Camplify Holdings nears an inflection point after Paul Camper integration pain
A difficult integration of its European Paul Camper acquisition and softer cost-of-living-driven demand pushed Camplify Holdings to a weak first half, but its major shareholder believes a leaner cost base and improved monetisation point toward a turning point.
28 Aug 2025 · 3 min read
In short
Camplify Holdings' 1H25 group revenue fell 17.8% with an EBITDA loss of $6.8 million, reflecting softer domestic demand, platform migration issues at PaulCamper in Europe, and a strategic exit from van sales.
Despite gross booking value declining 26.9% to $65.4 million, Salter Brothers notes Camplify grew its take rate meaningfully to 30.5%, highlighting improved monetisation per booking even as volumes fell.
Salter Brothers believes Camplify has resolved key challenges within its Paul Camper business, strengthened its leadership team with a new CFO and CTO, and may be nearing an inflection point toward renewed growth and profitability.
Camplify Holdings Ltd (ASX: CHL), a leading peer-to-peer digital marketplace connecting recreational vehicle owners to hirers across Australia, New Zealand and Europe, delivered a genuinely weak first half of FY25, but its largest disclosed shareholder believes the company may be nearing a turning point. Salter Brothers described the operational backdrop in August 2025: the business has experienced challenges specifically surrounding the integration of its December 2022 Paul Camper acquisition, a reduction in non-core operations, and general market softness following cost-of-living pressure.
A weak half masks improving unit economics
The scale of the near-term pain was significant. Salter Brothers reported group revenue down 17.8% for the first half of FY25 with an EBITDA loss of $6.8 million, reflecting softer domestic demand, platform migration issues at PaulCamper in Europe, and a strategic exit from van sales. Gross booking value declined 26.9% to $65.4 million. Within that weaker headline, however, the fund highlighted a genuinely positive signal: Camplify grew its take rate meaningfully to 30.5%, indicating improved monetisation per booking even as overall volumes fell.
Despite the challenging conditions, CHL enters the seasonally stronger second half with a leaner cost base following a cost out program, improved conversion and automation across its tech platform and a new member-based insurance product set that launched in Q4.
Salter Brothers, Annual Report, August 2025
Leadership changes support the recovery case
Salter Brothers pointed to management changes as a key reason for cautious optimism, noting the company has strengthened its leadership team with the appointment of a new CFO and CTO, and believes it has resolved key challenges within its Paul Camper business. The fund also flagged valuation support for the recovery thesis, noting the company was trading at an enterprise value of just 0.4 times FY25 consensus revenue as at early August 2025, a level it considered attractive relative to the potential for renewed growth.
What managers are watching next
With a leaner cost base now in place following the cost-out program, improved conversion and automation across the technology platform, and a new member-based insurance product launched in the fourth quarter, Salter Brothers said it continues to monitor progress closely, with the second half expected to show improving fundamentals and a clearer path to profitability.
Questions
Why did Camplify Holdings' first-half result weaken?
Camplify's 1H25 group revenue fell 17.8% with an EBITDA loss of $6.8 million, driven by softer domestic demand, platform migration issues at its PaulCamper business in Europe, and a strategic exit from van sales.
Is Camplify's underlying business improving despite lower bookings?
Salter Brothers notes that while gross booking value declined 26.9% to $65.4 million, Camplify grew its take rate meaningfully to 30.5%, indicating improved monetisation per booking even as overall transaction volumes fell.
What management changes has Camplify made?
Camplify has strengthened its leadership team with the appointment of a new CFO and CTO, which Salter Brothers views as supporting its belief that key challenges within the Paul Camper business have been resolved.
3 managers, 7 comments, with each manager's latest recorded position.
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