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THOR Industries (NYSE: THO) trims FY26 EPS guidance as Towable RV margins compress

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(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

THOR Industries reported softer fiscal Q3 2026 results and cut earnings guidance. Net sales were $2.78 billion, down 3.9%, with gross margin sliding to 12.8% from 15.3%. Net income attributable to THOR fell to $97.2 million and diluted EPS declined to $1.86 from $2.53.

North American Towable net sales dropped 24.6% and gross margin fell 470 bps, reflecting a weak retail environment, higher material costs and unfavorable mix. Motorized and European segments grew net sales 7.7% and 11.8%, respectively, but both faced margin pressure.

The company repurchased $50.5 million of shares and paid $27.1 million in dividends while maintaining strong liquidity. Full-year FY26 EPS guidance was cut to $3.30–$3.80 from $3.75–$4.25, with management now assuming a mid-teens North American retail decline and a declining gross margin at the midpoint.

Positive

  • None.

Negative

  • FY26 earnings outlook reduced: diluted EPS guidance cut to $3.30–$3.80 from $3.75–$4.25, with management now assuming a mid-teens North American retail decline and a declining gross margin at the midpoint.
  • Significant Towable segment deterioration: North American Towable Q3 net sales fell 24.6%, unit shipments declined 25.0%, gross margin dropped 470 bps to 10.2%, and backlog decreased 39.1%, highlighting concentrated weakness in the most price-sensitive segment.

Insights

Q3 earnings missed on margins and FY26 EPS guidance was reduced.

THOR Industries posted Q3 FY26 net sales of $2.78 billion, down 3.9%, but the real pressure was on profitability. Gross margin contracted 250 bps to 12.8%, driving net income down 28.1% and diluted EPS to $1.86.

The North American Towable segment was the main drag, with net sales down 24.6%, unit shipments down 25.0%, gross margin at 10.2% and backlog down 39.1%. Management chose to protect retail affordability by absorbing some input cost inflation, which weighed on segment margins.

Management cut FY26 diluted EPS guidance to $3.30–$3.80 from $3.75–$4.25 and now assumes a mid-teens North American retail decline and a declining gross margin at the midpoint. Offsetting this, Motorized and European net sales grew and the company kept leverage low at 0.8x net debt to TTM EBITDA, providing balance-sheet flexibility as macro and geopolitical conditions evolve into FY 2027.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 7.01 Regulation FD Disclosure Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Q3 FY26 Net Sales $2,781,538,000 Three months ended April 30, 2026; down 3.9% year over year
Q3 FY26 Net Income Attributable to THOR $97,229,000 Three months ended April 30, 2026; down 28.1% year over year
Q3 FY26 Diluted EPS $1.86 per share Three months ended April 30, 2026; previously $2.53
FY26 Diluted EPS Guidance $3.30–$3.80 Revised full-year fiscal 2026 range; prior $3.75–$4.25
North American Towable Q3 Net Sales $881,778,000 Three months ended April 30, 2026; down 24.6% year over year
North American Motorized Q3 Net Sales $717,736,000 Three months ended April 30, 2026; up 7.7% year over year
European Q3 Net Sales $987,585,000 Three months ended April 30, 2026; up 11.8% year over year
Share Repurchases Q3 FY26 $50,500,000 Capital returned to shareholders during the quarter
Adjusted EBITDA financial
"Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
order backlog financial
"Order Backlog | $ 385,988 | | | $ 634,318 | | | (39.1) %"
Order backlog is the total value or number of customer orders a company has received but not yet fulfilled or delivered. It acts like a queue at a busy restaurant: a healthy backlog signals steady future sales and revenue visibility, while a growing backlog can also warn of production bottlenecks, delayed cash collection, or rising costs — all important when assessing a company’s near-term performance and operational risks.
basis points financial
"Gross Profit Margin % | 12.8% | | 15.3% | | (250) bps"
Basis points are a way to measure small changes in interest rates or percentages, where one basis point equals 0.01%. For example, if a loan's interest rate increases by 50 basis points, it's gone up by 0.50%. They help people understand tiny differences in rates that can add up over time, making financial comparisons clearer.
trailing-twelve-month financial
"on a trailing-twelve-month basis for the periods ended March 31, 2026 and March 31, 2025"
Trailing-twelve-month (TTM) is a measure that adds up a company’s financial results from the most recent 12 months to show current revenue, profit or cash flow. Investors use it to see a company's recent performance without the noise of a single quarter, similar to judging a person’s finances by the last year of bank statements instead of one paycheck. It helps compare companies and spot trends for valuation and decision-making.
strategic realignment financial
"Our previously announced strategic realignment of our North American RV operations is well under way"
net debt / TTM EBITDA financial
"Net Debt / TTM EBITDA 0.8 x 0.9 x"
Revenue $2,781,538,000 -3.9% YoY
Net income attributable to THOR $97,229,000 -28.1% YoY
Diluted EPS $1.86 -26.5% YoY
Gross margin 12.8% -250 bps YoY
Adjusted EBITDA $183,561,000 -28.0% YoY
Guidance

For FY26, THOR guides consolidated net sales of $9.0–$9.5 billion, diluted EPS of $3.30–$3.80, a declining gross margin at the midpoint, a mid-teens North American retail decline and a total tax rate of 26%–28%.

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false000073026300007302632026-06-032026-06-03


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 3, 2026

THOR_LOGO_Green_Dark%20Grey.jpg
THOR Industries, Inc.
(Exact Name of Registrant as Specified in Charter)
Delaware
1-9235
93-0768752
(State or Other Jurisdiction of incorporation)(Commission File Number)(IRS Employee Identification No.)
2900 Independence Court,
Elkhart, Indiana
46514-8155
(Address of Principal Executive Office)(Zip Code)
Registrant’s Telephone Number, Including Area Code: (574) 970-7460
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to 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 classTicker symbol(s)Name of each exchange on which registered
Common stock (Par value $.10 Per Share)THONew York Stock Exchange
Indicate by check mark whether the registrant is in an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b-2 of the Securities Exchange Act of 1934.
☐Emerging Growth Company
If an emerging growth company, indicate by check if the registrant has elected not to use this extended transition period of 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 3, 2026, THOR Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the third quarter ended April 30, 2026. 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, 99.2, and 99.3 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 2026 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
Exhibit NumberDescription
99.1
Copy of press release, dated June 3, 2026, issued by the Company
99.2
Copy of investor slide presentation, posted on the Company’s website on June 3, 2026
99.3
Copy of investor questions and answers posted on the Company’s website on June 3, 2026
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.
Date:
June 3, 2026
By:/s/ Colleen Zuhl
Name:Colleen Zuhl
Title:Senior Vice President and Chief Financial Officer



thor_primaryxlogox4c1.jpg
2900 Independence Court, Elkhart, Indiana 46514
THOR INDUSTRIES ANNOUNCES FISCAL 2026 THIRD QUARTER RESULTS

Financial Highlights
($ in thousands, except for per share data)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026202520262025
Net Sales$2,781,538$2,894,816(3.9)%$7,296,517 $7,055,707 3.4 %
Gross Profit$354,770$443,119(19.9)%$926,998 $969,758 (4.4)%
Gross Profit Margin %12.8%15.3%(250) bps12.7%13.7%(100) bps
Net Income Attributable to THOR$97,229$135,185(28.1)%$136,701 $132,802 2.9 %
Diluted Earnings Per Share$1.86$2.53(26.5)%$2.59 $2.49 4.0 %
EBITDA (1)
$209,078$232,958(10.3)%$411,908$391,0355.3 %
Adjusted EBITDA (1)
$183,561$254,823(28.0)%$412,620$449,620(8.2)%
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included at the end of this release
Fiscal 2026 Third Quarter
•Net sales of $2.78 billion, Net income attributable to THOR of $97.2 million and EBITDA of $209.1 million in the quarter
•North American Motorized and European top-line results continue to indicate resilient demand for these products in a difficult macroeconomic environment
•Opportunistically repurchased $50.5 million of shares during the quarter
•Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of gains on investments and the impact of real estate transactions
•Full-year fiscal 2026 diluted EPS guidance has been revised in light of prolonged macroeconomic headwinds
◦Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision)
◦Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)

Elkhart, Indiana, June 3, 2026 – THOR Industries, Inc. (NYSE: THO) today announced financial results for its fiscal 2026 third quarter ended April 30, 2026.

“At the end of our fiscal second quarter, we correctly identified the risk of geopolitical events having an adverse impact on the RV selling season. The consequences of this risk coming to fruition during our fiscal third quarter have exceeded the expectations of our industry due to the unforeseen duration of these macroeconomic influences and their impact on consumer sentiment and material costs. In particular, our North American Towable segment has confronted both suppressed volumes due to strained consumer sentiment and rising material costs brought on by tariff and inflationary pressures. Despite these challenges, we are focused on executing our strategy within any economic environment. Our fiscal third quarter results demonstrate the steadfastness of our teams as we navigate this challenging macroeconomic backdrop. Our North American Motorized and European segment results showed resilience and illustrate an enduring interest in the RV lifestyle, with fiscal 2026 third quarter Motorized net sales up

7.7% and European net sales up 3.6% on a constant currency basis compared to the prior-year period. We remain committed to diligently managing our business and better positioning it for the near-term RV landscape as we wait for resolutions to macroeconomic headwinds and an inflection in consumer confidence and the retail market. Our previously announced strategic realignment of our North American RV operations is well under way with management team assessments largely complete and initiatives ready to be implemented. Our operations in both North America and Europe continue to be streamlined while also delivering innovative and refreshed products. We have invested heavily in growing our owned supplier businesses to further diversify our revenue streams within the RV market and provide optionality as a trusted partner within the supplier landscape. Our future is bright, supported by the strong foundation we have built and the operational efficiencies we continue to pursue,” stated Bob Martin, President and Chief Executive Officer of THOR Industries. “Our confidence in the appeal of the RV lifestyle remains high despite current macroeconomic impediments. We look forward to advancing the realignment of our North American RV operations and to start seeing key initiatives put in motion as well as their benefits starting to be realized. We are clear and confident in our strategy going forward, and are well-equipped to manage through any market landscape.”

Todd Woelfer, Senior Vice President and Chief Operating Officer, added, “Our fiscal third quarter results reflect both the resilience of our diversified business model and the persistent macroeconomic headwinds facing the RV consumer. With three quarters of fiscal 2026 now complete, we have meaningful visibility into the full-year trajectory of our financial performance. The strained retail environment is reflective of the low level of consumer confidence and has led to reduced retail expectations for the industry. Cost pressures have particularly weighed on our North American Towable results. Even against the backdrop of macroeconomic uncertainty and a subdued retail environment, our conviction that the RV lifestyle continues to resonate with consumers was affirmed. Our North American Motorized segment delivered net sales growth compared to the prior-year period and expanded its retail market share to 47.8% for the three months ended March 31, 2026, while our European segment also grew net sales compared to the prior-year period and increased retail market share to 24.4% for the three months ended March 31, 2026, clear evidence that demand for our products remains durable in the categories where consumers see compelling value. In addition to the resilience of these segments, our owned supply companies continue to provide a lift to our consolidated financial results, with strong top- and bottom-line performances and content per unit growth across the RV industry for the nine months ended April 30, 2026 compared to the prior-year period. At the same time, we recognize that our North American Towable segment is facing continuing and amplified headwinds, and the strategic realignment we have set in motion is specifically designed to position that segment for stronger net sales and margin performance as retail conditions improve.”

“As we enter the final quarter of fiscal 2026 mindful of the heightened uncertainty affecting consumer confidence and dealer ordering patterns, we are focused on execution: progressing through the operational steps of our North American RV realignment, continuing to invest in product innovation across all of our brands and maintaining the disciplined capital allocation framework that has allowed us to return capital to shareholders while preserving balance sheet strength. We have built THOR to perform through cycles, and the work we are doing today is creating a stronger foundation for the long-term value we are committed to delivering to our shareholders,” stated Woelfer.

“Our disciplined capital allocation framework allowed us to maintain our balance sheet focus amidst an otherwise challenging operational environment. During the quarter, we returned capital to shareholders through $50.5 million in share repurchases and $27.1 million in dividend payments. We took advantage of suppressed market values due to macroeconomic conditions and strategically repurchased shares,” added Colleen Zuhl, Senior Vice President and Chief Financial Officer. “We remain focused on maintaining the Company’s resiliency within a difficult economic backdrop while still being poised for growth opportunities. THOR has demonstrated throughout its history an ability to manage through a diverse set of market conditions. Our strong liquidity position allows us to weather difficult environments while also being able to explore attractive ventures. Our focus going forward is to continue to manage working capital and to protect margins through efficiencies and production discipline, all while remaining committed to investing in our business. This commitment includes strategic initiatives that are forward-thinking and create long-term shareholder value. As we begin our fiscal 2026 fourth quarter, we are confident that our liquidity position affords us to not have to settle on an individual priority but instead pick and choose advantageous opportunities as they arise.”
2
Third 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
April 30,
ChangeNine Months Ended
April 30,		Change
2026202520262025
Net Sales$881,778 $1,168,878 (24.6)%$2,489,353 $2,895,922 (14.0)%
Unit Shipments27,045 36,077 (25.0)%74,429 94,108 (20.9)%
Gross Profit$89,693 $174,317 (48.5)%$284,186 $378,400 (24.9)%
Gross Profit Margin %10.2%14.9%(470) bps11.4%13.1%(170) bps
Income Before Income Taxes$52,683 $97,587 (46.0)%$130,349 $172,560 (24.5)%

As of April 30,
Change
($ in thousands)20262025
Order Backlog$385,988 $634,318 (39.1)%

•Net sales declined in our fiscal 2026 third quarter compared to the prior-year period due to a 25.0% decrease in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns. The gross profit margin percentage in the third quarter of fiscal 2026 declined by 470 basis points compared to the prior-year period, primarily due to lower sales, an increased material cost percentage and an unfavorable product mix. Income before income taxes for the three and nine months ended April 30, 2026, includes gains on sales of fixed assets of $23.8 million and $36.8 million, respectively.


3
North American Motorized RVs

($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026202520262025
Net Sales$717,736 $666,686 7.7 %$1,955,903 $1,618,192 20.9 %
Unit Shipments6,008 5,507 9.1 %15,482 12,774 21.2 %
Gross Profit$62,947 $70,297 (10.5)%$189,209 $147,765 28.0 %
Gross Profit Margin %8.8%10.5%(170) bps9.7%9.1%+60 bps
Income Before Income Taxes$25,349 $32,883 (22.9)%$79,402 $46,262 71.6 %

As of April 30,
Change
($ in thousands)20262025
Order Backlog$766,117 $883,739 (13.3)%

•Net sales for the North American Motorized segment increased 7.7% in the third quarter of fiscal 2026 compared to the prior-year period, driven by a 9.1% increase in unit shipments and a 1.4% decrease in the overall net price per unit as our more moderately priced Class C products remain popular with consumers. The gross profit margin percentage declined 170 basis points compared to the prior-year period due to the increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages.

European RVs

($ in thousands)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026202520262025
Net Sales$987,585 $883,542 11.8 %$2,327,536 $2,100,910 10.8 %
Unit Shipments14,065 13,495 4.2 %32,253 31,572 2.2 %
Gross Profit$142,029 $142,830 (0.6)%$294,972 $316,407 (6.8)%
Gross Profit Margin %14.4%16.2%(180) bps12.7%15.1%(240) bps
Income Before Income Taxes$56,167 $46,299 21.3 %$17,221 $49,686 (65.3)%

As of April 30,
Change
($ in thousands)20262025
Order Backlog$1,357,430 $1,343,608 1.0 %

•European RV net sales for the third quarter of fiscal 2026 increased 11.8% compared to the prior-year period, driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall net price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates. The gross profit margin percentage fell 180 basis points in our fiscal 2026 third quarter compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin special-edition motorcaravan products and an increased warranty cost percentage. Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively.


4
Fiscal 2026 Guidance

“Our results through the first three quarters of fiscal 2026 reflect the persistent macroeconomic pressures weighing on the broader RV market, including a challenged retail environment driven in large part by low consumer confidence, cautious independent dealer ordering patterns and ongoing tariff-related and inflationary cost dynamics that continue to negatively impact industry-wide performance. While these external conditions remain outside of our control, we are firmly focused on the conditions that are within our control — measured production management, the strategic realignment of our North American RV operations, continued operational improvements across our European segment and the disciplined capital allocation framework that has guided our decisions throughout the fiscal year. Given the prolonged geopolitical and macroeconomic conditions and the resulting pressure on consumer confidence and retail demand, we believe it is prudent to revise portions of our full-year guidance. Despite this revision, we remain confident in our ability to execute through the remainder of fiscal 2026 and position THOR to outperform when market conditions stabilize,” 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 (no revision)
•Declining gross margin at midpoint (previously stable)
•Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)
•For the fiscal year 2026 period, an assumption of a mid-teens retail decline in North America with a low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized (previously 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 (no revision)
•A total tax rate in the range of 26% to 28% including estimated discrete items (previously 24% to 26% excluding discrete items)

Mr. Martin concluded by saying, “While the current operating environment reflects heightened near-term headwinds for our industry, our conviction in the long-term trajectory of the RV market remains as strong as ever. Consumers continue to value the freedom, flexibility and connection to the outdoors that the RV lifestyle uniquely provides. The fundamental drivers of demand — favorable demographic trends, the enduring appeal of outdoor recreation and the millions of consumers introduced to the RV lifestyle over the past several years — remain firmly intact. As we enter the final quarter of fiscal 2026, we are focused on executing the strategic initiatives that will position THOR to lead the RV industry into its next phase of growth. We have built this Company to perform across cycles, and the operational discipline, brand strength and innovation pipeline we are advancing today give me tremendous confidence in our ability to deliver sustainable, long-term value for our shareholders, our independent dealer partners and the consumers we serve.”
5

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.
6

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 and actual results may 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 level of consumer confidence and the level of discretionary consumer spending; 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, trade, 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 ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; 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 costs 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, including confidential and personal information, 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 adverse weather conditions and/or weather-related events; 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, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
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.
7

THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2026 AND 2025
($000’s except share and per share data) (Unaudited)
Three Months Ended April 30,
Nine Months Ended April 30,
2026
 % Net Sales (1)
2025
 % Net Sales (1)
2026
 % Net Sales (1)
2025
 % Net Sales (1)
Net sales$2,781,538 $2,894,816 $7,296,517 $7,055,707 
Gross profit$354,770 12.8%$443,119 15.3%$926,998 12.7%$969,758 13.7%
Selling, general and administrative expenses230,929 8.3%238,273 8.2%696,980 9.6%684,692 9.7%
Amortization of intangible assets27,818 1.0%29,604 1.0%83,543 1.1%88,670 1.3%
Interest expense, net9,655 0.3%11,205 0.4%28,092 0.4%38,383 0.5%
Other income (expense), net47,105 1.7%(8,457)(0.3)%68,570 0.9%(5,189)(0.1)%
Income before income taxes133,473 4.8%155,580 5.4%186,953 2.6%152,824 2.2%
Income tax provision37,935 1.4%21,652 0.7%53,605 0.7%22,858 0.3%
Net income95,538 3.4%133,928 4.6%133,348 1.8%129,966 1.8%
Less: Net loss attributable to non-controlling interests(1,691)(0.1)%(1,257)—%(3,353)—%(2,836)—%
Net income attributable to THOR Industries, Inc.$97,229 3.5%$135,185 4.7%$136,701 1.9%$132,802 1.9%
Earnings per common share:
 Basic$1.86 $2.54 $2.60 $2.50 
 Diluted$1.86 $2.53 $2.59 $2.49 
Weighted-average common shares outstanding:
Basic52,240,856 53,203,568 52,548,586 53,128,112 
Diluted52,399,684 53,433,493 52,743,174 53,439,096 
(1) Percentages may not add due to rounding differences

SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s) (Unaudited)
April 30, 2026July 31, 2025April 30, 2026July 31, 2025
Cash and equivalents$371,946 $586,596 Current liabilities$1,691,047 $1,584,696 
Accounts receivable, net879,281 707,363 Long-term debt, net871,444 919,612 
Inventories, net1,530,715 1,351,796 Other long-term liabilities279,809 271,424 
Prepaid income taxes, expenses and other104,620 132,220 
Stockholders’ equity
4,312,475 4,289,552 
Total current assets2,886,562 2,777,975 
Property, plant & equipment, net1,322,270 1,315,728 
Goodwill1,874,114 1,841,118 
Amortizable intangible assets, net682,107 758,758 
Equity investments and other, net389,722 371,705 
Total$7,154,775 $7,065,284 $7,154,775 $7,065,284 
8

Non-GAAP Reconciliations

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

EBITDA Reconciliations
($ in thousands)
Three Months Ended
April 30,
Nine Months Ended
April 30,
2026202520262025
Net income (GAAP)$95,538 $133,928 $133,348 $129,966 
Add back:
Interest expense, net9,655 11,20528,092 38,383
Income tax provision37,935 21,652 53,605 22,858 
Depreciation and amortization of intangible assets65,950 66,173 196,863 199,828 
EBITDA (Non-GAAP)$209,078 $232,958 $411,908 $391,035 
Add back:
Stock-based compensation expense6,702 8,188 25,599 26,798 
Change in LIFO reserve, net2,837 (1,400)5,941 (2,900)
Non-cash foreign currency loss (gain)(1,534)2,665 (2,613)7,311 
Investment-related loss (gain) (1)
(14,227)137 (13,162)5,414 
Weather-related loss (gain)— (1,500)— (1,500)
Strategic initiatives6,282 12,722 29,023 28,181 
Other loss (gain), including sales of PP&E(25,577)1,053 (44,076)(4,719)
Adjusted EBITDA (Non-GAAP)$183,561 $254,823 $412,620 $449,620 

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

EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management’s judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
9

THOR Investor Relations Contact:
Daniel Martin
Investor Relations & International Finance Manager
investors@thorindustries.com
(574) 970-7460
10
Third Quarter Fiscal 2026 Financial Results

 

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 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 and actual results may 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 level of consumer confidence and the level of discretionary consumer spending; 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, trade, 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 ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; 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 costs 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, including confidential and personal information, 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 adverse weather conditions and/or weather-related events; 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, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025. 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.

 

3 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. (1) $ in thousands (2) As compared to the fiscal quarter ended April 30, 2025 Other, net $194,439 7.0% North American Motorized $717,736 25.8% North American Towable $881,778 31.7% European $987,585 35.5% THIRD QUARTER FISCAL 2026 $2.78 billion (3.9)% (2) Other, net $175,710 6.1% North American Motorized $666,686 23.0% North American Towable $1,168,878 40.4% European $883,542 30.5% THIRD QUARTER FISCAL 2025 $2.89 billion THOR CONSOLIDATED NET SALES (1)

 

4 Third Quarter Financial Highlights • North American Motorized and European top-line results continue to indicate resilient demand for these products • Opportunistically repurchased $50.5 million of shares during the quarter • Net income attributable to THOR was aided by gains from favorable market value adjustments on certain investments as well as gains on the sales of certain real estate associated with strategically optimizing our footprint. Adjusted EBITDA of $183.6 million in the quarter excludes, among other items, nonrecurring costs or benefits associated with strategic reorganization initiatives, the impact of real estate transactions and the impact of gains on investments ($ in thousands) Q3 FY 2026 Q3 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales North American Towable $ 881,778 $ 1,168,878 (24.6) % $ 2,489,353 $ 2,895,922 (14.0) % North American Motorized 717,736 666,686 7.7 % 1,955,903 1,618,192 20.9 % European 987,585 883,542 11.8 % 2,327,536 2,100,910 10.8 % Other, net 194,439 175,710 10.7 % 523,725 440,683 18.8 % Total $ 2,781,538 $ 2,894,816 (3.9) % $ 7,296,517 $ 7,055,707 3.4 % Gross Profit Margin % 12.8 % 15.3 % (250) bps 12.7 % 13.7 % (100) bps Net Income (1) $ 97,229 $ 135,185 (28.1) % $ 136,701 $ 132,802 2.9 % Diluted Earnings per Share (1) $ 1.86 $ 2.53 (26.5) % $ 2.59 $ 2.49 4.0 % EBITDA (2) $ 209,078 $ 232,958 (10.3) % $ 411,908 $ 391,035 5.3 % Adjusted EBITDA (2) $ 183,561 $ 254,823 (28.0) % $ 412,620 $ 449,620 (8.2) % THOR’s results reflect continued execution within a challenging retail environment (1) Attributable to THOR Industries, Inc. (2) See the Appendix to this presentation for reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures Third Quarter Summary

 

5 Fiscal 2026 Third Quarter Key Drivers • Net sales decreased 24.6% due to a 25.0% decline in unit shipments influenced by a challenging retail environment and cautious independent dealer ordering patterns • Gross margin percentage declined 470 basis points primarily due to lower sales, an increased material cost percentage and an unfavorable product mix • Income before income taxes includes gains on sales of fixed assets of $23.8 million and $36.8 million for the three and nine months ended April 30, 2026, respectively • Independent dealer inventory of THOR Towable products at April 30, 2026 fell 17.3% year-over-year and declined 0.9% sequentially with the spring selling season in progress North American Towable Segment Q3 FY 2026 Q3 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 881,778 $ 1,168,878 (24.6) % $ 2,489,353 $ 2,895,922 (14.0) % Gross Profit Margin % 10.2 % 14.9 % (470) bps 11.4 % 13.1 % (170) bps Income Before Income Taxes (1) $ 52,683 $ 97,587 (46.0) % $ 130,349 $ 172,560 (24.5) % Wholesale Shipments (2) 27,045 36,077 (25.0) % 74,429 94,108 (20.9) % Average Sales Price $ 32,604 $ 32,400 0.6 % $ 33,446 $ 30,772 8.7 % As of 4/30/2026 As of 4/30/2025 Change Backlog (1) $ 385,988 $ 634,318 (39.1) % Dealer Inventory (3) 67,151 81,245 (17.3) % (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

 

6 Fiscal 2026 Third Quarter Key Drivers • Net sales increased 7.7% compared to the prior-year period as unit shipments increased 9.1% due to the strength of our Class C products that continue to resonate with customers • Gross margin percentage declined 170 basis points over the prior-year period due to increased volumes being more than offset by the combined increases in the material, warranty and overhead cost percentages • Independent dealer inventory of THOR Motorized products at April 30, 2026 was up 14.0% compared to the prior year due to the relative strength of the segment within the market Q3 FY 2026 Q3 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 717,736 $ 666,686 7.7 % $ 1,955,903 $ 1,618,192 20.9 % Gross Profit Margin % 8.8 % 10.5 % (170) bps 9.7 % 9.1 % +60 bps Income Before Income Taxes (1) $ 25,349 $ 32,883 (22.9) % $ 79,402 $ 46,262 71.6 % Wholesale Shipments (2) 6,008 5,507 9.1 % 15,482 12,774 21.2 % Average Sales Price $ 119,463 $ 121,062 (1.3) % $ 126,334 $ 126,679 (0.3) % As of 4/30/2026 As of 4/30/2025 Change Backlog (1) $ 766,117 $ 883,739 (13.3) % Dealer Inventory (3) 12,082 10,602 14.0 % North American Motorized Segment (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

 

7 Fiscal 2026 Third Quarter Key Drivers • Net sales increased 11.8% driven by the combined impact of a 4.2% increase in unit shipments and a 7.6% increase in the overall price per unit, of which 8.2% was due to favorable changes in foreign currency exchange rates • Gross margin percentage decreased 180 basis points compared to the prior-year period due to a higher material cost percentage, a higher mix of lower-margin, special-edition motorcaravan products as well as an increased warranty cost percentage • Income before income taxes includes restructuring costs of $3.4 million and $15.8 million for the three and nine months ended April 30, 2026, respectively • We believe the dealer inventory levels of our European motorcaravan and campervan products are generally in line with historical seasonal levels, while urban vehicle and caravan inventory remains slightly elevated, but improving Q3 FY 2026 Q3 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 987,585 $ 883,542 11.8 % $ 2,327,536 $ 2,100,910 10.8 % Gross Profit Margin % 14.4 % 16.2 % (180) bps 12.7 % 15.1 % (240) bps Income Before Income Taxes (1) $ 56,167 $ 46,299 21.3 % $ 17,221 $ 49,686 (65.3) % Wholesale Shipments (2) 14,065 13,495 4.2 % 32,253 31,572 2.2 % Average Sales Price $ 70,216 $ 65,472 7.2 % $ 72,165 $ 66,543 8.4 % As of 4/30/2026 As of 4/30/2025 Change Backlog (1) $ 1,357,430 $ 1,343,608 1.0 % Dealer Inventory (3) 20,400 22,977 (11.2) % European Segment (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

 

8 ($ in thousands) As of April 30, 2026 As of April 30, 2025 Cash and Cash Equivalents $ 371,946 $ 508,321 Availability under Revolving Credit Facility 998,000 985,000 Total Liquidity $ 1,369,946 $ 1,493,321 Outstanding Debt (1) $ 882,639 $ 1,029,223 Leverage Ratios (2) As of April 30, 2026 As of April 30, 2025 Net Debt / TTM EBITDA 0.8 x 0.9 x Net Debt / TTM Adjusted EBITDA 0.8 x 0.8 x Cash Flow Generation FYTD 2026 FYTD 2025 Net Cash Provided by Operations $ 77,046 $ 319,249 (1) Total gross debt obligations inclusive of the current portion of long-term debt (2) See the Appendix to this presentation for reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures Strong liquidity and a low leverage ratio position THOR to seize upon opportunities

 

9 Capital Management PRIORITIES AND FISCAL 2026 ACTIONS Invest in THOR’s business ▪ Capex investment of $38.1 million during Q3 FY26 Pay THOR's dividend ▪ Increased regular quarterly dividend to $0.52 in October 2025 ▪ Represents 16th consecutive year of dividend increases Reduce the Company's debt obligations ▪ Net payments on total debt of $58.9 million through the first nine months of FY26 Repurchase shares on a strategic and opportunistic basis ▪ Repurchased 538,560 shares, totaling approximately $50.5 million, during Q3 FY26 ▪ $298.5 million available to be repurchased under current authorization as of April 30, 2026 Support opportunistic strategic investments ▪ Liquidity and history of strong annual cash flow generation favorably position THOR to seize upon opportunities as they arise (1) (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 2: Management’s Discussion and Analysis in the Company’s Quarterly Report on Form 10-Q for the period ended April 30, 2026

 

10 Fiscal Year 2026 Guidance (1) (1) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026 (2) Includes estimated discrete tax items Consolidated Net Sales $9.0B – $9.5B Gross Margin Declining at Midpoint Guidance revised in Q3 in response to prolonged, acute industry and consumer confidence pressures caused by macroeconomic and geopolitical influences Assumptions ▪ Declining gross margin at midpoint ▪ Wholesale and retail volumes are roughly balanced ▪ For the fiscal year 2026 period, mid-teens retail decline in the North American market with low-single-digit market share decline in North American Towables and a low-single- digit market share gain in North American Motorized ▪ No meaningful financial impact related to the strategic evolution of our North American RV operations for the balance of the fiscal year ▪ A total tax rate in the range of 26% to 28% (2) Diluted Earnings Per Share $3.30 – $3.80

 

11 Overview • Jayco, with its Entegra, Open Range and Heartland brands, will unite with Tiffin Motorhomes, pairing two of the industry’s strongest motorized manufacturers and continuing to grow many of the strongest towable brands in North America • Thor Motor Coach will unite with Keystone, alongside its Dutchmen and Crossroads brands, bringing together two powerful companies to create a complete, full-line motorized and towable portfolio • Airstream and KZ will continue to operate independently, but will benefit from the enhanced collaboration across all of THOR’s brands FY26 Q3 Status • Initial managerial assessments of necessary alignment are largely complete • Actionable initiatives expected to move forward in the coming fiscal periods • Enterprise-wide data initiatives progressing as planned with advancements centered on procurement and warranty Structural Benefits • Strategic sourcing coordination and supplier alignment ◦ Supporting long-term cost discipline and supply continuity • Operational standardization and process improvement ◦ Improving efficiency, quality and consistency across brands • Brand and portfolio alignment ◦ Enabling more focused capital allocation and product investment • Enterprise-wide data, systems and digital integration ◦ Strengthening analytics, forecasting and customer engagement capabilities ◦ Enabling a unified dealer portal experience across the THOR family of brands • Value creation for THOR’s independent dealers, customers and shareholders Strategic Evolution of THOR’s North American RV Operating Model

 

12 Appendix

 

13 Quarterly EBITDA & Adjusted EBITDA Reconciliations THOR Consolidated TTM Fiscal Quarters ($ in thousands) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 TTM Net Income (GAAP) $ 133,928 $ 126,625 $ 23,169 $ 14,641 $ 95,538 $ 259,973 Add Back: Interest Expense, Net 11,205 10,058 9,017 9,420 9,655 38,150 Income Tax Provision 21,652 16,742 9,319 6,351 37,935 70,347 Depreciation and Amortization of Intangible Assets 66,173 71,379 66,035 64,878 65,950 268,242 EBITDA (Non-GAAP) $ 232,958 $ 224,804 $ 107,540 $ 95,290 $ 209,078 $ 636,712 Add Back: Stock-Based Compensation Expense 8,188 4,074 10,950 7,947 6,702 29,673 Change in LIFO Reserve, net (1,400) 3,602 — 3,104 2,837 9,543 Non-Cash Foreign Currency Loss (Gain) 2,665 1,944 3,510 (4,589) (1,534) (669) Investment-Related Loss (Gain) (1) 137 (5,563) 425 640 (14,227) (18,725) Weather-Related (Gain) (1,500) (12,153) — — — (12,153) Strategic Initiatives 12,722 15,020 15,050 7,691 6,282 44,043 Other Loss (Gain), Including Sales of PP&E 1,053 (22,222) (6,470) (12,029) (25,577) (66,298) Adjusted EBITDA (Non-GAAP) $ 254,823 $ 209,506 $ 131,005 $ 98,054 $ 183,561 $ 622,126 Net Sales $ 2,894,816 $ 2,523,783 $ 2,389,123 $ 2,125,856 $ 2,781,538 $ 9,820,300 Adjusted EBITDA Margin (%) 8.8 % 8.3 % 5.5 % 4.6 % 6.6 % 6.3 % Total Long-Term Debt as of April 30, 2026 (2) $ 882,639 Less: Cash and Cash Equivalents 371,946 Net Debt $ 510,693 Net Debt / TTM EBITDA 0.8 Net Debt / TTM Adjusted EBITDA 0.8 EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one- time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management’s judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. x x (1) Includes the fair value adjustments of certain warrants and stock investments along with equity method investment income and losses (2) Total debt obligations as of April 30, 2026 inclusive of the current portion of long-term debt.

 

14 Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 TTM Net Income (GAAP) $ 97,587 $ 74,452 $ 46,471 $ 31,195 $ 52,683 $ 204,801 Add Back: Interest Expense (Income), Net (3) (2) (3) (3) (2) (10) Depreciation and Amortization of Intangible Assets 13,207 13,206 12,118 12,010 11,633 48,967 EBITDA (Non-GAAP) $ 110,791 $ 87,656 $ 58,586 $ 43,202 $ 64,314 $ 253,758 Net Sales $ 1,168,878 $ 888,744 $ 897,090 $ 710,485 $ 881,778 $ 3,378,097 EBITDA Margin % 9.5 % 9.9 % 6.5 % 6.1 % 7.3 % 7.5 % Net Income (GAAP) $ 32,883 $ 39,081 $ 33,149 $ 20,904 $ 25,349 $ 118,483 Add Back: Interest Expense (Income), Net (1) (1) (1) — 2 — Depreciation and Amortization of Intangible Assets 8,400 8,442 8,002 7,996 9,384 33,824 EBITDA (Non-GAAP) $ 41,282 $ 47,522 $ 41,150 $ 28,900 $ 34,735 $ 152,307 Net Sales $ 666,686 $ 557,412 $ 661,096 $ 577,071 $ 717,736 $ 2,513,315 EBITDA Margin % 6.2 % 8.5 % 6.2 % 5.0 % 4.8 % 6.1 % Net Income (Loss) (GAAP) $ 45,057 $ 59,040 $ (13,822) $ (5,179) $ 45,338 $ 85,377 Add Back: Interest Expense (Income), Net 508 18 557 (163) 44 456 Income Tax Provision (Benefit) 1,242 (7,092) (12,816) (7,129) 10,829 (16,208) Depreciation and Amortization of Intangible Assets 30,906 35,960 33,147 32,098 31,996 133,201 EBITDA (Non-GAAP) $ 77,713 $ 87,926 $ 7,066 $ 19,627 $ 88,207 $ 202,826 Net Sales $ 883,542 $ 923,051 $ 655,479 $ 684,472 $ 987,585 $ 3,250,587 EBITDA Margin % 8.8 % 9.5 % 1.1 % 2.9 % 8.9 % 6.2 % EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. EBITDA is defined as net income (loss) before net interest expense (income), income tax provision (benefit) and depreciation and amortization. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. To w ab le M ot or iz ed Eu ro pe an

 

15 EUROPEAN SEGMENT NORTH AMERICAN MOTORIZED SEGMENT NORTH AMERICAN TOWABLE SEGMENT We consist of a trusted family of brands that are loved by RV consumers

 

16 (1) All retail information presented is for the three months ended March 31, 2026. (2) North American retail data is reported by Statistical Surveys, Inc. and is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces. (3) European retail data is reported by the Caravaning Industry Association e.V. (“CIVD”) and the European Caravan Federation (“ECF”). This information is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation). NORTH AMERICAN (2) EUROPEAN (3) Travel Trailers Class A Class CFifth Wheels Class B All RV Categories CATEGORY MARKET SHARE MARKET POSITION 36.1% 36.3% 48.2% 51.9% 38.5% 24.4% #2 #1 #1 #1 #1 #2 THOR – The Global RV Industry Leader (1) (1)

 

17 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 36.0 36.6 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 298.8 306.2 277.4 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) 353.5 237.0 165.6 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 430.4 600.2 493.3 313.2 333.7 342.2 314.0 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) Calendar YTD Shipments (Units) Mar. 2026 Mar. 2025 Unit Change % Change 86,051 97,848 (11,797) (12.1)% Calendar YTD Shipments (Units) Mar. 2026 Mar. 2025 Unit Change % Change 75,366 88,530 (13,164) (14.9)% Calendar YTD Shipments (Units) Mar. 2026 Mar. 2025 Unit Change % Change 10,685 9,318 1,367 +14.7% Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar year 2026 represents the most recent RVIA "most likely" estimate from their June 2026 issue of Roadsigns Estimated totals may not add due to rounding North America RV WHOLESALE MARKET TRENDS (UNITS 000's) MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's) RV Industry Overview

 

18 NORTH AMERICAN RV RETAIL MARKET SHARE (1) RV Retail Registrations (1) CCS Index (2) 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 100,000 200,000 300,000 400,000 500,000 600,000 0 25 50 75 100 125 150 (1) Source: Statistical Surveys, Inc., U.S. and Canada; three months ended March 31, 2026 and 2025 (2) Source: The Conference Board, Consumer Confidence Survey®, through March 2026 CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) TOWABLE Three Months Ended March 31, 2026 2025 Units Share % Units Share % Forest River 20,450 39.0 % 23,776 37.1 % THOR Industries 18,620 35.5 % 23,966 37.4 % Grand Design 4,254 8.1 % 5,789 9.0 % Brinkley 1,741 3.3 % 1,444 2.3 % Alliance 1,456 2.8 % 1,608 2.5 % All Others 5,956 11.3 % 7,444 11.7 % Industry Total 52,477 64,027 MOTORIZED Three Months Ended March 31, 2026 2025 Units Share % Units Share % THOR Industries 3,456 47.8 % 4,175 46.6 % Forest River 1,391 19.2 % 1,969 22.0 % Winnebago 1,072 14.8 % 1,345 15.0 % REV Group 336 4.6 % 464 5.2 % Grand Design 215 3.0 % 69 0.8 % All Others 760 10.6 % 931 10.4 % Industry Total 7,230 8,953 North America RV Industry Overview

 

19 EUROPEAN RV RETAIL MARKET SHARE (2) (3) 208 189 154 150 156 147 137 140 152 168 190 202 211 236 261 219 210 221 216 366 289 206 228 247 264 304 333 376 416 471 495 465 522 572 449 382 356 350 Europe North America 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 FULL-YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (1) (2) (1) Source: Statistical Surveys; North American retail registration data available at www.statisticalsurveys.com (2) Source: European Caravan Federation; CYTD March 31, 2026 and 2025; European retail registration data available at www.CIVD.de (3) "All Others" in Motorcaravans and Campervans includes units produced by major European Vehicle OEMs (Volkswagen, Mercedes-Benz and Ford), which combined represent approximately 11.3% and 10.0% of Motorcaravans & Campervans retailed in three months ended March 31, 2026 and 2025, respectively CARAVANS Three Months Ended March 31, 2026 2025 Units Share % Units Share % Hobby 3,597 35.1 % 3,760 37.3 % Knaus Tabbert 2,509 24.5 % 2,223 22.1 % Erwin Hymer Group 1,712 16.7 % 1,625 16.1 % Trigano 1,708 16.6 % 1,534 15.2 % All Others 733 7.1 % 934 9.3 % Industry Total 10,259 10,076 MOTORCARAVANS & CAMPERVANS Three Months Ended March 31, 2026 2025 Units Share % Units Share % Trigano 11,622 28.1 % 9,101 28.3 % Erwin Hymer Group 10,875 26.3 % 8,049 25.0 % Knaus Tabbert 3,337 8.1 % 2,836 8.8 % Hobby 532 1.3 % 348 1.1 % All Others (3) 14,991 36.2 % 11,871 36.8 % Industry Total 41,357 32,205 Note: Industry and Company retail registration statistics have been compiled from individual countries' reporting of retail sales and include the following countries: Germany, France, Sweden, Netherlands, Norway, Italy, Spain and others, collectively the “OEM Reporting Countries.” The “Non-OEM Reporting Countries” are primarily the United Kingdom, which made up 17.2% and 7.5% of the caravan and motorcaravan (including campervans) European retail market for the three months ended March 31, 2026, respectively, and others. Total European registrations are reported quarterly by the ECF. Data from the ECF is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various countries. The “Non-OEM Reporting Countries” either do not report OEM-specific data to the ECF or do not have it available for the entire time period covered. Market share percentages are calculated based solely upon the available registration statistics from the “OEM Reporting Countries.” Europe RV Industry Overview

 

20 Additional Metrics $2,861,665 $2,509,535 $634,318 $385,988 $883,739 $766,117 $1,343,608 $1,357,430 NA Towables NA Motorized European 4/30/25 4/30/26 113,000 87,900 91,800 79,200 Inventory Units 4/30/23 4/30/24 4/30/25 4/30/26 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV BACKLOG OF $2.51 billion (12.3)% (1) (1) As compared to April 30, 2025 (2) Comparable independent dealer inventory unit information was not available prior to July 31, 2023 24,700 23,000 20,400 Inventory Units 4/30/24 4/30/25 4/30/26 EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (2) ($ in thousands)

 

www.thorindustries.com THOR INVESTOR RELATIONS CONTACT: Daniel Martin Investor Relations & International Finance Manager investors@thorindustries.com (574) 970-7460

 



thor_primaryxlogox4c.jpg

THIRD QUARTER FISCAL 2026
INVESTOR QUESTIONS & ANSWERS
June 3, 2026
Forward-Looking Statements
Reference is made to the forward-looking statements disclosure provided at the end of this document.
Financial Highlights
($ in thousands, except for per share data)
Three Months Ended
April 30,
Change
Nine Months Ended
April 30,
Change
2026202520262025
Net Sales$2,781,538$2,894,816(3.9)%$7,296,517$7,055,7073.4 %
Gross Profit$354,770$443,119(19.9)%$926,998$969,758(4.4)%
Gross Profit Margin %12.8%15.3%(250) bps12.7%13.7%(100) bps
Net Income Attributable to THOR$97,229$135,185(28.1)%$136,701$132,8022.9 %
Diluted Earnings Per Share$1.86$2.53(26.5)%$2.59$2.494.0 %
EBITDA (1)
$209,078$232,958(10.3)%$411,908$391,0355.3 %
Adjusted EBITDA (1)
$183,561$254,823(28.0)%$412,620$449,620(8.2)%
(1) See reconciliation of non-GAAP measures to the most directly comparable GAAP financial measures included in this release

Quick Reference to Contents
Q&A
Market Update & Outlook
2
Operations Update
5
Strategic Update
6
Financial Update
8
Segment Data
Summary of Key Quarterly Segment Data – North American Towable RVs
11
Summary of Key Quarterly Segment Data – North American Motorized RVs
12
Summary of Key Quarterly Segment Data – European RVs
13
Non-GAAP Reconciliations
14
Forward-Looking Statements
15


Q&A

MARKET UPDATE & OUTLOOK

1.Can you comment on the market share movements from both the North American Towable and North American Motorized segments?
a.On a trailing-twelve-month basis for the periods ended March 31, 2026 and March 31, 2025, THOR's North American Towable market share was 36.7% and 36.9% respectively. THOR’s motorized market share has grown, rising to 47.4% from 46.9% on a trailing-twelve-month basis for the periods ended March 31, 2026 and March 31, 2025, respectively. While the Towable segment exhibits modest year-over-year softness, our Motorized segment continues to grow share and capitalize on the relative strength of certain motorized product types in the market, in particular Class C products.

As evident by our trailing-twelve-month North American market shares, a longer-term view presents a more stable position within the market. We view near-term market share declines as temporary due to the dynamics of our long-term strategic initiatives. As we have communicated in recent quarters, the process of resetting our market share position will take time as our two largest initiatives, related to Heartland and Keystone, are not quick fixes.

Heartland products that were realigned under Jayco for a comprehensive reset required a period of paused production which severely suppressed retail activity while the revamped Heartland lineup was developed and launched. Keystone’s broad refresh of its product portfolio has necessitated a period of time for independent dealers to work through prior-model-year inventory before the refreshed product could meaningfully influence retail share. Keystone’s current retail performance reflects this prior-model-year inventory transition, not the performance of the refreshed product in the market. We expect to begin seeing an increase in Keystone's market share following the close of our fiscal 2026 on July 31, 2026, as the refreshed lineup moves through the independent dealer base and reaches retail customers in volume.

Outside of these two intentional resets, the rest of THOR’s North American product portfolio remains healthy and, in several cases, has gained market share. Jayco Towable market share is up year-over-year on every comparison basis — trailing-twelve-months, trailing-three-months and month-to-date. On the Motorized side, Thor Motor Coach, Entegra and Tiffin are all showing year-over-year strength on a trailing-twelve-month basis, driving the consolidated THOR Motorized market share gain noted above. These market positions continue to bolster our confidence in the long-term market share of the consolidated THOR product portfolio.
2

2.Are North American independent dealer inventories and ordering cadences aligned with your outlook for the remainder of THOR’s fiscal 2026 and the start of fiscal 2027?
a.North American independent dealer inventories of THOR products were approximately 79,200 units as of April 30, 2026 compared to approximately 91,800 units at the end of the prior-year period. In particular, independent dealer inventories of THOR Towable products as of April 30, 2026 have declined 17.3% compared to the prior-year period due to the temporary impacts of our previously discussed Heartland and Keystone initiatives and the struggles of the broader industry for towable products.

Our initial guidance for fiscal 2026 assumed North American retail would experience a low- to mid-single digit decline during our current fiscal year compared to our prior fiscal year. While the independent dealer inventory decline aligns with our initial retail guidance directionally, the magnitude of the decline will likely exceed our initial outlook due to a muted selling season. Many dealers stocked their lots in anticipation of a stronger selling season than what has been realized, with the missed expectations largely due to low consumer confidence as a result of the macroeconomic headwinds being intensified by inflation and geopolitical events. Independent dealer sentiment indicates a desire to curtail inventory levels as the trajectory of selling season has become clearer. We ultimately view independent dealer inventory levels as healthy to low given the current industry landscape and believe that there are restocking opportunities upon a retail inflection.

While ordering cadences have evolved relative to our previous assumptions, we do not view these changes as materially impacting our outlook. Some independent dealers have signaled a desire to shift toward smaller but more frequent orders. While this may inhibit period-specific, top-line lifts, long-term volumes are expected to remain aligned with our expectations. We ultimately view this development as healthy for the industry and beneficial to both THOR and our independent dealer partners. Bulk orders provide a level of volume pricing benefits up front for independent dealers but lead to higher promotional needs on the back end if retail activity unexpectedly slows. Smaller, but more frequent ordering practices should reduce our up-front pricing concessions as well as the need to support retail pull-through on the back end with additional promotional support. Over the longer term, these developments provide an opportunity for bolstered profit margins for both THOR and our independent dealers.

3.Have there been any changes to the European retail environment in recent months? Are European dealer inventories aligned with current retail demand?
a.The European retail environment is still tracking relatively flat across the previous twelve months and compared to fiscal 2025. Consumer sentiment, influenced by geopolitical uncertainties, inflationary pressures and shocks to energy prices is continuing to delay an inflection in retail growth. In the near term, retail trends have shown some positive signs, but this is partially attributable to a pull-forward effect in which certain motorized products were registered on dealer lots ahead of expiring emissions regulations. According to the European Caravan Federation (“ECF”), total retail registrations in Europe for the three months ended March 31, 2026 increased 18.1% in comparison with the prior-year period. This change was driven by a 24.1% increase in registrations of motorcaravans and campervans and a 0.8% increase in registrations of caravans during the period. Consumer preferences continue to shift away from caravan products, and as such, motorized products are primarily where our European segment has experienced recent market share gains. For the three months ended March 31, 2026, our European segment, led by motorcaravan retail share growth, has increased its overall market share 150 basis points to 24.4% compared to the prior-year period and has significantly narrowed the gap to the industry leader.

Although European retail has shown resilience, independent dealers remain cautious with ordering and inventory levels. European independent dealer inventory as of April 30, 2026 was 20,400 units, an 11.3% decline from the prior-year period. This would represent the lowest level of independent dealer inventory for our European segment since the third quarter of fiscal 2023. While this balance is comparatively low, it is trending toward typical pre-pandemic levels. Given continued macroeconomic challenges, we view European independent dealer inventories of motorcaravan and campervan products as appropriate while urban vehicle and caravan dealer inventories are slightly elevated but improving.
3

4.How is the current macroeconomic environment impacting RV consumers? What pressures are consumers facing and how are those pressures influencing their buying decisions?
a.The current state of the RV retail market has been broadly challenging for all industry participants and segments, with calendar year 2026 industry retail tracking near 300,000 units — well below pre-pandemic norms. A structurally bifurcated consumer landscape has further degraded the discretionary purchase confidence that our market depends upon, with the most price-sensitive towable segment absorbing the brunt of that pressure. As a direct consequence, dealers have understandably adopted a deliberately cautious posture towards inventory and ordering. Consumer confidence is a key driver for a healthy retail environment, but it has been depressed due to various macroeconomic pressures that are being accentuated and protracted by the war in Iran, significantly weighing on consumer confidence and impeding a pathway toward moderating inflation and subsequent interest rate cuts. Our commentary surrounding our fiscal year 2026 second quarter guidance decision correctly identified this risk, with the war in Iran straining consumers during the most important retail window of our fiscal year. The demographic and lifestyle drivers that pulled millions of new households into the RV lifestyle over the last decade remain intact, though buyers are currently more value-conscious. THOR has fought to defend affordability at the expense of segment margin in a given quarter, and this approach has been the right strategic posture to protect consumers’ ability to stay in the market. We are currently engaging further with the value chain to ensure all participants understand the responsibility of preserving a healthy RV consumer environment.

In North America, the cost of financing and the extended period of strong inflation have been important variables for consumer buying decisions. RV purchases, particularly mainstream towable products, are sensitive to the monthly payment amount, not just the retail price. The combination of elevated interest rates over an extended period and the impact on cost inputs caused by inflation have lifted monthly payments materially, pressuring a meaningful portion of entry-level and mid-tier buyers into either a smaller unit, a used unit, or out of the market altogether for the current cycle. Beyond RV affordability, higher prices on non-discretionary items have compressed household discretionary wallets. This compressed wallet can lengthen the purchasing decision cycle for large, discretionary items.

The European consumer is also facing macroeconomic pressures and strained consumer sentiment but has a healthier foundation regarding financing elements. European interest rates are lower than in North America and the European RV consumer carries a higher proportion of cash and equity in an RV purchase with less reliance on financing. This consumer also skews toward motorized products and a more affluent buyer who is less impacted by affordability concerns. The European consumer is not without pressures, however. The broader macro environment in key European markets remains soft, and consumer confidence in Germany has been challenged by industrial-sector weakness and political uncertainty. Geopolitical pressure tied to the ongoing war in Ukraine and now the war in Iran has weighed on sentiment and kept energy costs elevated.

While they both face macroeconomic pressures, the North American and European consumers are frequently not in the same cyclical phase. They face different financing-cost environments and, at times, different energy and geopolitical pressures. The value of THOR's combined global footprint is precisely that these two consumer bases do not move in lockstep. When one is in the trough of a cycle, the other is often not, and the diversification tempers the volatility of the consolidated result.

Going forward, we believe that progress toward geopolitical resolutions will provide relief to suppressed consumer confidence and create a healthier retail environment. We expect affordability pressures to eventually ease in North America as financing and inflationary costs normalize. The deliberate strategic actions we have taken — the broad RV Groups strategy including, enterprise-wide data and procurement initiatives, the Heartland reset under Jayco, the Keystone rebrand and product line refresh as well as our continued investment in affordability at retail — will compound favorably as the affordability pressures ease. In Europe, we expect continued selective strength with motorhome and campervan demand holding up and order intake reflecting a more resilient consumer than the headline macro picture would suggest. The long-term lifestyle and demographic drivers of RV demand remain firmly intact, and THOR is positioned to lead the industry through the remainder of the cycle and into the next expansion.
4

OPERATIONS UPDATE

1.Can you provide an update on your North American RV operating model and where things stand in that evolution?
a.Early in our fiscal 2026 third quarter, we announced a strategic evolution of our North American RV operating model establishing two operating RV Groups for the majority of our North American RV OEM operations. At that time, we identified four key areas that we believe will provide the largest structural benefits to our North American operations upon the full implementation of this new operating model:

•Strategic sourcing coordination and supplier alignment
•Operational standardization and process improvement
•Brand and portfolio alignment
•Enterprise-wide data, systems and digital integration

These key areas will provide THOR with benefits that we have not historically fully realized. A more centralized and coordinated sourcing approach will be used to drive efficiencies within our input costs to further address affordability for the consumer as well as strengthen our margin profile. We will also leverage enhanced coordination to drive process improvements that expand productivity and provide further cost savings through self-help initiatives. This coordination and cooperation will also allow for a reasonable and realistic assessment of product profiles to better position our leading brands for further market share expansion. All of this will be enhanced and aided by an enterprise-wide data strategy that will provide THOR with better decision making information, create a more streamlined experience for our independent dealer partners, and establish the foundation for further cost savings and efficiencies.

Initial efforts surrounding this strategic evolution have centered around structural and cultural alignment. Our RV Group management teams have spent an extensive amount of time in our fiscal 2026 third quarter evaluating their new operational structures and identifying next steps. This process has gone extremely well, and our teams have largely completed the assessment phase of this operational evolution. Regarding our enterprise-wide data initiatives, our teams are taking meaningful steps in centrally accessing and unifying data across the Company. We have seen promising results from the early identification of common quality improvement opportunities across the operating companies. Procurement improvements are also being targeted with uniform product numbers providing transparency and more timely identification of cost opportunities across our operating companies. Going forward into our fiscal 2026 fourth quarter, we expect actionable initiatives to begin advancing so that measurable savings and group benefits can be realized in the fiscal periods ahead.


5

STRATEGIC UPDATE

1.Recently there has been news of potential consolidation of key suppliers to the RV industry. While that merger appears to currently be off the table, what would be the challenges and opportunities if there were to be significant supplier consolidation within the RV industry?
a.We have seen a significant amount of independent dealer consolidation within the RV landscape in recent years that has required THOR to adapt our approach and evolve within this changing landscape. Similarly, if large-scale consolidation occurred on the supplier side, we would need to adapt and address the positives and negatives of this development as well.

Risk certainly exists when there is a reduction in choice within one’s supply chain. Pricing power has the potential to be amplified by key participants and there may be fewer alternatives and less optionality in times of shortages. Additionally, there is a heightened execution risk during a consolidation that could disrupt supply efficiencies and performance as systems and processes are aligned. Combined groups of capital could also lead to more aggressive acquisition strategies that reduce the pool of potential acquisition targets.

Opportunity exists though within this type of consolidated environment, and there are levers to mitigate some of the risks. A pillar of THOR’s evolving North American RV operating model is focused on using our consolidated size and strength to improve procurement processes and act as a more unified buyer. This provides an avenue for more strategic purchasing and the ability to exercise purchasing power. Opportunities would also potentially exist to reset certain relationships as well as achieve efficiencies through the simplification of the purchasing process. These purchasing efficiencies and the leveraging of our size within the purchasing process will ultimately benefit the consumer and allow us to further address affordability challenges in the retail market as our cost structure improves.

In addition to opportunities for THOR in its relationship and interactions with suppliers, consolidation within the supplier environment would increase the demand for additional suppliers to position themselves more prominently and provide balance. A consolidated landscape would provide us the opportunity to continue building our owned supply companies into full-service, trusted partners through strategic acquisitions and product offering expansion. The desire of the RV industry to establish an additional, trusted supply alternative is evident in our supply companies’ financial performances with year-over-year net sales continuing to grow from both a quarter-to-date and year-to-date perspective and strong content per unit (“CPU”) growth achieved with both THOR RV operating companies and other third-party RV manufacturers. The recent hiring of Andy Murray underscores THOR’s focus on positioning our owned suppliers as key partners for the industry as we continue to evaluate the considerable white space for expansion of our supply company product portfolio. In an industry where supply chain concentration is a risk, establishing our owned suppliers as powerful alternatives is an investment we intend to continue to deliver on.
6

2.The tariff environment continues to evolve as certain tariffs are struck down while new tariffs are added. How are you responding to these changes and mitigating THOR’s exposure? Have there been any changes to the financial impact on THOR compared to the initial tariff environment?
a.The tariff environment remains challenging in regard to input cost management and adequate transparency surrounding current and projected tariffs relevant to our supply chain. The initial International Emergency Economic Powers Act (“IEEPA”) tariffs were struck down this spring only to be replaced by new forms of tariffs in various iterations. These in turn have been challenged and have left the tariff environment murky. The majority of our business entities are not importing products or components directly, but rather sourcing through third-party vendors. This can make it difficult to discern the magnitude or the timing of the impact of tariffs through vendor pricing actions.

We do not expect these tariff amendments to have a material impact on our input costs relative to the initial tariff environment, with the net-net impact approximately neutral compared to what we have experienced so far during our fiscal 2026. Our mitigation response remains focused on strategic geographic sourcing, when possible, continued investment in product expansion at our owned supply companies and cooperation across the value chain. We expect our suppliers and independent dealer partners to adequately share in the effects of tariffs so as to protect retail pull-through by consumers and alleviate affordability concerns as much as possible. Our belief is that there is room for improvement regarding this shared responsibility and we intend to advocate for this improvement within the value chain. Additionally, we expect a reasonable flow through regarding any IEEPA refunds that are issued.
7

FINANCIAL UPDATE

1.THOR’s North American Towable segment experienced a difficult quarter regarding top- and bottom-line performance. Can you explain the overarching pressures on this segment?
a.Our North American Towable financial performance for our third quarter was below our expectations, with several identifiable factors disproportionately impacting the segment. Net sales for the fiscal 2026 third quarter were down 24.6% compared to the prior-year period. Fifth wheel products within the segment were especially strained, with sales down 30.2% compared to the prior-year period after being relatively flat year-over-year in our fiscal 2026 second quarter. With wholesale sales generally following retail sales on a one-to-one basis, net sales for the quarter were clearly hampered by the struggling retail environment. In addition to historically low levels of consumer sentiment, we believe retail pull-through was further constrained due to interest rates remaining elevated and material cost pressures passed on by the supply chain despite the best efforts of OEMs and independent dealers to share in the burden and address the affordability challenge.
The gross profit margin percentage in the third quarter of fiscal 2026 declined 470 basis points compared to the prior-year period due to lower sales, higher material costs and an unfavorable product mix as fifth wheel unit sales declined 31.4% compared to the three months ended April 30, 2025. The challenges of the Towable segment were influenced in large part by shifts in macroeconomic pressures producing a meaningful spike in input costs that flowed directly into our bill of materials. We feel it is in the best interest of the entire value chain to equally share in these material cost burdens to keep retail pull-through healthy given the preexisting presence of affordability challenges. When a unified approach was unable to be achieved, the affordability challenges that have weighed on our industry throughout the downturn were further compounded at the input layer.

Faced with this input-cost dynamic, we made a deliberate choice in our North American Towable segment to fight for affordability at the retail price point rather than pass the full cost burden through to the independent dealer and consumer. We believe this was the right decision for the long-term health of our brands, our independent dealer partners and consumers’ ability to enter and stay in the RV lifestyle. This mindful decision did, however, come at a cost, with our North American Towable margins negatively impacted accordingly. Despite this realized cost, we would make this choice again under the same conditions. Defending affordability in a stressed consumer environment protects retail velocity, the independent dealer channel and long-term market share. We have consistently said we manage this business for the long term.

With the additional pressures that were placed on North American consumers, the spring retail market underperformed with the retail softness flowing through our fiscal 2026 third quarter in a way that disproportionately affected the Towable segment, which is the most consumer-discretionary and affordability-sensitive portion of our portfolio. Our decision not to raise guidance after our fiscal 2026 first and second quarters reflected exactly this risk.

None of these dynamics that impacted the performance of our Towable segment reflect a structural weakness in the segment or in our brand positions. As discussed elsewhere in this document, our underlying portfolio actions — the Heartland reset under Jayco and the Keystone rebrand — continue to track, and we expect the benefits to compound as we enter and progress through our fiscal 2027. As we move ahead, THOR expects that enterprise procurement initiatives will result in better alignment and favorable impacts on our input costs. This will strengthen our margin profile and allow us to further address segment profitability. We will continue to manage our Towable segment for long-term share growth, sustained independent dealer health and improved consumer affordability, all while being transparent with investors about the trade-offs that this posture sometimes requires in a given quarter.
8

2.Despite relative softness in the overall market, THOR’s North American Motorized segment produced further quarterly revenue growth on a year-over-year basis. What are the dynamics influencing the segment’s performance?
a.Net sales for our North American Motorized segment for our fiscal 2026 third quarter increased 7.7% compared to the prior-year period, continuing the year-over-year growth trends seen in our fiscal 2026 first and second quarters. The net sales increase was driven by a 9.1% increase in unit shipments led by our Class C product line which achieved year-over-year unit shipment growth of 19.4% for the quarter. The increase in shipment volume for the Motorized segment was partially offset by a 1.4% decrease in the overall net price per unit, primarily due to a shift toward more moderately-priced units within our Class B product lines.

Despite the relative strength of the top-line performance, the North American Motorized segment gross profit margin percentage decreased to 8.8% in our fiscal 2026 third quarter, down 170 basis points from the prior-year period. The decline in the gross profit percentage was largely due to moderate increases in the material and warranty cost percentages. We believe that our Class C offerings will continue to provide strong top-line performance for the segment driven by data-driven price points and growing market share. Our Class C product line expanded market share 390 basis points in the three months ended March 31, 2026 compared to the prior-year period as these products continue to resonate with customers and are attuned to desirable price points in response to affordability concerns within the industry. We believe the bifurcation of the economy has also helped insulate the Motorized segment from some of the macroeconomic pressures experienced by the Towable segment. We intend to address current cost pressures — increasing material costs and elevated warranty expenses — through focused initiatives within our enterprise-wide data strategy that will help bolster and expand our margin profile so that our bottom line benefits further from the relative volume strength seen within the segment.

3.THOR’s fiscal 2026 third quarter European segment results continue to show relative top-line resilience while profitability remains stressed. Are the dynamics that have been influencing the financial performance of this segment evolving or subsiding in any fashion?
a.Although European net sales for our fiscal 2026 third quarter are up 3.6% on a constant currency basis compared to the prior-year period, the gross profit margin percentage declined 180 basis points for the same comparative period. The dynamics influencing the European segment have persisted for much of our fiscal year. The market environment has been extremely price-aggressive due to competitor dynamics and an uncertain macroeconomic environment. Additionally, the bifurcated economic landscape experienced in North America is similarly present in Europe. While all product segments are contending with the price-aggressive landscape, our mainstream products have experienced increased pressure while entry and premium products show resilience. The pressure on our mainstream offerings, a product category that our European segment has historically excelled with, has led to compressed margins and a need for promotional activity as well as lower-margin special edition units that are now offered across multiple brands rather than just those that are refreshing their model lineup. The European segment has also experienced elevated warranty costs in recent periods, as well as rising material costs due to inflationary pressures that are offsetting cost reduction initiatives.

In an effort to combat these margin pressures, our European segment has undertaken various strategic initiatives to seek labor and production efficiencies so as to improve its structural margin profile. These initiatives have resulted in $3.4 million and $15.8 million of restructuring costs, primarily severance-related costs, for the three and nine months ended April 30, 2026, respectively. An example of these initiatives centers around targeted production and labor efficiency improvements following the restructuring of our Elddis product that has historically been produced in the United Kingdom. We have taken advantage of the operational efficiencies and flexibility of our production facilities and moved the production of the Elddis products to sites in Poland and southwest Germany. We believe there are additional opportunities to take advantage of production and labor efficiencies within our European footprint, and our European leadership team is focused on maximizing our cost structure to enhance our European segment performance and expand our retail market share as we enter fiscal 2027 and beyond.
9

4.THOR’s full year fiscal 2026 guidance was revised downwards for various items, in particular in regard to retail market trends and THOR’s diluted earnings per share. What led to this decision, and what risks do you see in your fiscal fourth quarter?
a.As we approached the release of our fiscal 2026 second quarter results, we believed there was risk associated with persistent macroeconomic headwinds that would be accentuated by the emerging geopolitical tensions. The timing of this risk was suboptimal as the RV industry entered its ever-important spring selling season. We felt it was prudent at that time to maintain guidance due to this developing risk despite the Company accumulating a meaningful level of profitability through the first six months of our fiscal 2026.

While we were correct to treat the risk with a high level of consideration, we did not anticipate the magnitude of the consequences that were brought on by geopolitical influences that weighed further on existing consumer sentiment and amplified macroeconomic challenges. Arguably, very few voices across the RV industry and the broader economic landscape anticipated the full scope of the consequences, or their duration. These macroeconomic headwinds have weighed heavily on consumer sentiment due to negative headlines, economic uncertainty, rising fuel costs and inflationary cost pressures that were already present due to tariff policies. Individually, these factors do not always dictate the direction of the RV industry. However, collectively, the drag on consumer sentiment by these factors has had a significant impact on the retail environment.

The macroeconomic pressures also impact affordability. Inflationary pressures restrict the Federal Reserve’s ability to reduce interest rates, a key factor that influences financing costs for RV customers. Material costs have also risen, which can impact pricing at the retail level as well as the profitability of our operating segments. In an environment where affordability concerns are already a key impediment to a significant retail inflection, rising material costs must be shared across the value chain if our industry expects to sustain a healthy level of retail pull-through. This environment has been challenging for our operating segments, leading to pressured profitability metrics and a need to reevaluate supply chain dynamics.

In evaluating our fiscal 2026 year-to-date results and looking forward to our fiscal 2026 fourth quarter, we believe that heightened risk remains regarding the health of the consumer, the RV retail environment and near-term margin performance. While we are steadfast in our belief in the long-term growth of the RV industry and in our ability to strengthen our margin profile, we believe it is prudent to revise our full-year fiscal 2026 guidance to align with the realities of the prolonged and accentuated macroeconomic headwinds.

For fiscal 2026, the Company’s revised full-year financial guidance includes:
•Consolidated net sales in the range of $9.0 billion to $9.5 billion (no revision)
•Declining gross margin at midpoint (previously stable)
•Diluted earnings per share in the range of $3.30 to $3.80 (previously $3.75 to $4.25)
•For the fiscal year 2026 period, an assumption of a mid-teens retail decline in North America with a low-single-digit market share decline in North American Towables and a low-single-digit market share gain in North American Motorized (previously 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 (no revision)
•A total tax rate in the range of 26% to 28% including estimated discrete items (previously 24% to 26% excluding discrete items)
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Summary of Key Quarterly Segment Data – North American Towable RVs
Dollars are in thousands
NET SALES:Three Months Ended April 30,Change
20262025
North American Towable
Travel Trailers$538,239 $676,680 (20.5)%
Fifth Wheels343,539 492,198 (30.2)%
Total North American Towable$881,778 $1,168,878 (24.6)%
# OF UNITS:Three Months Ended April 30,Change
20262025
North American Towable
Travel Trailers21,793 28,417 (23.3)%
Fifth Wheels5,252 7,660 (31.4)%
Total North American Towable27,045 36,077 (25.0)%
ORDER BACKLOG:
As of April 30,
Change
20262025
North American Towable$385,988 $634,318 (39.1)%
TOWABLE RV MARKET SHARE SUMMARY: (1)
Calendar Years to Date March 31,
20262025
U.S. Market35.4 %37.4 %
Canadian Market36.9 %37.7 %
Combined North American Market35.5 %37.4 %

(1) Source: Statistical Surveys, Inc., CYTD March 31, 2026 and 2025.

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.
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Summary of Key Quarterly Segment Data – North American Motorized RVs
Dollars are in thousands
NET SALES:Three Months Ended April 30,Change
20262025
North American Motorized
Class A$186,725 $174,783 6.8 %
Class C403,538 340,530 18.5 %
Class B127,473 151,373 (15.8)%
Total North American Motorized$717,736 $666,686 7.7 %
# OF UNITS:Three Months Ended April 30,Change
20262025
North American Motorized
Class A1,008 991 1.7 %
Class C3,871 3,243 19.4 %
Class B1,129 1,273 (11.3)%
Total North American Motorized6,008 5,507 9.1 %
ORDER BACKLOG:As of April 30,Change
20262025
North American Motorized$766,117 $883,739 (13.3)%
MOTORIZED RV MARKET SHARE SUMMARY: (1)
Calendar Years to Date March 31,
20262025
U.S. Market47.9 %46.8 %
Canadian Market42.4 %43.7 %
Combined North American Market47.8 %46.6 %

(1) Source: Statistical Surveys, Inc., CYTD March 31, 2026 and 2025.

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.



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Summary of Key Quarterly Segment Data – European RVs
Dollars are in thousands
NET SALES:Three Months Ended April 30,Change
20262025
European
Motorcaravan$543,757 $481,554 12.9 %
Campervan294,629 252,227 16.8 %
Caravan50,428 59,083 (14.6)%
Other98,771 90,678 8.9 %
Total European$987,585 $883,542 11.8 %
# OF UNITS:Three Months Ended April 30,Change
20262025
European
Motorcaravan7,109 6,484 9.6 %
Campervan4,984 4,632 7.6 %
Caravan1,972 2,379 (17.1)%
Total European14,065 13,495 4.2 %
ORDER BACKLOG:As of April 30,Change
20262025
European$1,357,430 $1,343,608 1.0 %
EUROPEAN RV MARKET SHARE SUMMARY: (1)
Calendar Years to Date March 31,
20262025
Motorcaravan and Campervan (2)
26.3 %25.0 %
Caravan16.7 %16.1 %

(1) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), CYTD March 31, 2026 and 2025. 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).
(2) The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.
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Non-GAAP Reconciliations

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

EBITDA Reconciliations
($ in thousands)
Three Months Ended
April 30,		Nine Months Ended
April 30,
2026202520262025
Net income (GAAP)$95,538 $133,928 $133,348 $129,966 
Add back:
Interest expense, net9,655 11,20528,09238,383
Income tax provision37,935 21,652 53,605 22,858 
Depreciation and amortization of intangible assets65,950 66,173 196,863 199,828 
EBITDA (Non-GAAP)$209,078 $232,958 $411,908 $391,035 
Add back:
Stock-based compensation expense6,702 8,188 25,599 26,798 
Change in LIFO reserve, net2,837 (1,400)5,941 (2,900)
Non-cash foreign currency loss (gain)(1,534)2,665 (2,613)7,311 
Investment-related loss (gain) (1)
(14,227)137 (13,162)5,414 
Weather-related loss (gain)— (1,500)— (1,500)
Strategic initiatives6,282 12,722 29,023 28,181 
Other loss (gain), including sales of PP&E(25,577)1,053 (44,076)(4,719)
Adjusted EBITDA (Non-GAAP)$183,561 $254,823 $412,620 $449,620 

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

EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense (income), income tax provision (benefit) and depreciation and amortization. Adjusted EBITDA reflects adjustments to EBITDA to identify items that, in management’s judgment, significantly affect the assessment of earnings results between periods. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
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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 and actual results may 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 level of consumer confidence and the level of discretionary consumer spending; 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, trade, 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 ability to realize anticipated benefits of strategic initiatives including realignments or other reorganizational actions; 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 costs 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, including confidential and personal information, 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 adverse weather conditions and/or weather-related events; 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, 2026 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.
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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Source: View Original Filing on SEC EDGAR

FAQ

How did THOR Industries (THO) perform in fiscal Q3 2026?

THOR Industries reported Q3 FY26 net sales of $2.78 billion, down 3.9% year over year. Net income attributable to THOR fell to $97.2 million and diluted EPS declined to $1.86, mainly due to margin compression in the North American Towable segment.

What updated fiscal 2026 guidance did THOR Industries (THO) provide?

THOR reaffirmed full-year FY26 net sales guidance of $9.0–$9.5 billion but cut diluted EPS guidance to $3.30–$3.80 from $3.75–$4.25. Management now expects a mid-teens North American retail decline and a declining gross margin at the midpoint of guidance.

How are THOR Industries’ operating segments performing in Q3 2026?

In Q3 FY26, North American Towable net sales fell 24.6%, while North American Motorized and European net sales grew 7.7% and 11.8%, respectively. However, all three segments experienced gross margin pressure from higher material, warranty and mix-related costs.

What capital allocation actions did THOR Industries (THO) take during Q3 2026?

During Q3 FY26, THOR repurchased $50.5 million of shares and paid $27.1 million in dividends. The company also invested $38.1 million in capital expenditures and reduced total debt, maintaining net debt at roughly 0.8x trailing twelve-month EBITDA.

What is THOR Industries’ liquidity and leverage position as of April 30, 2026?

As of April 30, 2026, THOR held $371.9 million in cash and had $998.0 million available under its revolving credit facility. With total gross debt of $882.6 million, net debt to trailing twelve-month EBITDA stood at approximately 0.8x, indicating modest leverage.

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