thl provides updated guidance

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








4 July 2025

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

THL PROVIDES UPDATED GUIDANCE

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) today provides updated guidance for
underlying net profit after tax (uNPAT) in FY25.

thl expects that FY25 uNPAT will be at the lower end of the current analyst range of expectations, which is between
$27.0M and $34.4M.
1
This guidance is normalised to exclude one-off items and is subject to year-end procedures
being completed.

The result for FY25 reflects continued near-term earnings pressure from the challenges impacting global RV sales and,
to a lesser extent, the USA market. thl’s Manufacturing divisions in Australia and New Zealand will also experience a
year-on-year earnings decline, as manufacturing volumes decrease following the actions taken to right-size
production and total inventory.

Looking ahead to FY26, thl starts the year positively with opening net debt of approximately $500 million,
2
and a
rentals forward book with double-digit percentage growth in rental revenue in all markets, with the exception of the
USA.

Forward rental revenue in both New Zealand and Australia is currently approximately 25% higher than it was at the
same time last year. In the USA, while forward rental bookings initially declined by 40 to 50% following the USA’s
Liberation Day, recent booking intakes have recovered closer to typical levels. Total forward bookings in this market,
beyond the current impacted high season, show a single-digit percentage decline in forward rental revenue,
compared to the same time last year.

As part of the year-end process, thl is conducting preliminary assessments of its asset values for the purpose of
impairment testing. The most significant of these is in relation to goodwill of NZ$36 million associated with its USA
business. Given the uncertain outlook for international travel to the USA, thl expects that a goodwill impairment may
be required. The impairment testing process is still underway, and no final decision has been made. thl is also working
through several other potential one-off non-cash items that may impact statutory net profit after tax in FY25. One-
off items of this nature do not impact thl’s covenant assessments.


1
This range excludes any outdated analyst reports not reflecting the latest trading update by thl on 17 April 2025.
2
Net debt excludes IFRS 16 lease liabilities.

While market conditions remain challenging and performance is at a low point in the cycle, thl has been working for
some time on a range of initiatives to address those challenges and enhance long-term value for shareholders. thl
expects to be able to provide the market with further details regarding these initiatives and their outcomes at the
appropriate time.

ENDS

Authorised by:

Cathy Quinn, ONZM
Chair, Tourism Holdings Limited

For further information contact:

Media:
Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210

Investors and Analysts:
Amir Ansari
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.