Camplify delivers 62% reduction in net loss as turnaround strategy gains traction
Camplify Holdings has reported its H1 FY26 results, delivering a statutory net loss after tax of $2.93 million, representing a 62.5% improvement from the restated loss of $7.81 million in the prior corresponding period. This $5 million bottom-line swing demonstrates successful execution of cost discipline and margin expansion strategies as the recreational vehicle (RV) rental platform transitions from cash-burn mode to sustainable operations.
The company closed the period with $23.18 million in cash and cash equivalents, up substantially from $8.4 million in the prior corresponding period, providing runway for growth initiatives without dilutive capital raises. This cash position reflects disciplined management during the lead-up to the busy Australian and New Zealand summer holiday period.
Total revenue for H1 FY26 was $19.06 million, a 4.7% decrease from $19.95 million in H1 FY25. While Gross Transaction Value (GTV) in core markets like Australia saw a 15% decline, management’s deliberate strategy to focus on higher-value marketplace volume over low-margin bookings yielded a 31% improvement in conversion rates globally across core markets.
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Operating cash flow swings positive as cost structure transforms
Operating cash flow shifted dramatically from a $1.77 million outflow in the prior corresponding period to a positive $12.18 million inflow in H1 FY26. This turnaround was driven by strategic cost reductions that right-sized the business for profitability.
Marketing expenses were slashed from $5.37 million to $2.03 million, whilst employee benefits expenses decreased from $8.38 million to $6.63 million. These reductions enabled the company to maintain revenue stability whilst dramatically improving bottom-line performance.
| Metric | H1 FY26 | H1 FY25 | Change |
|---|---|---|---|
| Marketing Expenses | $2.03m | $5.37m | -62% |
| Employee Benefits | $6.63m | $8.38m | -21% |
| Operating Cash Flow | $12.18m | -$1.77m | +$13.95m |
| Cash at Period End | $23.18m | $8.4m | +176% |
Cash flow positive operations reduce the company’s reliance on external funding and demonstrate operating leverage in the business model. The company also completed a $3.21 million capital raise during the period, issuing 10.45 million shares to further strengthen the balance sheet.
MyWay Mutual protection model transforms ANZ margins
The MyWay Mutual, a self-insurance protection product launched in ANZ during May 2025, fundamentally shifted the business economics. Premium Member gross profit margins improved from 14% to 33% as the company retained insurance premiums rather than paying external insurers.
The mutual achieved an H1 loss ratio of 49.6%, indicating strong claims management. This means approximately half of premiums collected are retained as gross profit, directly flowing to the bottom line. Premium membership revenue nearly doubled from $2.19 million in H1 FY25 to $4.36 million in H1 FY26.
What is a mutual insurance model and why does it matter for investors?
A mutual insurance model involves pooling member premiums and self-insuring rather than purchasing coverage from external insurers. When claims are low, the company retains more profit instead of it flowing to third-party insurers.
For Camplify’s specific situation, the 49.6% loss ratio means roughly half of premiums collected are retained as gross profit. This margin improvement is structural, not one-off, and sets the foundation for potential rollout to European markets. Membership numbers closed December at 4,970 members, providing a stable base for H2 growth.
Revenue stability masks strategic shift toward higher-margin bookings
Whilst headline revenue declined 4.7%, this was deliberate. Management prioritised higher-margin bookings over volume, evidenced by take rate expansion to 26.9% from 24.9% in the prior corresponding period. GTV decreased from $65.4 million to $54.6 million, but the company retained a greater proportion of each transaction.
The 31% improvement in request-to-paid conversion globally demonstrates enhanced platform efficiency. Average booking value remained robust at $1,612, helping maintain revenue stability despite fewer total bookings.
Regional performance highlights:
- Germany revenue surged 30% to $2.74 million following completion of platform migration, positioning the market as a key European growth driver.
- ANZ remains dominant despite the 15% Australian GTV decline, with New Zealand showing resilient performance.
- Premium membership fees nearly doubled to $4.36 million, offsetting transactional revenue softness.
The company’s take rate of 26.9% indicates pricing power and successful deployment of value-add services. This metric demonstrates the platform can grow revenue even when transaction volumes moderate.
Future bookings pipeline signals H2 momentum
Camplify closed 31 December 2025 with $34.2 million in future bookings GTV. These are bookings already paid for that will convert to revenue when trips commence, providing visibility for coming quarters.
H2 is seasonally the strongest period for ANZ operations, coinciding with the Australian summer holiday season. This forward pipeline, combined with operational improvements achieved in H1, positions the company to accelerate performance in the second half.
JB Group partnership and B2B contracts open new growth channels
Camplify entered into a strategic services agreement with JB Group in October 2025. The partnership encompasses Club Camplify membership promotion, implementation of managed services depots, and co-marketing initiatives.
A pilot site in Newcastle is now operational, forming the blueprint for rollout to all JB owner dealerships, followed by select partner dealers. This model enables the company to directly offer high-margin products to approximately 3,000 customers annually through the JB network.
Managed services represents a key strategic pillar, with Camplify managing RV owners’ vehicles hands-off across 10 sites by 2027 at increased revenue take rates. This B2B model provides diversification from the consumer marketplace without customer acquisition costs.
Justin Hales, CEO & Founder
“Having successfully right-sized our cost base, our focus now shifts to scaling profitable growth.”
Additional growth channels include:
- Victorian Government contract (Homes Victoria) for temporary accommodation following January 2026 bushfires
- Covers 14 LGAs with initial order of 50 vans
- Expectations of around 200 applications total
The Temporary Accommodation Program (TAP) generated $2.38 million GTV in H1 FY26 across NSW flood and bushfire relief efforts. The Victorian expansion demonstrates the scalability of this B2B revenue stream.
European operations under review following insurance cost adjustments
During the half, management completed a review of European insurance operations, identifying timing issues in premium calculations. This resulted in a $0.93 million prior year adjustment restating H1 FY25 cost of sales and provisions.
The company has prudently carried forward a $0.62 million contingency for loss-sharing provisions related to European contracts in calendar year 2025. The EU loss ratio of 92% in H1 was elevated, with management working with insurers on improved policy structures.
This transparency on adjustments builds credibility with investors. Whilst European insurance remains a near-term headwind, the company is actively managing these legacy issues. The successful Australian mutual rollout provides a potential blueprint for addressing European insurance challenges.
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Investment outlook: path to profitability takes shape
Camplify has completed the cost restructure phase and is now positioned to scale profitably. The $5 million bottom-line improvement demonstrates successful execution of the optimisation strategy, whilst the $23.18 million cash position provides growth capital.
H2 priorities focus on profitable expansion:
- Expand JB Group managed services to 12+ depots across the network
- Grow mutual insurance membership in ANZ, leveraging the 49.6% loss ratio performance
- Leverage improved 31% conversion metrics to drive bookings growth
- Explore mutual model rollout in Northern Hemisphere markets
The business has inflected from optimisation to growth. Multiple levers exist for margin expansion, including higher insurance retention, improved conversion rates, and B2B channel development. Revenue quality is improving even as quantity moderates, with take rate expansion demonstrating pricing power.
Germany’s 30% revenue growth signals European recovery potential, whilst the JB partnership provides ANZ expansion without proportional marketing spend. The $34.2 million future bookings pipeline entering peak season supports H2 acceleration expectations.
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