NZX Governance Explorer

How Tourism Holdings Limited makes money

Where THL’s revenue went in FY2026: operating costs, depreciation, interest and tax, and what was left as net profit. Built from the income statement in the filed annual report, and drawn only when the figures reconcile with each other. THL company profile

How Tourism Holdings Limited makes money — FY2026

Revenue $852.9m · EBITDA $218.1m (25.6% of revenue) · Net profit $46.1m (5.4% of revenue) · Financial year ending June (from the issuer record)

Tourism Holdings Limited (THL) FY2026: where revenue of $852.9m wentRevenue → EBITDA: $218.1mRevenue → Operating costs (net of other income): $634.8mEBITDA → EBIT: $101.2mEBITDA → Depreciation & amortisation: $116.9mEBIT → Net profit: $46.1mEBIT → Interest: $41.0mEBIT → Income tax: $14.0mOther items (net gain) → Income tax: $6.9mRevenue: $852.9mRevenue$852.9mEBITDA: $218.1m (derived)EBITDA$218.1m · derivedOperating costs (net of other income): $634.8m (derived)Operating costs (net ofother income)$634.8m · derivedEBIT: $101.2mEBIT$101.2mDepreciation & amortisation: $116.9mDepreciation &amortisation$116.9mOther items (net gain): $6.9m (balancing item)Other items (net gain)$6.9m · balancingNet profit: $46.1mNet profit$46.1mInterest: $41.0mInterest$41.0mIncome tax: $20.9mIncome tax$20.9m

Band widths are proportional to NZD amounts. Dashed outlines mark derived figures; the hatched node is a balancing item (net profit less every line above it).

Tourism Holdings Limited FY2026 figures used in the chart
FY2026AmountStatusNote
Revenue$852.9mReported
Operating costs (net of other income)−$634.8mDerived *Reported operating expenses $251.7m do not reconcile; not used.
EBITDA$218.1mDerived *
Depreciation & amortisation−$116.9mReported
EBIT$101.2mReported
Interest (net finance costs)−$41.0mReported
Income tax−$20.9mReported
Other items (net gain)+$6.9mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net profit$46.1mReported
  • * ebitda: $218.1m = EBIT + depreciation & amortisation
  • * operating costs: $634.8m = Revenue − EBITDA
Checks run on these figures (6)
  • Passed: Revenue is within the scale of a column stored in thousands.
  • Passed: Revenue in the income statement ($852.9m) vs the summary table ($852.9m): agree within 2%.
  • Passed: EBITDA − D&A = $101.2m vs reported EBIT $101.2m: reconciles.
  • Not met: Reported operating expenses ($251.7m) leave $601.2m, not EBITDA of $218.1m (gap $383.1m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item $6.9m is 0.8% of revenue (limit 25%).
  • Not met: No operating segments recorded for this year.

Figures extracted automatically from the annual report; check against the report. NZD thousands as stored, shown in millions. Source: annual_report_pdf · method: claude_haiku_pdf · extracted 5 September 2026.

EBITDA bridge, FY2025 → FY2026

What moved EBITDA between the two years: the change in revenue, less the change in operating costs (revenue less EBITDA, net of other income; not a reported line). The costs are one net figure; no split by type is held, so none is shown.

THL EBITDA bridge FY2025 to FY2026FY2025 EBITDA: $199.2m$199.2mFY2025 EBITDARevenue change: −$186.8m−$186.8mRevenue changeCost change (derived): +$205.7m+$205.7mCost change (derived)FY2026 EBITDA: $218.1m$218.1mFY2026 EBITDA
THL EBITDA bridge FY2025 to FY2026: figures
StepFY2025FY2026Effect on EBITDAStatus
FY2025 EBITDA$199.2m$199.2mAs charted
Revenue$1,039.7m$852.9m−$186.8mReported
Operating costs (net, derived)$840.5m$634.8m+$205.7mDerived: revenue − EBITDA
FY2026 EBITDA$218.1m$218.1mAs charted

$199.2m −$186.8m +$205.7m = $218.1m, which equals FY2026 EBITDA of $218.1m. EBITDA is the figure stored from each statement; companies that headline an adjusted measure (EBITDAF, underlying EBITDA) can report a different number.

What changed from FY2025 to FY2026

MeasureFY2025FY2026ChangeChange %
Revenue$1.0b$852.9m−$186.8m−18.0%
EBITDA$199.2m$218.1m+$18.9m+9.5%
Net profit-$25.8m$46.1m+$71.9mn/m
EBITDA margin19.2%25.6%+6.4 pts—
Net margin-2.5%5.4%+7.9 pts—

Both years passed the same checks. Margins are shares of revenue; their change is in percentage points. n/m = not meaningful (prior-year figure at or below zero). Each year holds the figures from its own annual report; restated comparatives are not applied.

Margins over time

EBITDA, EBIT and net profit as a share of revenue for each year whose figures passed the checks (8 of 10 years from FY2017). The shaded line is the median of 13 other listed Consumer Discretionary operating companies, using each one’s same financial year where it passed the checks; the number of companies in each median is in the table. Gaps are years that were not charted.

EBITDA margin
THL ebitda margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: THL 25.7%; peer median 9.4% (4)FY2018: not charted — not from annual reportFY2019: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2020: not charted — not from annual reportFY2021: THL 11.2%; peer median 16.6% (9)FY2022: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2023: not charted — EBITDA not recorded or derivable for this year (EBIT only)FY2024: THL 22.4%; peer median 12.8% (5)FY2025: THL 19.2%; peer median 13.1% (7)FY2026: THL 25.6%; peer median 16.5% (5)
EBIT margin
THL ebit margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: THL 14.0%; peer median 9.9% (6)FY2018: not charted — not from annual reportFY2019: THL 14.7%; peer median 13.6% (7)FY2020: not charted — not from annual reportFY2021: THL 2.3%; peer median 9.8% (10)FY2022: THL 2.0%; peer median 12.3% (9)FY2023: THL 13.4%; peer median 11.5% (7)FY2024: THL 12.0%; peer median 7.8% (7)FY2025: THL 8.1%; peer median 7.2% (7)FY2026: THL 11.9%; peer median 11.6% (6)
Net margin
THL net margin by financial year, with peer median-10%10%30%FY17FY18FY20FY22FY24FY26FY2017: THL 8.9%; peer median 7.1% (6)FY2018: not charted — not from annual reportFY2019: THL 7.0%; peer median 6.7% (7)FY2020: not charted — not from annual reportFY2021: THL -4.0%; peer median 6.3% (10)FY2022: THL -0.6%; peer median 6.4% (9)FY2023: THL 7.5%; peer median 8.4% (7)FY2024: THL 4.3%; peer median 5.0% (7)FY2025: THL -2.5%; peer median 4.3% (7)FY2026: THL 5.4%; peer median 7.5% (6)

THL   peer median   below the axis: year not charted (reason in the table). All panels share one scale.

THL margins by year with peer medians
YearEBITDA margin: THL · peer median (n)EBIT margin: THL · peer median (n)Net margin: THL · peer median (n)Note
FY201725.7%9.4% (4)14.0%9.9% (6)8.9%7.1% (6)
FY2018—11.6% (8)—9.1% (8)—5.0% (8)Not charted: not from annual report
FY2019—16.6% (5)14.7%13.6% (7)7.0%6.7% (7)EBITDA not recorded or derivable for this year (EBIT only)
FY2020—16.4% (8)—7.1% (8)—4.0% (8)Not charted: not from annual report
FY202111.2%16.6% (9)2.3%9.8% (10)-4.0%6.3% (10)
FY2022—11.3% (7)2.0%12.3% (9)-0.6%6.4% (9)EBITDA not recorded or derivable for this year (EBIT only)
FY2023—13.8% (6)13.4%11.5% (7)7.5%8.4% (7)EBITDA not recorded or derivable for this year (EBIT only)
FY202422.4%12.8% (5)12.0%7.8% (7)4.3%5.0% (7)
FY202519.2%13.1% (7)8.1%7.2% (7)-2.5%4.3% (7)
FY202625.6%16.5% (5)11.9%11.6% (6)5.4%7.5% (6)

Peer medians use only peer-years that passed the same checks; a median of fewer than two companies is not shown. Years are grouped by financial-year label, and year-end months differ between companies.

Not yet available: where the cash goes (operating cash flow to capex, dividends and debt) and underlying versus reported earnings. The figures they need are not yet validated.

Years not charted

These years are on file but their figures did not pass the checks, so no chart is drawn for them.

  • FY2020: Figures were not read from a filed annual report (source: not recorded).
  • FY2018: Figures were not read from a filed annual report (source: not recorded).
  • FY2009: Figures were not read from a filed annual report (source: not recorded).

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Data sourced from NZX company annual reports (income statements). 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.

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