FY25 Annual Results

Full Year Results24 August 2025THLConsumer Discretionary

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

25 August 2025

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

FY25 ANNUAL RESULTS

• Statutory net loss after tax of -$25.8 million, compared to statutory net profit after tax of $39.4 million in
FY24. The result includes -$54.5M in one-off adjustments, primarily driven by non-cash impairments of
USA goodwill, and of USA and UK deferred tax assets
• Underlying net profit after tax of $28.7 million,
1
down 45% from $51.8 million in FY24, reflecting expected
bottom-of-the-cycle earnings
• Sale of services (primarily rentals) revenue grew 10% to $486.5 million, with closing fleet size up 8% to
8,564 vehicles
• Final dividend of 4 cents per share, representing a full-year dividend pay-out of approximately 50% of
underlying net profit after tax, at the mid-point of thl’s policy range
• Group ROFE of 6.9%, down from 10.0% in FY24
• Capital disciplines employed to reduce Australian retail RV inventory by over $35M, and reduce group net
fleet capital expenditure by $22M compared to FY24, supporting a return to positive operating cashflows
• Closing net debt of $492M, with expectations for net debt to decrease in the coming years
• Strategic initiatives underway in respect of underperforming divisions of North America, UK & Ireland,
Australian Retail Sales and Australian Manufacturing
• As announced on 4 August 2025, thl has a goal to exceed $100M in annualised NPAT over the next three
to four years
Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) today releases its results for the twelve
months ending 30 June 2025.

Cathy Quinn, thl Chair, said “FY25 was a challenging year, defined by uncertainty and instability in thl’s
trading environment globally, a tough macroeconomic environment and difficult market conditions
throughout, and the FY25 financial result reflects the reality that the retail RV market remained in bottom-
of-the-cycle market conditions across the year.

“The Board believes thl has responded to these challenges effectively and has now passed an inflection point,
with plans in place and initiatives under way to improve financial performance and deliver rental revenue
growth while continuing to reduce costs and manage debt levels effectively.”

1
Underlying performance excludes non-recurring items. Refer to the FY25 Annual Results Investor Presentation for a reconciliation of
statutory and underlying NPAT.

Grant Webster, thl CEO, said “we first saw a decline in market conditions in 2024 and took several responsive
capital management actions to address those challenges. We then saw market conditions deteriorate further
across the first half of 2025, meaning further action was needed. The global challenges in RV sales led to
surplus rental capacity and lower utilisation than desired across all markets in FY25. However, we are now
confident that we’ve made the changes needed to align our fleet management with market conditions and
we’re turning the corner. Our debt position at year-end, capital expenditure outlook and slower fleet rotation
give us confidence that we have effectively addressed the issues and are on the road to recovery.

“We continued to progress cost reduction initiatives this year in line with our previously announced targets.
As part of this, we have rationalised manufacturing locations in Australia, and adjusted manufacturing
capacity in both New Zealand and Australia. We are also starting to see many benefits from the major digital
transformation projects that we have been working on. It has been a huge undertaking to migrate several
new systems globally, and I thank our team for the relentless drive to make this happen.

“The engine of thl’s business model is the rentals business, and international travel remains the core driver
for thl’s rental revenue growth. There are positive tourism recovery expectations for most of thl’s markets,
with industry forecasts for international visitors to surpass 2019 levels by 2027 in New Zealand, 2026 in
Australia and 2025 in Canada.
2
The outlook for inbound tourism to the USA is more uncertain, with ongoing
tariff developments creating a volatile demand environment and a strong US dollar making travel more
expensive. Feedback from European wholesalers is that the USA remains an attractive destination with a
large active considerer set, although conversions are lower than prior years.”

Cathy Quinn, thl Chair, said “earlier this month, thl presented its growth roadmap, setting out thl’s growth
drivers and the strategic initiatives the company has been working towards. As part of this, thl reset its goal
to exceed $100M in annualised NPAT over the next three to four years.
3
The Board supports this goal and will
be sharply focused on tracking performance of plans to achieve clearly defined Return on Funds Employed
targets.

“I would like to thank all our shareholders for staying the course with thl during this difficult period, and I look
forward to updating our shareholders on progress in FY26.”

2
Tourism Export Council New Zealand; Tourism Research Australia; Destination Canada.
3
Refer to the FY25 Annual Results Investor Presentation for the key assumptions underpinning thl’s goal.

Dividend

The Board has maintained thl’s dividend policy, declaring a final FY25 dividend of 4.0 cents per share, 100%
imputed and 0% franked. This results in a full-year FY25 dividend of 6.5 cents per share.

Reflecting thl’s confidence in its balance sheet strength and outlook, the full-year FY25 dividend sees a lift in
the pay-out ratio from 40% of underlying NPAT in FY23 and FY24 to approximately 50% in FY25. With
confidence in the outlook, plans to moderate fleet growth and an expectation that net debt will reduce, thl
believes it is appropriate to increase the dividend to the mid-point of the policy range.

The Dividend Reinvestment Plan will not apply to the final FY25 dividend. The record date is Friday 19
September 2025 and the payment date is Friday 3 October 2025.

FY26 Outlook Commentary

A significant step-up in thl’s cost reduction programme is planned for FY26, where thl plans to achieve
significant additional cost-out and efficiency benefits, primarily through cash savings in fleet build and
procurement, efficiencies from the transition to single digital systems, and a reduction in group overheads. A
disciplined capital management approach is expected to result in substantially lower gross and net fleet
capital expenditure compared to FY25, with fleet growth focused on ANZ.

In the rentals division, thl expects continued strong growth in global rental revenue, driven by hire days. This
is supported by a forward rental book showing double-digit percentage revenue growth in all markets except
the USA. thl also expects utilisation improvements in all markets, while maintaining average yields.

In the sales division, thl remains cautious in its outlook, with expectations of modest volume growth and
broadly stable margins. Any material uplift is more likely to occur from calendar year 2026 onwards,
contingent on a recovery in consumer confidence.

The FY25 Integrated Annual Report and Annual Results Presentation are available on thl’s website and on the
NZX and ASX.

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.

---

FY25 ANNUAL RESULTS PRESENTATION
25 AUGUST 2025

Disclaimer
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.

thl FY25 ANNUAL RESULTS PRESENTATION
Executive Summary
3
•Statutory net loss after tax of -$25.8 million, compared to statutory net
profit after tax of $39.4 million in FY24. The result includes -$54.5M in one-
off adjustments, primarily driven by non-cash impairments of USA
goodwill, and of USA and UK deferred tax assets
•Underlying net profit after tax of $28.7 million, down 45% from $51.8
million in FY24, reflecting expected bottom-of-the-cycle earnings
•Sale of services (primarily rentals) revenue grew 10% to $486.5 million,
with closing fleet size up 8% to 8,564 vehicles
•Final dividend of 4 cents per share, representing a full-year dividend pay-
out of approximately 50% of underlying net profit after tax, at the mid-
point of thl’s policy range
•Group ROFE of 6.9%, down from 10.0% in FY24
•Capital disciplines employed to reduce Australian retail RV inventory by
over $35M and reduce group net fleet capital expenditure by $22M
compared to FY24, supporting a return to positive operating cashflows
•Closing net debt of $492M, with expectations for net debt to decrease in
the coming years
•Strategic initiatives underway in respect of underperforming divisions of
North America, UK & Ireland, Australian Retail Sales and Australian
Manufacturing
•As announced on 4 August 2025, thl has a goal to exceed $100M in
annualised NPAT over the next three to four years

Results Summary
COMPARED TO THE PRIOR CORRESPONDING PERIOD
STATUTORY NET LOSS AFTER TAX
-$25.8M
UNDERLYING NET PROFIT AFTER TAX
1
$28.7M
-45%
UNDERLYING EBIT
1
$86.8M
-22%
UNDERLYING EBITDA
1
$199.2M
-4%
SALE OF GOODS REVENUE
$451M
PER SHARE
FULL-YEAR DIVIDEND
2
6.5c
-32%
CLOSING RENTAL FLEET
3
8,564
+8%
1.Refer to page 31 for a reconciliation of
statutory/reported to underlying figures
2.100% imputed and 0% franked in both FY25 and
FY24
3.On 30 June 2025
thl FY25 ANNUAL RESULTS PRESENTATION
N/M
SALE OF SERVICES REVENUE
$487M
+10%
-6%

thl FY25 ANNUAL RESULTS PRESENTATION
thl Global Snapshot
5
Average
Rental
Fleet Size
8,112
FY24: 7,588
RevPARV
$54.5k
FY24: $52.4k
Ex-Fleet Sales
Volumes
1
1,709
FY24: 1,745
Ex-Fleet
Sales Margin
1
16.2%
FY24: 22.4%
Retail RV
Sales Volumes
2,044
FY24: 2,271
Retail RV
Sales Margin
8.4%
FY24: 9.9%
•Average Rental Fleet Size: Continued fleet
growth, a 7% increase in FY25, with
expansion focused primarily on ANZ
•RevPARV: Globally rose by 4%. In ANZ,
RevPARV remained stable alongside fleet
growth, while North America achieved
RevPARV growth through optimisation of
its fleet size and better capital utilisation
•Ex-Fleet Sales Volumes: Global volumes fell
by 2%. Increases in Australia and the
UK/Ireland were outweighed by declines in
North America and, to a lesser extent, New
Zealand
•Ex-Fleet Sales Margin: All markets
experienced lower margins due to market
conditions and a greater proportion of pre-
COVID-inflation vehicles sold in ANZ in the
pcp. Margins in North America are
particularly low, with a period of higher-cost
vehicles cycling through sales, and need for
greater wholesale volumes in current
conditions
•Retail RV Sales Volumes: Decreased by 10%,
primarily due to the challenging conditions
impacting Australian sales
•Retail RV Sales Margin: Margins have
marginally declined relative to H1 FY25. A
strategic initiative is being implemented to
rationalise products and brands in FY26,
focusing on those with higher margins
1
thl’s reporting of ex-fleet sales volumes in FY24 and prior has included intercompany sales between the UK and New Zealand divisions. In FY24, 155 such sales occurred, with none in FY25. To provide a clear comparison of
external sales volumes and margins, these intercompany sales have been excluded from the FY24 metrics above

AS AT 30 JUNE 2025
SOUTHERN
AFRICA
Franchise
JAPAN
Franchise
RENTAL FLEET
2,586
RENTAL FLEET
2,449
RENTAL FLEET
RENTAL FLEET
RV Rentals
New and Ex-Rental
RV Sales
RV and Commercial
Manufacturing
Tourism Attractions
& Activities
Digital Tourism App
RV Rentals
New and Ex-Rental RV Sales
RV Manufacturing
Digital Tourism App
2,876
LOCATIONS CREW
8,564
TOTAL RENTAL FLEET
653
LOCATIONS CREW
LOCATIONS
17
4 158
RV Rentals
Ex-Rental RV Sales
LOCATIONS CREW
18 619
CREW
1,125
21 606
RV Rentals
Ex-Rental RV Sales
Digital Tourism App
thl FY25 ANNUAL RESULTS PRESENTATION

thl FY25 ANNUAL RESULTS PRESENTATION
Return on Funds Employed
7
1
Adjusted EBIT (used to calculate ROFE) includes lease interest costs arising from IFRS 16. Average Funds and Period End Funds exclude IFRS 16 lease liabilities. Refer to the full definition of ROFE on page 28, and to a reconciliation of Adjusted
EBIT to Underlying EBIT on page 31
•Return on Funds Employed (ROFE) is thl’s primary metric to assess
divisional performance and to guide investment decisions, with a
target of 15% ROFE
•Group ROFE in FY25 was 6.9%, down from 10.0% in FY24
•All New Zealand divisions achieved above-target ROFE, while
overseas divisions were below target:
⎼The Australian division’s ROFE is impacted by the losses in the
Retail Sales division, which is a proportionally larger part of the
division compared to other regions. The division also carries the
large majority of the goodwill from the Apollo merger
⎼North America and UK are well below thl’s target, with clear
actions in progress to address this
•All divisions that are below thl’s ROFE target have strategic
initiatives and plans underway to either improve performance
(North America, Australian Retail Sales) or potentially release funds
employed (UK/Ireland)
•thl uses Adjusted EBIT to calculate ROFE. Refer to the Glossary of
Key Terms on page 28 for further detail on the calculation
methodology for ROFE
12 MONTHS TO 30 JUNE 2025
$M NZD
ADJUSTED
EBIT
1
AVERAGE
FUNDS
1
PERIOD END
FUNDS
1
RETURN ON
FUNDS
EMPLOYED
New Zealand Rentals & Sales46.6287.8341.916.2%
Australian Rentals, Sales & Manufacturing19.7384.0356.25.1%
North America Rentals & Sales(2.4)346.7283.5< 0%
UK/Ireland Rentals & Sales(3.1)63.062.7< 0%
Action Manufacturing11.742.728.527.5%
Tourism13.88.39.8165.7%
Group Support Services/Other(3.5)7.03.6N/A
Eliminations(5.6)(14.3)(16.9)N/A
Total77.31,125.11,069.36.9%

thl FY25 ANNUAL RESULTS PRESENTATION
Dividend
8
•thl continues dividend payments in line with its dividend policy,
reflecting confidence in its balance sheet strength and outlook
•thl has paid dividends at the low end of its policy range of 40% to 60% of
underlying NPAT in the past two financial years, balancing shareholder
returns with capital requirements for its significant fleet growth
programme
•With confidence in the outlook, plans to moderate fleet growth capex
and an expectation that net debt will reduce from a peak of $492M as of
30 June 2025, thl considers it appropriate to increase the FY25 dividend
to the mid-point of its policy range
•Accordingly, the Board has approved a final dividend of 4 cents per
share, 100% imputed and 0% franked, with the full-year dividend of 6.5
cents per share representing a pay-out ratio of approximately 50% of
underlying NPAT
•The Board has determined that the Dividend Reinvestment Plan will not
apply to the final FY25 dividend
•The full year FY25 dividend represents a 2.9% cash dividend yield and a
4.0% gross dividend yield for NZ-resident shareholders
1

KEY DIVIDEND DATES
•Ex-dividend date of Thursday 18 September 2025
•Record date of Friday 19 September 2025
•Payment date of Friday 3 October 2025
1
Based on the closing share price of $2.25 at the end of FY25

thl FY25 ANNUAL RESULTS PRESENTATION
Balance Sheet and Capital
Management
9
Closing Net Debt
1
$492M
FY24: $446M
Net Debt to Underlying
EBITDA
1,3
2.47x
FY24: 2.16x
Average Net Debt in
FY25
1
$493M
FY24: $406M
Ex-Fleet Sales Proceeds
4
$170M
FY24: $186M
Equity Ratio
1,2
36.1%
FY24: 37.1%
Gross Fleet Capital
Expenditure
$315M
FY24: $353M
•thl’s disciplined approach to capital management has seen:
⎼net fleet capital expenditure reduced by $22M, despite lower ex-fleet
sales
⎼Australian Retails Sales vehicle inventory reduced by $35M across
FY25
•Non-fleet capex in FY25 was unusually high, primarily due to
investments in the Waitomokia Auckland rental, sales and group
support site, as well as investments in manufacturing capital equipment.
Future non-fleet capex is expected to return to typical levels
•Fleet liquidity and purchasing flexibility continue to provide thl with
strong balance sheet flexibility. This enabled thl to avoid raising equity
during the pandemic, despite significant earnings pressure
•Following several years of significant fleet expansion, thl now intends to
moderate global fleet growth and to focus on better rental utilisation.
This is expected to result in lower net fleet capex in the coming years
•Growth fleet investment over the next two years will be focused
primarily in New Zealand and Australia
•Combined with an expected improvement in earnings, these measures
are expected to support a reduction in net debt, with 30 June 2025
marking the expected peak debt level
Non-Fleet Capital
Expenditure
$42M
FY24: $14M
Net Fleet Capital
Expenditure
$145M
FY24: $167M
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 normalised to exclude one-off items
4
Includes proceeds relating to the sale of buyback vehicles, which are not included on page 34

thl FY25 ANNUAL RESULTS PRESENTATION
thl’s Value is Underpinned by its RV Fleet
•thl’s value is underpinned by its net tangible
assets per share of $1.96 as of 30 June 2025. This
primarily reflects the book value of thl’s global
RV fleet
•thl has a history of selling its ex-fleet vehicles
above their net book value. In FY25, ex-fleet sales
achieved an average GP margin of 16.2% and
Australian Retail (non-fleet) sales achieved an
average GP margin of 8.4%
•Importantly, this margin, along with the
corresponding equity, is not represented in thl’s
reported net tangible assets per share
•Although the North America and UK/Ireland
divisions are currently facing earnings
headwinds, their tangible assets, predominantly
their RV fleets, provide fundamental business
value that is independent of their current
performance or future earnings prospects
Division
Book Value of
Fleet on 30 June
2025 (NZ$)
1
Average GP
Margin on Sale in
FY25
New Zealand$262M28.4%
Australia$239M32.4%
Australia Retail$62M8.4%
North America$315M7.7%
UK & Ireland$66M19.1%
1
New Zealand, Australia, North America and UK & Ireland include vehicles on the rental fleet and ex-fleet vehicles in sales inventory. Australia Retail includes non-fleet vehicle inventory

thl FY25 ANNUAL RESULTS PRESENTATION
Positive Operating Cashflows
•In FY25, thl has had positive operating cashflows of $28.6
million, representing an increase of $124.2 million compared
to FY24
•thl’s operating cashflows include both the purchase of rental
fleet and the sale of ex-rental fleet assets
•In recent years, thl has reported negative operating cashflows,
largely attributable to:
⎼significant net capital expenditure associated with
increasing the rental fleet, which has grown by more than
30% over the last three years
⎼inventory increasing above typical levels due to the
underperformance in RV sales, however this has been
largely addressed in FY25
•The expected growth in earnings over the coming years,
combined with a moderation of net fleet capital expenditure,
are expected to support continued positive operating cash
flows in the years ahead
•There are also potential one-off benefits for operating
cashflows if capital is released from underperforming
divisions, such as the UK & Ireland
NZD$MFY25FY24VARVAR %
Statutory net (loss)/profit after tax(25.8)39.4(65.2)N/M
Non-cash adjustments
Depreciation & amortisation112.495.816.717%
Transfer of rental fleet from PPE to
inventory
130.0141.6(11.6)(8%)
Impairment of goodwill and other assets44.415.528.9186%
Other non-cash adjustments1.40.31.1357%
Movement in inventories54.4(32.9)87.3N/M
Movement in other working capital
balances
26.4(10.3)36.7N/M
Total non-cash adjustments369.1210.1159.076%
Purchase of rental fleet(314.8)(345.1)30.39%
Net operating cash flows28.6(95.6)124.2N/M
Net investing cashflows(41.7)(6.7)(35.0)(525%)
Net financing cashflows5.982.5(76.6)(93%)
Net investing & financing cashflows(35.8)75.8(111.6)N/M

thl FY25 ANNUAL RESULTS PRESENTATION
Real and Accounting Depreciation Rates
12
Real Depreciation Rates
•The Real Depreciation Rate (RDR) is a key metric in assessing whether thl is efficiently
purchasing and selling its rental fleet. RDRs in recent years have been below historical norms
and negative in most cases, given vehicle values appreciated during the pandemic
•RDRs in Australasia are typically higher as vehicles are held on the fleet longer, whereas
vehicles in the Northern Hemisphere are generally sold within one to two years of purchase
•RDRs in Australasia are expected to stay below historical norms due to merger manufacturing
synergies, more ex-fleet vehicles sold through thl’s own dealerships, and the fleet build cost
out initiatives currently underway
•The higher North American RDR reflects fleet purchased in 2023/24 at elevated pricing due to
the pandemic-related supply shortages, which are now being sold in a challenging market.
This impacts earnings through higher depreciation while on rentals and lower margin on sale
•The North American synergy project is expected to help RDRs return towards historical norms
through better procurement, sales strategies and fleet economics
Accounting Depreciation Rates
•thl annually reviews its accounting depreciation rates and makes adjustments, if required, so
that earnings are appropriately apportioned between the Rentals and Sales divisions
•The adjustments at the start of FY25 meant that higher depreciation rates applied in North
America and UK/Ireland and lower depreciation rates applied in New Zealand and Australia
•These adjustments do not affect overall earnings over the vehicle lifecycle, cashflows,
1
or the
RDR, however they do impact the reporting periods in which profit is recognised
1
Except the timing of tax payments
2
Historical norms represent thl only. Before 2022, the UK/Ireland business was a JV that sold most of its vehicles to thl New Zealand. Accordingly, it does not have a historical norm that reflects third party sales.
REAL DEPRECIATION RATES
FY25FY24
HISTORICAL
NORM
2
New Zealand~3%~2%~6 - 7%
Australia~2%~1%~7 - 9%
North America~3%~0%~0 - 1%
UK/Ireland<0%< 0%N/A
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

thl FY25 ANNUAL RESULTS PRESENTATION

thl FY25 ANNUAL RESULTS PRESENTATION
New Zealand Rentals & Sales
14
•Return on Funds Employed of 16.2%
•RevPARV remained stable despite a 22% increase in average rental
fleet, underscoring strong RV rental demand. The fleet as at 30 June
2025 remains approximately 30% below pre-COVID peaks, providing
a runway for future growth
•The Auckland branch at Waitomokia (ex-Villa Maria) opened in March
2025, consolidating operations and group support functions. The site
significantly increases capacity for future growth across both rentals
and sales. Initial RVSC activity is building momentum as the site
establishes its market presence
•Ex-fleet margins are continuing to normalise in line with
expectations. While total H1 sales volumes were marginally down,
full-year volumes are now 5% up year-on-year
•European-made units underperforming in sales have been
strategically repurposed into the rental fleet under the Britz brand,
which is gaining strong booking traction. This initiative highlights the
flexibility inherent in thl’s business model in responding to market
dynamics
•The launch of a new KEA Elite range has helped to grow new retail
sales by 91%, albeit off a very low base in FY24
•Planning is underway for a new Queenstown site, currently the
smallest RV rental location with capacity constraints. The proposal
includes a larger RVSC, enabling a full showroom, greater sales
volume and a third-party service centre
NZD $MFY25FY24VARVAR %
Rental revenue134.4110.623.721%
Sale of goods revenue43.737.06.718%
Costs(129.9)(102.0)(27.9)(27%)
EBIT48.245.72.55%
Rentals division
Operating rental fleetFY25FY24VARVAR %
Average rental fleet size2,1671,77539222%
Revenue per average rental vehicleFY25FY24VARVAR %
RevPARV (NZD $k)62.062.3(0.3)(1%)
Vehicle sales division
Unit sales (#)FY25FY24VARVAR %
Ex-fleet sales241276(35)(13%)
Retail RV sales109575291%
Total RV sales350333175%
Gross profit margin %FY25FY24VAR
GP margin on ex-fleet sales28.4%37.1%(8.7%)
GP margin on retail RV sales8.8%13.7%(4.9%)
Total GP margin on RV sales20.0%31.2%(11.2%)
Real depreciation rate on ex-fleet salesFY25FY24
RDR~3%~2%

thl FY25 ANNUAL RESULTS PRESENTATION
Australia Rentals, Sales &
Manufacturing
15
•Return on Funds Employed of 5.1%
•EBIT decline of 46% primarily attributable to a significant loss in the
Retail division, and a year-on-year decline in the Manufacturing
division
•Rentals continued growth with 11% increase in rental revenue,
achieving growth in both RevPARV and average fleet size
•A strong focus on retail inventory management led to a reduction of
over $35M in inventory across FY25, with further significant
reductions targeted for FY26
•Positively for rentals, the Australian tourism market is showing strong
signs of growth with renewed interest from European travellers,
supported by the improved affordability of Australia as a travel
destination
•Rental operations in Perth were relocated to larger premises in H2,
with a Sydney relocation planned later this year. These moves will
increase rental capacity at two key gateway locations for
international customers
•Within Manufacturing, a number of changes were made to manage
capacity, including:
⎼closure of the Melbourne sub-assembly plant in December 2024,
with activity consolidated into the Brisbane factory
⎼discontinuation of production of caravans
NZD $MFY25FY24VARVAR %
Rental revenue143.7129.414.411%
Sale of goods revenue217.7246.8(29.1)(12%)
Costs(338.9)(334.3)(4.7)(1%)
Underlying EBIT
1
22.541.9(19.4)(46%)
Rentals division
Operating rental fleetFY25FY24VARVAR %
Average rental fleet size2,4432,2471969%
Revenue per average rental vehicleFY25FY24VARVAR %
RevPARV (AUD $k)53.753.10.61%
Vehicle sales division
Unit sales (#)FY25FY24VARVAR %
Ex-fleet sales39227911341%
Retail RV sales1,9352,214(279)(13%)
Total RV sales2,3272,493(166)(7%)
Gross profit margin %FY25FY24VAR
GP margin on ex-fleet sales32.4%48.9%-16.5%
GP margin on retail RV sales8.4%9.8%-1.4%
Total GP margin on RV sales12.0%13.4%-1.3%
Real depreciation rate on ex-fleet salesFY25FY24
RDR~2%~1%
1
Refer to page 30 for Reported EBIT.

thl FY25 ANNUAL RESULTS PRESENTATION
North America Rentals & Sales
16
•Return on Funds Employed of <0%
•Regional rental revenue increased by 3%, with revenue growth in
Canada offsetting a decline in the USA
•Capital management disciplines led to a 6% reduction in average
fleet size and a 9% improvement in RevPARV
•EBIT declined by NZ$11.6 million, primarily due to:
⎼soft macroeconomic conditions impacting vehicle sales volumes
and margins
⎼a ~25% increase in depreciation per vehicle, due to higher-cost
model years requiring elevated depreciation rates
⎼weaker international tourism during the USA rental high season
•In H2, a greater reliance on wholesale channels was required to
support sales volumes. Combined with industry-wide dealer
overstocking, this led to lower average sales margins compared to H1.
Positively, industry reports indicate that dealer inventories are now at
more balanced levels
•Operational synergies were successfully realised through the
integration of joint North America functions. These included
commercial and revenue management, marketing, vehicle sales,
HS&W, finance leadership and procurement
•As announced on 8 July 2025, tariff-free RV movements in North
America were confirmed. This positive step enables thl to accelerate
its North American synergy plans, which are underway for FY26
NZD $MFY25FY24VARVAR %
Rental revenue142.2138.53.73%
Sale of goods revenue104.8106.8(2.0)(2%)
Costs(245.5)(232.2)(13.3)(6%)
Underlying EBIT
1
1.513.1(11.6)(89%)
Rentals division
Operating rental fleetFY25FY24VARVAR %
Average rental fleet size2,9053,097(191)(6%)
Revenue per average rental vehicleFY25FY24VARVAR %
RevPARV (USD $k)29.527.12.49%
Vehicle sales division
Unit sales (#)FY25FY24VARVAR %
RV sales9111,054(143)(14%)
Gross profit margin %FY25FY24VAR
GP margin on RV sales7.7%13.8%(6.1%)
Real depreciation rate on ex-fleet salesFY25FY24
RDR~3%< 0%
1
Refer to page 30 for Reported EBIT.

thl FY25 ANNUAL RESULTS PRESENTATION
UK & Ireland Rentals & Sales
17
•Return on Funds Employed <0%
•EBIT declined by NZ$3M, reflecting challenges across both rentals
and RV sales
•In H1, rental performance and RevPARV were impacted by delays in
RV production and deliveries from manufacturers in 2024, with
approximately half of the new fleet arriving mid-way through the
high season
•No vehicles were sold to thl New Zealand during the period
(compared to 155 in FY24), resulting in lower sales volumes but at a
higher GP margin.
1
External ex-fleet sales volumes (excluding
intercompany sales) grew by 21%, a positive achievement in a down
market
•The decision to retain fleet in the UK over winter 2024, rather than
relocating it to New Zealand, led to an increase in winter fleet size
and depreciation costs, negatively impacted divisional performance
in FY25
•thl has been conducting a strategic review of its UK & Ireland
operations. Given the division’s relative scale within the broader thl
group, thl is exploring options including a capital release through a
divestment
•The division’s value is supported by its fleet of vehicles with a net
book value of $66 million as at 30 June 2025, with an average GP
margin of 19.1% on RV sales achieved in FY25
NZD $MFY25FY24VARVAR %
Rental revenue22.119.03.117%
Sale of goods revenue21.032.2(11.2)(35%)
Costs(46.1)(51.5)5.410%
Underlying EBIT
2
(3.0)(0.3)(2.7)(1,043%)
Rentals division
Operating rental fleetFY25FY24VARVAR %
Average rental fleet size59747012727%
Revenue per average rental vehicleFY25FY24VARVAR %
RevPARV (GBP
£
k)
17.019.6(2.6)(13%)
Vehicle sales division
Unit sales (#)FY25FY24VARVAR %
RV sales165291(126)(43%)
Gross profit margin %FY25FY24VAR
GP margin on RV sales19.1%15.2%3.9%
Real depreciation rate on ex-fleet salesFY25FY24
RDR< 0%< 0%
1
Refer to page 34 for sales volumes and margin on external sales only.
2
Refer to page 30 for Reported EBIT.

thl FY25 ANNUAL RESULTS PRESENTATION
Action Manufacturing
18
•Return on Funds Employed of 27.5% (including intercompany
activity)
•The improvement in EBIT margin on intercompany thl activity is
reflective of the fleet build cost-out initiatives that have been
implemented to date. This will result in a pricing reduction for thl
rentals purchases in FY26, at which time Action’s EBIT margin on
intercompany sales would return to typical levels
•The build cost-out initiatives being implemented include:
⎼direct-to-source channels for materials
⎼A reduction in unit labour requirements and improvement in
product quality through investment in better design
methodologies and capital equipment
•Action has experienced a softer pipeline for third-party work with
continued pressure on margins and volumes, although there has
been a modest improvement recently. However, the pipeline for
Government-related work (emergency vehicles) remains robust
•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
NZD $MFY25FY24VARVAR %
Sale of goods - third party63.574.0(10.5)(14%)
Costs - third party(59.9)(66.4)6.510%
Underlying EBIT - third party3.67.6(4.0)(53%)
Sale of goods - intercompany102.2104.5(2.3)(2%)
Costs - intercompany(92.9)(98.3)5.35%
Underlying EBIT - incl. intercompany
transactions
1
12.813.9(1.0)(7%)
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 page 30 for
Reported EBIT.

thl FY25 ANNUAL RESULTS PRESENTATION
Tourism
19
•Return on Funds Employed of 166%, the highest in the group, with record EBIT
performance in FY25
Tourism
NZD $MFY25FY24VARVAR %
Revenue42.942.01.02%
Costs(29.1)(29.0)(0.1)(0%)
EBIT13.913.00.97%
Group Support Services / Other
1
•thl recharges most of its group support costs to its individual business units. However,
some costs are not recharged and are retained within the GSS & Other division. The
financial result for this division largely reflects the outcome of the applicable recharges in
a year
•The underlying EBIT of -$3.5M consists of -$3.9M in H1 and +$0.4M in H2, due to the
release of accruals, such as bonuses
•GSS & Other is significantly below FY24 as the prior year included costs related to the
merger integration project
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
Group Support Services & Other
NZD $MFY25FY24VARVAR %
Revenue1.51.00.442%
Costs(5.0)(12.5)7.560%
Underlying EBIT
2
(3.5)(11.4)8.070%
Group Eliminations
NZD $MFY25FY24VARVAR %
Intercompany revenue elimination(102.5)(120.1)17.615%
Intercompany costs elimination96.9115.3(18.4)(16%)
EBIT(5.6)(4.8)(0.8)(17%)
1
Includes triptech revenue and costs, and group support expenses net of recharges to other divisions.
2
Refer to page 30 for Reported EBIT.

thl FY25 ANNUAL RESULTS PRESENTATION

thl FY25 ANNUAL RESULTS PRESENTATION
Industry Trends
Rentals
•There are positive tourism recovery expectations for most of thl’s markets, with industry forecasts for
international visitor arrivals to surpass 2019 levels:
1
‒by 2027 in New Zealand
‒in 2026 in Australia
‒in 2025 in Canada, with an average annual growth rate on international tourism revenue of 9% through
to 2030
•The outlook for inbound tourism to the USA is more uncertain, with ongoing tariff developments creating a
volatile demand environment and a strong US dollar making travel more expensive. Feedback from European
wholesalers is that the USA remains an attractive destination with a large active considerer set, although
conversions are lower than prior years
Vehicle Sales
•RV industry data in the USA for June 2025 indicated 16% growth in wholesale RV motorhome shipments from
manufacturers to dealers, well above the 2025 YTD growth rate of 7%,
2
although it is too early to determine if
this will become a trend
•In the USA, the One Big Beautiful Bill Act included several tax and financing benefits targeting the RV industry,
to stimulate growth and encourage RV ownership
•Central banks in all thl operating markets have reduced rates from recent peaks, with further near-term cuts
expected in all markets. This should support a recovery by reducing financing costs on RV purchases, and
should be particularly effective in North America due to higher reliance on financing among buyers
1
Tourism Export Council New Zealand; Tourism Research Australia; Destination Canada.
2
RV Industry Association.
21

thl FY25 ANNUAL RESULTS PRESENTATION
Expectations for FY26
•A significant step-up in thl’s cost reduction programme is planned for
FY26, where thl plans to achieve significant additional cost-out and
efficiency benefits, primarily through cash savings in fleet build and
procurement, efficiencies from the transition to single digital
systems, and a reduction in group overheads
•A disciplined capital management approach is expected to result in
substantially lower gross and net fleet capital expenditure compared
to FY25, with fleet growth focused on ANZ
•In the rentals division, thl expects continued strong growth in global
rental revenue, driven by hire days. This is supported by a forward
rental book showing double-digit percentage revenue growth in all
markets except the USA. thl also expects utilisation improvements in
all markets, while maintaining average yields
•In the sales division, thl remains cautious in its outlook, with
expectations of modest volume growth and broadly stable margins.
Any material uplift is more likely to occur from calendar year 2026
onwards, contingent on a recovery in consumer confidence
22

thl FY25 ANNUAL RESULTS PRESENTATION
Strategic Initiatives (announced in thl’s growth roadmap)
23
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 continues to develop its
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 by over $35m. thl
expects further significant
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

thl FY25 ANNUAL RESULTS PRESENTATION
Net Profit After Tax Goal (announced in thl’s growth roadmap)
24
•As announced on 4 August 2025, thl has a goal to exceed $100M in
annualised NPAT over the next three to four years
•thl believes that the combination of its growth factors and strategic
initiatives makes this 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
•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 (which would exceed thl’s previously
announced target of at least a $12M NPAT benefit in FY27)
⎼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.

thl FY25 ANNUAL RESULTS PRESENTATION

thl FY25 ANNUAL RESULTS PRESENTATION
Important Notes
26
•All financials are in NZ dollars unless stated otherwise
(throughout presentation). All comparisons are against
prior corresponding period unless stated otherwise.
Totals and subtotals in tables may not add due to
rounding
•FY25 includes several non-recurring items (which have
been excluded from underlying figures) as detailed on
page 27
•FY24 includes the following non-recurring items (which
have been excluded from underlying figures):
⎼A $12.5M goodwill impairment relating to the
UK/Ireland division ($12.4M impact, net of tax)
•The depreciation expense and interest expense
recognised in FY25 in relation to IFRS 16 was $24.9M
(FY24: $22.9M) and $9.5M (FY24: $8.0M) respectively.
Actual lease payments for the period were $31.2M (FY24:
$34.2M)
•Profit & loss values are converted at the following average
cross-rates for the financial year ended 30 June 2025:
⎼NZD:AUD: 0.9144 (FY24: 0.9239)
⎼NZD:USD: 0.5914 (FY24: 0.6069)
⎼NZD:CAD: 0.8261 (FY24: 0.8209)
⎼NZD:GBP: 0.4544 (FY24: 0.4815)
•Balance sheet values are converted at the following
closing cross-rates as at 30 June 2025:
⎼NZD:AUD: 0.9286 (30 June 24: 0.9139)
⎼NZD:USD: 0.6068 (30 June 24: 0.6080)
⎼NZD:CAD 0.8310 (30 June 24: 0.8330)
⎼NZD:GBP 0.4423 (30 June 24: 0.4814)

thl FY25 ANNUAL RESULTS PRESENTATION
Mapping of FY25 Non-recurring Items to Income Statement
27
NON-RECURRING ITEMNPBT IMPACT (NZD)NPAT IMPACT (NZD)IMPACT ON INCOME STATEMENT
Impairment of USA intangible assets($36.6M)($26.7M)Impairment loss on goodwill and other intangible assets
Impairment of Australian intangible assets($3.4M)($2.4M)
Impairment loss on brands and other intangible assets
Impairment of USA deferred tax assetsN/A($17.9M)Income tax expense
Impairment of UK deferred tax assetsN/A($2.9M)Income tax expense
Gain on the sale of previously unrecognised US listed investment
equities
$0.8M$0.6MOther operating income
Gain on the early termination of the lease for the Melbourne sub-
assembly plant
$1.6M$1.1M
Other operating income
People restructuring costs($1.4M)($1.0M)
Operating and administration expenses
RV and non-RV asset write-downs relating to the Australasian Retail
Sales strategic initiative
($2.8M)($2.0M)
Cost of sales and operating expenses
Non-RV asset write-offs in the UK relating to the thl and Apollo merger($3.4M)($2.6M)Operating and finance expenses
Non-RV asset write-downs relating to the UK/Ireland strategic initiative($0.7M)($0.5M)Operating expenses
Transaction costs relating to the NBIO from BGH Capital & Trouchet
family consortium
($0.2M)($0.2M)Administration expenses
TOTAL($46.1M)($54.5M)

thl FY25 ANNUAL RESULTS PRESENTATION
Average Fleet Size or Average Fleetrefers 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
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 and deferred borrowing costs
NPATrefers to net profit after tax
PCPrefers to the prior corresponding period
Real Depreciation Rate or RDR
refers 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
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
Glossary of Key Terms
28

thl FY25 ANNUAL RESULTS PRESENTATION

thl FY25 ANNUAL RESULTS PRESENTATION
Divisional Performance
30
Note: Divisional results exclude non-recurring items and include intercompany revenue and expenses. Non-recurring items are presented in “non-recurring items” and intercompany transactions are eliminated in “Group eliminations”.
YEAR ENDING 30 JUNE 2025YEAR ENDING 30 JUNE 2024
$M NZDREVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
New Zealand Rentals & Sales178.1 74.0 48.2 287.8 147.6 65.9 45.7 203.7
Australian Rentals, Sales & Manufacturing361.4 51.2 17.1 383.9 376.2 73.7 41.9 337.4
North America Rentals & Sales247.0 5.1 (34.3) 346.7 245.3 46.1 13.1 359.5
UK/Ireland Rentals & Sales43.2 0.6(6.0)63.1 51.2 (8.8) (12.8) 56.9
Action Manufacturing165.7 17.3 12.6 42.7 178.5 18.3 13.9 45.6
Tourism42.9 16.1 13.9 8.3 42.0 15.1 13.0 9.4
Group Support Services/Other1.5 (1.8) (4.1) 7.0 1.0 (9.4) (11.4) 34.5
Group eliminations(102.5) (8.2) (5.6) (14.3) (120.1) (6.4) (4.8) (11.5)
Reported Revenue, EBITDA, EBIT937.2 154.241.7 1,125.1 921.7 194.4 98.6 1,035.5
Adjustment for non-recurring items– 45.145.1– – 12.5 12.5 –
Underlying EBITDA/EBIT199.286.8206.9111.1

thl FY25 ANNUAL RESULTS PRESENTATION
Reconciliation of NPAT, EBIT and EBITDA
31
Reconciliation of Statutory and Underlying NPAT
NZD $MFY25FY24
Statutory net (loss)/profit after tax(25.8) 39.4
Impairment of intangible assets29.1 12.4
Impairment of USA/UK deferred tax assets20.8 –
Non-RV asset write-offs in the UK3.1 –
RV and non-RV asset write-downs in Australian Retail Sales2.0 –
Restructuring costs1.0 –
Transaction costs relating to BGH consortium non-binding offer0.2 –
Gain on sale of unrecognised US listed investment equities(0.6) –
Gain on termination of Melbourne lease(1.1) –
Underlying net profit after tax28.7 51.8
Reconciliation of Reported and Underlying EBIT
NZD $MFY25FY24
Reported EBIT41.7 98.6
Impairment of intangible assets40.0 12.5
Non-RV asset write-offs in the UK3.0 –
RV and non-RV asset write-downs in Australian Retail Sales2.8 –
Restructuring costs1.4 –
Transaction costs relating to BGH consortium non-binding offer0.2 –
Gain on sale of unrecognised US listed investment equities(0.8) –
Gain on termination of Melbourne lease(1.6) –
Underlying EBIT86.8111.1
Adjusted EBIT (used for ROFE calculation)
NZD $MFY25
IFRS 16 interest expense(9.5)
Adjusted EBIT77.3
Reconciliation of Reported and Underlying EBITDA
NZD $MFY25FY24
Reported EBITDA154.2 194.4
Impairment of intangible assets40.0 12.5
Non-RV asset write-offs in the UK3.0 –
RV and non-RV asset write-downs in Australian Retail Sales2.8 –
Restructuring costs1.4 –
Transaction costs relating to BGH consortium non-binding offer0.2 –
Gain on sale of unrecognised US listed investment equities(0.8) –
Gain on termination of Melbourne lease(1.6) –
Underlying EBITDA199.2206.9

thl FY25 ANNUAL RESULTS PRESENTATION
Income Statement
32
FULL YEAR6 MONTHS TO 30 JUNE6 MONTHS TO 31 DECEMBER
NZD $MFY25FY24VARVAR %FY25FY24VARVAR %FY25FY24VARVAR %
Revenue
Sale of services486.5440.645.910%234.6206.628.014%251.9234.017.98%
Sale of goods450.7481.2(30.4)(6%)244.3266.0(21.6)(8%)206.4215.2(8.8)(4%)
Total revenue937.2921.715.52%478.9472.56.41%458.3449.29.12%
Costs(783.1)(727.3)(55.7)(8%)(436.3)(397.8)(38.4)(10%)(346.8)(329.5)(17.3)(5%)
EBITDA154.2194.4(40.2)(21%)42.774.7(32.0)(43%)111.5119.7(8.2)(7%)
Depreciation & amortisation(112.4)(95.8)(16.7)(17%)(58.7)(50.1)(8.7)(17%)(53.7)(45.7)(8.0)(18%)
EBIT41.798.6(56.9)(58%)(16.1)24.6(40.7)N/M57.874.0(16.2)(22%)
Net finance costs(46.7)(40.2)(6.5)(16%)(24.1)(22.2)(1.9)(8%)(22.6)(18.0)(4.6)(26%)
Net (loss)/profit before tax(5.0)58.4(63.4)N/M(40.2)2.4(42.6)N/M35.256.0(20.8)(37%)
Taxation(20.8)(19.0)(1.8)(9%)(10.9)(2.7)(8.2)(300%)(9.9)(16.3)6.439%
Net (loss)/profit after tax(25.8)39.4(65.2)N/M(51.1)(0.3)(50.8)N/M25.339.7(14.4)(36%)
Basic EPS (in cents)
1
(11.7)18.2
Diluted EPS (in cents)
1
(11.7)18.1
1
Based on weighted average number of shares on issue across the reporting period

thl FY25 ANNUAL RESULTS PRESENTATION
Balance Sheet
33
AS ATAS AT
NZD $M30 JUN 202530 JUN 2024VAR31 DEC 202431 DEC 2023VAR
Equity577.9616.9(39.0)647.3618.428.9
Non-current liabilities (excluding lease liabilities)551.8431.3120.5531.2388.5142.7
Current liabilities (excluding lease liabilities)226.4301.8(75.4)194.2255.3(61.1)
Lease liabilities218.4147.570.9213.2148.165.1
Total source of funds1,574.51,497.577.11,586.01,410.3175.7
Intangible assets (including goodwill)145.5186.5(40.9)190.7190.70.0
Investments0.10.10.00.224.6(24.5)
Derivatives0.21.6(1.4)1.00.90.1
Property, plant and equipment965.0829.3135.7864.2746.5117.7
Right-of-use assets197.1130.167.1193.3132.361.0
Current assets266.4349.8(83.4)336.7315.321.4
Total use of funds1,574.51,497.577.81,586.01,410.3175.7
Net debt (excluding lease liabilities)492.3445.946.4477.3403.374.0
Net tangible assets432.3430.41.9456.6427.728.9
Net tangible assets per share
1
$1.96 $1.97 $2.07 $1.97
Book value of net assets per share
1
$2.61 $2.83 $2.94 $2.85
Debt / debt + equity ratio
2
53.2%50.9%51.1%48.5%
Equity ratio
2
36.1%37.1%38.9%35.1%
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 FY24 and prior presentations were net of intangibles only.

thl FY25 ANNUAL RESULTS PRESENTATION
Ex-Rental Fleet Sales
34
$MFY25FY24VARVAR %
Proceeds from ex-fleet sales
New Zealand
19.620.9(1.3)(6%)
Australia
1
33.621.911.754%
North America
96.8110.2(13.4)(12%)
UK/Ireland
2
15.111.04.238%
Total proceeds from ex-fleet sales
165.2164.01.11%
Net book value of ex-fleet sold
New Zealand
(14.1)(13.2)(0.9)(7%)
Australia
1
(22.7)(11.2)(11.5)(103%)
North America
(89.4)(95.0)5.66%
UK/Ireland
2
(12.2)(8.0)(4.2)(53%)
Total net book value of ex-fleet sold
(138.4)(127.3)(11.0)(9%)
Gross margin on ex-fleet sales
New Zealand
5.67.8(2.2)(28%)
Australia
1
10.910.70.22%
North America
7.415.2(7.8)(51%)
UK/Ireland
2
2.93.0(0.1)(2%)
Total gross margin on ex-fleet sales
26.836.7(9.9)(27%)
$KFY25FY24VARVAR %
Average gross margin on ex-fleet sales
New Zealand
23.128.2(5.0)(18%)
Australia
1
27.838.3(10.5)(28%)
North America
8.214.5(6.3)(44%)
UK/Ireland
2
17.621.8(4.2)(19%)
Group
15.721.0(5.3)(25%)
%FY25FY24VAR
Gross profit margin on ex-fleet sales
New Zealand
28.4%37.1%(8.7%)
Australia
1
32.4%48.9%(16.5%)
North America
7.7%13.8%(6.1%)
UK/Ireland
2
19.1%27.0%(7.9%)
Group
16.2%22.4%(6.1%)
#FY25FY24VARVAR %
Ex-fleet vehicles sold
New Zealand
241276(35)(13%)
Australia
1
39227911341%
North America
9111,054(143)(14%)
UK/Ireland
2
1651362921%
Total ex-fleet vehicles sold
1,7091,745(36)(2%)
1
Sales for the Australian division in the FY24 Annual 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 Annual 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 on page 17.

thl FY25 ANNUAL RESULTS PRESENTATION
Retail RV Sales (New Zealand and Australia)
35
$MFY25FY24VARVAR %
Proceeds from retail RV sales
New Zealand14.67.17.5106%
Australia189.0216.3(27.3)(13%)
Total proceeds from retail RV sales203.6223.4(19.8)(9%)
Book value of retail RVs sold
New Zealand(13.3)(6.1)(7.2)(117%)
Australia(173.1)(195.2)22.111%
Total book value of retail RVs sold(186.5)(201.4)14.97%
Gross margin on retail RV sales
New Zealand1.31.00.332%
Australia15.921.1(5.2)(25%)
Total gross margin on retail RV sales17.222.1(4.9)(22%)
$KFY25FY24VARVAR %
Average gross margin on retail RV sales
New Zealand11.817.1(5.3)(31%)
Australia8.29.5(1.3)(14%)
Group8.49.7(1.3)(14%)
%FY25FY24VAR
Gross profit margin (%) on retail RV sales
New Zealand8.8%13.7%(4.9%)
Australia8.4%9.8%(1.4%)
Group8.4%9.9%(1.5%)
#FY25FY24VARVAR %
Retail RV sales
New Zealand109575291%
Australia1,9352,214(279)(13%)
Total retail RV sales2,0442,271(227)(10%)

thl FY25 ANNUAL RESULTS PRESENTATION
Fleet Movements
36
UNITS:FY25FY24VARVAR %
New Zealand
Opening fleet1,9671,40056741%
On-fleets787852(65)(8%)
Off-fleets
1
305285207%
Closing fleet2,4491,96748225%
Australia
Opening fleet2,3612,08128013%
On-fleets714928(214)(23%)
Off-fleets
1
489648(159)(25%)
Closing fleet2,5862,36122510%
North America
Opening fleet3,0033,220(217)(7%)
On-fleets813844(31)(4%)
Off-fleets
1
9401,061(121)(11%)
Closing fleet2,8763,003(127)(4%)
UNITS:FY25FY24VARVAR %
UK/Ireland
Opening fleet5905325811%
On-fleets283350(67)(19%)
Off-fleets
1
220292(72)(25%)
Closing fleet6535906311%
Total Group
Opening fleet7,9217,23368810%
On-fleets2,5972,974(377)(13%)
Off-fleets
1
1,9542,286(332)(15%)
Closing fleet8,5647,9216438%
1
Off-fleets consist of vehicles transferred to inventory for sale, intercompany transfers to other jurisdictions (where applicable), and vehicles written-off.

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

---

INTEGRATED ANNUAL
REPORT 2025
OUR JOURNEY
AHEAD

Every great journey has twists, turns and moments
of choice. This year, we’ve explored many pathways,
guided by the flexibility our integrated model provides.
We’ve navigated challenges, weighed our options and,
with the strength of our unified systems, found the
route that we believe offers the strongest way forward.
Now, with our growth roadmap in hand, we’re
travelling with purpose – accelerating momentum,
seizing opportunities and building value for the
long road ahead. Wherever the journey takes us,
we’re ready.

CHOICES
TO
MANAGE
CHALLENGES

PERFORMANcEABOUT USthl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
1

Dear Shareholders
On behalf of the Board, we present
the 2025 Tourism Holdings Limited
(thl) Integrated Annual Report and
consolidated financial statements for
the year ended 30 June 2025 (FY25).
The Board acknowledges its responsibility
for the integrity of this Integrated
Annual Report. We have been delivering
an Integrated Annual Report for thl
stakeholders since FY19. We will be
publishing a separate but related Climate
Statements report of our climate-related
disclosures and greenhouse gas emissions
(GHG/carbon footprint) by 31 October 2025.
We believe the Integrated Reporting
<IR> Framework continues to provide a
holistic framework for our context and
business that is increasingly relevant
in today’s complex and dynamic
business environment.
The Board has applied its mind to the
Integrated Annual Report and believes that
it addresses the most material issues and
presents fairly the integrated performance
of the organisation and its impacts in
accordance with the principles set out in
the International Integrated Reporting
Council (IIRC) Framework. The Integrated
Annual Report has been prepared
according to the IIRC guidelines. The
Integrated Annual Report was approved
by the Board on 25 August 2025 and is
signed on its behalf by:
Cathy Quinn ONZM
Chair
Rob Hamilton
Chair of the
Audit & Risk
Committee
ACKNOWLEDGEMENT
thl acknowledges the Indigenous Peoples
of the lands on which we operate, and
recognises their enduring ancestral
connection to the lands, waters and
skies. We pay our respects to Elders,
past and present.
At a global level, thl is on a journey to build
our cultural capabilities, specifically the
skills, knowledge, behaviours and protocols
required to deliver products and services
in a culturally respectful, genuine and
appropriate manner.
ABOUT THIS REPORTCONTENTS
Financial highlights
4
Letter from the Chair
5
Letter from the CEO
7
PERFORMANCE
Our carbon footprint
31
Our FY25 Future-Fit Health Check
32
Diversity and inclusion reporting
35
Enterprise Risk Management
37
DISCLOSURES
Financial statements
43
Notes to the financial statements
48
FINANCIALS
GOVERNANCE
What we do
13
Global footprint
14
Creating value
15
Our brands
16
Future-fit sustainability
18
ABOUT US
It all starts with the RV
20
Waitomokia – a journey of
resilience and renewal
21
Digital transformation – delivers
across the business
24
Protect – elevating our health,
safety and wellbeing journey
26
Future-fit journey – embedding
and expanding impact
28
STRATEGY
Corporate Governance 96
Remuneration 107
Board of Directors 118
Corporate Information 120
Global Footprint 121

PERFORMANCEABOUT US2thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

CHOICES
In a world where conditions can shift quickly, a flexible business model is a powerful advantage. Our vertically
integrated structure gives us choices in how we respond. Over the past year, we’ve drawn on that flexibility,
exploring a range of potential pathways. Our growth roadmap outlines the key steps ahead. We have passed an
inflection point in earnings and are moving forward with purpose – confident in the path we’ve chosen, and in
our ability to navigate whatever lies ahead.
NORTH AMERICA NZ
AU
UK + IRE BUILD / BUY RENT SELL NZ TOURISM
MARKETS
SEGMENTS
AGILE CAPITAL ALLOCATION

PERFORMANCEABOUT US3thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

AS AT 30 JUNE 2025
1. Refer to the FY25 Annual Results Investor Presentation
for a reconciliation of statutory/reported to underlying figures.
2. On 30 June 2025.
UNDERLYING NET PROFIT AFTER TAX
1

$28.7M

-45%
SALE OF SERVICES REVENUE
$487M

+10%
STATUTORY NET LOSS AFTER TAX
-$25.8M

N/M
SALE OF GOODS REVENUE
$451M

-6%
UNDERLYING EBIT
1
$86.8M

-22%
FULL-YEAR DIVIDEND
2
6.5CPS

-32%
UNDERLYING EBITDA
1
$199.2M

-4%
CLOSING RENTAL FLEET
2
8,564

+8%
RESULT S
FiNANciAl highlighTS
FiNANciAl highlighTS
ABOUT US4thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
PERFORMANCE

FOCUS
On behalf of the Board of Directors, I am pleased to share
with you the 2025 Integrated Annual Report for thl.
FY25 was a challenging year, defined
by uncertainty and instability in thl’s
trading environment globally, a tough
macroeconomic environment and difficult
market conditions throughout. The Board
believes thl has responded to these
challenges effectively and has now passed
an inflection point, with plans in place and
strategic initiatives under way to improve
financial performance and deliver rental
revenue growth while continuing to reduce
costs and manage debt levels effectively.
In a complex and challenging market, thl
has achieved an underlying net profit after
tax (NPAT) of $28.7 million for the year.
1

The statutory net loss after tax of -$25.8
million includes a number of one-off items
as detailed in our FY25 Annual Results
Investor Presentation. The most significant
of these are non-cash impairments of USA
goodwill, and of USA and UK deferred
tax assets.
The FY25 financial result reflects the reality
that the retail RV market remained in
bottom-of-the-cycle market conditions
across the year. However, thl believes the
market cycle is beginning to turn around.
thl has managed its capital and resources
effectively during the year, taking a
measured approach to balance sheet and
debt management and adjusting fleet size
in response to market conditions. At the
same time, it has successfully achieved
cost out and optimisation savings targets
and continues to invest in strategic
projects and improvements.
The core of thl’s business model is the
rentals tourism business, which is showing
strong growth in our key markets of
New Zealand and Australia. Global sale
of services revenue (primarily rentals)
increased by 10% and the rental fleet
expanded 8%, making for over 30% growth
in fleet across the last three years.
The rental business remains the core
driver for growth, led by strong results in
New Zealand (5% EBIT growth on the prior
year). The New Zealand Tourism businesses
also performed very well, delivering a
record EBIT result. However, despite these
improvements, soft demand for RVs and
the resulting decline in thl’s RV sales
profitability across all markets, was the
main factor behind the earnings decline in
FY25. We have seen this market stabilise,
and expect a gradual recovery ahead.
The Board has declared a final FY25
dividend of 4 cents per share, 100%
imputed and 0% franked. The full-year
FY25 dividend of 6.5 cents per share
sees an increase in the pay-out ratio
from 40% of underlying NPAT in FY23
and FY24 to approximately 50% in FY25.
With confidence in the outlook, plans to
moderate fleet growth and an expectation
that net debt will reduce, thl believes it is
appropriate to increase the dividend to the
mid-point of the policy range.
CATHY QUINN ONZM
CHAIR
1 Refer to thl’s FY25 Annual Results Presentation for a
reconciliation of statutory to underlying NPAT.
lETTER FROM ThE chAiRlETTER FROM ThE chAiR
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The growth roadmap is underpinned by the
ambition for thl as a company to deliver a
minimum 15% ROFE across all business areas..
CATHY QUINN ONZM — CHAIR
In June 2025, thl received an unsolicited,
conditional, non-binding indication of
interest from a consortium comprising
BGH Capital and the family interests
of Luke and Karl Trouchet to acquire
thl for $2.30 per share. Following a
comprehensive assessment, the Board
2

rejected this offer, as it was well below
the Board’s view of value of the company,
which was supported by external financial
advisors. As part of this process, CEO Grant
Webster and I met with many of thl’s
key institutional shareholders to receive
their feedback.
Earlier this month, thl also presented its
growth roadmap for the coming years,
setting out the strategic initiatives the
company has been working towards to
address current challenges and enhance
long-term value for investors. The Board
has reconfirmed thl’s business plan, the
strategic initiatives of the growth roadmap
and potential earnings capacity and
believes thl is now poised for a return to
growth. thl believes that the combination
of these factors positions it well to progress
towards its goal to exceed $100 million in
annualised NPAT over the next three to
four years. The Board supports this goal
and will be sharply focused on tracking
performance of plans to achieve clearly
defined growth and return on funds
employed (ROFE) targets.
The growth roadmap is underpinned
by the ambition for thl as a company to
deliver a minimum 15% ROFE across all
business areas. The growth roadmap
sets out strategic initiatives aimed at
improving underperforming areas to
improve towards a 15% ROFE target.
This work has been in progress for some
months – our CEO provides more details
on the roadmap actions.
thl continues to progress our future-
fit sustainability journey and share our
progress in this report. During FY25,
thl prepared its first transition plan –
Changing Gear. As a climate-reporting
entity, thl will release its annual Climate
Statements in October.
I would like to thank all our shareholders
for staying the course with thl during
this difficult period, and I look forward
to updating our shareholders on progress
on the roadmap targets in FY26.
Cathy Quinn ONZM
CHAIR
2 The Board determined that Luke Trouchet would not
participate in the thl Board processes in relation to the
BGH proposal. Accordingly, this reference to the Board
excludes Luke Trouchet.
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PERFORMANCE

thl has stayed proactive in what was a difficult year where we
faced bottom-of-the-market conditions and saw an ongoing
decline in global vehicle sales.
As mentioned by the Chair, the underlying
NPAT in FY25 was $28.7 million. While
this was well below recent years, thl has
still delivered a modest profit in what is
thought to be the most difficult conditions
for the RV industry in decades, where
many industry operators are making a loss.
We first saw a decline in market conditions
in 2024 and took several responsive capital
management actions to address those
challenges. We then saw market conditions
deteriorate further across the first half of
2025, meaning further action was needed.
However, we are now confident that we’ve
made the changes needed to align our
fleet management with market conditions
and we’re turning the corner. We expect
that FY25 reflected a low point and with
market conditions having stabilised, we
believe we have passed an inflection point
at the end of FY25, as we move into FY26.
Our debt position at year-end, capital
expenditure outlook and slower fleet
rotation give us confidence that we have
effectively addressed the issues and are on
the road to recovery.
Through these challenges, we showed
adaptability in the face of uncertainty
and complexity, particularly in our North
American operations. In response to the
introduction of North American tariffs and
the consequential impacts on inbound
tourism into the USA, we reinforced
our focus on ROFE through disciplined
fleet and capital management. Our
geographical spread across the USA and
Canada created choices and opportunities
to manage these challenges. Where
appropriate, we took some managed risks
to enable the Canadian business to have
sufficient fleet to meet high-season rental
expectations. The crew relocated almost
200 vehicles from the USA to Canada in a
matter of a few weeks, going above and
beyond to make it happen.
While the impairment of goodwill, brands
and deferred tax write-offs for the USA
may seem at odds with our stabilised
outlook for North America, we remain
confident about the long-term view
given the opportunities from our North
American synergy project. These synergies
disproportionately benefit our Canadian
cash-generating unit, and as required by
accounting standards, we must assess
our USA goodwill independently from
Canada. Given ongoing uncertainty in
inbound tourism into the USA, on a stand-
alone basis, we believe the impairment
of goodwill and brands for the USA
is appropriate.
Global macroeconomic conditions
have impacted consumer confidence,
which impacts high-value discretionary
spending decisions such as RV purchases.
Declining RV sales trends were evident
across the wider RV industry. The overall
group result was negatively impacted by
the decline in RV sales across all regions,
most significantly in the Australian retail
sales division, which saw a reduction of $5
million in gross profit. A plan is in place to
reduce capital employed and significantly
improve performance in the Australian
retail sales division in the year ahead.
DRIVE
GRANT WEBSTER
CEO
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STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
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lETTER FROM ThE cEO

Strategic growth roadmap
In August 2025, thl presented its growth
roadmap for the coming years. It is rental
centric, reflecting that rentals, Australasian
manufacturing and tourism are core to the
success of thl’s business model and growth
potential. Slow vehicle sales have been the
main driver for the earnings decline, but we
expect that rental profitability will be a big
driver of the earnings recovery.
The growth roadmap was developed
over several months in 2025 and sets out
the strategic initiatives the company has
been working towards to address current
challenges and enhance long-term value.
As part of the growth roadmap, thl believes
it can achieve its goal to exceed $100
million in annualised NPAT in the next
three to four years.
We recognise there may be scepticism
about this goal. We believe this is an
appropriate goal for thl, supported by our
growth drivers and strategic initiatives.
Industry outlook – tourism and
rentals growth
International travel continues to show
growth in all regions, except the USA,
but is yet to reach pre-COVID-19 levels.
Leisure tourism in particular has a positive
outlook, with government-backed growth
strategies in New Zealand, Australia and
Canada to return to and exceed pre-
pandemic visitor activity. This gives us
confidence for the outlook of our rental
businesses, where international travel
remains a core driver for revenue growth.
The travel industry is seeing some
interesting trends, including the rise in
AI use for booking and a desire for more
curated, individualised experiences.
Emerging markets such as China and
India are growing, and leisure travel,
nature trips and beaches remain popular.
Millennials and Gen Z are becoming the
most influential travellers globally. They
are planning more trips and are highly
engaged online, socially conscious and
mobile savvy. Multi-generational and
blended business and leisure (bleisure)
travel is also on the rise.
We see the direction of all these trends
as positive for the RV category. RV travel
naturally lends itself to off-the-grid, deeper
individualised experiences where travellers
are more closely connected to nature.
Industry outlook – the RV category
Interest in the RV lifestyle remains strong,
with recent RV Industry Association data
from North America showing increasing
appeal for RV travel. Trends to note include
changing demographics with younger and
more diverse owners and more first-time
owners. The median age of RV owners in
the USA is 49 in 2025, down from 53 in 2021,
and 46% of owners are within the 35–54
age range.
3

The growth roadmap was developed
over several months in 2025 and sets
out the strategic initiatives the
company has been working towards
to address current challenges and
enhance long-term value.
GRANT WEBSTER — CEO
GROWTH
3 2025 RV Owner Demographic Profile Overview.
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Rentals business is central
to revenue growth
The engine of thl’s business model is the
rentals business, which is seeing growth.
Global sale of services revenue (primarily
rentals) increased by 10% in FY25, and the
rental fleet grew by 8% to 8,564 vehicles.
We expect further rental revenue growth
in FY26 and beyond. Additionally, as part of
the benefits of merging thl and Apollo, we
expect to be able to service more hire days
with less fleet, supporting better overall
capital efficiency.
The thl rentals forward book shows year-
on-year double-digit percentage revenue
growth in all markets except the USA, and
forward rental revenue in New Zealand and
Australia is currently approximately 25%
higher than the same time last year.
Managing fleet size to the
market conditions
One of thl’s primary competitive
advantages is our expertise in managing
funds employed, tightening up where
required and investing where appropriate.
We expect to continue growing the fleet in
the coming years but at a measured pace.
Global challenges in RV sales led to surplus
rental capacity and lower utilisation than
desired across all markets in FY25. This
creates the opportunity to grow hire days
in future years without a proportional
increase in fleet size. Growing rental hire
days and improving utilisation and capital
efficiency is a priority. Our gross and net
fleet capital expenditure in FY25 has
been lower than in recent years, which
we believe is a prudent strategy in the
current conditions.
Growth roadmap strategic initiatives
to achieve ROFE targets
UK and Ireland: We are conducting a
strategic review of thl’s UK and Ireland
division, and 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: We have
taken actions to improve production
efficiency and quality in the Brisbane
factory through system, process and
structure changes and reporting
improvements and are taking action to
address the cost gap between the two
markets – on some models, Australian
manufacturing costs are up to 20% higher
after shipping costs from New Zealand.
Australia retail sales: We intend to
reduce capital employed and improve
performance through overhead and
inventory reduction and the rationalisation
of products and brands. We have
reduced inventory levels from a peak by
over $35 million in FY25, and we expect
significant further reductions in FY26.
North America: The focus is on delivering
our 15% ROFE target. Now that tariff-free
RV movements between the USA and
Canada have been confirmed, we intend
to accelerate the North American synergy
project to maximise the potential from
operating as one North America fleet,
leveraging better procurement and sales
tactics to improve overall fleet economics.
This effort will be supported by regional
labour synergies and several demand
generation initiatives.
We intend to provide further updates on
developments on these initiatives over
time as appropriate.
The engine of thl’s business
model is the rentals business,
which is seeing growth.
Global sale of services
revenue (primarily rentals)
increased by 10% in FY25,
and the rental fleet grew
by 8% to 8,564 vehicles.
GRANT WEBSTER — CEO
RENT
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Innovation and improvements in FY25
Despite the challenging operating
environment, thl has continued to invest
in innovation so that we can continue to
evolve and build our capabilities for future
growth. We share more detail on these
initiatives and the impacts and efficiencies
for crew and business performance in the
stories in this Integrated Report.
The major digital transformation
projects announced last year have been
considerably advanced, and we are
starting to see many benefits in cost
savings, efficiency gains, operational
improvements, crew engagement and
customer support. Moving to single
platforms and upskilling our crew’s
digital capabilities through our Winning
Workways initiative have set up thl for
success. It has been a huge undertaking
to migrate to several new systems globally,
and I thank our team for the relentless
drive to make this happen.
We also moved in to our flagship Auckland
site at Waitomokia, an industry-leading
facility that brings our crew together across
head office and operations, enabling much
greater connection and collaboration. It is
exciting to see the energy and innovation
in our work, customer service, community
connection and sustainability performance
by coming together at our new site and
enhancing our role as an industry leader
in tourism in New Zealand.
Health, safety and wellbeing remain a
central pillar for thl. We have continued
to invest and improve through projects
such as our Protect crew engagement
programme and Project Uplift – a global
initiative focused on our most critical
risks and our safety culture.
We remain committed to our future-
fit journey and continue to develop
how we align and embed our global
sustainability programme into strategy,
planning and crew training. This year,
we developed thl’s first transition plan,
setting out our transition pathways and
priorities that will support thl to build its
climate resilience. We will share more
details on our transition plan in our FY25
Climate Statements to be released in
October 2025.
Prudent cost management
We continued to progress cost reduction
and optimisation initiatives this year in
line with the target we announced last
year to deliver at least a $12 million NPAT
improvement in FY27 (relative to an FY24
base) through cost out and optimisation
initiatives. As part of this, we have
rationalised manufacturing locations
in Australia by closing our Melbourne
sub-assembly plant and consolidating
that activity into the Brisbane factory.
We have also adjusted manufacturing
capacity in both New Zealand and
Australia and delivered other group
overhead labour cost savings through
greater efficiency.
Cost management will continue to be
a key focus going into FY26, which we
expect will represent another significant
step-up in implementing our cost
saving initiatives.
lETTER FROM ThE cEO
ABOUT US10thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
PERFORMANCE

We are fortunate to have a lot
of long-serving crew across
our businesses globally, who
push on delivering in their
role every day, regardless of
all that is going on around
the world. It is our crew who
bring our purpose of creating
unforgettable journeys to life.
GRANT WEBSTER — CEO
CREW
Looking ahead
thl believes the combination of growth
factors and strategic initiatives makes
exceeding $100 million in annualised
NPAT over the next three to four years
an achievable goal. This is expected to
be 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.
Our crew
We are fortunate to have a lot of long-
serving crew across our businesses
globally, who push on delivering in their
role every day, regardless of all that is
going on around the world. It is our
crew who bring our purpose of creating
unforgettable journeys to life. I would
like to thank all our crew – those who are
here for just a season, those starting out
a long-term career with thl and the many
experienced crew members who have
been with thl season after season. I have
high expectations of what thl can deliver
for our crew, customers and shareholders
over the coming 12 months as we continue
our journey.
Grant Webster
CEO
lETTER FROM ThE cEO
ABOUT US11thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
PERFORMANCE

ABOUT US
PERFORMANCE12thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

Today, thl is a leading interconnected global operator in the RV industry with
comprehensive integration across the build (manufacturing), rental and sales
segments. Our rentals business remains the cornerstone of thl, providing the
largest contribution to earnings. This vertically integrated model sets us apart
from our global competition, and in the Australasian markets where we are fully
integrated, this has historically enabled thl to deliver better ROFE.
We have decades of experience constructing durable vehicles specifically
designed for the rental market that maximise returns from the rental phase
and for the strategic optimisation of value on sale. Our business model generates
profit at each stage – during the build, through the rental phase and on the sale of
each RV – to extract the greatest value from each RV throughout its lifecycle.
WhAT WE dOWhAT WE dO
WhAT WE dO
PERFORMANCE13thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

AS AT 30 JUNE 2025
GLOBAL FOOTPRINT
SOUTHERN
AFRICA
Franchise
JAPAN
Franchise
RENTAL FLEET
2,586
RENTAL FLEET
2,449
RENTAL FLEET
653
RENTAL FLEET
2,876
NZ
UK
+ IRE
AU
USA
+ CAN
RV rentals

New and ex-rental
RV sales

RV and commercial
manufacturing

Tourism attractions
and activities

Digital tourism app

RV rentals

New and ex-rental RV sales

RV manufacturing

Digital tourism app

RV rentals

Ex-rental RV sales

RV rentals

Ex-rental RV sales

Digital tourism app
TOTAL RENTAL FLEET
8,564
LOCATIONS
LOCATIONS
LOCATIONS
LOCATIONS
CREW
CREW
CREW
CREW
4
18
17
21
158
619
1,125
606
Rental fleet as at 30 June. Crew as at 31 May.
PERFORMANCE14thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

OUR RESOURcESBUSiNESS MOdElOUR iMPAcTS ANd OUTcOMES
Letter from the Chair p.5
Letter from the CEO p.7
About us p.12
Financial statements p.43
Protect – elevating our
health, safety and
wellbeing journey p.26
Diversity and inclusion
reporting p.35
Waitomokia – a journey
of resilience and renewal p.21
Future-fit journey p.29
Future-fit journey –
embedding and
expanding impact p.28
Our carbon footprint p.31
About us p.13
Enterprise Risk
Management p.37
Global footprint p.14
Digital transformation –
delivers across the business p.31
lEARN MORE
OUR PURPOSE
OUR VALUES
Creating
unforgettable
journeys
Do the right thing
Be curious
Be happy to
Enjoy the ride
INFRASTRUCTURE
Our multinational
operations, facilities
and equipment
Our global systems
and technology
KNOWLEDGE
Our knowledge,
skills and RV expertise
from our vertically
integrated build/
buy-rent-sell model
NATURE
The natural resources,
ecosystems and
destinations on
which we depend
RELATIONSHIPS
Our partners, industry
relationships and
community
connections
OUR CREW
Our talented crew and
commitment to our
core values
FINANCIAL
Our investors and
access to capital
RENT
BUILD/BUY
SELL
AcTiVE gOVERNANcE ANd RiSK MANAgEMENT
CREATING VALUE
•
Revenue, growth and financial returns.
•
Worldwide, world-class RV products and services.
•
Guest travel and tourism experiences.
•
Vertically integrated, multinational global RV business.
•
Climate impacts and carbon emissions from our fleet and operations.
•
Transition plan to address climate-related risks and opportunities.
•
Impacts of our products in communities and destinations guests visit.
•
Promoting regenerative travel that positively impacts destinations.
•
The sensitive ecosystems in which we operate in Waitomo, New Zealand.
•
Resources used by our fleet and operations – fuel, energy and water
– and the emissions and waste our activities generate.
•
New fleet, technology, product design and development innovation.
•
Action to address our greatest climate and carbon challenge – the
emissions from our vehicle fleet.
•
Strong, long-term supplier relationships in RV and tourism sectors.
•
Complex global supply chain has social, environmental and
economic impacts.
•
Global network of sites and infrastructure expanded manufacturing
facilities, equipment and operations.
•
Future-fit branch action plans to manage impacts of water, energy,
waste and emissions, and positive impacts on communities as well
as congestion and potential impacts from freedom camping.
•
Technologies and systems to manage complexity and growth.
•
Deep connections in tourism and RV industry.
•
Social licence to operate at our sites and where products are used.
•
Responsible travel partnerships and programmes in each region.
•
Working with suppliers to improve supply chain transparency, risks,
sustainability performance and circularity.
•
Crew engagement and wellbeing.
•
Healthy and safe workplaces.
•
People Promise to provide the tools, skills and identity to succeed.
•
Fostering a diverse and inclusive culture.
•
Building our cultural capability.
PERFORMANCE15thl INTEGRATED ANNUAL REPORT 2025
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ABOUT US

We are a global leader in recreational vehicle brands, offering
enriching experiences for travellers worldwide. Our diverse range of
brands provide opportunities to embrace the RV lifestyle, with options
tailored to meet the needs and preferences of every demographic.
Signature range
Our premium brands
with the newest, most
sophisticated and
fully self-contained
motorhomes to travel
in style.
Flagship range
Our most extensive
and diverse fleets,
offering options to suit
roadtrippers’ unique
style and needs.
Adventure range
Unrivalled choice for
freedom and adventure
to find the road less
travelled.
Value range
The basics done
brilliantly, with value
around every turn.
BUILD/BUYRENT
Action Manufacturing and its subsidiaries deliver
innovative, durable and high-quality vehicle bodies
and trailers, catering to the RV, ambulance, refrigerated
transport, logistics and mobile health sectors.
OUR BRANdSOUR BRANdS
PERFORMANCE16thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

Our retail dealerships
Our RV brands
* Sold under licensing arrangements
* Sold under licensing arrangements
Our network of sales dealerships offers a wide range of quality
new and used motorhomes, campervans and caravans, after-
sales and service options and extensive retail ranges – everything
the lifetime RV owner needs.
A range of award-winning adventure experiences and
flexible touring options – from Black Water Rafting to the
Kiwi Experience travel network to free independent travel
with our app-based travel platform CamperMate.
Discover Waitomo
Embark on a journey
to explore the natural
wonders, culture and
adventure experiences
of the world-famous
Waitomo region.
Discover more.
Discover Waitomo.
Kiwi Experience
Award-winning, flexible and
adventure-filled hop-on hop-
off and small-group bus tours
across New Zealand, catering
to travellers seeking a unique
and social way to explore.
Travel technology
We empower independent
travellers to explore and book
unique adventures throughout
Australia and New Zealand. This
leading experiential travel platform
offers a user-friendly app available
on the App Store and Google Play
Store, along with a comprehensive
website at www.campermate.com.
SELLTOURISM
OUR BRANdSOUR BRANdS
PERFORMANCE17thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

OUR FUTURE-FIT SUSTAINABILITY JOURNEY
At thl, we take a science and systems-based approach to
addressing our sustainability impacts, guided by the 23
break-even goals of the Future-Fit Business Benchmark.
Our global sustainability programme is focused on our priority
future-fit goals, and we share an update on our future-fit
sustainability journey progress in FY25 on (see page 28) and
annual Future-Fit Health Check (see page 32).
In FY25, we developed our first transition plan – Changing
Gear, which responds to our material climate-related risks
and opportunities. Our transition plan actions are aligned
and integrated with our global sustainability programme.
The thl FY25 Climate Statements will be released by 31 October
2025 and available on thlonline.com and thlsustainability.com.
Our global future-fit sustainability programme
CLIMATE & CARBON STRATEGY
DECARBONISING OUR BUSINESS
FUTURE FLEET PROGRAMME
TRANSITIONING TO A LOW-CARBON FLEET
SUSTAINABLE PROCUREMENT
OUR GLOBAL FRAMEWORK AND
CIRCULAR ECONOMY PILOTS
THRIVE
SUPPORTING OUR CREW, CREATING
A HEALTHY CULTURE AND BUILDING
CULTURAL CAPABILITY
ACCELERATE
PARTNERSHIPS FOR POSITIVE IMPACTS
IGNITION
CREATING FUTURE-FIT BRANCHES
• Operational GHGs
• Product GHGs
• Renewable energy
• Product GHGs
• Products repurposed
• Sustainable procurement
• Products repurposed
• Employee health
• Living wage
• Fair employment terms
• Employee discrimination
• Employee concerns
• Community health
• Natural resources
• Operational encroachment
• Community health
• Product communications
• Product concerns
• Product harm
• Renewable energy
• Water use
• Operational emissions
• Operational GHGs
• Operational encroachment
• Operational waste
GOALS
GOALS
GOALS
GOALS
GOALS
GOALS

FUTURE-FIT SUSTAINABILITYFUTURE-FIT SUSTAINABILITY
PERFORMANCE18thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
ABOUT US

STRATEGY
PERFORMANCEABOUT US19thl INTEGRATED ANNUAL REPORT 2025
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY

1,633
3,753
8,564
1,096
RENTAL REVENUE
IT ALL STARTS WITH THE RV
VERTICAL INTEGRATION:
THREE POINTS OF MARGIN CAPTURE
RV SALES REVENUE
1
$254M
$442M
$387M
RV MANUFACTURING
REVENUE
1
RVs BUILT IN FY25
2
RVs BOUGHT IN FY25
3
VEHICLES SOLD
GLOBALLY IN FY25
RENTAL FLEET
AT YEAR-END
1. Includes intercompany revenue
that is eliminated at a group level.
2. New Zealand and Australia.
3. North America and UK/Ireland.
RENT
BUILD/BUY
SELL
20
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY
ABOUT USPERFORMANCEthl INTEGRATED ANNUAL REPORT 2025

In May 2025, we opened our industry-leading site at Waitomokia in Auckland. This brings
together our highest-volume rental sites, a new world-class RV Super Centre and our
global support teams on one site – where our guests and customers are – creating a hub
for innovation to thrive and uniting our New Zealand teams under one roof for the first time
to foster collaboration at an unprecedented level. New Zealand is the last location globally
to combine operations and support and will serve as a global benchmark for health, safety,
innovation, sustainability and cultural responsibility.
WAITOMOKIA
a journey of
resilience and renewal
The design of the new site carefully
considered ways to maximise operational
efficiencies and achieve synergies across
our operations that will result in significant
cost savings. Site design and layout are
focused on flow and functionality for
end-to-end processes to vastly improve
productivity and performance. The new
site achieves streamlined operational
processes for rentals and retail operations,
removing the need for vehicle movements
between sites, resulting in significant
resource, cost and time savings.
Finding a new home after a fire destroyed
our Auckland branch in 2020 was more
than constructing a new space – it became
a defining moment in thl’s evolution.
When we first imagined our new home,
we thought the space we envisioned did
not exist and that we would need to build
something new, with all the challenges
and financial and environmental costs
associated with developing a new site.
We needed a place that reflected who
we were, who we aspired to be and the
deep connection we have with the land
and our people. We found this at the site
that was previously the location of Villa
Maria – a large and unique space that
just so happened to perfectly suit our
needs across rentals, sales, workshop and
head office. Rather than demolishing the
existing structures and rebuilding, we took
an environmentally responsible path by
revitalising and repurposing the existing
buildings. This minimised environmental
impact, reduced construction waste and
preserved the integrity of a space that had
already won multiple architectural awards
in the early 2000s.
A consultation process led by local iwi
guided environmental efforts, aligning
sustainability practices with traditional
conservation values. The integration of
land preservation strategies, rainwater
harvesting and repurposed materials
were all directly shaped by insights
gained through our partnership with iwi.
200,0002.4X
80
%
STRATEGIC CHOICE + IMPACT
LITRES OF
RAINWATER
HARVESTED
INCREASE IN
RETAIL AND
SHOWROOM SPACE
FINANCIAL
OUR CREW
RELATIONSHIPS
NATURE
KNOWLEDGE
INFRASTRUCTURE
FUTURE-FIT SUSTAINABILITY
● CLIMATE AND CARBON
● THRIVE
● ACCELERATE
● IGNITION
REDUCTION IN RESOURCES
USED FOR VEHICLE WASHING
PERFORMANCEABOUT US21thl INTEGRATED ANNUAL REPORT 2025
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Repurposing the site –
a future-fit approach
We partnered with renowned architectural
firm Jasmax to bring our vision to life.
The challenge was to enhance an award-
winning structure and preserve its integrity
by adapting existing buildings and
repurposing materials.
Steel beams removed during renovations
were carefully repurposed throughout
the site, reducing the demand for new
materials. Where additional resources
were needed, we sourced environmentally
responsible alternatives.
Waitomokia is built over ancient aquifers
of immense significance for local iwi.
Water conservation and protecting the
health of the catchment was a high priority.
We integrated advanced rainwater and
stormwater harvesting systems. Recycled
water is now used for laundry operations,
RV washing stations and irrigation to
conserve natural water reserves.
The building’s lighting system was entirely
upgraded to LED fittings, significantly
reducing electrical load and improving
long-term energy efficiency. Natural light
is optimised through strategic architectural
adaptations, minimising reliance on
artificial lighting during daylight hours
and further lowering our carbon footprint.
The Pūnai waterway near the site was
carefully studied during planning so that
all adaptations supported ecological
preservation. Native plantings were
introduced to enhance biodiversity
while integrating the site into its
natural surroundings.
Carbon emissions reductions were
achieved by revitalising an existing
building, avoiding emissions associated
with new construction, and taking an
adaptive reuse approach to minimise waste
and maximise function and longevity.
Honouring the land, its legacy and our
responsibility as kaitiaki
We recognised early on that the site
carries a legacy that demands respect
and our responsibility to honour the
cultural significance, history and future
of the whenua (land) we occupy.
We had the privilege of working alongside
Te Ahiwaru, Te Ākitai Waiohua and Ngāti
Te Ata Waiohua through partnership
and meaningful collaboration. Every
step of our transformation was guided
by history, tradition and a commitment
to kaitiakitanga.
The integration of te reo Māori into the
identity of our headquarters enabled the
stories and significance of this place to
be acknowledged. We commissioned
Māori artists whose mahi toi reflects
the narratives of the land, infusing the
space with visual reminders of our
responsibility to uphold kaitiakitanga.
This collaboration means our headquarters
is far more than a place of business – it
is a space of connection, respect and
cultural acknowledgement.
WAITOMOKIA
Coming together as one team
creating a global gateway
The move to Waitomokia achieved a key
milestone. For the first time, our entire
team in Auckland is united under one roof.
Auckland was our only location globally
where thl’s group support crew were not
based on an operational site. Teams from
across four separate Auckland locations are
now together at the new headquarters site.
One of the most transformative elements
of our new headquarters is the RV Super
Centre and showroom – a world-class
space designed to offer a premium
experience to customers purchasing
motorhomes and accessories. The
600-square-metre retail shop sets a new
standard for industry-leading customer
experience and is a significant opportunity
for us to expand this part of our business.
The RV Super Centre at Waitomokia is a
must-visit destination for anyone in the
Auckland region and beyond looking at
purchasing an RV.
As we step into this new era, we do so
with a deep commitment that reflects
our values, grounded in sustainability,
cultural respect and industry excellence.
Our new headquarters is not merely a
physical space – it is a representation of
who we are and where we are heading.
WATER
Waitomokia is built over
ancient aquifers of immense
significance for local iwi.
Water conservation and
protecting the health of the
catchment was a high priority.
PERFORMANCEABOUT US22thl INTEGRATED ANNUAL REPORT 2025
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CULTURE
CUSTOMERS
COUNTRY
For the first time, our entire team
in Auckland is united under one
roof. Teams from across four
separate Auckland locations
are now together at the new
headquarters site.
The 600-square-metre retail shop
sets a new standard for industry-
leading customer experience and
is a significant opportunity for us to
expand this part of our business.
Our partnership with local iwi
enabled the stories of this place
to be represented through design
elements in artworks created by
local Māori artists that reflect the
significance and cultural narratives
of the land, infusing the space with
visual reminders of kaitiakitanga,
our responsibility to care for
this place.
PERFORMANCEABOUT US23thl INTEGRATED ANNUAL REPORT 2025
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY

FINANCIAL
OUR CREW
RELATIONSHIPS
NATURE
KNOWLEDGE
INFRASTRUCTURE
This year, we reached significant milestones in our global digital transformation journey,
implementing major global platform changes across critical operational, financial and people
systems. We now have the global platforms and technical infrastructure in place to grow,
and we are sharply focused on delivering benefits for increased revenue, efficiencies and
productivity gains, enhanced guest experience and end-to-end business process improvement.
This result is the culmination of several years of investment.
FA S T E R
REPORTING
AND INSIGHTS
5x
4x
STRATEGIC CHOICE + IMPACT
In last year’s report, we highlighted that
a core element of managing complexity
and achieving growth for thl globally is
having the right technologies and systems
in place. Successfully completing a major
programme of digital transformation
projects was a huge undertaking.
We now have effective cross-regional
benchmarking for the first time,
unlocking learning opportunities across
our global operations and providing a
solid foundation for future initiatives.
Our digital transformation enables us to
achieve global process enhancements,
with faster returns on investment that
add value for our guests and crew.
Major milestones achieved
•
Motek single global fleet management
system: The global rollout of Motek
concluded this year when Canada went
live in late 2024. This major achievement
brings all rental businesses onto one
platform. We are already leveraging
the business benefits of this change,
standardising processes, and workflows,
eliminating inconsistencies, reducing
complexity and generating cost savings.
•
Databricks – a global data lakehouse
platform: We successfully completed a
two-year data platform modernisation
across our global regions. The previous
platform was not able to scale for thl’s
growth. The new platform delivers
significant cost savings, faster and more
accurate insights and lower maintenance
costs. We also expanded our ERP
Microsoft Dynamics 365 finance system.
•
Global back-of-house enterprise asset
management: A great demonstration
of the benefits of these developments
is our pilot to standardise back-of-house
rental operations. This project leveraged
Motek and Microsoft Dynamics 365
systems to improve efficiency and
asset visibility and transition from
manual paper processes to automated
processes for preventive and corrective
maintenance tracking. Redesign
initiatives have streamlined workflows
and connected operations across the
rental lifecycle, delivering measurable
improvements in process consistency
and operational control. We will expand
this approach globally in FY26.
FASTER WITH
ONE EFFICIENT
SYSTEM BUILD.
DIGITAL TRANSFORMATION
delivers across the business
FUTURE-FIT SUSTAINABILITY
● THRIVE
● SUSTAINABLE PROCUREMENT
● IGNITION
digiTAl TRANSFORMATiON
PERFORMANCEABOUT US24thl INTEGRATED ANNUAL REPORT 2025
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•
New content management system
for our websites; We successfully
migrated multiple existing sites to a
single platform, providing more secure
cloud architecture and lower ongoing
maintenance. This enables us to
modernise quickly, reduce cyber threats,
implement user experience upgrades
and improve our content quality,
enhancing our brand presence to
increase conversion rates.
•
Human Resources Information System:
The final major transformation in FY25
was the implementation of a new
global HRIS platform, which is nearing
completion. This creates opportunities
for more streamlined processes, training,
information accessibility and improved
data and insights and enables us to
expand and enhance initiatives to
support our crew to be successful, using
role-based training, learning pathways
and global and local collaboration tools.
Empowering our crew
Digital transformation is a strategic enabler
of crew productivity and operational
efficiency. Our global crew enablement
programme Winning Workways launched
in FY25. This structured, digital-first
approach to collaboration and enablement
has doubled its reach from the initial pilot.
Around 10% of crew are now training as
Champions, supporting their teams to
build digital competency by embedding
collaborative tools and consistent digital
practices globally.
We have prioritised developing core digital
skills, including the adoption of Copilot and
other approved AI tools, and we are already
seeing benefits in improved efficiency of
business processes, automating routine
tasks and surfacing insights. We are
hearing from crew that AI is freeing up
time for higher-value work and improving
decision making at all levels.
We continue to expand our cyber security
protection with new, improved policies
around data categorisation and monitoring
and high-profile cyber security awareness
campaigns to help our crew stay safe
online. We are building a new crew-centric
digital ecosystem for seamless access to
information and tools to support our digital
enablement. These efforts are improving
crew experience and ensuring compliance
and scalability as we grow so our crew are
equipped and inspired to thrive in a digital-
first environment.
Embracing the power of AI
At thl, we believe exploring the potential
of AI is for everybody. Winning Workways
has enabled crew to learn, test and identify
opportunities to automate processes
and implement efficiencies. It is exciting
to see crew exploring and innovating to
help find and test new uses. We have
established an AI clearinghouse to govern
and ethically manage our opportunities
with AI tools. We believe taking a proactive
leadership approach – rather than sitting
back and waiting – is the best way to
build our maturity in this space. Taking a
crew-centric approach supports building a
culture of innovation and digital capability
to understand and embrace new AI tools in
an appropriate and beneficial way.
Where next for thl’s digital
transformation journey?
Our digital transformation has built
consistency, collaboration and confidence
in our digital capabilities, tools and
information flows for thl globally. We are
taking advantage of the single platforms
to leverage value and build our capabilities.
We have global visibility to identify the
best of what we have across the business
and can scale global implementation.
Our ability to pilot in one region, test,
learn and implement changes quickly
and effectively, learning and adapting as
we go, is now a core strength. Change
processes are mature, disciplined and
efficient, so transformation is part of how
we do business, not a disruption.
STRENGTH
Our ability to pilot in
one region, test, learn
and implement changes
quickly and effectively,
learning and adapting
as we go, is now a core
strength.
PERFORMANCEABOUT US25thl INTEGRATED ANNUAL REPORT 2025
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PROTECT
At thl, we are dedicated to the health, safety and wellbeing of all our crew, guests,
customers, contractors and stakeholders. Our first priority is to prevent harm, and our
primary goal is that, at every site, crew leave work as well as they came, if not better.
Protect is thl’s high-impact crew safety
engagement programme launched last
year. It aims to bring health, safety and
wellbeing to life every day for all our crew.
The underlying principle of Protect is to
connect why health and safety is important
to our business and to all of us in the way
that we do our work.
The core elements of the Protect
programme are a consistent clear brand,
highly visible and targeted resources
and messaging, and frequent proactive
crew engagement activities to drive
conversations and a positive, proactive
approach. FY25 was the second full year
of the Protect programme, and we have
effectively embedded Protect across the
business globally using a regular ‘rinse
and repeat’ methodology.
We are confident Protect has shifted the
dial for our crew engagement. This was
reflected in our global crew survey in FY25,
which showed a significant increase in
engagement and positive survey responses
that all injuries are preventable and that thl
cares about the health and safety of its crew.
Protect has now been rolled out in each
of our regions, with good momentum
and energy as teams have regular
conversations about the fundamentals of
Protect. This has driven greater awareness
and increased reporting of hazards, near
misses and incidents – a sign of a strong
safety culture.
Power Ups
A core Protect crew engagement activity
is our regular Power Ups – structured
bite-sized conversations that our branch
or location managers have with their crew
around a specific topic fundamental to
health and safety. Some Power Up topic
examples: Why do I want to go home
safely from work? What is a hazard and an
incident? How do we better understand
our critical risks? Power Ups are delivered
consistently to all crew globally. Every
team leader facilitates the Power Up
conversation topic with their team, and the
information and feedback flows through
the organisation. This gives all crew an
opportunity to report anything or raise any
issues and opportunities they have seen at
their locations. This can be shared across
the globe to inform other branches that
might be dealing with similar hazards.
Project Uplift
A strategic priority for our global health,
safety and wellbeing (HSW) programme
in FY25 was completing Project Uplift, a
global initiative to review the controls in
place to manage our critical risks. It has
brought a new level of maturity to our
health and safety processes with Protect
and Project Uplift working together
effectively – Protect focuses on the why
and Project Uplift focuses on the how.
The work to complete Project Uplift was
a substantial effort for crew globally over
the last year. Teams reviewed mandatory
control requirements and audited all
controls required to manage our critical
risks at every location. Action plans to
address control improvements were
identified and implemented.
Through Project Uplift, we have assessed
and audited the controls for our critical
risks at all locations globally, and seen
that action plans are in place to address
control improvements. This approach has
strengthened the capability of leaders
and teams to understand the mandatory
controls in place and manage critical risks
for each location.
elevating our health, safety
and wellbeing journey
500
43
%
STRATEGIC CHOICE + IMPACT
PROTECT POWERUPS
RUN THROUGHOUT
thl NETWORK
FUTURE-FIT SUSTAINABILITY
● THRIVE
● IGNITION
REDUCTION IN LOST TIME INJURY
FREQUENCY RATE (LTIFR)
OVER
FINANCIAL
OUR CREW
RELATIONSHIPS
NATURE
KNOWLEDGE
INFRASTRUCTURE
PERFORMANCEABOUT US26thl INTEGRATED ANNUAL REPORT 2025
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY

Project Uplift has created clarity and
transparency of our controls and how
these are operating across our sites
globally. Documenting and auditing
our controls in this way has created a
comprehensive library of controls for all
our sites with consistent documentation,
providing greater visibility and assurance
that the mandated controls are in place
and operating effectively.
Health, safety and wellbeing
reporting
We have identified six critical health and
safety risks for our business: working at
height, traffic management, dangerous
materials, dangerous plant, dangerous
machinery and our public interface. Our
business leaders and teams are actively
managing these risks, supported by a
global network of HSW Leads providing
specialist advice and guidance.
We continue to drive continuous
improvement in our health, safety
and wellbeing practices and to build
a culture of active safety leadership at
all levels, with active engagement from
all our crew.
Your Workmates
18.20
LTIFR – FY25
SIGNIFICANT REDUCTION
FROM 31.96 IN FY24
UNITED
We continue to drive
continuous improvement
in our health, safety and
wellbeing practices and
to build a culture of active
safety leadership at all levels,
with active engagement
from all our crew.
As we continue to take meaningful steps
on our HSW journey, we have seen a
marked increase in crew engagement,
hazard reporting and safety culture, with a
110% increase in hazard reporting and crew
observations. Our LTIFR was 18.20 in FY25 –
a significant reduction from 31.96 in FY24.
PERFORMANCEABOUT US27thl INTEGRATED ANNUAL REPORT 2025
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY

FUTURE-FIT JOURNEY
Elevating our approach to working with a
future-fit mindset and methodology across
all business operations has been a focus
in FY25. We identified the key integration
points for future-fit impact and have put in
place mechanisms to support consistently
applying future-fit decision making in our
planning, projects, processes and training.
A highlight this year was the development
of new online future-fit training modules
and learning pathways to support all
crew to better understand our future-
fit journey and the actions required to
support progress. This is currently being
implemented through the new global
HR platform.
We highlight our progress on each
workstream of our global sustainability
programme below. The annual Future-Fit
Health Check for FY25 shares our progress
across all 23 Future-Fit Break-Even Goals
of the Future-Fit Business Benchmark
on page 32.
Climate and carbon strategy –
Changing Gear
In FY25, we prepared our first transition
plan – Changing Gear. Developing
our transition plan reflects the core
assumptions of our business model
and strategy and builds on existing
work, including Future Fleet. We have
identified four key workstreams and the
actions we intend to take now and in the
future to enable thl to respond to our
material climate-related physical and
transitional risks.
Our Changing Gear transition plan work
programme is intended to become our
climate and carbon strategy future-fit
workstream to align and leverage progress
embedding sustainability action in our
business globally.
We will provide more information in
our FY25 Climate Statements to be
released in October 2025. Our FY24
Climate Statements are available at
www.thlsustainability.com.
Future Fleet
Our greatest sustainability challenge
remains addressing the emissions from
our motorhomes. We continue to actively
scan for transition tipping points to low-
emissions vehicles globally. Our annual
Future Fleet scans in each region have
highlighted that progress remains slow for
vehicles suitable for RV use. We are seeing
a slower pace on zero-emissions vehicle
regulations in some regions, particularly
in North America. As a result, original
equipment manufacturers and other
manufacturers are taking a more measured
approach and considering a wider range of
transition technologies.
We continue to explore electric vehicle pilot
opportunities and engage with industry
on progress, including as a member of
the RV Industry Association Sustainability
Committee. Action Manufacturing
subsidiary Transcold NZ is now the
official channel for Addvolt, providing
New Zealand commercial operators with
direct access to industry-leading plug-
in electric systems for refrigerated vans,
trucks, trailers and containers. In FY25, we
piloted using AI data analytics platform to
compare the lifecycle impacts of different
RV types.
We remain committed to our future-fit journey and to addressing our priority future-fit goals, including
the emissions from our motorhome products and operations. Our global future-fit sustainability
programme is well established and integrated across our business strategy, plans and operational
activities. Future-fit progress and goals are considered at all levels – from our site-based actions to
business strategy and capital investment decisions – and are an integral part of business plans.
embedding and
expanding impact
STRATEGIC CHOICE + IMPACT
FUTURE-FIT SUSTAINABILITY
Ignition
FUTURE-FIT ACTION PLANS
TRACKED WITH CARBON
IMPACT REPORT
ALL BRANCHES HAVE
FUTURE FLEET
SCANS
IN EACH REGION
AI PILOT OF
OUR RVS
TO BETTER
COMPARE
LIFECYCLE IMPACTS
● CLIMATE
AND CARBON
● FUTURE FLEET
● SUSTAINABLE
● THRIVE
● ACCELERATE
● IGNITION
FINANCIAL
OUR CREW
RELATIONSHIPS
NATURE
KNOWLEDGE
INFRASTRUCTURE
FUTURE-FIT JOURNEY
PERFORMANCEABOUT US28thl INTEGRATED ANNUAL REPORT 2025
DISCLOSURESGOVERNANCEFINANCIALSSTRATEGY

Sustainable procurement
In FY25, we continued to mature our
sustainable procurement approach and
capability. We progressed Level 4 Enhance
within our sustainable procurement
framework and expect to complete the
final Level 5 Lead of the framework in
FY26. In October 2024, we released our
second global modern slavery statement
with an analysis of global supply chain
risks by region. We are following our anti-
modern slavery roadmap and intend to
report on our progress in our next global
modern slavery statement to be released
in October 2025.
Thrive – our people goals and
cultural capability
At thl, we are committed to being a
business that values diversity and is open,
inclusive, respectful and culturally aware.
We prepared our first Diversity, Equity and
Inclusion (DEI) Strategy and Roadmap last
year, and in FY25, we focused on moving
from programme development to a leader-
led approach embedding this work as a
core part of living our values at thl – see
page 35.
We are proud to have reaffirmed
our commitment to reconciliation in
Australia with the launch of our second
Reconciliation Action Plan (RAP). There
are four RAP levels in the Reconciliation
Australia framework. We successfully
achieved our first Reflect level RAP and
advanced to the next Innovate level RAP.
We are privileged to have partnered with
Indigenous Design Labs to bring our
Innovate RAP into creation, designed
by a team of aspiring First Nations
designers aged 13–19 under the mentorship
of the teams from ingeous studios and
Red Ochre Republic. Learn more about
the inspiring design work story here.
Accelerate – partnerships for impact
We believe that travel brings people
together and builds understanding and
connections across diverse cultures,
communities and experiences. Reflecting
our global commitment, we continue
to build our cultural capability and
respectful relationships with First Nations
Peoples and promote Indigenous tourism
experiences to our guests. In Australia and
Canada, we launched an initiative enabling
our crew to participate in Indigenous
tourism experiences for cultural learning
and relationship building with Indigenous
tourism operators.
As a founding partner in the Tiaki
Promise in New Zealand, we embrace
our responsibility to elevate Tiaki Promise
awareness and engagement for all
our guests. We bring this to life as an
integral part of our activities in Waitomo.
At Kiwi Experience, our drivers receive
training to support engaging guests
on our bus tours, and in New Zealand
Rentals, we have aligned future-fit action
plans with the Tiaki Promise actions to
increase engagement.
We are delighted to have received the
new Sustainable Tourism Certification
from Ecotourism Australia for all our
rentals brands and branches across
Australia. This certification is based on a
comprehensive review and reflects our
sustainability programme progress and
our commitment to responsible travel,
as communicated to our guests through
our RV with Respect initiative.
Ignition – future-fit branches
We continue to expand and embed
our future-fit branches programme
at all sites globally. We have a future-
fit assessment for branch relocations,
which present significant opportunities
for positive improvement and impact.
The redevelopment of Waitomokia is
an example of what is possible.
All our branches globally continue to work
on actions to improve energy efficiency
and use of renewables, reduce waste,
conserve water and contribute to the
community. We have improved our carbon
impact reports, used to track our progress.
New future-fit action plan training modules
were implemented in FY25 to build crew
awareness and engagement in these areas.
We are currently refining our future-fit
action plans for the retail site network to
identify and prioritise initiatives with the
highest impact.
THL584 RAP Design for Waitomokia-2000x1420.indd 1THL584 RAP Design for Waitomokia-2000x1420.indd 106/11/2024 4:44 PM06/11/2024 4:44 PM
PARTNERSHIP
We are privileged to have
partnered with Indigenous
Design Labs to bring our
Innovate RAP into creation,
designed by a team of
aspiring First Nations
designers aged 13–19 under
the mentorship of the teams
from ingeous studios and
Red Ochre Republic.
VidEO
PERFORMANCEABOUT US29thl INTEGRATED ANNUAL REPORT 2025
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DISCLOSURES
DISCLOSURES
PERFORMANCEABOUT US30thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALS

OUR CARBON FOOTPRINT
This year, we will again be
publishing our greenhouse
gas (GHG) emissions data in
our Climate Statements
report, which shares our
climate-related disclosures in
compliance with New Zealand
Climate Standards (NZ CS) 1, 2
and 3. We continue to monitor,
manage and report our GHG
emissions (Scopes 1, 2 and 3)
across our operations and
value chain. We are currently
undergoing assurance of
our FY25 GHG emissions
inventory and will report the
assured results in our FY25
Climate Statements by
31st October 2025.
As disclosed in last year’s report, thl reset
its GHG emissions baseline year as FY24.
This change was a result of a shift from an
‘equity share’ approach to an ‘operational
control’ approach, which moved all of
our customers’ journey emissions from
Scope 1 to Scope 3. This baseline provides
a more relevant, accurate basis for
future comparisons.
We are accordingly currently revising
our existing science-aligned Scope 1 and
2 targets to account for the changes to
thl’s GHG emissions baseline year and
will update on progress in our FY25
Climate Statements.
thl’s emissions inventory is influenced by
changes in business activity, for example
the reduction in the number of units sold
across both Manufacturing and the Retail
businesses from FY24 has reduced thl’s
FY25 Scope 3 emissions. Our operational
emissions (including Scope 1, Scope 2,
and specific Scope 3 emissions activities)
are impacted by changes including site
relocations and higher rental activity
levels. We have continued to make
ongoing improvements this year to data
quality and consistency to reduce the
number of required assumptions in our
emissions inventory.
We believe that our sustainability
initiatives, including energy efficiency
improvements, renewable energy
adoption, and supply chain engagement
are making an impact. However, the
emissions from our customers’ journeys
and the use of motorhomes and other
vehicles that we sell (use of sold products),
remain our largest challenge. We aim
to be a leader and to transition our fleet
to lower emissions technologies, but as
a technology taker, thl is significantly
constrained by the limited availability
of suitable zero or low-emission chassis
and charging network infrastructure.
We continue to proactively explore
transition pathways through our Future
Fleet scans and intend to revisit developing
a Scope 3 target at the time when more
viable options are available to reduce
vehicle emissions. We continue to focus
on optimising existing technologies and
improving operational efficiencies to
achieve emissions reductions elsewhere
in our inventory.
thl is a climate-reporting entity under
the New Zealand Financial Markets
Conduct Act 2013. Further information
about our GHG emissions, our targets,
our climate risks and opportunities
and how these are being managed
will be disclosed in a separate Climate
Statements report to be published on our
website at www.thlsustainability.com by
31st October 2025.
PERFORMANCEABOUT US31thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

We are on track and can
continue our journey
We have minor gaps but
know how to close them
We have major gaps and
need to rethink
We are off track and need
to redesign our course
OUR FY25 FUTURE-FIT HEALTH CHECK
KEY: Health Check assessments, done in accordance
with the internationally recognised Future-Fit Business
Benchmark, show how thl is performing against the
Future-Fit Break-Even Goals.
FY20FY21FY22FY23FY24FY25FY 25 Health Check Commentary
BE01: Renewable
Energy
Renewable energy is a priority future-fit goal. We regularly review renewable energy progress and options to purchase or
produce renewable energy for our sites. This year, the Adelaide branch co-located on the Camperagent site, which has solar
power installed. Assessing regional renewable energy pathways is an action as part of our transition plan Changing Gear.
All action plans for Ignition future-fit branches have energy efficiency goals, and actions target high-impact areas such as
heating, cooling, lighting, processes and equipment.
BE02:
Water Use
Water conservation is a priority for all sites globally. At Waitomokia, we have installed new rainwater capture, recycling
and management systems to protect important aquifers. We reviewed water-stressed regions for our global site network
in FY25, and this is part of our future-fit assessment for new locations. We are identifying opportunities to install rainwater
tanks in Australia, and the wash bay water recycling system pilot in Los Angeles was completed. Crew awareness of water-
saving leak detection and water-efficient process improvements is ongoing. In Waitomo, we continue to protect the health
of the waterway and catchment and invest in the wastewater management system.
BE03:
Natural
Resources
Waitomo is our only location where we directly manage natural resources as part of our operations. Our environmental
management practices at Discover Waitomo meet a high standard, guided by the Environmental Management Plan,
intensive monitoring and oversight by the Environmental Management Advisory Group.
BE04:
Procurement
PRIORITY GOAL
Sustainable procurement is a high-priority goal, and we continue to make good progress. We achieved Level 4 Enhance
of our sustainable procurement framework. We continue engaging current and new suppliers with our Supplier Code of
Conduct and improving our supplier data. In Australia, we expanded engagement with First Nations suppliers as part of
our Reconciliation Action Plan (RAP). Our second global modern slavery statement, released in October 2024, included
an external risk analysis of our supplier risks by region. We continue to progress anti-modern slavery roadmap actions,
developing training for key procurement roles and promoting awareness of the SpeakUp concerns mechanism internally
and externally. While we are making progress, there is more to do to understand risks in our complex global supply chains.
BE05:
Operational
Emissions

Our branch and retail activities do not directly generate measurable liquid, gas or solid emissions released directly into
nature. However, use of chemical products creates the potential for spills, and this risk is actively managed. We track,
measure and report emissions that may occur from spills at our locations. Project Uplift, a global health and safety
programme launched in FY25, included a review of containment procedures for locations globally. We continue to build
our understanding of potential impacts for this goal from our expanded manufacturing operations.
BE06:
Operational GHGs
PRIORITY GOAL
Reducing operational emissions is a high priority future-fit goal, progressed through our Ignition branch action
plans. We continue to implement future-fit action plans to reduce operational emissions for our branches globally and
track progress through our carbon impact reports and apply this approach to all new locations. Our Kiwi Experience buses
are a significant Scope 1 operational emissions source. We work to reduce this through fuel-efficient driving and routes
and offering smaller group tours. We extended our Scope 3 emissions inventory to provide more comprehensive data for
upstream and downstream emissions, resulting in a significant increase in our overall verified carbon footprint in FY24.
OUR FY25 FUTURE-FIT HEALTH CHECK
PERFORMANCEABOUT US32thl INTEGRATED ANNUAL REPORT 2025
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FY20FY21FY22FY23FY24FY25FY 25 Health Check Commentary
BE07:
Operational
Waste
Tackling waste to landfill remains a challenge, with significant location moves in Australia and New Zealand and branch
upgrade projects in the USA contributing to increased waste volumes in FY25. Action plans promote refuse, reduce, reuse/
repurpose and then recycle, with new crew recycling training modules piloted this year. Waste reduction initiatives in
FY25 included expanded donations of surplus items across many sites, working with suppliers to reduce packaging waste,
investigating product stewardship options in each region and improving systems for recycling items, including e-waste
and uniforms. Action Manufacturing is recycling and repurposing materials such as plywood, cardboard, omnipanel offcuts,
pallets and soft plastics.
BE08:
Operational
Encroachment
Our branch and manufacturing operations are generally located in developed industrial areas with low risk of impact on
sensitive areas, ecosystems and community health. Future-fit sustainability goals were integrated through the design and
redevelopment of Waitomokia, working in partnership with local iwi to respect and protect cultural and environmental
values. We have a future-fit framework to assess potential impacts at new locations. In Waitomo, we manage operational
impacts on communities, cultural sites and the cave and karst ecosystem.
BE09:
Community
health
Through our Accelerate partnerships workstream, we aim to have a positive impact for communities and destinations and
deliver our global commitment to build our cultural capability and respectful relationships with First Nations Peoples. The
launch of our new Innovate level RAP design story was a highlight. We continue to roll out training, resources and initiatives
for our crew to learn and build local relationships. In New Zealand, as a founding partner of the Tiaki Promise, we expanded
efforts to increase awareness for guests, training for crew and aligning future-fit action plans with Tiaki Promise actions. We
are proud to have achieved the new Sustainable Tourism Certification from Ecotourism Australia. All branch action plans
globally have actions to contribute to local communities where we are based.
BE10:
Employee Health
Protecting the health, safety and wellbeing of our crew, guests and customers is of primary importance. We continue
to elevate our training, systems, processes, reporting and assurance practices and our crew safety programme Protect.
We have robust practices to manage our critical risks, focused on practical, site-based systems. In FY25, we implemented
Project Uplift, a global initiative to expand our assurance processes and test the effectiveness of our control measures.
BE11:
Living Wage
We conduct a future-fit wage review annually, considering minimum wage and living wage reference points alongside the
consumer price index and any other external or internal factors. We will continue to review developments and living wage
models available in the jurisdictions we operate in and regularly assess our future-fit wage approach.
BE12:
Fair Employment
Terms
We continue to have good fitness for the criteria for this goal in each region and regularly review our terms and conditions
to reflect new developments. In FY25, we implemented a new global Human Resources Information System, providing
a consistent platform for managing our people processes, systems, training and data.
BE13: Employee
Discrimination
We have the policies, procedures, systems and training in place to achieve this goal. We are committed to being a business
that values diversity and is open, inclusive, respectful and culturally aware. In FY25, we embedded actions from our Diversity,
Equity and Inclusion Strategy and Roadmap as part of living our thl values through programme development, leader
training and data monitoring.
BE14: Employee
Concerns
We continue to provide and promote a range of crew feedback mechanisms, including regular crew pulse surveys and
follow-up action plans, team huddles and CEO teams talks, and our concerns mechanism SpeakUp is available internally
and externally. Our People Leads support managers and crew to raise and address concerns appropriately. In FY25, we
refreshed our global initiative to raise awareness for all crew on the importance of raising concerns, the processes available
and how to access SpeakUp, and we actively encourage all crew to raise any concerns.
BE15:
Product
Communications
Providing all our guests and customers with the information and support they need for the safe use of our products and
services is critical for our business. We meet this goal by providing extensive materials through multiple channels and
formats, and guests have access to call centre support. These materials are reviewed and refreshed regularly, responding
to feedback from guests.
PERFORMANCEABOUT US33thl INTEGRATED ANNUAL REPORT 2025
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FY20FY21FY22FY23FY24FY25FY 25 Health Check Commentary
BE16:
Product Concerns
Robust mechanisms are readily available for all guests, customers, crew and stakeholders to raise concerns at
any stage. When travelling with us, guests have access to assistance and support through our call centre and are provided
with support and information before, during and after their journey. We actively seek feedback from guests. We have
channels available in multiple languages for guests to raise concerns and get support and advice, and we proactively
manage any issues identified. Our SpeakUp mechanism is available online for anyone to raise concerns at
www.thlsustainability.com/suppliers.
BE17:
Product Harm
As a responsible travel company, thl is focused on making a positive impact for communities and destinations and seeing
that our operations and products do not cause harm to people or the environment. Promoting safe driving for guests,
reducing accidents, addressing issues related to freedom camping and on-site traffic management are priorities. We actively
support industry initiatives such as Tiaki Promise in New Zealand, and have achieved Ecotourism Australia certification
and promote responsible travel ideas and information to our guests through our RV with Respect initiatives in Canada
and Australia and Travel with Heart in the USA.
BE18:
Product GHGs
PRIORITY GOAL
High-priority future-fit goal – Scope 3 emissions from our fleet are our greatest emissions impact and sustainability
challenge. We track transition progress in each region where we operate with annual Future Fleet scans for tipping points
for technology, regulation, infrastructure and funding. Progress remains slow as we are a technology taker, but we continue
engaging suppliers and OEMs globally on progress for low-emissions vehicles suitable for RV use. Future Fleet is a core
workstream in our Changing Gear transition plan. Action Manufacturing continues pilot opportunities, including our second
2-RV pilot and working with Hato Hone St John on electric ambulance pilots. Action Manufacturing subsidiary Transcold
NZ is now the official channel for Addvolt – industry-leading plug-in electric systems for refrigerated vans, trucks, trailers
and containers. We have extended our Scope 3 emissions inventory to include comprehensive upstream to downstream
emissions, using AI platform Planet Price to capture emissions associated with our value chain.
BE19:
Products can be
Repurposed
PRIORITY GOAL
This is a high-priority goal reflecting our expanded manufacturing and vehicle sales activity. Progress on product
stewardship, extended producer responsibility and ‘right to repair’ regulations by region is regularly reviewed by our
Global Sustainable Procurement Group to identify opportunities for circular economy opportunities related to priority
products. The variety of components and materials in a motorhome creates challenges for assessing recycling rates
compared to regular vehicles. Action Manufacturing continues to explore the use of more circular and recyclable materials
as part of the design and build process. FY25 we piloted using the AI data analytics platform Planet Price to provide an
analysis of lifecycle Impacts for ICE, electric and hybrid RV models for emissions and across the nine planetary boundaries.
BE20:
Business Ethics
We continue to meet this goal through our Code of Ethics and Governance and Ethics Committee, ethics training and
regular reviews.
BE21:
Right Tax
As a publicly listed company, we are confident we meet the standards required for this goal and are disclosing the
relevant information.
BE22:
Lobbying &
Advocacy
We do not undertake lobbying activities directly but continue to engage with tourism and RV industry groups. Through
engagement in these forums, we promote the importance of addressing future-fit sustainability issues and impacts as
an industry.
BE23:
Financial Assets
As a company, we do not directly manage financial investment assets beyond standard financing activities. We have
reviewed this goal and many of the risk areas identified do not apply directly to our activities or are managed in other goals.
PERFORMANCEABOUT US34thl INTEGRATED ANNUAL REPORT 2025
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We aim to mature our understanding
of dimensions of diversity as we move
forward with our Diversity, Equity,
and Inclusion Strategy and Roadmap,
leveraging our global HR platform
to improve data collection over time.
We will continue to seek to nurture and
develop a diverse leadership pipeline,
understand dimensions of diversity at
thl and address barriers to inclusion such
as pay equity and flexible working.
The Board endorses and supports the
thl Diversity, Equity and Inclusion Policy,
Strategy and Roadmap. The Board has
reviewed and approved the diversity data
categorisation approach and recognises
that there is more work to be done.
DIVERSITY AND INCLUSION REPORTING
In FY25, we embedded our Diversity,
Equity, and Inclusion Strategy and
Roadmap actions to move from
programme development to a leader-
led approach. To support our leaders,
we developed and rolled out training,
practical tools and activities to support
our leaders focused on bias awareness,
respectful language and made progress
on our three global workstreams:
•
Fair Access to Opportunities – how we
create equitable pathways and build our
understanding of diversity at thl.
•
Respecting Each Other – how we
celebrate diversity and foster a culture
of community and belonging.
•
Respecting Local Culture – how we
build our cultural capability and
respectful relationships with First
Nations Peoples to deliver
our global commitment.
The new global HR system will enable more
effective data collection and reporting,
improving how we gather, analyse and
monitor data to track progress. This will be
a key enabler of real-time measurement,
learning and development pathways.
It will enable us to monitor diversity in
uptake of career training and leadership
development and for leadership roles.
We currently measure and report metrics
for gender diversity in leadership and
all roles globally. We also report on and
review progress in Australia through the
Gender Equality Programme. Reports
are available on the Workplace Gender
Equality Agency portal under Tourism
Holdings Rentals Limited.
Female representation summary by business units
Female %Board
Key Management
Personnel
Senior executives
and management
Middle managers
and supervisory
positionsNon-managers
Overall
combined female
representation
across all categories
NZ34.8%55.2%49.3%49.6%
AU33.3%42.4%36.4%36.7%
US25.0%34.0%37.5%36.6%
CA38.5%50.0%50.0%49.4%
UK28.6%52.9%35.5%37.6%
ANZ Manufacturing25.0%16.4%13.5%14.0%
Combined representative42.9%41.7%32.6%41.6%37.1%37.5%
Out of balance
(male dominant) (if <40%)
Not applicableOut of balance
(female dominant) (if >60%)
Balance achieved (40–60% or more)
(i.e. female representation is achieved)
DIVERSITY AND INCLUSION REPORTING
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Region/Business
GroupComparison to FY24
New ZealandFemale representation across the entire workforce decreased to 49.6% from 52.5%. However,
representation in senior executive and management positions increased by 4.8%
Australia Female representation across the entire workforce decreased from 40.1% to 36.7%. There was a 10%
increase in female representation in KMP, and representation in middle manager and supervisory
positions increased by 7.9%.
USAFemale representation across the entire workforce decreased slightly to 36.6% from 37.5%. There
was a 6.1% increase in representation within middle managers and supervisory roles.
Canada Female representation across the entire workforce increased significantly, up to 49.9% from 40.8%.
Representation increased by 8.2% in the non-manager category, however representation decreased
by 1.5% and 2% in the senior executive and management and middle manager and supervisory
position categories, respectively.
UK and IrelandFemale representation across the entire workforce decreased to 37.6% from 40.8%. Representation
in senior executives and management decreased by 4.8%, and representation in middle managers
and supervisory positions decreased by 9.6%.
Action
Manufacturing
ANZ
Female representation across the entire workforce increased to 14.0% from 12.9%. There was a
1.9% increase in the senior executive and management category, and a 1.5% increase in the non-
manager category.
Analysis
Diversity and inclusion reporting
is currently focused on female
representation across the business in
four main categories: key management
personnel (KMP) representing C-Suite
executives, senior management, middle
and supervisory level management and
non-management roles. The table above
reflects the outcome of the analysis
undertaken to date.
The female representation across the thl
group was 37.5%, a slight increase from
36.6% in FY24. This sits slightly below our
targeted balanced range of 40 to 60%,
however the overall percentage is heavily
skewed by the female representation
rates in Action Manufacturing, which
is 14%. Excluding manufacturing, thl’s
overall female representation rate is
approximately 44% and would be within
the balanced range.
Female representation has increased
in all categories:
•
KMP has increased from 35.3% to 41.7%
•
Senior executive and management
increased from 31.3% to 32.6%
•
Middle manager and supervisory
increased from 40.5% to 41.6%
•
Non-managers increased from 36.1%
to 37.1%
However only two of the six of the business
groups we assess from a gender diversity
perspective saw an increase in the female
participation rate. The table on the right
provides a summary of changes by
business area.
PERFORMANCEABOUT US36thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

thl takes an integrated
approach to Enterprise Risk
Management (ERM) to manage
risks across the business. We
have established governance
structures, policies, tools and
processes to identify, monitor
and manage our strategic,
operational and regulatory
risks. These include our ERM
policies, reporting structures and
online risk register that we use
to monitor our risks, including
current material risks from and
contributing to climate change.
Our Executive lead team regularly
review and update the risks they are
responsible for as assigned Risk Owners.
The key strategic and operational risks
that are front and centre for thl are
reviewed regularly by the Executive and
reported to each meeting of the Audit
and Risk Committee (ARC). The critical
strategic risks for thl are detailed in the
following table.
thl prepares our annual climate-
related disclosures in accordance with
the Aotearoa New Zealand Climate
Standards. We have identified our material
climate-related risks and opportunities
(CR&Os), which include transition and
physical risks. Our climate-related risks
are considered in our strategic risks,
which are regularly monitored and
reported to the ARC. The Health, Safety
and Sustainability Committee reviews
progress on thl’s climate and carbon
strategy actions as part of the global
sustainability programme. The thl Board
reviews the CR&Os at least annually. The
thl CR&Os will be reported in the FY25
Climate Statements.
In FY25, we completed a review of our risk
management functions and established
a new risk, quality and assurance (RQA)
function to bring together enterprise risk,
internal audit, HSW and policy. We believe
this development will support improved
integration and assurance by embedding
standards and controls consistently over
the dispersed network of locations globally.
Our initial focus has been to review, align
and define our risk and quality priorities
and the practical controls and assurance
measures to put into action, and we
have streamlined the number of risks
in our online risk register to improve
monitoring of issues. We focus on the
four core overarching control types we
implement to effectively manage risks
across thl. These include policies and
standards, training and communications,
management routines and rhythms, and
monitoring and reporting.
In FY26, we will continue to develop
our RQA work to build momentum by
embedding the right standards and
controls in the business and monitor this
consistently through the implementation
of the new global assurance programme.
Core elements of the assurance
programme will include ongoing reporting,
location audits, functional stocktakes and
issues retrospectives.
ENTERPRISE RISK MANAGEMENT
PERFORMANCEABOUT US37thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

Risk Risk description Impacts Risk controls Capitals
Cyber security

We face numerous cyber threats
globally that can severely impact
operations, reputation and
customer trust. One of the most
significant risks is the potential risk
of a data breach and unauthorised
access to sensitive information.
Financial losses due to
regulatory fines, legal
settlements and recovery
costs. Loss of customer
trust may result in reduced
revenue. Business disruption:
for business-critical systems,
productivity loss impacts
customer service and overall
business continuity.
•
Implement appropriate cyber and data policies, standards, software and
processes globally.
•
Address cyber security risks and protect our assets.
•
Prioritise cyber risks, undertake regular risk assessments across our global
operations.
•
Implement strategies to mitigate cyber risks.
•
Employee training and awareness campaigns on cyber threats.
•
Crew training in best practices for data handling procedures and
phishing prevention.
•
Emphasis on data security, utilising Microsoft products.
KNOWLEDGE
FINANCIAL
CREW
Supply chain
disruption

Supply chain disruption and issues
related to product shortages,
manufacturing disruptions,
shipping delays, tariff impacts
contributing to delays and/or a
shortage of vehicles for rentals
and sales. Increased costs for
manufacturing.
Potential revenue and
reputation impact if delays
and disruption impact
availability of vehicles for rental
fleet and sales. Supply chain
challenges impact on costs for
manufacturing, transporting
and maintaining vehicles,
impacting profitability.

•
Maintain ongoing relationships with existing suppliers.
•
Build relationships with potential new suppliers.
•
Regular monitoring, review of fleet production plans .
•
Strategic fleet and revenue planning.
•
Manage parts and materials stock to reduce risk .
•
Regular revenue reforecasting to reflect supply and
manufacturing assumptions.
•
Fleet flexibility to reschedule vehicle sale plans .
•
Explore alternative rental/sales product types.
NATURE
FINANCIAL
RELATIONSHIPS
Major market
shocks or cyclical/
abnormal
macroeconomic
factors
Global or local macroeconomic
factors or market shocks that
impact supply or demand in all or
some of the markets we operate
in, including pandemic, war,
terrorism, economic recession and
geopolitical tensions. Technological
advancements such as the rapid
expansion in the use of AI create
short-term market disruption.
Some markets in which thl
operates remain in recession with
the potential for other markets to
revert back into recession.
Market shocks or abnormal
macroeconomic factors can
lead to a material reduction
and/or increased volatility in
rental demand, positive or
negative vehicle sales margin
and overall tourism visitor
numbers. This in turn would
have a significant impact
on profitability, liquidity and
potentially capital structure.
•
Actively monitor global trends and the economic environment.
•
Agility and diversification in business models, product offerings and
across geographies.
•
Development of domestic tourism and non-tourism markets and
non-RV manufacturing.
•
Long-term fixed costs and commitments minimised where appropriate
to maintain cost flexibility.
•
Monitor forward-booking trends to detect changes and adapt pricing
or fleet as required.
•
Strong fiscal management of balance sheet, including having a liquid fleet
asset base.
•
Maintain favourable banking facilities and capability to respond quickly
to changes.
KNOWLEDGE
FINANCIAL
INFRASTRUCTURE
PERFORMANCEABOUT US38thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

Risk Risk description Impacts Risk controls Capitals
Long-term
global inflation
Long-term global inflation could
cause detrimental impact to
vehicle sales margins and overall
business model, as seen with OEM
pricing, shipping and other supply
chain increases.
A significant reduction in
profitability could occur
if long-term inflation
becomes embedded in the
manufacturing supply chain
and these cost rises are not
able to be passed on to vehicle
purchasers, causing a loss of
sales margin and threatening
the overall business model.
•
Fleet planning consideration given to impact on ROFE.
•
Regular supplier engagement and planning.
•
Actively monitor supply chain availability, and review and adjust fleet
purchase and sales scheduling.
FINANCIAL
Competitor
behaviour
disrupts market
New or existing competitors
entering or expanding in the
market (including manufacturers
entering the rentals space). Peer-
to-peer market continues to grow.
Rapid adoption and use of A.I
technologies by competitors.
Additional fleet supply and
new entrant behaviours alter
market dynamics, putting
business model, revenue and
profitability at risk.
•
Regular fleet and pricing review, price checks, mystery shoppers and
competitor assessments.
•
Multi-channel distribution presence and explore alternative rental/sales
product types.
•
Continued product development based on current customer needs.
•
Focus on quality service and product provision to maintain market share.
•
Proactively exploring AI applications.
•
Building our digital capabilities.
KNOWLEDGE
FINANCIAL
RELATIONSHIPS
Megatrends
in tourism
Market shifts, technology
advancements and changing
preference/attitudes can cause
shifts in tourism patterns and
demands both in the short and
long term.
Reduction in inbound tourism
reduces demand, impacting
profitability and ROFE.
External factors increase
the cost of travel. Potential
reputational impact.
•
Maintain presence in core markets through geographic spread of
thl businesses.
•
Develop new markets and continue to source non-tourism revenue
opportunities and engage with tourism bodies.
•
Monitor economic/external environment.
•
Manage balance sheet ratios, flex fleet.
•
Drive and communicate sustainability progress to meet/anticipate
customer expectations.
•
Monitor climate-related trends that impact booking patterns, travel
and tourism.
OUR CREW
NATURE
RELATIONSHIPS
Regulatory and
legal compliance
Changing governments or political
contexts can result in sudden
changes in regulatory and legal
standards. With thl operating in
several countries and industries
(including tourism, automotive
manufacturing and transportation),
the legislative context is complex.
Potential legal, financial and
reputational impacts such
as exposure to litigation,
revenue loss and operational
disruption.
•
Monitor upcoming legal policy and compliance changes through
engagement with industry bodies and legal advisers in each region.
•
Regularly monitor regulations relating to the phase-out of internal
combustion engine vehicles and emissions reduction where we operate.
•
Future Fleet scans updated annually to consider tipping points for
transition to low-emissions vehicles in each region.
FINANCIAL
INFRASTRUCTURE
OUR CREW
NATURE
PERFORMANCEABOUT US39thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

Risk Risk description Impacts Risk controls Capitals
Vehicle
technological
and obsolescence
risks
Our business currently relies on
motorhome manufacturing, rentals
and sales. There are potential risks
associated with the selection of
future fleet and investment in new,
low-emissions vehicle technology
alongside the expected rapid pace
of technological change. Evolving
technology and regulatory changes
such as internal combustion
engine sales and import cut-off
dates may cause parts for repair to
no longer be available and/or entire
vehicles to become obsolete.
Early adoption of the wrong
product (in volume) leads
to having a fleet profile
that is misaligned with
demand, a lack of reduction
in emissions contributing
to climate change and
financial consequences.
The obsolescence of existing
vehicles has a risk that it could
lead to impairment of all or
some of the fleet, operational
impacts and disruption to
daily activity.
•
Continued delivery of the Future Fleet programme, including Future Fleet
eRV trials. ‘Small bets often’ is the mitigation mantra.
•
Regular Future Fleet scans provide an overview of regulation, low-emissions
technology tipping points and renewable energy infrastructure.
•
Transition plan Future Fleet workstream focused on pathways for transition
to low-emissions vehicles.
NATURE
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
Labour supply
risk: recruitment
and retention
Globally, recruitment challenges
are easing with some locational
hotspots and some roles still
tight on supply. The challenge
continues in preparing to have
the right number of crew with the
right skills to deliver operationally.
This is a particular risk in the lead-
up to peak periods.
Lack of skilled labour and
sustainable labour force/high
churn impacting operations
and customer offering. Loss
or lack of key crew members
(such as from increased cost
of working holiday visas)
resulting in loss of knowledge,
skills or reputation that could
impair the execution of the
business strategic plan.
•
Clear strategies to retain our crew through personal development plans.
•
Focus on crew engagement and wellbeing.
•
Appropriate remuneration for each role where possible aligned with our
future-fit wage.
•
Talent acquisition, focus on brand values and thl visibility as an employer
of choice to support effective recruitment.
•
Continue to keep watching brief on the availability of visitor working visas
and permits in the different regions in which we operate.
•
Implement new global HRIS system.
•
Focus on supporting crew through onboarding and learning pathways.
OUR CREW
FINANCIAL
RELATIONSHIPS
Health, safety
and wellbeing
(HSW)
The safety of our crew and
customers remains a critical priority
for thl. The key operational health
and safety risks to our business
to proactively manage are onsite
traffic management, working at
heights, manufacturing services
and adventure tourism.
Potential for serious injury
or loss of life, financial and
reputational consequences,
operational disruption and
impact on mental health of
those directly and indirectly
impacted by an HSW event.
•
Protect crew safety programme embedded throughout rental and
retail business.
•
Connect the purpose of managing HSW to all crew, especially those in high-
risk environments.
•
Undertake regular internal and external site audits and assessments, with
outcomes captured and actions addressed.
•
Project Uplift to confirm standards and provide assurance on the
management of critical risks.
•
HSW team work within operational business units to implement best
practices at a site level.
•
Process, procedure and training remains a core growth area in the business.
•
Ongoing assessment of high-risk tasks, equipment and products, including
assessing the latest technology that may enable risk elimination.
•
HSW recording system with clear connection of risks to incidents and near
misses, allowing us to continue to monitor and improve our control.
OUR CREW
FINANCIAL
RELATIONSHIPS
PERFORMANCEABOUT US40thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

Risk Risk description Impacts Risk controls Capitals
Extreme weather
events, including
from climate
change
Globally, extreme weather events
continue to cause disruption
and ongoing impacts for the
communities we operate in and the
destinations our customers visit.
These weather events have the
potential to impact operations and
infrastructure, cause loss of fleet
and disrupt our customers’ travel
plans to tourism destinations and
pose a potential safety risk.
Disruption to travel
infrastructure impacting
customers, crew or suppliers
and/or impacting operations.
Disruption to our tourism
businesses, including
the Discover Waitomo tours,
cave and karst ecosystem
and glowworm population.
•
Actively monitor potential significant events and changing
climate conditions.
•
Operational plans in place to respond to extreme weather events and
manage potential impacts on our customers, crew and assets if an
event occurs.
•
Regular training and crew awareness and engagement in responding
to events.
•
Telematics used where available to identify guests who may be in
impacted areas and provide advance warning.
•
Proactively communicate relevant agency information and sources.
•
Monitor the impacts of climate-related events on our guests and
booking trends.
•
Consider proactive improvements to locations to minimise impacts
from weather events.
NATURE
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
Mass safety
recalls
Voluntary or required product
recalls on OEM-built products
occur from time to time and are
overseen by a regulatory body. All
factory recalls are controlled and
managed by the manufacturer.
Serious safety concerns could lead
to grounding fleets and could
relate to OEM-built products or
vehicle components.
Potential serious injury or
death as a result of defective
manufacturing practices,
processes or component
failure. Impacts also include
operational disruption and
impacts to reputation.
•
Preventive controls include targeting reputable manufacturers and
aiming to have a diverse range of products where possible.
•
Put in place service-level agreements with major suppliers and
extended warranties.
•
Procedures in place covering recall processes with regular Steering
Committee meetings and a reporting system to verify that all vehicles are
actioned or repaired.
OUR CREW
FINANCIAL
INFRASTRUCTURE
RELATIONSHIPS
PERFORMANCEABOUT US41thl INTEGRATED ANNUAL REPORT 2025
STRATEGYGOVERNANCEFINANCIALSDISCLOSURES

FINANCIALS
Directors’ Statement 43
Consolidated statement of comprehensive income 44
Consolidated statement of financial position 45
Consolidated statement of changes in equity 46
Consolidated statement of cash flows 47
Notes to the consolidated financial statements 48
Independent Auditor’s Report 92
PERFORMANCEABOUT US42thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Directors’ Statement
The Directors of Tourism Holdings Limited (thl) are pleased to present to shareholders,
the Annual Financial Statements for thl and its controlled entities (together the ‘Group’)
for the year ended 30 June 2025.
The Directors are responsible for presenting financial statements in accordance with
New Zealand law and generally accepted accounting practice, which present fairly,
in all material respects, the financial position of the Group as at 30 June 2025 and the
results of the Group’s operations and cash flows for the year ended on that date.
The Directors consider the financial statements of the Group have been prepared using
accounting policies which have been consistently applied and supported by reasonable
judgements and estimates and that all relevant financial reporting and accounting
standards have been followed.
The Directors believe that proper accounting records have been kept which enable, with
reasonable accuracy, the determination of the financial position of the Group and facilitate
compliance of the financial statements with the Financial Markets Conduct Act 2013.
The Directors consider that they have taken adequate steps to safeguard the assets
of the Group, and to prevent and detect fraud and other irregularities. Internal control
procedures are also considered to be sufficient to provide a reasonable assurance as
to the integrity and reliability of the financial statements.
This document constitutes the 2025 Annual Report to shareholders of
Tourism Holdings Limited.
This Annual Report is signed on behalf of the Board by:
Cathy Quinn ONZM
Chair of the Board
25 August 2025
Rob Hamilton
Chair of the Audit and Risk Committee
PERFORMANCEABOUT US43thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Notes
2025
$000’s
2024
$000’s
Sales of services2.1486,500440,583
Sales of goods2.2450,732481,148
Total revenue937,232921,731
Cost of sales2.2(366,599)(374,179)
Gross profit570,633547,552
Administration expenses4(112,178)(110,288)
Operating expenses4(382,674)(328,542)
Other operating income35,9612,374
Impairment loss on goodwill and other intangible assets14(40,000)(12,481)
Operating profit before financing costs
(1)
41,74298,615
Finance income1,2541,710
Finance expenses6(47,946)(41,915)
Net finance costs(46,692)(40,205)
(Loss)/profit before income tax expense(4,950)58,410
Income tax expense7.1(20,824)(19,034)
(Loss)/profit for the financial year(25,774)39,376
Other comprehensive loss
Items that may be reclassified subsequently to profit or loss
Foreign currency translation reserve movement (net of tax)
19(2,357)(315)
Cash flow hedge reserve movement (net of tax)19(1,021)(855)
Items that will not be reclassified subsequently to profit or loss
Equity investment reserve movement (net of tax)
19–(2,281)
Other comprehensive loss for the financial year(3,378)(3,451)
Total comprehensive (loss)/income for the financial year(29,152)35,925
Earnings per shareCENTScENTS
Basic (loss)/earnings per share8 (11.72)18.17
Diluted (loss)/earnings per share8 (11.72)18.08
Consolidated statement of comprehensive income
For the financial year ended 30 June 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements.
(1) The consolidated 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 equivalents to 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.
PERFORMANCEABOUT US44thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Notes
2025
$000’s
2024
$000’s
Assets
Non-current assets
Investments
17148148
Derivatives264801,269
Property, plant and equipment 10965,027829,284
Right-of-use assets11197,143130,089
Intangible assets14145,547186,462
Deferred tax assets7.3126683
Total non-current assets1,308,4711,147,935
Current assets
Cash at bank
49,73856,785
Investments1714482
Derivatives2688357
Inventories13165,944221,216
Trade and other receivables2150,49371,083
Total current assets266,407349,523
Total assets1,574,8781,497,458
Notes
2025
$000’s
2024
$000’s
Liabilities
Non-current liabilities
Derivatives
26344–
Employee benefits27323300
Interest-bearing loans and borrowings20500,117385,515
Lease liabilities197,306126,909
Deferred tax liabilities7.351,37845,495
Total non-current liabilities749,468558,219
Current liabilities
Derivatives
26–105
Trade and other payables2277,21782,633
Current tax payables5,0269,968
Employee benefits2719,51719,914
Revenue in advance2381,53869,243
Interest-bearing loans and borrowings2041,053117,157
Lease liabilities21,11920,579
Provisions2,0652,752
Total current liabilities247,535322,351
Total liabilities997,003880,570
Net assets577,875616,888
Equity
Share capital
18521,518516,402
Cash flow hedge reserve191421,163
Other reserves1913,85715,134
Retained earnings42,35884,189
Total equity577,875616,888
Consolidated statement of financial position
As at 30 June 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements.
PERFORMANCEABOUT US45thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Notes
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
Loss for the financial year–––(25,774)(25,774)
Other comprehensive loss
for the financial year
–(1,021)(2,357)–(3,378)
Total comprehensive loss
for the financial year
–(1,021)(2,357)(25,774)(29,152)
Transactions with owners,
recorded directly in equity
Dividends paid9–––(16,413)(16,413)
Ordinary shares issued185,116–––5,116
Transfers from employee
share scheme reserve
19––(356)356–
Share-based payments
(net of tax)
19––1,436–1,436
Balance as at 30 June 2025521,51814213,85742,358577,875
Notes
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 financial year––– 39,37639,376
Other comprehensive loss
for the financial year
– (855)(2,596)– (3,451)
Total comprehensive
(loss)/income for the
financial year
– (855)(2,596)39,37635,925
Transactions with owners,
recorded directly in equity
Dividends paid9––– (42,031)(42,031)
Ordinary shares issued18 12,233––– 12,233
Transfers from employee
share scheme reserve
191,162– (1,754)592–
Share-based payments
(net of tax)
19–– (194)– (194)
Transfer from equity
investment reserve
19–– 1,597(1,597)–
Balance as at 30 June 2024516,4021,16315,13484,189616,888
Consolidated statement of changes in equity
For the financial year ended 30 June 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements.
PERFORMANCEABOUT US46thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Consolidated statement of cash flows
For the financial year ended 30 June 2025
Notes
2025
$000’s
2024
$000’s
Cash flows from operating activities
Proceeds from sale of services
509,778446,001
Proceeds from sale of goods458,093471,742
Interest received1,2541,710
Payments to suppliers and employees(562,005)(619,716)
Purchase of rental assets(314,795)(345,121)
Interest paid(46,323)(40,201)
Net income tax paid(17,444)(10,057)
Net cash flows from/(used in) operating activities3028,558(95,642)
Cash flows from investing activities
Proceeds from sale of property, plant and equipment
641430
Purchase of property, plant and equipment(38,401)(12,078)
Purchase of intangibles(3,964)(4,010)
Proceeds from sale of investments17–20,821
Purchase consideration for the Camperagent acquisition15–(11,839)
Net cash flows used in investing activities(41,724)(6,676)
Cash flows from financing activities
Proceeds from exercise of share options
18–1,780
Proceeds from interest-bearing loans and borrowings30.3487,266733,317
Repayments of interest-bearing loans and borrowings30.3(449,087)(593,934)
Repayments of lease liability principal 30.3(20,857)(25,304)
Dividends paid(11,384)(33,354)
Net cash flows from financing activities5,93882,505
Net decrease in cash at bank(7,228)(19,813)
Opening cash at bank 56,78576,794
Effect of exchange rate fluctuations on cash at bank181(196)
Closing cash at bank 49,73856,785
The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements.
PERFORMANCEABOUT US47thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Notes to the consolidated financial statements
Index
Section A – Financial performance 51
1. Segment reporting 51
2. Revenue 55
3. Other operating income 56
4. Administration and operating expenses 56
5. Employee benefits expense 57
6. Finance expenses 57
7. Income tax 57
8. Earnings per share 60
9. Dividends 60
Section B – Assets used to generate profit 61
10. Property, plant and equipment 61
11. Right-of-use assets 63
12. Capital commitments 65
13. Inventories 65
14. Intangible assets 66
Section C – Investments 70
15. Business combinations 70
16. Material subsidiaries of Tourism Holdings Limited 71
17. Investments 71
Section D – Managing funding 72
18. Share capital 72
19. Reserves 72
20. Interest-bearing loans and borrowings 73
21. Trade and other receivables 75
22. Trade and other payables 76
23. Revenue in advance 76
24. Financial instruments 77
Section E – Managing risk 80
25. Financial risk management 80
26. Derivatives 83
Section F – Other 85
27. Employee benefits 85
28. Key management personnel and related party disclosures 85
29. Share-based payments 86
30. Notes to the consolidated statement of cash flows 90
31. Auditor’s remuneration 91
32. Contingencies 91
33. Subsequent events 91
PERFORMANCEABOUT US48thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated 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:
470 Oruarangi Road,
Mangere, Auckland 2022
New Zealand
The consolidated financial statements of the Group have been prepared:
• in accordance with Generally Accepted Accounting Practice in New Zealand
(NZ GAAP) and comply with New Zealand equivalents to International Financial
Reporting Standards (NZ IFRS) and International Financial Reporting Standards (IFRS),
as applicable for a ‘for profit’ entity;
• in accordance with the requirements of Part 7 of the Financial Markets Conduct
Act 2013 and the NZX Main Board Listing Rules;
• under the historical cost convention, as modified by the revaluation of certain
assets and liabilities as identified in specific accounting policies; and
• in New Zealand dollars with values rounded to thousands ($000’s) unless
otherwise stated.
These consolidated financial statements have been prepared on a going concern basis
and were approved for issue on 25 August 2025.
Throughout this document, critical accounting estimates are identified using the
following key:
Material accounting policies
Critical accounting estimates
Summary of significant accounting policies
(a) Consolidation
The Group consolidates its subsidiaries, as these are the entities over which the Group has
control. The Group controls an entity when the Group is exposed to, or has rights to,
variable returns from its involvement with the entity and has the ability to affect those
returns through its power over the entity. Subsidiaries are fully consolidated from the date
on which control is transferred to the Group. They are deconsolidated from the date that
control ceases.
Inter-company transactions, balances and unrealised gains on transactions between
Group companies are eliminated. Unrealised losses are also eliminated but considered
an impairment indicator of the asset transferred. Accounting policies of subsidiaries have
been changed where necessary to ensure consistency with the policies adopted by the
Group. Information on the Group’s subsidiaries can be found in note 16.
(b) Foreign currency translation
Functional and presentation currency
Items included in the financial statements of each of the Group’s entities are measured
using the currency of the primary economic environment in which the entity operates
(‘the functional currency’). The consolidated financial statements are presented in
New Zealand dollars, rounded to the nearest thousand, which is the Company’s
functional and presentation currency.
Translation into presentation currency
The results and financial position of all the Group entities with foreign operations (none
of which has the currency of a hyperinflationary economy) that have a functional currency
different from the presentation currency are translated into the presentation currency
as follows:
(i) assets and liabilities for each statement of financial position (‘balance sheet’)
presented are translated at the closing rate at the date of that balance sheet;
(ii) income and expenses are translated at the average monthly exchange rates; and
(iii) all resulting exchange differences are recognised as a separate component of equity.
Goodwill and fair value adjustments arising on the acquisition of a foreign entity are
treated as assets and liabilities of the foreign entity and translated at the closing rate.
PERFORMANCEABOUT US49thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Transactions and balances in the functional currency
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions. Foreign exchange gains
and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign
currencies are recognised in profit or loss, except when deferred in equity as qualifying
cash flow hedges.
At the end of each reporting period:
(i) Foreign currency monetary items are translated using the closing rate;
(ii) Non-monetary items that are measured in terms of historical cost in a foreign
currency are translated using the exchange rate at the date of the transaction; and
(iii) Non-monetary items that are measured at fair value in a foreign currency are
translated using the exchange rates at the date when the fair value was measured.
PERFORMANCEABOUT US50thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
In this section
This section explains the financial operations of thl, providing additional information
about individual items in the consolidated 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 ex-rental fleet and
new and used RVs direct to the public and through a dealer network in New Zealand;
Action Manufacturing – Manufacturing and the sale of motorhomes and other speciality
vehicles in New Zealand and Australia;
Tourism – Kiwi Experience bus tours and the Discover Waitomo Caves Group experiences
in New Zealand;
Australia Rentals, Sales & Manufacturing – Rental of motorhomes and 4WD vehicles,
manufacture of RVs, the sale of ex-rental fleet and new and used RVs direct to the public
and through a dealer network in Australia;
North America Rentals & Sales – Rental of motorhomes and the sale of ex-rental fleet and
new and used RVs 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
ex-rental fleet and new and used RVs directly to the public and through a dealer network
in the United Kingdom and Ireland; 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 or ‘EBIT’ 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 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. Intra-group dividends are presented
net of eliminations. Segment assets and liabilities are measured in the same way as in
the consolidated 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 at bank used in the
operations of the segments. The investments and derivatives designated as hedges of
borrowings are allocated to the ‘Corporate’ operating segment as these are managed
and monitored on a group basis.
PERFORMANCEABOUT US51thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
1. Segment reporting (continued)
2025
New Zealand
Rentals & Sales
$000’s
Action
Manufacturing
$000’s
Tourism
$000’s
Australia
Rentals, Sales &
Manufacturing
$000’s
North America
Rentals & Sales
$000’s
United Kingdom
& Ireland
Rentals & Sales
$000’s
Corporate
$000’s
Total
$000’s
Sales of services – external134,373–42,922143,719142,19222,1351,159486,500
Sales of goods – external43,68463,544–217,693104,79221,019–450,732
Sales of goods and services – inter-segment–102,160––––318102,478
Total segment revenue178,057165,70442,922361,412246,98443,1541,4771,039,710
Depreciation(25,775)(4,657) (1,607)(33,382)(39,241) (6,537)(512)(111,711)
Amortisation(9)(13)(623)(762)(131)–(1,773)(3,311)
Impairment loss on goodwill and other intangible
assets (refer note 14)
–––(3,441)(36,559)––(40,000)
Impairment loss on property, plant and equipment
(refer note 10)
(464)––(3,278)(187)(512)–(4,441)
Other costs – external(103,634)(55,518)(26,839)(303,478)(205,172)(42,080)(2,968)(739,689)
Other costs – inter-segment–(92,910)––––(318)(93,228)
Segment operating profit/(loss) before finance costs48,17512,60613,85317,071(34,306)(5,975)(4,094)47,330
Interest income81174–339623–8,95710,804
Interest expense(4,919)(1,119)(990)(13,555)(19,369)(6,141)(11,403)(57,496)
Segment profit/(loss) before income tax44,06711,56112,8633,855(53,052)(12,116)(6,540)638
Segment income tax (expense)/benefit(12,766)(3,237)(3,979)(1,666)(3,365)4261,949(22,638)
Segment profit/(loss) for the financial year31,3018,3248,8842,189(56,417)(11,690)(4,591)(22,000)
Other segment disclosures
Capital expenditure
127,8955,7771,56576,980120,52728,452155361,351
Non-current assets397,83627,36013,388398,702397,15767,09123,2381,324,772
Total assets432,64671,25215,575508,500452,30980,57832,0751,592,935
PERFORMANCEABOUT US52thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2024
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
(1)
Restated
$000’s
United Kingdom
& Ireland
Rentals & Sales
Reported
$000’s
Corporate
Reported
$000’s
Total
Restated
$000’s
Sales of services – external110,628 60 41,952 129,370 138,541 18,997 1,035 440,583
Sales of goods – external37,015 73,939 – 246,822 106,760 16,612 – 481,148
Sales of goods and services – inter-segment – 104,503 – – –15,621 – 120,124
Total segment revenue147,643 178,502 41,952 376,192 245,301 51,230 1,035 1,041,855
Depreciation(20,151)(4,364)(1,464)(32,289)(33,151)(3,960)(563)(95,942)
Amortisation(19)(16)(623)544 187 – (1,493)(1,420)
Impairment loss on goodwill and other intangible
assets (refer note 14)
– – – – –(12,481) – (12,481)
Impairment loss on property, plant and equipment
(refer note 10)
(445)––(1,266)(573)––(2,284)
Other costs – external(81,352)(61,980)(26,889)(301,252)(198,630)(32,060)(10,419)(712,582)
Other costs – inter-segment – (98,253) – – –(15,484) – (113,737)
Segment operating profit/(loss) before finance costs45,676 13,889 12,976 41,929 13,134 (12,755)(11,440)103,409
Interest income 427 131 – 319 1,248 10 5,122 7,257
Interest expense(4,266)(1,194)(999)(12,872)(21,149)(3,308)(3,674)(47,462)
Segment profit/(loss) before income tax41,837 12,826 11,977 29,376 (6,767)(16,053)(9,992)63,204
Segment income tax (expense)/benefit(11,169)(3,591)(4,357)(7,500)2,289 373 1,889 (22,066)
Segment profit/(loss) for the financial year30,668 9,235 7,620 21,876 (4,478)(15,680)(8,103)41,138
Other segment disclosures
Capital expenditure
129,183 2,554 385 82,884 109,813 37,910 3,153 365,882
Non-current assets245,293 24,174 13,865 358,319 432,680 56,131 25,882 1,156,344
Total assets285,973 73,877 16,134 525,848 496,538 67,059 40,440 1,505,869
(1) During the 2025 financial year, 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. This change has also resulted in the restatement of the reconciliation of reportable segment revenue
and profit before income tax and the reconciliation of reportable segment assets tables in the segment reporting note.
1. Segment reporting (continued)
PERFORMANCEABOUT US53thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Reconciliation of reportable segment revenue and profit before income tax
RevenueProfit before tax
2025
$000’s
2024
Restated
$000’s
2025
$000’s
2024
Restated
$000’s
Segment total1,039,7101,041,85563863,204
Consolidation adjustments relating to intra-group sale of goods and services
(1)
(102,478)(120,124)(5,588)(4,794)
Consolidated total937,232921,731(4,950)58,410
Reconciliation of reportable segment assets
Non-current assetsTotal assets
2025
$000’s
2024
$000’s
2025
$000’s
2024
Restated
$000’s
Segment total1,324,7721,156,3441,592,9351,505,869
Consolidation adjustments relating to intra-group sale of goods and services
(1)
(16,301)(8,409)(17,264)(8,411)
Other consolidation adjustments––(793)–
Consolidated total1,308,4711,147,9351,574,8781,497,458
(1) This consolidation adjustment primarily 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 rental, sales and manufacturing businesses; and (2) United States and Canadian rental and sales businesses, are eliminated within the ‘Australia Rentals, Sales & Manufacturing’ and ‘North America Rentals & Sales’
operating segments respectively.
1. Segment reporting (continued)
PERFORMANCEABOUT US54thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2. Revenue
The revenue earned by the Group is derived from the satisfaction of one or more
performance obligations, which are satisfied at a point in time or over a period
of time.
(i) Sales of services
Sales of services comprises rental income and service revenue.
Rental income
Leases in which the Group does not transfer substantially all the risks and rewards
of ownership of an asset are classified as operating leases as a lessor. Rental
income is recognised in the accounting period in which the services are rendered,
by reference to completion of the specific transaction. Where the rental covers a
period of more than one day, revenue is recognised on a straight-line basis based
on the number of days of the booking that have occurred by year-end as a
proportion of the total number of days in the booking. The portion of the revenue
that occurs after year-end is shown as revenue in advance on the consolidated
statement of financial position.
Service revenue
Service revenue comprises various performance obligations (rental add-ons such
as accessories and customer liability reduction) in which satisfaction in most cases
occurs evenly over the rental period and is recognised accordingly. The Group
recognises this revenue over time, as the customer simultaneously receives and
consumes the benefits provided by the Group’s performance.
Sales from tourism services are recognised when the service is rendered to the
customer and are recognised in the accounting period in which the performance
obligation is satisfied, being when the customer obtains the benefit from the
service. It relates to the satisfaction of a number of performance obligations at
a point in time; the contract price that is determined for any single performance
obligation is based with reference to the stand-alone price and no significant
financing components exist, as the transaction is settled within 12 months from
the transaction date. There are no costs to obtain or fulfil the contract.
The Group prices its services on a fixed basis and the pricing is fixed and
determinable when the duly executed arrangement is finalised. It has also been
determined that there are no significant financing components as part of the
Group’s sale of services arrangements.
Revenue from these sales is recognised net of the estimated discounts or other
promotions. Accumulated experience is used to estimate and provide for the
discounts, using the expected value method, and revenue is only recognised
to the extent that it is highly probable that a significant reversal will not occur.
(ii) Sales of goods
The Group sells a range of RVs including motorhomes, campervans, caravans,
accessories and other merchandise. Sales are recognised when control of the
goods has transferred, being when the goods are delivered to the customer
and the customer has the ability to direct the use of the goods. It relates to the
satisfaction of a single performance obligation at a point in time; the contract price
is determined and no significant financing components exist as the transaction is
settled within 12 months from the transaction date and there are no costs to obtain
or fulfil the contract.
PERFORMANCEABOUT US55thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2.1 Sales of services
Sales of services includes revenue from rental of motorhomes, Wi-Fi, accessories,
additional services relating to the rental of motorhomes, revenue from RV repairs
and servicing and the sale of tourism experiences (for Kiwi Experience and Waitomo)
and app subscriptions income (thl digital).
2025
$000’s
2024
$000’s
Rental revenue341,943315,596
Service revenue144,557124,987
Total sales of services486,500440,583
The expected minimum lease payments to be received on lease of motorhomes, based on
the booked rentals as of balance date, are as follows:
2025
$000’s
2024
$000’s
Within one year37,37827,654
Within one to two years144
Total minimum lease payments37,39227,658
2.2 Sales of goods
Sales of goods includes revenue from the sale of motorhomes, caravans, other specialty
vehicles and other merchandise. Cost of sales includes the net book value of ex-rental fleet
sold and the purchase price of new vehicles, trade-ins and retail goods sold.
2025
$000’s
2024
$000’s
Sales of goods450,732481,148
Cost of sales(366,599)(374,179)
Gross profit84,133106,969
2. Revenue (continued)3. Other operating income
2025
$000’s
2024
$000’s
Insurance recoveries1,855826
Net gains on the termination of the Melbourne sub-assembly
plant lease
(1)
1,617–
Fair value gains on financial assets recognised at fair value
through profit or loss
6218
Other income2,4661,769
Loss on disposals of non-fleet assets(39)(239)
Other operating income5,9612,374
(1) In response to a reduction in demand and adjustments in production planning, the Group closed the Melbourne
sub-assembly plant during the 2025 financial year. The net gain on the termination of the Melbourne sub-assembly
plant lease (including lease rectification and surrender costs) was recognised in ‘other operating income’, however
excludes employment-related restructuring costs of $0.2 million (2024: nil) which was recognised in ‘operating
expenses’ in profit or loss in the consolidated statement of comprehensive income.
4. Administration and operating expenses
Administration and operating expenses include:
Notes
2025
$000’s
2024
$000’s
Depreciation10,11109,11694,354
Amortisation143,3111,420
Repairs and maintenance including damage repairs48,67740,375
Marketing costs16,74613,263
Information technology costs10,57111,325
Raw materials and consumables5,5505,648
Rental and lease costs3,8265,435
Net foreign exchange loss/(gain)92 (612)
PERFORMANCEABOUT US56thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
5. Employee benefits expense
Employee entitlements to salaries and wages and annual leave to be settled
within 12 months of the reporting date represent present obligations resulting
from employees’ services provided up to the reporting date. These are calculated at
undiscounted amounts based on remuneration rates that the Group expects to pay.
2025
$000’s
2024
$000’s
Wages and salaries183,267167,975
Share-based payments1,394693
Other employee benefits5,8255,798
Total employee remuneration190,486174,466
6. Finance expenses
2025
$000’s
2024
$000’s
Interest on interest-bearing loans and borrowings38,47633,881
Interest on lease liabilities9,4708,034
Total finance expenses47,94641,915
7. Income tax
The Group is subject to income taxes in multiple jurisdictions. Significant judgement
is required in determining the worldwide provision for income taxes. There are many
transactions and calculations for which the ultimate tax determination is subject of a
thorough review. In the event of uncertain tax positions, the Group recognises a tax
liability when there is an expected future outflow of funds to a taxation authority. In
such cases, a provision is made for the most likely amount or expected value to be
settled. Where the final tax outcome of these matters is different from the amounts
that were initially recorded, such differences will impact the income tax and deferred
tax provisions in the period in which such determination is made.
Current and deferred income tax
Income tax expenses comprises current tax and deferred tax.
Current tax is the amount of income tax payable based on the taxable profit for the
current year, plus any adjustments to income tax payable in respect of prior years.
Current tax is calculated using rates that have been enacted or substantially
enacted by balance date.
Deferred tax is the amount of income tax payable or recoverable in future periods
in respect of temporary differences and unused tax losses. Temporary differences
are differences between the carrying amount of assets and liabilities in the
financial statements and the corresponding tax bases used in the computation of
taxable profit.
Deferred tax liabilities are generally recognised for all taxable temporary
differences. Deferred tax assets are recognised to the extent that it is probable that
taxable profits will be available, against which the deductible temporary
differences or tax losses can be utilised.
Deferred tax is not recognised if the temporary difference arises from the initial
recognition of goodwill or from the initial recognition of an asset and liability in a
transaction that is not a business combination and, at the time of the transaction,
affects neither accounting profit nor taxable profit.
Deferred tax is recognised on taxable temporary differences arising on
investments in subsidiaries and associates, except where the company can control
the reversal of the temporary difference and it is probable that the temporary
difference will not be reversed in the foreseeable future.
PERFORMANCEABOUT US57thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Deferred tax is calculated at the tax rates that are expected to apply in the period
when the liability is settled or the asset is realised, using tax rates that have been
enacted or substantially enacted by balance date.
Current tax and deferred tax are charged or credited to profit or loss, except when
it relates to items charged or credited directly to equity, in which case the tax is
classified within equity.
7.1 Income tax expense
2025
$000’s
2024
$000’s
Income tax expense/(benefit)
Current tax expense for the financial year
14,05714,163
Adjustments for prior financial years(273)(2,048)
Total current tax expense13,78412,115
Deferred tax expense/(benefit)
Decrease/(increase) in deferred tax assets
18,781(5,106)
(Decrease)/increase in deferred tax liabilities (11,741)12,025
Total deferred tax expense7,0406,919

Total income tax expense20,82419,034
7.2 Reconciliation of income tax expense
The tax on profit or loss before tax differs from the theoretical amount that would arise
using the weighted average tax rate applicable to profits or losses of the consolidated
companies. For the 2025 financial year, the weighted average effective tax rate was not
representative of the statutory tax rates in the jurisdictions the Group operates in due to
the derecognition of unused tax losses of $20.8 million (2024: nil) relating to the Group’s
rentals and sales operations in the United States of America and the United Kingdom
(refer note 7.3). For the 2024 financial year, the weighted average effective tax rate of 32.6%
was not representative of the statutory tax rates in the jurisdictions the Group operates in
due to the impairment of goodwill allocated to the United Kingdom & Ireland Rentals &
Sales operating segment which resulted in a higher amount of expenses not deductible
for tax purposes.
2025
$000’s
2024
$000’s
(Loss)/profit before income tax expense(4,950)58,410
Prima facie tax calculated at domestic rates applicable to the profits/
(losses) in the respective countries
(554)16,403
Tax effect of:
Prior year adjustments
(562)(3,345)
Derecognition of deductible unused tax losses in the
United States of America and United Kingdom
20,804–
Non-assessable income(137)(155)
Expenses not deductible for tax purposes1,2595,021
Recognised deferred tax on share-based payments(40)602
Other adjustments54(80)
Adjustment from removal of depreciation on New Zealand
commercial buildings
–588
Total income tax expense20,82419,034
7. Income tax (continued)
PERFORMANCEABOUT US58thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
7.3 Deferred income tax
Deferred income tax assets are recognised for tax loss carry-forward to the
extent that the realisation of the related tax benefit through future taxable
profits is probable.
Deferred income tax assets and liabilities are offset when there is a legally
enforceable right to offset current tax assets against current liabilities and
when the deferred income tax relates to the same fiscal authority.
Deferred tax assets and liabilities are offset in the consolidated statement of financial
position and presented as a net deferred tax liability where the Group has a legally
enforceable right to set off the recognised amounts and when the Group either intends
to settle on a net basis, or to realise the asset and settle the liability simultaneously.
2025
$000’s
2024
$000’s
Deferred tax assets126683
Deferred tax liabilities(51,378)(45,495)
Net deferred tax liabilities(51,252)(44,812)
The movement in the deferred tax assets and liabilities is provided below:
2025
Opening
balance as at
1 July 2024
$000’s
Recognised
in profit or loss
$000’s
Recognised
in other
comprehensive
loss
$000’s
Recognised
directly in
equity
$000’s
Closing
balance as at
30 June 2025
$000’s
Unused tax losses
(1)
43,680(23,380)––20,300
Provisions20,5654,069––24,634
Derivatives2,50471397–2,972
Lease liabilities3,639342––3,981
Reserves–11716142320
Deferred tax assets70,388(18,781)5584252,207
Property, plant and
equipment
(103,551)10,269––(93,282)
Intangible assets(7,687)1,134––(6,553)
Derivatives(3,439)–––(3,439)
Trade and other
receivables
(399)214––(185)
Reserves(124)124–––
Deferred tax liabilities(115,200)11,741––(103,459)
Net deferred tax
liabilities
(44,812)(7,040)55842(51,252)
(1) Due to recent unfavourable trading results, the Group derecognised deductible unused tax losses totalling
$20.8 million (2024: nil) during the 2025 financial year of which $17.9 million and $2.9 million related to the
United States and United Kingdom rentals and sales businesses respectively. These derecognised unused tax
losses have no expiry date, however, can only be utilised to reduce tax payments in the future subject to taxable
profits arising in the relevant jurisdiction.
7. Income tax (continued)
PERFORMANCEABOUT US59thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2024
Opening
balance as at
1 July 2023
$000’s
Recognised
in profit or loss
$000’s
Recognised
in other
comprehensive
loss
$000’s
Recognised
directly
in equity
$000’s
Closing
balance as at
30 June 2024
$000’s
Unused tax losses45,843(2,163)––43,680
Provisions13,0467,519––20,565
Derivatives2,43272––2,504
Lease liabilities4,006(367)––3,639
Reserves1,12145(279)(887)–
Deferred tax assets66,4485,106(279)(887)70,388
Property, plant and
equipment
(92,536)(11,015)–– (103,551)
Intangible assets(5,967)(1,720)––(7,687)
Derivatives(3,823)–384–(3,439)
Trade and other
receivables
(1,109)710––(399)
Reserves––(124)–(124)
Deferred tax liabilities(103,435)(12,025)260– (115,200)
Net deferred tax
liabilities
(36,987)(6,919)(19)(887)(44,812)
8. Earnings per share
Diluted earnings per share is calculated by adjusting the weighted average number of
ordinary shares to assume conversion of all dilutive shares arising from the employee
share scheme (refer to note 29).
Basic and diluted loss attributable to ordinary equity holders of the Company is
$25,774,000 (2024: profit of $39,376,000).
20252024
Weighted average number of ordinary shares (basic)219,826,870216,763,433
Effect of conversion of redeemable shares and options
if exercised
–1,040,263
Weighted average number of ordinary shares (diluted)219,826,870217,803,696
9. Dividends
Dividend distributions to the Company’s shareholders are recognised as a liability
in the Group’s financial statements in the period in which the dividends are
approved by the Board.
20252024
Cents
per share$000’s
Cents
per share$000’s
2024 final dividend (2024: 2023 final dividend)5.0 10,91115.032,247
2025 interim dividend (2024: 2024 interim
dividend)
2.55,5024.59,784
Total dividends on ordinary shares16,41342,031
Dividends not recognised in the consolidated
statement of financial position
Dividends determined since balance date
2025 final dividend
(1)
(2024: 2024 final dividend)4.08.8445.0 10,911
(1) The 2025 final dividend on ordinary shares determined but not recognised in the consolidated statement of financial
position is estimated based on the total number of ordinary shares on issue as at 30 June 2025. The imputed portions
of the 2025 final dividend determined after 30 June 2025 will be imputed out of existing imputation credits, or out of
imputation credits arising from the payment of income tax in the financial year ending 30 June 2026.
2025
$000’s
2024
$000’s
Imputation credits available for use in subsequent
reporting periods
New Zealand imputation credit account (NZD)
17,70711,673
Australia franking credit account (AUD)439439
The above amounts represent the balance of the imputation and franking account as at
the end of the financial year, adjusted for:
• Imputation/franking credits that will arise from the payment of the amount of the
provision for income tax;
• Imputation/franking debits that will arise from the payment of dividends recognised as
a liability at the reporting date; and
• Imputation/franking credits that will arise from the receipt of dividends recognised as
receivables at the reporting date.
7. Income tax (continued)
PERFORMANCEABOUT US60thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
10. Property, plant and equipment
The Group estimates the residual values of the fleet in order to depreciate
motorhome assets using the straight-line method. This estimate of the useful life
and the residual value of the vehicle is based on when it is expected to be taken out
of the rental fleet. The residual value is influenced by its condition, the mileage on
the motorhome and the consumer demand within the relevant resale market. The
Group also considers the market conditions and the impact any changes could have
on the estimates as part of the overall fleet management programme. The Group
completes an annual review of the appropriateness of the residual values and useful
lives that have been used by reviewing the gains/losses made on recent sales and
forecasts of similar motorhomes. The estimated useful lives of motorhomes on the
rental fleet are 1 – 8 years. The annual depreciation rates for motorhomes, ranging
from 1% to 15% of the original costs, are influenced by the residual value at the time
of sale. If the depreciation rate increases/(decreases) by 1% for motorhomes, the
depreciation expense will increase/(decrease) by approximately $8.4 million for the
financial year (2024: $7.5 million).
Depreciation on other assets is calculated using the straight-line method to allocate
their cost amounts to their residual values over their estimated useful lives.
Land and buildings are shown at historical cost, less subsequent accumulated
depreciation for buildings. Land is not depreciated. All other property, plant and
equipment are stated at historical cost less accumulated depreciation. Historical
cost includes expenditure that is directly attributable to the acquisition of the items.
Subsequent costs are included in the asset’s carrying amount or recognised as a
separate asset, as appropriate, only when it is probable that future economic
benefits associated with the item will flow to the Group and the cost of the item can
be measured reliably. Repairs and maintenance are charged to profit or loss during
the period in which they are incurred.
Depreciation on other assets is calculated using the straight-line method to allocate
their cost amounts to their residual values over their estimated useful lives as
follows:
Buildings 8 – 50 years
Leasehold improvements Term of the lease
Motor vehicles (non-fleet) 3 – 14 years
Other plant & equipment 2 – 40 years
Section B – Assets used to generate profit
In this section
This section describes the assets thl 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 in New Zealand as well as the property in
Edinburgh, Scotland which is used in the United Kingdom rentals and sale business.
The Group has also capitalised building fit out and improvement works in land and
buildings relating to the Waitomokia site in Mangere, New Zealand which is used
primarily by the New Zealand rentals and sale business.
• Right-of-use assets
The most significant leased assets relate to the premises in New Zealand, Australia,
Canada and the United States.
• Inventories
The most significant inventory items are vehicles available for sale including ex-rental
motorhome fleet assets and new or trade-in motorhomes, campervans, and caravans.
Other inventory items include spare parts, living equipment used inside rental
motorhomes, and retail shop stock.
• Intangible assets
Intangible assets include:
– goodwill arising from business acquisitions;
– the cost of the Waitomo Caves leases;
– software;
– supplier relationships;
– brands; and
– trademarks and licenses
PERFORMANCEABOUT US61thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
The assets’ useful lives are reviewed, and adjusted if appropriate, at each balance
date. An asset’s carrying amount is written down immediately to its recoverable
amount if the asset’s carrying amount is greater than its estimated recoverable
amount.
Gains and losses on disposals are determined by comparing proceeds with the
carrying amount. These are included in profit or loss.
Property, plant and equipment is made up of the following assets:
• Motorhomes – this comprises the rental fleet of the New Zealand, Australian, Canadian,
United States and United Kingdom & Ireland rentals businesses. Motorhomes that are
ready for sale are reclassified from property, plant and equipment to inventory when
vehicle refurbishment has been completed and the vehicle is available for sale;
• Motor vehicles – this comprises vehicles owned by the business, including shuttles
and company cars;
• Land and buildings – this comprises owned land and buildings in Waitomo,
New Zealand, Edinburgh, Scotland, and capitalised building fit out costs;
• Other plant and equipment – this comprises office equipment, furniture, and
other plant used to operate the business; and
• Capital work in progress – this represents capital purchases and projects that are not
yet in service. The most significant work in progress relates to the motorhome fleet
built for the next season.
2025
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
Net book value as at
1 July 2024
721,0191,58913,32720,30673,043829,284
Additions and
transfers from work
in progress (net)
303,6661,50231,6906,8509,488353,196
Disposals –(125)(129)(387)–(641)
Reclassification of
motorhomes to
inventories
(130,033)––––(130,033)
Foreign exchange rate
movements
1,5442241(20)621,829
Impairment loss
recognised in profit
or loss
(2,697)–(180)(1,564)–(4,441)
Depreciation(75,530)(507)(2,489)(5,641)–(84,167)
Net book value as at
30 June 2025
817,9692,46142,46019,54482,593965,027
Cost961,3544,32166,61057,40182,5931,172,279
Accumulated
depreciation and
impairment losses
(143,385)(1,860)(24,150)(37,857)–(207,252)
Net book value as at
30 June 2025
817,9692,46142,46019,54482,593965,027
For the 2025 financial year, the impairment loss on property, plant and equipment of
$4.4 million (2024: $2.3 million) is recognised within ‘operating expenses’ in profit or loss
in the consolidated statement of comprehensive income. There were no reversals of
impairment losses recognised in profit or loss (2024: $nil).
10. Property, plant and equipment (continued)
PERFORMANCEABOUT US62thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2024
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
Net book value as at
1 July 2023
590,2521,12213,30917,33737,271659,291
Additions and
transfers from work
in progress (net)
311,4839402,0436,96135,772357,199
Additions through
business combinations
(refer note 15)
–––435–435
Disposals– (115)–(552)–(667)
Reclassification of
motorhomes to
inventories
(109,922)–––– (109,922)
Foreign exchange
rate movements
(3,976)–38575– (3,363)
Impairment loss
recognised in profit
or loss
(2,284)–––– (2,284)
Depreciation(64,534)(358)(2,063)(4,450)– (71,405)
Net book value as at
30 June 2024
721,0191,58913,32720,30673,043829,284
Cost833,5953,30036,11258,09673,0431,004,146
Accumulated
depreciation and
impairment losses
(112,576)(1,711)(22,785)(37,790)– (174,862)
Net book value as at
30 June 2024
721,0191,58913,32720,30673,043829,284
11. Right-of-use assets
Right-of-use assets
The Group predominantly leases its premises in New Zealand, Australia, Canada,
United Kingdom and the United States. Lease agreements may contain both lease
and non-lease components. The Group allocates the consideration in the
agreement to the lease and non-lease components based on their relative
standalone prices. However, for leases of real estate for which the Group is a lessee,
the Group has elected not to separate lease and non-lease components and
instead accounts for these as a single lease component.
Lease terms are negotiated on an individual basis and contain a wide range of
different terms, escalation clauses and renewal rights. The lease agreements do
not impose any covenants other than the security interests in the leased assets
that are held by the lessor. Leased assets may not be used as security for
borrowing purposes.
Right-of-use assets are measured at value comprising the following:
• the amount of the initial measurement of lease liability;
• any lease payments made at or before the commencement date less any lease
incentives received;
• any initial direct costs; and
• restoration costs.
The right-of-use asset is depreciated over the shorter of the asset’s useful life and
the expected lease term on a straight-line basis.
Lease liabilities
Lease liabilities have been measured at the present value of the lease payments,
discounted using a discount rate derived from the incremental borrowing rate for
each relevant jurisdiction when the interest rate implicit in the lease was not
readily available. Incremental borrowing rates applied to lease liabilities range
between 2.5% – 8.2% (2024: 2.5% – 9.1%). The Group is exposed to potential future
increases in variable lease payments based on the change of an index or rate,
which are not included in the lease liability until they take effect. When
adjustments to lease payments based on an index or rate take effect, the lease
liability is reassessed and adjusted against the right-of-use asset.
10. Property, plant and equipment (continued)
PERFORMANCEABOUT US63thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Short-term and low-value leases
Payments associated with short-term leases and leases of low-value assets are
recognised on a straight-line basis as an expense in the consolidated statement
of comprehensive income. Short-term leases are leases with a lease term of
12 months or less and predominantly relate to property leases and computer
equipment. Extension and termination options are included in a number of
property leases across the Group. In determining the lease term, management
considers all facts and circumstances that create an economic incentive to
exercise an extension option, or not exercise a termination option.
Extension options (or periods after termination options) are only included in the
lease term if the lease is reasonably certain to be extended (or not terminated).
The assessment of the lease term is reviewed if a significant event or a significant
change in circumstances occurs which affects this assessment and that is within
the control of the Group. The extension options are only exercisable by the Group
and not by the lessor. Where an extension is reasonably certain of being exercised,
that extension period and related costs are recognised on the consolidated
statement of financial position.
To determine the incremental borrowing rate, the Group uses a build-up approach
that starts with a risk-free interest rate adjusted for credit risk for leases held by the
Group and makes adjustments specific to the lease, e.g. term, country, currency
and security.
2025
Buildings
$000’s
Vehicles
and
equipment
$000’s
Total
$000’s
Net book value as at 1 July 2024130,02564 130,089
Additions83,2136 83,219
Modifications11,3411 11,342
Terminations(2,507)–(2,507)
Foreign exchange rate movements(51)–(51)
Depreciation(24,921)(28) (24,949)
Net book value as at 30 June 2025197,10043 197,143
Cost274,881120 275,001
Accumulated depreciation(77,781)(77) (77,858)
Net book value as at 30 June 2025197,10043 197,143
The additions in the 2025 financial year primarily relate to the commencement of the lease
for the new Waitomokia site in Mangere, New Zealand and two new rental sites in Sydney
and Perth, Australia.
2024
Buildings
$000’s
Vehicles
and
equipment
$000’s
Total
$000’s
Net book value as at 1 July 2023144,92783 145,010
Additions3,2268 3,234
Additions through business combinations (refer note 15)3,337– 3,337
Modifications2,668– 2,668
Terminations(312)–(312)
Foreign exchange rate movements(897)(2)(899)
Depreciation(22,924)(25) (22,949)
Net book value as at 30 June 2024130,02564 130,089
Cost192,560126 192,686
Accumulated depreciation(62,535)(62) (62,597)
Net book value as at 30 June 2024130,02564 130,089
11. Right-of-use assets (continued)
PERFORMANCEABOUT US64thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2025
$000’s
2024
$000’s
Cash outflows from lease liabilities
Interest paid on leases (operating activities)
10,3188,848
Payments for lease liability principal (financing activities)20,85725,304
Total cash outflows from lease liabilities31,17534,152
12. 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:
2025
$000’s
2024
$000’s
Property, plant and equipment77,157106,372
13. Inventories
Inventories are stated at the lower of cost and net realisable value. Cost is
determined using the first-in, first-out (FIFO) method. The cost of finished goods
and work in progress comprises design costs, raw materials, direct labour, other
direct costs and related production overheads (based on normal operating
capacity). It excludes borrowing costs. Net realisable value is the estimated selling
price in the ordinary course of business, less all costs necessary to sell inventories.
Ex-rental motorhomes held for sale at balance date have been reclassified
as inventory.
Inventories are made up of the following categories:
• Raw materials and work in progress – this comprises parts, factory, direct labour and
workshop stock;
• Vehicles held for sale – this mainly comprises new and ex–rental motorhome fleet, which
are now on the sale yard and goods in transit;
• Finished goods – this comprises living equipment to be used in motorhomes and retail
shop stock; and
• Inventory provision – this reflects a decrease in the value of inventory for factors which
include obsolescence, damage, or slow moving stock and/or to recognise the net
realisable value when it is lower than cost.
2025
$000’s
2024
$000’s
Raw materials and work in progress38,65851,334
Vehicles held for sale102,935148,472
Finished goods29,02822,802
Inventory provision(4,677)(1,392)
Total inventories165,944221,216
11. Right-of-use assets (continued)
PERFORMANCEABOUT US65thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
14. Intangible assets
Brands
The Road Bear RV brand acquired in the United States rentals business
combination was valued using the relief from royalty method and recognised at
fair value at the acquisition date.
A number of rental and retail brands were acquired as part of the Apollo business
combination and were valued using the relief from royalty method and recognised
at fair value at the acquisition date. The rental brand is Apollo. Retail brands include
Windsor, Coromal, and Talvor, which are produced by the Australian manufacturing
facility and sold through the dealership network across Australia.
Brand values are included in the net assets of the cash-generating unit (CGU).
Brands are deemed to have an indefinite life where the Group has determined
that there is no foreseeable limit to the period over which the brand is expected to
generate net cash inflows for the entity. Brands are tested annually for impairment
and are carried at cost less any accumulated impairment losses. Brands are
reviewed periodically to assess whether events and circumstances still justify
the assessment of an indefinite useful life.
Supplier relationships
These relate to Winnebago and Adria with exclusive arrangements to manufacture
and distribute Winnebago RVs and import and distribute Adria RVs in Australia.
Provisional supplier agreement values are included in the net assets of the CGU
and determined using the “with and without” valuation approach which estimates
the fair value of an asset by comparing cash flows of the business ‘with’ the asset
to the hypothetical cash flows of the business ‘without’ the asset.
Supplier relationships are deemed to have an indefinite life where the Group has
determined that there is no foreseeable limit to the period over which the supplier
relationship is expected to generate net cash inflows for the entity. Supplier
relationships are tested annually for impairment and are carried at cost less
any accumulated impairment losses.
Goodwill
Goodwill represents the excess of the cost of an acquisition over the fair value of
the Group’s share of the net identifiable assets of the acquired subsidiary at the
date of acquisition. Separately recognised goodwill is tested annually for
impairment and carried at cost less accumulated impairment losses. Impairment
losses on goodwill are not reversed. Gains and losses on the disposal of an entity
include the carrying amount of goodwill relating to the entity sold.
Goodwill is allocated to cash-generating units for the purpose of impairment
testing. The allocation is made to those cash-generating units or groups of cash-
generating units that are expected to benefit from the business combination in
which the goodwill arose. The units or groups of units are identified at the lowest
level at which goodwill is monitored for internal management purposes.
Trademarks, leases and licences
Trademarks, leases and licences are shown at historical cost of acquisition by the
Group less amortisation.
Amortisation of trademarks, leases and licences are calculated using the straight
line method over the life of the underlying assets. These costs are amortised over
their estimated useful lives (15-43 years).
Other intangibles
Acquired computer software licences are capitalised on the basis of the costs
incurred to acquire and bring to use the specific software. These costs are
amortised over their estimated useful lives (3-15 years).
Costs associated with maintaining computer software programmes are
recognised as an expense, as incurred. Costs that are directly associated with the
production of identifiable and unique software products controlled by the Group,
and that will probably generate economic benefits exceeding costs beyond one
year, are recognised as intangible assets. Direct costs include the software
development employee costs and an appropriate portion of relevant overheads.
Computer software development and application costs are recognised as assets
and are amortised over their estimated useful lives, only if such costs create an
intangible asset that the Group controls and the intangible asset meets the
recognition criteria. Costs that are not capitalised as computer software are
expensed as incurred.
PERFORMANCEABOUT US66thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Intangible assets of the Group at balance date comprise:
• Brands - Apollo and Windsor retail brands (Road Bear RV brands allocated to the United
States Rentals and Sales CGU and Coromal and Talvor brands allocated to the Australia
Rental, Sales & Manufacturing CGU was fully impaired during the 2025 financial year);
• Supplier relationships – relates to the exclusive Apollo arrangements to manufacture
and distribute Winnebago RVs (Adria supplier relationships allocated to the Australia
Rental, Sales & Manufacturing CGU was fully impaired during the 2025 financial year);
• Goodwill – primarily relates to the Apollo business combination (Road Bear and El Monte
goodwill allocated to the United States Rentals & Sales CGU was fully impaired during
the 2025 financial year);
• Trademarks, leases and licences – includes intellectual property rights on the Fleet
technology platform and a licence to operate the Waitomo Glowworm Caves until 2027,
and licences to operate other caves in the Waitomo region, with licence terms expiring
in 2032, 2033 and 2039; and
• Other intangibles – relates to acquired software licences and software development costs.
2025
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Trademarks,
leases and
licenses
$000’s
Other
intangibles
$000’s
Total
$000’s
Net book value
as at 1 July 2024
144,7017,6007,3399,11017,712186,462
Additions––––3,9643,964
Impairment loss
recognised in profit or
loss (refer note 14.1)
(35,342)(2,776)(1,602)–(280)(40,000)
Foreign exchange rate
movements
(1,353)(97)(116)–(2) (1,568)
Amortisation–––(1,042)(2,269)(3,311)
Net book value
as at 30 June 2025
108,0064,7275,6218,06819,125145,547
Cost202,4727,9527,22329,17238,518285,337
Accumulated
amortisation and
impairment losses(94,466)(3,225)(1,602)(21,104)(19,393)(139,790)
Net book value
as at 30 June 2025
108,0064,7275,6218,06819,125145,547
2024
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Trademarks,
leases and
licenses
$000’s
Other
intangibles
$000’s
Total
$000’s
Net book value
as at 1 July 2023
151,6547,5337,12410,15713,847190,315
Additions–––– 4,0104,010
Additions through
business combinations
(refer note 15)
3,758–––– 3,758
Impairment loss
recognised in profit or
loss (refer note 14.1)
(12,061)(420)––– (12,481)
Foreign exchange rate
movements
1,350487215–2282,280
Amortisation––– (1,047)(373)(1,420)
Net book value
as at 30 June 2024
144,7017,6007,3399,11017,712186,462
Cost203,0588,0207,33929,13834,942282,497
Accumulated
amortisation and
impairment losses
(58,357)(420)– (20,028)(17,230)(96,035)
Net book value
as at 30 June 2024
144,7017,6007,3399,11017,712186,462

14. Intangible assets (continued)
PERFORMANCEABOUT US67thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
14.1 Impairment of goodwill and other intangible assets
The table below details the cash-generating units (CGU) that goodwill, brands and
supplier relationships are attributable to:
2025
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Total
$000’s
Australia Rental, Sales & Manufacturing98,6254,7275,621108,973
New Zealand Rentals & Sales 6,906––6,906
Action Manufacturing2,475––2,475
United States Rentals & Sales
(1)
––––
Total intangible assets with an indefinite
useful life
108,0064,7275,621118,354
2024
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Total
$000’s
Australia Rental, Sales & Manufacturing100,2336,6747,339114,246
United States Rentals & Sales
(1)
34,976926– 35,902
New Zealand Rentals & Sales 7,017–– 7,017
Action Manufacturing2,475–– 2,475
United Kingdom & Ireland Rentals & Sales
(2)
––––
Total intangible assets with an indefinite
useful life
144,7017,6007,339159,640
(1) The carrying value of goodwill and brands within the North American Rental & Sales operating segment was fully
attributed to the United States Rentals & Sales CGU which is monitored separately for internal management purposes.
(2) During 2024, the Group impaired the carrying value of goodwill and brands allocated to UK/Ireland Rentals &
Sales and recognised an impairment loss of $12.5 million in profit or loss in the consolidated statement of
comprehensive income.
For the purpose of the annual impairment test, goodwill is allocated to the CGUs
or a group of CGUs that are expected to benefit from the synergies of the business
combination, which represent the Group’s operating segments (refer to note 1). The value
of goodwill allocated to the New Zealand Rentals & Sales and Action Manufacturing
operating segments is not significant in comparison to the Group’s total carrying amount
of goodwill, brands, and supplier relationships. The recoverable value for New Zealand
Rentals & Sales and Action Manufacturing are determined based on its value in use and
are not sensitive to reasonably foreseeable changes in key assumptions.
United States Rentals & Sales
The United States Rentals & Sales business has experienced challenging trading
conditions from reduced international travel to the United States of America, coupled
with a further deterioration in vehicle sales demand, adversely impacting both volumes
and margins. In light of these macro-economic conditions, management updated its key
assumptions in the value in use calculation and subsequently recognised an impairment
loss on goodwill, brands and other intangible assets of $36.6 million (2024: nil) in profit or
loss in the consolidated statement of comprehensive income.
As at 30 June 2025, the carrying value of the United States Rentals & Sales CGU post-
impairment net operating assets of $165.2 million is reflective of the recoverable value.
The recoverable value being value in use was determined by discounting the future
cash flows generated from the continued use of the CGU, based on the 2026 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% (2024: 2.5%) is applied to
extrapolate cash flows beyond the five-year projections.
In determining the value in use, a 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.
20252024
Discount rates (%)Post-tax
Pre-tax
equivalentPost-tax
Pre-tax
equivalent
United States Rentals & Sales11.314.311.317.0
The following table shows the sensitivity of the value in use calculation of the United
States Rental & Sales CGU (pre-impairment) based on changes in the key assumptions,
albeit all other assumptions held constant.
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%(18,774)23,786Yes
Terminal growth rate +/- 0.5%(8,296)9,286Yes
Rental yield+/- 5.0%(47,912)47,912Yes
Rental utilisation+/- 5.0%(40,900)40,900Yes
Vehicle sales margin+/- 5.0%(10,650)10,650Yes
14. Intangible assets (continued)
PERFORMANCEABOUT US68thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Australia Rentals, Sales & Manufacturing
During the 2025 financial year, the Group undertook an Australian retail brand portfolio
review and consolidation to enhance consumer clarity and achieve better operational
efficiencies. As part of this review, the Coromal and Talvor brands acquired from the
Apollo acquisition on 30 November 2022 are to be retired. Following this review, the future
cash flows from the Coromal and Talvor brands are negligible and an impairment loss of
$1.8 million (2024: $nil) was recognised in profit or loss in the consolidated statement of
comprehensive income. Furthermore, following continued low margin performance and
weak market traction in Australia, the Adria supplier relationships acquired from the
Apollo acquisition were considered impaired and an impairment loss of $1.6 million
(2024: $nil) was recognised in profit or loss in the consolidated statement of
comprehensive income.
The recoverable amount of the Australia Rentals, Sales & Manufacturing is its value in use
and is determined by discounting the future cash flows generated from the continued use
of the CGU and are based on the 2026 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% (2024: 2.5%) is applied 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.
20252024
Discount rates (%)Post-tax
Pre-tax
equivalentPost-tax
Pre-tax
equivalent
Australia Rentals, Sales & Manufacturing10.313.69.212.2
14. Intangible assets (continued)
The following table shows the sensitivity of the recoverable value of Australia Rental, Sales
& Manufacturing based on changes in the key assumptions, albeit all other assumptions
held constant.
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%(66,377)86,469No
Terminal growth rate +/- 0.5%(29,685)33,751No
Rental yield+/- 5.0%(99,159)99,159No
Rental utilisation+/- 5.0%(62,284)62,284No
Vehicle sales margin+/- 5.0%(18,187)18,187No
A change in any of the key management assumptions of Australia Rental, Sales &
Manufacturing as noted below would result in a breakeven position with no remaining
headroom.
Key assumptionSensitivity to breakeven
Discount rate An increase of 1.6%
Terminal growth rate A decrease of 2.0%
Rental yield A decrease of 5.0%
Rental utilisationA decrease of 8.0%
Vehicle sales margin A decrease of 10.1%
PERFORMANCEABOUT US69thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Acquisition of Camperagent
On 22 January 2024, the Group entered into a sales and purchase agreement to acquire the
trading assets and liabilities (including the property lease and business intellectual property)
of Camperagent RV Service Pty Ltd and Camperagent RV Sales Pty Ltd (collectively referred
to as Camperagent). Following the completion of contractual conditions, on 31 January 2024,
the acquired assets and liabilities were transferred and recognised through a newly formed
100%-owned Australian subsidiary THL RV Sales Adelaide Pty Ltd.
The parties agreed to a cash consideration of AUD 11.0 million (NZD 11.8 million) on 31 January
2024. The following table summarises the amounts determined for the purchase
consideration and the fair value of assets acquired and liabilities recognised:
As at 31 January 2024
Fair value
$000’s
Acquisition date fair value of assets acquired and liabilities recognised
Inventories
7,981
Property, plant and equipment435
Right-of-use assets3,337
Total assets11,753
Trade and other payables335
Lease liabilities3,337
Total liabilities3,672
Net identifiable net assets acquired8,081
Goodwill on acquisition3,758
Net assets acquired11,839
Purchase consideration – paid in cash11,839
Total fair value of the consideration11,839
The goodwill balance of $3.8 million on acquisition is attributed to expected synergies in
Australia and has been allocated to the Australia Rental, Sales & Manufacturing operating
segment (refer to note 14).
The contribution of Camperagent for the five months to the Group results for the financial
year ended 30 June 2024 was revenue of $16.7 million and operating loss before interest
and tax of $0.3 million. If the acquisition had occurred at the beginning of the 2024
financial year, the contribution to revenue and operating profit before interest and tax for
the 2024 financial year is estimated at $38.6 million and $1.1 million respectively.
Section C – Investments
In this section
This section explains the investments held by thl and the acquisitions made during the
financial year.
15. Business combinations
The acquisition method of accounting is used to account for all business
combinations, regardless of whether equity instruments or other assets are
acquired. The consideration transferred for the acquisition of a subsidiary
comprises the:
• fair values of the assets transferred;
• liabilities incurred to the former owners of the acquired business;
• equity interests issued by the Group;
• fair value of any asset or liability resulting from a contingent consideration
arrangement; and
• fair value of any pre-existing equity interest in the acquiree.
Identifiable assets acquired and liabilities and contingent liabilities assumed in a
business combination are measured initially at their fair values at the acquisition
date. The Group recognises any non-controlling interest in the acquired entity on
an acquisition-by-acquisition basis either at fair value or at the non-controlling
interest’s proportionate share of the acquired entity’s net identifiable assets.
Acquisition-related costs are expensed as incurred.
The excess of the consideration transferred, amount of any non-controlling interest
in the acquired entity, and acquisition-date fair value of any previous equity
interest in the acquired entity over the fair value of the net identifiable assets
acquired is recorded as goodwill. If those amounts are less than the fair value of
the net identifiable assets of the business acquired, the difference is recognised
directly in profit or loss as a bargain purchase.
Where settlement of any part of cash consideration is deferred, the amounts
payable in the future are discounted to their present value as at the date of
exchange. The discount rate used is the entity’s incremental borrowing rate,
being the rate at which a similar borrowing could be obtained from an
independent financier under comparable terms and conditions.
Contingent consideration is classified either as equity or a financial liability.
Amounts classified as a financial liability are subsequently remeasured to fair
value with changes in fair value recognised in profit or loss.
PERFORMANCEABOUT US70thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
16. Material subsidiaries of Tourism Holdings Limited
Material subsidiariesPrincipal activity
Country of
incorporation
or registration
Equity holding
2025
%
2024
%
Action Manufacturing Group
GP Limited
ManufacturingNew Zealand
100 100
TH2Connect GP Limitedthl digitalNew Zealand
100 100
THL Properties NZ Limited
(1)
Rentals & salesNew Zealand
100100
Waitomo Caves LimitedTourismNew Zealand
100 100
Apollo Investments Pty LtdRetail salesAustralia
100 100
Apollo Motorhome Holidays Pty LtdRetail salesAustralia
100 100
Apollo Motorhome Industries Pty LtdManufacturingAustralia
100 100
Apollo RV Service & Repair Centre
Pty Ltd
Retail salesAustralia
100 100
Apollo RV West Pty LtdRetail salesAustralia
100 100
GRL Enterprises Pty LtdManufacturingAustralia
100 100
Outdoria Pty Ltdthl digitalAustralia
100 100
Sydney RV Group Pty LtdRetail salesAustralia
100 100
THL RV Sales Adelaide Pty LtdRetail salesAustralia
100 100
Tourism Holdings Australia Pty LtdRentals & salesAustralia
100 100
CanaDream IncRentals & salesCanada
100 100
THL UK and Ireland LimitedRentals & salesUnited
Kingdom
100 100
El Monte Rents IncRentals & salesUnited States
of America
100 100
(1) THL Properties NZ Limited is the lessee for the new Waitomokia leased site in Mangere, New Zealand.
All subsidiaries have 30 June balance date.
17. Investments
2025
$000’s
2024
$000’s
Caravans Away Limited148148
Other equities14482
Total investments292230
PERFORMANCEABOUT US71thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
19. Reserves
Cash flow hedge reserve
The cash flow hedge reserve is used to record gains or losses on hedging instruments that
are recognised directly in equity. The hedging instruments are used to manage interest
rate risk. Amounts are recognised in profit or loss when the associated hedged transaction
affects profit or loss.
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 are
as follows:
20252023
NZD/AUD0.92860.9139
NZD/USD0.60680.6080
NZD/CAD0.83100.8330
NZD/GBP0.44230.4814
Employee share scheme reserve
The employee share scheme reserve is used to recognise the accumulated value of share
options and rights granted which have been recognised in profit or loss. In accordance
with the Group’s accounting policy, amounts accumulated in the executive share scheme
reserve have been transferred to share capital on the exercise of the options or to retained
earnings when they have been forfeited.
Equity investment reserve
The equity investment reserve is used to recognise increments and decrements in the fair
value of financial assets at fair value through other comprehensive income.
Section D – Managing funding
In this section
This section summarises thl’s funding sources and financial risks.
18. Share capital
Number of
ordinary shares
Share capital
$000’s
Balance as at 1 July 2023214,077,123503,007
Ordinary share issued during the 2024 financial year:
Dividend reinvestment plan
2,665,8749,156
Global NZD 1,000 share bonus to employees383,0241,295
Exercise of share options granted to employees784,4682,145
Exercise of share rights granted to employees313,920799
Balance as at 30 June 2024218,224,409516,402
Ordinary share issued during the 2025 financial year:
Dividend reinvestment plan
2,873,6595,116
Balance as at 30 June 2025221,098,068521,518
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. On 4 April 2025, 1,033,604 ordinary shares were issued
and allotted at the issue price of $1.7749 per share (inclusive of a 2% discount) under the
Dividend Reinvestment Plan in respect of the 2025 interim dividend.
No share options or rights were exercised during the 2025 financial year. In the 2024
financial year, the Group received $1.8 million in cash proceeds from employees for the
exercise of 784,468 share options.
PERFORMANCEABOUT US72thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Movement in reserves during the financial year
Cash flow
hedge
reserve
$000’s
Foreign
currency
reserve
$000’s
Employee
share
scheme
reserve
$000’s
Equity
investment
reserve
$000’s
Total
$000’s
Balance as at 1 July 20232,01813,1814,21668420,099
Change in fair value during the
financial year
(1,187)–– (2,281)(3,468)
Deferred tax movements332–(887)–(555)
Foreign currency translation
(net of tax)
–(315)––(315)
Value of employee services
charged to profit or loss
––693–693
Transfers to retained earnings––(592)1,5971,005
Transfers to share capital–– (1,162)– (1,162)
Balance as at 30 June 20241,16312,8662,268– 16,297
Change in fair value during the
financial year
(1,418)–––(1,418)
Deferred tax movements397–42–439
Foreign currency translation
(net of tax)
–(2,357)––(2,357)
Value of employee services
charged to profit or loss
––1,394–1,394
Transfers to retained earnings––(356)–(356)
Balance as at 30 June 202514210,5093,348–13,999
20. Interest-bearing loans and borrowings
Interest-bearing loans and borrowing (borrowings) are recognised initially at fair
value, net of transaction costs incurred. Borrowings are subsequently stated at
amortised cost; any difference between the proceeds (net of transaction costs)
and the redemption value is recognised in profit or loss over the period of the
borrowings using the effective interest method.
Borrowings are classified as current liabilities, unless the Group has an
unconditional right to defer settlement of the liability for at least 12 months after
the balance date.
Borrowing costs are recognised as an expense in the period in which they are
incurred, except for borrowing costs directly attributable to the acquisition,
construction or production of a qualifying asset, which are capitalised.
Qualifying assets are those assets that necessarily take an extended period of time
(six months or more) to get ready for their intended use.
The Group’s borrowing structure includes a syndicated corporate debt facility, asset
financiers and floor plan finance. 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.
The Group has the following borrowing facilities:
2025
$000’s
2024
$000’s
Non-current
Syndicated bank borrowings
389,467180,627
Asset finance111,508205,069
500,975385,696
Current
Asset finance
30,68163,867
Floor plan finance10,37253,290
41,053117,157
Total interest-bearing loans and borrowings – gross542,028502,853
Deferred borrowing costs
(1)
(858)(181)
Total interest-bearing loans and borrowings541,170502,672
(1) Deferred borrowing costs relate to the Group’s syndicated bank borrowings.
19. Reserves (continued)
PERFORMANCEABOUT US73thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2025
Total
facility
$000’s
Used at
reporting
date
$000’s
Unused at
reporting
date
$000’s
Syndicated bank borrowings477,805389,46788,338
Asset finance279,954142,189137,765
Floor plan finance91,21310,37280,841
Total interest-bearing loans and borrowings – gross848,972542,028306,944
2024
Total
facility
$000’s
Used at
reporting
date
$000’s
Unused at
reporting
date
$000’s
Syndicated bank borrowings250,544 180,627 69,917
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 borrowings – gross765,756 502,853 262,903
The carrying amount of the Group’s borrowings (NZD equivalent) are denominated in the
following currencies:
2025
$000’s
2024
$000’s
New Zealand dollar163,964139,733
Australian dollar124,037132,677
United States dollar106,757110,375
Pounds sterling56,53641,545
Canadian dollar90,73478,523
Total interest-bearing loans and borrowings – gross542,028502,853
Syndicated bank borrowings
As at 30 June 2025, the Group has a multi-currency committed revolving credit facilities of
approximately NZD 478 million and encompass various multi-currency tranches in place
with 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 Guaranteeing Group consists of Tourism Holdings Limited and all material
New Zealand, Australian, United States, United Kingdom and Canadian subsidiaries. The
Guaranteeing Group has provided first ranking security over its assets and undertakings.
The facilities include NZD 195 million maturing in August 2026, NZD 151 million equivalent
maturing in August 2027 and NZD 132 million maturing in August 2028.
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
30 June 2025 range from 4.9% to 6.1% p.a (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. Interest rates applicable at 30 June 2025
range from 3.5% to 9.0% p.a (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 sale at retail sales outlets in Australia. Terms are interest only for the first
six months and then interest plus principal at a range from 8.4% to 8.9% (2024: interest
between 8.8% to 9.3% p.a plus principal). For some lenders, balances are secured through
retention of title until point of sale.
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 the
banking covenant requirements.
20. Interest-bearing loans and borrowings (continued)
PERFORMANCEABOUT US74thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
21. Trade and other receivables
Trade and other receivables are recognised initially at fair value plus transaction
costs and subsequently measured at amortised cost using the effective interest
method, less provision for impairment. The Group assesses on a forward-looking
basis the expected credit losses associated with its trade and other receivables
which are carried at amortised cost. The impairment methodology applied depends
on whether there has been a significant increase in credit risk.
The Group applies the simplified approach permitted by NZ IFRS 9 Financial
Instruments, which requires expected lifetime losses to be recognised from initial
recognition of the receivables. To measure the expected credit losses, trade and
other receivables have been grouped based on shared credit risk characteristics and
the days past due. The expected loss rates are based on the historical credit losses
experienced. Where appropriate, the historical loss rates are adjusted to reflect
current and forward-looking information.
2025
$000’s
2024
$000’s
Trade receivables22,00829,148
Allowance for expected credit losses(432)(502)
Trade receivables – net21,57628,646
Prepayments14,31515,521
Receivable under buy-back arrangement2,1694,514
Other receivables12,43322,402
Total trade and other receivables50,49371,083
As at 30 June 2025, trade and other receivables includes $2.2 million (2024: $4.5 million)
relating to vehicles purchased under a short-term buy-back arrangement. This agreement
involves purchasing vehicles to be used in the fleet for a period less than 12 months and
then sold back to the supplier. On initial recognition, thl recognised the cash paid for the
vehicles, the price expected to be received upon resale, and the balancing amount of the
two is considered the lease expense. The transaction is accounted for as a short-term lease
on the basis that:
• thl have an economic incentive to exercise their put option (sell the vehicles back to
the supplier); and
• thl have the right to use the vehicles for a fixed period at a predetermined price.
Due to low risk of the counterparties for these arrangements, the assessed expected
credit losses are immaterial.
There is no concentration of credit risk with respect to trade receivables, as the Group
has a large number of customers, internationally dispersed.
The Group has recognised a decrease of $70,000 (2024: increase of $127,000) in the
provision for the impairment of its trade receivables as at 30 June 2025, which is
included in ‘operating expenses’ in profit or loss in the consolidated statement of
comprehensive income.
PERFORMANCEABOUT US75thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
22. Trade and other payables
Trade payables are obligations to pay for goods or services that have been
acquired in the ordinary course of business from suppliers. Trade payables are
classified as current liabilities if payment is due within one year or less (or in the
normal operating cycle of the business if longer). If not, they are presented as
non-current liabilities.
Trade payables are recognised initially at fair value net of transaction costs and
subsequently measured at amortised cost using the effective interest method.
2025
$000’s
2024
$000’s
Trade payables46,70749,676
Accrued expenses 19,84122,713
Other payables10,66910,244
Total trade and other payables77,21782,633
23. Revenue in advance
Revenue in advance
Revenue in advance relates to payments received for rental and tourism services
for future reservations in advance of service delivery and the portion of rental
income for rental bookings on hire at year-end, that relates to the period after
year-end.
The Group recognises the contract liability which represents the Group’s obligation
to transfer services to a customer for which the Group has received consideration
from the customer. The average timing of satisfaction of performance obligations
in relation to the payment of the revenue in advance is between 1-6 months.
Vehicle deposits
Vehicle deposits are received in advance for pending vehicle sales for which the
customer has not yet taken delivery.
The Group recognises the contract liability which represents the Group’s obligation
to transfer goods to a customer for which the Group has received consideration
from the customer. The vehicle deposit is recognised as revenue when the Group
performs under the contract by delivering the vehicle. The full balance of contract
liabilities in relation to vehicle deposits is expected to be recognised in revenue
between 1-12 months.
2025
$000’s
2024
$000’s
Revenue in advance73,68058,830
Vehicle deposits7,85810,413
Total revenue in advance81,53869,243
PERFORMANCEABOUT US76thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
24. Financial instruments
Classification of financial assets
The Group classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value (either through other
comprehensive income (OCI) or through profit or loss); and
• those to be measured at amortised cost.
The classification depends on the business model for managing the financial
assets and the contractual terms of the cash flows.
The Group reclassifies debt investments when and only when its business model
for managing those assets changes.
Measurement of financial assets
At initial recognition, the Group measures a financial asset at its fair value plus,
in the case of a financial asset not at fair value through profit or loss (FVPL),
transaction costs that are directly attributable to the acquisition of the financial
asset. Transaction costs of financial assets carried at FVPL are expensed in profit
or loss.
Debt instruments
Subsequent measurement of debt instruments depends on the Group’s business
model for managing the asset and the cash flow characteristics of the asset.
There are three measurement categories into which the Group classifies its
debt instruments:
Amortised cost
Assets that are held for collection of contractual cash flows where those cash flows
represent solely payments of principal and interest are measured at amortised
cost. Interest income from these financial assets is included in finance income
using the effective interest rate method. Any gain or loss arising on derecognition
is recognised directly in profit or loss and presented in other gains/(losses)
together with foreign exchange gains and losses. Impairment losses are
presented as a separate line item in profit or loss.
Fair value through other comprehensive income (FVOCI)
Assets that are held for collection of contractual cash flows and for selling the
financial assets, where the assets’ cash flows represent solely payments of
principal and interest, are measured at FVOCI. Movements in the carrying amount
are taken through OCI, except for the recognition of impairment gains or losses,
interest income and foreign exchange gains and losses which are recognised in
profit or loss. When the financial asset is derecognised, the cumulative gain or loss
previously recognised in OCI is reclassified from equity to profit or loss and
recognised in other gains/(losses). Interest income from these financial assets is
included in finance income using the effective interest rate method. Foreign
exchange gains and losses are presented in other gains/(losses) and impairment
expenses are presented as a separate line item in profit or loss.
Fair value through profit or loss (FVPL)
Assets that do not meet the criteria for amortised cost or FVOCI are measured at
FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL
is recognised in profit or loss and presented net within other gains/(losses) in the
period in which it arises.
The interest rate swaps in place as at 30 June 2025 and 30 June 2024 qualified as
cash flow hedges. The Group’s risk management strategies and hedge
documentation are aligned with the requirements of NZ IFRS 9 Financial
Instruments and these relationships are therefore treated as hedges.
Financial instruments of the Group that are measured in the consolidated 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.
PERFORMANCEABOUT US77thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
24.1 Financial assets and liabilities measured at fair value
The following table presents the financial assets and liabilities that are measured at fair value categorised by fair value hierarchy.
20252024
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
144–14829282–148230
Derivatives–568–568– 1,626– 1,626
Total financial assets144568148860821,6261481,856
Financial liabilities
Derivatives
–344–344–105–105
The fair value of investments 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
24. Financial instruments (continued)
PERFORMANCEABOUT US78thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
24.3 Measurement categories of financial assets and liabilities
The tables below represent the measurement categories of the financial instruments.
2025
Amortised
cost
$000’s
Fair value
through
profit
or loss
$000’s
Derivatives
used for
hedging
$000’s
Total
$000’s
Financial assets
Cash at bank
49,738––49,738
Investments–292–292
Derivatives––568568
Trade and other receivables
(1)
33,985––33,985
Financial liabilities
Derivatives
––344344
Trade and other payables
(2)
71,217––71,217
Interest-bearing loans and borrowings541,170––541,170
2024
Amortised
cost
$000’s
Fair value
through
profit
or loss
$000’s
Derivatives
used for
hedging
$000’s
Total
$000’s
Financial assets
Cash at bank
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’.
24. Financial instruments (continued)
24.2 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.
20252024
Carrying
value
$000’s
Fair value
$000’s
Carrying
value
$000’s
Fair value
$000’s
Financial liabilities
Interest-bearing loans and borrowings
541,170542,698502,672503,366
The carrying amount of trade and other receivables and trade and other payables are
short term in nature and therefore approximate fair value.

PERFORMANCEABOUT US79thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Section E – Managing risk
In this section
This section explains the financial risks thl faces, how these risks affect thl’s financial
position and performance, and how thl manages these risks. In this section of the notes
there is information:
(a) outlining thl’s approach to financial risk management; and
(b) analysing financial (hedging) instruments used to manage risk.
In the normal course of business, the Group is exposed to a variety of financial risks
including foreign currency, interest rate, credit and liquidity risks. To manage this risk the
Group’s treasury activities are performed by a central treasury function and are governed
by Group policies approved by the Board of Directors.
The Group’s overall risk management programme focuses on the unpredictability
of financial markets and seeks to minimise potential adverse effects on the Group’s
financial performance. The Group does not enter into derivatives for trading or
speculative purposes.
25. Financial risk management
25.1 Currency risk
The Group operates internationally and is exposed to foreign exchange risk arising from
various currency exposures, primarily with respect to the Australian dollar, the United
States dollar, the Canadian dollar and the British Pound sterling. Foreign exchange risk
arises when future commercial transactions are in currencies other than functional
currency.
Foreign exchange exposures on future commercial transactions incurred by operations in
currencies other than their functional currency are managed by using forward currency
contracts in accordance with the Group’s treasury policy.
The Parent makes purchases in foreign currency and is exposed to foreign currency risk.
This is managed by utilisation of forward currency contracts from time to time in
accordance with the Group’s treasury policy.
Exchange rate sensitivity
The following table shows the impact on profit before tax and equity increase/(decrease)
in relation to currency risk. A 5 percent change is considered a reasonable possible change
based on prior year movements.
Impact on a 5 percent change in the New Zealand dollar
20252024
Increase
$000’s
Decrease
$000’s
Increase
$000’s
Decrease
$000’s
Assumed impact on profit before tax
Australian dollar
(118)130(387) 428
United States dollar2,331(2,577)547 (605)
Canadian dollar114(126)(198) 219
British pound sterling580(641)(124) 137
Assumed impact on equity
Australian dollar
(10,334)11,422(10,379)11,471
United States dollar(2,514)2,779(4,957)5,479
Canadian dollar(1,865)2,062(1,953)2,158
British pound sterling537(593)(17)19
25.2 Interest rate risk
The Group’s interest rate risk primarily arises from long-term borrowings and cash at bank.
Borrowings issued at variable rates expose the Group to cash flow interest rate risk.
Borrowings issued at fixed rates expose the Group to fair value interest rate risk.
The Group manages its cash flow interest rate risk by using floating to fixed interest rate
derivative contracts. Such interest rate derivative contracts have the economic effect of
converting borrowings from floating rates to fixed rates. Generally, the Group raises
long-term borrowings at floating rates that are lower than those available if the Group
borrowed at fixed rates directly.
Under the interest rate derivative contracts, the Group agrees with other parties to
exchange, at specified intervals (mainly quarterly), the difference between fixed contract
rates and floating rate interest amounts calculated by reference to the agreed notional
principal amounts.
The Group’s borrowings are carried at amortised cost. The borrowings are periodically
contractually repriced and to that extent are also exposed to the risk of future changes
in market interest rates.
The Group maintains cash on overnight deposit in interest-bearing bank accounts.
PERFORMANCEABOUT US80thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
The following tables set out the interest rate repricing profile and current interest rate of
the interest-bearing financial assets and liabilities.
Fixed interest rate
2025
Effective
interest
rate
%
Floating
interest
rate
$000’s
Up to
1 year
$000’s
1-2 years
$000’s
2-5 years
$000’s
Greater
than
5 years
$000’s
Total
$000’s
Assets
Cash at bank
2.1 49,738––––49,738
Liabilities
Derivatives (interest
rate contracts)
(1)
3.2–8,24013,18453,184–74,608
Interest-bearing loans
and borrowings
7.0 473,40118,03125,10324,635–541,170
Fixed interest rate
2024
Effective
interest
rate
%
Floating
interest
rate
$000’s
Up to
1 year
$000’s
1–2 years
$000’s
2–5 years
$000’s
greater
than
5 years
$000’s
Total
$000’s
Assets
Cash at bank
2.2 56,785–––– 56,785
Liabilities
Derivatives (interest
rate contracts)
(1)
3.0– 35,1058,22426,318– 69,647
Interest bearing loans
and borrowings
7.0 435,08716,72036,35314,512– 502,672
(1) Notional contract amounts and include forward starting interest rate swaps.
The effective interest rate of Group borrowings is 7.0% (2024: 7.0%) including the impact of
the interest rate swaps and the fees on facilities.
Interest rate sensitivity
The Group’s floating bank borrowings and cash deposits are subject to interest rate
sensitivity risk. The remaining borrowings are fixed using interest rate derivative contracts.
If the Group’s floating borrowings and deposits year end balances remained the same
throughout the year and interest rates moved by 1.0% then the impact on profitability
and equity is as follows:
2025
$000’s
2024
$000’s
Pre-tax impact of:
An increase in interest rates of 1%
(4,168)(3,762)
A decrease in interest rates of 1%4,1683,762
At year-end the value of interest rate derivative contracts used as cash flow hedges were
subject to interest rate risk in relation to the value recognised in equity. If interest rates
moved by 1% across the yield curve, then the impact on the fair value of the swaps on
equity is shown in the following table. A movement of 1%, or 100bps, is considered by
management as a reasonable estimate of a possible shift in interest rates for the financial
year based on historical movements. There is nil ineffective interest rate swaps recognised
in profit or loss in relation to the valuation of the interest rate swaps (2024: nil). The
remaining interest rate swaps were effective as at 30 June 2025.
Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for
hedges of foreign currency purchase. It may occur due to:
• the credit value/debit value adjustment on the interest rate swaps which is not matched
by the loan; and
• differences in critical terms between the interest rate swaps and loans.
2025
$000’s
2024
$000’s
Post-tax impact on equity of:
An increase in interest rates of 1% across the yield curve
1,022607
A decrease in interest rates of 1% across the yield curve(1,032)(253)
25. Financial risk management (continued)
PERFORMANCEABOUT US81thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
25.3 Credit risk
The Group has no significant concentrations of credit risk. Policies are in place to ensure
that wholesale sales of products and other receivables arising are made to customers with
an appropriate credit history. Sales to retail customers are made in cash or via major credit
cards. Derivative contract counterparties and cash on deposit are limited to quality
financial institutions in accordance with the Board’s approved treasury policy.
The Group considers its maximum exposure to credit risk as follows:
2025
$000’s
2024
$000’s
Credit risk exposure
Cash at bank
49,73856,785
Trade receivables (net of allowance for expected credit losses)21,57628,646
Other receivables12,43322,402
Receivables under buy-back arrangement2,1694,514
Derivatives5681,626
Total credit risk exposure86,484113,973
The Group has numerous credit terms for various customers. The terms vary from cash,
monthly and greater depending on the service and goods provided and the customer
relationship. Collateral is not normally required. All trade receivables are individually
reviewed regularly for impairment as part of normal operating procedures and, where
appropriate, a provision is made. Trade receivables less than three months overdue are
not considered impaired. Overdue amounts that have not been provided for, relate to
customers that have a reliable trading credit history and no recent history of default.
2025
$000’s
2024
$000’s
Trade receivable analysis
Debtors past due
9,19213,751
Allowance for expected credit losses(432)(502)
Debtors past due but not impaired8,76013,249
Debtors current12,81615,397
Total trade debtors21,57628,646
2025
$000’s
2024
$000’s
Ageing of debtors past due
1-30 days
3,9837,286
31-60 days3,1134,194
61-90 days1,1041,109
91+ days9921,162
Total debtors past due9,19213,751
There is no overdue balance in ‘other receivables’ and ‘receivables under buy-back
arrangements’ as at 30 June 2025 (2024: nil).
25.4 Liquidity risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable
securities, the availability of funding through an adequate amount of credit facilities and
the ability to close out market positions. Due to the dynamic nature of the underlying
businesses, Group Treasury aims to maintain flexibility in funding by rolling the draw
downs on a short-term basis and keeping credit lines available.
The table below analyses the Group’s financial liabilities into relevant maturity groupings
based on the remaining period at the reporting date to the contractual maturity date.
The amounts disclosed are the contractual undiscounted cash flows.
2025
Up to
1 year
$000’s
Between
1-2 years
$000’s
Between
2-5 years
$000’s
Greater
than
5 years
$000’s
Total
$000’s
Carrying
value
$000’s
Derivatives (interest rate
and foreign currency
contracts)
176185––361344
Trade and other
payables
(1)
71,217–––71,21771,217
Interest-bearing loans
and borrowings
64,405245,733293,346–603,484541,170
Lease liabilities31,79530,13483,641204,144349,714218,425
Total undiscounted
contractual cash flows
167,593276,052376,987204,1441,024,415831,156
(1) Excludes GST/VAT payables and other payroll-related liabilities included in ‘Trade and other payables’.
25. Financial risk management (continued)
PERFORMANCEABOUT US82thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
2024
Up to
1 year
$000’s
Between
1-2 years
$000’s
Between
2-5 years
$000’s
greater
than
5 years
$000’s
Total
$000’s
Carrying
value
$000’s
Derivatives (interest
rate and foreign
currency contracts)
105–––105105
Trade and other
payables
(1)
74,842––– 74,84274,842
Interest-bearing loans
and borrowings
147,184277,70385,54057,161567,588502,672
Lease liabilities27,32423,62456,81481,253189,015147,488
Total undiscounted
contractual cash flows
249,455301,327142,354138,414831,550725,107
(1) Excludes GST/VAT payables and other payroll-related liabilities included in ‘Trade and other payables’.
25.5 Capital risk management
The Group’s objectives when managing capital are to safeguard the Group’s ability to
continue as a going concern in order to provide returns for shareholders and benefits for
other stakeholders and maintain an optimal capital structure to reduce the cost of capital.
The Group considers capital to be share capital and interest-bearing debt. To maintain or
alter the capital structure, the Group has the ability to review the amount of dividends paid
to shareholders, return capital to shareholders, issue new shares, reduce or increase debt
or sell assets.
There are a number of externally imposed bank covenants required as part of seasonal
and term debt facilities. These covenants are calculated monthly and reported to banks
quarterly. The most significant covenants relating to capital management are Net Interest-
bearing Debt to EBITDA.
25.6 Seasonality
The tourism industry is subject to seasonal fluctuations with peak demand for tourism
attractions and transportation over the summer months. The operating revenue and
profits of the Group’s segments are disclosed in note 1. New Zealand and Australia’s profits
are typically generated over the southern hemisphere summer months and the United
States, Canada and the United Kingdom and Ireland’s profits are typically generated over
the northern hemisphere summer months. Due to the seasonal nature of the businesses,
the risk profile at year end is not representative of all risks faced during the year.
26. Derivatives
Derivatives and hedging activities
The Group enters into interest rate swaps and other derivatives to hedge interest rate risk.
Derivatives are initially recognised at fair value on the date a derivative contract is
entered into and are subsequently remeasured at their fair value at the end of each
reporting period. The method of recognising the resulting gain or loss depends on
whether the derivative is designated as a hedging instrument and, if so, the nature of
the item being hedged. The Group designates certain derivatives as hedges of a particular
risk associated with a recognised asset or liability or a highly probable forecast transaction
(cash flow hedge).
The Group documents, at the inception of the transaction, the relationship between
hedging instruments and hedged items, as well as its risk management objectives and
strategy for undertaking various hedge transactions. The Group also documents its
assessment, both at hedge inception and on an ongoing basis, of whether the derivatives
that are used in hedging transactions are highly effective in offsetting changes in fair
value or cash flows of hedged items.
Movements on the hedging reserve in shareholders’ equity are shown in note 19. The
full fair value of hedging derivatives is classified as a non-current asset or liability if the
remaining maturity of the hedged item is more than 12 months, and as a current asset
or liability if the remaining maturity of the hedged item is less than 12 months. Trading
derivatives are classified as a current asset or liability.
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and
qualify as cash flow hedges are recognised in equity. The gain or loss relating to the
ineffective portion is recognised immediately in profit or loss in the consolidated
statement of comprehensive income. The gain or loss relating to the interest rate swaps
are recognised in interest expense.
Amounts accumulated in equity are recycled in profit or loss in the periods when the
hedged item affects profit or loss (for instance when the forecast sale that is hedged
takes place). The gain or loss relating to the effective portion of interest rate swaps
hedging variable rate borrowings is recognised in profit or loss within ‘finance expenses’.
The gain or loss relating to the effective portion of forward foreign exchange contracts
hedging export sales is recognised in profit or loss within ‘sales’. However, when the
forecast transaction that is hedged results in the recognition of a non-financial asset (for
example, inventory) or a non-financial liability, the gains and losses previously deferred in
equity are transferred from equity and included in the initial measurement of the cost of
the asset or liability.
25. Financial risk management (continued)
PERFORMANCEABOUT US83thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
When a hedging instrument expires or is sold, or when a hedge no longer meets the
criteria for hedge accounting, any cumulative gain or loss existing in equity at that time
remains in equity and is recognised when the forecast transaction is ultimately recognised
in the consolidated statement of comprehensive income. When a forecast transaction is
no longer expected to occur, the cumulative gain or loss that was reported in equity is
immediately transferred to the consolidated statement of comprehensive income.
20252024
Assets
$000’s
Liabilities
$000’s
Assets
$000’s
Liabilities
$000’s
Forward foreign exchange contracts27–– 105
Interest rate swap contracts61–357 –
Cash flow hedges – total current portion88–357 105
Interest rate swap contracts – non-current
portion
4803441,269 –
Total cash flow hedges5683441,626 105
The ineffective portion (net of tax) recognised in the profit or loss that arises from cash
flow hedges is $nil (2024: $nil) for the financial year.
Interest rate swap
The notional principal amounts of the outstanding interest rate swap contracts at
30 June 2025 were $74,608,000 (2024: $69,647,000).
At 30 June 2025, the fixed interest rates vary from 1.9% to 3.6% (2024: 1.9% to 4.6%).
The liquidity table in note 25 identifies the periods in which the cash flows are expected
to occur.
26. Derivatives (continued)
PERFORMANCEABOUT US84thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
28. Key management personnel and related party disclosures
28.1 Key management personnel
2025
$000’s
2024
$000’s
Salaries and other short-term employee benefits7,0818,666
Share-based payments benefits983795
Post-employment benefits213261
Termination benefits523282
Total compensation to key management personnel8,80010,004
Total positions included in key management compensation at 30 June 2025 are 12
(2024: 15). Executive management do not receive any directors’ fees as directors of
subsidiary companies.
2025
$000’s
2024
$000’s
Directors’ fees703758
Section F – Other
In this section
This section includes the remaining information relating to thl’s consolidated financial
statements which is required to comply with financial reporting standards.
27. Employee benefits
Liabilities for wages and salaries, including non-monetary benefits, annual leave
and long service leave expected to be settled wholly within 12 months of the
reporting date are measured at the amounts expected to be paid when the
liabilities are settled.
2025
$000’s
2024
$000’s
Annual leave10,70111,108
Long service leave2,5522,635
Employee benefits6,5876,471
Total employee benefits19,84020,214
PERFORMANCEABOUT US85thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
28.2 Related party disclosures
Trouchet Family
The Trouchet family hold an interest of 26,079,549 ordinary shares (2024: 26,070,109) 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 their related entities
during the financial year:
20252024
Revenue
$000’s
Receivables
$000’s
Revenue
$000’s
Receivables
$000’s
Motorhomes sold (less rebates) to Caravans
Away Pty Ltd (Director related entity of
L Trouchet)
288–1,969341
Servicing and repairs sold to Caravans Away
Pty Ltd (Director related entity of L Trouchet)
4–195
Administration fees received from Caravans
Away Pty Ltd (Director related entity of
L Trouchet)
2122
Administration fees paid RV Boss Pty Ltd
(Director related entity of L Trouchet)
2122
20252024
Expenses
$000’s
Payables
$000’s
Expenses
$000’s
Payables
$000’s
Rebates on motorhomes sold to Caravans
Away Pty Ltd (Director related entity of
L Trouchet)
–17––
Rental expenses paid to KL One Trust
(Director related entity of L Trouchet)
1381413512
Rental expenses paid to Eastglo Pty Ltd
(Director related entity of L Trouchet)
284–241–
Advertising expenses paid to RV Boss Pty Ltd
(Director related entity of L Trouchet)
36178118
Annual salary paid to A Trouchet inclusive
of superannuation (A related party of
L Trouchet)
564535
28. Key management personnel and related party disclosures
(continued)
29. Share-based payments
29.1 Long-term incentive share scheme 2017
In the 2017 financial year, the Group introduced an equity-settled, share-based long-term
incentive plan for the Chief Executive and other senior executives under which the Group
receives services from the executives as consideration for Options to purchase ordinary
shares of the Group.
The fair value of the employee services received in exchange for the grant of the Options is
recognised as an expense in profit or loss in the consolidated statement of comprehensive
income. The total amount expensed is determined by reference to the fair value of the
Options granted. Amounts accumulated in the employee share scheme reserve are
transferred to share capital on the exercise of the Options or to retained earnings where
they are forfeited.
At the end of each reporting period, the Group revises its estimates of the number
of Options that are expected to vest based on the non-market vesting conditions.
It recognises the impact of the revision to original estimates, if any, in profit or loss
in the consolidated statement of comprehensive income, with a corresponding
adjustment to the employee share scheme reserve.
The terms of the 2017 scheme are contained in a document entitled ‘The Rules of the
Tourism Holdings Long-term Incentive Scheme 2017’:
• Options to purchase ordinary shares are issued to executives by the Board.
• The option price is set based on the volume weighted average price of Tourism Holdings
Limited ordinary shares over the 20 days leading up to the grant date.
• The options can be exercised at the election of the employee after a minimum of two
years from the grant date. A maximum of one third of the options can be exercised after
two years, two thirds after three years and all options can be exercised after four years.
After six years, the options lapse and there is no further right to exercise. The exercise
price payable by the executive is the option price plus a cost of equity adjustment for
two years, less dividends paid for two years.
• The participants holding options have no interest in the ordinary shares that are the
subject of the options, until the options are exercised and ordinary shares issued.
• Valuation of the options for accounting purposes is done by KPMG using the Binomial
Option Pricing Model. The assessed value is charged to profit or loss in the consolidated
statement of comprehensive income over the life of the scheme/option with a
corresponding credit to the employee share scheme reserve.
PERFORMANCEABOUT US86thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Inputs into the model include expected volatility which is based on the historic volatility of the Company’s share price, dividend yield and a risk-free interest rate based on
New Zealand Government bonds. The inputs for measurement of grant date fair value and the number of unvested share options at the financial year end are as follows:
Grant date
Fair value at
grant date
Inputs for measurement of fair value at grant date2025
No. of share
options
unvested
2024
No. of share
options
unvestedIssue price
Expected
volatility
Risk free
interest rate
Exercise price at
balance dateExpiry date
3 April 2019$0.35$4.8121.0%2.33%n/a3 April 2025– 675,000
1 April 2020$0.35$1.2932.3%1.17%$1.571 April 2026 465,001 465,001
6 April 2021$0.36$2.3135.0%0.58%$2.796 April 2027 1,230,000 1,300,000
7 April 2022$0.46$2.8332.5%2.48%$3.327 April 2028 1,102,000 1,157,000
10 May 2023$0.84$4.0332.5%4.73%$4.6810 May 2029 1,303,000 1,395,000
20 March 2024$0.67$3.3632.0%5.10%$4.0320 March 2030 2,350,000 2,619,000
17 June 2024$0.42$1.8137.6%5.15%n/a17 June 2030 – 440,000
27 March 2025$0.43$1.7937.0%5.11%$2.1927 March 20314,350,000 –
10,800,001 8,051,001
n/a = not applicable
The weighted average remaining contractual life of share options at 30 June 2025 was 4.3 years (2024: 4.2 years).
No share options were exercised during the 2025 financial year. The weighted average share price at the date of exercise of the share options exercised during the 2024 financial
year ended was $3.59.
The final exercise price payable for the share options granted in 2024 and 2025 will be calculated as the issue price multiplied by a cost of equity adjustment, less dividends paid
in cash since the second anniversary of the grant date.
29. Share-based payments (continued)
PERFORMANCEABOUT US87thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
29.2 Short-term incentive share scheme 2020
In the 2021 financial year, the Group introduced an equity-settled, share-based short-term
retention plan in lieu of the cash based short-term incentive scheme for employees that
are eligible per the terms of their employment.
Under the 2020 Scheme, the Group receives services from employees as consideration for:
(a) Share Options to purchase ordinary shares of Tourism Holdings Limited at a pre-
determined exercise price, and/or
(b) Share Rights that can be exercised for the issue of ordinary shares of Tourism Holdings
Limited, with no exercise price.
The fair value of the employee services received in exchange for the grant of the Share
Options and Share Rights is recognised as an expense in the statement of comprehensive
income, with a corresponding adjustment to the employee share scheme reserve. The
total amount to be expensed is determined by reference to the fair value of the Share
Options and Share Rights granted. Amounts accumulated in the employee share scheme
reserve are transferred to share capital on the exercise of the Share Options and Share
Rights, or to retained earnings where they are forfeited or not exercised after the
vesting date.
At the end of each reporting period, the Group revises its estimate of the number of Share
Options and Share Rights that are expected to vest based on the non-market vesting
conditions. It recognises the impact of the revision to original estimates, if any, in profit or
loss in the statement of comprehensive income, with a corresponding adjustment to the
employee share scheme reserve.
The terms of the 2020 Scheme are contained in a document entitled the ‘Tourism
Holdings Short-term Incentive Scheme 2020’ (Scheme 2020):
• Share Options to purchase ordinary shares, and Share Rights that can be exercised
for the issue of ordinary shares, are issued to eligible employees by the Board.
• The Share Option price is equal to the volume weighted average price of Tourism
Holdings Limited ordinary shares over the 20 trading days leading up to the date on
which the offer is provided.
• 50% of the Share Options and Share Rights vest 12 months after the grant date, and
the remaining 50% vest 24 months after the grant date. After the Share Options and
Share Rights have vested, they can be exercised by the employee by giving notice to
the Group.
• The Share Rights lapse if not exercised by the employee by the latter of:
(a) sixty (60) days after the applicable vesting date; and
(b) the end of the calendar year in which the vesting date occurred.
The Share Options lapse if not exercised by the employee within six years of the grant date.
• The exercise price payable by the employee for the Share Rights is nil. The exercise price
payable by the employee for the Share Options is the option price.
• The participants holding Share Rights and Share Options have no interest in the
ordinary shares that are the subject of the Share Options or Share Rights, until the
Share Options or Share Rights are exercised and ordinary shares issued.
• A valuation of the Share Options for accounting purposes is done by KPMG using the
Binomial Option Pricing Model. The assessed value is charged to profit or loss in the
statement of comprehensive income over the life of the option with a corresponding
credit to the employee share scheme reserve.
During the 2025 financial year, no share rights were granted. In the prior financial year,
the remaining share rights of 350,763 vested and were converted to ordinary shares on
5 July 2023.
29. Share-based payments (continued)
PERFORMANCEABOUT US88thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
Share options
Inputs into the model include expected volatility which is based on the historic volatility of the Company’s share price, dividend yield and a risk-free interest rate based on
New Zealand Government bonds. The inputs for measurement of grant date fair value and the number of unvested share options at the financial year end are as follows:
Grant date
Fair value at
grant date
Inputs for measurement of fair value at grant date2025
No. of share
options
unvested
2024
No. of share
options
unvestedIssue price
Expected
volatility
Risk free
interest rate
Exercise price at
balance dateExpiry date
5 July 2020$0.59$2.0030.0%0.42%$2.005 July 2026297,466 297,466
5 July 2021$0.57$2.5240.0%4.73%$2.555 July 2027448,767 479,603
746,233777,069
The weighted average remaining contractual life of share options at 30 June 2025 was 1.6 years (2024: 2.6 years).
No share options were exercised during the 2025 financial year. The weighted average share price at the date of exercise of the share options exercised during the 2024 financial
year ended was $3.83.
29.3 Reconciliation of outstanding share scheme plans
The following table summarises the movement and weighted average exercise prices of the share scheme plans during the financial year.

Share scheme 2017Share scheme 2020
Total share
options
No. of share
options
Weighted
average
exercise
price
No. of share
options
Weighted
average
exercise
price
No. of share
rights
Outstanding and exercisable as at 1 July 2023 7,331,334 $ 3.28 1,101,634 $2.37 350,763 8,432,968
Granted during the financial year 3,059,000 $ 3.83 – n/a – 3,059,000
Vested and converted during the financial year(491,667) $ 2.18 (292,801) $2.42 (350,763) (784,468)
Forfeited or cancelled during the financial year(1,847,666) $ 4.59 (31,764) $2.55 – (1,879,430)
Outstanding and exercisable as at 30 June 2024 8,051,001 $ 3.15 777,069 $2.34 – 8,828,070
Granted during the financial year4,350,000$2.19–n/a– 4,350,000
Forfeited or cancelled during the financial year(1,601,000)$4.18(30,836)$2.55– (1,631,836)
Outstanding and exercisable as at 30 June 202510,800,001$3.05746,233$2.33– 11,546,234
During the 2025 financial year 4,350,000 share options (2024: 3,059,000) were granted at a total fair value of $1,871,000 (2024: $1,945,000).
The share-based payment expense for all share schemes for the 2025 financial year was $1,394,000 (2024: $693,000) which is included in ‘Operating expenses’ in the
consolidated statement of comprehensive income.
29. Share-based payments (continued)
PERFORMANCEABOUT US89thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
30. Notes to the consolidated statement of cash flows
30.1 Reconciliation of cash flows from operating activities
In accordance with NZ IAS 7 the Group classifies cash flows from the sale and
purchase of rental assets as operating cash flows. Where the timing of receipts and
payments is of a short-term nature, the cash flows are presented on a net basis.
2025
$000’s
2024
$000’s
Loss/profit for the financial year(25,774)39,376
Non-cash items
Depreciation and amortisation
112,42795,774
Impairment expense on goodwill and other intangibles40,00012,481
Impairment expense on rental assets2,6972,284
Impairment expense on financial assets1,726760
Net loss on disposal of property, plant and equipment39239
Net fair value gain on other financial assets and liabilities(62)(630)
Share-based payments expense1,394693
Total non-cash items158,221111,601
Reclassification of cashflows associated with rental assets
Net book value of rental assets sold
130,032141,627
Purchase of rental assets(314,795)(345,121)
Total cash flows associated with rental assets(184,763)(203,494)
Change in operating assets and liabilities:
Decrease/(increase) in trade and other receivables
18,759(6,814)
Decrease/(increase) in inventories54,434(32,859)
(Decrease)/increase in trade and other payables(5,657)15,002
Increase/(decrease) in revenue in advance12,400(6,831)
Decrease in current tax(4,936)(2,918)
Movement in deferred taxation6,810(9,006)
(Decrease)/increase in provisions(936)301
Total movement in operating assets and liabilities80,874(43,125)
Net cash flows from/(used in) operating activities28,558(95,642)
30.2 Net debt reconciliation
This section sets out an analysis of net debt and the movements in the net debt.
2025
$000’s
2024
$000’s
Interest-bearing loans and borrowings, short-term(41,053)(117,157)
Interest-bearing loans and borrowings, long-term(500,117)(385,515)
Lease liabilities, short-term(21,119)(20,579)
Lease liabilities, long-term(197,306)(126,909)
Gross debt(759,595)(650,160)
Cash at bank49,73856,785
Net debt(709,857)(593,375)
30.3 Changes in liabilities arising from financing activities
Interest-
bearing
loans and
borrowings
$000’s
Lease
liabilities
$000’s
Gross debt
$000’s
Balance as at 1 July 2023361,940159,929521,869
Cash flows
Proceeds
733,317– 733,317
Repayments(593,934)(25,304)(619,238)
Non-cash movements
Foreign exchange movements
1,349– 1,349
Camperagent acquisition– 3,3373,337
Issues and modifications of lease liabilities– 9,5269,526
Balance as at 30 June 2024502,672147,488650,160
Cash flows
Proceeds
487,266–487,266
Repayments(449,087)(20,857)(469,944)
Deferred borrowing costs(1,356)–(1,356)
Non-cash movements
Amortisation of deferred borrowing costs
679–679
Foreign exchange movements996(391)605
Issues and modifications of lease liabilities–92,18592,185
Balance as at 30 June 2025541,170218,425759,595
PERFORMANCEABOUT US90thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Notes to the consolidated financial statements (continued)
32. Contingencies
As at 30 June 2025 the Group has bank guarantees of $7.7 million in place (2024: $3.6 million).
Predominantly these are in lieu of bonds paid relating to leased assets.
33. Subsequent events
On 24 August 2025, the Directors approved a fully imputed, unfranked final dividend of
4 cents per share payable on 3 October 2025.
There are no other events after the reporting period which materially affect the
information within the Group’s consolidated financial statements.
31. Auditor’s remuneration
The auditor of thl is Ernst & Young New Zealand (EY).
2025
$000’s
2024
$000’s
Audit or review of financial statements
Audit of financial statements
1,1621,196
Review of interim financial statements150105
Total audit or review of financial statements provided by EY1,3121,301
Other assurance services
Review over thl’s greenhouse gas emission inventory
(reasonable assurance)
6363
Review over the sales extraction for reporting under the Hobart
branch lease agreement (limited assurance)
6
Other services
Provision of remuneration market survey data
–7
Total fees for services other than the audit or review of
financial statements provided by EY
6970
Total fees for services provided by EY1,3811,371
Fees for audit or review services incurred from non-EY firms
Audit of subsidiary THL UK and Ireland Limited financial statements
11077
Other fees paid to non-EY audit firms
Tax services (tax compliance)
6423
Other agreed upon services 1110
Total fees paid to non-EY firms for services other than the
audit or review of financial statements
7533
Total fees for services provided by non-EY firms 185110
Audit or review of financial statements
Audit of the financial statements provided by EY
1,1621,196
Review of the financial statements provided by EY150105
Review of the financial report provided by non-EY firm 11077
Total fees for the audit or review of financial statements 1,4221,378
Services other than the audit or review of financial statements
Total fees for services provided by EY
6970
Total fees for services provided by non-EY firm7533
Total fees for services other than the audit or review of
financial statements
144103
PERFORMANCEABOUT US91thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS
For the financial year ended 30 June 2025

Independent Auditor’s Report
Independent auditor’s report to the shareholders of
Tourism Holdings Limited
Report on the audit of the financial statements
Opinion
We have audited the financial statements of Tourism Holdings Limited (the “Company”)
and its subsidiaries (together the “Group”) on pages 44 to 91, which comprise the
consolidated statement of financial position of the Group as at 30 June 2025, and the
consolidated statement of comprehensive income, consolidated statement of changes
in equity and consolidated statement of cash flows for the year then ended of the Group,
and the notes to the consolidated financial statements including material accounting
policy information.
In our opinion, the consolidated financial statements on pages 44 to 91 present fairly, in
all material respects, the consolidated financial position of the Group as at 30 June 2025
and its consolidated financial performance and cash flows for the year then ended in
accordance with New Zealand Equivalents to International Financial Reporting Standards
and International Financial Reporting Standards.
This report is made solely to the Company’s shareholders, as a body. Our audit has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in an auditor’s 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 audit work, for this
report, or for the opinions we have formed.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing
(New Zealand). Our responsibilities under those standards are further described in the
Auditor’s responsibilities for the audit of the financial statements section of our report.
We are independent of the Group in accordance with Professional and Ethical Standard 1
International Code of Ethics for Assurance Practitioners (including International
Independence Standards) (New Zealand) issued by the New Zealand Auditing and
Assurance Standards Board, and we have fulfilled our other ethical responsibilities in
accordance with these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Ernst & Young provides other assurance 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.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were of most
significance in our audit of the consolidated financial statements of the current year.
These matters were addressed in the context of our audit of the consolidated financial
statements as a whole, and in forming our opinion thereon, but we do not provide a
separate opinion on these matters. For each matter below, our description of how our
audit addressed the matter is provided in that context.
We have fulfilled the responsibilities described in the Auditor’s responsibilities for the
audit of the financial statements section of the audit report, including in relation to
these matters. Accordingly, our audit included the performance of procedures designed
to respond to our assessment of the risks of material misstatement of the financial
statements. The results of our audit procedures, including the procedures performed to
address the matters below, provide the basis for our audit opinion on the accompanying
consolidated financial statements.
PERFORMANCEABOUT US92thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Independent Auditor’s Report (continued)
Goodwill impairment assessments
Why significantHow our audit addressed the key audit matter
The Group holds goodwill of $108 million at 30 June 2025. An impairment loss of
$35 million has been recognised during the year ended 30 June 2025.
The recoverable amount of the Group’s Cash Generating Units (“CGUs”) is determined
each reporting period as either their value in use or fair value less costs of disposal
estimated using discounted cash flow models (“DCF models”). DCF models contain
significant judgement and estimation in respect of future cash flow forecasts, discount
rate and terminal growth rate assumptions. Changes in certain assumptions can lead
to significant changes in the assessment of the recoverable amount.
Disclosures regarding the Group’s recorded impairment loss, key assumptions adopted
in its impairment modelling and the sensitivity to reasonably possible changes in key
assumptions which could result in impairment are included in note 14 and 14.1 of the
financial statements.
In obtaining sufficient appropriate audit evidence, we:
• understood the Group’s goodwill impairment assessment process and identified
relevant controls;
• assessed the Group’s determination of CGUs based on our understanding of the nature
of the Group’s businesses;
• obtained the Group’s DCF models and agreed earnings forecasts to the Board
approved FY26 budget;
• assessed key inputs to the DCF models including future cash flow forecasts, discount
rates and terminal growth rates;
• involved our internal valuation specialists to assess the Group’s discount and terminal
growth rates. Our valuation specialists were also involved in benchmarking the Group’s
assessed recoverable amounts with relevant market multiples and assessing the
logical integrity of the DCF models;
• performed sensitivity analysis in relation to the discount rate, terminal growth rate and
forecast cash flows to consider the potential impact of changes in these assumptions
to the recoverable amounts;
• for the CGU where goodwill was determined to be impaired and an impairment
recognised, we assessed the output of the DCF models against the carrying value of
the CGU to assess the calculation of the impairment recognised; and
• considered the adequacy of the associated disclosures in the financial statements,
including those related to the CGUs where the impairment assessment was sensitive
to reasonably possible changes in assumptions and related to the CGU where an
impairment has been recognised.
PERFORMANCEABOUT US93thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

Independent Auditor’s Report (continued)
Information other than the financial statements and auditor’s report
The directors of the Company are responsible for the other information. The other
information comprises the annual report, which includes the Climate Statement but does
not include the financial statements and our auditor’s report thereon. We obtained the
annual report other than the Climate Statement prior to the date of this auditor’s report.
The Climate Statement is expected to be made available to us after the date of this report.
Our opinion on the consolidated financial statements does not cover the other information
and we do not express any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements, our responsibility
is to read the other information and, in doing so, consider whether the other information
is materially inconsistent with the consolidated financial statements or our knowledge
obtained during the audit, or otherwise appears to be materially misstated.
If, based upon the work we have performed on the other information that we obtained
prior to the date of this auditor’s report, we conclude that there is a material misstatement
of this other information, we are required to report that fact. We have nothing to report in
this regard. When we read the Climate Statement, if we conclude that there is a material
misstatement therein, we are required to communicate the matter to those charged with
governance and, if uncorrected, to take appropriate action to bring the matter to the
attention of users for whom our auditor’s report was prepared.
Directors’ responsibilities for the financial statements
The directors are responsible, on behalf of the entity, for the preparation and fair
presentation of the consolidated financial statements in accordance with New Zealand
Equivalents to International Financial Reporting Standards and International Financial
Reporting Standards, and for such internal control as the directors determine is necessary
to enable the preparation of financial statements that are free from material
misstatement, whether due to fraud or error.
In preparing the consolidated financial statements, the directors are responsible for
assessing on behalf of the entity the Group’s ability to continue as a going concern,
disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless the directors either intend to liquidate the Group or cease
operations, or have no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated
financial statements as a whole are free from material misstatement, whether due to
fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit conducted in
accordance with International Standards on Auditing (New Zealand) will always detect a
material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected
to influence the economic decisions of users taken on the basis of these consolidated
financial statements.
A further description of the auditor’s responsibilities for the audit of the financial statements
is located at the External Reporting Board’s website: https://www.xrb.govt.nz/standards/
assurance-standards/auditors-responsibilities/audit-report-1-1/. This description forms
part of our auditor’s report.
The engagement partner on the audit resulting in this independent auditor’s report is
Simon O’Connor.
Chartered Accountants
Auckland
25 August 2025
PERFORMANCEABOUT US94thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

GOVERNANCE
Corporate Governance 96
Remuneration 107
Board of Directors 118
Corporate Information 120
Global Footprint 121
DIVERSITY AND INCLUSION REPORTING
PERFORMANCEABOUT US95thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

CORPORATE GOVERNANCE
Tourism Holdings Limited operates under a set of corporate
governance principles designed to see that thl is effectively
managed. The Board is committed to the continued development
of thl’s corporate governance practices by reviewing and developing
its corporate governance policies and monitoring developments to
keep abreast of corporate governance best practice.
thl’s corporate governance framework includes:
•
The constitution of thl, which describes the ‘rules’ under which the Company operates,
including issue and other share transactions, distributions, shareholder meetings,
Director appointment, remuneration and powers, and the conduct of Board and
shareholder meetings.
•
The Board Charter and sub-committee charters, which set out the roles and
responsibilities of the Directors.
•
The Code of Ethics, which outlines the standards of ethical behaviour expected of
Directors, staff and contractors.
•
The Market Disclosure Policy, which outlines the policy around disclosure of company
information, including the commitment to compliance with continuous disclosure
requirements.
•
The Securities Trading Policy, which outlines policy and guidelines around trading in
thl securities by Directors, officers and staff.
•
The Diversity Policy, which outlines the commitment to diversity in Board, Executive
and staff appointments.
•
The Delegated Authority Policy, which outlines the delegation of authority by the Board
to management, and the authorisation levels at which Board approval is required.
thl’s governance practices have been reviewed against the recommendations of the
NZX Corporate Governance Code, dated 1 April 2023 (‘Code’). The Board considers that the
thl governance framework and practices for the year ended 30 June 2025 are in
compliance with the recommendations of the Code. The information in this Governance
Report is current as at 25 August 2025 and has been approved by the thl Board.
thl’s corporate governance policies and charters are available on its website at
www.thlonline.com.
Principle 1 – Ethical standards
“Directors should set high standards of ethical behaviour, model this behaviour and hold
management accountable for these standards being followed throughout
the organisation.”
thl is committed to being a good corporate citizen. The Company expects Directors,
employees and contractors to practise high ethical standards in the performance of their
duties, to comply with all applicable laws and regulations, cooperate with all regulatory
bodies and Government agencies, and use Company assets and resources only for the
legitimate and ethical achievement of its objectives.
thl has adopted a Code of Ethics which applies to all Directors, employees and contractors
of thl to see that it maintains high ethical standards and reinforces thl’s commitment to
the community. The Code of Ethics addresses the areas of ethical business practices,
insider trading, conflicts of interest and use of Company property, amongst other matters.
The thl Code of Ethics is available at www.thlonline.com. thl undertakes frequent ethics
training for leaders in the business.
Securities Trading Policy
thl has in place a formal Securities Trading Policy and guidelines which applies to all
Directors, officers and employees of thl and its subsidiaries who intend to trade in thl
listed securities.
All individuals defined as “restricted persons” under that policy must notify thl of their
intention to trade and obtain approval from the Board before trading in thl’s shares. No
trading in shares is permitted in ‘blackout periods’ from 1 June each year until 48 hours
after the release of the full year results and from 1 December each year until 48 hours after
the release of the half year results, except in exceptional circumstances.
Trading is permitted outside the blackout periods, provided the restricted person confirms
that they do not hold any material information and that they are not aware of any reason
that would prohibit them from trading. Any trading must be completed within 10 trading
days of approval being given. Restricted persons are defined in the policy as:
•
all Directors;
•
the Chief Executive Officer (CEO); all members of the senior management team (being
the C-suite executives, General Managers and equivalent roles) and their direct reports;
•
the administrative staff of the senior management team;
•
all employees in the finance department;
•
trusts and companies controlled by such persons;
•
anyone notified by the CFO from time to time; and
•
anyone participating in the Long-Term Incentive Scheme.
The thl Securities Trading Policy is available at www.thlonline.com.
PERFORMANCEABOUT US96thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

Principle 2 – Board composition and performance
“To ensure an effective Board, there should be a balance of independence, skills,
knowledge, experience and perspectives.”
Board skills and expertise
thl’s Board is comprised of Directors who have a mix of skills, knowledge, experience
and diversity to adequately meet and discharge its responsibilities and to add value to
the Company through efficient and effective governance and leadership. The current
Directors have a varied and balanced mix of skills, including extensive operational
experience, knowledge of the tourism industry, as well as extensive experience in
capital markets, growth and global transactions.
The Board skills matrix table outlines the key skills that are considered most relevant
to effectively fulfilling the Board’s current objectives.
Capability
Number of Directors
Highly
CompetentCompetentAware
Public company corporate governance experience520
Financial and audit oversight including expertise in
treasury, funding & debt management
340
Legal and regulatory expertise142
Tourism industry experience430
Manufacturing industry experience223
Rental automotive industry experience250
Retail automotive industry experience223
Risk management experience340
HR/People leadership including executive remuneration340
Experience in development, innovation and execution of
growth and change strategies
430
Investment banking, capital markets and M&A transaction
experience
421
Experience in managing/governing operations across
multiple countries
520
Business leadership experience in international markets
where thl operates
214
C-suite executive level experience421
Health and safety governance/management experience250
Experience in managing/governing ESG/sustainability
frameworks
061
Digital transformation experience043
Customer service experience250
Highly competent = extensive experience, including serving as a key resource and
advising others.
Competent = a complete understanding and experience in practical application.
Aware = a fundamental understanding and knowledge of an area.
Individual Director profiles are set out in the Board of Directors section.
Roles and Responsibilities of the Board
The Board is committed to managing thl in an ethical and professional manner, and in
the best interests of the Company and its shareholders. thl has a Board Charter, available
on its website, which amongst other matters sets out the specific responsibilities of the
Board, including the following:
•
Oversight of thl, including its control and accountability procedures and systems;
•
Appointment, performance and removal of the Chief Executive Officer;
•
Confirmation of the appointment and removal of the senior executives (being the
C-Suite executives, General Managers and equivalent roles);
•
Setting the remuneration of the Chief Executive Officer and Chief Financial Officer,
approval of the remuneration of the senior executives, and the adoption of thl’s
remuneration policy;
•
Overseeing the development, adoption and communication of the corporate strategy
and objectives and oversight of the adequacy of thl’s resources required to achieve the
strategic objectives;
•
Approval of and monitoring of actual results against the annual business plan and
budget (including the capital expenditure plan);
•
Approval and monitoring of the progress of capital expenditures, capital management
initiatives, and acquisitions and divestments;
•
Overseeing accounting and reporting systems and thl’s compliance with its continuous
disclosure obligations;
•
Approval of the annual and half-year financial statements;
•
Setting measurable objectives for achieving diversity with the organisation; and
•
Seeing that thl has in place the appropriate protocols to be followed in the case of
a takeover.
Management is responsible for implementing the strategic objectives set by the Board.
The Board maintains a formal set of delegated authorities (including a Delegated
Authorities Policy) clearly defining responsibilities delegated to management and those
retained by the Board. The Delegated Authorities Policy is approved by the Board and is
subject to annual review by the Board.
Board performance evaluation and training
On an annual basis the Chair conducts a review of Board performance. A review using
an independent external facilitator is conducted every second year. Board Committees
periodically review performance against their Charters. The Remuneration and
Nomination Committee is responsible for seeing that Directors remain up to date
with relevant training.
cORPORATE gOVERNANcE cONTiNUEd
cORPORATE gOVERNANcE cONTiNUEd
PERFORMANCEABOUT US97thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

Director appointment and nomination
The policy for appointment and retirement of Directors is contained within thl’s
constitution and Board Charter. In accordance with the NZX Listing Rules, Directors
must not hold office (without re-election) past the third Annual Meeting following
their appointment or three years, whichever is longer. In accordance with these rules,
Rob Hamilton will be retiring and seeking reappointment at the 2025 Annual Meeting.
The process for the nomination of Directors is set out in the Remuneration and
Nomination Committee Charter. The Remuneration and Nomination Committee is
responsible for identifying and assessing the necessary and desirable competencies
and characteristics for Board membership and maintaining a skills matrix setting out
the mix of skills and diversity that the Board currently has or is looking to achieve in
its membership.
thl has entered into a written agreement with each of its Directors setting out the terms
of their appointment. thl’s terms of appointment for Directors is set out at Schedule 1
of the thl Board Charter.
The thl Board Charter is available at www.thlonline.com.
Director independence
The criteria to determine whether Directors are independent is set out in the Board
Charter which includes the factors set out in the NZX Corporate Governance Code
(as required under the NZX Listing Rules). All the Directors holding office on 30 June
2025, with the exception of Executive Directors Grant Webster and Luke Trouchet,
are considered to be independent. Directors are required to inform the Board of
any relevant information that may impact independence. The Remuneration and
Nomination Committee reviews the independence of Directors on behalf of the Board.
In 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 the consortium
comprising BGH Capital and the family interests of Luke and Karl Trouchet, nor in respect
of other strategic initiatives being considered by thl. As an Executive Director, Luke was
already considered a Non-Independent Director.
Board Diversity Policy
The thl Diversity Policy endorses and supports diversity in Board, Executive and staff
appointments, encompassing differences including but not limited to gender, ethnicity,
race, marital status, sexual orientation, age, employment status, religious belief, ethical
belief or political opinion. When making appointments, the Board and management are
committed to considering diversity as well as the mix of skills and experience needed
to expand the perspective and capability of the Board and the management team as
a whole.
The thl Diversity Policy is available at www.thlonline.com. It requires the Board to consider
the diversity position of thl annually and whether to set any measurable objectives,
which may be numerical and non-numerical. Information regarding thl’s current female
representation and Board approved gender objectives, and Board commentary on
progress against those objectives, can be found on page 35. Diversity is considered in
several thl future-fit goals within our Thrive sustainability programme which aims to
support our crew, building a healthy culture and cultural capability across thl globally.
The Board considers that it currently has the appropriate mix of skills, experience
and diversity to fulfil its responsibilities under the NZX Listing Rules and the thl
Diversity Policy.
Principle 3 – Board Committees
“The Board should use Committees where this will enhance its effectiveness in key
areas, while still retaining Board responsibility.”
There are four standing Committees described below, each of which operates under a
written charter. The performance of the standing Committees is reviewed annually
against the Charters.
Each Committee is authorised to deal with matters as set out in its Charter or falling
within its mandate. Where the Board has delegated decision-making authority to a
Committee, that Committee is entitled to make decisions on such matters, otherwise the
Committee is to submit recommendations to the Board for consideration. From time to
time, the Board delegates specific matters to the appropriate Committee in order to
ensure that a detailed review and analysis is undertaken. The Committee then reports
back to the Board regarding their findings and recommendations.
The Audit and Risk Committee
The Audit and Risk Committee is comprised solely of Non-Executive Directors of the
Board, a majority of whom must be independent Directors. The Chair of the Audit and
Risk Committee must not be the Chair of the Board and must be an independent Director.
The Committee meets a minimum of three times each year. The Audit and Risk
Committee has oversight of and assists the Board to fulfil its responsibilities in the areas
of financial and climate reporting, financial risk management and controls, audit functions
and enterprise risk management. thl employees are able to attend Audit and Risk
Committee meetings from time to time by invitation from the Committee.
The Audit and Risk Committee oversees thl’s internal audit work programme based on
thl’s risk management framework. An internal audit work plan is developed each year,
with internal audit assignments completed by the internal finance function, with external
support as required.
The current composition of the Audit and Risk Committee is Rob Hamilton (Chair),
Cathy Quinn, Robert Baker and Sophie Mitchell.
The thl Audit and Risk Committee Charter is available at www.thlonline.com.
Remuneration and Nomination Committee
The Remuneration and Nomination Committee is comprised of at least three Non-
Executive Directors of the Board, a majority of whom must be independent Directors.
The Committee meets a minimum of two times each year. The Remuneration and
Nomination Committee supports the Board on matters relating to people and
remuneration. It assesses the role and responsibilities, composition, training and
membership requirements and remuneration for the Board, including recommendations
for the appointment and removal of Directors.
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The current composition of the Remuneration and Nomination Committee is Sophie
Mitchell (Chair), Cathy Quinn, Gráinne Troute and Rob Hamilton. Management may
attend meetings of the Remuneration and Nomination Committee by invitation only.
The thl Remuneration and Nomination Committee Charter is available at
www.thlonline.com.
Health, Safety and Sustainability Committee
The Health, Safety and Sustainability Committee must be comprised of at least two
Non-Executive Directors of the Board. The current composition of the Health, Safety
and Sustainability Committee is Robert Baker (Chair), Gráinne Troute and Cathy Quinn.
The Committee supports the Board and management on sustainability policies and
practices and employee health, safety and wellbeing matters. The Committee meets
a minimum of three times each year and as required.
The thl Health, Safety and Sustainability Committee Charter is available at
www.thlonline.com.
Market Disclosure Committee
The Market Disclosure Committee is comprised of Cathy Quinn, Rob Hamilton and Sophie
Mitchell. Also in attendance are Grant Webster (Chief Executive Officer), Ollie Farnsworth
(Chief Financial Officer) and Amir Ansari (GM – Investor Relations / Company Secretary).
The Committee monitors compliance with the Group’s Market Disclosure Policy which
covers compliance with NZX Listing Rules, ASX Listing Rules (to the extent applicable),
the Companies Act 1993, the Financial Markets Conduct Act 2013 and other guidelines
issued by the Financial Markets Authority and the NZX.
The Committee meets if required outside of normal Board meetings to approve
market disclosures.
The thl Market Disclosure Policy, which also sets out the roles and responsibilities
of the Market Disclosure Committee, is available at www.thlonline.com.
Other Committees
The thl Board establishes other temporary Committees from time to time when required
for a specific purpose. This includes Committees for the governance of capital raising
processes or for the progression of acquisition opportunities. Membership of these
Committees is assessed on a case-by-case basis.
Takeover protocols
thl has a written protocol that describes the process to be followed in the event of
a takeover offer. The protocol includes the appointment of a sub-Committee of
independent Directors.
In June 2025, the thl Board established a Takeover Committee comprising of Cathy
Quinn (Chair), Rob Hamilton and Sophie Mitchell, to oversee the process relating to
the non-binding indicative offer from the consortium of BGH Capital and the Trouchet
family interests.
Principle 4 – Reporting and disclosure
“The Board should demand integrity in financial and non-financial reporting, and in the
timeliness and balance of corporate disclosures.”
The Board is committed to seeing that shareholders and the market are provided with
complete and timely information about the activities of the business to allow proper
accountability between thl and shareholders, employees and other stakeholders.
The Board has overall responsibility for the integrity of thl’s reporting and disclosure.
Continuous disclosure
thl’s obligations under the NZX Listing Rules require it to advise the market about any
material events promptly and without delay once the Company becomes aware of such
information. As an entity with a foreign exempt listing on ASX, such information is also
required to be released to ASX when released to NZX. The Board has in place a Market
Disclosure Policy to see that the Company is able to comply with its continuous
disclosure obligations.
The Market Disclosure Policy contains a procedure for the escalation of potential
material information to the Market Disclosure Committee, in order to allow the
Committee to determine whether the information is material and whether an
announcement is required. The Market Disclosure Policy is provided to all thl staff and
is also available on www.thlonline.com. Additionally, thl periodically provides training
regarding its continuous disclosure obligations to all staff, sends reminders of thl’s
Market Disclosure Policy and information escalation procedures, and monitors
compliance on an ongoing basis.
Financial reporting
The Audit and Risk Committee is responsible to the thl Board in relation to financial
reporting. It reviews the interim and annual financial statements and reports to the
Board regarding compliance with relevant laws and recognised accounting policies.
It is also responsible for seeing that thl retains accurate financial and accounting records,
and that all financial reporting is done in an accurate and timely manner.
Non-financial reporting
thl has adopted the internationally recognised International Integrated Reporting <IR>
Framework so that its disclosure of non-financial reporting is balanced, transparent,
connected to the financial, social and environmental performance, and easily comparable
to other companies.
thl is a climate-reporting entity for the purposes of the Companies Act 1993. The thl Board
has ultimate responsibility for thl’s Climate-Related Disclosures. The Audit and Risk
Committee, on behalf of the Board, oversees the preparation process including the
engagement of assurance providers, and is responsible for seeing that the disclosures
comply with the relevant regulations and standards. The thl Board approves the final set
of disclosures.
thl’s FY25 reporting of its carbon footprint and Climate-Related Disclosures will be shared
in a separate Climate Statements report, to be published on www.thlonline.com and
www.thlsustainability.com by 31 October 2025.
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Principle 5 – Remuneration
“The remuneration of Directors and Executives should be transparent,
fair and reasonable.”
thl is committed to a fair approach to remuneration which seeks alignment between
remuneration levels and business needs. A clear set of boundaries and process to guide
thl’s philosophy for remuneration has been set by the Remuneration and Nomination
Committee in the thl Remuneration Policy.
thl remuneration disclosures can be found in the Remuneration Report, which is available
on page 107.
thl also has a Remuneration Policy which is available on thl’s website at
www.thlonline.com.
Principle 6 – Risk management
“Directors should have a sound understanding of the material risks faced by the issuer
and how to manage them. The Board should regularly verify that the issuer has
appropriate processes that identify and manage potential and material risks.”
thl maintains an Enterprise Risk Management (ERM) framework for the identification,
assessment, monitoring and management of material risks to thl’s business. The thl
Board has ultimate responsibility for reviewing thl’s risk management framework,
however the ongoing oversight is delegated to the Audit and Risk Committee, who
reports to the Board in respect of potential issues or risks that require further
consideration and response.
Enterprise risk management
A responsibility of the Audit and Risk Committee is to consider, assess and respond to
enterprise risks to thl’s business. This includes oversight and management of thl’s risk
register and risk contingency plans. thl management maintains the material risk register
and reports to the Audit and Risk Committee regularly on such risks. The Audit and Risk
Committee conducts a detailed review of all thl risks on a twice-yearly basis.
Management monitors risks on an ongoing basis to identify any new risks as well as any
potential changes to the threat posed to thl’s business from previously identified risks.
Further information regarding the key material risks to thl can be found on page 37.
Financial risk management
The Audit and Risk Committee is also responsible for seeing that thl has appropriate
control and systems in place to manage any financial risks and to protect thl’s assets.
This involves reviewing thl’s risk management system, business policies and
practices and internal control framework. The Committee is also responsible for
seeing that thl maintains insurance coverage that protects earnings from potential
adverse circumstances.
Health and safety
The Health, Safety and Sustainability Committee is responsible for monitoring matters
relating to occupational health and safety, and physical and mental wellbeing of thl staff,
and reports to the Board on such matters.
The Committee works with Management to identify and maintain a register of workplace
hazards, and to see that thl has in place and appropriately documents its health and safety
policies and procedures.
thl Management report to the Board on any health and safety incidents, including
implementation of responses to prevent further incidents, on a regular basis.
thl Management report to the Health, Safety and Sustainability Committee on progress
on its global ‘future-fit’ sustainability programme including Climate and Carbon and on
the 23 goals of the Future-Fit Business Benchmark.
Principle 7 – Auditors
“The Board should ensure the quality and independence of the external audit process.”
The Audit and Risk Committee is responsible for recommending the appointment and
removal of external auditors, ensuring their independence and regularly monitoring and
reviewing both internal and external audit practices. The Committee closely monitors
thl’s relationship with the external auditor, including:
•
The rotation of the external auditor or lead partner and peer review partner at least
every five years;
•
Obtaining confirmation of the auditor’s independence in writing;
•
Monitoring and approving any other services provided by the external auditor to thl
other than in its audit role; and
•
monitoring total non-audit fees.
The Audit and Risk Committee Charter sets out the types of services which the external
auditor is prohibited from providing to thl in order to ensure that their ability to provide
audit services is not impaired and that they remain independent.
thl’s current external auditor is EY New Zealand, appointed in October 2023. In accordance
with thl’s Board Charter, EY New Zealand will attend the 2025 Annual Meeting and be
available to answer questions about the conduct of its audit and the preparation and
content of its audit report.
Throughout the year, there is ongoing dialogue between the Audit and Risk Committee,
management and EY in their role as external auditors. Additionally, EY regularly attend
meetings of the Audit and Risk Committee at the invitation of that Committee and have
direct engagement with that Committee without management presence, as appropriate.
thl has an internal audit function which is based on an annual plan prepared by
management, reflecting thl’s risk management framework. The Audit and Risk
Committee receives and reviews reports from the internal audit team, and is responsible
for ensuring that recommendations, actions and timelines for internal audits are agreed
and undertaken with management.
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Principle 8 – Shareholder rights and relations
“The Board should respect the rights of shareholders and foster constructive
relationships with shareholders that encourage them to engage with the issuer.”
Access to information
The Board aims to ensure that shareholders are able to access up-to-date information
regarding thl’s business and ongoing developments in an easy-to-access format.
thl makes available on its website a description of each of its businesses, historical
interim and annual reports and other shareholder communications, and key corporate
governance documents as required by the Code.
Shareholders have the option to receive communications from thl electronically
by electing to do so with thl’s share registrar, MUFG Market Services (formerly Link
Market Services). thl encourages all shareholders to opt in to receiving electronic
communications where practical to reduce waste.
A brief biography of each of thl’s Directors and key members of the Executive team
is available on thl’s website.
Annual Meetings
The Board encourages all shareholders and stakeholders to attend its Annual Meetings.
It aims for all Annual Meetings to be attended by all Directors as well as the CEO, the
CFO and the Company Secretary, and to ensure that they are available for questions from
shareholders. Notice of the Annual Meeting is communicated to shareholders (including
by being posted on thl’s website) as soon as possible, with at least 20 working days prior
notice being given in accordance with the NZX Corporate Governance Code.
The 2024 Annual Meeting was held as a hybrid meeting, with all shareholders being
able to either attend physically or via live-stream and submit questions online. Where
an Annual Meeting is held physically, thl also provides the option to live-stream the
Annual Meeting for those shareholders that are unable to attend in person. Shareholders
attending via the live-stream have the ability to submit questions online. A recording of
each Annual Meeting is subsequently made available on the thl website.
Board composition
thl’s constitution allows no less than three and up to 10 Directors. As at 30 June 2025, the
Board of Directors comprised seven Directors, being five Non-Executive Directors, and
two Executive Directors.
DirectorRolesDirector SinceIndependence
Cathy QuinnBoard Chair, Member Health,
Safety and Sustainability Committee,
Member Audit and Risk Committee,
Chair Market Disclosure Committee,
Member Remuneration and
Nomination Committee
September 2017Independent
Director
Rob BakerChair Health, Safety and Sustainability
Committee, Member Audit and
Risk Committee
November 2022Independent
Director
Rob HamiltonChair Audit and Risk Committee,
Member Remuneration and
Nomination Committee, Member
Market Disclosure Committee
February 2019Independent
Director
Sophie MitchellChair Remuneration and Nomination
Committee, Member Audit and
Risk Committee, Member Market
Disclosure Committee
November 2022Independent
Director
Luke TrouchetExecutive DirectorNovember 2022Executive
Director
Gráinne TrouteMember Remuneration and Nomination
Committee, Member Health, Safety and
Sustainability Committee
February 2015Independent
Director
Grant WebsterChief Executive Officer and
Managing Director
November 2022Executive
Director
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Table of Board attendance
DirectorBoard
Audit and
Risk
Remuneration
and
Nomination
Health,
Safety and
Sustainability
Market
Disclosure
Cathy Quinn148462
Rob Baker148160
Debbie Birch
1
10010
Rob Hamilton148502
Sophie Mitchell138502
Luke Trouchet
2
81000
Gráinne Troute142460
Grant Webster148562
Total meetings held148562
1 Resigned 30 September 2024.
2 Luke Trouchet was formally excused from participating in four Board meetings held in June 2025 due to his involvement
with the non-binding offer received from BGH Capital.
Note: Orange-coloured cells indicate that the Director is a member of that Committee.
Director and Officer gender composition
As at 30 June 2025, being the balance date, thl’s Director and Officer gender composition
was as follows:
20252024
MaleFemale
Gender
DiverseMaleFemale
Gender
Diverse
Directors4 (57%)3 (43%)0 (0%)4 (50%)4 (50%)0 (0%)
Officers
1
6 (66%)3 (33%)0 (0%)9 (75%)3 (25%)0 (0%)
Executive team
2
7 (58%)5 (42%)0 (0%)10 (67%)5 (33%)0 (0%)
1 As per the definition for “Officers” in the NZX Listing Rules.
2 The thl Executive team are thl’s C-suite leaders, as detailed on www.thlonline.com/about/executiveteam.
Use of company information
No disclosures were made of information disclosures under s145(2) and s145(3) of the
Companies Act 1993.
Directors’ shareholdings
As at 30 June 2025, Directors had relevant interests in ordinary shares in thl as set out
below. There is no requirement for thl Directors to own shares in thl.
DirectorInterestShares
Cathy QuinnBeneficial57,167
Rob BakerLegal and beneficial43,405
Rob HamiltonLegal and beneficial60,796
Sophie MitchellBeneficial73,032
Luke Trouchet
1
Beneficial27,079,549
Gráinne TrouteLegal and beneficial102,998
Grant Webster
1
Legal and beneficial2,638,106
1 Refer to the Remuneration Report for details of various convertible securities owned by each of Grant Webster and
Luke Trouchet.
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Directors’ share dealings
Details of the Directors’ acquisitions and disposals of relevant interests during the financial
year ending 30 June 2025 in the ordinary equity securities issued by the Company are
as follows:
Director
Nature of relevant
interest
Date of
transaction
Number of
securities
acquired/
(disposed)Consideration
Cathy QuinnBeneficial owner4 October 20241,538Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7817 per share.
Beneficial owner4 April 2025794Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7749 per share.
Debbie BirchNo acquisitions or disposals during the financial year
Rob BakerLegal and
beneficial owner
4 October 20241,168Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7817 per share.
Legal and
beneficial owner
4 April 2025602Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7749 per share.
Rob HamiltonLegal and
beneficial owner
4 October 20241,527Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7817 per share.
Legal and
beneficial owner
4 April 2025786Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7749 per share.
Sophie
Mitchell
No acquisitions or disposals during the financial year
Luke TrouchetBeneficial owner4 October 20246,227Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7817 per share.
Beneficial owner4 April 20253,213Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7749 per share.
Director
Nature of relevant
interest
Date of
transaction
Number of
securities
acquired/
(disposed)Consideration
Gráinne TrouteLegal and
beneficial owner
4 October 20242,587Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7817 per share.
Legal and
beneficial owner
4 April 20251,331Acquired Ordinary Shares
pursuant to thl’s Dividend
Reinvestment Plan at
$1.7749 per share.
Grant WebsterNo acquisitions or disposals during the financial year
Additionally, in respect of Luke Trouchet, On 14 June 2025, BGH Capital and family
interests associated with Luke and Karl Trouchet (Trouchet Shareholders) entered into
a Co-Operation and Exclusivity Agreement. Under the Co-operation Agreement the
parties have agreed to work together to consider and, if applicable, negotiate and
implement the potential acquisition by BGH Capital of all or a substantial part of the
ordinary shares in thl or thl’s assets and business by way of a takeover offer under the
Takeovers Code, a scheme of arrangement under Part 15 of the Companies Act 1993, or
other transaction structure.
Under the Co-operation Agreement, the Trouchet Shareholders have agreed not to sell
their shares during the term of the Co-operation Agreement without the prior written
consent of BGH Capital (and in certain other limited circumstances). The Co-operation
Agreement terminates on the earlier to occur of (i) 14 December 2025, (ii) the date on
which a scheme implementation agreement is entered into, and (iii) the date the
independent directors of thl unanimously recommend to thl shareholders that they
accept a takeover offer under the Takeovers Code, or earlier by agreement in writing
between BGH Capital and the Trouchet Shareholders.
A change in the nature of the Trouchet Shareholders’ (and therefore Luke Trouchet’s)
relevant interest has arisen as there is a qualification on the Trouchet Shareholders’
power to control the disposal of any of the shares held by the Trouchet Shareholders
pursuant to the terms of the Co-operation Agreement.”
The relevant interests in the above shares are as disclosed in the Directors’
shareholdings section.
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Substantial product holders
The following information is provided in compliance with section 293 of the Financial
Markets Conduct Act 2013 and records Substantial Product Holder notices received
as at 30 June 2025. As at 30 June 2025, the total number of voting securities on issue
was 221,098,068.
Shareholder
Number of
Ordinary Shares
in which a
relevant interest
was heldPercentage %
Date of
Release
5382917 Limited (BGH Capital)44,197,50319.990%15 June 2025
Trouchet Shareholders26,079,54911.795%14 June 2025
ANZ New Zealand Investments Limited,
ANZ Bank New Zealand and ANZ Custodial
Services New Zealand Limited
18,535,1498.383%17 June 2025
Accident Compensation Corporation17,533,0947.930%16 June 2025
Spread of shareholders
The ordinary shares of Tourism Holdings Limited are listed on the NZX Main Board and the
Official List of the ASX under a foreign exempt listing.
As at 30 June 2025 the total number of voting securities on issue was 221,098,068.
Size of Holdings
Number of
Holders
Number of Shares
Held
% of Total Issued
Shares
1 – 1,000 2,144 1,027,924 0.46%
1,001 – 5,000 3,022 7,947,450 3.59%
5,001 – 10,000 975 7,114,304 3.22%
10,001 – 50,000 856 16,686,661 7.55%
50,001 – 100,000 101 7,043,580 3.19%
100,001 and over 80 181,278,149 81.99%
Total 7,178 221,098,068 100%
The above shows the spread of shareholders as at 30 June 2025. The shareholding of
New Zealand Central Securities Depository Limited (NZCSD) has been reallocated to
the applicable members of NZCSD.
Twenty largest shareholders
As at 30 June 2025
Number of
Ordinary
Shares
% of
Total Issued
Shares
1 Barmil Enterprises Pty Ltd
1
25,653,53911.60%
2HSBC Nominees (New Zealand) Limited21,746,9169.84%
3 Accident Compensation Corporation18,237,2438.25%
4Custodial Services Limited18,225,7538.24%
5Premier Nominees Limited12,957,4775.86%
6 BNP Paribas Nominees NZ Limited8,063,0473.65%
7 New Zealand Depository Nominee7,029,5173.18%
8 New Zealand Superannuation Fund Nominees Limited5,677,9992.57%
9 Hantec Securities Company Limited5,145,5832.33%
10 Tea Custodians Limited4,765,2482.16%
11 Forsyth Barr Custodians Limited3,952,7821.79%
12 Private Nominees Limited3,426,5881.55%
13 J P Morgan Nominees Australia Pty Limited3,352,2091.52%
14 FNZ Custodians Limited3,323,5641.50%
15 Alpine Bird Manufacturing Limited3,260,8701.47%
16 Custodial Services Limited3,112,9221.41%
17 Grant Gareth Webster & Stephen David Webster
2
2,246,5181.02%
18 Mirrabooka Investments Limited2,111,0880.95%
19 Premier Nominees Limited2,044,5010.92%
20Pt Booster Investments Nominees Limited1,921,7280.87%
Total156,255,09270.68%
1 Holding beneficially owned by Luke Trouchet. Refer to Directors’ shareholdings section.
2 Holding beneficially owned by Grant Webster. Refer to Directors’ shareholdings section.
The shareholding of New Zealand Central Securities Depository Limited (NZCSD) has been
reallocated to the applicable members of NZCSD.
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General notice of Directors’ interest
Directors have made general disclosures of interests in accordance with s140(2) of the
Companies Act. Current interests as at 30 June 2025, and those which ceased during
the year, are tabulated below. New disclosures advised during FY25 are italicised.
Cathy QuinnFertility Associates Holdings LimitedChair
Fletcher Building Industries LimitedDirector
Fletcher Building LimitedDirector
Fonterra Co-operative Group LimitedDirector
MinterEllisonRuddWattsConsultant
Rangatira LimitedDirector
University of AucklandPro-Chancellor
Robert BakerFlight Centre Travel Group LimitedDirector
Gathid LimitedChair
Goodman Private Wealth LtdDirector
Robert is a retired partner of PwC Australia and receives an annual post-
retirement payment in accordance with the Partnership Agreement he was
party to. PwC Australia is a separate entity to PwC New Zealand, who were
previously engaged as thl’s external auditor. Robert has no past or present
relationship with PwC New Zealand
Rob HamiltonAuckland Grammar School Foundation TrustChair
Cyprus Enterprises LimitedDirector – appointed
December 2024
Mercury NZ LimitedDirector – appointed April
2025
Oceania Healthcare LimitedDirector
Kamari Consulting LimitedDirector and Shareholder
Meadow Mushrooms LimitedDirector – appointed
December 2024
Stelvio Consulting LimitedDirector and Shareholder
Westpac New Zealand LimitedDirector
Sophie MitchellCorporate Travel Management LimitedDirector
Firstmac LimitedDirector
Morgans Foundation LimitedDirector
Morgans Holdings (Australia) LimitedDirector
Myer Family Investments LimitedDirector
Luke TrouchetBarmil Enterprises Pty LtdDirector
Eastglo Pty LtdDirector
LGT Holdings Pty LtdDirector
Salamanda Travel Pty LtdDirector
Camp Stay Holding Pty LtdDirector
Camp Stay Pty LtdDirector
Jamonji Pty LtdDirector
Jamonji Corp Pty LtdDirector
KRLG Pty LtdDirector
RV Boss Pty LtdDirector
Caravans Away Pty LtdDirector
Orange Ninja Pty LtdDirector – appointed
December 2024
Luke is a Director of thl subsidiaries as listed on page 106.
Gráinne TrouteInvestore Property LimitedDirector
Summerset Group Holdings LimitedDirector
Duncan CotterillBoard Member
Montana Group LimitedChair – resignation advised
September 2024
Grant WebsterLes Mills Holdings LimitedChair
Grant is a Director of thl subsidiaries as listed on page 106.
NZX Waivers
On 27 February 2017 thl obtained a waiver from NZXR from Rule 8.1.7 (which ensures that
options may not be subsequently amended by an issuer in a manner that is detrimental to
the interests of the holders of the underlying Equity Securities). The waiver was granted to
the extent that the Rule would otherwise prevent the issue of options under thl’s long-
term incentive scheme for senior executives, introduced in 2017. The ruling allows for a
formula to be used for the exercise price of the options that will result in a fluctuating
exercise price.
On 22 May 2019 thl obtained a waiver from NZXR from Listing Rule 6.5.2 under the revised
NZX Listing Rules. This waiver re-documented the existing waiver received on 27 February
2017 in respect of Rule 8.1.7 under the former NZX Listing Rules. In April 2024, thl relied on
this waiver in the issuance of new options under its long-term incentive scheme.
Directors’ loans
There were no loans by the Group to Directors.
Donations
In accordance with section 211(1)(h) of the Companies Act 1993, thl records that it
donated $1,958 during the year ended 30 June 2025. No donations were made to
any political parties.
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Directors’ insurance
The Group has arranged insurance cover and provided deeds of indemnity for Directors’
and Officers’ liability.
Auditor
In accordance with section 207T of the Companies Act 1993, EY New Zealand are
appointed as the Group’s auditors. Auditors’ remuneration is detailed in note 31 to
the financial statements.
Subsidiary companies
During the financial year ending 30 June 2025, the Directors of thl’s subsidiary companies
were as follows. No Director of any subsidiary received beneficially any Director’s fees or
other benefits except as an employee. The remuneration and other benefits of such
employees, received as employees, are included in the relevant bandings for remuneration
disclosed under Employee Remuneration on page 107.
1thl Motorhomes LimitedGrant Webster
2Waitomo Caves LimitedGrant Webster
3 Waitomo Caves Holdings LimitedGrant Webster
4TH2connect GP LimitedGrant Webster
5thl Properties NZ LimitedGrant Webster
6 Action Manufacturing Group GP LimitedGrant Webster
7 Road Bear NZ LimitedGrant Webster
8 Apollo Motorhome Holidays LimitedGrant Webster
9 Talvor Motorhomes LimitedGrant Webster
10 Maui Rentals Pty LimitedGrant Webster, Luke Trouchet
11 Outdoria Pty LimitedGrant Webster, Luke Trouchet
12 The Green Bus Company Pty LimitedGrant Webster, Luke Trouchet
13thl Oz Pty LimitedGrant Webster, Luke Trouchet
14thl Group (Australia) Pty LimitedGrant Webster, Luke Trouchet
15 Tourism Holdings Australia Pty LimitedGrant Webster, Luke Trouchet
16 World Travel Headquarters Pty LimitedGrant Webster, Luke Trouchet
17 Tourism Holdings Rental Vehicles Pty LimitedGrant Webster, Luke Trouchet
18 Apollo Tourism & Leisure LtdGrant Webster, Luke Trouchet
19 Apollo Motorhome Ultimate Holdings Pty LtdGrant Webster, Luke Trouchet
20Apollo Motorhome Holdings (Aus) Pty LtdGrant Webster, Luke Trouchet
21 Cheapa Campa Pty LtdGrant Webster, Luke Trouchet
22G R L Enterprises Pty LtdGrant Webster, Luke Trouchet
23 Talvor Motorhomes Pty LtdGrant Webster, Luke Trouchet
24Apollo Motorhome Holidays Pty LtdGrant Webster, Luke Trouchet
25Apollo Motorhome Industries Pty LtdGrant Webster, Luke Trouchet
26 Hippie Camper Pty LtdGrant Webster, Luke Trouchet
27 Sydney RV Group Pty LtdGrant Webster, Luke Trouchet
28 Apollo Investments Pty LtdGrant Webster, Luke Trouchet
29 Apollo RV West Pty LtdGrant Webster, Luke Trouchet
30 AMH Products Pty LtdGrant Webster, Luke Trouchet
31 Apollo RV Service & Repair Centre Pty LtdGrant Webster, Luke Trouchet
32 Apollo Finance Pty LtdGrant Webster, Luke Trouchet
33 Winnebago RV Pty LtdGrant Webster, Luke Trouchet
34 Apollo Motorhome Holdings (NZ) Pty LtdGrant Webster, Luke Trouchet
35thl RV Sales Adelaide Pty LtdGrant Webster, Luke Trouchet
36 Tourism Holdings USA IncGrant Webster
37 El Monte Rents IncGrant Webster
38 Apollo Motorhome Holidays LLCGrant Webster, Luke Trouchet
39 CanaDream CorporationGrant Webster, Luke Trouchet, Kristen Evans
40CanaDream IncGrant Webster, Luke Trouchet, Kristen Evans
41 ATL Canada LtdGrant Webster, Kristen Evans
42thl Motorhomes UK LimitedGrant Webster, Nick Roach
43thl UK and Ireland LimitedGrant Webster, Nick Roach
44Apollo Tourism & Leisure UK LimitedLuke Trouchet, Chris Stewart
45Apollo Tourism & Leisure (EU) LtdNick Roach
46 Apollo Motorhome Holidays GmbHGrant Webster, Nick Roach
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REMUNERATION
Report from the Chair
Dear Shareholders,
On behalf of the Remuneration and Nomination Committee I’m pleased to present
you with the thl Remuneration Report for FY25. As with last year, we adopt the NZX
recommended Remuneration Reporting Template for Listed Issuers.
Remuneration Objectives
The philosophy for remuneration within thl is to align remunerating Executives interests
and efforts with the long-term interests of thl Shareholders. This is achieved through a
combination of long-term incentive schemes and short-term incentives. The long-term
incentives are linked to share price movements, providing the Executives with a similar
experience as that of thl shareholders, and the short-term incentives include specific
targets of a financial and non-financial nature.
The thl Board recognises that in order to achieve its objectives thl must have committed
and capable staff. thl’s remuneration approach aims to set a framework around total
remuneration that serves several purposes. Firstly, a fixed base salary for thl for all
employees in salaried roles, to attract, retain and sustain the desire to remain working
for thl. Secondly a short-term incentive (STI) to encourage and reward employees for
achieving key performance indicators or other objectives, and thirdly, long-term incentives
(LTI) for appointed senior executives and managers, to align them with the long-term
interests of thl and its shareholders.
In developing a policy for the whole of thl there was recognition that the varied businesses
within the thl model and different operating jurisdictions limit the ability to implement
a true “one size fits all approach” to all aspects of remuneration and reward. In the same
manner as ethics and risk cannot be managed by a definitive set of rules for all situations,
the ever-changing landscape of thl and the legal requirements of the jurisdictions we
operate in require some interpretation of the policy intent in a variety of ways. thl sees that
all leaders are aware of the principles and values of remuneration by which we operate.
This approach alongside a clear set of boundaries and processes form the basis of the thl
Remuneration Policy.
Board Fees
The current Director fee pool, approved at the 2023 Annual Meeting, is up to $850,000
(plus GST, if any) per annum. In FY25, $703,125 of this fee pool was utilised.
The Board opted not to implement a fee increase in 2025. This decision acknowledges the
impact of the share price on thl shareholders, and the challenges faced by thl in FY25.
Other Activity in FY25
During FY25, the Board engaged PwC to undertake a review of thl’s long-term incentive
scheme and general market practice for NZX50 companies in relation to long-term
incentives. This work has been put on hold until such time as the process with BGH Capital
and the Trouchet family interests is concluded, at which point we expect to revisit it.
On behalf of the Remuneration & Nomination Committee, I thank you all for your ongoing
support of thl and look forward to welcoming you at the 2025 Annual Meeting.
Sophie Mitchell
Chair Remuneration and Nomination Committee
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Remuneration Governance
The Remuneration and Nomination Committee is comprised of at least three Non-
Executive Directors of the Board, a majority of whom must be Independent Directors.
The Committee meets a minimum of two times each year. The Remuneration and
Nomination Committee supports the Board on matters relating to human resources
and remuneration. It assesses the role and responsibilities, composition, training and
membership requirements and remuneration for the Board, including recommendations
for the appointment and removal of Directors. Management may attend meetings of the
Remuneration and Nomination Committee by invitation only.
The current composition of the Remuneration and Nomination Committee comprises
of Sophie Mitchell (Chair), Cathy Quinn, Rob Hamilton and Gráinne Troute. Profiles for
each of these Directors can be found on pages 118 and 119. All members are
Independent Directors.
The Committee’s responsibilities focus on seeing that effective remuneration
management systems are in place and align with thl’s broader objectives and strategies
as outlined in the Remuneration Policy.
The Committee sets and reviews the remuneration packages for the CEO, Executives
(including C-suite executives, General Managers, and equivalent roles), and Executive
Directors. Remuneration for Executives reporting to the CEO are determined based on the
CEO’s recommendations. Employment contract terms for the aforementioned are set and
reviewed by the Committee, as well as the terms of thl’s short- and long-term incentive
plans, including share and option schemes for employees.
The Committee also reviews and approves thl’s Remuneration Policy, reviews directors’
fees, and seeks external advice when required.
Supporting policies and guidelines that facilitate management performance assessment,
development, and encourage their self-development are also responsibilities of
the Committee.
In addition, the Committee handles diversity objectives, the Whistleblower Policy, board
vacancies, succession planning, and CEO appointment processes.
The Committee operates under a written charter titled the Remuneration & Nomination
Committee Charter. The charter is available to view at thlonline.com. The internal
governance policy that sets out the context for thl’s remuneration outcomes is the
Remuneration Policy, which is also available to view at thlonline.com.
Executive Remuneration Policy
thl is committed to seeing that its Executives are fairly and equitably remunerated, and
appropriately rewarded for excellent performance and achievement. In addition, thl seeks
to implement a remuneration structure where the interests of the CEO and Executive
team are aligned with the interests of Shareholders.
The Committee periodically seeks external advice about where thl’s Board fees and senior
executive contracts and remuneration packages sit relative to market. This ensures
leaders are fairly and competitively remunerated, and maintains the Committee’s
awareness of remuneration trends and changing market expectations.
Decisions concerning the remuneration of the CEO require approval from the Board,
usually on the recommendation of the Remuneration and Nomination Committee, unless
specifically delegated to the Committee. Decisions concerning the remuneration of any
other C-level positions, General Managers or similar require approval from the Chair of the
Remuneration and Nomination Committee and are subject to the oversight of the
Committee at least annually.
thl’s approach to remunerating Executives is set out in section 9 of thl’s Remuneration
Policy, which is available to view at thlonline.com. The number of Executives to whom this
policy applies in FY25 is 14.
The CEO and Executive remuneration generally consist of any or all of:
•
fixed remuneration, being a fixed base salary and allowances;
•
short-term performance-based cash incentives (STI); and
•
long-term incentives (LTI).
Fixed Remuneration
Fixed remuneration consists of base salary and benefits. It aims to be reasonable and fair,
taking into account thl’s legal and industrial obligations and labour market conditions.
Fixed Remuneration is relative to the scale of thl’s business and the complexity of the role,
and reflects the core performance requirements and expectations for the role. The fixed
base salary of the CEO and Executive team is reviewed annually.
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Short-Term Incentives (STI)
Annual performance-based cash incentives consider corporate performance and links to
clearly specified performance targets (KPIs), aligned with thl’s strategy and appropriate to
the circumstances, goals, and risk appetite. On an annual basis these are normally linked
to financial and non-financial targets at both a group and individual level. The target value
of an STI payment is set annually, as a percentage of the Executive’s fixed remuneration.
For FY25, the relevant percentages ranged from 12.5% – 30% (FY24: 12.5% – 30%).
FY25 STI
At the start of FY25, thl engaged PwC to conduct an external benchmarking analysis of its
STI scheme, to support the determination of the STIs for the year. The analysis found that
for Executive roles for which comparative ratios could be drawn, STI entitlements at thl
lagged the respective market median.
In recognition of the review’s findings and the need to see that thl can attract, motivate
and retain key personnel, for FY25 thl introduced a stretch opportunity for Executive
participants (excluding the CEO) for the FY25 STI programme.
Executives whose contractual STI entitlement was below 30% of fixed remuneration were
eligible for an STI modifier, allowing them to potentially earn above their usual STI
entitlement if thl performed exceptionally well. Based on thl’s NPAT outcome for FY25,
measured against a pre-determined performance range, eligible Executives could receive
an STI payment of up to 30% of fixed remuneration, regardless of their contractual STI
entitlement (the STI Modifier).
The relevant percentages and targets for the FY25 STI targets were group financial
performance (40%), business performance goals (15 – 40%), and other individualised goals
(20 – 35%). The business performance goals for Executives included goals for enhancing
health, safety and wellbeing (5 – 15%).
FY26 STI
In recognition of the findings from PwC’s review that STI entitlements at thl lagged the
respective market median, thl has made the STI Modifier available in respect of the FY26
STI under the same terms. The relevant percentages and targets for the FY26 STI targets
are the same as in FY25.
Long-term Incentives (LTI)
The thl LTI scheme is designed to align the interests of the Executives with those of the
Shareholders. Executives are rewarded for long-term increases in Shareholder value.
Executives are invited to participate in the long-term incentive plan by the Board on an
annual basis.
Participating Executives based in New Zealand and Australia
These Executives are awarded options at the discretion of the Board on an annual basis.
The awarding of options is based on a percentage of fixed remuneration, based on a
valuation of the options carried out each year by KPMG.
Each option may be converted into one ordinary share in thl on its exercise. The options
vest from the second anniversary of the award, with one third vesting after the second
year, one third after the third year, and the final third after the fourth year. Vesting is also
subject to the individual remaining employed by thl. The exercise price for each option is
calculated by reference to the volume weighted average price of thl Shares during the
20-trading day period prior to the awarding of the option, plus an uplift to reflect thl’s
average cost of capital for the first two years from the award, less dividends paid during
that two-year period.
Participating Executives in North America and United Kingdom
These Executives are awarded a future bonus payment opportunity at the discretion of
the Board on an annual basis, based on a percentage of fixed remuneration. The bonus is
payable if the thl share price meets a prescribed target after a two-year period. The target
is calculated by reference to the volume weighted average price of thl shares during the
20-trading day period prior to the awarding of the bonus, plus an uplift to reflect thl’s
average cost of capital for the first two years from the award date, less dividends paid
during that two-year period. If the target is achieved at the end of the two-year period,
50% of the bonus is payable immediately while the remaining 50% is payable in 12 months
and subject to continued employment with thl.
Other Equity-Based Remuneration
thl may use equity-based remuneration (including options or performance shares/share
rights) from time to time. It is designed to support a long-term approach so that it does
not lead to ‘short-termism’ on the part of the Executive or the taking of undue risks. From
time to time, performance shares/share rights may be used in conjunction with or in lieu
of other equity-based remuneration.
External and Independent Advice
During FY25, the Board engaged PwC to undertake a review of thl’s long-term incentive
scheme and general market practice for NZX50 companies in relation to long-term
incentives. This work has been put on hold until such time as the process with BGH Capital
and the Trouchet family interests is concluded.
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Chief Executive Officer remuneration arrangements and outcomes
CEO FY25 remuneration outcomes
We have adopted the NZX reporting guidelines issued in December 2023.
Under these guidelines, the table below refers to the cash-based STI earned in the
reporting year, i.e. the FY25 STI reported in the table will be paid in FY26, and the
FY24 STI reported in the table was paid in FY25.
The equity-based STI and the LTI values in the table reflect the market value of thl shares,
less the exercise price of the relevant securities vested within the reporting period, at the
time of vesting.
Total CEO remuneration
The total remuneration of the CEO was as follows:
YearFixed RemunerationCash-Based Short-Term IncentiveEquity-Based Short-Term Incentive (STI)Equity-Based Long-Term incentive (LTI)Total
1
Base
Salary
2
Other
Benefits
3
Earned
4
Amount
Earned
5
Total
Cash-Based
Remuneration
EarnedSecurity
Number
Vested
Security
Value
6
Total
Vested STI
Value
6
Tranche
Vesting
Number
of
Options
Vested
Option
Value
7
Total
Vested LTI
value
7
FY25$1,032,150$28,000$131,27333%$1,191,423Share Rights00$0 T1 2023131,000$0$0$1,191,423
Share Options00$0 T2 2022143,333$0$0
T3 2021200,000$0$0
FY24$997,246$28,000$00%$1,025,246Share Rights26,588$3.57$94,919T1 2022143,333$0$0 $1,649,880
Share Options101,346$1.20$121,615T2 2021200,000$0.35$70,000
T3 2020210,000$1.61 $338,100
1 Includes fixed remuneration paid, cash-based STI earned, equity-based STI vested, and equity based LTI vested.
2 Includes a 3% KiwiSaver (Super) contribution.
3 Reflects car allowance.
4 Earned in relation to the bonus and performance for the financial year, but which may have been paid in the following financial year. E.g. an FY25 STI would be paid in FY26.
5 As a % of the maximum STI payment available.
6 At Vesting Date. For Share Rights, this reflects the closing market price of thl shares on the date the Share Rights converted to shares. For Share Options, this reflects the difference between the exercise price and the closing price for thl shares on
the Vesting Date. Where multiple tranches of Share Rights or Share Options Vested during the period, a blended value is shown.
7 At Vesting Date. Reflects the difference between the exercise price and the closing price for thl shares on the Vesting Date.
The thl Board considers that the CEO’s remuneration arrangements and significant
personal shareholding in thl appropriately align the interests of the CEO with the long-
term interests of thl and its shareholders.
The CEO’s employment arrangements include a six-month notice period. In the event of
termination, the CEO is entitled to a termination payment equal to six months of fixed
remuneration, in addition to the notice period.
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Fixed remuneration
In FY25 the CEO, Grant Webster, was paid fixed remuneration of $1,060,150 (FY24:
$1,025,246) consisting of a base salary, a 3% KiwiSaver entitlement and car allowance.
The standard annual review of the CEO’s base salary for FY25 (undertaken in July 2024)
resulted in a 3.5% increase in base salary to $1,002,087, effective from 1 July 2024.
KiwiSaver/Superannuation
The CEO is a participant in KiwiSaver and is eligible to receive an employer contribution of
3% of gross taxable earnings. In FY25 this contribution was $30,063 (FY24: $29,046).
Short-term incentive – cash
The annual STI entitlement of the CEO for FY25 is a payment at 40% of fixed remuneration
if all performance targets are achieved (FY24: 30%).
In addition to the normal annual STI entitlement, a special merger CEO STI (Merger STI)
was set in relation to performance in FY24 against KPIs relating to the implementation of
the merger with Apollo. Achievement of the KPIs at target would result in a payment at
50% of fixed remuneration in FY24. The Merger STI was discontinued in FY25.
The increase to the annual STI entitlement for FY25 was made in the broader context of
the discontinuation of the Merger STI.
The total STI earned by the CEO, being the combination of the annual STI entitlement and
the Merger STI, are set out in the table below.
Financial Year
Maximum
STI Available
1
STI Earned
STI Earned
as % of
Maximum
FY25$400,834$131,27333%
FY24$774,560$00%
1 Includes the CEO’s contracted annual STI entitlement and the Merger STI.
Annual STI entitlement
Financial Year
Maximum
Annual
STI AvailableSTI Earned
STI Earned
as % of
Maximum
FY25$400,834$131,27333%
FY24$290,460$00%
The CEO’s STI includes a retention component where 20% of any earned STI is held back
by thl and paid 12 months after it is earned.
In FY24, the Board, on the recommendation of the CEO, exercised its discretion to cancel
all STI payments.
The CEO’s KPI’s for the FY25 STI, including remuneration outcomes, are set out below.
KPI ComponentWeighting
Percentage
AchievedRemunerated
Group NPAT target 50%0%$0
Continuous improvement to thl’s approach to
health, safety & wellbeing15%65%$39,081
Achievement of fleet build cost synergies10%100%$40,083
Delivery of several digital transformation
projects on thl’s path towards single platform
consolidation
15%20%$12,025
People & culture10%100%$40,083
Total100%33%$131,273
Merger STI
Financial Year
Maximum
Merger STI
AvailableSTI Earned
STI Earned
as % of
Maximum
FY25N/AN/AN/A
FY24$484,100$00%
The Merger STI discontinued in FY25. For the FY24 Merger STI, the Board, on the
recommendation of the CEO, exercised its discretion to cancel all STI payments.
The KPIs for the Merger STI related to:
•
the achievement of merger synergies;
•
achievement of thl’s Return on Funds Employment target;
•
fleet optimisation and capital management;
•
people & culture; and
•
other merger-related factors.
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Long-term incentive – equity
Awarding of options
The annual LTI entitlement of the CEO is for the award of options to the value of 50%
(FY24: 35%) of fixed remuneration. The increase to the annual LTI entitlement for FY25 was
made in the broader context of the discontinuation of the Merger STI (which previously
provided an opportunity for an additional STI of up to 50% of fixed remuneration).
New options awarded during the reporting period are set out below.
Reporting Period
Number
Awarded
Fair Value on
Awarding
Total Fair
Value on
Awarding
Value on
Vesting
FY251,010,000$0.431 per option$435,310$0
FY24452,000$0.672 per option$303,744$408,100
The awarded options are subject to retention criteria. Importantly, even if the retention
criteria are met and the options vest, they will hold no value at vesting unless the thl share
price at that time exceeds the thl share price at the time of awarding, plus a cost of capital
uplift, less dividends paid on ordinary shares, applied over a two-year period. As the
remuneration is not yet earned and remains at risk, it has not been included in the CEO
remuneration summary table.
The fair value of options for accounting purposes is completed in reliance upon a
valuation undertaken by KPMG using the Binominal Option Pricing Model. The fair value
is expensed on the income statement over the life of the option, with a corresponding
credit to the employee share scheme reserve.
The actual remuneration cost borne by thl for the LTI in the reporting period relates to the
fair value of the options awarded in the reporting period.
Vesting of options
The table below includes the number of options that vested during the reporting period.
The values expressed reflect the difference between the thl share price on the applicable
vesting date and the exercise price of the vested option.
Reporting Period
Number
Vested
Value on
Vesting
FY25474,333
1
$0
FY24553,333
2
$408,100
1 Various tranches awarded in FY21, FY22 and FY23.
2 Various tranches awarded in FY20, FY21 and FY22.
Short-term incentive – equity
During the COVID-19 period (FY21 and FY22), the normal cash-based STI was replaced with
an equity-based retention scheme. No cash payments were made to the CEO under the
STI scheme in those financial years. Instead, the CEO was awarded certain share options
and share rights that were subject to retention criteria. The last remaining share options
vested in FY24. There are no remaining share rights.
Share rights
Reporting Period
Number
Vested
Value on
Vesting
FY25N/AN/A
FY2426,588$94,919
Vested share rights were automatically converted into an equivalent number of ordinary
shares issued upon vesting.
Share options
Reporting Period
Number
Vested
Value on
Vesting
FY25N/AN/A
FY24101,346$121,615
The values expressed above reflect the difference between the thl share price on the
applicable vesting date and the exercise price of the vested share option.
Refer to the table below for further detail on all the CEO’s remaining vested share options,
including their value when compared to the thl share price on 30 June 2025:
TrancheAward DateVesting Date
Number
UnexercisedExercise Price
Value of
Unexercised
Share
Options
1
T1 FY21July 2020July 2021114,527$2.00 $28,631.75
T2 FY21July 2020July 2022114,527$2.00$28,631.75
T1 FY22July 2021July 2022101,345$2.55$0
T2 FY22July 2021July 2023101,346$2.55$0
Total 431,745 $0
1 Reflects the difference between the thl share price on 30 June 2025 and the share option exercise price, multiplied by
the number of unexercised options in the tranche.
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Refer to the table below for further detail on the CEO’s remaining vested and unvested
options, including their value relative to the thl share price on 30 June 2025.
Unvested
TrancheAward DateVesting Date
Number
AwardedExercise Price
T1 2025Mar-25Mar-29336,666Not confirmed
T2 2025Mar-25Mar-28336,666Not confirmed
T3 2025Mar-25Mar-27336,667Not confirmed
T1 2024Mar-24Mar-26150,666Not confirmed
T2 2024Mar-24Mar-27150,666Not confirmed
T3 2024Mar-24Mar-28150,667Not confirmed
T2 2023May-23May-26131,000$4.68
T3 2023May-23May-27131,000$4.68
T3 2022Apr-22Apr-26143,334$3.32
Vested
TrancheAward DateVesting Date
Number
Awarded
Number
Remaining
Exercise
Price
Current
Value of
Unexercised
Options
1
T1 2023May-23May-25131,000131,000$4.68$0
T1 2022Apr-22Apr-24143,333143,333$3.32$0
T2 2022Apr-22Apr-25143,333143,333$3.32$0
T1 2021Apr-21Apr-23200,000200,000$2.79$0
T2 2021Apr-21Apr-24200,000200,000$2.79$0
T3 2021Apr-21Apr-25200,000200,000$2.79$0
T1 2020Apr-20Apr-22210,000 – $1.57$0
T2 2020Apr-20Apr-23210,00055,000$1.57$37,400
T3 2020Apr-20Apr-24210,000210,000$1.57$142,800
T1 2019Apr-19Apr-21141,666141,666$5.68$0
T2 2019Apr-19Apr-22141,666141,666$5.68$0
T3 2019Apr-19Apr-23141,667141,667$5.68$0
1 Reflects the difference between the thl share price on 30 June 2025 and the option exercise price, multiplied by the
number of remaining options in the tranche.
Note: Orange rows indicate tranches that vested in FY25. Grey rows indicate tranches that expired in FY25, not having
been exercised within six years of the award date.
CEO FY26 Remuneration
The CEO has elected not to take a base salary increase for FY26, which otherwise would
have resulted in an increase from 1 July 2025.
The CEO’s STI for FY26 will be measured against the followings KPIs:
KPI ComponentWeighting
Group NPAT target 50%
Continuous improvement to thl’s approach to health, safety & wellbeing15%
Achievement of group cost synergy targets10%
Successful execution of certain strategic initiatives25%
Total100%
Executive Director remuneration
Executive Directors receive performance-based remuneration packages in their roles as
Executives in the Company. Executive Directors do not receive Director remuneration
benefits in addition to the Executive Remuneration they receive as Employees of the
Company. The remuneration of the CEO as an Executive Director is addressed in the
previous section.
Luke Trouchet is currently in the role of Executive Director – M&A and Global Transitions.
Luke oversees the global exploration of thl’s M&A opportunities and has oversight over
several special projects.
During the year, Luke’s employment changed from 1.0 x FTE to 0.5 x FTE effective from
1 April 2025. Accordingly, the information below reflects a corresponding reduction in
FY25 remuneration.
Total Executive Director Remuneration
The table below refers to the cash-based STI earned and LTI vested in the reporting year.
Further information is set out below on STI and LTI awarded in the year. Luke Trouchet is
resident in Australia and paid in AUD. Figures for FY25 have been converted from AUD to
NZD at 0.9122, and FY24 has been converted at 0.9239.
REMUNERATiON cONTiNUEd
PERFORMANCEABOUT US113thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

The total remuneration of Luke Trouchet was as follows:
Year
Fixed
RemunerationCash-Based Short-Term Incentive
Long-Term
incentive (LTI)Total
1
Base
Salary
2
Other
BenefitsEarned
3
Amount
Earned
4
Total
Cash-Based
Remuneration
Earned
Vested/
Earned
Total
Amount
Earned
FY25$704,754$0 $44,01033%$748,7640%$0$748,764
FY24$762,182$0$00%$762,1820%$0$762,182
1 Includes fixed remuneration paid, cash-based STI earned, equity-based STI vested, and equity based LTI vested.
2 Includes Superannuation contribution.
3 Earned in relation to the bonus and performance for the financial year, but which may have been paid in the following
financial year. E.g. the FY23 STI was paid in the FY24 period.
4 As a % of the maximum STI payment available.
5 Includes remuneration received prior to merger of thl and Apollo.
On 16 June 2025 thl received a non-binding indicative proposal from a consortium of
BGH Capital and the family interests of Luke and Karl Trouchet to acquire all of the shares
in thl for $2.30 per share. Given Luke Trouchet’s involvement in the consortium, Luke took
a leave of absence from his Executive duties with thl, during which time Luke continues
to be remunerated.
Luke Trouchet has continued his involvement as a Director but has not participated in
thl Board or subcommittee meetings and processes assessing the merits of, and matters
associated with or relevant to, the non-binding indicative offer, nor in respect of other
strategic initiatives being considered by thl.
Fixed remuneration
In FY25, Luke Trouchet, received fixed remuneration including superannuation and
allowances of $704,754 (FY24: $762,182). This fixed remuneration reflects a reduction
to 0.5 FTE from 1 April 2025.
The standard annual review of Luke Trouchet’s base salary for FY25 (undertaken in
July 2024) resulted in a 3.5% increase in base salary to $766,886 (on a 1.0x FTE basis),
effective from 1 July 2024.
Superannuation
Luke Trouchet is an Australian employee and entitled to receive an employer
superannuation contribution as per the Australian Government Superannuation
Guarantee legislation. In FY25 this contribution was $32,815 (FY24: $29,566).
Short-term incentive
The annual STI entitlement of Luke Trouchet is a cash payment of up to 20% of fixed
remuneration if all performance targets are achieved.
The total STI earned by Luke Trouchet is set out in the table below. No payments
were made for performance in FY24 as the Board exercised its discretion to cancel
all STI payments.
Financial Year
Maximum STI
AvailableSTI Earned
STI Earned
as % of
Maximum
FY25$134,380$44,01033%
FY24$146,505$00%
Long-term incentive
The annual LTI entitlement of Luke Trouchet is for an award of options to the value of 35%
of fixed remuneration. As Luke Trouchet joined thl as part of the merger with Apollo on
30 December 2022, there were no LTIs from previous years vesting in FY24 or FY25.
Between FY23 and FY24, the LTI entitlement for all Australia-based Executives (including
Luke Trouchet) changed from a cash bonus opportunity, to thl’s long-term incentive
options scheme. Further detail on the operation of each of these schemes is set out
on page 109.
Accordingly, in FY23 Luke Trouchet’s LTI consisted of a cash bonus opportunity of up
to $248,915 (being 35% of fixed remuneration). The LTI is payable if the thl share price
achieved a prescribed target after a two-year period, as detailed on page 109. This
target was not achieved, and no amount was earned or paid in FY25 in relation to
this STI opportunity.
Awarding of options
New options awarded during the reporting period are set out below.
Reporting Period
Number
Awarded
Fair Value on
Awarding
Total Fair
Value on
Awarding
FY25464,000$0.431 per option$199,984
FY24283,000$0.672 per option$190,176
The awarded options are subject to retention criteria. Importantly, even if the retention
criteria are met and the options vest, they will hold no value at vesting unless the thl share
price at that time exceeds the thl share price at the time of awarding, plus a cost of capital
uplift, less dividends paid on ordinary shares, applied over a two-year period. As the
remuneration is not yet earned and remains at risk, it has not been included in the
Executive Director remuneration summary table.
REMUNERATiON cONTiNUEd
PERFORMANCEABOUT US114thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

The fair value of options for accounting purposes is completed in reliance upon a valuation
undertaken by KPMG using the Binominal Option Pricing Model. The fair value is
expensed on the income statement over the life of the option, with a corresponding
credit to the employee share scheme reserve.
The actual remuneration cost borne by thl for the LTI in the reporting period relates to the
fair value of the options awarded in the reporting period.
ESG Disclosures
thl is in progress of setting guidelines, systems and processes for greater/deeper ESG
disclosure including the implementation of a single-platform HR system which allows
such data to be extrapolated. thl is nearing the full global implementation of a single HR
and payroll system, with the system now in place in most regions. The intention for FY26
will be to be in a position where global data is available and assess that data in preparation
for disclosures on diversity, including information on gender remuneration and CEO/
worker pay ratio.
Staff remuneration bands
The following table notes the number of employees or former employees of thl, not being
directors of thl, who, in the year ending 30 June 2025, received remuneration and any
other benefits in their capacity as employees, the value of which was or exceeded
$100,000 per annum, in brackets of $10,000. This table does not contain the remuneration
for Grant Webster and Luke Trouchet, as they also hold positions as Directors of thl.
1

220 – 2295
230 – 2396
240 – 2498
250 – 2594
260 – 2694
270 – 2791
280 – 2891
290 – 2991
300 – 3093
310 – 3191
320 – 3292
330 – 3391
350 – 3591
360 – 3692
390 – 3991
400 – 4092
470 – 4791
480 – 4891
490 – 4991
500 – 5091
520 – 5292
650 – 6591
720 – 7291
Total391
Remuneration in $000’sNumber of Employees
100 – 10985
110 – 11962
120 – 12949
130 – 13936
140 – 14936
150 – 15920
160 – 16912
170 – 1799
180 – 1899
190 – 19911
200 – 2096
210 – 2195
1 Grant Webster and Luke Trouchet’s remuneration was erroneously included in the table in the FY24 Remuneration
Report, despite the report stating otherwise.
REMUNERATiON cONTiNUEd
PERFORMANCEABOUT US115thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

Non-Executive Director remuneration
Approach to Director fees
When determining the fees for Non-Executive Directors, the Board considers the thl
Remuneration Policy which states in relation to Director remuneration:
•
Directors should not receive performance-based remuneration, nor should they be
provided with retirement benefits;
•
Remuneration packages will be appropriate to the market and will reflect the time
commitment and responsibilities of the role; and
•
As permitted by the fixed share plan approved by Shareholders, Directors can receive
fully-paid ordinary securities in lieu of Director fees (in whole or part) approved and
issued in compliance with the NZX Listing Rules.
thl also has in place a fixed share plan under which Directors may elect to receive ordinary
shares in thl in lieu of their Director fees (either in whole or in part). This share plan was
previously approved by thl shareholders.
Executive Directors do not receive Director remuneration in addition to the executive
remuneration they receive as employees of the Company.
The last increase to the Directors’ fee pool was in 2023, where shareholders approved an
increase from NZ$750,000 to NZ$850,000 (plus GST, if any). This reflected a total increase
of just under 14%.
The purpose of the increase was to provide headroom to allow payments for Directors’
assuming additional responsibilities above and beyond their normal duties (the previous
headroom was NZ$15,000, the resolution increased this to $115,000). It was also to allow for
annual inflationary adjustments to the fee schedule as required.
Adjustments to Director fees
The last increase in Director fees was on 1 January 2024 and comprised an inflationary
increase of 4.5% to Chair and base Director. Board Subcommittee Chair fees were also
reviewed with an increase of $5,000 per annum made to the fees for the Chairs of the
Audit and Risk Committee, Remuneration & Nomination Committee and the Health,
Safety and Sustainability Committee.
The Board decided not to implement a fee increase at the start of FY25. The Board has
also decided not to implement a fee increase at the start of FY26, after taking into
consideration the circumstances affecting thl during the financial year.
As at 30 June 2025, the schedule of Directors fee per annum are as follows:
Governance BodyPositionFee
BoardChair$209,000
Director$104,500
Audit and Risk CommitteeChair$20,000
Member$0
Remuneration and Nomination CommitteeChair$15,000
Member$0
Health, Safety and Sustainability CommitteeChair$15,000
Member$0
No additional fees are paid to standing Committee members, only Committee Chairs.
Actual fees paid in FY25
A breakdown of the Board and Committee fees paid in the period is set out in the
table below:
DirectorBoardAudit & Risk CommitteeRemuneration & Nomination CommitteeHealth, Safety and Sustainability CommitteeOther CommitteesTotal
Cathy Quinn209,000–––– 209,000
Rob Baker104,500–– 13,750– 118,250
Debbie Birch
1
26,125––1,250– 27,375
Rob Hamilton104,50020,000––– 124,500
Sophie Mitchell104,500– 15,000–– 119,500
Grainne Troute104,500–––– 104,500
Total653,12520,00015,00015,000–703,125
1 Resigned 30 September 2024.
REMUNERATiON cONTiNUEd
PERFORMANCEABOUT US116thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

All fees were paid in cash. As at 30 June 2025, no thl Directors are opted in to the fixed
share plan under which they may receive ordinary shares in thl in lieu of their Director fees
(either in whole or in part).
Directors’ fees exclude GST, where applicable. Directors are entitled to be reimbursed for
costs directly associated with carrying out their duties, including travel costs.
Takeover Committee
In June 2025 the thl Board established a Board subcommittee comprising of Cathy Quinn
(Chair), Rob Hamilton and Sophie Mitchell to consider and assess the merits of the non-
binding indicative proposal from a consortium of BGH Capital and the family interests of
Luke and Karl Trouchet to acquire all of the shares in thl for $2.30 per share.
As part of the Takeover Committee, Cathy Quinn receives $10,000 per month, and each of
Rob Hamilton and Sophie Mitchell receive $5,000 per month. These fees are not included
in the table above as the payments only commenced at the start of FY26.
REMUNERATiON cONTiNUEd
PERFORMANCEABOUT US117thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

Cathy Quinn (Auckland)
Independent Director appointed in
September 2017. Cathy was appointed
Chair of thl in June 2022 and serves on all
of thl’s Board Committees. Cathy is a
former senior corporate partner at
MinterEllisonRuddWatts. She served as the
firm’s Chair for eight years during a period
of transformation and growth. Cathy is a
Director of Fletcher Building Limited,
Fonterra Co-operative Group Limited,
Rangatira Limited and is Chair of Fertility
Associates. Cathy is also Pro-Chancellor
of the University of Auckland. Cathy is a
former member of the NZ Securities
Commission and Capital Markets
Development Taskforce, and was made
an Officer of the NZ Order of Merit in
2016 for services to law and women.
Rob Hamilton (Auckland)
Independent Director appointed in
February 2019. Rob Chairs the Audit and
Risk Committee (appointed November
2019) and serves on the Remuneration
and Nomination Committee and Market
Disclosure Committee. Rob is a respected
member of the finance community, with
more than 30 years’ experience in senior
roles. Rob is currently a Director of Westpac
New Zealand Limited, Oceania Healthcare
Limited, Cyprus Enterprises Limited and
Mercury NZ Limited. He was previously
Chief Financial Officer at SkyCity
Entertainment Group Limited and a
Managing Director and Head of Investment
Banking at Jarden (formerly First NZ
Capital). Rob has previously been a
Board member on the New Zealand
Olympic Committee and Auckland
Grammar School.
BOARD OF DIRECTORS
Robert Baker (Brisbane)
Independent Director appointed in
November 2022. Rob Chairs the Health,
Safety and Sustainability Committee and
serves on the Audit and Risk Committee.
Rob is an experienced Non-Executive
Director, and his current ASX Board
positions include Non-Executive Director
and Chair of the Audit and Risk Committee
of Flight Centre Travel Group Ltd (ASX: FLT)
and Non-Executive Chairman of Gathid
Limited (ASX: GTH). Rob is also Chairman of
Goodman Private Wealth Ltd and has
several pro bono Board or Advisory Board
roles with organisations in the not-for-profit
sector including Chairman of the Audit and
Risk Committee of Australian Catholic
University Limited.
Sophie Mitchell (Brisbane)
Independent Director appointed in
November 2022. Sophie Chairs the
Remuneration and Nomination Committee
(appointed October 2023) and serves on
the Audit and Risk Committee and the
Market Disclosure Committee. Sophie is
an experienced professional in the finance
industry and holds Non-Executive Director
roles in Corporate Travel Management
Limited (ASX: CTD), Myer Family
Investments Limited, Firstmac Limited
and Morgans Holdings (Australia) Limited.
Sophie was previously Chair of Apollo
Tourism & Leisure Ltd, prior to the merger
with thl.
PERFORMANCEABOUT US118thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

Luke Trouchet (Brisbane)
Non-Independent Executive Director.
Luke moved into the Executive Director
role as part of the merger between thl
and Apollo Tourism & Leisure in December
2022. In 2001, Luke was appointed as CEO
and Managing Director of Apollo Tourism
& Leisure Ltd, when he took over the
management control of the business his
parents founded, with his brother Karl.
Luke led Apollo through a strong growth
period, expanding internationally into
New Zealand, USA, Canada, United
Kingdom and Europe. Luke’s
entrepreneurial mindset helped the
business make a number of strategic
acquisitions that delivered strong financial
performance. Luke continued to drive
Apollo forward to become a global
RV solution.
Gráinne Troute (Auckland)
Independent Director appointed in
February 2015. Gráinne serves on the
Remuneration and Nomination Committee
and Health, Safety and Sustainability
Committee. Gráinne is a Chartered Fellow
of the Institute of Directors and is also a
Director of Summerset Group Holdings
Limited, Investore Property and Duncan
Cotterill. Gráinne is a professional Director
with many years’ experience in senior
Executive roles. Gráinne was General
Manager, Corporate Services at SkyCity
Entertainment Group and Managing
Director of McDonald’s Restaurants (NZ).
Gráinne also held senior management
roles with Coopers and Lybrand (now PwC)
and HR Consultancy Right Management.
She has also spent many years as a Trustee
and Chair in the not-for-profit sector,
including having been the Chair of Ronald
McDonald House Charities New Zealand
for five years.
Grant Webster (Auckland)
Non-Independent Managing Director.
Grant was appointed Managing Director
in December 2022 and was originally
appointed as Chief Executive Officer in
December 2008. Grant has served on
various industry and Government bodies
including nine years on the Tourism
Industry Aotearoa Board including
periods as Chair and Deputy Chair. Grant
was also a co-Chair for the New Zealand
Government’s Tourism Futures Taskforce in
2020. Grant was awarded the CEO of the
Year award at the New Zealand Deloitte
Top 200 awards in 2023.
Grant’s background includes senior
executive roles across the tourism,
hospitality, gaming and retail industries,
where he held Director and general
management roles within the retail sector
before moving into tourism. Grant holds
a Bachelor of Commerce degree from
Victoria University and has completed
executive studies at the Insead Advanced
Management Programme in Fontainebleau
and Monash University, Melbourne
Australia. Outside of thl, Grant is on the
Board of Les Mills Holdings NZ.
PERFORMANCEABOUT US119thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

CORPORATE INFORMATION
Directors
Cathy Quinn – Chair
Robert Baker
Rob Hamilton
Sophie Mitchell
Luke Trouchet
Gráinne Troute
Grant Webster
Executive Team
Grant Webster – Chief Executive Officer and Managing Director
Luke Trouchet – Executive Director
Ollie Farnsworth – Chief Financial Officer
Stacey Davis – Chief Operating Officer (Australia)
Chris Devoy – Chief Executive Officer – Action Manufacturing
Kate Meldrum – Chief Operating Officer (North America)
Kristen Evans – Chief Operating Officer (Canada)
Kathryn Munro – Chief Commercial Officer
Matthew Harvey – Chief Operating Officer (New Zealand)
Jo Hilson – Chief Technology Officer
Nick Roach – Chief Operating Officer (United Kingdom)
Steven Hall – Deputy Chief Financial Officer
Registered office
470 Oruarangi Road
Mangere
Auckland 2022
New Zealand
Securities exchange
Tourism Holdings Limited shares are primary listed on the
New Zealand Stock Exchange (NZX), with a foreign-exempt
listing on the Australian Stock Exchange (ASX).
Share registrar
MUFG Pension & Market Services (formerly Link Market Services)
PO Box 91976
Auckland
Tel: +64 9 375 5998
Email: enquiries@linkmarketservices.co.nz
Primary Solicitors
MinterEllisonRuddWatts
Primary Bankers
ANZ Bank New Zealand Limited
Australia and New Zealand Banking Group Limited
Westpac New Zealand Limited
Westpac Banking Corporation
Royal Bank of Canada
Auditors
EY
PERFORMANCEABOUT US120thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESFINANCIALSGOVERNANCE

AS AT 30 JUNE 2025
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
PERFORMANCEABOUT US121thl INTEGRATED ANNUAL REPORT 2025
STRATEGYDISCLOSURESGOVERNANCEFINANCIALS

THLONLINE.COM
JOURNEY ON

---

Results announcement
Tourism Holdings Limited

Results for announcement to the market
Name of issuer Tourism Holdings Limited
Reporting Period 12 months to 30 June 2025
Previous Reporting Period 12 months to 30 June 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$937,232 +2%
Total Revenue $937,232 +2%
Net profit/(loss) from
continuing operations
($25,774) -165%
Total net profit/(loss) ($25,774) -165%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.04000000
Imputed amount per Quoted
Equity Security
$0.01555556
Record Date 19 September 2025
Dividend Payment Date 3 October 2025
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$1.96
$1.97
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached audited 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 August 2025

Audited financial statements accompany this announcement.

---

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 X Quarterly
Half Year Special
DRP applies
Record date 19 September 2025
Ex-Date (one business day before the
Record Date)
18 September 2025
Payment date (and allotment date for
DRP)
3 October 2025
Total monies associated with the
distribution
$8,843,923
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.05555556
Gross taxable amount $0.05555556
Total cash distribution $0.04000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $ 0.00705882
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
$0.01555556
Resident Withholding Tax per
financial product
$0.00277778

Section 4: Distribution re-investment plan (if applicable)
DRP % discount (if any)
N/A
Start date and end date for
determining market price for DRP
N/A

Date strike price to be announced (if
not available at this time)
N/A
Specify source of financial products to
be issued under DRP programme
(new issue or to be bought on market)
N/A
DRP strike price per financial product
N/A
Last date to submit a participation
notice for this distribution in
accordance with DRP participation
terms
N/A
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 &
Group Planning
Contact phone number +64 21 1638053
Contact email address
a
mir.ansari@thlonline.com
Date of release through MAP

25 August 2025

=== IR PAGE TRANSCRIPT: FY25 Annual Results - Webcast Transcript ===

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

25 August 2025

Tourism Holdings Limited
FY25 Annual Results Investor Call Transcript

[START OF TRANSCRIPT]

Operator: Thank you for standing by, and welcome to the Tourism Holdings Limited
2025 Annual Results. All participants are in a listen-only mode, there will be a
presentation, followed by a question-and-answer session. If you wish to ask a
question, you will need to press the star key followed by the number one on
your telephone keypad.

At this time, I'd like to hand the conference call over to Mr. Grant Webster,
Chief Executive. Please go ahead.

Grant Webster: Brilliant. Thank you, Jamie. Welcome, everybody. I appreciate everybody
taking the time today. With me here in the room, I've got Ollie Farnsworth,
our CFO; Steven Hall, our Deputy CFO; and Amir Ansari, Investor Relations
and GM of a number of other things in the business.

Look, today should be very little new information that we are sharing given
the updates that we've provided over recent weeks. And I'd just note one of
the key questions that we probably get is around BGH Capital. We have had
no news or contact with BGH Capital since the start of August, as you would
expect.

So, let's dive into it. We'll go through the presentation at a reasonable pace
and get into those questions that you're all keen to ask. So just looking at the
executive summary, we continue to expect that we're at an inflection point
in terms of earnings.

We recognise that the results to date are not where we want them to be. We
also recognise that the underlying performance in our industry segment
globally has not been where the industry wants to be. We stay positive in
what was considered a difficult year where we think we've faced bottom of
the market conditions, and we saw an ongoing decline in global vehicle sales.

Our balance sheet is in a very good position. We think we're past debt peak
and pleasingly had that year-end debt number under 500 million. The
dividend position, we'll talk about a little bit more, but we see that as a
positive reflection of confidence that we have in the future as well as the
understanding of the lower capex profile that we see in the coming years.

Our strategic initiatives are well underway. I'll talk about them very briefly
later, and we continue to develop the business more broadly.

So just looking at our results summary, again, obvious numbers, but of note
from our perspective, still close to 200 million of EBITDA, only marginally
down on the prior year. Sale of services or rentals in essence, now at just
over 50% of the business. It's obviously been under that in recent years for
all the reasons that we know, and it's now likely to grow from here as well.

This is a key point because it reinforces the growth trajectory for thl and that
it is rental-centric in its growth, and we're very positive about that outlook.
Fleet at over 8,500 at year-end provides us an opportunity to still maximise
that growth moving forward.

If you look at the global snapshot, there is room to move from a RevPARV
perspective, and we are expecting higher growth in RevPARV in FY26. Whilst
ex-fleet sales remain key to the business, our expectations remain low for
the rest of this calendar year, and we are seeing some signs in the market,
but we're not banking on any immediate recovery in vehicle sales.

Margins that have adjusted are reflective of those adjustments we expected
in the business. We're happy with where they're sitting in general, and we
expect them to remain around these levels, although retail margins do need
to improve over time, and we have seen a good clearance of the older stock,
in particular, in the Australian business, which has been particularly positive.

Moving forward to the return on funds employed page. It's always been a
key metric for thl, one that both management and the Board remain closely
focused on. FY25 was impacted by slower-than-expected vehicle sales and
excess inventory that we held for most of the year.

As you can see, New Zealand remains in a positive position as does
manufacturing and tourism, where our Australian business, which does
include all segments; manufacturing, retail sales and rentals
underperforming at 5% and our Northern Hemisphere businesses with
essentially a loss in the way the EBIT is calculated on this page being
substantially below expectations. The strategic initiatives are all about
addressing those underperforming areas and addressing them at pace. So,
Retail Australia, North America and U.K. and Ireland.

From a dividend perspective, there may be some commentary around the
dividend. And from a company perspective, maintaining a dividend, I don't
think was ever really in question. The question is, where do you sit within the
payout ratio? A reminder that our policy sits at 40% to 60%.

If you look at that compared to pre-COVID, pre-COVID thl was 75% to 90%.
The difference between hitting 40% and 50% this year is around $0.01 per
share. The banks have been happy with our approach.

And the key for us is this should send a very clear message about our
confidence in the balance sheet that we have, our confidence in debt
reduction and that we have passed the largest elements of the growth in
fleet capex that has been required and that we have passed the point of the
large one-off non-fleet capex, in particular, the Waitomokia investment.

The DRP, there's really obvious reasons around the BGH situation, which
make it very, very challenging to have a DRP at this point in time. So, we've
passed on that at this point.

I'll move over to Ollie to talk us through the balance sheet and capital
management.

Ollie Farnsworth: Great. Thank you, Grant. Net debt closed at 492 million, which has had
favourable momentum over the past few months. We expect this to be peak
debt and for our leverage to come down accordingly.

Some of the key drivers for this were a moderation of fleet capex and
improved inventory management, somewhat offset by a higher-than-normal
non-fleet capex, which is not expected to reoccur at these levels. Of note,
the first tranche of our syndicated bank facility comes up for renewal next
August and refinancing is underway and going well with our banking
partners.

I'll move us along to the operating cash flow slide. There are three key areas
of influence on this, both in FY25 and key themes moving forward. So firstly,
we have a lower fleet capex requirement. We feel like we can lift RevPARV
without significant investment.

Secondly, inventory built up more than we would have liked with slower-
than-expected vehicle sales. This is close to writing itself, and you would
have seen that correction occur in FY25. And then we have an expectation of
improved earnings over the coming years. So, this all results in a better
operating cash flow position for the business moving forward.

This slide is just a reminder that we think about real depreciation rate as a
key metric for longer-term performance of the business. It considers both
the impact of purchase price and the impact of vehicle sales value. We've got
a really high focus on our build and buy cost in all regions, which are a
significant part of the strategic initiatives that Grant will talk through shortly.

These initiatives create a cash saving that's realised through lower
depreciation rates over the life of the vehicles. Of note within the table is the
North American segment is where we have higher cost of vehicles from the
COVID period, and that's required a higher depreciation rate to be applied.
With regional synergy plans and those vehicles phasing out, we expect it to
return back towards historical levels.

I'll pass back to Grant for some commentary on the divisions.

Grant Webster: Thanks, Ollie. Brilliant. So, let's quickly go through the New Zealand Rentals
and Sales. So, look, the rentals growth continues. We've got currently a very
strong positive outlook, which we've covered off in the last few releases. But
we also still have plenty of room to move.

We're still at the end of FY25 around 30% down on pre-COVID levels, and we
expect our operating leverage to be better in FY26 period as well. In this
market, sales are still not where we want them to be, but we are certainly
happy with our overall view of market share from a vehicle sales perspective,
and we're confident that we've got the product range that's required in this
environment.

In Australia, a similar situation from a rentals perspective, getting better and
actually a more positive outlook than New Zealand at the moment, but also
around that 30% sort of down on pre-COVID levels, so some room to move.
A reminder that this segment includes rentals, sales and the Australian
Manufacturing business as well.

So, the RevPARV opportunity also exists in Australia, and we see that
utilisation gain already, and we've got good plans for that to continue to
improve throughout the year ahead. Some good site changes over the last 12
months and moving into this year as well with a new site in Perth, a new site
in Sydney, not too far from opening and some smaller changes in other areas
as well.

So, Australia does have the ability in this business to be our leading rentals
and sales business, and we hope that the current momentum continues and
expect that we can deliver on that.

Moving through to North America, we know well and truly that this is a
market that's had a challenging operating environment in the last 12 months.
The tariff impacts plagued the year and the rental revenue, whilst positive in
Canada was down as indicated previously in our commentary in the U.S.A.,
which should be a timing issue.

As we see right at the moment, we have seen some improvement in some
weeks, other weeks, we've seen some issues. People at the moment are still
talking about price, talking about the Trump factor more clearly, and they're
also starting to talk a little about immigration. We don't see any direct
correlation to the immigration impacts to our core markets.

However, it is interesting to note that it's gaining more media attention.
U.S.A. also is still well down on pre-COVID. Canada is in a better position,
nearly flat with pre-COVID sort of levels.

The U.K. and Ireland, we've talked about, and it was all really the FY25 story
was one about the start of the year, where we still had significant issues
from a supply perspective, and we underperformed from a rental sales
market. Operating costs have been reduced over time with some significant
changes.

For us, the size of this business and the road to a recovery is the one that is
of the largest concern. That's why it has its own strategic initiative, and we
have that business under review.

From an Action Manufacturing perspective, yes, it's been a tough market in
that third-party revenue and the profitability that goes with that as well. We
have started to see some signs of recovery in that part of the market. But
again, like you're seeing in a lot of New Zealand commentary, it's certainly
nothing that you can bank at this point in time.

The business itself from an operating perspective is still performing really
well, and we still see some margin opportunities within the business.
Tourism businesses, again, positive momentum, good operating leverage and
pushing us in the right direction that we want to be heading.

From an industry trend perspective, if we move to that within the outlook
slides, we continue to remain very positive about the broader tourism space
on a global basis, noting that the U.S.A. sits slightly to one side in that
conversation. We do see, again, some green shoots from a vehicle sales
perspective, but we remain subdued about the expectations in the coming
12 months.

Anything that really starts to turn in that market, we'll see as upside from our
broad expectations. When we look at FY26 on the next Slide, no, we have
not provided any guidance at this point in time for FY26. We think it's just
too early to do so. Broadly speaking, as you know, in our growth road map,
we have expectations that we will achieve the 100 million goal within three
to four years.

This year, in FY26, we'll see a step-up in the cost-out plan. It will see the
capital discipline come to fruition with lower debt and us really looking to
leverage that rentals growth that exists whilst we remain cautious on sales.
From a strategic initiatives perspective, there's nothing significantly new to
note at this point in time.

But a reminder that the U.K. and Ireland is under a strategic review, and we
are concerned about the amount of capital that we have tied up in that
business, delivering no return on funds employed. Australasian
manufacturing needs to be able to find the right way for us to leverage the
lower cost operating model that we have in New Zealand.

Now some of that is location, some of that is process, some of that is
materials and some of that is equipment. So, across all of that, we're in the
process of determining the right way for us to be able to deliver those
savings through into the Australian business.

The Australian retail sales has had a significant reduction in inventory. We've
adjusted some of our brands and rationalise what we have from a product
perspective. That's making that business a lot leaner. There is further steps
to go to make sure that we substantially reduce that inventory in that
business.

And of course, North America, we remain heavily focused on delivering a
15% return on funds employed for that business. And now that we're in a
tariff-free situation, we believe there's real potential for us to move forward
at pace with the synergy goals and targets.

In terms of the net profit after tax goal that was announced as part of the
growth roadmap, no change in our expectations here, no change in the core
assumptions. What we have had in terms of feedback is really strong
alignment between those assumptions. It's been well received. The
information that we've provided is well received, and we look forward to
delivering to these targets.

So, in summary, I guess, when we look at our industry, we see rental
companies in Europe, in particular, that have gone into liquidation. We see
manufacturers that have consolidated and dealerships that have been losing
money or indeed even up to last weekend going into liquidation in Australia.
We haven't excelled at all. However, we have responded. We've reduced
debt.

We've adjusted our fleet lever, and we've grown market share where
appropriate as well and set this business up for a better future, one where

we have revenue up in our core rentals business and costs starting to come
down. We're an operational business that's been through big waves of
impacts, COVID, the merger and the tariff and economic situation, all which
have impacted the business over consecutive years.

But now we sit at our new global support services site in Waitomokia, where
we've delivered an outstanding new environment for sales, for service and
for customer delivery alongside significant productivity improvements.
We've delivered the single digital platform on a global basis with seven
system changes across the organisation.

We have new fleet designs. We've lowered our customer fleet. We've got
new channels to market, whether that be better use of AI and non-tourism.
And we've got a business that remains responsive and looks forward to a
better future. Thank you very much. Jamie, I will hand back over to you to
open up for questions.

Operator: Thank you. If you wish to ask a question, please press star and one on your
telephone and wait for your name to be announced. If you wish to cancel
your request, please press star and two. If you are on a speakerphone, we do
ask that you please pick up the handset to ask your questions.

Your first question today comes from Andy Bowley from Forsyth Barr. Please
go ahead with your question.

Andrew Bowley: Thanks, operator. Good afternoon, guys. I feel a little bit out of breath just
listening to you go through that preso so quickly, but I appreciate the
commentary. A couple of questions from me. First of all, around the cost
base. And I'm mindful of the comments you make around expectations for
FY26 where you talk about a significant step-up in the cost reduction
program.

But the question is really around FY25 costs and really ex depreciation
operating costs. I'm keen for you to talk to the -- what I'd consider a sizable
increase during the year. Where is that most acute or evident across the
group? And what kind of cost increases are we talking about within that
operating cost bucket?

Grant Webster: Yes. So, when you look at the increase in hire days right across the business,
and that increased activity, one of the impacts that you had from an
operating cost perspective in the last 12 months is that, we did have slight
reductions in yield. We've talked about the fact that yield has stabilised and
we see small increases in yield moving forward. So, you do have that step-up
in operating costs in the last 12 months.

So, it's activity related, obviously, labour, repairs and maintenance,
insurance-related repairs. Those are the primary areas where you've seen
those operating costs. We do have a strong focus on making sure that there
is really good operating leverage in those areas moving forward as we
continue to get the hire day increases. So, we feel that it's under control. But
yes, we did have that activity increase costs in the last 12 months.

Andrew Bowley: And then maybe just talk to the cost reduction program, if you could please
at least Grant, where will we see the biggest efficiency benefits across the
group?

Grant Webster: Yes. So, the core areas that are focused on, one is depreciation through
lower build cost, and that's something that's already coming through in both
the North American markets and Australia and New Zealand markets. So,
we've got real confidence about what's been delivered in that space. The
second is pure savings from a digital perspective and other group support
costs.

And that's as we've completed and exit a number of large projects across the
business, not just on the digital front, but also the likes of the property
improvements that we've had as well. And then you've got some broader
efficiencies that are coming through on a global basis.

Andrew Bowley: Okay. Great. Now secondly, I'm interested in the forward bookings for FY26,
where the commentary has been pretty good in recent times and some
strong increases in Australasia and less so in North America. Can you give us
a sense of what the percentage increases, you've given that previously, for
those respective markets? And then in terms of where we stand today, how
much of FY26 anticipated rental sales are now booked?

Grant Webster: So, on the first one, the numbers are pretty much where we've said. There's
been no substantial change. So, the Australasian business is still sitting
around the 25% mark. The U.S.A. and Canada sort of balance out. They're
past the sort of high season. So, it's not as relevant a number now. But U.S.A.
is still in decline. Canada is still in growth. So that's positive. U.K. has actually
had a very positive forward booking outlook.

From a percentage perspective, I haven't updated that in very recent times,
but we're ahead of our intakes last year as a percentage of our overall
expectations. But obviously, if I give you the detail of that, I'm pretty much
giving a rental number for the year.

Andy Bowley: What was that on last year then without giving us what proportion of last
years have we got to?

Grant Webster: Well, I don't work it out as a proportion of last year. You can -- basically, if
we're ahead and we're obviously 25-odd percent up across Australia and
New Zealand, that gives you sort of -- obviously, we've got a larger
proportion than we did the same time last year.

Andy Bowley: But I guess what I'm trying to get to is how much certainty can we place on
what you're telling us around the forward book in terms of how much of next
year's P&L is now effectively bagged?

Grant Webster: Yes. So, look, my answer to the question framed in that matter is that, we
have said before the 25% growth rate we don't expect to hold for the year.
So basically, we have got an earlier booking trend is our view, but still
substantive double-digit growth is where we expect to be sitting.

Andy Bowley: And forgive me in terms of not catching it entirely, but earlier on in the
presentation, I think to that first or second slide, you -- was it strong
RevPARV growth you alluded to in FY26?

Grant Webster: Yes. Yes.

Andy Bowley: Okay. Great. Thanks, Grant.

Grant Webster: No, thank you, Andy.

Operator: And your next question comes from John O'Shea from Ord Minnett. Please
go ahead with your question.

John O'Shea: Good morning, Grant. Can you hear me okay?

Grant Webster: Yes, can hear you fine. Thanks, John.

John O'Shea: Thanks. Thanks for taking my question. Look, I guess I just wondered if you
could outline perhaps how we should think about the evolution of the
business just in -- if you stand back strategically and just think about how
things have evolved from -- obviously, we've had the post-COVID sort of
unwind, if you like.

And now we're evolving to perhaps a -- my question is, now we're evolving
to a more normalised environment in terms of moving forward, how we
should think about -- I know you've given some numbers around fleet
numbers.

Can you just articulate the Board's thinking around the rental business and
how important that's going to be moving forward as opposed to the vehicle

sales part of the business and how you will then approach the capital
expenditure environment in those circumstances? Do you understand what
I'm asking?

Grant Webster: Yes. Yes, I think I do. That's a great question. Thank you, John. So, look, the
reinforcement that I said at the start around the growth in rentals and
rentals being the core of the business is exactly what you're talking about.
Vehicle sales ultimately in this business should make good money as part of
our business model, but fuels the core rentals business model.

I really don't like the idea when people call it disposals because there is real
value to be had in that sales side of the business, and we continue to extract
value. However, the reality is rentals is where it's at.

From a fleet growth perspective, I mean, we obviously had right from the
start of the merger, a very clear view that we could achieve the same or
greater revenue on less fleet and that there's that broad utilisation
opportunity and synergy in fleet that existed. So, we're happy, again, with
that slower profile for fleet growth over the coming couple of years.

But again, as we said before, there's big utilisation gains still to have in the
business. So, bringing that back up strategically, yes, the Board is really
focused on the fact that rentals, rental growth is what it's about. Vehicle
sales, we still need to be moving to keep our market position to keep the
business model working, but let's win in rentals.

John O'Shea: Thanks, Grant.

Operator: And your next question comes from Vignesh Nair from UBS. Please go ahead
with your question.

Vignesh Nair: Hi, team. Can you hear me?

Grant Webster: Yes. Great. Thanks, Vignesh.

Vignesh Nair: Okay. Awesome. Just a couple of questions sort of following on from Andy
earlier. Like just on costs. Firstly, on probably capex, you're sort of talking to
flattening out, I suppose, fleet growth capex from here on, sort of sitting at
about 8,100 vehicles and targeting 9,000 in FY28.

Just wondering how sort of investors and analysts should think about
bridging the sort of current number into the 9,000. You're talking to sort of
pretty good RevPARV growth of 4% and sort of it feels like that's continuing

into FY26. Just wondering on a steer on into next year, what we should think
about overall fleet size and how to bridge that into 9,000, please?

Grant Webster: Yes. So, the average rental fleet size was 8,100. The closing rental fleet was
8,500. So, you're starting off of that higher base. So, there's some room
there. From a broad gross capex perspective, I'll get Ollie to talk through the
gross and net capex expectations broadly because we haven't given those
numbers, and we're not giving those numbers.

But the RevPARV opportunity is probably a little bit greater than what you're
thinking within there. So, we just don't need to grow the fleet substantially.
The 8.5% to 9%, again, that's much, much smaller growth rate than what
we've had over the last few years.

We've averaged over 30% growth in our fleet number for three years in a
row. The other thing that we have got within those broader expectations of
9,000 vehicles is that, there is some or all of a reduction of the U.K. and
Ireland fleet within that as part of that review. Ollie, do you want to make a
comment on gross-net capex?

Ollie Farnsworth: Yes. So, we haven't given specific guidance on that, but gross capex will be
substantially down. So, you see over the last three years, we've done 300
million plus in gross capex.

We're not talking those sort of levels going forward as you'll be able to see
just from that fleet growth profile and also projecting kind of incremental
growth on the sales front. So, no kind of major assumptions there. But if you
take those two elements together, you get a better net capex position than
we've had in recent times.

Vignesh Nair: Right. Do you have any idea of when you'll sort of get back to a balance sheet
of below 2x net debt-to-EBITDA? Is that kind of a guide that you guys use?
And just wondering when the business thinks will sort of cross that barrier?

Grant Webster: So, it's not necessarily a guide that we use. I know that some parts of the
market do, but we're quite comfortable above 2x. So, it doesn't necessarily
have to be there. But if you put all the numbers together and obviously head
towards that 100 million, you're well under 2x at that point. So, over the next
three to four years, you move pretty heavily under 2x with nothing else
changing.

Ollie Farnsworth: And we said in the strategic roadmap, $50 million coming out across FY26,
FY27, and that excludes any capital reallocation.

Vignesh Nair: Okay. That's helpful. And just finally, digging into the North American
business. I think you alluded to the fact that more recent RVIA data sees
pretty robust growth year-on-year in both May and June.

Just wondering what we should make of that and what your read is? Does it
feel like a catch-up from the weakness at the start of the calendar year or do
you genuinely see this as sort of green shoots from upstream manufacturers
in the North American market?

Grant Webster: I'll be honest, Vignesh, it's hard to say. That market has -- the Camping
World, for example, are doing particularly well in the market. There are
other dealers that are doing not so well at all, and it's still very, very patchy.

So, whilst that's two months of growth and a decent growth rate over the
prior year, it's still no consistent metric that we can see that says there's a
real turn in customer sentiment at this point in time. Obviously, the
announcements on Friday and what could come through from further OCR
cuts, we'll see. But we're not jumping up and down about it yet.

Vignesh Nair: Okay, that's very helpful. Thanks, team.

Operator: Once again, if you wish to ask a question, please press star and one on your
telephone and wait for your name to be announced. Our next question
comes from Kieran Carling from Craigs Investment Partners. Please go ahead
with your question.

Kieran Carling: Hi, guys. Thanks for the presentation. Just a question going back to your
growth road map. You talked about growing rental days by 25% from FY25
levels over the next three to four years. Can you just tell us what level of
utilisation that would imply relative to your historical peaks?

Grant Webster: So, it is some growth in utilisation relative to historical peaks, which is, again,
relative to the merger benefits that we see and some system changes that
we've had, but it's not substantive. It's not like there's a massive reliance on
this new imagined utilisation rate. So, it's slightly above historical peaks.

Kieran Carling: Okay. Thank you. And then you've signalled that you're looking to potentially
divest the U.K. and Ireland business. I guess, it's been a challenging few years
there, but how has your view of that market changed since you acquired the
remaining 50% in 2022?

Grant Webster: Yes. Look, I think there's a couple of things. One is that, it's not operating at
the scale opportunity that we thought that it could. I think we have been
lumbered in that market by a number of core operating costs, changes in the

market more broadly that are legislative in nature, both out of Europe and
the U.K. that just make it more challenging, and thus the review, right?

Do I think that with the right focus and energy that we could get it right? Yes.
Do I think that there are a bigger fish for us to fry in other parts of the world?
Yes. So, we'll just need to see where that review concludes.

Kieran Carling: Okay. And I guess just following on from that question, you were reasonably
confident in that market a few years ago. And again, in the growth road map,
you've talked about trying to get the U.S.A. and North America more broadly
to the 15% ROFE target despite the fact the U.S.A. hasn't hit that target since
FY17. I guess, what does give you that confidence that you're going to hit
those synergy targets?

Grant Webster: So, you got two -- well, one, you focused on the key point in your last couple
of words there around the synergy targets. So, the synergies are by their very
nature, far more controllable. So that's one key point. And we've done the
hard work on that over the last two years with really sort of establishing
what fleet we want, where we want to hiccup this year majorly from a tariff
situation, which threw everything out of whack.

But nevertheless, we're back on track after that. And then you're talking
about a completely and utterly different scale in North America. So, it is the
heart of RVs from a vehicle sales perspective. It's a completely different
market from a number of competitive manufacturers, it's a completely
different market. So, I think if there's a market to try and be able to get those
things right, it's the North American market.

Kieran Carling: Okay, great. Thank you.

Operator: And our next question comes from Belinda Moore from Morgans. Please go
ahead with your question.

Belinda Moore: Good morning, team. Can I just ask a few questions, please? One, what
should we think of just the underlying capex just for the base business ex all
the fleet? Should we also just be removing sort of the U.K., Ireland from our
forecast? I mean, come the first half results, is it going to be gone? And then
just double checking your 100 million plus net profit target, does that include
any sort of further acquisitions? Thanks.

Grant Webster: Brilliant. Thanks, Belinda. So just quickly, the 100 million doesn't include any
further acquisitions. You probably make your own call around the U.K. It
certainly won't be out by the end of the first half. But just timing of these

sorts of things and everything that sits behind it. So, I think those two are
keys.

And then from an underlying non-fleet capex perspective, I mean, in FY24,
we were 14 million. We've averaged around the 10 million to 20 million mark
in general over time. So, somewhere in between there, so call it that 15-odd
million. Jamie, back to you.

Operator: All right. And we do have one additional question. This comes from Ben
Wilson from Wilsons Advisory. Please go ahead with your question.

Ben Wilson: Thank you. Just a couple of incremental questions, guys. Firstly, on the
forward rental outlook, pleasing to see still sort of up about 25% for ANZ.
Just wondering how much pickup -- I think you've mentioned you are seeing
a pickup in inbound holidaymaker volumes.

The official figures to date sort of for both Australia and New Zealand have
shown a sort of stagnation in those volumes. But are you sort of definitely
seeing a pickup in those in terms of your forward book? Sorry, Grant, just
confirming you can hear me there with that question?

Grant Webster: Sorry, Ben, we had a malfunction at this end. So, we're on a secondary
device. So, can you just repeat your question quickly, please? Sorry about
that.

Ben Wilson: Yes, no problem. I just wanted to just drill into the, I guess, inbound holiday
maker volumes as part of your forward rental book. I think you've sort of
confirmed that for ANZ, it's sort of up 25% versus PCP still as you stand.
Obviously, inbound holiday makers are pretty critical for your rentals
business. And I guess the official volumes have really stagnated year-to-date
this year across Australia and New Zealand. So just wanted to sort of confirm
that you are seeing a definite increase from your side of things?

Grant Webster: Yes. So, obviously, we're talking forwards, not actuals in the recent time. I
think if you look at New Zealand market over winter and the broader tourism
stats, you'll see that in tourism businesses, you'll see they've had a pretty
hard winter. In Australia, the Northern Territory sort of period was positive.
But again, you've got to be in those markets, which we are to benefit from
those.

So that's the sort of the current performance and the look back as opposed
to the look forward. The other thing when you look forward from a New
Zealand perspective, air capacity still isn't growing at a massive rate, but we
have customers that book early.

So, we don't really see that air capacity having a significant impact from our
perspective. So, we're getting the natural underlying growth. In Australia,
similarly is starting to get more air capacity, but it's not quite there yet. So
from a government perspective, New Zealand, while the broad industry and
if you look at tourism research -- sorry, TEC, Tourism Export Council, their
research is indicating 2027 for a recovery in total visitor arrival numbers,
Australia is talking sort of 2026, but the New Zealand government wants
2026 for New Zealand as well. So, we'll see.

So, we're happy that what we're seeing isn't an anomaly at this point in time.
As I said earlier in the call, don't expect that 25% will hold for the year. But
nevertheless, we're expecting a very good growth rate.

Ben Wilson: Thanks, Grant. And just final question. Can you just comment on, I guess, the
cost trends you're seeing with regard to new vehicle capex, especially those
items that are less in your control, so cost of engines and chassis in
particular?

Grant Webster: Yes. Look, there is the odd thing that is quite anomalous in its increases,
things like windscreen pricing. You've got a few manufacturers on a few
items that are really seeing prices come up. But broadly speaking, we're
actually seeing things pretty flat to small inflationary increases. And
obviously, that's what we've allowed for and taking into account when we're
looking at our build cost reductions.

Ben Wilson: Excellent. Thank you.

Operator: And there are no further questions at this time. I would like to hand the floor
back over to Mr. Webster for closing remarks.

Grant Webster: Great. Well, I really, again, as always, appreciate everybody's time. We'll
catch up with people throughout the week ahead as well look forward to any
other further detailed questions. Jamie, thank you very much for hosting us.
We'll catch up with people during the week. Thanks, again.

[END OF TRANSCRIPT]

FY25 Annual Results - Webcast Details Strategic initiative update - Australian Retail Sales

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