2026 Annual Meeting Materials

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


6 November 2026

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

2026 ANNUAL MEETING MATERIALS

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) attaches the following documents relating to thl’s
2026 Annual Meeting, which is being held at 12:00pm today:

1. Chair & CEO’s Address
2. Annual Meeting 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.

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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


6 November 2026

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

2026 ANNUAL MEETING ADDRESS

Chair’s Address – Cathy Quinn ONZM

I'd like to provide an update on the recent non-binding proposals received by thl.

As you know, thl has been progressing a comprehensive due diligence process with both bidders, the BGH consortium
and Indie Campers.

I can confirm that the due diligence process has now largely concluded, and thl has received revised non-binding proposals
from both parties. The Board is reviewing those proposals and engaging with both parties regarding their terms.

I recognise that shareholders may want an update, particularly on pricing. However, those discussions remain confidential
and, while we are negotiating with two parties in a competitive process, the Board does not believe it’s in the best interests
of shareholders to publicly discuss those terms at this stage. You can be assured that the Board's focus throughout this
process is on what is in the best interests of thl’s shareholders.

Both proposals remain non-binding and subject to conditions. There is no certainty that either will result in a transaction,
and shareholders do not need to take any action at this time. The Board will continue to keep the market informed in
accordance with its continuous disclosure obligations.

Meanwhile, Grant and his team have continued to run the business for the long term, and we have continued to make
investments in our products, people and properties. I want to recognise the extra load this process has placed on the thl
team, alongside running the business and delivering multiple major strategic initiatives.

Today is thl's 40th Annual Meeting. It is a milestone worth pausing on, and a good vantage point from which to look at
where we are today, and the year we’ve just had.

There is no denying that the world today is in a difficult place. Geopolitics has moved from the background of business to
the foreground. Conflict in the Middle East has pushed fuel prices significantly higher and impacted international travel.
Interest rates and confidence continue to weigh on large household purchases, including motorhomes. Global shocks are
happening faster and more frequently than before, often with little warning.

The Board's view is that this volatility is no longer a passing phase and that it is our responsibility to see that thl is built to
perform through it, rather than waiting for more stable conditions.

Against that backdrop, we see FY26 as a strong year for thl in which we did what we said we would do.

Twelve months ago, we acknowledged that thl’s FY25 performance was simply not good enough. We had just released our
growth roadmap, built around four strategic initiatives, and we said we expected thl to return to profit growth in FY26.
Over the past twelve months, we have decisively executed against all four initiatives. We sold the UK and Ireland business
for around $57 million. We closed our Brisbane factory and consolidated manufacturing in Hamilton. We exited two loss-
making dealerships in Australia. And across North America, we delivered labour, fleet and procurement synergies.
Each of these decisions impacted our crew, and I want to acknowledge both the care with which the team managed those
changes and the professionalism of our crew throughout.

The performance for FY26 reflects this decisiveness. On a continuing-operations basis, underlying net profit after tax rose
34% to $46.1 million, while statutory profit was $39.9 million, compared with a loss in the prior year.

Rental revenue reached a record $517.5 million. Operating cash flow increased by 67%, and net debt reduced from $492
million to $436 million.

Shareholders have shared in that growth, with a full-year dividend of 10.5 cents per share, up 62% from the FY25 full-year
dividend, and at the mid-point of our payout policy.

These are meaningful steps in the right direction, but thl still remains some way from our 15% return on funds employed
target, and the Board is focused on seeing continued progress towards it.

North America is the largest strategic priority for the Board and for management. Canada is performing very well, and the
US has improved year on year, but it is a long way from where it needs to be.

As a result, the Board is actively exploring alternative strategic options for the North America business. We are clear that
the returns on the funds employed in the US need to improve, and any continued capital allocation must be supported by
a reasonable outlook for improved returns.

I’d now like to touch on our goal of $100 million in underlying net profit after tax.

The Board continues to see $100 million as the right ambition for thl, despite the changes that have taken place in the
world.

We believe the building blocks are in place. First, growing our rental fleet in markets where international tourism continues
to grow, alongside an improvement in utilisation and rental yields. Second, manufacturing and procurement benefits as
lower-cost vehicles progressively rotate through our rental fleet. Third, building on cost savings already achieved, with
further initiatives underway. And finally, RV sales. We expect part of the RV sales market to recover over time, although we
are not expecting a return to previous market conditions.

We communicated this goal more than 12 months ago. Since then, we have had the conflict in the Middle East arise, driving
up fuel prices and disrupting travel. The RV sales market was also expected to be further through its recovery by now.
These factors affect the timing and shape of the journey, and some of the growth we had expected in FY27 is now likely to
come later. And ultimately the opportunity is reliant on an overall macroeconomic improvement.

But achievement of the goal within our original timeline, being by FY29, is still possible and as an organisation thl remains
focused on achieving it.

Before I hand over to Grant, I’d like to acknowledge several changes around our Board table today.

We are pleased to have welcomed Barbara Chapman earlier this year, who brings significant governance and executive
experience to the Board and stands for election today.

Today also marks Sophie Mitchell’s final meeting as a thl director. Sophie joined the Board in 2022 following the merger
with Apollo, having previously chaired Apollo through its global expansion and IPO. Sophie, on behalf of the Board, thank
you for your contribution to thl’s governance over the past four years and, in particular, for your leadership of the
Remuneration Committee.

Lastly, I want to thank our people around the world. FY26 was a demanding year, with significant volatility across the globe,
change in our business, and uncertainty and additional work created by the takeover processes.

Throughout that, our crew have continued to focus on looking after our guests so that thl continues to be the leader in the
RV rentals industry. So on behalf of the Board, thank you for your continued commitment to thl.

CEO’s Address – Grant Webster

I want to pick up where Cathy left off, with the world we're operating in. I don't think anyone in this room needs convincing
that it's a challenging one, but it may well always be that way, or at least for some time. So we will act accordingly.

When I stood here a year ago, the big unknown was the ongoing impact of tariffs. This year, it is war. When the conflict in
the Middle East escalated in March, fuel prices spiked, flight networks were disrupted and travellers around the world hit
pause.

Last month I joined a forum of business leaders here in Auckland. The message from almost every speaker was the same:
volatility isn't just an interruption to the operating environment, it is the operating environment.

I agree. And I think that changes the question shareholders should ask of any management team. It's no longer "did you
predict the shock?", because nobody can. The better question is "do you know your business well enough to respond when
it arrives?"

That's the test I'd like you to apply to thl.

FY26 was a year of decisive execution. We returned to profit growth, grew the dividend, expanded the rental fleet, delivered
record rental revenue, executed cost-out initiatives, reduced net debt and improved balance sheet strength. All of that is
done, and it's the reason I believe thl is a sharper, more focused business than it was twelve months ago.

Our return on funds employed remains below target, and the reasons are clear; our US business, our Australian retail sales
business, and vehicle sales more broadly on a global basis.

Understandably, there is a lot of noise around the state of the RV sales industry, and I will touch on our views on the future
of this market shortly, however it is important to take a moment to focus on what thl actually is; we are an RV business with
rentals at its engine. Although we have RV sales dealerships and sell new vehicles, the primary reason we are in RV sales is
to rotate and sell our RV rental fleet.

Rentals is the biggest contributor to our earnings, and the engine is performing. Not only did we grow the rental fleet by
over 11%, we did that while also getting more revenue out of each rental vehicle, despite the disruption late in the year.
That's the business achieving its purpose of putting more vehicles on the road and earning more from each one.

The demand for RV rentals is real. Before the conflict in the Middle East escalated, forward rental revenue in New Zealand,
Australia and Canada was each running around 20 per cent or more ahead of the year before. Then customers paused and
many of them simply waited to see what would happen before committing.

We've always read that as a confidence and travel-cost issue, not a structural change in how people want to travel, and the
evidence since has backed that up. When we reported our result in August, the recent booking intake trends we
communicated validated that a portion of that demand was deferred, not lost. The disruption has nevertheless had a real
impact on what FY27 could’ve been, particularly the first quarter.

Even with this impact, in August international visitor arrivals to New Zealand were up 8 per cent on a year earlier and back
to 99 per cent of pre-COVID levels, with record August arrivals from Australia.

I believe that there is a real reason why, amidst such an uncertain global outlook, tourism has shown particular resilience.
In a less certain world, the freedom to go where you want, at your own pace, in your own space, has real appeal, and the
countries we operate in are beautiful places to visit.

That's why we keep coming back to RV rentals as the core of the thl model. It's also why our build, rent and sell model
matters. We design and build vehicles for rental, we earn through their rental life, and we earn again when we sell them.
When one part of that cycle is under pressure, the others give us options. Even in one of the toughest RV sales markets in
decades, our ex-rental vehicles in Australia and New Zealand sold at margins of around 30 per cent. That says a lot about
the quality of our fleet and the care our teams put into it.

The tougher part of the story is RV sales. The industry and ourselves expected a recovery to begin in FY26, and it didn't
come. Our revenue from the sale of goods, primarily RV sales, fell 22 per cent.

In the US, wholesale RV shipments have been running well below last year and several industry forecasters have cut their
outlooks several times across the year. Interest rates, fuel costs and soft consumer confidence are all weighing on people's
willingness to make a big discretionary purchase.

Until recently the industry described this as a cyclical downturn that would come back once interest rates fell. However
this is likely only part of the market. Over the last five years, cumulative inflation has pushed up the price of a new RV faster
than many households' incomes, and for some customers affordability has become a real constraint. Some of that demand
should come back if rates and fuel costs ease, but some of it may not. Industry analysts are now saying much the same
thing.

The important question is what that means for thl and our view is that we're better placed than most in the RV industry to
adjust to it.

thl is fundamentally different from traditional RV manufacturers or dealers. Selling RVs is the last step in the life of each
vehicle, not the reason we own it, and this gives us flexibility that others don’t have. If the retail market will take fewer
vehicles each year, we plan around selling fewer, buying and building fewer and keeping vehicles on the fleet longer, and
manage the age and mix of our rental fleet, so that what we offer both renters and buyers is what they want and can afford.
We're already doing this. Our fleet rotation this year was the lowest in some time, and we did that while growing the rental
fleet and reducing debt. Across Australia and New Zealand, we continue to earn margins of around 30% on ex-rental
vehicles, because a well-maintained, lower-priced ex-rental vehicle is exactly what we think a cost-conscious buyer is
looking for.

So we are not waiting for a quick rebound in the sales market to what it was. We've reshaped our retail business and
manufacturing capacity to the market we have today, while keeping the flexibility to step up when some of that demand
comes back.

Moving on to the United States: it's the world's largest RV market, and it's also our largest opportunity for improvement. I
said that last year, and it's still true. As Cathy mentioned, improving returns in the United States is the largest strategic
priority for management and the Board, and this includes exploring alternative strategic options.

We’ve taken actions in FY26: cut average funds employed there by around $60 million, taken out cost, brought our US and
Canadian teams closer together, and shifted fleet to where the demand is. We have also opened up more domestic and
non-tourism channels.

It’s not all negative in North America - Canada is performing very well and delivered a record rental summer. However the
US sits at the other end of the spectrum. International visitation into the US was severely impacted for the entire year, and
while our North America division saw an improvement year on year, it is still a long way from where it needs to be.

While we've been tightening up in some areas, we've kept investing where the returns are proven, particularly in New
Zealand and Australia.

I’m pleased to show our new Queenstown site, Paeraki, which opened on 17 August. Queenstown is one of the most in-
demand destinations in the country, and our previous site was simply too small. We were turning away rental demand, so
the new site gives us the capacity to better serve that market. It also includes an expanded RV Super Centre showroom
and service centre, allowing us to sell and service vehicles across the lower South Island as well as rent them. The additional

space has allowed us to build greater efficiency into the operation, including an integrated automated wash system. It has
a similar look and feel to Waitomokia and represents the kind of modern, efficient facility we want across the network.

Even though we’ve now been at Waitomokia for around a year, it would be unfair to talk about thl’s investment in its sites
without mentioning it.

We feel very fortunate to call Waitomokia home, and we’re now seeing the benefits come through in greater operational
efficiency, easier vehicle movements and less reliance on overflow parking. Importantly, the scale of the site has given us
the capacity to take the operation to the next level.

Our biggest day so far saw us process more than 80 customer pick-ups and similar drop-offs. Across our peak pick-up
window, that’s a vehicle processed and heading out with a customer roughly every three and a half minutes.

We’re making similar investments outside of New Zealand. In Australia, we moved our Perth and Sydney operations to
new, larger sites. Both previous locations were significantly constrained, and the new sites have given those operations
significantly more capacity. We are considering a number of similar property projects as we continue to strengthen our
position in these markets and see that our facilities have the capacity to support future growth.

Alongside investment in sites, we are continuing to invest in our products. Nothing demonstrates our RV expertise more
clearly than the vehicles we design and build. I’m pleased to have some of those vehicles on display here today and
encourage those attending in person to join the site tours and product walkthroughs after the meeting.

This year we relaunched the premium Winnebago range in Australia and New Zealand, with nine new layouts across three
chassis platforms, led by the flagship Winnebago Odyssey.

Designed by our Action team and built in Hamilton, the range combines premium design, quality and functionality,
representing outstanding value at the premium end of the market. In my view, it’s one of the strongest products we’ve
ever developed.

At the other end of the market, we’re responding to a more price-conscious customer with a very different proposition.
Action Manufacturing has developed new 2-berth Hi Top and 4-berth Voyager vehicles on the LDV platform for our New
Zealand and Australian rental fleets. While these are currently a rental product only, they will soon flow through to our sales
dealerships in early 2027.

This is a smartly designed vehicle targeted at more adventurous and value-conscious customers. With a fixed internal bed
and a pop-top roof tent with internal access, it easily accommodates a young family of four. We see it as a highly
competitive product in a segment attracting increasing competition, including from vehicles manufactured in China.
Our advantage is that thl brings decades of experience designing and building RVs for rental use, so customers can have
the confidence that their vehicles have been designed and built with an understanding of durability from intensive use.
So at the value end, we’ve developed a lower-cost, feature-rich product, and at the premium end, we’re investing in
differentiated flagship products that give customers a compelling reason to buy.

While RVs are at the core of thl, we haven't forgotten where thl came from, which is New Zealand tourism. That heritage is
still part of thl today through our Discover Waitomo and Kiwi Experience businesses. We are proud to be the operators of
these important businesses in New Zealand tourism.

thl has been part of the Waitomo tourism landscape, and has owned and operated Kiwi Experience, since the 1990s, and
both are household names in New Zealand. On a return on funds employed basis, New Zealand Tourism has been thl's
highest-performing division for some time. Both businesses are supported by dedicated teams with a deep knowledge
and history of their respective businesses.

From the next financial year, our Waitomo business will take a different structure, as the lease for the main Glowworm Cave
expires in June 2027. We are in discussions with the cave's owners about what thl’s role in the attraction could look like
going forward. These discussions are ongoing. We still operate our other Waitomo attractions, including the Ruakuri and
Aranui Cave tours, Black Water Rafting adventures and the Waitomo Homestead, and we intend to continue to operate
these regardless of the outcome of current discussions.

As part of our growth roadmap last year, we indicated that the expiry of the main Glowworm Cave lease was expected to
result in a 50% reduction in EBIT for that division from FY28 onwards, and we believe that this remains an appropriate
assumption at this point in time.

This has been a year of significant change, and change asks a lot of people. Some of the decisions we’ve made have been
difficult and have had a direct impact on some of our long-standing crew, and we have to acknowledge that. But ultimately,
these were decisions we needed to make for the long-term strength of thl.

The safety and wellbeing of our crew has remained our first priority. We operate in inherently higher-risk environments,
and our aim is that every one of our people, guests and community members goes home safe every day. This year we
launched our global “10,000 Reasons Why” campaign, encouraging crew to share the personal reasons why getting home
safely matters to them.

We had Marlyn in Calgary share that her ‘why’ is exploring more of Canada with her dog and having new adventures
together. Fiona in Brisbane shared that hers is to continue to enjoy her love of theatre.

This campaign has been hugely successful in making health and safety personal and visible across the organisation, by
bringing individuality to a subject that can sometimes become focused on policies and processes.

Our multi-year digital transformation is now complete, and the focus has shifted from implementing common systems to
extracting value from them through better data and faster decisions. That same focus extends to how customers discover
us. As artificial intelligence changes the way travellers research destinations and brands, we are adapting our content and
digital channels so thl remains the trusted authority in RV travel.

Turning to an update on performance in the first quarter and the rental outlook.

The operating environment remains pretty volatile, and at the moment there is no clear or consistent booking trend across
our markets. We can have weeks that are very strong and well ahead of last year, followed by weeks that are flat or behind.
The picture also varies considerably by market and by travel month.

The conflict in the Middle East has clearly continued for longer than expected and remains a factor influencing some travel
patterns. We are also seeing some softness from Australian consumers, given the current economic environment and
consumer confidence in Australia, and that is evident in travel by Australians both within Australia and those travelling to
New Zealand.

Within that context though, we are tracking relatively well, with underlying net profit after tax in Q1 broadly flat with last
year.

Our forward rental revenue for the Southern Hemisphere is currently up about 10% compared to the same time last year,
which, given everything happening in the markets around us, gives us confidence in the underlying demand for RV rentals.
Forward rental revenue for the Northern Hemisphere is still early in the booking window and is not meaningful at this
stage.

Offsetting this, vehicle sales remain challenging relative to the prior period, particularly in North America, as expected, and
in line with broader industry commentary.

Our priorities for the year are clear.

First, grow rentals. We’re aiming to efficiently manage fleet, utilisation and yield, and capture deferred demand as
confidence returns. Second, we want to lift returns in the US, with clear discipline on capital, while actively exploring
alternative strategic options. Third, we want to keep our sales businesses focused, invest in our own products, and be ready
when the market turns. Fourth, bank the benefits of what we've already done: manufacturing consolidation, North
American integration, our global systems and our cost-out programme. Fifth, keep the balance sheet strong. Return on
funds employed remains our measure, and 15 per cent remains our target. Sixth, progress the Waitomo arrangements and
confirm thl’s position beyond next year. And as always, keep our people safe.

Thank you for your support.

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.

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2026 AN N U AL MEET IN G
6 NOVEMBER 2026

2thl 2026 ANNUAL MEETING
Welcome
Cathy Quinn ONZM
Chair

thl 2026 ANNUAL MEETING
Proxies and postal votes
Valid proxy and postal votes
98.7 million
Proxy and postal votes as a percentage of
ordinary shares on issue
44.6%
Proxies received appointing the Chair of the
meeting as proxy
84.2 million
3

thl 2026 ANNUAL MEETING
Agenda
•Welcome and agenda
•Chair’s address
•Chief Executive’s address
•Resolutions
•Q&A & General Business
4

5thl 2026 ANNUAL MEETING
Chair’s Address
Cathy Quinn ONZM
Chair

thl 2026 ANNUAL MEETING
Takeover update
Revised proposals received from both bidders
Both the BGH consortium and Indie Campers have provided
revised non-binding proposals to acquire thl
Both proposals under review
The Board is engaging with both parties, with its focus firmly on
the best interests of thl shareholders
No certainty of a transaction
Both proposals remain non-binding and subject to conditions,
and shareholders do not need to take any action at this time
Business continues to move forward
We remain focused on running the business for the long term
and investing in our products, people and properties
6

thl 2026 ANNUAL MEETING
Delivering on our commitments
7
✓
✓
✓
✓
UK & Ireland
Sold for ~$57 million
Manufacturing
Brisbane closed, Hamilton consolidated
Australia Retail
Branch network and products consolidated
North America
Operational improvements made, but returns are significantly below
target, and alternative strategic options are being actively explored
+34%
Underlying NPAT
(Continuing Ops)
1
$46.1m
10.5cps
Full Year Dividend
Up from 6.5 cents per share
8.7%
Return on Funds
Employed (ROFE)
1
Up from 7.6%
1
Refer to page 29 of thl’s FY26 Investor Presentation for a reconciliation of underlying NPAT
(continuing operations) to statutory NPAT, and page 27 for the definition of ROFE.

thl 2026 ANNUAL MEETING
The $100 million underlying NPAT goal
8
Is it still the right ambition?
Yes. The Board believes that the opportunity remains
and the core building blocks are in place
Does it rely on macroeconomic
improvement?
Yes. Continued international tourism growth and a
recovery in vehicle sales remain important assumptions
Is achievement by FY29 still possible?
Yes. As an organisation, we remain focused on achieving
it within that timeline
RV RENTALS
Growing fleet in attractive
markets, improving
utilisation and yields
1
MANUFACTURING
Procurement benefits as
lower-cost vehicles rotate
through the rental fleet
2
COST OUT
Building on cost savings
already achieved, with
further initiatives underway
across the group
3
RV SALES
Generating stronger
returns from a more
focused retail business
alongside a recovery
4
The building blocks remain in place

thl 2026 ANNUAL MEETING
Board acknowledgements
9
JOINED
Barbara Chapman
CNZM
Director since May 2026
•Member, Audit & Risk
Committee
•Member, Remuneration
Committee
•Member, Health, Safety &
Sustainability Committee
RETIRING
Sophie Mitchell
Director since 2022
•Chair, Remuneration
Committee
•Member, Audit & Risk,
Nomination and Market
Disclosure Committees
IN MAY 2026
IN NOVEMBER 2026

10thl 2026 ANNUAL MEETING
CEO’s Address
Grant Webster
CEO & Managing Director

thl 2026 ANNUAL MEETING
✓
FY26 progress and focus areas
11
↑
PROFIT GROWTH
✓
RECORD RENTAL REVENUE
↑
DIVIDEND GROWTHDEBT REDUCTION
↑
RENTAL FLEET GROWTH
✓
COST-OUT INITIATIVES
FOCUS AREAS
GLOBAL
VEHICLE SALES
AUSTRALIAN
RETAIL
US
PERFORMANCE
ACHIEVEMENTS
✓

thl 2026 ANNUAL MEETING
Our core is rentals
The rental engine is performing
12
BUILD
Designed for rental
RENT
Core earnings engine
SELL
Rotates rental fleet
BUILD → RENT → SELL
•thl is differentiated by its integrated Build – Rent – Sell model, providing flexibility to manage build volumes,
rental fleet needs and vehicle sales as market conditions change
•Vehicle sales have been softer for some time, with industry expectations now pointing to a more modest
recovery and affordability remaining a structural constraint even if interest rates and fuel costs ease
•We have aligned build capacity with rental needs and lower sales expectations, rather than building for a
return to historical vehicle sales volumes
•Vehicles can remain in the rental fleet for longer, slowing fleet rotation, and reducing total funds employed
while ultimately providing more affordable used vehicles for sale

thl 2026 ANNUAL MEETING
North America
Largest RV market and single largest opportunity
Significant upside potential if thl can improve returns in the US
Significant actions already taken
Reduced funds employed and cost base, brought the US and
Canada teams closer together, and moved to a unified,
dynamically managed fleet
Canada demonstrates the potential
Strong performance and a record rental summer show that the
North American market can deliver
Clear strategic imperative
Returns on funds employed in the US need to improve, and
alternative strategic options are being actively explored
13

thl 2026 ANNUAL MEETING14
New Queenstown site opened August 2026

thl 2026 ANNUAL MEETING15
Flagship Waitomokia site opened March 2025

16thl 2026 ANNUAL MEETING
Flagship Winnebago Odyssey 40I

17thl 2026 ANNUAL MEETING
Flagship Winnebago Odyssey 40I

18thl 2026 ANNUAL MEETING
4 Berth Voyager

thl 2026 ANNUAL MEETING
New Zealand Tourism division
19
An important part of thl’s heritage
While thl’s core is RVs, Discover Waitomo and Kiwi Experience
have been part of the business for almost 30 years
The Group’s highest-performing division on ROFE
The New Zealand tourism division continues to deliver strong
return on funds employed
Glowworm Cave lease expires 30 June 2027
Discussions with the cave’s owners are continuing regarding the
potential role thl may have in the attraction going forward
Previous guidance remains unchanged
We expect EBIT from the division to reduce by approximately 50%
from FY28 onwards as a result of the lease expiry
1
1
As indicated in thl’s growth roadmap released in August 2025.

thl 2026 ANNUAL MEETING
Our crew, safety and technology
20
Our underlying philosophy
Every crew member should go home each day in the same or
better physical and mental state than when they started the
day
10,000 Reasons Why
A successful internal campaign asking our crew a simple
question: why is health and safety important to you?
Digital transformation complete
Focus has shifted to extracting value from common systems,
with better data enabling faster, more informed decisions
Adapting to a changing digital landscape
Evolving our digital marketing approach to see that thl
remains the trusted brand in RV travel as AI changes how
customers research and book

thl 2026 ANNUAL MEETING
Trading update and outlook
•Q1 FY27 uNPAT was broadly flat with the prior year
1
•Volatile operating environment, with inconsistent booking
trends across markets and travel periods, as Middle East
conflict and softer Australian consumer demand remain factors
•Southern Hemisphere forward rental revenue up ~10%, with
underlying RV rental demand remaining encouraging
2
•Northern Hemisphere bookings remain at an early stage,
and are therefore not yet a meaningful indicator of demand
•Vehicle sales remain challenging relative to the prior period,
particularly in North America, as expected
1
On a continuing operations basis.
2
Rental revenue intake for NZ and Australia up to 3 November 2026, for travel in all future periods.
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thl 2026 ANNUAL MEETING
Priorities for the year
22
01
Grow rentals: Efficiently manage fleet, utilisation and yield, and capture
deferred demand as confidence returns
02
Lift returns in the US: Maintain clear discipline on capital while actively
exploring alternative strategic options
03
Keep our sales business focused: Invest in our own product and be
ready when the market turns
04
Bank the benefits already delivered: Manufacturing consolidation,
North American integration, global systems and cost-out
05
Maintain balance sheet strength: Return on funds employed remains
our measure, with 15% remaining our target
06
Progress the Waitomo arrangements: Establish the long-term
framework for thl in the region
07
Keep our people safe: Always

23thl 2026 ANNUAL MEETING
Formal
Business
Cathy Quinn ONZM
Chair

thl 2026 ANNUAL MEETING
Resolutions
24
1
Re-election of Cathy Quinn
That Cathy Quinn, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company
2
Re-election of Robert Baker
That Robert Baker, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company
.
3
Re-election of Grant Webster
That Grant Webster, who retires by rotation and is eligible for re-election, be re-elected as a Director of the Company
.
4
Election of Barbara Chapman
That Barbara Chapman, who was appointed by the Board during the year and retires in accordance with the NZX Listing Rules and the
Company’s constitution, and who is eligible for election, be elected as a Director of the Company
.
5
Auditor Fees and Expenses
That the Directors are authorised to fix the fees and expenses of the auditors for the ensuing year
.

thl 2026 ANNUAL MEETING
Proxy and postal votes received before the meeting
25
RESOLUTION 1:
RE-ELECTION OF
CATHY QUINN
RESOLUTION 2:
RE-ELECTION OF
ROB BAKER
RESOLUTION 3:
RE-ELECTION OF
GRANT WEBSTER
RESOLUTION 4:
ELECTION OF
BARBARA CHAPMAN
RESOLUTION 5:
AUDITOR FEES
AND EXPENSES
Postal and online
votes already cast
For96,631,99296,624,51696,684,37796,584,75796,650,551
Against78,70326,48519,142111,930129,219
Abstain31,50391,19738,67945,51129,052
Votes appointed to
proxies not yet cast
1,984,3931,984,3931,984,3931,984,3931,917,769
Total valid available
votes
98,695,08898,635,39498,687,91298,681,08098,697,539

26thl 2026 ANNUAL MEETING
Q&A & General
Business
Cathy Quinn ONZM
Chair

thl 2026 ANNUAL MEETING
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
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if things change materially.
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This presentation is for information
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or invitation to make any such
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exempt from, or not subject to, the
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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
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Standards (IFRS), thl’s calculation
of these measures may differ from
similarly titled measures
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they should not be considered in
isolation from, or construed as an
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Investors are encouraged to make
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The information contained in this
presentation should be read in
conjunction with thl’s latest
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available at: www.thlonline.com.
Disclaimer
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