FY25 Trading Update

Tourism Holdings Limited
Tel: +64 9 336 4299
470 Oruarangi Road
Mangere, Auckland
Fax: +64 9 309 9269
PO Box 4293, Shortland Street
www.thlonline.com
Auckland 1140, New Zealand








17 April 2025

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

FY25 TRADING UPDATE

Tourism Holdings Limited (thl) provides an update on recent trading and performance expectations for
FY25.

Recent global geopolitical and tariff developments have significantly weakened the operating environment
and lead to an additional decline in consumer confidence globally.

This decline has resulted in further deterioration in vehicle sales demand, impacting both volumes and
margins in all countries.

As widely reported in media, there has also been a sharp drop in interest for inbound travel to the USA. thl
has experienced a substantial slowdown in new bookings, and elevated cancellations of bookings for the
USA rentals high season. Booking intakes for this market from key European countries in the past week
have been approximately 40 to 50% down on last year’s levels.

There is no current indication that international bookings for USA rentals will improve before the start of
the high season in June. Although domestic rental demand in the USA has increased slightly, this growth is
not expected to materially offset the expected shortfall in international bookings.

While other rental markets, particularly Canada, are experiencing some growth in rental demand, this
increase will not compensate for the lost international bookings for the USA in FY25. Even before the recent
developments, rentals in Canada were on track to operate near full utilisation during the high season,
leaving minimal additional capacity. Outside of the USA, rental bookings are trending positively for FY26
with year-on-year growth in all markets.

thl is closely monitoring the impact of these developments on its performance in FY25. To date, most of
the key factors set out in thl’s interim results outlook commentary have trended negatively.

As a result, thl believes that underlying NPAT in FY25 will be significantly below the current analyst
consensus of $45.2M. Based on the current trading outlook thl has no need or intention to raise equity and
is comfortable with its banking covenant position.

thl will continue to assess the situation and trading performance with the intention of providing more
direction once there is greater certainty.

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.