Highlights

  • Camplify Holdings (ASX:CHL) materially reduced its statutory loss in FY26.
  • Underlying EBITDA improved sharply, with the second half delivering positive earnings.
  • Gross Margin expanded as the company prioritised higher-value Revenue streams.
  • FY27 will test whether improved profitability can be sustained alongside a recovery in bookings.

Camplify Holdings (ASX:CHL) is entering a new phase after years of prioritising scale and marketplace expansion. The caravan and RV rental platform has begun to demonstrate a clearer path toward profitability, supported by cost discipline, higher-margin services and stronger second-half earnings.

The key question now is whether that progress can be sustained while booking growth remains uneven. For a Business exposed to discretionary travel demand, improving margins is important, but a durable turnaround will also require stabilisation in transaction activity and a return to healthier top-line growth.

Recent Developments

Camplify’s FY26 result showed a significant improvement in the company’s Earnings profile.

The statutory net loss narrowed by around 96% to approximately A$0.8 million from a restated A$16.5 million a year earlier.

Underlying EBITDA improved to a positive A$0.3 million from a loss of A$10.4 million in the prior period.

The strongest improvement came in the second half, which generated EBITDA of approximately A$3.5 million and net profit after tax of around A$2.3 million.

Gross margin also expanded to approximately 63% during the second half, reflecting the company’s stronger focus on higher-margin activity and tighter operating discipline.

Camplify finished the year with around A$10 million in cash and no debt, providing a more stable financial base as management looks to sustain profitability into FY27.

Revenue and Margin Mix

The turnaround came despite revenue easing by around 6.8%, illustrating that Camplify’s improvement was driven more by margins and cost control than by top-line growth.

Management has increasingly focused on maximising the Economics of each booking rather than chasing Volume at any cost.

Insurance, roadside assistance and premium services are particularly important because they can increase the amount of revenue Camplify generates from each transaction without requiring ownership of the underlying vehicles.

That strategy is helping lift the take rate and improve the quality of revenue across the marketplace.

However, slower revenue growth also highlights the next challenge. Camplify will need to show that its stronger margin structure can coexist with renewed booking momentum rather than depend primarily on expense reductions.

Business Overview

Camplify Holdings operates a peer-to-peer marketplace connecting owners of caravans, campervans and motorhomes with travellers seeking short-term rentals.

The platform lists more than 34,000 vehicles across Australia, New Zealand, the United Kingdom, Spain and Germany.

Revenue is generated through booking commissions as well as ancillary services including insurance, roadside assistance and premium membership products.

The marketplace model allows Camplify to grow without owning the vehicles listed on its platform, reducing the Capital intensity associated with a traditional rental fleet.

At the same time, the company remains exposed to the health of discretionary travel spending and seasonal booking patterns.

Camplify’s broader strategy is to combine marketplace scale with higher-margin service revenue, creating a model that can potentially produce stronger earnings as transaction volumes grow.

What Could Matter Next

The biggest test in FY27 is whether Camplify can convert second-half profitability into a full year of positive earnings and cash flow.

Forward bookings and gross transaction value will remain important indicators, particularly after management pointed to some softness in demand.

A recovery in booking activity would strengthen the Investment case because it would show that the company can grow from its leaner cost base rather than simply defend margins.

The expansion of insurance products across Northern Hemisphere markets is another area to watch.

If these services gain traction, they could improve take rates and increase Recurring Revenue per booking without requiring significant additional capital.

Cost discipline will also remain critical. The company reduced operating expenses materially in FY26, and investors will want to see that those savings are sustainable rather than temporary.

Capital allocation is another consideration, although the debt-free Balance Sheet and improved cash position provide greater flexibility than in prior periods.

Risks and Watchpoints

Camplify remains exposed to discretionary travel demand, making consumer confidence and broader economic conditions important external factors.

Booking volumes may also be affected by seasonality, geopolitical developments or changes in travel preferences.

Revenue weakness remains a central risk. If bookings continue to soften, maintaining profitability could become more difficult even with a leaner cost base.

The platform also faces competition from traditional RV rental businesses and other online marketplaces.

Insurance represents a potential source of higher-margin revenue but also introduces claims and underwriting-related risk depending on how products are structured.

The company’s history of losses also means that FY27 execution will be particularly important in establishing whether the recent improvement is structural.

The Bottom Line

Camplify Holdings has made meaningful progress in reshaping its earnings profile.

A sharply reduced statutory loss, positive underlying EBITDA and a profitable second half suggest that the company’s cost and margin initiatives are beginning to take hold.

The next phase will be more demanding. Camplify must prove that it can sustain profitability while rebuilding booking and revenue growth.

For Camplify Holdings (ASX:CHL), FY27 will therefore be about demonstrating that a leaner operating model can support both stronger margins and renewed marketplace expansion.