Presentation at ASX CEO Connect Conference

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


2 December 2025

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

PRESENTATION AT ASX CEO CONNECT CONFERENCE

Attached is the presentation to be delivered by CEO Grant Webster at today's ASX CEO Connect
Conference.


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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ASX CEO CONNECT – DECEMBER 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.

ASX CEO CONNECT PRESENTATION
Who we are
A global tourism operator listed on the NZX and ASX, the largest commercial RV rental operator in the world, with
operations across manufacturing, rentals and sales in Australia, New Zealand, North America and UK & Ireland
3
An NZX50 company, listed on the
NZX since 1986 and listed on the
ASX since 2022
Market capitalisation of A$453
million and a global RV rental fleet
of 8,564 vehicles
1
Achieved NZ$28.7 million in
underlying net profit after tax
2

and declared NZ$14.3 million in
dividends in FY25
1 . Based on thl closing share price on the ASX as of 24 November 2025. Rental fleet size as of 30 June 2025
2. Underlying profit excludes one-off items. Refer to thl’s FY25 Results Investor Presentation for a reconciliation to statutory profit.

ASX CEO CONNECT PRESENTATION
Vertically integrated across build/buy, rent and sell in the RV market
Generating a connected margin across the three segments
4
BUILD /
BUY
RENT
SELL
•Decades of experience designing and building durable RVs for rentals
•Scale purchasing benefits for chassis and componentry
•Long standing relationships with OEMs and other suppliers in markets
where thl buys instead of manufacturing
•The largest commercial RV rental operator in the world with a rental
fleet of over 8,500 vehicles
•Deep connections with tourism bodies and industry associations in
each market
•Bespoke booking and scheduling system, Motek, being implemented
in all markets globally
•Leverage the overheads of our rentals locations to sell RVs direct to
consumers
•Wholesale vehicles to other dealerships on scale
•Offer a diverse range of brands and products from new to ex-rental,
motorised, and towables

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

ASX CEO CONNECT PRESENTATION
Tailwinds in international tourism, headwinds in RV sales
•International tourism is rebounding post-COVID, with several years of fleet
growth underway after contraction during the pandemic
•Profitability in recent years has been impacted by subdued global demand
for RV purchases
•RV sales market remains at the bottom of the cycle, with timing of a
recovery dependent on improved consumer confidence and lower interest
rates
•RV rentals, the core of thl’s business, has a positive outlook in New Zealand,
Australia and Canada, where forward rental revenue is up ~20% YoY.
However, USA rentals are impacted by declining sentiment for
international travel to the USA
•FY26 is a transition year with strategic initiatives underway to position thl
for long-term growth:
‒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
6
9,568
10,631
12,033
10,015
6,942
6,508
7,233
7,921
8,564
0
2,000
4,000
6,000
8,000
10,000
12,000
14,000
FY17FY18FY19FY20FY21FY22FY23FY24
1
Historical fleet combines thl and Apollo Tourism & Leisure Ltd. Future year growth trajectory is illustrative only
Group Fleet Size
1
FY25FY26FY27
Pandemic Fleet
Management
Post-COVID Fleet
Regrowth
Global Expansion
and Growth

ASX CEO CONNECT PRESENTATION
The RV industry has a positive long-term outlook
Leisure travel is expected to grow, trends in demographics and travel preferences favour the RV travel category
7
Interest in RV travel from younger generations
The median age of RV owners in the USA is 49 in 2025,
down from 53 in 2021
1
Benefiting from an aging population
The number of people aged 65 years or older worldwide is
expected to double by 2050
2
The RV category is a small percentage of leisure travel
The global leisure travel market is projected to triple in value by 2040
3
Shifts toward eco-tourism and sustainable travel
Travelers seeking more unique experiences and
simpler, independent travel
1
2025 RV Owner Demographic Profile Overview
2
United Nations Department of Economic and Social Affairs
3
Boston Consulting Group – Unpacking the $15 Trillion Opportunity in Leisure Travel

ASX CEO CONNECT PRESENTATION
Strategic Initiatives (announced in thl’s growth roadmap)
8
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
•Announced closure of two
underperforming dealerships,
Sydney RV and Kratzmann
•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

ASX CEO CONNECT PRESENTATION
Net profit after tax goal (announced in thl’s growth roadmap)
9
•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.

ASX CEO CONNECT PRESENTATION
We are focused on the future
•Confidence that thl and the industry are turning the corner, with thl
past expected peak net debt, and having returned to positive
operating cashflows in FY25
•Tailwinds from international tourism and fleet growth in recent
years
•Clear strategic initiatives underway
•Focus on cost reduction to drive additional savings and efficiencies
through:
‒cash savings in fleet build and procurement
‒transition to single digital systems
‒reduction in group overheads
•FY26 is a transition year for which we are confident about a return to
growth, supported by the continued recovery in international
tourism and rental revenue, alongside the expansion of our fleet in
recent years
10

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