Thor Industries, Inc. · NYSE:THO
Thor Industries — Q2 2025 Earnings Presentation
22 slides from Thor Industries's earnings presentation, 2025
Slide 1: Financial Results Second Quarter Fiscal 2025
FINANCIAL RESULTS SECOND QUARTER FISCAL 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS This presentation includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 193
Slide 3: Second Quarter Fiscal 2025 Results
(1) Second Quarter Fiscal 2025 Results Gross Profit Net Sales Margin $2.02 B 12.1% Founded in 1980 and headquartered in Elkhart, Indiana, THOR is a global family Net Income (Loss) of companies that makes it easier Attributable to THOR Industries, Inc. and more enjoyable to connect $(0.6) M people wi
Slide 4: A trusted family of brands loved by RV consumers
We consist of a trusted family of brands that are loved by RV consumers NORTH AMERICAN TOWABLE SEGMENT EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT 4
Slide 5: World's largest manufacturer of recreational vehicles
Together, the THOR family of companies represents the world’s largest manufacturer of recreational vehicles. We offer a comprehensive range of RVs to inspire and empower everyone to Go Everywhere; Stay Anywhere. (1) THOR CONSOLIDATED NET SALES SECOND QUARTER FISCAL 2025 SECOND QUARTER FISCAL 2024 $2
Slide 6: Summary
THOR remains focused on enhancing the fundamentals of our business and executing on our strategic plan Q2 Q2 FYTD FYTD Second Quarter Fiscal 2025 ($ in thousands) 2025 2024 Change 2025 2024 Change Net Sales – Segments North American Towable $ 828,266 $ 730,968 13.3 % $ 1,727,044 $ 1,676,422 3.0 % No
Slide 7: North American Towable Segment
North American Towable Segment Q2 Q2 FYTD FYTD 2025 2024 Change 2025 2024 Change (1) Net Sales $ 828,266 $ 730,968 13.3 % $ 1,727,044 $ 1,676,422 3.0 % Gross Profit Margin % 11.1 7.4 +370 bps 11.8 10.3 +150 bps (2) Wholesale Shipments 28,013 21,958 27.6 % 58,031 50,065 15.9 % Average Sales Price $ 2
Slide 8: North American Motorized Segment
North American Motorized Segment Q2 Q2 FYTD FYTD 2025 2024 Change 2025 2024 Change (1) Net Sales $ 446,298 $ 570,424 (21.8)% $ 951,506 $ 1,281,583 (25.8)% Gross Profit Margin % 7.8 10.6 (280) bps 8.1 10.9 (280) bps (2) Wholesale Shipments 3,526 4,438 (20.5)% 7,267 10,020 (27.5)% Average Sales Price
Slide 9: European Segment
European Segment Q2 Q2 FYTD FYTD 2025 2024 Change 2025 2024 Change (1) Net Sales $ 612,465 $ 782,294 (21.7)% $ 1,217,368 $ 1,490,495 (18.3)% Gross Profit Margin % 13.2 15.3 (210) bps 14.3 16.2 (190) bps (2) Wholesale Shipments 9,442 13,080 (27.8)% 18,077 24,972 (27.6)% Average Sales Price $ 64,866 $
Slide 10: Liquidity, low leverage ratio and strong cash flow generation
Liquidity, low leverage ratio and strong cash flow generation position THOR to seize upon growth opportunities in both North America and Europe As of January 31, As of January 31, ($ in thousands) 2025 2024 Cash and Cash Equivalents $ 373,819 $ 340,192 Availability under Revolving Credit Facility 85
Slide 11: Capital Management
Capital Management PRIORITIES AND FISCAL 2025 ACTIONS Invest in THOR’s business ▪ Capex investment of $51.5 million FYTD Pay THOR's dividend (1) ▪ Increased regular quarterly dividend to $0.50 in October 2024 th ▪ Represents 15 consecutive year of dividend increases Reduce the Company's debt obligat
Slide 12: Key takeaways from Q2 FY 2025
Key takeaways from Q2 FY 2025 Financial performance for the second quarter aligned with expectations as it continued to be impacted by macroeconomic headwinds Consolidated margin remained resilient despite the challenging market conditions Robust cash generation as a result of management’s execution
Slide 13: Fiscal Year 2025 Guidance
Fiscal Year 2025 Guidance (1) 325,000 – 340,000 $9.0B – $9.5B 13.8% – 14.5% $3.30 – $4.00 Units (2) (previously $9.0B – $9.8B) (previously 14.7% – 15.2%) (previously $4.00 – $5.00) Total North American RV Consolidated Consolidated Diluted Earnings Industry Wholesale Shipment Net Sales Gross Profit M
Slide 14: Appendix
Appendix 14
Slide 15: THOR – The Global RV Industry Leader
THOR – The Global RV Industry Leader (2) (3) NORTH AMERICAN EUROPEAN Travel Trailers Fifth Wheels Class A Class C Class B All RV Segments CATEGORY 23.1% 38.7% 40.2% 40.9% MARKET (1) 48.5% 49.9% SHARE MARKET POSITION (1) #2 #1 #1 #1 #1 #1 (1) All retail information presented is for the calendar year
Slide 16: RV Industry Overview North America
RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) Dec. 2024 Dec. 2023 Unit Change % Change 333,733 313,174 20,559 +6.6% 600.2 504.6 483.7 493.3 430.7 406.1 430.4 370.0 384.5 390.4 353.5 356.7 374.2 321.1 313.2 333.7 350.1 252.4 285.7 237.0 242.3 165.6
Slide 17: RV Industry Overview North America
RV Industry Overview North America (1)(2) CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS 600,000 150 500,000 125 400,000 100 300,000 75 200,000 50 100,000 25 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 RV Retail Registrations (1) CCS Index (2) (1) CALENDAR YEAR RV
Slide 18: RV Industry Overview: Europe
RV Industry Overview: Europe (1) EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY Caravans Motorcaravans & Campervans Total Calendar Year Ended Calendar Year Ended Calendar Year Ended December 31, December 31, December 31, Country 2024 2023 Change 2024 2023 Change 2024 2023 Change Germany 21,674 21,8
Slide 19: Data from RVers support the foundation and future of the RV industry
Data from RVers support the foundation and future of the RV industry Significant Growth New Campers Continue in RV Ownership to Enter the Market 97% 5.8 million increase in RV ownership of 2024 campers (2) for leisure travelers were first timers (1) since 2014 Strong Interest Shown Consumer Purchase
Slide 20: Additional Metrics
Additional Metrics RV BACKLOG OF NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS $3.84 billion 121,300 (17.5)% (1) 112,000 87,800 86,200 $4,655,196 1/31/22 1/31/23 1/31/24 1/31/25 $3,842,508 Inventory Units $2,746,307 $1,644,015 EUROPEAN INDEPENDENT DEALER INVENTORY (2) $1,124,735 OF TH
Slide 21: Quarterly EBITDA Reconciliation
Quarterly EBITDA Reconciliation ($ in thousands) TTM Fiscal Quarters 2QFY24 3QFY24 4QFY24 1QFY25 2QFY25 TTM Net Income (Loss) $ 5,326 $ 113,577 $ 91,464 $ (873) $ (3,089) $ 201,079 Add Back: (1) Interest Expense, Net 28,229 21,830 18,410 15,228 11,950 67,418 Income Tax Provision (Benefit) 1,568 28,7
Slide 22: Investor Relations Contact
INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295-2509 www.thorindustries.com