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FOURTH QUARTER FISCAL 2025 INVESTOR QUESTIONS & ANSWERS

September 24, 2025

Forward-Looking Statements

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

Financial Highlights

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

Quick Reference to Contents

Q&A

MARKET UPDATE & OUTLOOK

1.     Can you provide an update on the sentiment of your North American independent dealers? What is your industry outlook for fiscal 2026?

3.     How do you view the current European retail environment, and what is your outlook for the European market in your fiscal 2026?

While retail registrations for the first six months of calendar year 2025 declined compared to the prior-year period, we believe that the European Central Bank (“ECB”) interest rate cuts that occurred through June 2025 will aid sales channel throughput going forward as carrying costs are reduced for independent dealers and overall costs are moderated for retail customers. Although these interest rate cuts were paused at the end of the summer, we are well positioned to gain market share with a favorable product mix. Our introduction of new models and the refresh of one of our mainstream brands were extremely well received at the 2025 CSD. We believe our product offerings will be favored on dealer lots as they clear excess inventory produced by others in the industry, and that our European segment will return to market share growth.

4.     Are affordability concerns still a significant influence on the North American retail market? How effective have you been in addressing these concerns and mitigating any tariff impacts that you have experienced in your material costs?

Conversely, these affordability challenges, and our strategic responses to them, also represent a significant opportunity. When customers enter into and experience the RV lifestyle, they frequently become lifetime customers. Because of this, we believe the strong volume in recent periods of single axle trailers, a category that is typically emblematic of entry-level buyers, will generate future sales growth of larger travel trailers and fifth wheels as these new customers progress through the trade-in cycle. In response to this, our teams have worked hard to meet the demands of customers that are focused on affordability. An example of this can be seen in the Motorized segment where the innovative private label products that our teams have developed are resonating in the market because they are hitting key price points for customers. We believe strongly in our ability to continually identify opportunities that address affordability so as to keep customers engaged with the RV market and foster future sales growth.

5.     How would you characterize the financial health and sentiment of the consumer in the current environment?

OPERATIONS UPDATE

In Europe, dealer inventory levels of THOR products approximated 22,200 units at the end of our fiscal 2025 fourth quarter, a modest decline from the roughly 23,000 units that were in the field as of April 30, 2025 and significantly lower than the 26,200 units as of July 31, 2024. Overall, we believe our European dealer inventory levels are generally situated at an appropriate level relative to the anticipated market trajectory as we begin our fiscal 2026.

2.     What are the expected benefits of the Heartland product consolidation under Jayco, and are there other product consolidation opportunities?

Although it is expected that companies in the industry will occasionally underperform, we always critically monitor the overall performance of our operating companies and evaluate what is best for the Company. As proven in the past, when opportunities arise to streamline functions or right-size capacities, we will not hesitate to drive efficiencies and improve the positioning of our brands. Currently, we are satisfied with our overall structure and product portfolio and look forward to the additional opportunities our leaner organization has to drive value in fiscal 2026 and beyond.

STRATEGIC UPDATE

2.     Private label brands have played a large role in the market in recent quarters. How do the economics compare to traditional units and how do these fit within your overall strategy?

3.     Jayco recently unveiled its Entegra Embark hybrid Class A motorhome. What are the highlights of this model introduction and how does it fit within your product strategy?

We believe this development reinforces our industry leadership with this technology and continues to add points of differentiation for our family of companies from our competitors. This product provides an excellent option within the Class A product line with its reduced emissions and fuel usage as the Motorized segment navigates evolving regulations. Further, we feel that it has the ability to attract a new type of customer that has a focus on sustainability, a sharper driving experience and is looking for a cutting-edge product. We look forward to this product coming to market, and the eventual additional products our teams develop following the path that the Embark hybrid has pioneered.

FINANCIAL UPDATE

1.     North American Towable gross profit margin percentage increased to 13.3% in the fourth quarter of fiscal 2025 compared to 12.6% in the prior-year period. What is driving the improvement?

We are particularly pleased with the incremental margin performance given that we not only contended with pressures associated with the Heartland restructuring, but were also in an environment where North American Towable segment net sales declined 4.6% in our fiscal 2025 fourth quarter compared to the prior- year period. Specifically, net sales fell due to a 10.1% decline in Company wholesale shipments as we neared the end of selling season and worked to destock independent dealer inventory ahead of our new product introductions. We believe additional margin growth is achievable for this segment going forward as promotional activity to clear discontinued models subsides.

2.     THOR’s North American Motorized segment has now outperformed the overall motorized market for two consecutive quarters. What do you attribute this success to?

Despite a tough macroeconomic backdrop, the Motorized segment delivered a strong performance due to some of our newer products hitting strategic price points. The sales growth we have experienced in our Class B and Class C product lines is a testament to the hard work and focus our teams have put into addressing affordability concerns through the introduction of new models as well as the designing of private label products at desirable price points.

North American Motorized gross profit margin in the fourth quarter of our fiscal 2025 decreased to 11.3% from 12.8% in the fourth quarter of fiscal 2024, primarily due to a favorable LIFO adjustment in the prior- year period along with more aggressive promotional activity in the current-year period, partially offset by improved operating efficiencies and a lower warranty cost percentage. We anticipated the elevated promotional activity within our North American Motorized segment as certain competitors are under significant pressure in the marketplace right now and we continue to work to address the affordability concerns of retail customers. Additionally, shifts in our overall North American Motorized product mix towards our relatively lower-priced Class B and Class C product lines contributed to the slight margin decline. We believe we are well suited to solidify recent market share gains through offerings at attractive price points, while also growing margins with products differentiated by innovation that can attract new buyers to the market.

In addition to the margin declines related to elevated promotional activities, we also undertook certain restructuring initiatives in our European segment in fiscal 2025 to address the market pressures experienced by our mainstream products. Thus, profitability was impacted by various expenses related to model discontinuation and separation costs. We are optimistic that the restructuring initiatives that we have undertaken and the product refreshes that we have introduced in the mainstream category, which have received positive initial feedback from both independent dealers and retail customers, position us to drive meaningful results longer term.

4.     The effective tax rate was unusually low in fiscal 2025. What elements contributed to this rate, and is it expected to return to typical levels in fiscal 2026 and beyond?

It is important to note that our guidance does not assume a meaningful net financial impact related to the Heartland realignment, Keystone model refresh or other restructuring initiatives. Additionally, we believe that the cadence of earnings will look similar to fiscal 2025 as the current uncertain macroeconomic backdrop will drive dealers to buy closer to need, which would translate to strengthening wholesale volume closer to the winter trade shows. Additionally, it is worth pointing out that we anticipate the European segment will experience its typical earnings seasonality where profitability is depressed in the first fiscal quarter due to the normal August downtime that occurs in conjunction with elevated spending for trade shows.

Given our expectations surrounding overall market volumes in both North America and Europe, the Company is introducing its initial guidance for fiscal 2026.

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

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

NET SALES:

# OF UNITS:

ORDER BACKLOG:

TOWABLE RV MARKET SHARE SUMMARY: ⁽¹⁾

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD June 30, 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:

# OF UNITS:

ORDER BACKLOG:

			As of July 31,
			2025				2024				Change
North American Towable		$	1,004,620			$	776,903				29.3	%

MOTORIZED RV MARKET SHARE SUMMARY: ⁽¹⁾

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD June 30, 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:

# OF UNITS:

ORDER BACKLOG:

EUROPEAN RV MARKET SHARE SUMMARY: ⁽¹⁾

⁽¹⁾ Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), CYTD June 30, 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 to consolidated EBITDA and Adjusted EBITDA:

EBITDA Reconciliations

($ in thousands)

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.

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 Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.

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

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