• Underlying NPAT of $28.7M, statutory net loss of -$25.8M
• Rental business showing strong growth, 10% increase in sale of services revenue
• Rental fleet expanded 8%, over 30% growth in fleet across 3 years

FY25 was a challenging year for thl, defined by uncertainty and instability in the trading environment globally, a tough macroeconomic environment and difficult market conditions. The company achieved an underlying net profit after tax (NPAT) of $28.7 million, which includes a number of one-off items such as non-cash impairments of USA goodwill and deferred tax assets. The statutory net loss after tax was -$25.8 million. The financial result reflects the reality that the retail RV market remained in bottom-of-the-cycle conditions across the year, with declining RV sales trends evident across the industry. However, thl believes the market cycle is beginning to turn around. The core rental tourism business showed strong growth, with a 10% increase in sale of services revenue and an 8% expansion of the rental fleet, making for over 30% growth in fleet across the last three years. The New Zealand Tourism businesses also performed very well, delivering a record EBIT result. The Board has declared a final FY25 dividend of 4 cents per share, with the full-year dividend of 6.5 cents per share seeing an increase in the payout ratio. In June 2025, thl received an unsolicited, conditional, non-binding indication of interest from a consortium to acquire the company, which the Board rejected. The company has now presented its growth roadmap for the coming years, setting out strategic initiatives to address current challenges and enhance long-term value. The Board believes thl is now poised for a return to growth and has reconfirmed the company's business plan and the potential to exceed $100 million in annualised NPAT over the next three to four years.

thl believes it can achieve its goal to exceed $100 million in annualised NPAT in the next three to four years.

The Board has reconfirmed thl's business plan, the strategic initiatives of the growth roadmap and potential earnings capacity, and believes thl is now poised for a return to growth. The growth roadmap is underpinned by the ambition for thl as a company to deliver a minimum 15% ROFE across all business areas.