• Recent global geopolitical and tariff developments have significantly weakened the operating environment
• Decline in consumer confidence globally has resulted in lower vehicle sales demand and margins
• Substantial slowdown in new bookings and elevated cancellations for USA rentals high season

Tourism Holdings Limited (thl) has provided an update on recent trading and performance expectations for FY25. The company states that recent global geopolitical and tariff developments have significantly weakened the operating environment and led to an additional decline in consumer confidence globally. This decline has resulted in further deterioration in vehicle sales demand, impacting both volumes and margins in all countries. There has also been a sharp drop in interest for inbound travel to the USA, with thl experiencing a substantial slowdown in new bookings and elevated cancellations of bookings for the USA rentals high season. Booking intakes for this market from key European countries in the past week have been approximately 40 to 50% down on last year's levels, and there is no current indication that international bookings for USA rentals will improve before the start of the high season in June. While domestic rental demand in the USA has increased slightly, this growth is not expected to materially offset the expected shortfall in international bookings. Other rental markets, particularly Canada, are experiencing some growth in rental demand, but this increase will not compensate for the lost international bookings for the USA in FY25. thl is closely monitoring the impact of these developments on its performance in FY25 and believes that underlying NPAT in FY25 will be significantly below the current analyst consensus of $45.2M.

thl believes that underlying NPAT in FY25 will be significantly below the current analyst consensus of $45.2M.