Thor Industries, Inc.NYSE: THO

Third Quarter 2026 Presentation

· MarketScreener


Financial Results

Third Quarter Fiscal 2026



Together, the THOR family of companies represents the world's largest manufacturer of recreational

THOR CONSOLIDATED NET SALES (1)

THIRD QUARTER FISCAL 2026

$2.78 billion

(3.9)% (2)

North American

vehicles.

We offer a comprehensive range of RVs to inspire and empower everyone to Go Everywhere; Stay

Towable

$881,778 31.7%

North American Motorized

$717,736 25.8%

European

$987,585 35.5%

Other, net

THIRD QUARTER FISCAL 2025

$194,439 7.0%

Anywhere.

$2.89 billion

North American Towable

$1,168,878 40.4%

European

$883,542 30.5%

North American Motorized

$666,686 23.0%

Other, net

$175,710 6.1%

(1) $ in thousands 3

(2) As compared to the fiscal quarter ended April 30, 2025



Third Quarter Summary

THOR's results reflect continued execution within a challenging retail environment

($ in thousands)

Q3 FY 2026

Q3 FY 2025

Change

FYTD 2026

FYTD 2025

Change

Net Sales

North American Towable

$ 881,778

$ 1,168,878

(24.6)%

$ 2,489,353

$ 2,895,922

(14.0)%

North American Motorized

717,736

666,686

7.7 %

1,955,903

1,618,192

20.9 %

European

987,585

883,542

11.8 %

2,327,536

2,100,910

10.8 %

Other, net

194,439

175,710

10.7 %

523,725

440,683

18.8 %

Total

$ 2,781,538

$ 2,894,816

(3.9)%

$ 7,296,517

$ 7,055,707

3.4 %

Gross Profit Margin %

12.8%

15.3%

(250) bps

12.7%

13.7%

(100) bps

Net Income (1)

$ 97,229

$ 135,185

(28.1)%

$ 136,701

$ 132,802

2.9 %

Diluted Earnings per Share (1)

$ 1.86

$ 2.53

(26.5)%

$ 2.59

$ 2.49

4.0 %

EBITDA (2)

$ 209,078

$ 232,958

(10.3)%

$ 411,908

$ 391,035

5.3 %

Adjusted EBITDA (2)

$ 183,561

$ 254,823

(28.0)%

$ 412,620

$ 449,620

(8.2)%

Third Quarter Financial Highlights

  • North American Motorized and European top-line results continue to indicate resilient demand for these products

  • Opportunistically repurchased $50.5 million of shares during the quarter

  • Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of real estate transactions and the impact of gains on investments



(1) Attributable to THOR Industries, Inc. 4

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

Q3

Q3

FYTD

FYTD

FY 2026

FY 2025

Change

2026

2025

Change

Net Sales (1)

$ 881,778

$ 1,168,878

(24.6)%

$ 2,489,353

$ 2,895,922

(14.0)%

Gross Profit Margin %

10.2%

14.9%

(470) bps

11.4%

13.1%

(170) bps

Income Before Income Taxes (1)

$ 52,683

$ 97,587

(46.0)%

$ 130,349

$ 172,560

(24.5)%

Wholesale Shipments (2)

27,045

36,077

(25.0)%

74,429

94,108

(20.9)%

Average Sales Price

$ 32,604

$ 32,400

0.6 %

$ 33,446

$ 30,772

8.7 %

North American Towable Segment

As of 4/30/2026

As of

4/30/2025 Change

Backlog (1)

$ 385,988

$ 634,318

(39.1)%

Dealer Inventory (3)

67,151

81,245

(17.3)%

Fiscal 2026 Third Quarter Key Drivers

  • Net sales decreased 24.6% due to a 25.0% decline in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns

  • Gross margin percentage declined 470 basis points primarily due to lower sales, an increased material cost percentage and an unfavorable product mix

  • Income before income taxes includes gains on sales of fixed assets of $23.8 million and $36.8 million for the three and nine months ended April 30, 2026, respectively

  • Independent dealer inventory of THOR Towable products at April 30, 2026 fell 17.3% year-over-year and declined 0.9% sequentially with the spring selling season in progress



    5

    (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units



    North American Motorized Segment

    Q3

    Q3

    FYTD

    FYTD

    FY 2026

    FY 2025

    Change

    2026

    2025

    Change

    Net Sales (1)

    $ 717,736

    $ 666,686

    7.7 %

    $ 1,955,903

    $ 1,618,192

    20.9 %

    Gross Profit Margin %

    8.8%

    10.5%

    (170) bps

    9.7%

    9.1%

    +60 bps

    Income Before Income Taxes (1)

    $ 25,349

    $ 32,883

    (22.9)%

    $ 79,402

    $ 46,262

    71.6 %

    Wholesale Shipments (2)

    6,008

    5,507

    9.1 %

    15,482

    12,774

    21.2 %

    Average Sales Price

    $ 119,463

    $ 121,062

    (1.3)%

    $ 126,334

    $ 126,679

    (0.3)%

    As of 4/30/2026

    As of

    4/30/2025 Change

    Backlog (1)

    $ 766,117

    $ 883,739

    (13.3)%

    Dealer Inventory (3)

    12,082

    10,602

    14.0 %

    Fiscal 2026 Third Quarter Key Drivers

  • Net sales increased 7.7% compared to the prior-year period as unit shipments increased 9.1% due to the strength of our Class C products that continue to resonate with customers

  • Gross margin percentage declined 170 basis points over the prior-year period due to increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages

  • Independent dealer inventory of THOR Motorized products at April 30, 2026 was up 14.0% compared to the prior year due to the relative strength of the segment within the market



    6

    (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units



    European Segment

    Q3

    Q3

    FYTD

    FYTD

    FY 2026

    FY 2025

    Change

    2026

    2025

    Change

    Net Sales (1)

    $ 987,585

    $ 883,542

    11.8 %

    $ 2,327,536

    $ 2,100,910

    10.8 %

    Gross Profit Margin %

    14.4%

    16.2%

    (180) bps

    12.7%

    15.1%

    (240) bps

    Income Before Income Taxes (1)

    $ 56,167

    $ 46,299

    21.3 %

    $ 17,221

    $ 49,686

    (65.3)%

    Wholesale Shipments (2)

    14,065

    13,495

    4.2 %

    32,253

    31,572

    2.2 %

    Average Sales Price

    $ 70,216

    $ 65,472

    7.2 %

    $ 72,165

    $ 66,543

    8.4 %

    As of 4/30/2026

    As of

    4/30/2025 Change

    Backlog (1)

    $ 1,357,430

    $ 1,343,608

    1.0 %

    Dealer Inventory (3)

    20,400

    22,977

    (11.2)%

    Fiscal 2026 Third Quarter Key Drivers

  • Net sales increased 11.8% driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates

  • Gross margin percentage decreased 180 basis points compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin, special-edition motorcaravan products as well as an increased warranty cost percentage

  • Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively

  • We believe the dealer inventory levels of our European motorcaravan and campervan products are generally in line with historical seasonal levels, while urban vehicle and caravan inventory remains slightly elevated, but improving



    7

    (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units



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

    ($ in thousands)

    As of April 30, 2026

    As of April 30, 2025

    Cash and Cash Equivalents

    $ 371,946

    $ 508,321

    Availability under Revolving Credit Facility

    998,000

    985,000

    Total Liquidity

    $ 1,369,946

    $ 1,493,321

    Outstanding Debt (1)

    $ 882,639

    $ 1,029,223

    Leverage Ratios (2)

    As of April 30, 2026

    As of April 30, 2025

    Net Debt / TTM EBITDA

    0.8 x

    0.9 x

    Net Debt / TTM Adjusted EBITDA

    0.8 x

    0.8 x

    Cash Flow Generation FYTD 2026 FYTD 2025

    Net Cash Provided by Operations

    $ 77,046

    $ 319,249

    (1) Total gross debt obligations inclusive of the current portion of long-term debt

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



    8



    Capital Management PRIORITIES AND FISCAL 2026 ACTIONS

    Invest in THOR's business

    • Capex investment of $38.1 million during Q3 FY26

      Pay THOR's dividend (1)

    • Increased regular quarterly dividend to $0.52 in October 2025

    • Represents 16th consecutive year of dividend increases

      Reduce the Company's debt obligations

    • Net payments on total debt of $58.9 million through the first nine months of FY26

      Repurchase shares on a strategic and opportunistic basis

    • Repurchased 538,560 shares, totaling approximately $50.5 million, during Q3 FY26

    • $298.5 million available to be repurchased under current authorization as of April 30, 2026

      Support opportunistic strategic investments

    • Liquidity and 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 9

      Item 2: Management's Discussion and Analysis in the Company's Quarterly Report on Form 10-Q for the period ended April 30, 2026



      Fiscal Year 2026 Guidance (1)

      Consolidated Net Sales

      $9.0B - $9.5B

      Guidance revised in Q3 in response to prolonged, acute industry and consumer confidence pressures caused by macroeconomic and geopolitical influences

      Gross Margin

      Declining at Midpoint

      Assumptions

      • Declining gross margin at midpoint

      • Wholesale and retail volumes are roughly balanced

        Diluted Earnings Per Share

        $3.30 - $3.80

      • For the fiscal year 2026 period, mid-teens retail decline in the North American market with low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized

      • No meaningful financial impact related to the strategic evolution of our North American RV operations for the balance of the fiscal year

      • A total tax rate in the range of 26% to 28% (2)

(1) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026

(2) Includes estimated discrete tax items

10



Strategic Evolution of THOR's North American RV Operating Model

Overview

  • Jayco, with its Entegra, Open Range and Heartland brands, will unite with Tiffin Motorhomes, pairing two of the industry's strongest motorized manufacturers and continuing to grow many of the strongest towable brands in North America

  • Thor Motor Coach will unite with Keystone, alongside its Dutchmen and Crossroads brands, bringing together two powerful companies to create a complete, full-line motorized and towable portfolio

  • Airstream and KZ will continue to operate independently, but will benefit from the enhanced collaboration across all of THOR's brands

    FY26 Q3 Status

  • Initial managerial assessments of necessary alignment are largely complete

  • Actionable initiatives expected to move forward in the coming fiscal periods

  • Enterprise-wide data initiatives progressing as planned with advancements centered on procurement and warranty



    Structural Benefits

  • Strategic sourcing coordination and supplier alignment

    • Supporting long-term cost discipline and supply continuity

  • Operational standardization and process improvement

    • Improving efficiency, quality and consistency across brands

  • Brand and portfolio alignment

    • Enabling more focused capital allocation and product investment

  • Enterprise-wide data, systems and digital integration

    • Strengthening analytics, forecasting and customer engagement capabilities

    • Enabling a unified dealer portal experience across the THOR family of brands

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

11

Appendix

12



Quarterly EBITDA & Adjusted EBITDA Reconciliations

THOR Consolidated

TTM Fiscal Quarters

($ in thousands)

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

TTM

Net Income (GAAP)

$ 133,928

$ 126,625

$ 23,169

$ 14,641

$ 95,538

$ 259,973

Add Back:

Interest Expense, Net

11,205

10,058

9,017

9,420

9,655

38,150

Income Tax Provision

21,652

16,742

9,319

6,351

37,935

70,347

Depreciation and Amortization of Intangible Assets

66,173

71,379

66,035

64,878

65,950

268,242

EBITDA (Non-GAAP)

$ 232,958

$ 224,804

$ 107,540

$ 95,290

$ 209,078

$ 636,712

Add Back:

Stock-Based Compensation Expense

8,188

4,074

10,950

7,947

6,702

29,673

Change in LIFO Reserve, net

(1,400)

3,602

-

3,104

2,837

9,543

Non-Cash Foreign Currency Loss (Gain)

2,665

1,944

3,510

(4,589)

(1,534)

(669)

Investment-Related Loss (Gain) (1)

137

(5,563)

425

640

(14,227)

(18,725)

Weather-Related (Gain)

(1,500)

(12,153)

-

-

-

(12,153)

Strategic Initiatives

12,722

15,020

15,050

7,691

6,282

44,043

Other Loss (Gain), Including Sales of PP&E

1,053

(22,222)

(6,470)

(12,029)

(25,577)

(66,298)

Adjusted EBITDA (Non-GAAP)

$ 254,823

$ 209,506

$ 131,005

$ 98,054

$ 183,561

$ 622,126

Net Sales

$ 2,894,816

$ 2,523,783

$ 2,389,123

$ 2,125,856

$ 2,781,538

$ 9,820,300

Adjusted EBITDA Margin (%)

8.8 %

8.3 %

5.5 %

4.6 %

6.6 %

6.3 %

Total Long-Term Debt as of April 30, 2026 (2)

$ 882,639

Less: Cash and Cash Equivalents

371,946

Net Debt

$ 510,693

Net Debt / TTM EBITDA

Net Debt / TTM Adjusted EBITDA

0.8 x

0.8 x

(1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses

(2) Total debt obligations as of April 30, 2026 inclusive of the current portion of long-term debt.



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), income tax provision (benefit) 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.

13

Quarterly EBITDA Reconciliations

By Segment

TTM Fiscal Quarters

($ in thousands)

Q3 FY25

Q4 FY25

Q1 FY26

Q2 FY26

Q3 FY26

TTM

Net Income (GAAP)

$ 97,587

$ 74,452

$ 46,471

$ 31,195

$ 52,683

$ 204,801

ble

Add Back:

Interest Expense (Income), Net

(3)

(2)

(3)

(3)

(2)

(10)

wa

Depreciation and Amortization of Intangible Assets

13,207

13,206

12,118

12,010

11,633

48,967

o

EBITDA (Non-GAAP)

$ 110,791

$ 87,656

$ 58,586

$ 43,202

$ 64,314

$ 253,758

T

Net Sales

$ 1,168,878

$ 888,744

$ 897,090

$ 710,485

$ 881,778

$ 3,378,097

EBITDA Margin %

9.5%

9.9%

6.5%

6.1%

7.3%

7.5%

Net Income (GAAP)

$ 32,883

$ 39,081

$ 33,149

$ 20,904

$ 25,349

$ 118,483

zed

Add Back:

Interest Expense (Income), Net

(1)

(1)

(1)

-

2

-

ori

Depreciation and Amortization of Intangible Assets

8,400

8,442

8,002

7,996

9,384

33,824

ot

EBITDA (Non-GAAP)

$ 41,282

$ 47,522

$ 41,150

$ 28,900

$ 34,735

$ 152,307

M

Net Sales

$ 666,686

$ 557,412

$ 661,096

$ 577,071

$ 717,736

$ 2,513,315

EBITDA Margin %

6.2%

8.5%

6.2%

5.0%

4.8%

6.1%

Net Income (Loss) (GAAP)

$ 45,057

$ 59,040

$ (13,822)

$ (5,179)

$ 45,338

$ 85,377

an

Add Back:

Interest Expense (Income), Net

508

18

557

(163)

44

456

pe

Income Tax Provision (Benefit)

1,242

(7,092)

(12,816)

(7,129)

10,829

(16,208)

ro

Depreciation and Amortization of Intangible Assets

30,906

35,960

33,147

32,098

31,996

133,201

Eu

EBITDA (Non-GAAP)

$ 77,713

$ 87,926

$ 7,066

$ 19,627

$ 88,207

$ 202,826

Net Sales

$ 883,542

$ 923,051

$ 655,479

$ 684,472

$ 987,585

$ 3,250,587

EBITDA Margin %

8.8%

9.5%

1.1%

2.9%

8.9%

6.2%

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 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



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

NORTH AMERICAN MOTORIZED SEGMENT

EUROPEAN SEGMENT

NORTH AMERICAN TOWABLE SEGMENT





15

THOR - The Global RV Industry Leader

CATEGORY

NORTH AMERICAN (2)

EUROPEAN (3)



All RV Categories



Travel Trailers



Fifth Wheels





Class A

Class C



Class B



MARKET SHARE (1)

36.1%

36.3%

48.2%

51.9%

38.5%

24.4%

MARKET POSITION(1)

#2

#1

#1

#1

#1

#2

(1) All retail information presented is for the three months ended March 31, 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 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).

16

RV Industry Overview

North America

Calendar YTD Shipments (Units)

Mar. 2026

Mar. 2025

Unit Change

% Change

86,051

97,848

(11,797)

(12.1)%

RV WHOLESALE MARKET TRENDS (UNITS 000's)

600.2

504.6 483.7

493.3

430.7

353.5

321.1

356.7

374.2

406.1 430.4

313.2

333.7

342.2

314.0

237.0

242.3

252.4

285.7

165.6

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

(e)

Calendar YTD Shipments (Units)

Mar. 2026

Mar. 2025

Unit Change

% Change

75,366

88,530

(13,164)

(14.9)%

TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's)

544.0

442.0

376.0

426.1

389.6

434.9

298.1

282.8

312.8

326.9

359.4

298.8 306.2

208.6

217.1

227.6

257.6

267.3

277.4

152.4

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

(e)

MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's)

Calendar YTD Shipments (Units)

Mar. 2026 Mar. 2025 Unit Change % Change

10,685 9,318 1,367 +14.7%

55.4

47.3 54.7 62.6 57.6 46.6

56.2 58.4

28.4

38.3

44.0

40.8

45.9

34.9 36.0 36.6

13.2

25.2 24.8 28.2

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 17

Estimated totals may not add due to rounding

RV Industry Overview

North America

CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2)



600,000

500,000

400,000

300,000

200,000

100,000

150

125

100

75

50

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 RV RETAIL MARKET SHARE (1)

TOWABLE

MOTORIZED

Three Months Ended March 31, 2026 2025

Units Share % Units Share %

Three Months Ended March 31, 2026 2025

Units Share % Units Share %

Forest River

20,450

39.0 %

23,776

37.1 %

THOR Industries

3,456

47.8 %

4,175

46.6 %

THOR Industries

18,620

35.5 %

23,966

37.4 %

Forest River

1,391

19.2 %

1,969

22.0 %

Grand Design

4,254

8.1

%

5,789

9.0

%

Winnebago

1,072

14.8

%

1,345

15.0

%

Brinkley

1,741

3.3

%

1,444

2.3

%

REV Group

336

4.6

%

464

5.2

%

Alliance

1,456

2.8

%

1,608

2.5

%

Grand Design

215

3.0

%

69

0.8

%

All Others

5,956

11.3

%

7,444

11.7

%

All Others

760

10.6

%

931

10.4

%

Industry Total

52,477

64,027

Industry Total

7,230

8,953



(1) Source: Statistical Surveys, Inc., U.S. and Canada; three months ended March 31, 2026 and 2025 18

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

RV Industry Overview

Europe

FULL-YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2)



572

366

289

228 247 264

304

333

376

416

471 495 465

236

522

261

449

382

356 350

208

189

206

154 150 156 147 137

140

152

168

190

202 211

219

210

221

216

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

Europe North America

EUROPEAN RV RETAIL MARKET SHARE (2) (3)

MOTORCARAVANS & CAMPERVANS

CARAVANS

Three Months Ended March 31, 2026 2025

Units Share % Units Share %

Three Months Ended March 31, 2026 2025

Units Share % Units Share %

Trigano

11,622

28.1 %

9,101

28.3 %

Hobby

3,597

35.1 %

3,760

37.3 %

Erwin Hymer Group

10,875

26.3 %

8,049

25.0 %

Knaus Tabbert

2,509

24.5 %

2,223

22.1 %

Knaus Tabbert

3,337

8.1 %

2,836

8.8 %

Erwin Hymer Group

1,712

16.7 %

1,625

16.1 %

Hobby

532

1.3 %

348

1.1 %

Trigano

1,708

16.6 %

1,534

15.2 %

All Others (3)

14,991

36.2 %

11,871

36.8 %

All Others

733

7.1 %

934

9.3 %

Industry Total

41,357

32,205

Industry Total

10,259

10,076

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 17.2% and 7.5% of the caravan and motorcaravan (including campervans) European retail market for the three months ended March 31, 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: Statistical Surveys; North American retail registration data available at https://www.statisticalsurveys.com



(2) Source: European Caravan Federation; CYTD March 31, 2026 and 2025; European retail registration data available at https://www.CIVD.de

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

and Ford), which combined represent approximately 11.3% and 10.0% of Motorcaravans & Campervans retailed in three months ended 19

March 31, 2026 and 2025, respectively

Additional Metrics

NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS

RV BACKLOG OF

$2.51 billion

(12.3)% (1)

87,900

91,800

79,200

113,000

4/30/23 4/30/24 4/30/25 4/30/26

Inventory Units

$2,861,665

$385,988

$634,318

$766,117

$883,739

$1,357,430

$1,343,608

$2,509,535

EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (2)

24,700

23,000

20,400

4/30/25 4/30/26

4/30/24 4/30/25 4/30/26

NA Towables NA Motorized European

($ in thousands)

Inventory Units



(1) As compared to April 30, 2025 20

(2) Comparable independent dealer inventory unit information was not available prior to July 31, 2023

THOR INVESTOR RELATIONS CONTACT:

Daniel Martin

Investor Relations & International Finance Manager investors@thorindustries.com

(574) 970-7460

https://www.thorindustries.com



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