Tourism Holdings Rentals (THL) AGM 2025 summary

Opening remarks and agenda

• The meeting was held at the new Auckland site with in-person and online participation, including a guided site tour and technical/safety briefings.

• Chair welcomed attendees, introduced the board, executive team, and advisors, and outlined the agenda, which included company and CEO addresses, formal resolutions, and an open Q&A session.

• 94.4 million valid proxies and postal votes were received, representing 42.7% of shares.

Financial performance review

• Underlying net profit after tax declined 45% to $28.7 million, with a statutory net loss after tax of $25.8 million due to one-off items.

• New Zealand Rentals & Sales and Tourism divisions achieved record EBIT, while Australia’s retail dealerships, North America, and UK/Ireland underperformed due to weak RV sales and tourism.

• The company returned to positive operating cash flows in FY 2025 and expects a return to growth in FY 2026.

• Continued focus on cost optimization and execution of strategic initiatives.

Board and executive committee updates

• The board declined a $2.30 per share takeover offer, stating it undervalued the company and indicated a value expectation well above $3.00 per share, remaining open to improved offers but with no further communication from BGH.

• Rob Hamilton stood for re-election, highlighting his governance and finance experience.

• The board is focused on executing strategic initiatives and managing succession planning.