thl outlines its growth roadmap

Tourism Holdings Limited
470 Oruarangi Road, Māngere,
Auckland 2022
PO Box 4293, Shortland Street,
Auckland 1140, New Zealand
www.thlonline.com


4 August 2025


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

THL OUTLINES ITS GROWTH ROADMAP

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) has today released a presentation
detailing the growth drivers that it believes underpin its expected performance improvement over the
coming years.

thl Chair, Cathy Quinn stated that “the recent work completed as part of thl’s business planning process,
combined with the strategic initiatives thl has been progressing, and the detailed assessment of the non-
binding offer from the BGH consortium, has led the Board
1
to a view that now is the right time to present thl’s
growth roadmap for the coming years. The Board is unanimous in its belief that thl has now passed an
inflection point in terms of performance and, over the next few years, expects rental revenue to grow
significantly, debt to reduce significantly, and its near-term cost reduction plan to be successfully
implemented.”

Included in the presentation is an update on a range of strategic initiatives that thl has been working on for
some time, to address current challenges and enhance long-term value. These initiatives include:
- the strategic review of the UK & Ireland division;
- actions to address a significant gap between thl’s manufacturing costs in New Zealand and Australia,
where on certain models, thl manufactures for 20% less in New Zealand, after allowing for shipping
costs to Australia;
- a plan to reduce capital employed and improve profitability in the Australian Retail Sales division
through overhead and inventory reduction and a rationalisation of products and brands; and
- the acceleration of thl’s North American synergy project.
thl believes that the combination of its growth drivers and strategic initiatives positions the Company to
achieve its goal of $100 million in net profit after tax over the next three to four years. In support of this
ambition, thl has outlined a set of key assumptions that must be met in order for thl to meet and exceed this
goal.


1
As noted in thl’s NZX/ASX announcement dated 16 June 2025, the Board determined that Luke Trouchet would not participate in the thl Board or subcommittee
meetings and processes assessing the merits of, or matters associated with or relevant to, the non-binding indication of interest from a consortium comprising
BGH Capital and the family interests of Luke and Karl Trouchet, nor in respect of other strategic initiatives being considered by thl. Accordingly, references in this
announcement to the Board refer to the Board comprising all Directors of thl other than Luke Trouchet.

thl intends to release its financial results and integrated annual report for the 12 months ending 30 June 2025
on Monday, 25 August 2025. As part of this release, thl will provide any additional updates on the progress of
these initiatives.

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.

---

Asseen,worldwide
thl Growth Roadmap
4 August 2025

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The material contained in this
document is a presentation of
information about Tourism Holdings
Limited’s (thl) activities current as of
the date of this presentation. It
should be read in conjunction with
thl’s periodic reporting and other
announcements lodged with ASX
and NZX.
This presentation contains forward-
looking statements and projections.
These reflect thl’s current
expectations, based on what it
thinks are reasonable assumptions.
The statements are based on
information available to thl at the
date of this presentation and are not
guarantees or predictions of future
performance. For any number of
reasons, the future could be
different and the assumptions on
which the forward-looking
statements and projections are
based could be wrong. thl gives no
warranty or representation as to its
future financial performance or any
future matter. Except as required by
law or NZX listing rules, thl is not
obliged to update this presentation
after its release, even if things
change materially.
This presentation has been
prepared for publication in New
Zealand and may not be released or
distributed in the United States.
This presentation is for information
purposes only and does not
constitute financial advice. It is not
an offer of securities, or a proposal or
invitation to make any such offer, in
the United States or any other
jurisdiction, and may not be relied
upon in connection with any
purchase of thl securities. thl
securities have not been, and will
not be, registered under the US
Securities Act of 1933 and may not
be offered or sold in the United
States, except in transactions
exempt from, or not subject to, the
registration of the US Securities Act
and applicable US State securities
laws. Past performance information
given in this presentation is given
for illustrative purposes only and
should not be relied upon as an
indication of future performance.
This presentation may contain a
number of non-GAAP financial
measures. Because they are not
defined by Generally Accepted
Accounting Practice in New Zealand
(NZ GAAP) or International Financial
Reporting Standards (IFRS), thl’s
calculation of these measures may
differ from similarly titled measures
presented by other companies and
they should not be considered in
isolation from, or construed as an
alternative to, other financial
measures determined in
accordance with NZ GAAP.
This presentation does not take into
account any specific investors
objectives and does not constitute
financial or investment advice.
Investors are encouraged to make
an independent assessment of thl.
The information contained in this
presentation should be read in
conjunction with thl’s latest
financial statements, which are
available at: www.thlonline.com.
Disclaimer

thl expects rental revenue growth in FY26 and beyond
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DriverContext
Rental Revenue
•thl’s rentals forward book shows year-on-year double-digit percentage revenue growth in all markets except the USA
•Forward rental revenue in New Zealand and Australia is currently approx. 25% higher than the same time last year. While thl does not expect that
growth rate to hold for the entire year, it provides confidence for future growth
Rental Hire Days
•In FY25, thl’s global rental hire days and rental fleet size (at year-end) remained approximately 30% below FY19 levels
•thl believes that its rental hire days will grow towards pre-COVID levels, supported by:
‒greater awareness of RV travel, particularly among younger demographics, driven by pandemic-era travel trends
‒Government-backed tourism growth strategies to return to pre-pandemic visitor activity, including THRIVE 2030 in Australia, the 2025
Government Tourism Boost funding in New Zealand, Destination Canada’s 2030 Tourism Strategy, America250 and the Route 66
Centennial tourism campaign
Rental Yields
•Rental yields saw a structural increase through the pandemic period, between 40% to 75%, depending on the market
•thl indicated that a proportion of this increase was temporary and believes that yields have now normalised. This is supported by the current
rentals forward book showing a return to modest growth in rental yields in the core New Zealand and Australian markets
Fleet Utilisation
•A key rationale of the merger with Apollo Tourism & Leisure was the expectation that thl could operationally meet a similar volume of rental hire
days with a smaller fleet, enabling better capital efficiency
•Recent global challenges in RV sales have led to surplus rental capacity and suboptimal utilisation across all markets. This creates an opportunity
for thl to grow hire days in future years without a proportional increase in fleet size
Fleet Size
•thl has grown its fleet by 8% in FY25 to approx. 8,500 (at year end), taking overall fleet growth to 32% across the last three financial years. This
compares to an FY19 fleet size of approximately 11,000 vehicles
1
•thl expects to continue growing its fleet in the coming years, but at a more moderate pace, given the capacity to grow rental hire days through
utilisation improvement
Rental revenue outlook
1
Combined thl and Apollo Tourism & Leisure fleet but excluding Apollo’s USA fleet.

Other earnings growth drivers
4
DriverContext
Improving Fleet
Economics
•thl has targeted fleet build/buy cost reduction in FY26
•These cost reductions would have a significant immediate cash benefit, which is then realised through the P&L as depreciation and interest
savings over a full fleet rotation cycle
Optimising Overheads
and Leveraging Single
Platform
•thl is nearing completion of a major digital transformation and integration programme, including moving seven digital systems to common
platforms globally. These changes present both potential revenue and cost opportunities
•Plans are on-track to realise corporate cost efficiencies, and implementation costs are largely complete
Operating Leverage
•thl businesses operate with a high fixed-cost base, which results in high operating leverage as the business continues to scale its rental fleet and
hire days, which remains below pre-COVID levels
•Based on thl’s planned hire day growth, thl believes it can reduce its operating costs as a proportion of rental revenue by a double-digit
percentage
Reducing Net Debt and
Interest Expense
•thl expects net debt to reduce by approximately $50M in aggregate across FY26 and FY27 through earnings growth and moderation of fleet
growth capex
1

•There is potential for further debt reduction if funds are released from the UK & Ireland at the conclusion of the strategic review – refer next page
Recovery in RV Sales
Demand
•Central banks in all thl operating markets have reduced rates from recent peaks, with further near-term cuts expected in all markets, reducing
financing costs on RV purchases and potentially supporting a recovery in demand
•North American RV sales are particularly sensitive to interest rates due to higher reliance on vehicle financing among buyers
1
Net debt excludes IFRS16 lease liabilities.
thl believes it has now passed an inflection point in its earnings performance

Strategic initiatives
5
As referred to in previous announcements on 16 June 2025 and 4 July 2025, thl has been progressing a range of
initiatives for some time to address current challenges and enhance long-term shareholder value
UK & IRELAND
•thl has been conducting a
strategic review of its UK & Ireland
division
•Given the division’s relative scale
within the broader thl group, thl is
actively exploring strategic
options including the potential for
a capital release through a
divestment, to reallocate funds to
markets where thl sees better
returns on effort and investment
AUSTRALASIAN MANUFACTURING
•thl has been taking actions to
improve production efficiency and
quality in the Brisbane factory,
including system and reporting
improvements and changes to
organisation structure,
manufacturing methodology and
product lines
•Despite recent improvements, the
reduction in capacity and
moderation in the fleet growth
outlook has widened a cost gap
between manufacturing in New
Zealand and Australia
•On certain models, thl’s
manufacturing cost is 20% less in
New Zealand, after allowing for
shipping costs to Australia
•thl is exploring actions to address
the cost gap between the two
markets as a matter of priority
AUSTRALIAN RETAIL SALES
•The Australian Retail Sales
division has seen the largest
decline in FY25 of all thl’s
divisions given its greater
exposure to the cyclical RV sales
market
•thl has been developing a plan to
reduce capital employed and
improve profitability through
overhead and inventory reduction,
and a rationalisation of products
and brands
•There is a strong focus on
managing elevated inventory
levels, which have reduced from a
peak of $110m to $72m. thl
expects further reductions in FY26
NORTH AMERICA
•thl is focused on delivering to its
15% ROFE target for North
America from the significant funds
employed in those markets
•Now that tariff-free RV movements
between USA & Canada are
confirmed, thl intends to
accelerate its North American
synergy project
•The project has the potential to
operate North America as one
fleet from a procurement and
sales perspective, improving the
fleet economics of the region
•thl has also implemented regional
labour synergies and has a suite of
demand generation initiatives
underway

Net profit after tax goal
6
•thl believes that the combination of these growth factors and strategic
initiatives makes $100M in net profit after tax (NPAT) an achievable goal
•This is primarily driven by growth in rental hire days, allowing thl to
capitalise on its operating leverage, the North American synergy project
and cost out and optimisation initiatives
•thl has a goal to exceed $100M NPAT over the next three to four years
•The following are thl’s key assumptions underpinning achievement of
its $100M NPAT goal, relative to FY25:
⎼Rental Days: ~25% growth; total days remain below FY19 levels
⎼Rental Yields: Adjusted for inflation only
⎼Vehicle Sales: Gross profit increases less than 10%
⎼Fleet: ~9,000 vehicles by 30 June 2028
1
⎼Net Debt: Over $100m reduction in net debt
1
⎼Total Costs and Depreciation: Single-digit percentage increase;
costs from activity growth to be partly offset by fleet and
overhead cost saving initiatives
⎼NZ Tourism: ~50% EBIT reduction from FY28
2
•These assumptions represent total aggregate changes from FY25 and
are not annualised rates
1
Assumes release of funds related to ~650 vehicle fleet in UK & Ireland.
2
The Waitomo Glowworm Caves (WGC) lease expires in June 2027. For these projections, thl has assumed that new arrangements are not implemented, however thl has a desire to continue to operate the WGC attraction in conjunction
with the owners and negotiations are ongoing.
3
Excluding pandemic-impacted years.
DIVISIONAL VIEW
Historical PerformanceFuture Expectations
New Zealand
Rentals & Sales
•Consistently achieved ROFE above 15%
target
3
•EBIT growth in FY23, FY24 & FY25
•Continued EBIT growth and above-
target ROFE returns
Australia Rentals,
Sales & Manufac.
•Strong rentals performance in recent
years
•Australian Retail had a significant loss in
FY25, contributing to an overall EBIT
decline in FY25
•A return to EBIT growth and above-
target ROFE returns
USA
Rentals & Sales
•Last achieved target ROFE in FY17
•North American division small profit,
below target in FY25
•Potential to achieve consistent ROFE
around 15% once market conditions
normalise and North American
synergies are fully achieved
Canada Rentals &
Sales
•Several years performed just below
ROFE target
•North American division small profit,
below target in FY25
UK & Ireland
Rentals & Sales
•100% holding acquired in FY22; has not
subsequently delivered to ROFE target
•EBIT loss in FY24 & FY25
•Exploring options to realise underlying
asset value
Action
Manufacturing
•Consistently achieved ROFE above 15%
target
3
•EBIT growth in FY23/24; decline in FY25
•A return to EBIT growth and above-
target ROFE returns
NZ Tourism
•Consistently achieved ROFE well above
15% target
3
•Highest ROFE returns in the group
•Incremental EBIT growth and above-
target ROFE returns
•~50% EBIT reduction from FY28
2
thl has a goal to exceed $100M NPAT over the nextthree to four years

Key risks
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Key riskCommentary
Tourism Demand
•Global international tourism demand remaining below pre-COVID levels and a slower than expected
recovery in tourism would impact thl’s earnings
Tariffs
•There is a risk that tariffs could be re-implemented that prevent thl from receiving the full benefits of its
North American synergy project and lead to an increase in the cost of RVs for the entire industry
Extended Economic Downturn
•Macroeconomic downturn could continue for longer than anticipated, impacting the demand for RV sales
and broader tourism spend
Rising Costs
•Inflationary costs pressures could remain high for longer, impacting fleet economics, margins and overheads
Global Shock Event
•An unexpected health pandemic, international crisis or natural disaster could cause a significant shock to
demand, which would have a large negative impact on thl’s earnings
Execution Risk
•thl has a range of initiatives that it isprogressing to enhance shareholder value. There is an inherent risk in
the execution of these initiatives that could prevent thl from fully realising the anticipated benefits
Competition Risk
•New entrants to the RV rentals market or significant fleet expansion by existing competitors could limit thl’s
ability to grow hire days as targeted
•The potential emergence of new low-cost entrants for motorised RVs in New Zealand and Australia could
undermine the value of domestic manufacturing, including thl
Technology Risks
•thl owns and operates a fleet of over 8,500 internal combustion engine (ICE) vehicles in its rental fleets. The
potential transition from ICE to low-emission vehicles could impact the value or depreciation of thl’s ICE fleet
•Advancements in artificial intelligence, along with potential job displacements, could lead to economic
disruption, ultimately impacting demand for leisure tourism
The following table sets out key risks thatthlhas identified that could, if they arise, affectthl’sability to achieve its NPAT goal. This list is not intended
to be a definitive list of all the risks that may affectthl’sbusiness in the future, or that may affectthl’sability to achieve its NPAT goal

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