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FY26 ANNUAL RESULTS PRESENTATION 25 AUGUST 2026
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thl FY26 ANNUAL RESULTS PRESENTATION 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. Disclaimer 2
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thl FY26 ANNUAL RESULTS PRESENTATION Executive Summary • Statutory NPAT (Continuing Operations) of $39.9M, up from a loss of $14.1M in FY25 • Underlying NPAT (Continuing Operations) up 34% to $46.1M • Sale of services revenue (Continuing Operations), primarily rentals, up 11% to $517.5M, driven by fleet growth and improved RevPARV • Significant progress on the strategic initiatives announced in August 2025: ⎼ Sold thl UK & Ireland business for ~$57M including ~$8M of goodwill ⎼ Closed two loss-making dealerships in Australia and rationalised product portfolio ⎼ Closed Brisbane manufacturing factory and consolidated into New Zealand ⎼ Fleet synergies implemented in North America ⎼ ~$5M in cost savings across labour, corporate and digital costs • Closing rental fleet up 10% to 8,587 vehicles • Full-year dividend of 10.5 cents per share, up 62% on FY25. Final dividend of 7.5 cents per share 100% imputed and 10% franked • Net operating cashflow (Continuing Operations) increased 67% to $67 million, and balance sheet metrics have strengthened • Strong H2 FY26 momentum and strategic initiative progress were disrupted by the Middle East conflict, creating a gap in forward booking intake that is unlikely to be fully recoverable and impacting the significant earnings step-up thl expected for FY27 • thl believes the fundamental drivers underpinning its $100 million uNPAT goal remain intact: rental fleet and revenue growth, manufacturing and procurement benefits, other cost initiatives, and an expected cyclical recovery in RV sales markets 3
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thl FY26 ANNUAL RESULTS PRESENTATION Explanatory Note for Continuing / Discontinued Operations • Following the divestment of the UK & Ireland Rentals & Sales business on 31 March 2026, the financial results of that business are presented as a discontinued operation in accordance with NZ IFRS 5 • Unless otherwise indicated, all financial and operating metrics in this presentation are presented on a continuing operations basis, excluding the UK & Ireland business from FY26 (the discontinued operations). FY25 comparatives have accordingly been restated to exclude the UK & Ireland business also • Balance sheet metrics are presented on a reported (total group) basis. They have not been restated to exclude discontinued operations, unless otherwise indicated • A reconciliation between continuing operations and the total reported Group result, including discontinued operations, is provided on page 28 • Underlying earnings measures exclude non-recurring items. Reconciliations to statutory/reported measures are provided on page 29 4
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thl FY26 ANNUAL RESULTS PRESENTATION UNDERLYING NET PROFIT AFTER TAX1 $46.1M SALE OF SERVICES REVENUE $517.5M STATUTORY NET PROFIT AFTER TAX1 $39.9M SALE OF GOODS REVENUE $335.4M UNDERLYING EBIT1 $105.4M FULL-YEAR DIVIDEND 10.5cps UNDERLYING EBITDA1 $222.4M CLOSING RENTAL FLEET2 8,587 N/M 34% 17% 14% 11% 10% 22% 62% CONTINUING OPERATIONS - COMPARED TO THE PRIOR CORRESPONDING PERIOD (PCP) 1 Refer to page 29 for a reconciliation of statutory/reported results from total operations to continuing operations and underl ying continuing operations. 2 Comparison to 7,836 as at 30 June 2025, which differs to the figure reported in the FY25 Annual Results Presentation due to t he reclassification of certain vehicles in North America from rental fleet to inventory. 5
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thl FY26 ANNUAL RESULTS PRESENTATION Update on Takeover Approaches • Two non-binding indicative proposals currently before the Board, comprising a revised $3.10 per share proposal from the BGH consortium and a competing proposal from a party the Board considers to be a credible strategic acquirer at $3.30 to $3.40 per share • Current proposals represent a substantial increase from the initial $2.30 per share approach received in June 2025 • Due diligence is in process with both parties and management sessions and site visits have recently commenced • While timing remains subject to the parties’ respective processes, the Board currently expects the due diligence phase to continue for approximately a further six weeks • The Board will continue to engage constructively with both parties and assess any developments in the best interests of shareholders • Both proposals remain non-binding and subject to a range of conditions, including completion of due diligence and internal approvals. There can be no certainty that either proposal will result in a transaction, and shareholders are not required to take any action at this time 6
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thl FY26 ANNUAL RESULTS PRESENTATION Return on Funds Employed Stronger operating performance and capital portfolio management delivering higher returns; still more to do • Return on Funds Employed (ROFE) is thl’s primary metric for assessing divisional performance and guiding investment decisions, against a through-the-cycle target of 15% • Group ROFE (Continuing Operations) improved to 8.7% in FY26 from 7.6% in FY25 • The Group entered H2 FY26 with strong momentum; however, the start of the Middle East conflict affected rental booking conversions and RV sales activity, tempering ROFE improvement in H2 • Funds were released from the unprofitable UK & Ireland division through a divestment, and reduced from the underperforming USA market, to improve overall ROFE • ROFE for Action Manufacturing and Tourism increased year-on-year and continues to materially exceed the Group average • thl calculates ROFE using Adjusted EBIT. Refer to the Glossary to Key Terms on page 27 for further detail on the ROFE calculation methodology 12 MONTHS TO 30 JUNE 2026 $M NZD ADJUSTED EBIT1 AVERAGE FUNDS1 PERIOD END FUNDS1 RETURN ON FUNDS EMPLOYED New Zealand Rentals & Sales 48.2 362.5 385.9 13.3% Australia Rentals, Sales & Manufacturing 26.1 387.1 405.0 6.8% North America Rentals & Sales 1.4 286.9 251.5 0.5% Action Manufacturing 10.5 34.0 37.5 30.8% Tourism 13.7 7.6 8.8 181.6% Group Support Services/Other (5.6) 5.7 0.1 N/A Eliminations (1.8) (18.1) (18.7) N/A Total 92.5 1,065.7 1,070.2 8.7% 1 Adjusted EBIT (used in the calculation of ROFE) is calculated after deducting IFRS 16 lease interest expense. Average Funds E mployed and Period-End Funds Employed exclude IFRS 16 lease liabilities. Refer to page 27 for the full ROFE definition and page 29 for a reconciliation of Adjusted EBIT to Underlying EBIT 7
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thl FY26 ANNUAL RESULTS PRESENTATION Decisive Strategic Execution Exited underperforming assets, consolidated operations and positioned the group for future earnings growth • Strategic actions announced in August 2025 were executed during FY26: ⎼ thl UK & Ireland sold for ~$57 million, including ~$8 million of goodwill ⎼ Two loss-making dealerships exited in Australia ⎼ Brisbane manufacturing closed ⎼ Fleet and procurement synergies implemented in North America ⎼ ~$5M in underlying cost savings across labour, corporate and digital costs • While these initiatives are earnings enhancing, the full financial benefits are not evident in FY26. Some benefits are immediate, while two initiatives require fleet rotation over time before their full value is reflected in earnings: ⎼ Fleet and build cost synergy benefits for North America and Australia are expected to progressively increase as lower-cost vehicles rotate through the rental fleet ⎼ The realisation of procurement fleet synergies in North America has been delayed as softer market conditions have reduced the pace of fleet purchases ⎼ The Brisbane factory sublease, once finalised, targeting calendar 2026, should provide a ~NZ$2.5 million per annum cost saving • Discussions with stakeholders on the future of the Waitomo business beyond the 2027 Glow Worm Cave lease expiry are ongoing Completed in FY26 Australasian Manufacturing ✓ Brisbane factory closure (Dec ‘25) ✓ Production consolidated into Hamilton, New Zealand Australian Retail Sales ✓ Sale/exit of Sydney RV and Kratzmann dealerships ✓ Rationalised product range ✓ Lowered inventory ✓ Launched new product range in Q4 UK & Ireland ✓ Completion of sale of business assets for ~$57M North America ✓ Labour cost synergies enacted ✓ Commenced fleet alignment / procurement benefits ✓ Funds released in FY26 8
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thl FY26 ANNUAL RESULTS PRESENTATION RV Rental and Sales Snapshot Rental business metrics continue to improve; sales remain challenging Average Rental Fleet Size 8,160 FY25: 7,316 RevPARV $58.0k FY25: $57.4k1 Ex-Fleet Sales Volumes 1,164 FY25: 1,544 Ex-Fleet Sales Margin 15.4% FY25: 15.9% Retail RV Sales Volumes 1,496 FY25: 2,044 Retail RV Sales Margin 7.1% FY25: 8.7% • Average rental fleet increased 11.5%, through expansion in ANZ, while RevPARV increased 1%, demonstrating improved group yield and utilisation management alongside global scale growth • RevPARV broadly stable despite significant disruption to booking intake in the latter months of FY26 • Industry vehicle sales activity remains subdued • Ex-fleet sales volumes declined 25%, reflecting continued weakness in vehicle markets across Australia and North America. New Zealand volumes were more resilient • Ex-fleet sales margins at group level remained relatively stable at 15.4%, broadly consistent with thl’s target margin range and despite soft market conditions. This indicates fleet depreciation rates remain broadly appropriate and vehicle carrying values remain well aligned to realised sales outcomes • Margins improved from 6.5% in H1 to 8.5% in H2, with H1 impacted by dealership closure and clearance activity • Sales volumes declined 27% (19% excluding sales from exited dealerships), reflecting weaker consumer demand and the closure of two loss-making Australian dealerships 9 1 Reported metric differs from the $54.5k presented in the FY25 Presentation due to (i) the reclassification of certain FY25 No rth America vehicles from rental fleet to inventory and (b) the exclusion of discontinued operations (UK & Ireland)
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thl FY26 ANNUAL RESULTS PRESENTATION Balance Sheet and Capital Management Balance sheet strengthened through FY26 • Net debt1 reduced significantly during FY26 to $436 million at 30 June 2026 (or $453 million if normalised over the four weeks surrounding the balance date) • Net debt benefited from proceeds received on the UK & Ireland divestment. As the divested fleet is part of the discontinued operation, those values are excluded from the fleet capital expenditure and ex-fleet sales metrics on this page • While leverage (pre-IFRS 16) improved to 2.32x, lower-than-expected vehicle sales in FY26 resulted in higher net fleet capital expenditure than targeted and a closing net debt position above thl’s original target for 30 June 2026 of below $400 million • The Board remains comfortable with thl’s funding position, noting that debt is predominantly asset backed and supported by a liquid rental fleet that has proven to be realisable through normal trading activities • Gross fleet capital expenditure reduced to $226 million, reflecting fleet right-sizing in North America. Gross fleet capex in FY27 is expected to remain broadly consistent with FY26 levels • Non-fleet capital expenditure reduced by $29 million to $13 million following the completion of major strategic investments in FY25, including the Auckland branch redevelopment and digital transformation programme. FY26 non-fleet capex provides a more representative baseline for future investment requirements Gross Fleet Capital Expenditure $226M FY25: $287M Net Fleet Capital Expenditure $115M FY25: $132M Non-Fleet Capital Expenditure $13M FY25: $42M Net Debt to Underlying EBITDA (Pre-IFRS 16)3 2.32x FY25: 2.99x 1 Net debt excludes IFRS 16 lease liabilities (Pre -IFRS 16 measure). 2 Equity ratio net of intangibles, right-of-use assets and liabilities, prepayments and deferred tax assets. 3 Leverage is presented on a pre-IFRS 16 basis, with net debt excluding lease liabilities and underlying EBITDA including lease e xpenses, to provide consistency between the debt and earnings measures. The prior -period leverage metric has been updated to reflect this revised methodology. 4 Includes proceeds relating to the sale of buyback vehicles, which are not included on page 32 Closing Net Debt1 $436M FY25: $492M Equity Ratio2 41% FY25: 36% Ex-Fleet Sales Proceeds4 $112M FY25: $154M Average Net Debt1 $484M FY25: $493M 10
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thl FY26 ANNUAL RESULTS PRESENTATION Positive Operating Cashflows1 Improved profitability translated into stronger cash generation • Net operating cash flow increased 67% to $67.3 million, driven by: ⎼ Improved profitability ⎼ Lower fleet capital investment requirements ⎼ Working capital management, namely inventory reduction primarily relating to the closure of the Australian factory and dealerships • Following several years of significant fleet investment and rebuild, thl is now in a phase with more normalised fleet replenishment and capital expenditure requirements, which provides a foundation for continued expected positive operating cashflows • Cashflows on this page exclude discontinued operations and the proceeds from the sale of the UK & Ireland business – refer to page 72 of the Integrated Report for a summary of discontinued operations cashflows 12 months to 30 June NZD$M FY26 FY25 VAR VAR % Statutory net profit after tax 39.9 (14.1) 54.0 N/M Non-cash adjustments Depreciation & amortisation 117.0 105.9 11.1 10% Net book value of rental assets sold 96.1 111.5 (15.4) (14%) Impairment of goodwill and other assets 3.7 44.4 (40.7) (92%) Other non-cash adjustments 1.4 2.9 (1.5) (51%) Movement in inventories 35.3 56.2 (20.9) (37%) Movement in other working capital balances (0.1) 20.2 (20.3) N/M Total non-cash adjustments 253.5 341.1 (87.6) (26%) Purchase of rental fleet (226.1) (286.7) 60.6 21% Net operating cash flows1 67.3 40.3 27.0 67% Net investing cashflows (12.7) (39.4) 26.7 68% Net financing cashflows (55.7) (10.2) (45.5) (448%) Net investing & financing cashflows (68.4) (49.6) (18.8) (38%) 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. 11
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thl FY26 ANNUAL RESULTS PRESENTATION Dividend Growth Full-year dividend increased 62% to 10.5 cps; payout ratio of 50% of underlying NPAT • The Board has determined a final FY26 dividend of 7.5 cents per share, 100% imputed and 10% franked, bringing the full-year dividend to 10.5 cents per share, an increase of 62% on FY25 • This represents a full-year payout ratio of approximately 50% of underlying NPAT from continuing operations, in the middle of the policy range of 40% to 60% • Using the 30 June 2026 closing share price of $2.90, the full-year dividend represents: ⎼ a cash yield of approximately 3.6% ⎼ a gross (imputed) yield of approximately 5.0% for New Zealand resident shareholders, and gross (franked) yield of approximately 3.8% for Australian-resident shareholders • The Dividend Reinvestment Plan will not apply to the final FY26 dividend KEY DATES • Ex-dividend date of Thursday 17 September 2026 • Record date of Friday 18 September 2026 • Payment date of Friday 2 October 2026 thl's dividend policy targets an interim dividend of approximately 30% of the full-year dividend, with the balance paid as a final dividend 2.5 4.0 3.0 7.5 0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0 FY25 (Interim) FY25 (Final) FY26 (Interim) FY26 (Final) Dividends (NZD cents per share) 12
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thl FY26 ANNUAL RESULTS PRESENTATION Rental Bookings Trends Recovery of booking momentum is underway Southern Hemisphere • Prior to the Middle East conflict, Southern Hemisphere booking intakes were tracking very positively • Following several months of forward booking intake being below PCP, forward bookings have now recovered to be above PCP • Booking intake over the last four weeks has exceeded the growth rate in total forward bookings, indicating that momentum is recovering and a portion of demand has been deferred rather than lost Northern Hemisphere • Booking intake was less impacted by the March 2026 conflict than in the Southern Hemisphere due to less international flight disruption • Canada is on track to deliver record rental revenue in the 2026 summer season • As expected, the USA is experiencing a soft 2026 summer season, however strong late booking activity has resulted in a better revenue outcome than earlier booking trends suggested • While forward booking snapshots become less meaningful once the summer season has largely concluded, recent US booking intake trends have been encouraging, tracking approximately 45% above PCP (not shown in the table on the right) 14 Rental Revenue Intake – All Future Periods (vs PCP) As at February 2026 As at August 2026 Intakes in the Last 4 Weeks1 New Zealand Up ~25% Up ~15% Up ~40% Australia Up ~20% Up ~5% Up ~15% Southern Hemisphere Up ~20% Up ~10% Up ~25% Rental Revenue - Intake for All Future Periods / Outcomes (vs PCP) Total Forward Booking Intake as at February 2026 Actual Rental Revenue Achieved in June / July 2026 Canada Up ~30% Up ~25% United States Down ~35% Down ~15% Northern Hemisphere Down ~5% Up ~5%
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thl FY26 ANNUAL RESULTS PRESENTATION RV Sales Industry Commentary Near-term pressure persists; travel fundamentals remain attractive; and thl’s rental-led model is well positioned Near-term industry challenges continue • 2026 has been weaker than expected for the RV sales industry, especially in North America, and industry participants have progressively adopted a more cautious outlook for the year: ⎼ RV Industry Association’s median wholesale RV shipment forecast has reduced by 11% since the start of the year ⎼ Both THOR (NYSE:THO) and Camping World (NYSE:CWH) have recently reduced their expectations for the 2026 RV market Expected to be cyclical, not structural • Industry views are that weaker demand reflects current affordability issues from higher interest rates, fuel prices, inflation and macroeconomic uncertainty, rather than a structural decline in the category • Long-term fundamentals in the RV industry remain attractive, supported by younger and more diverse RV owners, growing participation in camping and outdoor travel, and demand for flexible, experience-based travel thl is positioned well long-term • thl’s rental-led model provides flexibility through the cycle, as fleet purchases, rotation and ageing are all able to be adjusted to manage lower vehicle sales volumes, while benefiting from underlying RV travel demand • In light of the increased cost of new RVs, thl can extend fleet holding periods to continue to supply lower-cost ex-rental vehicles into the sales market, targeting cost-conscious customers 15
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thl FY26 ANNUAL RESULTS PRESENTATION Outlook 16 • thl entered H2 FY26 with strong momentum across its rental businesses, with booking intake trends tracking well ahead of prior year levels and strategic initiatives progressing well and expected to contribute meaningfully to earnings growth • The disruption from the Middle East conflict has affected that momentum, creating a gap in forward booking intake that is unlikely to be fully recoverable. Together with continued weakness in RV sales, this has impacted the significant step-up in earnings thl expected for FY27 • thl intends to continue to update investors on forward booking intake trends, which are the key leading indicator of rental performance. RV sales performance is expected to continue reflecting broader macroeconomic and industry conditions • Importantly, thl believes the fundamental drivers underpinning its $100 million uNPAT goal remain intact: rental fleet and revenue growth, manufacturing and procurement benefits, other cost initiatives, and an expected cyclical recovery in RV sales markets • While the timing may have changed, thl believes that the long-term opportunity has not
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thl FY26 ANNUAL RESULTS PRESENTATION AS AT 30 JUNE 2026 SOUTHERN AFRICA Franchise JAPAN Franchise RENTAL FLEET 2,884 RENTAL FLEET 2,919 RENTAL FLEET RV Rentals New and Ex-Rental RV Sales Digital Tourism App 2,784 8,587 TOTAL RENTAL FLEET NZ$1.58bn NZ$641m FY 26 TOTAL ASSETS FY 26 NET ASSETS RV Rentals New and Ex-Rental RV Sales RV and Commercial Manufacturing Tourism Attractions & Activities Digital Tourism App RV Rentals Ex-Rental RV Sales Digital Tourism App 19
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thl FY26 ANNUAL RESULTS PRESENTATION New Zealand Rentals & Sales • EBIT increased 9% to $52.7 million, driven by 17% growth in rental revenue • Return on Funds Employed (ROFE) was 13.3% (FY25: 16.2%). While earnings increased, ROFE was lower due to the total fleet size being above expected levels • Both RV sales volumes and gross margins increased despite challenging market conditions • RevPARV was impacted by slight over-fleeting in FY26 and New Zealand's seasonal utilisation profile • A new Queenstown site opened on 17 August 2026 and includes an expanded RVSC, showroom and service centre. The site provides: ⎼ capacity to meet unmet Queenstown rental demand due to current site constraints ⎼ an opportunity to grow RV sales, and income from servicing and retail accessory sales ⎼ an improved customer experience and operational efficiency across the lower South Island NZD $M FY26 FY25 VAR VAR % Rental revenue 157.8 134.4 23.4 17% Sale of goods revenue 45.1 43.7 1.4 3% Costs (150.2) (129.9) (20.3) (16%) EBIT 52.7 48.2 4.5 9% Rentals division Operating rental fleet FY26 FY25 VAR VAR % Average rental fleet size 2,778 2,167 611 28% Revenue per average rental vehicle FY26 FY25 VAR VAR % RevPARV (NZD $k) 56.8 62.0 (5.2) (8%) Vehicle sales division Unit sales (#) FY26 FY25 VAR VAR % Ex-fleet sales 320 241 79 33% Retail RV sales 84 109 (25) (23%) Total RV sales 404 350 54 15% Gross profit margin % FY26 FY25 VAR GP margin on ex-fleet sales 28.3% 28.4% (0.1%) GP margin on retail RV sales 9.3% 8.9% 0.4% Total GP margin on RV sales 22.5% 20.1% 2.4% Real depreciation rate on ex-fleet sales FY26 FY25 RDR ~2.5% ~3% 20
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thl FY26 ANNUAL RESULTS PRESENTATION Australia Rentals, Sales & Manufacturing • Underlying EBIT increased 32%, driven by: ⎼ 20% growth in rental revenue, supported by a 10% increase in average fleet and 3% improvement in RevPARV ⎼ Actions to simplify and improve the quality of the retail business • ROFE improved to 6.8%, up from 5.1%, reflecting stronger operating performance despite the challenging trading environment • Rental performance remained strong throughout FY26 but declined following the Middle East conflict, which impacted both international and domestic travel • Retail margins improved from 6.4% in H1 to 8.3% in H2 as inventory associated with exited dealerships was cleared. H2 provides a better baseline heading into FY27 • Over time, as Australian Rentals and Retail receive supply of new motorhomes from the New Zealand factory at lower pricing (even after allowing for transport costs), this is expected to support lower rental depreciation and improved retail sales margins • Following the closure of the Brisbane manufacturing facility, this segment will be presented as Australia Rentals & Sales from FY27. Manufacturing activities transferred to New Zealand will be reported within the Action Manufacturing segment NZD $M FY26 FY25 VAR VAR % Rental revenue 172.0 143.7 28.3 20% Sale of goods revenue 151.1 217.7 (66.6) (31%) Costs (293.6) (338.9) 45.3 13% Underlying EBIT1 29.6 22.5 7.1 32% Rentals division Operating rental fleet FY26 FY25 VAR VAR % Average rental fleet size 2,689 2,443 246 10% Revenue per average rental vehicle FY26 FY25 VAR VAR % RevPARV (AUD $k) 55.4 53.7 1.7 3% Vehicle sales division Unit sales (#) FY26 FY25 VAR VAR % Ex-fleet sales 235 392 (157) (40%) Retail RV sales 1,412 1,935 (523) (27%) Total RV sales 1,647 2,327 (680) (29%) Gross profit margin % FY26 FY25 VAR GP margin on ex-fleet sales 30.5% 32.4% (1.9%) GP margin on retail RV sales 6.9% 8.7% (1.7%) Total GP margin on RV sales 10.1% 12.4% (2.2%) Real depreciation rate on ex-fleet sales FY26 FY25 RDR ~1% ~2% 1 Refer to page 29 for Reported EBIT. 21
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thl FY26 ANNUAL RESULTS PRESENTATION North America Rentals & Sales • ROFE was 0.5% (FY25: negative) • The division has benefited from cost and synergy initiatives across the region, together with a $60 million reduction in average funds employed • Rental revenue increased 1% despite the challenging trading conditions in the United States • Fleet was redeployed from the USA to Canada to align capacity with demand trends. As a result, average rental fleet size was broadly stable year-on-year with significant movement between markets having occurred • RevPARV remained broadly consistent with the prior year, demonstrating the benefits of fleet utilisation and yield management despite a softer USA market • Sales volumes remain constrained by the weak North American RV markets, while sales margins remain below targeted levels • RDR remains elevated at ~4.5% but is expected to reduce as lower- cost vehicles rotate through the fleet • Fleet capital expenditure has been significantly reduced in the United States in response to current rental and RV sales market conditions. This will increase average fleet age while supporting cash flows NZD $M FY26 FY25 VAR VAR % Rental revenue 143.7 142.2 1.5 1% Sale of goods revenue 71.0 104.8 (33.8) (32%) Costs (209.7) (245.5) 35.8 15% Underlying EBIT1 5.0 1.5 3.5 235% Rentals division Operating rental fleet2 FY26 FY25 VAR VAR % Average rental fleet size 2,692 2,705 (13) (0%) Revenue per average rental vehicle3 FY26 FY25 VAR VAR % RevPARV (USD $k) 31.3 31.5 (0.2) (1%) Vehicle sales division Unit sales (#) FY26 FY25 VAR VAR % RV sales 609 911 (302) (33%) Gross profit margin % FY26 FY25 VAR GP margin on RV sales 6.0% 7.7% (1.7%) Real depreciation rate on ex-fleet sales4 FY26 FY25 RDR ~4.5% ~4% 1 Refer to page 29 for Reported EBIT. 2 Average fleet balances for North America in FY25 have been restated downwards due to a reclassification of certain vehicles f rom rental fleet to inventory 3FY25 figures differ from metrics presented in the FY25 Presentation due to the reclassification of vehicles described in foot note 2 4 FY25 RDR figures differ from metrics presented in the FY25 Presentation due to treatment of intercompany vehicle sales 22
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thl FY26 ANNUAL RESULTS PRESENTATION Action Manufacturing • ROFE of 30.8% (including intercompany activity), up from 27.5% • Third-party manufacturing EBIT increased by 55%, driven by revenue growth, a favourable sales mix and improved recovery of fixed overheads and profit margin, as volumes increased • Total segment EBIT (including intercompany activity) declined by 8% due to lower margin on intercompany RV sales • Manufacturing for the Australian business commenced in Hamilton in December 2025 following the consolidation of ANZ production • The redesigned Winnebago range, including the flagship Odyssey 40I, demonstrates the benefits of a consolidated ANZ manufacturing platform and Action's ability to deliver purpose-built vehicles for Australian conditions – refer to page 22 of the Integrated Report for further detail NZD $M FY26 FY25 VAR VAR % Sale of goods - third party 68.1 63.5 4.6 7% Costs - third party (62.6) (59.9) (2.6) (4%) Underlying EBIT - third party 5.6 3.6 2.0 55% Sale of goods - intercompany 110.3 102.2 8.2 8% Costs - intercompany (104.2) (92.9) (11.2) (12%) Underlying EBIT - incl. intercompany transactions1 11.8 12.8 (1.1) (8%) • The Action Manufacturing reporting segment comprises thl’s New Zealand manufacturing operations • 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 1 EBIT including intercompany transactions comprises intercompany revenue and costs from the manufacture of RVs for thl’s rental and retail 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 29 for Reported EBIT. 23
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thl FY26 ANNUAL RESULTS PRESENTATION Tourism • ROFE of 182%, the highest in the group, up from 166% • Growth in Chinese visitor numbers partly offset softer Australian, Korean and domestic New Zealand demand • The division again generated the highest return on funds employed in the group reflecting its low capital intensity Tourism NZD $M FY26 FY25 VAR VAR % Revenue 42.4 42.9 (0.6) (1%) Costs (28.6) (29.1) 0.5 2% EBIT 13.8 13.9 (0.1) (1%) Group Support Services & Other NZD $M FY26 FY25 VAR VAR % Revenue 2.2 1.5 0.7 49% Costs (7.8) (5.0) (2.9) (58%) Underlying EBIT2 (5.6) (3.5) (2.1) (61%) Group Eliminations NZD $M FY26 FY25 VAR VAR % Intercompany revenue elimination (110.9) (102.5) (8.5) (8%) Intercompany costs elimination 109.2 96.9 12.3 13% EBIT (1.8) (5.6) 3.8 68% Group Support Services / Other1 • FY26 delivered ~$5 million of group savings across labour, corporate and digital costs (normalised for inflation, foreign exchange movements and non-recurring items) • thl recharges most of its group support costs to its individual business units. Some costs are not recharged and are retained in the GSS & Other division. The financial result for this division largely reflects the changes to recharges in a year and is not a representative measure of changes in thl’s total group support costs Group Eliminations • Any profit generated on intercompany sales of goods and services between operating segments (largely from Action Manufacturing) is eliminated on consolidation • Manufacturing profit eliminated on vehicles placed into the rental fleet is recognised progressively over the vehicle's rental life through fleet depreciation. Once the vehicle is sold to a third party, any remaining unrecognised profit is recognised in cost of goods sold at that time • The release of previously eliminated manufacturing profit is reflected within Group Eliminations • The FY26 EBIT improvement primarily reflects a higher level of previously eliminated manufacturing profit being recognised through the fleet depreciation cycle and a lower current year manufacturing profit eliminated on the intercompany sale of vehicles 1 Includes triptech revenue and costs, and group support expenses net of recharges to other divisions. 2 Refer to page 29 for Reported EBIT. 24
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thl FY26 ANNUAL RESULTS PRESENTATION
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thl FY26 ANNUAL RESULTS PRESENTATION Important Notes • 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 • FY26 and FY25 include several non-recurring items (which have been excluded from underlying figures) detailed on page 29 • The following average cross-rates are provided for reference. Foreign currency income and expenses are translated into NZD using average monthly exchange rates: ⎼ NZD:AUD: 0.8646 (FY25: 0.9138) ⎼ NZD:USD: 0.5854 (FY25: 0.5915) ⎼ NZD:CAD: 0.8083 (FY25: 0.8262) ⎼ NZD:GBP: 0.4365 (FY25: 0.4560) • Balance sheet values are converted at the following closing cross-rates as at 30 June 2026: ⎼ NZD:AUD: 0.8220 (30 June 25: 0.9286) ⎼ NZD:USD: 0.5647 (30 June 25: 0.6068) ⎼ NZD:CAD: 0.8033 (30 June 25: 0.8310) ⎼ NZD:GBP: 0.4266 (30 June 25: 0.4422) 26
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thl FY26 ANNUAL RESULTS PRESENTATION Glossary of Key Terms 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 27
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thl FY26 ANNUAL RESULTS PRESENTATION Divisional Performance 12 MONTHS TO 30 June 2026 12 MONTHS TO 30 June 2025 NZD $M REVENUE DIVISIONAL EBITDA DIVISIONAL EBIT AVE FUNDS EMPLOYED REVENUE DIVISIONAL EBITDA DIVISIONAL EBIT AVE FUNDS EMPLOYED New Zealand Rentals & Sales 202.9 87.6 52.7 362.5 178.1 74.0 48.2 287.8 Australian Rentals, Sales & Manufacturing 323.2 65.9 24.2 387.1 361.4 51.2 17.1 384.0 North America Rentals & Sales 214.7 43.2 8.5 286.9 247.0 5.1 (34.3) 346.7 Action Manufacturing 178.5 16.7 11.8 34.0 165.7 17.3 12.6 42.7 Tourism 42.4 16.2 13.8 7.6 42.9 16.1 13.9 8.3 Group Support Services/Other 2.2 (5.8) (8.0) 5.7 1.5 (1.8) (4.1) 7.0 Group eliminations (110.9) (5.5) (1.8) (18.1) (102.5) (8.2) (5.6) (14.3) Non-recurring items – 4.2 4.2 – – 42.1 42.1 – Underlying thl (Continuing Operations) 852.9 222.4 105.4 1,065.7 894.1 195.7 89.8 1,062.1 UK & Ireland Rentals & Sales1 27.3 7.5 2.5 43.6 43.2 0.6 (6.0) 63.0 UK & Ireland Rentals & Sales non-recurring items – (7.7) (7.7) – – 3.0 3.0 – Group Total (Continuing + Discontinued Operations) 880.2 222.2 100.2 1,109.3 937.2 199.2 86.8 1,125.1 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” 1 UK & Ireland Rental & Sales results exclude intercompany revenue of $5.1M and expenses of $4.9M and inclusive of the net gain on sale of $8.2M as a non-recurring item 28
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thl FY26 ANNUAL RESULTS PRESENTATION Reconciliation of EBITDA, EBIT and NPAT 29 1 Other transaction costs incurred directly by the UK & Ireland division formed part of discontinued operations and are therefo re not presented here. • FY26 Adjusted EBIT from Continuing Operations of $92.5M (FY25: $80.4M), used in the calculation of Group ROFE, deducts IFRS 1 6 lease interest expense of $12.9M (FY25: $9.3M) from Group underlying EBIT from Continuing Operations of $105.4M (FY25: $89.8M) Reconciliation of Reported EBITDA / EBIT and Statutory NPAT to underlying measures FY26 FY25 NZD $M Mapping to Income Statement EBITDA EBIT NPAT EBITDA EBIT NPAT Reported EBITDA and EBIT, and Statutory NPAT, of Total Group 225.7 103.7 38.4 154.2 41.7 (25.8) Reported EBITDA and EBIT and Statutory NPAT of UK & Ireland Rentals & Sales 7.5 2.5 (1.5) 0.6 (6.0) (11.7) Reported EBITDA and EBIT, and Statutory NPAT, of Continuing Operations 218.2 101.2 39.9 153.6 47.7 (14.1) Impairment of USA deferred tax assets Income tax expense – – 2.7 – – 17.9 Restructuring costs Operating and administration expenses 3.3 3.3 2.3 1.4 1.4 1.0 Transaction costs relating to NBIOs from takeover approaches Administration expenses 1.9 1.9 1.9 0.2 0.2 0.2 Wind-up costs associated with the Australasian Manufacturing strategic initiative Operating expenses 1.5 1.5 1.0 – – – Wind-up costs associated with the Australasian Retail Sales strategic initiative Operating expenses 0.4 0.4 0.3 – – – RV and non-RV asset write-downs in Australian Retail Sales Operating expenses 0.2 0.2 0.2 2.8 2.8 2.0 Costs incurred by Group Support associated with the divestment UK division1 Administration expenses 0.2 0.2 0.2 – – – Impairment of intangible assets Impairment loss on goodwill and other intangible assets 0.1 0.1 0.1 40.0 40.0 29.1 Recovery of employee retention credits Other operating income (3.5) (3.5) (2.5) – – – Gain on termination of Melbourne lease Other operating income – – – (1.6) (1.6) (1.1) Gain on sale of unrecognised US listed investment equities Other operating income – – – (0.8) (0.8) (0.6) Underlying EBITDA / EBIT / NPAT of Continuing Operations 222.4 105.4 46.1 195.7 89.8 34.5
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thl FY26 ANNUAL RESULTS PRESENTATION Income Statement FULL YEAR 6 MONTHS TO 30 JUNE 6 MONTHS TO 31 DECEMBER NZD $M FY26 FY25 VAR VAR % FY26 FY25 VAR VAR % FY26 FY25 VAR VAR % Revenue Sale of services 517.5 464.4 53.1 11% 252.5 224.8 27.8 12% 265.0 239.6 25.4 11% Sale of goods 335.4 429.7 (94.3) (22%) 145.0 233.5 (88.5) (38%) 190.4 196.2 (5.8) (3%) Total revenue 852.9 894.1 (41.2) (5%) 397.5 458.3 (60.7) (13%) 455.4 435.8 19.6 4% Costs (634.7) (740.5) 105.8 14% (300.0) (413.1) 113.0 27% (334.7) (327.4) (7.3) (2%) EBITDA 218.2 153.6 64.6 42% 97.5 45.2 52.3 116% 120.7 108.4 12.3 11% Depreciation & amortisation (117.0) (105.9) (11.1) (10%) (58.7) (55.3) (3.5) (6%) (58.3) (50.6) (7.6) (15%) EBIT 101.2 47.7 53.5 112% 38.8 (10.1) 48.8 N/M 62.4 57.8 4.6 8% Net finance costs (40.4) (40.6) 0.2 0% (19.5) (20.3) 0.8 4% (20.9) (20.3) (0.6) (3%) Profit / (loss) before income tax expense 60.8 7.2 53.6 748% 19.3 (30.3) 49.6 N/M 41.5 37.5 4.0 11% Income tax expense (20.9) (21.3) 0.4 2% (9.8) (10.5) 0.7 7% (11.1) (10.7) (0.4) (4%) Profit / (loss) from Continuing Operations 39.9 (14.1) 54.0 N/M 9.5 (40.9) 50.4 N/M 30.4 26.8 3.6 14% Basic EPS (in cents – Continuing Operations)1 18.04 (6.41) Diluted EPS (in cents – Continuing Operations)1 18.01 (6.41) 1 Based on weighted average number of shares on issue across the reporting period 30
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thl FY26 ANNUAL RESULTS PRESENTATION Balance Sheet AS AT AS AT NZD $M 30 JUN 2026 30 JUN 2025 VAR 31 DEC 2025 31 DEC 2024 VAR Equity 641.1 577.9 63.2 623.0 647.3 (24.3) Non-current liabilities (excluding lease liabilities) 500.4 551.8 (51.4) 538.9 531.2 7.6 Current liabilities (excluding lease liabilities) 224.3 226.4 (2.1) 185.5 194.2 (8.7) Lease liabilities 211.6 218.4 (6.9) 228.4 213.2 15.2 Total source of funds 1,577.4 1,574.5 2.9 1,575.9 1,586.0 (10.1) Intangible assets (including goodwill) 161.6 145.5 16.1 154.8 190.7 (35.9) Investments 0.2 0.1 0.0 0.2 0.2 0.0 Derivatives (0.2) 0.2 (0.5) (0.2) 1.0 (1.2) Property, plant and equipment 994.0 965.0 29.0 986.1 864.2 121.9 Right-of-use assets 179.3 197.1 (17.9) 202.7 193.3 9.5 Current and other assets 242.6 266.4 (23.8) 232.2 336.7 (104.5) Total use of funds 1,577.4 1,574.5 2.9 1,575.9 1,586.0 (10.1) Net debt (excluding lease liabilities) 435.5 492.3 (56.8) 493.4 477.3 16.1 Net tangible assets 479.5 432.3 47.1 468.2 456.6 11.6 Net tangible assets per share1 $2.16 $1.96 $2.12 $2.07 Book value of net assets per share1 $2.89 $2.61 $2.82 $2.94 Debt / debt + equity ratio2 47.6% 53.2% 51.3% 51.1% Equity ratio2 40.8% 36.1% 39.9% 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. 31
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thl FY26 ANNUAL RESULTS PRESENTATION Ex-Rental Fleet Sales 12 months to 30 June $M FY26 FY25 VAR VAR % Proceeds from ex-fleet sales New Zealand 23.9 19.6 4.3 22% Australia 20.0 33.6 (13.6) (41%) North America 65.5 96.8 (31.3) (32%) Total proceeds from ex-fleet sales 109.4 150.0 (40.7) (27%) Net book value of ex-fleet sold New Zealand (17.2) (14.1) (3.1) (22%) Australia (13.9) (22.7) 8.8 39% North America (61.5) (89.4) 27.8 31% Total net book value of ex-fleet sold (92.6) (126.1) 33.6 27% Gross margin on ex-fleet sales New Zealand 6.8 5.6 1.2 22% Australia 6.1 10.9 (4.8) (44%) North America 3.9 7.4 (3.5) (47%) Total gross margin on ex-fleet sales 16.8 23.9 (7.0) (30%) 12 months to 30 June $K FY26 FY25 VAR VAR % Average gross margin on ex-fleet sales New Zealand 21.2 23.1 (1.9) (8%) Australia 25.9 27.8 (1.9) (7%) North America 6.4 8.2 (1.7) (21%) Group 14.4 15.5 (1.0) (7%) % FY26 FY25 VAR Gross profit margin on ex-fleet sales New Zealand 28.3% 28.4% (0.1%) Australia 30.5% 32.4% (1.9%) North America 6.0% 7.7% (1.7%) Group 15.4% 15.9% (0.6%) # FY26 FY25 VAR VAR % Ex-fleet vehicles sold New Zealand 320 241 79 33% Australia 235 392 (157) (40%) North America 609 911 (302) (33%) Total ex-fleet vehicles sold 1,164 1,544 (380) (25%) 32
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thl FY26 ANNUAL RESULTS PRESENTATION Retail RV Sales (New Zealand and Australia) 12 months to 30 June $M FY26 FY25 VAR VAR % Proceeds from retail RV sales1 New Zealand 10.7 14.6 (3.9) (27%) Australia 126.8 183.2 (56.4) (31%) Total proceeds from retail RV sales 137.5 197.8 (60.3) (30%) Cost of goods sold1 New Zealand (9.7) (13.3) 3.6 27% Australia (118.0) (167.3) 49.3 29% Total cost of goods sold of retail RVs (127.7) (180.6) 52.9 29% Gross margin on retail RV sales New Zealand 1.0 1.3 (0.3) (23%) Australia 8.8 15.9 (7.1) (45%) Total gross margin on retail RV sales 9.8 17.2 (7.4) (43%) 12 months to 30 June $K FY26 FY25 VAR VAR % Average gross margin on retail RV sales New Zealand 11.9 11.9 (0.0) (0%) Australia 6.2 8.2 (2.0) (24%) Group 6.6 8.4 (1.9) (22%) % FY26 FY25 VAR Gross profit margin (%) on retail RV sales1 New Zealand 9.3% 8.9% 0.4% Australia 6.9% 8.7% (1.7%) Group 7.1% 8.7% (1.6%) # FY26 FY25 VAR VAR % Retail RV sales New Zealand 84 109 (25) (23%) Australia 1,412 1,935 (523) (27%) Total retail RV sales 1,496 2,044 (548) (27%) 1 FY25 Australia figures differ from those presented in the FY25 Presentation, which included intercompany proceeds and cost of goods sold. These items are eliminated at gross profit and therefore have no impact on gross profit. 33
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thl FY26 ANNUAL RESULTS PRESENTATION Fleet Movements UNITS: FY26 FY25 VAR VAR % New Zealand Opening fleet - 1 Jul 2,452 1,967 485 25% On-fleets 814 787 27 3% Off-fleets1 347 302 45 15% Closing fleet - 30 Jun 2,919 2,452 467 19% Australia Opening fleet - 1 Jul 2,586 2,361 225 10% On-fleets 692 714 (22) (3%) Off-fleets1 394 489 (95) (19%) Closing fleet - 30 Jun 2,884 2,586 298 12% North America2 Opening fleet - 1 Jul 2,798 2,878 (80) (3%) On-fleets 609 822 (213) (26%) Off-fleets1 623 902 (279) (31%) Closing fleet – 30 Jun 2,784 2,798 (14) (1%) Total Group Opening fleet – 1 Jul 7,8362 7,206 630 9% On-fleets 2,115 2,323 (208) (9%) Off-fleets1 1,364 1,693 (329) (19%) Closing fleet - 30 Jun 8,587 7,836 751 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. 34
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