# EDGAR Filing Document

**Accession Number:** 0000730263
**File Stem:** 0001171843-25-003658
**Filing Date:** 2025-6
**Character Count:** 122715
**Document Hash:** 602d90b03009aed9b40b5498ac285cb2
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001171843-25-003658.hdr.sgml**: 20250604

**ACCESSION NUMBER**: 0001171843-25-003658

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 40

**CONFORMED PERIOD OF REPORT**: 20250604

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250604

**DATE AS OF CHANGE**: 20250604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** THOR INDUSTRIES INC
- **CENTRAL INDEX KEY:** 0000730263
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR HOMES [3716]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 930768752
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0731

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-09235
- **FILM NUMBER:** 251021848

**BUSINESS ADDRESS:**
- **STREET 1:** 52700 INDEPENDENCE COURT
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46514
- **BUSINESS PHONE:** (574) 970-7460

**MAIL ADDRESS:**
- **STREET 1:** 52700 INDEPENDENCE COURT
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46514

?xml version='1.0' encoding='ASCII'? Form 8-K

### UNITED STATES

### SECURITIES AND EXCHANGE COMMISSION

### Washington, D.C. 20549
_________________

### FORM 8-K
_________________

#### CURRENT REPORT

#### Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

#### Date of Report (Date of earliest event reported): June 4, 2025
_______________________________

#### THOR Industries, Inc.
(Exact name of registrant as specified in its charter)

_______________________________

---

| | | |
|:---|:---|:---|
| **Delaware** | **1-9235** | **93-0768752** |
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |

---

#### 52700 Independence Court

#### Elkhart, Indiana 46514-8155
(Address of Principal Executive Offices) (Zip Code)

(574) 970-7460

(Registrant's telephone number, including area code)

#### N/A
(Former name or former address, if changed since last report)

_______________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock (Par value $.10 Per Share) | THO | New York Stock Exchange |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

**Item 2.02. Results of Operations and Financial Condition.**

On June 4, 2025, THOR Industries, Inc. (the "Company") issued a press release announcing certain financial results for the third quarter ended April 30, 2025. A copy of the Company's press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. The Company also posted an updated investor slide presentation and a list of investor questions and answers to the "Investors" section of its website. A copy of the Company's slide presentation and investor questions and answers are attached hereto as Exhibit 99.2 and 99.3, respectively, and are incorporated by reference herein. Exhibits 99.1 and 99.2 include non-GAAP financial measures related to our operations along with a reconciliation of these GAAP to non-GAAP measures and an explanation of why these non-GAAP measures provide useful information to investors and how management uses these non-GAAP measures. These non-GAAP measures should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and the financial results calculated in accordance with GAAP and reconciliations from our results should be carefully evaluated.

**Item 7.01. Regulation FD Disclosure.**

The press release attached hereto as Exhibit 99.1 provides earnings guidance for the Company's fiscal year 2025 along with updated industry information. The slide presentation attached hereto as Exhibit 99.2, and incorporated by reference herein, also provides earnings guidance as well as updated information on industry wholesale shipments and retail market share. The Company also posted an updated list of investor questions and answers to the "Investors" section of its website. A copy of the Company's investor questions and answers is attached hereto as Exhibit 99.3 and is incorporated by reference herein.

In accordance with general instruction B.2 to Form 8-K, the information set forth in Items 2.02 and 7.01 of this Form 8-K (including Exhibits 99.1, 99.2 and 99.3) shall be deemed "furnished" and not "filed" with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, and shall not be incorporated by reference into any filing thereunder or under the Securities Act of 1933, as amended.

**Item 9.01. Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit Number** | **Description** |
| [99.1](exh_991.htm) | [Copy of press release, dated June 4, 2025, issued by the Company](exh_991.htm) |
| [99.2](exh_992.htm) | [Copy of investor slide presentation, posted on the Company's website on June 4, 2025](exh_992.htm) |
| [99.3](exh_993.htm) | [Copy of investor questions and answers posted on the Company's website on June 4, 2025](exh_993.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

#### SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **THOR Industries, Inc.** | **THOR Industries, Inc.** |
| Date: June 4, 2025 | By: | <u>/s/ Colleen Zuhl&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> |
|  |  | Colleen Zuhl |
|  |  | Senior Vice President and Chief Financial Officer |

---

## Exhibit 99.1

**EXHIBIT 99.1**

**THOR Industries Announces Third Quarter Fiscal 2025 Results**

***CONTINUED EXECUTION OF KEY STRATEGIES LEADS TO STRONG QUARTER***

***AS INITIATIVES BEGIN TO SHOW EFFECTS***

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fiscal 2025 Third Quarter Highlights</u>** | **<u>Fiscal 2025 Third Quarter Highlights</u>** | | | | | |
| *($ in thousands, except for per share data)* | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** |  | **Nine Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** |  |
|  | **2025** | **2024** | Change | **2025** | **2024** | Change |
| Net Sales | $2894816 | $2801113 | 3.3% | $7055707 | $7509241 | (6.0)% |
| Gross Profit | $443119 | $421852 | 5.0% | $969758 | $1050631 | (7.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin % | 15.3% | 15.1% | +20 bps | 13.7% | 14.0% | (30) bps |
| Net Income Attributable to THOR | $135185 | $114511 | 18.1% | $132802 | $175293 | (24.2)% |
| Diluted Earnings Per Share | $2.53 | $2.13 | 18.8% | $2.49 | $3.26 | (23.6)% |
| Cash Flows from Operations | $257667 | $251732 | 2.4% | $319249 | $207532 | 53.8% |
| EBITDA<sup>(1)</sup> | $232958 | $232331 | 0.3% | $391035 | $495630 | (21.1)% |
| Adjusted EBITDA<sup>(1)</sup> | $254823 | $236099 | 7.9% | $449620 | $511703 | (12.1)% |

---

<sup>(1)</sup> See reconciliation of non-GAAP measures to most directly comparable GAAP financial measures included at the end of this release

**Key Takeaways from Fiscal 2025 Third Quarter**

* Third quarter performance yielded strong results and exceeded expectations

* Delivered resilient margins while contending with shifting market and macroeconomic conditions

* Fiscal year-to-date generation of cash from operations surpassed the prior-year period as management continued to execute on our proven operating model

* Strategic organizational restructuring announced during the quarter continues to align the Company with current market conditions and positions THOR favorably to achieve additional operating efficiencies

* The Company reaffirmed its revised full-year fiscal 2025 financial guidance Consolidated net sales in the range of $9.0 billion to $9.5 billionConsolidated gross profit margin in the range of 13.8% to 14.5%Diluted earnings per share in the range of $3.30 to $4.00 

ELKHART, Ind., June 04, 2025 (GLOBE NEWSWIRE) -- THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2025 third quarter, ended April 30, 2025.

"Our third quarter results exceeded our expectations on both the top and bottom lines. The successful execution of key strategic initiatives, in particular placing further emphasis on driving down our cost profile, led to improved margins in an environment where we saw modest year-over-year top-line improvement. THOR's operating model, particularly within North America, is designed to ramp upward and downward in an incredibly efficient manner, and our performance in the fiscal third quarter exhibited the strength and flexibility of this operating model. We are incredibly proud of our hard-working team members as they continue to execute to plan in the face of numerous challenging market conditions as we navigate through this prolonged industry downturn together. Our third quarter performance exemplifies what makes THOR the market leader. History has proven THOR's ability to weather difficult macroeconomic circumstances and to come back stronger when market conditions improve. While the current level of uncertainty is unprecedented, and we believe the next two fiscal quarters will be challenging for the RV industry as a whole, we are very pleased that our efforts are starting to move the needle," stated Bob Martin, President and Chief Executive Officer of THOR Industries.

**<u>Third Quarter Financial Results</u>**

Consolidated net sales were $2.89 billion in the third quarter of fiscal 2025, compared to $2.80 billion for the third quarter of fiscal 2024, an increase of 3.3%.

Consolidated gross profit margin for the third quarter of fiscal 2025 was 15.3%, an increase of 20 basis points over the third quarter of fiscal 2024.

Net income attributable to THOR Industries, Inc. and diluted earnings per share for the third quarter of fiscal 2025 were $135.2 million and $2.53, respectively, compared to $114.5 million and $2.13, respectively, for the third quarter of fiscal 2024.

EBITDA and Adjusted EBITDA for the third quarter of fiscal 2025 were $233.0 million and $254.8 million, respectively, compared to $232.3 million and $236.1 million, respectively, for the third quarter of fiscal 2024. See the reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release.

THOR's consolidated results were primarily driven by the results of its individual reportable segments as noted below.

**<u>Segment Results</u>**

**North American Towable RVs**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** |  | **Nine Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** |  |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net Sales | $1168878 | $1071393 | 9.1% | $2895922 | $2747815 | 5.4% |
| Unit Shipments | 36077 | 34193 | 5.5% | 94108 | 84258 | 11.7% |
| Gross Profit | $174317 | $138103 | 26.2% | $378400 | $310011 | 22.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin % | 14.9 | 12.9 | +200 bps | 13.1 | 11.3 | +180 bps |
| Income Before Income Taxes | $97587 | $68409 | 42.7% | $172560 | $118319 | 45.8% |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |  |
| *($ in thousands)* | **2025** | **2024** | **Change** |
| Order Backlog | $634318 | $741302 | (14.4)% |

---

* North American Towable RV net sales for the third quarter of fiscal 2025 increased 9.1% compared to the prior-year period. This increase in net sales was the result of a 5.5% increase in unit shipments compared to the prior-year period, as well as a 3.6% increase in the overall net price per unit primarily due to an increased proportion of fifth wheel units within our product mix.

* North American Towable RV gross profit margin increased 200 basis points to 14.9% for the third quarter of fiscal 2025 compared to 12.9% for the prior-year period. This improvement was due to the increase in net sales along with the combined net favorable impacts of reduced sales discounting, an improved warranty cost percentage and our ongoing cost-saving initiatives.

* North American Towable RV income before income taxes for the third quarter of fiscal 2025 increased to $97.6 million from $68.4 million in the third quarter of fiscal 2024. The increase in income before income taxes was primarily the result of the increase in net sales and the improvement in gross profit.

**North American Motorized RVs**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** |  | **Nine Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** |  |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net Sales | $666686 | $646948 | 3.1% | $1618192 | $1928531 | (16.1)% |
| Unit Shipments | 5507 | 4964 | 10.9% | 12774 | 14984 | (14.7)% |
| Gross Profit | $70297 | $71753 | (2.0)% | $147765 | $211866 | (30.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin % | 10.5 | 11.1 | (60) bps | 9.1 | 11.0 | (190) bps |
| Income Before Income Taxes | $32883 | $33172 | (0.9)% | $46262 | $96684 | (52.2)% |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** |  |
| *($ in thousands)* | **2025** | **2024** | **Change** |
| Order Backlog | $883739 | $925829 | (4.5)% |

---

* North American Motorized RV net sales increased 3.1% for the third quarter of fiscal 2025 compared to the prior-year period. The increase resulted from a 10.9% increase in unit shipments, in part due to increased promotional activity in the current-year period, partially offset by a 7.8% decrease in net price per unit primarily due to a shift in product mix within our Class A product line toward a higher concentration of our more moderately-priced gas units, along with higher discounting levels in comparison to the prior-year period.

* North American Motorized RV gross profit margin was 10.5% for the third quarter of fiscal 2025 compared to 11.1% in the third quarter of fiscal 2024. The decrease in the gross profit margin percentage for the current period was driven mainly by the increase in sales discounting.

* North American Motorized RV income before income taxes for the third quarter of fiscal 2025 decreased slightly to $32.9 million from $33.2 million in the prior-year period, primarily due to the decrease in gross profit.

**European RVs**

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *($ in thousands)* | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** |  | **Nine Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** |  |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net Sales | $883542 | $931061 | (5.1)% | $2100910 | $2421556 | (13.2)% |
| Unit Shipments | 13495 | 15363 | (12.2)% | 31572 | 40335 | (21.7)% |
| Gross Profit | $142830 | $162915 | (12.3)% | $316407 | $405068 | (21.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin % | 16.2 | 17.5 | (130) bps | 15.1 | 16.7 | (160) bps |
| Income Before Income Taxes | $46299 | $77382 | (40.2)% | $49686 | $144206 | (65.5)% |

---

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| | | | |
|:---|:---|:---|:---|
|  | **As of April 30,** | **As of April 30,** | |
| *($ in thousands)* | **2025** | **2024** | **Change** |
| Order Backlog | $1343608 | $1935119 | (30.6)% |

---

* European RV net sales decreased 5.1% for the third quarter of fiscal 2025 compared to the prior-year period driven by a 12.2% decrease in unit shipments offset in part by a 7.1% increase in the overall net price per unit. The increase in the overall net price per unit includes a 6.8% increase from the combined impact of changes in product mix and price along with a 0.3% increase due to the impact of changes in the foreign currency exchange rate.

* European RV gross profit margin decreased 130 basis points to 16.2% of net sales for the third quarter of fiscal 2025 from 17.5% in the prior-year period, primarily due to an increase in sales discounting.

* European RV income before income taxes for the third quarter of fiscal 2025 was $46.3 million compared to $77.4 million during the third quarter of fiscal 2024. The period-over-period decrease in income before income taxes was primarily attributable to the decrease in net sales.

**<u>Management Commentary</u>**

"While our fiscal third quarter results exceeded expectations, our overall fiscal year is unfolding in a manner that is very consistent with our original projections. We foresaw and foretold a very challenging environment in the first half of our fiscal year and, during that time, we prudently managed our operations to align with the expected difficult market conditions. Key strategic initiatives have driven important recent wins for our brands, and we are confident that we are well-positioned to return to share gains over the longer term. Our financial guidance assumed a stronger second half of our fiscal year, and our fiscal third quarter performance reflects the value of our strategies in the currently difficult market. THOR's focus on aligning production with retail sales and working with our valued independent dealer partners to ensure rational inventory levels for a suppressed retail marketplace positioned us well for the moment when retail surged, even moderately. Our fiscal third quarter results benefited from the continued execution of our strategies, and the management and production teams at our operating companies performed incredibly well, driving strong performance in our third quarter. In the fiscal third quarter, our consolidated gross margin improved to 15.3% compared 15.1% in the prior-year period. Our North American Towable segment, in particular, generated meaningful improvement on a year-over-year basis, posting a 200 basis point improvement in gross profit margin over the third quarter of fiscal 2024. As we anticipated and messaged at the beginning of our fiscal year, our North American Motorized and European segments have both seen year-over-year declines in gross margin but still achieved resilient results considering the challenging environments facing those segments. While our consolidated margin this quarter was unfavorably impacted by actions we took to deepen our partnerships with key dealers, strategically, deepening these key relationships is vital to our long-term market position and these decisions favorably position THOR for the future as we look ahead," said Todd Woelfer, Senior Vice President and Chief Operating Officer.

"As we discussed at the end of our fiscal second quarter, significant restructuring steps at THOR were forthcoming. The strategic restructuring of Heartland to operate under Jayco's outstanding management team creates significant opportunities for both brands going forward. This realignment, along with other key initiatives, will further optimize our enterprise structure and drive meaningful savings as the Company works to reduce its cost footprint. Both prior to and throughout the fiscal year thus far, we have transparently communicated our strategies and have remained vigilantly focused on executing those strategies despite the noise in both the macro and micro environments. Our teams' dedication to the execution of those plans is exemplified in our successful third-quarter results," said Woelfer.

"As a result of our strong quarter, on April 30, 2025, we had liquidity of approximately $1.49 billion, including approximately $508.3 million of cash on hand and approximately $985.0 million available under our asset-based revolving credit facility. In addition to the solid foundation provided by our total liquidity position and overall strong balance sheet, during the third quarter, we generated cash from operations of approximately $257.7 million, bringing our fiscal year-to-date total to $319.2 million. Despite our lower year-to-date net income, through the third fiscal quarter of 2025 we have improved our cash flow from operating activities by over $100 million on a year-over-year basis by executing on our proven operating model and significantly reducing our working capital," noted Colleen Zuhl, Senior Vice President and Chief Financial Officer.

"True to our historical commitment of taking a measured and conservative approach to cash management and capital allocation, especially during challenging economic periods, through the third quarter of fiscal 2025, we have made selective capital expenditures of approximately $85.1 million with a priority on time-sensitive investments in our facilities and machinery. Through the first three quarters of fiscal 2025, we have also reduced our total indebtedness by approximately $139.2 million and returned capital to our shareholders primarily through the payment of $79.8 million in quarterly dividends. Subsequent to the end of our third fiscal quarter, we further reduced our indebtedness with a $55.0 million payment against the principal balance of our USD term loan. While we were unable to repurchase shares during our fiscal third quarter due to trading restrictions, THOR remains well positioned to take advantage of the currently suppressed securities market with our strong cash position. Management's view remains that there are few other capital allocation options that offer such significant return to our shareholders," added Zuhl.

**<u>Outlook</u>**

"Last quarter, THOR expressed the belief that RVIA's prior expectation of calendar 2025 industry wholesale unit shipments exceeding 350,000 was aggressive. Recently, RVIA lowered their expectations to a most likely scenario of approximately 337,000 units, which is more in line with THOR's long-held view for the calendar year. We expect the fourth quarter of our fiscal 2025 and the first quarter of our fiscal 2026 to be challenging. The current economic uncertainty has led to downward pressure on consumer confidence and has negatively impacted retail pull-through. We believe that upon the resolution of this uncertainty, we will see improved consumer confidence and the return of a strong retail environment. In the meantime, we will continue to execute the strategies necessary to maximize our performance in the given market conditions. Our focus will remain on controlling what we can control and prudently managing the Company through the macroeconomic challenges. As we do so, THOR will continue to demonstrate that it is well-equipped to emerge from the current downturn stronger and more resilient," concluded Martin.

**<u>Fiscal 2025 Guidance</u>**

"THOR's strong fiscal third quarter results strengthened the alignment of our year-to-date performance with our full-year financial guidance. Despite the strong quarter, margin pressures persist as we continue to manage through softer retail and wholesale demand in our North American Motorized and European segments and implement strategic actions to strengthen our relationships with our independent dealers. Taking into consideration results to date and our expectations for our North American and European operations for the final fiscal quarter, the Company has reaffirmed its revised financial guidance for fiscal 2025," commented Woelfer.

"While we are maintaining our revised full-year guidance, we recognize that potential swings from uncertainties in the macro environment could be significant. Due to recent developments in trade policies, and considering the remaining duration of our fiscal year, THOR believes that its performance is still slated to fall solidly within its previously announced guidance, assuming no new material shifts within the macro or global trade environment. We will continue to provide transparent viewpoints of our performance and market conditions to enable investors and analysts to appreciate the current operating environment and our performance within that environment. The addition of Seth Woolf to our team better enables us to ensure that we are communicating THOR's performance and value proposition in a transparent and effective manner," concluded Woelfer.

For fiscal 2025, the Company's full-year financial guidance includes:

* Consolidated net sales in the range of $9.0 billion to $9.5 billion

* Consolidated gross profit margin in the range of 13.8% to 14.5%

* Diluted earnings per share in the range of $3.30 to $4.00

**Supplemental Earnings Release Materials**

THOR Industries has provided a comprehensive question and answer document, as well as a PowerPoint presentation, relating to its quarterly results and other topics.

To view these materials, go to http://ir.thorindustries.com.

**About THOR Industries, Inc.**

THOR Industries is the sole owner of operating subsidiaries which, combined, represent the world's largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to <u>www.thorindustries.com</u>.

**Forward-Looking Statements**

This release 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 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2025 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** | **THOR INDUSTRIES, INC. AND SUBSIDIARIES** |
| **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** | **CONDENSED CONSOLIDATED STATEMENTS OF INCOME** |
| **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** | **FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024** |
| **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** | **($000's except share and per share data) (Unaudited)** |
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
|  | **2025** | **% Net <br>Sales<sup>(1)</sup>** | **2024** | **% Net <br>Sales<sup>(1)</sup>** | **2025** | **% Net <br>Sales<sup>(1)</sup>** | **2024** | **% <br>Net Sales<sup>(1)</sup>** |
| Net sales | $2894816 |  | $2801113 |  | $7055707 |  | $7509241 |  |
| Gross profit | $443119 | 15.3% | $421852 | 15.1% | $969758 | 13.7% | $1050631 | 14.0% |
| Selling, general and administrative expenses | 238273 | 8.2% | 226515 | 8.1% | 684692 | 9.7% | 664536 | 8.8% |
| Amortization of intangible assets | 29604 | 1.0% | 32316 | 1.2% | 88670 | 1.3% | 97124 | 1.3% |
| Interest expense, net | 11205 | 0.4% | 21830 | 0.8% | 38383 | 0.5% | 70256 | 0.9% |
| Other income (expense), net | (8457) | (0.3)% | 1159 | —% | (5189) | (0.1)% | 3111 | —% |
| Income before income taxes | 155580 | 5.4% | 142350 | 5.1% | 152824 | 2.2% | 221826 | 3.0% |
| Income tax provision | 21652 | 0.7% | 28773 | 1.0% | 22858 | 0.3% | 47890 | 0.6% |
| Net income | 133928 | 4.6% | 113577 | 4.1% | 129966 | 1.8% | 173936 | 2.3% |
| Less: Net (loss) attributable to non-controlling interests | (1257) | —% | (934) | —% | (2836) | —% | (1357) | —% |
| Net income attributable to THOR Industries, Inc. | $135185 | 4.7% | $114511 | 4.1% | $132802 | 1.9% | $175293 | 2.3% |
| Earnings per common share: |  |  |  |  |  |  |  |  |
| Basic | $2.54 |  | $2.15 |  | $2.50 |  | $3.29 |  |
| Diluted | $2.53 |  | $2.13 |  | $2.49 |  | $3.26 |  |
| Weighted-average common shares outstanding: |  |  |  |  |  |  |  |  |
| Basic | 53203568 |  | 53310318 |  | 53128112 |  | 53309546 |  |
| Diluted | 53433493 |  | 53722154 |  | 53439096 |  | 53742146 |  |
| <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences | <sup>(1)</sup>Percentages may not add due to rounding differences |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** | **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** | **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** | **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** | **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** | **SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000's) (Unaudited)** |
|  | **April 30, <br>2025** | **July 31,**<br>**2024** |  | **April 30, <br>2025** | **July 31,**<br>**2024** |
| Cash and equivalents | $508321 | $501316 | Current liabilities | $1655110 | $1567022 |
| Accounts receivable, net | 855925 | 700895 | Long-term debt, net | 1010653 | 1101265 |
| Inventories, net | 1353578 | 1366638 | Other long-term liabilities | 280396 | 278483 |
| Prepaid income taxes, expenses and other | 117983 | 81178 | Stockholders' equity | 4224131 | 4074053 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2835807 | 2650027 |  |  |  |
| Property, plant & equipment, net | 1380042 | 1390718 |  |  |  |
| Goodwill | 1834722 | 1786973 |  |  |  |
| Amortizable intangible assets, net | 787082 | 861133 |  |  |  |
| Equity investments and other, net | 332637 | 331972 |  |  |  |
| Total | $7170290 | $7020823 |  | $7170290 | $7020823 |

---

**<u>Non-GAAP Reconciliations</u>**

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **<u>EBITDA Reconciliations</u>** | **<u>EBITDA Reconciliations</u>** | | | |
| *($ in thousands)* | *($ in thousands)* |  |  |  |
|  | **Three Months Ended <br>April 30,** | **Three Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** | **Nine Months Ended <br>April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**133928** | $**113577** | $**129966** | $**173936** |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 11205 | 21830 | 38383 | 70256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 21652 | 28773 | 22858 | 47890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of intangible assets | 66173 | 68151 | 199828 | 203548 |
| **EBITDA** | $**232958** | $**232331** | $**391035** | $**495630** |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 8188 | 9351 | 26798 | 29049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in LIFO reserve, net | (1400) | (5000) | (2900) | (8000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expense (income) related to certain contingent liabilities |  | (2700) |  | (16900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash foreign currency loss (gain) | 2665 | 1575 | 7311 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value loss (gain) on equity investments | 294 | (581) | 1066 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment loss (income) | (157) | 2890 | 4348 | 12327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weather-related loss (gain) | (1500) | 2500 | (1500) | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt amendment expenses |  |  |  | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee & facility strategic initiatives | 12722 |  | 28181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other loss (gain), including sales of PP&E | 1053 | (4267) | (4719) | (15218) |
| **Adjusted EBITDA** | $**254823** | $**236099** | $**449620** | $**511703** |

---

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 is EBITDA adjusted for certain unusual items and other one-time items. 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.

**THOR Investor Relations Contact:**

Seth Woolf

Head of Corporate Development & Investor Relations

swoolf@thorindustries.com

(574) 294-7718

## Exhibit 99.2

**EXHIBIT 99.2**

![](exh992_01.jpg)

FINANCIAL RESULTS THIRD QUARTER FISCAL 2025

![](exh992_02.jpg)

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 Exchange Act of 1934 , as amended . These forward - looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks . These forward - looking statements are not a guarantee of future performance . We cannot assure you that actual results will not differ materially from our expectations . Factors which could cause materially different results include, among others : the impact of inflation on the cost of our products as well as on general consumer demand ; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints ; the impact of war, military conflict, terrorism and/or cyber - attacks, including state - sponsored or ransom attacks ; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers ; the dependence on a small group of suppliers for certain components used in production, including chassis ; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability ; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor - related costs and production capacity costs ; the level and magnitude of warranty and recall claims incurred ; the ability of our suppliers to financially support any defects in their products ; the financial health of our independent dealers and their ability to successfully manage through various economic conditions ; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers ; the costs of compliance with governmental regulation ; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations ; public perception of and the costs related to environmental, social and governance matters ; legal and compliance issues including those that may arise in conjunction with recently completed transactions ; the level of consumer confidence and the level of discretionary consumer spending ; the impact of exchange rate fluctuations ; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers ; management changes ; the success of new and existing products and services ; the ability to maintain strong brands and develop innovative products that meet consumer demands ; changes in consumer preferences ; the risks associated with acquisitions, including : the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies ; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand ; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers ; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities ; increasing costs for freight and transportation ; the ability to protect our information technology systems from data breaches, cyber - attacks and/or network disruptions ; asset impairment charges ; competition ; the impact of losses under repurchase agreements ; the impact of the strength of the U . S . dollar on international demand for products priced in U . S . dollars ; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold ; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold ; changes to our investment and capital allocation strategies or other facets of our strategic plan ; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt . These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10 - Q for the quarter ended April 30 , 2025 and in Item 1 A of our Annual Report on Form 10 - K for the year ended July 31 , 2024 . We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward - looking statements contained in this presentation or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law .

![](exh992_03.jpg)

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 15.3% Diluted EPS $2.53 (1) (2) For the fiscal quarter ended April 30, 2025 See Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures Third Quarter Fiscal 2025 Results (1) (2) Net Income Attributable to THOR Industries, Inc. $135.2 M EBITDA (2) $233.0 M

![](exh992_04.jpg)

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

![](exh992_05.jpg)

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 thousands As compared to the fiscal quarter ended April 30, 2024 THOR CONSOLIDATED NET SALES (1) North American Towable $1,168,878 40.4% European $883,542 30.5% Other, net $151,711 5.5% North American Motorized $646,948 23.1% North American Towable $1,071,393 38.2% European $931,061 33.2% THIRD QUARTER FISCAL 2025 THIRD QUARTER FISCAL 2024 $2.80 billion $2.89 billion +3.3% (2)

![](exh992_06.jpg)

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 Margin % 18.1 % $114,511 $135,185 Net Income (1) 18.8 % $2.13 $2.53 Diluted Earnings per Share (1) 2.4 % $251,732 $257,667 Cash Flows from Operations 0.3 % $232,331 $232,958 EBITDA (2) 7.9 % $236,099 $254,823 Adjusted EBITDA (2) FYTD 2025 FYTD 2024 Change 5.4 % $2,747,815 $2,895,922 (16.1)% 1,928,531 1,618,192 (13.2)% 2,421,556 2,100,910 7.1 % 411,339 440,683 (6.0)% $7,509,241 $7,055,707 (30) bps 14.0% 13.7% (24.2)% $175,293 $132,802 (23.6)% $3.26 $2.49 53.8 % $207,532 $319,249 (21.1)% $495,630 $391,035 (12.1)% $511,703 $449,620 THOR remains focused on enhancing the fundamentals of our business and executing on our strategic plan (1) (2) Attributable to THOR Industries, Inc. See the Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures Third Quarter Fiscal 2025 Summary Third Quarter Fiscal 2025 Highlights • Overall performance yielded strong results and exceeded expectations • Delivered resilient margins while contending with shifting market and macroeconomic conditions • Fiscal year - to - date generation of cash from operations surpassed the prior - year period as our management teams continue to execute on our proven operating model with a focus on improving our working capital position • Strategic organizational restructuring announced during the quarter continues to align the Company with current market conditions and positions THOR favorably to achieve additional operating efficiencies

![](exh992_07.jpg)

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 sales discounting, continued improvement in warranty costs and the continued implementation of our cost - saving initiatives • Independent dealer inventory of THOR Towable products at April 30 , 2025 increased moderately over both April 30 , 2024 and January 31 , 2025 levels North American Towable Segment FYTD FYTD Q3 Q3 Change 2024 2025 Change 2024 2025 5.4 % $2,747,815 $2,895,922 9.1 % $1,071,393 $1,168,878 Net Sales (1) +180 bps 11.3% 13.1% +200 bps 12.9% 14.9% Gross Profit Margin % 11.7 % 84,258 94,108 5.5 % 34,193 36,077 Wholesale Shipments (2) (5.6)% $32,612 $30,772 3.4 % $31,334 $32,400 Average Sales Price April 30, 2025 April 30, 2024 Change (14.4)% $741,302 $634,318 Backlog (1) 7.8 % 75,355 81,245 Dealer Inventory (3) (1) $ in thousands; (2) in units; (3) Independent Dealer Inventory of THOR products, in units

![](exh992_08.jpg)

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 and an increase in sales discounting • Gross profit margin percentage decreased due to the combined impact of higher sales discounting and the change in product mix • While independent dealer inventory of THOR Motorized products at April 30 , 2025 decreased in comparison to the prior year, levels did increase modestly compared to the second quarter of our fiscal 2025 as independent dealers prepared for their 2025 selling season FYTD FYTD Q3 Q3 Change 2024 2025 Change 2024 2025 (16.1)% $1,928,531 $1,618,192 3.1 % $646,948 $666,686 Net Sales (1) (190) bps 11.0% 9.1% (60) bps 11.1% 10.5% Gross Profit Margin % (14.7)% 14,984 12,774 10.9 % 4,964 5,507 Wholesale Shipments (2) (1.6)% $128,706 $126,679 (7.1)% $130,328 $121,062 Average Sales Price April 30, 2025 April 30, 2024 Change (4.5)% $925,829 $883,739 Backlog (1) (15.4)% 12,539 10,602 Dealer Inventory (3) (1) $ in thousands; (2) in units; (3) Independent Dealer Inventory of THOR products, in units

![](exh992_09.jpg)

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 compared to the third quarter of fiscal 2024 primarily as a result of higher sales discounting as well as the decrease in net sales and corresponding increase in overhead cost percentage • Current independent dealer inventory levels of our motorized European products are generally in line with historic seasonal levels, while our towable inventory is slightly elevated FYTD FYTD Q3 Q3 Change 2024 2025 Change 2024 2025 (13.2)% $2,421,556 $2,100,910 (5.1)% $931,061 $883,542 Net Sales (1) (160) bps 16.7% 15.1% (130) bps 17.5% 16.2% Gross Profit Margin % (21.7)% 40,335 31,572 (12.2)% 15,363 13,495 Wholesale Shipments (2) 10.8 % $60,036 $66,543 8.0 % $60,604 $65,472 Average Sales Price April 30, 2025 April 30, 2024 Change (30.6)% $1,935,119 $1,343,608 Backlog (1) (6.9)% 24,657 22,977 Dealer Inventory (3) (1) $ in thousands; (2) in units; (3) Independent Dealer Inventory of THOR products, in units

![](exh992_10.jpg)

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 x 0.9 x Net Debt / TTM EBITDA 1.2 x 0.8 x Net Debt / TTM Adjusted EBITDA Cash Flow Generation FYTD 2025 FYTD 2024 $207,532 $319,249 Cash from Operating Activities (1) (2) Total gross debt obligations inclusive of the current portion of long - term debt See the Appendix to this presentation for reconciliation of non - GAAP measures to most directly comparable GAAP financial measures Liquidity, low leverage ratio and strong cash flow generation position THOR to seize upon opportunities in both North America and Europe

![](exh992_11.jpg)

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 obligations ▪ Payments on total debt of $139 . 2 million FYTD ▪ Subsequent to April 30 , 2025 , THOR paid down an additional $55 . 0 million towards the principal of its USD term loan debt ▪ Committed to long - term net debt leverage ratio target of 1 . 0 x Repurchase shares on a strategic and opportunistic basis ▪ $421 . 1 million available to be repurchased under current authorizations as of April 30 , 2025 Support opportunistic strategic investments ▪ Strong cash flows favorably position THOR to seize upon opportunities in both North America and Europe (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 Item II : Management's Discussion and Analysis in the Company's Quarterly Report on Form 10 - Q for the period ended April 30 , 2025

![](exh992_12.jpg)

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 - over - year basis, driven by management's execution of our proven operating model and significantly reducing working capital Announced strategic organizational restructuring to continue to align operations with current market conditions and to favorably position THOR to achieve additional operating efficiencies Through the first nine months of fiscal 2025 , we have reduced our indebtedness by approximately $139 . 2 million and paid down an additional $55 . 0 million against the principal balance of our USD term loan subsequent to April 30 , 2025 Key takeaways from Q3 FY 2025

![](exh992_13.jpg)

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 and European segments ▪ We are reaffirming our prior financial guidance for the full - year fiscal 2025 , as we still expect our performance to fall solidly within our previously - stated ranges Fiscal Year 2025 Guidance (1) 325,000 – 340,000 Units (2) Total North American RV Industry Wholesale Shipment Forecast for Fiscal 2025 $9.0B – $9.5B 13.8% – 14.5% $3.30 – $4.00 Consolidated Net Sales Consolidated Gross Profit Margin Diluted Earnings per Share Outlook ▪ The fourth quarter of our fiscal 2025 and the first quarter of our fiscal 2026 are expected to be challenging amidst the current macroeconomic uncertainties ▪ Upon the resolution of these current uncertainties, we believe we will see improvement in consumer confidence and the return of a strong retail environment ▪ We will continue to execute the strategies necessary to maximize our performance given the current economic conditions (1) (2) Our Fiscal Year 2025 runs from August 1, 2024 through July 31, 2025 Denotes THOR's internal forecast for total North American RV Industry - wide wholesale shipments during our fiscal year period

![](exh992_14.jpg)

14 Appendix

![](exh992_15.jpg)

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 impacted by delays in reporting by various states or provinces . 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) . (2) (3) EUROPEAN (3) All RV Segments NORTH AMERICAN (2) CATEGORY Class B Class C Class A Fifth Wheels Travel Trailers 23.0% 40.0% 46.8% 49.8% 36.6% 38.7% MARKET SHARE (1) #2 #1 #1 #1 #1 #2 MARKET POSITION (1) THOR – The Global RV Industry Leader

![](exh992_16.jpg)

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) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 298.8 303.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) 353.5 237.0 165.6 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 430.4 600.2 493.3 313.2 333.7 337.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 (e) TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) Calendar YTD Shipments (Units) % Change Unit Change March 2024 March 2025 +13.9% 11,907 85,941 97,848 Calendar YTD Shipments (Units) % Change Unit Change March 2024 March 2025 +17.2% 13,005 75,525 88,530 Calendar YTD Shipments (Units) % Change Unit Change March 2024 March 2025 (10.5)% (1,098) 10,416 9,318 Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar year 2025 represents the most recent RVIA "most likely" estimate from their June 2025 issue of Roadsigns Estimated totals may not add due to rounding. RV Industry Overview North America RV WHOLESALE MARKET TRENDS (UNITS 000's) MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's)

![](exh992_17.jpg)

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 0 100,000 200,000 300,000 400,000 500,000 600,000 0 25 50 75 100 125 150 (1) (2) Source: Statistical Surveys, Inc., U.S. and Canada; CYTD March 31, 2025 and 2024 Source: The Conference Board, Consumer Confidence Survey® , through March 2025 47.8 % 4,672 45.9 % 4,023 THOR Industries 39.1 % 26,237 37.4 % 22,951 THOR Industries % 18.2 1,782 % 21.9 1,918 Forest River % 36.1 24,205 % 37.1 22,766 Forest River % 15.9 1,557 % 14.9 1,310 Winnebago % 8.8 5,903 % 9.1 5,573 Grand Design % 6.9 675 % 6.2 547 REV Group % 1.6 1,098 % 2.5 1,529 Alliance % 1.8 176 % 0.9 83 Gulfstream % 1.6 1,049 % 1.2 727 Gulfstream % 9.4 921 % 10.2 890 All Others % 12.8 8,537 % 12.7 7,786 All Others 9,783 8,771 Industry Total 67,029 61,332 Industry Total TOWABLE Three Months Ended March 31, 2025 2024 Share % Units Units Share % MOTORIZED Three Months Ended March 31, 2025 2024 Share % Units Units Share %

![](exh992_18.jpg)

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) Source : Statistical Surveys ; North American retail registration data available at www . statisticalsurveys . com Source : European Caravan Federation ; CYTD March 31 , 2025 and 2024 ; European retail registration data available at www . CIVD . de "All Others" in Motorcaravans and Campervans includes units produced by major European Vehicle OEMs (Volkswagen, Mercedes - Benz and Ford), which combined represent approximately 10 . 1 % and 16 . 9 % of Motorcaravans & Campervans retailed in the three months ended March 31 , 2025 and 2024 , respectively RV Industry Overview Europe FULL - YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) 570 522 CARAVANS Units Three Months Ended March 31, 2025 2024 Share % Units Share % MOTORCARAVANS & CAMPERVANS Units Three Months Ended March 31, 2025 2024 Share % Units Share % 38.1 % 4,097 37.5 % 3,760 Hobby 24.0 % 8,522 28.6 % 9,098 Trigano 21.0 % 2,257 22.1 % 2,221 Knaus Tabbert 25.8 % 9,152 25.1 % 8,003 Erwin Hymer Group 17.7 % 1,898 16.1 % 1,613 Erwin Hymer Group 10.0 % 3,550 8.9 % 2,837 Knaus Tabbert 15.1 % 1,627 15.3 % 1,536 Trigano 0.7 % 252 1.1 % 348 Hobby 8.1 % 864 9.0 % 906 All Others 39.5 % 14,052 36.3 % 11,552 All Others (3) 10,743 10,036 Industry Total 35,528 31,838 Industry Total 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 . 7 % and 10 . 4 % of the caravan and motorcaravan (including campervans) European retail market for the three months ended March 31 , 2025 , 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 . "

![](exh992_19.jpg)

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 RV buyers planning to purchase within the next two years plan to do so within the next 12 months (4) New Campers Continue to Enter the Market 5.8 million of 2024 campers were first timers (2) Data from RVers support the foundation and future of the RV industry (1) (2) (3) (4) KOA 2024 Camping & Outdoor Hospitality Report The Dyrt 2025 Camping Report RVIA 2025 Summer Travel Intentions Survey THOR US 2025 RV Purchase Impact Study

![](exh992_20.jpg)

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 BACKLOG OF $2.86 billion (20.6)% (1) (2) (1) (2) (3) As compared to April 30, 2024 $ in thousands Comparable independent dealer inventory unit information was not available prior to July 31, 2023 24,700 23,000 Inventory Units 4/30/24 4/30/25 EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (3)

![](exh992_21.jpg)

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 provision (benefit) and depreciation and amortization . Adjusted EBITDA is EBITDA adjusted for certain unusual items and other one - time items . 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 . 21 Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM 3Q FY25 2Q FY25 1Q FY25 4Q FY24 3Q FY24 ($ in thousands) $221,430 $133,928 $(3,089) $(873) $91,464 $113,577 Net Income (Loss) 56,793 11,205 11,950 15,228 18,410 21,830 Add Back: Interest Expense, Net 58,412 21,652 1,489 (283) 35,554 28,773 Income Tax Provision (Benefit) 273,425 66,173 65,994 67,661 73,597 68,151 Depreciation and Amortization of Intangible Assets $610,060 $232,958 $76,344 $81,733 $219,025 $232,331 EBITDA 35,650 8,188 8,073 10,537 8,852 9,351 Add Back: Stock - Based Compensation Expense (9,394) (1,400) (1,500) — (6,494) (5,000) Change in LIFO Reserve, net (1,079) — — — (1,079) (2,700) Net Expense (Income) Related to Certain Contingent Liabilities 5,931 2,665 1,254 3,392 (1,380) 1,575 Non - Cash Foreign Currency Loss (Gain) 1,183 294 384 388 117 (581) Market Value Loss (Gain) on Equity Investments 5,127 (157) 2,251 2,254 779 2,890 Equity Method Investment Loss (Income) (1,500) (1,500) — — — 2,500 Weather - Related Loss (Gain) 28,181 12,722 — 15,459 — — Employee & Facility Strategic Initiatives (6,147) 1,053 209 (5,981) (1,428) (4,267) Other Loss (Gain), Including Sales of PP&E $668,012 $254,823 $87,015 $107,782 $218,392 $236,099 Adjusted EBITDA $9,589,874 $2,894,816 $2,018,107 $2,142,784 $2,534,167 $2,801,113 Net Sales 7.0 % 8.8 % 4.3 % 5.0 % 8.6 % 8.4 % Adjusted EBITDA Margin (%) $1,029,223 Total Long - Term Debt as of April 30, 2025 (1) 508,321 Less: Cash and Cash Equivalents $520,902 Net Debt 0.9 x 0.8 x Net Debt / TTM EBITDA Net Debt / TTM Adjusted EBITDA TTM Fiscal Quarters (1) Total debt obligations as of April 30, 2025 inclusive of the current portion of long - term debt.

![](exh992_22.jpg)

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 - 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 . 22 Quarterly EBITDA Reconciliations By Segment ($ in thousands) 3Q FY24 4Q FY24 TTM Fiscal Quarters 1Q FY25 2Q FY25 3Q FY25 TTM $223,473 $97,587 $28,152 $46,821 $50,913 $68,409 Net Income Add Back: (12) (3) (3) (3) (3) (2) Interest Expense (Income), Net — — — — — — Income Tax Provision (Benefit) 53,065 13,207 13,155 13,094 13,609 13,555 Depreciation and Amortization of Intangible Assets $276,526 $110,791 $41,304 $59,912 $64,519 $81,962 EBITDA $3,827,778 $1,168,878 $828,266 $898,778 $931,856 $1,071,393 Net Sales 7.2% 9.5% 5.0% 6.7% 6.9% 7.6% EBITDA Margin % $76,074 $32,883 $4,298 $9,081 $29,812 $33,172 Net Income Add Back: (2) (2) (3) (3) 6 (1) Interest Expense (Income), Net — — — — — — Income Tax Provision (Benefit) 34,119 8,400 8,621 8,656 8,442 8,556 Depreciation and Amortization of Intangible Assets $110,191 $41,281 $12,916 $17,734 $38,260 $41,727 EBITDA $2,135,511 $666,686 $446,298 $505,208 $517,319 $646,948 Net Sales 5.2% 6.2% 2.9% 3.5% 7.4% 6.4% EBITDA Margin % $144,839 $45,057 $7,890 $7,194 $84,698 $93,268 Net Income Add Back: 3,268 508 336 1,329 1,095 1,726 Interest Expense (Income), Net (7,982) 1,242 (5,680) (6,017) 2,473 (15,886) Income Tax Provision (Benefit) 127,255 30,906 30,327 32,241 33,781 31,517 Depreciation and Amortization of Intangible Assets $267,380 $77,713 $32,873 $34,747 $122,047 $110,625 EBITDA $3,044,334 $883,542 $612,465 $604,903 $943,424 $931,061 Net Sales 8.8% 8.8% 5.4% 5.7% 12.9% 11.9% EBITDA Margin % Towable Motorized European

![](exh992_23.jpg)

www.thorindustries.com THOR Investor Relations Contact: Seth Woolf Head of Corporate Development & Investor Relations swoolf@thorindustries.com (574) 294 - 7718

## Exhibit 99.3

**EXHIBIT 99.3**

![](exh993logo.jpg)

**THIRD QUARTER FISCAL 2025**

**INVESTOR QUESTIONS & ANSWERS**

*June 4, 2025*

**<u>Forward-Looking Statements</u>**

*Reference is made to the forward-looking statements disclosure provided at the end of this document.*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **<u>Fiscal Third Quarter 2025 Highlights</u>** | **<u>Fiscal Third Quarter 2025 Highlights</u>** | | | | | |
| *($ in thousands, except for per share data)* | **Three Months Ended<br> April 30,** | **Three Months Ended<br> April 30,** |  | **Nine Months Ended<br> April 30,** | **Nine Months Ended<br> April 30,** |  |
|  | **2025** | **2024** | **Change** | **2025** | **2024** | **Change** |
| Net Sales | $2894816 | $2801113 | 3.3% | $7055707 | $7509241 | (6.0)% |
| Gross Profit | $443119 | $421852 | 5.0% | $969758 | $1050631 | (7.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross Profit Margin % | 15.3% | 15.1% | +20 bps | 13.7% | 14.0% | (30) bps |
| Net Income Attributable to THOR | $135185 | $114511 | 18.1% | $132802 | $175293 | (24.2)% |
| Diluted Earnings Per Share | $2.53 | $2.13 | 18.8% | $2.49 | $3.26 | (23.6)% |
| Cash Flows from Operations | $257667 | $251732 | 2.4% | $319249 | $207532 | 53.8% |
| EBITDA<sup>(1)</sup> | $232958 | $232331 | 0.3% | $391035 | $495630 | (21.1)% |
| Adjusted EBITDA<sup>(1)</sup> | $254823 | $236099 | 7.9% | $449620 | $511703 | (12.1)% |

---

<sup>(1)</sup> See reconciliation of non-GAAP measures to most directly comparable GAAP financial measures included in this release

 

**<u>Full-Year Fiscal 2025 Guidance</u>**

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated net sales in the range of $9.0 billion
to $9.5 billion

&nbsp;&nbsp;&nbsp;&nbsp;• Consolidated gross profit margin in the range of 13.8% to 14.5%

&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share in the range of $3.30 to $4.00

**** 

**<u>Quick Reference to Contents</u>**

---

| | |
|:---|:---|
| Q&A |  |
| Market Update & Outlook | 2.0 |
| Operations Update | 5.0 |
| Strategic Update | 7.0 |
| Financial Update | 9.0 |
| Segment Data |  |
| Summary of Key Quarterly Segment Data – North American Towable RVs | 13.0 |
| Summary of Key Quarterly Segment Data – North American Motorized RVs | 14.0 |
| Summary of Key Quarterly Segment Data – European RVs | 15.0 |
| Non-GAAP Reconciliation | 16.0 |
| Forward-Looking Statements | 17.0 |

---

**** 

**<u>Q&A</u>**

**<u>MARKET UPDATE & OUTLOOK</u>**

**1.** **How would you assess the sentiment of your North American independent dealers, and how that sentiment has developed in the context of a shifting macroeconomic environment? What is your outlook for your final quarter of fiscal 2025 and into the start of your fiscal 2026?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Our dealer sentiment is closely tied to retail activity, both actual and forecasted. Currently, that sentiment
remains prudently cautious. As spring selling season has progressed, we have observed shifting North American independent dealer and consumer
sentiment. While consumer sentiment declined meaningfully in the first few months of calendar 2025, retail sales remained relatively resilient
and dealer optimism held steady. Recently, consumer sentiment improved in May for the first time in five months. As the trajectory of
consumer sentiment on a go-forward basis is viewed by THOR as a significant indicator of the relative strength of the RV market, we will
continue to closely monitor this metric.

Should consumer confidence continue to slowly recover, the outlook for the final quarter of our fiscal year 2025 and the start of our fiscal year 2026 would likely strengthen. Currently, however, dealer sentiment remains cautious as independent dealers await the model year change in early June 2025 and certainty on the impact of the ever-changing tariff environment. We believe independent dealers could continue this cautious approach through late summer as the economy waits for the return of a confident consumer. In the interim, we expect that product mix will continue to trend towards the lower cost units that retail customers currently favor as they navigate a higher cost and higher interest rate economic environment. Throughout this prolonged downturn in our market, our management teams have worked tirelessly to optimize our product mix and strengthen our relationships with our independent dealers and, as a result, THOR is poised to outperform the market when retail demand inevitably improves.

In June 2025, the Recreational Vehicle Industry Association ("RVIA") revised their wholesale unit shipments forecast for calendar year 2025, calling for a range of North American wholesale shipments of approximately 320,400 to 353,500 units with a most likely scenario of approximately 337,000 units. The most likely scenario of this revised estimate for calendar year 2025 shipments forecasted by RVIA represents a relatively flat year-over-year comparison to the calendar year 2024 wholesale shipment total of 333,733 units. THOR's outlook aligns between the lower end and most likely scenario of the June 2025 RVIA forecast.

Looking ahead to our fiscal year 2026, there are many factors that will need to play out before THOR is prepared to comment on the expected performance of the RV market. Based on the information known today, THOR anticipates that fiscal year 2026 would perform very similarly to fiscal year 2025. THOR is working hard to improve our position in the marketplace, and, to the extent that we can realize share gains, we anticipate that we would perform better than fiscal year 2025. However, consumer confidence, resolution of tariff policy negotiations and a number of other factors could impact that view. For that reason, THOR is not ready to provide a detailed outlook for our next fiscal year at this time.

**2.** **Can you provide an update on the current status of North American retail demand?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** North American retail has followed a trajectory that is aligned with our expectations. As we discussed
when we reported our full year fiscal 2024 results, we forecasted that demand would be challenging across our first two fiscal 2025 quarters,
with encouraging retail trends in the second half of our fiscal year. While our view generally played out as expected, the magnitude of
retail improvement was not as strong as we anticipated a few months ago. Because we knew this was a risk, we previously revised guidance
to reflect that weakening consumer confidence. Positive trends in retail demand will continue to be heavily correlated with the trajectory
of consumer confidence. We believe that the slight uptick in consumer confidence reported in May, if that trajectory continues, bodes
well for retail demand through the end of our fiscal 2025. Possible ramifications from an aggressive tariff policy have the potential
to negatively impact retail demand in the back half of the calendar year if RV industry members, including THOR, do not successfully manage
the impact of the tariffs on average sale prices ("ASPs").

**3.** **What is your view of the current European retail environment, and what is your outlook for it as you approach the end of your fiscal 2025?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** We remain optimistic with our outlook in Europe due to resilient consumer sentiment and confidence expressed
by our independent dealers. While confidence endures within our customer base, we continue to experience downward pressure on overall
sales volumes due to the current macroeconomic environment and a prolonged shift in consumer preferences that has led premium and entry-level
brands to perform relatively well while sales volumes for our mainstream brands are suppressed. Despite resilient demand from retail customers
and independent dealers, the first three months of calendar 2025 exhibited industry declines across both caravan and motorcaravan product
segments. According to the European Caravan Federation ("ECF"), total retail registrations in Europe for the calendar year
quarter ended March 31, 2025 decreased 9.8% in comparison with the prior-year period. This change was driven by a 9.2% decrease in registrations
of motorcaravans and campervans, as well as a 11.5% decrease in registrations of caravans during the period. The decrease in retail registrations
of motorcaravans and campervans during the three month period was primarily due to a decrease in retail registrations of urban vehicles,
a subset of campervans.

While retail registrations for the first three months of calendar year 2025 declined compared to the prior-year period, we believe that the continued European Central Bank ("ECB") interest rate cuts will aid sales channel throughput as carrying costs are reduced for independent dealers and the overall costs are moderated for retail customers. Although these future interest rate cuts are expected to slow later in the summer, we are well positioned to regain market share with a favorable product mix. Our management teams remain vigilant in aligning our production capacities and product offerings with the product segments favored by retail customers so our European segment returns to the market share growth seen in late calendar year 2024 and at the start of calendar year 2025.

**4.** **How are you addressing persistent affordability concerns within the North American retail market, and what impact do tariffs and material costs have on the measures you are taking to counter these concerns?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** We remain mindful of the affordability concerns within the retail market and have been focused on managing
our bills of materials as aggressively as we can to help drive down ASPs where needed to better position our products for current consumer
demands. Our teams have worked hard to meet customers at desirable price points through product mix shifts, recontenting products, and
working with our independent dealers and supply chains to mitigate inflationary cost impacts, including tariffs. While tariffs are likely
to have a modest impact on ASPs, we believe this impact will be manageable and shared across the value chain.

Product mix optimization remains a key tool for us in addressing affordability. Through the prolonged downturn, we have made strides in addressing affordability concerns in a number of ways, including an increased product mix in North America of lower-cost travel trailers and more moderately-priced Class B and Class C motorized units. The adaptation of our product mix to meet consumer demand and the efforts to manage our bills of materials have significantly contributed to the 5.6% reduction in ASPs within our North American Towable segment through the first nine months of fiscal 2025 compared to the prior-year period and to the 1.6% decrease in ASPs within our North American Motorized segment during the same comparative period. Our strategic actions to deepen independent dealer relationships have also given us the opportunity to work closely with our independent dealer partners to produce the optimal product mix and increase lot share while meeting customers' needs with our products.

Although volatile external factors may impact affordability, we will remain vigilant in controlling what we can control and adapting to market conditions as we support our independent dealers and deliver high-quality, innovative RVs that meet the current needs of our customers.

**<u>OPERATIONS UPDATE</u>**

**1.** **Do you view the levels of independent dealer inventories at the end of your third fiscal quarter as healthy and adequate? Are these levels aligned with your target levels as they pertain to your anticipated cadence of wholesale shipments for the final quarter of THOR's fiscal 2025?** 

&nbsp;&nbsp;&nbsp;&nbsp;a. Yes,
we view independent dealer inventories as healthy and adequate in regards to volume and model year mix. On an absolute basis, independent
dealer inventories remain historically quite low; however, they are well-aligned with the retail marketplace. North American independent
dealer inventories of THOR products increased to approximately 91,800 units as of April 30, 2025 from approximately 86,200 units at the
end of our second fiscal quarter ended January 31, 2025. On a year-over-year basis, our dealer inventories are above the 87,900 units
inventoried by our dealers as of April 30, 2024. Due to strategic initiatives designed to strengthen our relationships with our independent
dealers, THOR gained meaningful lot share throughout the fiscal 2025 third quarter, resulting in an increase in THOR's independent
dealer inventory. As these units retail, THOR anticipates market share gains across all segments. Lot share gains notwithstanding, we
remain focused on continuing to align production with retail pull-through while independent dealers manage their inventory levels in
light of the current retail sales levels and associated carrying costs of their inventory. We feel that the current level of North American
independent dealer inventory is appropriate and positions THOR to grow market share when the inevitable market recovery occurs.

European independent dealer inventories have steadied in recent quarters after the restocking activities of fiscal 2023 and most of fiscal 2024 and have met our expectations surrounding our production alignment strategy. As of April 30, 2025, European dealer inventory levels of THOR products approximated 23,000 units, below the approximately 25,700 units at the end of our fiscal 2025 second quarter and the approximately 24,700 units from prior fiscal year April 30, 2024. Overall, we believe our European dealer inventory levels are situated at an appropriate level relative to the anticipated market trajectory for the remainder of our fiscal year 2025.

**2.** **What are the key factors affecting current backlog levels, and do you feel that they are suitable relative to current market conditions?** 

**a.**

---

| | | | |
|:---|:---|:---|:---|
| *($ in thousands)* | **As of April 30,** | **As of April 30,** |  |
|  | **2025** | **2024** | **Change** |
| Recreational vehicles |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North American Towable | $634318 | $741302 | (14.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;North American Motorized | 883739 | 925829 | (4.5)% |
| &nbsp;&nbsp;&nbsp;Total North America | 1518057 | 1667131 | (8.9)% |
| &nbsp;&nbsp;&nbsp;European | 1343608 | 1935119 | (30.6)% |
| Total | $2861665 | $3602250 | (20.6)% |

---

Our segment backlog levels are affected by both strong fiscal third quarter sales and cautious ordering patterns due to both the coming model year change and the uncertainty brought forth by shifting macroeconomic conditions. Our North American Towable segment backlog as of April 30, 2025 decreased by 14.4% compared to April 30, 2024, with dealer ordering remaining cautious while improved retail demand led to a strong year-over-year net sales increase of 9.1% in our fiscal third quarter compared to the prior-year period. Our North American Motorized segment backlog decreased 4.5% on a year-over-year basis as softness in retail demand for motorized products persists. Our independent dealers continue to manage their stocking levels and ordering cadence of motorized products to align with retail demand. In light of the cautious approach of our independent dealers, we view the current backlog levels for our North American segments as healthy and sufficient relative to our outlook for the upcoming fiscal quarters.

In Europe, our backlog decreased 30.6% compared to the prior year. The declining backlog in Europe has been moving towards more typical historical levels after experiencing elevated levels in the prior-year period. In the prior-year period, our European segment experienced an elevated level of orders caused by the impact of a chassis shortage on our production. European backlog as of April 30, 2024 was thus elevated due to the corresponding need to restock the independent dealer inventories of our products that had dwindled as a consequence of the lacking chassis supply. Overall, we view the level of our European backlog as of April 30, 2025 as appropriate given the current macroeconomic conditions and sufficient to achieve our planned performance for our European segment.

**<u>STRATEGIC UPDATE</u>**

**1.** **How has the shifting tariff environment impacted THOR's operational and financial performance? What counter measures have been implemented to mitigate any cost considerations and supply chain challenges?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** We are monitoring the tariff environment on a daily basis and are continually assessing the potential
impact on our supply chain and business operations. In doing so, we have actively engaged with our supply chain partners as we work to
mitigate any potential tariff impact on our profit margins and ASPs. THOR's view is of a shared responsibility approach between
suppliers, OEMs and independent dealers to optimize ASP levels in this environment which, in turn, will optimize retail pull-through to
the benefit of the entire value chain. Our sourcing strategies help mitigate some of the potential impact of tariffs, with a high percentage
of raw materials and distributed products sourced domestically. Likewise, while a certain amount of motorized chassis utilized in our
North American production are imported from abroad, the majority of our models use domestically produced chassis.

Mitigating in-place and proposed tariffs continues to center around sourcing strategies implemented subsequent to the 2016 election as well as subsequent to the COVID-19 pandemic. As a result of these events, our owned supply companies have positioned their supply chains optimally to minimize material impact from an aggressive tariff policy by expanding and diversifying their sourcing options and increasing their domestic choices. THOR is at an advantage in this regard by owning domestic supply companies that can satisfy a proportion of our component needs and will in turn benefit from an overall RV industry seeking to reduce its tariff exposure within the supply chain.

We do anticipate experiencing some cost increases for the limited number of components and distributed products that are imported from abroad, as well as on certain chassis that are imported. However, at current tariff rates, we expect that the combined efforts of suppliers, OEMs, and dealers will largely mitigate the impact of the current tariffs on ASPs. The mitigation strategies we have in place and the coordinated efforts of the RV value chain will allow us to remain committed to delivering high quality RVs at desirable price points while adapting to shifting economic conditions. Like others, we will be watching the legal process unfold and will continue to position the Company so as to minimize the impact of any future implemented tariffs.

**2.** **How has THOR progressed on its previously-announced parts strategy?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** THOR continues to execute to plan with our previously-announced parts strategy. We have focused on building
out RV Partfinder, a parts search tool acquired by THOR, and have made significant investments in broadening the impact of this search
tool, which was already an industry best. With its widely-utilized database as the foundation of a strategy that is designed to meaningfully
reduce repair event cycle time for our independent dealers and retail customers, THOR intends to more broadly announce the rollout of
this parts initiative at our Open House event in September 2025.

**3.** **What were the key goals and anticipated benefits of the Erwin Hymer Group ("EHG") acquisition in 2019? How would you assess the achievement and impact of those benefits in the years subsequent to the acquisition?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** When looking for growth opportunities, THOR focuses on well-run businesses that will successfully diversify
our market presence, augment our product offerings, and provide a strong margin profile. The Erwin Hymer Group aligned with these goals
and has delivered results both strategically and financially.

Providing geographic and cyclical diversity has been a crucial component to the success of this acquisition. THOR is strategically postured to excel as an RV company and is not inclined to venture into other industries, even related recreational industries. There are many advantages to this strategy, but also the disadvantage that it limits a level of diversification for the Company. Through THOR's acquisition of EHG, we were able to gain geographic diversification in the industry that we understand well. EHG's European sales base provides THOR a separate and distinct market that provides us the opportunity to bolster our consolidated performance when the North American segments are experiencing a down cycle that the European segment is not. In the years following the COVID-19 pandemic, our North American segments experienced robust financial performance while our European segment managed through a chassis shortage that suppressed sales. As the North American market cooled in recent years, the European segment experienced substantial growth and record financial performances following the return of adequate chassis supply. This market diversification has been instrumental in THOR achieving its financial results. For fiscal year 2024, a challenging year for the North American market, THOR achieved consolidated income before income taxes for recreational vehicles of $527.1 million, of which our European segment accounted for approximately 44% of that result.

In addition to providing market and cyclical diversification, the EHG acquisition has enhanced product development in both our North American and European segments. We have been able to closely collaborate on best practices while speeding up product development. Most notably, EHG heavily influenced THOR's development of class B product that brought THOR to its industry-leading position for that segment in North America. Additionally, novel product ideas in Europe have helped to stimulate our innovation strategy in North America.

While the EHG acquisition has provided many benefits to THOR overall, our management teams have also been able to meaningfully improve the profitability of EHG. At the time of acquisition, we believed that there was real potential for material improvement in EHG's margin profile. Our management teams have worked extensively to improve the margin profile of our European segment through various initiatives and cost-cutting measures. After just over six years of THOR ownership, we have proven our initial beliefs regarding potential margin improvements to be correct. While fiscal year 2025 European segment gross profit margins have been impacted by elevated promotional activity, we have seen a vastly improved margin profile since acquisition. Fiscal year 2024 gross profit margin for our European segment was 17.3% compared to 12.2% for fiscal year 2020, our first full fiscal year of EHG ownership. The 17.3% achieved by our European segment in fiscal year 2024 compares favorably to the combined gross profit margin of our North American segments for fiscal year 2024 of 11.5%, and enhances THOR's overall performance.

We believe the EHG acquisition has successfully provided THOR with a diversified market presence and periodic buffer against cyclical changes in the North American RV market. Additionally, we have experienced exciting growth in our product development through collaborative innovation and have enhanced our financial performance with a strong European margin profile. Resilient demand and a growing European consumer interest in the RV lifestyle only strengthens our positive outlook for our European segment and our retrospective of the EHG acquisition.

**<u>FINANCIAL UPDATE</u>**

**1.** **North American Towable gross profit margin percentage increased to 14.9% in the third quarter of fiscal 2025 compared to 12.9% in the prior-year period. To what do you attribute this improved performance and to what extent do you feel that this improvement in the North American Towable segment's performance is the result of the strategic initiatives THOR has put in place in recent periods?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** The 200 basis point improvement in our North American Towable gross profit margin performance in the third
quarter of fiscal 2025 was primarily the result of a 9.1% increase in net sales, resulting from a 5.5% increase in unit shipments and
a 3.6% increase in the overall price per unit along with the combined net favorable impact of lower sales discounting, a reduced warranty
cost percentage and our ongoing management-driven cost savings initiatives.

Execution of previously discussed strategic initiatives focused on improving cost inputs, aligning production planning with retail conditions, and improving quality and operational efficiencies have all contributed to the enhanced margin performance. As a result of the implementation of these initiatives over the recent fiscal quarters, we saw tangible improvements in our efficiency and quality that manifested as reductions in our overhead and warranty cost percentages, respectively, during the third quarter of fiscal 2025, leading directly to the improvement in our North American Towable gross profit margin.

We believe there will be a certain level of ongoing macroeconomic volatility that will impact the remainder of our fiscal 2025 and the beginning of our fiscal 2026 as we navigate the developing situation regarding U.S. trade policy and how it will affect input costs and consumer confidence. However, through their dedication to our strategic initiatives and open and ongoing communication with our vendor and independent dealer partners, our management teams at THOR are well positioned to navigate through any headwinds that persist and to continue to drive improved performance through the eventual return of a stronger retail environment.

**2.** **After experiencing year-over-year declines of net sales in THOR's second fiscal quarter of 2025, the North American Motorized segment achieved a 3.1% increase in net sales for the third fiscal quarter of 2025 compared to the prior-year period. How would you assess the performance of THOR's North American Motorized segment in the third fiscal quarter?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Overall, the performance of our North American Motorized segment during the third quarter of our fiscal
2025 was relatively strong given the macroeconomic and retail market headwinds we have been facing throughout the recent fiscal quarters.
While we acknowledge that fiscal 2024 provided a manageable comparative period, we are pleased with the performance of our North American
Motorized segment within the current challenging environment.

During the third quarter of fiscal 2025, net sales for our North American Motorized segment increased 3.1% compared to the prior-year period, driven by a 10.9% increase in unit shipments led by our Class B and Class C product lines, which saw year-over-year improvements in unit shipments of 20.4% and 13.1%, respectively. This increase in shipment volume was offset in part by a 7.8% decrease in the overall net price per unit, primarily resulting from of a shift in product mix within our Class A product line towards our more moderately-priced gas units and an increase in overall sales discounting compared to the prior-year period.

As we anticipated, our North American Motorized gross profit margin in the third quarter of our fiscal 2025 decreased to 10.5% from 11.1% in the third quarter of fiscal 2024. As we messaged over the prior fiscal quarter, we anticipated elevated promotional activity within our North American Motorized segment as we continue to work to address the affordability concerns of retail customers. Additionally, shifts in our overall North American Motorized product mix towards our relatively lower-priced Class B and Class C product lines as well as within our Class A product line towards our more moderately-priced gas units contributed to the slight margin decline.

**3.** **THOR's European segment performance for the third quarter of fiscal 2025 improved significantly from its second quarter of fiscal 2025 but declined compared to the prior-year period. Are these results for the third quarter of fiscal 2025 in line with your expectations?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Our European segment performance met our expectations and provided strong results despite a few non-recurring
items and a difficult prior-period comparison. As we have previously outlined, the performance for the prior-year quarter of fiscal 2024
still included a level of independent dealer inventory restocking, leading to historically stronger net sales and gross profit margin
levels.

Similar to market trends seen in North America, shifting retail customer preferences are putting pressure on overall sales volumes for the European segment. Consumer preferences remain focused on premium and entry-level products, while mainstream products have seen lower demand. This has led to increased promotional activity concentrated within certain models and product lines. Despite the increased promotional activity, management has done an excellent job controlling material and labor costs, with both material and labor as a percentage of sales remaining relatively flat for our European segment in the third quarter of fiscal 2025 compared to the prior-year period. Product mix shifts and enduring consumer demand has allowed for ASPs to remain strong and generate resilient gross profit margins despite the increased promotional activity. ASPs for the European segment in our third quarter of fiscal 2025 increased 8.0% compared to the prior-year period and have increased 10.8% year-to-date for fiscal 2025 compared to the year-to-date period for fiscal 2024.

While the results of the third quarter of fiscal 2025 for our European segment met expectations, bottom line performance was hindered by several nonrecurring items. These nonrecurring items included certain restructuring costs to right-size our cost footprint as well as the establishment of a non-trade receivable reserve. We believe the segment is properly aligning itself with an adjusted production mix and an advantageous product offering at our independent dealers and expect the segment to meet our expectations for the remainder of our fiscal 2025.

**4.** **What were the key drivers of your SG&A costs for your third fiscal quarter of 2025, and what non-recurring items are impacting this? What do you expect full year SG&A costs to be for fiscal 2025 and where do you anticipate these costs settling longer term?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Consolidated SG&A costs increased $11.8 million in the third fiscal quarter of 2025 compared to the
same period of fiscal 2024. This increase was primarily driven by the 3.3% increase in consolidated net sales and the increase in consolidated
income before income taxes in our third fiscal quarter of 2025 compared to the prior-year period resulting in higher related sales commissions
and other incentive compensation. This increase was also partially due to the prior-year quarter including $2.7 million of income from
adjustments made related to the matters discussed in Note 14 to the Condensed Consolidated Financial Statements. Further, the period-over-period
change included a decrease in deferred compensation expense of $9.7 million due to market value fluctuations between the two periods,
which was primarily offset by the decrease in other income related to the deferred compensation plan assets. Non-recurring impacts to
SG&A during the quarter, which primarily related to restructuring activities, totaled approximately $7.0 million. Taking into consideration
these third quarter amounts, we expect consolidated SG&A costs to be approximately 9.5% of net sales for the full 2025 fiscal year.
Longer term, the restructuring activities will drive improved efficiencies that will reduce SG&A costs in future fiscal periods. Projecting
beyond fiscal 2025, we anticipate that our consolidated SG&A costs will decline in fiscal 2026 and fiscal 2027, with long-term SG&A
costs settling at approximately 8.0% of net sales upon the conclusion of various key strategic and cost-intensive innovation initiatives.

**5.** **Can you explain the mechanics of THOR's 13.9% overall effective income tax rate for the three months ended April 30, 2025?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** THOR's overall effective income tax rate for the three months ended April 30, 2025 was 13.9% compared
to 20.2% for the three months ended April 30, 2024. The year-over-year change is a result of the jurisdictional mix of earnings between
foreign and domestic operations, inclusive of certain foreign exchange gains not subject to taxation during the three months ended April
30, 2025. In addition, income tax benefits were recorded from certain tax provision adjustments that primarily resulted from changes in
estimates while completing the prior-year tax return during the three months ended April 30, 2025.

**6.** **Can you outline THOR's capital allocation strategy and where its share repurchase approach fits within it?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** Amidst the macroeconomic headwinds and prolonged industry downturn we have faced throughout the course
of our fiscal year 2025 to date, we have maintained our commitment to taking a measured and conservative approach to cash management and
have continued to execute on the five pillars of our capital allocation strategy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Invest in THOR's business

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We have judiciously invested in our business, making year-to-date capital expenditures of approximately
$85.1 million with a focus only on the most critical purchases of machinery and upgrades to facilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Pay THOR's dividend

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ We are focused on continuing to provide increasing shareholder returns through dividends.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ In October 2024, we increased our regular dividend to $0.50 per share, representing our 15th consecutive
year of dividend increases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reduce THOR's debt obligations

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Through April 30, 2025 we have made payments on our total debt of approximately $139.2 million during
our fiscal 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Subsequent to April 30, 2025, we made an additional payment of $55.0 million towards the principal of
our USD term loan debt.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Repurchase shares on a strategic and opportunistic basis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ $421.1 million is available to be repurchased under current authorizations as of April 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Support opportunistic strategic investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ The Company is advantageously positioned through strong cash generation to take advantage of strategic
investment opportunities.

While the third quarter of fiscal 2025 provided an appealing opportunity to participate in share repurchases due to the suppressed securities market, we were unable to take this action due to certain trading restrictions. Management believes that THOR remains a value opportunity and with a cash and cash equivalents balance of $508.3 million as of April 30, 2025, we are well-positioned to take advantage of this opportunity going forward.

**7.** **THOR reaffirmed its revised full-year financial guidance against an uncertain macroeconomic backdrop. What factors gave you confidence in reaffirming this guidance?** 

&nbsp;&nbsp;&nbsp;&nbsp;**a.** THOR's strong fiscal third quarter results provided numerous data points to give us the confidence
to reaffirm our revised financial guidance. Our performance over the fiscal year from all segments remains in line with our expectations.
Bolstered by the anticipated strong performance of our North American Towable segment and our resilient gross profit margins, we believe
that our achievement of the levels of performance stated within our guidance is attainable.

Although we are reaffirming our revised full-year financial guidance, we recognize that potential swings from uncertainties in the macro environment could be significant. Our belief that our fiscal year 2025 performance will still fall within our previously-announced guidance assumes no new material shifts within the macro or global trade environment.

As we near the end of our fiscal 2025, we will continue to prudently manage the Company to maximize our performance in the current uncertain environment as we position products in the market that address the affordability concerns of our independent dealers and retail customers. We will respond to continued macroeconomic volatility as we always have, with a focus on maximizing performance within the given environment. We anticipate that the strategic groundwork that we have and will continue to lay creates the necessary pathway to market share and earnings growth that will further materialize in the fiscal quarters ahead, particularly once consumer confidence returns to a stronger position.

**<u>Summary of Key Quarterly Segment Data – North American Towable RVs</u>**

*Dollars are in thousands*

---

| | | | |
|:---|:---|:---|:---|
| **NET SALES:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Towable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel Trailers | $676680 | $720194 | (6.0)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Wheels | 492198 | 351199 | 40.1% |
| Total North American Towable | $1168878 | $1071393 | 9.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| **# OF UNITS:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Towable |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel Trailers | 28417 | 28526 | (0.4)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Fifth Wheels | 7660 | 5667 | 35.2% |
| Total North American Towable | 36077 | 34193 | 5.5% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ORDER BACKLOG:** | **As of April 30,** | **As of April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Towable | $634318 | $741302 | (14.4)% |

---

---

| | | |
|:---|:---|:---|
| **TOWABLE RV MARKET SHARE SUMMARY: <sup>(1)</sup>** | **Calendar Years to Date March 31,** | **Calendar Years to Date March 31,** |
|  | **2025** | **2024** |
| U.S. Market | 37.4% | 39.1% |
| Canadian Market | 37.8% | 39.5% |
| Combined North American Market | 37.4% | 39.1% |

---

<sup>(1)</sup> Source: Statistical Surveys, Inc., CYTD March 31, 2025 and 2024.

Note: Data reported by Stat Surveys 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.

**<u>Summary of Key Quarterly Segment Data – North American Motorized RVs</u>**

*Dollars are in thousands*

---

| | | | |
|:---|:---|:---|:---|
| **NET SALES:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Motorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | $174783 | $211340 | (17.3)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 340530 | 312980 | 8.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B | 151373 | 122628 | 23.4% |
| Total North American Motorized | $666686 | $646948 | 3.1% |

---

---

| | | | |
|:---|:---|:---|:---|
| **# OF UNITS:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Motorized |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Class A | 991 | 1040 | (4.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class C | 3243 | 2867 | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Class B | 1273 | 1057 | 20.4% |
| Total North American Motorized | 5507 | 4964 | 10.9% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ORDER BACKLOG:** | **As of April 30,** | **As of April 30,** | |
|  | **2025** | **2024** | **Change** |
| North American Motorized | $883739 | $925829 | (4.5)% |

---

---

| | | |
|:---|:---|:---|
| **MOTORIZED RV MARKET SHARE SUMMARY: <sup>(1)</sup>** | **Calendar Years to Date March 31,** | **Calendar Years to Date March 31,** |
|  | **2025** | **2024** |
| U.S. Market | 46.0% | 48.0% |
| Canadian Market | 43.8% | 42.5% |
| Combined North American Market | 45.9% | 47.8% |

---

<sup>(1)</sup> Source: Statistical Surveys, Inc., CYTD March 31, 2025 and 2024.

Note: Data reported by Stat Surveys 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.

**<u>Summary of Key Quarterly Segment Data – European RVs</u>**

*Dollars are in thousands*

---

| | | | |
|:---|:---|:---|:---|
| **NET SALES:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| European |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorcaravan | $481554 | $492490 | (2.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Campervan | 252227 | 289450 | (12.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caravan | 59083 | 64379 | (8.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | 90678 | 84742 | 7.0% |
| Total European | $883542 | $931061 | (5.1)% |

---

---

| | | | |
|:---|:---|:---|:---|
| **# OF UNITS:** | **Three Months Ended April 30,** | **Three Months Ended April 30,** | |
|  | **2025** | **2024** | **Change** |
| European |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorcaravan | 6484 | 6601 | (1.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Campervan | 4632 | 6194 | (25.2)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Caravan | 2379 | 2568 | (7.4)% |
| Total European | 13495 | 15363 | (12.2)% |

---

---

| | | | |
|:---|:---|:---|:---|
| **ORDER BACKLOG:** | **As of April 30,** | **As of April 30,** | |
|  | **2025** | **2024** | **Change** |
| European | $1343608 | $1935119 | (30.6)% |

---

---

| | | |
|:---|:---|:---|
| **EUROPEAN RV MARKET SHARE SUMMARY: <sup>(1)</sup>** | **Calendar Years to Date March 31,** | **Calendar Years to Date March 31,** |
|  | **2025** | **2024** |
| Motorcaravan and Campervan <sup>(2)</sup> | 25.1% | 25.8% |
| Caravan | 16.1% | 17.7% |

---

<sup>(1)</sup> Sources: Caravaning Industry Association e.V. ("CIVD") and European Caravan Federation ("ECF"), CYTD March 31, 2025 and 2024. Data from the ECF 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).

<sup>(2)</sup> The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

**<u>Non-GAAP Reconciliations</u>**

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA:

#### EBITDA Reconciliations
*($ in thousands)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended April 30,** | **Three Months Ended April 30,** | **Nine Months Ended April 30,** | **Nine Months Ended April 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $**133928** | $**113577** | $**129966** | $**173936** |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 11205 | 21830 | 38383 | 70256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax provision | 21652 | 28773 | 22858 | 47890 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization of intangible assets | 66173 | 68151 | 199828 | 203548 |
| **EBITDA** | $**232958** | $**232331** | $**391035** | $**495630** |
| Add back: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 8188 | 9351 | 26798 | 29049 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in LIFO reserve, net | (1400) | (5000) | (2900) | (8000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net expense (income) related to certain contingent liabilities |  | (2700) |  | (16900) |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-cash foreign currency loss (gain) | 2665 | 1575 | 7311 | 2320 |
| &nbsp;&nbsp;&nbsp;&nbsp;Market value loss (gain) on equity investments | 294 | (581) | 1066 | 2820 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity method investment loss (income) | (157) | 2890 | 4348 | 12327 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weather-related loss (gain) | (1500) | 2500 | (1500) | 2500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Debt amendment expenses |  |  |  | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee & facility strategic initiatives | 12722 |  | 28181 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other loss (gain), including sales of PP&E | 1053 | (4267) | (4719) | (15218) |
| **Adjusted EBITDA** | $**254823** | $**236099** | $**449620** | $**511703** |

---

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 is EBITDA adjusted for certain unusual items and other one-time items. 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.

**<u>Forward-Looking Statements</u>**

This release 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 1934, as amended. These forward-looking statements are made based on management's current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory audits or investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems from data breaches, cyber-attacks and/or network disruptions; asset impairment charges; competition; the impact of losses under repurchase agreements; the impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market, public health and political conditions in the various countries in which our products are produced and/or sold; the impact of changing emissions and other related climate change regulations in the various jurisdictions in which our products are produced, used and/or sold; changes to our investment and capital allocation strategies or other facets of our strategic plan; and changes in market liquidity conditions, credit ratings and other factors that may impact our access to future funding and the cost of debt.

These and other risks and uncertainties are discussed more fully in our Quarterly Report on Form 10-Q for the quarter ended April 30, 2025 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2024.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any change in our expectations after the date hereof or any change in events, conditions or circumstances on which any statement is based, except as required by law.