Tourism Holdings Rentals (THL) Investor presentation summary

Company overview and market position

• Operates as the largest commercial RV rental operator globally, with a fleet of 8,688 vehicles and a market cap of $495 million as of March 2026.

• Vertically integrated across RV manufacturing, rentals, and sales in New Zealand, Australia, and North America.

• Listed on NZX since 1986 and ASX since 2022, included in the NZX50 index.

• Underlying NPAT for H1 FY26 was $29.5 million, up 11% from the prior period.

Financial performance and capital management

• H1 FY26 statutory NPAT was $29.6 million, up 17%; underlying EBITDA reached $64.4 million, up 11%.

• Sale of services revenue grew 11% to $280.1 million; sale of goods revenue rose 4% to $197.2 million.

• Interim dividend increased 20% to 3.0 cents per share, fully imputed, with a policy of 40–60% payout of underlying NPAT.

• Net debt expected to fall below $400 million by FY26 year-end, with a net debt to underlying EBITDA ratio below 2.0x.

• Significant debt reduction driven by positive cashflows, lower fleet capex, and proceeds from UK division divestment.

Strategic initiatives and operational changes

• Four key initiatives: UK & Ireland divestment, Australasian manufacturing consolidation, Australian retail sales rationalisation, and North American synergy project.

• Conditional agreement to sell UK & Ireland division for ~$58.3 million, with completion expected by March/April 2026.

• Manufacturing for Australia consolidated in New Zealand, closing Brisbane facility and reducing costs.

• Closed underperforming dealerships in Australia, reduced inventory, and rationalised product range.

• North America operating as a unified fleet, leveraging procurement and labour synergies.