Tourism Holdings Limited

Overview

Tourism Holdings Limited is New Zealand's premier tourism company. It is the largest provider of holiday vehicles for rent and sale in Australia and New Zealand under the Maui, Britz, Mighty, KEA Australia and Motek Vehicle Sales brands. In the USA it owns and operates the Road Bear RV Rentals and Sales brand.

Within New Zealand, Tourism Holdings Limited also operatse Kiwi Experience and the Discover Waitomo Group which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.

In 2012 the company entered in a joint venture to form RV Manufacturing Group LP, New Zealand's largest motorhome and specialist vehicle manufacturer. RVMG LP has operations both in Auckland and Hamilton.

Performance

The following information was extracted from Tourism Holdings Limited's Full Year report, released on 25 August 2026:

FY26 ANNUAL RESULTS

• Statutory net profit after tax (NPAT) from continuing operations of $39.9 million, compared with a statutory net loss from continuing operations of $14.1 million in FY25(1)
• 34% increase in underlying NPAT from continuing operations to $46.1 million
• 11% increase in sale of services revenue (primarily rentals) to $517.5 million, driven by fleet growth and improved RevPARV, with total revenue down 5% to $852.9 million
• Meaningful progression on all four strategic initiatives announced in August 2025, including the sale of thl UK & Ireland for circa $57 million, the exit of two loss-making Australian dealerships, the closure of the Brisbane factory and implementation of North American labour, fleet and procurement synergies
• 10% increase in closing rental fleet, to 8,587 vehicles
• 62% increase in full-year dividend to 10.5 cps, with a final dividend of 7.5 cps, 100% imputed and 10% franked
• 67% increase in net operating cashflows to $67.3 million
• Group ROFE (continuing operations) of 8.7%, up from 7.6% in FY25, against a through-the-cycle target of 15%
• Net debt of $436 million at 30 June 2026 (or $453 million on a four-week normalised basis) down from $492 million, with leverage (pre-IFRS 16) of 2.32x and the equity ratio improved to 41%
• Two non-binding indicative proposals to acquire thl are currently before the Board, at $3.10 per share and at $3.30 to $3.40 per share
• Strong H2 FY26 momentum was disrupted by the Middle East conflict, creating a gap in forward booking intake that is unlikely to be fully recoverable. Together with continued weakness in RV sales markets, this has impacted the significant earnings step-up thl expected for FY27
• thl believes the fundamental drivers underpinning its $100 million underlying NPAT goal remain intact: rental fleet and revenue growth, manufacturing and procurement benefits, other cost initiatives, and an expected cyclical recovery in RV sales markets

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) today releases its results for the twelve months ended 30 June 2026. Following the divestment of the UK & Ireland business on 31 March 2026, financial and operating metrics are presented on a continuing operations basis unless otherwise indicated, with FY25 comparatives restated. Balance sheet metrics are presented on a total group basis and have not been restated.