Tourism Holdings Limited Analysis

Overview

Tourism Holdings Limited is New Zealand's premier tourism company. It is the largest provider of holiday vehicles for rent and sale in Australia and New Zealand under the Maui, Britz, Mighty, KEA Australia and Motek Vehicle Sales brands. In the USA it owns and operates the Road Bear RV Rentals and Sales brand.

Within New Zealand, Tourism Holdings Limited also operatse Kiwi Experience and the Discover Waitomo Group which includes Waitomo Glowworm Caves, Ruakuri Cave, Aranui Cave and The Legendary Black Water Rafting Co.

In 2012 the company entered in a joint venture to form RV Manufacturing Group LP, New Zealand's largest motorhome and specialist vehicle manufacturer. RVMG LP has operations both in Auckland and Hamilton.

Performance

The following information was extracted from Tourism Holdings Limited's Half Year report, released on 23 February 2026:

FY26 INTERIM RESULTS

Summary:

• 17% increase in statutory net profit after tax (NPAT) to $29.6 million
• 11% increase in underlying NPAT to $29.5 million
• 4% increase in total revenue to $477.3 million, consisting of an 11% increase in sale of services revenue (primarily rentals) and 4% decline in sale of goods revenue
• Significant progress on the strategic initiatives announced in August 2025:

o Conditional agreement to sell thl UK & Ireland for circa $58.3 million

o Exited underperforming dealerships, Sydney RV and Kratzmann RV

o Closed Brisbane factory and consolidated activity to New Zealand

o Reduced funds employed and cost-out actions in North America

• 10% increase in closing rental fleet, to 8,688 vehicles
• 20% increase in interim dividend to 3.0 cps, 100% imputed and 0% franked
• 67% increase in net operating cashflows to $40.5 million
• Group ROFE (TTM) of 7.5%, down from 8.1% in H1 FY25, partly reflecting timing impacts from fleet investment in ANZ, which are expected to normalise in H2
• Net debt of $493 million at 31 December 2025, with a reduction of $30 million in January 2026 and expected net debt below $400 million at year-end, inclusive of expected proceeds from the UK divestment
• We expect underlying NPAT for FY26 to be in the range of $43 million and $47 million. This guidance includes the impact of an approximate $1 million reduction in underlying NPAT attributable to the timing of the UK divestment

Tourism Holdings Limited (NZX:THL, ASX:THL, “thl” or “the Company”) today releases its results for the six months ending on 31 December 2025.

Cathy Quinn, thl Chair, said “we have previously talked about FY26 being a transition year for thl as we progress towards our goal of delivering $100 million in net profit after tax. The results for this half, alongside our forward bookings and momentum, give us confidence that we are on track for this goal.

“Our global rentals business continues to perform well, while the RV sales markets are still challenged, reflecting softer consumer sentiment over the period and ongoing macroeconomic uncertainty. While early signs of improvement are emerging in some of our markets, these have not yet translated to sustained growth.”