Highlights

  • Camplify reduced its H1 FY26 statutory loss to A$2.93 million, supported by lower operating costs and improved margins, despite gross transaction value declining 16.5% to A$54.6 million.
  • The company improved its marketplace economics through higher take rates, insurance initiatives and subscription growth, although customer and booking volumes remained under pressure.
  • A material uncertainty over going concern remains in the interim accounts, making cash generation, FY26 profitability and balance-sheet management key areas to monitor.

Camplify Holdings Limited (ASX: CHL) has made progress in reducing losses and improving operating efficiency, but the company remains at a critical stage of its turnaround. The peer-to-peer caravan marketplace has improved margins through cost reductions and higher-value revenue streams, yet declining booking activity and balance-sheet concerns continue to shape investor sentiment.

A turnaround story facing its biggest test

Camplify operates a digital marketplace connecting recreational vehicle owners with people seeking caravan and motorhome rentals.

The company operates across Australia, New Zealand, the United Kingdom, Germany, Spain, Austria and the Netherlands through brands including:

  • Camplify
  • PaulCamper
  • MyWay

The platform model is based on connecting vehicle owners with renters and generating revenue through transaction fees, insurance services and subscription products.

The company’s recent strategy has shifted from pursuing transaction volume growth toward improving marketplace profitability.

That approach has delivered better margins and lower losses, but the key question remains whether Camplify can return to sustainable growth while maintaining sufficient liquidity.

H1 FY26 results show improving efficiency

Camplify’s most recent audited results covered the six months ended 31 December 2025.

The company reported:

  • Revenue of A$19.06 million, down 4.7%
  • Gross transaction value (GTV) of A$54.6 million, down 16.5%
  • Statutory net loss of A$2.93 million

The loss represented a significant improvement compared with the previous corresponding period, when Camplify reported a net loss of A$7.81 million.

The improvement was primarily driven by:

  • Lower operating expenses
  • Reduced marketing expenditure
  • Higher gross margins
  • Increased subscription revenue

However, the decline in GTV remains an important challenge.

A marketplace business depends heavily on maintaining activity from both sides of the platform: vehicle owners and renters.

Margin improvement offsets weaker volumes

The strongest part of the H1 FY26 result was the improvement in marketplace economics.

Although GTV declined, Camplify increased its effective take rate.

The company retained a larger proportion of transaction value, with the take rate increasing to approximately 26.9% from 24.9%.

Gross profit margin also improved to 55.7% from 53.8%.

This demonstrates that Camplify is generating more value from each transaction.

The company also reduced operating expenses by approximately 26% to A$13.7 million.

Marketing expenditure declined from A$5.37 million to A$2.03 million, while employee-related expenses reduced from A$8.38 million to A$6.63 million.

These reductions helped improve EBITDA performance, with the EBITDA loss narrowing from approximately A$7.6 million to around A$3.0 million.

Subscription strategy improves revenue quality

One of Camplify’s key strategic changes has been increasing recurring revenue streams.

Premium membership revenue increased from A$2.19 million in H1 FY25 to A$4.36 million in H1 FY26.

The company has focused on encouraging caravan owners to subscribe to premium services rather than relying entirely on booking commissions.

However, the increase in membership revenue has largely come from pricing and product changes rather than significant membership growth.

Premium memberships covered approximately 5,064 vans at 31 December 2025, compared with 5,360 at June 2025.

This suggests the company is improving monetisation from existing users rather than rapidly expanding its user base.

Booking activity remains the major challenge

The biggest concern for Camplify remains declining marketplace activity.

During H1 FY26:

  • Bookings declined to 33,869 from 38,210
  • New customers declined to 48,996 from 52,522
  • Average booking value was approximately A$1,612

The number of listed vans remained broadly stable at around 34,449.

This indicates supply has remained relatively resilient, but demand growth has weakened.

For a marketplace business, prolonged booking declines can create a negative cycle:

  • Fewer renters reduce owner engagement
  • Lower owner activity reduces available inventory
  • Reduced marketplace liquidity makes customer acquisition harder

The company therefore needs to demonstrate that margin improvements can eventually be combined with renewed booking growth.

Balance sheet remains the biggest concern

Camplify ended H1 FY26 with cash of A$23.18 million, compared with A$8.41 million at June 2025.

Operating cash flow also improved, reaching A$12.18 million compared with an outflow of A$1.77 million in the previous corresponding period.

At first glance, the cash improvement appears significant.

However, the balance sheet requires closer examination.

Trade and other payables stood at approximately A$31.06 million.

The company also held contract liabilities of around A$8.31 million, representing booking-related funds received before services were delivered.

A significant portion of cash relates to customer and owner obligations rather than unrestricted corporate funds.

As a result, Camplify reported:

  • Net current liabilities of approximately A$9.83 million
  • Negative net tangible assets

The interim accounts included a material uncertainty regarding going concern.

Management stated that it believes sufficient funding exists for at least twelve months.

The company has no material borrowings, meaning the key funding question relates to operating cash generation and potential equity requirements rather than debt obligations.

Insurance strategy creates new opportunity

Camplify has expanded beyond marketplace fees through its insurance strategy.

The company launched its own Australian and New Zealand mutual insurance structure in May 2025.

The move allows Camplify to capture more economics from each booking rather than relying entirely on third-party insurance providers.

The strategy has improved margins.

Premium membership gross profit margin increased from approximately 14% to 33.3%.

However, insurance also introduces additional risk.

Claims experience, regulatory requirements and underwriting performance become increasingly important.

Camplify reported an insurance loss ratio of approximately 49.6%.

If claims increase significantly, some of the margin benefits could reverse.

International markets provide growth options

Germany has emerged as one of Camplify’s strongest international markets.

The company reported German revenue of approximately A$2.8 million during H1 FY26, supported by improvements following previous platform migration issues.

The United Kingdom contributed approximately A$1.18 million.

Australia and New Zealand remain the company’s core markets:

  • Australia revenue: approximately A$12.5 million
  • New Zealand revenue: approximately A$2.3 million

International expansion provides additional growth opportunities, but European markets remain relatively small compared with the company’s core Australasian operations.

JB Group partnership strengthens distribution

Camplify strengthened its strategic position through a partnership with JB Group, a major caravan manufacturer and dealer network.

JB Group acquired an initial 12.7% stake in Camplify in November 2025.

The investment raised approximately A$3.2 million through the issue of shares at A$0.3072 each.

The partnership provides access to:

  • Caravan dealer locations
  • New vehicle buyers
  • Managed rental opportunities
  • Additional supply channels

Camplify expects the relationship to support managed-service depots across Australia and New Zealand.

The company is targeting approximately 12 locations.

The partnership could improve supply quality and customer acquisition, although the financial impact remains to be demonstrated.

Government accommodation program adds another revenue stream

Camplify has also expanded into temporary accommodation services.

The company secured a Victorian government accommodation program covering 14 local government areas.

The initial program involved approximately 50 vans.

This represents a potential diversification opportunity beyond traditional leisure rentals.

However, government contracts tend to depend on specific demand conditions and may not provide the same scalability as the core marketplace model.

AI initiatives focus on cost efficiency

Camplify has introduced AI-based customer service tools, including voice agents designed to improve response times and reduce manual workload.

Management has indicated these tools can resolve a significant proportion of customer interactions without human intervention.

The initiative is primarily focused on cost efficiency rather than creating a separate AI growth business.

For a company where employee expenses remain a major controllable cost, automation could improve operating leverage.

However, customer experience will need to be monitored as automation expands.

FY26 profitability target becomes the key milestone

At the FY25 result, management set an objective of achieving positive EBITDA during FY26.

The FY26 full-year result will therefore represent an important test of whether the turnaround strategy is delivering.

Investors will need to assess:

  • Whether EBITDA reached positive territory
  • Whether GTV stabilised
  • Whether cash generation remained sustainable
  • Whether going-concern uncertainty has reduced

Reducing losses is an important step, but sustainable marketplace businesses require both profitability and growth.

Valuation reflects market scepticism

Camplify’s market valuation has declined significantly from its post-listing levels.

The market appears to be pricing in concerns around:

  • Declining transaction volumes
  • Liquidity risks
  • Lack of earnings history
  • Execution challenges

The company’s improved margins and lower losses provide a foundation for recovery, but investors require evidence of sustained growth before assigning a higher valuation.

Without consistent profitability, conventional valuation metrics remain difficult to apply.

Main opportunities

Camplify’s potential upside comes from several areas:

  • Improved marketplace margins
  • Insurance revenue expansion
  • JB Group distribution partnership
  • European growth opportunities
  • Lower operating cost base
  • AI-driven efficiency gains

If the company can stabilise bookings while maintaining improved economics, the platform could become significantly more valuable.

Key risks

The largest risk remains financial sustainability.

The company has reduced losses but has not yet demonstrated consistent profitability.

Other risks include:

  • Continued decline in GTV
  • Customer acquisition challenges
  • Insurance claims volatility
  • Potential future capital raising
  • Dilution risk for existing shareholders

The material uncertainty regarding going concern highlights that operational improvement must translate into stronger cash generation.

What investors should watch

The FY26 full-year result expected in late August 2026 will be the most important upcoming milestone.

Key indicators will include:

  • EBITDA performance against management’s target
  • Cash balance after seasonal booking movements
  • GTV stabilisation
  • Booking trends
  • Any changes to going-concern commentary

Camplify has demonstrated that it can reduce costs and improve margins.

The next challenge is proving that the business can grow again while maintaining financial stability.