Tourism Holdings

No FY26 guidance or forward-work balance was supplied, so there is no target against which to benchmark. The H1/H2 pattern is the most useful shape signal: the business entered FY25 profitable at the half and then deteriorated sharply, driven by the vehicle sales channel rather than rentals. The release does not support a read that H2 weakness has stabilised; it does support the read that the services (rental) base continues to grow at a double-digit rate.

• What comprises the ~NZ$54.5m gap between statutory and underlying NPAT? The excerpts reference "expected" underlying drivers but no itemised reconciliation is supplied.
• What drove the 420.7% effective tax rate — deferred tax movements, non-deductible impairments, or jurisdictional mix?
• Is the H2 vehicle-sales margin compression cyclical (inventory clearance now complete) or structural (used RV pricing reset)?
• What is the normalised capex run rate required to sustain an 8%-larger fleet, and does the reinstated capex envelope leave room for the 50% underlying payout policy?
• No segment-level disclosure, no net-debt-to-EBITDA ratio, and no forward-work or guidance were supplied.

This briefing cannot assess the composition of the underlying-to-statutory adjustments, segment-level profitability, or forward trading conditions because those disclosures are not in the supplied materials.