FY26 Interim Results: underlying NPAT up 11%, 3cps dividend

Half Year Results22 February 2026THLConsumer 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

23 February 2026

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

FY26 INTERIM RESULTS

Summary:
- 17% increase in statutory net profit after tax (NPAT) to $29.6 million
- 11% increase in underlying NPAT to $29.5 million
1

- 4% increase in total revenue to $477.3 million, consisting of an 11% increase in sale of services revenue
(primarily rentals) and 4% decline in sale of goods revenue
- Significant progress on the strategic initiatives announced in August 2025:
o Conditional agreement to sell thl UK & Ireland for circa $58.3 million
o Exited underperforming dealerships, Sydney RV and Kratzmann RV
o Closed Brisbane factory and consolidated activity to New Zealand
o Reduced funds employed and cost-out actions in North America
- 10% increase in closing rental fleet, to 8,688 vehicles
- 20% increase in interim dividend to 3.0 cps, 100% imputed and 0% franked
- 67% increase in net operating cashflows to $40.5 million
- Group ROFE (TTM) of 7.5%, down from 8.1% in H1 FY25, partly reflecting timing impacts from fleet
investment in ANZ, which are expected to normalise in H2
- Net debt of $493 million at 31 December 2025, with a reduction of $30 million in January 2026 and
expected net debt below $400 million at year-end, inclusive of expected proceeds from the UK
divestment
- We expect underlying NPAT for FY26 to be in the range of $43 million and $47 million. This guidance
includes the impact of an approximate $1 million reduction in underlying NPAT attributable to the timing
of the UK divestment
Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) today releases its results for the six
months ending on 31 December 2025.

Cathy Quinn, thl Chair, said “we have previously talked about FY26 being a transition year for thl as we
progress towards our goal of delivering $100 million in net profit after tax. The results for this half, alongside
our forward bookings and momentum, give us confidence that we are on track for this goal.

“Our global rentals business continues to perform well, while the RV sales markets are still challenged,
reflecting softer consumer sentiment over the period and ongoing macroeconomic uncertainty. While early
signs of improvement are emerging in some of our markets, these have not yet translated to sustained
growth.”

1 Underlying results excludes non-recurring items. Refer to the Investor Presentation for a reconciliation to statutory results.

Grant Webster, thl CEO, said “planning and execution of the strategic initiatives outlined in the Growth
Roadmap was a critical focus throughout the last calendar year, and I am pleased that we have made good
progress on each of our four strategic initiatives.

“Our rentals business remains the engine of thl’s business model and continues to power our global revenue
performance. Globally, rental performance remained strong during H1 FY26, with 11% growth in sale of
services revenue (primarily rentals) in the first half. As at today, we are seeing global forward rental revenue
for future travel periods more than 15% higher than at the same point last year, despite the decline seen in
the U.S. market.

“We remain confident in the outlook for global tourism. The industry is finally moving away from pre-COVID
comparisons. Structural drivers, including growing global airline capacity and growing demand for our
category of free independent travel, continue to support a positive outlook for RV rentals.

“The downside is that we are in an environment where the USA is ‘off the menu’ for many international
travellers this year. While the 2025 high season still had the benefit of solid booking intakes before the
Liberation Day tariffs were announced (subject to some cancellations), the entire 2026 booking window has
been impacted.

“We continue to view FY26 as a transition year as we implement transformational initiatives against a
background of ongoing weakness in RV sales markets, broader macroeconomic challenges, and uncertainty
regarding the timing of a recovery. Notwithstanding this, we are focused on our forecast for FY26.

“Looking further ahead, the execution of our strategic initiatives, continued recovery in international tourism
and rental demand, alongside ongoing cost-out actions, are expected to materially benefit FY27.”

Cathy Quinn said, “the Board believes thl remains well positioned, supported by a resilient business model,
balance sheet strength, reducing debt levels and rentals as its core continuing to deliver growth.

“The plans we have in place and disciplined execution of our strategic initiatives are expected to improve
financial performance and deliver rental revenue growth, ongoing cost reduction and continued effective
balance sheet management. These efforts are supported by a strong long-term tourism outlook and an
expected recovery in RV sales markets.”

Dividend

An interim dividend of 3.0 cents per share, 100% imputed and 0% franked, will be payable on 10 April 2026.
This represents a 20% increase to the interim dividend paid in FY25. The record date is 27 March 2026.

Outlook Statements

We expect underlying NPAT for FY26 to be in the range of $43 million and $47 million, reflecting expected
NPAT growth of approximately 50% to 65%. This guidance includes the impact of an approximate $1 million
reduction in underlying NPAT attributable to the timing of the UK divestment.

Forward rental revenue (for future travel periods) in all markets ex. U.S. remain very positive:
- New Zealand and Australia are ~20 – 25% up
- Canada is ~30% up
- U.S. remains challenging and is ~25 – 30% down, with fleet management and cost reduction actions taken
to mitigate the impact to earnings
The challenging vehicle sales conditions persist, and the second half of FY26 is expected to largely reflect the
trends seen in the first half, with any meaningful recovery unlikely within the current financial year.

Net debt is expected to be below $400 million, and the net debt to EBITDA ratio below 2.0x, at 30 June 2026.
This is supported by positive operating cash flows, lower net fleet capital expenditure, and expected proceeds
from the UK divestment.

We expect gross fleet capital expenditure in FY26 to be around $210 million, reflective of our fleet and capital
management decisions.

Webcast

thl is hosting a webcast and teleconference call for equity analysts and investors at 12:00pm NZT today.
Management will present thl’s FY26 Interim Results presentation. To watch the webcast, please register using
the following link: https://ccmediaframe.com/?id=N5ppxY6x

A replay will be made available on thl’s corporate website following the call.

The FY26 interim statements, including a letter from the Chair and CEO and an investor presentation, are
available on thl’s website and on the NZX and ASX.

ENDS

Authorised by:

Cathy Quinn, ONZM
Chair

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), 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.

---

INTERIM FINANCIAL
STATEMENTS FY26
FOR THE PERIOD ENDED
31 DECEMBER 2025
JOURNEY
ON

Dear Shareholders
We are pleased to present thl’s
interim results for first half of the
2026 financial year (H1 FY26).
We have previously talked about FY26
being a transition year for thl as we
progress towards our goal of delivering
$100 million in net profit after tax (NPAT) in
three to four years. Underlying NPAT for the
period was $29.5 million, up 11% on the prior
corresponding period (pcp). The results for
this half, alongside our forward bookings
and momentum, give us confidence
that we are on track for this goal. Current
market growth trends also support this.
thl has been proactive in this period
in implementing actions to manage
challenging global and industry-wide
market conditions. Importantly, and
notwithstanding FY26 being a transition
year, we expect underlying NPAT for FY26
to be in the range of $43 million and $47
million. This would represent NPAT growth
of approximately 50% to 65% on FY25.
1
Our global rentals business continues
to perform well, delivering 11% revenue
growth on the pcp. We expect this
revenue growth to continue through FY26,
underpinned by a positive outlook for
inbound international tourism across our
core markets of New Zealand, Australia
and Canada.
The RV sales markets are still challenging,
reflecting softer consumer sentiment over
the period and ongoing macroeconomic
uncertainty, including the impacts of
persisting inflation and tariffs. While early
signs of improvement are emerging in
some of our markets, these have not yet
translated to sustained growth.
Net debt as at 31 December 2025 was
broadly consistent with the position as at
30 June 2025; however, we are tracking
ahead of plan to achieve our stated debt
reduction expectations in the Growth
Roadmap. Inclusive of the expected
proceeds from the divestment of the UK
and Ireland business, we now expect net
debt to be below $400 million at 30 June
2026. This should translate into meaningful
interest cost savings next year. This
outcome once again demonstrates thl’s
ability to actively manage its balance sheet,
maintain disciplined capital management,
and take the required actions to
improve profitability.
1 This guidance includes an approximate $1 million
reduction in underlying NPAT attributable to the timing
of the UK divestment.
PROGRESS
CATHY QUINN ONZM
CHAIR
LETTER FROM THE CHAIR AND CEO
1thl INTERIM FINANCIAL STATEMENTS FY26

Growth Roadmap
Strategic planning undertaken from
early 2025 culminated in the release of
our Growth Roadmap in August last year.
This included four strategic initiatives
across the UK & Ireland, Australian Retail,
Australasian Manufacturing and North
America divisions.
We have been sharply focused on
execution and made meaningful progress
during H1 FY26. Grant has provided further
detail on the actions taken, and the
expected benefits, in the CEO’s letter. The
Board considers that the following actions
taken during the first half are fundamental
in growing thl’s long-term value:
•
UK and Ireland: Completion of the
strategic review and subsequent
announcement of entry into a
conditional agreement to divest the
business.
•
Manufacturing: Addressing the
widening cost gap between the New
Zealand and Australian manufacturing
operations through the closure of
the Brisbane factory and transition of
production to New Zealand.
•
Australian Retail Sales: Rationalisation
of products, brands, locations and
inventory to reduce capital employed
and costs, and improve returns.
•
North America: Accelerating progress
towards operating North America as
one fleet, improving fleet economics,
reducing the cost base and focusing on
growth opportunities, primarily in the
U.S. domestic and Canadian (ex. U.S.)
international inbound markets.
Non-binding indicative offer update
In June 2025, thl received an unsolicited,
non-binding indicative offer from a
consortium comprising BGH Capital and
the Trouchet family interests. The Board
undertook a comprehensive assessment,
supported by independent financial and
legal advisers. The conclusion of this
process ultimately saw the Board decline
the offer of $2.30 per share on 4 August
2025, on the basis that it significantly
undervalued the company.
At the time, the Board indicated its view
that thl’s value was well north of $3.00
per share, and confirmed that it remained
open to engagement in the event of a
significantly improved offer from the BGH
consortium or other potential bidders.
In December 2025, the BGH Capital
consortium and the Trouchet family
notified the markets that they had
extended their co-operation agreement
for a further six months to 14 June 2026.
thl has had no further communication
from the consortium and the protocols
established by the Board in June 2025,
which govern Luke Trouchet’s limited
involvement in Board matters, remain
in effect.
We note that the substantial product
holder notices released in June 2025
disclosed three Escalator Agreements,
under which BGH Capital is required to
make a top-up payment to the relevant
counterparties equal to any difference
between the price paid by BGH Capital
for its thl shares and the proceeds from
any sale of those shares within 12 months
of the agreement date, being up to
June 2026.
Dividend
The Board has declared an interim
dividend of 3.0 cents per share, 100%
imputed and 0% franked. This represents
a 20% increase on the pcp. As previously
advised, we expect the split of thl’s full-year
dividends to be weighted approximately
30% to the interim dividend and 70% to the
final dividend.
Looking ahead
The Board believes thl remains well
positioned, supported by a resilient
business model, balance sheet strength,
reducing debt levels and rentals as its
core earnings engine continuing to
deliver growth.
The plans we have in place and disciplined
execution of our strategic initiatives are
expected to improve financial performance
and deliver rental revenue growth, ongoing
cost reduction and continued effective
balance sheet management. These efforts
are supported by a positive long-term
tourism outlook and an expected recovery
in RV sales markets.
thl crew and leadership
The progress we have made over the
past year has been a reflection of the
determination and hard work of all our
crew. This period has also required some
difficult decisions, which we recognise
have had a significant impact on some of
our people.
On behalf of the Board, I extend my
sincere thanks to the thl crew globally
for their professionalism, dedication
and contribution.
Sincerely,
Cathy Quinn ONZM
CHAIR

2thl INTERIM FINANCIAL STATEMENTS FY26

Dear Shareholders
The first half of FY26 has seen
thl continue to drive forward and
respond decisively to evolving
market conditions.
Our rentals business remains the engine
of thl’s business model and continues to
power our global revenue performance.
Globally, rental performance remained
strong during the first half of FY26, with
11% growth in sale of services revenue
(primarily rentals) in the first half. As at
today, we are seeing global forward rental
revenue for future travel periods more than
15% higher than at the same point last year,
despite the decline seen in the U.S. market.
Looking ahead, we expect continued
momentum and growth through calendar
year 2026 in New Zealand, Australia
and Canada, with these markets seeing
between 20% to 30% growth in forward
rental revenue.
The RV sales market still bounces along the
bottom, but with more ups than downs.
New Zealand ex- fleet sales volumes
increased by 44% in the half, however this
was partially offset by a 33% decline in
new unit sales, reflecting some customer
trade-down behaviour. Nevertheless, total
volumes in New Zealand were up 18% in the
half. In Australia, the Retail Sales strategic
initiatives are expected to significantly
improve divisional performance from
FY27, following a consolidation to a more
focused product range and lower expected
volumes, with ultimately improved margins
from a greater focus on our core motorised
product range. In Canada, we are seeing
strong wholesale and retail demand, and
the overall North American sales volumes
up 18% on the pcp.
As a group, we remain confident that we
are turning the corner from the bottom-
of-the-cycle market conditions and have
passed an inflection point for growth in the
core business.
Strategic Initiatives
Planning and execution of the strategic
initiatives outlined in the Growth Roadmap
was a critical focus throughout the last
calendar year. I am pleased to provide
the following updates on our Growth
Roadmap, and progress on each of our four
strategic initiatives.
1. UK & Ireland
Following the strategic review of the UK
& Ireland division, thl actively progressed
strategic options to release capital. Last
week, a conditional agreement was
announced to sell the business to Indie
Campers. The transaction is expected
to generate proceeds of approximately
$58 million, while we retain assets worth
around $7 million that we expect to realise
over the coming months.
GRANT WEBSTER
CEO
The decision to release capital reflects
the business being unlikely to achieve an
acceptable Return on Funds Employed
(ROFE) in the short to medium term,
and the relatively small scale within the
broader thl group and the European
market. Proceeds will be applied to debt
repayment in the first instance. There will
be a minor impact on underlying FY26
NPAT of approximately $1 million, reflecting
the loss of the UK’s high season earnings in
Q4 FY26. I would like to acknowledge the
professionalism and commitment of our
UK crew throughout this process, and in
particular Nick Roach, the founder of Just
go, for his professional approach to the sale
and negotiations.
2. Manufacturing
In December 2025, we announced the
closure of our Brisbane RV manufacturing
facility and the transition of production
to Action Manufacturing in Hamilton,
New Zealand. This move enables thl to
capture the cost advantage opportunities
presented in New Zealand, maintain good
overhead leverage, and aligns production
capacity with our current needs and
expected market conditions. This transition
is also expected to provide a meaningful
working capital benefit of several million
dollars over this calendar year.
We have moderated our fleet growth
outlook following a period of rapid fleet
regrowth in Australasia, and Action
Manufacturing has sufficient capacity
in Hamilton to meet these needs. Over
the last two years, we have increased
the Australasian rental fleet by 45% in
response to recovering international
tourism and rental demand. Without the
Brisbane manufacturing facility, we would
not have been able to support this scale
of fleet recovery. In addition to our fleet
LETTER FROM THE CHAIR AND CEO
3thl INTERIM FINANCIAL STATEMENTS FY26

expansion, we are now seeing improving
RevPARV outcomes and continue to see
opportunities to further improve returns
over the coming year.
Action Manufacturing has launched several
new products over the past 12 months,
with a range of new retail motorhomes
coming to market in Australia and New
Zealand over the next few months. We will
continue to keep shareholders informed on
progress against our build cost reduction
initiatives and manufacturing synergies,
which are important for our targeted future
depreciation expense savings.
3. Australian Retail Sales
The strategic reset of our Australian Retail
Sales division has focused on rationalising
the product portfolio by exiting low-
margin products (predominantly caravans),
consolidating the brand structure, and
significantly reducing inventory levels.
The retail footprint was streamlined by
closing two standalone dealerships in
Sydney and Brisbane, while retaining a
presence in both markets via combined
rentals and sales locations, delivering
overhead and operational efficiencies.
As a result, funds employed in the
division has reduced by almost $40
million over calendar 2025. This creates
a more streamlined and capital-efficient
business, supporting better returns on
funds employed.
We have repositioned the retail network
to play to thl’s strengths, with a greater
focus on ex-fleet sales and motorised sales,
where we believe we hold a competitive
advantage. While we recognise that there
is more to be done, inventory levels have
been significantly reduced, products
and operations have been rationalised,
and we are now focused on driving
market share growth in the context of
an overall recovering market. Together
with upcoming product launches, these
changes provide a foundation for what we
expect to be a significantly improved EBIT
outcome in FY27.
4. North America Synergies
Delivery of North American synergies
accelerated during the first half of FY26,
following earlier delays and uncertainties
caused by the imposition of North
American tariffs in early 2025. We have now
moved decisively to operate North America
as a single fleet, from procurement
through to rentals and sales. These
changes are expected to improve flexibility,
utilisation and resilience to respond
to market changes, improving overall
fleet economics.
Sales, marketing, reservations and finance
teams have been aligned across North
America, supporting our coordinated
strategy, operational alignment, cost
savings and labour efficiencies. While
operating conditions for the U.S. have been
challenging, our North American crew
have acted decisively, ultimately delivering
an increase in EBIT of approximately
$6 million, or 28% on the pcp.
The downside is that we are in an
environment where the USA is ‘off the
menu’ for many international travellers
this year. While the 2025 high season still
had the benefit of solid booking intakes
before the Liberation Day tariffs were
announced (subject to some cancellations),
the entire 2026 booking window has
been impacted. We expect high season
U.S. rental revenue in 2026 to be down
on 2025. The expected growth in Canada,
the USA domestic market, and in non-
tourism rental activity, are not expected
to offset the decline in the U.S. We are
pleased to see the positive operating
cashflow from the North American division
in challenging conditions, a trait that
reinforces the resilience and flexibility of
our business model.

4thl INTERIM FINANCIAL STATEMENTS FY26

Financial
When considering both the half and
the outlook, thl continues to make
positive progress.
Net debt at 31 December 2025 was $493
million, broadly flat compared with six
months earlier. This reflects the weighting
of our expected FY26 net debt reduction
to the second half, driven by a significant
reduction in fleet capex that thl would
typically incur in the second half for its
Northern Hemisphere divisions.
We are pleased to be expecting a net debt
position below $400 million at the end of
FY26, supported by strong operating cash
flows, lower net fleet capital expenditure
and the expected proceeds from the
divestment of the UK & Ireland business.
ROFE was 7.5% on a trailing 12-month basis,
slightly below the pcp. ROFE in this period
was influenced by New Zealand Rentals &
Sales, where the trailing 12-month period
captures a high season with a smaller fleet
followed by a low season with a larger fleet
and therefore larger operating loss. This
dynamic should normalise as the trailing
period cycles through the 2025/26 summer
high season. Overall, based on our FY26
NPAT guidance, we expect ROFE for FY26 to
improve relative to FY25.
Positive operating cash flows increased
by 67% in the first half of FY26, reflecting
a more moderated fleet capital
expenditure profile alongside continued
earnings growth.
Management of the fleet and balance sheet
has been a longstanding focus for the
business. The shortfalls in sales across the
last two years, which significantly impacted
most in the industry, impacted our rental
utilisation levels. The fleet management
actions we have taken have flowed through
effectively, and we believe that we are in a
position of balance sheet strength relative
to the industry.
Our fleet management is also reflected
in higher revenue per rental vehicle
(RevPARV) in all markets in the half, with
the exception of New Zealand, where the
larger fleet has been held through the
first-half low season, with benefits to be
realised in the second half.
The disciplined approach to capital
management continues to provide
thl with flexibility to capitalise on new
opportunities as appropriate, access
more favourable funding terms, and
continue to deliver appropriate dividends
to shareholders.
Group Developments
We remain confident in the outlook
for global tourism. The industry is
finally moving away from pre-COVID
comparisons. Structural drivers, including
growing global airline capacity and
growing demand for our category of free
independent travel, continue to support a
positive outlook for RV rentals.
Operationally, our cost-out plans remain
on track. We have improved our cost of
doing business through synergies in the
Group Support function and transitioning
roles to lower-cost locations in Calgary
and Auckland.
Our digital transformation programme,
transitioning to single global platforms
systems, is largely complete. This has
been a significant undertaking and
represents an important investment in
future capability, enabling both revenue
and cost opportunities. The scale of the
change has been significant and the
success reflects the leadership of our
Digital team constructively working
alongside business operations in
adopting these changes.
The Road Ahead
Firstly, I would like to extend my deep
appreciation and gratitude to all the thl
crew and leadership who have responded
with determination and dedication
through a period of significant change,
challenge and complexity.
We continue to view FY26 as a transition
year as we implement transformational
initiatives against a background of
ongoing weakness in RV sales markets,
broader macroeconomic challenges,
and uncertainty regarding the timing of
a recovery. Notwithstanding this, we are
focused on our forecast for FY26.
Looking further ahead, the execution of our
strategic initiatives, continued recovery in
international tourism and rental demand,
alongside ongoing cost-out actions, are
expected to materially benefit FY27.
With earnings growth evident in
FY26, positive indicators for FY27, a
strengthening balance sheet and a growth
mindset within the business which should
translate into growth in dividends, we
believe thl is well positioned today, and
we look forward to delivering value to all
stakeholders.
Sincerely,
Grant Webster
CEO

5thl INTERIM FINANCIAL STATEMENTS FY26

FINANCIALS
Consolidated interim statement of comprehensive income 7
Consolidated interim statement of financial position 8
Consolidated interim statement of changes in equity 9
Consolidated interim statement of cash flows 10
Notes to the consolidated interim financial statements 12
Independent auditor’s review report 24
6thl INTERIM FINANCIAL STATEMENTS FY26

Notes
Unaudited
31 Dec 2025
$000’s
Unaudited
31 Dec 2024
$000’s
Sales of services3280,096251,917
Sales of goods3197,207206,440
Total revenue477,303458,357
Cost of goods sold(162,181)(165,534)
Operating expenses4(197,751)(180,241)
Administration expenses5(58,788)(57,390)
Other operating income65,4942,638
Operating profit before financing costs
(1)
64,07757,830
Finance income360618
Finance expenses(23,769)(23,248)
Net finance costs(23,409)(22,630)
Profit before income tax expense for the period40,66835,200
Income tax expense7(11,107)(9,935)
Profit for the period29,56125,265
Other comprehensive income
Items that may be reclassified to profit or loss in subsequent
periods (net of tax):
Foreign currency translation reserve movement
23,97012,558
Cash flow hedge reserve movement(267)(515)
Other comprehensive income for the period23,70312,043
Total comprehensive income for the period53,26437,308
Earnings per shareCENTSCENTS
Basic earnings per share13.3711.53
Diluted earnings per share13.3311.52
Consolidated interim statement of comprehensive income
For the period ended 31 December 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
(1) The consolidated interim 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 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.
7thl INTERIM FINANCIAL STATEMENTS FY26

Notes
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Assets
Non-current assets
Investments
157148
Derivatives357480
Property, plant and equipment 9986,099965,027
Right-of-use assets10202,743197,143
Intangible assets154,844145,547
Deferred tax assets114126
Total non-current assets1,344,3141,308,471
Current assets
Cash at bank
22,77249,738
Investments145144
Derivatives1188
Inventories158,830165,944
Trade and other receivables46,51250,493
Current tax receivables3,809–
Total current assets232,079266,407
Total assets1,576,3931,574,878
Notes
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Liabilities
Non-current liabilities
Derivatives
542344
Employee benefits463323
Interest-bearing loans and borrowings14475,083500,117
Lease liabilities206,015197,306
Deferred tax liabilities63,33751,378
Total non-current liabilities745,440749,468
Current liabilities
Derivatives
128–
Trade and other payables49,43477,217
Current tax payables1,0035,026
Employee benefits17,54719,517
Revenue in advance74,52281,538
Interest-bearing loans and borrowings1440,25141,053
Lease liabilities22,42021,119
Provisions2,6122,065
Total current liabilities207,917247,535
Total liabilities953,357997,003
Net assets623,036577,875
Equity
Share capital
13521,518521,518
Cash flow hedge reserve(125)142
Other reserves38,49713,857
Retained earnings63,14642,358
Total equity623,036577,875
Consolidated interim statement of financial position
As at 31 December 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
8thl INTERIM FINANCIAL STATEMENTS FY26

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 2025
(audited)
521,51814213,85742,358577,875
Profit for the period–––29,56129,561
Other comprehensive (loss)/
income for the period
–(267)23,970–23,703
Total comprehensive (loss)/
income for the period
–(267)23,97029,56153,264
Transactions with owners,
recorded directly in equity
Dividends paid8–––(8,844)(8,844)
Transfers f rom employee
share scheme reserve
––(71)71–
Share-based payments––741–741
Balance as at 31 December
2025 (unaudited)
521,518(125)38,49763,146623,036
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 2024
(audited)
516,4021,16315,13484,189616,888
Profit for the period–––25,26525,265
Other comprehensive (loss)/
income for the period
–(515)12,558–12,043
Total comprehensive (loss)/
income for the period
–(515)12,55825,26537,308
Transactions with owners,
recorded directly in equity
Dividends paid8–––(10,911)(10,911)
Ordinary shares issued133,280–––3,280
Share-based payments––735–735
Balance as at 31 December
2024 (unaudited)
519,68264828,42798,543647,300
Consolidated interim statement of changes in equity
For the period ended 31 December 2025
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
9thl INTERIM FINANCIAL STATEMENTS FY26

Consolidated interim statement of cash flows
For the period ended 31 December 2025
Notes
Unaudited
31 Dec 2025
$000’s
Unaudited
31 Dec 2024
$000’s
Cash flows from operating activities
Receipts f rom customers
283,861261,925
Proceeds f rom sale of goods189,337205,358
Interest received360618
Payments to suppliers and employees(322,967)(314,257)
Purchase of rental assets(77,126)(91,686)
Interest paid (23,521)(23,718)
Net income tax paid(9,396)(13,950)
Net cash flows from operating activities40,54824,290
Cash flows from investing activities
Proceeds f rom sale of property, plant and equipment
212178
Purchase of property, plant and equipment(5,785)(17,397)
Purchase of intangibles(1,915)(2,122)
Net cash flows used in investing activities(7,488)(19,341)
Cash flows from financing activities
Proceeds f rom interest-bearing loans and borrowings
155,031321,921
Repayments of interest-bearing loans and borrowings(197,697)(316,583)
Repayments of lease liability principal (10,076)(12,213)
Dividends paid8(8,844)(7,705)
Net cash flows used in financing activities(61,586)(14,580)
Net decrease in cash at bank(28,526)(9,631)
Opening cash at bank 49,73856,785
Effect of exchange rate fluctuations on cash at bank1,5601,554
Closing cash at bank 22,77248,708
The accompanying notes form part of, and should be read in conjunction with these consolidated interim financial statements.
10thl INTERIM FINANCIAL STATEMENTS FY26

Notes to the consolidated interim financial statements
Index
Overview 12
1. Reporting entity 12
2. Basis of preparation 12
Financial performance 13
3. Segment reporting 13
4. Operating expenses 17
5. Administration expenses 17
6. Other operating income 17
7. Income tax 17
8. Dividends 17
Assets used to generate profit 18
9. Property, plant and equipment 18
10. Right-of-use assets 19
11. Capital commitments 19
12. Intangible assets impairment testing 19
Managing funding 20
13. Share capital 20
14. Interest-bearing loans and borrowings 20
Other disclosures 22
15. Key management personnel and related party disclosures 22
16. Foreign currency translation reserve 23
17. Contingencies 23
18. Subsequent events 23
11thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
Overview
1. Reporting entity
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 primary operations of Tourism Holdings Limited (the ‘Company’) and its subsidiaries
(together the ‘Group’ or ‘thl’) 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.
2. Basis of preparation
The consolidated interim financial statements of the Group have been prepared:
• in accordance with Generally Accepted Accounting Practice in New Zealand (NZ GAAP)
and NZ IAS 34 Interim Financial Reporting, as applicable for a “for profit” entity. They
comply with NZ IAS 34 Interim Financial Reporting and IAS 34 Interim Financial
Reporting. These condensed consolidated interim financial statements do not include
all the information and disclosures required in the consolidated annual financial
statements and therefore should read in conjunction with the annual report for the
financial year ended 30 June 2025; and
• in New Zealand dollars with values rounded to thousands ($000’s) unless
otherwise stated.
These financial statements have been prepared on a going concern basis.
These unaudited consolidated interim financial statements were approved for issue on
23 February 2026.
2.1 Critical accounting estimates and judgement
The preparation of consolidated interim financial statements requires management to
make judgements, estimates and assumptions that affect the application of accounting
policies and the reported amounts of assets and liabilities, income and expense. Actual
results may differ from these estimates.
The estimates used in the preparation of these consolidated interim financial statements
are consistent with those used in the 30 June 2025 annual consolidated financial
statements, unless otherwise stated.
The financial statements present re-classified comparative information where required for
consistency with the current period's presentation. All other accounting policies used in
the preparation of these consolidated interim financial statements are consistent with
those used in the 30 June 2025 annual consolidated financial statements, unless
otherwise stated.
2.2 New and amended accounting standards
There were no substantial amendments to New Zealand Accounting Standards adopted
during the period that have a material impact on the Group.
2.3 Seasonality of business
The tourism industry is subject to seasonal fluctuations with peak demand for tourism
attractions and transportation over the summer months of each country the Group
operates in. New Zealand and Australia’s profits are typically generated over the southern
hemisphere summer months and in Canada, the United States of America and the United
Kingdom, profits are typically generated over the northern hemisphere summer months.
Due to the seasonal nature of the businesses, the risk profile as at 31 December 2025 is not
representative of all risks faced during a financial year.
The operating revenue and profits of the Group‘s segments are disclosed in note 3.
12thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
Financial performance
3. Segment reporting
The Group 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 of new and ex-rental
fleet 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;
Tourism – Kiwi Experience 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 new and used RVs and ex-rental fleet direct to the public
and through a dealer network in Australia;
North America Rentals & Sales – Rental of motorhomes and the sale of new and ex-rental
fleet 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
new and ex-rental fleet directly to the public and through a dealer network in the
United Kingdom and Ireland; and
Corporate – Group Support Services and thl digital.
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 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 interim 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. Interest expense is recognised in the segment that
holds the interest-bearing loans and borrowings. Interest is not charged on intercompany
loans where the loan is within the same tax jurisdiction. Intra-group dividends are
presented net of eliminations.
Segment assets and liabilities are measured in the same way as in the consolidated
interim 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. Derivatives designated as hedges of borrowings are allocated to the ‘Corporate’
operating segment as these are managed and monitored on a group basis.
13thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
3. Segment reporting (continued)
For the period ended 31 December 2025 (unaudited)
New Zealand
Rentals & Sales
$000’s
Action
Manufacturing
$000’s
Tourism
$000’s
Australia
Rentals, Sales &
Manufacturing
(1)
$000’s
North America
Rentals & Sales
$000’s
United Kingdom
& Ireland
Rentals & Sales
$000’s
Corporate
$000’s
Total
$000’s
Sales of services – external61,623–18,35388,53995,81215,146623280,096
Sales of goods – external22,52034,939–102,06430,8296,855–197,207
Sales of goods and services – inter-segment–59,805–––5,1046664,975
Total segment revenue84,14394,74418,353190,603126,64127,105689542,278
Cost of goods sold – external(19,395)(20,669)–(88,578)(28,803)(5,044)(38)(162,527)
Cost of goods sold – inter-segment–(56,611)–––(4,861)–(61,472)
Depreciation(16,026)(2,483)(871)(21,593)(17,612)(3,451)(49)(62,085)
Amortisation–(13)(310)–(24)–(990)(1,337)
Impairment loss on property, plant and equipment
(refer note 4)
(107)––(636)(330)(287)–(1,360)
Other costs – external(36,372)(8,501)(12,546)(65,956)(49,364)(11,556)(3,661)(187,956)
Other costs – inter-segment(33)––(33)–––(66)
Segment operating profit/(loss) before finance costs12,2106,4674,62613,80730,5081,906(4,049)65,475
Finance income1111–127165–3,0703,384
Finance expenses(3,924)(666)(28)(6,163)(8,221)(2,506)(5,285)(26,793)
Segment profit/(loss) before income tax8,2975,8124,5987,77122,452(600)(6,264)42,066
Segment income tax (expense)/benefit(2,323)(1,627)(1,345)(2,395)(5,211)(2)1,384(11,519)
Segment profit/(loss) for the period5,9744,1853,2535,37617,241(602)(4,880)30,547
Capital expenditure49,20177153134,4252,042467187,087
As at 31 December 2025 (unaudited)
Non-current assets
427,45031,97212,777439,190369,45657,03624,1011,361,982
Total as set s464,70972,78415,985525,382416,49965,76134,2651,595,385
(1) In December 2025, thl announced the closure of its RV manufacturing facility in Brisbane, Australia, and the transition of all production to Action Manufacturing in Hamilton, New Zealand. This closure reflects the significant completion of the
Australasian fleet regrowth programme and a sustained downturn in the broader Australian RV manufacturing industry. The transition of production to New Zealand will allow thl to immediately capture the cost advantage opportunities, and to
maintain strong overhead leverage despite expected lower overall manufacturing volumes across Australasia.
14thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
For the period ended 31 December 2024 (unaudited)
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 – external54,741–19,33673,74991,23812,357496251,917
Sales of goods – external21,60235,315–115,31123,97610,236–206,440
Sales of goods and services – inter-segment–51,240––––25451,494
Total segment revenue76,34386,55519,336189,060115,21422,593750509,851
Cost of goods sold – external(17,182)(21,833)–(95,833)(22,125)(9,043)–(166,016)
Cost of goods sold – inter-segment–(46,177)––––(218)(46,395)
Depreciation(10,898)(2,299)(782)(16,339)(19,280)(3,099)(247)(52,944)
Amortisation(9)(7)(312)(615)(58)–(839)(1,840)
Impairment loss on property, plant and equipment
(refer note 4)
(36)––(1,085)(103)––(1,224)
Other costs – external(30,995)(8,551)(13,058)(60,915)(52,488)(10,402)(3,752)(180,161)
Other costs – inter-segment(19)––(17)–––(36)
Segment operating profit/(loss) before finance costs17,2047,6885,18414,25621,16049(4,306)61,235
Finance income45046-124380173,2564,273
Finance expenses(2,338)(544)(25)(6,419)(9,046)(2,366)(6,165)(26,903)
Segment profit/(loss) before income tax15,3167,1905,1597,96112,494(2,300)(7,215)38,605
Segment income tax (expense)/benefit(4,237)(2,013)(1,447)(2,409)(3,110)7891,557(10,870)
Segment profit/(loss) for the period11,0795,1773,7125,5529,384(1,511)(5,658)27,735
Capital expenditure53,1261,2661,08037,52613,3098,48597114,889
As at 30 June 2025 (audited)
Non-current assets
397,83627,36013,388398,702397,15767,09123,2381,324,772
Total as set s432,64671,25215,575508,500452,30980,57832,0751,592,935
3. Segment reporting (continued)
–
15thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
Reconciliation of reportable segment revenue and profit before income tax
Unaudited
RevenueProfit before tax
31 Dec 2025
$000’s
31 Dec 2024
$000’s
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Segment total542,278509,85142,06638,605
Consolidation adjustments relating to the intra-group sale of goods
(1)
(64,909)(51,458)(1,398)(3,405)
Consolidation adjustments relating to the intra-group sale of services(66)(36)––
Consolidated total477,303458,35740,66835,200
Reconciliation of reportable segment assets
Non-current assetsTotal assets
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Segment total1,361,9821,324,7721,595,3851,592,935
Consolidation adjustments relating to intra-group sale of goods
(1)
(17,668)(16,301)(18,717)(17,264)
Other consolidation adjustments––(275)(793)
Consolidated total1,344,3141,308,4711,576,3931,574,878
(1) This consolidation adjustment 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 manufacturing, retail and rental businesses; and (2) United States and Canadian retail and rental businesses, are eliminated within the ‘Australia Rentals, Sales & Manufacturing’ and ‘North America Rentals & Sales’
operating segments respectively.
3. Segment reporting (continued)
16thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
UnauditedNotes
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Employee benefits expense70,96865,599
Depreciation9,1060,38851,884
Amortisation1,3371,840
Repairs and maintenance including damage repairs21,10217,743
Property and insurance costs18,17116,972
Raw materials and consumables2,7302,800
Rental and lease costs2,1492,227
Impairment loss on property, plant and equipment91,3601,224
Other operating expenses19,54619,952
Total operating expenses197,751180,241
5. Administration expenses
Unaudited
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Employee benefits expense28,94929,652
Marketing costs11,29110,974
Information technology costs4,7985,331
Net foreign exchange loss512356
Other administration expenses13,23811,077
Total administration expenses58,78857,390
4. Operating expenses6. Other operating income
UnauditedNotes
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Employee Retention Credit
(1)
3,484–
Insurance recoveries6041,854
Fair value (loss)/gain on financial assets recognised at fair value
through profit or loss
(6)25
Other income1,245663
Gain on disposals of non-fleet assets16796
Other operating income5,4942,638
(1) During the period ended 31 December 2025, the Group received $3.5 million (USD 2.0 million) from the United States
Treasury Department relating to the Employee Retention Credit. Organisations that paid qualified wages to some or
all their employees and were fully or partially suspended due to a government order due to the COVID-19 pandemic
during 2020, or experienced the required decline in gross receipts during 2022 or the first two calendar quarters of
2021 were eligible to claim this credit.
7. Income tax
Income tax has been applied on all taxable income at the respective tax rate applicable to
each jurisdiction in which the Group operates.
8. Dividends
31 Dec 202531 Dec 2024
Unaudited
Cents
per share$000’s
Cents
per share$000’s
2025 final dividend
(1)
(December 2024: 2024
final dividend)
4.08,8445.010,911
Dividends not recognised in the consolidated
interim statement of financial position
(2)
Dividends determined since balance date
2026 interim dividend (December 2024: 2025
interim dividend)
3.06,6332.55,502
(1) The Dividend Reinvestment Plan did not apply to the 2025 final dividend which was fully cash-settled during the
period ended 31 December 2025 (refer note 13).
(2) The 2026 interim dividend on ordinary shares determined but not recognised in the consolidated interim statement
of financial position is estimated based on the total number of ordinary shares on issue as at 31 December 2025.
The imputed portions of the 2026 interim dividend determined after 31 December 2025 will be imputed out of
existing imputation credits, or out of imputation credits arising from the payment of income tax for the financial
year ending 30 June 2026.
17thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
Assets used to generate profit
9. Property, plant and equipment
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
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 (audited)817,9692,46142,46019,54482,593965,027
Movement during the period ended 31 December 2025 (unaudited)
Additions and transfers f rom work in progress (net)
102,4323113,1332,341(25,306)82,911
Disposals –(107)–(42)–(149)
Reclassification of motorhomes to inventories(46,522)––––(46,522)
Foreign exchange rate movements31,877313886012432,921
Impairment loss recognised in profit or loss(1,292)–(60)(8)–(1,360)
Depreciation(42,121)(276)(1,741)(2,591)–(46,729)
Net book value as at 31 December 2025 (unaudited)862,3432,42044,18019,84557,311986,099
Cost1,034,2504,38470,28457,32257,3111,223,551
Accumulated depreciation and impairment losses(171,907)(1,964)(26,104)(37,477)–(237,452)
Net book value as at 31 December 2025 (unaudited)862,3432,42044,18019,84557,311986,099
For the period ended 31 December 2025, the impairment loss on property, plant and equipment of $1.4 million (31 December 2024: $1.2 million) was recognised within
‘operating expenses’ in profit or loss in the interim consolidated statement of comprehensive income. There were no reversals of impairment losses recognised in profit or loss
(31 December 2024: $nil).
18thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
10. Right-of-use assets
Buildings
$000’s
Vehicles
and
equipment
$000’s
Total
$000’s
Cost274,881120275,001
Accumulated depreciation(77,781)(77)(77,858)
Net book value as at 30 June 2025 (audited)197,10043197,143
Movement during the period ended 31 December 2025
(unaudited)
Additions
1,096–1,096
Modifications11,628611,634
Terminations(289)–(289)
Foreign exchange rate movements6,81626,818
Depreciation(13,645)(14)(13,659)
Net book value as at 31 December 2025 (unaudited)202,70637202,743
Cost298,152132298,284
Accumulated depreciation(95,446)(95)(95,541)
Net book value as at 31 December 2025 (unaudited)202,70637202,743
11. 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:
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Property, plant and equipment101,01077,157
12. Intangible assets impairment testing
The table below details the cash-generating units (CGU) that goodwill, brands and
supplier relationships are attributable to:
31 Dec 2025 (unaudited)
Goodwill
$000’s
Brands
$000’s
Supplier
relationships
$000’s
Total
$000’s
Australia Rental, Sales & Manufacturing105,9895,0806,040117,109
New Zealand Rentals & Sales 7,421––7,421
Action Manufacturing2,475––2,475
Total intangible assets with an indefinite
useful life
115,8855,0806,040127,005
30 Jun 2025 (audited)
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
Total intangible assets with an indefinite
useful life
108,0064,7275,621118,354
The Group performs an annual impairment test for assets with an indefinite useful life (i.e.
goodwill, brands and supplier relationships) in June or at the end of a reporting period
when there are any new indicators that an asset may be impaired. The Group’s
impairment test for goodwill and other intangible assets with indefinite lives is based on
value-in-use calculations. The key assumptions used to determine the recoverable
amount for the different cash generating units were disclosed in the annual consolidated
financial statements for the financial year ended 30 June 2025. The Group considered the
current economic environment and the historic and forecast performance of businesses
in a mid-cycle environment, and concluded that no new indicators of impairment existed
that required an impairment loss to be recognised for the financial period ended 31
December 2025.
19thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
14. Interest-bearing loans and borrowings
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:
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
Non-current
Syndicated bank borrowings
378,181389,467
Asset finance97,790111,508
Total non-current - gross475,971500,975
Current
Asset finance
33,69130,681
Floor plan finance6,56010,372
Total current - gross40,25141,053
Total interest-bearing loans and borrowings – gross516,222542,028
Deferred borrowing costs
(1)
(888)(858)
Total interest-bearing loans and borrowings515,334541,170
(1) Deferred borrowing costs relate to the Group’s syndicated bank borrowings and have been classified as non-current.
Managing funding
13. Share capital
Number of
ordinary shares
Share capital
$000’s
Balance as at 1 July 2024 (audited)218,224,409516,402
Ordinary shares issued during the period ended
31 December 2024
Dividend reinvestment plan
1,840,0553,280
Balance as at 31 December 2024 (unaudited)220,064,464519,682
Ordinary shares issued during the period ended
30 June 2025
Dividend reinvestment plan
1,033,6041,836
Balance as at 30 June 2025 (audited)221,098,068521,518
Balance as at 31 December 2025 (unaudited)221,098,068521,518
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. The Dividend
Reinvestment Plan did not apply to the 2025 final dividend which was fully cash-settled
during the period ended 31 December 2025.
No share options or rights were exercised during the financial periods ended 31 December
2025 and 31 December 2024.
20thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
31 Dec 2025 (unaudited)
Total
facility
$000’s
Used at
reporting
date
$000’s
Unused at
reporting
date
$000’s
Syndicated bank borrowings484,061378,181105,880
Asset finance290,834131,481159,353
Floor plan finance98,0216,56091,461
Total interest-bearing loans and borrowings – gross872,916516,222356,694
30 Jun 2025 (audited)
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
The carrying amount of the Group’s borrowings (NZD equivalent) are denominated in the
following currencies:
Unaudited
31 Dec 2025
$000’s
Audited
30 Jun 2025
$000’s
New Zealand dollar169,644163,964
Australian dollar113,067124,037
United States dollar106,867106,757
Pounds sterling58,15356,536
Canadian dollar68,49190,734
Total interest-bearing loans and borrowings – gross516,222542,028
Syndicated bank borrowings
As at 31 December 2025, the Group has multi-currency committed revolving credit
facilities of NZD 484 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 199 million maturing in August 2027, NZD 152 million equivalent
maturing in August 2028 and NZD 133 million maturing in August 2029.
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
31 December 2025 range from 3.9% to 5.9% p.a (30 June 2025: 4.9% to 6.1% 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 31 December
2025 range from 3.5% to 9.0% p.a (30 June 2025: 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 8.1% to 8.4% p.a (30 June 2025:
interest between 8.4% to 8.9% 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 interim financial statements the Group is
within the banking covenant requirements.
14. Interest-bearing loans and borrowings (continued)
21thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
15.2 Related party disclosures
Trouchet Family
The Trouchet family hold an interest of 26,079,549 ordinary shares (December 2024:
26,076,336) via a number of holding companies and intermediary trusts. Luke Trouchet
was an Executive Director until 19 December 2025 and became a Non-Executive Director
of thl following the redundancy of the Executive Director role.
The following transactions occurred with the Trouchet family and related entities during
the period:
31 Dec 202531 Dec 2024
Unaudited
Revenue
$000’s
Receivables
$000’s
Revenue
$000’s
Receivables
$000’s
Motorhomes sold to Caravans Away Pty Ltd
(Director related entity of L Trouchet)
170–166–
Servicing and repairs sold to Caravans Away
Pty Ltd (Director related entity of L Trouchet)
111–
Administration fees received f rom Caravans
Away Pty Ltd (Director related entity of
L Trouchet)
––1–
Administration fees received f rom RV Boss
Pty Ltd (Director related entity of L Trouchet)
––1–
Total1711169–
31 Dec 202531 Dec 2024
Unaudited
Expenses
$000’s
Payables
$000’s
Expenses
$000’s
Payables
$000’s
Rental expenses paid to KL One Trust
(Director related entity of L Trouchet)
77–67–
Rental expenses paid to Eastglo Pty Ltd
(Director related entity of L Trouchet)
134–121–
Advertising expenses paid to RV Boss Pty Ltd
(Director related entity of L Trouchet)
(8)–4017
Annual salary paid to A Trouchet inclusive
of superannuation (A related party of
L Trouchet)
2992810
Total232925627
Other disclosures
15. Key management personnel and related party disclosures
15.1 Key management personnel
Unaudited
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Salaries and other short-term employee benefits3,4623,706
Post-employment benefits203120
Share-based payments benefits564477
Termination benefits331383
Total compensation to key management personnel4,5604,686
Total positions included in key management compensation as at 31 December 2025 are 11
(December 2024: 14). Executive management do not receive any directors’ fees as
directors of subsidiary companies.
During the period ended 31 December 2025, the Group sold an ex-fleet motorhome to
CEO, Grant Webster, at a sales price of $78,000 (exclusive of GST). The sale was in
accordance with the Group’s crew purchasing policy. Full payment was received in cash
prior to the transfer of ownership. No motorhomes were sold to key management
personnel during the prior period ended 31 December 2024.
Unaudited
31 Dec 2025
$000’s
31 Dec 2024
$000’s
Directors’ fees402365
22thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Notes to the consolidated interim financial statements (continued)
16. 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 positions of the
foreign operations are as follows:
Unaudited
31 Dec 2025
Audited
30 Jun 2025
NZD/AUD0.86410.9286
NZD/USD0.57890.6068
NZD/CAD0.79290.8310
NZD/GBP0.42990.4423
17. Contingencies
As at 31 December 2025, the Group has bank guarantees of $8.6 million in place (June 2025:
$7.7 million) which are predominantly in lieu of bonds paid on leased assets.
18. Subsequent events
On 14 February 2026, the Group entered into a sale and purchase agreement to sell
motorhome, inventory and intellectual property rights assets held within the United
Kingdom & Ireland Rentals & Sales operating segment to Indie Campers (an RV rental
company headquartered in Portugal) for a purchase price of up to GBP 26.2 million
(approximately NZD 59.7 million). The transaction is conditional on the assignment of
leases and is subject to various adjustments in accordance with the sale and purchase
agreement. The sale excludes the Group’s Edinburgh property and certain other inventory
vehicles held within the United Kingdom & Ireland Rentals & Sales operating segment.
The financial impacts of the sale are currently under consideration and will be finalised
after the completion of sale.
On 20 February 2026, the Directors approved a fully imputed, unfranked 2026 interim
dividend of 3.0 cents per share payable on 10 April 2026.
There are no other events after the reporting period which materially affect the
information within the Group’s consolidated interim financial statements.
23thl INTERIM FINANCIAL STATEMENTS FY26
For the period ended 31 December 2025

Independent auditor’s review report to the
shareholders of Tourism Holdings Limited
Conclusion
We have reviewed the condensed consolidated interim financial statements of Tourism
Holdings Limited (“the Company”) and its subsidiaries (together “the Group”) on pages
7 to 23 which comprise the consolidated interim statement of financial position as at
31 December 2025, and the consolidated interim statement of comprehensive income,
consolidated interim statement of changes in equity and consolidated interim statement
of cash flows for the six months ended on that date, and explanatory notes. Based on our
review, nothing has come to our attention that causes us to believe that the
accompanying interim financial statements on pages 7 to 23 of the Group do not present
fairly, in all material respects, the consolidated financial position of the Group as at
31 December 2025, and its consolidated financial performance and its consolidated cash
flows for the six months ended on that date, in accordance with New Zealand Equivalent
to International Accounting Standard 34: Interim Financial Reporting (NZ IAS 34) and
International Accounting Standard 34: Interim Financial Reporting (IAS 34).
This report is made solely to the Company’s shareholders, as a body. Our review has been
undertaken so that we might state to the Company’s shareholders those matters we are
required to state to them in a review 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 review procedures, for this
report, or for the conclusion we have formed.
Basis for conclusion
We conducted our review in accordance with NZ SRE 2410 (Revised) Review of Financial
Statements Performed by the Independent Auditor of the Entity. Our responsibilities are
further described in the Auditor’s responsibilities for the review of the financial
statements section of our report. We are independent of the Group in accordance with
the Professional and Ethical Standard 1 International Code of Ethics for Assurance
Practitioners (including International Independence Standards) (New Zealand) as
applicable to audits and reviews of public interest entities. We have also fulfilled our other
ethical responsibilities in accordance with Professional and Ethical Standard 1.
Ernst & Young provides financial statements compilation and other assurance related
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.
Directors’ responsibilities for the interim financial statements
The directors are responsible, on behalf of the Entity, for the preparation of the interim
financial statements in accordance with NZ IAS 34 and IAS 34 and for such internal control
as the directors determine is necessary to enable the preparation of the interim financial
statements that are free from material misstatement, whether due to fraud or error.
Auditor’s responsibilities for the review of the interim financial statements
Our responsibility is to express a conclusion on the interim financial statements based on
our review. NZ SRE 2410 (Revised) requires us to conclude whether anything has come to
our attention that causes us to believe that the interim financial statements, taken as a
whole, are not prepared in all material respects, in accordance with NZ IAS 34 and IAS 34.
A review of interim financial statements in accordance with NZ SRE 2410 (Revised) is a
limited assurance engagement. We perform procedures, consisting of making enquiries,
primarily of persons responsible for financial and accounting matters, and applying
analytical and other review procedures. The procedures performed in a review are
substantially less than those performed in an audit conducted in accordance with
International Standards on Auditing (New Zealand) and consequently do not enable us to
obtain assurance that we would become aware of all significant matters that might be
identified in an audit. Accordingly, we do not express an audit opinion on those interim
financial statements.
The engagement partner on the review resulting in this independent auditor’s review
report is Simon O’Connor.
Chartered Accountants
Auckland
23 February 2026
24thl INTERIM FINANCIAL STATEMENTS FY26

AS AT 31 DECEMBER 2025
GLOBAL FOOTPRINT
SOUTHERN
AFRICA
Franchise
JAPAN
Franchise
CANADA
Calgary
Edmonton
Halifax
Montreal
Toronto
Vancouver
Whitehorse
UK & IRELAND
Belfast
Edinburgh
London
USA
Denver
Dallas Fort Worth
Agoura Hills
Las Vegas
Santa Fe Springs
Orlando
San Bernardino
Seattle
San Leandro
Dublin
NEW ZEALAND
Auckland
Hamilton
Waitomo
Palmerston North
Christchurch
Queenstown
AUSTRALIA
Adelaide
Alice Springs
Broome
Brisbane
Cairns
Darwin
Hobart
Melbourne
Perth
Sydney
25

THLONLINE.COM
LET'S GO >

---

FY26 INTERIM RESULTS PRESENTATION
2 3 F E B R U A R Y 2 0 2 6

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 FY26 INTERIM RESULTS PRESENTATION
•We are pleased with the performance of the business as a whole in H1 of FY26 and the execution of several
planned initiatives. We have discussed this year being one of transition, as we have passed the inflection point
where global tourism has rebounded and is in growth mode, while the vehicle sales market has generally started
to stabilise
•Our 11% growth in underlying NPAT is positive, however the real story is in the forward outlook. We expect that
underlying NPAT in FY26 will be in the range of $43M to $47M, which would represent year-on-year growth of
approximately 50% to 65%
1
•The expected FY26 NPAT signals the positive trajectory towards our $100M NPAT goal. FY27 has all the hallmarks
of another positive movement in earnings.It is over to us to deliver in what are currently positive overall
operating conditions, though the U.S. market remains challenging
•Over the last 18 months we have taken action to realign fleet positions and funds employed in all regions. We
now expect net debt to be below $400M at year-end, which would provide a ~$6M interest cost saving in FY27,
relative to expectations for FY26
•Cost reduction has also remained a key focus. We have executed corporate cost reductions to the value of over
$3M in the first half, and expect to benefit from operating leverage as our rental revenue and hire days increase
•During FY25, we challenged ourselves in a number of business areas under a ROFE lens. We commenced several
key strategic initiatives, announcing them publicly in August 2025, within the Growth Roadmap. We have been
decisive in our actions on these initiatives, and continue to challenge the business where needed, while pushing
for growth and driving revenue in an industry which has seen challenges in recent years
Key Messages from the CEO
3
1
This guidance includes the impact of an approximate $1M reduction in underlying NPAT attributable to the timing of the UK divestment

thl FY26 INTERIM RESULTS PRESENTATION
Executive Summary
•17% increase in statutory net profit after tax to $29.6M
•11% increase in underlying net profit after tax to $29.5M
•4% increase in total revenue to $477.3M, consisting of an 11% increase in sale
of services revenue (primarily rentals) and 4% decline in sale of goods
revenue
•Significant progress on the strategic initiatives announced in August 2025:
⎼Conditional agreement to sell thl UK & Ireland for circa $58.3M
⎼Exited underperforming dealerships, Sydney RV and Kratzmann RV
⎼Closed Brisbane factory and consolidated activity to New Zealand
⎼Reduced funds employed and cost-out actions in North America
•10% increase in closing rental fleet, to 8,688 vehicles
•20% increase in interim dividend to 3.0 cps, 100% imputed and 0% franked
•67% increase in net operating cashflows to $40.5M
•Group ROFE (TTM) of 7.5%, down from 8.1% in H1 FY25, partly reflecting
timing impacts from fleet investment in ANZ, which are expected to
normalise in H2
•Net debt of $493M at 31 December 2025, with a reduction of $30M in
January 2026 and expected net debt below $400M at year-end, inclusive of
the expected proceeds from the UK divestment
•We expect underlying NPAT for FY26 to be in the range of $43M and $47M.
This guidance includes the impact of an approximate $1M reduction in
underlying NPAT attributable to the timing of the UK divestment
4

thl FY26 INTERIM RESULTS PRESENTATION
Decisive Execution of Strategic Initiatives
5
CompletedNext Steps Underway
Australasian
Manufacturing
✓Brisbane factory close (Dec ‘25)
✓Production consolidated into
Hamilton, New Zealand
•Exit from Brisbane lease
•Compounding fleet synergy
benefit as rotation occurs
Australian Retail
Sales
✓Sale/exit of Sydney RV and
Kratzmann dealerships
✓Rationalised product range
✓Lowered inventory
•New motorised product range,
launching Q4
•New supply with lower input
cost from Q1 FY27
•Op. cost reduction and margin
improvement plans underway
UK & Ireland
✓Entered conditional agreement
to sell business assets for circa
$58.3M
•Completion expected
March/April 2026
•Sale of post-divestment residual
assets, expected ~$7M
North America
✓Labour cost synergies enacted
✓Fleet specification alignment
✓Proved fleet alignment /
procurement benefits
•Target NZ$30M funds release in
FY26
•Continued cost review
•Compounding fleet synergy
benefit as rotation occurs
•Since announcing our growth roadmap in August 2025, we’ve
made substantial progress executing our key strategic
initiatives:
⎼Entered into conditional agreement to sell thl UK & Ireland
for circa $58.3M
⎼Exited two underperforming dealerships in Australia
⎼Closed underperforming Brisbane factory
⎼Delivered cost synergies and validated fleet alignment and
procurement benefits in North America, although lower fleet
capex outlook delays the full realisation of the fleet synergies
•While we see these initiatives as earnings enhancing for thl, the
financial benefits will not be fully evident in FY26
•These initiatives, combined with the strong growth we’re
seeing in rentals, and an expected medium-term recovery in
the demand for RV sales, are expected to position thl for
earnings growth in FY27 and beyond
•Further initiatives are underway in motorhome product
development and in relation to Waitomo

Results Summary
COMPARED TO THE PRIOR CORRESPONDING PERIOD
STATUTORY NET PROFIT AFTER TAX
$29.6M
UNDERLYING NET PROFIT AFTER TAX
1
29.5M
11%
UNDERLYING EBIT
1
$64.4M
8%
UNDERLYING EBITDA
1
126.2M
11%
SALE OF GOODS REVENUE
$197.2M
PER SHARE
INTERIM DIVIDEND
2
3.0c
20%
CLOSING RENTAL FLEET
3
8,688
10%
4
1
Refer to page 29 for a reconciliation of statutory/reported to underlying figures
2
100% imputed and 0% franked in both H1 FY26 and H1 FY25
3
As at 31 December
4
Comparison to 7,884 as at 31 December 2024, which differs to figure reported in H1 FY25 Presentation due to reclassification of certain vehicles in North America from rental fleet to inventory.
thl FY26 INTERIM RESULTS PRESENTATION
17%
SALE OF SERVICES REVENUE
$280.1M
11%
4%
6

thl FY26 INTERIM RESULTS PRESENTATION
Focused on Capital Discipline and ROFE Improvement
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 27, and to a reconciliation of Adjusted
EBIT to Underlying EBIT on page 29
•Return on Funds Employed (ROFE) is thl’s primary metric for
assessing divisional performance and guiding investment
decisions, with a target of 15% ROFE
•Group ROFE on a trailing 12-month basis (TTM) was 7.5%, down
from 8.1% in the pcp, however H2 is expected to be stronger than
the pcp
⎼New Zealand: ROFE is expected to return to >15% in full-year
FY26. H1 EBIT is impacted by the higher depreciation expense
ofa larger fleet, for which the benefits are expected to be
realised in H2
⎼Australia: Strong performance in Rentals weighed down by
operating losses in Retail Sales
⎼North America: Canada performing well; division impacted by
soft vehicle sales and challenging inbound international tourism
into the U.S.
⎼UK/Ireland: Entered into conditional agreement to divest
division
⎼Action Manufacturing: Continued above target ROFE
performance
⎼Tourism: Continued highest ROFE performer
•thl calculates ROFE using Adjusted EBIT. Refer to the Glossary of
Key Terms on page 27 for further detail on the ROFE calculation
methodology
12 MONTHS TO 31 DECEMBER 2025
$M NZD
ADJUSTED
EBIT
1
AVERAGE
FUNDS
1
PERIOD END
FUNDS
1
RETURN ON
FUNDS
EMPLOYED
New Zealand Rentals & Sales41.0332.2348.512.3%
Australian Rentals, Sales & Manufacturing21.9375.5375.75.8%
North America Rentals & Sales5.5329.8298.91.7%
UK/Ireland Rentals & Sales(0.7)64.460.1< 0%
Action Manufacturing10.836.733.329.3%
Tourism13.38.05.9166.7%
Group Support Services/Other(3.1)6.211.6N/A
Eliminations(3.6)(16.7)(18.4)N/A
Total85.01,136.11,115.67.5%

thl FY26 INTERIM RESULTS PRESENTATION
Improving Fleet and RevPARV
8
Strong growth in global average rental fleet size – up 10% to 8,542
•Fleet growth has been weighted toward New Zealand and
Australia, where thl generates higher ROFE
•The U.S. fleet continues to be right-sized in response to current
demand conditions
•Average fleet in North America is lower as the fleet growth in
Canada is less than the planned fleet reduction in the U.S.
Global RevPARV of NZ$30.6k – up 3% vs the pcp
•RevPARV improvement achieved in Australia, North America and
the UK
•In general, H1 RevPARV in New Zealand is expected to be lower as
the division grows its fleet size, because a larger fleet is carried
through part of the low season with higher depreciation expense,
with benefits then realised in H2. This is expected to normalise
when RevPARV is assessed across the full year
•Excluding New Zealand, global RevPARV in H1 was up 6%
28.2
31.4
30.1
27.0
27.9
31.1
31.9
20.8
23.9
33.8
35.2
25.7
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
New ZealandAustraliaNorth AmericaUK
RevPARV (NZD $k)
1
H1 FY24H1 FY25H1 FY26
1,556
2,171
3,038
447
1,961
2,367
2,882
598
2,576
2,617
2,754
595
0
500
1,000
1,500
2,000
2,500
3,000
3,500
New ZealandAustraliaNorth AmericaUK
Average Rental Fleet Size
H1 FY24H1 FY25H1 FY26
1
Converted using average of the 6-month rates.

thl FY26 INTERIM RESULTS PRESENTATION
Vehicle Sales Stabilising
9
Ex-fleet Sales
•The adjustments to fleet depreciation rates following the COVID-era
elevated margins aimed to deliver lower, more stable ex-fleet margins
and to reduce earnings volatility from sales volumes
•The H1 ex-fleet margin of 17.0% reflects this normalisation under our
revised methodology
•We consider the Real Depreciation Rate the key indicator of efficiency in
purchasing and selling rental vehicles, and the RDR has remained stable
to slightly improved in all markets versus FY25
Retail (New) Sales
•The decline in Retail RV volumes and margins reflect:
⎼a temporary H1 margin impact from stock clear-outs associated with
the Sydney RV and Kratzmann dealership closures; and
⎼continuing challenging market conditions
•Excluding Sydney RV and Kratzmann sales, retail margins were 8.6%
•Retail RV margins are below long-term expectations and are expected
to recover over the medium term, supported by improving market
conditions and, in Australia, the future supply of lower-priced products
from New Zealand manufacturing
REAL DEPRECIATION RATES
H1 FY26FY25
New Zealand~3%~3%
Australia~1%~2%
North
America
~4%~4%
UK/Ireland<0%<0%
Ex-Fleet Sales
Volumes
615
H1 FY25: 595
Ex-Fleet Sales
Margin
17.0%
H1 FY25: 24.4%
Retail RV Sales
Volumes
947
H1 FY25: 1,092
Retail RV Sales
Margin
6.5%
H1 FY25: 9.7%
1
Group Ex-Fleet Sales
RDR
2.5%
FY25: 2.6%
1
Figure differs from the 9.1% presented in the H1 FY25 Presentation, which calculated GP margin inclusive of intercompany revenue and costs of goods sold (which net off at gross profit).

thl FY26 INTERIM RESULTS PRESENTATION
Positive Operating Cashflows
1

•H1 FY26 net operating cashflows increased 67% vs the pcp
•H2 FY26 is expected to see significant operating cashflow
growth vs the pcp, supported by:
⎼Improved earnings from ANZ peak rental months
⎼Reduced new fleet purchases for the U.S.
⎼No new fleet purchases for the UK
⎼A one-off gain from the divestment of the UK & Ireland
business
•With continued earnings growth and moderation of net fleet
capex, we expect positive operating cashflows in the near term
6 months to 31 December
NZD$MH1 FY26H1 FY25VARVAR %
Statutory net profit after tax29.625.34.317%
Non-cash adjustments
Depreciation & amortisation61.753.78.015%
Transfer of rental fleet from PPE to
inventory
47.060.5(13.5)(22%)
Impairment of goodwill and other
assets
1.30.01.3N/M
Other non-cash adjustments1.21.00.215%
Movement in inventories14.3(12.1)26.4N/M
Movement in other working capital
balances
(37.4)(12.5)(24.9)(200%)
Total non-cash adjustments88.190.7(2.6)(3%)
Purchase of rental fleet(77.1)(91.7)14.616%
Net operating cash flows40.524.316.367%
Net investing cashflows(7.5)(19.3)11.961%
Net financing cashflows(61.6)(14.6)(47.0)(322%)
Net investing & financing cashflows(69.1)(33.9)(35.2)(104%)
1
Operating cashflows include rental fleet purchases and proceeds from ex-rental fleet sales and are therefore significantly influenced by thl’s net fleet capex.
10

thl FY26 INTERIM RESULTS PRESENTATION
Disciplined Capital Management
Net Debt
1
•$493M at 31 December 2025, broadly flat to 30 June 2025, but has
since reduced by approximately $30M in January 2026
•We believe we are on track to exceed the net debt reduction target
set in the Growth Roadmap
2
•Net debt is expected to be below $400M at FY26 year-end, supported
by positive operating cash flows, lower net fleet capex and expected
proceeds from the UK divestment
•Expected lower average net debt in FY27 should deliver a ~$6M
interest cost saving versus FY26
•Net Debt to Underlying EBITDA ratio of 2.3x, expected to be below
2.0x at FY26 year-end
Capital Management
•FY26 gross fleet capex expected to be around $210M and reflects
reduced purchases for the U.S. and no new purchases for the UK
•Disciplined fleet management has seen a $22M reduction in net fleet
capex and a further $21M reduction in vehicle inventory in Australia
•Non-fleet capex of $7M has normalised following elevated spend of
$20M in H1 FY25, largely relating to the Waitomokia site in NZ
1
Net debt excludes IFRS 16 lease liabilities
2
Net debt reduction target outlined in the Growth Roadmap was a $50M reduction across FY26 and FY27 (prior to any UK divestment)
Forecast
403
446
477
492
493
<400
0
100
200
300
400
500
600
31 Dec 2330 Jun 2431 Dec 2430 Jun 2531 Dec 2530 Jun 26
Net Debt (NZD $M)
H1 FY26
Gross Fleet Capital
Expenditure
$78M
H1 FY26
Net Fleet Capital
Expenditure
$16M
11

thl FY26 INTERIM RESULTS PRESENTATION
Dividend Growth
12
•The Board has approved an interim FY26 dividend of 3.0 cents per
share, which will be 100% imputed and 0% franked
•The interim dividend represents a 20% increase on the pcp
•thl targets distributing approximately 30% of its annual dividend as an
interim dividend, with the remaining 70% paid as a final dividend
•In FY25, thl’s dividend was at the mid-point of its policy range, which
the Board considers an appropriate balance between shareholder
returns and prudent capital management
•Based on thl’s FY26 NPAT guidance (mid point) and assuming a
constant 50% payout ratio, the FY26 full-year dividend would be
approximately 55% higher than FY25
•thl is starting to accumulate franking credits and expects to apply
these towards any potential final FY26 dividend
KEY DIVIDEND DATES
•Ex-dividend date of Thursday 26 March 2026
•Record date of Friday 27 March 2026
•Payment date of Friday 10 April 2026

thl FY26 INTERIM RESULTS PRESENTATION

thl FY26 INTERIM RESULTS PRESENTATION
Outlook Statements
•We expect underlying NPAT in FY26 to be in the range of $43M and $47M,
reflecting expected NPAT growth of approximately 50% to 65%. This
guidance includes the impact of an approximate $1M reduction in
underlying NPAT attributable to the timing of the UK divestment
•Forward rental revenue (for future travel periods) in all markets ex. U.S.
remain very positive:
⎼New Zealand and Australia are ~ 20% – 25% up
⎼Canada is ~30% up
⎼U.S. remains challenging and is ~ 25% - 30% down; fleet management
and cost reduction actions taken to mitigate earnings impact
•Challenging vehicle sales conditions persist, and H2 is expected to largely
reflect the trends seen in H1, with any meaningful recovery unlikely within
the current financial year
•Net debt is expected to be below $400M and the net debt to EBITDA ratio
below 2.0x at 30 June 2026, supported by positive operating cash flows,
lower net fleet capex and expected proceeds from the UK divestment
•We expect FY26 gross fleet capex to be around $210M, reflecting fleet and
capital management actions
14

thl FY26 INTERIM RESULTS PRESENTATION
Tracking our Growth Roadmap Assumptions
15
$100M NPAT GROWTH ROADMAP
ASSUMPTION
(compared to an FY25 base)
STATUS
Rental Days: ~25% growth, total days remain
below FY19 levels
•
Outperforming on a global basis
•
NZ, AU and CA outperforming, U.S. underperforming
Rental Yields: Adjusted for inflation only
•
On track on a global basis, with some variance by market
Vehicle Sales: Gross profit increases less than
10%
•
Near-term reduction due to market conditions
•
Expected medium-term improvement reflecting market recovery and build
cost reduction initiatives
Fleet: ~9,000 by 30 June 2028
•
On track
•
FY27/28 expected growth weighted to ANZ
•
Operating cashflows are expected to cover the majority of the fleet growth
Net Debt: Over $100M reduction
•
Exceeding expectations, on track to be achieved within calendar 2026
•
Reduction accelerated due to timing of UK divestment
Total Costs and Depreciation: Single digit
percentage increase, costs from activity
growth to be partly offset by fleet and
overhead cost savings initiatives
•
Corporate cost reduction on track, with a reduced executive team, group
support synergies underway, and IT cost synergies
•
Depreciation savings in progress; largely back-ended as fleet synergies build
•
FY26 impacted by one-off initiative costs
•
Cost reduction from UK divestment realised from FY27
NZ Tourism: ~50% EBIT reduction from FY28
•
Assumption considered appropriate, based on current discussions

thl FY26 INTERIM RESULTS PRESENTATION
16

17thl FY26 INTERIM RESULTS PRESENTATION

thl FY26 INTERIM RESULTS PRESENTATION
New Zealand Rentals & Sales
18
•Return on Funds Employed (TTM) of 12.3%, down from 19.0%:
⎼Current TTM is distorted as it includes a high-season with a
significantly smaller fleet and a low-season with losses
exacerbated by carrying a significantly larger fleet
⎼Once the TTM figure includes the 2025/2026 summer high season,
ROFE is expected to return to above 15%
•EBIT decline reflects a timing effect whereby a larger fleet decreases
H1 performance through higher depreciation, but increases rental
revenue in H2
•Full-year expectations remain positive, with division forecast to
deliver another record EBIT
•The increase of 615 vehicles in average fleet size is expect to support a
materially improved rental performance in H2
⎼EBIT in January 2026, a key profitability month, was over 20%
higher than the pcp, reinforcing our positive expectations for H2
•Growth in sales volumes reflect increasing momentum at
Waitomokia RVSC and targeted marketing campaigns
•A new Queenstown site is due to open in Q1 FY27, including a larger
RVSC, showroom and service centre. The site provides:
⎼capacity to meet unmet rental demand due to current site
constraints
⎼an opportunity to grow RV sales, and income from servicing and
retail accessory sales
NZD $MH1 FY26H1 FY25VARVAR %
Rental revenue61.654.76.913%
Sale of goods revenue22.521.60.94%
Costs(71.9)(59.1)(12.8)(22%)
EBIT12.217.2(5.0)(29%)
Rentals division
Operating rental fleetH1 FY26H1 FY25VARVAR %
Average rental fleet size2,5761,96161531%
Revenue per average rental vehicleH1 FY26H1 FY25VARVAR %
RevPARV (NZD $k)23.927.9(4.0)(14%)
Vehicle sales division
Unit sales (#)H1 FY26H1 FY25VARVAR %
Ex-fleet sales1601114944%
Retail RV sales3857(19)(33%)
Total RV sales1981683018%
Gross profit margin %H1 FY26H1 FY25VAR
GP margin on ex-fleet sales27.0%32.0%(5.0%)
GP margin on retail RV sales8.5%11.5%(3.0%)
Total GP margin on RV sales21.9%22.9%(1.0%)
Real depreciation rate on ex-fleet salesH1 FY26H1 FY25
RDR~3%~3%

thl FY26 INTERIM RESULTS PRESENTATION
Australia Rentals, Sales &
Manufacturing
19
•Return on Funds Employed (TTM) of 5.8%, down from 8.7%
•EBIT improvement of 8% reflects:
⎼Strong rentals performance combining an increase in average
fleet size with RevPARV improvement
⎼Offset by a decline in sales volumes and margin
•Over time, as Australian Rentals and Retail receive supply of new
motorhomes from New Zealand at lower pricing, this is expected to
support lower depreciation and improved ex-fleet and retail sales
margins
•Sydney RV and Kratzmann were closed in November 2025 with close
down sales during H1. Excluding Sydney RV and Kratzmann, retail RV
margins were 8.8%
•We expect retail sales volumes to moderate in H2, reflecting the
smaller dealership footprint
•We believe retail sales margins have bottomed and are expected to
stabilise and recovery from current levels
NZD $MH1 FY26H1 FY25VARVAR %
Rental revenue88.573.814.820%
Sale of goods revenue102.1115.3(13.3)(11%)
Costs(173.9)(173.7)(0.2)(0%)
Underlying EBIT
1
16.715.41.38%
Rentals division
Operating rental fleetH1 FY26H1 FY25VARVAR %
Average rental fleet size2,6172,36725011%
Revenue per average rental vehicleH1 FY26H1 FY25VARVAR %
RevPARV (AUD $k)30.128.41.76%
Vehicle sales division
Unit sales (#)H1 FY26H1 FY25VARVAR %
Ex-fleet sales151213(62)(29%)
Retail RV sales9091,035(126)(12%)
Total RV sales1,0601,248(188)(15%)
Gross profit margin %H1 FY26H1 FY25VAR
GP margin on ex-fleet sales26.9%34.7%-7.8%
GP margin on retail RV sales6.4%9.5%-3.1%
Total GP margin on RV sales9.5%12.9%-3.4%
Real depreciation rate on ex-fleet salesH1 FY26H1 FY25
RDR~1%~2.5%
1
Refer to page 28 for Reported EBIT.

thl FY26 INTERIM RESULTS PRESENTATION
North America Rentals & Sales
20
•Return on Funds Employed (TTM) of 1.7%, up from 0.5%
•EBIT improvement supported by:
⎼Canadian revenue growth exceeding the decline in the U.S.
⎼34% growth in vehicle sales volumes
⎼Synergy realisation and cost management actions
•Right-sizing of U.S. fleet is partly offset by growth in Canada’s fleet.
Combined with rental revenue growth, this supports better RevPARV
•Sales GP margin of 7.8% and RDR of ~4% are best compared with
FY25 full-year benchmarks of 7.7% and ~4%, as H1 FY25’s unusually
high retail mix temporarily elevated margins and lowered RDR,
reducing the relevance of half-year pcp comparisons
•Looking to the 2026 high season:
⎼Canada is expected to continue to perform strongly
⎼we expect U.S. rental revenue will be down on 2025. While 2025
still had the benefit of solid booking intakes before tariffs were
announced in April 2025, the entire booking window leading up to
the 2026 high season has been impacted
•In response to market conditions, fleet capex has been significantly
reduced to temporarily age the U.S. fleet, with a current average fleet
age of 1.4 years
NZD $MH1 FY26H1 FY25VARVAR %
Rental revenue95.891.24.65%
Sale of goods revenue30.824.06.929%
Costs(99.6)(94.1)(5.6)(6%)
Underlying EBIT
1
27.021.25.928%
Rentals division
Operating rental fleetH1 FY26H1 FY25VARVAR %
Average rental fleet size2,7542,836(82)(3%)
Revenue per average rental vehicleH1 FY26H1 FY25VARVAR %
RevPARV (USD $k)20.519.60.95%
Vehicle sales division
Unit sales (#)H1 FY26H1 FY25VARVAR %
RV sales2461836334%
Gross profit margin %H1 FY26H1 FY25VAR
GP margin on RV sales7.8%14.1%(6.3%)
Real depreciation rate on ex-fleet salesH1 FY26H1 FY25
RDR~4%< 0%
1
Refer to page 28 for Reported EBIT.

thl FY26 INTERIM RESULTS PRESENTATION
UK & Ireland Rentals & Sales
21
•Return on Funds Employed (TTM) <0%, in line with the pcp
•As announced on 16 February 2026, thl has entered into a conditional
agreement to sell the UK & Ireland business assets for circa $58.3M,
representing net asset value plus a goodwill payment of
approximately NZ$8.0M
•The transaction is expected to deliver a one-off gain of up to NZ$6.8M
•The improvement in underlying H1 EBIT (which is the seasonally
profitable half) reflects:
⎼vehicle orders arriving on time for 2025 high season, compared
with prior years where delays adversely impacted performance
⎼the sale of 50 ex-fleet units to thl New Zealand during this period,
reducing low-season depreciation in the UK
•Notwithstanding the improvement in H1, the division was forecast to
deliver low-single-digit ROFE in FY26
NZD $MH1 FY26H1 FY25VARVAR %
Rental revenue15.212.42.823%
Sale of goods revenue12.010.21.717%
Costs(24.7)(22.6)(2.2)(10%)
Underlying EBIT
1
2.40.12.44,702%
Rentals division
Operating rental fleetH1 FY26H1 FY25VARVAR %
Average rental fleet size595596(1)(0%)
Revenue per average rental vehicleH1 FY26H1 FY25VARVAR %
RevPARV (GBP
£
k)11.29.71.415%
Vehicle sales division
2
Unit sales (#)H1 FY26H1 FY25VARVAR %
RV sales5888(30)(34%)
Gross profit margin %H1 FY26H1 FY25VAR
GP margin on RV sales15.8%
3
20.9%(5.1%)
Real depreciation rate on ex-fleet salesH1 FY26H1 FY25
RDR< 0%< 0%
1
Refer to page 28 for Reported EBIT.
2
Excludes the impact from 50 intercompany sales from the UK to New Zealand during H1 FY26.
3
Result differs from figure of 22% announced on 16 February 2026 (thl to divest UK & Ireland division) due to (a) this measure reflecting gross profit margin, whereas the “vehicle sales margin” under the guaranteed margin underwrite represents a
mark-up on net book value, and (b) this figure including the impact of several ex-Bunk vehicles sold at a loss via auction, while the earlier reported figure reflected the margin from retail RV sales only.

thl FY26 INTERIM RESULTS PRESENTATION
Action Manufacturing
22
•Return on Funds Employed (TTM) of 29.3% (including intercompany
activity), up from 27.9%
•EBIT down 18% for the period
•Underlying EBIT for third party manufacturing increased by 16%,
driven by improved margins from a more favourable mix of specialist
commercial vehicles
•This was offset by lower profitability on intercompany RV
manufacturing activity. Action achieved higher RV margins in FY25
due to build cost and productivity benefits. For FY26 builds, these
savings were passed on to the New Zealand and Australian
businesses, normalising manufacturing margins
•RV manufacturing activity for Australia Rentals & Sales commenced
in January 2026, with the first vehicles from the New Zealand factory
expected to be delivered to Australia in April 2026
•Consolidating New Zealand and Australian production onto a single
site is expected to improve operating leverage over time and support
ongoing build cost efficiencies
NZD $MH1 FY26H1 FY25VARVAR %
Sale of goods - third party34.935.3(0.4)(1%)
Costs - third party(31.7)(32.5)0.83%
Underlying EBIT - third party3.32.80.416%
Sale of goods - intercompany59.851.28.617%
Costs - intercompany(56.6)(46.2)(10.4)(23%)
Underlying EBIT - incl. intercompany
transactions
1
6.57.9(1.4)(18%)
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 28 for Reported EBIT.
•The Action Manufacturing reporting segment
comprises thl’s New Zealand manufacturing
operations only
•To date (including H1 FY26), Australian manufacturing
operations has been reported within the Australian
Manufacturing, Rentals & Sales segment
•Following the consolidation of ANZ manufacturing
operations to Hamilton, New Zealand, in December
2025, manufacturing activity previously represented
in the Australia segment will, moving forward, be
captured in the Action Manufacturing segment

thl FY26 INTERIM RESULTS PRESENTATION
Tourism
23
•Return on Funds Employed (TTM) of 167%, the highest in the group, up from 146%
•Growth in the Chinese market was offset by declines in the Australian, Korean and
domestic New Zealand markets
•The business delivered strong summer trading through January and February and
continues to target a full-year result in line with, or exceeding, FY25
Tourism
NZD $MH1 FY26H1 FY25VARVAR %
Revenue18.419.3(1.0)(5%)
Costs(13.7)(14.2)0.43%
EBIT4.65.2(0.6)(11%)
Group Support Services / Other
1
•thl recharges most of its group support costs to its individual business units. A small
proportion of costs are not recharged and are retained in the GSS & Other division. The
financial result for this division in any year largely reflects changes to recharges
•Group support cost reduction remains a key focus, with over $3M in corporate costs
reductions executed (before recharges, and therefore not directly comparable to the
table on the right)
Group Eliminations
•Any margin generated on intercompany vehicle transfers between Action
Manufacturing and New Zealand and Australia Rentals & Sales, or between other
operating segments, is eliminated on group consolidation
•Typically, Manufacturing margin 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 $MH1 FY26H1 FY25VARVAR %
Revenue0.70.8(0.1)(8%)
Costs(4.2)(4.7)0.49%
Underlying EBIT
2
(3.5)(3.9)0.410%
Group Eliminations
NZD $MH1 FY26H1 FY25VARVAR %
Intercompany revenue elimination(65.0)(51.5)(13.5)(26%)
Intercompany costs elimination63.648.115.532%
EBIT(1.4)(3.4)2.059%
1
Includes triptech revenue and costs, and group support expenses net of recharges to other divisions.
2
Refer to page 28 for Reported EBIT.

24thl FY26 INTERIM RESULTS PRESENTATION

thl FY26 INTERIM RESULTS PRESENTATION
Important Notes
25
•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
•H1 FY26 includes several non-recurring items (which have
been excluded from underlying figures) as detailed on
page 26
•H1 FY25 included $1.7M (before tax) of non-recurring
restructuring costs, which were excluded from underlying
figures
•The depreciation expense and interest expense
recognised in H1 FY26 in relation to IFRS 16 was $13.7M (H1
FY25: $12.2M) and $7.1M (H1 FY25: $4.7M) respectively.
Actual lease payments for the period were $17.2M (H1 FY25:
$16.7M)
•Profit & loss values are converted at the following average
cross-rates for the 6 months ended 31 December 2025:
⎼NZD:AUD: 0.8905 (H1 FY25: 0.9127)
⎼NZD:USD: 0.5830 (H1 FY25 : 0.6044)
⎼NZD:CAD: 0.8084 (H1 FY25 : 0.8338)
⎼NZD:GBP: 0.4363 (H1 FY25 : 0.4670)
⎼CAD:USD: 1.3868 (H1 FY25: 1.3801)
•Balance sheet values are converted at the following
closing cross-rates as at 31 December 2025:
⎼NZD:AUD: 08641 (30 June 25: 0.9286 | 31 Dec 24: 0.9059)
⎼NZD:USD: 0.5788 (30 June 25: 0.6068 |31 Dec 24: 0.5641)
⎼NZD:CAD 0.7928 (30 June 25: 0.8310 | 31 Dec 24: 0.8125)
⎼NZD:GBP 0.4299 (30 June 25: 0.4422 | 31 Dec 24: 0.4484)

thl FY26 INTERIM RESULTS PRESENTATION
Mapping of H1 FY26 Non-recurring Items to Income Statement
26
NON-RECURRING ITEMNPBT IMPACT (NZD)NPAT IMPACT (NZD)IMPACT ON INCOME STATEMENT
Utilisation of USA deferred tax assets previously impairedN/A0.6Income tax expense
Impairment of UK deferred tax assetsN/A(0.1)Income tax expense
US employee retention credit recovery from the IRS3.52.5Other operating income
RV and non-RV asset write-downs relating to the Australasian Retail Sales strategic initiative0.10.0Administration expenses
Wind-up costs associated with the Australasian Retail Sales strategic initiative(0.1)(0.0)Administration expenses
Transaction costs relating to the NBIO from BGH Capital & Trouchet family consortium(0.5)(0.5)Administration expenses
Non-RV asset write-offs in the UK relating to the thl and Apollo merger(0.5)(0.4)Operating expenses
People restructuring costs(2.9)(2.0)Operating and administration expenses
TOTAL(0.4)0.1

thl FY26 INTERIM 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 Margin
refers to vehicle sales revenue (net of any wholesale dealer commissions) less the net book value of vehicles sold. It excludes vehicle refurbishment
costs and other costs on sale
Glossary of Key Terms
27

thl FY26 INTERIM RESULTS PRESENTATION
Divisional Performance
28
Note: Divisional results include non-recurring items and intercompany revenue and expenses. Non-recurring items are presented in “Adjustment for non-recurring items” and intercompany transactions are eliminated in “Group eliminations”.
6 MONTHS TO 31 DECEMBER 20256 MONTHS TO 31 DECEMBER 2024
$M NZDREVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
REVENUE
DIVISIONAL
EBITDA
DIVISIONAL
EBIT
AVE FUNDS
EMPLOYED
New Zealand Rentals & Sales84.1 28.2 12.2 332.2 76.3 28.1 17.2 250.5
Australian Rentals, Sales & Manufacturing190.6 35.4 13.8 375.5 189.1 31.2 14.3 379.1
North America Rentals & Sales126.6 48.1 30.5 329.8 115.2 40.5 21.2 350.5
UK/Ireland Rentals & Sales27.1 5.4 1.9 64.4 22.6 3.2 0.1 59.0
Action Manufacturing94.7 9.0 6.5 36.7 86.6 10.0 7.7 46.3
Tourism18.4 5.8 4.6 8.0 19.3 6.3 5.2 8.8
Group Support Services/Other0.7 (3.0) (4.1) 6.2 0.8 (3.2) (4.3) 13.7
Group eliminations(65.0) (3.1) (1.4) (16.7) (51.5) (4.5) (3.4) (14.6)
Reported Revenue, EBITDA, EBIT477.3 125.8 64.1 1,136.1 458.4 111.6 57.8 1,093.1
Adjustment for non-recurring items– 0.4 0.4 – – 1.7 1.7 –
Underlying EBITDA/EBIT126.264.4113.359.5

thl FY26 INTERIM RESULTS PRESENTATION
Reconciliation of NPAT, EBIT and EBITDA
29
Reconciliation of Statutory and Underlying NPAT
NZD $MH1 FY26H1 FY25
Statutory net profit after tax29.6 25.3
Restructuring costs2.0 1.2
Recovery of employee retention credits(2.5) –
Non-RV asset write-offs in the UK0.4 –
Transaction costs relating to BGH consortium non-binding offer0.5 –
Utilisation/(impairment) of USA/UK deferred tax assets(0.5) –
Underlying net profit after tax29.5 26.5
Reconciliation of Reported and Underlying EBIT
NZD $MH1 FY26H1 FY25
Reported EBIT64.1 57.8
Restructuring costs2.9 1.7
Costs associated with make-good of AU dealership sites closed0.1 –
RV and non-RV asset write-downs in Australian Retail Sales(0.1) –
Recovery of employee retention credits(3.5) –
Non-RV asset write-offs in the UK0.5 –
Transaction costs relating to BGH consortium non-binding offer0.5 –
Underlying EBIT64.459.5
Rolling 12 month Adjusted EBIT (used for ROFE calculation)
NZD $MH1 FY26
Underlying EBIT - H1 FY2664.4
Underlying EBIT - H2 FY2527.3
IFRS 16 interest expense(6.7)
Adjusted EBIT85.0
Reconciliation of Reported and Underlying EBITDA
NZD $MH1 FY26H1 FY25
Reported EBITDA125.8 111.6
Restructuring costs2.9 1.7
Costs associated with make-good of AU dealership sites closed0.1 –
RV and non-RV asset write-downs in Australian Retail Sales(0.1) –
Recovery of employee retention credits(3.5) –
Non-RV asset write-offs in the UK0.5 –
Transaction costs relating to BGH consortium non-binding offer0.5 –
Underlying EBITDA126.2113.3

thl FY26 INTERIM RESULTS PRESENTATION
Income Statement
30
NZD $MH1 FY26H1 FY25VARVAR %
Revenue
Sale of services280.1251.928.211%
Sale of goods197.2206.4(9.2)(4%)
Total revenue477.3458.419.04%
Costs(351.5)(346.8)(4.7)(1%)
EBITDA125.8111.614.313%
Depreciation & amortisation(61.7)(53.7)(8.0)(15%)
EBIT64.157.86.211%
Net finance costs(23.4)(22.6)(0.8)(3%)
Net profit before tax40.735.25.516%
Taxation(11.1)(9.9)(1.2)(12%)
Net profit after tax29.625.34.317%
Basic EPS (in cents)13.411.5
Diluted EPS (in cents)13.311.5

thl FY26 INTERIM RESULTS PRESENTATION
Balance Sheet
31
AS AT
NZD $M31 DEC 202530 JUN 2025VAR31 DEC 2024VAR
Equity623.0577.945.2647.3(24.3)
Non-current liabilities (excluding lease liabilities)538.9551.8(12.9)531.27.6
Current liabilities (excluding lease liabilities)185.5226.4(40.9)194.2(8.7)
Lease liabilities228.4218.410.0213.215.2
Total source of funds1,575.91,574.51.31,586.0(10.1)
Intangible assets (including goodwill)154.8145.59.3190.7(35.9)
Investments0.20.10.00.20.0
Derivatives(0.2)0.2(0.4)1.0(1.2)
Property, plant and equipment986.1965.021.1864.2121.9
Right-of-use assets202.7197.15.6193.39.5
Current assets232.2266.4(34.3)336.7(104.5)
Total use of funds1,575.91,574.51.31,586.0(10.1)
Net debt (excluding lease liabilities)493.4492.315.0477.316.2
Net tangible assets468.2432.335.9456.611.6
Net tangible assets per share
1
$2.12 $1.96 $2.07
Book value of net assets per share
1
$2.82 $2.61 $2.94
Debt / debt + equity ratio
2
51.3%52.5%51.1%
Equity ratio
2
39.9%36.1%38.9%
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 FY26 INTERIM RESULTS PRESENTATION
Ex-Rental Fleet Sales
32
6 months to 31 December
$MH1 FY26H1 FY25VARVAR %
Proceeds from ex-fleet sales
New Zealand12.29.72.526%
Australia14.114.7(0.6)(4%)
North America27.419.67.840%
UK/Ireland
1
5.67.0(1.4)(20%)
Total proceeds from ex-fleet sales 59.251.08.316%
Net book value of ex-fleet sold
New Zealand(8.9)(6.6)(2.3)(35%)
Australia(10.3)(9.6)(0.7)(7%)
North America(25.2)(16.8)(8.4)(50%)
UK/Ireland
1
(4.7)(5.5)0.815%
Total net book value of ex-fleet sold(49.1)(38.5)(10.6)(28%)
Gross margin on ex-fleet sales
New Zealand3.33.10.26%
Australia3.85.1(1.3)(26%)
North America2.12.7(0.6)(23%)
UK/Ireland
1
0.91.5(0.6)(40%)
Total gross margin on ex-fleet sales10.112.4(2.3)(19%)
6 months to 31 December
$KH1 FY26H1 FY25VARVAR %
Average gross margin on ex-fleet sales
New Zealand20.627.9(7.3)(26%)
Australia25.123.91.25%
North America8.615.0(6.4)(43%)
UK/Ireland
1
15.216.7(1.4)(9%)
Group16.420.9(4.5)(21%)
%H1 FY26H1 FY25VAR
Gross profit margin on ex-fleet sales
New Zealand27.0%32.0%(5.0%)
Australia26.9%34.7%(7.8%)
North America7.8%14.1%(6.3%)
UK/Ireland
1
15.8%20.9%(5.1%)
Group17.0%24.4%(7.3%)
#H1 FY26H1 FY25VARVAR %
Ex-fleet vehicles sold
New Zealand1601114944%
Australia151213(62)(29%)
North America2461836334%
UK/Ireland
1
5888(30)(34%)
Total ex-fleet vehicles sold615595203%
1
Excludes intercompany sales to New Zealand.

thl FY26 INTERIM RESULTS PRESENTATION
Retail RV Sales (New Zealand and Australia)
33
6 months to 31 December
$MH1 FY26H1 FY25VARVAR %
Proceeds from retail RV sales
1
New Zealand4.77.8(3.1)(40%)
Australia78.595.8(17.3)(18%)
Total proceeds from retail RV sales83.2103.6(20.4)(20%)
Book value of retail RVs sold
1
New Zealand(4.3)(6.9)2.638%
Australia(73.5)(86.7)13.215%
Total book value of retail RVs sold(77.8)(93.6)15.817%
Gross margin on retail RV sales
New Zealand0.40.9(0.5)(56%)
Australia5.09.1(4.1)(45%)
Total gross margin on retail RV sales5.410.0(4.6)(46%)
6 months to 31 December
$KH1 FY26H1 FY25VARVAR %
Average gross margin on retail RV sales
New Zealand10.515.8(5.3)(33%)
Australia5.58.8(3.3)(37%)
Group5.79.2(3.5)(38%)
%H1 FY26H1 FY25VAR
Gross profit margin (%) on retail RV sales
1
New Zealand8.5%11.5%(3.0%)
Australia6.4%9.5%(3.1%)
Group6.5%9.7%(3.2%)
#H1 FY26H1 FY25VARVAR %
Retail RV sales
New Zealand3857(19)(33%)
Australia9091,035(126)(12%)
Total retail RV sales9471,092(145)(13%)
1
H1 FY25 figures for Australia differ from metrics presented in the H1 FY25 Presentation, which included intercompany proceeds and book values. These items net off at gross profit.

thl FY26 INTERIM RESULTS PRESENTATION
Fleet Movements
34
UNITS:H1 FY26H1 FY25VARVAR %
New Zealand
Opening fleet - 30 Jun2,4521,96748525%
On-fleets564652(88)(13%)
Off-fleets
1
169248(79)(32%)
Closing fleet - 31 Dec2,8472,37147620%
Australia
Opening fleet - 30 Jun2,5862,36122510%
On-fleets274384(110)(29%)
Off-fleets
1
197290(93)(32%)
Closing fleet - 31 Dec2,6632,4552088%
North America
Opening fleet - 30 Jun2,798
2
2,877(79)(3%)
On-fleets11312101842%
Off-fleets
1
296350(54)(15%)
Closing fleet - 31 Dec2,6152,539763%
UNITS:H1 FY26H1 FY25VARVAR %
UK/Ireland
Opening fleet - 30 Jun6535718214%
On-fleets-87(87)N/M
Off-fleets
1
90139(49)(35%)
Closing fleet - 31 Dec563519448%
Total Group
Opening fleet - 30 Jun8,489
2
7,7767139%
On-fleets9511,135(184)(16%)
Off-fleets
1
7521,027(275)(27%)
Closing fleet - 31 Dec8,6887,88480410%
1
Off-fleets consist of vehicles transferred to inventory for sale, intercompany transfers to other jurisdictions (where applicable), and vehicles written-off.
2
Opening fleet balances for North America and Total Group have been restated downwards due to a reclassification of certain vehicles in North America from rental fleet to inventory.

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

---

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 Quarterly
Half Year X Special
DRP applies
Record date 27 March 2026
Ex-Date (one business day before the
Record Date)
26 March 2026
Payment date (and allotment date for
DRP)
10 April 2026
Total monies associated with the
distribution
$6,632,942
Source of distribution (for example,
retained earnings)
Retained Earnings
Currency NZD
Section 2: Distribution amounts per financial product
Gross distribution $0.04166667
Gross taxable amount $0.04166667
Total cash distribution $0.03000000
Excluded amount (applicable to listed
PIEs)
N/A
Supplementary distribution amount $0.00529412
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
$0.01166667
Resident Withholding Tax per
financial product
$0.00208333

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 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

23 February 2026

---

Results announcement
Tourism Holdings Limited

Results for announcement to the market
Name of issuer Tourism Holdings Limited
Reporting Period 6 months to 31 December 2025
Previous Reporting Period 6 months to 31 December 2024
Currency New Zealand Dollars
Amount (000s) Percentage change
Revenue from continuing
operations
$477,303 +4%
Total Revenue $477,303 +4%
Net profit/(loss) from
continuing operations
$29,561 +17%
Total net profit/(loss) $29,561 +17%
Interim/Final Dividend
Amount per Quoted Equity
Security
$0.03000000
Imputed amount per Quoted
Equity Security
$0.01166667
Record Date 27 March 2026
Dividend Payment Date 10 April 2026
Current period Prior comparable period
Net tangible assets per
Quoted Equity Security
$2.12 $2.07
A brief explanation of any of
the figures above necessary
to enable the figures to be
understood
Refer to attached interim financial statements and investor
presentation.
Authority for this announcement
Name of person

authorised
to make this announcement
Grant Webster
Contact person for this
announcement
Amir Ansari
Contact phone number +64 21 163 8053
Contact email address amir.ansari@thlonline.com
Date of release through MAP

23 February 2026

thl to divest UK & Ireland business Resignation of Director

Data sourced from publicly available filings. Our datasets may not be complete. Automated analysis can produce errors. If you believe any data on this page is incorrect, please contact us at hello@nzxplorer.co.nz. For informational purposes only. Not investment advice.