Thor Industries, Inc. · NYSE:THO
Thor Industries — Q4 FY2025 Earnings Presentation
22 slides from Thor Industries's earnings presentation, Sep 24, 2025
Slide 1: Financial Results Fourth Quarter & Fiscal 2025
Financial Results Fourth Quarter & Fiscal 2025
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 27 A of the Securities Act of 1933 , as amended, and Section 21 E of the Securities Exchan
Slide 3: THOR company overview and Fiscal 2025 results
3 Founded in 1980 and headquartered in Elkhart, Indiana, THOR is a global family of companies that makes it easier and more enjoyable to connect people with nature and each other to create lasting outdoor memories. Approximately 20,900 Team Members EBITDA (2) $615.8 M Adjusted EBITDA (2) $659.1 M Gr
Slide 4: THOR Consolidated Net Sales
4 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) (2) $ in thousands As compared to the fiscal quarter ended July 31, 2024 Other, ne
Slide 5: Consolidated Financial Results Q4 and FY 2025
5 Change FY 2024 FY 2025 Change Q4 2024 Q4 2025 ($ in thousands) Net Sales – Segments 2.9 % $ 3,679,671 $ 3,784,666 (4.6)% $ 931,856 $ 888,744 North American Towable (11.0)% 2,445,850 2,175,604 7.8 % 517,319 557,412 North American Motorized (10.1)% 3,364,980 3,023,961 (2.2)% 943,424 923,051 European
Slide 6: North American Towable Segment
6 Fiscal 2025 Fourth Quarter Key Drivers • Net sales decreased 4 . 6 % driven by a reduction of 10 . 1 % in unit shipments, which was partially offset by higher ASPs that benefited from a product mix shift to fifth wheels • Gross margin improved despite the revenue decline due to the impacts of lowe
Slide 7: North American Motorized Segment
7 Fiscal 2025 Fourth Quarter Key Drivers • Net sales increased 7 . 8 % compared to the prior - year period as an increase in unit shipments of 15 . 9 % was partially offset by a shift in product mix towards our lower - priced product lines and an increase in sales discounting • Gross margin decrease
Slide 8: European Segment
8 Fiscal 2025 Fourth Quarter Key Drivers • Net sales decreased 2 . 2 % driven by a 14 . 1 % decrease in unit shipments offset in part by the combined impact of changes in foreign currency, product mix and price • Gross margin decreased 310 bps compared to the fourth quarter of fiscal 2024 due to the
Slide 9: Liquidity, Leverage and Cash Flow
9 ($ in thousands) As of July 31, 2025 As of July 31, 2024 $ 501,316 $ 586,596 Cash and Cash Equivalents 814,000 840,000 Availability under Revolving Credit Facility $ 1,315,316 $ 1,426,596 Total Liquidity $ 1,151,279 $ 933,812 Outstanding Debt (1) Leverage Ratios (2) As of July 31, 2025 As of July
Slide 10: Capital Management Priorities and Fiscal 2025 Actions
10 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 15 th consecutive year of dividend increases Reduce the Comp
Slide 11: Fiscal 2025 Summary and Outlook Commentary
11 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 for both our North American Motorized and Towable seg
Slide 12: Fiscal Year 2026 Guidance
12 Fiscal Year 2026 Guidance (1) (1) (2) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026 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
Slide 13: Appendix
13 Appendix
Slide 14: EBITDA and Adjusted EBITDA Reconciliation
EBITDA and Adjusted EBITDA are non - GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one - time items . EBITDA is defined as net income (loss) before net interest expense (income), inco
Slide 15: Quarterly EBITDA Reconciliations by Segment
EBITDA is a non - GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period . EBITDA is defined as net income (loss) before net interest expense (income), income tax provision (benefit) and depreciation and amortization . The Company con
Slide 16: Brands by segment
16 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 17: Market share by RV category
17 (1) (2) All retail information presented is for the CYTD June 30 , 2025 . 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
Slide 18: Towable RV Wholesale Market Trends
18 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 33.8 35.9 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) (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 19: North American RV Retail Market Share
19 NORTH AMERICAN RV RETAIL MARKET SHARE (1) 2015 2016 2017 RV Retail Registrations (1) 2019 2020 CCS Index (2) 2010 2011 2012 2013 2014 2018 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) (2) Source: Statistical Surveys, Inc., U.S. and Canada; CYTD
Slide 20: European RV Retail Market Share
20 EUROPEAN RV RETAIL MARKET SHARE (2) (3) 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 221 366 289 206 228 247 264 304 333 376 416 471 495 465 449 382 356 Europe North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 FULL - YEA
Slide 21: Additional Metrics: Dealer Inventory and Backlog
21 Additional Metrics $3,280,075 $3,055,226 $552,379 $525,014 $776,903 $1,004,620 $1,950,793 $1,525,592 NA Towables NA Motorized ($ in thousands) European 7/31/24 7/31/25 127,000 87,500 75,000 73,300 Inventory Units 7/31/22 7/31/23 7/31/24 7/31/25 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR
Slide 22: 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