Thor Industries : Q3/FY 2022 INVESTOR PRESENTATION

THOR INDUSTRIES THIRD QUARTER OF FISCAL 2022 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-sponsoredattacks; 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 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-19 pandemic, 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 to attract 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; increasing costs for freight and transportation; asset impairment charges; competition; the impact of potential losses under repurchase agreements; the potential 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 April 30, 2022 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2021.

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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THIRD QUARTER OF FISCAL YEAR 2022

NORTH AMERICAN INDEPENDENT DEALER

INVENTORY OF THOR PRODUCTS

Net Sales

$4.66 billion*

+34.6%**

Gross Margin

17.3%

+270 bps**

Diluted EPS

$6.32

+92.1%**

	NA Motorized
NA Towables	$1.05 bn
22.6%
$2.64 bn
56.7%

European

$0.72 bn

15.5%

Other

$0.24 bn

5.2%

	***		***
*** Includes units of Tiffin products subsequent to the December 2020 acquisition of the Tiffin Group

RV BACKLOG OF $13.88 BILLION

(3.1)%

********

**** Includes Tiffin backlog subsequent to the December 2020 acquisition of the Tiffin Group

• Includes $154.0 million of net sales from Airxcel
• As compared to the third quarter of fiscal year 2021

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NORTH AMERICAN TOWABLE SEGMENT

Third Quarter of Fiscal 2022

NET SALES 

Increased 53.0%* due to an increase in unit shipments, changes in product mix and selective net selling price increases

GROSS PROFIT MARGIN 	BACKLOG 
Increased 190 basis points* driven by	Decreased approximately 7%* to
improved labor, overhead, freight and	$6.90 billion
warranty costs as a percentage of net
sales, partially offset by an increase
in the material cost percentage

*in the third quarter of fiscal 2022 compared to the prior-year period

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NORTH AMERICAN MOTORIZED SEGMENT

Third Quarter of Fiscal 2022

NET SALES 

Increased 35.8%* driven by an increase in unit shipments, changes in product mix and selective net selling price increases

GROSS PROFIT MARGIN 		BACKLOG 
Increased 410 basis points* driven by		Increased approximately 16%* to
a reduction in sales discounts,		$4.10 billion
selective net selling price increases,
product mix changes and lower
overhead costs as a percentage of
sales

*in the third quarter of fiscal 2022 compared to the prior-year period

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