Tourism Holdings Rentals (THL) Trading update summary

FY26 earnings performance

• Underlying net profit after tax (uNPAT) for FY26 is expected to be around $46 million, exceeding the previous guidance of $40–$43 million.

• Improved results were driven by favorable year-end interest outcomes, strong late booking trends across all markets, and robust vehicle sales in New Zealand.

Net debt position

• Net debt as of 30 June 2026 was $436 million, lower than the previously expected range of $460–$470 million due to timing differences.

• Normalized net debt, based on average balances from mid-June to mid-July, was $453 million, aligning with expectations.

Current trading and outlook

• Forward booking trends remain positive, with North America bookings significantly ahead of the prior year and USA bookings over 50% higher in recent weeks.

• Australia and New Zealand forward bookings have returned to growth after disruptions from Middle East geopolitical events.

• Increased confidence in the outlook for the FY27 Southern Hemisphere summer season, with improved growth opportunities in Australia and New Zealand.