Thor Industries, Inc. · NYSE:THO
Thor Industries — Q3 FY2026 Earnings Presentation
21 slides from Thor Industries's earnings presentation, Jun 3, 2026
Slide 1: Third Quarter Fiscal 2026 Financial Results
Third 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 April 30, 2025 Other, n
Slide 4: Third Quarter Financial Highlights
4 Third Quarter Financial Highlights • North American Motorized and European top-line results continue to indicate resilient demand for these products • Opportunistically repurchased $50.5 million of shares during the quarter • Net income attributable to THOR was aided by gains from favorable market
Slide 5: North American Towable Segment: Third Quarter Key Drivers
5 Fiscal 2026 Third Quarter Key Drivers • Net sales decreased 24.6% due to a 25.0% decline in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns • Gross margin percentage declined 470 basis points primarily due to lower sales, an increased
Slide 6: North American Motorized Segment: Third Quarter Key Drivers
6 Fiscal 2026 Third Quarter Key Drivers • Net sales increased 7.7% compared to the prior-year period as unit shipments increased 9.1% due to the strength of our Class C products that continue to resonate with customers • Gross margin percentage declined 170 basis points over the prior-year period du
Slide 7: European Segment: Third Quarter Key Drivers
7 Fiscal 2026 Third Quarter Key Drivers • Net sales increased 11.8% driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates • Gross margin percentage decreased
Slide 8: Liquidity and Leverage
8 ($ in thousands) As of April 30, 2026 As of April 30, 2025 Cash and Cash Equivalents $ 371,946 $ 508,321 Availability under Revolving Credit Facility 998,000 985,000 Total Liquidity $ 1,369,946 $ 1,493,321 Outstanding Debt (1) $ 882,639 $ 1,029,223 Leverage Ratios (2) As of April 30, 2026 As of Ap
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 $38.1 million during Q3 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: Fiscal Year 2026 Guidance
10 Fiscal Year 2026 Guidance (1) (1) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026 (2) Includes estimated discrete tax items Consolidated Net Sales $9.0B – $9.5B Gross Margin Declining at Midpoint Guidance revised in Q3 in response to prolonged, acute industry and consumer conf
Slide 11: Strategic Evolution of North American RV Operations
11 Overview • Jayco, with its Entegra, Open Range and Heartland brands, will unite with Tiffin Motorhomes, pairing two of the industry’s strongest motorized manufacturers and continuing to grow many of the strongest towable brands in North America • Thor Motor Coach will unite with Keystone, alongsi
Slide 12: Appendix
12 Appendix
Slide 13: Quarterly EBITDA & Adjusted EBITDA Reconciliations
13 Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ in thousands) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 TTM Net Income (GAAP) $ 133,928 $ 126,625 $ 23,169 $ 14,641 $ 95,538 $ 259,973 Add Back: Interest Expense, Net 11,205 10,058 9,017 9,420 9,655 38,150 I
Slide 14: Quarterly EBITDA Reconciliations By Segment
14 Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 TTM Net Income (GAAP) $ 97,587 $ 74,452 $ 46,471 $ 31,195 $ 52,683 $ 204,801 Add Back: Interest Expense (Income), Net (3) (2) (3) (3) (2) (10) Depreciation and Amortization of
Slide 15: THOR Segments and 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 three months ended March 31, 2026. (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 impacte
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 36.0 36.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434
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 2025 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; thre
Slide 19: European RV Retail Market Share
19 EUROPEAN RV RETAIL MARKET SHARE (2) (3) 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 221 216 366 289 206 228 247 264 304 333 376 416 471 495 465 522 572 449 382 356 350 Europe North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Slide 20: Additional Metrics
20 Additional Metrics $2,861,665 $2,509,535 $634,318 $385,988 $883,739 $766,117 $1,343,608 $1,357,430 NA Towables NA Motorized European 4/30/25 4/30/26 113,000 87,900 91,800 79,200 Inventory Units 4/30/23 4/30/24 4/30/25 4/30/26 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV BACKLOG
Slide 21: THOR Investor Relations Contact
www.thorindustries.com THOR INVESTOR RELATIONS CONTACT: Daniel Martin Investor Relations & International Finance Manager investors@thorindustries.com (574) 970-7460