Thor Industries, Inc. · NYSE:THO
Thor Industries — Q2 FY2026 Earnings Presentation
21 slides from Thor Industries's earnings presentation, 2026
Slide 1: Financial Results Second Quarter Fiscal 2026
Financial Results Second Quarter Fiscal 2026
Slide 2: Forward-Looking Statements
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 193
Slide 3: THOR Consolidated Net Sales Second Quarter Fiscal 2026
THOR CONSOLIDATED NET SALES (1) Together, the THOR family of companies SECOND QUARTER FISCAL 2026 $2.13 billion represents the world’s +5.3% (2) largest manufacturer of recreational North American vehicles. Towable $710,485 33.4% European $684,472 32.2% We offer a North American Motorized comprehens
Slide 4: Second Quarter Summary
Second Quarter Summary THOR’s results reflect continued execution in line with our expectations in a challenging retail environment Q2 Q2 FYTD FYTD ($ in thousands) FY 2026 FY 2025 Change 2026 2025 Change Net Sales North American Towable $ 710,485 $ 828,266 (14.2)% $ 1,607,575 $ 1,727,044 (6.9)% Nor
Slide 5: North American Towable Segment
North American Towable Segment Q2 Q2 FYTD FYTD FY 2026 FY 2025 Change 2026 2025 Change Net Sales (1) $ 710,485 $ 828,266 (14.2)% $1,607,575 $1,727,044 (6.9)% Gross Profit Margin % 10.6% 11.1% (50) bps 12.1% 11.8% +30 bps Income Before Income Taxes (1) $ 31,195 $ 28,152 10.8 % $ 77,666 $ 74,973 3.6 %
Slide 6: North American Motorized Segment
North American Motorized Segment Q2 Q2 FYTD FYTD FY 2026 FY 2025 Change 2026 2025 Change Net Sales (1) $ 577,071 $ 446,298 29.3 % $1,238,167 $ 951,506 30.1 % Gross Profit Margin % 9.5% 7.8% +170 bps 10.2% 8.1% +210 bps Income Before Income Taxes (1) $ 20,904 $ 4,298 386.4 % $ 54,053 $ 13,379 304.0 %
Slide 7: European Segment
European Segment Q2 Q2 FYTD FYTD FY 2026 FY 2025 Change 2026 2025 Change Net Sales (1) $ 684,472 $ 612,465 11.8 % $1,339,951 $1,217,368 10.1 % Gross Profit Margin % 11.0% 13.2% (220) bps 11.4% 14.3% (290) bps Income (Loss) Before Income Taxes (1) $ (12,308) $ 2,210 n/m $ (38,946) $ 3,387 n/m Wholesa
Slide 8: Strong liquidity and a low leverage ratio position THOR to seize upon opportunities
Strong liquidity and a low leverage ratio position THOR to seize upon opportunities in both North America and Europe As of As of ($ in thousands) January 31, 2026 January 31, 2025 Cash and Cash Equivalents $ 242,176 $ 373,819 Availability under Revolving Credit Facility 998,000 855,000 Total Liquidi
Slide 9: Capital Management
Capital Management PRIORITIES AND FISCAL 2026 ACTIONS Invest in THOR’s business ▪ Capex investment of $28.4 million during Q2 FY26 (1) 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 deb
Slide 10: Fiscal Year 2026 Guidance
Fiscal Year 2026 Guidance (1) Consolidated Net Sales $9.0B – $9.5B Assumptions ▪ Stable gross margin at midpoint, with upside in a stronger market ▪ Wholesale and retail volumes are roughly balanced Gross Margin ▪ Low- to mid-single-digit retail decline in the North American Stable at Midpoint marke
Slide 11: Strategic Evolution of THOR's North American RV Operating Model
Strategic Evolution of THOR’s North American RV Operating Model Highlights Structural Benefits • On February 23, 2026, THOR announced a strategic pivot • Strategic sourcing coordination and supplier alignment from its historically decentralized North American RV ◦ Supporting long-term cost disciplin
Slide 12: Appendix
Appendix 12
Slide 13: Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated
Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ 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 39
Slide 14: Quarterly EBITDA Reconciliations By Segment
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: Towable Interest Expense (Income), Net (3) (3) (2) (3) (3) (11) Depreciation and Amor
Slide 15: We consist of a trusted family of brands that are loved by RV consumers
We consist of a trusted family of brands that are loved by RV consumers NORTH AMERICAN TOWABLE SEGMENT EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT 15
Slide 16: THOR – The Global RV Industry Leader
THOR – The Global RV Industry Leader NORTH AMERICAN (2) EUROPEAN (3) Travel Trailers Fifth Wheels Class A Class C Class B All RV Categories CATEGORY 23.5% 38.9% 37.1% MARKET 41.9% 49.0% 49.4% SHARE (1) MARKET POSITION (1) #2 #1 #1 #1 #1 #2 (1) All retail information presented is for calendar year 20
Slide 17: RV Industry Overview North America
RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) Calendar YTD Shipments (Units) Dec. 2025 Dec. 2024 Unit Change % Change 342,220 333,733 8,487 +2.5% 600.2 504.6 483.7 493.3 430.7 406.1 430.4 353.5 356.7 374.2 349.0 321.1 313.2 333.7 342.2 285.7 237.0 242.3 252.4 165.6 2007
Slide 18: RV Industry Overview North America
RV Industry Overview North America CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) 600,000 150 500,000 125 400,000 100 300,000 75 200,000 50 100,000 25 0 0 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 RV Retail Registrations (1) CCS Index (2) NORTH AMERICAN
Slide 19: RV Industry Overview Europe
RV Industry Overview Europe FULL-YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) 572 522 495 471 465 449 416 376 382 366 356 350 333 289 304 264 261 247 236 228 219 221 216 208 206 202 211 210 189 190 156 168 154 150 147 137 140 152 2007 2008 2009 2010 2011 2012 2013
Slide 20: Additional Metrics
Additional Metrics NORTH AMERICAN INDEPENDENT DEALER INVENTORY RV BACKLOG OF OF THOR PRODUCTS $3.50 billion (9.0)% (1) 121,300 87,800 86,200 79,100 $3,842,508 1/31/23 1/31/24 1/31/25 1/31/26 $3,495,790 Inventory Units $1,644,015 $1,832,102 EUROPEAN INDEPENDENT DEALER INVENTORY $1,124,735 OF THOR PRO
Slide 21: THOR Investor Relations Contact
THOR INVESTOR RELATIONS CONTACT: investors@thorindustries.com (574) 970-7460 www.thorindustries.com