Annual report
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INTEGRATED ANNUAL REPORT 2026
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READY AS THE ROAD TURNS
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THE PAST YEAR tested confidence across our sector. We had built great momentum, before another global crisis arose, delaying the recovery. Throughout this uncertainty, thl is continuing to move. WE HAVE MADE DELIBERATE CALLS about where to invest, where to simplify and where to step back. We have successfully reshaped parts of the business model while maintaining capability in key areas. We’re continuing to challenge and focus on long-term opportunities. These are not short-term reactions. They are MEASURED DECISIONS designed to keep the business moving forward and strengthen operational focus. We have taken key actions and are ready to respond as markets recover. MARKETS DON’T STAND STILL,AND NEITHER DO WE.
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OUR AMBITION REMAINS UNCHANGED. THE PATH MAY NOT BE LINEAR, BUT THE DIRECTION IS CLEAR.
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Dear Shareholders On behalf of the Board, we present the 2026 Tourism Holdings Limited (thl) Integrated Annual Report and consolidated financial statements for the year ended 30 June 2026 (FY26). The Board acknowledges its responsibility for the integrity of this Integrated Annual Report. We have been delivering an Integrated Annual Report for thl stakeholders since FY19. We believe the Integrated Reporting <IR> Framework continues to provide a holistic framework for our context and business that is increasingly relevant in today’s complex and dynamic business environment. This year, thl is no longer a climate- reporting entity under the New Zealand Financial Markets Conduct Act 2013 but has chosen to voluntarily prepare the climate-related disclosures within this report, which have been prepared with reference to the requirements of Aotearoa New Zealand Climate Standards (NZ CS) 1, 2 and 3, issued by the External Reporting Board. The NZ CS index table on page 52 cross-references thl ’s climate disclosure with relevant aspects of the NZ CS. Cathy Quinn ONZM Chair Rob Hamilton Chair of the Audit & Risk Committee ACKNOWLEDGEMENT thl acknowledges the Indigenous Peoples of the lands on which we operate and recognises their enduring ancestral connection to the lands, waters and skies. We pay our respects to Elders, past and present. At a global level, thl is on a journey to build our cultural capabilities, specifically the skills, knowledge, behaviours and protocols required to deliver products and services in a culturally respectful, genuine and appropriate manner. ABOUT THIS REPORT CONTENTS Financial highlights 4 Letter from the Chair 5 Letter from the CEO 8 PERFORMANCE Climate disclosure 32 Our FY26 Future-Fit Health Check 57 Diversity and inclusion 60 Enterprise Risk Management 62 DISCLOSURES Financial statements 67 Notes to the financial statements 73 FINANCIALS GOVERNANCE What we do 13 Global footprint 14 Creating value 15 Our brands 16 Future-Fit sustainability 18 ABOUT US It all starts with the RV 20 Moving with intent 21 RV experts 24 Adaptive – leveraging our global systems 26 Future-Fit journey 28 STRATEGY Corporate governance 120 Remuneration report 132 Board of Directors 145 Corporate information 146 Global footprint 147 In preparing these disclosures, thl has relied on NZ CS 2 adoption provision 2 as if thl were in its third mandatory reporting period, exempting the disclosure of anticipated financial impacts of climate- related risks and opportunities. The Board has applied its mind to the Integrated Annual Report and believes that it addresses the most material issues and presents fairly the integrated performance of the organisation and its impacts in accordance with the principles set out in the International Integrated Reporting Council (IIRC) Framework. The Integrated Annual Report has been prepared according to the IIRC guidelines. The Integrated Annual Report was approved by the Board on 25 August 2026 and is signed on its behalf by: PERFORMANCE ABOUT US 3 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS
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CONTINUING OPERATIONS – COMPARED TO THE PRIOR CORRESPONDING PERIOD (PCP) 1 Refer to page 29 of the FY26 Annual Results Presentation for a reconciliation of statutory/reported results from total operations to continuing operations and underlying continuing operations. 2 Comparison to 7,836 as at 30 June 2025, which differs to the figure reported in the FY25 Integrated Annual Report due to the reclassification of certain vehicles in North America from rental fleet to inventory. UNDERLYING NET PROFIT AFTER TAX1 $46.1M 34% SALE OF SERVICES REVENUE $517.5M 11% STATUTORY NET PROFIT AFTER TAX1 $39.9M N/M SALE OF GOODS REVENUE $335.4M 22% UNDERLYING EBIT1 $105.4M 17% FULL-YEAR DIVIDEND 10.5CPS 62% UNDERLYING EBITDA1 $222.4M 14% CLOSING RENTAL FLEET2 8,587 10% RESULTS SUMMARY FINANCIAl HIGHlIGHTS FINANCIAl HIGHlIGHTS ABOUT US 4 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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On behalf of the Board of Directors, I am pleased to present thl’s FY26 Integrated Annual Report for the year ending 30 June 2026. FY26 was a year in which the Board and management were focused on the execution of our strategic priorities, addressing underperforming areas, and disciplined capital management amidst a volatile global environment. We believe thl has emerged as a higher-performing business as a result. The year began with momentum. In August 2025, the Board shared with shareholders a strategic roadmap centred on four initiatives across the UK and Ireland, Australasian Manufacturing, Australian Retail Sales and North America businesses. Meaningful progress was made against these priorities and a positive interim FY26 result was achieved. Our CEO speaks further about each of these initiatives in his letter. Market conditions became challenging in the second half of the year. The escalating conflict in the Middle East contributed to higher fuel prices and disruption to international travel patterns, creating uncertainty across the global tourism sector. The Board supported management’s disciplined response in managing fleet levels and costs to see that the business remained well positioned under a range of potential scenarios. While these disruptions affected the positive forward booking trends seen earlier in the year, thl nevertheless delivered an FY26 result ahead of the prior corresponding period. The Board recognises that geopolitical and economic conditions remain volatile and are evolving rapidly. Looking to FY27, recent booking trends have been encouraging, and we are optimistic that a portion of the demand deferred in recent months will be recovered. However, the disruption has tempered FY27 growth expectations, with some of the rental growth previously anticipated now more likely to be realised in future periods. In this environment, maintaining the disciplined and adaptable approach demonstrated throughout FY26 will remain a key priority. FY26 performance The Board is pleased to report statutory net profit after tax from continuing operations (NPAT) of $39.9 million1, a significant improvement over the statutory loss from continuing operations in FY25. Excluding non-recurring items, including several associated with thl ’s strategic initiatives, underlying NPAT from continuing operations was $46.1 million, representing growth of 34% compared to FY25 underlying NPAT from continuing operations of $34.5 million. 1 The results of the UK and Ireland business (divested on 31 March 2026) are presented as a discontinued operation in the financial statements in accordance with NZ IFRS 5. Financial metrics are therefore presented on a continuing operations basis excluding the UK and Ireland business, and FY25 comparatives have also been restated to exclude the UK and Ireland business. A reconciliation between continuing operations and the total reported Group result, including discontinued operations, is provided in thl’s FY26 Investor Presentation. Underlying earnings measures exclude non-recurring items. Reconciliations to statutory/reported measures are provided in thl’s FY26 Investor Presentation. CATHY QUINN ONZM CHAIR MOVING FORWARD lETTER FROM THE CHAIRlETTER FROM THE CHAIR ABOUT US 5 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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The rental business continued to perform well, delivering revenue growth and demonstrating strong demand across New Zealand, Australia and Canada. While market conditions in the USA remained challenging for much of the year, trading has improved in recent months with positive signs of a recovery. CATHY QUINN ONZM — CHAIR As the UK and Ireland division was divested during the year, the continuing operations measure provides a more meaningful representation of the earnings performance, historical comparability and future profitability of the Group. Return on Funds Employed (ROFE) increased from 7.6% in FY25 to 8.7% in FY26. This is a step in the right direction but remains below the Group’s 15% target, primarily reflecting the underperformance of the USA and Australian Retail businesses. The rental business continued to perform well, delivering revenue growth and demonstrating strong demand across New Zealand, Australia and Canada. While market conditions in the USA remained challenging for much of the year, trading has improved in recent months with positive signs of a recovery. Vehicle sales markets remained challenging across all regions. Geopolitical uncertainty, broader macroeconomic conditions and lower consumer confidence contributed to reduced purchasing activity, despite continued interest in the RV category. Importantly, thl ’s business model provides flexibility to respond to changing market conditions, with vehicle purchasing and production levels being adjusted as required to align with demand. Dividend The Board has declared a final FY26 dividend of 7.5 cents per share, 100% imputed and 10% franked. This brings the full-year FY26 dividend to 10.5 cents per share, representing an increase of 62% on FY25, and a payout ratio of 50%, in the middle of the policy range of 40% to 60%. This increase reflects the improvement in the Group’s trading performance. Balance sheet and capital position Net debt reduced significantly during FY26 to $436 million at 30 June 2026 ($453 million normalised over the four weeks surrounding the balance date). Together with improved earnings, this further strengthened thl ’s balance sheet, reducing leverage and improving the equity ratio. 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 shown to be realisable through normal trading activities. Takeover interest and due diligence process It is appropriate to acknowledge the significant interest in thl reflected by the takeover approaches received during the year. The two non-binding indicative proposals currently before the Board represent a substantial increase on the $2.30 per share proposal first received in June 2025. The proposals comprise a revised $3.10 per share offer 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. The Board has granted due diligence access to both parties and is engaging constructively with each as they progress their respective assessment processes. 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. MOMENTUM IN RENTALS FINANCIAl HIGHlIGHTS ABOUT US 6 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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Both proposals remain non-binding and subject to a range of conditions. 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. I would like to acknowledge the considerable efforts of our management team, who have supported these processes while continuing to operate the business, execute our strategic priorities and prepare our year-end reporting. I also want to acknowledge the dedication of the Board’s Independent Takeover Committee, which has overseen these matters on behalf of shareholders with rigour. Governance There have been several changes to the Board during the year. On behalf of the business, I thank Gráinne Troute for her dedicated service and the significant contribution she has made to the Board since 2015. Gráinne brought considerable experience, insight and commitment to her role, and we wish her every success for the future. I am also delighted to welcome Barbara Chapman CNZM to the Board. Barbara brings extensive governance and executive leadership experience that will be highly valuable to thl. During the year, we were saddened by the passing of former Managing Director and Chief Executive Officer Dennis Pickup. Dennis led thl from 1998 to 2006, guiding the company through a significant period of transformation, growth and investment in many of New Zealand’s iconic tourism businesses. We are grateful for his leadership of thl. Sustainability reporting While thl is no longer required to report as a climate-reporting entity in New Zealand, relying on the Financial Market Authority’s no-action relief pending legislative amendments, our commitment to transparency and accountability in managing climate- related risks and opportunities remains unchanged. We have therefore elected to continue providing climate-related disclosures, which have been prepared with reference to the New Zealand Climate Standards within this Integrated Annual Report. We believe this voluntary approach provides shareholders and other stakeholders with relevant, transparent information on our climate-related risks, opportunities and performance. Outlook thl entered the second half of FY26 with strong momentum across its rental operations. Forward booking trends were tracking well ahead of prior year levels, and strategic initiatives were progressing well and expected to contribute meaningfully to earnings growth. The disruption of the Middle East conflict has impacted that momentum, and has created a gap in forward booking intake that is unlikely to be fully recoverable, which together with continued weakness in RV sales markets, has impacted the significant step-up in earnings thl was expecting for FY27. We intend 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 continues to believe the fundamental drivers underpinning its $100 million underlying NPAT goal remain intact: rental fleet and revenue growth, manufacturing and procurement benefits, other cost initiatives and an eventual recovery in RV sales markets. While the trajectory may have changed, we believe that the long-term opportunity has not. In closing The Board acknowledges the discipline, resilience and adaptability shown by thl throughout a demanding and volatile year. As a Board, we are firmly focused on taking the right actions to create long-term value for thl and its shareholders. 2026 marks an important milestone for thl, with the company set to hold its 40th Annual Meeting later this year. It is a fitting opportunity to reflect on four decades of growth and achievement and to look forward with confidence to the next chapter in thl’s journey. Finally, on behalf of the Board, I would like to thank our crew around the world for their hard work, commitment and passion. Their efforts continue to be the foundation of thl’s achievements, and the Board is grateful for their contribution. Cathy Quinn ONZM Chair FINANCIAl HIGHlIGHTS ABOUT US 7 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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The result was achieved despite geopolitical and macroeconomic uncertainty and continued weakness in RV sales markets globally. While these conditions created challenges, we remained focused on the factors within our control and took a series of decisive actions to strengthen the group and improve capital allocation and operating efficiency: • Divestment of the UK and Ireland business for approximately $57 million including ~$8 million of goodwill, releasing capital from a market that had not delivered acceptable returns in recent years and enabling greater focus on higher-priority markets. • Consolidation of manufacturing operations into New Zealand following the closure of thl’s Brisbane facility. This is expected to deliver immediate cost efficiencies and greater overhead leverage benefits over time. • Rationalisation of the Australian retail dealership network and product portfolio, including the sale and closure of two loss-making sites. These actions significantly reduced funds employed in this division and reflect a narrower approach to thl’s participation in the Australian RV market, more focused on the motorised segment where thl holds a competitive advantage. • Capture of fleet procurement synergies through an integrated Canada-USA fleet strategy, a reduction in labour costs and creating a more dynamic shared fleet model across North America. As a result of these actions, I believe thl is a stronger, more focused and better aligned business than it was 12 months ago. While we are pleased with the progress made this year, there is more work to do. The USA remains our largest opportunity for improvement, and while a number of actions have been taken, we are not yet where we need to be. I discuss our progress and performance in the USA in more detail later in this letter. Managing through volatility The conflict in the Middle East was the most significant challenge of the year, driving a sharp increase in fuel prices, disruption across international travel networks and uncertainty for travellers. Prior to the escalation of the conflict, forward booking intakes across New Zealand, Australia and Canada were all more than 20% ahead of the prior year, reflecting the strong continued recovery in international tourism in these markets. That momentum was interrupted as customers delayed committing to travel, resulting in softer booking trends across FY26 was a year of meaningful action and progress for thl. Underlying NPAT from continuing operations increased 34% to $46.1 million, reflecting both a significant improvement in earnings and continued execution of the strategic initiatives outlined in our Growth Roadmap. GRANT WEBSTER CEO ACTIONDECISIVE lETTER FROM THE CEO ABOUT US 8 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE lETTER FROM THE CEO
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all markets. Encouragingly, booking trends have improved in most markets as conditions have stabilised and customer confidence returns. However, the environment remains volatile, with travel sentiment shifting frequently in response to geopolitical developments. While the most recent trends are positive, the slowdown in bookings during the final months of FY26 has created a gap that will impact growth in FY27, as it is unlikely that all deferred demand can be recovered in time for the 2026 high seasons. Ultimately, we view this as a confidence and travel- cost issue rather than a structural reduction in international travel demand. As a result, we believe the underlying opportunity for continued growth in rentals remains intact. As the Chair noted, we have responded decisively, taking action where required and drawing on the flexibility in our business model through capital management. Rentals growth remains strong RV rentals remain the engine of growth for thl, and this year delivered another record result. Revenue from the sale of services, primarily RV rentals, increased 11% to $518 million, the highest in thl ’s history. Demand across our rental businesses remains encouraging. Canada is experiencing a record 2026 summer season, and following a challenging summer season in the USA, recent booking intakes have improved significantly. In Australia and New Zealand, forward booking intake has returned to year-on- year growth following the disruption caused by the Middle East conflict earlier in 2026. While the global operating environment remains uncertain, we are increasingly optimistic about the outlook for the FY27 southern hemisphere summer season and the opportunities for continued growth across both markets. We provide more detailed insights on these booking trends in the thl Investor Presentation. We continue to see strong demand for the free independent category of travel, with RV holidays offering a unique combination of freedom, flexibility and value. Supported by our leading brands, extensive fleet network and continued investment in customer experience, we believe thl is well positioned to capture that demand. New Zealand, Australia and North America remain highly attractive destinations for international visitors, providing a strong foundation for future growth. Navigating a weak RV sales market Revenue from the sale of goods, primarily RV sales, decreased 22% to $335 million, following an already challenging result in FY25. Despite industry expectations for the beginning of a recovery in FY26, customer demand remained subdued across many of our key markets. By way of example, in the USA, where industry data is most readily available, year- to-date wholesale RV shipments are more than 14% below the prior year, and several key industry stakeholders have recently revised their 2026 outlooks from growth to decline. Economic uncertainty, elevated interest rates and subdued consumer confidence, have continued to weigh on customer demand, reinforcing that industry conditions remain subdued. The most impacted in FY26 was our Australian retail business, where we took decisive action to better align the cost base and inventory levels with market conditions. This included rationalising our dealership footprint and significantly reducing inventory holdings. We have lETTER FROM THE CEO ABOUT US 9 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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started to see the benefits of these actions, with gross profit margin on new RV sales in Australia improving from 6.4% in the first half, which we believe represented the low point in the current cycle, to 8.3% in the second half. However ultimately conditions remain challenging and the division continues to operate below acceptable return levels. Pleasingly, New Zealand delivered growth in both sales volumes and margins, reflecting the strength of our market position in the region. We also continued to achieve healthy ex-fleet sales margins of around 30% across our ANZ businesses despite the current sales environment, demonstrating the quality of our fleet and competitiveness of well-maintained ex-rental vehicles in the current market. We continue to challenge our RV sales businesses to improve performance and capital efficiency, applying a disciplined ROFE lens to investment and operational decisions. The USA The USA remains the world’s largest RV market and RV travel continues to appeal to a broad range of travellers. RV owners are taking more trips each year and younger travellers continue to enter the category, supporting our, and the industry’s view, that current conditions are more reflective of the economic cycle than any structural change in underlying consumer demand. Over the past two years, we have responded decisively, reducing funds employed and lowering our operating cost base, positioning the business to perform once market conditions improve. Encouragingly, since the FIFA World Cup period, we have seen a meaningful uplift in forward bookings compared to the prior year, providing increased confidence in future trading momentum. We continue to assess the business through both a strategic and capital allocation lens to see that we are investing in the opportunities that will create the greatest long-term value for shareholders while maintaining the flexibility to adapt as market conditions evolve. Our strategic priority remains clear: we must improve returns from the USA business. RV expertise in Action Nothing demonstrates our RV expertise more clearly than the products we bring to market, and this year, we have launched the most comprehensive and thoughtfully designed range in our history. The centrepiece is the relaunch of premium Winnebago RVs in Australia, comprising nine new layouts across three chassis platforms in both two- and four- berth configurations, led by the flagship Winnebago Odyssey 401. The range has been designed and engineered by our Action Manufacturing team specifically for Australian conditions and customer preferences, then built in New Zealand using the expertise and capability developed over decades of RV manufacturing. The result is a product that delivers premium design, quality and functionality at a price point we believe offers outstanding value. We are proud to showcase the Odyssey range and the design-led approach taken by our Action Manufacturing team in our RV experts story on page 24. lETTER FROM THE CEO ABOUT US 10 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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We also remain committed to our Future-Fit journey and to embedding sustainability more deeply into how we operate. Sustainability considerations are increasingly integrated into our strategy, planning and day-to-day decision making, from site-level initiatives through to long- term investment planning. During the year, we progressed several priorities aimed at strengthening thl ’s climate resilience, including further work on our operational emissions reduction pathways and transition planning. Looking ahead The actions we have taken in FY26 have made thl a sharper and more focused business. We have strengthened our portfolio, improved operational alignment and positioned the business to capture the benefits of a more integrated global operating model. At our core, we are global RV experts. That expertise is reflected in our products, brands, fleet, customer experience, manufacturing capability and operating platforms. While market conditions remain mixed, I remain confident in our Growth Roadmap and our ambition to deliver more than $100 million of net profit after tax in the future. The strategic initiatives completed during the year, combined with the strong performance of our rentals business, the ongoing recovery in international tourism and an eventual medium-term recovery in RV sales demand, position thl well for future earnings growth. While we cannot control the external environment, we can control how we respond to it. I would like to thank our Board and our shareholders for their continued support through a defining year for thl. I would also like to thank our crew. As CEO of thl, having seen our crew navigate several challenging years with resilience and a steadfast commitment to thl , I was particularly pleased to see the tide begin to turn and positive momentum build across the business through to February this year. While developments beyond our control have once again created new challenges, I have every faith that, with our crew as the foundation of our success, we will continue moving forward with intent on our growth path in the years ahead. Grant Webster CEO We believe Odyssey is one of the strongest products we have ever developed and is exceptionally well positioned against competing vehicles in its segment. It reflects both the depth of expertise within our team and our ongoing commitment to delivering products that resonate with customers. Global alignment and systems We have continued to invest in the systems and capabilities that enable our crew to succeed. The major digital transformation undertaken over recent years is now complete, and our focus has shifted from implementation to realising the benefits of operating on common global platforms. Better data, greater consistency and stronger connectivity across our business are improving how we serve our customers and make decisions. Health, safety and wellbeing remain core priorities for thl. We operate in inherently high-risk environments and maintain a strong focus on our people, customers and communities going home safe every day. In FY26, we launched our global 10,000 Reasons Why campaign with crew sharing personal stories why safety matters to them. The response has been overwhelmingly positive and has reinforced the importance of looking after one another every day. We are pleased to have achieved a reduction in our long-term injury frequency rate during FY26. While that progress is encouraging, we recognise that there is always more to do and remain committed to continually improving our health, safety and wellbeing performance. We believe Odyssey is one of the strongest products we have ever developed and is exceptionally well positioned against competing vehicles in its segment. It reflects both the depth of expertise within our team and our ongoing commitment to delivering products that resonate with customers. GRANT WEBSTER — CEO EXPERTISE ...having seen our crew navigate several challenging years with resilience and a steadfast commitment to thl, I was particularly pleased to see the tide begin to turn and positive momentum build across the business through to February this year. GRANT WEBSTER — CEO CREW lETTER FROM THE CEO ABOUT US 11 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS PERFORMANCE
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PERFORMANCE 12 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALSABOUT US
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Today, thl is a leading global operator in the RV industry with comprehensive integration across the build (manufacturing), rental and sales segments. Our rentals business remains the cornerstone of thl, providing the largest contribution to earnings. This vertically integrated model sets us apart from our global competition, and in the Australasian markets where we are fully integrated, this has historically enabled thl to deliver better Return on Funds Employed (ROFE). We have decades of experience constructing durable vehicles specifically designed for the rental market that maximise returns from the rental phase and optimises value on sale. Our business model generates profit at each stage – during the build, through the rental phase and on the sale of each RV – to extract the greatest value from each RV throughout its lifecycle. WHAT WE DOWHAT WE DO WHAT WE DO PERFORMANCE 13 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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AS AT 30 JUNE 2026 GLOBAL FOOTPRINT SOUTHERN AFRICA Franchise JAPAN Franchise RENTAL FLEET 2,884 RENTAL FLEET 2,919 RENTAL FLEET 2,784NZ AU USA + CAN RV rentals New and ex-rental RV sales RV and commercial manufacturing Tourism attractions and activities Digital tourism app RV rentals New and ex-rental RV sales Digital tourism app RV rentals Ex-rental RV sales Digital tourism app TOTAL RENTAL FLEET 8,587 LOCATIONS LOCATIONS LOCATIONS CREW CREW CREW 16 17 20 421 1,103 595 Rental fleet and crew as at 30 June. PERFORMANCE 14 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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OUR RESOURCES OUR BUSINESS MODEl OUR IMPACTS AND OUTCOMES Letter from the Chair p.5 Letter from the CEO p.8 About us p.12 Financial statements p.67 Action Manufacturing – innovation and excellence in product design p.21 Health, safety and wellbeing p.27 Diversity and inclusion reporting p.60 RV Experts p.24 Future-fit journey p.28 Future-Fit journey – Climate and carbon strategy and Future Fleet p.28 Climate Disclosure p.32 About us p.13 Winnebago Odyssey launches in Australia p.22 Enterprise Risk Management p.62 Global footprint p.14 Digital – optimising value from our core global platforms p.26 lEARN MORE OUR PURPOSE OUR VALUES Creating unforgettable journeys Do the right thing Be curious Be happy to Enjoy the ride INFRASTRUCTURE Our multinational operations, facilities and equipment Our global systems and technology FINANCIAL Our investors and access to capital RENT BUILD/BUY SELL ACTIVE GOVERNANCE AND RISK MANAGEMENT CREATING VALUE • Revenue, growth and financial returns. • Worldwide, world-class RV products and services. • Guest travel and tourism experiences. • Vertically integrated, multinational global RV business. • Climate impacts and carbon emissions from our fleet and operations. • Transition plan to address climate-related risks and opportunities. • Impacts of our products in communities and destinations guests visit. • Promoting regenerative travel that positively impacts destinations. • The sensitive ecosystems in which we operate in Waitomo, New Zealand. • Resources used by our fleet and operations – fuel, energy and water – and the emissions and waste our activities generate. • New fleet, technology, product design and development innovation. • Action to address our greatest climate and carbon challenge – the emissions from our vehicle fleet. • Strong, long-term supplier relationships in RV and tourism sectors. • Complex global supply chain has social, environmental and economic impacts. • Global network of sites and infrastructure manufacturing facilities, equipment and operations. • Future-Fit branch action plans to manage impacts of water, energy, waste and emissions, and positive impacts on communities as well as congestion and potential impacts from freedom camping. • Technologies and systems to manage complexity and growth. • Deep connections in the tourism and RV industries. • Social licence to operate at our sites and where products are used. • Responsible travel partnerships and programmes in each region. • Working with suppliers to improve supply chain transparency, risks, sustainability performance and circularity. • Crew engagement and wellbeing. • Healthy and safe workplaces. • People Promise to provide the tools, skills and identity to succeed. • Fostering a diverse and inclusive culture. • Building our cultural capability. NATURE The natural resources, ecosystems and destinations on which we depend KNOWLEDGE Our knowledge, skills and RV expertise from our vertically integrated build/ buy-rent-sell model RELATIONSHIPS Our partners, industry relationships and community connections OUR CREW Our talented crew and commitment to our core values PERFORMANCE 15 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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We are a global leader in recreational vehicle brands, offering enriching experiences for travellers across multiple countries. Our diverse range of brands provide opportunities to embrace the RV lifestyle, with options tailored to meet the needs and preferences of every demographic. Signature range Our premium brands with the newest, most sophisticated and fully self-contained motorhomes to travel in style. Flagship range Our most extensive and diverse fleets, offering options to suit roadtrippers’ unique style and needs. Adventure range Unrivalled choice for freedom and adventure to find the road less travelled. Value range The basics done brilliantly, with value around every turn. BUILD/BUY RENT Action Manufacturing and its subsidiaries deliver innovative, durable and high-quality vehicle bodies and trailers, catering to the RV, ambulance, refrigerated transport, logistics and mobile health sectors. OUR BRANDSOUR BRANDS PERFORMANCE 16 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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Our retail dealerships Our primary brands * Sold under licensing arrangements Our network of sales dealerships offers a wide range of quality new and used motorhomes, campervans and caravans, after- sales and service options and extensive retail ranges – everything the lifetime RV owner needs. A range of award-winning adventure experiences and flexible touring options – from Black Water Rafting to the Kiwi Experience travel network to free independent travel with our app-based travel platform CamperMate. Discover Waitomo Embark on a journey to explore the natural wonders, culture and adventure experiences of the world-famous Waitomo region. Discover more. Discover Waitomo. Kiwi Experience Award-winning, flexible and adventure-filled hop-on hop- off and small-group bus tours across New Zealand, catering to travellers seeking a unique and social way to explore. Travel technology We empower independent travellers to explore and book unique adventures throughout Australia and New Zealand. This leading experiential travel platform offers a user-friendly app available on the App Store and Google Play Store, along with a comprehensive website at www.campermate.com. SELL TOURISM OUR BRANDSOUR BRANDS PERFORMANCE 17 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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Our global Future-Fit sustainability programme CLIMATE & CARBON STRATEGY DECARBONISING OUR BUSINESS FUTURE FLEET PROGRAMME TRANSITIONING TO A LOW-CARBON FLEET SUSTAINABLE PROCUREMENT OUR GLOBAL FRAMEWORK AND CIRCULAR ECONOMY PILOTS THRIVE SUPPORTING OUR CREW, CREATING A HEALTHY CULTURE AND BUILDING CULTURAL CAPABILITY ACCELERATE PARTNERSHIPS FOR POSITIVE IMPACTS IGNITION CREATING FUTURE-FIT BRANCHES • Operational GHG s • Product GHGs • Renewable energy • Product GHGs • Products repurposed • Sustainable procurement • Products repurposed • Employee health • Living wage • Fair employment terms • Employee discrimination • Employee concerns • Community health • Natural resources • Operational encroachment • Community health • Product communications • Product concerns • Product harm • Renewable energy • Water use • Operational emissions • Operational GHGs • Operational encroachment • Operational waste GOALSGOALSGOALSGOALSGOALS GOALS OUR FUTURE-FIT SUSTAINABILITY JOURNEY We remain committed to our Future-Fit journey, taking a science and systems-based approach to address our sustainability impacts, guided by the 23 Break-Even Goals of the Future-Fit Business Benchmark. Our global sustainability programme has six workstreams addressing the priority Future-Fit goals where we have the greatest impact, including the emissions from our motorhome products and operations. Future-Fit goal progress is embedded and integrated across our business activities, from strategy and business plans to capital investment decisions, operational activities and site-based action plans. This year, we have aligned and integrated our transition plan actions within the sustainability programme workstreams to support embedding climate resilience actions into our operations. In FY26, thl ’s voluntary climate-related disclosures, prepared with reference to the NZ CS have been included in our Integrated Annual Report. Climate-related information is incorporated throughout the report, and in the FY26 climate-related disclosures on pages 32-56. FUTURE-FIT SUSTAINABIlITYFUTURE-FIT SUSTAINABIlITY PERFORMANCE 18 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS ABOUT US
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PERFORMANCE ABOUT US 19 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALSSTRATEGY
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1,672 2,660 8,587 609 RENTAL REVENUE IT ALL STARTS WITH THE RV VERTICAL INTEGRATION: THREE POINTS OF MARGIN CAPTURE RV SALES REVENUE $264M $474M $267M MANUFACTURING REVENUE 1 RV s BUILT IN FY26 1 RV s BOUGHT IN FY26 2 RVS SOLD GLOBALLY IN FY26 RENTAL FLEET AT YEAR END 1. New Zealand and Australia. 2. North America. RENT BUILD/BUY SELL 20 DISCLOSURES GOVERNANCEFINANCIALS STRATEGYABOUT USPERFORMANCEthl INTEGRATED ANNUAL REPORT 2026
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This year, we continued navigating challenging industry, market and global conditions. We have taken decisive action, with the clear setting of our growth roadmap and the progress achieved. We have adapted, refocusing resources to markets that offer the greatest growth opportunities, with the divestment of the UK and Ireland business. We remain responsive, reflecting our inbuilt resilience, grounded in our RV expertise and customer- centric approach. We still remain in growth mode and are positive about the future. FUTURE-FIT SUSTAINABILITY ● CLIMATE AND CARBON ● THRIVE ● ACCELERATE ● IGNITION MOVING WITH Action Manufacturing – innovation and excellence in product design Designing and building world-class products for the RV market is Action Manufacturing’s core strength, with exciting new products launched this year, most notably the Odyssey 401 Winnebago motorhome. Designed specifically for the Australian market and environment, the launch involved a complete re-engineering, leveraging Action’s expertise and industrial design practices to produce an innovative, customer- centred design, highlighted in the Odyssey story. Action Manufacturing’s discipline, innovation and blend of design-led thinking and lean tools continue to power success. Being design-led means putting people at the centre of every decision to deliver high-quality, bespoke vehicles while maintaining efficiency at scale, grounded in research, data and metrics and using design thinking to explore new perspectives and listen deeply to customers and teams. The past year has been one of learning, adaptation and resilience as Action responded to market shifts and challenges within the industry and across the wider economy, transitioning production capacity from Australia to New Zealand for factory utilisation and cost efficiencies, leveraging global manufacturing and strategic supplier partnerships, including strengthening a direct source supply strategy in China for parts and products, and investing in automation in stores and equipment to further improve productivity. Beyond the RV category, growth continues, including in the mobile medical and emergency vehicles category, with Fairfax and Transcold releasing the second zero-emissions trailer and an expanded customer service network in New Zealand. This year, the team at Action were proud to receive both the Sustainability and Community Awards at the Waikato Chamber of Commerce Business Awards, reflecting the team’s ongoing commitment to making a positive difference, guided by the five-year sustainability plan. Initiatives included increasing use of electric forklifts in the factory, planting natives and caring for a dedicated area for the Fairfield Project, repurposing materials into useful items and new recycling stations. PERFORMANCE ABOUT US 21 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Manufactured to Action’s rigorous standards in design, engineering and production and meeting exceptional quality benchmarks, the Winnebago Odyssey is made from carefully selected lightweight materials, with refined detailing and lasting durability. The custom body design is exclusive to Winnebago Australia and New Zealand and built for touring performance, combining aerodynamic design, durability and practical features like solar panels to improve efficiency and comfort on every journey. Constructed using an advanced composite panel technology construction system, precision-engineered panels unite strength, insulation and advanced sealing into one structure, enhancing durability, minimising body movement and delivering a quieter journey. A custom smart control panel, the Renogy ONE Vision system, monitors power and water, providing intuitive, seamlessly integrated, centralised control of power, lighting and tank management. The floor plan is thoughtfully designed for extended travel, combining comfort, practicality and premium furniture and finishes, clever storage, ambient lighting and a choice of three striking interior colour palettes. WINNEBAGO ODYSSEY LAUNCHES IN AUSTRALIA MOVING WITH INTENT CONTINUED PERFORMANCE ABOUT US 22 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Australia rentals and retail network alignment We have completed the Australia retail network reset strategic initiative, which focused on rationalising products and brands, consolidating locations and reducing inventory. The actions implemented have improved ROFE and reduced costs alongside operational benefits and synergies created by co-locating rental and retail sales operations on single sites. The new combined rental and retail sites and shared facilities have improved efficiency and alignment for our crew, making it easier for teams to connect, share resources and provide support when and where it is needed across rentals, service and sales. Melbourne and Adelaide operations are now fully aligned, working as one team across rentals and retail. In Brisbane and Sydney, we are now operating a single store and service department for our rental and retail operations, simplifying processes and streamlining our inventory management, which has reduced waste and created cost savings. We are pleased with the progress made, and there is more we can do to realise synergy benefits. An important milestone was the successful relocation of our Perth and Sydney sites onto new, larger, fit-for-the- future sites that are better able to meet the needs of our crew, guests and operations. Both previous locations had significant space constraints, and we have seen a rapid and significant uplift in activity following the moves. These sites are now well positioned to meet both current demand and future growth. The moves also created the opportunity to implement further enhancements in site safety with new equipment and more space on site, with improved facilities for our crew and an enhanced pick-up and drop-off experience for our guests. North America synergies progress Alignment synergies across fleet purchasing, and operations are well underway. The team’s deep knowledge of RV rentals, service and sales across our fleet and regions is supporting evolution in product designs to meet our guests’ needs and create operational efficiencies. This has made our fleet leaner and fitter, while maintaining flexibility to respond to changing market conditions. We remain focused on actively managing fleet capital to maximise overall returns on funds employed, balancing rental and sales customer demand, utilisation and yield across our markets. Rentals in Canada continue to experience growth, driven by strong tourism demand from both international visitors and domestic travellers. In the USA, international visitor numbers remained subdued through most of FY26, and we continued to adapt to market conditions, including with expanded direct- to- domestic customer channels and non-tourism revenue opportunities. Pleasingly, through June and July 2026, we have seen forward bookings in the USA increase significantly over the prior corresponding period. In the USA and Canada, support teams from finance, commercial, marketing, fleet and customer services, have been brought together this year and are now working as North America teams, with Calgary becoming a regional centre of excellence where appropriate. This brings many benefits, including shared learnings, resources, and expertise between teams and connecting our products, services and processes in ways that deliver benefits across our brands and markets. This change enables cost and service synergies to be realised and scaled quickly, which is helping to drive continuous improvement through our rental and sales operations. We remain focused on actively managing fleet capital to maximise overall returns on funds employed, balancing rental and sales customer demand, utilisation and yield across our markets. Rentals in Canada continue to experience growth, driven by strong tourism demand from both international visitors and domestic travellers. DYNAMIC MOVING WITH INTENT CONTINUED PERFORMANCE ABOUT US 23 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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We are global RV experts, with deep knowledge in the RV manufacturing, travel and tourism sectors. We continue to drive forward and are seeing good growth in rentals, with fleet and volume numbers returning to pre-COVID-19 levels in some regions. Rentals are the engine of our business model and central to delivering our purpose of creating unforgettable journeys. Our marketing continued to evolve rapidly this year as artificial intelligence reshaped how travellers discover, evaluate and trust brands. We have focused on strengthening thl ’s position as the authority in RV travel by increasing our visibility, credibility and relevance across the customer journey, building distinctive brands that stand out in an increasingly crowded and AI-influenced landscape. Campaigns launched this year include the ‘Check out of the ordinary’ campaign in Australia (featured on the next page) and the Britz ‘Visit Wherever’ platform, which has strengthened business-to-customer international marketing performance. We have improved our website structure and discoverability so both travellers and AI platforms can better understand and surface our content and expanded our content footprint across our websites, social channels and AI platforms. We are also strengthening our reputation by partnering with creators to inspire road trips and growing positive customer reviews across the main review platforms. Delivering an outstanding guest experience remains central. Over the last year, we have continued to improve the journey from booking through to life on the road, with enhanced guest communications, online check- in, booking centre support and more comprehensive guest information across all regions. We are focused on making the experience easier, more informative and more enjoyable for every guest, with hundreds of itineraries and helpful guides that position thl as the go-to authority on motorhome travel. RV EXPERTS FUTURE-FIT SUSTAINABILITY ● THRIVE ● ACCELERATE ● SUSTAINABLE PROCUREMENT ● IGNITION PERFORMANCE ABOUT US 24 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Check out of the ordinary Apollo’s new brand campaign ‘Check out of the ordinary’ was designed to introduce RV travel to a broader Australian audience and challenge perceptions of the category. Using the animated Van Pollo family in real scenic settings, the campaign showed how a familiar local holiday can become a richer, more memorable experience in an Apollo motorhome. Across long-form and short-form video, digital, social and out-of-home channels, the campaign addressed common barriers to RV travel, including comfort, kitchen facilities and bathroom convenience. The Van Pollos will continue to evolve as a distinctive campaign platform, helping more Australians understand and consider RV holidays. Waitomokia, one year on It has been over a year since we opened our industry- leading site at Waitomokia in Auckland, a move that created a step change for collaboration and innovation. Our operations and support teams are united under one roof, with a closer connection to our guests, customers, products and services. The design of the site delivered on our aims to maximise operational efficiencies and achieve synergies across our operations. Over the summer, our rentals operation smoothly managed high volumes of guests, enabled by the increased capacity, enhanced facilities, flow and functionality of the site. Customers looking to purchase motorhomes and accessories are welcomed in a world-class space at our expansive RV Super Centre and 600 square metre retail shop providing a premier experience, with the opportunity to expand our retail and sales business in the future. The combined retail and rentals site has streamlined our operational processes and improved productivity and is acting as a global benchmark for health, safety, innovation, sustainability, cultural responsibility and industry excellence. CamperMate celebrates 15 years This significant milestone has been a highly successful year for CamperMate, the thl travel app that has been a trusted source of inspiration and bookable activities for RV travellers since first launching in New Zealand in 2011 and Australia in 2016. Achievements to highlight include record growth in booking numbers (33%) and revenue growth (40%), expanded partnerships with holiday parks and the largest campaign to date, Kiwi North, gaining 5 million impressions and 3.7 million views. The CamperMate model is revenue generating and provides a valuable service to users and partners. We continue to roll out new features and enhancements that support users to find, connect and book activities and services with ease. RV EXPERTS CONTINUED PERFORMANCE ABOUT US 25 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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ADAPTIVE Digital – optimising value from our core global platforms The transformation of our digital systems over recent years is now being utilised to deliver measurable returns for the business. Our focus is on leveraging our single global platforms to create sustained value for thl through cost efficiencies, productivity gains, increased revenue and developments enhancing our guest and crew experience and increasing global consistency, collaboration and innovation. We are proactively embedding AI to drive our business forward, taking a responsible and practical approach with clear governance frameworks in place. Our strategy is focused on developing AI use cases that solve real problems and deliver measurable value, using a structured learn, pilot and scale pathway. Our team has eagerly embraced this challenge, bringing creativity, problem solving and our customer-centred approach to exploring opportunities. The global Databricks platform provides the foundation for improved reporting and business insights for core metrics across operational focus areas from labour resourcing to fleet readiness. We have made progress developing unified reporting for our global rental operations as part of the Metrics that Matter initiative and continue to standardise operational back-of-house processes, leveraging our D365 and Motek platform to remove manual processes. Our global Human Resources Information System is enabling enhancements in our crew experience through online learning pathways, role-based training and information accessibility, and we now have global data and insights to develop and expand initiatives to support our crew. In FY26, we rolled out our new global crew communications and digital signage system to enable all crew to receive important information and updates in a clear, consistent and accessible way. FUTURE-FIT SUSTAINABILITY ● THRIVE ● IGNITION LEVERAGING OUR GLOBAL SYSTEMS PERFORMANCE ABOUT US 26 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Health, safety and wellbeing Our health, safety and wellbeing programme continues to mature and strengthen as we build on our established foundations to further embed a proactive safety culture across thl. In FY26, we rolled out our global 10,000 Reasons Why initiative, which encourages crew globally to share personal stories and experiences reflecting reasons why safety matters. This is bringing our health and safety culture to life in a way that is highly visible, relevant and connected to the everyday experiences of our crew. Sharing reasons why we go home safely every day emphasises the importance of safety in everything we do, and the inspiring stories are creating stronger connections between teams globally. It is becoming a cultural icon within the business. We remain focused on our critical risks globally and embedding a consistent approach to identifying, managing and reducing exposure to potential harm across the business within operational decision making and risk management processes. In FY26, we progressed work to build consistency across sites through improved safety inspections, standards, meetings and proactive safety measures supporting improved health and safety performance outcomes. Although our Group Loss Time Injury Frequency Rate (LTIFR) of 16.33 continues to trend downwards, we acknowledge we need to remain focused on minimising risk to our crew, guests and stakeholders across the global business. Our focus remains on engaging with our crew and challenging ourselves to continually improve our processes and products to design out risk. 2,000 REASONS WHY RECEIVED FROM CREW MEMBERS ACROSS THE GLOBE OVER ADAPTIVE lEVERAGING OUR Gl OBAl SYSTEMS CONTINUED PERFORMANCE ABOUT US 27 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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FUTURE-FIT JOURNEY Climate and carbon strategy Last year, we prepared our first transition plan, Changing Gear, building on existing strategic work, including our Future Fleet scans and pilots, progress on site Future- Fit action plans and advancing non-tourism revenue streams. In FY26, we have been embedding transition plan implementation across our operations and regions and have completed work to understand our global operational emissions reduction pathways – a significant milestone. We remain committed to reducing emissions from our operations to achieve our Scope 1 and 2 target while being transparent about the target’s limited contribution to our overall footprint. Emissions reduction pathway priorities have been identified in FY26, and actions are underway within the Ignition programme. Our combined Scope 1 and 2 emissions have reduced by 14% from the FY24 baseline year (see the targets update on page 47). Future Fleet The emissions from the use of the motorhome products we rent and sell remain our greatest sustainability challenge. Progress on cost-effective, low or zero- emissions vehicles suitable for our RV fleet remains slow, with decreasing momentum in some regions due to government policy shifts. We continue to actively monitor tipping points in technology, infrastructure, model availability, regulations, and incentives in each region through our annual Future Fleet scans and engagement with industry groups, including as a member of the RV Industry Association in North America. The lack of availability of suitable electric vehicle chassis and accessible charging infrastructure on main routes and at destinations where RVs travel continues to be a significant barrier in each region. We continue to engage with original equipment manufacturers (OEMs) globally, exploring pilots for low-emissions vehicles and closely tracking developments in fleet technology, but have not allocated dedicated capital to this workstream during FY26. thl subsidiary Action Manufacturing leads work to explore and pilot low-emissions vehicle options, engaging with international chassis vendors, including ongoing electric RV pilots such as the Britz Evolve trial. As a technology taker, we are technology agnostic, seeking to take a ‘small bets’ approach. Action Manufacturing subsidiary Transcold NZ provides New Zealand commercial operators with direct access to industry-leading plug-in electric systems for refrigerated vans, trucks, trailers and containers. This year, the second Fairfax Zero Emissions 100% electric trailer hit the road, built alongside Transcold and Freighter, and work is underway to build our first full battery electric vehicle (BEV) truck, using the new Carrier range of dedicated BEV fridges. Our global sustainability programme is well integrated across thl, from our strategy to site-based action plans, and is an integral part of business plans. We have established mechanisms to apply a Future-Fit mindset and methodology to our decision making for planning, projects, processes and training. In FY26, we aligned our transition plan actions within the sustainability programme workstreams to support embedding climate resilience actions into our operations. We share our progress on each workstream in this section. An update on our progress towards the 23 Break-Even Goals of the Future-Fit Business Benchmark is available in the annual Health Check (see page 57). FUTURE-FIT SUSTAINABILITY ● CLIMATE AND CARBON ● FUTURE FLEET ● SUSTAINABLE ● THRIVE ● ACCELERATE ● IGNITION PERFORMANCE ABOUT US 28 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Sustainable procurement Over the last five years, we have steadily matured our sustainable procurement approach, completing the Level 5 Lead of the framework in FY26. We have established policies, processes, and resources to embed sustainable procurement, with training for procurement leads, and building our knowledge and capability, through the global sustainable procurement group. We engage suppliers in each region with our Supplier Code of Conduct and explore ways to improve sustainability outcomes. We continue to use the Future-Fit hotspot analysis methodology in desktop reviews to help us assess operational risks across our supply chain and guide supplier engagement and risk analysis. Our third Modern Slavery Statement was published in December 2025 with an expanded external global supplier modern slavery risk analysis covering 75% of suppliers by spend. We aim for continuous improvement in our approach to mitigating modern slavery risks and progressing actions from our anti-modern slavery roadmap as part of our global sustainable procurement framework. Recognising we are in the initial stages of enhancing supply chain visibility, data collection and analysis, we will continue to work on this. Our FY26 Modern Slavery Statement will be published by December 2026. Thrive – our people goals and cultural capability We are committed to being a business that values diversity and is open, inclusive, respectful and culturally aware. We have prioritised building improved data and reporting, enabled by our new global Human Resources Information System, to better understand our performance and develop tangible goals, actions and measures aligned to our Diversity, Equity and Inclusion Strategy and Roadmap. This year, we expanded our data to include thl’s first gender pay parity analysis, and we share the results alongside our ongoing gender representation analysis in our diversity monitoring report (see page 60). Our global commitment to build our cultural capability and respectful relationships with First Nations Peoples continues. In Australia, we are proud to be progressing the second year of the Innovate level Reconciliation Action Plan (RAP) Framework from Reconciliation Australia. Over the last year, we have focused on building our cultural capability, providing regular cultural learning events, activities and resources for all crew and holding cultural awareness training for managers. We have begun to build relationships locally, increased our work with First Nations suppliers and continued to highlight Indigenous tourism operators and experiences through our marketing channels. Accelerate – partnerships for impact As a responsible travel company, creating unforgettable journeys is our purpose, and we are committed to supporting all our guests to travel responsibly, and connect with tourism experiences that contribute and have positive impacts for communities and destinations. As part of our transition plan, we are starting to identify and integrate climate-related travel and tourism trend data into our market research to better understand traveller expectations. In New Zealand, we are a founding partner in the Tiaki Promise, bringing this to life as an integral part of our tourism activities. We continue aligning Tiaki actions with Future-Fit action plans to increase awareness and engagement. We have achieved Sustainable Tourism Certification from Ecotourism Australia for all our Australia rental brands and branches, and we actively encourage guests to ‘RV with Respect’ by sharing responsible travel ideas and information. In Australia and Canada, initiatives are in place to enable crew to participate in Indigenous tourism experiences for cultural learning and relationship building with Indigenous tourism operators. We are an active member of the Tourism Reconciliation Industry Networking Group, in Australia to learn, share experiences and build our knowledge and capability as part of our RAP journey. FUTURE-FIT JOURNEY CONTINUED PERFORMANCE ABOUT US 29 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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Discover Waitomo We are committed to protecting the health of the ecosystems and significant cultural and environmental values in Waitomo and to maintaining excellence in environmental management in the caves, and we are privileged to operate in this unique location. We are increasingly seeing the impacts of climate change on destinations like Waitomo, and we recognise that our response requires a collaborative, systems-focused approach. As a responsible tourism business, we know that a healthy environment and a strong economy go hand in hand, and more work is needed to maintain the ecosystem services nature provides and the natural capital on which the tourism industry depends. In Waitomo, we are using a framework designed to consider the mauri (life force, vital essence) and review this monthly, learning from te ao Māori concepts to better understand impacts holistically at a system level, alongside the Environmental Management Plan, with intensive monitoring and oversight from the Environmental Management Advisory Group. Ignition – Future-Fit branches Our branches globally continue to implement action plans to address the Future-Fit impacts for our operations through energy efficiency and renewables, water saving, waste reduction, reducing operational emissions and community contribution activities. This consistent global approach is a core foundation for our sustainability progress. We track progress through regular reviews of our site-based carbon impact reports, using our carbon footprint data to drive action plan implementation. To support managers and crew, we are leveraging our global systems to roll out training and share practical ideas and information to increase crew awareness and encourage sustainability action. Operational emissions priorities include targeted upgrades, energy efficiency, renewables planning, operational process improvements and crew engagement. Our Future-Fit lens criteria have been updated to reflect our climate-related risks and emissions reduction priorities for location and CAPEX decisions. FUTURE-FIT JOURNEY CONTINUED PERFORMANCE ABOUT US 30 thl INTEGRATED ANNUAL REPORT 2026 DISCLOSURES GOVERNANCEFINANCIALS STRATEGY
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DISCLOSURES PERFORMANCE ABOUT US 31 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS
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CLIMATE DISCLOSURE Governance body oversight Climate governance is embedded across thl , with clear roles and responsibilities at Board, executive and operational levels through structured governance channels (Figure 1). The Board is ultimately responsible for thl ’s strategic direction and maintains oversight and decision-making responsibility on Group-wide risks and opportunities, including those relating to climate change. The Board receives periodic updates on climate- related matters from management throughout the year. Consideration of climate- related disclosure matters typically becomes more concentrated in the months leading up to publication, including review of key judgements, assurance outcomes and final approval of the disclosures. Board members maintain skills and competencies in climate-related matters through regular briefings, with management providing subject matter expertise and operational insights. Several Directors bring experience from other climate reporting entities. Strategic oversight Two Board subcommittees, the Audit and Risk Committee (ARC) and Health Safety and Sustainability Committee (HSSC), play a central role in climate oversight and meet at least three times annually. The ARC regularly assesses climate-related disclosure matters throughout the reporting cycle. This typically includes oversight of the greenhouse gas inventory, assurance activities, legal review and the Committee’s recommendation to the Board regarding approval of the climate-related disclosures. Climate-related matters are a standing agenda item for the HSSC, which provides ongoing oversight of climate-related risks and opportunities, climate metrics and targets, transition plan progress and climate-related reporting. The total number of Board, ARC and HSSC meetings held during FY26 are set out on page 126 in the Corporate Governance section of this Integrated Annual Report. Climate Risks and Opportunities (CR&Os) are mapped to thl ’s strategic risks, which are reported to the ARC and the Board and are considered within enterprise risk management, strategic planning, capital allocation and business planning processes. CR&Os are reviewed by the full Board annually. The Board, through the HSSC, also oversees the development and approval of climate-related metrics and targets and transition plan progress, reported within the sustainability programme. Progress is reviewed annually by the full Board when approving thl ’s climate-related disclosures (now within the Integrated Annual Report). Management’s role The Climate Working Group (CWG) is a cross-functional team of executives and senior managers from Finance, Sustainability, Risk, Strategy and Planning. These roles are responsible for developing and embedding climate-related initiatives within the business, acting as risk champions for CR&Os, monitoring internal and external developments and providing subject matter expertise. The CWG oversees progress on climate-related workstreams, including climate scenarios, CR&Os, transition plan progress, emissions data and regulatory developments. The CWG provides updates to the Board on those matters when there are substantive reporting, assurance or regulatory developments, while more detailed oversight occurs through the HSSC and ARC. Executive Remuneration In FY26, thl ’s Remuneration Committee (a Board subcommittee) has reaffirmed its decision not to include climate-related performance metrics, including the Future-Fit goals, in Executive remuneration. This is because we recognise that thl is significantly constrained by the limited availability of suitable zero or low-emissions chassis and charging network infrastructure to reduce our most material emissions. PERFORMANCE ABOUT US 32 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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OPERATIONAL MANAGEMENT BOARD The thl Board has overall responsibility for strategic direction and Group-wide risks and opportunities, including CR&Os. It oversees and approves climate-related metrics and targets, receives updates on the setting of targets and progress against the transition plan, and reviews and approves climate-related disclosures. Oversees the ERM framework and reports key risks to the Board and ARC, manages the integrated risk framework, maintains compliance and drives continuous improvement. Executive team members with management responsibility for managing risks and controls within their operational or support function. Risk Owners Oversees the Enterprise Risk Management (ERM) framework to manage Group-wide risks, including CR&Os. Reviews climate-related disclosures for compliance with standards, engages assurance practitioners and recommends approval to the Board. Health, Safety, and Sustainability Committee (HSSC) thl BOARD Audit and Risk Committee (ARC) Risk, Quality, and Assurance (RQA) Develops and embeds climate and carbon-related work throughout the business and oversees climate-related disclosures. Reports to Board and subcommittees. Includes the CEO, CFO, Head of Sustainability, Head of RQA, GM Finance, GM Investor Relations and Group Planning. Climate Working Group (CWG) Oversees global sustainability strategy and the work programme, including climate-related workstreams. Monitors development and progress on the transition plan, GHG inventory, climate-related metrics and targets on behalf of the Board. Oversee the RQA function and CWG. Interface with the Board and are responsible for strategic risks and opportunities, including CR&Os, and for monitoring risk management progress. CEO and CFO FIGURE 1: Governance structure diagram ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 33 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Strategy Current climate-related impacts Our global operations are in diverse geographies and rely on physical infrastructure, accessible destinations and our ICE fleet, creating exposure to both physical and transition risks and opportunities. Increasing frequency and severity of extreme weather events such as storms, flooding and wildfires can disrupt access to destinations and impact rental bookings. Motorhomes are used as temporary mobile accommodation for emergency response and resilience to these events. Regulatory developments related to low-emissions vehicle and standards vary across regions, creating complexity and uncertainty. These factors continue to influence thl ’s long-term planning and investment decisions. We have updated our annual Future Fleet scans and assessed climate-related events that impacted thl operations in FY26. Extreme weather events occurred in each region, with some causing disruption for operations and guests. Analysis of the individual and collective impacts of events in FY26 were not considered to be material in this reporting period. Current impacts of climate change on our business Impact Description of current impacts on thl FY26 financial impact Approach to determining financial impact Acute weather events Acute weather events cause disruption in the regions thl operates in each year. Events can generate additional costs and revenue. Impacts can include temporary site closures, vehicle relocations, booking cancellations or changes, minor repairs and cleaning, and non-tourism bookings for temporary accommodation and emergency support. Events occurring in FY26 that caused some disruption to thl’s global operations and/or customers include: • historic wildfire season Canada (2025) • severe storms in Alberta (August 2025) • wildfires in California (August 2025) • winter storms in California (December 2025) • hail and torrential rain Queensland (November 2025) • flooding and bush fires in Northern Territory and Victoria (January 2026) • flooding in North and Western Queensland and Darwin (February 2026) • tropical cyclones in Northern Western Australia (March April 2026) • New Zealand South Island severe windstorms (October 2025) • New Zealand North Island storms and landslides (January 2026) • New Zealand severe nationwide storm (February 2026). No material impact on thl operations in FY26. The individual and collective impact of the additional revenue and/or costs contributed to by acute weather events in FY26 is not material in the current reporting period. Qualitatively assess each event for impacts on operations, assets, bookings and finances. Financial lens applied to quantitatively estimate financial impact and materiality. Material events assessed in more detail with data from the business to quantify the level of impact, including over time. Events reviewed by the CWG to confirm materiality, collectively or individually, and approved by the Board for disclosure. The extent to which individual weather events are related to climate change is not assessed. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 34 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Impact Description FY26 financial impact Approach to determine financial impact Regulation The regulatory and policy landscape for emissions reduction and low- emissions vehicles remains fragmented and subject to change across our operating markets. Most notably in North America, policy shifts have removed regulations and incentives related to zero-emissions vehicles (ZEV) at a federal level, which has slowed momentum in the USA. Some states, led by California, continue to progress with ZEV policies and challenge federal efforts to limit or overturn state emissions regulations, resulting in a complex and uncertain operating environment for OEMs and fleets. No material financial impacts in FY26. Monitoring and engagement part of business as usual and the Future Fleet workstream. We continue to monitor regulations and policy targets for the phase-out of ICE vehicles and emissions regulations in each region where we operate. No additional material costs identified in FY26. Technology The automotive industry faced significant challenges in FY26 with conflict and geopolitical instability impacting global supply chains, fuel prices and consumer confidence. China continues to be a dominant leader in electric vehicles globally. In North America, OEMs continued to delay or scale back plans for electric vehicle production and battery manufacturing in response to federal policy shifts. Increasingly, the return on investment business case is now driving adoption for low-emissions fleets rather than regulatory compliance, following policy shifts. This is resulting in a wider range of technologies, including hybrid, renewable fuels and AI-based fuel efficiency technology being used by fleets to achieve fleet emissions reductions. No financial impacts in FY26. Monitoring and engagement part of core work plans and the Future Fleet workstream. Calculation based on actual spend on Future Fleet pilots in the financial year. We continue to work with RV manufacturers and industry bodies globally to influence OEMs to improve the availability of suitable low-emissions vehicle chassis. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 35 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Climate scenarios The CWG reviews thl ’s CR&Os and climate scenarios annually and recommends any changes or updates to the HSSC and then the Board for approval. A stand-alone review was completed in FY26 and determined that thl ’s scenarios and CR&Os remain current and material in FY26 with no changes, as approved by the Board in April. In FY25, we expanded our climate-related scenarios with entity-specific narratives and added a fourth Fragmented World scenario to support transition planning. The narratives focus on five drivers – global trends, policy and regulation, market conditions, technology transition to a low-emissions fleet and travel trends. These continue to represent the key drivers that impact thl CR&Os and business strategy. The four temperature-aligned climate scenarios remain current and relevant to thl in FY26. Our scenarios draw from the core assumptions used in phase V Network for Greening Financial Systems (NGFS) scenarios, based on the widely used Shared Socioeconomic Pathways, relevant and appropriate to our multinational operations. The Aotearoa Circle tourism and transport sector climate change scenarios were also considered. As the scenario narratives remain unchanged from FY25, a summary of each scenario is presented below. Full scenario narratives, including the underlying assumptions and narrative descriptions used to inform thl ’s climate-related risk and opportunity assessment, are available in thl ’s FY25 Climate-Related Disclosures . Timeframes Our scenario and CR&O time horizons also remain the same, aligning with thl ’s internal planning timeframes, and are based on years rather than temperature targets. • Short term (0–2 years) up to 24 months, 2026–2028 (aligning with our strategic review periods). • Medium term (2–10 years), 2028-2036. • Long term (10+ years), 2036 onwards. Updated CR&Os reviewed by CWG, any changes agreed by HSSC, approved by Board. CR&Os mapped to thl’s strategic risks in the risk register. Updated scenarios and CR&Os reported in the Annual Climate Statement. Annual review of climate scenarios updated with current knowledge or changes to assumptions. Review CR&Os for changes or new risks, considering impact and materiality. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 36 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Scenario archetypes Orderly – Net Zero 2050 Delayed and Disorderly Transition Fragmented World Hothouse World – Current Policies Scenario description A coordinated and globally aligned transition to net-zero emissions by 2050. Progress is initially gradual but accelerates from 2030 as climate ambitions strengthen and countries implement increasingly ambitious policies. Limited climate action initially leads to a delayed transition. Around 2030, escalating climate impacts and public pressure trigger a rapid and disruptive shift to a low-emissions economy, causing significant market and policy disruption. Climate policy ambitions and commitments remain uneven across regions, with limited international coordination. Some countries pursue net-zero targets while others maintain current policies, resulting in slower progress and elevated transition and physical risks. Global climate ambition weakens and existing policies largely remain unchanged. International commitments unravel, emissions continue to rise, and average global warming reaches approximately 3°C by the end of the century, driving severe physical climate risks. Global temperature increase by end of the century +1.4°C +1.7°C +2.4°C +3°C Policy response Gradual and smooth. Delayed and disorganised. Very delayed then fragmented. None – current policies only. Transition risk High in early 2030s. Very high from 2030 to 2035. Low then high in 2040s. Low. Physical risk Lower long-term risk. Medium to high. High. Extreme. Technology change Rapid and even. Slow to 2030 then fast and disruptive. Slow, increasing mid to late 2030s but fragmented. Slow. Carbon price Steady, then steeper rise. Initially low then sharp increase, highly volatile. Low then increasing, highly variable. Remains low. Carbon dioxide removals* Medium-high use. Medium use. Low to medium use. Low use. Macroeconomic factors Short-term intensive pressure due to steeply increasing carbon prices, energy costs and disruptive technology through the 2030s. Economic downturn due to abrupt devaluations, stranded assets and rise in energy prices, from 2035 then slowly recovers in 2040s. Economic downturn due to negative impacts of physical risk, carbon price remains lower, oil prices increase by 2050. Economic downturn from physical impacts, increase in climate-related migration. Consumer behaviour Preference shifts to low carbon transport, green technology widely available. Slow shift with barriers to transition, disruptive changes towards low carbon options from 2030. Slow shift in customer behaviour, emissions increase by late 2030s variable by regions. Slow shift, climate movement considered radical. Energy pathway High expected annual energy investments until 2040, highest share of non-biomass renewables in primary energy mix by 2050. Expected annual energy investments same as Hothouse World until 2030, investments exceed the Orderly scenario after 2040, with non-biomass renewables most of the primary energy mix by 2050. High regional variation, renewable energy increases over the 2030s but at a slower rate than in the Delayed and Disorderly scenario, non-biomass renewables increase through 2040s to be most of the primary energy mix by 2050. Same as Delayed and Disorderly scenario until 2030 for expected annual energy investments, dropping through 2050 and with the lowest share of non-biomass renewables in primary energy mix by 2050. Data sources used to construct scenario NGFS: Net Zero 2050 Aotearoa Circle: Fully Charged (transport) and Orderly (tourism). NGFS: Delayed Transition Aotearoa Circle: Short Detour (transport) and Disorderly (tourism). NGFS: Fragmented World NGFS: Current Policies Aotearoa Circle: Bypass to Breakdown (transport) and Hothouse (tourism). * For carbon dioxide (CO₂) removals, the NGFS includes both technology and forestry-based carbon removals and does not separate trends between the two. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 37 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk management Climate Risks and Opportunities Understanding the most material CR&Os is critical to informing thl ’s strategic planning, risk management and investment decisions to transition to a low-emissions future. We have considered where we might be exposed over short, medium and long-term time horizons across all areas of our value chain (with no exclusions) and where we might be able to lead. The six material CR&Os for thl remain unchanged in FY26 following annual review by the CWG and Board and include four transition risks, one physical risk and one physical and transition opportunity (see table below). thl is still developing a methodology for quantifying the anticipated financial impacts of our CR&Os. We have chosen not to include any disclosures on anticipated financial impacts for FY26 while this work is still ongoing. thl applies an Enterprise Risk Management (ERM) framework to identify, assess and manage risks across its global operations. Climate risks are integrated into the ERM structure and considered within thl ’s strategic risk categories. thl specifically reviews our CR&Os annually (including through the climate scenario process) to identify any changes or new risks and opportunities across our selected time horizons, which are then approved by the Board and mapped to thl ’s strategic risks in the risk register. Information on thl’s risk management approach, including climate-related risks, is available in the ERM section on page 62. Risk Categories Anticipated Impacts Capital deployment Management actions Risk of lack of supply of cost-effective, long-range, low-emissions technology for thl RVs Short, medium and longer term TRANSITION RISK SCENARIO Orderly (Greatest) Delayed Disorderly Fragmented World STRATEGIC RISK CATEGORY Product viability Supply chain (operational procurement) TYPE Transition risk VALUE CHAIN Build/Buy Rent Sell REGION All regions This continues to be a material transition risk for thl in all regions and is occurring now. thl is a technology taker and takes an agnostic approach that considers all low-emissions technology options. Progress by OEMs on suitable chassis for RVs remains slow and is likely to be increasingly challenging in the short to medium term. In some regions, OEMs continue to delay or pause electric vehicle production and changes to regulations and incentives for low- emissions vehicles and infrastructure also create uncertainty. China continues to be a leader in electric vehicle development. No significant capital deployment in FY26 in relation to this risk. The total aggregate spend to date on our Future Fleet electric RV pilot programme is estimated to be $2,588,000 (gross). • Future Fleet • Some options available in non-tourism revenue sectors ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 38 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Categories Anticipated Impacts Capital deployment Management actions Risk of rapid regulatory change and requirements for legal compliance Short, medium and longer term TRANSITION RISK TYPE Transition risk VALUE CHAIN Build/Buy Rent Sell Tourism REGION All regions SCENARIO Orderly (Greatest) Delayed Disorderly Fragmented World STRATEGIC RISK CATEGORY Product viability Property (ability to operate) Planning and forecasting Business continuity This continues to be a material transition risk for thl in all regions. Regulatory compliance varies by region, with phase-out target dates for ICE vehicles earlier in some operating regions than others. There is increasing complexity and uncertainty in the regulatory environment, particularly in the North American market. Rapid regulatory change towards more ambitious policies has become less likely in the short term in most regions thl operates in. A lack of supply of suitable fleet that meet low-emissions vehicle standards remains a material risk, but the potential timing for this has shifted to later in the medium to longer term. No significant capital deployment made in FY26 in relation to this risk beyond ongoing Future Fleet scans, regulation monitoring and ongoing climate and carbon reporting embedded in core work plans. • Future Fleet • Operational efficiency and climate resilience Risk of investment in Future Fleet not being economically feasible due to failure in delivering an appropriate return on funds employed Medium and longer-term TRANSITION RISK TYPE Transition risk VALUE CHAIN Rent Sell REGION All regions SCENARIO Orderly (Greatest) Delayed Disorderly Fragmented World STRATEGIC RISK CATEGORY Planning and forecasting Funding (capital funding) Impairment This continues to be material transition risk for thl in all regions. The transition to zero or low-emissions vehicles may not be commercially viable if customers are unwilling to cover the higher associated costs of these vehicles. Global economic uncertainty and a lack of economically viable low-emissions technology being available within the time periods required to transition could create a negative impact on return on funds employed. Greater financial pressures in the short term could mean Future Fleet capital allocation may be delayed or insufficient. Increasing costs to meet changing regulations could negatively impact commercial operations and our ability to forecast and invest in low-emissions Future Fleet. No significant capital deployment in FY26 in relation to this risk beyond ongoing funding for Future Fleet pilots, research and development, and Future Fleet scan work embedded in core work plans. • Future Fleet • Some options available in non-tourism revenue sectors ClIMATE DISClOSURE CONTINUED Climate Risks and Opportunities continued PERFORMANCE ABOUT US 39 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Categories Anticipated Impacts Capital deployment Management actions Risk of trend away from carbon- intensive travel leading to a reduction in customer demand Medium and longer-term TRANSITION RISK TYPE Physical risk VALUE CHAIN Rent Tourism REGION All regions SCENARIO Hothouse World (Greatest) Fragmented World Delayed Disorderly STRATEGIC RISK CATEGORY Rental/tourism market size Product viability Pricing Changing customer demand in response to carbon- intensive travel is a risk for all regions in the longer term, particularly for long-haul destinations from Europe. It appears less likely to occur in the short to medium term. We actively track changing customer expectations and travel trends as a core part of commercial and marketing strategies. Industry data on how carbon-intensive travel concerns are impacting travel behaviour is not widely available. Current data available is mainly focused on physical climate risks impacting booking patterns, with some data on traveller sustainability considerations and responsible travel actions. No significant capital deployment in FY26 in relation to this risk beyond funding for commercial and market research work embedded in core work plans. • Travel and tourism demand forecasting • Non-tourism revenue • Operational efficiency and climate resilience Risk of changes in booking patterns due to physical climate impacts PHYSICAL RISK TYPE Physical risk VALUE CHAIN Rent Tourism REGION All regions SCENARIO Hothouse World (Greatest) Fragmented World Delayed Disorderly STRATEGIC RISK CATEGORY Rental/tourism market size Product viability Pricing Changes in booking patterns are a global risk. Patterns are expected to be impacted over time as regions experience changing climate trends. We are actively monitoring and responding to impacts on our guests from extreme climate-related events, including wildfires, prolonged heatwaves and flooding. Climate impacts create disruption and may make some destinations less accessible or less attractive to tourists. Booking patterns could become more unpredictable and reactive in response to these events. Increasing costs such as insurance, greater disruption from extreme events impacting destinations and creating less favourable environmental conditions or geopolitical factors could influence travel patterns. Customers may not wish to travel to certain countries due to the risk of extreme climate events and therefore may choose other destinations that are less impacted, which could potentially create opportunities across the thl network. No significant capital deployment in FY26 in relation to this risk beyond funding for market research and business development for non-tourism revenue workstream embedded in core work plans. • Travel and tourism demand forecasting • Operational efficiency and climate resilience ClIMATE DISClOSURE CONTINUED Climate Risks and Opportunities continued PERFORMANCE ABOUT US 40 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Categories Anticipated Impacts Capital deployment Management actions OPPORTUNITY Increased demand for mobile housing and emergency vehicles Medium and longer-term TYPE Physical opportunity Transition opportunity VALUE CHAIN Build/Buy Rent REGION All regions SCENARIO Hothouse World (Greatest) Fragmented World Delayed Disorderly STRATEGIC RISK CATEGORY Market share Rental/tourism market size Product viability Planning and forecasting Service delivery (Customer experience) Increased demand for mobile accommodation following extreme weather events is considered a material opportunity for thl globally. As regions where thl operates experience more frequent extreme weather and climate-related events, tourism may be impacted, which may require relocation of thl’s fleet and operations. There may also be greater demand for temporary mobile accommodation in impacted areas to support emergency response, creating the opportunity to grow non-tourism revenue. No significant capital deployment in relation to this opportunity in FY26 beyond funding for ongoing non-tourism business development embedded in core work plans. The flexibility of our rentals fleet enables RVs to be reallocated to non-tourism needs. • Non-tourism revenue ClIMATE DISClOSURE CONTINUED Climate Risks and Opportunities continued PERFORMANCE ABOUT US 41 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Transition Plan aspects of Strategy In FY25, we developed our transition plan, Changing Gear, bringing together actions that have been integral to thl ’s strategy and build/buy-rent-sell business model for several years into four core workstreams. The plan reflects the strategic options currently underway or that may be considered in the future to support thl manage its CR&Os and respond to climate change, including adaptation, mitigation and decarbonisation plans. The CR&Os identified as part of our climate scenario process are mapped against our transition plan workstreams, which focus on actions thl intends to take in the short term and the identification of potential signals and trigger points thl intends to monitor to support future decision making in the long term. Alongside the CR&Os, these workstreams support our business model, strategy and finance to move towards a low- carbon, resilient future. We believe our transition plan enables thl to remain flexible and respond effectively to regional variations in climate impacts, technology readiness, regulation and policy changes. Transition plan workstreams are being embedded where appropriate into core business activities, led by the relevant executive leader and integrated into thl’s long-term strategy and regular shorter-term planning processes, including the assessment of priority projects and resource allocation for capital deployment and funding decisions where funding is available. Coordination of transition plan progress sits within our global sustainability programme to support integration and embed actions within operations. An overview of the management actions progressed in FY26 is in our sustainability programme update (see page 42). ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 42 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Changing Gear – Transition Plan Workstream Leverage demand forecasting and climate projections to enhance RV rental and tourism resilience • Market research • Demand forecasting • Industry partnerships • Adaptation plans Chief Commercial Officer Explore non-tourism revenue opportunities to enhance resilience and diversify revenue • Non-tourism solutions • Non-tourism revenue • New fleet types as appropriate • Design and manufacturing capability to support revenue diversification Chief Commercial Officer Implement pathways to a low-emissions fleet, focusing on cost and timing effectiveness • Future Fleet scans • Fleet pilots and partnerships • Fleet planning flexibility • Fleet value retention • Design and manufacturing future-fit initiatives Chief Executive Officer Optimise energy and emissions performance at sites through the Future-Fit Ignition programme • Location climate risk and resilience assessment • Location risk management • Operational efficiency and emissions reduction action COO each region Travel & tourism demand forecasting Future Fleet Non-tourism revenue Operational efficiency & climate resilience01 02 03 04 Current management actions in FY26 How the workstream contributes to climate resilience for thl • Continuing to monitor industry data climate and emissions-related travel trends. • Gathering insights into customer trends related to climate-related events. • Starting to embed climate-related travel trends data within our market research strategies. • Exploring potential industry data on climate impacts on travel and tourism. Contributes to understanding how and where demand for thl ’s products and services may shift to inform decision making, adapt offerings, redeploy assets, pursue new opportunities or markets, or divest from certain locations or product offerings. • Non-tourism revenue strategy is in place and progress is ongoing. • Non-tourism mobile accommodation solutions are supporting those impacted by extreme events. • Continuing to explore and develop pilots and partnerships to develop mobile health and emergency shelter applications. Builds on existing work to support non-tourism demand and pursue non- tourism revenue models and commercial opportunities such as specialist vehicles and emergency mobile accommodation. • Tracking global progress on low- emissions fleet developments and technologies. • Annual Future Fleet scans in each region are monitoring policy and regulation changes and tipping points for low-emissions vehicle transition. • Engagement with OEMs and industry on zero-emissions vehicle progress and to address challenges such as charging infrastructure. • Continuing to explore low-emissions vehicle pilots and partnerships. Identifies and progresses practical, time- appropriate and cost-effective pathways in each region for transitioning thl ’s global fleet to zero or low-emissions vehicles. • Developing operational emissions reduction pathway to identify priority actions for Scope 1 and 2 emissions reduction target. • Energy efficiency and emissions reduction actions underway in the Ignition programme. • Future-Fit action plans underway with emissions impact reviews for sites globally. • Tracking climate and carbon-related regulatory developments in each region. Improves infrastructure resilience and emissions performance of thl ’s locations globally with consideration of emissions performance and climate resilience into decision making and investments. ClIMATE DISClOSURE CONTINUED Transition Plan progress table PERFORMANCE ABOUT US 43 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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ClIMATE DISClOSURE CONTINUED GHG Emissions Analysis We continue to monitor, manage and report our GHG emissions (Scope 1, 2 and 3) across our operations and value chain using the operational control approach, measured using the GHG Protocol. thl’s total GHG emissions inventory (Scope 1, 2 and 3) in FY26 was a total of 720,667tCO₂e, representing a 7% decrease (-57,364tCO₂e) compared to FY25 and a total decrease of 34% (-363,673tCO₂e) from the FY24 baseline year. The reduction in total GHG emissions since FY24 is primarily driven by a reduction in total Scope 3 emissions, mainly reflecting lower vehicle sales volumes due to softer sales market conditions, dealership closures and fleet rotation decisions. As market conditions stabilise, thl anticipates that sales volumes will increase and associated emissions will therefore also increase in future years. Scope 3 continues to account for the largest share of emissions (>99%), and the top three categories in FY24 remain the largest in FY26: • Category 11: Use of sold products – 76% of Scope 3 emissions, decreased by 3% from FY25 and 37% from FY24, reflecting lower vehicle sales numbers globally. • Category 13: Downstream leased assets – 17% of Scope 3 emissions from leased vehicles driven by our customers, decreased 9% from FY25 but still represent an increase of 8% from FY24, reflecting increased rental activity globally. • Category 1: Purchased goods and services – 4% of Scope 3 emissions, reduced by 26% from FY25 and 52% from FY24, reflecting changes in spend between years, including fleet- related purchases and property location moves globally. Combined Scope 1 and 2 emissions also decreased in FY26 by 12% compared to FY25 and 14% from FY24. Site location changes consolidating rentals and retail sites in Australia and moving manufacturing production to New Zealand had the most significant impact alongside energy efficiency improvements in North America (see GHG targets on page 47). Total operational emissions (including Scope 1 and 2 and selected Scope 3 activities) also reduced by 10% from FY25 and 4% from FY24. These reductions were also impacted by the site moves noted above and a reduction in emissions from waste, which increased significantly in FY25 due to significant location moves and has since reduced. Scope Category FY24 (baseline) FY25 (rebased) FY26 % change prior year % change baseline year Scope 1 Direct emissions 4,081 3,929 3,726 -5% -9% Scope 2 Electricity consumption (location-based) 2,403 2,451 1,872 -24% -22% Scope 3 Category 1 Purchased goods and services 56,305 36,472 26,814 -26% -52% Scope 3 Category 2 Capital goods 18,078 19,278 9,453 -51% -48% Scope 3 Category 3 Fuel and energy-related activities 1,156 1,226 928 -24% -20% Scope 3 Category 4 Upstream transportation and distribution 2,942 3,011 497 -84% -83% Scope 3 Category 5 Waste generated in operations 2,532 3,388 1,941 -43% -23% Scope 3 Category 6 Business travel 1,518 2,500 1,801 -28% 19% Scope 3 Category 7 Employee commuting 3,528 3,525 3,665 4% 4% Scope 3 Category 11 Use of sold products 858,748 562,186 543,513 -3% -37% Scope 3 Category 12 End-of-life treatment of sold products 20,450 5,894 4,962 -16% -76% Scope 3 Category 13 Downstream leased assets 112,599 134,170 121,495 -9% 8% Total Scope 1 4,081 3,929 3,726 -5% -9% Total Scope 2 2,403 2,451 1,872 -24% -22% Total reported Scope 3 1,077,856 771,650 715,069 -7% -34% Total all emissions 1,084,340 778,030 720,667 -7% -34% Scope 1 and 2 (direct) Combined Scope 1 and 2 emissions 6,484 6,380 5,598 -12% -14% Operational GHG emissions includes Scope 1 and 2 and some Scope 3 associated with site operations – business travel (Category 6), relocations (Category 4), waste (Category 5), commuting (Category 7), water, tyres, batteries (Category 1) 13,619 14,476 13,028 -10% -4% Value chain emissions includes remaining scope 3 categories – customer journeys (Category 13), purchased goods and services (Category 1), use of sold products (Category 11) 1,007,722 763,554 707,639 -7% -30% Emissions intensity tCO₂e per million dollars revenue, total operational GHG emissions/total revenue, rounded 14.77 15.45 14.80 -4% 0% 1. Planet Price has updated its classification engine, with Supplier Classification now a core phase of processing. Lines are classified to UNSPSC and CEDA independently, with UNSPC supporting the CEDA industry assignment. This replaces the previous approach of classifying to UNSPSC alone and cross- walking to CEDA, and adds further validation phases. This impacted our FY25 Scope 3 emissions figure, which was reduced by 20,045 tCO₂e. We have included the restated figure in this disclosure. PERFORMANCE ABOUT US 44 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 45 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES GHG Inventory We continue to provide a breakdown of thl ’s GHG emissions overall, as well as by region and scope, and report on progress towards our Scope 1 and 2 emissions reduction target. An overview of thl ’s approach, methods and assumptions and uncertainties that influence our emissions profile is provided in Appendix 1 on page 50. Independent assurance provider Ernst & Young Limited provided limited assurance over thl ’s FY26 total Scope 1, 2 and 3 GHG emissions – see the Independent Assurance Report on page 55.
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FY26 Operational Emissions Total (tCO₂e) 13,028 FY26 Value Chain Emissions Measured Scope 3 – Total (tCO₂e) 715,068 Total (tCO₂e) 720,667 FY26 Total Group-Wide GHG Emissions by Scope (tCO₂e) Scope 1 3,725 Scope 2 1,872 Measured Scope 3 7,429 Sold Products 543,513 Downstream leased assets 121,495 Purchased goods and services 26,814 Other 23,246 Scope 3 715,069 99.2% Scope 1 3,726 0.5% Scope 2 1,872 0.3% FY26 Group-Wide Measured Scope 3 GHG Emissions by Category (tCO₂e) Category FY26 Total Use of sold products 76% 543,513 Downstream leased assets 17% 121,495 Purchased goods & services 4% 26,814 Capital assets 1% 9,453 End-of-life treatment of sold products <1% 4,962 Employee commuting <1% 3,664 Business travel <1% 1,801 Waste generated in operations <1% 1,941 Fuel- and energy-related activities <1% 928 Upstream transportation and distribution <1% 497 Total 715,069 FY26 Total Group-Wide GHG Emissions by Business unit (tCO₂e) Business unit Total Self drive experience (rentals) 52% 401,221 Manufacturing 25% 194,776 Dealerships 23% 123,690 Tourism <1% 979 Published total 720,667 FY26 Total Group-Wide GHG Emissions by Country (tCO₂e) Country FY26 Total New Zealand 39% 282,238 Australia 25% 180,466 United States of America 13% 95,790 United Kingdom and Ireland 13% 91,044 Canada 10% 71,129 Total 720,667 FY26 Total Customer Journey GHG Emissions by Country (tCO₂e) Country FY26 Total Australia 34% 41,834 United States of America 26% 31,308 New Zealand 22% 26,596 Canada 16% 19,982 United Kingdom and Ireland 1% 1,774 Total 121,495 ClIMATE DISClOSURE CONTINUED In FY25, thl reset its GHG emissions baseline year as FY24, following the thl /Apollo merger in late 2022, the inclusion of an extended Scope 3 inventory and a shift from an equity share approach to an operational control approach, which moved the reporting of all of our customers’ journey emissions from Scope 1 to Scope 3. The FY24 baseline provides a more relevant, accurate basis for future comparisons. PERFORMANCE ABOUT US 46 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Metrics and targets GHG Emissions Target In FY25, thl updated the Scope 1 and 2 emissions reduction target to reflect the changes in our baseline year. Our absolute reduction target is a 50.4% reduction in our Scope 1 and 2 emissions from the FY24 baseline by the end of FY32. The target is based on the adjusted FY24 baseline of 6,484 tCO₂e (Scope 1: 4,081 tCO₂e; Scope 2: 2,403 tCO₂e). thl is not currently using GHG emissions offsets to support this target, and we have not set any interim targets. We acknowledge this updated target represents only approximately 1% of our total GHG emissions inventory, as it applies only to Scope 1 and 2 emissions, while over 99% of our baseline year total footprint is in Scope 3, including around 91% relating to emissions from our customers’ journeys and the use of motorhomes and other vehicles that we sell (use of sold products). While thl aims to be a leader and to transition our fleet to lower-emissions technologies, we are significantly constrained by the limited availability of suitable, cost-effective, zero or low-emissions chassis and charging network infrastructure globally. We continue to proactively explore options through our Future Fleet transition plan workstream. Our current Scope 1 and 2 emissions reduction target was developed using the Science Based Targets initiative (SBTi) tools, recognised for their scientific rigour and alignment with the global goal of limiting warming to 1.5°C. As Scope 3 emissions contribute more than 40% of our footprint, the target does not meet the requirements for a SBTi-certified science-aligned target and has not been submitted for formal SBTi validation. thl has not set a Scope 3 target due to the current lack of a viable pathway to transition our fleet and intends to revisit developing a Scope 3 emissions reduction target when more viable options are available to reduce vehicle emissions. Target progress We remain committed to achieving our Scope 1 and 2 emissions reduction target and making progress to reduce emissions related to energy and fuel use associated with our site-based operational activities, guided by our global operational emissions reduction pathway work. In FY26, our combined Scope 1 and 2 emissions have decreased by 14% (886 tCO₂e) from the FY24 baseline year compared to a 2% decrease (104 tCO₂e) in FY25. This decrease was mainly driven by location changes in Australia, including consolidating rentals and retail operations onto combined sites and moving manufacturing production from Brisbane to New Zealand, which has higher levels of renewable generation of electricity in the grid. Energy efficiency upgrades and actions in North America also contributed to the 22% reduction in Scope 2 (electricity) emissions. 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 FY32FY31FY30FY29FY28FY27FY26FY25FY24 tCO/uni2082e Scope 1 Scope 2 Reduction target Progress to date against revised Scope 1 and 2 Emissions Target (FY24 Baseline) ClIMATE DISClOSURE CONTINUED Future-Fit Goals Our global sustainability programme focuses on our high-priority Future-Fit goals (as determined based on materiality and impact) and is integrated across our business strategy, plans and operational activities. We remain committed to addressing our priority goals, guided by the 23 Break-Even (BE) Goals of the Future-Fit Business Benchmark. Break-Even Goals are considered system-level guides for long-term transformation rather than industry level goals or targets and do not have prescribed timeframes. We have reported our progress since 2019 in our annual self-assessment Future-Fit Health Check. Three high-priority Future-Fit goals directly support thl ’s efforts to reduce GHG emissions across energy use, operations and products – BE01 Energy is from renewable sources, BE06 Operations emit no greenhouse gases and BE18 Products emit no greenhouse gases. Progress on these goals is reported in the FY26 Future-Fit Health Check on page 57. thl has not specifically considered the extent to which the emissions reduction Future- Fit goals contribute to limiting warming to 1.5°C and specific dates for achieving these goals have not been set. No offsets have been applied. PERFORMANCE ABOUT US 47 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Climate metrics Metric Description Results Changes last three years Calculation approach and limitations Emissions intensity Operational emissions per NZD million revenue A commonly used method enables comparison across diverse operations and other organisations. FY26 14.80 FY25 15.45 (rebased)* FY24 14.77 tCO₂e/$ NZD million revenue The reduction in FY26 reflects improved emissions intensity in Australia and New Zealand. In Australia, operational emissions reduced faster than revenue, while in New Zealand revenue grew faster than operational emissions. FY25 increase driven by higher global rental activity, site relocations and data improvements, reducing reliance on assumptions. Total operational emissions divided by total revenue. This metric is influenced by external factors beyond operational efficiency such as market demand and pricing. There have been no changes to how this metric is calculated in FY26. Vulnerability to transition risks Percentage of thl sites (sales, rentals and manufacturing) in regions with legislation for ICE vehicle phase-out dates before 2040 This metric was chosen as these business units cover a significant proportion of our total revenue. It highlights where thl may have potential challenges, particularly related to our low-emissions fleet transition and regulatory compliance risks. FY26 46% (19 of 41 sites) FY25 52% (25 of 48 sites) FY24 54% (28 of 62 sites) The percentage of sites in regions with ICE vehicle phase-out legislation decreased by 6% between FY25 and FY26, due to the divestment of the UK and Ireland businesses located in regions with phase-out targets. The number of sites assessed also reduced due to the divestment and site changes in Australia. The percentage of sites in regions with applicable legislation reduced by 2% from FY24 and FY25 due to site closures. Number of manufacturing, sales and rental branches in regions that have ICE vehicle phase-out dates before 2040 at the end of reporting period. thl monitors but cannot predict which regions will abruptly change targets and policies. Vulnerability to physical risks Percentage of thl’s rental branches impacted by acute climate-related weather events in the reporting year Climate-related events are defined as extreme weather events such as hurricanes, floods and wildfires that disrupt thl’s operations, assets or customer experiences through destination closures, rerouting trips, damage to vehicles or property and additional repairs or cleaning. FY26 31% (11 of 35 sites) FY25 31% (11 of 35 sites) FY24 47% (17 of 36 sites) Percentage of rental branches impacted by extreme weather events is unchanged from FY25 to FY26. This follows a decrease of 16% between FY24 and FY25, reflecting that the severity and frequency of acute weather events impacting thl locations is inherently unpredictable. Number of rental branches impacted by extreme weather events disrupting normal operations, assets or customer experiences in the reporting period. Some branches may face chronic physical risks such as sea-level rise, but location-specific climate risk assessments have not been conducted to assess this. thl does not attempt to attribute events directly to climate change. Any weather-related events that affected operations are included. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 48 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES * GHG intensity rebased as a result of the Planet Price update of its classification engine as explained on page 51.
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Metric Description Results Changes last three years Calculation approach and limitations Climate-related opportunities Total hire days from RVs used for mobile housing or service delivery related to acute weather events thl’s rental operations globally support demand for RVs in response to acute weather events subject to availability. FY26 11,000 hire days FY25 3,600 hire days FY24 12,000 hire days Approximate numbers. There was a 206% increase in the number of hire days attributed to demand arising from acute weather events between FY26 and FY25 and a 8% decrease from FY24. This reflects that the frequency and severity of acute weather events is inherently unpredictable. Number of RV hire days allocated to this opportunity within the reporting period, subject to availability. thl does not assess the extent to which events are climate-related events. Capital deployment Gross capital deployed in the financial year towards projects or initiatives with a material capital outlay for Future Fleet, emissions reduction or climate resilience thl closely monitors and intends to invest as technologies develop, with Board-approved ongoing capital expenditure to trial Future Fleet technologies that can achieve a negative return on funds employed at a rate of up to NZD2 million p.a. FY26 no change, no material new funding FY25 no material new funding towards addressing CR&Os FY24 NZD960,000 for pilot electric RVs in New Zealand In FY26, no material funding allocated due to limited technological advances in chassis suitable, and because cost-effective vehicles for RV use are not currently readily available. There was a decrease in gross capital deployed between FY24 and FY25. To date, thl has conducted two pilot electric RV trials within its rental fleet. Capital expenditure on Future Fleet pilot projects and other climate-related capital deployment assessed as significant capital outlay. All figures are converted to NZD. Calculation excludes business-as-usual expenses associated with ongoing market research and business development and ongoing energy efficiency upgrades. Internal emissions price Internal emissions price is based on the social cost of carbon (SCC) – an estimate of the impact of each additional tonne of carbon emissions SSC value is based on a 3% future discount rate. Based on the internal emissions price of the US Environmental Protection Agency (EPA) from the Planet Price AI platform thl uses. FY26 NZD86 FY25 NZD86 FY24 NZD86 No change, value of NZD86 (USD51) per tCO₂e. US EPA price is based on comprehensive, peer- reviewed methodologies as a balanced, credible estimate but is tailored to US policy contexts and may not fully reflect conditions in other regions. In some jurisdictions, economists argue a lower future discount rate better reflects intergenerational equity. Remuneration Unchanged. Executive remuneration in FY26 does not include reference to climate metrics, as described on page 132 above. ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 49 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Appendix: GHG assumptions and methodology ClIMATE DISClOSURE CONTINUED thl’s GHG inventory has been disclosed with reference to the requirements of the NZ CS. thl uses the operational control approach and measures its GHG emissions in accordance with the Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (2004) and GHG Protocol Corporate Value Chain (Scope 3) Accounting and Reporting Standard (2011). Operational and reporting boundaries thl’s location reporting boundaries changed during FY26 following the divestment of the UK and Ireland businesses. Emissions data for the UK and Irish business has been reported for the partial year (1 July 2025 to 30 March 2026) prior to the divestment. We continue to report all material and previously disclosed emissions sources under an operational control consolidation approach to account for material GHG emissions that thl has control over. In FY26, several location changes (moves, closures or site amalgamation) also occurred. Emissions are accounted for at the same operational location within the reporting year. Data approach and uncertainty thl has focused on completeness in its GHG inventories to capture all material applicable sources of emissions while continuing to improve data accuracy, sources and assumptions. The FY26 inventory has been prepared prioritising direct activity data where possible, with assumptions applied if data availability, complexity or cost limits precision, generally using the highest reasonable estimate. Third-party data (Planet Price and Sphera) is assumed accurate and complete unless indicated. Due to the updated timing of our GHG disclosures in FY26 (in August, previously in October), some recently released emission factors could not be updated within Sphera in time for use in calculating the FY26 emissions inventory. This Appendix outlines methods, assumptions, limitations, uncertainty and exclusions. Further details can be made available on request. While Scope 1 and 2 emissions are based largely on direct data, some uncertainty remains. Scope 3 emissions are more complex and involve greater uncertainty, particularly for Category 1 purchased goods and services, Category 7 employee commuting, Category 11 use of sold products and Category 12 end- of-life treatment of sold products. GHG emissions reporting involves uncertainty relating to procedures, measurement, calculations and assumptions. Uncertainty can arise from scientific limitations in how emissions are measured or understood and estimation uncertainty from the need to use assumptions when complete or precise data is not available. GHG inventory exclusions thl uses a systematic approach to identify all relevant GHG emissions sources within the organisational boundary and category, evaluated based on thl ’s assessment of relevance, materiality, stakeholder expectation, data availability and quality and level of influence thl has over the emissions source. The following internally reviewed criteria are applied for an emissions source to be excluded from the GHG inventory: • Immaterial to the category (less than 5%) and reporting not required by legislation or internal reporting standards. • Considered immaterial to stakeholders or to thl ’s business/products and insufficient data to make a reasonable estimate. • thl does not control and has very limited influence on emissions (e.g. franchisees). Exclusions The following exclusions are assumed de minimis and not core to business activity: • CO₂ in welding gas, refrigerant gas losses from air conditioning on site and non-RV fleet, wastewater recycling, recycling, compost and other waste diversion. • Lifecycle emissions associated with non-owned vehicles and leased buildings are also excluded, as thl does not control the full lifecycle. • Products sold/purchased via intra-company transfer captured elsewhere in the inventory. • Customer waste, water, consumables, refrigerant losses, maintenance related to sold products considered immaterial or outside thl control. • Vehicle parts excluded as assumed to be recycled or inert in landfill. • Franchisee locations and some data from licensee locations in the USA. PERFORMANCE ABOUT US 50 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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ClIMATE DISClOSURE CONTINUED Emissions factors and global warming potential (GWP) conversion rates For most emissions sources reported in thl ’s FY26 GHG emissions inventory, the relevant emissions factor was selected from supplied libraries in the SpheraCloud: Sustainability & Safety Management Solutions software (Sphera). These libraries are developed using the GWP conversion rates and emissions factors for relevant sources: • UK and Ireland June 2025 Department for Energy Security and Net Zero and Department for Business, Energy & Industrial Strategy, Emissions Factors: 2025 IPCC AR5. • Australia Department of Climate Change, Energy, the Environment and Water, National Greenhouse Accounts Factors: 2024 June 2025 IPCC AR5. • New Zealand Ministry for the Environment, Emissions Factors: 2025 June 2025 IPCC AR5. • United States Environmental Protection Agency, GHG Emissions Factors Hub: June 2024 June 2024 IPCC AR5. • Canada Environment and Climate Change Canada, Emissions Factors and Reference Values:2024 May 2025 IPCC AR6. • Global International Energy Agency, Emissions Factors: 2024 September 2024 IPCC AR5. Country-specific emissions sources are used in the first instance where available. Otherwise, UK datasets have been used as a proxy. Some specific emissions factor datasets are used for specific emissions sources or calculations: • thl-specific emissions factors are derived for customer journey (Scope 3), motorhome relocations (Scope 1) and use of vehicles sold (Scope 3) based on fleet lists/sales data and the above emissions factor databases. • Watershed Comprehensive Environmental Data Archive database – sourced through Planet Price licence (global). These are industry-specific, spend-based emissions factors used in calculating Scope 3 Category 1: Purchased goods and services. There is a potential source of inaccuracy that arises from using Planet Price and Sphera’s inbuilt emissions factor libraries. thl relies on the library owners to maintain these databases with timely, accurate and up to-date emissions factors. Some underlying library data sources are updated around June each year. As a result, there may be a lag between the release of updated emissions factors and their incorporation into the Sphera libraries used by thl. This timing difference may lead to the use of outdated emissions factors in the GHG inventory. Changes from FY25 in FY26 thl remains committed to regularly reviewing its calculation methods and assumptions aligned with the best available data and evolving industry practices. There have been several updates to improve the accuracy, global consistency and relevance of its GHG emissions inventory in FY26: General data and process improvements – We have continued to focus on improving data consistency and completeness across regions, aligning reporting processes, enhancing data quality controls and standardised methodologies to support global comparability and reducing the number of assumptions used in calculating the GHG inventory. Scope 1: Direct emissions – In FY25, the methodology for calculating transport fuel emissions related to operational movements of RVs not linked to the customer journey changed from a distance-based approach to a volume-based method using more direct data sources for improved accuracy. The same method is applied in calculating transport fuel emissions related to relocation movements of RVs not linked to the customer journey for FY26. Scope 3 Categories 1, 2, 3, 4, 5, 6 – There has been continued enhancement to the quality of emissions reporting as updates to the Planet Price analytics platform have improved how spend categories are captured and coded. Spend data is used to report emissions across all 15 Scope 3 categories under the GHG Protocol. Changes and upgrades to the Planet Price classification engine have improved accuracy for industry categorisation. Applying the improved classification to the FY25 dataset reduces Scope 3 Categories 1 to 6 by a total of 20,045 tCO₂e. Note on comparability As part of our ongoing efforts to improve data quality and relevance, thl continues to review and update assumptions where more accurate sources are available. As a result, comparisons with prior years should be made with caution as the updated methodology may influence reported emissions figures. PERFORMANCE ABOUT US 51 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Disclaimer These voluntary climate-related disclosures reflect thl ’s current understanding as at August 2026 in respect of the 12 months ended 30 June 2026. They contain disclosures that rely on developing assessments of current and forward-looking information, incomplete and estimated data and our related judgements, opinions and assumptions. Forward-looking statements and opinions are based on historical experience, internal business data, external sources and various other factors that thl believes are reasonable in the circumstances and based on our current understanding and necessarily involve assumptions, forecasts and projections about our present and future strategies. They reflect thl ’s current views on future events and are subject to change due to known and unknown risks, uncertainties, assumptions and other factors that are, in many cases, beyond thl ’s control. While thl has made efforts to fairly present these climate-related disclosures, thl gives no representation, guarantee, warranty or assurance about the future business performance of thl or that the outcomes expressed or implied in any forward-looking statement made in this document will occur. Actual outcomes may differ materially from those expressed or implied in these disclosures. thl does not accept any liability for any loss arising directly or indirectly from any use of the information contained in this report, whether in respect of thl and/or its subsidiaries. Section Clause Disclosure Page Governance 7a, 7b, 7c Governance and management of CR&O 32, 33, 38 8a, 8b, 8c, 8d Governance body oversight 33, 33, 38, 53 9a, 9b, 9c Management’s role and organisational structure 32, 33, 38 Strategy 11a, 11e Impact of climate change 34-41, 44 12a, 12b, 12c Current physical, transition and financial impacts 34-35, 48-49 13 Scenario analysis undertaken 36-37 14a, 14b, 14c Climate-related risks and opportunities 38-41 15a, 15b, 15c, 15d* Anticipated impacts (excluding financial impacts)* 36-42 16a, 16b, 16c Transition plan aspects of its strategy 13-18, 28, 30, 42-43 Risk management 18a, 18b Physical and transition climate risk processes 36-38, 62 19a, 19b, 19c, 19d, 19e Details of climate risk processes 32-33, 38, 62 Metrics and targets 21a, 21b, 21c, 21d Metrics and Targets 47-49, 53-54 22a, 22b GHG emissions and emissions intensity 47-49 22c, 22d, 22e Vulnerability to risks and alignment with opportunities 48-49 22f Capital deployment 38-41, 52-53 22g, 22h Internal emissions price, remuneration 32, 53 23a, 23b, 23c, 23d, 23e (i–iv) GHG emissions target and Future-Fit goals 47-48 24a, 24b GHG emissions – standards and approach 44-45, 50-51, 53-54 24c, 24d GHG emissions – factors and exclusions 50-51 25 Assurance of GHG emissions 55-56 26a GHG emissions in tonnes CO₂e 46-47 26b, 26d GHG emissions methods, assumptions 53-54 * thl relies on adoption provision 2 in NZ CS 2 in the same manner as if it were a climate-reporting entity and does not make any disclosure of anticipated financial impacts in these climate disclosures. NZ CS Appendix ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 52 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 53 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES Category Included sources Method and assumptions Limitations and uncertainty Scope 1 Transport fuels Stationary fuels Fuel use associated, company vehicles, leased coaches. RV operational movements Stationary fuels used on site. Fuel quantities from invoices, receipts and supplier reports. FY26 changed from a distance to volume-based approach for RV operational movements in all regions. Operational fuel use is subtracted from customer journey fuel use (Scope 3 Category 13) Scope 1 and 2 data reliant on accurate supplier data. Includes some estimates for months or sites with missing data. Scope 2 Electricity consumption Purchased electricity used for operations (location-based). From invoices, supplier reports or meter readings. Some estimates for missing data. For FY26, the UK & Ireland only reported 9 months of electricity data following its divestment in April 2026. Scope 3 Category 1: Purchased goods and services Tyres and batteries. Water consumption. All purchased goods and services not captured within the GHG emissions inventory. GHG emissions for purchased items calculated using finance spend data analysed through Planet Price by industry category. Where data was incomplete, key suppliers were manually coded. Data mapping certainty is expected to improve as the process matures. Spend data used covers the 12-month period from 1 June 2025 to 31 May 2026. This is consistent with FY25 approach. Limitations include reliance on accurate invoice data and coding for Plant Price. New Zealand industry-average emissions factors applied globally. Uncertainty in AI mapping, data assumptions and potential double counting, partly mitigated through manual coding and review. Category 2: Capital goods Capital goods purchased. Calculated using Planet Price approach above As above. Scope 3 Category 4: Upstream transportation and distribution Motorhome relocation covers ferries and driver transport). Other upstream transport covers freight and delivery costs. Relocation data calculated using scheduling information, costs and supplier invoices. Custom factor for RV ferry movements. Other transport is calculated in Planet Price. Uncertainty in calculating distances from online sources not considered significant. Planet Price as above. Scope 3 Category 5: Waste generated in operations Waste to landfill or energy. Plywood to biofuel. Tyres and batteries recycled. Other waste streams. Calculated using data from suppliers. Conversion applied if weight data not available. Tyres and batteries purchase recycling 1:1 ratio assumed. Other waste is calculated in Planet Price. Conversion from number of bins to weight potential for inaccuracy. Proxy data may not reflect actual quantities Scope 3 Category 6: Business travel Air travel, crew personal vehicle mileage claims. Other business travel (taxis, rental cars). Data on trips and distances from supplier reports, booking information, expense claims, some distances online source estimates. Other business travel is calculated in Planet Price. Calculating distances from online sources may not reflect actual data. Not considered to be significant. Scope 3 Category 7: Employee commuting Crew travel, private vehicles public transport, active modes, work from home. Based on internal survey estimates of average commute per transport mode, work patterns by location, headcount and workdays. Relies on accurate survey data, not a 100% response. May not reflect seasonal crew numbers over year. Scope 3 Category 8: Upstream leased assets All upstream assets are captured under regular business operations (Scope 1 and 2) or procurement (see Scope 3 Category 1). Scope 3 Category 9: Downstream transportation and distribution Downstream transport. Assumes vehicles sold are driven off lot. Freight delivery emissions in Scope 3 Category 1. Assumptions based on spend data using Planet Price.
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ClIMATE DISClOSURE CONTINUED PERFORMANCE ABOUT US 54 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES Category Included sources Method and assumptions Limitations and uncertainty Scope 3 Category 10: Processing sold product Not applicable – thl does not currently sell intermediate products. Scope 3 Category 11: Use of sold products New, trade-in and ex-rental RVs – commercial vehicles ambulances, delivery vans, special-use vehicles. Truck bodies, trailers and refrigeration units. Products sold from gift shops, retail stores and workshops. Quantities sourced from sales reports. Assumptions applied for how vehicles and products are used (fuel consumption, lifetime mileage and use). Fuel uplift calculated for use of towable products (caravans and trailers). Assumptions informed by industry OEM reports to estimate weights, fuel efficiency, type and quantity. For FY26, the divestment of the UK & Ireland business has led to a significant one-off increase in vehicle sales. Emissions estimates rely heavily on assumptions about product use, maintenance and disposal. Results are sensitive to these assumptions, emissions factors and AI-based mapping, creating potential uncertainty. Scope 3 Category 12: End-of-life treatment of sold products Refrigerant top-ups. Refrigerants in sold vehicles, refrigeration units and equipment. Disposal of products sold through gift shops, retail stores and workshops. Quantities sourced from sales reports. Assumptions applied to how vehicles and products are disposed of at the end of life. Vehicle parts are assumed to be recycled or inert in landfill. Refrigerant types and quantities OEM or government data. Relies on assumption for how vehicles and products sold are disposed of (and the materials/ associated emission types). May not be accurate in all regions. Scope 3 Category 13: Downstream leased assets. Customer journey, transport fuels, and energy consumed (electricity LPG). Refrigerant losses from dash and house air conditioning units and refrigerators. Fleet and bookings data for distances and hire days. Emissions factors for customer journeys are based on a weighted average of fleet vehicles specific to each country. LPG and electricity use test assumes similar daily quantity for all motorhomes. Distance-based calculation may not reflect driving. Uncertainty in assumptions where data is not available may not reflect actual use. Scope 3 Category 14: Franchises Franchisees use thl branding but are not operationally part of the thl Group. They fall outside thl’s operational control consolidation approach. Small scale and expected to be de minimis. Scope 3 Category 15: Investments Most investments are business units operated by thl and are included elsewhere in the inventory.
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PERFORMANCE ABOUT US 55 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES SUSTAINABILITY ASSURANCE REPORT Independent assurance report to Tourism Holdings Limited (thl) Limited assurance conclusion Based on our limited assurance procedures performed and the evidence we have obtained, nothing has come to our attention that causes us to believe that Tourism Holdings Limited’s (the “Company” or “ thl”)’s consolidated gross Scope 1, Scope 2 (location-based only) and Scope 3 Greenhouse Gas (“GHG”) emissions, related additional required disclosures of gross GHG emissions, and gross GHG emissions methods, assumptions and estimation uncertainty, within the scope of our limited assurance engagement (as outlined below) contained in the Climate Disclosure within thl ’s 2026 Integrated Annual Report (“Report”), are not prepared, in all material respects, in accordance with the Aotearoa New Zealand Climate Standards (“NZ CS”) issued by the External Reporting Board (XRB). Scope Ernst & Young Limited (“EY”) has undertaken a limited assurance engagement to report on thl ’s: • Consolidated Scope 1, Scope 2 (location-based) and Scope 3 emissions GHG emissions on page 44; • Related additional requirements for the disclosure of consolidated GHG emissions on pages 50 to 51; • Related GHG emissions methods, assumptions and estimation uncertainty on pages 53 to 54; included in the Report for the year ended 30 June 2026 (the “Subject Matter” or “GHG Disclosures”). The reported amounts and disclosures relate to the Company and its subsidiaries (the “Group”) as explained in the GHG Disclosures. Our assurance engagement does not extend to any other information included, or referred to, in the Climate Disclosure on pages 31 to 43, 45 to 49, and 52. We have not performed any assurance procedures with respect to the excluded information and, therefore, no conclusion is expressed on it. Criteria applied by thl In preparing the GHG Disclosures, thl applied the NZ CS (the “Criteria”). In applying the Criteria the methods and assumptions used are described on pages 53-54 of the Report. thl’s responsibility The Directors are responsible, on behalf of the Company, for the preparation and fair presentation of the GHG Disclosures in accordance with NZ CS. This responsibility includes establishing and maintaining internal controls, maintaining adequate records and making estimates that are relevant to the preparation of the GHG Disclosures, such that they are free from material misstatement, whether due to fraud or error. EY’s responsibility Our responsibility is to express a limited assurance conclusion on the GHG Disclosures based on the procedures we have performed and the evidence we have obtained. Our engagement was conducted in accordance with New Zealand Standard on Assurance Engagements 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures (“NZ SAE 1”) and the International Standard for Assurance Engagements (New Zealand): Assurance Engagements on Greenhouse Gas Statements (“ISAE (NZ) 3410”). Those standards require that we plan and perform this engagement to obtain limited assurance about whether the GHG Disclosures have been prepared, in all material respects, in accordance with the Criteria. The nature, timing and extent of the procedures selected depend on our judgment, including an assessment of the risk of material misstatement, whether due to fraud or error. We believe that the evidence obtained is sufficient and appropriate to provide a basis for our assurance conclusions. Ernst & Young provides financial statement audit and other assurance-related services to the Group. Partners and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other relationship with, or interest in, the Group. Key Matters In this section we present those matters that, in our professional judgement, were most significant in undertaking the assurance engagement over GHG Disclosures. These matters were addressed in the context of our assurance engagement, and in forming our opinion and conclusion. Why significant How our audit addressed the key audit matter Vehicle fuel consumption was estimated by thl in calculating its Scope 3 - Use of Sold Products emissions. The estimation of fuel consumption required significant judgment in two main components, being fuel efficiency and vehicle distance to be travelled. For fuel efficiency, thl used in-house and industry research to develop a range of vehicle weight, fuel type and fuel efficiency values by vehicle type and country of location, taking into account the fact that thl’s vehicles have been modified for tourism use and so are likely heavier than unmodified equivalents. For distance to be travelled, vehicle lifetime mileage less mileage at the date of sale has been estimated. These assumptions and the associated uncertainties are disclosed on page 54. In evaluating thl ’s estimation of fuel consumption for Use of Sold Products, we: • Gained an understanding of the calculation method, assumptions and estimation uncertainties; • Assessed the method used against the measurement approaches in the GHG Protocol; • Assessed year-on-year changes in estimated emissions from sold vehicles to expectations based on changes in reported number of vehicles sold by region; • Assessed the reasonableness of assumptions used in relation to fuel efficiency and distance to be travelled; • Considered the appropriateness of the related disclosures on pages 53-54.
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SUSTAINABIlITY ASSURANCE REPORT CONTINUED PERFORMANCE ABOUT US 56 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES Our independence and quality management We have complied with the independence and other ethical requirements of NZ SAE 1 Assurance Engagements over Greenhouse Gas Emissions Disclosures issued by the External Reporting Board (XRB) and the Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board, which are founded on fundamental principles of integrity, objectivity, professional competence and due care, confidentiality and professional behaviour. The firm applies Professional and Ethical Standard 3 Quality Management for Firms that Perform Audits or Reviews of Financial Statements , or Other Assurance or Related Services Engagements, which requires the firm to design, implement and operate a system of quality management including policies or procedures regarding compliance with ethical requirements, professional standards and applicable legal and regulatory requirements. Description of procedures performed Procedures performed in a limited assurance engagement vary in nature and timing from, and are less in extent than, for a reasonable assurance engagement. Consequently, the level of assurance obtained in a limited assurance engagement is substantially lower than the assurance that would have been obtained had a reasonable assurance engagement been performed. Our procedures were designed to obtain a limited level of assurance on which to base our conclusion and do not provide all the evidence that would be required to provide a reasonable level of assurance. Our limited assurance procedures did not include testing controls or performing procedures relating to checking aggregation or calculation of data within IT systems. A limited assurance engagement consists of making enquiries, primarily of persons responsible for preparing the report and related information and applying analytical and other relevant procedures. Our limited assurance procedures included: • Obtaining, through inquiries, an understanding of thl ’s control environment, processes and information systems relevant to the preparation of the GHG Disclosures. We did not evaluate the design of particular control activities, or obtain evidence about their implementation; • Evaluating whether thl ’s methods for developing estimates are appropriate and had been consistently applied. Our procedures did not include testing the data on which the estimates are based or separately developing our own estimates against which to evaluate thl’’s estimates; • Testing a limited number of items to, or from, supporting records, as appropriate; • Performing analytical procedures on particular emission categories and made inquiries of management to obtain explanations for any significant differences we identified; and • Considering the presentation and disclosure of the GHG Disclosures. We also performed such other procedures as we considered necessary in the circumstances. Although we considered the effectiveness of management’s internal controls when determining the nature and extent of our procedures, our assurance engagement was not designed to provide assurance on internal controls. Inherent uncertainties GHG quantification is subject to inherent uncertainty which arises because of incomplete scientific knowledge about the measurement of GHGs. Additionally, GHG procedures are subject to estimation uncertainty resulting from the measurement and calculation processes used to quantify emissions within the bounds of existing scientific knowledge. Use of our assurance report We disclaim any assumption of responsibility for any reliance on this assurance report to any persons other than thl, or for any purpose other than that for which it was prepared. The engagement partner on the engagement resulting in this independent assurance conclusion is Pip Best. Ernst & Young Limited Auckland 25 August 2026
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We are on track and can continue our journey We have minor gaps but know how to close them We have major gaps and need to rethink We are off track and need to redesign our course OUR FY26 FUTURE-FIT HEALTH CHECK KEY: Health Check assessments, done in accordance with the internationally recognised Future-Fit Business Benchmark, show how thl is performing against the Future-Fit Break-Even Goals. FY22 FY23 FY24 FY25 FY26 FY26 Health Check commentary BE01: Renewable Energy PRIORITY GOAl To support the transition to renewable energy across thl’s operations, we have progressed work to identify high-impact sites and actions globally to reduce emissions from energy use. Our current focus is on operational energy efficiency (electricity, gas, fuel) and progress on renewable electricity for sites. Progress varies by region and is considered in country and branch action plans and impact reports. Energy efficiency and renewable energy initiatives are embedded in Future-Fit action plans (the Ignition workstream) and country-level sustainability work plans as well as our transition plan. While we regularly review renewable energy progress and options to purchase or produce renewable energy for our sites, we do not currently report on global metrics for renewables for all energy sources under BE01. We understand the steps required to achieve this goal across our operations and have made modest progress in some locations. Further work is required over time to establish consistent measurement and reporting and to increase renewable energy uptake across our global network. BE02: Water Use Water conservation is a focus for all sites globally. We have reviewed which sites in our global network are in water-stressed regions and consider water impacts as part of our Future-Fit assessment for new locations. We continue to identify opportunities to install water efficient systems and equipment for high impact activities, we have installed rainwater capture and a recycling water management system in Waitomokia to protect important aquifers and rainwater tanks at some locations in Australia. In Waitomo, we continue to protect the health of the waterway and catchment and invest in the wastewater management system. Crew awareness of water saving, leak detection and water-efficient processes is ongoing. BE03: Natural Resources Waitomo is our only location where we directly manage natural resources as part of our operations. Our environmental management practices at Discover Waitomo meet a high standard, guided by the Environmental Management Plan, intensive monitoring and oversight by the Environmental Management Advisory Group. BE04: Procurement PRIORITY GOAl We reached a significant milestone in FY26 implementing the final year of our five-year sustainable procurement framework. We continue to engage suppliers with our Supplier Code of Conduct, actively explore sustainability improvements, and improving understanding of our supplier data. In Australia we are increasing our supplier diversity working with First Nations suppliers as part of our Reconciliation Action Plan. We continue implementing our anti-modern slavery roadmap and released our third modern slavery statement for FY25 in December, which included an updated global risk analysis based on supplier spend data. We have developed training for procurement leads and continue to raise awareness of thl’s SpeakUp confidential concerns mechanism internally and externally. While we are making progress, we have more work to understand risks in our complex global supply chains. BE05: Operational Emissions Our core operational activities do not directly generate measurable liquid, gas or solid emissions that are released directly into nature. However, the use of chemical products and hazardous materials creates the potential risk of spills, or leaks. This risk is actively managed, we have reviewed containment procedures for locations globally as part of Project Uplift and continue to track, measure and report emissions that may occur from spills at our locations. PERFORMANCE ABOUT US 57 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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lAST YEARS - TO BE UPDATED FY22 FY23 FY24 FY25 FY26 FY26 Health Check commentary BE06: Operational GHGs PRIORITY GOAl Reducing operational emissions is a high priority, guided by our global operational emissions reduction pathway developed in FY26 as part of our transition plan and supported by our Scope 1 and 2 emissions reduction target. We continue to implement actions to reduce operational emissions in our Future-Fit action plans, tracking progress through carbon impact reports as part of our Ignition programme. Operational emissions decreased by 10% from FY25 and 4% from FY24 following location moves, including combining Australia rental and retail sites, a manufacturing production move to New Zealand and lower emissions from waste (see page 44.) Kiwi Experience buses are a significant Scope 1 operational emissions source, and we work to reduce this through fuel-efficient driving and routes and offering smaller group tours. Energy efficiency initiatives are embedded in the Ignition programme, with branches globally progressing efficiency actions focused on high-impact areas such as heating, cooling, lighting, processes and equipment, and fuel use. Progress on our absolute reduction of our Scope 1 and 2 GHG emissions target of 50.4% reduction by 2032 is reported on page 47. We are building our understanding of the work required to progress this goal globally, guided by our transition plan. However, there are still gaps and more work required. A timeframe for achieving this overall goal of emitting no GHGs from our operations has not been set. BE07: Operational Waste Globally, waste to landfill volumes remained high in FY26 due to location moves, site upgrades and operational activities. We continue to seek improvements through communications, awareness materials and training for crew and work to embed the principles of the waste hierarchy (refuse, reduce, reuse/repurpose then recycle) in our operations. Focus areas in FY26 included e-waste, supplier packaging and parts. We also regularly review product stewardship progress in each region. Our branches continue to seek opportunities to donate surplus items. Action Manufacturing has established processes for recycling and repurposing materials such as plywood, cardboard, omnipanel offcuts, pallets and soft plastics. BE08: Operational Encroachment Our branch and manufacturing operations are generally located in developed industrial or commercial areas, with low risk of impact on sensitive areas, ecosystems and community health. We consider Future-Fit goals when moving locations and have Future-Fit frameworks to assess potential impacts, minimise negative impacts and find opportunities to have a positive impact. In Waitomo, we manage operational impacts on communities, cultural sites and the cave and karst ecosystem. BE09: Community Health Through our Accelerate programme, we seek to have positive impact for communities and destinations and deliver our global commitment to build our cultural capability and respectful relationships with First Nations Peoples. All branch action plans globally have actions to contribute to local communities where we are based. We have progressed our Innovate Reconciliation Action Plan through cultural events, training, resources and our cultural experience programme for crew. BE10: Employee Health Protecting the health, safety and wellbeing of our crew, guests and customers is of primary importance. We have robust practices to manage our critical risks, focusing on practical, site-based systems and continuing to elevate our training, systems, processes, reporting and assurance practices. A highlight in FY26 has been our global 10,000 Reasons Why campaign and the inspirational stories for our crew sharing why they need to go home safely every day. BE11: living Wage We conduct a Future-Fit wage review annually, considering minimum wage and living wage reference points alongside the consumer price index and any other external or internal factors. We will continue to review developments and living wage models available in the jurisdictions we operate in and regularly assess our Future-Fit wage approach. BE12: Fair Employment Terms We continue to have good fitness for the criteria for this goal in each region and regularly review our terms and conditions to reflect new developments. We continue to leverage our global Human Resources Information System (HRIS) for improved global visibility and consistency for managing our people processes, systems and data. BE13: Employee Discrimination We have the policies, procedures, systems and training in place to achieve this goal. We are committed to being a business that values diversity and is open, inclusive, respectful and culturally aware. We continue to progress actions from our Diversity, Equity and Inclusion Strategy and Roadmap and are building a data-driven understanding of dimensions of diversity at thl enabled by the global HRIS system. BE14: Employee Concerns We continue to provide and promote a range of crew feedback mechanisms, including regular crew pulse surveys and follow-up action plans, team huddles and CEO teams talks, and our confidential concerns mechanism SpeakUp available is internally and externally. People leads support managers and crew to raise and address concerns appropriately. We continue to promote awareness for all crew on the importance of raising concerns, the processes available and how to access SpeakUp. OUR FY26 FUTURE-FIT HEAl TH CHECK CONTINUED PERFORMANCE ABOUT US 58 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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FY22 FY23 FY24 FY25 FY26 FY26 Health Check commentary BE15: Product Communications Providing all our guests and customers with the information and support they need for the safe use of our products and services is critical for our business. We meet this goal by providing extensive materials through multiple channels, formats and languages. Guests also have access to call centre support. These materials are reviewed and refreshed regularly, responding to feedback from guests. BE16: Product Concerns Robust mechanisms are readily available for all guests, customers, crew and stakeholders to raise concerns at any point. When travelling with us, guests have access to assistance and support through our call centre and are provided with support and information before, during and after their journey. We actively seek feedback from guests and have channels available in multiple languages for guests to raise concerns and get support and advice. Our SpeakUp mechanism is available online for anyone to raise concerns. We proactively manage any issues identified, communicating proactively with guests to address any concerns. BE17: Product Harm As a responsible travel company, we aim to have positive impact for communities and destinations and see that our operations and products do not cause harm to people or the environment. Promoting safe driving for guests, reducing accidents, addressing issues related to freedom camping and on-site traffic management are priorities. We actively support industry initiatives such as Tiaki Promise in New Zealand, promote responsible travel information to our guests through our RV with Respect initiatives in Canada and Australia and Travel with Heart in the USA and have achieved Ecotourism Australia Sustainable Tourism Certification for our brands and branches in Australia. BE18: Product GHGs PRIORITY GOAl This is a high-priority goal for thl, as the emissions from the motorhomes we rent and sell remain our greatest impact and sustainability challenge. We have not yet made measurable progress and have not set a reduction target for this goal. Achieving absolute reduction of GHG emissions from our products requires transitioning to a zero-emissions fleet. We are a technology taker and there remains a lack of suitable, low-emissions vehicle technology and supporting infrastructure. Our Future Fleet workstream tracks progress in each region through annual scans for tipping points related to technology, regulation, infrastructure and funding. We continue engaging with suppliers and OEMs globally for progress on low-emissions vehicles suitable for RV use. We report the emissions from our sold products annually (Category 11 – Table 5). In FY26, emissions from use of sold products decreased by 3% from last year and 37% from our FY24 baseline year. This reduction reflects lower sales volumes and type of vehicles sold rather than specific actions to reduce emissions. Customer journey emissions in FY26 decreased by 9% from FY25 but have increased by 8% from FY24, reflecting increased rental activity. BE19: Products can be Repurposed PRIORITY GOAl This high-priority goal remains a complex challenge, as the variety of components and materials in a motorhome makes it difficult to assess recycling rates compared to regular vehicles. Action Manufacturing continues to explore the use of more circular and recyclable materials as part of the design and build process. We regularly review product stewardship, extended producer responsibility and ‘right to repair’ regulations and circular economy opportunities related to priority products by region. The Global Sustainable Procurement Group continues to explore opportunities with suppliers to improve repurposing and circularity performance. BE20: Business Ethics We continue to meet this goal through our Code of Ethics and Governance and Ethics Committee, ethics training and regular reviews. BE21: Right Tax As a publicly listed company we are confident we meet the standards required for this goal and are disclosing the relevant information. BE22: lobbying & Advocacy We do not undertake lobbying activities directly but continue to engage with tourism and RV industry groups. Through engagement in these forums, we promote the importance of addressing Future-Fit sustainability issues and impacts as an industry. BE23: Financial Assets As a company, we do not directly manage financial investment assets, beyond standard financing activities. We have reviewed this goal, and many of the risk areas identified do not apply directly to our activities or they are managed in other goals. OUR FY26 FUTURE-FIT HEAl TH CHECK CONTINUED PERFORMANCE ABOUT US 59 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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nurture and develop a diverse leadership pipeline. This includes support for career training and leadership development for leadership roles. We will continue to monitor and report on both gender representation and gender pay gap and identify and address any focus areas for improvement as we build a data-driven understanding of dimensions of diversity at thl . The Board endorses and supports the thl Diversity, Equity and Inclusion Policy, Strategy and Roadmap and has reviewed and approved the diversity data categorisation approach and recognises that there is more work to be done. DIVERSITY AND INCLUSION Guided by our Diversity, Equity, and Inclusion Strategy and Roadmap, in FY26, we focused on moving from programme development to a leader-led approach, embedding actions from our three global workstreams within our core people programmes. • Stream 1: Fair Access to Opportunities – how we create equitable pathways and build our understanding of diversity at thl. • Stream 2: Respecting Each Other – how we celebrate diversity and foster a culture of community and belonging. • Stream 3: Respecting Local Culture – how we build our cultural capability and respectful relationships with First Nations Peoples. We have prioritised building improved data and reporting, enabled by our new global HRIS system, to better understand our performance and develop tangible goals, actions, and measures. We continue to measure and report metrics for gender diversity representation in leadership and all roles for several years. We also report on and review progress in Australia through the Gender Equality Programme. Reports are available on the Workplace Gender Equality Agency portal under Tourism Holdings Rentals Limited. Our understanding of dimensions of diversity is building as we leverage our global HRIS platform to improve data collection over time. In FY26, we expanded our diversity metrics to include the first global thl gender pay gap analysis. In FY27, we aim to better understand any barriers to inclusion such as pay equity and flexible working and continue to Female representation summary by business units Female % Board Key management personnel Senior management Middle managers and supervisory positions Non-managers Female representation across all categories NZ 48.2% 49.9% 49.8% AU 42.5% 39.8% 40.6% US 38.2% 32.0% 33.2% CA 42.9% 47.1% 47.9% ANZ Manufacturing 7.0% 13.1% 12.4% Combined representation 50.0% 50.0% 55.3% 37.4% 38.4% 38.7% Out of balance (male dominant) (if <40%) Not applicable Out of balance (female dominant) (if >60%) Balance achieved (40–60% or more) (female representation achieved) Female representation is balanced at Board, key management personnel and senior management levels. Across the overall workforce, female representation was 38.7%, slightly below thl ’s 40–60% balance range, with the USA and ANZ Manufacturing remaining the areas of under- representation. PERFORMANCE ABOUT US 60 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Gender representation FY26 Diversity and inclusion reporting is focused on female representation across the business in four main categories: key management personnel (KMP) representing C-Suite executives, senior management, middle and supervisory level management and non-management roles. Analysis of our gender diversity representation monitoring in FY26 showed that, globally, female representation slightly increased 1.2% overall to 38.7%. The most meaningful increases were in KMP where female representation increased from by 8.2% to 50% and the senior management category, which moved from 32.6% to a balanced 55.3%, mainly due to changes in Australia. Data recategorisation in Canada influenced the decrease of 4.2% female representation in the middle manager category. In the non-manager category, female representation overall increased slightly by 1.3% to 38.4%. In FY26, three regions ( thl New Zealand, Australia and Canada) have representation that is balanced, while the USA and particularly Action Manufacturing remain male dominant. Regional analysis is shown below. • Australia female representation overall increased by 3.9 % from the prior year, moving to balanced representation at 40.6% in FY26. • New Zealand female representation remained stable (0.2% change) at 49.8% (balanced). • Canada – overall female representation reduced slightly by 1.5%, remaining balanced at 47.9%. • USA female representation reduced by 3.4% to 33.2%, remaining out of balance and male dominant. • Action Manufacturing – female representation decreased by 1.6%, remaining out of balance (male dominant) at 12.4%. Gender Pay Gap This year thl is reporting its gender pay gap for the first time. The analysis compares median base remuneration by gender across our global workforce, based on full-time equivalent earnings for the 12-month period ended 31 March 2026. The overall gender pay gap for thl is 6%, with median earnings for men higher than those for women. Analysis by management level shows the largest pay gaps within the Key Management Personnel, Senior Executive and Senior Management groups. These populations are relatively small, with role and country differences within the cohorts having a material impact on the outcomes. The Middle Management and Supervisory, and Non-Management employee groups provide a broader representation of the workforce. Median earnings in both groups remain higher for men than women, and both groups have predominantly male representation. A role-by-role review of pay outcomes found most differences were attributable to factors such as tenure and experience. Current analysis did not indicate systemic gender based-pay disparities. Understanding potential pay parity trends, drivers and barriers will be an area for focus in FY27, and this work will be led by the new Chief People and Capability Officer. Position Total No. of roles Gender Representation (women) Median Pay Gap % Key management personnel 10 50% 16% Senior Management and Executives 47 55.3% 26% Middle Management and Supervisors 302 37.4% 4% Non management 1,778 38.4 % 10% Total 2,137 38.7% 6% Gender pay gap outcomes vary across thl ’s operating regions. New Zealand recorded the lowest pay gap at 4%, while Canada recorded the highest at 13%, with median earnings for men higher than women in both markets. In Australia (8%) and Action Manufacturing (9%), median earnings for women were higher than those for men. Government-reported gender pay gap statistics have been included for context. These measures may not be directly comparable with thl ’s results due to differences in methodology. Female Pay Relative to Male Pay NZ AU US CA Pay gap thl 4% -8% 3% 13% Government reported pay gaps (median where available or average) 5.2% 16.4% 21% 12% * negative % women earn more than men on average Country Pay Gap Sources • Gender pay gap narrows to lowest on record | Stats NZ • WGEA Gender Equality Scorecard | Latest results employer reporting • The gender wage gap persists - Statistics Canada • “What is the gender pay gap in the US? | USAFacts DIVERSITY AND INCl USION CONTINUED PERFORMANCE ABOUT US 61 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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thl applies a structured Enterprise Risk Management Framework (ERM) to identify, assess, and manage risks across its global operations, with established governance structures, policies, tools and processes to identify, monitor and manage our strategic, operational and regulatory risks. Our four core overarching control types for effectively managing risks include; policies and standards, training and communications, management routines and rhythms, and monitoring and reporting. All risks are considered within an overarching strategic risk category, with objectives, impacts and controls managed within each relevant operational or functional area, supported by clear escalation protocols and management guardrails. Strategic risks categories are reported in regular updates from the Risk, Quality and Assurance (RQA) team to the ARC, including the status of all risks and any that fall outside appetite. We believe this approach supports an adaptive approach and consistent standards and controls across thl ’s global network. Risks are assigned to a risk owner, an executive leader of the relevant operational or functional area who regularly reviews and updates the risks they have responsibility for, with defined objectives and control measures documented in thl ’s central risk register. Material risks are reviewed regularly by the executive and reported to each Board meeting. Our material climate-related risks and opportunities (CR&Os) are integrated within the ERM and considered as potential drivers and objectives within the strategic risks categories and in the critical strategic risks for thl , as shown in the following table. thl also specifically reviews our CR&Os as part of the annual climate-related disclosures. Any new risks are mapped to thl ’s strategic risks, which are updated to reflect any climate-related considerations in thl ’s risk register. In FY26 we progressed embedding our global RQA function established in FY25 to bring together enterprise risk, internal audit, HSW and policy functions. We continue to build momentum, implementing the right standards and controls in business, improving integration and consistency across our diverse locations globally. We have begun rolling out the new global assurance programme which encompasses ongoing reporting, location audits, functional stock takes, and retrospectives for issues. Risk Risk Description Impacts Risk Controls Capitals Cyber security Strategic Risk categories:: • Cybersecurity • Data and privacy; • System Continuity We face numerous cyber threats globally that can severely impact operations, reputation, and customer trust. One of the most significant risks is the potential risk of a data breach and unauthorised access to sensitive information. Financial losses due to regulatory fines, legal settlements, and recovery costs. Loss of customer trust may result in reduced revenue. Business disruption: for business-critical systems, productivity loss impacts customer service and overall business continuity. • Implement appropriate cyber and data policies, standards, software and processes globally. • Address cyber security risks and protect our assets. • Prioritise cyber risks, undertake regular risk assessments across our global operations. • Implement strategies to mitigate cyber risks. • Employee training and awareness campaigns on cyber threats. • Crew training in best practices for data handling procedures and phishing prevention. • Emphasis on data security, utilising Microsoft products. KNOWLEDGE FINANCIAL CREW Supply chain disruption. Strategic Risk categories:: • Operational delivery. • Planning and forecasting Supply chain disruption and issues related to product shortages, manufacturing disruptions, shipping delays, tariff impacts contributing to delays and/or a shortage of vehicles for rentals and sales. Increased costs for manufacturing. Potential revenue and reputation impact if delays and disruption impact availability of vehicles for rental fleet and sales. Supply chain challenges impact on costs for manufacturing, transporting and maintaining vehicles, impacting profitability. • Maintain ongoing relationships with existing suppliers. • Build relationships with potential new suppliers. • Regular monitoring, review of fleet production plans. • Strategic fleet and revenue planning. • Manage parts and materials stock to reduce risk. • Regular revenue reforecasting to reflect supply and manufacturing assumptions. • Fleet flexibility to reschedule vehicle sale plans. • Explore alternative rental/sales product types. NATURE FINANCIAL RELATIONSHIPS ENTERPRISE RISK MANAGEMENT PERFORMANCE ABOUT US 62 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Risk Description Impacts Risk Controls Capitals Major market shocks or cyclical abnormal macroeconomic factors Strategic Risk categories: • Operational delivery • Planning and Forecasting • Product viability • Climate physical risk, transition risk Global or local macroeconomic factors or market shocks that impact supply or demand in all or some of the markets we operate in, including pandemic, war, terrorism, economic recession and geopolitical tensions. Technological advancements such as the rapid expansion in the use of AI create short- term market disruption. Some markets in which thl operates have been facing challenging economic conditions. Market shocks or abnormal macroeconomic factors can lead to a material reduction and/or increased volatility in rental demand, positive or negative vehicle sales margin and overall tourism visitor numbers. This in turn would have a significant impact on profitability, liquidity and potentially capital structure. • Actively monitor global trends and the economic environment. • Agility and diversification in business models, product offerings and across geographies. • Development of domestic tourism and non-tourism markets and non-RV manufacturing. • Long-term fixed costs and commitments minimised where appropriate to maintain cost flexibility. • Monitor forward-booking trends to detect changes and adapt pricing or fleet as required. • Strong fiscal management of balance sheet, including having a liquid fleet asset base. • Maintain favourable banking facilities and capability to respond quickly to changes KNOWLEDGE FINANCIAL INFRASTRUCTURE Long-term global inflation Strategic Risk categories: • Pricing • Planning and forecasting Long-term global inflation could cause detrimental impact to vehicle sales margins and overall business model, as seen with OEM pricing, shipping and other supply chain increases. A significant reduction in profitability could occur if long- term inflation becomes embedded in the manufacturing supply chain and these cost rises are not able to be passed on to vehicle purchasers, causing a loss of sales margin and threatening the overall business model. • Fleet planning consideration given to impact on ROFE. • Regular supplier engagement and planning. • Actively monitor supply chain availability, and review and adjust fleet purchase and sales scheduling. FINANCIAL Competitor behaviour disrupts market Strategic Risk categories: • Market size • Market share • Intellectual property New or existing competitors entering or expanding in the market (including manufacturers entering the rentals space). Peer-to-peer market continues to grow. Additional fleet supply and new entrant behaviours alter market dynamics, putting business model, revenue and profitability at risk • Regular fleet and pricing review, price checks, mystery shoppers and competitor assessments. • Multi-channel distribution presence and explore alternative rental/ sales product types. • Continued product development based on current customer needs. • Focus on quality service and product provision to maintain market share. • Proactively exploring AI applications. • Optimising our customer path to purchase. KNOWLEDGE FINANCIAL RELATIONSHIPS Strategic risks continued ENTERPRISE RISK MANAGEMENT CONTINUED PERFORMANCE ABOUT US 63 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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ENTERPRISE RISK MANAGEMENT CONTINUED Risk Risk Description Impacts Risk Controls Capitals Megatrends in tourism Strategic Risk categories: • Market size • Market share • Location viability • Climate transition risk Market shifts, technology advancements and changing preference/attitudes can cause shifts in tourism patterns and demands both in the short and long term. Reduction in inbound tourism reduces demand, impacting profitability and ROFE. External factors increase the cost of travel. Potential reputational Impact. • Maintain presence in core markets through geographic spread of thl businesses. • Develop new markets and continue to source non-tourism revenue opportunities and engage with tourism bodies. • Monitor economic/external environment. • Manage balance sheet ratios, flex fleet. • Drive and communicate sustainability progress to meet/anticipate customer expectations. • Monitor climate-related trends that impact booking patterns, travel and tourism. OUR CREW NATURE RELATIONSHIPS Regulatory and legal compliance Strategic Risk categories:: • Product viability • Operational delivery • Climate transition risk Changing governments or political contexts can result in sudden changes in regulatory and legal standards. With thl operating in several countries and industries (including tourism, automotive manufacturing and transportation), the legislative context is complex. Potential legal, financial and reputational impacts such as exposure to litigation, revenue loss and operational disruption. • Monitor upcoming legal policy and compliance changes through engagement with industry bodies and legal advisers in each region. • Regularly monitor regulations relating to the phase-out of internal combustion engine vehicles and emissions reduction where we operate. • Future Fleet scans annually to consider tipping points for transition to low-emissions vehicles in each region. FINANCIAL INFRASTRUCTURE OUR CREW NATURE Vehicle technological and obsolescence risks Strategic Risk categories:: • Product viability • Operational delivery • Climate transition risk Our business currently relies on motorhome manufacturing, rentals and sales. There are potential risks associated with the selection of future fleet and investment in new, low- emissions vehicle technology alongside the expected rapid pace of technological change. Evolving technology and regulatory changes such as internal combustion engine sales and import cut-off dates may cause parts for repair to no longer be available and/or entire vehicles to become obsolete Early adoption of the wrong product (in volume) leads to having a fleet profile that is misaligned with demand, a lack of reduction in emissions contributing to climate change and financial consequences. The obsolescence of existing vehicles has a risk that it could lead to impairment of all or some of the fleet, operational impacts and disruption to daily activity. • Continued delivery of the Future Fleet programme, including Future Fleet eRV trials, taking a ‘small bets’ approach. • Future Fleet scans provide an overview of regulation, low-emissions technology tipping points and renewable energy infrastructure. • Transition plan Future Fleet workstream focused on pathways for transition to low-emissions vehicles. NATURE FINANCIAL INFRASTRUCTURE RELATIONSHIPS PERFORMANCE ABOUT US 64 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Risk Description Impacts Risk Controls Capitals Labour supply risk: recruitment and retention Strategic Risk categories: • Attraction and retention of crew Inability to attract, retain and deploy sufficient people with the right skills at the right time could impact our ability to deliver operational requirements and customer experience, particularly during peak periods. Global recruitment challenges have eased, although labour supply remains constrained in some locations and specialist roles. Lack of skilled labour and sustainable labour force/high churn impacting operations and customer offering. Loss or lack of key crew members (such as from increased cost of working holiday visas) resulting in loss of knowledge, skills or reputation that could impair the execution of the business strategic plan. • Clear strategies to retain our crew through personal development plans. • Focus on crew engagement and wellbeing. • Appropriate remuneration for each role where possible aligned with our future-fit wage. • Talent acquisition, focus on brand values and thl visibility as an employer of choice to support effective recruitment. • Continue to monitor the availability of visitor working visas and permits across our operating regions. • Embedded a global HRIS system across the business. • Focus on supporting crew through onboarding and learning pathways. OUR CREW FINANCIAL RELATIONSHIPS Health, Safety & Wellbeing (HSW) Strategic Risk categories: • Health Safety and wellbeing. The safety of our crew and customers remains a critical priority for thl. The key operational health and safety risks to our business to proactively manage are onsite traffic management, working at heights, manufacturing services and adventure tourism. Potential for serious injury or loss of life, financial and reputational consequences, operational disruption and impact on mental health of those directly and indirectly impacted by an HSW event. • Connected the purpose of HSW to all crew through the 10,000 Reasons Why initiative. • Undertook regular internal and external site audits, with actions tracked and addressed. • HSW team members embedded within operational business units to support best practice at site level. • Continued to improve processes, procedures and training across the business. • Regularly assessed high-risk tasks, equipment and products, including new technologies that may help eliminate risks. • Enhanced HSW reporting systems to better link risks, incidents and near misses, supporting ongoing monitoring and improvement of controls. OUR CREW FINANCIAL RELATIONSHIPS ENTERPRISE RISK MANAGEMENT CONTINUED PERFORMANCE ABOUT US 65 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Risk Risk Description Impacts Risk Controls Capitals Extreme weather events, including from climate change Strategic Risk categories: • Business continuity • Operational delivery • Insurance • Climate physical risk Globally, extreme weather events continue to cause disruption and ongoing impacts for the communities we operate in and the destinations our customers visit. These weather events have the potential to impact operations and infrastructure, cause loss of fleet and disrupt our customers’ travel plans to tourism destinations and pose a potential safety risk. Disruption to travel infrastructure impacting customers, crew or suppliers and/or impacting operations. Disruption to our tourism businesses, including the Discover Waitomo tours, cave and karst ecosystem and glowworm population. • Actively monitor potential significant events and changing climate conditions. • Operational plans in place to respond to extreme weather events and manage potential impacts on our customers, crew and assets if an event occurs. • Regular training and crew awareness and engagement in responding to events. • Telematics used where available to identify guests who may be in impacted areas and provide advance warning. • Proactively communicate relevant agency information and sources. • Monitor the impacts of climate-related events on our guests and booking trends. • Consider proactive improvements to locations to minimise impacts from weather events. NATURE FINANCIAL INFRASTRUCTURE RELATIONSHIPS Mass safety recalls Strategic Risk categories: • Operational delivery • Health Safety and Wellbeing Voluntary or required product recalls on OEM-built products occur from time to time and are overseen by a regulatory body. All factory recalls are controlled and managed by the manufacturer. Serious safety concerns could lead to grounding fleets and could relate to OEM-built products or vehicle components. Potential serious injury or death as a result of defective manufacturing practices, processes or component failure. Impacts also include operational disruption and impacts to reputation. • Preventive controls include targeting reputable manufacturers and aiming to have a diverse range of products where possible. • Put in place service-level agreements with major suppliers and extended warranties. • Procedures in place covering recall processes with committee meetings and a reporting system to verify that all vehicles are actioned or repaired. OUR CREW FINANCIAL INFRASTRUCTURE RELATIONSHIPS ENTERPRISE RISK MANAGEMENT CONTINUED PERFORMANCE ABOUT US 66 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY GOVERNANCEFINANCIALS DISCLOSURES
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Directors’ Statement 68 Consolidated statement of comprehensive income 69 Consolidated statement of financial position 70 Consolidated statement of changes in equity 71 Consolidated statement of cash flows 72 Notes to the consolidated financial statements 73 Independent Auditor’s Report 116 PERFORMANCE ABOUT US 67 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALSFINANCIALS
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DIRECTORS’ STATEMENT The Directors of Tourism Holdings Limited ( thl) are pleased to present to shareholders the annual financial statements for thl and its controlled entities (together, the Group) for the financial year ended 30 June 2026. The Directors are responsible for ensuring that the financial statements are prepared in accordance with New Zealand law and generally accepted accounting practice and present fairly, in all material respects, the financial position of the Group as at 30 June 2026 and its financial performance and cash flows for the year then ended. The Directors consider that the financial statements have been prepared using accounting policies that have been consistently applied and supported by reasonable judgements and estimates, and that all relevant accounting standards and financial reporting requirements have been complied with. The Directors believe that proper accounting records have been maintained in accordance with the requirements of the Financial Markets Conduct Act 2013 . The Directors consider that adequate steps have been taken to safeguard the assets of the Group and to prevent and detect fraud and other irregularities. Internal control procedures are also considered sufficient to provide reasonable assurance regarding the integrity and reliability of the financial statements. This Annual Report is signed on behalf of the Board by: Cathy Quinn ONZM Chair of the Board 25 August 2026 Rob Hamilton Chair of the Audit and Risk Committee PERFORMANCE ABOUT US 68 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Consolidated statement of comprehensive income For the financial year ended 30 June 2026 (1) The consolidated statement of comprehensive income includes one non-GAAP measure (that is, operating profit before financing costs or ‘EBIT’) which is not a defined term in New Zealand equivalents to International Financial Reporting Standards (‘NZ IFRS’). The Directors and management believe that this non-GAAP financial measure provides useful information to assist readers in understanding the Group’s financial performance. This measure should not be viewed in isolation and is intended to supplement the NZ GAAP measures. Therefore, it may not be comparable to similarly titled amounts reported by other companies. (2) Information has been presented on a continuing operations basis. The United Kingdom & Ireland Rentals & Sales operating segment is a discontinued operation following the asset divestment to Indie UK RV Sales & Servicing Ltd (Indie Campers) on 31 March 2026. Refer to note 17 for further details. The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements. Notes 2026(2) $000’s 2025(2) $000’s Continuing operations Sales of services 4.1 517,465 464,365 Sales of goods 4.2 335,406 429,713 Total revenue 852,871 894,078 Cost of goods sold 4.2 (278,531) (357,601) Operating expenses 6 (251,698) (240,826) Administration expenses 7 (112,126) (108,767) Depreciation (114,207) (102,579) Amortisation 16 (2,794) (3,311) Impairment loss on goodwill and other intangible assets 16 (146) (40,000) Impairment loss on property, plant and equipment (2,899) (3,929) Other operating income 5 10,696 10,652 Operating profit before financing costs(1) 101,166 47,717 Finance income 658 1,254 Finance expenses 8 (41,025) (41,805) Net finance costs (40,367) (40,551) Profit before income tax expense from continuing operations 60,799 7,166 Income tax expense 9.1 (20,898) (21,250) Profit/(loss) from continuing operations 39,901 (14,084) Loss after tax from discontinued operation – United Kingdom & Ireland Rentals & Sales 17.1 (1,464) (11,690) Profit/(loss) for the financial year 38,437 (25,774) Notes 2026(2) $000’s 2025(2) $000’s Other comprehensive income/(loss) Items that may be reclassified subsequently to profit or loss (net of tax) Foreign currency translation reserve movement 20 38,230 (2,357) Cash flow hedge reserve movement 20 (60) (1,021) Other comprehensive income/(loss) for the financial year 38,170 (3,378) Total comprehensive income/(loss) for the financial year 76,607 (29,152) Earnings per share Cents Cents Basic earnings/(loss) per share 10 17.38 (11.72) Diluted earnings/(loss) per share 10 17.35 (11.72) Basic earnings/(loss) per share from continuing operations 10 18.04 (6.41) Diluted earnings/(loss) per share from continuing operations 10 18.01 (6.41) PERFORMANCE ABOUT US 69 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Consolidated statement of financial position As at 30 June 2026 Notes 2026 $000’s 2025 $000’s Assets Non-current assets Investments 165 148 Derivatives 27 347 480 Trade and other receivables 22 3,162 – Property, plant and equipment 12 993,981 965,027 Right-of-use assets 13 179,265 197,143 Intangible assets 16 161,631 145,547 Deferred tax assets 9.3 99 126 Total non-current assets 1,338,650 1,308,471 Current assets Cash at bank 46,369 49,738 Investments 141 144 Derivatives 27 176 88 Inventories 15 136,365 165,944 Trade and other receivables 22 52,791 50,493 Asset held for sale 12 2,300 – Current tax receivables 1,371 – Total current assets 239,513 266,407 Total assets 1,578,163 1,574,878 Notes 2026 $000’s 2025 $000’s Liabilities Non-current liabilities Derivatives 27 216 344 Employee benefits 28 320 323 Interest-bearing loans and borrowings 21 433,685 500,117 Lease liabilities 188,719 197,306 Deferred tax liabilities 9.3 66,417 51,378 Total non-current liabilities 689,357 749,468 Current liabilities Derivatives 27 538 – Trade and other payables 23 67,480 77,217 Current tax payables 809 5,026 Employee benefits 28 19,399 19,517 Revenue in advance 24 83,453 81,538 Interest-bearing loans and borrowings 21 47,627 41,053 Lease liabilities 22,851 21,119 Provisions 5,566 2,065 Total current liabilities 247,723 247,535 Total liabilities 937,080 997,003 Net assets 641,083 577,875 Equity Share capital 19 522,481 521,518 Cash flow hedge reserve 20 82 142 Other reserves 20 52,897 13,857 Retained earnings 65,623 42,358 Total equity 641,083 577,875 The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements. PERFORMANCE ABOUT US 70 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Notes Share capital $000’s Cash flow hedge reserve $000’s Other reserves $000’s Retained earnings $000’s Total equity $000’s Balance as at 1 July 2024 516,402 1,163 15,134 84,189 616,888 Loss for the financial year – – – (25,774) (25,774) Other comprehensive loss for the financial year – (1,021) (2,357) – (3,378) Total comprehensive loss for the financial year – (1,021) (2,357) (25,774) (29,152) Transactions with owners, recorded directly in equity Dividends paid 11 – – – (16,413) (16,413) Ordinary shares issued 19 5,116 – – – 5,116 Transfers from employee share scheme reserve 20 – – (356) 356 – Share-based payments 20 – – 1,436 – 1,436 Balance as at 30 June 2025 521,518 142 13,857 42,358 577,875 Profit for the financial year – – – 38,437 38,437 Other comprehensive (loss)/income for the financial year – (60) 38,230 – 38,170 Total comprehensive (loss)/income for the financial year – (60) 38,230 38,437 76,607 Transactions with owners, recorded directly in equity Dividends paid 11 – – – (15,477) (15,477) Ordinary shares issued 19 752 – – – 752 Transfers from employee share scheme reserve 19, 20 211 – (516) 305 – Share-based payments 20 – – 1,326 – 1,326 Balance as at 30 June 2026 522,481 82 52,897 65,623 641,083 Consolidated statement of changes in equity For the financial year ended 30 June 2026 The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements. PERFORMANCE ABOUT US 71 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Consolidated statement of cash flows For the financial year ended 30 June 2026 Notes 2026 $000’s 2025 $000’s Cash flows from operating activities Receipts from customers 525,249 485,138 Proceeds from sale of goods 335,084 437,319 Interest received 658 1,254 Payments to suppliers and employees (515,681) (536,348) Purchase of rental assets (226,088) (286,718) Interest paid (37,185) (43,077) Net income tax paid (14,771) (17,309) Net cash flows from operating activities from continuing operations 31.1 67,266 40,259 Net cash flows from/(used in) operating activities from discontinued operation 4,292 (13,815) Net cash flows from operating activities 71,558 26,444 Cash flows from investing activities Proceeds from sale of property, plant and equipment 343 641 Purchase of property, plant and equipment (9,125) (36,091) Purchase of intangibles (3,901) (3,964) Net cash flows used in investing activities from continuing operations (12,683) (39,414) Net cash flows from/(used in) investing activities from discontinued operation 53,232 (375) Net cash flows from/(used in) investing activities 40,549 (39,789) The accompanying notes form part of, and should be read in conjunction with these consolidated financial statements. Notes 2026 $000’s 2025 $000’s Cash flows from financing activities Proceeds from interest-bearing loans and borrowings 245,179 470,440 Repayments of interest-bearing loans and borrowings (269,364) (442,667) Repayments of lease liability principal (20,695) (20,723) Dividends paid (15,477) (11,384) Proceeds from exercise of share options 19 752 – Net repayments from/(advances to) discontinued operation 3,899 (5,833) Net cash flows used in financing activities from continuing operations (55,706) (10,167) Net cash flows (used in)/from financing activities from discontinued operation (61,703) 16,105 Net cash flows (used in)/from financing activities (117,409) 5,938 Net decrease in cash at bank (5,302) (7,407) Opening cash at bank 49,738 56,785 Effect of exchange rate fluctuations on cash at bank 1,933 360 Closing cash at bank 46,369 49,738 PERFORMANCE ABOUT US 72 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Notes to the consolidated financial statements Index Overview 74 1. Reporting entity 74 2. Basis of preparation 74 Financial performance 76 3. Segment reporting 76 4. Revenue 80 5. Other operating income 81 6. Operating expenses 81 7. Administration expenses 82 8. Finance expenses 82 9. Income tax 82 10. Earnings per share 85 11. Dividends 86 Assets used to generate profit 87 12. Property, plant and equipment 87 13. Right-of-use assets 89 14. Capital commitments 91 15. Inventories 91 16. Intangible assets 92 Investments 95 17. Discontinued operation 95 18. Material subsidiaries of Tourism Holdings Limited 96 Managing funding 97 19. Share capital 97 20. Reserves 97 21. Interest-bearing loans and borrowings 98 22. Trade and other receivables 100 23. Trade and other payables 100 24. Revenue in advance 101 25. Financial instruments 101 Managing risk 103 26. Financial risk management 103 27. Derivatives 106 Other disclosures 108 28. Employee benefits 108 29. Key management personnel and related party disclosures 108 30. Share-based payments 109 31. Notes to the consolidated statement of cash flows 113 32. Auditors’ remuneration 114 33. Contingent liabilities 115 34. Subsequent events 115 PERFORMANCE ABOUT US 73 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Overview 1. Reporting entity Tourism Holdings Limited is a company registered under the Companies Act 1993 and is an FMC reporting entity under Part 7 of the Financial Markets Conduct Act 2013 . The Company’s shares are dual listed on the New Zealand Stock Exchange and the Australian Securities Exchange (ticker code: THL ). The registered office is: 470 Oruarangi Road, Mangere, Auckland 2022 New Zealand The primary operations of Tourism Holdings Limited (the ‘ Company’) and its subsidiaries (together the ‘Group’ or ‘thl’) are the manufacture, rental and sale of recreational vehicles (RVs) including motorhomes, campervans and caravans and other tourism related activities. The Company is domiciled in New Zealand. 2. Basis of preparation The consolidated financial statements of the Group have been prepared: • in accordance with Generally Accepted Accounting Practice in New Zealand ( NZ GAAP) and comply with New Zealand equivalents to International Financial Reporting Standards (NZ IFRS) and International Financial Reporting Standards ( IFRS), as applicable for a ‘for profit’ entity; • in accordance with the requirements of Part 7 of the Financial Markets Conduct Act 2013 and the NZX Main Board Listing Rules; • under the historical cost convention, as modified by the revaluation of certain assets and liabilities as identified in specific accounting policies; and • in New Zealand dollars with values rounded to thousands ( $000’s) unless otherwise stated. These consolidated financial statements have been prepared on a going concern basis and were approved for issue on 25 August 2026. Throughout this document, critical accounting estimates are identified using the following key: Material accounting policies Critical accounting estimates The financial statements present other reclassified comparative information where required for consistency with the current period’s presentation. PERFORMANCE ABOUT US 74 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2.1 Summary of significant accounting policies Consolidation The Group consolidates its subsidiaries, as these are the entities over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Inter-company transactions, balances and unrealised gains on transactions between Group companies are eliminated. Unrealised losses are also eliminated but considered an impairment indicator of the asset transferred. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group. Information on the Group’s subsidiaries can be found in note 18. Foreign currency translation Functional and presentation currency Items included in the financial statements of each of the Group’s entities are measured using the currency of the primary economic environment in which the entity operates (‘the functional currency’). The consolidated financial statements are presented in New Zealand dollars, rounded to the nearest thousand, which is the Company’s functional and presentation currency. Translation into presentation currency The results and financial position of all the Group entities with foreign operations (none of which has the currency of a hyperinflationary economy) that have a functional currency different from the presentation currency are translated into the presentation currency as follows: • assets and liabilities for each statement of financial position (‘balance sheet’) presented are translated at the closing rate at the date of that balance sheet; • income and expenses are translated at the average monthly exchange rates; and • all resulting exchange differences are recognised as a separate component of equity. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the closing rate. Transactions and balances in the functional currency Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss, except when deferred in equity as qualifying cash flow hedges. At the end of each reporting period: • Foreign currency monetary items are translated using the closing rate; • Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rate at the date of the transaction; and • Non-monetary items that are measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was measured. 2.2 New and amended accounting standards adopted There are no new or amended standards that are effective for the year ended 30 June 2026 that had a material impact on the Group. Additionally, the Group has not early adopted any new or amended standards that have been issued but are not yet effective. These standards or amendments are not expected to have a material impact on the current or future reporting periods. 2.3 New and amended accounting standards not yet effective NZ IFRS 18 Presentation and Disclosure in Financial Statements In May 2024, the External Reporting Board issued NZ IFRS 18 Presentation and Disclosure in Financial Statements, which supersedes NZ IAS 1 Presentation of Financial Statements . The standard is effective for the Group’s financial year beginning 1 July 2027, with retrospective application required. The requirements in the new standard are designed to achieve comparability of the financial performance of similar entities, especially related to how operating profit or loss is defined. It also requires new disclosures for some management-defined performance measures. The Group is in the process of assessing the impact of the new standard; which is expected to result in changes to presentation and disclosure in the financial statements, including the presentation of certain line items in the consolidated statement of comprehensive income. PERFORMANCE ABOUT US 75 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) In this section This section explains the financial operations of thl , providing additional information about individual items in the consolidated statement of comprehensive income, including segmental information, certain expenses and dividend distribution information. 3. Segment reporting The Group is organised into geographic and service type operating segments. They are made up of the following business operations: New Zealand Rentals & Sales Rental of motorhomes and the sale ex-rental fleet and new and used RVs direct to the public and through a dealer network in New Zealand. Action Manufacturing Manufacturing and sale of motorhomes and other speciality vehicles in New Zealand and, from December 2025, in Australia. Tourism Kiwi Experience bus tours and the Discover Waitomo Caves Group experiences in New Zealand. Australia Rentals, Sales & Manufacturing Rental of motorhomes and 4WD vehicles, manufacture of RVs (until closure of Australian manufacturing in June 2026), the sale of ex-rental fleet and new and used RVs direct to the public and through a dealer network in Australia. North America Rentals & Sales Rental of motorhomes and the sale of ex-rental fleet and new and used RVs directly to the public and through a dealer network in the United States of America and Canada. Corporate Group Support Services and thl digital. United Kingdom & Ireland Rentals & Sales (discontinued) Rental of motorhomes and the sale of ex-rental fleet and new and used RVs directly to the public and through a dealer network in the United Kingdom and Ireland. Financial performance Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker ( CODM). The CODM, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the executive management team together with the Board of Directors (the Board), who make strategic decisions. Operating profit/(loss) before interest and tax or ‘EBIT’ is the main financial measure used by the CODM to review the Group’s performance. All revenue is reported to the executive team on a basis consistent with that used in the consolidated statement of comprehensive income. The Group is not reliant on any one external individual customer for 10 per cent or more of the Group’s revenue. Operating expenses incurred by one segment on behalf of another and recharged on a cost-recovery basis are presented on a net basis. Intra-group dividends are presented net of eliminations. Segment assets and liabilities are measured in the same way as in the consolidated statement of financial position. These assets and liabilities are allocated based on the operations of the segment, and the physical location for assets. Segment assets consist primarily of property, plant and equipment, intangible assets, right-of-use assets, inventories, trade and other receivables and cash at bank used in the operations of the segments. Derivatives designated as hedges of borrowings are allocated to the ‘Corporate’ operating segment as these are managed and monitored on a group basis. PERFORMANCE ABOUT US 76 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 3. Segment reporting (continued) 2026 New Zealand Rentals & Sales $000’s Action Manufacturing $000’s Tourism $000’s Australia Rentals, Sales & Manufacturing(1) $000’s North America Rentals & Sales $000’s Corporate $000’s Segment total from continuing operations $000’s United Kingdom & Ireland Rentals & Sales (discontinued)(2) $000’s Segment total $000’s Sales of services – external 157,785 – 42,354 172,034 143,709 1,583 517,465 14,741 532,206 Sales of goods – external 45,101 68,122 – 151,129 71,013 41 335,406 12,545 347,951 Sales of goods and services – inter-segment – 110,339 – – – 587 110,926 5,104 116,030 Total segment revenue 202,886 178,461 42,354 323,163 214,722 2,211 963,797 32,390 996,187 Cost of goods sold – external (38,360) (40,604) – (131,400) (68,673) (176) (279,213) (9,695) (288,908) Cost of goods sold – inter-segment – (104,151) – – – (409) (104,560) (4,862) (109,422) Depreciation (34,882) (4,948) (1,743) (41,676) (34,590) (96) (117,935) (4,996) (122,931) Amortisation (1) (22) (620) – (100) (2,051) (2,794) – (2,794) Impairment loss on goodwill and other intangible assets (refer note 16) – – – – – (146) (146) – (146) Impairment loss on property, plant and equipment (refer note 12) (905) – – (1,655) (339) – (2,899) – (2,899) Other costs – external (76,058) (17,332) (26,225) (127,389) (109,225) (7,595) (363,824) (18,361) (382,185) Other costs – inter-segment (94) – – (84) – – (178) – (178) Other operating income 93 359 17 3,266 6,680 281 10,696 59 10,755 Segment operating profit/(loss) before finance costs 52,679 11,763 13,783 24,225 8,475 (7,981) 102,944 (5,465) 97,479 Finance income 24 23 – 289 241 6,962 7,539 5 7,544 Finance expense (7,735) (1,288) (743) (12,453) (15,950) (9,737) (47,906) (3,993) (51,899) Segment profit/(loss) before income tax 44,968 10,498 13,040 12,061 (7,234) (10,756) 62,577 (9,453) 53,124 Segment income tax (expense)/benefit (12,651) (2,822) (3,977) (3,574) (540) 2,180 (21,384) 2,058 (19,326) Net gain on sale of discontinued operation, net of tax (refer note 17) – – – – – – – 6,174 6,174 Segment profit/(loss) for the financial year 32,317 7,676 9,063 8,487 (7,774) (8,576) 41,193 (1,221) 39,972 Other segment disclosures Capital expenditure 93,949 4,399 725 89,579 52,447 278 241,377 67 241,444 Non-current assets 438,848 35,482 11,775 472,913 373,137 24,651 1,356,806 119 1,356,925 Total assets 475,387 78,794 13,702 552,052 431,491 35,821 1,587,247 10,428 1,597,675 (1) In December 2025, thl announced the closure of its RV manufacturing facility in Brisbane, Australia, and the transition of all production to Action Manufacturing in Hamilton, New Zealand. The closure of the Australian RV manufacturing facility was completed in June 2026. This closure reflects the significant completion of the Australasian fleet regrowth programme and a sustained downturn in the broader Australian RV manufacturing industry. The transition of production to New Zealand will allow thl to immediately capture the cost advantage opportunities, and to maintain strong overhead leverage despite expected lower overall manufacturing volumes across Australasia. (2) The United Kingdom & Ireland Rentals & Sales operating segment is presented as a discontinued operation following the asset divestment to Indie Campers on 31 March 2026. Accordingly, sale of services revenue represents rental revenue earned during the nine-month period from 1 July 2025 to 31 March 2026. The transaction excluded the Group’s Edinburgh property and certain inventory vehicles, resulting in residual revenue earned from vehicle sales and minor rental income from the Edinburgh property for the three-month period from 1 April 2026 to 30 June 2026. Refer to note 17 for further details. PERFORMANCE ABOUT US 77 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2025 New Zealand Rentals & Sales $000’s Action Manufacturing $000’s Tourism $000’s Australia Rentals, Sales & Manufacturing $000’s North America Rentals & Sales $000’s Corporate $000’s Segment total from continuing operations $000’s United Kingdom & Ireland Rentals & Sales (discontinued)(2) $000’s Segment total $000’s Sales of services – external 134,373 – 42,922 143,719 142,192 1,159 464,365 22,135 486,500 Sales of goods – external 43,684 63,544 – 217,693 104,792 – 429,713 21,019 450,732 Sales of goods and services – inter-segment – 102,160 – – – 318 102,478 – 102,478 Total segment revenue 178,057 165,704 42,922 361,412 246,984 1,477 996,556 43,154 1,039,710 Cost of goods sold – external (34,286) (39,028) – (180,772) (96,467) – (350,553) (17,379) (367,932) Cost of goods sold – inter-segment – (92,910) – – – (218) (93,128) – (93,128) Depreciation (25,775) (4,657) (1,607) (33,382) (39,241) (512) (105,174) (6,537) (111,711) Amortisation (9) (13) (623) (762) (131) (1,773) (3,311) – (3,311) Impairment loss on goodwill and other intangible assets (refer note 16) – – – (3,441) (36,559) – (40,000) – (40,000) Impairment loss on property, plant and equipment (refer note 12) (464) – – (3,278) (187) – (3,929) (512) (4,441) Other costs – external (70,982) (16,806) (26,840) (126,880) (113,226) (2,974) (357,708) (24,813) (382,521) Other costs – inter-segment (52) – – (48) – – (100) – (100) Other operating income 1,686 316 1 4,222 4,521 (94) 10,652 112 10,764 Segment operating profit/(loss) before finance costs 48,175 12,606 13,853 17,071 (34,306) (4,094) 53,305 (5,975) 47,330 Finance income 811 74 – 339 623 8,957 10,804 – 10,804 Finance expense (4,919) (1,119) (990) (13,555) (19,369) (11,403) (51,355) (6,141) (57,496) Segment profit/(loss) before income tax 44,067 11,561 12,863 3,855 (53,052) (6,540) 12,754 (12,116) 638 Segment income tax (expense)/benefit (12,766) (3,237) (3,979) (1,666) (3,365) 1,949 (23,064) 426 (22,638) Segment profit/(loss) for the financial year 31,301 8,324 8,884 2,189 (56,417) (4,591) (10,310) (11,690) (22,000) Other segment disclosures Capital expenditure 127,895 5,777 1,565 76,980 120,527 155 332,899 28,452 361,351 Non-current assets 397,836 27,360 13,388 398,702 397,157 23,238 1,257,681 67,091 1,324,772 Total assets 432,646 71,252 15,575 508,500 452,309 32,075 1,512,357 80,578 1,592,935 3. Segment reporting (continued) PERFORMANCE ABOUT US 78 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Reconciliation of reportable segment revenue and profit before income tax Revenue Profit before tax 2026 $000’s 2025 $000’s 2026 $000’s 2025 $000’s Segment total from continuing operations 963,797 996,556 62,577 12,754 Consolidation adjustments relating to the inter-segment sale of goods and services (1) (110,926) (102,478) (1,778) (5,588) Consolidated total from continuing operations 852,871 894,078 60,799 7,166 Reconciliation of reportable segment assets Non-current assets Total assets 2026 $000’s 2025 $000’s 2026 $000’s 2025 $000’s Segment total 1,356,925 1,324,772 1,597,675 1,592,935 Consolidation adjustments relating to the inter-segment sale of goods and services (1) (18,275) (16,301) (19,252) (17,264) Other consolidation adjustments – – (260) (793) Consolidated total 1,338,650 1,308,471 1,578,163 1,574,878 (1) This consolidation adjustment primarily relates to the elimination of internal sales and purchases of rental fleet vehicles between the Group’s operating segments. Sales and purchases of rental fleet vehicles and inventory between (1) the Australian rental, sales and manufacturing businesses; and (2) United States and Canadian rental and sales businesses, are eliminated within the ‘Australia Rentals, Sales & Manufacturing’ and ‘North America Rentals & Sales’ operating segments respectively. 3. Segment reporting (continued) PERFORMANCE ABOUT US 79 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 4. Revenue The revenue earned by the Group is derived from the satisfaction of one or more performance obligations, which are satisfied at a point in time or over a period of time. Sales of services Sales of services comprises rental income and service revenue. Rental income Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases as a lessor. Rental income is recognised in the accounting period in which the services are rendered, by reference to completion of the specific transaction. Where the rental covers a period of more than one day, revenue is recognised on a straight-line basis based on the number of days of the booking that have occurred by year-end as a proportion of the total number of days in the booking. The portion of the revenue that occurs after year-end is shown as revenue in advance on the consolidated statement of financial position. Service revenue Service revenue comprises various performance obligations (rental add-ons such as accessories and customer liability reduction) in which satisfaction in most cases occurs evenly over the rental period and is recognised accordingly. The Group recognises this revenue over time, as the customer simultaneously receives and consumes the benefits provided by the Group’s performance. Sales from tourism services are recognised when the service is rendered to the customer and are recognised in the accounting period in which the performance obligation is satisfied, being when the customer obtains the benefit from the service. It relates to the satisfaction of a number of performance obligations at a point in time; the contract price that is determined for any single performance obligation is based with reference to the stand-alone price and no significant financing components exist, as the transaction is settled within 12 months from the transaction date. There are no costs to obtain or fulfil the contract. The Group prices its services on a fixed basis and the pricing is fixed and determinable when the duly executed arrangement is finalised. It has also been determined that there are no significant financing components as part of the Group’s sale of services arrangements. Revenue from these sales is recognised net of the estimated discounts or other promotions. Accumulated experience is used to estimate and provide for the discounts, using the expected value method, and revenue is only recognised to the extent that it is highly probable that a significant reversal will not occur. Sales of goods The Group sells a range of RVs including motorhomes, campervans, caravans, accessories and other merchandise. Sales are recognised when control of the goods has transferred, being when the goods are delivered to the customer and the customer has the ability to direct the use of the goods. It relates to the satisfaction of a single performance obligation at a point in time; the contract price is determined and no significant financing components exist as the transaction is settled within 12 months from the transaction date and there are no costs to obtain or fulfil the contract. PERFORMANCE ABOUT US 80 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 4.1 Sales of services Sales of services includes revenue from rental of motorhomes, Wi-Fi, accessories, additional services relating to the rental of motorhomes, revenue from RV repairs and servicing and the sale of tourism experiences (for Kiwi Experience and Waitomo) and app subscriptions income (thl digital). 2026 $000’s 2025 $000’s Rental revenue 359,884 327,988 Service revenue 157,581 136,377 Total sales of services 517,465 464,365 The expected minimum lease payments to be received on lease of motorhomes, based on the booked rentals as of balance date, are as follows: 2026 $000’s 2025 $000’s Within one year 36,893 37,378 Within one to two years 3 14 Total minimum lease payments 36,896 37,392 4.2 Sales of goods Sales of goods includes revenue from the sale of motorhomes, caravans, other specialty vehicles and other merchandise. Cost of sales includes the net book value of ex-rental fleet sold and the purchase price of new vehicles, trade-ins and retail goods sold. 2026 $000’s 2025 $000’s Sales of goods 335,406 429,713 Cost of sales (278,531) (357,601) Gross profit 56,875 72,112 4. Revenue (continued) 5. Other operating income 2026 $000’s 2025 $000’s Insurance recoveries 4,901 6,658 Employee retention credit(1) 3,484 – Net gains on early termination of lease arrangements 174 1,617 Other income 2,145 2,315 Fair value (loss)/gains on financial assets recognised at fair value through profit or loss (8) 62 Other operating income 10,696 10,652 (1) During the 2026 financial year, the Group received $3.5 million (USD 2.0 million) from the United States Treasury Department relating to the employee retention credit. Organisations that paid qualified wages to some or all their employees and were fully or partially suspended due to a government order due to the COVID-19 pandemic during 2020, or experienced the required decline in gross receipts during 2022 or the first two calendar quarters of 2021 were eligible to claim this credit. 6. Operating expenses Notes 2026 $000’s 2025 $000’s Employee benefits expense 129,175 124,731 Repairs and maintenance including damage repairs 39,491 37,135 Property and insurance costs 32,661 30,428 Raw materials and consumables 4,479 4,371 Rental and lease costs 1,945 2,893 Net foreign exchange loss/(gain) 1,234 (4) Impairment loss on inventory 1,105 1,105 Other operating expenses 41,608 40,167 Total operating expenses 251,698 240,826 PERFORMANCE ABOUT US 81 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 7. Administration expenses 2026 $000’s 2025 $000’s Employee benefits expense 54,844 54,147 Marketing costs 22,910 20,569 Information technology costs 9,367 10,088 Transaction advisory costs 2,136 233 Other administration expenses 22,869 23,730 Total administration expenses 112,126 108,767 8. Finance expenses 2026 $000’s 2025 $000’s Interest on interest-bearing loans and borrowings 28,154 32,465 Interest on lease liabilities 12,871 9,340 Total finance expenses 41,025 41,805 9. Income tax The Group is subject to income taxes in multiple jurisdictions. Significant judgement is required in determining the worldwide provision for income taxes. There are many transactions and calculations for which the ultimate tax determination is subject of a thorough review. In the event of uncertain tax positions, the Group recognises a tax liability when there is an expected future outflow of funds to a taxation authority. In such cases, a provision is made for the most likely amount or expected value to be settled. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Current and deferred income tax Income tax expenses comprise current tax and deferred tax. Current tax is the amount of income tax payable based on the taxable profit for the current year, plus any adjustments to income tax payable in respect of prior years. Current tax is calculated using rates that have been enacted or substantially enacted by balance date. Deferred tax is the amount of income tax payable or recoverable in future periods in respect of temporary differences and unused tax losses. Temporary differences are differences between the carrying amount of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are recognised to the extent that it is probable that taxable profits will be available, against which the deductible temporary differences or tax losses can be utilised. Deferred tax is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition of an asset and liability in a transaction that is not a business combination and, at the time of the transaction, affects neither accounting profit nor taxable profit. Deferred tax is recognised on taxable temporary differences arising on investments in subsidiaries and associates, except where the company can control the reversal of the temporary difference and it is probable that the temporary difference will not be reversed in the foreseeable future. PERFORMANCE ABOUT US 82 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised, using tax rates that have been enacted or substantially enacted by balance date. Current tax and deferred tax are charged or credited to profit or loss, except when it relates to items charged or credited directly to equity, in which case the tax is classified within equity. 9.1 Income tax expense Income tax expense recognised in profit or loss consists of: 2026 $000’s 2025 $000’s Income tax expense/(benefit) Current tax expense for the financial year 10,519 13,845 Adjustments for prior financial years (450) (273) Total current tax expense 10,069 13,572 Deferred tax expense/(benefit) (Increase)/decrease in deferred tax assets (1,714) 20,464 Increase/(decrease) in deferred tax liabilities 12,543 (13,212) Total deferred tax expense 10,829 7,252 Total income tax expense 20,898 20,824 9.2 Reconciliation of income tax expense 2026 $000’s 2025 $000’s Reconciliation of prima facie to actual income tax expense Profit before tax from continuing operations 60,799 7,166 Loss before tax from discontinued operation (1,464) (12,116) Profit/(loss) before income tax expense 59,335 (4,950) Prima facie tax calculated at domestic rates applicable to the profits/(losses) in the respective countries 16,793 (554) Tax effect of: Prior year adjustments (115) (562) Derecognition of deductible unused tax losses in the United States of America and United Kingdom 2,888 20,804 Non-assessable income (120) (137) Expenses not deductible for tax purposes 1,548 1,259 Recognised deferred tax on share-based payments (181) (40) Other adjustments 85 54 Total income tax expense on pre-tax profit 20,898 20,824 Compiled of: Total income tax expense on pre-tax profit from continuing operations 20,898 21,250 Total income tax expense on pre-tax profit from discontinued operation – (426) Effective tax rate from continuing operations 34.4% 296.6% Total effective tax rate 35.2% (420.7)% The tax on profit or loss before income tax differs from the theoretical amount that would arise using the weighted average tax rates applicable to the profits and losses of the consolidated entities. The effective tax rates in both the 2026 and 2025 financial years were not representative of the statutory tax rates in the jurisdictions in which the Group operates, primarily due to the derecognition of unused tax losses of $2.9 million (2025: $20.8 million) relating to the Group’s Rentals & Sales operations in the United States of America and the United Kingdom (refer to note 9.3). The 2026 effective tax rate was also impacted by non-deductible transaction costs incurred in relation to the non-binding indicative takeover offers. 9. Income tax (continued) PERFORMANCE ABOUT US 83 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 9.3 Deferred income tax Deferred income tax assets are recognised for tax loss carry-forward to the extent that the realisation of the related tax benefit through future taxable profits is probable. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current liabilities and when the deferred income tax relates to the same fiscal authority. Deferred tax assets and liabilities are offset in the consolidated statement of financial position and presented as a net deferred tax liability where the Group has a legally enforceable right to set off the recognised amounts and when the Group either intends to settle on a net basis, or to realise the asset and settle the liability simultaneously. 2026 $000’s 2025 $000’s Deferred tax assets 99 126 Deferred tax liabilities (66,417) (51,378) Net deferred tax liabilities (66,318) (51,252) The movement in the deferred tax assets and liabilities is provided below: 2026 Opening balance as at 1 July 2025 $000’s Recognised in profit or loss $000’s Recognised in other comprehen- sive loss $000’s Recognised directly in equity $000’s Foreign exchange rate movements $000’s Closing balance as at 30 June 2026 $000’s Unused tax losses (1) 26,250 1,381 – – 1,312 28,943 Accrued expenses and provisions 20,822 (1,024) – – 1,847 21,645 Lease liabilities 7,283 1,331 – – 410 9,024 Reserves 161 26 (198) – 11 – Deferred tax assets 54,516 1,714 (198) – 3,580 59,612 Property, plant and equipment (99,812) (11,329) – – (6,716) (117,857) Intangible assets (3,255) 46 – – (406) (3,615) Trade and other receivables (1,942) (1,173) – – (278) (3,393) Reserves (759) (87) (207) (12) – (1,065) Deferred tax liabilities (105,768) (12,543) (207) (12) (7,400) (125,930) Net deferred tax liabilities (51,252) (10,829) (405) (12) (3,820) (66,318) (1) Due to recent unfavourable trading results, the Group derecognised deductible unused tax losses totalling $2.9 million (2025: $20.8 million) during the 2026 financial year of which $2.7 million (2025: $17.9 million) and $0.2 million (2025: $2.9 million) related to the United States and United Kingdom rentals and sales businesses respectively. These derecognised unused tax losses have no expiry date, however, can only be utilised to reduce tax payments in the future subject to taxable profits arising in the relevant jurisdiction. 9. Income tax (continued) PERFORMANCE ABOUT US 84 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2025 Opening balance as at 1 July 2024 $000’s Recognised in profit or loss $000’s Recognised in other com- prehensive loss $000’s Recognised directly in equity $000’s Foreign exchange rate movements $000’s Closing balance as at 30 June 2025 $000’s Unused tax losses (1) 52,216 (25,238) – – (728) 26,250 Accrued expenses and provisions 16,872 4,246 – – (296) 20,822 Lease liabilities 6,980 367 – – (64) 7,283 Reserves – 161 (67) – 67 161 Deferred tax assets 76,068 (20,464) (67) – (1,021) 54,516 Property, plant and equipment (112,991) 12,027 – – 1,152 (99,812) Intangible assets (4,390) 1,069 – – 66 (3,255) Trade and other receivables (2,146) 189 – – 15 (1,942) Reserves (1,353) (73) 625 42 – (759) Deferred tax liabilities (120,880) 13,212 625 42 1,233 (105,768) Net deferred tax liabilities (44,812) (7,252) 558 42 212 (51,252) The foreign exchange rate movements represent the translation of deferred tax balances of the Group’s foreign operations from their functional currencies into New Zealand dollars and does not reflect the recognition of new temporary differences. 10. Earnings per share Diluted earnings per share is calculated by adjusting the weighted average number of ordinary shares to assume conversion of all dilutive shares arising from the employee share scheme (refer to note 30). 2026 $000’s 2025 $000’s Profit attributable to ordinary equity holders of the Company: Continuing operations 39,901 (14,084) Discontinued operation (1,464) (11,690) Total basic and diluted profit/(loss) attributable to ordinary equity holders of the Company 38,437 (25,774) 2026 No. of shares 2025 No. of shares Weighted average number of ordinary shares (basic) 221,122,726 219,826,870 Effect of conversion of redeemable shares and options if exercised 414,732 – Weighted average number of ordinary shares (diluted) 221,537,458 219,826,870 9. Income tax (continued) PERFORMANCE ABOUT US 85 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 11. Dividends Dividend distributions to the Company’s shareholders are recognised as a liability in the Group’s financial statements in the period in which the dividends are approved by the Board. 2026 2025 Cents per share $000’s Cents per share $000’s 2025 final dividend (2025: 2024 final dividend) 4.0 8,844 5.0 10,911 2026 interim dividend (2025: 2025 interim dividend) 3.0 6,633 2.5 5,502 Total dividends on ordinary shares 15,477 16,413 Dividends not recognised in the consolidated statement of financial position Dividends determined since balance date 2026 final dividend(1) (2025: 2025 final dividend) 7.5 16,612 4.0 8,844 (1) The 2026 final dividend on ordinary shares determined but not recognised in the consolidated statement of financial position is estimated based on the total number of ordinary shares on issue as at 30 June 2026. The imputed and franking portions of the 2026 final dividend determined after 30 June 2026 will be imputed out of existing imputation and franking credits, or out of imputation and franking credits arising from the payment of income tax for the financial year ending 30 June 2027. Imputation credits available for use in subsequent reporting periods 2026 $000’s 2025 $000’s New Zealand imputation credit account (NZD) 19,693 17,707 Australia franking credit account (AUD) 762 439 PERFORMANCE ABOUT US 86 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 12. Property, plant and equipment The Group estimates the residual values of the fleet in order to depreciate motorhome assets using the straight-line method. This estimate of the useful life and the residual value of the vehicle is based on when it is expected to be taken out of the rental fleet. The residual value is influenced by its condition, the mileage on the motorhome and the consumer demand within the relevant resale market. The Group also considers the market conditions and the impact any changes could have on the estimates as part of the overall fleet management programme. The Group completes an annual review of the appropriateness of the residual values and useful lives that have been used by reviewing the gains/losses made on recent sales and forecasts of similar motorhomes. The estimated useful lives of motorhomes on the rental fleet are 1 - 8 years. The annual depreciation rates for motorhomes, ranging from 1% to 35% of the original costs, are influenced by the residual value at the time of sale. If the depreciation rate increases/(decreases) by 1% for motorhomes, the depreciation expense will increase/(decrease) by approximately $9.3 million for the financial year (2025: $8.4 million). Depreciation on other assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives. Land and buildings are shown at historical cost, less subsequent accumulated depreciation for buildings. Land is not depreciated. All other property, plant and equipment are stated at historical cost less accumulated depreciation. Historical cost includes expenditure that is directly attributable to the acquisition of the items. Subsequent costs are included in the asset’s carrying amount or recognised as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. Repairs and maintenance are charged to profit or loss during the period in which they are incurred. Depreciation on other assets is calculated using the straight-line method to allocate their cost amounts to their residual values over their estimated useful lives as follows: Buildings 8 – 50 years Leasehold improvements 2 – 50 years Motor vehicles 3 – 14 years Other plant & equipment 2 – 40 years Assets used to generate profit In this section This section describes the assets thl uses in the business to generate profit, including: • Property, plant and equipment The most significant component is the motorhome fleet. Premises in general are leased, however significant owned properties are the Waitomo Caves Visitor Centre and the Waitomo Caves Homestead in New Zealand. The Group has also capitalised building fitout and improvement works in land and buildings such as the Waitomokia site in Mangere, New Zealand which is used primarily by the New Zealand rentals and sale business. • Right-of-use assets The most significant leased assets relate to the premises in New Zealand, Australia, Canada and the United States. • Inventories The most significant inventory items are vehicles available for sale including ex-rental motorhome fleet assets and new or trade-in motorhomes, campervans, and caravans. Other inventory items include spare parts, living equipment used inside rental motorhomes, and retail shop stock. • Intangible assets Intangible assets include: – goodwill arising from business acquisitions; – the cost of the Waitomo Caves licenses and intellectual property rights on the Fleet technology platform; – software; – supplier relationships; and – brands PERFORMANCE ABOUT US 87 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) The assets’ useful lives are reviewed, and adjusted if appropriate, at each balance date. An asset’s carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. Gains and losses on disposals are determined by comparing proceeds with the carrying amount. These are included in profit or loss. Property, plant and equipment is made up of the following assets: • Motorhomes – comprises the rental fleet of the New Zealand, Australian, Canadian, and United States rental businesses. Motorhomes that are ready for sale are reclassified from property, plant and equipment to inventory when vehicle refurbishment has been completed and the vehicle is available for sale; • Motor vehicles – comprises vehicles owned by the business, including shuttles and company cars; • Land and buildings – comprises owned land and buildings in Waitomo, New Zealand, and capitalised building fit out costs; • Other plant and equipment – comprises office equipment, furniture, and other plant used to operate the business; and • Capital work in progress – represents capital expenditure on assets and projects that are not yet available for use, together with deposits paid on the acquisition of rental fleet and other capital assets. The most significant balance relates to motorhomes under construction for deployment in future rental seasons. 2026 Motor- homes $000’s Motor vehicles $000’s Land and buildings $000’s Other plant and equipment $000’s Capital work in progress $000’s Total $000’s Net book value as at 1 July 2025 817,969 2,461 42,460 19,544 82,593 965,027 Additions and transfers from work in progress (net) 248,215 705 3,604 4,885 (22,127) 235,282 Disposals – (238) (159) (1,103) – (1,500) Divestment of assets in discontinued operation (45,990) (20) (83) (236) – (46,329) Reclassification of motorhomes to inventories (109,000) – – – – (109,000) Reclassification to asset held for sale (refer note 17) – – (2,300) – – (2,300) Foreign exchange rate movements 46,742 75 619 1,379 39 48,854 Impairment loss recognised in profit or loss (2,796) – (103) – – (2,899) Depreciation (83,927) (530) (3,474) (5,223) – (93,154) Net book value as at 30 June 2026 871,213 2,453 40,564 19,246 60,505 993,981 Cost 1,053,862 4,382 67,567 54,264 60,505 1,240,580 Accumulated depreciation and impairment losses (182,649) (1,929) (27,003) (35,018) – (246,599) Net book value as at 30 June 2026 871,213 2,453 40,564 19,246 60,505 993,981 12. Property, plant and equipment (continued) PERFORMANCE ABOUT US 88 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2025 Motor- homes $000’s Motor vehicles $000’s land and buildings $000’s Other plant and equipment $000’s Capital work in progress $000’s Total $000’s Net book value as at 1 July 2024 721,019 1,589 13,327 20,306 73,043 829,284 Additions and transfers from work in progress (net) 303,666 1,502 31,690 6,850 9,488 353,196 Disposals – (125) (129) (387) – (641) Reclassification of motorhomes to inventories (130,033) – – – – (130,033) Foreign exchange rate movements 1,544 2 241 (20) 62 1,829 Impairment loss recognised in profit or loss (2,697) – (180) (1,564) – (4,441) Depreciation (75,530) (507) (2,489) (5,641) – (84,167) Net book value as at 30 June 2025 817,969 2,461 42,460 19,544 82,593 965,027 Cost 961,354 4,321 66,610 57,401 82,593 1,172,279 Accumulated depreciation and impairment losses (143,385) (1,860) (24,150) (37,857) – (207,252) Net book value as at 30 June 2025 817,969 2,461 42,460 19,544 82,593 965,027 13. Right-of-use assets Right-of-use assets The Group predominantly leases its premises in New Zealand, Australia, Canada, and the United States. Lease agreements may contain both lease and non-lease components. The Group allocates the consideration in the agreement to the lease and non-lease components based on their relative standalone prices. However, for leases of real estate for which the Group is a lessee, the Group has elected not to separate lease and non-lease components and instead accounts for these as a single lease component. Lease terms are negotiated on an individual basis and contain a wide range of different terms, escalation clauses and renewal rights. The lease agreements do not impose any covenants other than the security interests in the leased assets that are held by the lessor. Leased assets may not be used as security for borrowing purposes. Right-of-use assets are measured at value comprising the following: • the amount of the initial measurement of lease liability; • any lease payments made at or before the commencement date less any lease incentives received; • any initial direct costs; and • restoration costs. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the expected lease term on a straight-line basis. lease liabilities Lease liabilities have been measured at the present value of the lease payments, discounted using a discount rate derived from the incremental borrowing rate for each relevant jurisdiction when the interest rate implicit in the lease was not readily available. Incremental borrowing rates applied to lease liabilities range between 2.5% - 9.1% (2025: 2.5% - 8.2%). The Group is exposed to potential future increases in variable lease payments based on the change of an index or rate, which are not included in the lease liability until they take effect. When adjustments to lease payments based on an index or rate take effect, the lease liability is reassessed and adjusted against the right-of-use asset. 12. Property, plant and equipment (continued) PERFORMANCE ABOUT US 89 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Short-term and low-value leases Payments associated with short-term leases and leases of low-value assets are recognised on a straight-line basis as an expense in the consolidated statement of comprehensive income. Short-term leases are leases with a lease term of 12 months or less and predominantly relate to property leases and computer equipment. Extension and termination options are included in a number of property leases across the Group. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). The assessment of the lease term is reviewed if a significant event or a significant change in circumstances occurs which affects this assessment and that is within the control of the Group. The extension options are only exercisable by the Group and not by the lessor. Where an extension is reasonably certain of being exercised, that extension period and related costs are recognised on the consolidated statement of financial position. To determine the incremental borrowing rate, the Group uses a build-up approach that starts with a risk-free interest rate adjusted for credit risk for leases held by the Group and makes adjustments specific to the lease, e.g. term, country, currency and security. 2026 Buildings $000’s Vehicles and equipment $000’s Total $000’s Net book value as at 1 July 2025 197,100 43 197,143 Additions 1,900 11 1,911 Modifications 2,667 (3) 2,664 Terminations (424) – (424) Assignment of leases(1) (1,856) – (1,856) Transfer to net investment in sub-lease (4,221) – (4,221) Foreign exchange rate movements 10,096 1 10,097 Depreciation (26,022) (27) (26,049) Net book value as at 30 June 2026 179,240 25 179,265 Cost 283,956 132 284,088 Accumulated depreciation (104,716) (107) (104,823) Net book value as at 30 June 2026 179,240 25 179,265 (1) On 31 March 2026, the Group transferred leases held within United Kingdom & Ireland Rentals & Sales operating segment to Indie Campers in accordance with the sale and purchase agreement. Refer to note 17 for further details. During the 2026 financial year, the Group entered into two finance subleases for the former Kratzmann RV Super Centre site in Burpengary, Australia. The related right-of-use asset was derecognised and a net investment in the subleases was recognised within trade and other receivables. The Group remains the primary obligor under the head lease and the corresponding lease liability continues to be recognised. 13. Right-of-use assets (continued) PERFORMANCE ABOUT US 90 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2025 Buildings $000’s Vehicles and equipment $000’s Total $000’s Net book value as at 1 July 2024 130,025 64 130,089 Additions 83,213 6 83,219 Modifications 11,341 1 11,342 Terminations (2,507) – (2,507) Foreign exchange rate movements (51) – (51) Depreciation (24,921) (28) (24,949) Net book value as at 30 June 2025 197,100 43 197,143 Cost 274,881 120 275,001 Accumulated depreciation (77,781) (77) (77,858) Net book value as at 30 June 2025 197,100 43 197,143 2026 $000’s 2025 $000’s Cash outflows from lease liabilities from continuing operations Interest paid on leases (operating activities) 13,693 10,188 Payments for lease liability principal (financing activities) 20,695 20,595 Total cash outflows from lease liabilities from continuing operations 34,388 30,783 14. Capital commitments Capital commitments relate to the build of the Group’s motorhome fleet. Purchase orders placed for capital expenditure at balance date but not yet incurred are as follows: 2026 $000’s 2025 $000’s Property, plant and equipment 29,213 77,157 15. Inventories Inventories are stated at the lower of cost and net realisable value. Cost is determined using the first-in, first-out (FIFO) method. The cost of finished goods and work in progress comprises design costs, raw materials, direct labour, other direct costs and related production overheads (based on normal operating capacity). It excludes borrowing costs. Net realisable value is the estimated selling price in the ordinary course of business, less all costs necessary to sell inventories. Ex-rental motorhomes held for sale at balance date have been reclassified as inventory. Inventories are made up of the following categories: • Vehicles held for sale – comprises ex-rental motorhomes transferred from the rental fleet, new and trade-in RVs held for resale, and RVs in transit at balance date; • Raw materials and work in progress – comprises parts, factory, direct labour and workshop stock; • Living equipment and retail stock – comprises furnishings, appliances, fittings and accessories intended for use in motorhomes, together with merchandise and other goods held for retail sale; and • Inventory provision – comprises allowances recognised against inventory to reflect estimated losses arising from obsolescence, damage, slow-moving stock, and inventory held at amounts exceeding its expected net realisable value. 2026 $000’s 2025 $000’s Vehicles held for sale 87,683 102,935 Raw materials and work in progress 42,102 50,830 Living equipment and retail stock 10,676 16,856 Inventory provision (4,096) (4,677) Total inventories 136,365 165,944 13. Right-of-use assets (continued) PERFORMANCE ABOUT US 91 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 16. Intangible assets Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of the acquired subsidiary at the date of acquisition. Separately recognised goodwill is tested annually for impairment and carried at cost less accumulated impairment losses. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of an entity include the carrying amount of goodwill relating to the entity sold. Goodwill is allocated to cash-generating units for the purpose of impairment testing. The allocation is made to those cash-generating units or groups of cash- generating units that are expected to benefit from the business combination in which the goodwill arose. The units or groups of units are identified at the lowest level at which goodwill is monitored for internal management purposes. Brands Brand values are included in the net assets of the cash-generating unit ( CGU). Brands are deemed to have an indefinite life where the Group has determined that there is no foreseeable limit to the period over which the brand is expected to generate net cash inflows for the entity. Brands are tested annually for impairment and are carried at cost less any accumulated impairment losses. Brands are reviewed periodically to assess whether events and circumstances still justify the assessment of an indefinite useful life. Supplier relationships Provisional supplier agreement values are included in the net assets of the CGU and determined using the “with and without” valuation approach which estimates the fair value of an asset by comparing cash flows of the business ‘with’ the asset to the hypothetical cash flows of the business ‘without’ the asset. Supplier relationships are deemed to have an indefinite life where the Group has determined that there is no foreseeable limit to the period over which the supplier relationship is expected to generate net cash inflows for the entity. Supplier relationships are tested annually for impairment and are carried at cost less any accumulated impairment losses. licences Leases and licences are shown at historical cost of acquisition by the Group less amortisation. Amortisation of licences are calculated using the straight-line method over the life of the underlying assets. These costs are amortised over their estimated useful lives (10-43 years). Other intangibles Acquired computer software licences are capitalised on the basis of the costs incurred to acquire and bring to use the specific software. These costs are amortised over their estimated useful lives (3-15 years). Costs associated with maintaining computer software programmes are recognised as an expense, as incurred. Costs that are directly associated with the production of identifiable and unique software products controlled by the Group, and that will probably generate economic benefits exceeding costs beyond one year, are recognised as intangible assets. Direct costs include the software development employee costs and an appropriate portion of relevant overheads. Computer software development and application costs are recognised as assets and are amortised over their estimated useful lives, only if such costs create an intangible asset that the Group controls and the intangible asset meets the recognition criteria. Costs that are not capitalised as computer software are expensed as incurred. Intangible assets of the Group which have a net book value at balance date comprise: • Goodwill – primarily relates to the Apollo business combination on 30 November 2022 and the acquisition of Transcold; • Brands – Apollo and Windsor retail brands; • Supplier relationships – relates to the exclusive arrangements to manufacture and distribute Winnebago RVs; • Licences – includes intellectual property rights on the Fleet technology platform and a licence to operate the Waitomo Glowworm Caves until 2027, and licences to operate other caves in the Waitomo region with licence terms expiring in 2032, 2033 and 2039; and • Other intangibles – relates to acquired software licences and software development costs. PERFORMANCE ABOUT US 92 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2026 Goodwill $000’s Brands $000’s Supplier relationships $000’s Licenses $000’s Other intangibles $000’s Total $000’s Net book value as at 1 July 2025 108,006 4,727 5,621 8,068 19,125 145,547 Additions – – – – 3,895 3,895 Impairment loss recognised in profit or loss – – – – (146) (146) Foreign exchange rate movements 13,690 614 729 – 96 15,129 Amortisation – – – (1,052) (1,742) (2,794) Net book value as at 30 June 2026 121,696 5,341 6,350 7,016 21,228 161,631 Cost 205,652 8,416 8,160 29,174 33,131 284,533 Accumulated amortisation and impairment losses (83,956) (3,075) (1,810) (22,158) (11,903) (122,902) Net book value as at 30 June 2026 121,696 5,341 6,350 7,016 21,228 161,631 Following the Group’s exit of its United Kingdom & Ireland rental and sales operations during the 2026 financial year, software development costs associated with this segment were no longer considered to generate future economic benefits. Accordingly, an impairment loss of $146,000 on other intangibles was recognised in profit or loss within the consolidated statement of comprehensive income. 2025 Goodwill $000’s Brands $000’s Supplier relationships $000’s licenses $000’s Other intangibles $000’s Total $000’s Net book value as at 1 July 2024 144,701 7,600 7,339 9,110 17,712 186,462 Additions – – – – 3,964 3,964 Impairment loss recognised in profit or loss (35,342) (2,776) (1,602) – (280) (40,000) Foreign exchange rate movements (1,353) (97) (116) – (2) (1,568) Amortisation – – – (1,042) (2,269) (3,311) Net book value as at 30 June 2025 108,006 4,727 5,621 8,068 19,125 145,547 Cost 202,472 7,952 7,223 29,172 38,518 285,337 Accumulated amortisation and impairment losses (94,466) (3,225) (1,602) (21,104) (19,393) (139,790) Net book value as at 30 June 2025 108,006 4,727 5,621 8,068 19,125 145,547 During the 2025 financial year, the United States Rentals & Sales business had experienced challenging trading conditions from reduced international travel to the United States of America, coupled with a further deterioration in vehicle sales demand, adversely impacting both volumes and margins. In light of these macro-economic conditions, management updated its key assumptions in the value in use calculation and subsequently recognised an impairment loss on goodwill, brands and other intangible assets of $36.6 million in profit or loss within the consolidated statement of comprehensive income. Furthermore, and during the 2025 financial year, the Group undertook an Australian retail brand portfolio review and consolidation to enhance consumer clarity and achieve better operational efficiencies. As part of this review, the Coromal and Talvor brands acquired from the Apollo acquisition on 30 November 2022 are to be retired. Following this review, the future cash flows from the Coromal and Talvor brands are negligible and an impairment loss of $1.8 million was recognised in profit or loss in the consolidated statement of comprehensive income. Furthermore, following continued low margin performance and weak market traction in Australia during the 2025 financial year, the Adria supplier relationships acquired from the Apollo acquisition were considered impaired and an impairment loss of $1.6 million was recognised in profit or loss in the consolidated statement of comprehensive income. 16. Intangible assets (continued) PERFORMANCE ABOUT US 93 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 16.1 Impairment of intangibles with an indefinite useful life The table below details the cash-generating units (CGU) that goodwill, brands and supplier relationships are attributable to. 2026 Goodwill $000’s Brands $000’s Supplier relationships $000’s Total $000’s Australia Rentals, Sales & Manufacturing 111,419 5,341 6,350 123,110 New Zealand Rentals & Sales 7,802 - - 7,802 Action Manufacturing 2,475 - - 2,475 Total intangible assets with an indefinite useful life 121,696 5,341 6,350 133,387 2025 Goodwill $000’s Brands $000’s Supplier relationships $000’s Total $000’s Australia Rentals, Sales & Manufacturing 98,625 4,727 5,621 108,973 New Zealand Rentals & Sales 6,906 – – 6,906 Action Manufacturing 2,475 – – 2,475 Total intangible assets with an indefinite useful life 108,006 4,727 5,621 118,354 For the purpose of the annual impairment test, goodwill is allocated to the CGUs or a group of CGUs that are expected to benefit from the synergies of the business combination, which represent the Group’s operating segments (refer to note 3). The value of goodwill allocated to the New Zealand Rentals & Sales and Action Manufacturing operating segments is not significant in comparison to the Group’s total carrying amount of goodwill, brands, and supplier relationships. The recoverable value for New Zealand Rentals & Sales and Action Manufacturing are determined based on its value in use and are not sensitive to reasonably foreseeable changes in key assumptions. Australia Rentals, Sales & Manufacturing The recoverable amount of the Australia Rentals, Sales & Manufacturing is its value in use and is determined by discounting the future cash flows generated from the continued use of the CGU and are based on the 2027 financial year business plans and are projected for years two to five using key assumptions to cover a five-year period. A terminal growth rate of 2.0% (2025: 2.5%) is applied to extrapolate cash flows beyond the five-year projections. The key assumptions include rental fleet yield, utilisation and fleet size, vehicle sales margin, and operating costs. Capital expenditure and disposal proceeds are projected forward based on current build or purchase costs, realisable sale values and expected fleet rotation by vehicle type. The cash flow projections and values assigned to the key assumptions represent management’s assessment of future trends and the expected growth rates in the markets the businesses operate in and are based on both external and internal sources of data. The weighted average cost of capital is used as the post-tax discount rate. The discount rates reflect an equity beta and a market risk premium sourced from observable market inputs. The annual free cash flows are then discounted by a country specific post-tax discount rate to arrive at a recoverable amount of the CGU which is compared to the carrying amount. 2026 2025 Discount rates (%) Post-tax Pre-tax equivalent Post-tax Pre-tax equivalent Australia Rentals, Sales & Manufacturing 10.3 13.8 10.3 13.6 The following table shows the sensitivity of the recoverable value of Australia Rental, Sales & Manufacturing. Key assumptions Change in Key assumption Reduction in recoverable amount $000’s Increase in recoverable amount $000’s Where headroom is reduced, would the indicated sensitivity result in impairment Discount rate +/- 1.0% (72,315) 92,697 No Terminal growth rate +/- 0.5% (31,340) 35,358 No Rental yield +/- 5.0% (109,992) 109,992 No Rental utilisation +/- 5.0% (79,413) 79,413 No Vehicle sales margin +/- 5.0% (93,340) 93,340 No 16. Intangible assets (continued) PERFORMANCE ABOUT US 94 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) The United Kingdom & Ireland Rentals & Sales operating segment was not classified as held-for sale or as a discontinued operation in the previous financial years. Accordingly, the comparative consolidated statement of comprehensive income has been restated to present the discontinued operation separately from continuing operations. 17.1 Loss from discontinued operation 2026 $000’s 2025 $000’s Sales of services 14,741 22,135 Sales of goods 17,649 21,019 Total revenue 32,390 43,154 Cost of goods sold (14,557) (17,379) Operating expenses (12,873) (19,390) Administration expenses (5,488) (5,935) Depreciation (4,996) (6,537) Other operating income 59 112 Operating loss before financing costs (5,465) (5,975) Finance income 5 – Finance expenses (3,993) (6,141) Net finance costs (3,988) (6,141) Loss before tax from discontinued operation before disposal gain (9,453) (12,116) Income tax benefit 2,058 426 Loss after tax from discontinued operation before disposal gain (7,395) (11,690) Net gain on sale of discontinued operation (net of tax) 6,174 – Consolidation adjustment relating to the intra-group sale of goods (243) – Loss after tax from discontinued operation (1,464) (11,690) Investments In this section This section contains information on the material subsidiaries of thl and its discontinued operation. 17. Discontinued operation On 31 March 2026, the Group completed the sale of motorhome, inventory, and intellectual property assets held within the United Kingdom & Ireland Rentals & Sales operating segment to Indie Campers in accordance with the sale and purchase agreement. The divestment follows the Group’s strategic review of its United Kingdom & Ireland operations and the assessment of opportunities to release capital from the region to optimise the Group’s return on funds employed following the segment’s underperformance in recent years, as outlined in thl’s growth roadmap. The sale transaction generated preliminary net cash proceeds of $53.3 million (GBP 23.1 million) and resulted in a net gain on sale after tax of $6.2 million recognised in loss after tax from discontinued operation in the consolidated statement of comprehensive income for the 2026 financial year. Under the sale and purchase agreement, the Group is required to reimburse Indie Campers for certain claims arising from warranties and indemnities provided. The Group has exercised judgement in estimating these costs, including the recognition of provisions and disclosure of contingent liabilities in respect of these potential claims as at 30 June 2026 (refer to note 33). The consideration and gain on sale remain subject to post-completion adjustments including certain warranties and indemnities to Indie Campers. These include a commitment to underwrite a minimum resale margin on the future sale of motorhomes transferred at completion (Guaranteed Margin Framework), together with other customary market protections (refer to note 33). The sale excluded the Group’s Edinburgh, Scotland property and certain other inventory vehicles held within the United Kingdom & Ireland Rentals & Sales operating segment. Following completion, the Group classified the Edinburgh property as a non-current asset held for sale (previously classified as property, plant & equipment in prior financial years; refer to note 12), as its carrying amount is expected to be recovered principally through sale rather than continuing use. The property ceased to be owner-occupied, was available for immediate sale in its present condition, and management had committed to a plan to sell the asset. An active programme to locate a buyer has been initiated and the sale is considered highly probable within the requirements of NZ IFRS 5 Non-current Assets Held for Sale and Discontinued Operations. Accordingly, the property is measured at the lower of its carrying amount and fair value less costs to sell at 30 June 2026. The Group has also commenced a wind-down of the United Kingdom and Ireland Rentals & Sales remaining assets and liabilities, including the sale of inventory through retail channels and wholesale vehicle auctions. As at 30 June 2026, these residual vehicles are classified as ‘vehicles held for sale’ within ‘inventory’, and other minor residual assets and liabilities continue to be presented within their respective consolidated statement of financial position line items. PERFORMANCE ABOUT US 95 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 18. Material subsidiaries of Tourism Holdings Limited Material subsidiaries Principal activity Country of incorporation or registration Equity holding 2026 % 2025 % Action Manufacturing Group GP Limited Manufacturing New Zealand 100 100 TH2Connect GP Limited thl digital New Zealand 100 100 THL Properties NZ Limited Rentals & sales New Zealand 100 100 Waitomo Caves Limited Tourism New Zealand 100 100 Tourism Holdings Australia Pty Ltd Rentals & sales Australia 100 100 Apollo Investments Pty Ltd Retail sales Australia 100 100 Apollo Motorhome Holidays Pty Ltd Retail sales Australia 100 100 Apollo RV Service & Repair Centre Pty Ltd Retail sales Australia 100 100 Apollo RV West Pty Ltd Retail sales Australia 100 100 Sydney RV Group Pty Ltd Retail sales Australia 100 100 THL RV Sales Adelaide Pty Ltd Retail sales Australia 100 100 Apollo Motorhome Industries Pty Ltd Manufacturing Australia 100 100 GRL Enterprises Pty Ltd Manufacturing Australia 100 100 Outdoria Pty Ltd thl digital Australia 100 100 CanaDream Inc Rentals & sales Canada 100 100 THL UK and Ireland Limited Rentals & sales United Kingdom 100 100 El Monte Rents Inc Rentals & sales United States of America 100 100 All subsidiaries have 30 June balance dates. PERFORMANCE ABOUT US 96 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 20. Reserves Cash flow hedge reserve The cash flow hedge reserve is used to record gains or losses on hedging instruments that are recognised directly in equity. The hedging instruments are used to manage interest rate risk. Amounts are recognised in profit or loss when the associated hedged transaction affects profit or loss. Foreign currency translation reserve Exchange differences arising on the translation of foreign operations are taken to the foreign currency translation reserve. When any net investment is disposed of, the related component of the reserve is recognised in profit or loss as part of the gain or loss on disposal. The closing exchange rates used to translate the statement of financial position are as follows: 2026 2025 NZD/AUD 0.8220 0.9286 NZD/USD 0.5647 0.6068 NZD/CAD 0.8033 0.8310 Employee share scheme reserve The employee share scheme reserve is used to recognise the accumulated value of share options and rights granted which have been recognised in profit or loss. In accordance with the Group’s accounting policy, amounts accumulated in the executive share scheme reserve have been transferred to share capital on the exercise of the options or to retained earnings when they have been forfeited. Managing funding In this section This section summarises the Group’s funding sources and financial risks. 19. Share capital Number of ordinary shares Share capital $000’s Balance as at 1 July 2024 218,224,409 516,402 Ordinary share issued during the 2025 financial year: Dividend reinvestment plan 2,873,659 5,116 Balance as at 30 June 2025 221,098,068 521,518 Ordinary share issued during the 2026 financial year: Exercise of share options granted to employees 397,467 963 Balance as at 30 June 2026 221,495,535 522,481 All issued shares are fully paid and have no par value. Holders of ordinary shares are entitled to receive dividends when declared and are entitled to one vote per share at shareholders’ meetings. During the 2026 financial year, the Group received $0.8 million in cash proceeds from employees for the exercise and conversion of 397,467 share options in April and June 2026. No share options or rights were exercised during the financial year ended 30 June 2025 (refer to note 30). The Dividend Reinvestment Plan did not apply to the 2025 final and 2026 interim dividends which were cash-settled during the 2026 financial year. In the 2025 financial year and on 4 April 2025, 1,033,604 ordinary shares were issued and allotted at the issue price of $1.7749 per share (inclusive of a 2% discount) under the Dividend Reinvestment Plan in respect of the 2025 interim dividend. On 4 October 2024, 1,840,055 ordinary shares were issued and allotted at the issue price of $1.7817 per share (inclusive of a 2% discount) under the Dividend Reinvestment Plan in respect of the 2024 final dividend. PERFORMANCE ABOUT US 97 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Movement in reserves during the financial year Cash flow hedge reserve $000’s Foreign currency reserve $000’s Employee share scheme reserve $000’s Total $000’s Balance as at 1 July 2024 1,163 12,866 2,268 16,297 Change in fair value during the financial year (1,418) – – (1,418) Deferred tax movements 397 – 42 439 Foreign currency translation (net of tax) – (2,357) – (2,357) Value of employee services charged to profit or loss – – 1,394 1,394 Transfers to retained earnings – – (356) (356) Balance as at 30 June 2025 142 10,509 3,348 13,999 Change in fair value during the financial year (85) – – (85) Deferred tax movements 25 – (12) 13 Foreign currency translation (net of tax) – 38,230 – 38,230 Value of employee services charged to profit or loss – – 1,338 1,338 Transfers to retained earnings – – (305) (305) Transfers to share capital – – (211) (211) Balance as at 30 June 2026 82 48,739 4,158 52,979 21. Interest-bearing loans and borrowings Interest-bearing loans and borrowing (borrowings) are recognised initially at fair value, net of transaction costs incurred. Borrowings are subsequently stated at amortised cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognised in profit or loss over the period of the borrowings using the effective interest method. Borrowings are classified as current liabilities, unless the Group has an unconditional right to defer settlement of the liability for at least 12 months after the balance date. Borrowing costs are recognised as an expense in the period in which they are incurred, except for borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset, which are capitalised. Qualifying assets are those assets that necessarily take an extended period of time (six months or more) to get ready for their intended use. The Group’s borrowing structure includes a syndicated corporate debt facility, asset financiers and floor plan finance. In aggregate, the total funding available exceeds the current requirements of the Group. The Group has sufficient working capital and undrawn financing facilities to service its operating activities and ongoing fleet investment. The Group has the following borrowing facilities: 2026 $000’s 2025 $000’s Non-current Syndicated bank borrowings 348,060 389,467 Asset finance 86,155 111,508 434,215 500,975 Current Asset finance 36,331 30,681 Floor plan finance 11,296 10,372 47,627 41,053 Total interest-bearing loans and borrowings (gross) 481,842 542,028 Deferred borrowing costs (1) (530) (858) Total interest-bearing loans and borrowings (refer note 31.3) 481,312 541,170 (1) Deferred borrowing costs relate to the Group’s syndicated bank borrowings and have been classified as non-current. 20. Reserves (continued) PERFORMANCE ABOUT US 98 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Total facility $000’s Used at reporting date $000’s Unused at reporting date $000’s Syndicated bank borrowings 474,589 348,060 126,529 Asset finance 298,388 122,486 175,902 Floor plan finance 30,414 11,296 19,118 Total interest-bearing loans and borrowings (gross) as at 30 June 2026 803,391 481,842 321,549 Syndicated bank borrowings 477,805 389,467 88,338 Asset finance 279,954 142,189 137,765 Floor plan finance 91,213 10,372 80,841 Total interest-bearing loans and borrowings (gross) as at 30 June 2025 848,972 542,028 306,944 The carrying amount of the Group’s borrowings (NZD equivalent at balance date) are denominated in the following currencies: 2026 $000’s 2025 $000’s New Zealand dollar 181,783 163,964 Australian dollar 130,357 124,037 United States dollar 87,416 106,757 Canadian dollar 82,286 90,734 Pounds sterling – 56,536 Total interest-bearing loans and borrowings (gross) 481,842 542,028 Syndicated bank borrowings As at 30 June 2026, the Group has multi-currency committed revolving credit facilities of NZD 475 million and encompass various multi-currency tranches in place with Westpac New Zealand Limited, ANZ Bank New Zealand Limited, ASB Bank Limited, and Royal Bank of Canada. The Guaranteeing Group consists of Tourism Holdings Limited and all material New Zealand, Australian, United States, and Canadian subsidiaries. The Guaranteeing Group has provided first ranking security over its assets and undertakings. The facilities include NZD 180 million maturing in August 2027, NZD 152 million equivalent maturing in August 2028, and NZD 133 million maturing in August 2029. On 1 April 2026, the Group repaid the United Kingdom’s outstanding debt facilities of GBP 25 million (equivalent to NZD 57.6 million), primarily from the gross proceeds received from the divestment of assets in the United Kingdom & Ireland Rentals & Sales operating segment. Consequently, the Group’s United Kingdom subsidiaries have been released from their obligations as part of the Guaranteeing Group. The Group’s covenants include leverage ratio, interest cover ratio, Guaranteeing Group coverage ratio, equity ratio and prior ranking debt ratio tested on a quarterly basis. Interest rates applicable at 30 June 2026 range from 3.8% to 6.0% p.a (30 June 2025: 4.9% to 6.1% p.a). Asset finance Loans from asset financiers are fully secured debt in relation to motor vehicle assets and may only be used for the purchase of fleet assets. Interest rates applicable at 30 June 2026 range from 4.5% to 8.0% p.a (30 June 2025: 3.5% to 9.0% p.a). Floor plan finance Floor plan facilities are maintained to fund the inventory of new motorhomes and caravans held for sale at retail sales outlets in Australia. Terms are interest only for the first six months and then interest plus principal at 8.9% p.a (30 June 2025: interest between 8.4% to 8.9% p.a plus principal). For some lenders, balances are secured through retention of title until point of sale. Covenants The consolidated Group is subject to lending covenants across several of its borrowing facilities. As at the date of these consolidated financial statements the Group is within the banking covenant requirements. 21. Interest-bearing loans and borrowings (continued) PERFORMANCE ABOUT US 99 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 22. Trade and other receivables Trade and other receivables are recognised initially at fair value plus transaction costs and subsequently measured at amortised cost using the effective interest method, less provision for impairment. The Group assesses on a forward-looking basis the expected credit losses associated with its trade and other receivables which are carried at amortised cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. The Group applies the simplified approach permitted by NZ IFRS 9 Financial Instruments, which requires expected lifetime losses to be recognised from initial recognition of the receivables. To measure the expected credit losses, trade and other receivables have been grouped based on shared credit risk characteristics and the days past due. The expected loss rates are based on the historical credit losses experienced. Where appropriate, the historical loss rates are adjusted to reflect current and forward-looking information. 2026 $000’s 2025 $000’s Trade receivables 20,947 22,008 Allowance for expected credit losses (988) (432) Trade receivables – net 19,959 21,576 Prepayments 11,421 14,315 GST/VAT receivables 6,879 2,193 Deposits 3,764 3,568 Net investment in sub-lease – current 1,079 – Other receivables 9,689 6,672 Receivable under buy-back arrangement – 2,169 Total trade and other receivables – current 52,791 50,493 Net investment in sub-lease – non-current 3,162 – Total trade and other receivables 55,953 50,493 As at 30 June 2026, the Group has no vehicles purchased under a short-term buy-back arrangement (2025: $2.2 million). Such agreements involve purchasing vehicles to be used in the fleet for a period less than 12 months and then sold back to the supplier. On initial recognition, the Group recognises the cash paid for the vehicles, the price expected to be received upon resale, and the balancing amount of the two is considered a lease expense. The transactions are accounted for as a short-term lease on the basis that the Group has: • an economic incentive to exercise its put option (sell the vehicles back to the supplier); and • the right to use the vehicles for a fixed period at a predetermined price. Due to low risk of the counterparties for these arrangements, the assessed expected credit losses are immaterial. There is no concentration of credit risk with respect to trade receivables, as the Group has a large number of customers, internationally dispersed. 23. Trade and other payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities. Trade payables are recognised initially at fair value net of transaction costs and subsequently measured at amortised cost using the effective interest method. 2026 $000’s 2025 $000’s Trade payables 36,745 46,707 Accrued expenses 20,826 19,841 GST/VAT payables 3,766 4,731 Other payables 6,143 5,938 Total trade and other payables 67,480 77,217 PERFORMANCE ABOUT US 100 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 24. Revenue in advance Revenue in advance Revenue in advance relates to payments received for rental and tourism services for future reservations in advance of service delivery and the portion of rental income for rental bookings on hire at year-end, that relates to the period after year-end. The Group recognises the contract liability which represents the Group’s obligation to transfer services to a customer for which the Group has received consideration from the customer. The average timing of satisfaction of performance obligations in relation to the payment of the revenue in advance is between 1-6 months. Vehicle deposits Vehicle deposits are received in advance for pending vehicle sales for which the customer has not yet taken delivery. The Group recognises the contract liability which represents the Group’s obligation to transfer goods to a customer for which the Group has received consideration from the customer. The vehicle deposit is recognised as revenue when the Group performs under the contract by delivering the vehicle. The full balance of contract liabilities in relation to vehicle deposits is expected to be recognised in revenue between 1-12 months. 2026 $000’s 2025 $000’s Revenue in advance 76,225 73,680 Vehicle deposits 7,228 7,858 Total revenue in advance 83,453 81,538 25. Financial instruments Classification of financial assets The Group classifies its financial assets in the following measurement categories: • those to be measured subsequently at fair value (either through other comprehensive income (OCI) or through profit or loss); and • those to be measured at amortised cost. The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows. The Group reclassifies debt investments when and only when its business model for managing those assets changes. Measurement of financial assets At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss (FVPL), transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at FVPL are expensed in profit or loss. Debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the cash flow characteristics of the asset. There are two measurement categories into which the Group classifies its debt instruments: Amortised cost Assets that are held for collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognised directly in profit or loss and presented in other gains/(losses) together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in profit or loss. PERFORMANCE ABOUT US 101 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Fair value through profit or loss Assets that do not meet the criteria for amortised cost or fair value through other comprehensive income are measured at FVPL. The interest rate swaps in place as at 30 June 2026 and 30 June 2025 qualified as cash flow hedges. The Group’s risk management strategies and hedge documentation are aligned with the requirements of NZ IFRS 9 Financial Instruments and these relationships are therefore treated as hedges. Fair value of investments and derivatives The fair value of investments and derivatives is calculated using quoted prices. Where such prices are not available, valuation techniques include the use of discounted cash flow analysis using the applicable yield curve or available forward price data for the duration of the instrument. The following inputs are used for fair value calculations of derivatives: Interest rate forward price curve Published market swap rates Foreign exchange forward prices Published spot foreign exchange rates and interest rate differentials Measurement categories of financial assets and liabilities The tables below represent the measurement categories of the financial instruments. 2026 Amortised cost $000’s Fair value through profit or loss $000’s Derivatives used for hedging $000’s Total $000’s Financial assets Cash at bank 46,369 – – 46,369 Investments – 306 – 306 Derivatives – – 523 523 Trade and other receivables(1) 37,653 – – 37,653 Financial liabilities Derivatives – – 754 754 Trade and other payables(2) 62,886 – – 62,886 Interest-bearing loans and borrowings 481,312 – – 481,312 2025 Amortised cost $000’s Fair value through profit or loss $000’s Derivatives used for hedging $000’s Total $000’s Financial assets Cash at bank 49,738 – – 49,738 Investments – 292 – 292 Derivatives – – 568 568 Trade and other receivables(1) 33,985 – – 33,985 Financial liabilities Derivatives – – 344 344 Trade and other payables(2) 71,217 – – 71,217 Interest-bearing loans and borrowings 541,170 – – 541,170 (1) Excludes prepayments and GST/VAT receivables included in ‘Trade and other receivables’. (2) Excludes GST/VAT payables and other statutory liabilities included in ‘Trade and other payables’. 25. Financial instruments (continued) PERFORMANCE ABOUT US 102 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Managing risk In this section This section explains the financial risks to which the Group is exposed, how those risks may affect the Group’s financial position and performance, and the processes used to manage those risks. It includes information on: • the Group’s approach to financial risk management; and • the financial instruments, including derivative instruments, used to manage those risks. In the ordinary course of business, the Group is exposed to a range of financial risks, including foreign currency risk, interest rate risk, credit risk and liquidity risk. The Group’s treasury activities are managed centrally and are governed by policies approved by the Board of Directors. The Group’s overall risk management programme focuses on minimising the potential adverse effects of fluctuations in financial markets on the Group’s financial performance and cash flows. The Group uses derivative financial instruments solely for hedging purposes and does not enter into derivative transactions for trading or speculative purposes. 26. Financial risk management 26.1 Currency risk The Group operates internationally and is exposed to foreign exchange risk arising from various currency exposures, primarily with respect to the Australian dollar, the United States dollar, and the Canadian dollar. Foreign exchange risk arises when future commercial transactions are in currencies other than functional currency. Foreign exchange exposures on future commercial transactions incurred by operations in currencies other than their functional currency are managed by using forward currency contracts in accordance with the Group’s treasury policy. The Parent makes purchases in foreign currency and is exposed to foreign currency risk. This is managed by utilisation of forward currency contracts from time to time in accordance with the Group’s treasury policy. Exchange rate sensitivity The following table shows the impact on profit before tax and equity increase/(decrease) in relation to currency risk. A 5 percent change is considered a reasonable possible change based on prior year movements. Impact on a 5 percent change in the New Zealand dollar 2026 2025 Increase $000’s Decrease $000’s Increase $000’s Decrease $000’s Assumed impact on profit before tax Australian dollar (562) 622 (118) 130 United States dollar 673 (744) 2,331 (2,577) Canadian dollar (340) 376 114 (126) Assumed impact on equity Australian dollar (11,690) 12,920 (10,334) 11,422 United States dollar (1,928) 2,131 (2,514) 2,779 Canadian dollar (2,163) 2,391 (1,865) 2,062 26.2 Interest rate risk The Group’s interest rate risk primarily arises from long-term borrowings and cash at bank. Borrowings issued at variable rates expose the Group to cash flow interest rate risk. Borrowings issued at fixed rates expose the Group to fair value interest rate risk. The Group manages its cash flow interest rate risk by using floating to fixed interest rate derivative contracts. Such interest rate derivative contracts have the economic effect of converting borrowings from floating rates to fixed rates. Generally, the Group raises long-term borrowings at floating rates that are lower than those available if the Group borrowed at fixed rates directly. Under the interest rate derivative contracts, the Group agrees with other parties to exchange, at specified intervals (mainly quarterly), the difference between fixed contract rates and floating rate interest amounts calculated by reference to the agreed notional principal amounts. The Group’s borrowings are carried at amortised cost. The borrowings are periodically contractually repriced and to that extent are also exposed to the risk of future changes in market interest rates. The Group maintains cash on overnight deposit in interest-bearing bank accounts. PERFORMANCE ABOUT US 103 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) The following tables set out the interest rate repricing profile and current interest rate of the interest-bearing financial assets and liabilities. 2026 Effective interest rate % Floating interest rate $000’s Fixed interest rate Up to 1 year $000’s 1-2 years $000’s 2-5 years $000’s Greater than 5 years $000’s Total $000’s Assets Cash at bank 1.3 46,369 – – – – 46,369 Liabilities Derivatives (interest rate contracts)(1) 3.2 – – 14,168 63,023 – 77,191 Interest-bearing loans and borrowings 6.2 415,048 28,904 36,049 1,311 – 481,312 2025 Effective interest rate % Floating interest rate $000’s Fixed interest rate Up to 1 year $000’s 1-2 years $000’s 2-5 years $000’s Greater than 5 years $000’s Total $000’s Assets Cash at bank 2.1 49,738 – – – – 49,738 Liabilities Derivatives (interest rate contracts)(1) 3.2 – 8,240 13,184 53,184 – 74,608 Interest-bearing loans and borrowings 7.0 473,401 18,031 25,103 24,635 – 541,170 (1) Notional contract amounts and include forward starting interest rate swaps. The effective interest rate of Group borrowings is 6.2% (2025: 7.0%) including the impact of the interest rate swaps and the fees on facilities. 26. Financial risk management (continued) Interest rate sensitivity The Group’s floating bank borrowings and cash deposits are subject to interest rate sensitivity risk. The remaining borrowings are fixed using interest rate derivative contracts. If the Group’s floating borrowings and deposits year end balances remained the same throughout the year and interest rates moved by 1.0% then the impact on profitability and equity is as follows: 2026 $000’s 2025 $000’s Pre-tax impact of: An increase in interest rates of 1% (3,578) (4,168) A decrease in interest rates of 1% 3,578 4,168 At year-end the value of interest rate derivative contracts used as cash flow hedges were subject to interest rate risk in relation to the value recognised in equity. If interest rates moved by 1% across the yield curve, then the impact on the fair value of the swaps on equity is shown in the following table. A movement of 1%, or 100bps, is considered by management as a reasonable estimate of a possible shift in interest rates for the financial year based on historical movements. There is nil ineffective interest rate swaps recognised in profit or loss in relation to the valuation of the interest rate swaps (2025: nil). The remaining interest rate swaps were effective as at 30 June 2026. Hedge ineffectiveness for interest rate swaps is assessed using the same principles as for hedges of foreign currency purchase. It may occur due to: • the credit value/debit value adjustment on the interest rate swaps which is not matched by the loan; and • differences in critical terms between the interest rate swaps and loans. 2026 $000’s 2025 $000’s Post-tax impact on equity of: An increase in interest rates of 1% across the yield curve 635 1,022 A decrease in interest rates of 1% across the yield curve (646) (1,032) PERFORMANCE ABOUT US 104 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 26.3 Credit risk The Group has no significant concentrations of credit risk. Policies are in place to ensure that wholesale sales of products and other receivables arising are made to customers with an appropriate credit history. Sales to retail customers are made in cash or via major credit cards. Derivative contract counterparties and cash on deposit are limited to quality financial institutions in accordance with the Board’s approved treasury policy. The Group considers its maximum exposure to credit risk as follows: 2026 $000’s 2025 $000’s Credit risk exposure Cash at bank 46,369 49,738 Trade receivables (net of allowance for expected credit losses) 19,959 21,576 Other receivables 20,332 12,433 Net investment in sub-lease (current and non-current) 4,241 – Derivatives 523 568 Receivables under buy-back arrangement – 2,169 Total credit risk exposure 91,424 86,484 The Group has numerous credit terms for various customers. The terms vary from cash, monthly and greater depending on the service and goods provided and the customer relationship. Collateral is not normally required. All trade receivables are individually reviewed regularly for impairment as part of normal operating procedures and, where appropriate, a provision is made. Trade receivables less than three months overdue are not considered impaired. Overdue amounts that have not been provided for, relate to customers that have a reliable trading credit history and no recent history of default. 2026 $000’s 2025 $000’s Trade receivable analysis Debtors past due 7,395 9,192 Allowance for expected credit losses (988) (432) Debtors past due but not impaired 6,407 8,760 Debtors current 13,552 12,816 Total trade debtors 19,959 21,576 2026 $000’s 2025 $000’s Ageing of debtors past due 1-30 days 2,908 3,983 31-60 days 1,534 3,113 61-90 days 1,161 1,104 91+ days 1,792 992 Total debtors past due 7,395 9,192 There is no overdue balance in ‘other receivables’ and ‘receivables under buy-back arrangements’ as at 30 June 2026 (2025: nil). 26.4 Liquidity risk Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the availability of funding through an adequate amount of credit facilities and the ability to close out market positions. Due to the dynamic nature of the underlying businesses, Group Treasury aims to maintain flexibility in funding by rolling the draw downs on a short-term basis and keeping credit lines available. The table below analyses the Group’s financial liabilities into relevant maturity groupings based on the remaining period at the reporting date to the contractual maturity date. The amounts disclosed are the contractual undiscounted cash flows. 2026 Up to 1 year $000’s Between 1-2 years $000’s Between 2-5 years $000’s Greater than 5 years $000’s Total $000’s Carrying value $000’s Derivatives (interest rate and foreign currency contracts) 763 8 – – 771 754 Trade and other payables(1) 62,886 – – – 62,886 62,886 Interest-bearing loans and borrowings 66,073 244,792 237,819 – 548,684 481,312 Lease liabilities 34,237 32,698 85,249 182,112 334,296 211,570 Total undiscounted contractual cash flows 163,959 277,498 323,068 182,112 946,637 756,522 (1) Excludes GST/VAT payables and other statutory liabilities included in ‘Trade and other payables’. 26. Financial risk management (continued) PERFORMANCE ABOUT US 105 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 2025 Up to 1 year $000’s Between 1-2 years $000’s Between 2-5 years $000’s Greater than 5 years $000’s Total $000’s Carrying value $000’s Derivatives (interest rate and foreign currency contracts) 176 185 – – 361 344 Trade and other payables(1) 71,217 – – – 71,217 71,217 Interest-bearing loans and borrowings 64,405 245,733 293,346 – 603,484 541,170 Lease liabilities 31,795 30,134 83,641 204,144 349,714 218,425 Total undiscounted contractual cash flows 167,593 276,052 376,987 204,144 1,024,415 831,156 (1) Excludes GST/VAT payables and other statutory liabilities included in ‘Trade and other payables’. 26.5 Capital risk management The Group’s objectives when managing capital are to safeguard the Group’s ability to continue as a going concern in order to provide returns for shareholders and benefits for other stakeholders and maintain an optimal capital structure to reduce the cost of capital. The Group considers capital to be share capital and interest-bearing debt. To maintain or alter the capital structure, the Group has the ability to review the amount of dividends paid to shareholders, return capital to shareholders, issue new shares, reduce or increase debt or sell assets. There are a number of externally imposed bank covenants required as part of seasonal and term debt facilities. These covenants are calculated monthly and reported to banks quarterly. The most significant covenants relating to capital management are Net Interest- bearing Debt to EBITDA ratio, and an Equity to Total Assets ratio (net of intangible assets). There have been no breaches or events of review for the current or prior period. 26.6 Seasonality The tourism industry is subject to seasonal fluctuations with peak demand for tourism attractions and transportation over the summer months. The operating revenue and profits of the Group’s segments are disclosed in note 3. New Zealand and Australia’s profits are typically generated over the southern hemisphere summer months and the United States and Canada’s profits are typically generated over the northern hemisphere summer months. Due to the seasonal nature of the businesses, the risk profile at year end is not representative of all risks faced during the year. 27. Derivatives Derivatives and hedging activities The Group enters into interest rate swaps and foreign exchange contracts to hedge interest rate and foreign exchange risk. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently remeasured at their fair value at the end of each reporting period. The method of recognising the resulting gain or loss depends on whether the derivative is designated as a hedging instrument and, if so, the nature of the item being hedged. The Group designates certain derivatives as hedges of a particular risk associated with a recognised asset or liability or a highly probable forecast transaction (cash flow hedge). The Group documents, at the inception of the transaction, the relationship between hedging instruments and hedged items, as well as its risk management objectives and strategy for undertaking various hedge transactions. The Group also documents its assessment, both at hedge inception and on an ongoing basis, of whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair value or cash flows of hedged items. Movements on the hedging reserve in shareholders’ equity are shown in note 20. The full fair value of hedging derivatives is classified as a non-current asset or liability if the remaining maturity of the hedged item is more than 12 months, and as a current asset or liability if the remaining maturity of the hedged item is less than 12 months. Trading derivatives are classified as a current asset or liability. Cash flow hedges The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges are recognised in equity. The gain or loss relating to the ineffective portion is recognised immediately in profit or loss in the consolidated statement of comprehensive income. The gain or loss relating to the interest rate swaps are recognised in interest expense. Amounts accumulated in equity are recycled in profit or loss in the periods when the hedged item affects profit or loss (for instance when the forecast sale that is hedged takes place). The gain or loss relating to the effective portion of interest rate swaps hedging variable rate borrowings is recognised in profit or loss within ‘finance expenses’. The gain or loss relating to the effective portion of forward foreign exchange contracts hedging export sales is recognised in profit or loss within ‘sales’. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset (for example, inventory) or a non-financial liability, the gains and losses previously deferred in equity are transferred from equity and included in the initial measurement of the cost of the asset or liability. 26. Financial risk management (continued) PERFORMANCE ABOUT US 106 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) When a hedging instrument expires or is sold, or when a hedge no longer meets the criteria for hedge accounting, any cumulative gain or loss existing in equity at that time remains in equity and is recognised when the forecast transaction is ultimately recognised in the consolidated statement of comprehensive income. When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was reported in equity is immediately transferred to the consolidated statement of comprehensive income. 2026 2025 Assets $000’s Liabilities $000’s Assets $000’s liabilities $000’s Forward foreign exchange contracts 3 538 27 – Interest rate swap contracts 173 – 61 – Cash flow hedges - total current portion 176 538 88 – Interest rate swap contracts – non-current portion 347 216 480 344 Total cash flow hedges 523 754 568 344 The ineffective portion (net of tax) recognised in the profit or loss that arises from cash flow hedges is $nil (2025: $nil) for the financial year. Interest rate swaps The notional principal amounts of the outstanding interest rate swap contracts at 30 June 2026 were $77,191,000 (2025: $74,608,000). At 30 June 2026, the fixed interest rates vary from 1.9% to 3.6% (2025: 1.9% to 3.6%). The liquidity table in note 26.4 identifies the periods in which the cash flows are expected to occur. 27. Derivatives (continued) PERFORMANCE ABOUT US 107 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 29. Key management personnel and related party disclosures 29.1 Key management personnel 2026 $000’s 2025 $000’s Salaries and other short-term employee benefits 6,395 7,081 Share-based payments benefits 991 983 Post-employment benefits 178 213 Termination benefits 331 523 Total compensation to key management personnel 7,895 8,800 Total positions included in key management compensation at 30 June 2026 are 11 (2025: 12). Executive management do not receive any directors’ fees as directors of subsidiary companies. 2026 $000’s 2025 $000’s Directors’ fees 789 703 29.2 Related party disclosures During the financial year ended 30 June 2026, the Group sold an ex-fleet motorhome to CEO, Grant Webster, at a sales price of $78,000 (exclusive of GST). The sale was in accordance with the Group’s crew purchasing policy. Full payment was received in cash prior to the transfer of ownership. No motorhomes were sold to key management personnel during the prior financial year ended 30 June 2025. During the 2026 financial year, Luke Trouchet was an Executive Director until 19 December 2025 and became a Non-Executive Director of thl following the redundancy of the Executive Director role. Subsequently on 3 March 2026, Luke Trouchet resigned as Director, effective immediately. As at 3 March 2026, the Trouchet family hold an interest of 26,079,549 ordinary shares (2025: 26,079,549) via several holding companies and intermediary trusts. Other disclosures In this section This section includes the remaining information relating to the Group’s consolidated financial statements which is required to comply with financial reporting standards. 28. Employee benefits Liabilities for wages and salaries, including non-monetary benefits, annual leave and long service leave expected to be settled wholly within 12 months of the reporting date are measured at the amounts expected to be paid when the liabilities are settled. 2026 $000’s 2025 $000’s Annual leave 11,395 10,701 Long service leave 2,199 2,552 Other employee benefits 6,125 6,587 Total employee benefits 19,719 19,840 Current 19,399 19,517 Non-current 320 323 Total employee benefits 19,719 19,840 PERFORMANCE ABOUT US 108 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) The following transactions occurred with the Trouchet family and their related entities for the period from 1 July 2025 to 3 March 2026 and the 2025 financial year: YTD to 3 March 2026 2025 Revenue $000’s Revenue $000’s Receivables $000’s Motorhomes sold (less rebates) to Caravans Away Pty Ltd (Director related entity of L Trouchet) 170 288 – Servicing and repairs sold to Caravans Away Pty Ltd (Director related entity of L Trouchet) 1 4 – Administration fees received from Caravans Away Pty Ltd (Director related entity of L Trouchet) – 2 1 Administration fees paid RV Boss Pty Ltd (Director related entity of L Trouchet) – 2 1 YTD to 3 March 2026 2025 Expenses $000’s Expenses $000’s Payables $000’s Rental expenses paid to Eastglo Pty Ltd (Director related entity of L Trouchet) 190 284 – Rental expenses paid to KL One Trust (Director related entity of L Trouchet) 107 138 14 Annual salary paid to A Trouchet inclusive of superannuation (A related party of L Trouchet) 41 56 4 Advertising expenses paid to RV Boss Pty Ltd (Director related entity of L Trouchet) (8) 36 17 Rebates on motorhomes sold to Caravans Away Pty Ltd (Director related entity of L Trouchet) – – 17 29. Key management personnel and related party disclosures (continued) 30. Share-based payments 30.1 Long-term incentive share scheme 2017 In the 2017 financial year, the Group introduced an equity-settled, share-based long-term incentive plan for the Chief Executive and other senior executives under which the Group receives services from the executives as consideration for Options to purchase ordinary shares of the Group. The fair value of the employee services received in exchange for the grant of the Options is recognised as an expense in profit or loss in the consolidated statement of comprehensive income. The total amount expensed is determined by reference to the fair value of the Options granted. Amounts accumulated in the employee share scheme reserve are transferred to share capital on the exercise of the Options or to retained earnings where they are forfeited. At the end of each reporting period, the Group revises its estimates of the number of Options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss in the consolidated statement of comprehensive income, with a corresponding adjustment to the employee share scheme reserve. The terms of the 2017 scheme are contained in a document entitled ‘The Rules of the Tourism Holdings Long-term Incentive Scheme 2017’: • Options to purchase ordinary shares are issued to executives by the Board. • The option price is set based on the volume weighted average price of Tourism Holdings Limited ordinary shares over the 20 days leading up to the grant date. • The options can be exercised at the election of the employee after a minimum of two years from the grant date. A maximum of one third of the options can be exercised after two years, two thirds after three years and all options can be exercised after four years. After six years, the options lapse and there is no further right to exercise. The exercise price payable by the executive is the option price plus a cost of equity adjustment for two years, less dividends paid for two years. • The participants holding options have no interest in the ordinary shares that are the subject of the options, until the options are exercised and ordinary shares issued. • Valuation of the options for accounting purposes is done by KPMG using the Binomial Option Pricing Model. The assessed value is charged to profit or loss in the consolidated statement of comprehensive income over the life of the scheme/option with a corresponding credit to the employee share scheme reserve. PERFORMANCE ABOUT US 109 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Inputs into the model include expected volatility which is based on the historic volatility of the Company’s share price, dividend yield and a risk-free interest rate based on New Zealand Government bonds. The inputs for measurement of grant date fair value and the number of unvested share options at the financial year end are as follows: Grant date Fair value at grant date Inputs for measurement of fair value at grant date 2026 No. of share options unvested 2025 No. of share options unvestedIssue price Expected volatility Risk free interest rate Exercise price at balance date Expiry date 1 April 2020 $0.35 $1.29 32.3% 1.17% n/a 1 April 2026 – 465,001 6 April 2021 $0.36 $2.31 35.0% 0.58% $2.79 6 April 2027 1,230,000 1,230,000 7 April 2022 $0.46 $2.83 32.5% 2.48% $3.32 7 April 2028 1,102,000 1,102,000 10 May 2023 $0.84 $4.03 32.5% 4.73% $4.68 10 May 2029 1,303,000 1,303,000 20 March 2024 $0.67 $3.36 32.0% 5.10% $3.99 20 March 2030 1,854,000 2,350,000 27 March 2025 $0.43 $1.79 37.0% 5.11% $2.12 27 March 2031 3,617,000 4,350,000 27 March 2026 $0.57 $2.33 37.0% 4.95% $2.88 27 March 2032 2,875,000 – 11,981,000 10,800,001 The weighted average remaining contractual life of share options at 30 June 2026 was 3.9 years (2025: 4.3 years). The weighted average share price at the date of exercise of the share options exercised during the 2026 financial year was $2.90. No share options were exercised for the financial year ended 30 June 2025. The final exercise price payable for the share options granted in the 2024, 2025, and 2026 financial years will be calculated as the issue price multiplied by a cost of equity adjustment, less dividends paid in cash since the second anniversary of the grant date. 30. Share-based payments (continued) PERFORMANCE ABOUT US 110 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 30.2 Short-term incentive share scheme 2020 In the 2021 financial year, the Group introduced an equity-settled, share-based short-term retention plan in lieu of the cash based short-term incentive scheme for employees that are eligible per the terms of their employment. Under the 2020 Scheme, the Group receives services from employees as consideration for Share Options to purchase ordinary shares of Tourism Holdings Limited at a pre- determined exercise price. The fair value of the employee services received in exchange for the grant of the Share Options is recognised as an expense in the statement of comprehensive income, with a corresponding adjustment to the employee share scheme reserve. The total amount to be expensed is determined by reference to the fair value of the Share Options granted. Amounts accumulated in the employee share scheme reserve are transferred to share capital on the exercise of the Share Options, or to retained earnings where they are forfeited or not exercised after the vesting date. At the end of each reporting period, the Group revises its estimate of the number of Share Options that are expected to vest based on the non-market vesting conditions. It recognises the impact of the revision to original estimates, if any, in profit or loss in the statement of comprehensive income, with a corresponding adjustment to the employee share scheme reserve. The terms of the 2020 Scheme are contained in a document entitled the ‘Tourism Holdings Short-term Incentive Scheme 2020’ (Scheme 2020): • Share Options to purchase ordinary shares are issued to eligible employees by the Board. • The Share Option price is equal to the volume weighted average price of Tourism Holdings Limited ordinary shares over the 20 trading days leading up to the date on which the offer is provided. • 50% of the Share Options vest 12 months after the grant date, and the remaining 50% vest 24 months after the grant date. After the Share Options have vested, they can be exercised by the employee by giving notice to the Group. The Share Options lapse if not exercised by the employee within six years of the grant date. • The exercise price payable by the employee for the Share Options is the option price. • The participants holding Share Options have no interest in the ordinary shares that are the subject of the Share Options, until the Share Options are exercised and ordinary shares issued. • A valuation of the Share Options for accounting purposes is done by KPMG using the Binomial Option Pricing Model. The assessed value is charged to profit or loss in the statement of comprehensive income over the life of the option with a corresponding credit to the employee share scheme reserve. 30. Share-based payments (continued) PERFORMANCE ABOUT US 111 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) Inputs into the model include expected volatility which is based on the historic volatility of the Company’s share price, dividend yield and a risk-free interest rate based on New Zealand Government bonds. The inputs for measurement of grant date fair value and the number of unvested share options at the financial year end are as follows: Grant date Fair value at grant date Inputs for measurement of fair value at grant date 2026 No. of share options unvested 2025 No. of share options unvestedIssue price Expected volatility Risk free interest rate Exercise price at balance date Expiry date 5 July 2020 $0.59 $2.00 30.0% 0.42% n/a 5 July 2026 – 297,466 5 July 2021 $0.57 $2.52 40.0% 4.73% $2.55 5 July 2027 448,767 448,767 448,767 746,233 The weighted average remaining contractual life of share options at 30 June 2026 was 1.0 year (2025: 1.6 years). The weighted average share price at the date of exercise of the share options exercised during the 2026 financial year was $2.10. No share options were exercised in the financial year ended 30 June 2025. 30.3 Reconciliation of outstanding share scheme plans The following table summarises the movement and weighted average exercise prices of the share scheme plans during the financial year. Share scheme 2017 Share scheme 2020 Total share options No. of share options Weighted average exercise price No. of share options Weighted average exercise price Outstanding and exercisable as at 1 July 2024 8,051,001 $3.15 777,069 $2.34 8,828,070 Granted during the financial year 4,350,000 $2.19 – n/a 4,350,000 Forfeited or cancelled during the financial year (1,601,000) $4.18 (30,836) $2.55 (1,631,836) Outstanding and exercisable as at 30 June 2025 10,800,001 $3.05 746,233 $2.33 11,546,234 Granted during the financial year 2,875,000 $2.88 – n/a 2,875,000 Vested and converted during the financial year (100,001) $1.57 (297,466) $2.00 (397,467) Forfeited or cancelled during the financial year (1,594,000) $2.16 – n/a (1,594,000) Outstanding and exercisable as at 30 June 2026 11,981,000 $3.05 448,767 $2.55 12,429,767 During the 2026 financial year 2,875,000 share options (2025: 4,350,000) were granted at a total fair value of $1,639,000 (2025: $1,871,000). The share-based payment expense for all share schemes for the 2026 financial year was $1,338,000 (2025: $1,394,000) which is included in ‘Operating expenses’ in the consolidated statement of comprehensive income. 30. Share-based payments (continued) PERFORMANCE ABOUT US 112 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 31. Notes to the consolidated statement of cash flows 31.1 Reconciliation of cash flows from operating activities In accordance with NZ IAS 7 the Group classifies cash flows from the sale and purchase of rental assets as operating cash flows. Where the timing of receipts and payments is of a short-term nature, the cash flows are presented on a net basis. 2026 $000’s 2025 $000’s Profit/(loss) from continuing operations 39,901 (14,084) Non-cash items Depreciation and amortisation 117,001 105,890 Share-based payments expense 1,338 1,394 Net loss on disposal of property, plant and equipment 979 39 Impairment of property, plant and equipment 2,899 3,929 Impairment of trade and other receivables 641 426 Impairment of goodwill and other intangible assets 146 40,000 (Decrease)/increase in inventory provision (751) 3,102 Net gains on early termination of lease arrangements (174) (1,617) Fair value loss/(gain) on other financial assets 8 (62) Total non-cash items 122,087 153,101 Reclassification of cashflows associated with rental assets Net book value of rental assets sold 96,119 111,527 Purchase of rental assets (226,088) (286,718) Total cash flows associated with rental assets (129,969) (175,191) Change in operating assets and liabilities: Decrease in trade and other receivables 5,721 18,449 Decrease in inventories 35,330 56,218 Decrease in trade and other payables (13,573) (10,636) Decrease in employee benefits (1,086) (318) Increase in revenue in advance 839 10,808 Increase/(decrease) in provisions 1,947 (666) Decrease in current tax (5,225) (5,041) Movement in deferred tax 11,294 7,619 Total movement in operating assets and liabilities 35,247 76,433 Net cash flows from operating activities from continuing operations 67,266 40,259 31.2 Net debt reconciliation This section sets out an analysis of net debt and the movements in the net debt. 2026 $000’s 2025 $000’s Interest-bearing loans and borrowings, short-term (47,627) (41,053) Interest-bearing loans and borrowings, long-term (433,685) (500,117) Lease liabilities, short-term (22,851) (21,119) Lease liabilities, long-term (188,719) (197,306) Gross debt (692,882) (759,595) Cash at bank 46,369 49,738 Net debt (646,513) (709,857) 31.3 Changes in liabilities arising from financing activities Interest- bearing loans and borrowings $000’s lease liabilities $000’s Gross debt $000’s Balance as at 1 July 2024 502,672 147,488 650,160 Cash flows Proceeds 487,266 – 487,266 Repayments (449,087) (20,857) (469,944) Transaction costs (1,356) – (1,356) Non-cash movements Amortisation of deferred borrowing costs 679 – 679 Foreign exchange rate movements 996 (391) 605 Issues and modifications of lease liabilities – 92,185 92,185 Balance as at 30 June 2025 541,170 218,425 759,595 Cash flows Proceeds 245,179 – 245,179 Repayments (327,022) (20,841) (347,863) Transaction costs (217) – (217) Non-cash movements Amortisation of deferred borrowing costs 546 – 546 Foreign exchange rate movements 20,528 9,956 30,484 Issues and modifications of lease liabilities 1,128 4,030 5,158 Balance as at 30 June 2026 481,312 211,570 692,882 PERFORMANCE ABOUT US 113 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 32. Auditors’ remuneration The auditor of thl is Ernst & Young New Zealand (EY) 2026 $000’s 2025 $000’s Audit or review of financial statements Audit of financial statements 1,142 1,145 Review of interim financial statements 150 150 Total audit or review of financial statements provided by EY 1,292 1,295 Other assurance services Review over thl’s greenhouse gas emission inventory (reasonable assurance) 55 63 Compilation of consolidated special purpose financial statement for Tourism Holdings USA, Inc 9 9 Compilation of consolidated financial statement for CanaDream Corporation 7 8 Review over the sales extraction for reporting under the Hobart branch lease agreement (limited assurance) – 6 Total fees for services other than the audit or review of financial statements provided by EY 71 86 Total fees for services provided by EY 1,363 1,381 Fees for audit or review services incurred from non-EY firms Audit of subsidiary THL UK and Ireland Limited financial statements 92 110 Other fees paid to non-EY audit firms Tax services (tax compliance) – 64 Other agreed upon services 11 11 Total fees paid to non-EY firms for services other than the audit or review of financial statements 11 75 Total fees for services provided by non-EY firms 103 185 Audit or review of financial statements Audit of the financial statements provided by EY 1,142 1,145 Review of the financial statements provided by EY 150 150 Review of the financial report provided by non-EY firm 92 110 Total fees for the audit or review of financial statements 1,384 1,405 Services other than the audit or review of financial statements Total fees for services provided by EY 71 86 Total fees for services provided by non-EY firm 11 75 Total fees for services other than the audit or review of financial statements 82 161 PERFORMANCE ABOUT US 114 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Notes to the consolidated financial statements (continued) 33. Contingent liabilities Contingent liabilities are not recognised, but are disclosed in the consolidated financial statements, unless the possibility of settlement is remote, in which case no disclosure is made. If settlement becomes probable and the amount can be reliably estimated, a provision is recognised in the consolidated statement of financial position. At 30 June 2026, the Group had the following contingent liabilities as detailed below. Divestment of assets in United Kingdom & Ireland Rentals & Sales On 31 March 2026, the Group completed the sale of motorhome, inventory, and intellectual property assets held within the United Kingdom & Ireland Rentals & Sales operating segment to Indie Campers. As part of the Sale and Purchase Agreement, the Group has provided certain warranties and indemnities to Indie Campers, including a commitment to underwrite a minimum resale margin on the future sale of motorhomes transferred at completion (Guaranteed Margin Framework), together with other customary market protections. Under the Guaranteed Margin Framework, the Group is required to reimburse Indie Campers where the actual margin realised on resale falls below a guaranteed average margin of 15%, across the three years following completion. While historical realised margins in the UK have exceeded this level, the Group’s ultimate exposure is dependent on the future resale performance of the transferred assets. The Group has established governance and monitoring processes to oversee realised resale margins and manage potential exposure under this framework. Bank guarantees As at 30 June 2026, the Group has bank guarantees of $9.0 million in place (2025: $7.7 million). Predominantly these are in lieu of bonds paid relating to leased assets. 34. Subsequent events On 24 August 2026, the Directors approved a fully imputed, 10% partially franked final dividend of 7.5 cents per share payable on 2 October 2026. There are no other events after the reporting period which materially affect the information within the Group’s consolidated financial statements. PERFORMANCE ABOUT US 115 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS For the financial year ended 30 June 2026
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Independent Auditor’s Report Opinion We have audited the financial statements of Tourism Holdings Limited (the “Company”) and its subsidiaries (together the “Group”) on pages 69-115, which comprise the consolidated statement of financial position of the Group as at 30 June 2026, and the consolidated statement of comprehensive income, consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended of the Group, and the notes to the consolidated financial statements including material accounting policy information. In our opinion, the consolidated financial statements on pages 69-115 present fairly, in all material respects, the consolidated financial position of the Group as at 30 June 2026 and its consolidated financial performance and cash flows for the year then ended in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting Standards. This report is made solely to the Company’s shareholders, as a body. Our audit has been undertaken so that we might state to the Company’s shareholders those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s shareholders, as a body, for our audit work, for this report, or for the opinions we have formed. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (New Zealand). Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with Professional and Ethical Standard 1 International Code of Ethics for Assurance Practitioners (including International Independence Standards) (New Zealand) issued by the New Zealand Auditing and Assurance Standards Board as applicable to audits of financial statements of public interest entities. We have also fulfilled our other ethical responsibilities in accordance with Professional and Ethical Standard 1. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Ernst & Young provides financial statement compilation and other assurance related services to the Group. Partners and employees of our firm may deal with the Group on normal terms within the ordinary course of trading activities of the business of the Group. We have no other relationship with, or interest in, the Group. Key audit matters Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current year. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, but we do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled the responsibilities described in the Auditor’s responsibilities for the audit of the financial statements section of the audit report, including in relation to these matters. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the accompanying consolidated financial statements. Independent auditor’s report to the shareholders of Tourism Holdings Limited PERFORMANCE ABOUT US 116 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Independent Auditor’s Report (continued) Goodwill impairment assessments Why significant How our audit addressed the key audit matter As at 30 June 2026, the Group recorded goodwill of $122 million as set out in note 16 of the consolidated financial statements. Management estimates the recoverable amount of the Group’s cash-generating units (CGUs) using discounted cash flow (DCF) models. The impairment assessments require significant judgement in determining key assumptions, including forecast future cash flows, discount rates and terminal growth rates, as described in note 16.1 of the consolidated financial statements. A small change in these assumptions, individually or in combination, could have a significant impact on the recoverable amounts determined and may result in an impairment charge being recognised. We considered the impairment assessments of goodwill to be a key audit matter due to the magnitude of the goodwill balance and the inherent subjectivity involved in estimating recoverable amounts of the Group’s CGUs. In obtaining sufficient appropriate audit evidence, we: • obtained an understanding of the Group’s goodwill impairment assessment process, including the relevant controls over the preparation and review of the DCF models; • assessed the appropriateness of the Group’s determination of CGUs based on our understanding of the nature of the Group’s businesses; • compared forecast earnings to the CGUs’ FY27 Board-approved budget and considered FY28 and later forecasts in relation to historical performance and FY27 forecasts; • involved our internal valuation specialists to assess the appropriateness of the valuation methodology applied in the impairment assessments, evaluate the reasonableness of the discount rates and terminal growth rates, and benchmark the assessed recoverable amounts against relevant market multiples; • performed sensitivity analysis over discount rates, terminal growth rates and forecast future cash flows to assess the potential impact of changes in assumptions to the recoverable amounts; and • assessed the adequacy of the related financial statement disclosures in note 16, including disclosures regarding key assumptions and sensitivity analysis. PERFORMANCE ABOUT US 117 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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Independent Auditor’s Report (continued) Information other than the financial statements and auditor’s report The directors of the Company are responsible for the other information. The other information comprises the annual report, which includes the climate statement but does not include the consolidated financial statements and our auditor’s report thereon. Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon in this auditor’s report. We have issued a separate assurance report on certain elements of the climate statement as explained in that assurance report. In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. If, based upon the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Directors’ responsibilities for the financial statements The directors are responsible, on behalf of the entity, for the preparation and fair presentation of the consolidated financial statements in accordance with New Zealand Equivalents to International Financial Reporting Standards and International Financial Reporting Standards, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements, the directors are responsible for assessing on behalf of the entity the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or cease operations, or have no realistic alternative but to do so. Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with International Standards on Auditing (New Zealand) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements. A further description of the auditor’s responsibilities for the audit of the financial statements is located at the External Reporting Board’s website: https://www.xrb.govt.nz/ standards/assurance-standards/auditors-responsibilities/audit-report-1-1/ . This description forms part of our auditor’s report. The engagement partner on the audit resulting in this independent auditor’s report is Simon O’Connor. Chartered Accountants Auckland 25 August 2026 PERFORMANCE ABOUT US 118 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS FINANCIALS
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STRATEGY Corporate Governance 120 Remuneration 132 Board of Directors 145 Corporate Information 146 Global Footprint 147 PERFORMANCE ABOUT US 119 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALSGOVERNANCE
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CORPORATE GOVERNANCE Tourism Holdings Limited operates under a set of corporate governance principles designed to see that thl is effectively managed. The Board is committed to the continued development of thl’s corporate governance practices by reviewing and developing its corporate governance policies and monitoring developments to keep abreast of corporate governance best practice. thl’s corporate governance framework includes: • The constitution of thl , which describes the ‘rules’ under which the Company operates, including issue and other share transactions, distributions, shareholder meetings, Director appointment, remuneration and powers, and the conduct of Board and shareholder meetings. • The Board Charter and sub-committee charters, which set out the roles and responsibilities of the Directors. • The Code of Ethics, which outlines the standards of ethical behaviour expected of Directors, staff and contractors. • The Market Disclosure Policy, which outlines the policy around disclosure of company information, including the commitment to compliance with continuous disclosure requirements. • The Securities Trading Policy, which outlines policy and guidelines around trading in thl securities by Directors, officers and staff. • The Diversity Policy, which outlines the commitment to diversity in Board, Executive and staff appointments. • The Delegated Authority Policy, which outlines the delegation of authority by the Board to management, and the authorisation levels at which Board approval is required. thl’s governance practices have been reviewed against the recommendations of the NZX Corporate Governance Code, dated 31 March 2026 (‘Code’). The Board considers that the thl governance framework and practices for the year ended 30 June 2026 are in compliance with the recommendations of the Code. The information in this Governance Report is current as at 25 August 2026 and has been approved by the thl Board. thl’s corporate governance policies and charters are available on its website at www.thlonline.com. Principle 1 – Ethical standards “Directors should set high standards of ethical behaviour, model this behaviour and hold management accountable for these standards being followed throughout the organisation.” thl is committed to being a good corporate citizen. The Company expects Directors, employees and contractors to practise high ethical standards in the performance of their duties, to comply with all applicable laws and regulations, cooperate with all regulatory bodies and Government agencies, and use Company assets and resources only for the legitimate and ethical achievement of its objectives. thl has adopted a Code of Ethics which applies to all Directors, employees and contractors of thl to see that it maintains high ethical standards and reinforces thl ’s commitment to the community. The Code of Ethics addresses the areas of ethical business practices, insider trading, conflicts of interest and use of Company property, amongst other matters. The thl Code of Ethics is available at www. thlonline.com. thl undertakes frequent ethics training for leaders in the business. Securities Trading Policy thl has in place a formal Securities Trading Policy and guidelines which applies to all Directors, officers and employees of thl and its subsidiaries who intend to trade in thl listed securities. All individuals designated as “restricted persons” under the policy must notify thl of their intention to trade and obtain Board approval before trading in thl shares. Trading is prohibited during the following blackout periods, except in exceptional circumstances: • from 1 June each year until 48 hours after the release of thl ’s full year results; • from 1 December each year until 48 hours after the release of thl ’s half year results; and • from one week before thl ’s Annual General Meeting until 48 hours after the release of the meeting materials. PERFORMANCE ABOUT US 120 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Trading outside blackout periods is permitted, provided the restricted person confirms that they do not hold any material information and are not otherwise prohibited from trading. Any approved trading must be completed within 10 trading days of approval. Restricted persons are defined under the policy as: • all Directors; • the Chief Executive Officer (CEO); all members of the senior management team (being the C-suite executives, General Managers and equivalent roles) and their direct reports; • the administrative staff of the senior management team; • all employees in the finance department; • trusts and companies controlled by such persons; • anyone notified by the CFO or Company Secretary from time to time; and • anyone participating in the Long-Term Incentive Scheme. The thl Securities Trading Policy is available at www. thlonline.com. Principle 2 – Board composition and performance “To ensure an effective Board, there should be a balance of independence, skills, knowledge, experience and perspectives.” Board skills and expertise thl’s Board is comprised of Directors who have a mix of skills, knowledge, experience and diversity to adequately meet and discharge its responsibilities and to add value to the Company through efficient and effective governance and leadership. The current Directors have a varied and balanced mix of skills, including extensive operational experience, knowledge of the tourism industry, as well as extensive experience in capital markets, growth and global transactions. The Board skills matrix table outlines the key skills that are considered most relevant to effectively fulfilling the Board’s current objectives. Capability Cathy Quinn Robert Baker Robert Hamilton Sophie Mitchell Barbara Chapman Grant Webster Number of Directors ● ● ● Public company corporate governance experience ● ● ● ● ● ● 6 0 0 Financial and audit oversight including expertise in treasury, funding & debt management ● ● ● ● ● ● 4 2 0 Legal and regulatory expertise ● ● ● ● ● ● 1 4 1 Tourism industry experience ● ● ● ● ● ● 2 3 1 Manufacturing industry experience ● ● ● ● ● ● 1 3 2 Rental Automotive industry experience ● ● ● ● ● ● 1 4 1 Retail Automotive industry experience ● ● ● ● ● ● 1 1 4 Risk management experience ● ● ● ● ● ● 5 1 0 HR/People leadership including executive remuneration ● ● ● ● ● ● 3 3 0 Experience in development, innovation and execution of growth and change strategies ● ● ● ● ● ● 3 3 0 Investment banking, capital markets and M&A transaction experience ● ● ● ● ● ● 4 2 0 Experience in managing/ governing operations across multiple countries ● ● ● ● ● ● 4 2 0 Business leadership experience in international markets where thl operates ● ● ● ● ● ● 1 0 5 C-suite executive level experience ● ● ● ● ● ● 4 1 1 Health and safety governance/ management experience ● ● ● ● ● ● 2 4 0 Experience in managing/governing ESG/ sustainability frameworks ● ● ● ● ● ● 1 5 0 Digital transformation experience ● ● ● ● ● ● 2 2 2 Customer service experience ● ● ● ● ● ● 2 4 0 ● (Highly Competent) = extensive experience, including serving as a key resource and advising others. ● (Competent) = a complete understanding and experience in practical application. ● (Aware) = a fundamental understanding and knowledge of an area. Individual Director profiles are set out in the Board of Directors section. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 121 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Roles and Responsibilities of the Board The Board is committed to managing thl in an ethical and professional manner, and in the best interests of the Company and its shareholders. thl has a Board Charter, available on its website, which amongst other matters sets out the specific responsibilities of the Board, including the following: • Oversight of thl, including its control and accountability procedures and systems; • Appointment, performance and removal of the Chief Executive Officer; • Confirmation of the appointment and removal of the senior executives (being the C-Suite executives, General Managers and equivalent roles); • Approval of remuneration decisions regarding the CEO, the CFO and senior executives; • Adoption of thl’s remuneration policy; • Overseeing the development, adoption and communication of the corporate strategy and objectives and oversight of the adequacy of thl ’s resources required to achieve the strategic objectives; • Approval of and monitoring of actual results against the annual business plan and budget (including the capital expenditure plan); • Approval and monitoring of the progress of capital expenditures, capital management initiatives, and acquisitions and divestments; • Overseeing accounting and reporting systems and thl ’s compliance with its continuous disclosure obligations; • Approval of the annual and half-year financial statements; • Setting measurable objectives for achieving diversity with the organisation; and • Seeing that thl has in place the appropriate protocols to be followed in the case of a takeover. Management is responsible for implementing the strategic objectives set by the Board. The Board maintains a formal set of delegated authorities (including a Delegated Authorities Policy) clearly defining responsibilities delegated to management and those retained by the Board. The Delegated Authorities Policy is approved by the Board and is subject to annual review by the Board. Board performance evaluation and training The Board’s performance is reviewed annually by the Chair, with an externally facilitated review undertaken every second year. Board Committees periodically assess their effectiveness against their respective Charters. The Remuneration Committee oversees director development and continuing education to see that Directors remain current on matters relevant to their roles and responsibilities. Director appointment and nomination The appointment and retirement of Directors are governed by thl ’s Constitution and Board Charter. In accordance with the NZX Listing Rules, a Director must not hold office, without re-election, beyond the later of three years or the third Annual Meeting following their appointment. Consistent with these requirements, Cathy Quinn, Rob Baker, Sophie Mitchell and Grant Webster will retire and stand for re-election at the 2026 Annual Meeting. Having been appointed by the Board since the last Annual Meeting, Barbara Chapman will also retire and stand for election at the 2026 Annual Meeting. The process for the nomination of Directors is set out in the Nominations Committee Charter. The Nominations Committee is responsible for identifying and assessing the necessary and desirable competencies and characteristics for Board membership and maintaining a skills matrix setting out the mix of skills and diversity that the Board currently has or is looking to achieve in its membership. thl has entered into a written agreement with each of its Directors setting out the terms of their appointment. thl ’s terms of appointment for Directors are set out at Schedule 1 of the thl Board Charter. The thl Board Charter is available at www. thlonline.com. Director independence The criteria to determine whether Directors are independent is set out in the Board Charter which includes the factors set out in the NZX Corporate Governance Code (as required under the NZX Listing Rules). All the Directors holding office on 30 June 2026, with the exception of Grant Webster, are considered to be independent, considering the factors noted above. Directors are required to inform the Board of any relevant information that may impact independence. The Nominations Committee reviews the independence of Directors on behalf of the Board. Board Diversity Policy The thl Diversity Policy endorses and supports diversity in Board, Executive and staff appointments, encompassing differences including but not limited to gender, ethnicity, race, marital status, sexual orientation, age, employment status, religious belief, ethical belief or political opinion. When making appointments, the Board and management are committed to considering diversity as well as the mix of skills and experience needed to expand the perspective and capability of the Board and the management team as a whole. The thl Diversity Policy is available at www. thlonline.com. It requires the Board to consider the diversity position of thl annually and whether to set any measurable objectives, which may be numerical and non-numerical. Information regarding thl ’s current female representation and Board approved gender objectives, and Board commentary on progress against those objectives, can be found on page 60. Diversity is considered in several thl future-fit goals within our Thrive sustainability programme which aims to support our crew, building a healthy culture and cultural capability across thl globally. The Board considers that it currently has the appropriate mix of skills, experience and diversity to fulfil its responsibilities under the NZX Listing Rules and the thl Diversity Policy. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 122 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Principle 3 – Board Committees “The Board should use Committees where this will enhance its effectiveness in key areas, while still retaining Board responsibility.” There are four standing Committees described below, each of which operates under a written charter. The performance of the standing Committees is reviewed periodically against the Charters. Each Committee is authorised to deal with matters as set out in its Charter or falling within its mandate. Where the Board has delegated decision-making authority to a Committee, that Committee is entitled to make decisions on such matters, otherwise the Committee is to submit recommendations to the Board for consideration. From time to time, the Board delegates specific matters to the appropriate Committee in order to ensure that a detailed review and analysis is undertaken. The Committee then reports back to the Board regarding their findings and recommendations. The Audit and Risk Committee The Audit and Risk Committee is comprised solely of Non-Executive Directors of the Board, a majority of whom must be independent Directors. The Chair of the Audit and Risk Committee must not be the Chair of the Board and must be an independent Director. The Committee meets a minimum of four times each year. The Audit and Risk Committee has oversight of and assists the Board to fulfil its responsibilities in the areas of financial and climate reporting, financial risk management and controls, audit functions and enterprise risk management. thl employees are able to attend Audit and Risk Committee meetings from time to time by invitation from the Committee. The Audit and Risk Committee oversees thl ’s internal audit work programme based on thl ’s risk management framework. An internal audit work plan is developed each year, with internal audit assignments completed by the internal finance function, with external support as required. The current composition of the Audit and Risk Committee is Rob Hamilton (Chair), Cathy Quinn, Robert Baker, Barbara Chapman and Sophie Mitchell. The thl Audit and Risk Committee Charter is available at www. thlonline.com. Remuneration Committee The Remuneration Committee must be comprised solely of Independent Non-Executive Directors and have at least three members. The Committee meets a minimum of two times each year. The Remuneration Committee supports the Board by overseeing thl ’s remuneration framework and making recommendations on the remuneration, incentives and performance measures for the CEO, executive team and directors. It also assists the Board to see that remuneration practices align with the Company’s strategy, support long-term shareholder value and are consistent with good governance and regulatory requirements. The current composition of the Remuneration Committee is Sophie Mitchell (Chair), Cathy Quinn, Barbara Chapman and Rob Hamilton. Management may attend Committee meetings by invitation only. The thl Remuneration Committee Charter is available at www.thlonline.com. Nominations Committee The Nomination Committee must be comprised solely of Independent Non-Executive Directors and have at least three members, including the Chair of the Board and one of Board Committee Chair. The Committee meets as required. The Nomination Committee supports the Board by overseeing Board composition, succession planning and director appointments, and making recommendations on the size, structure, skills, diversity and effectiveness of the Board and its Committees. It also assists the Board to ensure an appropriate balance of skills, experience and independence is maintained to support thl’s strategy and long-term success. The current composition of the Nomination Committee is Cathy Quinn (Chair), Rob Hamilton and Sophie Mitchell. Management attend Committee meetings by invitation. The thl Nomination Committee Charter is available at www. thlonline.com. Health, Safety and Sustainability Committee The Health, Safety and Sustainability Committee must be comprised of at least two Non- Executive Directors of the Board. The Committee supports the Board and management on sustainability policies and practices and employee health, safety and wellbeing matters. The Committee meets a minimum of three times each year and as required. The current composition of the Health, Safety and Sustainability Committee is Robert Baker (Chair), Cathy Quinn and Barbara Chapman. The thl Health, Safety and Sustainability Committee Charter is available at www. thlonline.com. Market Disclosure Committee The Market Disclosure Committee is comprised of Cathy Quinn, Rob Hamilton and Sophie Mitchell. Also in attendance are Grant Webster (Chief Executive Officer), Ollie Farnsworth (Chief Financial Officer) and Amir Ansari (GM – Investor Relations / Company Secretary). The Committee monitors compliance with the Group’s Market Disclosure Policy which covers compliance with NZX Listing Rules, ASX Listing Rules (to the extent applicable), the Companies Act 1993, the Financial Markets Conduct Act 2013 and other guidelines issued by the Financial Markets Authority and the NZX. The Committee meets if required outside of normal Board meetings to approve market disclosures. The thl Market Disclosure Policy, which also sets out the roles and responsibilities of the Market Disclosure Committee, is available at www. thlonline.com. Other Committees The thl Board establishes other temporary Committees from time to time when required for a specific purpose. This includes Committees for the governance of capital raising processes or for the progression of acquisition opportunities. Membership of these Committees is assessed on a case-by-case basis. 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Takeover protocols thl has a written protocol that describes the process to be followed in the event of a takeover offer. The protocol includes the appointment of a sub-Committee of independent Directors. In June 2025, the thl Board established a Takeover Committee comprising of Cathy Quinn (Chair), Rob Hamilton and Sophie Mitchell, to oversee the process relating to the non-binding indicative offer from the consortium of BGH Capital and the Trouchet family interests. The Committee continues to oversee and manage thl’s response to the two takeover approaches currently under consideration. Principle 4 – Reporting and disclosure “The Board should demand integrity in financial and non-financial reporting, and in the timeliness and balance of corporate disclosures.” The Board is committed to seeing that shareholders and the market are provided with complete and timely information about the activities of the business to allow proper accountability between thl and shareholders, employees and other stakeholders. The Board has overall responsibility for the integrity of thl ’s reporting and disclosure. Continuous disclosure thl’s obligations under the NZX Listing Rules require it to advise the market about any material events promptly and without delay once the Company becomes aware of such information. As an entity with a foreign exempt listing on ASX, such information is also required to be released to ASX when released to NZX. The Board has in place a Market Disclosure Policy to see that the Company is able to comply with its continuous disclosure obligations. The Market Disclosure Policy contains a procedure for the escalation of potential material information to the Market Disclosure Committee, in order to allow the Committee to determine whether the information is material and whether an announcement is required. The Market Disclosure Policy is provided to all thl staff and is also available on www.thlonline.com. Additionally, thl periodically provides training regarding its continuous disclosure obligations to all staff, sends reminders of thl ’s Market Disclosure Policy and information escalation procedures, and monitors compliance on an ongoing basis. Financial reporting The Audit and Risk Committee is responsible to the thl Board in relation to financial reporting. It reviews the interim and annual financial statements and reports to the Board regarding compliance with relevant laws and recognised accounting policies. It is also responsible for seeing that thl retains accurate financial and accounting records, and that all financial reporting is done in an accurate and timely manner. Non-financial reporting thl has adopted the internationally recognised International Integrated Reporting <IR> Framework so that its disclosure of non-financial reporting is balanced, transparent, connected to the financial, social and environmental performance, and easily comparable to other companies. Following upcoming legislative changes, thl will no longer be a climate-reporting entity under New Zealand’s mandatory climate-related disclosure regime. The NZX granted a waiver from the requirement for affected entities’ annual reports to contain a copy of climate statements, and the Financial Markets Authority granted ‘no-action’ relief during the period until the legislative change takes effect. Notwithstanding this, thl remains committed to transparent reporting of climate-related matters and continues to disclose its FY26 carbon footprint and other sustainability-related disclosures, on a voluntary basis, within this Integrated Annual Report. The Board retains overall oversight of climate-related risks, opportunities and sustainability matters, with support from the Audit and Risk Committee as part of its broader risk governance responsibilities. Principle 5 – Remuneration “The remuneration of Directors and Executives should be transparent, fair and reasonable.” thl is committed to a fair and transparent approach to remuneration that aligns remuneration outcomes with business performance and the achievement of strategic objectives. The principles and framework that guide thl ’s remuneration practices are set out in the thl Remuneration Policy, which is overseen by the Remuneration Committee. Further information on thl ’s remuneration practices and disclosures is provided in the Remuneration Report on page 132. The thl Remuneration Policy is available on thl ’s website at www. thlonline.com. Principle 6 – Risk management “Directors should have a sound understanding of the material risks faced by the issuer and how to manage them. The Board should regularly verify that the issuer has appropriate processes that identify and manage potential and material risks.” thl maintains an Enterprise Risk Management (ERM) framework to support the identification, assessment, monitoring and management of material risks across the business. The Board has ultimate responsibility for oversight of thl ’s risk management framework, with ongoing monitoring and review delegated to the Audit and Risk Committee, which reports to the Board on significant risks and matters requiring further consideration or response. Enterprise risk management The Audit and Risk Committee assists the Board by overseeing thl ’s approach to enterprise risk management, including the maintenance of the risk register and monitoring of risk mitigation and contingency plans. Management is responsible for maintaining the risk register, assessing emerging and existing risks, and reporting regularly to the Committee. The Committee undertakes a comprehensive review of thl’s principal risks at least twice each year. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 124 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Management continually monitors the risk environment to identify emerging risks and changes in the nature or significance of existing risks. Further information on thl ’s principal risks is provided on page 62-66. Financial risk management The Audit and Risk Committee also oversees the effectiveness of thl ’s systems of internal control and financial risk management. This includes reviewing the Company’s risk management framework, key policies and controls, and the processes in place to safeguard thl’s assets. The Committee also reviews thl ’s insurance programme to see that appropriate coverage is maintained in support of the business and its risk profile. Health and safety The Health, Safety and Sustainability Committee assists the Board by overseeing matters relating to occupational health and safety, employee wellbeing, and sustainability across the Group, and regularly reports to the Board on these matters. The Committee works closely with Management to identify, assess and monitor workplace hazards and to see that appropriate health and safety policies, procedures and controls are in place and effectively implemented throughout the business. Management provides regular reporting to the Board and the Committee on health and safety performance, including significant incidents and corrective actions taken to prevent recurrence. Principle 7 – Auditors “The Board should ensure the quality and independence of the external audit process.” The Audit and Risk Committee is responsible for recommending the appointment and removal of the external auditor, monitoring auditor independence, and overseeing the effectiveness of both the external audit and internal assurance functions. The Committee maintains close oversight of thl ’s relationship with the external auditor, including: • The rotation of the external auditor or lead partner and peer review partner at least every five years; • Obtaining confirmation of the auditor’s independence in writing; • Monitoring and approving any other services provided by the external auditor to thl other than in its audit role; and • Monitoring total non-audit fees. The Audit and Risk Committee Charter sets out the categories of services that the external auditor is prohibited from providing to thl to safeguard auditor independence and objectivity. thl’s current external auditor is EY New Zealand, which was appointed in October 2023. In accordance with the Board Charter, EY New Zealand will attend the 2026 Annual Meeting and be available to answer shareholder questions regarding the conduct of the audit and the preparation and content of the auditor’s report. The Audit and Risk Committee, management and EY maintain regular engagement throughout the year. EY also attends Audit and Risk Committee meetings by invitation and meets with the Committee without management present, as appropriate. thl maintains an internal audit function operating under an annual audit plan aligned to the Company’s risk management framework. The Audit and Risk Committee reviews reports from the internal audit function and monitors management’s implementation of agreed actions and recommendations. Principle 8 – Shareholder rights and relations “The Board should respect the rights of shareholders and foster constructive relationships with shareholders that encourage them to engage with the issuer.” Access to information The Board aims to ensure that shareholders have timely and convenient access to information about thl ’s operations, performance and developments. thl makes available on its website information about its businesses, annual and interim reports, market announcements, shareholder communications and key corporate governance documents. Shareholders may elect to receive communications electronically through thl ’s share registrar, MUFG Corporate Markets. thl encourages shareholders to use electronic communications where practicable to reduce paper consumption and waste. Profiles of thl’s Directors and members of the Executive team are available on the thl website. Annual Meetings The Board encourages shareholders and stakeholders to attend and participate in Annual Meetings. The Board aims to have all Directors, together with the Chief Executive Officer, Chief Financial Officer and Company Secretary, in attendance and available to respond to shareholder questions. Notice of the Annual Meeting is provided to shareholders and posted on thl ’s website as early as practicable and in accordance with applicable legal and NZX requirements. thl seeks to maximise shareholder participation by offering hybrid meeting arrangements where practicable. Shareholders are able to attend either in person or online, with online participants able to submit questions and vote during the meeting. Recordings of Annual Meetings are made available on the thl website following the event. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 125 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Board composition Under thl’s Constitution, the Board must comprise no fewer than three and no more than ten Directors. As at 30 June 2026, the Board comprised six Directors, consisting of five Independent Non-Executive Directors and one Executive Director. Director Roles Director Since Independence Cathy Quinn Chair: Board, Nomination Committee, Market Disclosure Committee Member: Audit and Risk Committee, Remuneration Committee, Health, Safety and Sustainability Committee September 2017 Independent Director Rob Baker Chair: Health, Safety and Sustainability Committee Member: Audit and Risk Committee November 2022 Independent Director Barbara Chapman Member: Audit and Risk Committee, Remuneration Committee, Health, Safety and Sustainability Committee May 2026 Independent Director Rob Hamilton Chair: Audit and Risk Committee Member: Remuneration Committee, Nomination Committee, Market Disclosure Committee February 2019 Independent Director Sophie Mitchell Chair: Remuneration Committee Member: Audit and Risk Committee, Nomination Committee, Market Disclosure Committee November 2022 Independent Director Grant Webster Chief Executive Officer and Managing Director November 2022 Non- Independent Executive Director Note: Luke Trouchet resigned from the Board in March 2026. Gráinne Troute resigned from the Board in May 2026. Table of Board attendance Director Board Audit and Risk Committee Remuneration Committee Nomination Committee1 Health, Safety and Sustainability Committee Market Disclosure Committee Takeover Committee Cathy Quinn 21 10 4 1 5 3 6 Rob Baker 21 10 0 0 5 0 0 Barbara Chapman2 6 0 1 0 0 1 0 Rob Hamilton 21 10 4 1 1 3 6 Sophie Mitchell 20 10 4 1 1 3 6 Luke Trouchet3 5 0 0 0 0 0 0 Gráinne Troute4 13 4 3 1 5 0 0 Grant Webster 21 10 4 1 5 3 6 Total meetings held 21 10 4 1 5 3 6 1 In December 2025 the Remuneration and Nomination Committee was split into two separate committees, being the Remuneration Committee and the Nomination Committee. Attendances prior to that date are included within Remuneration Committee attendance figures. 2 Appointed May 2026. 3 Resigned March 2026. Luke Trouchet’s involvement in Board activities were limited in accordance with protocols implemented in June 2025 due to Luke’s involvement with the non-binding offer received from the consortium of BGH Capital and Trouchet family shareholders. 4 Resigned May 2026. Note: Orange-coloured cells indicate that the Director is a member of that Committee. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 126 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Director and Officer gender composition As at 30 June 2026, being the balance date, thl ’s Director and Officer gender composition was as follows: 2026 2025 Male Female Gender Diverse Male Female Gender Diverse Directors 3 (50%) 3 (50%) 0 (0%) 4 (57%) 3 (43%) 0 (0%) Officers1 4 (67%) 2 (33%) 0 (0%) 6 (66%) 3 (33%) 0 (0%) Executive team2 5 (50%) 5 (50%) 0 (0%) 7 (58%) 5 (42%) 0 (0%) 1 Officers are defined in accordance with the NZX Listing Rules and therefore limited to management reporting to the Board or the Chief Executive Officer (being a person who reports to the Board). The Managing Director / Chief Executive Officer is included in both categories. 2 The thl Executive team comprises thl ’s C-suite leaders, as detailed on www. thlonline.com/about/executiveteam . Use of company information No disclosures were made of information disclosures under s145(2) and s145(3) of the Companies Act 1993. Directors’ shareholdings As at 30 June 2026, Directors had relevant interests in ordinary shares in thl as set out below. There is no requirement for thl Directors to own shares in thl. Director Interest Shares Cathy Quinn Beneficial 57,167 Rob Baker Legal and beneficial 43,405 Barbara Chapman N/A 0 Rob Hamilton Legal and beneficial 60,796 Sophie Mitchell Beneficial 73,032 Grant Webster1 Legal and beneficial 2,867,160 1 Refer to the Remuneration Report for details of various convertible securities owned by Grant Webster. Directors’ share dealings Details of the Directors’ acquisitions and disposals of relevant interests during the financial year ending 30 June 2026 in the ordinary equity securities issued by the Company are as follows: Director Nature of relevant interest Date of transaction Number of securities acquired/ (disposed) Consideration Cathy Quinn No acquisitions or disposals during the financial year Rob Baker No acquisitions or disposals during the financial year Barbara Chapman1 No acquisitions or disposals during the financial year Rob Hamilton No acquisitions or disposals during the financial year Sophie Mitchell No acquisitions or disposals during the financial year Luke Trouchet2 No acquisitions or disposals during the financial year Gráinne Troute3 No acquisitions or disposals during the financial year Grant Webster Legal and Beneficial owner 30 June 2026 229,054 Acquired Ordinary Shares on the conversion of Retention Share Options at an exercise price of $2.00 per Retention Share Option 1 Barbara Chapman was appointed as a Director in May 2026. 2 Luke Trouchet resigned as a Director in March 2026. 3 Gráinne Troute resigned as a Director in May 2026. Additionally, in respect of Luke Trouchet, On 14 June 2025, BGH Capital and family interests associated with Luke and Karl Trouchet (Trouchet Shareholders) entered into a Co-Operation and Exclusivity Agreement. Under the Co-operation Agreement the parties agreed to work together to consider and, if applicable, negotiate and implement the potential acquisition by BGH Capital of all or a substantial part of the ordinary shares in thl or thl’s assets and business by way of a takeover offer under the Takeovers Code, a scheme of arrangement under Part 15 of the Companies Act 1993, or other transaction structure. COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 127 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Under the original Co-operation Agreement, the Trouchet Shareholders agreed not to sell their shares during the term of the Co-operation Agreement without the prior written consent of BGH Capital (and in certain other limited circumstances). The original Co- operation Agreement terminated on the earlier to occur of (i) 14 December 2025, (ii) the date on which a scheme implementation agreement is entered into, and (iii) the date the independent directors of thl unanimously recommend to thl shareholders that they accept a takeover offer under the Takeovers Code, or earlier by agreement in writing between BGH Capital and the Trouchet Shareholders. BGH Capital and the Trouchet Shareholders entered into three variation letters in December 2025 and June 2026 to extend the exclusivity period under the Co-operation Agreement. As a result, the termination date referred to in limb (i) was successively extended from 14 December 2025 to 14 June 2026, then to 14 September 2026, and subsequently to 31 March 2027. A change in the nature of the Trouchet Shareholders’ (and therefore Luke Trouchet’s) relevant interest has arisen as there is a qualification on the Trouchet Shareholders’ power to control the disposal of any of the shares held by the Trouchet Shareholders pursuant to the terms of the Co-operation Agreement. The relevant interests in the above shares are as disclosed in the Directors’ shareholdings section. Substantial product holders The following information is provided in compliance with section 293 of the Financial Markets Conduct Act 2013 and records Substantial Product Holder notices as at 30 June 2026. As at 30 June 2026, the total number of voting securities on issue was 221,495,535. Shareholder Number of Ordinary Shares in which a relevant interest was held Percentage % Date of Release 5382917 Limited (BGH Capital)1 44,197,503 19.990% 26 June 2026 Barmil Enterprises Pty Ltd as trustee for Lurk Investment Trust, Eastglo Pty Ltd as trustee for the Trouchet Super Fund and KRLG Pty Ltd as trustee for the KL Trust (the Trouchet Shareholders) 26,079,549 11.795% 26 June 2026 ANZ New Zealand Investments Limited, ANZ Bank New Zealand and ANZ Custodial Services New Zealand Limited 18,535,149 8.383% 17 June 2025 Accident Compensation Corporation2 18,163,858 8.215% 28 January 2026 1 Relevant interest comprises ownership of 18,117,954 Ordinary Shares as registered holder and beneficial owner, together with a conditional power to control the disposal of a further 26,079,549 Ordinary Shares held by the Trouchet Shareholders. For the avoidance of doubt, this holding overlaps with the Trouchet Shareholders holding and should not be aggregated, as the shares disclosed by the Trouchet Shareholders form part of the 26,079,549 Ordinary Shares referred to in this footnote. 2 Following 30 June 2026, an SPH Notice was received on 27 July 2026 advising that the relevant interest in Ordinary Shares had increased to 20,718,252 shares (9.354%). Spread of shareholders The ordinary shares of Tourism Holdings Limited are listed on the NZX Main Board and the Official List of the ASX under a foreign exempt listing. The table below shows the spread of shareholders as at 30 June 2026. The shareholding of New Zealand Central Securities Depository Limited (NZCSD) has been reallocated to the applicable members of NZCSD. Size of Holdings Number of Holders Number of Shares Held % of Total Issued Shares 1 – 1,000 1,960 925,800 0.42% 1,001 – 5,000 2,717 7,172,033 3.24% 5,001 – 10,000 880 6,394,198 2.89% 10,001 – 50,000 811 16,224,090 7.32% 50,001 – 100,000 93 6,583,347 2.97% 100,001 and over 76 184,196,057 83.16% Total 6,537 221,495,535 100% . COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 128 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Twenty largest shareholders As at 30 June 2026 Number of Ordinary Shares % of Total Issued Shares 1 Bnp Paribas Nominees NZ Limited 31,477,519 14.21% 2 Barmil Enterprises Pty Ltd 25,653,539 11.58% 3 HSBC Nominees (New Zealand) Limited 21,511,918 9.71% 4 Accident Compensation Corporation 18,415,019 8.31% 5 Custodial Services Limited 18,147,837 8.19% 6 New Zealand Superannuation Fund Nominees Limited 6,495,681 2.93% 7 New Zealand Depository Nominee 5,434,652 2.45% 8 Hantec Securities Company Limited 5,145,583 2.32% 9 J P Morgan Nominees Australia Pty Limited 4,059,591 1.83% 10 Forsyth Barr Custodians Limited 3,611,888 1.63% 11 Apex Custodian Nominees 3,458,653 1.56% 12 Alpine Bird Manufacturing Limited 3,260,870 1.47% 13 Mirrabooka Investments Limited 2,966,894 1.34% 14 Custodial Services Limited 2,800,274 1.26% 15 FNZ Custodians Limited 2,538,196 1.15% 16 Pt Booster Investments Nominees Limited 2,326,814 1.05% 17 Grant Gareth Webster & Stephen David Webster1 2,246,518 1.01% 18 JPMORGAN Chase Bank 1,721,364 0.78% 19 Nicole Tonnile Edgerton & Presley Tonnile Trustee Limited 1,655,413 0.75% 20 Citibank Nominees (Nz) Ltd 1,626,385 0.73% Total 164,554,608 74.26% 1 Holding beneficially owned by Grant Webster. Refer to Directors’ shareholdings section. The shareholding of New Zealand Central Securities Depository Limited (NZCSD) has been reallocated to the applicable members of NZCSD. General notice of Directors’ interest Directors have made general disclosures of interests in accordance with s140(2) of the Companies Act. Current interests as at 30 June 2026, and those which ceased during the year, are tabled below. New disclosures advised during the financial year are italicised. Cathy Quinn Fertility Associates Holdings Limited Chair – resignation advised April 2026 Fletcher Building Industries Limited Director Fletcher Building Limited Director Fonterra Co-operative Group Limited Director MinterEllisonRuddWatts Consultant Rangatira Limited Director University of Auckland Council Member New Zealand Experience Limited Director Rainbow’s End Theme Park Limited Director Robert Baker Flight Centre Travel Group Limited Director Gathid Limited Chair Goodman Private Wealth Ltd Director Ozcare Chair – advised June 2026 Robert is a retired partner of PwC Australia and receives an annual post- retirement payment in accordance with the Partnership Agreement he was party to. PwC Australia is a separate entity to PwC New Zealand, who were previously engaged as thl’s external auditor. Robert has no past or present relationship with PwC New Zealand Barbara Chapman Genesis Energy Limited Chair – advised May 2026 Bank of New Zealand Director – advised May 2026 The New Zealand Initiative Deputy Chair – advised May 2026 Rob Hamilton Auckland Grammar School Foundation Trust Chair Cyprus Enterprises Limited Director Mercury NZ Limited Director Oceania Healthcare Limited Director Kamari Consulting Limited Director and Shareholder Meadow Mushrooms Limited Director Stelvio Consulting Limited Director and Shareholder Westpac New Zealand Limited Director COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 129 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Sophie Mitchell Corporate Travel Management Limited Director Firstmac Limited Director Morgans Foundation Limited Director Morgans Holdings (Australia) Limited Director Myer Family Investments Limited Director Grant Webster Les Mills Holdings Limited Chair Grant is a Director of thl subsidiaries as listed on this page. Interests of former Directors who ceased office during the financial year ending 30 June 2026 are tabled below and represents interests disclosed up to the date that each Director ceased holding office. Luke Trouchet Barmil Enterprises Pty Ltd Director Eastglo Pty Ltd Director LGT Holdings Pty Ltd Director Salamanda Travel Pty Ltd Director Camp Stay Holding Pty Ltd Director Camp Stay Pty Ltd Director Jamonji Pty Ltd Director Jamonji Corp Pty Ltd Director KRLG Pty Ltd Director RV Boss Pty Ltd Director Caravans Away Pty Ltd Director Orange Ninja Pty Ltd Director Luke was a Director of thl subsidiaries as listed on page 130. Gráinne Troute Investore Property Limited Director Summerset Group Holdings Limited Director Duncan Cotterill Board Member New Zealand Automotive Association (Inc) Director – advised September 2025 NZX Waivers On 27 February 2017 thl obtained a waiver from NZXR from Rule 8.1.7 (which ensures that options may not be subsequently amended by an issuer in a manner that is detrimental to the interests of the holders of the underlying Equity Securities). The waiver was granted to the extent that the Rule would otherwise prevent the issue of options under thl ’s long-term incentive scheme for senior executives, introduced in 2017. The ruling allows for a formula to be used for the exercise price of the options that will result in a fluctuating exercise price. On 22 May 2019 thl obtained a waiver from NZXR from Listing Rule 6.5.2 under the revised NZX Listing Rules. This waiver re-documented the existing waiver received on 27 February 2017 in respect of Rule 8.1.7 under the former NZX Listing Rules. In April 2024, thl relied on this waiver in the issuance of new options under its long-term incentive scheme. Directors’ loans There were no loans by the Group to Directors. Donations In accordance with section 211(1)(h) of the Companies Act 1993, thl records that it donated $46,733 during the year ended 30 June 2026. No donations were made to any political parties. Directors’ insurance The Group has arranged insurance cover and provided deeds of indemnity for Directors’ and Officers’ liability. Auditor In accordance with section 207T of the Companies Act 1993, EY New Zealand are appointed as the Group’s auditors. Auditors’ remuneration is detailed in note 31 to the financial statements. Subsidiary companies During the financial year ending 30 June 2026, the Directors of thl ’s subsidiary companies were as follows. No Director of any subsidiary received any Director’s fees or other benefits except as an employee. The remuneration and other benefits of such employees, received as employees, are included in the relevant bandings for remuneration disclosed under Employee Remuneration on page 142. 1 thl Motorhomes Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 2 Waitomo Caves Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 3 Waitomo Caves Holdings Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 4 TH2connect GP Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 5 thl Properties NZ Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 6 Action Manufacturing Group GP Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 7 Road Bear NZ Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 8 Apollo Motorhome Holidays Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 9 Talvor Motorhomes Limited Grant Webster, Ollie Farnsworth (appointed Oct 25) 10 Maui Rentals Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 11 Outdoria Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 12 The Green Bus Company Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 130 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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13 thl Oz Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 14 thl Group (Australia) Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 15 Tourism Holdings Australia Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 16 World Travel Headquarters Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 17 Tourism Holdings Rental Vehicles Pty Limited Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 18 Apollo Tourism & Leisure Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 19 Apollo Motorhome Ultimate Holdings Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 20 Apollo Motorhome Holdings (Aus) Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 21 Cheapa Campa Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 22 G R L Enterprises Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 23 Talvor Motorhomes Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 24 Apollo Motorhome Holidays Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 25 Apollo Motorhome Industries Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 26 Hippie Camper Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 27 Sydney RV Group Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 28 Apollo Investments Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 29 Apollo RV West Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 30 AMH Products Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 31 Apollo RV Service & Repair Centre Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 32 Apollo Finance Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 33 Winnebago RV Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 34 Apollo Motorhome Holdings (NZ) Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 35 thl RV Sales Adelaide Pty Ltd Grant Webster, Ollie Farnsworth (appointed Oct 25), Stacey Davis (appointed Dec 25), Luke Trouchet (cessation Dec 25) 36 Tourism Holdings USA Inc Grant Webster 37 El Monte Rents Inc Grant Webster 38 Apollo Motorhome Holidays LLC Grant Webster, Luke Trouchet (cessation Dec 25) 39 CanaDream Corporation Grant Webster, Luke Trouchet (cessation Dec 25), Kristen Evans 40 CanaDream Inc Grant Webster, Luke Trouchet (cessation Dec 25), Kristen Evans 41 ATL Canada Ltd Grant Webster, Kristen Evans 42 thl Motorhomes UK Limited Grant Webster, Nick Roach 43 thl UK and Ireland Limited Grant Webster, Nick Roach 44 Camperco Group Limited Grant Webster, Nick Roach 45 Blue Quadrant Leisure Limited Mark Austin 46 Apollo Tourism & Leisure (EU) Ltd Nick Roach 47 Apollo Motorhome Holidays GmbH Grant Webster, Nick Roach COPORATE GOVERNANCE CONTINUED PERFORMANCE ABOUT US 131 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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REMUNERATION Report from the Chair Dear Shareholders, On behalf of the Remuneration Committee, I am pleased to present thl ’s Remuneration Report for FY26. Consistent with prior years, this report has been prepared using the NZX Corporate Governance Institute’s recommended Remuneration Reporting Template for Listed Issuers. The Board recognises that our people are fundamental to thl ’s long-term success. Our remuneration framework is designed to attract, retain and motivate talented employees while ensuring that remuneration outcomes are aligned with business performance, shareholder interests and the delivery of our strategic objectives. The framework comprises fixed remuneration, short-term incentives linked to annual performance outcomes, and long-term incentives that support sustainable value creation and long-term alignment with shareholders. FY26 was a year of significant strategic activity for thl . Against this backdrop, the Committee remained focused on seeing that remuneration arrangements continue to support the Company’s strategy, appropriately reward performance, and reflect evolving governance expectations and market practice. General Activity During the year, the Board separated the former Remuneration & Nomination Committee into two standalone committees, recognising that remuneration oversight and Board succession planning are distinct governance functions. Barbara Chapman joined the Remuneration Committee following Gráinne Troute’s retirement from the Board. The Board also completed a review of the Remuneration Policy. The resulting changes were principally governance-focused and included clarifying delegated authorities, strengthening STI deferral and malus/clawback provisions for the CEO and CFO, and clarifying the purpose and operation of long-term incentives. These changes did not alter thl’s underlying remuneration philosophy. Long-term Incentive Scheme The Committee continued to consider the appropriateness of thl ’s long-term incentive framework. A review of the structure of the scheme commenced during FY25 with PwC and was deferred following the receipt of takeover approaches. This review remained on hold during FY26 while those processes continued. The Board intends to revisit the review if those matters end. Disclosures As part of our ongoing focus on remuneration transparency and governance, we also continued work to improve the quality and consistency of people data across the Group. The implementation of a global HR and payroll platform has strengthened the foundations for expanded remuneration and diversity disclosures in future reporting periods, including gender pay-related metrics and CEO pay ratio reporting. CEO Remuneration Review and Employment Arrangements During FY26, the Board undertook a review of CEO remuneration. Following benchmark analysis and consideration of the importance of retaining and appropriately incentivising the CEO through a period of significant strategic activity, the Board initiated changes to the CEO’s remuneration arrangements, from 1 May 2026, including an increase in base salary, revised short-term and long-term incentive opportunities, and a retention incentive linked to the delivery of key strategic and succession objectives. The retention incentive was introduced to support leadership continuity during the current period of strategic activity and was not intended to form part of the CEO’s ongoing remuneration arrangements. The review also resulted in certain amendments to the CEO’s employment arrangements, including an extension of the restraint of trade period from six months to 12 months and changes to the treatment of long-term incentive awards in certain good leaver circumstances. Director Fees The current Director fee pool, approved by shareholders at the 2023 Annual Meeting, remains $850,000 per annum (plus GST, if any), of which $788,836 was utilised during FY26. Director fees increased by 2.5% effective from 1 January 2026, representing the first increase since 2024 after the Board elected not to implement an increase in 2025. The Committee believes thl ’s remuneration framework remains appropriate, supports the Company’s strategic objectives and provides alignment between executive remuneration, performance and shareholder outcomes. We remain committed to maintaining remuneration practices that are transparent and aligned with long-term value creation. Sophie Mitchell Chair, Remuneration Committee REMUNERATION CONTINUED PERFORMANCE ABOUT US 132 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Remuneration Governance The Remuneration Committee is comprised of at least three Non Executive Directors of the Board, a majority of whom must be Independent Directors. The Committee meets a minimum of two times each year and supports the Board on matters relating to remuneration and people outcomes. Management may attend meetings of the Remuneration Committee by invitation only. The current composition of the Remuneration Committee is comprised of Sophie Mitchell (Chair), Cathy Quinn, Rob Hamilton and Barbara Chapman. Profiles for each of these Directors can be found on page 145. All members are Independent Directors. The Committee’s responsibilities focus on seeing that effective remuneration management systems are in place and that these are aligned with thl ’s broader objectives and strategies as outlined in the Remuneration Policy. The Committee sets and reviews the remuneration packages for the CEO, Executives (including C suite executives, General Managers, and equivalent roles), and Executive Directors. Remuneration for Executives reporting to the CEO is considered based on the CEO’s recommendations. The Committee also sets and reviews employment contract terms for these roles, as well as the terms of thl ’s short- and long-term incentive plans, including employee share and option schemes. The Committee reviews thl ’s Remuneration Policy and makes recommendations to the thl Board on any proposed changes. It also oversees supporting policies and guidelines that facilitate executive performance assessment, development, succession planning, and ongoing capability development. In addition, the Committee oversees thl ’s approach to diversity, inclusion and employee engagement, including approving measurable objectives and monitoring progress against those objectives. The Committee operates under a written charter titled the Remuneration Charter. The charter is available to view at thl online.com. The internal governance policy that sets the framework for thl ’s remuneration outcomes is the Remuneration Policy, which is also available to view at thl online.com. Executive Remuneration Policy thl is committed to seeing that its Executives are fairly and equitably remunerated, with remuneration outcomes that appropriately reward excellent performance and achievement. thl also seeks to implement remuneration structures that align the interests of the CEO and Executive team with those of Shareholders. The Committee periodically seeks external advice on the market positioning of thl ’s Board fees and senior executive remuneration and contractual arrangements. This supports informed decision-making, helping to see that remuneration remains fair and competitive, and maintains awareness of emerging remuneration trends and evolving market expectations. Decisions concerning the remuneration of the CEO require approval by the Board, usually on the recommendation of the Remuneration Committee, unless authority has been specifically delegated to the Committee. Decisions relating to the remuneration of other Executives, including C-suite executives, General Managers or equivalent roles, require approval from the Chair of the Remuneration Committee and are subject to Committee oversight at least annually. thl’s approach to Executive remuneration is set out in thl ’s Remuneration Policy. The number of Executives to whom this policy applies in FY26 is 18. The CEO and Executive remuneration generally consist of any or all of: • fixed remuneration, being a fixed base salary and allowances; • short term performance based cash incentives (STI); and • long term incentives (LTI). Fixed Remuneration Fixed remuneration consists of base salary and benefits. It aims to be reasonable and fair, taking into account thl’s legal and industrial obligations and labour market conditions. Fixed Remuneration is relative to the scale of thl ’s business and the complexity of the role, and reflects the core performance requirements and expectations for the role. The fixed base salary of the CEO and Executive team is reviewed annually. Short-Term Incentives (STI) Annual performance-based cash incentives consider corporate performance and links to clearly specified performance targets (KPIs), aligned with thl ’s strategy and appropriate to the circumstances, goals, and risk appetite. On an annual basis these are normally linked to financial and non-financial targets at both a group and individual level. The target value of an STI payment is set annually, as a percentage of the Executive’s fixed remuneration. For FY26, the relevant percentages (excluding the CEO) ranged from 15% – 35% (FY25: 12.5% - 30%). REMUNERATION CONTINUED PERFORMANCE ABOUT US 133 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Executive FY26 STI thl has previously engaged PwC to undertake an external benchmarking review of its STI scheme. This review identified that, for Executive roles where appropriate market comparisons could be made, thl ’s STI entitlements were generally below the market median for comparable roles. In response to these findings, and recognising the importance of attracting, motivating and retaining key personnel, thl implemented a stretch opportunity for Executive participants (excluding the CEO) for the FY26 STI programme. Executives with contractual STI opportunities below 30% of fixed remuneration were eligible for an STI modifier. The modifier provided these executives with an opportunity to earn an STI outcome above 100% of the Group financial performance component of their STI, where Company performance fell within a pre-determined FY26 underlying NPAT range (the STI Modifier ). For FY26, STI performance measures varied by executive but generally comprised the following components: STI Component Performance Measure Weighting Financial Performance Group underlying NPAT At least 40% Business Performance Divisional EBIT and other business performance objectives 15 – 40% Individual Performance Individual strategic and operational objectives 20 – 35% Health, Safety & Wellbeing LTIFR and other health, safety & wellbeing measures 5 – 15% The final underlying NPAT for FY26 fell within the target range on a continuing operations basis, but below the target range when discontinued operations (the UK & Ireland business) were included, resulting in an ambiguity with the range established following the revised guidance issued in May 2026. The Board considered that, prior to the disruption caused by the Middle East conflict, company performance was trending to meet or exceed the target range, even when discontinued operations were included. The Board also considered that thl had delivered a strong result, including the divestment of the UK business, despite the disruption to global tourism. Having regard to these factors, the Board exercised its discretion to make a partial award in respect of the KPI component relating to underlying NPAT, with a total value of $375,000 awarded across all recipients. This represents approximately 50% of the maximum opportunity attributable to the NPAT component. The Board also assessed performance against the health, safety and wellbeing objectives included within the STI framework. Having regard to the Group’s health and safety performance and progress against key initiatives during FY26, the Board determined that 66% of the maximum health and safety STI opportunity would be payable. Achievement of individual performance objectives was assessed on a case-by-case basis against the executive’s agreed performance measures. Executive FY27 STI As part of its ongoing review of remuneration arrangements, the Board has considered the design of thl ’s short-term incentive framework relative to market practice. This identified that thl ’s existing STI structure, which largely operated on a single target-based approach, differed from the approach commonly adopted by comparable organisations. In particular, many listed companies utilise a staggered performance framework incorporating threshold, target and stretch performance levels, providing a clearer relationship between performance outcomes and remuneration. In response, the Board has approved changes to the FY27 STI framework to better align with market practice: • Financial performance measures : STI outcomes will be determined against a performance scale with threshold, target and stretch outcomes, with payouts ranging from 50% of the relevant STI opportunity at threshold performance, 100% at target performance and up to 150% at stretch performance. • Non-financial performance measures : Payouts will range from 50% at threshold performance to 100% at target performance, with no stretch opportunity available. The Board also determined that the revised STI framework removes the need for the STI Modifier that applied in FY25 and FY26. Under the previous framework, the STI Modifier provided an additional opportunity for certain executives whose STI entitlements were below 30% of total remuneration to participate in exceptional Company performance. The introduction of a threshold, target and stretch payout structure for FY27 provides a more transparent and market-aligned mechanism for recognising outperformance outcomes within the core STI framework, eliminating the need for a separate modifier arrangement. The composition of KPI weightings under the FY27 Executive STI framework varies by role and is summarised below: • Financial Performance (50%) : Group Executives are assessed solely on Group Underlying NPAT (50% weighting). Regional and P&L-responsible Executives are assessed on a combination of Group Underlying NPAT (40%) and regional EBIT (10%). • Other Financial Targets (10% - 25%) : Weighting varies by role, with higher weightings generally applying to Group Executives. • Health, Safety and Wellbeing (5% - 15%) : Weighting varies by role responsibilities. • Customer Service Metrics (7.5% - 25%) : Weighting varies by role responsibilities. • People and Operations (7.5% - 15%) : Weighting varies by role responsibilities. • Strategic and Other Projects (0% - 25%) : Weighting varies by role responsibilities. REMUNERATION CONTINUED PERFORMANCE ABOUT US 134 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Long-term Incentives (LTI) The thl LTI scheme is designed to align the interests of the Executives with those of the Shareholders. Executives are rewarded for long-term increases in Shareholder value. Executives are invited to participate in the long-term incentive plan by the Board on an annual basis. Participating Executives based in New Zealand and Australia These Executives are awarded options at the discretion of the Board on an annual basis. The awarding of options is based on a percentage of fixed remuneration, based on a valuation of the options carried out each year by KPMG. Each option may be converted into one ordinary share in thl on its exercise. The options vest from the second anniversary of the award, with one third vesting after the second year, one third after the third year, and the final third after the fourth year. Vesting is also subject to the individual remaining employed by thl . The exercise price for each option is calculated by reference to the volume weighted average price of thl Shares during the 20-trading day period prior to the awarding of the option, plus an uplift to reflect thl ’s average cost of capital for the first two years from the award, less dividends paid during that two-year period. Participating Executives in North America and United Kingdom These Executives are awarded a future bonus payment opportunity at the discretion of the Board on an annual basis, based on a percentage of fixed remuneration. The bonus is payable if the thl share price meets a prescribed target after a two-year period. The target is calculated by reference to the volume weighted average price of thl shares during the 20-trading day period prior to the awarding of the bonus, plus an uplift to reflect thl ’s average cost of capital for the first two years from the award date, less dividends paid during that two-year period. If the target is achieved at the end of the two-year period, 50% of the bonus is payable immediately while the remaining 50% is payable in 12 months and subject to continued employment with thl . Other Equity-Based Remuneration thl may use equity-based remuneration (including options or performance shares/share rights) from time to time. It is designed to support a long-term approach so that it does not lead to ‘short-termism’ on the part of the Executive or the taking of undue risks. From time to time, performance shares/share rights may be used in conjunction with or in lieu of other equity-based remuneration. External and Independent Advice The Board has previously engaged PwC to undertake a review of thl ’s long-term incentive scheme and prevailing market practice among NZX50 companies. Following this review, the Board indicated an intention to refresh thl ’s long-term incentive framework, with a preference for transitioning to a share rights scheme. This review was deferred following the receipt of takeover approaches and remained on hold during FY26 while those strategic processes continued. The Board intends to revisit the review once those matters have concluded. REMUNERATION CONTINUED PERFORMANCE ABOUT US 135 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Chief Executive Officer remuneration arrangements and outcomes CEO FY26 remuneration outcomes We have adopted the NZX reporting guidelines issued in December 2023. Under these guidelines, the table below refers to the cash-based STI earned in the reporting year, i.e. the FY26 STI reported in the table will be paid in FY27, and the FY25 STI reported in the table was paid in FY26. The LTI values reflect the market value of thl shares, less the exercise price of the relevant securities vested within the reporting period, on the vesting date. The thl Board considers that the CEO’s remuneration arrangements and significant personal shareholding in thl appropriately align the interests of the CEO with the long-term interests of thl and its shareholders. Total CEO remuneration The total remuneration of the CEO for FY26 was as follows: Year Fixed Remuneration Cash-Based Short-Term Incentives Equity-Based Long-Term incentive (LTI) Total1 Base Salary2 Other Benefits3 Amount Earned4 Percentage Earned5 Total Cash-Based Remuneration Earned Tranche Vesting Number of Options Vested Total Vested LTI value6 FY26 $1,105,835 $28,000 $445,765 71% $1,579,600 T1 2024 150,667 $0 $1,579,600 T2 2023 131,000 $0 143,333 $0 FY25 $1,032,150 $28,000 $131,273 33% $1,191,423 T1 2023 131,000 $0 $1,191,423 T2 2022 143,333 $0 T3 2021 200,000 $0 1 Includes fixed remuneration paid, cash-based STI earned, equity-based STI vested, and equity based LTI vested. 2 Reflects the average base salary paid during the relevant financial year. Refer to the following page for details of changes to the CEO’s base salary during the period. Includes a KiwiSaver contribution of 3% to 1 April 2026, 3.5% thereafter). 3 Reflects car allowance. 4 Earned in relation to the bonus and performance for the financial year, but which may have been paid in the following financial year. E.g. an FY26 STI would be paid in FY27. 5 As a % of the maximum STI payment available. 6 At Vesting Date. Reflects the difference between the exercise price and the closing price for thl shares on the Vesting Date. CEO employment terms During FY26, the Board approved two changes to the CEO’s employment agreement. First, the restrictive covenant (non-compete) applying to the CEO was extended from six months to 12 months. Consistent with this change, if the CEO resigns in future and remains a ‘good leaver’ (as determined by the Board in its discretion), the Board may exercise its discretion under the rules of the Tourism Holdings Limited Long Term Incentive Scheme 2017 to allow the CEO to retain his rights under the scheme for so long as he remains subject to a restraint of trade. In the event of termination, the CEO is entitled to a termination payment equal to six months of fixed remuneration, in addition to the notice period. REMUNERATION CONTINUED PERFORMANCE ABOUT US 136 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Fixed remuneration In FY26 the CEO, Grant Webster, was paid fixed remuneration of $1,133,835 (FY25: $1,060,150) consisting of a base salary, a KiwiSaver entitlement (increasing from 3.0% to 3.5% effective from 1 April 2026) and a car allowance. The CEO declined a base salary increase as part of the FY25 remuneration review, consistent with the Board’s decision not to increase Non-Executive Director fees for FY25. Effective 1 January 2026, the CEO received a 2.5% base salary increase, reflecting the remuneration adjustment that would ordinarily have been applied as part of the prior year’s review if it had not been declined. Separately, during FY26 the Board engaged PwC to conduct a review of the CEO’s remuneration, having regard to an NZX comparator group, the scope of the role, and the importance of retaining and appropriately incentivising the CEO through a period of significant strategic activity. Following that review, the Board approved a 26.6% increase in the CEO’s base salary to $1,300,000 per annum, effective 1 May 2026, in line with PwC’s recommendation. The Board also approved increases to the CEO’s short-term and long- term incentive opportunities from FY27, as described in the FY27 CEO remuneration section later in this report. Short-term incentive The annual STI entitlement of the CEO for FY26 is a payment at 40% of fixed remuneration if all performance targets are achieved (FY25: 40%). The CEO’s STI includes a holdback mechanism under which 20% of any earned STI is retained by thl and paid 12 months after it is earned. The Board has approved the release of the amount held back last year in respect of the FY25 STI. KPI Component Weighting Target Assessment Percentage Achieved Remunerated Financial 50% Achievement of Group underlying NPAT target within a budgeted range As detailed in the ‘Executive FY26 STI’ section above 50% $106,009 HS&W 15% Further improvements in HS&W performance, with reference to a series of lead and lag indicators Partly achieved 65% $41,343 Cost-out 10% Targeted Group Support cost-out of $5 million in FY26. Achieved 100% $42,403 Strategic initiatives 25% Execute strategic initiatives relating to: • Australasian Manufacturing • Australian Retail Sales • UK & Ireland All achieved 100% $106,009 100% 70% $295,765 In FY26, the CEO’s STI comprised two components: • the contractual annual STI; and • a one-off retention incentive introduced during FY26 The total STI outcome across both components is included in the summary table on the preceding pages. A detailed breakdown by each component is provided below. Annual STI entitlement Financial Year Maximum Annual STI Available STI Earned STI Earned as % of Maximum FY26 $424,036 $295,765 70% FY25 $400,834 $131,273 33% The Board assessed the CEO’s performance for FY26 against a scorecard of financial and non-financial measures, weighted towards group financial performance. Group NPAT was the most heavily weighted measure at 50%, with the balance assessed against health, safety and wellbeing, the delivery of group cost synergies, and the execution of certain strategic initiatives. The CEO’s KPI’s and outcomes for the FY26 Annual STI are set out below. REMUNERATION CONTINUED PERFORMANCE ABOUT US 137 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Retention Incentive As part of the broader review of the CEO’s remuneration arrangements and employment terms in FY26, the Board established a one-off retention incentive of up to $200,000 (Retention STI). The CEO’s KPI’s and outcomes for the FY26 Retention STI are set out below. KPI Component Weighting Target Assessment Percentage Achieved Remunerated Strategy 50% Progress a confidential Board-approved strategic initiative Partially achieved 50% $50,000 CEO Succession 25% Advancement of the Company’s CEO succession planning Achieved 100% $50,000 Executive Team 25% Appointment of a Chief People Officer Achieved 100% $50,000 100% 75% $150,000 Short-term incentive – equity During the COVID-19 period (FY21 and FY22), the normal cash-based STI was replaced with an equity-based retention scheme. No cash payments were made to the CEO under the STI scheme in those financial years. Instead, the CEO was awarded certain share options and share rights that were subject to retention criteria. The last remaining share options vested in FY24. There are no remaining share rights. The table below sets out the CEO’s remaining vested STI share options, including their value when compared to the thl share price on 30 June 2026: Tranche Award Date Vesting Date Number Unexercised Exercise Price Value of Unexercised Share Options1 T1 FY22 July 2021 July 2022 101,345 $2.55 $35,471 T2 FY22 July 2021 July 2023 101,346 $2.55 $35,471 Total 202,691 $70,942 1 Reflects the difference between the thl share price on 30 June 2026 and the share option exercise price, multiplied by the number of unexercised options in the tranche. Long-term incentive – equity Awarding of options The annual LTI entitlement of the CEO is for the award of options to the value of 50% (FY25: 50%) of fixed remuneration. New options awarded during the reporting period are set out below. Reporting Period Number Awarded Fair Value on Awarding Total Fair Value on Awarding FY26 750,000 $0.573 per option $429,750 FY25 1,010,000 $0.431 per option $435,310 The awarded options are subject to retention criteria. Even if the retention criteria are met and the options vest, they will hold no value at vesting unless the thl share price at that time exceeds the thl share price at the time of awarding, plus a cost of capital uplift, less dividends paid on ordinary shares, applied over a two-year period. As the remuneration is not yet earned and remains at risk, it has not been included in the CEO remuneration summary table. The fair value of options for accounting purposes is determined using a valuation undertaken by KPMG applying the Binomial Option Pricing Model. The fair value is expensed on the income statement over the life of the option, with a corresponding credit to the employee share scheme reserve. The actual remuneration cost borne by thl for the LTI in the reporting period relates to the fair value of the options awarded in the reporting period. Vesting of options The table below includes the number of options that vested during the reporting period. The values expressed reflect the difference between the thl share price on the applicable vesting date and the exercise price of the vested option. Reporting Period Number Vested Value on Vesting FY26 425,0001 $0 FY25 474,3332 $0 1 Various tranches awarded in FY22, FY23 and FY24. 2 Various tranches awarded in FY21, FY22 and FY23. Refer to the table below for further detail on the CEO’s remaining vested and unvested options, including, for vested options, their value relative to the thl share price on 30 June 2026. REMUNERATION CONTINUED PERFORMANCE ABOUT US 138 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Unvested Tranche Award Date Vesting Date Number Awarded Exercise Price T1 2026 Mar-26 Mar-28 250,000 Not confirmed T2 2026 Mar-26 Mar-29 250,000 Not confirmed T3 2026 Mar-26 Mar-30 250,000 Not confirmed T1 2025 Mar-25 Mar-27 336,666 Not confirmed T2 2025 Mar-25 Mar-28 336,666 Not confirmed T3 2025 Mar-25 Mar-29 336,667 Not confirmed T2 2024 Mar-24 Mar-27 150,666 $3.99 T3 2024 Mar-24 Mar-28 150,667 $3.99 T3 2023 May-23 May-27 131,000 $4.68 Vested Tranche Award Date Vesting Date Number Awarded Number Remaining Exercise Price Current Value of Unexercised Options1 T1 2024 Mar-24 Mar-26 150,666 150,666 $3.99 $0 T1 2023 May-23 May-25 131,000 131,000 $4.68 $0 T2 2023 May-23 May-26 131,000 131,000 $4.68 $0 T1 2022 Apr-22 Apr-24 143,333 143,333 $3.32 $0 T2 2022 Apr-22 Apr-25 143,333 143,333 $3.32 $0 T3 2022 Apr-22 Apr-26 143,334 143,334 $3.32 $0 T1 2021 Apr-21 Apr-23 200,000 200,000 $2.79 $22,000 T2 2021 Apr-21 Apr-24 200,000 200,000 $2.79 $22,000 T3 2021 Apr-21 Apr-25 200,000 200,000 $2.79 $22,000 T1 2020 Apr-20 Apr-22 210,000 – $1.57 N/A - Expired T2 2020 Apr-20 Apr-23 210,000 55,000 $1.57 N/A - Expired T3 2020 Apr-20 Apr-24 210,000 210,000 $1.57 N/A - Expired 1 Reflects the difference between the thl share price on 30 June 2026 and the option exercise price, multiplied by the number of remaining options in the tranche. Note: Orange rows indicate tranches that vested in FY26. Grey rows indicate tranches that expired in FY26, not having been exercised within six years of the award date. CEO FY27 Remuneration For FY27 the CEO’s short-term incentive opportunity increases to 60% of fixed remuneration (FY26: 40%) and the CEO’s long-term incentive opportunity increases to 65% of fixed remuneration (FY26: 50%). As noted on page 134, the FY27 STI framework has been redesigned to incorporate threshold, target and stretch performance outcomes for financial measures, and threshold and target performance outcomes for non-financial measures. The revised framework provides a clearer link between performance and reward, materially simplifies the structure relative to the STI Modifier applied in FY25 and FY26, and aligns more closely with prevailing market practice. The CEO’s STI for FY27 will be measured against the following KPIs: Component Weighting Measure Financial Performance 50% Group Underlying NPAT Capital Management 10% Net Debt Health, Safety & Wellbeing 15% A series of lead and lag indicators Customer Service and People 10% Customer and People metrics Strategic Projects 15% Board Discretion – Commercially Sensitive 100% REMUNERATION CONTINUED PERFORMANCE ABOUT US 139 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Executive Director remuneration Executive Directors receive performance-based remuneration packages aligned to their executive roles within the Company. No additional fees or benefits are provided for their service as Directors beyond their executive remuneration. The remuneration of the CEO, in his capacity as an Executive Director, is addressed in the preceding section. During the reporting period, Luke Trouchet served as Executive Director - M&A and Global Transitions (Executive Director role ) until December 2025. He subsequently served as a Non-Executive Director from 18 December 2025 until his resignation from the Board, effective 3 March 2026. On 16 June 2025, thl received a non-binding indicative proposal from a consortium of BGH Capital and the family interests of Luke and Karl Trouchet to acquire all of the shares in thl for $2.30 per share. Given Luke Trouchet’s involvement in the consortium, Luke took a leave of absence from his Executive duties. During this period, Luke remained a Director but did not participate in Board or subcommittee meetings and processes assessing the merits of, and matters associated with or relevant to, the non-binding indicative offer, or other strategic initiatives being considered by thl . While on leave, Luke remained employed in the Executive Director role and continued to receive executive remuneration until that role was made redundant effective 18 December 2025. Following his transition to a Non-Executive Director on 18 December 2025, he received Non-Executive Director fees until his resignation from the Board on 3 March 2026. During FY25, Luke Trouchet’s role was reduced from 1.0 FTE to 0.5 FTE effective 1 April 2025. Accordingly, the FY25 remuneration disclosures reflect remuneration on a pro-rated basis for that year. Total Executive Director Remuneration The table below refers to any cash-based STI earned and LTI vested in the reporting year. Further information is set out below on STI and LTI awarded in the year. Luke Trouchet is resident in Australia and paid in AUD. Figures for FY26 have been converted from AUD to NZD at 0.8701, and FY25 has been converted at 0.9122. The total remuneration of Luke Trouchet was as follows: Year Fixed Remuneration Other Cash-Based Short-Term Incentive Long-Term incentive (LTI) TotalBase Salary1 Non-Executive Director Fees Termination Payment Amount Earned2 Percentage Earned3 Total Cash-Based Remuneration Earned Amount Earned Percentage Vested FY26 $311,889 $20,632 $330,726 $0 0% $663,247 0% $0 $663,247 FY25 $704,754 $0 $0 $44,010 33% $748,764 0% $0 $748,764 1 Includes Superannuation contribution. 2 Earned in relation to the bonus and performance for the financial year. 3 As a % of the maximum STI payment available. REMUNERATION CONTINUED PERFORMANCE ABOUT US 140 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Fixed remuneration In FY26, Luke Trouchet, received fixed remuneration including superannuation and allowances of $311,889 (FY25: $704,754). Fixed remuneration reflects the role having operated at 0.5 FTE throughout FY26, together with the cessation of employment in December 2025. As part of the annual remuneration review completed for FY26, Luke Trouchet’s base salary was increased by 2.5% to $825,105 per annum (NZD equivalent, 1.0 FTE basis), effective 1 July 2025. Following his transition to a Non-Executive Director on 18 December 2025, Luke Trouchet received Non-Executive Director fees of $20,632 until his resignation from the Board on 3 March 2026. Superannuation Luke Trouchet is an Australian employee and was entitled to receive an employer superannuation contribution as per the Australian Government Superannuation Guarantee legislation. In FY26 this contribution was $17,238 (FY25: $32,815). Short-term incentive The annual STI entitlement of Luke Trouchet was a cash payment of up to 20% of fixed remuneration if all performance targets are achieved. No STI payments were made to Luke Trouchet for performance in FY26, reflecting the redundancy of the Executive Director role during the year. Financial Year Maximum STI Available STI Earned STI Earned as % of Maximum FY26 $0 $0 0% FY25 $134,380 $44,010 33% Long-term incentive Luke Trouchet was eligible to receive annual LTI awards with a face value of up to 35% of fixed remuneration. No new options were awarded during the reporting period in light of the redundancy of the Executive Director role. Reporting Period Number Awarded Fair Value on Awarding Total Fair Value on Awarding FY26 0 N/A N/A FY25 464,000 $0.431 per option $199,984 All previously unexercised options were forfeited upon the cessation of Luke Trouchet’s employment. The fair value of options for accounting purposes is determined using a valuation undertaken by KPMG applying the Binomial Option Pricing Model. The fair value is expensed on the income statement over the life of the option, with a corresponding credit to the employee share scheme reserve. The actual remuneration cost borne by thl for the LTI in the reporting period relates to the fair value of the options awarded in the reporting period. Other Luke Trouchet received a termination payment of $330,726 following the redundancy of the Executive Director role in December 2025. The payment was made in accordance with his employment agreement and applicable employment obligations. ESG Disclosures CEO / worker pay ratio The CEO/worker pay ratio represents the number of times greater the Chief Executive Officer’s remuneration is than that of the median thl employee. For FY26, the CEO’s base salary paid of $1,060,089 was 15.33 times the base salary of the median employee (as at 30 June 2026) of $69,143. 1 For the purposes of determining the median paid to all employees, all permanent full- time, permanent part-time and fixed-term employees were included in the calculation, with remuneration for part-time employees adjusted to a full-time equivalent amount. Gender pay gap The gender pay gap measures the median pay (base pay only) between men and women regardless of the nature of work. Information on thl’s gender pay gap by various categories is available on page 61. 1 Calculation compares the CEO’s weighted average base salary for FY26 with the median base salary of thl employees as at 30 June 2026. For comparability purposes, the figures used in this calculation exclude KiwiSaver, superannuation and similar employer pension contributions. The CEO base salary used in this calculation therefore differs slightly from that disclosed in the summary table in the Remuneration Report, which includes KiwiSaver. REMUNERATION CONTINUED PERFORMANCE ABOUT US 141 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Staff remuneration bands The following table notes the number of employees or former employees of thl , not being directors of thl, who, in the year ending 30 June 2026, received remuneration and any other benefits in their capacity as employees, the value of which was or exceeded $100,000 per annum, in brackets of $10,000. This table does not contain the remuneration for Grant Webster and Luke Trouchet, as they also held positions as Directors of thl . For FY26, thl refined the methodology used for this disclosure to include employer superannuation contributions that were not captured in prior years. The reported outcome for FY26 is also affected by higher redundancy, retention and incentive payments associated primarily with the closure of thl ’s Australian manufacturing facility during the year, as well as foreign exchange movements resulting from a weaker New Zealand dollar. These factors have contributed to the increase in the reported outcome from 391 in FY25 to 530 in FY26. Remuneration in NZD$000’s Number of Employees 100 – 109 109 110 – 119 96 120 – 129 60 130 – 139 49 140 – 149 42 150 – 159 35 160 – 169 23 170 – 179 15 180 – 189 11 190 – 199 7 200 – 209 9 210 – 219 11 220 – 229 8 230 – 239 6 Remuneration in NZD$000’s Number of Employees 240 – 249 11 250 – 259 7 260 – 269 0 270 – 279 2 280 – 289 3 290 – 299 1 300 – 309 4 310 – 319 1 320 – 329 2 330 – 339 3 350 – 359 1 360 – 369 1 370 – 379 2 380 – 389 2 420 – 429 1 440 – 449 1 470 – 479 1 490 – 499 1 550 – 559 1 570 – 579 1 660 – 669 1 750 – 759 1 770 – 779 1 Total 530 REMUNERATION CONTINUED PERFORMANCE ABOUT US 142 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Non-Executive Director remuneration Approach to Director fees When determining the fees for Non-Executive Directors, the Board considers the thl Remuneration Policy which states in relation to Director remuneration: • Directors should not receive performance-based remuneration, nor should they be provided with retirement benefits; • Remuneration packages will be appropriate to the market and will reflect the time commitment and responsibilities of the role; and • As permitted by the fixed share plan approved by Shareholders, Directors can receive fully-paid ordinary securities in lieu of Director fees (in whole or part) approved and issued in compliance with the NZX Listing Rules. thl also has in place a fixed share plan under which Directors may elect to receive ordinary shares in thl in lieu of their Director fees (either in whole or in part). This share plan was previously approved by thl shareholders. Executive Directors do not receive Director remuneration in addition to the executive remuneration they receive as employees of the Company. The last increase to the Directors’ fee pool was in 2023, where shareholders approved an increase from NZ$750,000 to NZ$850,000 (plus GST, if any). This reflected a total increase of just under 14%. The purpose of the increase was to provide headroom to allow payments for Directors’ assuming additional responsibilities above and beyond their normal duties (the previous headroom was NZ$15,000, the resolution increased this to $115,000). It was also to allow for annual inflationary adjustments to the fee schedule as required. Adjustments to Director Fees The most recent adjustment to Director fees took effect on 1 January 2026 and comprised a 2.5% increase to the Chair and base Director fees. Fees payable to Board Subcommittee Chairs remained unchanged. No increases to Director fees were implemented during FY25, with the Board electing to defer any adjustment until FY26. The schedule of Directors fee payable per annum are as follows: Governance Body Position Fee (From 1 January 2026) Fee (From 1 January 2025) Board Chair $214,000 $209,000 Director $107,000 $104,500 Audit and Risk Committee Chair $20,000 $20,000 Member $0 $0 Remuneration Committee Chair $15,000 $15,000 Member $0 $0 Health, Safety and Sustainability Committee Chair $15,000 $15,000 Member $0 $0 Nomination Committee Chair $0 $0 Member $0 $0 No additional fees are paid to standing Committee members, only Committee Chairs. REMUNERATION CONTINUED PERFORMANCE ABOUT US 143 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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Actual fees paid in FY26 A breakdown of the Board and Committee fees paid in the period is set out in the table below: Director Board Audit & Risk Committee Remuneration & Nomination Committee Health, Safety and Sustainability Committee Takeover Committee Total Cathy Quinn 211,500 – – – 40,000 251,500 Rob Hamilton 105,750 20,000 – – 20,000 145,750 Rob Baker 105,750 – 15,000 – – 120,750 Sophie Mitchell 105,750 – – 15,000 20,000 140,750 Barbara Chapman1 12,621 – – – 12,621 Grainne Troute2 96,833 – – – – 96,833 Luke Trouchet3 20,632 – – – – 20,632 Total 658,836 20,000 15,000 15,000 80,000 788,836 1 Appointed effective 20 May 2026. 2 Resigned effective 31 May 2026. 3 Appointed 18 December 2025; resigned effective 3 March 2026. All fees were paid in cash. As at 30 June 2026, no thl Directors are opted in to the fixed share plan under which they may receive ordinary shares in thl in lieu of their Director fees (either in whole or in part). Directors’ fees exclude GST, where applicable. Directors are entitled to be reimbursed for costs directly associated with carrying out their duties, including travel costs. Takeover Committee In June 2025, the Board established a subcommittee comprising Cathy Quinn (Chair), Rob Hamilton and Sophie Mitchell to consider and assess the merits of the non-binding indicative proposal from a consortium comprising BGH Capital and the family interests of Luke and Karl Trouchet to acquire all of the shares in thl. The initial proposal of $2.30 per share was subsequently increased to $3.10 per share in May 2026. In recognition of the additional responsibilities and workload associated with the Takeover Committee, Cathy Quinn receives an additional fee of $10,000 per month and Rob Hamilton and Sophie Mitchell each receive an additional fee of $5,000 per month for months in which substantial Committee activity is undertaken. Fees were paid in respect of four months during FY26, as reflected above. REMUNERATION CONTINUED PERFORMANCE ABOUT US 144 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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BOARD OF DIRECTORS Cathy Quinn (Auckland) Independent Director appointed in September 2017. Cathy was appointed Chair of thl in June 2022 and serves on all of thl ’s Board Committees. Cathy is a former senior corporate partner at MinterEllisonRuddWatts and served as the firm’s Chair for eight years during a period of transformation and growth. Cathy is a Director of Fonterra Co-operative Group Limited, Fletcher Building Limited and Rangatira Limited. Cathy is also a Council Member of the University of Auckland. Cathy is a former member of the New Zealand Securities Commission and the Capital Markets Development Taskforce and was made an Officer of the New Zealand Order ofMerit in 2016 for services to law and women. Robert Baker (Brisbane) Independent Director appointed in November 2022. Rob Chairs the Health, Safety and Sustainability Committee and serves on the Audit and Risk Committee. Rob is an experienced Non-Executive Director, and his current ASX Board positions include Non-Executive Director and Chair of the Audit and Risk Committee of Flight Centre Travel Group Ltd (ASX: FLT) and Non-Executive Chairman of Gathid Limited. Rob is also Chairman of Goodman Private Wealth Ltd and has several pro bono Board or Advisory Board roles with organisations in the not-for-profit sector including Chairman of the Audit and Risk Committee of Australian Catholic University Limited. Barbara Chapman (Auckland) Independent Director appointed May 2026. Barbara serves on the Audit & Risk Committee, Remuneration Committee and Health, Safety and Sustainability Committee. Barbara has an extensive executive and governance background including as Chief Executive Officer and Managing Director of ASB Bank from 2011 to 2018, leading a staff of over 4,500. Barbara’s current governance roles include Chair of Genesis Energy (NZX:GNE), Director of the Bank of New Zealand and Deputy Chair of the New Zealand Initiative. Barbara was awarded a Companion of the New Zealand Order of Merit for services to business in the 2019 New Year Honours List. Rob Hamilton (Auckland) Independent Director appointed in February 2019. Rob Chairs the Audit and Risk Committee (appointed November 2019) and serves on the Remuneration Committee, Nomination Committee and Market Disclosure Committee. Rob is a respected member of the finance community, with more than 30 years’ experience in senior roles. Rob is currently a Director of Westpac New Zealand Limited, Oceania Healthcare Limited, Cyprus Enterprises Limited and Mercury NZ Limited. He was previously Chief Financial Officer at SkyCity Entertainment Group Limited and a Managing Director and Head of Investment Banking at Jarden (formerly First NZ Capital). Rob has previously been a Board member on the New Zealand Olympic Committee and Auckland Grammar School. Sophie Mitchell (Brisbane) Independent Director appointed in November 2022. Sophie Chairs the Remuneration Committee (appointed October 2023) and serves on the Audit and Risk Committee, Market Disclosure Committee and Nomination Committee. Sophie is an experienced professional in the finance industry and holds Non- Executive Director roles in Corporate Travel Management Limited (ASX: CTD), Myer Family Investments Limited, Firstmac Limited and Morgans Holdings (Australia) Limited. Sophie was previously Chair of Apollo Tourism & Leisure Ltd, prior to the merger with thl. Grant Webster (Auckland) Non-Independent Managing Director. Grant was appointed Managing Director in December 2022 and was originally appointed as Chief Executive Officer in December 2008. Grant has served on various industry and Government bodies including nine years on the Tourism Industry Aotearoa Board including periods as Chair and Deputy Chair. Grant was also a co-Chair for the New Zealand Government’s Tourism Futures Taskforce in 2020. Grant was awarded the CEO of the Year award at the New Zealand Deloitte Top 200 awards in 2023. Grant’s background includes senior executive roles across the tourism, hospitality, gaming and retail industries, where he held Director and general management roles within the retail sector before moving into tourism. Grant holds a Bachelor of Commerce degree from Victoria University and has completed executive studies at the Insead Advanced Management Programme in Fontainebleau and Monash University, Melbourne Australia. Outside of thl, Grant is on the Board of Les Mills Holdings NZ. PERFORMANCE ABOUT US 145 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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CORPORATE INFORMATION Directors Cathy Quinn – Chair Robert Baker Barbara Chapman Rob Hamilton Sophie Mitchell Grant Webster Executive Team Grant Webster – Chief Executive Officer and Managing Director Ollie Farnsworth – Chief Financial Officer Stacey Davis – Chief Operating Officer (Australia) Chris Devoy – Chief Executive Officer – Action Manufacturing Kristen Evans – Chief Operating Officer (Canada) Matthew Harvey – Chief Operating Officer (New Zealand) Jo Hilson – Chief Technology Officer Anthony Kayaleh – Chief Operating Officer (USA) Kate Meldrum – Group Chief Operating Officer Kathryn Munro – Chief Commercial Officer Registered office 470 Oruarangi Road Mangere Auckland 2022 New Zealand Securities exchange Tourism Holdings Limited shares are primary listed on the New Zealand Stock Exchange (NZX), with a foreign-exempt listing on the Australian Stock Exchange (ASX). Share registrar MUFG Pension & Market Services (formerly Link Market Services) PO Box 91976 Auckland Tel: +64 9 375 5998 Email: enquiries@linkmarketservices.co.nz Primary Solicitors MinterEllisonRuddWatts Primary Bankers ANZ Bank New Zealand Limited Australia and New Zealand Banking Group Limited Westpac New Zealand Limited Westpac Banking Corporation Royal Bank of Canada Auditors EY PERFORMANCE ABOUT US 146 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE
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AS AT 30 JUNE 2026 GLOBAL FOOTPRINT SOUTHERN AFRICA Franchise JAPAN Franchise CANADA Calgary Edmonton Halifax Montreal Toronto Vancouver Whitehorse USA Denver Dallas Fort Worth Agoura Hills Las Vegas Santa Fe Springs Orlando San Bernardino Seattle San Leandro Dublin NEW ZEALAND Auckland Hamilton Waitomo Palmerston North Christchurch Queenstown AUSTRALIA Adelaide Alice Springs Broome Brisbane Cairns Darwin Hobart Melbourne Perth Sydney PERFORMANCE ABOUT US 147 thl INTEGRATED ANNUAL REPORT 2026 STRATEGY DISCLOSURES GOVERNANCEFINANCIALS GOVERNANCE147
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