Thor Industries, Inc. · NYSE:THO
Thor Industries — Q2 FY2025 Earnings Presentation
22 slides from Thor Industries's earnings presentation, Mar 5, 2025
Slide 1: Financial Results Second Quarter Fiscal 2025
Slide 2: Forward-Looking Statements
FORWARD-LOOKING STATEMENTS statements within the meaning ofthe US. Private Secures Ligation Reform Act of 1985, Section “This presentation includes that are 27A of the Securities Act of 1933, as amended, and Section 21€ oft ed doves and tk effec: upon THOR and herent ive ncertates and rks. expectati
Slide 3: Second Quarter Fiscal 2025 Results
Second Quarter Fiscal 2025 Results” Gross Profit Net Sales Margin $2.02 B 12.1% Net Income (Loss) Attributable to THOR Industries, Inc. Unit Diluted Shipments EPS 40,981 $(0.01) Adjusted EBITDA” EBITDA ° $76.3M $87.0M _ ore Rca quarte ended Jy 31, 2025 is presentation for reconciliation of non-GAAP
Slide 4: THOR: a trusted family of brands loved by RV consumers
THOR We consist of a trusted family of brands that are loved by RV consumers EUROPEAN SEGMENT - {Bl succancer cee carado fA AIRSTREAM (CROSSROADS 2 8 pute, HEARTLAND — — (C) crosscamP CROSSRENT Jethleffs PS mm & i =, etana eee BElddis SERIBR ——_ ETRVSCO DB vseconrour —aouvscumirr ~— ZHYMER Prtci LMC
Slide 5: THOR family represents the 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. THOR CONSOLIDATED NET SALES “ SECOND QUARTER FISCAL 2025 SECOND QUARTER FISCAL 2024 $2.0
Slide 6: THOR remains focused on enhancing the fundamentals of our business
THOR remains focused on enhancing the fundamentals of our business and executing on our strategic plan Our strategic approach continues to emphasize a strong margin profile, evidenced by our margins remaining resilient despite market challenges, especially within our North American Towable segment F
Slide 7: North American Towable
North American Towable Segment 2 9 rm ep esas Fiwaze|s 7008] 133% |PPoM|s ieee] 30% ‘Wholesale Shipments 28,013 21,958| 27.6 %| 58,031 50,065| 15.9 % Average Sales Price |g 29,567 $ 33,289) (11.2)%|§ 29,761 $ 33.485] (11.1)% January January 31,2025 31,2024 Change Backlog $1073,758|$ £36,202| 28.4 %
Slide 8: North American Motorized
North American Motorized Segment 2 2 2035 2024 change Net Sales ® $ 446,298 s 570,424) (21.8)%|$ 951,506) $ 1,281,583] (25.8)% Gross Profit Margin % 78 10.6 | (280) bps 81 10.9 | (280) bps Wholesale Shipments | 3526, 4,438 | (20.5)%) 7,267 10,020 (27.5)% ‘Average Sales Price |§ 126573 /$ 128532| (1.
Slide 9: European Segment
European Segment 208308 conne| Sons Sos change Net Sales $ 612465 $ 782,294) (21.7)% J§ 1,217,368 $ 1,490,495 | (18.3% ‘Gross Prof Margin % 132,153 (210) es 143) 162 (190) ‘Wholesale Shipments ®? 9,442 13,080 | (27.8) %| 18,077 24,972 | (27.6)% ‘average Sales Price |§ 64865 $ 59,808| 85%|§ 67,343. $
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, (Gin thousands) 2025 2024 Cash and Cash Equivalents $ 373,819 $ 340,192 Availability under Revolving Credit Facility 855
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 © Increased regular quarterly dividend to $0.50 in is} October 2024 [S> «Represents 15" consecutive year of dividend increases Reduce the Company's debt obliga
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” 325,000 — 340,000 $9.0B — $9.5B Units? (previously $9.08 - $9.88) Total North American RV Industry Wholesale Shipment Forecast for Fiscal 2025 Revised Full-Year Fiscal 2025 Guidance As anticipated, we have experienced a challenging first half of the fiscal year, but expect
Slide 14: Appendix
Slide 15: THOR - The Global RV Industry Leader
THOR - The Global RV Industry Leader NORTH AMERICAN 7) EUROPEAN © sia Sa ok = | i -990000 ome #2 #1 #1 #1 #1 #1 ‘CATEGORY ¥ 31, 2024, cy ‘cvD" ECP). sub continuous updated and by delays in reporting tuding the United Kingdom, do not report OEM-specifc data and ded from the market share calculation.
Slide 16: RV Industry Overview
RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) ‘9% Chang ++5.6% Dee. 2028 ‘Unit Change 333,733 Dee. 2023 313,174 sot 31323337 Zo mk SO Se an08 Sw Fate “zOnk) 2k SNES; Done HLS) Sher? nue) anh “oD 200 SND ane 2008 Fata 3 TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) De
Slide 17: RV Industry Overview
RV Industry Overview North America CONSUMER: VS. RV RETAIL snc s — ‘e a cnt » i = i ‘ Oe ip a inet (CALENDAR YEAR RV RETAIL MARKET SHARE “ ‘eis a se ee 7 a Se ae ae 5 ue —— Be ae rw = a @j THOR : ay aztneas ® ® Source:
Slide 18: RV Industry Overview: Europe
RV Industry Overview: Europe EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY “ Caravans Motorcaravans & Campervans Total Calendar Year Ended Calendar Year Ended December 31, December 31, Change ___2024 [Germany 21674 21,896 (1.9) 74718 68,469, a 6,392 90,365, 67 France 7,387 7.448 08) 23% 3.936 103%
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 in RV Ownership 97% increase in RV ownership for leisure travelers since 2014 New Campers Continue to Enter the Market 5.8 million of 2024 campers were first timers ‘” Strong Interest Shown in RV Lifestyle 16.9 m
Slide 20: Additional Metrics
Additional Metrics NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS, 121,300 112,000 87,800 06,200 4/3122 4/31/23 3/33/24 3/31/25 ventory Units EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS 24,800 25,700 ———__———- 4/31/24 3/31/25 Inventory Units RV BACKLOG Ee i} (17.5)%™ $4,655,
Slide 21: Quarterly EBITDA Reconciliation
Quarterly EBITDA Reconciliation (Sin thousands) TIM Fiscal Quarters 29Fv24 SQFY2: Fv24 FY25 25 Net Income (Loss) $ 5,326 113,577 3 94,468 (873) $ (3,089) __—-201,079 ‘Ade Back: Interest Expense, Net 28,229 21,830 18,10 15,228 11,950 6718 Income Tax Provision (Benefit) 1,568 23,773 35,554 1489 65,533
Slide 22: Investor Relations Contact
INVESTOR RELATIONS CONTACT Jeff Tryka, CFA Lambert Global jtryka@lambert.com (616) 295-2509