• Statutory net loss after tax of -$25.8 million, with underlying net profit after tax of $28.7 million
• Sale of services revenue grew 10% to $486.5 million, with closing fleet size up 8% to 8,564 vehicles
• Final dividend of 4 cents per share, representing a full-year dividend pay-out of approximately 50% of underlying net profit after tax

Tourism Holdings Rentals Ltd (thl) reported a statutory net loss after tax of -$25.8 million, compared to a statutory net profit after tax of $39.4 million in the prior year. The result includes -$54.5 million in one-off adjustments, primarily driven by non-cash impairments of USA goodwill, and of USA and UK deferred tax assets. Underlying net profit after tax was $28.7 million, down 45% from $51.8 million in the prior year, reflecting expected bottom-of-the-cycle earnings. Sale of services (primarily rentals) revenue grew 10% to $486.5 million, with closing fleet size up 8% to 8,564 vehicles. The company declared a final dividend of 4 cents per share, representing a full-year dividend pay-out of approximately 50% of underlying net profit after tax, at the mid-point of thl's policy range. Group ROFE was 6.9%, down from 10.0% in the prior year. The company employed capital disciplines to reduce Australian retail RV inventory by over $35 million and reduce group net fleet capital expenditure by $22 million compared to the prior year, supporting a return to positive operating cashflows. Closing net debt was $492 million, with expectations for net debt to decrease in the coming years. Strategic initiatives are underway in respect of underperforming divisions of North America, UK & Ireland, Australian Retail Sales and Australian Manufacturing. thl has a goal to exceed $100 million in annualised NPAT over the next three to four years.

thl expects net debt to decrease in the coming years, with the 30 June 2025 marking the expected peak debt level. Growth fleet investment over the next two years will be focused primarily in New Zealand and Australia.