Regulation FD Presentation, Business/Financial Results (Form 8-K)

52700 Independence Court, Elkhart, Indiana 46514

THOR INDUSTRIES ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS

Financial Highlights
($ in thousands, except for per share data)						Three Months Ended January 31,												Change									Six Months Ended January 31,												Change
						2026						2025															2026						2025
Net Sales						$	2,125,856					$	2,018,107					5.3		%							$	4,514,979					$	4,160,891					8.5		%
Gross Profit						$	251,254					$	245,197					2.5		%							$	572,228					$	526,639					8.7		%
Gross Profit Margin %						11.8%						12.1%						(30) bps									12.7%						12.7%						- bps
Net Income (Loss) Attributable to THOR						$	17,803					$	(551)					n/m									$	39,472					$	(2,383)					n/m
Diluted Earnings (Loss) Per Share						$	0.34					$	(0.01)					n/m									$	0.75					$	(0.04)					n/m
EBITDA (1)						$	95,290					$	76,344					24.8		%							$	202,830					$	158,077					28.3		%
Adjusted EBITDA (1)						$	98,054					$	87,015					12.7		%							$	229,059					$	194,797					17.6		%

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

Fiscal 2026 Second Quarter

•Revenue of $2.13 billion, Net income attributable to THOR of $17.8 million and Adjusted EBITDA of $98.1 million in the quarter. Adjusted EBITDA excludes nonrecurring costs or benefits associated with strategic reorganization initiatives and the impact of real estate transactions

•North American Motorized results meaningfully outpaced the prior-year period, with strong performance on both the top and bottom lines

•Net income attributable to THOR was aided by gains associated with real estate transactions as the Company continues to strategically optimize its footprint

•Strategic evolution of THOR's North American RV operating model announced after the quarter on February 23, 2026, paving the way for future enhanced synergies as well as benefits for dealers, end consumers and shareholders

•Full-year fiscal 2026 financial guidance held constant as originally provided

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

◦Diluted earnings per share in the range of $3.75 to $4.25

Elkhart, Indiana, March 3, 2026 - THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 second quarter ended January 31, 2026.

"Our fiscal second quarter results reflect continued execution in line with our expectations in a challenging retail environment. The disciplined actions we have taken over the past several quarters to streamline operations, optimize our cost structure and strategically align our product portfolio have positioned us well for our fiscal second half. Even in a down market, our teams continuously demonstrate the ability to drive performance through operational focus and thoughtful capital deployment. The recently announced strategic realignment of our North American RV operations represents an important milestone in our ongoing evolution. This realignment builds upon foundational initiatives already taken, or currently underway, and positions us to further optimize efficiency, enhance collaboration across brands and strengthen our long-term competitive advantages. We believe this is the right time to take this step, ensuring we are structurally prepared to outperform as the market stabilizes and subsequent

demand improves," stated Bob Martin, President and Chief Executive Officer of THOR Industries. "As we enter the spring selling season, we do so with momentum, confidence and a clearly defined strategy going forward. Dealer engagement remains strong, consumer interest in the RV lifestyle continues to be encouraging and our innovation pipeline is robust. We remain confident in our expected performance trajectory for the second half of our fiscal 2026 and in our ability to continue creating value for our shareholders through disciplined execution and strategic operational excellence."

Todd Woelfer, Senior Vice President and Chief Operating Officer, added, "Our strategic operational changes will leverage the various initiatives put in place over recent quarters and allow us to improve our sourcing, standardize our processes, align our brand portfolio and implement enterprise-wide data integration, along with other benefits. Previous strategic initiatives that management has implemented were executed with the intention and long-term vision that allows us to move forward with this evolutionary step. Our North American operations continue to benefit from those initiatives as our Towable segment held margins relatively well despite a decline in volume while our Motorized segment and supply companies experienced further top and bottom-line improvements for the quarter. Our supply companies, in particular, have performed exceptionally well, with marked improvements in both net sales and gross profit margin percentage during the quarter compared to the prior-year period. In our European segment, quarterly results continue to be impacted by a price-aggressive marketplace that has pressured margins. The European segment results included further restructuring costs this quarter that will have a long-term benefit to the segment's operating results as we right-size its footprint and position the segment for further improvements to its margin profile. Despite the non-recurring costs and pressures from the overall European market, our European segment remains aligned with our internal full-year plan and we expect it will follow its typically back-loaded fiscal second half," added Woelfer.

"During the quarter, we reduced our debt by approximately $47.1 million while also returning capital to shareholders through $25.2 million of share repurchases and, due to the timing of payments, a total of $54.8 million of dividend payments which related to our first two quarters of fiscal 2026. These actions reflect our disciplined capital allocation framework and our commitment to maintaining financial flexibility across the cycle," added Colleen Zuhl, Senior Vice President and Chief Financial Officer. "Our strong liquidity position and continued deleveraging provide us with both resilience and optionality. We are focused on managing risk, protecting margins, driving cash flow and ensuring the Company is well positioned to act decisively when compelling growth opportunities arise. Importantly, we remain consistent in our approach to capital deployment-prioritizing balance sheet strength, investing in operational excellence and returning capital to shareholders, all while preserving the capacity to pursue strategic initiatives that enhance our competitive position and create long-term shareholder value. As we continue executing our strategic initiatives, including the evolution of our North American RV operations, we are confident that our financial foundation enables us to be both disciplined and opportunistic in advancing THOR's growth objectives."

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Second Quarter Financial Results

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

Segment Results

North American Towable RVs

($ in thousands)			Three Months Ended January 31,												Change									Six Months Ended January 31,												Change
			2026						2025															2026						2025
Net Sales			$	710,485					$	828,266					(14.2)		%							$	1,607,575					$	1,727,044					(6.9)		%
Unit Shipments			21,577						28,013						(23.0)		%							47,384						58,031						(18.3)		%
Gross Profit			$	75,498					$	91,646					(17.6)		%							$	194,493					$	204,083					(4.7)		%
Gross Profit Margin %			10.6%						11.1%						(50) bps									12.1%						11.8%						+30 bps
Income Before Income Taxes			$	31,195					$	28,152					10.8		%							$	77,666					$	74,973					3.6		%

			As of January 31,												Change
($ in thousands)			2026						2025
Order Backlog			$	621,461					$	1,073,758					(42.1)		%

•Net sales declined in our fiscal 2026 second quarter compared to the prior-year period due to a 23.0% decrease in unit shipments as we continued to work with our independent dealers to manage channel inventory throughout the winter months as we enter the spring selling season. Despite the reduction in unit shipment volume, the gross profit margin percentage in the second quarter of fiscal 2026 declined by just 50 basis points compared to the prior-year period, influenced by higher material and overhead costs, partially offset by lower warranty costs and a favorable shift in product mix towards fifth wheels. Income before income taxes for the three and six months ended January 31, 2026, includes gains on sales of assets of $9.5 million and $13.1 million, respectively, compared to the corresponding prior-year periods of $0.3 million and $2.7 million, respectively.

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North American Motorized RVs

($ in thousands)			Three Months Ended January 31,												Change									Six Months Ended January 31,												Change
			2026						2025															2026						2025
Net Sales			$	577,071					$	446,298					29.3		%							$	1,238,167					$	951,506					30.1		%
Unit Shipments			4,524						3,526						28.3		%							9,474						7,267						30.4		%
Gross Profit			$	54,640					$	34,741					57.3		%							$	126,262					$	77,468					63.0		%
Gross Profit Margin %			9.5%						7.8%						+170 bps									10.2%						8.1%						+210 bps
Income Before Income Taxes			$	20,904					$	4,298					386.4		%							$	54,053					$	13,379					304.0		%

			As of January 31,												Change
($ in thousands)			2026						2025
Order Backlog			$	1,042,227					$	1,124,735					(7.3)		%

•Net sales for the North American Motorized segment increased 29.3% in the second quarter of fiscal 2026 compared to the prior-year period, impacted by a 28.3% increase in unit shipments that was bolstered by shipments to rental customers as well as products that continue to resonate with customers at critical retail price points. The gross profit margin percentage expanded 170 basis points compared to the prior-year period due to volume leverage and lower labor costs.

European RVs

($ in thousands)			Three Months Ended January 31,												Change									Six Months Ended January 31,												Change
			2026						2025															2026						2025
Net Sales			$	684,472					$	612,465					11.8		%							$	1,339,951					$	1,217,368					10.1		%
Unit Shipments			9,465						9,442						0.2		%							18,188						18,077						0.6		%
Gross Profit			$	75,129					$	80,929					(7.2)		%							$	152,943					$	173,577					(11.9)		%
Gross Profit Margin %			11.0%						13.2%						(220) bps									11.4%						14.3%						(290) bps
Income (Loss) Before Income Taxes			$	(12,308)					$	2,210					n/m									$	(38,946)					$	3,387					n/m

			As of January 31,												Change
($ in thousands)			2026						2025
Order Backlog			$	1,832,102					$	1,644,015					11.4		%

•European RV net sales for the second quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 0.2% increase in unit shipments and a 11.6% increase in the overall net price per unit, of which 11.4% was due to favorable changes in foreign exchange rates. The gross profit margin percentage fell 220 basis points compared to the prior-year period due to a higher mix of lower-margin special-edition motorcaravan products as well as increased warranty costs. Loss before income taxes for the three and six months ended January 31, 2026, includes restructuring costs of $5.1 million and $12.3 million, respectively.

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Fiscal 2026 Guidance

"The second quarter continued the positive momentum we experienced in the first quarter, with results meeting our expectations and providing some clarity into the trajectory of the remainder of the fiscal year. Recent geopolitical events have clouded our outlook, though, and have created too much short-term uncertainty for us to raise our full-year guidance at this time," stated Woelfer.

"Our performance across the first half of our fiscal year gives us increased confidence in our full-year results, with the Company well-positioned at the midpoint of our fiscal year to potentially outperform our initial guidance. However, we remain mindful of broader consumer uncertainty and how recent events could impact that uncertainty. We believe it is prudent to allow for additional time and financial results before making any additional updates to our full-year guidance. In the meantime, we will continue to execute the strategic operational steps that are positioning THOR to outperform through the cycle and create long-term shareholder value," commented Woelfer.

For fiscal 2026, the Company's full-year financial guidance includes:

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

•Stable gross margin at midpoint, with upside in a stronger market

•Diluted earnings per share in the range of $3.75 to $4.25

•An assumption of a low- to mid-single digit retail decline in North America with stable market share

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

•A tax rate in the range of 24% to 26% excluding discrete items

Mr. Martin concluded by saying, "Recent trade shows have given us a lot to be excited about as we enter the spring selling season. Our products continue to successfully target desirable price points while generating enthusiasm due to offerings such as our refreshed Keystone and Heartland models. Although consumer metrics remain mixed and the macroeconomic landscape includes uncertainties, we have seen green shoots to support our optimism for our fiscal second half. We have a great opportunity in front of us to deliver sustainable, long-term value for our business and our stakeholders as our management teams execute on the strategic evolution of our North American RV operating model."

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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 companies which, combined, represent the world's largest manufacturer of recreational vehicles.

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

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