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FY26 INTERIM RESULTS PRESENTATION 23 FEBRUARY 2026
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Disclaimer This presentation contains forward-looking statements and projections. These reflect thl’s current expectations, based on what it thinks are reasonable assumptions. The statements are based on information available to thl at the date of this presentation and are not guarantees or predictions of future performance. For any number of reasons, the future could be different and the assumptions on which the forward-looking statements and projections are based could be wrong. thl gives no warranty or representation as to its future financial performance or any future matter. Except as required by law or NZX listing rules, thl is not obliged to update this presentation after its release, even if things change materially. This presentation has been prepared for publication in New Zealand and may not be released or distributed in the United States. This presentation is for information purposes only and does not constitute financial advice. It is not an offer of securities, or a proposal or invitation to make any such offer, in the United States or any other jurisdiction, and may not be relied upon in connection with any purchase of thl securities. thl securities have not been, and will not be, registered under the US Securities Act of 1933 and may not be offered or sold in the United States, except in transactions exempt from, or not subject to, the registration of the US Securities Act and applicable US State securities laws. Past performance information given in this presentation is given for illustrative purposes only and should not be relied upon as an indication of future performance. This presentation may contain a number of non-GAAP financial measures. Because they are not defined by Generally Accepted Accounting Practice in New Zealand (NZ GAAP) or International Financial Reporting Standards (IFRS), thl’s calculation of these measures may differ from similarly titled measures presented by other companies and they should not be considered in isolation from, or construed as an alternative to, other financial measures determined in accordance with NZ GAAP. This presentation does not take into account any specific investors objectives and does not constitute financial or investment advice. Investors are encouraged to make an independent assessment of thl. The information contained in this presentation should be read in conjunction with thl’s latest financial statements, which are available at: www.thlonline.com.
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thl FY26 INTERIM RESULTS PRESENTATION • We are pleased with the performance of the business as a whole in H1 of FY26 and the execution of several planned initiatives. We have discussed this year being one of transition, as we have passed the inflection point where global tourism has rebounded and is in growth mode, while the vehicle sales market has generally started to stabilise • Our 11% growth in underlying NPAT is positive, however the real story is in the forward outlook. We expect that underlying NPAT in FY26 will be in the range of $43M to $47M, which would represent year-on-year growth of approximately 50% to 65%1 • The expected FY26 NPAT signals the positive trajectory towards our $100M NPAT goal. FY27 has all the hallmarks of another positive movement in earnings. It is over to us to deliver in what are currently positive overall operating conditions, though the U.S. market remains challenging • Over the last 18 months we have taken action to realign fleet positions and funds employed in all regions. We now expect net debt to be below $400M at year-end, which would provide a ~$6M interest cost saving in FY27, relative to expectations for FY26 • Cost reduction has also remained a key focus. We have executed corporate cost reductions to the value of over $3M in the first half, and expect to benefit from operating leverage as our rental revenue and hire days increase • During FY25, we challenged ourselves in a number of business areas under a ROFE lens. We commenced several key strategic initiatives, announcing them publicly in August 2025, within the Growth Roadmap. We have been decisive in our actions on these initiatives, and continue to challenge the business where needed, while pushing for growth and driving revenue in an industry which has seen challenges in recent years Key Messages from the CEO 3 1 This guidance includes the impact of an approximate $1 M reduction in underlying NPAT attributable to the timing of the UK divestment
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thl FY26 INTERIM RESULTS PRESENTATION Executive Summary • 17% increase in statutory net profit after tax to $29.6M • 11% increase in underlying net profit after tax to $29.5M • 4% increase in total revenue to $477.3M, 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: ⎼ Conditional agreement to sell thl UK & Ireland for circa $58.3M ⎼ Exited underperforming dealerships, Sydney RV and Kratzmann RV ⎼ Closed Brisbane factory and consolidated activity to New Zealand ⎼ 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 $40.5M • 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 $493M at 31 December 2025, with a reduction of $30M in January 2026 and expected net debt below $400M at year-end, inclusive of the expected proceeds from the UK divestment • We expect underlying NPAT for FY26 to be in the range of $43M and $47M. This guidance includes the impact of an approximate $1M reduction in underlying NPAT attributable to the timing of the UK divestment 4
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thl FY26 INTERIM RESULTS PRESENTATION Decisive Execution of Strategic Initiatives 5 Completed Next Steps Underway Australasian Manufacturing ✓ Brisbane factory close (Dec ‘25) ✓ Production consolidated into Hamilton, New Zealand • Exit from Brisbane lease • Compounding fleet synergy benefit as rotation occurs Australian Retail Sales ✓ Sale/exit of Sydney RV and Kratzmann dealerships ✓ Rationalised product range ✓ Lowered inventory • New motorised product range, launching Q4 • New supply with lower input cost from Q1 FY27 • Op. cost reduction and margin improvement plans underway UK & Ireland ✓ Entered conditional agreement to sell business assets for circa $58.3M • Completion expected March/April 2026 • Sale of post-divestment residual assets, expected ~$7M North America ✓ Labour cost synergies enacted ✓ Fleet specification alignment ✓ Proved fleet alignment / procurement benefits • Target NZ$30M funds release in FY26 • Continued cost review • Compounding fleet synergy benefit as rotation occurs • Since announcing our growth roadmap in August 2025, we’ve made substantial progress executing our key strategic initiatives: ⎼ Entered into conditional agreement to sell thl UK & Ireland for circa $58.3M ⎼ Exited two underperforming dealerships in Australia ⎼ Closed underperforming Brisbane factory ⎼ Delivered cost synergies and validated fleet alignment and procurement benefits in North America, although lower fleet capex outlook delays the full realisation of the fleet synergies • While we see these initiatives as earnings enhancing for thl, the financial benefits will not be fully evident in FY26 • These initiatives, combined with the strong growth we’re seeing in rentals, and an expected medium-term recovery in the demand for RV sales, are expected to position thl for earnings growth in FY27 and beyond • Further initiatives are underway in motorhome product development and in relation to Waitomo
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Results Summary COMPARED TO THE PRIOR CORRESPONDING PERIOD STATUTORY NET PROFIT AFTER TAX $29.6M UNDERLYING NET PROFIT AFTER TAX1 29.5M 11% UNDERLYING EBIT1 $64.4M 8% UNDERLYING EBITDA1 126.2M 11% SALE OF GOODS REVENUE $197.2M PER SHARE INTERIM DIVIDEND2 3.0c 20% CLOSING RENTAL FLEET3 8,688 10%4 1 Refer to page 29 for a reconciliation of statutory/reported to underlying figures 2 100% imputed and 0% franked in both H1 FY26 and H1 FY25 3 As at 31 December 4 Comparison to 7,884 as at 31 December 2024, which differs to figure reported in H1 FY25 Presentation due to reclassification of certain vehicles in North America from rental fleet to inventory. thl FY26 INTERIM RESULTS PRESENTATION 17% SALE OF SERVICES REVENUE $280.1M 11% 4% 6
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thl FY26 INTERIM RESULTS PRESENTATION Focused on Capital Discipline and ROFE Improvement 7 1 Adjusted EBIT (used to calculate ROFE) includes lease interest costs arising from IFRS 16. Average Funds and Period End Funds exclude IFRS 16 lease liabilities. Refer to the full definition of ROFE on page 27, and to a reconciliation of Adjusted EBIT to Underlying EBIT on page 29 • Return on Funds Employed (ROFE) is thl’s primary metric for assessing divisional performance and guiding investment decisions, with a target of 15% ROFE • Group ROFE on a trailing 12-month basis (TTM) was 7.5%, down from 8.1% in the pcp, however H2 is expected to be stronger than the pcp ⎼ New Zealand: ROFE is expected to return to >15% in full-year FY26. H1 EBIT is impacted by the higher depreciation expense of a larger fleet, for which the benefits are expected to be realised in H2 ⎼ Australia: Strong performance in Rentals weighed down by operating losses in Retail Sales ⎼ North America: Canada performing well; division impacted by soft vehicle sales and challenging inbound international tourism into the U.S. ⎼ UK/Ireland: Entered into conditional agreement to divest division ⎼ Action Manufacturing: Continued above target ROFE performance ⎼ Tourism: Continued highest ROFE performer • thl calculates ROFE using Adjusted EBIT. Refer to the Glossary of Key Terms on page 27 for further detail on the ROFE calculation methodology 12 MONTHS TO 31 DECEMBER 2025 $M NZD ADJUSTED EBIT1 AVERAGE FUNDS1 PERIOD END FUNDS1 RETURN ON FUNDS EMPLOYED New Zealand Rentals & Sales 41.0 332.2 348.5 12.3% Australian Rentals, Sales & Manufacturing 21.9 375.5 375.7 5.8% North America Rentals & Sales 5.5 329.8 298.9 1.7% UK/Ireland Rentals & Sales (0.7) 64.4 60.1 < 0% Action Manufacturing 10.8 36.7 33.3 29.3% Tourism 13.3 8.0 5.9 166.7% Group Support Services/Other (3.1) 6.2 11.6 N/A Eliminations (3.6) (16.7) (18.4) N/A Total 85.0 1,136.1 1,115.6 7.5%
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thl FY26 INTERIM RESULTS PRESENTATION Improving Fleet and RevPARV 8 Strong growth in global average rental fleet size – up 10% to 8,542 • Fleet growth has been weighted toward New Zealand and Australia, where thl generates higher ROFE • The U.S. fleet continues to be right-sized in response to current demand conditions • Average fleet in North America is lower as the fleet growth in Canada is less than the planned fleet reduction in the U.S. Global RevPARV of NZ$30.6k – up 3% vs the pcp • RevPARV improvement achieved in Australia, North America and the UK • In general, H1 RevPARV in New Zealand is expected to be lower as the division grows its fleet size, because a larger fleet is carried through part of the low season with higher depreciation expense, with benefits then realised in H2. This is expected to normalise when RevPARV is assessed across the full year • Excluding New Zealand, global RevPARV in H1 was up 6% 28.2 31.4 30.1 27.027.9 31.1 31.9 20.8 23.9 33.8 35.2 25.7 0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0 New Zealand Australia North America UK RevPARV (NZD $k)1 H1 FY24 H1 FY25 H1 FY26 1,556 2,171 3,038 447 1,961 2,367 2,882 598 2,576 2,617 2,754 595 0 500 1,000 1,500 2,000 2,500 3,000 3,500 New Zealand Australia North America UK Average Rental Fleet Size H1 FY24 H1 FY25 H1 FY26 1 Converted using average of the 6-month rates.
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thl FY26 INTERIM RESULTS PRESENTATION Vehicle Sales Stabilising 9 Ex-fleet Sales • The adjustments to fleet depreciation rates following the COVID-era elevated margins aimed to deliver lower, more stable ex-fleet margins and to reduce earnings volatility from sales volumes • The H1 ex-fleet margin of 17.0% reflects this normalisation under our revised methodology • We consider the Real Depreciation Rate the key indicator of efficiency in purchasing and selling rental vehicles, and the RDR has remained stable to slightly improved in all markets versus FY25 Retail (New) Sales • The decline in Retail RV volumes and margins reflect: ⎼ a temporary H1 margin impact from stock clear-outs associated with the Sydney RV and Kratzmann dealership closures; and ⎼ continuing challenging market conditions • Excluding Sydney RV and Kratzmann sales, retail margins were 8.6% • Retail RV margins are below long-term expectations and are expected to recover over the medium term, supported by improving market conditions and, in Australia, the future supply of lower-priced products from New Zealand manufacturing REAL DEPRECIATION RATES H1 FY26 FY25 New Zealand ~3% ~3% Australia ~1% ~2% North America ~4% ~4% UK/Ireland <0% <0% Ex-Fleet Sales Volumes 615 H1 FY25: 595 Ex-Fleet Sales Margin 17.0% H1 FY25: 24.4% Retail RV Sales Volumes 947 H1 FY25: 1,092 Retail RV Sales Margin 6.5% H1 FY25: 9.7%1 Group Ex-Fleet Sales RDR 2.5% FY25: 2.6% 1 Figure differs from the 9.1% presented in the H1 FY25 Presentation, which calculated GP margin inclusive of intercompany reve nue and costs of goods sold (which net off at gross profit).
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thl FY26 INTERIM RESULTS PRESENTATION Positive Operating Cashflows1 • H1 FY26 net operating cashflows increased 67% vs the pcp • H2 FY26 is expected to see significant operating cashflow growth vs the pcp, supported by: ⎼ Improved earnings from ANZ peak rental months ⎼ Reduced new fleet purchases for the U.S. ⎼ No new fleet purchases for the UK ⎼ A one-off gain from the divestment of the UK & Ireland business • With continued earnings growth and moderation of net fleet capex, we expect positive operating cashflows in the near term 6 months to 31 December NZD$M H1 FY26 H1 FY25 VAR VAR % Statutory net profit after tax 29.6 25.3 4.3 17% Non-cash adjustments Depreciation & amortisation 61.7 53.7 8.0 15% Transfer of rental fleet from PPE to inventory 47.0 60.5 (13.5) (22%) Impairment of goodwill and other assets 1.3 0.0 1.3 N/M Other non-cash adjustments 1.2 1.0 0.2 15% Movement in inventories 14.3 (12.1) 26.4 N/M Movement in other working capital balances (37.4) (12.5) (24.9) (200%) Total non-cash adjustments 88.1 90.7 (2.6) (3%) Purchase of rental fleet (77.1) (91.7) 14.6 16% Net operating cash flows 40.5 24.3 16.3 67% Net investing cashflows (7.5) (19.3) 11.9 61% Net financing cashflows (61.6) (14.6) (47.0) (322%) Net investing & financing cashflows (69.1) (33.9) (35.2) (104%) 1 Operating cashflows include rental fleet purchases and proceeds from ex-rental fleet sales and are therefore significantly influenced by thl’s net fleet capex. 10
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thl FY26 INTERIM RESULTS PRESENTATION Disciplined Capital Management Net Debt1 • $493M at 31 December 2025, broadly flat to 30 June 2025, but has since reduced by approximately $30M in January 2026 • We believe we are on track to exceed the net debt reduction target set in the Growth Roadmap2 • Net debt is expected to be below $400M at FY26 year-end, supported by positive operating cash flows, lower net fleet capex and expected proceeds from the UK divestment • Expected lower average net debt in FY27 should deliver a ~$6M interest cost saving versus FY26 • Net Debt to Underlying EBITDA ratio of 2.3x, expected to be below 2.0x at FY26 year-end Capital Management • FY26 gross fleet capex expected to be around $210M and reflects reduced purchases for the U.S. and no new purchases for the UK • Disciplined fleet management has seen a $22M reduction in net fleet capex and a further $21M reduction in vehicle inventory in Australia • Non-fleet capex of $7M has normalised following elevated spend of $20M in H1 FY25, largely relating to the Waitomokia site in NZ 1 Net debt excludes IFRS 16 lease liabilities 2 Net debt reduction target outlined in the Growth Roadmap was a $50M reduction across FY26 and FY27 (prior to any UK divestment) Forecast 403 446 477 492 493 <400 0 100 200 300 400 500 600 31 Dec 23 30 Jun 24 31 Dec 24 30 Jun 25 31 Dec 25 30 Jun 26 Net Debt (NZD $M) H1 FY26 Gross Fleet Capital Expenditure $78M H1 FY26 Net Fleet Capital Expenditure $16M 11
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thl FY26 INTERIM RESULTS PRESENTATION Dividend Growth 12 • The Board has approved an interim FY26 dividend of 3.0 cents per share, which will be 100% imputed and 0% franked • The interim dividend represents a 20% increase on the pcp • thl targets distributing approximately 30% of its annual dividend as an interim dividend, with the remaining 70% paid as a final dividend • In FY25, thl’s dividend was at the mid-point of its policy range, which the Board considers an appropriate balance between shareholder returns and prudent capital management • Based on thl’s FY26 NPAT guidance (mid point) and assuming a constant 50% payout ratio, the FY26 full-year dividend would be approximately 55% higher than FY25 • thl is starting to accumulate franking credits and expects to apply these towards any potential final FY26 dividend KEY DIVIDEND DATES • Ex-dividend date of Thursday 26 March 2026 • Record date of Friday 27 March 2026 • Payment date of Friday 10 April 2026
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thl FY26 INTERIM RESULTS PRESENTATION
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thl FY26 INTERIM RESULTS PRESENTATION Outlook Statements • We expect underlying NPAT in FY26 to be in the range of $43M and $47M, reflecting expected NPAT growth of approximately 50% to 65%. This guidance includes the impact of an approximate $1M reduction in underlying NPAT attributable to the timing of the UK divestment • Forward rental revenue (for future travel periods) in all markets ex. U.S. remain very positive: ⎼ New Zealand and Australia are ~ 20% – 25% up ⎼ Canada is ~30% up ⎼ U.S. remains challenging and is ~ 25% - 30% down; fleet management and cost reduction actions taken to mitigate earnings impact • Challenging vehicle sales conditions persist, and H2 is expected to largely reflect the trends seen in H1, with any meaningful recovery unlikely within the current financial year • Net debt is expected to be below $400M and the net debt to EBITDA ratio below 2.0x at 30 June 2026, supported by positive operating cash flows, lower net fleet capex and expected proceeds from the UK divestment • We expect FY26 gross fleet capex to be around $210M, reflecting fleet and capital management actions 14
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thl FY26 INTERIM RESULTS PRESENTATION Tracking our Growth Roadmap Assumptions 15 $100M NPAT GROWTH ROADMAP ASSUMPTION (compared to an FY25 base) STATUS Rental Days: ~25% growth, total days remain below FY19 levels • Outperforming on a global basis • NZ, AU and CA outperforming, U.S. underperforming Rental Yields: Adjusted for inflation only • On track on a global basis, with some variance by market Vehicle Sales: Gross profit increases less than 10% • Near-term reduction due to market conditions • Expected medium-term improvement reflecting market recovery and build cost reduction initiatives Fleet: ~9,000 by 30 June 2028 • On track • FY27/28 expected growth weighted to ANZ • Operating cashflows are expected to cover the majority of the fleet growth Net Debt: Over $100M reduction • Exceeding expectations, on track to be achieved within calendar 2026 • Reduction accelerated due to timing of UK divestment Total Costs and Depreciation: Single digit percentage increase, costs from activity growth to be partly offset by fleet and overhead cost savings initiatives • Corporate cost reduction on track, with a reduced executive team, group support synergies underway, and IT cost synergies • Depreciation savings in progress; largely back-ended as fleet synergies build • FY26 impacted by one-off initiative costs • Cost reduction from UK divestment realised from FY27 NZ Tourism: ~50% EBIT reduction from FY28 • Assumption considered appropriate, based on current discussions
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thl FY26 INTERIM RESULTS PRESENTATION 16
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17thl FY26 INTERIM RESULTS PRESENTATION
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thl FY26 INTERIM RESULTS PRESENTATION New Zealand Rentals & Sales 18 • Return on Funds Employed (TTM) of 12.3%, down from 19.0%: ⎼ Current TTM is distorted as it includes a high-season with a significantly smaller fleet and a low-season with losses exacerbated by carrying a significantly larger fleet ⎼ Once the TTM figure includes the 2025/2026 summer high season, ROFE is expected to return to above 15% • EBIT decline reflects a timing effect whereby a larger fleet decreases H1 performance through higher depreciation, but increases rental revenue in H2 • Full-year expectations remain positive, with division forecast to deliver another record EBIT • The increase of 615 vehicles in average fleet size is expect to support a materially improved rental performance in H2 ⎼ EBIT in January 2026, a key profitability month, was over 20% higher than the pcp, reinforcing our positive expectations for H2 • Growth in sales volumes reflect increasing momentum at Waitomokia RVSC and targeted marketing campaigns • A new Queenstown site is due to open in Q1 FY27, including a larger RVSC, showroom and service centre. The site provides: ⎼ capacity to meet unmet rental demand due to current site constraints ⎼ an opportunity to grow RV sales, and income from servicing and retail accessory sales NZD $M H1 FY26 H1 FY25 VAR VAR % Rental revenue 61.6 54.7 6.9 13% Sale of goods revenue 22.5 21.6 0.9 4% Costs (71.9) (59.1) (12.8) (22%) EBIT 12.2 17.2 (5.0) (29%) Rentals division Operating rental fleet H1 FY26 H1 FY25 VAR VAR % Average rental fleet size 2,576 1,961 615 31% Revenue per average rental vehicle H1 FY26 H1 FY25 VAR VAR % RevPARV (NZD $k) 23.9 27.9 (4.0) (14%) Vehicle sales division Unit sales (#) H1 FY26 H1 FY25 VAR VAR % Ex-fleet sales 160 111 49 44% Retail RV sales 38 57 (19) (33%) Total RV sales 198 168 30 18% Gross profit margin % H1 FY26 H1 FY25 VAR GP margin on ex-fleet sales 27.0% 32.0% (5.0%) GP margin on retail RV sales 8.5% 11.5% (3.0%) Total GP margin on RV sales 21.9% 22.9% (1.0%) Real depreciation rate on ex-fleet sales H1 FY26 H1 FY25 RDR ~3% ~3%
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thl FY26 INTERIM RESULTS PRESENTATION Australia Rentals, Sales & Manufacturing 19 • Return on Funds Employed (TTM) of 5.8%, down from 8.7% • EBIT improvement of 8% reflects: ⎼ Strong rentals performance combining an increase in average fleet size with RevPARV improvement ⎼ Offset by a decline in sales volumes and margin • Over time, as Australian Rentals and Retail receive supply of new motorhomes from New Zealand at lower pricing, this is expected to support lower depreciation and improved ex-fleet and retail sales margins • Sydney RV and Kratzmann were closed in November 2025 with close down sales during H1. Excluding Sydney RV and Kratzmann, retail RV margins were 8.8% • We expect retail sales volumes to moderate in H2, reflecting the smaller dealership footprint • We believe retail sales margins have bottomed and are expected to stabilise and recovery from current levels NZD $M H1 FY26 H1 FY25 VAR VAR % Rental revenue 88.5 73.8 14.8 20% Sale of goods revenue 102.1 115.3 (13.3) (11%) Costs (173.9) (173.7) (0.2) (0%) Underlying EBIT1 16.7 15.4 1.3 8% Rentals division Operating rental fleet H1 FY26 H1 FY25 VAR VAR % Average rental fleet size 2,617 2,367 250 11% Revenue per average rental vehicle H1 FY26 H1 FY25 VAR VAR % RevPARV (AUD $k) 30.1 28.4 1.7 6% Vehicle sales division Unit sales (#) H1 FY26 H1 FY25 VAR VAR % Ex-fleet sales 151 213 (62) (29%) Retail RV sales 909 1,035 (126) (12%) Total RV sales 1,060 1,248 (188) (15%) Gross profit margin % H1 FY26 H1 FY25 VAR GP margin on ex-fleet sales 26.9% 34.7% -7.8% GP margin on retail RV sales 6.4% 9.5% -3.1% Total GP margin on RV sales 9.5% 12.9% -3.4% Real depreciation rate on ex-fleet sales H1 FY26 H1 FY25 RDR ~1% ~2.5% 1 Refer to page 28 for Reported EBIT.
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thl FY26 INTERIM RESULTS PRESENTATION North America Rentals & Sales 20 • Return on Funds Employed (TTM) of 1.7%, up from 0.5% • EBIT improvement supported by: ⎼ Canadian revenue growth exceeding the decline in the U.S. ⎼ 34% growth in vehicle sales volumes ⎼ Synergy realisation and cost management actions • Right-sizing of U.S. fleet is partly offset by growth in Canada’s fleet. Combined with rental revenue growth, this supports better RevPARV • Sales GP margin of 7.8% and RDR of ~4% are best compared with FY25 full-year benchmarks of 7.7% and ~4%, as H1 FY25’s unusually high retail mix temporarily elevated margins and lowered RDR, reducing the relevance of half-year pcp comparisons • Looking to the 2026 high season: ⎼ Canada is expected to continue to perform strongly ⎼ we expect U.S. rental revenue will be down on 2025. While 2025 still had the benefit of solid booking intakes before tariffs were announced in April 2025, the entire booking window leading up to the 2026 high season has been impacted • In response to market conditions, fleet capex has been significantly reduced to temporarily age the U.S. fleet, with a current average fleet age of 1.4 years NZD $M H1 FY26 H1 FY25 VAR VAR % Rental revenue 95.8 91.2 4.6 5% Sale of goods revenue 30.8 24.0 6.9 29% Costs (99.6) (94.1) (5.6) (6%) Underlying EBIT1 27.0 21.2 5.9 28% Rentals division Operating rental fleet H1 FY26 H1 FY25 VAR VAR % Average rental fleet size 2,754 2,836 (82) (3%) Revenue per average rental vehicle H1 FY26 H1 FY25 VAR VAR % RevPARV (USD $k) 20.5 19.6 0.9 5% Vehicle sales division Unit sales (#) H1 FY26 H1 FY25 VAR VAR % RV sales 246 183 63 34% Gross profit margin % H1 FY26 H1 FY25 VAR GP margin on RV sales 7.8% 14.1% (6.3%) Real depreciation rate on ex-fleet sales H1 FY26 H1 FY25 RDR ~4% < 0% 1 Refer to page 28 for Reported EBIT.
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thl FY26 INTERIM RESULTS PRESENTATION UK & Ireland Rentals & Sales 21 • Return on Funds Employed (TTM) <0%, in line with the pcp • As announced on 16 February 2026, thl has entered into a conditional agreement to sell the UK & Ireland business assets for circa $58.3M, representing net asset value plus a goodwill payment of approximately NZ$8.0M • The transaction is expected to deliver a one-off gain of up to NZ$6.8M • The improvement in underlying H1 EBIT (which is the seasonally profitable half) reflects: ⎼ vehicle orders arriving on time for 2025 high season, compared with prior years where delays adversely impacted performance ⎼ the sale of 50 ex-fleet units to thl New Zealand during this period, reducing low-season depreciation in the UK • Notwithstanding the improvement in H1, the division was forecast to deliver low-single-digit ROFE in FY26 NZD $M H1 FY26 H1 FY25 VAR VAR % Rental revenue 15.2 12.4 2.8 23% Sale of goods revenue 12.0 10.2 1.7 17% Costs (24.7) (22.6) (2.2) (10%) Underlying EBIT1 2.4 0.1 2.4 4,702% Rentals division Operating rental fleet H1 FY26 H1 FY25 VAR VAR % Average rental fleet size 595 596 (1) (0%) Revenue per average rental vehicle H1 FY26 H1 FY25 VAR VAR % RevPARV (GBP £k) 11.2 9.7 1.4 15% Vehicle sales division2 Unit sales (#) H1 FY26 H1 FY25 VAR VAR % RV sales 58 88 (30) (34%) Gross profit margin % H1 FY26 H1 FY25 VAR GP margin on RV sales 15.8%3 20.9% (5.1%) Real depreciation rate on ex-fleet sales H1 FY26 H1 FY25 RDR < 0% < 0% 1 Refer to page 28 for Reported EBIT. 2 Excludes the impact from 50 intercompany sales from the UK to New Zealand during H1 FY26. 3 Result differs from figure of 22% announced on 16 February 2026 ( thl to divest UK & Ireland division) due to (a) this measure reflecting gross profit margin, whereas the “vehicle sales margin” u nder the guaranteed margin underwrite represents a mark-up on net book value, and (b) this figure including the impact of several ex -Bunk vehicles sold at a loss via auction, whil e the earlier reported figure reflected the margin from retail RV sales only.
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thl FY26 INTERIM RESULTS PRESENTATION Action Manufacturing 22 • Return on Funds Employed (TTM) of 29.3% (including intercompany activity), up from 27.9% • EBIT down 18% for the period • Underlying EBIT for third party manufacturing increased by 16%, driven by improved margins from a more favourable mix of specialist commercial vehicles • This was offset by lower profitability on intercompany RV manufacturing activity. Action achieved higher RV margins in FY25 due to build cost and productivity benefits. For FY26 builds, these savings were passed on to the New Zealand and Australian businesses, normalising manufacturing margins • RV manufacturing activity for Australia Rentals & Sales commenced in January 2026, with the first vehicles from the New Zealand factory expected to be delivered to Australia in April 2026 • Consolidating New Zealand and Australian production onto a single site is expected to improve operating leverage over time and support ongoing build cost efficiencies NZD $M H1 FY26 H1 FY25 VAR VAR % Sale of goods - third party 34.9 35.3 (0.4) (1%) Costs - third party (31.7) (32.5) 0.8 3% Underlying EBIT - third party 3.3 2.8 0.4 16% Sale of goods - intercompany 59.8 51.2 8.6 17% Costs - intercompany (56.6) (46.2) (10.4) (23%) Underlying EBIT - incl. intercompany transactions1 6.5 7.9 (1.4) (18%) 1 EBIT including intercompany transactions comprises intercompany revenue and costs from the manufacture of RVs for thl’s rental operations, which are eliminated at a group level. EBIT – third party comprises only the revenue and costs from the manufacture of specialist commercial vehicles for third parties. Refer to page 28 for Reported EBIT. • The Action Manufacturing reporting segment comprises thl’s New Zealand manufacturing operations only • To date (including H1 FY26), Australian manufacturing operations has been reported within the Australian Manufacturing, Rentals & Sales segment • Following the consolidation of ANZ manufacturing operations to Hamilton, New Zealand, in December 2025, manufacturing activity previously represented in the Australia segment will, moving forward, be captured in the Action Manufacturing segment
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thl FY26 INTERIM RESULTS PRESENTATION Tourism 23 • Return on Funds Employed (TTM) of 167%, the highest in the group, up from 146% • Growth in the Chinese market was offset by declines in the Australian, Korean and domestic New Zealand markets • The business delivered strong summer trading through January and February and continues to target a full-year result in line with, or exceeding, FY25 Tourism NZD $M H1 FY26 H1 FY25 VAR VAR % Revenue 18.4 19.3 (1.0) (5%) Costs (13.7) (14.2) 0.4 3% EBIT 4.6 5.2 (0.6) (11%) Group Support Services / Other1 • thl recharges most of its group support costs to its individual business units. A small proportion of costs are not recharged and are retained in the GSS & Other division. The financial result for this division in any year largely reflects changes to recharges • Group support cost reduction remains a key focus, with over $3M in corporate costs reductions executed (before recharges, and therefore not directly comparable to the table on the right) Group Eliminations • Any margin generated on intercompany vehicle transfers between Action Manufacturing and New Zealand and Australia Rentals & Sales, or between other operating segments, is eliminated on group consolidation • Typically, Manufacturing margin is released over the rental life of a vehicle to offset depreciation. Once an ex-rental vehicle is ultimately sold to a third party, any remaining profit previously eliminated on intercompany transfers are recognised • The elimination and subsequent recognition of profits are shown in the Group Eliminations division Group Support Services & Other NZD $M H1 FY26 H1 FY25 VAR VAR % Revenue 0.7 0.8 (0.1) (8%) Costs (4.2) (4.7) 0.4 9% Underlying EBIT2 (3.5) (3.9) 0.4 10% Group Eliminations NZD $M H1 FY26 H1 FY25 VAR VAR % Intercompany revenue elimination (65.0) (51.5) (13.5) (26%) Intercompany costs elimination 63.6 48.1 15.5 32% EBIT (1.4) (3.4) 2.0 59% 1 Includes triptech revenue and costs, and group support expenses net of recharges to other divisions. 2 Refer to page 28 for Reported EBIT.
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24thl FY26 INTERIM RESULTS PRESENTATION
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thl FY26 INTERIM RESULTS PRESENTATION Important Notes 25 • All financials are in NZ dollars unless stated otherwise (throughout presentation). All comparisons are against prior corresponding period unless stated otherwise. Totals and subtotals in tables may not add due to rounding • H1 FY26 includes several non-recurring items (which have been excluded from underlying figures) as detailed on page 26 • H1 FY25 included $1.7M (before tax) of non-recurring restructuring costs, which were excluded from underlying figures • The depreciation expense and interest expense recognised in H1 FY26 in relation to IFRS 16 was $13.7M (H1 FY25: $12.2M) and $7.1M (H1 FY25: $4.7M) respectively. Actual lease payments for the period were $17.2M (H1 FY25: $16.7M) • Profit & loss values are converted at the following average cross-rates for the 6 months ended 31 December 2025: ⎼ NZD:AUD: 0.8905 (H1 FY25: 0.9127) ⎼ NZD:USD: 0.5830 (H1 FY25 : 0.6044) ⎼ NZD:CAD: 0.8084 (H1 FY25 : 0.8338) ⎼ NZD:GBP: 0.4363 (H1 FY25 : 0.4670) ⎼ CAD:USD: 1.3868 (H1 FY25: 1.3801) • Balance sheet values are converted at the following closing cross-rates as at 31 December 2025: ⎼ NZD:AUD: 08641 (30 June 25: 0.9286 | 31 Dec 24: 0.9059) ⎼ NZD:USD: 0.5788 (30 June 25: 0.6068 |31 Dec 24: 0.5641) ⎼ NZD:CAD 0.7928 (30 June 25: 0.8310 | 31 Dec 24: 0.8125) ⎼ NZD:GBP 0.4299 (30 June 25: 0.4422 | 31 Dec 24: 0.4484)
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thl FY26 INTERIM RESULTS PRESENTATION Mapping of H1 FY26 Non-recurring Items to Income Statement 26 NON-RECURRING ITEM NPBT IMPACT (NZD) NPAT IMPACT (NZD) IMPACT ON INCOME STATEMENT Utilisation of USA deferred tax assets previously impaired N/A 0.6 Income tax expense Impairment of UK deferred tax assets N/A (0.1) Income tax expense US employee retention credit recovery from the IRS 3.5 2.5 Other operating income RV and non-RV asset write-downs relating to the Australasian Retail Sales strategic initiative 0.1 0.0 Administration expenses Wind-up costs associated with the Australasian Retail Sales strategic initiative (0.1) (0.0) Administration expenses Transaction costs relating to the NBIO from BGH Capital & Trouchet family consortium (0.5) (0.5) Administration expenses Non-RV asset write-offs in the UK relating to the thl and Apollo merger (0.5) (0.4) Operating expenses People restructuring costs (2.9) (2.0) Operating and administration expenses TOTAL (0.4) 0.1
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thl FY26 INTERIM RESULTS PRESENTATION Average Fleet Size or Average Fleet refers to the average of the closing rental fleet balance at the end of each month in the reporting period Average Net Debt refers to the average of the net debt balance at the end of each month in the reporting period Average Yield refers to the average daily rental van hire rate EBIT refers to the operating profit or loss before financing costs and tax EBITDA refers to the operating profit or loss before financing costs, tax, depreciation and amortisation Ex-fleet Sales refers to the sale of vehicles that previously operated on thl’s rental fleet. It excludes the sale of buyback fleet (relevant in Australia only) Fleet refers to the fleet of vehicles operating in the rentals division. It excludes sales inventory in the vehicle sales/dealership division Gross Profit Margin or GP Margin refers to vehicle sales margin as a percentage of total vehicle sales revenue (net of any wholesale dealer commissions) Net Debt refers to interest bearing loans and borrowings less cash and cash equivalents, and excludes IFRS 16 lease liabilities and deferred borrowing costs NPAT refers to net profit after tax PCP refers to the prior corresponding period Real Depreciation Rate or RDR refers to the difference between the original purchase price and sale price for vehicles sold in the reporting period, represented as an annual depreciation percentage. It allows for no gain on sale or costs associated with the sale or maintenance of the vehicle Retail RV Sales refers to the sale of new and trade-in vehicles. It excludes ex-fleet sales RevPARV refers to rental revenue per average rental vehicle (based on the average fleet size) ROFE or Return on Funds Employed refers to EBIT divided by the average monthly net funds employed. Net funds employed is measured as total equity plus net debt. Lease Interest costs arising from IFRS 16 (not ordinarily reflected in EBIT) are deducted from EBIT for the calculation, on the basis that the associated lease liabilities are not included in net funds employed. The calculation is done in NZ dollars Underlying NPAT refers to NPAT after removing any non-recurring items in the reporting period Utilisation refers to total hired rental days as a percentage of total calendar days Vehicle Sales Margin refers to vehicle sales revenue (net of any wholesale dealer commissions) less the net book value of vehicles sold. It excludes vehicle refurbishment costs and other costs on sale Glossary of Key Terms 27
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thl FY26 INTERIM RESULTS PRESENTATION Divisional Performance 28 Note: Divisional results include non-recurring items and intercompany revenue and expenses. Non -recurring items are presented in “Adjustment for non-recurring items” and intercompany transactions are eliminated in “Group eliminations”. 6 MONTHS TO 31 DECEMBER 2025 6 MONTHS TO 31 DECEMBER 2024 $M NZD REVENUE DIVISIONAL EBITDA DIVISIONAL EBIT AVE FUNDS EMPLOYED REVENUE DIVISIONAL EBITDA DIVISIONAL EBIT AVE FUNDS EMPLOYED New Zealand Rentals & Sales 84.1 28.2 12.2 332.2 76.3 28.1 17.2 250.5 Australian Rentals, Sales & Manufacturing 190.6 35.4 13.8 375.5 189.1 31.2 14.3 379.1 North America Rentals & Sales 126.6 48.1 30.5 329.8 115.2 40.5 21.2 350.5 UK/Ireland Rentals & Sales 27.1 5.4 1.9 64.4 22.6 3.2 0.1 59.0 Action Manufacturing 94.7 9.0 6.5 36.7 86.6 10.0 7.7 46.3 Tourism 18.4 5.8 4.6 8.0 19.3 6.3 5.2 8.8 Group Support Services/Other 0.7 (3.0) (4.1) 6.2 0.8 (3.2) (4.3) 13.7 Group eliminations (65.0) (3.1) (1.4) (16.7) (51.5) (4.5) (3.4) (14.6) Reported Revenue, EBITDA, EBIT 477.3 125.8 64.1 1,136.1 458.4 111.6 57.8 1,093.1 Adjustment for non-recurring items – 0.4 0.4 – – 1.7 1.7 – Underlying EBITDA/EBIT 126.2 64.4 113.3 59.5
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thl FY26 INTERIM RESULTS PRESENTATION Reconciliation of NPAT, EBIT and EBITDA 29 Reconciliation of Statutory and Underlying NPAT NZD $M H1 FY26 H1 FY25 Statutory net profit after tax 29.6 25.3 Restructuring costs 2.0 1.2 Recovery of employee retention credits (2.5) – Non-RV asset write-offs in the UK 0.4 – Transaction costs relating to BGH consortium non-binding offer 0.5 – Utilisation/(impairment) of USA/UK deferred tax assets (0.5) – Underlying net profit after tax 29.5 26.5 Reconciliation of Reported and Underlying EBIT NZD $M H1 FY26 H1 FY25 Reported EBIT 64.1 57.8 Restructuring costs 2.9 1.7 Costs associated with make-good of AU dealership sites closed 0.1 – RV and non-RV asset write-downs in Australian Retail Sales (0.1) – Recovery of employee retention credits (3.5) – Non-RV asset write-offs in the UK 0.5 – Transaction costs relating to BGH consortium non-binding offer 0.5 – Underlying EBIT 64.4 59.5 Rolling 12 month Adjusted EBIT (used for ROFE calculation) NZD $M H1 FY26 Underlying EBIT - H1 FY26 64.4 Underlying EBIT - H2 FY25 27.3 IFRS 16 interest expense (6.7) Adjusted EBIT 85.0 Reconciliation of Reported and Underlying EBITDA NZD $M H1 FY26 H1 FY25 Reported EBITDA 125.8 111.6 Restructuring costs 2.9 1.7 Costs associated with make-good of AU dealership sites closed 0.1 – RV and non-RV asset write-downs in Australian Retail Sales (0.1) – Recovery of employee retention credits (3.5) – Non-RV asset write-offs in the UK 0.5 – Transaction costs relating to BGH consortium non-binding offer 0.5 – Underlying EBITDA 126.2 113.3
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thl FY26 INTERIM RESULTS PRESENTATION Income Statement 30 NZD $M H1 FY26 H1 FY25 VAR VAR % Revenue Sale of services 280.1 251.9 28.2 11% Sale of goods 197.2 206.4 (9.2) (4%) Total revenue 477.3 458.4 19.0 4% Costs (351.5) (346.8) (4.7) (1%) EBITDA 125.8 111.6 14.3 13% Depreciation & amortisation (61.7) (53.7) (8.0) (15%) EBIT 64.1 57.8 6.2 11% Net finance costs (23.4) (22.6) (0.8) (3%) Net profit before tax 40.7 35.2 5.5 16% Taxation (11.1) (9.9) (1.2) (12%) Net profit after tax 29.6 25.3 4.3 17% Basic EPS (in cents) 13.4 11.5 Diluted EPS (in cents) 13.3 11.5
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thl FY26 INTERIM RESULTS PRESENTATION Balance Sheet 31 AS AT NZD $M 31 DEC 2025 30 JUN 2025 VAR 31 DEC 2024 VAR Equity 623.0 577.9 45.2 647.3 (24.3) Non-current liabilities (excluding lease liabilities) 538.9 551.8 (12.9) 531.2 7.6 Current liabilities (excluding lease liabilities) 185.5 226.4 (40.9) 194.2 (8.7) Lease liabilities 228.4 218.4 10.0 213.2 15.2 Total source of funds 1,575.9 1,574.5 1.3 1,586.0 (10.1) Intangible assets (including goodwill) 154.8 145.5 9.3 190.7 (35.9) Investments 0.2 0.1 0.0 0.2 0.0 Derivatives (0.2) 0.2 (0.4) 1.0 (1.2) Property, plant and equipment 986.1 965.0 21.1 864.2 121.9 Right-of-use assets 202.7 197.1 5.6 193.3 9.5 Current assets 232.2 266.4 (34.3) 336.7 (104.5) Total use of funds 1,575.9 1,574.5 1.3 1,586.0 (10.1) Net debt (excluding lease liabilities) 493.4 492.3 15.0 477.3 16.2 Net tangible assets 468.2 432.3 35.9 456.6 11.6 Net tangible assets per share1 $2.12 $1.96 $2.07 Book value of net assets per share1 $2.82 $2.61 $2.94 Debt / debt + equity ratio2 51.3% 52.5% 51.1% Equity ratio2 39.9% 36.1% 38.9% 1 Based on shares on issue at the relevant balance date 2 Equity ratio net of intangibles, right -of-use assets and liabilities, prepayments and deferred tax assets. Disclosures in FY24 and prior presentations were net of intangibles only.
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thl FY26 INTERIM RESULTS PRESENTATION Ex-Rental Fleet Sales 32 6 months to 31 December $M H1 FY26 H1 FY25 VAR VAR % Proceeds from ex-fleet sales New Zealand 12.2 9.7 2.5 26% Australia 14.1 14.7 (0.6) (4%) North America 27.4 19.6 7.8 40% UK/Ireland1 5.6 7.0 (1.4) (20%) Total proceeds from ex-fleet sales 59.2 51.0 8.3 16% Net book value of ex-fleet sold New Zealand (8.9) (6.6) (2.3) (35%) Australia (10.3) (9.6) (0.7) (7%) North America (25.2) (16.8) (8.4) (50%) UK/Ireland1 (4.7) (5.5) 0.8 15% Total net book value of ex-fleet sold (49.1) (38.5) (10.6) (28%) Gross margin on ex-fleet sales New Zealand 3.3 3.1 0.2 6% Australia 3.8 5.1 (1.3) (26%) North America 2.1 2.7 (0.6) (23%) UK/Ireland1 0.9 1.5 (0.6) (40%) Total gross margin on ex-fleet sales 10.1 12.4 (2.3) (19%) 6 months to 31 December $K H1 FY26 H1 FY25 VAR VAR % Average gross margin on ex-fleet sales New Zealand 20.6 27.9 (7.3) (26%) Australia 25.1 23.9 1.2 5% North America 8.6 15.0 (6.4) (43%) UK/Ireland1 15.2 16.7 (1.4) (9%) Group 16.4 20.9 (4.5) (21%) % H1 FY26 H1 FY25 VAR Gross profit margin on ex-fleet sales New Zealand 27.0% 32.0% (5.0%) Australia 26.9% 34.7% (7.8%) North America 7.8% 14.1% (6.3%) UK/Ireland1 15.8% 20.9% (5.1%) Group 17.0% 24.4% (7.3%) # H1 FY26 H1 FY25 VAR VAR % Ex-fleet vehicles sold New Zealand 160 111 49 44% Australia 151 213 (62) (29%) North America 246 183 63 34% UK/Ireland1 58 88 (30) (34%) Total ex-fleet vehicles sold 615 595 20 3% 1 Excludes intercompany sales to New Zealand.
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thl FY26 INTERIM RESULTS PRESENTATION Retail RV Sales (New Zealand and Australia) 33 6 months to 31 December $M H1 FY26 H1 FY25 VAR VAR % Proceeds from retail RV sales1 New Zealand 4.7 7.8 (3.1) (40%) Australia 78.5 95.8 (17.3) (18%) Total proceeds from retail RV sales 83.2 103.6 (20.4) (20%) Book value of retail RVs sold1 New Zealand (4.3) (6.9) 2.6 38% Australia (73.5) (86.7) 13.2 15% Total book value of retail RVs sold (77.8) (93.6) 15.8 17% Gross margin on retail RV sales New Zealand 0.4 0.9 (0.5) (56%) Australia 5.0 9.1 (4.1) (45%) Total gross margin on retail RV sales 5.4 10.0 (4.6) (46%) 6 months to 31 December $K H1 FY26 H1 FY25 VAR VAR % Average gross margin on retail RV sales New Zealand 10.5 15.8 (5.3) (33%) Australia 5.5 8.8 (3.3) (37%) Group 5.7 9.2 (3.5) (38%) % H1 FY26 H1 FY25 VAR Gross profit margin (%) on retail RV sales1 New Zealand 8.5% 11.5% (3.0%) Australia 6.4% 9.5% (3.1%) Group 6.5% 9.7% (3.2%) # H1 FY26 H1 FY25 VAR VAR % Retail RV sales New Zealand 38 57 (19) (33%) Australia 909 1,035 (126) (12%) Total retail RV sales 947 1,092 (145) (13%) 1 H1 FY25 figures for Australia differ from metrics presented in the H1 FY25 Presentation, which included intercompany proceeds and book values. These items net off at gross profit.
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thl FY26 INTERIM RESULTS PRESENTATION Fleet Movements 34 UNITS: H1 FY26 H1 FY25 VAR VAR % New Zealand Opening fleet - 30 Jun 2,452 1,967 485 25% On-fleets 564 652 (88) (13%) Off-fleets1 169 248 (79) (32%) Closing fleet - 31 Dec 2,847 2,371 476 20% Australia Opening fleet - 30 Jun 2,586 2,361 225 10% On-fleets 274 384 (110) (29%) Off-fleets1 197 290 (93) (32%) Closing fleet - 31 Dec 2,663 2,455 208 8% North America Opening fleet - 30 Jun 2,7982 2,877 (79) (3%) On-fleets 113 12 101 842% Off-fleets1 296 350 (54) (15%) Closing fleet - 31 Dec 2,615 2,539 76 3% UNITS: H1 FY26 H1 FY25 VAR VAR % UK/Ireland Opening fleet - 30 Jun 653 571 82 14% On-fleets - 87 (87) N/M Off-fleets1 90 139 (49) (35%) Closing fleet - 31 Dec 563 519 44 8% Total Group Opening fleet - 30 Jun 8,4892 7,776 713 9% On-fleets 951 1,135 (184) (16%) Off-fleets1 752 1,027 (275) (27%) Closing fleet - 31 Dec 8,688 7,884 804 10% 1 Off-fleets consist of vehicles transferred to inventory for sale, intercompany transfers to other jurisdictions (where applicabl e), and vehicles written-off. 2 Opening fleet balances for North America and Total Group have been restated downwards due to a reclassification of certain ve hicles in North America from rental fleet to inventory.
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