Camplify’s reset starts to pay off as MyWay Mutual lifts margins

Camplify completes a $10.6 million EBITDA turnaround

Camplify Holdings Limited (ASX:CHL) has crossed back into Group EBITDA profitability after a year of cost-cutting and business consolidation, reporting $0.3 million for FY26 compared with a $10.4 million loss in FY25. The sharper evidence of the reset came in the second half, when EBITDA reached $3.5 million and net profit after tax was $2.1 million.

Revenue fell to $39.2 million for the year, but gross profit margin improved to 63% and premium membership fees increased 38%. Chair Andrew McEvoy attributed the change to a structurally lower cost base and a shift towards higher-margin revenue rather than low-margin transactional volume. The company’s earlier link is not included because no external links are permitted.

MyWay Mutual becomes the margin engine

MyWay Mutual was central to the improvement. In its first year, the member-owned protection model handled 2,447 claims, approved 99% of them and recorded a 68% loss ratio. Camplify said retaining the protection economics within the Group strengthened gross margin and gave owners stronger cover, although the AGM address did not quantify the division’s standalone earnings contribution.

The result builds on the company’s MyWay Mutual launch, which earlier formed part of a broader membership strategy aimed at improving profitability. Camplify is now looking to expand MyWay’s member benefits and accelerate claims turnaround, while also growing Club Camplify beyond the rental marketplace through products such as retail roadside assistance.

Q1 demand remains below last year

The turnaround is being delivered against a softer demand backdrop. Gross Transaction Value fell 27% year on year to $26.4 million in the three months to September, although that was an improvement on the 29% decline recorded in the June quarter. Australia, Camplify’s largest market, was more resilient, with GTV down 4%, while core revenue fell 16% to $6.65 million.

The quarter nevertheless produced $1.4 million of operating cash flow, and Camplify ended September with $11.3 million in cash and no debt. Forward bookings rose 26% during the quarter to $21.1 million, but remained 17% below the same point last year. That combination gives the reset some financial breathing room, without yet showing that demand has fully recovered.

Partnerships aim to widen the membership funnel

Camplify said its alliance with JB Group is moving from a pilot to a full network rollout, with every new van across JB, New Age, Network RV, Traveller and Victory to include complimentary Club Camplify membership. The rollout extends the JB Group alliance, which was designed to use the dealership network to expand rental and membership distribution.

A separate partnership with NSW National Parks and Wildlife Service will facilitate caravan, campervan and camper-trailer hire and set-up at 16 national park campgrounds. The company said the arrangement is intended to make camping more accessible to families and first-time campers, while supporting demand for vehicle owners on the platform.

FY27 target shifts from restructuring to execution

Founder and CEO Justin Hales said the company enters the rest of FY27 with four priorities: sustaining EBITDA profitability and positive operating cash flow, returning to cost-effective growth in core markets, scaling MyWay Mutual and expanding member services. Management has not provided quantified revenue or earnings guidance beyond those operating objectives.

That leaves the next summer booking cycle carrying considerable weight. Camplify has demonstrated that a smaller cost base can produce positive cash flow even while GTV is weak; the unresolved question is whether membership, protection and partnership initiatives can restore growth without forcing the company to rebuild the costs it has just removed.