once an ex-rental vehicle is ultimately sold to a third party, any
remaining profit previously eliminated on intercompany transfers are recognised
•The elimination and subsequent recognition of profits are shown in the Group
Eliminations division
•thl recharges most of its group support costs to its individual business units. Some
costs are not recharged and remain in the GSS & Other division. The result for this
division is predominantly an outcome of the applicable recharges in a year
•thl expects FY25 Underlying EBIT for GSS & Other (after recharge allocations) to be
approximately -$7M, with the lower expenditure run-rate in the second-half reflecting
recent group support synergy actions
Tourism
NZD $M
H1 FY25
H1 FY24
VAR
VAR %
Revenue
19.3
18.3
1.0
6%
Costs
(14.2)
(13.0)
(1.2)
(9%)
EBIT
5.2
5.3
(0.1)
(2%)
Group Eliminations
NZD $MH1 FY25H1 FY24VARVAR %
Intercompany revenue elimination(51.5)(70.0)18.526%
Intercompany costs elimination48.167.0(18.9)(28%)
EBIT(3.4)(3.0)(0.4)(13%)
Group Support Services & Other
NZD $MH1 FY25H1 FY24VARVAR %
Revenue0.8
0.6
0.116%
Costs(4.7)(5.6)1.017%
Underlying EBIT
1
(3.9)(5.0)1.121%
1.Refer to slide 30 for Reported EBIT.

21thl FY25 INTERIM RESULTS PRESENTATION
-45°02’S—168°29’E
Outlook

thl FY25 INTERIM RESULTS PRESENTATION
We believe the RV industry has a positive long-term outlook
Despite today’s challenges, demographic and travel trends should help grow the RV travel category for years to come
22
Interest in RV travel from younger generations
The median age of RV owners has reduced by 4 years since 2021
1
RV sales 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 only a small percentage of leisure travel, with
an opportunity to grow category share
Shifts toward eco-tourism and sustainable travel
Travelers seeking more unique experiences and
simpler, independent travel
1.Go RVing 2025 RV Owner Demographic Profile. Represents RV owners in North America.
2.United Nations Department of Economic and Social Affairs

thl FY25 INTERIM RESULTS PRESENTATION
Outlook
23
•We remain focused on increasing underlying NPAT in FY25, but acknowledge the risks and uncertainty in the coming period.
•We are growing global rental hire days and we are on track to deliver our cost-out targets which should add significant benefit in the coming years.
New Zealand and Australian rentals have been positive, with robust demand and fleet growth.
•Countering this growth is a more prolonged downturn in RV sales. In particular, the Australian market remains under pressure on volumes and
margin and is not yet showing signs of a recovery from the bottom of the cycle.
•Considering the impacts, both actual and potential, across the various operating jurisdictions results in a range of possible outcomes for FY25. The
key factors driving variability in the second half of FY25 include:
‐the degree of recovery in North American vehicle sales in the 2025 sales season, which typically commences around May;
‐opportunities in North America for non-tourism bookings related to the LA fires and ongoing discussions concerning larger wholesale vehicle
sales opportunities;
‐short-term impacts from North American tariffs. The announcement has seen increased demand for our Canadian fleet, as dealers and
customers anticipate an upcoming tariff on imports from the USA;
‐performance at several major RV sales shows across New Zealand and Australia in the coming months; and
‐rentals for the Easter and ANZAC day period, which fall in the same week in 2025. This has historically led to an increase in late domestic rental
demand in Australia and New Zealand.
•Although we will be driving to achieve the best of these outcomes, market factors may delay our recovery until FY26 and prevent us from delivering
underlying NPAT growth in FY25 overall.
•The uncertainty in vehicle sales and potential outcomes from these factors also make it difficult to provide an accurate profit guidance range for FY25
at this time. We will have more certainty on vehicle sales and several of these other factors in the fourth quarter of FY25, at which point we intend to
provide earnings guidance for FY25.
•We remain confident in the global rental outlook and continue to reinforce that there are no indicators of a structural change in the demand for RVs
in our operating markets. This combined with our ongoing efforts in cost out and optimisation, efficiencies, investment in people and leveraging
merger benefits, underpins our confidence in a strong rebound in future performance.

24thl FY25 INTERIM RESULTS PRESENTATION
-14°19’S—132°34’E
Questions

25thl FY25 INTERIM RESULTS PRESENTATION
42°46’S—147°33’E
Thank you

26thl FY25 INTERIM RESULTS PRESENTATION
Important
Notes
36°14′N—116°49′W

Important notes
•All financials are in NZ dollars unless stated
otherwise (throughout presentation).
•All comparisons are against prior corresponding
period unless stated otherwise.
•The average:
▶NZD:AUD cross-rate (average of the 6-month
rates) for H1 FY25 was 0.9128 (H1 FY24: 0.9241).
▶NZD:USD cross-rate (average of the 6-month
rates) for H1 FY25 was 0.6044 (H1 FY24:
0.6053).
▶NZD:CAD cross-rate (average of the 6-month
rates) for H1 FY25 was 0.8336 (H1 FY24:
0.8165).
▶NZD:GBP cross-rate (average of the 6-month
rates) for H1 FY25 was 0.4671 (H1 FY24:
0.4823).
▶CAD:USD cross-rate (average of the 6-month
rates) for H1 FY25 was 0.7246 (H1 FY24:
0.7413).
•EBIT 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.
•The balance sheet is converted at the following
closing rates:
▶The USD cross rate used was 0.5640 (H1 FY24:
0.6340).
▶The AUD cross rate used was 0.9070 (H1 FY24:
0.9279).
▶The CAD cross rate used was 0.8098 (H1 FY24:
0.8387).
▶The GBP cross rate used was 0.4495 (H1 FY24:
0.4977).
•H1 FY25 had $1.7M (before tax) in non-recurring
restructuring costs.
•H1 FY24 had no non-recurring items.
•The depreciation expense and interest expense
recognised in H1 FY25 in relation to IFRS 16 is $12.2M
(H1 FY24: $11.4M) and $4.6M (H1 FY24: $4.7M)
respectively. Actual lease payments for the period
were $12.2M (H1 FY24: $11.2M).
27

thl FY25 INTERIM RESULTS PRESENTATION
Glossary of Key Terms
28
Average Fleet Size or Average
Fleet
refers to the average of the closing rental fleet balance at the end of each month in the reporting period
Average Net Debtrefers to the average of the net debt balance at the end of each month in the reporting period
Average Yieldrefers to the average daily rental van hire rate (excluding revenue relating to add-on products)
EBITrefers to the operating profit or loss before financing costs and tax
EBITDArefers to the operating profit or loss before financing costs, tax, depreciation and amortisation
Ex-fleet Salesrefers to the sale of vehicles that previously operated on thl’s rental fleet. It excludes the sale of buyback fleet (relevant in Australia only)
Fleetrefers to the fleet of vehicles operating in the rentals division. It excludes sales inventory in the vehicle sales/dealership division
Gross Profit Margin or GP Marginrefers to vehicle sales margin as a percentage of total vehicle sales revenue (net of any wholesale dealer commissions)
Net Debtrefers to interest bearing loans and borrowings less cash and cash equivalents, and excludes IFRS 16 lease liabilities
NPATrefers to net profit after tax
PCPrefers to the prior corresponding period
Real Depreciation Rate or RDRrefers to the difference between the original purchase price and sale price for vehicles sold in the reporting period, represented as an annual
depreciation percentage. It allows for no gain on sale or costs associated with the sale or maintenance of the vehicle
Retail RV Salesrefers to the sale of new and trade-in vehicles. It excludes ex-fleet sales
RevPARVrefers to rental revenue per average rental vehicle (based on the average fleet size)
ROFE or Return on Funds
Employed
refers to EBIT divided by the average monthly net funds employed. Net funds employed is measured as total equity plus net debt. Lease Interest
costs arising from IFRS 16 (not ordinarily reflected in EBIT) are deducted from EBIT for the calculation, on the basis that the associated lease
liabilities are not included in net funds employed. The calculation is done in NZ dollars
TTMrefers to the trailing 12-month period
Underlying NPATrefers to NPAT after removing any non-recurring items in the reporting period
Utilisationrefers to total hired rental days as a percentage of total calendar days
Vehicle Sales Marginrefers to vehicle sales revenue (net of any wholesale dealer commissions) less the net book value of vehicles sold. It excludes other costs of sale

29thl FY25 INTERIM RESULTS PRESENTATION
-45°02’S—168°29’E
Supplementary
Information

thl FY25 INTERIM RESULTS PRESENTATION
Divisional Performance
30
6 months to 31 December 20246 months to 31 December 2023
$M NZDREVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
New Zealand Rentals & Sales 76.3 28.1 17.2 250.5 63.1 23.1 14.8 159.2
Australian Rentals, Sales & Manufacturing 189.1 31.2 14.3 379.1 185.4 37.9 22.3 311.7
North America Rentals & Sales 115.2 40.5 21.2 350.5 127.6 45.3 28.8 347.3
UK/Ireland Rentals & Sales 22.6 3.2 0.1 59.0 35.5 4.9 3.1 70.1
Action Manufacturing Group 86.6 10.0 7.7 46.3 88.7 9.9 7.7 47.1
Tourism 19.3 6.3 5.2 8.8 18.3 6.0 5.3 13.2
Group Support Services/Other 0.8 (3.2) (4.3) 13.7 0.7 (3.7) (5.0) 49.9
Group eliminations(51.5) (4.5) (3.4) (14.6) (70.0) (3.7) (3.0) (14.6)
Reported Revenue, EBITDA, EBIT 458.4 111.6 57.8 1,093.1 449.2 119.7 74.0 983.9
Adjustment for non-recurring items – 1.7 1.7 – – – – –
Underlying EBITDA/EBIT113.359.6119.774.0

thl FY25 INTERIM RESULTS PRESENTATION
Reconciliation of NPAT, EBIT and EBITDA
31
NPAT
NZD $MH1 FY25H1 FY24
Statutory net profit after tax25.3 39.7
Restructuring costs1.2 –
Underlying net profit after tax26.5 39.7
EBITDA
NZD $MH1 FY25H1 FY24
Reported EBITDA111.6 119.7
Restructuring costs1.7–
Underlying EBITDA
113.3119.7
EBIT
NZD $MH1 FY25H1 FY24
Reported EBIT57.8 74.0
Restructuring costs1.7–
Underlying EBIT59.674.0
Rolling 12 month Adjusted EBIT (used for ROFE calculation)
NZD $MH1 FY25
Underlying EBIT - H1 FY2559.6
Underlying EBIT - H2 FY2437.1
IFRS 16 interest expense(7.9)
Adjusted EBIT88.8

thl FY25 INTERIM RESULTS PRESENTATION
Income Statement
32
NZD $MH1 FY25H1 FY24VARVAR %
Revenue
Sale of services251.9234.018.08%
Sale of goods206.4215.2(8.8)(4%)
Total revenue458.4449.29.22%
Costs(346.8)(329.5)(17.3)(5%)
EBITDA111.6119.7(8.1)(7%)
Depreciation & amortisation(53.7)(45.7)(8.0)(18%)
EBIT57.874.0(16.1)(22%)
Net finance costs(22.6)(17.9)(4.7)(26%)
Net profit before tax35.256.0(20.8)(37%)
Taxation(9.9)(16.3)6.439%
Net profit after tax25.339.7(14.5)(36%)
Net profit after tax is attributable to:
Equity holders of the Company25.339.7(14.5)(36%)
Basic EPS (in cents)
(1)
11.518.4
Diluted EPS (in cents)
(1)
11.518.3
1. Based on weighted average number of shares on issue across the reporting period

thl FY25 INTERIM RESULTS PRESENTATION
Balance Sheet
33
1.Based on shares on issue at the relevant balance date.
2.Equity ratio net of intangibles, right-of-use assets and liabilities, prepayments and deferred tax assets. Disclosures in previous presentations were net of intangibles only.
As at
NZD $M31 Dec 202430 Jun 2024VAR31 Dec 2023VAR
Equity647.3616.930.4618.428.9
Non-current liabilities (excluding lease liabilities)531.2431.399.9388.5142.7
Current liabilities (excluding lease liabilities)194.2301.8(107.6)255.3(61.1)
Lease liabilities213.2147.565.8148.165.1
Total source of funds1,586.01,497.588.51,410.3175.7
Intangible assets (including goodwill)190.7186.54.3190.70.0
Investments0.20.10.024.6(24.5)
Derivatives1.01.6(0.6)0.90.1
Property, plant and equipment864.2829.334.9746.5117.7
Right-of-use assets193.3130.163.2132.361.0
Current assets336.7349.8(13.2)315.321.4
Total use of funds1,586.01,497.588.51,410.3175.7
Net debt (excluding lease liabilities)477.3403.374.0403.374.0
Net tangible assets456.6430.426.2427.728.9
Shares on issue
Net tangible assets per share
1
$2.07$1.97$1.97
Book value of net assets per share
1
$2.94$2.83$2.85
Debt / debt + equity ratio
2
51.1%48.4%48.5%
Equity ratio
2
38.9%37.1%40.2%

thl FY25 INTERIM RESULTS PRESENTATION
Ex-Rental Fleet Sales
1.Sales for the Australian division in the FY24 Interim Results presentation included the profit on sale recognised by the Australia Retail division only. To provide a clearer understanding of the total profit contribution to the group from each sale, these figures
now also include the Rentals division’s profit from the intercompany transfer to the Retail division, for vehicles sold in the period (previously recognised by Rentals and eliminated at the group level).
2.Sales for the UK/Ireland division in the FY24 Interim Results presentation included 155 intercompany sales to thl New Zealand in H1 FY24. These have been excluded from the above metrics to show changes in external sales. Intercompany sales are
included in the UK/Ireland divisional slide.
34
6 months to 31 December
$M
H1 FY25
H1 FY24
VAR
VAR %
Proceeds from ex-fleet sales
New Zealand
9.7
11.3
(1.6)
(14%)
Australia
14.7
10.0
4.7
47%
North America
19.6
34.3
(14.7)
(43%)
UK/Ireland
2
7.0
5.1
1.9
36%
Total proceeds from ex-fleet sales
51.0
60.7
(9.8)
(16%)
Net book value of ex-fleet sold
New Zealand
(6.6)
(7.1)
0.5
7%
Australia
1
(9.6)
(5.2)
(4.4)
(85%)
North America
(16.8)
(29.0)
12.2
42%
UK/Ireland
2
(5.5)
(3.6)
(2.0)
(55%)
Total net book value of ex-fleet sold
(38.5)
(44.9)
6.3
14%
Gross margin on ex-fleet sales
New Zealand
3.1
4.2
(1.1)
(26%)
Australia
1
5.1
4.8
0.3
6%
North America
2.7
5.3
(2.6)
(48%)
UK/Ireland
2
1.5
1.6
(0.1)
(6%)
Total gross margin on ex-fleet sales
12.4
15.9
(3.4)
(22%)
6 months to 31 December
$kH1 FY25H1 FY24VARVAR %
Average gross margin on ex-fleet sales
New Zealand27.927.60.31%
Australia
1
23.941.4(17.4)(42%)
North America15.016.5(1.4)(9%)
UK/Ireland
2
16.725.6(9.0)(35%)
Group20.924.4(3.5)(14%)
%H1 FY25H1 FY24VAR
Gross profit margin on ex-fleet sales
New Zealand32.0%37.2%-5.2%
Australia
1
34.7%48.0%-13.3%
North America14.1%15.5%-1.4%
UK/Ireland
2
20.9%30.4%-9.5%
Group24.4%26.1%-1.8%
#H1 FY25H1 FY24VARVAR %
Ex-fleet vehicles sold
New Zealand111152(41)(27%)
Australia2131169784%
North America183322(139)(43%)
UK/Ireland
2
88612744%
Total ex-fleet vehicles sold595651(56)(9%)

thl FY25 INTERIM RESULTS PRESENTATION
Retail RV Sales (New Zealand and Australia only)
35
6 months to 31 December
$M
H1 FY25
H1 FY24
VAR
VAR %
Proceeds from retail RV sales
New Zealand
7.8
3.5
4.3
123%
Australia
101.8
106.1
(4.3)
(4%)
Total proceeds from retail RV sales
109.6
109.6
0.0
0%
Book value of retail RVs sold
New Zealand
(6.9)
(3.0)
(3.9)
(130%)
Australia
(92.7)
(94.8)
2.1
2%
Total book value of retail RVs sold
(99.6)
(97.8)
(1.8)
(2%)
Gross margin on retail RV sales
New Zealand
0.9
0.5
0.4
80%
Australia
9.1
11.3
(2.2)
(19%)
Total gross margin on retail RV sales
10.0
11.8
(1.8)
(15%)
6 months to 31 December
$k
H1 FY25
H1 FY24
VAR
VAR %
Average gross margin on retail RV sales
New Zealand
15.8
17.9
(2.1)
(12%)
Australia
8.8
10.6
(1.8)
(17%)
Group
9.2
10.8
(1.6)
(15%)
%
H1 FY25
H1 FY24
VAR
Gross profit margin (%) on retail RV sales
New Zealand
11.5%
14.3%
-2.7%
Australia
8.9%
10.7%
-1.7%
Group
9.1%
10.8%
-1.6%
#
H1 FY25
H1 FY24
VAR
VAR %
Retail RV sales
New Zealand
57
28
29
104%
Australia
1,035
1,066
(31)
(3%)
Total retail RV sales
1,092
1,094
(2)
(0%)

thl FY25 INTERIM RESULTS PRESENTATION
Fleet Movements
1.Off-fleets consist of vehicles transferred to inventory for sale, intercompany transfers to other jurisdictions (where applicable), and vehicles written-off
36
Units:
H1 FY25
H1 FY24
VAR
VAR %
New Zealand
Opening fleet - 30 Jun
1,967
1,400
567
41%
On-fleets
652
572
80
14%
Off-fleets
(1)
248
157
91
58%
Closing fleet - 31 Dec
2,371
1,815
556
31%
Australia
Opening fleet - 30 Jun
2,361
2,081
280
13%
On-fleets
384
482
(98)
(20%)
Off-fleets
(1)
290
311
(21)
(7%)
Closing fleet - 31 Dec
2,455
2,252
203
9%
North America
Opening fleet - 30 Jun
3,003
3,220
(217)
(7%)
On-fleets
2
44
(42)
(95%)
Off-fleets
(1)
187
323
(136)
(42%)
Closing fleet - 31 Dec
2,818
2,941
(123)
(4%)
Units:
H1 FY25
H1 FY24
VAR
VAR %
UK/Ireland
Opening fleet - 30 Jun
590
532
58
11%
On-fleets
83
47
36
77%
Off-fleets
(1)
145
221
(76)
(34%)
Closing fleet - 31 Dec
528
358
170
47%
Total Group
Opening fleet - 30 Jun
7,921
7,233
688
10%
On-fleets
1,121
1,145
(24)
(2%)
Off-fleets
(1)
870
1,012
(142)
(14%)
Closing fleet - 31 Dec
8,172
7,366
806
11%

T H L O N L I N E . C O M

---

Results announcement
Tourism Holdings Limited




Results for announcement to the market
Name of issuer Tourism Holdings Limited
Reporting Period 6 months to 31 December 2024
Previous Reporting Period 6 months to 31 December 2023
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$458,357
+23%
Total Revenue $458,357 +23%
Net profit/(loss) from
continuing operations
$25,265 -36%
Total net profit/(loss) $25,265 -36%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.02500000
Imputed amount per Quoted
Equity Security
$0.00972222
Record Date 21 March 2025
Dividend Payment Date 4 April 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.07
$1.97
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached 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

25 February 2025

---

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 21 March 2025
Ex-Date (one business day before the
Record Date)
20 March 2025
Payment date (and allotment date for
DRP)
4 April 2025
Total monies associated with the
distribution
$5,501,612
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.03472222
Gross taxable amount $0.03472222
Total cash distribution $0.02500000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00441176
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
$0.00972222
Resident Withholding Tax per
financial product
$0.00173611

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
24 March 2025 28 March 2025
Date strike price to be announced (if
not available at this time)
31 March 2025
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 24 March 2025
Section 5: Authority for this announcement
Name of person

authorised to make
this announcement
Grant Webster, CEO
Contact person for this
announcement
Amir Ansari, General Manager Investor Relations
Contact phone number +64 21 1638053
Contact email address
a
mir.ansari@thlonline.com
Date of release through MAP

25 February 2025