Thor Industries, Inc. · NYSE:THO
Thor Industries — Q3 FY2025 Earnings Presentation
23 slides from Thor Industries's earnings presentation, Jun 4, 2025
Slide 1: Financial Results Third Quarter Fiscal 2025
FINANCIAL RESULTS THIRD 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: Third Quarter 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. Unit Shipments 55,079 Net Sales $2.89 B Adjusted EBITDA $254.8 M Gross Profit Margin
Slide 4: A trusted family of brands loved by RV consumers
EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT NORTH AMERICAN TOWABLE SEGMENT 4 We consist of a trusted family of brands that are loved by RV consumers
Slide 5: THOR Consolidated Net Sales
5 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. Other, net $175,710 6.1% North American Motorized $666,686 23.0% (1) (2) $ in thousand
Slide 6: Q3 2025 Financial Summary
6 ($ in thousands) Q3 2025 Q3 2024 Change Net Sales – Segments 9.1 % $ 1,071,393 $ 1,168,878 North American Towable 3.1 % 646,948 666,686 North American Motorized (5.1)% 931,061 883,542 European 15.8 % 151,711 175,710 Other, net 3.3 % $ 2,801,113 $ 2,894,816 Total +20 bps 15.1% 15.3% Gross Profit Ma
Slide 7: North American Towable Segment
7 Fiscal 2025 Third Quarter Key Drivers • Net sales increased on higher unit shipment volumes along with an increase in the proportion of fifth wheels within our product mix • Gross profit margin percentage improved as a result of the increase in net sales along with the combined impacts of reduced
Slide 8: North American Motorized Segment
8 North American Motorized Segment Fiscal 2025 Third Quarter Key Drivers • While unit shipments increased 10 . 9 % , net sales increased moderately by 3 . 1 % compared to the prior - year period due to a shift in product mix towards our lower - priced Class C, Class B and Class A gas product lines a
Slide 9: European Segment
9 European Segment Fiscal 2025 Third Quarter Key Drivers • Net sales decreased 5 . 1 % driven by a 12 . 2 % decrease in unit shipments offset in part by the combined impact of product mix, price and changes in foreign currency exchange rates • Gross profit margin percentage decreased 130 bps compare
Slide 10: Outstanding Debt, Liquidity and Leverage
10 $ 1,263,795 $ 1,029,223 Outstanding Debt (1) ($ in thousands) As of April 30, 2025 As of April 30, 2024 $ 371,819 $ 508,321 Cash and Cash Equivalents 998,000 985,000 Availability under Revolving Credit Facility $ 1,369,819 $ 1,493,321 Total Liquidity Leverage Ratios (2) Q3 FY 2025 Q3 FY 2024 1.2
Slide 11: Capital Management Priorities and Fiscal 2025 Actions
11 Capital Management PRIORITIES AND FISCAL 2025 ACTIONS Invest in THOR’s business ▪ Capex investment of $ 85 . 1 million FYTD 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 Company's debt o
Slide 12: Key Takeaways from Q3 FY 2025
12 Financial performance for the third quarter yielded strong results and exceeded expectations Delivered resilient consolidated margin in the face of shifting market and macroeconomic conditions Improved fiscal year - to - date generation of cash from operations by over $ 100 . 0 million on a year
Slide 13: Full-Year Fiscal 2025 Guidance
13 Full - Year Fiscal 2025 Guidance ▪ Our third quarter results exceeded expectations and strengthened the alignment of our year - to - date performance with our full - year financial guidance ▪ Margin pressures persist as we continue to face softer retail demand in both our North American Motorized
Slide 14: Appendix
14 Appendix
Slide 15: Retail Market Share by Category
15 (1) All retail information presented is for the calendar year to date March 31 , 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 impa
Slide 16: RV Wholesale Market Trends
16 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 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 2
Slide 17: RV Industry Overview North America
17 RV Industry Overview North America CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) NORTH AMERICAN RV RETAIL MARKET SHARE (1) 2015 2016 2017 RV Retail Registrations (1) CCS Index (2) 2010 2011 2012 2013 2014 2018 2019 2020 2021 2022 2023 2024 0 100,000 200,000 300,000 400,000 500,000 600,00
Slide 18: RV Industry Overview Europe
18 EUROPEAN RV RETAIL MARKET SHARE (2) (3) 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 221 366 289 206 228 247 264 304 333 376 416 471 493 465 449 382 355 Europe North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 (1) (2) (3
Slide 19: Significant Growth in RV Ownership
19 Significant Growth in RV Ownership 97 % increase in RV ownership for leisure travelers since 2014 (1) RVing Remains a Top Choice for Summer Travel Plans 44 million Americans plan on traveling by RV between Memorial Day and Labor Day 2025 (3) Consumer Purchase Intent Remains High 76 % of potential
Slide 20: Additional Metrics: Backlog and Dealer Inventory
20 Additional Metrics $3,602,250 $2,861,665 $741,302 $634,318 $925,829 $883,739 $1,935,119 $1,343,608 NA Towables NA Motorized European 4/30/24 4/30/25 135,500 113,000 87,900 91,800 Inventory Units 4/30/22 4/30/23 4/30/24 4/30/25 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV BACKLO
Slide 21: 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 tax pr
Slide 22: 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 before net interest expense, income tax provision (benefit) and depreciation and amortization . The Company considers this non
Slide 23: 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