NZX Governance Explorer

How Tourism Holdings Limited makes money

Where THL’s revenue went in FY2025: operating costs, depreciation, interest and tax, and what was left as net loss. 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 — FY2025

Revenue $1.0b · EBITDA $199.2m (19.2% of revenue) · Net loss $25.8m (-2.5% of revenue) · Balance date 30 June 2025

Tourism Holdings Limited (THL) FY2025: where revenue of $1.0b wentRevenue → EBITDA: $199.2mRevenue → Operating costs (net of other income): $840.5mEBITDA → EBIT: $84.2mEBITDA → Depreciation & amortisation: $115.0mEBIT → Interest: $57.5mEBIT → Income tax: $22.6mEBIT → Other items (net cost): $4.0mNet loss → Other items (net cost): $25.8mRevenue: $1.0bRevenue$1.0bEBITDA: $199.2mEBITDA$199.2mOperating costs (net of other income): $840.5m (derived)Operating costs (net ofother income)$840.5m · derivedEBIT: $84.2m (derived)EBIT$84.2m · derivedDepreciation & amortisation: $115.0mDepreciation &amortisation$115.0mNet loss: $25.8mNet loss$25.8mInterest: $57.5mInterest$57.5mIncome tax: $22.6mIncome tax$22.6mOther items (net cost): $29.8m (balancing item)Other items (net cost)$29.8m · balancing

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 FY2025 figures used in the chart
FY2025AmountStatusNote
Revenue$1.0bReported
Operating costs (net of other income)−$840.5mDerived *Reported operating expenses $739.7m do not reconcile; not used.
EBITDA$199.2mReported
Depreciation & amortisation−$115.0mReported
EBIT$84.2mDerived *Reported EBIT $86.8m does not reconcile to EBITDA − D&A.
Interest (net finance costs)−$57.5mReported
Income tax−$22.6mReported
Other items (net cost)−$29.8mBalancing item *Net profit less the lines above; covers fair-value movements, impairments, associates and anything else not itemised.
Net loss-$25.8mReported
  • * ebit: $84.2m = EBITDA − D&A (reported EBIT $86.8m differs; the gap falls into Other items)
  • * operating costs: $840.5m = 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 ($1,039.7m) vs the summary table ($1,039.7m): agree within 2%.
  • Not met: EBITDA − D&A = $84.2m vs reported EBIT $86.8m: does not reconcile.
  • Not met: Reported operating expenses ($739.7m) leave $300m, not EBITDA of $199.2m (gap $100.8m); costs derived as revenue minus operating profit instead. No split is shown.
  • Passed: Balancing item -$29.8m is 2.9% of revenue (limit 25%).
  • Not met: Fewer than two operating segments with revenue; shown as one Revenue figure.

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 7 March 2026.

Annual report: Tourism Holdings Limited Annual Report (PDF, NZX)

EBITDA bridge, FY2024 → FY2025

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 FY2024 to FY2025FY2024 EBITDA: $206.9m$206.9mFY2024 EBITDARevenue change: +$117.7m+$117.7mRevenue changeCost change (derived): −$125.4m−$125.4mCost change (derived)FY2025 EBITDA: $199.2m$199.2mFY2025 EBITDA
THL EBITDA bridge FY2024 to FY2025: figures
StepFY2024FY2025Effect on EBITDAStatus
FY2024 EBITDA$206.9m$206.9mAs charted
Revenue$922.0m$1,039.7m+$117.7mReported
Operating costs (net, derived)$715.1m$840.5m−$125.4mDerived: revenue − EBITDA
FY2025 EBITDA$199.2m$199.2mAs charted

$206.9m +$117.7m −$125.4m = $199.2m, which equals FY2025 EBITDA of $199.2m. 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 FY2024 to FY2025

MeasureFY2024FY2025ChangeChange %
Revenue$922.0m$1.0b+$117.7m+12.8%
EBITDA$206.9m$199.2m−$7.7m−3.7%
Net profit$39.4m-$25.8m−$65.2m−165.5%
EBITDA margin22.4%19.2%−3.3 pts—
Net margin4.3%-2.5%−6.7 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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