Slide 1: Second Quarter Fiscal 2026 Financial Results
Second 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 January 31, 2025 Other,
Slide 4: Second Quarter Financial Highlights
4 Second Quarter Financial Highlights • North American Motorized results meaningfully outpaced the prior-year period, with strong performance on both the top and bottom lines • Net income attributable to THOR was aided by gains associated with real estate transactions as we continue to strategically
Slide 5: Fiscal 2026 Second Quarter Key Drivers - North American Towable
5 Fiscal 2026 Second Quarter Key Drivers • Net sales decreased 14.2% due to a 23.0% decline in unit shipments as we continued to work with our independent dealers to manage channel inventory throughout the winter months • Gross margin percentage declined just 50 basis points despite the reduction in
Slide 6: Fiscal 2026 Second Quarter Key Drivers - North American Motorized
6 Fiscal 2026 Second Quarter Key Drivers • Net sales increased 29.3% compared to the prior-year period as unit shipments increased 28.3% on the strength of our shipments to rental customers as well as our products continuing to resonate with customers at critical price points • Gross margin percenta
Slide 7: Fiscal 2026 Second Quarter Key Drivers - European
7 Fiscal 2026 Second Quarter Key Drivers • Net sales increased 11.8% driven by the combined impact of a 0.2% increase in unit shipments and an 11.6% increase in the overall price per unit, of which 11.4% was due to favorable changes in foreign exchange rates • Gross margin decreased 220 bps compared
Slide 8: Liquidity, Leverage and Cash Flow
8 ($ in thousands) As of January 31, 2026 As of January 31, 2025 Cash and Cash Equivalents $ 242,176 $ 373,819 Availability under Revolving Credit Facility 998,000 855,000 Total Liquidity $ 1,240,176 $ 1,228,819 Outstanding Debt (1) $ 889,538 $ 1,045,380 Leverage Ratios (2) As of January 31, 2026 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 $28.4 million during Q2 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) Before consideration of any discrete tax items Consolidated Net Sales $9.0B – $9.5B Gross Margin Stable at Midpoint Assumptions ▪ Stable gross margin at midpoint, with upside in a stronger ma
Slide 11: Highlights
11 Highlights • On February 23, 2026, THOR announced a strategic pivot from its historically decentralized North American RV operating model with the formation of two North American RV Groups • Jayco, with its Entegra, Open Range and Heartland brands, will unite with Tiffin Motorhomes under the lead
Slide 12: Appendix
12 Appendix
Slide 13: Quarterly EBITDA & Adjusted EBITDA Reconciliations
13 Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ in thousands) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 TTM Net Income (Loss) (GAAP) $ (3,089) $ 133,928 $ 126,625 $ 23,169 $ 14,641 $ 298,363 Add Back: Interest Expense, Net 11,950 11,205 10,058 9,017 9,420
Slide 14: Quarterly EBITDA Reconciliations By Segment
14 Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 TTM Net Income (Loss) (GAAP) $ 28,152 $ 97,587 $ 74,452 $ 46,471 $ 31,195 $ 249,705 Add Back: Interest Expense (Income), Net (3) (3) (2) (3) (3) (11) Depreciation and Amortizat
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 calendar year 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 delays in repo
Slide 17: Towable and Motorized 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 37.1 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; Cale
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 $3,842,508 $3,495,790 $1,073,758 $621,461 $1,124,735 $1,042,227 $1,644,015 $1,832,102 NA Towables NA Motorized European 1/31/25 1/31/26 121,300 87,800 86,200 79,100 Inventory Units 1/31/23 1/31/24 1/31/25 1/31/26 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV B
Slide 21: THOR Investor Relations Contact
www.thorindustries.com THOR INVESTOR RELATIONS CONTACT: investors@thorindustries.com (574) 970-7460