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Investor Relations14 Oct 2025
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Tourism Holdings Rentals (THL) investor relations material
Tourism Holdings Rentals H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary25 Aug, 2025
Executive summary
Earnings are at an inflection point, with a statutory net loss of $25.8M due to $54.5M in one-off impairments, while underlying NPAT fell 45% to $28.7M, reflecting bottom-of-cycle earnings and challenging global market conditions.
Rental revenue grew 10% to $486.5M, with the rental fleet increasing 8% to 8,564 vehicles, supporting optimism for future growth.
Strategic initiatives are underway to address underperforming segments, improve operational efficiency, and target divisions in North America, UK & Ireland, Australian Retail Sales, and Manufacturing.
Final dividend of 4c per share, with a full-year payout of 6.5c, representing 50% of underlying NPAT, and a payout ratio of 40–60%, lower than pre-COVID levels.
The business maintains a strong balance sheet position and is focused on capital discipline and future growth.
Financial highlights
Underlying EBITDA was $199.2M, marginally down year-over-year, and underlying EBIT fell 22% to $86.8M.
Net debt closed at $492M, with expectations that this is peak debt and leverage will decline.
Sale of services revenue grew 10% to $486.5M, while sale of goods revenue declined 6% to $451M.
Group ROFE dropped to 6.9% from 10.0% in FY24, impacted by slow vehicle sales and excess inventory.
Positive operating cashflows of $28.6M, a $124.2M improvement from FY24.
Outlook and guidance
No formal FY26 guidance provided, but double-digit rental growth and strong RevPAR increases are expected, with continued strong global rental revenue growth in all markets except the USA.
Significant cost reduction and efficiency initiatives planned for FY26, focusing on fleet build, procurement, and overheads.
Lower gross and net fleet capital expenditure expected, with growth focused on ANZ.
The $100M net profit target within 3–4 years remains unchanged and excludes acquisitions, to be driven by rental day growth, North American synergies, and cost optimisation.
Modest volume growth and stable margins expected in sales, with material uplift likely from 2026 onwards, contingent on consumer confidence recovery.
U.K./Ireland review: Capital reallocation impact?
North America 15% ROFE: Key drivers?
FY26 cost reduction program: Expected savings?
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Next Tourism Holdings Rentals earnings date
AGM 202523 Oct, 2025
Next Tourism Holdings Rentals earnings date
AGM 202523 Oct, 2025
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Frequently asked questions
Tourism Holdings Rentals Limited is a New Zealand-based company specializing in the rental and sale of recreational vehicles (RVs) and associated tourism services. Operating in New Zealand, Australia, and North America, THL offers motorhome rentals under various brands to serve tourists and travelers seeking self-guided exploration experiences. The company also engages in vehicle sales, operates tourism-related experiences, and provides support services for RV owners. The company is headquartered in Auckland, New Zealand, and its shares are listed on the NZX.
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