Tourism Holdings Limited (ASX:THL) disclosed at its 2026 Annual Meeting on 6 November that it has received revised non-binding proposals from two separate bidders — the BGH consortium and Indie Campers — following the conclusion of a comprehensive due diligence process, with the Board currently reviewing both proposals.

Key Points

  • Due diligence with both the BGH consortium and Indie Campers has largely concluded, and revised non-binding proposals have been received from both parties.
  • Both proposals remain non-binding and subject to conditions, with no certainty that either will result in a transaction.
  • On a continuing-operations basis, underlying net profit after tax rose 34% to $46.1 million in FY26, while statutory profit was $39.9 million compared with a loss in the prior year.
  • Rental revenue reached a record $517.5 million, operating cash flow increased by 67%, and net debt reduced from $492 million to $436 million.
  • A full-year dividend of 10.5 cents per share was declared, up 62% from the FY25 full-year dividend.

Revised Non-Binding Proposals Under Board Review

Chair Cathy Quinn ONZM confirmed at the annual meeting that the due diligence process with both bidding parties has now largely concluded. The Board is reviewing the revised non-binding proposals received from the BGH consortium and Indie Campers and engaging with both parties regarding their terms. The Chair noted that discussions remain confidential and that the Board does not believe it is in the best interests of shareholders to publicly disclose pricing terms at this stage. Shareholders were advised they do not need to take any action at this time, and the Board said it will continue to keep the market informed in accordance with its continuous disclosure obligations.

FY26 Financial Performance

The company reported that on a continuing-operations basis, underlying net profit after tax rose 34% to $46.1 million in FY26, while statutory profit was $39.9 million, compared with a loss in the prior year. Rental revenue reached a record $517.5 million. Operating cash flow increased by 67%, and net debt reduced from $492 million to $436 million. During the year, the company sold its UK and Ireland business for around $57 million, closed its Brisbane factory, consolidated manufacturing in Hamilton, and exited two loss-making dealerships in Australia. Labour, fleet and procurement synergies were also delivered across North America.

Strategic Priorities and $100 Million Profit Target

The Board confirmed it continues to target $100 million in underlying net profit after tax, stating that achievement within the original timeline of FY29 remains possible. The Board identified North America as the largest strategic priority and disclosed it is actively exploring alternative strategic options for that business, noting that returns on funds employed in the US need to improve. The company acknowledged that factors including conflict in the Middle East and slower-than-expected recovery in the RV sales market have affected timing, with some growth previously expected in FY27 now anticipated to come later.