THOR Industries : Q1/FY 2023 INVESTOR PRESENTATION

FIRST QUARTER OF FISCAL 2023 FINANCIAL RESULTS

www.thorindustries.com

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, 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 rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; the extent and impact from the continuation of the COVID-19pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; legislative, 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 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; lower 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; the ability to efficiently utilize existing production facilities; 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; 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 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 and political conditions in the various countries in which our products are produced and/or sold; 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 October 31, 2022 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2022.

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.

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FIRST QUARTER FISCAL 2023 HIGHLIGHTS

Resilient Financial Performance Continues in a Shifting Market

Net sales of $3.1 billion in 1Q23, down from a fiscal first quarter record of $4.0 billion in the prior-year period

• Towable production continued to be actively managed to align to retail demand
• Continued progress in restocking dealer inventory levels of North American motorized product
• Interest in RV lifestyle and order backlogs remained elevated at 10/31/2022 versus pre-pandemic levels

Diluted EPS of $2.53

• Variable cost structure and management focus maintained strong gross margin performance (15.7%) through market volatility
• Solid pricing and execution contributed favorably to profitability

Generated $94.0 million of net cash flow from operations

• Repurchased $25.4 million of common stock and increased regular quarterly dividend for the 13th consecutive year
• Debt also reduced by $27.4 million

Entered into strategic partnership with Harbinger Motors, Inc.

• Furthers THOR's innovation efforts to advance eMobility strategy

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FIRST QUARTER OF FISCAL YEAR 2023

Net Sales

$3.1 billion

(21.5)% (1)

Gross Margin

15.7%

-90 bps (1)

Diluted EPS

$2.53

(41.7)% (1)

NORTH AMERICAN INDEPENDENT DEALER

131,500

INVENTORY OF THOR PRODUCTS

122,300

101,500

82,400

60,200

10/31/21(2)

10/31/22 (2)

10/31/18

10/31/19

10/31/20

NA Motorized

Inventory Units

$1.12 bn

(2) Includes units of Tiffin products subsequent to the December 2020 acquisition of the Tiffin Group

36.1%		RV BACKLOG OF
NA Towables		$7.42 BILLION
		(59.0)%
$1.32 bn
			$3,348.4
42.4%
European
$0.50 bn				$4,277.4
16.2%
			$2,308.5
			$2,215.1	$10,444.7	$2,985.2
Other		$1,292.1	$4,397.7		$2,864.3
$0.16 bn
$740.2	$670.0			$1,567.8
5.3%	$1,018.4	$1,067.0
	10/31/18	10/31/19	10/31/20	(3)	(3)
	10/31/21	10/31/22

NA Towables NA Motorized European

1. Includes Tiffin backlog subsequent to the December 2020 acquisition of the Tiffin Group

1. As compared to the first quarter of fiscal year 2022

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NORTH AMERICAN TOWABLE SEGMENT

First Quarter of

Fiscal 2023

NORTH AMERICAN TOWABLE

KEY DRIVERS

• Proactive destocking of independent dealer inventory levels contributed to lower unit volumes in 1Q23
• • Independent dealer inventory levels at historical, normalized levels for most of our towable products at 10/31/22
• Backlog of $1.6 billion remains above pre-pandemic levels amid macroeconomic uncertainty
• Sep.YTD CY '22 travel trailer and fifth wheel market share of 42.1%
  (+20 bps y/y)

NET SALES ò

Decreased 41.2%* driven by a decrease in unit shipments, partially offset by net selling price increases and a change in product mix

GROSS PROFIT MARGIN ò

Decreased 330 basis points* driven primarily by an increase in sales discounts, and higher warranty and overhead costs as a percentage of sales

*in the first quarter of fiscal 2023 compared to the prior-year period

($ millions)

$2,240.8

		$1,317.8
1QFY22		1QFY23

18.2%

14.9%

1QFY22 1QFY23

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