Presentation to NZ Shareholders Association

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


18 March 2026

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

PRESENTATION TO NZ SHAREHOLDERS ASSOCIATION

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) will be hosting members of the New
Zealand Shareholders Association at its Auckland head office, rentals and sales site this morning. A copy of
the presentation to be delivered at the event is attached.

On page 14 of the presentation, thl reaffirms its existing guidance that underlying NPAT in FY26 is expected
to be in the range of $43m and $47m.

The presentation also includes commentary on the impacts of the U.S. / Israel / Iran conflict, noting that:
- thl has experienced an immaterial level of immediate cancellations in ANZ rental bookings arising from
flight disruptions through the Middle East
- There has been an immaterial slowdown in international booking intakes for ANZ, which is primarily
related to FY27
- Based on historical patterns, thl expects this slowdown to primarily reflect a deferral of bookings until
there is greater certainty
- The impacts from the conflict are less relevant to North American bookings, as international customers
travelling to North America do not typically transit through the Middle East
Other than the information outlined above, there is no new information contained in the presentation.

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.

---

NZ Shareholders Association THL Investor Day
18 March 2026

2
The material contained in this
document is a presentation of
information about Tourism Holdings
Limited’s (thl) activities current as of
the date of this presentation. It is
provided in summary form and does
not purport to be complete. It
should be read in conjunction with
thl’s periodic reporting and other
announcements lodged with ASX
and NZX.
This presentation contains forward-
looking statements and projections.
These reflect thl’s current
expectations, based on what it
thinks are reasonable assumptions.
The statements are based on
information available to thl at the
date of this presentation and are not
guarantees or predictions of future
performance. For any number of
reasons, the future could be
different and the assumptions on
which the forward-looking
statements and projections are
based could be wrong. thl gives no
warranty or representation as to its
future financial performance or any
future matter. Except as required by
law or NZX listing rules, thl is not
obliged to update this presentation
after its release, even if things
change materially.
This presentation has been
prepared for publication in New
Zealand and may not be released or
distributed in the United States.
This presentation is for information
purposes only and does not
constitute financial advice. It is not
an offer of securities, or a proposal or
invitation to make any such offer, in
the United States or any other
jurisdiction, and may not be relied
upon in connection with any
purchase of thl securities. thl
securities have not been, and will
not be, registered under the US
Securities Act of 1933 and may not
be offered or sold in the United
States, except in transactions
exempt from, or not subject to, the
registration of the US Securities Act
and applicable US State securities
laws. Past performance information
given in this presentation is given
for illustrative purposes only and
should not be relied upon as an
indication of future performance.
This presentation may contain a
number of non-GAAP financial
measures. Because they are not
defined by Generally Accepted
Accounting Practice in New Zealand
(NZ GAAP) or International Financial
Reporting Standards (IFRS), thl’s
calculation of these measures may
differ from similarly titled measures
presented by other companies and
they should not be considered in
isolation from, or construed as an
alternative to, other financial
measures determined in
accordance with NZ GAAP.
This presentation does not take into
account any specific investors
objectives and does not constitute
financial or investment advice.
Investors are encouraged to make
an independent assessment of thl.
The information contained in this
presentation should be read in
conjunction with thl’s latest
financial statements, which are
available at: www.thlonline.com.
Disclaimer

thl 101

4
An NZX50 company, listed on the
NZX since 1986 and listed on the
ASX since 2022
Market cap of $495 million and a
global RV rental fleet of 8,688
vehicles
1
Underlying NPAT of $29.5m in H1
FY26, up 11% on the prior
corresponding period
2
1
Based on thl closing share price on the NZX as of 16 March 2026. Rental fleet size as of 31 December 2025
2
Underlying profit excludes one-off items. Refer to thl’s FY26 Results Investor Presentation for a reconciliation to statutory profit.
Who we are
A global tourism operator listed on the NZX and ASX, the largest commercial RV rental operator in the world, with
operations across manufacturing, rentals and sales in New Zealand, Australia and North America

Vertically integrated across build/buy, rent and sell in the RV market
Generating a connected margin across the three segments
5
BUILD /
BUY
RENT
SELL
•Decades of experience designing and building durable RVs for rentals
•Scale purchasing benefits for chassis and componentry
•Long standing relationships with OEMs and other suppliers in markets
where thl buys instead of manufacturing
•The largest commercial RV rental operator in the world with a rental
fleet of over 8,500 vehicles
•Deep connections with tourism bodies and industry associations in
each market
•Bespoke booking and scheduling system, Motek, implemented in all
markets globally
•Leverage the overheads of our rentals locations to sell RVs direct to
consumers
•Wholesale vehicles to other dealerships on scale
•Offer a diverse range of brands and products from new to ex-rental,
motorised, caravans and other towables

RESULTS &
STRATEGIC
INITIATIVES

H1 FY26 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%
1
Refer to the FY26 Interim Results Investor Presentation 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 2026 vs 31 December 2025
17%
SALE OF SERVICES REVENUE
$280.1M
11%
4%
7

8
•Policy for a 40% to 60% payout of underlying NPAT
•Interim FY26 dividend of 3.0 cents per share
recently declared, 100% imputed
•The FY25 dividend represented a ~50% pay-out
ratio, at the mid-point of policy range, striking an
appropriate balance between shareholder returns
and prudent capital management
•Based on FY26 NPAT guidance (mid point) and
assuming a constant 50% payout ratio, the FY26
full-year dividend would be approximately 55%
higher than FY25
20% dividend growth in the FY26 interim dividend
Dividend policy maintains balance between shareholder returns and capital management

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)
9
•Net Debt to Underlying EBITDA ratio of 2.3x,
1
expected
to be below 2.0x at FY26 year-end
•Owned fleet is thl’s primary source of equity – enabling
it to not raise equity during the pandemic
•Significant expected net debt reduction in FY26 due to:
⎼Positive operating cashflows
⎼Lower net fleet capital expenditure
⎼Proceeds from the divestment of the UK division
•Expected ~$6 million interest cost saving in FY27 from
debt reduction
1
Net debt excludes IFRS 16 lease liabilities. Refer to the FY26 Interim Results Presentation for a reconciliation of reported and underlying EBITDA.
Forecast
Disciplined capital management
Expecting net debt to be below $400M by the end of FY26

10
UK & IRELAND
•Strategic review of UK &
Ireland division completed
•Conditional agreement to
sell loss-making division
for circa $58.3 million
•Funds released to be
applied towards debt
reduction
AUSTRALASIAN
MANUFACTURING
•Explored actions to
address the cost gap
between manufacturing in
New Zealand and Australia
•On certain models,
manufacturing cost in NZ
is 20% less (after allowing
for shipping costs to
Australia)
•Closed Brisbane
Manufacturing facility at
the end of 2025
•Manufacturing for
Australia now relocated to
NZ
AUSTRALIAN RETAIL SALES
•Plan developed to reduce
capital employed and
improve profitability:
‒Overhead reduction
‒Inventory reduction
‒Product rationalisation
‒Brand rationalisation
•Closed two
underperforming
dealerships
•Overall reduction in
exposure to more cyclical
RV sales market
NORTH AMERICA
•North American synergy
project in progress of
being implemented
•USA + Canada operating as
one fleet to improve
regional fleet economics
and performance
•Regional labour synergy
opportunities and demand
generation initiatives
•With tariff-free RV
movements confirmed,
this will be accelerated
Four key strategic initiatives (announced in thl’s growth roadmap)
Underpinning expected improvement in financial performance

11
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
Decisive execution of strategic initiatives
Next steps scoped and underway

GROWTH
ROADMAP

$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
13
Tracking of $100M growth roadmap assumptions
Outperforming our assumptions for rental days growth and debt reduction

•thl reaffirms its existing guidance that underlying NPAT in FY26 is
expected to be in the range of $43M and $47M, representing
expected growth of approximately 50% to 65% compared to FY25
•In connection with the U.S. / Israel / Iran conflict, thl has
experienced an immaterial level of immediate cancellations in
ANZ rental bookings arising from flight disruptions through the
Middle East
•There has been an immaterial slowdown in international booking
intakes for ANZ, which is primarily related to FY27
•Based on historical patterns, thl expects this slowdown to
primarily reflect a deferral of bookings until there is greater
certainty
•The impacts from the conflict are less relevant to North American
bookings, as international customers travelling to North America
do not typically transit through the Middle East
14
FY26 Outlook
Underlying NPAT guidance reaffirmed

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

16
T H L O N L I N E . C O M
For more information, please contact:
Grant Webster
Chief Executive Officer
grant.webster@thlonline.com
+ 64 21 449 210
Amir Ansari
Investor Relations
amir.ansari@thlonline.com
+64 21 163 8053