Fourth Quarter 2026 Presentation

F O U R T H Q U A R T E R · F I S C A L 2 0 2 6

Financial Results

1

Quarter ended July 31, 2026

T H O R C O N S O L I D A T E D N E T S A L E S

The world's largest RV manufacturer

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.

FOURTH QUARTER FISCAL 2026 $2.31 billion (8.4)% vs. 4Q FY 2025

FOURTH QUARTER FISCAL 2025 $2.52 billion

3

4 Q F Y 2 0 2 6 F I N A N C I A L H I G H L I G H T S

THOR's results reflect continued operational execution within a challenging retail and material cost environment

NET SALES

$2.31B

(8.4)%

(3)

NET INCOME

(1 )

$40.8M

(67.5)%

(3)

EBITDA

(2 )

$130.0M

(3)

(42.2)%

GROSS PROFIT MARGIN

12.4%

(230) bps (3)

DILUTED EPS

$0.78

(66.9)% (3)

(1 )

ADJUSTED EBITDA

$131.7M

(2 )

(37.1)%

(3)

European resilience and beneficial geographic diversification

European top-line results indicate resilient demand for their products and provide valuable geographic market diversification

$34.3M of shares repurchased

Leveraged our strong liquidity position to repurchase an additional $34.3 million of shares during the quarter

Healthy independent dealer inventory levels

Independent dealer inventory turns improved compared to the prior quarter, with dealer inventory at healthy levels entering our fiscal 2027

1. Attributable to THOR Industries, Inc.

2. See the Appendix to this presentation for reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures.

3. Compared to 4Q FY 2025. 4

N O R T H A M E R I C A N T O W A B L E · 4 Q F Y 2 0 2 6

NET SALES

GROSS PROFIT MARGIN

SHIPMENTS

( 1 )

$687.3M

(22.7)% (2)

10.5%

(280) bps (2)

20,616

(19.7)% (2)

KEY DRIVERS

North American Towable segment net sales decreased 22.7% on a 19.7% decline in unit shipments, continuing to be influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage fell 280 basis points on lower sales, an unfavorable product mix, increased promotional activity and a higher material cost percentage. Independent dealer inventory of THOR towable products declined 16.0% year over year and 20.6% sequentially.

Avg. Sales Price

$34,606

$33,340

7/31/25

( 4 )

7/31/26 (4)

(3.7)% (2)

Backlog

$916.6M

$525.0M

7/31/25

7/31/26

+74.6% (2)

Dealer Inventory (3)

63,515

53,330

7/31/25

7/31/26

(16.0)% (2)

1. In units.

2. As compared to the fiscal quarter ended July 31, 2025.

   5

3. Independent dealer inventory of THOR products, in units.

4. For the three months ended.

5

N O R T H A M E R I C A N M O T O R I Z E D · 4 Q F Y 2 0 2 6

NET SALES

GROSS PROFIT MARGIN

SHIPMENTS

( 1 )

$499.3M

(10.4)% (2)

5.3%

(600) bps (2)

3,806

(13.1)% (2)

KEY DRIVERS

North American Motorized segment net sales decreased 10.4%, driven by a 13.1% reduction in unit shipments and elevated promotional activity. The gross profit margin percentage decreased 600 basis points due to the decline in net sales and combined increases in material, warranty and overhead cost percentages. Independent dealer inventory of THOR motorized products increased 9.2% compared to the prior year.

Avg. Sales Price

$127,292

$131,176

7/31/25

( 4 )

7/31/26 (4)

+3.1% (2)

Backlog

$1,004.6M

$728.2M

7/31/25

7/31/26

(27.5)% (2)

Dealer Inventory (3)

10,639

9,747

7/31/25

7/31/26

+9.2% (2)

1. In units.

2. As compared to the fiscal quarter ended July 31, 2025.

3. Independent dealer inventory of THOR products, in units. 6

4. For the three months ended.

E U R O P E A N S E G M E N T · 4 Q F Y 2 0 2 6

NET SALES

GROSS PROFIT MARGIN

SHIPMENTS

( 1 )

$969.2M

15.3%

13,370

5.0%

(2)

(30) bps

(2)

3.9%

(2)

KEY DRIVERS

European segment net sales increased 5.0% on a 3.9% rise in unit shipments and a 1.1% increase in the overall price per unit, of which 0.1% came from favorable foreign currency exchange rates. The gross profit margin percentage decreased 30 basis points on a slightly higher warranty cost percentage, partially offset by a lower overhead cost percentage. Dealer inventory declined 7.7% compared to the prior year.

Avg. Sales Price

$71,704

$72,490

7/31/25

( 4 )

7/31/26 (4)

+1.1% (2)

Backlog

$1.53B

$1.65B

7/31/25

7/31/26

+8.4% (2)

Dealer Inventory (3)

22,221

20,520

7/31/25

7/31/26

(7.7)% (2)

1. In units.

2. As compared to the fiscal quarter ended July 31, 2025.

   7

3. Independent dealer inventory of THOR products, in units.

4. For the three months ended.

   7

   
   
   

   T H O R F U L L Y E A R S U M M A R Y · F I S C A L 2 0 2 6

   CONSOLIDATED
   NET SALES $9.61B	GROSS PROFIT 12.6%	MARGIN	SHIPMENTS (1) 159,956

   0.3% (2) (140) bps (2) (11.8)% (2)

   NORTH AMERICAN TOWABLE

NET SALES GROSS PROFIT MARGIN SHIPMENTS (1)

$3.18B 11.2% 95,045

(16.1)% (2) (190) bps (2) (20.7)% (2)

12.8% (2) (90) bps (2) 12.4% (2)

(1)

14.2% (2) no change (2)

8

L I Q U I D I T Y · L E V E R A G E · C A S H F L O W

Strong liquidity and a low leverage ratio position THOR to seize upon opportunities

TOTAL LIQUIDITY

( 1 )

$1.30B

As of 7/31/26 vs. $1.43B as of 7/31/25

$482.0M

CASH AND CASH EQUIVALENTS

$815.0M

AVAILABILITY UNDER REVOLVING CREDIT FACILITY

7/31/26

7/31/25

7/31/26

7/31/25

0.5x

0.6x

0.7x

0.7x

Net debt/TTM Adj. EBITDA

Net debt/TTM EBITDA

( 2 )

LEVERAGE RATIOS

OUTSTANDING DEBT

$875.8M

As of 7/31/26

vs. $933.8M as of 7/31/25

( 3 )

CASH FROM OPERATIONS

$321.2M

FY 2026

vs. $577.9M FY 2025

FINANCIAL FLEXIBILITY

Gross debt decreased $59.7 million year over year, with total liquidity of $1.30 billion - funding growth, share repurchases and dividends from a position of strength.

1. Subject to the terms of the Revolving Credit Facility and normal fluctuations in borrowing base capacity.

2. See the Appendix to this presentation for reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures.

3. Total gross debt obligations inclusive of the current portion of long-term debt. 9

C A P I T A L M A N A G E M E N T · P R I O R I T I E S A N D F I S C A L 2 0 2 6 A C T I O N S

Invest in our businesses

$152.4M

Capital expenditures during fiscal 2026.

Quarterly dividend (1)

$0.52

Regular quarterly dividend increased in October 2025 - the 16th

consecutive year of increases.

Reduce debt obligations

$59.7M

Net payments on total debt during fiscal 2026.

Repurchase shares

$115.1M

1,274,538 shares repurchased in fiscal 2026; $264.2M remains

available under the current authorization as of July 31, 2026.

Support strategic investments

Liquidity and a history of strong annual cash flow generation

favorably position THOR to seize upon opportunities as they arise.

1. Our Board currently intends to continue regular quarterly cash dividend payments in the future, subject to certain conditions discussed in the Liquidity and Capital Resources section of Part II, Item 7: Management's Discussion and Analysis in the Company's Annual Report on Form 10-K for the fiscal year ended July 31, 2026.

10

S T R A T E G I C E V O L U T I O N O F T H O R ' S N O R T H A M E R I C A N R V O P E R A T I N G M O D E L

Overview, status and long-term benefits

OVERVIEW & STATUS

Unified North American RV Operating Group

North American RV companies will operate under unified group leadership; amplifying and accelerating identified group benefits and synergies.

Proven Leadership

Jayco President, Ken Walters, named President of North American RV Operations; Jayco Vice President of Finance, Mike Ritchie, named CFO of North American RV Operations.

Status

Cumulative impact of strategic initiatives and restructuring activities expected to improve earnings profile in excess of $100M annually once fully implemented.

Initiatives identified to achieve the stated benefits are in process, with key actions occurring in the coming fiscal periods.

Enterprise-wide data initiatives progressing as planned, with current advancements centered on procurement, cross-entity data unification and independent dealer support.

STRUCTURAL BENEFITS

1. Strategic sourcing coordination - supporting long-term cost reductions as well as supply continuity.

2. Operational standardization - improving efficiency, quality, and consistency across brands.

3. Brand and portfolio alignment - enabling more focused capital allocation and product investment.

4. Data, systems and digital integration - strengthening analytics and forecasting, and enabling a unified dealer portal across the North American THOR family of RV brands.

5. Value creation for THOR's independent dealers, customers and shareholders

   
   
   

   11

   Appendix

   12

   Non-GAAP reconciliations · Industry and market data

   
   
   

   Q U A R T E R L Y E B I T D A & A D J U S T E D E B I T D A R E C O N C I L I A T I O N S · T H O R C O N S O L I D A T E D

   TTM & fiscal quarters

   0.7x

   Net debt / TTM Adj. EBITDA

   0.7x

   Net debt / TTM EBITDA

   Leverage Ratios

   $393,780

   Net debt

   481,988

   Less: Cash and cash equivalents

   $875,768

   (1)

   Total Long-term debt

   NET DEBT AS OF JULY 31, 2026 ($ in thousands)

   ($ in thousands)	Q4 FY25	Q1 FY26	Q2 FY26	Q3 FY26	Q4 FY26	TTM
   Net Income (GAAP)	$ 126,625	$ 23,169	$ 14,641	$ 95,538	$ 41,306	$ 174,654
   Add Back:
   Interest Expense, Net	10,058	9,017	9,420	9,655	8,744	36,836
   Income Tax Provision	16,742	9,319	6,351	37,935	10,462	64,067
   Depreciation and Amortization of Intangible Assets	71,379	66,035	64,878	65,950	69,492	266,355
   EBITDA (Non-GAAP)	$ 224,804	$ 107,540	$ 95,290	$ 209,078	$ 130,004	$ 541,912
   Add Back:
   Stock-Based Compensation Expense	4,074	10,950	7,947	6,702	979	26,578
   Change in LIFO Reserve, Net	3,602	-	3,104	2,837	(3,663)	2,278
   Non-Cash Foreign Currency Loss (Gain)	1,944	3,510	(4,589)	(1,534)	(1,128)	(3,741)
   Investment-Related Loss (Gain) (2) (5,563)		425	640	(14,227)	(10,147)	(23,309)
   Weather-Related Gain	(12,153)	-	-	-	-	-
   Strategic Initiatives	15,020	15,050	7,691	6,282	16,901	45,924
   Other Gains, Including Sales of PP&E	(22,222)	(6,470)	(12,029)	(25,577)	(1,209)	(45,285)
   Adjusted EBITDA (Non-GAAP)	$ 209,506	$ 131,005	$ 98,054	$ 183,561	$ 131,737	$ 544,357
   Net Sales	$2,523,783	$2,389,123	$2,125,856	$2,781,538	$2,311,628	$9,608,145
   Adjusted EBITDA Margin (%)	8.3 %	5.5 %	4.6 %	6.6 %	5.7 %	5.7 %

   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 before net interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management's judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

   
   
   

   1. Total debt obligations as of July 31, 2026 inclusive of the current portion of long-term debt.

   2. Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses.

13

Q U A R T E R L Y E B I T D A R E C O N C I L I A T I O N S · B Y S E G M E N T

TTM & fiscal quarters

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 and depreciation and amortization. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

14

T H E T H O R F A M I L Y O F B R A N D S

We consist of a trusted family of brands that are loved by RV consumers

NORTH AMERICAN RV BRANDS

EUROPEAN RV BRANDS AND SERVICES

OWNED SUPPLIERS

15

T H O R · T H E G L O B A L R V I N D U S T R Y L E A D E R

Category leadership across North America and Europe

R E T A I L M A R K E T S H A R E ( 1 )

NORTH AMERICAN ( 2 ) · TRAVEL TRAILERS

36.8%

Market position #2

NORTH AMERICAN ( 2 ) · FIFTH WHEELS

36.9%

Market position #1

NORTH AMERICAN ( 2 ) · CLASS A

51.6%

Market position #1

NORTH AMERICAN ( 2 ) · CLASS C

52.6%

Market position #1

NORTH AMERICAN ( 2 ) · CLASS B

41.5%

Market position #1

EUROPEAN ( 3 ) · ALL RV CATEGORIES

24.7%

Market position #2

1. All retail information presented is for the six months ended June 30, 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 impacted by delays in reporting by various states or provinces.

3. European retail data is reported by the Caravaning Industry Association e.V. ("CIVD") and the European Caravan Federation ("ECF"). This information is subject to adjustment, continuously updated and 16

is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

R V I N D U S T R Y O V E R V I E W · N O R T H A M E R I C A

Wholesale market trends (units 000's)

TOTAL RV Calendar YTD June 30, 2026: 163,644 vs. Calendar YTD June 30, 2025: 190,705 · (14.2)%

353.5

237.0

165.6

242.3 252.4

285.7

321.1

356.7 374.2

430.7

504.6 483.7

406.1 430.4

600.2

493.3

313.2 333.7

342.2

314.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

(e)

TOWABLE Calendar YTD June 30, 2026: 143,149 vs. Calendar YTD June 30, 2025: 172,041 · (16.8)%

544.0

298.1

208.6

152.4

217.1 227.6

257.6 282.8

312.8 326.9

376.0

442.0 426.1

389.6

359.4

434.9

267.3

298.8 306.2

277.4

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

(e)

MOTORIZED Calendar YTD June 30, 2026: 20,495 vs. Calendar YTD June 30, 2025: 18,664 · 9.8%

55.4

28.4

25.2 24.8 28.2

38.3

44.0 47.3

62.6

54.7 57.6

46.6

40.8

56.2 58.4

45.9

34.9

36.0 36.6

13.2

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026

(e)

Historical Data: Recreation Vehicle Industry Association (RVIA).

(e) Calendar year 2026 represents the most recent RVIA "most likely" estimate from their June 2026 issue of Roadsigns.

Estimated totals may not add due to rounding. 17

R V I N D U S T R Y O V E R V I E W · N O R T H A M E R I C A N R E T A I L M A R K E T S H A R E ( 1 )

Six months ended June 30, 2026 and 2025

TOWABLE

2026 INDUSTRY TOTAL 141 ,177 UNITS ( 2025 : 167 ,010 )

MOTORIZED

2026 INDUSTRY TOTAL 17 ,853 UNITS ( 2025 : 19 ,687 )

0% 25% 50%

Six months ended

June 30,

2026 / 2025

0% 25% 50%

Six months ended

June 30,

2026 / 2025

Forest River 39.2%/ 38.1%

THOR Industries 36.1%/ 38.2%

Grand Design 8.0%/ 8.4%

Brinkley 2.9%/ 2.2%

Alliance 2.6%/ 2.2%

All others 11.3%/ 10.9%

THOR Industries 49.8%/ 48.5%

Forest River 21.0%/ 20.7%

Winnebago 12.7%/ 14.6%

REV Group 4.4%/ 6.5%

Grand Design 2.6%/ 1.1%

All others 9.5%/ 8.7%

0

0

2010 2011 2012 2013 2014 2015 2016 2017 2018

2019

CCS Index (2)

2020

2021

2022

2023

2024

2025

RV Retail Registrations (1)

(1) Source: Statistical Surveys, Inc., U.S. and Canada; six months ended June 30, 2026 and 2025.

(2) Source: The Conference Board, Consumer Confidence Survey®, through June 2026.

Market share totals may not add due to rounding. 18

R V I N D U S T R Y O V E R V I E W · E U R O P E A N R E T A I L M A R K E T S H A R E ( 1 )

Six months ended June 30, 2026 and 2025

MOTORCARAVANS & CAMPERVANS

2026 INDUSTRY TOTAL 85 ,530 UNITS ( 2025 : 82 ,836 )

CARAVANS

2026 INDUSTRY TOTAL 25 ,317 UNITS ( 2025 : 24 ,909 )

0% 25% 50%

Six months ended

June 30,

2026 / 2025

0% 25% 50%

Six months ended

June 30,

2026 / 2025

Trigano 28.4%/ 28.2%

Erwin Hymer Group 27.0%/ 26.0%

Knaus Tabbert 7.9%/ 9.7%

Hobby 1.0%/ 1.1%

Hobby 34.4%/ 34.9%

Knaus Tabbert 24.9%/ 22.7%

Erwin Hymer Group 16.6%/ 17.3%

Trigano 15.8%/ 15.4%

All others (2)

35.7%/ 35.0%

All others (2) 8.2%/ 9.6%

Note: Industry and Company retail registration statistics have been compiled from individual countries' reporting of retail sales and include the following countries: Germany, France, Sweden, Netherlands, Norway, Italy, Spain and others, collectively the "OEM Reporting Countries." The "Non-OEM Reporting Countries" are primarily the United Kingdom, which made up 14.1% and 8.9% of the caravan and motorcaravan (including campervans) European retail market for the six months ended June 30, 2026, respectively, and others. Total European registrations are reported quarterly by the ECF. Data from the ECF is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various countries. The "Non-OEM Reporting Countries" either do not report OEM-specific data to the ECF or do not have it available for the entire time period covered. Market share percentages are calculated based solely upon the available registration statistics from the "OEM Reporting Countries."

(1) Source: European Caravan Federation; CYTD June 30, 2026 and 2025; European retail registration data available at https://www.CIVD.de.

(2) "All Others" in Motorcaravans and Campervans includes units produced by major European Vehicle OEMs (Volkswagen, Mercedes-Benz and Ford), which combined

represent approximately 11.5% and 10.2% of Motorcaravans & Campervans retailed in the six months ended June 30, 2026 and 2025, respectively. 19

Market share totals may not add due to rounding.

A D D I T I O N A L M E T R I C S

Backlog and independent dealer inventory

RV BACKLOG $3.30 billion +8.0% (1) NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS

$3,055,226

$3,298,760

$1,653,970

87,500

75,000 73,300

$1,525,592

64,000

7/31/23 7/31/24 7/31/25 7/31/26

Inventory Units

EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS

26,200

21,200

22,200

20,500

7/31/25 7/31/26

NA Towable NA Motorized European

($ in thousands)

7/31/23 7/31/24 7/31/25 7/31/26

Inventory Units

(1) As compared to July 31, 2025.

20

T H O R I N V E S T O R R E L A T I O N S C O N T A C T

Daniel Martin

Director of Investor Relations & International Finance investors@thorindustries.com

21

(574) 970-7460