Thor Industries, Inc. · NYSE:THO

Thor Industries — Q4 2025 Earnings Presentation

22 slides from Thor Industries's earnings presentation, 2025

  1. Slide 1: Financial Results Fourth Quarter & Fiscal 2025

    Financial Results Fourth Quarter & Fiscal 2025

  2. 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

  3. Slide 3: Fiscal 2025 Results

    FISCAL 2025 RESULTS (1) Net Sales Gross Profit Margin $9.58 B 14.0% Founded in 1980 Net Income and headquartered Attributable to THOR Industries, Inc. Diluted EPS in Elkhart, Indiana, $258.6 M $4.84 THOR is a global family of companies EBITDA (2) Adjusted EBITDA (2) that makes it easier $615.8 M $65

  4. Slide 4: THOR Consolidated Net Sales

    THOR CONSOLIDATED NET SALES (1) Together, the THOR family of companies FOURTH QUARTER FISCAL 2025 $2.52 billion represents the world’s (0.4)% (2) largest manufacturer of recreational North American vehicles. Towable $888,744 35.2% European $923,051 36.6% We offer a North American Motorized comprehen

  5. Slide 5: Fourth Quarter & Fiscal 2025 Summary

    Fourth Quarter & Fiscal 2025 Summary THOR remains focused on enhancing the fundamentals of our business and executing on our strategic plan ($ in thousands) Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Net Sales – Segments North American Towable $ 888,744 $ 931,856 (4.6)% $ 3,784,666 $ 3,679,671 2.

  6. Slide 6: North American Towable Segment

    North American Towable Segment Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Net Sales (1) $ 888,744 $ 931,856 (4.6)% $ 3,784,666 $ 3,679,671 2.9 % Gross Profit Margin % 13.3% 12.6% +70 bps 13.1% 11.6% +150 bps Wholesale Shipments (2) 25,682 28,572 (10.1)% 119,790 112,830 6.2 % Average Sales Price $

  7. Slide 7: North American Motorized Segment

    North American Motorized Segment Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Net Sales (1) $ 557,412 $ 517,319 7.8 % $ 2,175,604 $ 2,445,850 (11.0)% Gross Profit Margin % 11.3% 12.8% (150) bps 9.7% 11.4% (170) bps Wholesale Shipments (2) 4,379 3,777 15.9 % 17,153 18,761 (8.6)% Average Sales Price

  8. Slide 8: European Segment

    European Segment Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change Net Sales (1) $ 923,051 $ 943,424 (2.2)% $ 3,023,961 $ 3,364,980 (10.1)% Gross Profit Margin % 15.6% 18.7% (310) bps 15.2% 17.3% (210) bps Wholesale Shipments (2) 12,873 14,982 (14.1)% 44,445 55,317 (19.7)% Average Sales Price $ 71,704 $

  9. Slide 9: Liquidity, low leverage ratio and strong cash flow generation

    Liquidity, low leverage ratio and strong cash flow generation position THOR to seize upon opportunities in both North America and Europe As of As of ($ in thousands) July 31, 2025 July 31, 2024 Cash and Cash Equivalents $ 586,596 $ 501,316 Availability under Revolving Credit Facility 840,000 814,000

  10. Slide 10: Capital Management

    Capital Management PRIORITIES AND FISCAL 2025 ACTIONS Invest in THOR’s business ▪ Capex investment of $123.0 million during fiscal 2025 Pay THOR's dividend (1) ▪ Increased regular quarterly dividend to $0.50 in October 2024 ▪ Represents 15th consecutive year of dividend increases Reduce the Company'

  11. Slide 11: Key Takeaways from the Fourth Quarter and Fiscal 2025

    Key Takeaways from the Fourth Quarter and Fiscal 2025 Financial performance for the fourth quarter and full fiscal year yielded strong results amidst a highly volatile macroeconomic backdrop Continued execution of our strategic initiatives led to market share inflections during the fourth quarter fo

  12. Slide 12: Fiscal Year 2026 Guidance

    Fiscal Year 2026 Guidance (1) Assumptions ▪ Wholesale and retail volumes are roughly balanced Consolidated Net Sales ▪ Low- to mid-single-digit retail decline in the North $9.0B – $9.5B American market with stable market share ▪ Average selling prices flat to moderately higher as intra- category mix

  13. Slide 13: Appendix

    Appendix 13

  14. Slide 14: Quarterly EBITDA & Adjusted EBITDA Reconciliations

    Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ in thousands) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 TTM Net Income (Loss) $ 91,464 $ (873) $ (3,089) $ 133,928 $ 126,625 $ 256,591 Add Back: Interest Expense, Net 18,410 15,228 11,950 11,205 10,058 48,441 I

  15. Slide 15: Quarterly EBITDA Reconciliations By Segment

    Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 TTM Net Income $ 50,913 $ 46,821 $ 28,152 $ 97,587 $ 74,452 $ 247,012 Add Back: Interest Expense (Income), Net (3) (3) (3) (3) (2) (11) Towable Income Tax Provision (Benefit) — —

  16. Slide 16: 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 16

  17. Slide 17: THOR – The Global RV Industry Leader

    THOR – The Global RV Industry Leader NORTH AMERICAN (2) EUROPEAN (3) Travel Trailers Fifth Wheels Class A Class C Class B All RV Categories CATEGORY 24.1% 39.5% 37.2% MARKET 42.0% 49.5% 50.4% SHARE (1) MARKET POSITION (1) #2 #1 #1 #1 #1 #2 (1) All retail information presented is for the CYTD June 30

  18. Slide 18: RV Industry Overview: North America

    RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) Calendar YTD Shipments (Units) June 2025 June 2024 Unit Change % Change 190,705 178,596 12,109 +6.8% 600.2 504.6 483.7 493.3 430.7 406.1 430.4 353.5 356.7 374.2 349.3 321.1 313.2 333.7 337.0 285.7 237.0 242.3 252.4 165.6 200

  19. Slide 19: RV Industry Overview: North America

    RV Industry Overview North America CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) 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) NORTH AMERICAN RV RE

  20. Slide 20: RV Industry Overview: Europe

    RV Industry Overview Europe FULL-YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) 572 522 495 471 465 449 416 376 382 366 356 333 289 304 264 261 247 236 228 219 221 208 206 202 211 210 189 190 156 168 154 150 147 137 140 152 2007 2008 2009 2010 2011 2012 2013 2014 201

  21. Slide 21: Additional Metrics

    Additional Metrics NORTH AMERICAN INDEPENDENT DEALER INVENTORY RV BACKLOG OF OF THOR PRODUCTS $3.06 billion (6.9)% (1) 127,000 87,500 75,000 73,300 $3,280,075 $3,055,226 7/31/22 7/31/23 7/31/24 7/31/25 Inventory Units $1,950,793 $1,525,592 EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (2) $

  22. Slide 22: THOR Investor Relations Contact

    THOR INVESTOR RELATIONS CONTACT: Seth Woolf Head of Corporate Development & Investor Relations swoolf@thorindustries.com (574) 294-7718 www.thorindustries.com

THOR Industries — Q4 2025 Earnings Presentation on 6ix