• Statutory net loss after tax of -$25.8 million, including one-off adjustments
• Underlying net profit after tax of $28.7 million, down 45% from FY24
• Sale of services revenue grew 10% to $486.5 million, with fleet size up 8%

Tourism Holdings Limited (thl) has released its results for the twelve months ending 30 June 2025. The company reported a statutory net loss after tax of -$25.8 million, compared to a statutory net profit after tax of $39.4 million in FY24. This 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 FY24, 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's Group ROFE was 6.9%, down from 10.0% in FY24. thl 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 FY24, 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. The company has set a goal to exceed $100 million in annualised NPAT over the next three to four years.

thl expects continued strong growth in global rental revenue, driven by hire days, with a forward rental book showing double-digit percentage revenue growth in all markets except the USA. The company also expects utilisation improvements in all markets, while maintaining average yields. In the sales division, thl remains cautious, with expectations of modest volume growth and broadly stable margins.

thl plans to achieve significant additional cost-out and efficiency benefits in FY26, primarily through cash savings in fleet build and procurement, efficiencies from the transition to single digital systems, and a reduction in group overheads. A disciplined capital management approach is expected to result in substantially lower gross and net fleet capital expenditure compared to FY25, with fleet growth focused on ANZ.