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)
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