Tourism Holdings (ASX:THL) upgraded its FY26 underlying net profit guidance to about $46 million, up from $40 million to $43 million, citing stronger late bookings and vehicle sales across New Zealand and improving momentum heading into the FY27 Southern Hemisphere summer. The dual-listed motorhome rental and manufacturing group told the market on 23 July 2026 that a stronger year-end balance sheet also supported the upgrade.
Guidance climbs for the second time this year
Tourism Holdings, the world’s largest commercial RV rental operator, now expects underlying net profit after tax (uNPAT) from continuing operations for the year to 30 June 2026 to be around $46 million, close to the top of the $43 million to $47 million range it flagged at its February interim result. The company had downgraded that guidance to $40 million to $43 million in May, pointing to softer consumer confidence, global travel disruption, the impact of the Middle East conflict on vehicle sales, weaker Australian rental demand and unfavourable exchange rate movements.
Net debt at 30 June 2026 came in at $436 million, well below the $460 million to $470 million range flagged in May, with normalised net debt averaging $453 million over the year’s final month. Tourism Holdings said favourable year-end interest outcomes and stronger than expected vehicle sales in New Zealand helped drive the improvement.
Forward bookings gather pace
Tourism Holdings said forward bookings had turned around since the low point earlier in the year, with North American demand running well ahead of the prior year and bookings in the United States more than 50 per cent higher in recent weeks. Booking momentum in Australia and New Zealand had also returned to growth, following a soft patch between March and June that mirrored the headwinds behind May’s downgrade. The improving trend has lifted the company’s confidence heading into the FY27 Southern Hemisphere summer, its peak trading season.
Upgrade lands amid takeover interest
The stronger outlook comes as Tourism Holdings continues to weigh a takeover approach from a consortium comprising BGH Capital and the family interests of Luke and Karl Trouchet, which holds a 19.9 per cent stake in the company. The consortium has tabled a non-binding, all-cash offer of $3.10 a share, valuing Tourism Holdings at about $686 million, and Tourism Holdings has granted it due diligence access as the assessment continues. The board has said there is no certainty a transaction will proceed.
Investors and travel trade partners will now be watching whether the improved trading momentum feeds into a firm takeover offer, or whether Tourism Holdings continues to trade independently through the FY27 Southern Hemisphere summer season.
