2025 Annual Meeting Materials

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


24 October 2025

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

2025 ANNUAL MEETING MATERIALS

Please find attached copies of thl’s 2025 Annual Meeting presentation and Chair and CEO address, to be
presented at thl’s 2025 Annual Meeting today.


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, George Day, 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.

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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


24 October 2025

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

2025 ANNUAL MEETING ADDRESS

Chair’s address – Cathy Quinn ONZM

Reflections on FY25

It has been well publicised that the RV industry has had a very challenging last 12 months on a global basis
and many industry operators are making a loss. We have clearly been impacted by that however remain
fortunate relative to many in that we have a strong balance sheet, resilient business model and importantly
have a positive tourism outlook, which is the core of the business.

Within this context we recognise FY25 was a challenging year for thl. We are well aware that we did not
achieve our targeted 15% Return on Funds Employed and have acted accordingly. Our underlying net profit
after tax was $28.7 million, representing a 45% decline on the prior year. The statutory net loss after tax of
$25.8 million was driven by several one-off items which are detailed in our Investor Presentation.

The most significant headwind remains the subdued global consumer demand for purchasing RVs, which
has had a material impact on our performance, both in FY25 and the prior year. Shifting consumer
sentiment, uncertainty around global tariffs, and fluctuating expectations on interest rates, further
compounded what was already a complex operating environment.

Balancing those conditions thl is fortunate to benefit from the positive tailwinds in RV rentals driven by the
recovery in international tourism. Canada, Australia and New Zealand all have Governments that we believe
are strongly aligned with tourism growth. They recognise the opportunities tourism brings to their
economies and are implementing supportive policies and investment. We’re seeing the benefit of these
actions and we share the industry’s view that this momentum and growth will continue for several years to
come.

We had areas of strong performance within the group, with our New Zealand Rentals & Sales and New
Zealand Tourism businesses both delivering record EBIT results.

Australia delivered a strong performance in RV rentals, offset by the weakness in the Australian Retail
Dealerships division.

In the United States, our high season rental performance was impacted by the decline in sentiment for
inbound international travel. While there was some substitution benefit from the US to Canada, this was not
meaningful enough to offset the decline in the US.

Recognising the operating conditions and acknowledging that the financial performance was not
adequate, the Board and Management acted and have consolidated and released funds where appropriate.
The company has shown the ability to challenge past decisions, step back where necessary and refocus
towards markets with more certain growth.

Throughout 2025, we were engaged in the work that ultimately led to the strategic initiatives we
announced in August. These initiatives involve our operations in the UK & Ireland, the Australian Retail
network, Australasian Manufacturing, and North America. We are progressing well with each of these
initiatives and will provide further updates as new developments occur.

Focused on the future

The planning we’ve done throughout this year culminated in the release of our growth roadmap in August,
as part of which the Board and Management have reset the goal to deliver $100 million in annualised net
profit after tax in the next three to four years.

We recognise that achieving this goal involves risk, and that setting an aspirational goal does not take away
the global uncertainty and challenging macroeconomic conditions we continue to face. The risk of an
extended economic downturn remains, inflationary pressures appear to be persisting, and although the
tariff landscape in North America has settled for the time being, that could always change.

Focusing on New Zealand for a moment, in recent weeks there seems to have been marked increase in
recognition of the severity of the current downturn. It’s something we’ve been seeing in the leisure sector
and talking about for well over a year. All types of businesses selling RVs, boats, bikes and other high-value
discretionary products have had it extremely tough.

As a result of this recognition, expectations around central bank action in New Zealand have also
accelerated, with the recent half percentage point cut, and the expected low point of this easing cycle
having potentially moved even lower. Over in Australia, the US and Canada, market participants are
expecting further rate cuts through late 2025 and into the first half of 2026.

This reaffirms our view that both thl and the wider industry are turning the corner. We believe we’ve moved
past our peak in net debt and have returned to generating positive operating cashflows in FY25. We believe
that the actions we’re taking today will secure long-term value for thl, its shareholders and its crew.

Looking ahead, we’re confident about the return to growth in FY26, supported by the continued recovery in
international tourism and rental revenue, alongside the significant capital investment we’ve made in
expanding our fleet in recent years.

Non-binding offer from BGH consortium

As you will be aware, in June 2025 we received a non-binding indicative offer to acquire thl from a
consortium comprising BGH Capital and the Trouchet family interests.

In fulfilling our duties as Directors to act in the best interests of shareholders, the Board commenced a
thorough process to inform our response to this offer.

The Board formed a Takeover Committee who, with the support of our financial and legal advisers,
undertook a comprehensive assessment of the consortium’s proposal relative to our view on thl’s outlook,
earnings capacity and valuation.

Because the planning of our strategic initiatives was well advanced, the Board had a clear steer on thl’s
future direction.

The conclusion of this process ultimately saw the Board decline the offer of $2.30 per share on 4 August, on
the basis that it significantly undervalued the company. We provided an indication of our view on value at
well north of $3.00 and also indicated that we remained open to engagement in the event of a significantly
improved offer from the BGH consortium or other potential bidders.

We’ve not had any further communication from BGH Capital since that response was provided in early
August. We know it’s critical that the Board and Management remain focused on executing our strategic
plan and delivering on the growth roadmap we’ve set out.

Before handing over to Grant, I’d like to take a moment to acknowledge and thank our broader thl crew for
their contributions during another challenging year across many regions. On behalf of the Board, we
appreciate your combined efforts and commitment to strengthening our core business and the future of
thl.

CEO’s address – Grant Webster

FY25 Summary

We find ourselves in an interesting position today where we’re emerging from a challenging year, but with
a clear sense of direction and growing confidence in what lies ahead. On one hand, our FY25 group result
was disappointing and fell well short of what we expect from thl. A Return on Funds Employed of 6.9%,
against a target of at least 15%, is not good enough. On the other hand, we have and continue to undertake
a huge amount of work across both strategic and operational initiatives, giving us confidence in the path
forward.

As Cathy highlighted, the most significant overarching factor affecting our performance in FY25 was the
soft consumer demand for purchasing recreational vehicles, as seen across the entire RV and broader
leisure industry.

Despite this, our New Zealand Rentals & Sales and New Zealand Tourism divisions delivered record EBIT
results and exceeded our ROFE targets, even with international visitor arrivals still lagging behind pre-
COVID volumes. These businesses have now achieved record results in two years running and with
investments, like the site we’re at today, we’re confident that we’ve built the capacity for another record
year for these divisions in FY26. This is a clear reflection of the momentum we’re seeing in New Zealand.

Looking beyond our shores, our Australian business delivered a ROFE of around 5%, where the higher ROFE
from our core rentals business was offset by operating losses from our Retail Dealerships.

North America was also impacted by poor RV sales. Additionally, it had the impact from a decline in
international tourism to the US. While Canada saw an increase, this wasn’t enough to offset the decline in
the US.

Action Manufacturing also had a strong year, significantly exceeding our ROFE target, even though the
result was slightly down year-on-year. Action has gone from strength to strength in its third-party
commercial manufacturing operations, having acquired and integrated several small businesses in recent
years. That said, this business is impacted by the capex cycles of its commercial customers. Freight
companies tend to cut back on their capital spending plans in times of economic uncertainty. Historically,
we’ve seen this as a timing issue, with new vehicle purchases delayed rather than cancelled, as older
vehicles are kept in service longer.

In Australian Manufacturing, we’ve made a lot of progress this year after bringing both New Zealand and
Australian operations under a single leadership team. While there’s more work ahead, this change has
helped identify the opportunities that should improve manufacturing returns across both regions.

The UK & Ireland division had a disappointing year where it was once again impacted by delays in the
delivery of new vehicles from manufacturers, resulting in a reduced peak season fleet. That is a critical issue
for a region where tourism is highly seasonal. This is not an excuse for the performance of this division. It’s
one area where the expected benefits from the merger with Apollo haven’t materialised as expected and in
fact have gone the other way, with significant inflation pressures and cost increases in some areas. We’re
actively exploring strategic options for this division, including the potential to fully or partially release funds
employed.

We can’t control the global factors impacting our industry, but we can control how we respond. Having just
reflected on the year that’s been, it won’t surprise you that our four strategic initiatives are focused on the
UK & Ireland business, the Australian Retail business, Australasian Manufacturing and the broader North
American business. As a group, we have some divisions performing exceptionally well. Our focus now is on
continuing to grow those strong performers, while taking decisive action to lift the areas that aren’t
meeting expectations.

Key achievements over the year

I’d like to take a moment to reflect on some of our key achievements and investment initiatives over the
past year. We believe we are the global leader in the RV rental industry, but it’s in our DNA to keep
challenging ourselves and strive for more. I’m proud of all the dedication shown by our crew, in driving
these activities forward while also in managing a rental business experiencing significant volume growth,
particularly in Australia and New Zealand.

While we’ve highlighted a few standout achievements, the list could easily be much longer and if I were to
walk through each one, we’d be here all day.

One activity I do want to highlight is how our crew navigated the uncertainty surrounding the North
American tariff regime and its impact on our operations. The operating environment was such that almost
every day there was a new development that had the potential to reshape our plans. At one stage, the team
was actively managing eight different scenarios depending on the reciprocity of tariffs and the timing of
their implementation or removal. Once we made the call that tariffs were likely to impact our 2025
Canadian fleet, we completely reworked our fleet plan for the year which involved relocating around 200 of
our existing vehicles from the U.S. to Canada within just a couple of weeks, ahead of the tariffs coming into
effect. In a worst-case scenario, these developments could have had a significant financial impact on our
performance for the year, but this was extremely well managed by the team under the circumstances.

We’ve also had another huge year in digital transformation. We completed the global roll-out of our Fleet
Management system, with Canada being the final country to come online. With every country now on the
same system, we’re finding insights that we can apply across regions and are already seeing good wins. We
also successfully rolled out new HR, Content Management and Enterprise Asset Management systems.
While I’ve just referenced these three systems in one sentence, each of these was a significant project in its
own right and well managed by our crew. This milestone largely marks the conclusion of a multi-year digital
transformation roadmap and is a significant achievement for the business.

I also want to acknowledge the cultural transformation we’ve been driving in health, safety and wellbeing.
In 2023 we launched “Protect”, our internal brand for crew safety engagement. It’s now a highly visible and
integral part of our operations, and those joining today’s site tours will see its presence throughout our
back-of-house areas. Over the year we held over 500 “Power Ups”, which are structured conversations
between branch managers and crew focused on specific health and safety topics. I’m proud of the global
buy-in to this initiative from our crew, and we’re seeing tangible results, including a 43% reduction in our
lost-time injury frequency rate. We know that health and safety is a continuous journey, and we remain
committed to continue to challenge ourselves.

Growth in international tourism and RV rentals

Given the close correlation between international tourism volumes and activity in our RV rentals business,
it’s worth taking a moment to look at the position of international tourism today. I will focus on New
Zealand, Australia and Canada, which are our three markets where international customers are the larger
proportion of the total customer base. The UK market is predominantly domestic and that business is
currently under strategic review, and while the U.S. market is typically around 50% international customers,
the current situation makes it somewhat difficult to predict the direction for inbound international travel.

Across New Zealand, Australia and Canada, international visitor arrivals are still tracking below pre-COVID
levels. But what’s encouraging is that each of these countries is actively investing in their tourism recovery
and long-term growth.

In New Zealand we’ve seen the Government launch the tourism growth roadmap, aimed at returning
international visitor numbers to at least pre-COVID levels by 2026, and a commitment to invest $35 million
this financial year, on top of the previously announced $20 million Tourism Boost investment.

In Australia, we’re seeing the Government forecasting a full recovery to exceed pre-pandemic levels in 2026,
and a clear growth plan for the visitor economy in its THRIVE 2030 strategy. In Canada, there are similar
initiatives and investment including Destination Canada’s 2030 Tourism Strategy.

We welcome the renewed focus from Governments on growing tourism and are pleased to see that it’s not
just about getting to pre-pandemic levels, but a focus for ongoing growth. At a certain point we have to
stop referencing pre-COVID as our baseline.

Here in New Zealand, we believe the tourism industry can once again be a powerhouse for the economy.
Within that, our category of travel can play a key role in getting tourism dollars out of the usual urban
gateways and into the regions where they make a real difference.

Looking at the data on the screen, we can see that our fleet growth is generally tracking in line with, or
slightly behind, the rebound in international tourism volumes. In New Zealand and Australia, this allows us
to maximise the utilisation of our existing fleet, which was a key strategic rationale behind the Apollo
merger. To be able to do more with less. Positively, it also highlights the opportunity for further fleet growth
as tourism volumes continue to recover.

We believe there is real momentum in the rentals business and that this has kicked into a higher gear in
2025. On the bottom right-hand side of the screen, you’ll see that in each of these markets, the growth in
our forward rental bookings compared to 12 months ago is significantly over-indexing the growth in
international visitor arrivals in that period.

We do have to be mindful that these figures represent early bookings and that it’s unlikely these growth
rates will sustain throughout the entire year. They nonetheless place us in a strong position for rentals
heading into the peak season.

Key strategic initiatives

As part of our growth roadmap, we outlined four key strategic initiatives. The slide on screen is taken
directly from that presentation. Since we’ve already touched on these initiatives several times this morning,
I won’t go through each one in detail.

We’re not providing any major updates on these today, as our intention is to inform shareholders when key
decisions are actioned. There is also some commercial sensitivity around the specifics. Earlier this month,
we confirmed the exit from two standalone dealerships in Australia, which forms part of our broader efforts
to rationalise products and brands, streamline our organisational structure and further reduce inventory
and capital employed in that division. We have commenced closing down sales at both sites and are
progressing a range of options to manage the exits effectively.

Our North American synergy project has been in the works for some time. Unfortunately, the introduction
of tariffs in that market meant we couldn’t realise the benefits in 2025, effectively pushing the timeline back
by a year. The good news is that we can now acquire RVs for Canada and sell them into the US without
tariffs. This unlocks the opportunity to accelerate the project, and we remain confident that it will be a key
driver in improving the profitability of the business in that region.

We have made, and continue to make, strong progress across all these initiatives and expect to able to
share more with you by the end of the calendar year.

Trading update and outlook

Looking at our first quarter results, the trends are very much in line with what we saw in FY25. With the
exception of the US, we’ve had a strong start across all other markets on the rentals side of the business,
with growth in New Zealand, Australia, Canada and UK/Ireland. Positively, our forward book for the
remainder of the financial year for New Zealand, Australia and Canada are each sitting around 20% ahead of
last year. As I mentioned before, while it’s unlikely these rates will hold all year, they do reflect the positive
position we’re in today.

Looking ahead, our focus is threefold: executing the strategic initiatives we’ve set out, maximising the
ongoing recovery in international tourism and RV rentals, and continuing to drive cost-out actions.

We see FY26 as a transitional year as we implement these changes against a backdrop of continued
weakness in RV sales and uncertainty around recovery timing. The benefits of these changes should be
evident in FY27.

Within FY26, we expect growth in New Zealand Rentals & Sales, Australian Rentals, Canada, UK/Ireland and
the Tourism businesses. However, this will likely be partly offset by declines in the US, Australian Retail and
Manufacturing.

We’re not providing profit guidance for FY26 at this stage, given we’re only three months into the year and
have a number of transformative actions underway. That said, we remain confident that we’ve turned a
corner and expect a return to NPAT growth in this financial year.

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, George Day, 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.

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2025 ANNUAL MEETING
2 4 O C T O B E R 2 0 2 5

22025 ANNUAL MEETING
Welcome
Cathy Quinn ONZM
Chair

2025 ANNUAL MEETING
Proxies and postal votes
3
•Valid proxy and postal votes: 94.4 million
•Proxy and postal votes as a percentage of ordinary
shares on issue: 42.7%
•Proxies received appointing the Chair of the meeting
as proxy: 82.7 million

2025 ANNUAL MEETING
Agenda
4
•Welcome and agenda
•Chair’s address
•Chief Executive’s address
•Resolutions
•Q&A
•General business

52025 ANNUAL MEETING
Chair’s Address
Cathy Quinn ONZM
Chair

62025 ANNUAL MEETING
Waitomokia
A Rebuilding Story
Click here to view the video

2025 ANNUAL MEETING
Reflections on FY25
•Another challenging year in which thl did not achieve its 15% Return on
Funds Employed (ROFE) target
•Broader challenges across the entire RV industry, in what are thought to
be the most difficult industry conditions in decades and where many
industry operators are making a loss
•Most significant headwind remains the subdued global consumer
demand for purchasing RVs, impacting all markets, while positive
tailwinds from international tourism recovery supported record EBIT for
New Zealand Rentals & Sales and Tourism
•Continued focus on execution of cost out and optimisation programme
•Significant planning undertaken in 2025 culminating in several strategic
initiatives
‒Strategic review of UK & Ireland operations
‒Plan to reduce capital employed and improve profitability in
Australian Retail Sales
‒Exploring actions to address the cost gap between New Zealand and
Australian Manufacturing
‒Accelerating the North American synergy project
7

2025 ANNUAL MEETING
Focused on the Future
•Release of the growth roadmap, including resetting the goal to
deliver $100M in annualised NPAT in the next three to four years
•Recognition of continued global uncertainty, challenging
macroeconomic conditions and persisting inflationary pressures
•In recent weeks, there has been a marked increase in recognition of
the severity of the downturn in New Zealand, which has
accelerated expectations for central bank action
•We believe that thl and the industry are turning the corner, with thl
moving past its expected peak in net debt and returning to
generating positive operating cashflows in FY25
•We are confident about the return to growth in FY26, supported by
the continued recovery in international tourism and rental revenue,
alongside the expansion of our fleet in recent years
8

2025 ANNUAL MEETING
NBIO from BGH Consortium
•In June 2025 we received a non-binding indicative offer to acquire
thl from a consortium comprising BGH Capital and the Trouchet
family interests
•A thorough process was undertaken with support from financial
and legal advisers
•Planning of the strategic initiatives gave the Board a clear steer on
thl’s direction
•Conclusion of the process led the Board to decline the offer of $2.30
per share and provide an indication of its view on value at well
north of $3.00
•The Board indicated it remained open to engagement in the event
of a significantly improved offer from the BGH consortium or other
potential bidders
•We’ve not had any further communication from BGH Capital since
9

102025 ANNUAL MEETING
CEO’s Address
Grant Webster
CEO & Managing Director

2025 ANNUAL MEETING
FY25 Summary
1
Refer to page 31 of thl’s FY25 Investor Presentation for the reconciliation between statutory and underlying performance.
2
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 page 28 of thl’s FY25 Investor Presentation for the full definition of ROFE,
and to page 31 for the reconciliation between Adjusted EBIT and Underlying EBIT.
12 MONTHS TO 30 JUNE 2025
$M NZD
ADJUSTED
EBIT
1
AVERAGE
FUNDS
2
PERIOD END
FUNDS
2
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%
•Underlying net profit after tax of $28.7 million, down 45% on the
prior year, and a statutory net loss after tax of $25.8 million
reflecting several one-off items
1
•Emerging from a challenging year impacted by soft demand for
recreational vehicles, but with a sense of direction and growing
confidence in what lies ahead
•New Zealand Rentals & Sales and Tourism divisions delivered record
EBIT results two years running, and targeting another record year
this year
•Strength in Australian RV Rentals had to offset operating losses
from the Retail Dealerships division
•North America impacted by RV sales and decline in international
tourism to the USA
•Focus now is on continuing to grow thl’s strong performers while
taking decisive action to lift areas not meeting expectations
11

2025 ANNUAL MEETING
Key Achievements Over the Year
12
New rental and sales
branches in Auckland,
Sydney, and Perth
Streamlined Australian
Manufacturing through
consolidation of the
Melbourne factory into
Brisbane
Conducted a
comprehensive back-of-
house review, sharing
global best practices
New RV product lines
rolled out in Australia
Effectively navigated tariff
regime impacts on North
American operations
Developed ‘Winning
Workways’ learning
programme to equip crew
with AI tools for improved
efficiency
Completion of the global
roll-out of our Fleet
Management system
New HR, Content
Management and
Enterprise Asset
Management systems
Strengthened Health,
Safety & Wellbeing
through the Protect
engagement programme

2025 ANNUAL MEETING
Growth in International Tourism and RV Rentals
INTERNATIONAL VISITOR
ARRIVALS
Latest Month in 2025 vs
Same Month in 2019 (% of
2019)
1
THL FLEET SIZE
As at 30 June 2025
compared to 30 June 2019
(% of 2019)
New Zealand91.7%75%
Australia94.0%73%
Canada86.5%86%
1
UN Tourism Data Dashboard. Latest data available is August 2025 for New Zealand and July 2025 for Australia and Canada.
2
Forward rental revenue reflects FY26 (booked and travelled) compared to the same point in the prior year for FY25 (booked and travelled). International visitor arrivals reflects the latest month of data in 2025 compared to the same month in
2024.
FLEET RECOVERY VS INTERNATIONAL TOURISM RECOVERY
•ANZ: Fleet recovery is trailing the rebound in international visitor volumes,
indicating an opportunity for better fleet utilisation and continued fleet
growth
•Canada: Fleet recovery is broadly aligned with the return of international
visitors and is expected to grow in line with tourism volumes
FORWARD RENTAL REVENUE VS RECENT INTERNATIONAL TOURISM GROWTH
•In each market of these three markets, forward rental revenue for the
financial year has grown at a rate significantly exceeding the growth in
international visitor volumes in the last 12 months:
2
•New Zealand: Forward rental revenue up ~20%, international visitor
arrivals up 7.5%
•Australia: Forward rental revenue up ~20%, international visitor arrivals up
12.8%
•Canada: Forward rental revenue up ~20%, international visitor arrivals flat
•These elevated growth rates are unlikely to be fully sustained through to the
end of FY26 and will be partly driven by early booking trends
13

2025 ANNUAL MEETING
Key Strategic Initiatives
14
UK & IRELAND
•thl has been conducting a
strategic review of its UK &
Ireland division
•Given the division’s relative
scale within the broader thl
group, thl is actively exploring
strategic options including the
potential for a capital release
through a divestment, to
reallocate funds to markets
where thl sees better returns
on effort and investment
AUSTRALASIAN MANUFACTURING
•thl has been taking actions to
improve production efficiency
and quality in the Brisbane
factory, including system and
reporting improvements and
changes to organisation
structure, manufacturing
methodology and product
lines
•Despite recent improvements,
the reduction in capacity and
moderation in the fleet growth
outlook has widened a cost
gap between manufacturing
in New Zealand and Australia
•On certain models, thl’s
manufacturing cost is 20% less
in New Zealand, after allowing
for shipping costs to Australia
•thl is exploring actions to
address the cost gap between
the two markets as a matter of
priority
AUSTRALIAN RETAIL SALES
•The Australian Retail Sales
division has seen the largest
decline in FY25 of all thl’s
divisions given its greater
exposure to the cyclical RV
sales market
•thl has been developing a plan
to reduce capital employed
and improve profitability
through overhead and
inventory reduction, and a
rationalisation of products and
brands
•There is a strong focus on
managing elevated inventory
levels, which have reduced
from a peak of $110m to $72m.
thl expects further reductions
in FY26
NORTH AMERICA
•thl is focused on delivering to
its 15% ROFE target for North
America from the significant
funds employed in those
markets
•Now that tariff-free RV
movements between USA &
Canada are confirmed, thl
intends to accelerate its North
American synergy project
•The project has the potential
to operate North America as
one fleet from a procurement
and sales perspective,
improving the fleet economics
of the region
•thl has also implemented
regional labour synergies and
has a suite of demand
generation initiatives
underway

2025 ANNUAL MEETING
Trading Update and Outlook
(compared to prior period)
15
NORTHERN
HEMISPHERE
RENTALS
•USA high season revenue declined by a high single-digit percentage, largely due to softer
international inbound demand. The impact on RevPARV was mitigated by a smaller high-
season fleet. Early bookings for the 2026 high season are down by a double-digit percentage,
primarily due to a shortfall in typical early demand from European markets
•Canada high season revenue grew by a double-digit percentage, benefiting from a larger fleet,
substitution from the US, and higher RevPARV. Early bookings for the 2026 high season are
showing a ~20% increase in revenue compared to the pcp
•UK/Ireland high season revenue grew by a double-digit percentage driven by better high-
season fleet availability, significantly improving RevPARV. Early booking intakes for the 2026
high season also indicate a double-digit percentage increase in revenue compared to the pcp
NEW ZEALAND
RENTALS
•Year-to-date actual revenue (low season) and forward revenue for the rest of FY26 are showing
a ~20% increase compared to the pcp
•RevPARV is likely to be down in H1, reflecting the impact of holding a larger fleet through the
low season, which will benefit H2
AUSTRALIAN
RENTALS
•Year-to-date actual revenue (northern high season, southern low season) and forward revenue
for the rest of FY26 are showing a ~20% increase compared to the pcp
•RevPARV is expected to increase in H1, a positive achievement given the increase in fleet
GLOBAL RV
SALES
•RV sales conditions remain weak globally, with some small improvement seen in New Zealand
•New Zealand volumes in Q1 have increased while margins have remained stable
•Australian volumes and margins in Q1 have declined. We expect margins for new retail product
will be meaningfully impacted in FY26 due to clearance activity, such as closing-down sales
and pricing initiatives to clear inventory of rationalised product lines
•North American volumes in Q1 were stable, but margins declined significantly, driven by
current market conditions and an increased weighting toward wholesale sales
•UK volumes and margins have declined in Q1, reflecting current market conditions
MANUFACTURING
•Volumes have declined, driven by thl’s moderation of RV capital expenditure and a slowdown
in third-party activity
•We remain heavily focused on executing the
strategic initiatives we’ve set out, maximising
the ongoing recovery in international tourism
and RV rentals, and continuing to drive cost-out
actions
•FY26 is expected to be a transitional year as we
implement these changes amid continued
weakness in RV sales and uncertainty around
recovery timing. The benefits of these changes
should be evident in FY27
•Expected growth in New Zealand Rentals &
Sales, Australian Rentals, Canada, UK/Ireland
and Tourism is likely to be partly offset by
expected declines in the US, Australian Retail
and Manufacturing
•Given the scale of transformation underway and
that we are only three months into the financial
year, we are not providing profit guidance for
FY26 at this stage
•We remain confident that we have turned a
corner and expect a return to NPAT growth in
FY26

162025 ANNUAL MEETING
Formal
business
Cathy Quinn ONZM
Chair

2025 ANNUAL MEETING
Resolutions
17
Resolution 2
Auditor Remuneration
That the Directors are authorised to fix the remuneration of the auditors
for the ensuing year
Resolution 1
Re-election of Rob Hamilton
That Robert David Hamilton, who retires by rotation and is eligible for re-
election, be re-elected as a Director of the Company

2025 ANNUAL MEETING
Proxy Votes
18
RESOLUTION 1:
RE-ELECTION OF
ROB HAMILTON
RESOLUTION 2:
AUDITOR
REMUNERATION
Postal and online
votes already cast
For92,630,34392,490,001
Against44,96457,819
Abstain38,639170,552
Votes appointed to
proxies not yet cast
1,762,4491,758,023
Total94,437,75694,305,843

192025 ANNUAL MEETING
Q&A
Cathy Quinn ONZM
Chair

202025 ANNUAL MEETING
General
business
Cathy Quinn ONZM
Chair

2025 ANNUAL MEETING

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.
2025 ANNUAL MEETING