Thor Industries, Inc. · NYSE:THO
Thor Industries — Q1 FY2026 Earnings Presentation
21 slides from Thor Industries's earnings presentation, Dec 3, 2025
Slide 1: First Quarter Fiscal 2026 Financial Results
First Quarter Fiscal 2026 Financial Results
Slide 2: Forward-Looking Statements
2 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 1
Slide 3: THOR Consolidated Net Sales
3 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) $ in thousands (2) As compared to the fiscal quarter ended October 31, 2024 Other,
Slide 4: First Quarter Financial Highlights
4 First Quarter Financial Highlights • North American market share improved for the second consecutive quarter as retail outperformed expectations during the period • Dealer inventory turns remain at an appropriate level heading into the winter months and the level of dealer inventory of the Company
Slide 5: North American Towable: Fiscal 2026 First Quarter Key Drivers
5 Fiscal 2026 First Quarter Key Drivers • Net sales were flat as a favorable product mix offset a 14.0% decline in unit shipments as we aggressively managed channel inventory entering the winter months • Gross margin improved 80 bps due to lower warranty costs, lower overhead costs achieved with the
Slide 6: North American Motorized: Fiscal 2026 First Quarter Key Drivers
6 Fiscal 2026 First Quarter Key Drivers • Net sales increased 30.9% compared to the prior-year period as an increase in unit shipments of 32.3% was partially offset by a shift in product mix towards our lower-priced product lines • Gross margin percentage expanded 230 basis points compared to the pr
Slide 7: European: Fiscal 2026 First Quarter Key Drivers
7 Fiscal 2026 First Quarter Key Drivers • Net sales increased 8.4% driven by a 1.0% increase in unit shipments and a 7.4% increase in the overall price per unit, which benefitted from an increase in foreign exchange rates • Gross margin decreased 340 bps compared to Q1 FY25 driven by a higher mix of
Slide 8: Liquidity and Leverage
8 ($ in thousands) As of October 31, 2025 As of October 31, 2024 Cash and Cash Equivalents $ 509,878 $ 445,222 Availability under Revolving Credit Facility 930,000 865,000 Total Liquidity $ 1,439,878 $ 1,310,222 Outstanding Debt (1) $ 926,064 $ 1,091,397 Leverage Ratios (2) As of October 31, 2025 As
Slide 9: Capital Management Priorities and Fiscal 2026 Actions
9 Capital Management PRIORITIES AND FISCAL 2026 ACTIONS Invest in THOR’s business ▪ Capex investment of $31.6 million during Q1 FY26 Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.52 in October 2025 ▪ Represents 16th consecutive year of dividend increases Reduce the Company's debt
Slide 10: Key Takeaways from Q1 FY 2026
10 Key Takeaways from Q1 FY 2026 We are controlling what we can control and remain focused on streamlining the business so that we can navigate any continued weakness in the market but still be positioned to ramp up when demand rebounds Market share is improving and year-to-date retail trends are ru
Slide 11: Fiscal Year 2026 Guidance
11 Fiscal Year 2026 Guidance (1) (1) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026 (2) Before consideration of any discrete tax items Consolidated Net Sales $9.0B – $9.5B Gross Margin Stable at Midpoint Assumptions ▪ Wholesale and retail volumes are roughly balanced ▪ Low- to m
Slide 12: Appendix
12 Appendix
Slide 13: Quarterly EBITDA & Adjusted EBITDA Reconciliations
13 Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ in thousands) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 TTM Net Income (Loss) (GAAP) $ (873) $ (3,089) $ 133,928 $ 126,625 $ 23,169 $ 280,633 Add Back: Interest Expense, Net 15,228 11,950 11,205 10,058 9,017
Slide 14: Quarterly EBITDA Reconciliations By Segment
14 Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 TTM Net Income (Loss) (GAAP) $ 46,821 $ 28,152 $ 97,587 $ 74,452 $ 46,471 $ 246,662 Add Back: Interest Expense (Income), Net (3) (3) (3) (2) (3) (11) Income Tax Provision (Bene
Slide 15: European, North American Motorized and Towable Segment Brands
15 EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT NORTH AMERICAN TOWABLE SEGMENT We consist of a trusted family of brands that are loved by RV consumers
Slide 16: Category Market Share and Market Position
16 (1) All retail information presented is for the CYTD September 30, 2025. (2) North American retail data is reported by Statistical Surveys, Inc. and is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delay
Slide 17: Towable RV Wholesale Market Trends
17 55.4 28.4 13.2 25.2 24.8 28.2 38.3 44.0 47.3 54.7 62.6 57.6 46.6 40.8 56.2 58.4 45.9 34.9 35.7 37.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) 2026 (e) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0
Slide 18: North American RV Retail Market Share
18 NORTH AMERICAN RV RETAIL MARKET SHARE (1) RV Retail Registrations (1) CCS Index (2) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100,000 200,000 300,000 400,000 500,000 600,000 0 25 50 75 100 125 150 (1) Source: Statistical Surveys, Inc., U.S. and Canada; CYTD Sept
Slide 19: European RV Retail Market Share
19 EUROPEAN RV RETAIL MARKET SHARE (2) (3) 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 221 366 289 206 228 247 264 304 333 376 416 471 495 465 522 572 449 382 356 Europe North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FU
Slide 20: Additional Metrics
20 Additional Metrics $3,939,828 $3,862,988 $933,051 $656,002 $963,141 $1,276,523 $2,043,636 $1,930,463 NA Towables NA Motorized European 10/31/24 10/31/25 122,300 83,800 75,000 70,900 Inventory Units 10/31/22 10/31/23 10/31/24 10/31/25 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV
Slide 21: THOR Investor Relations Contact
www.thorindustries.com THOR INVESTOR RELATIONS CONTACT: Seth Woolf Head of Corporate Development & Investor Relations swoolf@thorindustries.com (574) 294-7718