• FY25 was a challenging year, with 45% decline in underlying net profit
• Strong performance in NZ Rentals & Sales and NZ Tourism, but weaker results in other regions
• Strategic initiatives announced to improve performance in UK/Ireland, Australia Retail, and North America
• Confident in return to growth in FY26 supported by tourism recovery

Tourism Holdings Limited (thl) held its 2025 Annual Meeting, with Chair Cathy Quinn and CEO Grant Webster providing an overview of the company's performance in the 2025 financial year. FY25 was a challenging year for thl, with the company's underlying net profit after tax declining 45% to $28.7 million. This was driven by subdued global consumer demand for purchasing recreational vehicles (RVs), which had a material impact on thl's performance. Despite these headwinds, thl's New Zealand Rentals & Sales and New Zealand Tourism divisions delivered record EBIT results. In Australia, the core rentals business performed well but was offset by operating losses in the Retail Dealerships division. North America was also impacted by poor RV sales and a decline in international tourism to the US. To address these challenges, thl has announced four strategic initiatives focused on the UK & Ireland business, the Australian Retail business, Australasian Manufacturing, and the broader North American business. The company is confident in a return to growth in FY26, supported by the continued recovery in international tourism and rental revenue, alongside the significant capital investment in expanding its fleet in recent years. The Board had also received a non-binding indicative offer from a consortium comprising BGH Capital and the Trouchet family interests to acquire thl, but ultimately declined the offer as it significantly undervalued the company.

thl has reset its goal to deliver $100 million in annualised net profit after tax in the next three to four years, recognizing the risks and challenging macroeconomic conditions the company continues to face.

thl is confident about the return to growth in FY26, supported by the continued recovery in international tourism and rental revenue, alongside the significant capital investment the company has made in expanding its fleet in recent years.