Camplify returns to EBITDA profit as reset business model proves itself in FY26
Camplify Holdings (ASX:CHL) released its FY26 full year results, comprising the Appendix 4E and Annual Financial Report for the year ended 30 June 2026, recording a return to EBITDA profitability that management framed as validation of its structural business reset.
The Group reported full-year EBITDA of $0.3 million, a $10.6 million turnaround from the $10.4 million EBITDA loss booked in FY25. Statutory net loss after tax narrowed 96% to $0.8 million, compared with a restated $16.5 million loss the prior year.
The second half delivered profit, confirming the reset model at scale. No dividend was declared for the period.
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A year of two halves — H2 FY26 delivered the profit
FY26 split into two distinct halves. The first half recorded an EBITDA loss of $3.2 million as the Company completed its cost reduction programme and structural reset. The second half then returned a net profit after tax of $2.1 million and EBITDA of $3.5 million, a $6.3 million improvement on the prior corresponding half.
The H1 FY26 results had already signalled the direction of travel, with operating cash flow swinging sharply positive and the net loss narrowing 62.5% as the cost reduction programme took effect across the first half.
Second-half revenue reached $20.1 million, up 5.6% on the first half, while the EBITDA margin lifted from -13% in H2 FY25 to 17% in H2 FY26. Second-half cost of sales of $5.9 million was 30% lower than the prior corresponding period, reflecting the full effect of the MyWay Mutual carrying protection margin in-house. FY26 expenditure included $330k in one-off restructuring costs.
| Period | Revenue ($m) | COS ($m) | EBITDA ($m) |
|---|---|---|---|
| 2025 HY1 | 20.0 | 9.2 | -7.5 |
| 2025 HY2 | 22.1 | 8.4 | -2.8 |
| 2026 HY1 | 19.1 | 8.4 | -3.2 |
| 2026 HY2 | 20.1 | 5.9 | 3.5 |
Structurally lower cost base and a stronger balance sheet
Total revenue for FY26 was $39.2 million, down 6.8% from $42.0 million, a deliberate outcome of the Company’s strategy to prioritise higher-margin, recurring revenue over low-margin transactional volume. Gross profit margin improved to 63% (FY25: 58%), while premium membership fees grew 38% to $7.6 million.
Cost discipline underpinned the turnaround. Employee benefits expense fell $3.7 million to $12.4 million, marketing expense dropped $3.2 million to $4.2 million, and total operating expenses declined $10.3 million to $24.6 million.
Balance sheet and cash position
The Group held cash of $10.0 million at 30 June 2026 (FY25: $8.4 million), with no debt. Net operating cash outflows reduced to $1.2 million (FY25: $4.5 million outflow).
The balance sheet was strengthened by the $3.2 million placement completed in November 2025 alongside the JB Group partnership. Net assets stood at $41.3 million.
Brett Edwards, Chief Financial Officer
“Despite the testing economic situation globally, it is pleasing to report that FY2026 has seen a strong improvement in the financial performance of CHL. […] The focus is now returning to revenue growth while maintaining the improved margins.”
Understanding the MyWay Mutual — the margin engine behind the reset
During FY26, Camplify moved owner protection from an external insurer to a member-owned discretionary mutual, known as MyWay. The model is ASIC-regulated via AFSL partner REGIS and aligned to the General Insurance Code of Practice, delivering owners expanded Public Liability protection and direct control of claims.
For investors, the significance lies in the economics. Surplus stays inside the Group rather than being paid to an external insurer as profit, and this shift is described as the single largest driver of the second-half margin transformation.
Year one performance
The Mutual’s first full year of operation across Australia and New Zealand delivered:
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$2.7 million claims paid across 2,447 member claims
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99% claims approval rate
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68% loss ratio, inside the target range for a fully funded first year
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85 days average lodgement-to-repair, flagged as the key FY27 improvement target
FY27 marks the Mutual’s first full year at scale, with new benefits planned including a $500 excess option, agreed value cover, a business interruption benefit and personal roadside protection across Australia and New Zealand.
Navigating the June-quarter demand shock
The June-quarter escalation of conflict in the Middle East drove global oil price volatility and acute consumer concern around fuel security, with forward bookings initially falling 29%. The Company responded by stepping the business down to a lower operating cost level and holding margins as trade improved.
Forward bookings recovered in Australia and New Zealand to close the year at $16.75 million, in line with 31 March 2026 levels, and continued to build to $19.0 million as at 24 August 2026, up $2.25 million (13%) since year end. That figure compares with $22.9 million in August 2025. European markets remain subdued, with European expenditure tightly managed.
Justin Hales, CEO & Founder
“FY26 was the year the turnaround took hold — and the second half proved it. […] With $10.0 million in cash (compared to $8.4 million in the prior year), no debt, and forward bookings recovering strongly, we enter FY27 with a proven template. The hard structural work is behind us — FY27 is about execution and operating leverage.”
Building the RV lifecycle — JB Group and Camplify Xchange
The strategic partnership with JB Group was executed in October 2025, accompanied by the $3.2 million placement and a Board appointment. All new vans across the JB, New Age, Network RV, Traveller and Victory brands now include a complimentary Club Camplify membership bundle, with the managed-services pilot moving to a network rollout in FY27.
Camplify Xchange, Australia’s RV sales marketplace, launched during the year with 493 listings live and 12 dealer partners at year end, and more than 1,200 listed since launch.
Owner network strength remained a foundation of the model, with 11,023 active RVs listed, $88.7 million paid to owners in the trailing 12 months, a 4.9/5.0 average owner rating and a 46-month median owner tenure.
FY27 priorities — profitability leading enablement of growth
Management outlined its FY27 priorities as follows:
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Sustained profitability and positive cash flow — delivering full-year EBITDA-positive results while maintaining the reset cost base and returning to cost-effective growth in core markets.
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MyWay Mutual at scale — the Mutual’s first full year at scale, with expanded member benefits, faster claims turnaround, and expansion into Northern hemisphere markets.
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JB Group network rollout — moving the managed-services pilot to a network rollout across the JB Caravans dealer network.
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Member services expansion — growing the member services offering with a focus on the Australian market, including Camplify Xchange and dealer partnerships.
Management positioned FY27 around a proven template, with the structural work completed and the focus turning to execution and operating leverage.
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