THOR Industries (NYSE: THO) Q2 2026 results led by motorized RV growth

Q: How did THOR Industries (THO) perform in fiscal Q2 2026?

THOR Industries grew fiscal Q2 2026 net sales to $2.13 billion , up 5.3% year over year, and generated $17.8 million in net income attributable to THOR. EBITDA reached $95.3 million and Adjusted EBITDA was $98.1 million , reflecting improved profitability versus a prior-year loss.

Q: How did THOR Industries’ European segment perform in Q2 2026?

THOR’s European segment grew Q2 2026 net sales 11.8% to $684.5 million , helped by higher pricing and favorable foreign exchange. However, gross margin fell 220 basis points due to a greater mix of lower-margin special-edition motorcaravans, higher warranty costs, and restructuring expenses.

Q: How strong is THOR Industries’ balance sheet after Q2 2026?

As of January 31, 2026 , THOR held $242.2 million in cash and had $998.0 million available under its revolving credit facility, for total liquidity of $1.24 billion . Net debt to trailing 12‑month EBITDA stood at roughly 1.0x , indicating modest leverage.

Filing Impact

(High)

Filing Sentiment

(Neutral)

Form Type

8-K

Rhea-AI Filing Summary

THOR Industries reported fiscal 2026 second quarter net sales of $2,125,856,000, up 5.3% from a year earlier. Net income attributable to THOR was $17,803,000, versus a small loss previously, with diluted earnings per share of $0.34. EBITDA reached $95,290,000 and Adjusted EBITDA was $98,054,000.

Growth was led by North American Motorized RVs, where quarterly net sales rose 29.3% to $577,071,000 and gross margin improved by 170 basis points. European net sales grew 11.8% to $684,472,000 but margins fell due to product mix and higher warranty costs, while North American Towable net sales declined 14.2% amid lower unit shipments.

The company maintained full-year fiscal 2026 guidance, targeting consolidated net sales of $9.0–$9.5 billion and diluted earnings per share of $3.75–$4.25, with gross margin expected to be stable at the midpoint. THOR highlighted a strategic evolution of its North American RV operating model, continued restructuring in Europe, debt reduction of about $47.1 million in the quarter, and shareholder returns through $25.2 million of share repurchases and $54.8 million of dividends related to the first half of fiscal 2026.

Insights

Q2 shows modest sales growth, margin pressure, strong motorized performance, and steady full-year guidance.

THOR Industries delivered fiscal Q2 2026 net sales of $2,125,856,000, up 5.3%, with net income attributable to THOR of $17,803,000 after a loss a year earlier. EBITDA of $95,290,000 and Adjusted EBITDA of $98,054,000 indicate healthier profitability, though overall margins remain slim.

Performance varied by segment. North American Motorized net sales grew 29.3% to $577,071,000, and gross margin expanded 170 basis points on volume leverage and lower labor costs. North American Towable net sales fell 14.2% as unit shipments declined while dealers managed inventory, yet gross margin compression was limited to 50 basis points. In Europe, net sales rose 11.8% to $684,472,000, but gross margin fell 220 basis points and the segment posted a pre-tax loss, weighed by restructuring costs and lower-margin products.

The company reaffirmed full-year fiscal 2026 guidance for consolidated net sales of $9.0–$9.5 billion and diluted EPS of $3.75–$4.25, citing geopolitical and macroeconomic uncertainty as reasons not to raise targets despite strong first-half earnings. Liquidity totaled $1,240,176,000 as of January 31, 2026, with net debt to trailing 12‑month EBITDA at 1.0x, supporting ongoing dividends, share repurchases, and strategic initiatives including the new North American RV group structure and European restructuring efforts.

03/03/2026 - 06:35 AM

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): March 3, 2026

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.)

52700 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 class

Ticker symbol(s)

Name of each exchange on which registered

Common stock (Par value $.10 Per Share)

THO

New York Stock Exchange

Indicate by check mark whether the registrant is 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 March 3, 2026, THOR Industries, Inc. (the “Company”) issued a press release announcing certain financial results for the second quarter ended January 31, 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 Number

Description

99.1

Copy of press release, dated March 3, 2026, issued by the Company

99.2

Copy of investor slide presentation, posted on the Company’s website on March 3, 2026

99.3

Copy of investor questions and answers posted on the Company’s website on March 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:

March 3, 2026

By:

/s/ Colleen Zuhl

Name:

Colleen Zuhl

Title:

Senior Vice President and Chief Financial Officer

52700 Independence Court, Elkhart, Indiana 46514

THOR INDUSTRIES ANNOUNCES FISCAL 2026 SECOND QUARTER RESULTS


Financial Highlights

($ in thousands, except for per share data)	Three Months Ended January 31,				Change		Six Months Ended January 31,				Change
	2026		2025				2026		2025
Net Sales	$	2,125,856	$	2,018,107	5.3	%	$	4,514,979	$	4,160,891	8.5	%
Gross Profit	$	251,254	$	245,197	2.5	%	$	572,228	$	526,639	8.7	%
Gross Profit Margin %	11.8%		12.1%		(30) bps		12.7%		12.7%		— bps
Net Income (Loss) Attributable to THOR	$	17,803	$	(551)	n/m		$	39,472	$	(2,383)	n/m
Diluted Earnings (Loss) Per Share	$	0.34	$	(0.01)	n/m		$	0.75	$	(0.04)	n/m


EBITDA (1)	$	95,290	$	76,344	24.8	%	$	202,830	$	158,077	28.3	%
Adjusted EBITDA (1)	$	98,054	$	87,015	12.7	%	$	229,059	$	194,797	17.6	%

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

Fiscal 2026 Second Quarter

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

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

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

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

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

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

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

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

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

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

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

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

Second Quarter Financial Results

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

Segment Results

North American Towable RVs


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


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

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

North American Motorized RVs


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


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

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

European RVs


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


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

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

Fiscal 2026 Guidance

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

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

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

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

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

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

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

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

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

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

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.

Forward-Looking Statements

This release includes certain statements that are “forward-looking” statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements are made based on management’s current expectations and beliefs regarding future and anticipated developments and their effects upon THOR, and inherently involve uncertainties and risks. These forward-looking statements are not a guarantee of future performance. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, 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 realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, 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 January 31, 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.


THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JANUARY 31, 2026 AND 2025
($000’s except share and per share data) (Unaudited)

	Three Months Ended January 31,						Six Months Ended January 31,
	2026		% Net Sales (1)	2025		% Net Sales (1)	2026		% Net Sales (1)	2025		% Net Sales (1)
Net sales	$	2,125,856		$	2,018,107		$	4,514,979		$	4,160,891
Gross profit	$	251,254	11.8%	$	245,197	12.1%	$	572,228	12.7%	$	526,639	12.7%
Selling, general and administrative expenses	212,021		10.0%	206,222		10.2%	466,051		10.3%	446,419		10.7%
Amortization of intangible assets	27,797		1.3%	29,244		1.4%	55,725		1.2%	59,066		1.4%




Interest expense, net	9,420		0.4%	11,950		0.6%	18,437		0.4%	27,178		0.7%
Other income, net	18,976		0.9%	619		—%	21,465		0.5%	3,268		0.1%
Income (loss) before income taxes	20,992		1.0%	(1,600)		(0.1)%	53,480		1.2%	(2,756)		(0.1)%
Income tax provision	6,351		0.3%	1,489		0.1%	15,670		0.3%	1,206		—%
Net income (loss)	14,641		0.7%	(3,089)		(0.2)%	37,810		0.8%	(3,962)		(0.1)%
Less: Net loss attributable to non-controlling interests	(3,162)		(0.1)%	(2,538)		(0.1)%	(1,662)		—%	(1,579)		—%
Net income (loss) attributable to THOR Industries, Inc.	$	17,803	0.8%	$	(551)	—%	$	39,472	0.9%	$	(2,383)	(0.1)%

Earnings (loss) per common share:
Basic	$	0.34		$	(0.01)		$	0.75		$	(0.04)
Diluted	$	0.34		$	(0.01)		$	0.75		$	(0.04)

Weighted-average common shares outstanding:
Basic	52,704,784			53,208,626			52,697,434			53,091,615
Diluted	52,844,227			53,208,626		(2)	52,909,903			53,091,615		(2)

(1) Percentages may not add due to rounding differences
(2) Due to losses for the three and six months ended January 31, 2025, zero incremental shares are included because the effect would have been antidilutive


SUMMARY CONDENSED CONSOLIDATED BALANCE SHEETS ($000’s) (Unaudited)

	January 31, 2026		July 31, 2025			January 31, 2026		July 31, 2025
Cash and equivalents	$	242,176	$	586,596	Current liabilities	$	1,540,075	$	1,584,696
Accounts receivable, net	767,433		707,363		Long-term debt, net	877,771		919,612
Inventories, net	1,588,024		1,351,796		Other long-term liabilities	276,289		271,424
Prepaid income taxes, expenses and other	118,662		132,220		Stockholders’ equity	4,322,713		4,289,552
Total current assets	2,716,295		2,777,975
Property, plant & equipment, net	1,333,214		1,315,728
Goodwill	1,882,558		1,841,118
Amortizable intangible assets, net	715,139		758,758
Equity investments and other, net	369,642		371,705
Total	$	7,016,848	$	7,065,284		$	7,016,848	$	7,065,284

Non-GAAP Reconciliations

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


EBITDA Reconciliations
($ in thousands)

	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
Net income (loss) (GAAP)	$	14,641	$	(3,089)	$	37,810	$	(3,962)
Add back:
Interest expense, net	9,420		11,950		18,437		27,178
Income tax provision	6,351		1,489		15,670		1,206
Depreciation and amortization of intangible assets	64,878		65,994		130,913		133,655
EBITDA (Non-GAAP)	$	95,290	$	76,344	$	202,830	$	158,077
Add back:
Stock-based compensation expense	7,947		8,073		18,897		18,610
Change in LIFO reserve, net	3,104		(1,500)		3,104		(1,500)

Non-cash foreign currency loss (gain)	(4,589)		1,254		(1,079)		4,646
Investment-related loss (gain)	640		2,635		1,065		5,277


Strategic initiatives	7,691		—		22,741		15,459
Other loss (gain), including sales of PP&E	(12,029)		209		(18,499)		(5,772)
Adjusted EBITDA (Non-GAAP)	$	98,054	$	87,015	$	229,059	$	194,797

EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income (loss) before net interest expense (income), 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.

THOR Investor Relations Contact:

investors@thorindustries.com

(574) 970-7460

Second 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. We cannot assure you that actual results will not differ materially from our expectations. Factors which could cause materially different results include, among others: the impact of inflation on the cost of our products as well as on general consumer demand; the effect of raw material and commodity price fluctuations, including the impact of tariffs, and/or raw material, commodity or chassis supply constraints; the impact of war, military conflict, terrorism and/or cyber-attacks, including state-sponsored or ransom attacks; the impact of sudden or significant adverse changes in the cost and/or availability of energy or fuel, including those caused by geopolitical events, on our costs of operation, on raw material prices, on our suppliers, on our independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability; the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, 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 realignments or other reorganizational actions; the level of consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs and related employee benefits to attract and retain production personnel in times of high demand; the loss or reduction of sales to key independent dealers, and stocking level decisions of our independent dealers; disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities; increasing costs for freight and transportation; the ability to protect our information technology systems, 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 January 31, 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 January 31, 2025 Other, net $153,828 7.3% North American Motorized $577,071 27.1% North American Towable $710,485 33.4% European $684,472 32.2% SECOND QUARTER FISCAL 2026 $2.13 billion +5.3% (2) Other, net $131,078 6.6% North American Motorized $446,298 22.1% North American Towable $828,266 41.0% European $612,465 30.3% SECOND QUARTER FISCAL 2025 $2.02 billion THOR CONSOLIDATED NET SALES (1)

4 Second Quarter Financial Highlights • North American Motorized results meaningfully outpaced the prior-year period, with strong performance on both the top and bottom lines • Net income attributable to THOR was aided by gains associated with real estate transactions as we continue to strategically optimize our footprint • The strategic evolution of THOR’s North American RV operating model, announced after quarter end on February 23, 2026, positions the Company to further optimize efficiency, enhance collaboration across brands and strengthen our long-term competitive advantage ($ in thousands) Q2 FY 2026 Q2 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales North American Towable $ 710,485 $ 828,266 (14.2) % $ 1,607,575 $ 1,727,044 (6.9) % North American Motorized 577,071 446,298 29.3 % 1,238,167 951,506 30.1 % European 684,472 612,465 11.8 % 1,339,951 1,217,368 10.1 % Other, net 153,828 131,078 17.4 % 329,286 264,973 24.3 % Total $ 2,125,856 $ 2,018,107 5.3 % $ 4,514,979 $ 4,160,891 8.5 % Gross Profit Margin % 11.8 % 12.1 % (30) bps 12.7 % 12.7 % — bps Net Income (Loss) (1) $ 17,803 $ (551) n/m $ 39,472 $ (2,383) n/m Diluted Earnings (Loss) per Share (1) $ 0.34 $ (0.01) n/m $ 0.75 $ (0.04) n/m EBITDA (2) $ 95,290 $ 76,344 24.8 % $ 202,830 $ 158,077 28.3 % Adjusted EBITDA (2) $ 98,054 $ 87,015 12.7 % $ 229,059 $ 194,797 17.6 % THOR’s results reflect continued execution in line with our expectations in 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 Second Quarter Summary

5 Fiscal 2026 Second Quarter Key Drivers • Net sales decreased 14.2% due to a 23.0% decline in unit shipments as we continued to work with our independent dealers to manage channel inventory throughout the winter months • Gross margin percentage declined just 50 basis points despite the reduction in unit shipment volume as higher material and overhead costs were partially offset by lower warranty costs and a favorable shift in product mix towards fifth wheels • Income before income taxes includes gains on sales of assets of $9.5 million and $13.1 million for the three and six months ended January 31, 2026, respectively, compared to $0.3 million and $2.7 million in the corresponding prior-year periods, respectively • Independent dealer inventory of THOR Towable products at January 31, 2026 fell 11.1% year-over-year but increased 11.3% sequentially in advance of the upcoming spring selling season North American Towable Segment Q2 FY 2026 Q2 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 710,485 $ 828,266 (14.2) % $ 1,607,575 $ 1,727,044 (6.9) % Gross Profit Margin % 10.6 % 11.1 % (50) bps 12.1 % 11.8 % +30 bps Income Before Income Taxes (1) $ 31,195 $ 28,152 10.8 % $ 77,666 $ 74,973 3.6 % Wholesale Shipments (2) 21,577 28,013 (23.0) % 47,384 58,031 (18.3) % Average Sales Price $ 32,928 $ 29,567 11.4 % $ 33,927 $ 29,761 14.0 % As of 1/31/2026 As of 1/31/2025 Change Backlog (1) $ 621,461 $ 1,073,758 (42.1) % Dealer Inventory (3) 67,740 76,180 (11.1) % (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

6 Fiscal 2026 Second Quarter Key Drivers • Net sales increased 29.3% compared to the prior-year period as unit shipments increased 28.3% on the strength of our shipments to rental customers as well as our products continuing to resonate with customers at critical price points • Gross margin percentage improved 170 basis points over the prior-year period due to volume leverage and lower labor costs • Increases in net sales and gross margin drove strong income before income taxes for both the three and six months ended January 31, 2026 • Independent dealer inventory of THOR Motorized products at January 31, 2026 was up 13.0% compared to the prior year, favorably positioning channel inventory as we enter the spring selling season Q2 FY 2026 Q2 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 577,071 $ 446,298 29.3 % $ 1,238,167 $ 951,506 30.1 % Gross Profit Margin % 9.5 % 7.8 % +170 bps 10.2 % 8.1 % +210 bps Income Before Income Taxes (1) $ 20,904 $ 4,298 386.4 % $ 54,053 $ 13,379 304.0 % Wholesale Shipments (2) 4,524 3,526 28.3 % 9,474 7,267 30.4 % Average Sales Price $ 127,558 $ 126,573 0.8 % $ 130,691 $ 130,935 (0.2) % As of 1/31/2026 As of 1/31/2025 Change Backlog (1) $ 1,042,227 $ 1,124,735 (7.3) % Dealer Inventory (3) 11,324 10,021 13.0 % North American Motorized Segment (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

7 Fiscal 2026 Second Quarter Key Drivers • Net sales increased 11.8% driven by the combined impact of a 0.2% increase in unit shipments and an 11.6% increase in the overall price per unit, of which 11.4% was due to favorable changes in foreign exchange rates • Gross margin decreased 220 bps compared to Q2 FY25 due to a higher mix of lower-margin, special-edition motorcaravan products as well as increased warranty costs • Loss before income taxes includes restructuring costs of $5.1 million and $12.3 million for the three and six months ended January 31, 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 Q2 FY 2026 Q2 FY 2025 Change FYTD 2026 FYTD 2025 Change Net Sales (1) $ 684,472 $ 612,465 11.8 % $ 1,339,951 $ 1,217,368 10.1 % Gross Profit Margin % 11.0 % 13.2 % (220) bps 11.4 % 14.3 % (290) bps Income (Loss) Before Income Taxes (1) $ (12,308) $ 2,210 n/m $ (38,946) $ 3,387 n/m Wholesale Shipments (2) 9,465 9,442 0.2 % 18,188 18,077 0.6 % Average Sales Price $ 72,316 $ 64,866 11.5 % $ 73,672 $ 67,343 9.4 % As of 1/31/2026 As of 1/31/2025 Change Backlog (1) $ 1,832,102 $ 1,644,015 11.4 % Dealer Inventory (3) 23,281 25,732 (9.5) % European Segment (1) $ in thousands; (2) in units; (3) Independent dealer inventory of THOR products, in units

8 ($ in thousands) As of January 31, 2026 As of January 31, 2025 Cash and Cash Equivalents $ 242,176 $ 373,819 Availability under Revolving Credit Facility 998,000 855,000 Total Liquidity $ 1,240,176 $ 1,228,819 Outstanding Debt (1) $ 889,538 $ 1,045,380 Leverage Ratios (2) As of January 31, 2026 As of January 31, 2025 Net Debt / TTM EBITDA 1.0 x 1.1 x Net Debt / TTM Adjusted EBITDA 0.9 x 1.0 x Cash Flow Generation FYTD 2026 FYTD 2025 Net Cash Provided by (Used in) Operations $ (157,108) $ 61,582 (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 in both North America and Europe

9 Capital Management PRIORITIES AND FISCAL 2026 ACTIONS Invest in THOR’s business ▪ Capex investment of $28.4 million during Q2 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 $47.1 million during Q2 FY26 ▪ Committed to long-term net debt leverage ratio target of 1.0x Repurchase shares on a strategic and opportunistic basis ▪ Repurchased 242,731 shares, totaling approximately $25.2 million, during Q2 FY26 ▪ $349.0 million available to be repurchased under current authorization as of January 31, 2026 Support opportunistic strategic investments ▪ Liquidity and history of strong annual cash flow generation favorably position THOR to seize upon opportunities in both North America and Europe (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 January 31, 2026

10 Fiscal Year 2026 Guidance (1) (1) Our Fiscal Year 2026 runs from August 1, 2025 through July 31, 2026 (2) Before consideration of any discrete tax items Consolidated Net Sales $9.0B – $9.5B Gross Margin Stable at Midpoint Assumptions ▪ Stable gross margin at midpoint, with upside in a stronger market ▪ Wholesale and retail volumes are roughly balanced ▪ Low- to mid-single-digit retail decline in the North American market with stable market share ▪ No meaningful financial impact related to the strategic evolution of our North American RV operations for the balance of the fiscal year ▪ A tax rate in the range of 24% to 26% (2)Diluted Earnings Per Share $3.75 – $4.25

11 Highlights • On February 23, 2026, THOR announced a strategic pivot from its historically decentralized North American RV operating model with the formation of two North American RV Groups • Jayco, with its Entegra, Open Range and Heartland brands, will unite with Tiffin Motorhomes under the leadership of Jayco President, Ken Walters, pairing two of the industry’s strongest motorized manufacturers and continuing to grow many of the strongest towable brands in North America • To be led by its current President, Jeff Kime, 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 ◦ Troy James, currently serving as THOR’s SVP of International Business Operations, will become Chief Operating Officer of this Group • Airstream and KZ will continue to operate independently, but will benefit from the enhanced collaboration across all of THOR’s brands 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) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 TTM Net Income (Loss) (GAAP) $ (3,089) $ 133,928 $ 126,625 $ 23,169 $ 14,641 $ 298,363 Add Back: Interest Expense, Net 11,950 11,205 10,058 9,017 9,420 39,700 Income Tax Provision 1,489 21,652 16,742 9,319 6,351 54,064 Depreciation and Amortization of Intangible Assets 65,994 66,173 71,379 66,035 64,878 268,465 EBITDA (Non-GAAP) $ 76,344 $ 232,958 $ 224,804 $ 107,540 $ 95,290 $ 660,592 Add Back: Stock-Based Compensation Expense 8,073 8,188 4,074 10,950 7,947 31,159 Change in LIFO Reserve, net (1,500) (1,400) 3,602 — 3,104 5,306 Non-Cash Foreign Currency Loss (Gain) 1,254 2,665 1,944 3,510 (4,589) 3,530 Investment-Related Loss (Gain) 2,635 137 (470) 425 640 732 Weather-Related (Gain) — (1,500) (12,153) — — (13,653) Strategic Initiatives — 12,722 15,020 15,050 7,691 50,483 Other Loss (Gain), Including Sales of PP&E 209 1,053 (27,315) (6,470) (12,029) (44,761) Adjusted EBITDA (Non-GAAP) $ 87,015 $ 254,823 $ 209,506 $ 131,005 $ 98,054 $ 693,388 Net Sales $ 2,018,107 $ 2,894,816 $ 2,523,783 $ 2,389,123 $ 2,125,856 $ 9,933,578 Adjusted EBITDA Margin (%) 4.3 % 8.8 % 8.3 % 5.5 % 4.6 % 7.0 % Total Long-Term Debt as of January 31, 2026 (1) $ 889,538 Less: Cash and Cash Equivalents 242,176 Net Debt $ 647,362 Net Debt / TTM EBITDA 1.0 Net Debt / TTM Adjusted EBITDA 0.9 EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one- time items. EBITDA is defined as net income (loss) before net interest expense (income), 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) Total debt obligations as of January 31, 2026 inclusive of the current portion of long-term debt.

14 Quarterly EBITDA Reconciliations By Segment TTM Fiscal Quarters ($ in thousands) Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 TTM Net Income (Loss) (GAAP) $ 28,152 $ 97,587 $ 74,452 $ 46,471 $ 31,195 $ 249,705 Add Back: Interest Expense (Income), Net (3) (3) (2) (3) (3) (11) Depreciation and Amortization of Intangible Assets 13,155 13,207 13,206 12,118 12,010 50,541 EBITDA (Non-GAAP) $ 41,304 $ 110,791 $ 87,656 $ 58,586 $ 43,202 $ 300,235 Net Sales $ 828,266 $ 1,168,878 $ 888,744 $ 897,090 $ 710,485 $ 3,665,197 EBITDA Margin % 5.0 % 9.5 % 9.9 % 6.5 % 6.1 % 8.2 % Net Income (Loss) (GAAP) $ 4,298 $ 32,883 $ 39,081 $ 33,149 $ 20,904 $ 126,017 Add Back: Interest Expense (Income), Net (3) (1) (1) (1) — (3) Depreciation and Amortization of Intangible Assets 8,621 8,400 8,442 8,002 7,996 32,840 EBITDA (Non-GAAP) $ 12,916 $ 41,282 $ 47,522 $ 41,150 $ 28,900 $ 158,854 Net Sales $ 446,298 $ 666,686 $ 557,412 $ 661,096 $ 577,071 $ 2,462,265 EBITDA Margin % 2.9 % 6.2 % 8.5 % 6.2 % 5.0 % 6.5 % Net Income (Loss) (GAAP) $ 7,890 $ 45,057 $ 59,040 $ (13,822) $ (5,179) $ 85,096 Add Back: Interest Expense (Income), Net 336 508 18 557 (163) 920 Income Tax Provision (Benefit) (5,680) 1,242 (7,092) (12,816) (7,129) (25,795) Depreciation and Amortization of Intangible Assets 30,327 30,906 35,960 33,147 32,098 132,111 EBITDA (Non-GAAP) $ 32,873 $ 77,713 $ 87,926 $ 7,066 $ 19,627 $ 192,332 Net Sales $ 612,465 $ 883,542 $ 923,051 $ 655,479 $ 684,472 $ 3,146,544 EBITDA Margin % 5.4 % 8.8 % 9.5 % 1.1 % 2.9 % 6.1 % 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 calendar year 2025. (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 38.9% 37.1% 49.0% 49.4% 41.9% 23.5% #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 37.1 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 389.6 544.0 434.9 267.3 298.8 306.2 311.9 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 (e) 353.5 237.0 165.6 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 430.4 600.2 493.3 313.2 333.7 342.2 349.0 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) Dec. 2025 Dec. 2024 Unit Change % Change 342,220 333,733 8,487 +2.5% Calendar YTD Shipments (Units) Dec. 2025 Dec. 2024 Unit Change % Change 306,191 298,842 7,349 +2.5% Calendar YTD Shipments (Units) Dec. 2025 Dec. 2024 Unit Change % Change 36,029 34,891 1,138 +3.3% Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar year 2026 represents the most recent RVIA "most likely" estimate from their December 2025 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; Calendar years 2025 and 2024 (2) Source: The Conference Board, Consumer Confidence Survey®, through December 2025 CONSUMER CONFIDENCE VS. RV RETAIL REGISTRATIONS (1)(2) TOWABLE Calendar Year 2025 2024 Units Share % Units Share % Forest River 118,214 37.9 % 118,157 37.4 % THOR Industries 117,778 37.7 % 119,924 38.0 % Grand Design 26,088 8.4 % 27,466 8.7 % Brinkley 7,839 2.5 % 4,824 1.5 % Alliance 7,171 2.3 % 5,537 1.8 % All Others 34,932 11.2 % 40,045 12.6 % Industry Total 312,022 315,953 MOTORIZED Calendar Year 2025 2024 Units Share % Units Share % THOR Industries 17,903 47.5 % 18,885 47.2 % Forest River 7,632 20.2 % 7,631 19.1 % Winnebago 5,716 15.2 % 6,690 16.7 % REV Group 2,493 6.6 % 2,827 7.1 % Grand Design 607 1.6 % 30 0.1 % All Others 3,374 8.9 % 3,965 9.8 % Industry Total 37,725 40,028 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; Calendar years 2025 and 2024; 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 11.8% and 14.5% of Motorcaravans & Campervans retailed in calendar years 2025 and 2024, respectively CARAVANS Calendar Year 2025 2024 Units Share % Units Share % Hobby 15,191 36.0 % 16,638 35.7 % Knaus Tabbert 9,754 23.1 % 10,342 22.2 % Erwin Hymer Group 7,080 16.8 % 8,398 18.0 % Trigano 6,205 14.7 % 7,106 15.2 % All Others 4,025 9.4 % 4,144 8.9 % Industry Total 42,255 46,628 MOTORCARAVANS & CAMPERVANS Calendar Year 2025 2024 Units Share % Units Share % Trigano 37,241 26.7 % 35,492 25.6 % Erwin Hymer Group 35,586 25.5 % 34,506 24.9 % Knaus Tabbert 12,861 9.2 % 13,456 9.7 % Hobby 1,715 1.2 % 1,286 0.9 % All Others (3) 51,904 37.4 % 54,003 38.9 % Industry Total 139,307 138,743 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 10.3% of the caravan and motorcaravan (including campervans) European retail market for the calendar year ended December 31, 2025, respectively, and others. Total European registrations are reported quarterly by the ECF. Data from the ECF is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various countries. The “Non-OEM Reporting Countries” either do not report OEM-specific data to the ECF or do not have it available for the entire time period covered. Market share percentages are calculated based solely upon the available registration statistics from the “OEM Reporting Countries.” Europe RV Industry Overview

20 Additional Metrics $3,842,508 $3,495,790 $1,073,758 $621,461 $1,124,735 $1,042,227 $1,644,015 $1,832,102 NA Towables NA Motorized European 1/31/25 1/31/26 121,300 87,800 86,200 79,100 Inventory Units 1/31/23 1/31/24 1/31/25 1/31/26 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS RV BACKLOG OF $3.50 billion (9.0)% (1) (1) As compared to January 31, 2025 (2) Comparable independent dealer inventory unit information was not available prior to July 31, 2023 24,800 25,700 23,300 Inventory Units 1/31/24 1/31/25 1/31/26 EUROPEAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS (2) ($ in thousands)

www.thorindustries.com THOR INVESTOR RELATIONS CONTACT: investors@thorindustries.com (574) 970-7460

SECOND QUARTER FISCAL 2026

INVESTOR QUESTIONS & ANSWERS

March 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 January 31,				Change		Six Months Ended January 31,				Change
	2026		2025				2026		2025
Net Sales	$	2,125,856	$	2,018,107	5.3	%	$	4,514,979	$	4,160,891	8.5	%
Gross Profit	$	251,254	$	245,197	2.5	%	$	572,228	$	526,639	8.7	%
Gross Profit Margin %	11.8%		12.1%		(30) bps		12.7%		12.7%		— bps
Net Income (Loss) Attributable to THOR	$	17,803	$	(551)	n/m		$	39,472	$	(2,383)	n/m
Diluted Earnings (Loss) Per Share	$	0.34	$	(0.01)	n/m		$	0.75	$	(0.04)	n/m


EBITDA (1)	$	95,290	$	76,344	24.8	%	$	202,830	$	158,077	28.3	%
Adjusted EBITDA (1)	$	98,054	$	87,015	12.7	%	$	229,059	$	194,797	17.6	%

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

Quick Reference to Contents


Q&A

	Market Update & Outlook	2
	Operations Update	4
	Strategic Update	6
	Financial Update	7

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.Are North American independent dealer inventory levels adequately positioned and aligned with THOR’s original outlook for the spring 2026 selling season?

a.Despite recent contradictory interpretations, overall, our North American independent dealers remain cautiously optimistic heading into the spring selling season, and we believe dealer inventories are at appropriate levels considering dealer turns and market sentiment. North American independent dealer inventories of THOR products were approximately 79,100 units at the end of our fiscal 2026 second quarter, compared to approximately 86,200 at the end of the prior-year period. Much of this decline can be attributed to the Heartland refresh and the need for dealers to fully reload this new product into the channel.

As it pertains to the possibility of shifts in dealer inventory levels and stocking cadence, we still believe that there is the potential for the timing of pent-up trade-in activity from COVID-19 buyers to align with the upcoming spring selling season, but various macroeconomic uncertainties continue to weigh on consumers and dealers. While the recent Supreme Court introduced the prospect of marginal tariff relief, subsequent tariff actions have created continued uncertainty. Consumer sentiment pulled back over the winter months per the University of Michigan Survey of Consumers, but we did see a slight improvement in January sentiment that we are optimistic could be the start of an upward trend if inflationary pressures continue to subside and trade noise dampens. However, uncertainties caused by recent events in the Middle East could temper any positive momentum in consumer sentiment. Overall, we expect that dealers will continue to prudently manage inventories until a market inflection dictates a change in course as the upcoming spring selling season gets under way.

2.Have there been any recent changes in North American retail trends as THOR enters the second half of its fiscal 2026?

a.Little has changed from what we communicated in September, as we remain in a seasonally slow period while the retail environment has also had to contend with adverse weather. Many dealers have noted reduced foot traffic in January and lost selling days due to weather-related closures. In light of this, some of the positive industry retail trends observed during our fiscal 2026 first quarter have been dulled by the slower winter months in our fiscal 2026 second quarter. Our guidance for fiscal 2026, which assumes North American retail will experience a low- to mid-single digit decline during our current fiscal year compared to our prior fiscal year, remains unchanged due to this leveling of retail trends. While industry retail sales across the first half of our fiscal 2026 have trended in-line with our guidance assumption, we are seeing relative strength in the retail performance of some THOR product segments. For the three calendar months ended December 31, 2025, our towable retail sales trend outperformed the overall industry trend compared to the prior-year period, while, on the motorized side, we saw retail growth beyond industry trends for our Class C products during the same comparative periods. As new and reconfigured products arrive at dealer lots, we are confident in our ability to build upon these positive retail trends. Additionally, we will continue to leverage data tools and enterprise sales strategies that will help position us to achieve retail share gains when adverse weather and macroeconomic challenges subside.

3.How would you describe the European retail environment through the first six months of your fiscal year? Does it still face headwinds heading into the second half of THOR’s fiscal 2026?

a.The European market is still on track for a relatively flat retail environment when compared to fiscal 2025 as various macroeconomic headwinds persist. Principally, overall living costs in Europe are a driving factor that is suppressing meaningful retail growth. According to the European Caravan Federation (“ECF”), total retail registrations in Europe for calendar year 2025 decreased 2.5% in comparison with the prior year. This change was driven by a 10.9% decrease in registrations of caravans, offset by a a 0.6% increase in registrations of motorcaravans and campervans during the period. Consumer preferences continue to shift away from caravan products, with attractively priced campervan units exacerbating this in the near term. Given our strong presence within the motorcaravan and campervan product segment, we expect to be able to continue to adapt our production and product offerings in alignment with this consumer shift.

While retail registrations modestly declined in calendar year 2025, interest in the RV lifestyle has not waned in Europe. At the recent Caravan–Motor–Touristik (“CMT”) trade show in Stuttgart, Germany in January, attendance was up approximately 3% compared to CMT 2025, with sales at the show by our brands also up by approximately 3%. Sustained enthusiasm for the RV lifestyle supports our belief that as price-aggressive offerings continue to clear through the channel, there will be further opportunity to grow our market share by replacing lot space with our recently introduced or redesigned in-demand product offerings.

4.What is your assessment of the state of the North American consumer?

a.While our fiscal year started with lower consumer confidence, there currently are mixed signals in the economy as to the health and trajectory of the North American consumer. The February consumer confidence index came in ahead of expectations, and the recently enacted tax reform has yielded higher refunds so far this tax season, with early analysis indicating refunds are up approximately 10% as a percentage of last year’s refund. Additionally, inflation had begun to show signs of subsiding, which may have given the Federal Reserve room to enact rate cuts in calendar year 2026. Higher tax refunds, easing inflationary pressures and reduced interest rates are generally all positive factors for consumers, and within our industry in particular, due to the importance of discretionary spending and relief regarding the cost of ownership.

Unfortunately, recent events have muddied the consumer outlook and added additional uncertainties for consumers. The imposition of new tariff levels after the recent Supreme Court decision has led to ongoing volatility in tariff impacts, while the latest Producer Price Index has revived concerns about inflation, casting doubt on both the size and timing of any upcoming interest rate reductions. Further, recent events in the Middle East add to the macroeconomic headwinds, with headlines potentially weighing on consumer sentiment.

As we enter the spring selling season, the development of these macroeconomic forces will be evident on our financial results. Our focus is on managing enterprise risk and executing against our internal plans in order to deliver strong results relative to given market conditions. Our strategic initiatives have successfully positioned us to react to the market and ramp up production if consumer tailwinds prevail over the balance of this fiscal year.

OPERATIONS UPDATE

1.What was the genesis for the recently announced evolution of THOR’s North American RV operating model, and what are the expected long-term benefits?

a.THOR’s decentralized structure has, for decades, been a key influence on our success by allowing for a level of autonomy amongst our growing family of brands while driving market-leading performance. The RV industry has changed rapidly in recent years, as challenges have arisen due to factors such as dealer consolidation and the need to further leverage our scale through enterprise-level strategies. To address this shifting landscape and to continue to exceed the expectations of our independent dealers and end customers, on February 23, 2026, 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.

Although implementation processes still lie ahead of us, we have already put in place key foundational aspects that have allowed us to move forward with this evolution. With an eye towards this change in operating structure, we have been intentional with various strategic initiatives in previous periods so as to streamline operations and to allow for an efficient transition to our RV Group model. Various enterprise-level efforts have also been instrumental in our ability to initiate this change, with our growing data strategy and the leveraging of our chassis purchasing power serving as just two examples. To achieve these enterprise-level efforts, we have assembled the necessary talent and support teams that will be key for future enterprise-level initiatives under the new RV Group model.

The new North American RV Group operating model will organize the majority of THOR’s North American RV OEMs into two groups. One Group will include the Jayco, Entegra, Open Range, Heartland and Tiffin brands and will be led by Ken Walters, President of Jayco. The other Group will include the Thor Motor Coach, Keystone, Dutchmen and Crossroads brands and will be led by Jeff Kime, President of Thor Motor Coach. Airstream and KZ will continue to operate independently. While aspects of our decentralized model that have driven our entrepreneurial culture will be preserved, the Company expects the establishment of these operating RV Groups will generate meaningful structural benefits over time, driven by:

•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; and

•Enterprise-wide data, systems and digital integration, strengthening analytics, forecasting, customer engagement capabilities and enabling a unified dealer portal experience across the THOR family of companies.

As the full implementation of this operating model will unfold over time, the savings generated and synergies gained will not be immediate. Initial efforts will focus on structural alignment and governance clarity, followed by operational benefits as coordination matures. Importantly, we are focused on sustainable improvement–not headlines of quantified synergetic savings. As measurable results emerge, we will evaluate the appropriateness of providing additional specificity. The successful integration of Heartland under Jayco’s leadership has provided us with a test case for the evolution of our North American RV operating companies, and the talented teams that we have assembled are ready to execute the furtherance of this evolution at scale.

2.What actions are you taking in your European segment in response to persistent headwinds in the European RV market?

a.The European market has remained challenged in recent quarters and our European segment is not immune to its effects. Alongside pressured margins, the European segment has contended with a retail sales decline of 2.5% across calendar year 2025 compared to calendar year 2024, leading to measured production levels at our European sites as dealer restocking and channel pull-through decelerated. In response, our management teams have and continue to implement multiple restructuring initiatives to rationalize our production capacities. These initiatives have been focused on right-sizing both our workforce and our footprint, while also rationalizing production to more efficient sites with existing capacities. Additionally, our sales teams have worked hard to address the softness in the mainstream product segment, most notably with model refreshes at EHG that have included a period of lower-margin product offerings prior to the release of the refreshed products.

While the restructuring costs and lower-margin product offerings have weighed on the gross margin and bottom-line performance of the European segment in recent periods, we believe the segment is positioning itself well to operate efficiently going forward while being flexible enough to capitalize on a market rebound. As needed, we will continue to identify restructuring opportunities that align our operations with the market realities in Europe. While current European market trends greatly impact sales volumes and apply pressure to our margins, we are intent on controlling what we can control by seeking out and implementing production strategies that further improve our margin profile to achieve enhanced bottom-line results in the face of market headwinds.

3.How is your owned-supplier strategy progressing, and how does the recent acquisition of Synergy Designs fit within this strategy?

a.Through our acquisitions of supply companies, we set out to diversify our revenue streams, stabilize a portion of our supplier base and create advantageous cooperation among multiple levels of the value chain. Postle has provided us a stable and dependable aluminum supplier amidst a volatile commodities market while simultaneously providing robust and diversified profitability. Airxcel has given us a foothold in the supply of component and aftermarket parts that has allowed for robust growth and expansion through contract wins and product introductions that have given the entire RV industry a trusted partner in the supply space. The success of both Postle and Airxcel and the resulting market wins have necessitated expansion, allowing us to strategically repurpose existing THOR properties for supply company use while simultaneously rightsizing our RV production footprint. Due to our strong innovation pipeline, we believe there are extensive growth opportunities in front of our supply companies as they continue to provide attractive alternatives within the supply chain.

These entities have been, and continue to be, additive to our top and bottom lines with growth coming both organically and through acquisitions. THOR recently acquired Synergy Designs, a soft-goods manufacturer that is operating under Airxcel’s management. Synergy Designs will enhance our product portfolio and is a key acquisition for our expanding furniture business. We are confident in its ability to win additional contracts as we invest in their production capabilities and capacities. Our supply company management teams have been successful in the past with acquisition integration, and we are confident in their ability to do so again with Synergy Designs and as we identify additional strategic fits and growth opportunities that further expand our supply content share within the RV industry.

STRATEGIC UPDATE

1.What are the trends that you are seeing across your segments for THOR’s retail market share?

a.For our North American Towable segment, where we have previously experienced share pressure, we have stabilized market share for travel trailers. For fifth wheels, we did see some share erosion in recent periods, but have taken deliberate action to address this erosion. The Heartland reset and Keystone brand refresh are both targeted initiatives designed to strengthen product positioning, enhance value propositions and regain share in the fifth wheel category. We believe those efforts position us to compete more effectively as the market stabilizes.

We remain steady with overall retail market trends for our North American Motorized products. Our share performance has been consistent, and we continue to focus on product innovation, dealer alignment and operational discipline to maintain our competitive position in this segment.

European market share also remains steady across most categories. The exception is caravans, which is a segment experiencing broader structural erosion but is currently not the primary driver of our European segment’s financial performance. Overall, we believe our share performance reflects a disciplined approach to aligning production with demand while positioning key brands for recovery and growth as conditions normalize.

2.Can you provide an update on the Entegra Embark model built on the Harbinger hybrid chassis?

a.The Entegra Embark represents an important innovation initiative for us, combining European-inspired design with the Harbinger series hybrid chassis platform. We believe this product has the potential to expand the appeal of motorized RVs by delivering a modern, more efficient driving experience paired with distinctive design and functionality.

We will be entering production of the Embark within the next sixty days, with initial market engagement being a controlled launch with a rental partner, allowing us to closely monitor real-world performance, customer usage patterns, reliability and overall response. This measured approach will enable us to refine design elements and features before broader retail distribution. Assuming performance and customer feedback meet our expectations, we are targeting expanded retail distribution in our fiscal year 2027.

3.What led to THOR’s decision to elevate the Chief Information Officer to an Executive Officer position?

a.Elevating the Chief Information Officer to the Executive Officer level reflects the increasing strategic importance of data, digital platforms and AI across our enterprise. As THOR continues to scale globally and operate in a more dynamic market environment, technology is no longer simply a support function – it is a core driver of operational discipline, decision-making quality and long-term value creation.

Over the past several years, we have built a strong enterprise data foundation serving all operating companies, including our European operations. Formalizing the Chief Information Officer role ensures that the enterprise technology strategy is directly aligned with business priorities at the highest level of leadership. This move reinforces our commitment to leveraging data as a competitive advantage as we begin to implement our evolved North American RV operating model, continue to grow our supply companies and enhance the performance of all our operating companies.

FINANCIAL UPDATE

1.North American Towable gross profit margin in your fiscal 2026 second quarter declined just 50 basis points compared to the prior-year period despite a 14.2% decline in sales volumes. How have you kept margins resilient?

a.The gross profit margin percentage in the second quarter of fiscal 2026 declined compared to the prior-year period due to higher material and overhead costs, partially offset by favorable product mix and lower warranty costs. Margin structure improvements following the Heartland realignment have incrementally yielded positive results, while a sustained favorable mix of higher-priced fifth wheels has made our Towable margins more resilient against a backdrop of volume declines. Our revamped fifth wheel product offerings have allowed us to capitalize on the mix shift experienced in the industry. Further, we have closely monitored channel inventory so as to manage promotional activity needs, with dealer inventories of THOR Towable products declining 11.1% compared to the prior-year period. Our disciplined production approach, while navigating macroeconomic headwinds and seasonally slower winter months, has positioned us to sustain and expand resilient margins going forward.

2.Where do you expect THOR’s Towable volumes to trend in your fiscal 2026 second half? Do you have any concerns regarding the signaling by dealerships of a potential reduction in order intake?

a.We believe our Towable sales volumes in our fiscal 2026 second half could be challenged as dealers signal further inventory rationalization and contend with lost sales caused by the adverse weather experienced early in calendar year 2026. As of January 31, 2026, our North American Towable backlog has declined 42.1% compared to January 31, 2025, when dealers had grown their inventories in anticipation of an inflection point in the market that did not materialize due to macroeconomic uncertainties.

In the current year, dealers are behaving more cautiously and looking to order closer to need as the tenor of the selling season materializes. We do not believe this necessarily represents an inevitable pull-back in volumes, as the development of selling season and retail pull-through will dictate that. We instead view this as a potential change in inventory management philosophy by certain dealers amidst an evolving RV industry landscape. In response, we will continue to prudently manage our production levels and continuously evaluate and manage our margin structure within a potentially lower-volume environment. Longer term, we believe that smaller, more frequent ordering behaviors by dealers will be healthy for channel management and beneficial to the profitability of both independent dealers and THOR. Our revised full-year guidance for fiscal 2026 accounts for the risk of declining towable volumes in our fiscal second half.

3.THOR’s Motorized segment continues to produce strong quarterly performances. What are the key drivers?

a.Net sales for our North American Motorized segment during the three months ended January 31, 2026 increased 29.3% compared to the prior-year period after experiencing a similar year-over-year top-line increase in our fiscal 2026 first quarter. The fiscal 2026 second quarter net sales increase was driven by a 28.3% increase in unit shipments led by our Class B and Class C product lines, which saw year-over-year improvements in unit shipments of 20.8% and 44.3%, respectively. This increase in shipment volume for the segment was further influenced by a 1.0% increase in the overall net price per unit, primarily resulting from a shift in product mix weighing more heavily towards Class C units than our more moderately-priced Class B units, as well as a shift within the Class A segment towards our higher-priced diesel units.

The volume increase in our fiscal 2026 second quarter was also aided by deliveries to satisfy bulk orders for our rental fleet customers. Additionally, our strong motorized volumes continue to benefit from our teams leveraging the tools we have made available to them through our data strategy that have targeted critical price points that are resonating with consumers. The success of identifying these critical price points is evident in the fact that we have grown our Class C market share by 120 basis points during the three months ended December 31, 2025 compared to the prior-year period.

The North American Motorized gross profit margin percentage increased to 9.5% in the second quarter of fiscal 2026 from 7.8% in the prior-year period. The 170 basis point increase was largely a function of volume leverage and improved labor costs. We believe that the success of our Class B and Class C offerings provide continued upside relative to what is embedded in our plan because of the volume leverage that they can provide to our margins throughout the upcoming selling season.

4.The financial performance of THOR’s European segment in the second quarter of fiscal 2026 trended similarly with the results of the fiscal 2026 first quarter, as the gross profit margin percentage declined 220 basis points compared to the prior-year period despite net sales increasing 11.8%. What are the key inputs driving the lowered profitability against a backdrop of higher sales, and will this persist into the second half of THOR’s fiscal 2026? How is THOR addressing these challenges?

a.While the story for the financial performance of our European segment generally has not changed in recent periods, we remain active in pursuing additional key initiatives on a broader scale to address market headwinds and strengthen the segment in the long term. First, it is important to note that on a constant-currency basis, fiscal 2026 second quarter sales are approximately flat compared to the prior-year period. The margin pressure that our European segment is experiencing partially stems from key competitors continuing to accelerate discount offers, in part as a response to elevated channel levels that they established in previous periods. Additionally, a few RV rental companies have been forced to liquidate their fleets due to financial instability, adding to the supply of aggressively-priced units.

In response to these pressures, management has implemented control measures surrounding promotional activity to protect margin levels, leading to a lower discount percentage in our fiscal 2026 second quarter compared to the prior-year period. Warranty costs have also been slightly elevated in recent periods, and our management teams have swiftly moved to address these elevated levels and implement processes to return these costs to baseline. Further, we are continuously working to enhance our margin profile, and our purchasing teams have worked hard to improve buying conditions in cooperation with our supply chain. In addition to management initiatives to curb promotional activity, address elevated warranty costs and improve buying conditions, we also believe that the European segment will experience margin relief in our fiscal 2026 second half as compared to the first half with the transition from lower-margin special-edition units to refreshed product that is planned to enter the market early in our fiscal 2026 third quarter.

Along with the margin pressures, bottom-line profitability for the European segment was also impacted by restructuring costs. In the second quarter of fiscal 2026, the European segment incurred $5.1 million in employee separation costs related to strategic plant reorganization initiatives. These initiatives will allow us to further address the long-lasting pressures experienced by some of our European brands and improve our cost structure going forward.

5.What factors influenced your decision not to raise your fiscal 2026 full-year guidance despite a strong fiscal first half of earnings generation?

a.Our fiscal 2026 second quarter performance continued the momentum generated by our fiscal first quarter. Robust top and bottom-line results in our North American Motorized segment coupled with gains associated with asset sales contributed to our strong earnings generation. This performance gave us additional clarity into our anticipated trajectory for the remainder of our fiscal year. However, recent geopolitical events have made projecting our fiscal second half trajectory far less certain due potential impacts on consumer sentiment and inflation, among other potential impacts.

The decision to not raise guidance reflects a mindfulness that macroeconomic uncertainties have increased more quickly than they are resolving. The positive trends that we had begun to see with inflation, tariff policies, and consumer sentiment now have less certain trajectories due to recently released economic metrics and the uncertain influence that the conflict in the Middle East could have on drivers of RV retail demand. We believe it is prudent to allow for additional time and financial results before making any updates to our full-year guidance. Our maintained guidance does not assume a meaningful incremental financial contribution from the Heartland realignment, the Keystone refresh, restructuring initiatives or the strategic evolution of our North American RV operations in fiscal 2026. Those efforts are strategic and positioned to support future market share recovery and margin improvement rather than near-term guidance.

We believe our steady, measured approach to guidance has proven appropriate historically, particularly in a market that remains very dynamic. As we move through the remainder of the fiscal year, we will continue to evaluate incoming data and macroeconomic influences and adjust accordingly. Our objective is to provide a balanced outlook that acknowledges potential headwinds and reflects current demand conditions while positioning the Company for durable performance across cycles.

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

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

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

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

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands



NET SALES:	Three Months Ended January 31,						Change
	2026			2025
North American Towable
Travel Trailers	$	403,599		$	518,620		(22.2)	%
Fifth Wheels	306,886			309,646			(0.9)	%
Total North American Towable	$	710,485		$	828,266		(14.2)	%


# OF UNITS:	Three Months Ended January 31,						Change
	2026			2025
North American Towable
Travel Trailers	16,608			23,140			(28.2)	%
Fifth Wheels	4,969			4,873			2.0	%
Total North American Towable	21,577			28,013			(23.0)	%


ORDER BACKLOG:	As of January 31,						Change
	2026			2025
North American Towable	$	621,461		$	1,073,758		(42.1)	%


TOWABLE RV MARKET SHARE SUMMARY: (1)	Calendar Year
	2025			2024
U.S. Market	37.8		%	37.9		%
Canadian Market	37.0		%	38.7		%
Combined North American Market	37.7		%	38.0		%

(1) Source: Statistical Surveys, Inc., Calendar years 2025 and 2024.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated, and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands



NET SALES:	Three Months Ended January 31,						Change
	2026			2025
North American Motorized
Class A	$	169,898		$	148,009		14.8	%
Class C	297,219			204,053			45.7	%
Class B	109,954			94,236			16.7	%
Total North American Motorized	$	577,071		$	446,298		29.3	%


# OF UNITS:	Three Months Ended January 31,						Change
	2026			2025
North American Motorized
Class A	841			847			(0.7)	%
Class C	2,744			1,902			44.3	%
Class B	939			777			20.8	%
Total North American Motorized	4,524			3,526			28.3	%


ORDER BACKLOG:	As of January 31,						Change
	2026			2025
North American Motorized	$	1,042,227		$	1,124,735		(7.3)	%


MOTORIZED RV MARKET SHARE SUMMARY: (1)	Calendar Year
	2025			2024
U.S. Market	47.7		%	47.0		%
Canadian Market	44.2		%	49.9		%
Combined North American Market	47.5		%	47.2		%

(1) Source: Statistical Surveys, Inc., Calendar years 2025 and 2024.

Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various states or provinces.

Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands



NET SALES:	Three Months Ended January 31,						Change
	2026			2025
European
Motorcaravan	$	391,940		$	335,646		16.8	%
Campervan	188,257			165,964			13.4	%
Caravan	34,275			42,180			(18.7)	%
Other	70,000			68,675			1.9	%
Total European	$	684,472		$	612,465		11.8	%


# OF UNITS:	Three Months Ended January 31,						Change
	2026			2025
European
Motorcaravan	4,767			4,471			6.6	%
Campervan	3,247			3,138			3.5	%
Caravan	1,451			1,833			(20.8)	%
Total European	9,465			9,442			0.2	%


ORDER BACKLOG:	As of January 31,						Change
	2026			2025
European	$	1,832,102		$	1,644,015		11.4	%


EUROPEAN RV MARKET SHARE SUMMARY: (1)	Calendar Year
	2025			2024
Motorcaravan and Campervan (2)	25.5		%	24.9		%
Caravan	16.8		%	18.0		%

(1) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), Calendar years 2025 and 2024. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

(2) The CIVD and ECF report motorcaravans and campervans together.

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

Non-GAAP Reconciliations

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


EBITDA Reconciliations
($ in thousands)

	Three Months Ended January 31,				Six Months Ended January 31,
	2026		2025		2026		2025
Net income (loss) (GAAP)	$	14,641	$	(3,089)	$	37,810	$	(3,962)
Add back:
Interest expense, net	9,420		11,950		18,437		27,178
Income tax provision	6,351		1,489		15,670		1,206
Depreciation and amortization of intangible assets	64,878		65,994		130,913		133,655
EBITDA (Non-GAAP)	$	95,290	$	76,344	$	202,830	$	158,077
Add back:
Stock-based compensation expense	7,947		8,073		18,897		18,610
Change in LIFO reserve, net	3,104		(1,500)		3,104		(1,500)

Non-cash foreign currency loss (gain)	(4,589)		1,254		(1,079)		4,646
Investment-related loss (gain)	640		2,635		1,065		5,277


Strategic initiatives	7,691		—		22,741		15,459
Other loss (gain), including sales of PP&E	(12,029)		209		(18,499)		(5,772)
Adjusted EBITDA (Non-GAAP)	$	98,054	$	87,015	$	229,059	$	194,797

Forward-Looking Statements

Source: View Original Filing on SEC EDGAR

FAQ

How did THOR Industries (THO) perform in fiscal Q2 2026?

THOR Industries grew fiscal Q2 2026 net sales to $2.13 billion, up 5.3% year over year, and generated $17.8 million in net income attributable to THOR. EBITDA reached $95.3 million and Adjusted EBITDA was $98.1 million, reflecting improved profitability versus a prior-year loss.

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

For fiscal 2026, THOR expects consolidated net sales between $9.0 billion and $9.5 billion and diluted earnings per share of $3.75 to $4.25. Management targets a stable gross margin at the midpoint and assumes a low- to mid-single-digit retail decline in North America.

Which THOR Industries segment drove growth in Q2 2026?

The North American Motorized segment led growth, with Q2 2026 net sales rising 29.3% to $577.1 million. Unit shipments increased 28.3%, and gross profit margin improved by 170 basis points, supported by higher volumes, lower labor costs, and strong demand at key price points.

How did THOR Industries’ European segment perform in Q2 2026?

THOR’s European segment grew Q2 2026 net sales 11.8% to $684.5 million, helped by higher pricing and favorable foreign exchange. However, gross margin fell 220 basis points due to a greater mix of lower-margin special-edition motorcaravans, higher warranty costs, and restructuring expenses.

What is THOR Industries’ capital allocation strategy in fiscal 2026?

THOR is balancing investment, debt reduction, and shareholder returns. In Q2 2026 it reduced debt by approximately $47.1 million, repurchased $25.2 million of shares, and paid $54.8 million of dividends related to the first two quarters, supported by strong liquidity and low leverage.

What changes is THOR Industries making to its North American RV operations?

THOR announced a strategic evolution of its North American RV operating model, forming two RV Groups that combine brands such as Jayco, Heartland, Tiffin, Thor Motor Coach, and Keystone. The goal is to improve sourcing, standardize operations, align brands, and enhance enterprise-wide data and systems integration over time.

How strong is THOR Industries’ balance sheet after Q2 2026?

As of January 31, 2026, THOR held $242.2 million in cash and had $998.0 million available under its revolving credit facility, for total liquidity of $1.24 billion. Net debt to trailing 12‑month EBITDA stood at roughly 1.0x, indicating modest leverage.

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THOR Industries (NYSE: THO) Q2 2026 results led by motorized RV growth

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How did THOR Industries (THO) perform in fiscal Q2 2026?

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

Which THOR Industries segment drove growth in Q2 2026?

How did THOR Industries’ European segment perform in Q2 2026?

What is THOR Industries’ capital allocation strategy in fiscal 2026?

What changes is THOR Industries making to its North American RV operations?

How strong is THOR Industries’ balance sheet after Q2 2026?

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THOR Industries (NYSE: THO) Q2 2026 results led by motorized RV growth

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FAQ

How did THOR Industries (THO) perform in fiscal Q2 2026?

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

Which THOR Industries segment drove growth in Q2 2026?

How did THOR Industries’ European segment perform in Q2 2026?

What is THOR Industries’ capital allocation strategy in fiscal 2026?

What changes is THOR Industries making to its North American RV operations?

How strong is THOR Industries’ balance sheet after Q2 2026?

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