• Underlying net profit after tax down 33% to $26.5M
• Rental revenue grew 8%, rental fleet expanded 11%
• Ongoing challenges in RV sales impact results

Tourism Holdings Limited (thl) has released its FY25 interim results, reporting an underlying net profit after tax of $26.5M, down 33% on the prior corresponding period. The company's statutory net profit after tax was $25.3M, down 36%. Group Return on Funds Employed (trailing 12 months) was 8.1%, while underlying EBITDA was $113.3M, down 5%. The core rental business has seen growth, with rental revenue increasing by 8% and the rental fleet expanding by 11%, underpinned by a continued recovery in international tourism. However, the company has faced ongoing challenges in the RV sales market, with a 4% decrease in sale of goods revenue and lower margins for ex-rental and retail RV sales. thl is progressing cost-out and optimisation initiatives and remains confident in delivering at least a $12M NPAT benefit in FY27. While the company is focused on increasing underlying NPAT in FY25, it acknowledges the risks and uncertainty in the coming period, with a more prolonged downturn in RV sales potentially delaying the recovery until FY26 and preventing underlying NPAT growth in FY25. thl intends to provide FY25 earnings guidance in the fourth quarter of FY25 when there is more clarity.

thl remains focused on increasing underlying NPAT in FY25, but acknowledges the risks and uncertainty in the coming period. The key factors driving variability in the second half of FY25 include the degree of recovery in North American vehicle sales, opportunities in North America for non-tourism bookings, short-term impacts from North American tariffs, performance at major RV sales shows, and rentals for the Easter and ANZAC day period.

thl remains confident in the global rental outlook and continues to reinforce that there are no indicators of a structural change in the demand for RVs in its operating markets. The company's ongoing efforts in cost-out and optimisation, efficiencies, investment in people, and leveraging merger benefits underpin its confidence in a strong rebound in future performance.