How Will Camplify’s MyWay Launch Reshape Its Future After FY25 Losses?

A Year of Transformation

Camplify Holdings Limited’s financial results for the year ended 30 June 2025 reveal a company in the midst of significant strategic repositioning. Revenues declined by 12.3% to $42.1 million, while net losses nearly doubled to $15.8 million. These headline figures, however, mask a deeper story of deliberate consolidation, investment in technology, and a pivot towards a membership-first business model.

CEO Justin Hales described FY25 as a pivotal year, marked by the complex final phase of integrating the PaulCamper platform into a single global technology infrastructure. This integration, while disruptive in the short term, is designed to unlock operational efficiencies and enable rapid product deployment across Camplify’s seven markets spanning Australia, New Zealand, Europe, and the UK.

Mixed Regional Performance and Market Dynamics

Geographically, Camplify experienced divergent trends. Australia, the company’s largest market, saw an 18% revenue decline, partly due to the planned wind-down of the Temporary Accommodation Program and exit from low-margin van sales. Conversely, New Zealand and Spain posted robust growth of 10% and 64% respectively, underscoring the underlying strength of Camplify’s marketplace in these regions.

The company also reported a strengthening of its overall take rate to 30.2%, an 8.7% increase, signaling improved monetisation of its peer-to-peer RV rental ecosystem. This metric reflects Camplify’s ability to capture more value from its network of RV owners and hirers despite challenging macroeconomic conditions affecting consumer discretionary spending.

MyWay, A Strategic Game-Changer

The standout development for FY25 was the launch of MyWay, Camplify’s proprietary member-backed protection offering. This product addresses a longstanding barrier in the RV rental market, securing appropriate insurance protection. By transitioning to a membership-first model, Camplify aims to engage a broader market of over 800,000 RV owners in Australia alone, not just active renters.

MyWay is expected to create a significant new revenue stream with higher margins and to serve as a powerful customer acquisition funnel for the rental marketplace. Early projections suggest annualised billings could increase from $8 million to over $10 million, with improved gross profit margins.

Cost Discipline and Leadership Strengthening

In response to the financial pressures, Camplify implemented a group-wide cost reduction program that has already delivered $4.6 million in annualised savings. The company also strengthened its executive team with new appointments in finance, technology, and marketing, positioning itself for more disciplined growth and operational leverage through technology and AI.

Outlook and Challenges Ahead

Looking forward, Camplify’s priorities include driving recovery in European markets, scaling the MyWay membership program in Australasia, and maintaining growth momentum in strong-performing regions such as New Zealand, the UK, and Spain. The company targets $125 million in revenue and a 20% EBITDA margin over the long term.

However, risks remain. The company’s performance hinges on platform activity levels, technology reliability, insurance underwriting risks associated with MyWay, and navigating complex regulatory environments across multiple jurisdictions. The recent goodwill impairment of $6 million related to the marketplace business highlights the challenges in achieving expected growth.