Camplify’s $15.8M Loss and Goodwill Impairment Signal Risks Ahead
Camplify Holdings reported a strategic refocus in FY25, delivering a strong operational turnaround in the second half and positioning itself for profitability in FY26. Despite a decline in gross transaction value, the company improved cost efficiency and expanded its membership and insurance offerings.
- 14.5% decline in FY25 Gross Transaction Value to $139 million
- EBITDA loss narrowed from $6.8 million in H1 to $2.6 million in H2 FY25
- Marketing spend cut from 27% to 9% of revenue in H2 FY25
- Successful rollout of captive-backed MyWay Mutual insurance program
- Future bookings increased 8% to $22.9 million, excluding TAP
A Year of Strategic Reset
Camplify Holdings Limited (ASX – CHL), a global peer-to-peer recreational vehicle rental platform, unveiled its audited FY25 results, marking a pivotal year of strategic realignment. The company faced headwinds in the first half of the year, with a 14.5% decline in Gross Transaction Value (GTV) to $139 million, influenced by the winding down of the Temporary Accommodation Program (TAP), exit from van sales, and the final integration phases of its European acquisition, PaulCamper.
Despite these challenges, Camplify’s second half showed a marked operational improvement, reflecting a disciplined focus on cost control and efficiency. EBITDA losses shrank significantly from $6.8 million in H1 to $2.6 million in H2, underscoring the effectiveness of the company’s strategic initiatives.
Driving Efficiency and Growth
Key to Camplify’s turnaround was a dramatic reduction in marketing expenditure, which fell from 27% of revenue in the first half to just 9% in the second half, achieved without sacrificing revenue growth. Employee costs also declined from 42% to 35% of revenue, thanks to automation, AI adoption, and centralisation of roles, setting a leaner cost base for scalable growth.
The rollout of the MyWay Mutual insurance program in Australia and New Zealand replaced third-party insurance products, delivering immediate cost savings and positioning the company for a material improvement in gross profit margins in FY26. This captive-backed insurance model is a cornerstone of Camplify’s shift towards a membership-led business model, with paid memberships growing 9% to 5,360.
PaulCamper Stabilises and Future Bookings Rise
PaulCamper, Camplify’s European platform, showed signs of stabilisation with a 5.9% growth in GTV and 10% revenue growth in H2 compared to the prior corresponding period. This contributed to a more predictable revenue stream in the German market, the company’s second largest after Australia.
Looking ahead, Camplify closed FY25 with $22.9 million in future bookings, an 8% increase over the previous year, excluding TAP-related bookings. This pipeline reflects growing demand and confidence in the platform’s prospects.
Outlook – Clear Path to Profitability
Entering FY26, Camplify is focused on delivering profitability, positive cash flow, and cost-effective growth in its core markets. The company plans to continue scaling its MyWay membership program, expand the captive insurance offering into Northern Hemisphere markets, and maintain disciplined cost management.
Additionally, the NSW Government has relaunched and expanded the Temporary Accommodation Program, which Camplify will support in 26 local government areas, potentially boosting revenue streams.
CEO Justin Hales highlighted the company’s transformation – "FY25 was a truly pivotal year. Our decisive strategic refocus has fundamentally reshaped Camplify for sustainable profitability. The improvements in marketing efficiency, operational structure, and insurance rollout demonstrate our strategy’s effectiveness and position us strongly for FY26."
Bottom Line?
Camplify’s FY25 operational reset lays a solid foundation, but execution risks remain as it targets profitability and growth in FY26.
Questions in the middle?
- How will Camplify sustain revenue growth amid ongoing market and regulatory challenges?
- What impact will the expanded Temporary Accommodation Program have on FY26 earnings?
- Can the MyWay Mutual insurance model be successfully scaled across international markets?
