Market update - revised FY26 guidance

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

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Underlying results excludes non-recurring items

29 May 2026

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

MARKET UPDATE – REVISED FY26 GUIDANCE

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) provides a market update in relation to
guidance issued at its interim results release.

Previous Guidance

At the FY26 interim results announcement on 23 February 2026, thl advised that it expected:
• underlying net profit after tax (uNPAT
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) for FY26 to be in the range of $43 million to $47 million; and
• net debt to be below $400 million at 30 June 2026.

Updated Guidance

Given the ongoing global disruptions to international travel and the broader softening of consumer
confidence, thl’s underlying FY26 profitability has not been significantly impacted, and the Company
maintains a strong balance sheet position. The Board considers this a positive outcome given the degree of
change and impact on global tourism.

There are a number of factors impacting performance, including the effects of the current Middle East
conflict on vehicle sales, softer conditions in the Australian domestic rental business, and foreign exchange
movements.

Reflecting these impacts, thl now expects FY26 uNPAT, on a continuing operations basis (excluding the
divested UK & Ireland business), to be in the range of $40 million to $43 million.

The exclusion of the UK & Ireland business, as a result of the divestment, is not considered a material change
to overall earnings as movements between underlying and statutory items largely offset. Further detail on
this will be provided in the year-end results presentation.

Net Debt

Geopolitical and macroeconomic developments, together with softer consumer confidence, have impacted
vehicle sales transactions across all of thl’s markets since the start of March 2026. Underlying customer
interest and lead volumes for recreational vehicles remain positive. However, the broader uncertainty has
resulted in a reluctance by consumers to commit to purchase decisions in the current environment.

The lower than expected vehicle sales volumes have primarily affected near term net debt and has not had a
material impact on earnings, reflecting the normalisation of vehicle sales margins in recent years. Combined
with adverse foreign exchange movements of approximately $10 million and adverse working capital
movements of approximately $20 million (including a longer than planned inventory release from the
Australian manufacturing closure), this has resulted in an increase in the year-end closing net debt position.

thl now expects net debt at 30 June 2026 to be in the range of $460 million to $470 million.

Balance Sheet Strength

thl remains comfortably within all of its existing banking covenants. Headroom across thl’s debt facilities,
including bank debt and asset financing facilities, currently exceeds $300 million in aggregate.

Reflecting thl’s business model, in particular the Company’s ability to adjust production volumes in response
to any shortfall in vehicle sales, thl expects the elevated net debt position to unwind progressively, with
planned vehicle purchases being moderated accordingly.

Future Trading Outlook

Rentals and tourism

The major international travel trade shows conducted over the past three weeks have now concluded, and
the overarching sentiment from thl’s engagement at these events is positive for the medium and longer
term. In thl’s view, free independent travel, and the RV category in particular, remain highly desired by
customers, and the Company continues to view its product and brand portfolio as compelling within that
demand pool.

Canada remains a highlight, with thl expecting a record summer ahead and forward indicators continuing
to support a positive outlook into calendar 2027. Sentiment for the coming New Zealand summer is also
reasonably positive, although the Company’s view in this market remains contingent on further air capacity
opening up through the Middle East alongside overseas government travel safety ratings lowering, to assist
in easing long haul flight prices.

In the United States, forward bookings are now trending up on the prior year, however, the degree of recovery,
and the extent of any growth, into calendar 2027 remain uncertain at this stage. In Australia, the domestic
rental business has been impacted in the short term by concerns around fuel costs and softer consumer
confidence. As with New Zealand, the strength of the coming summer will depend on long haul flight prices
and capacity. The destination itself continues to be highly desired by international visitors, which underpins
thl’s medium term confidence in this market.

thl views the September to October window as a key booking period to establish the summer 26/27
performance. If the situation with the current Middle East conflict continues beyond the next few weeks,
there is the potential for a more significant impact on the New Zealand and Australia summer.

Vehicle sales

As noted, given leads remain in line with expectations, we are looking at consumer confidence metrics in all
jurisdictions to develop a view on the forthcoming year’s performance. Overall purchases continue to be
monitored and adjusted to meet any drop in vehicle sales performance.

Strategic Initiatives

We are pleased with the progress made against our strategic priorities. The UK & Ireland business has been
divested, completing our exit from that market. In Australia, our manufacturing operations have been closed
and consolidated into New Zealand, streamlining our production footprint and capturing scale efficiencies.
The Australian retail business has delivered a significant improvement in its working capital position and has
closed underperforming sites, with further opportunities for performance improvement identified for FY27.
Our North American business continues to perform below ROFE expectations, and we are actively exploring
a range of options to lift performance and unlock value in that region.

ENDS

Authorised by:

Cathy Quinn, ONZM
Chair

For further information contact:

Media | Investors | Analysts:
Grant Webster
thl Chief Executive Officer
Direct Dial: +64 9 336 4255
Mobile: +64 21 449 210


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.