#1FIRST QUARTER OF FISCAL 2021 FINANCIAL RESULTS THO LISTED www.thorindustries.com NYSE THOR Go Everywhere. Stay Anywhere. M#2Forward-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 extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our production or other aspects of our business and which may have a negative impact on our consolidated results of operations, financial position, cash flows and liquidity; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the impact of tariffs on material or other input costs; the level and magnitude of warranty claims incurred; legislative, regulatory and tax law and/or policy developments including their potential impact on our dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; 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; interest rate fluctuations and their potential impact on the general economy and specifically on our dealers and consumers; 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 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 dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; cost structure changes; competition; the impact of potential losses under repurchase or financed receivable 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 regulatory standards in the various jurisdictions in which our products are produced 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, 2020 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2020. 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. THOR Go Everywhere. Stay Anywhere, 2#3Quarterly Highlights First Fiscal Quarter 2021 North American Independent Dealer Inventory of THOR Products at Historically Low Levels THO LISTED NYSE Net Sales $2.54 billion European NA Motorized 23.7% $0.60 bn 19.5% $0.49 bn Other NA Towables 54.9% $1.39 bn 131,500 125,400 99,100 101,500 60,200 10/31/16 10/31/17 10/31/18 10/31/19 10/31/20 Inventory Units 1.9% $0.05 bn RV Backlog $8.92 billion +194.5% $1,123.7 $1,292.1 $2,308.5 $2,215.1 $4,397.7 $2,455.1 $706.4 $740.2 14.9% Gross Margin $2.05 $1,400.4 $59.7 million $1,018.4 $670.0 $1,067.0 Paid on debt related to the acquisition of its European 10/31/16 10/31/17 10/31/18 10/31/19 10/31/20 Diluted EPS operations in the first fiscal quarter NA Towables NA Motorized European THOR Go Everywhere. Stay Anywhere. 3#4Financial Results First Quarter of Fiscal 2021 Net Sales Net sales increased 17.5% to $2.54 billion in the first quarter of fiscal 2021, due to increased unit shipments across the business segments THO LISTED NYSE ($ millions) $2,537.4 $2,158.8 1QFY20 1QFY21 COUGAR 14.3% 14.9% 1QFY20 1QFY21 Gross Profit Margin Gross profit increased 22.7% to $378.9 million in the first quarter of fiscal 2021 Gross profit margin improved to 14.9% in the first quarter of fiscal 2021 from 14.3% in the prior-year period, primarily driven by the impact of higher net sales, resulting in a reduction of the manufacturing overhead percentage, and favorable warranty experience trends, partially offset by higher labor costs RV HY 874 THOR Go Everywhere. Stay Anywhere. 4#5ZINGER 20 North American Towable Segment First Quarter of Fiscal 2021 Net Sales Net sales of North American Towable RVs increased 15.9% in the first quarter of fiscal 2021 compared to the prior-year period due to stronger demand for travel trailer and fifth wheel units ($ millions) $1,392.0 $1,200.9 1QFY20 1QFY21 THO LISTED NYSE ZINCAR 15.8% 15.3% 1QFY20 1QFY21 Gross Profit Margin Gross profit margin increased 50 basis points in the fiscal first quarter, driven by reduced sales discounts, which effectively lowered material costs as a percentage of sales, as well as favorable warranty experience trends, partially offset by an increase in labor costs $4.4 billion in Backlog North American Towable backlog at October 31, 2020 increased approximately 312% compared to October 31, 2019 As of October 31, 2020, dealer inventory levels were well below optimal stocking levels, which has increased dealer orders and the backlog ($ millions) $1,067.0 $4,397.7 10/31/19 10/31/20 THOR Go Everywhere. Stay Anywhere. 5#6North American Motorized Segment First Quarter of Fiscal 2021 ($ millions) $493.9 $415.9 1QFY20 1QFY21 Net Sales Fiscal 2021 first quarter net sales of North American Motorized RVs increased 18.7% compared to the prior-year period due to higher unit sales in our Class B and Class C motorhomes Gross Profit Margin Gross profit margin increased 300 basis points in the fiscal first quarter, driven by reduced sales discounts, which effectively lowered material costs as a percentage of sales, as well as favorable warranty experience trends, partially offset by an increase in labor costs ($ millions) 10.8% 13.8% 1QFY20 1QFY21 THO LISTED NYSE $670.0 $2,215.1 10/31/19 10/31/20 $2.2 billion in Backlog North American Motorized backlog at October 31, 2020 increased approximately $1.55 billion, or over 230%, compared to October 31, 2019 #' THOR Go Everywhere. Stay Anywhere. 6#7European Segment First Quarter of Fiscal 2021 Net Sales European RV segment net sales for the fiscal first quarter increased 22.2% from the prior- year period, driven primarily by an increase in unit shipments, an increase in the overall net price per unit due to the impact of changes in product mix, and a favorable impact from year- over-year changes in foreign currency exchange rates $493.0 ($ millions) $602.5 1QFY20 1QFY21 13.1% 12.0% 1QFY20 1QFY21 $2.3 billion in Backlog Gross Profit Margin Gross profit margin decreased by 110 basis points in the fiscal first quarter, reflecting a change in product mix, including a higher concentration of the motorcaravan and campervan motorized products in the current year as compared to the prior-year period, which carry a higher material percentage than caravan products ($ millions) $2,308.5 THOR's European RV backlog at October 31, $1,292.1 2020 increased $1.02 billion, or over 78%, compared to October 31, 2019 THO LISTED NYSE 10/31/19 10/31/20 THOR Go Everywhere. Stay Anywhere. 7#8RV Industry Overview North America Consumer Confidence vs. RV Retail Registrations 600,000 500,000 400,000 69.4% 300,000 200,000 100,000 2007 2008 2009 2010 2011 2012 2013 2014 2015 1.4% 1.3% 39.4% 7.5% 8.3% 2020 Towable 369,066 42.1% units 1.1% 1.4% 7.6% RV Retail Registrations (1) Note: 2020 represented above includes the trailing twelve months of registrations ended September 0.0% Calendar Year-to-Date RV Retail Market Share 2016 2017 2018 2019 CCS Index (3) 150 Travel Trailer 125 Fifth Wheel 100 75 Folding Camper 1.5% 50 Truck Camper 0.8% 25 Class A 2.8% 0 Class B 1.6% Class C 5.0% 2020 Industry Wholesale Shipments by Type (2) 18.9% (1) 13.0% 25.0% 50.0% 75.0% 14.3% 7.2% THOR 2019 Towable 343,723 units 45.6% Forest River Winnebago Grand Design REV Group Gulfstream 7.3% 6.9% 20.8% 2020 Motorized 40,595 units 38.5% 19.1% 2019 Motorized 42,144 units 37.4% 37.1% All Others THO LISTED (1) NYSE Source: Statistical Surveys, Inc., U.S. and Canada; CYTD through September 30, 2020 and 2019 (2) Source: Recreation Vehicle Industry Association, CYTD through October 2020 (3) Source: The Conference Board, Consumer Confidence SurveyⓇ, through September 2020 20.4% 22.3% THOR Go Everywhere. Stay Anywhere. 8#91980 1981 1980 1981 1982 1983 1984 1985 1986 1987 1980 1981 1982 1983 1984 1985 1986 1987 T RV Industry Overview North America Sept. 2020 300,100 106.9 133.6 140.6 196.6 215.7 YTD Shipments (Units) Sept. 2019 Unit Change 309,938 (9,838) 186.9 189.8 211.6 215.7 187.8 173.1 163.1 % Change (3.2)% 203.4 227.8 259.5 247.2 247.5 254.6 292.7 321.2 300.1 1988 I 1989 1990 1991 1992 Sept. 2020 271,770 YTD Shipments (Units) Sept. 2019 273,629 Unit Change (1,859) % Change (0.7)% 1988 Sept. 2020 28,330 YTD Shipments (Units) Sept. 2019 36,309 Unit Change (7,979) 82.0 28.5 35.4 41.2 69.5 68.7 67.7 73.7 72.8 61.1 52.3 41.9 46.9 51.3 T 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 I 1989 1990 1991 1992 1993 1994 1995 1996- 1997 1998 1999 - 2000 I 1993 1994 1995 1996 1997 1998 1999 I 2000 2001 RV Wholesale Market Trends (Units 000's) Towable RV Wholesale Market Trends (Units 000's) 2002 2003 2004 311.0 320 370.0 384.5 390.4 353.5 256.8 237.0 165.6 78.4 98.1 99.4 127.1 133.7 118.1 122.1 137.9 142.9 126.7 120.8 121.1 156.5 176.5 201.3 194.3 192.2 199.5 229.1 249.7 239.1 207.6 250.6 258.9 298.3 323.0 334.5 298.1 208.6 152.4 217.1 227.6 257.6 282.8 312.8 326.9 376.0 442.0 426.1 359.4 384.6 453.7 THO LISTED NYSE Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar year 2020 and 2021 represent the most recent RVIA most likely estimates from their November 2020, Winter 2020 issue of Roadsigns Motorized RV Wholesale Market Trends (Units 000's) 2001 2002 2003 2004 % Change (22.0)% 58.2 52.8 55.3 55.1 63.5 71.5 61.0 49.2 60.4 62.0 71.7 61.4 55.8 55.4 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 28.4 2005- 2006 2007 2008 2009- 2010 2011 2012 2013 13.2 25.2 24.8 28.2 38.3 44.0 47.3 54.7 62.6 57.6 46.6 39.0 49.2 2014 2015 2016 2017 5-year CAGR: 1.2% 2018 2019 2020 (e) 2021 (e) THOR Go Everywhere. Stay Anywhere. 9 2014 2015 2016 2017 2018 2019 2005 2006 2020 (e) 2021 (e) 2007 2008 2009 2010 2011 2012 2013 2014 2015 5-year CAGR: 2.8% 5-year CAGR: 2.6% 242.3 252.4 285.7 321.1 356.7 374.2 430.7 504.6 483.7 406.1 423.6 2016 2017 2018 2019 2020 (e) 2021 (e) 502.9#10RV Industry Overview Europe CYTD Registrations European Industry Unit Registrations by Country (1) Caravans Motorcaravans Total Country CYTD Sept. 30, 2020 2019 % Change CYTD Sept. 30, 2020 % 2019 Change CYTD Sept. 30, 2020 2019 % Change Germany 24,650 23,769 3.7 % 63,638 47,543 33.9 % 88,288 71,312 France 5,043 5,840 (13.6) % 21,279 20,804 2.3 % 26,322 26,644 U.K. 11,433 14,388 (20.5) % 9,415 12,988 (27.5)% 20,848 27,376 (23.8)% Netherlands 6,281 6,234 0.8% 2,234 1,916 16.6 % 8,515 8,150 4.5% Switzerland 1,327 1,427 (7.0)% 5,252 4,851 8.3 % 6,579 6,278 4.8 % Sweden 3,160 2,891 9.3 % 3,434 3,492 (1.7)% 6,594 6,383 3.3 % Italy 509 686 (25.8) % 5,563 5,245 6.1 % 6,072 5,931 2.4 % Belgium 1,015 1,086 (6.5)% 4,680 4,490 4.2 % 5,695 5,576 2.1 % Spain 1,446 1,894 (23.7)% 4,787 5,062 (5.4)% 6,233 6,956 All Others 7,969 Total 62,833 7,903 66,118 0.8% (5.0)% 10,715 9,493 130,997 115,884 12.9 % 13.0% 18,684 193,830 17,396 182,002 (10.4)% 7.4 % 6.5% 23.8 % (1.2) % The Company monitors retail trends in the European RV market as reported by the European Caravan Federation, whose industry data is reported to the public quarterly, typically issued on a one-to-two month lag, continually updated and often impacted by delays in reporting by various countries Industry wholesale shipment data for the European RV market is not available Full-Year Comparison of New Vehicle Registrations by Continent (Units 000's) (1) (2) 493 471 457 416 376 366 324 320 310 292 272 274 274 253 251 333 304 289 264 247 201 201 192 92 217 222 219 220 20 228 198 203 210 208 206 202 210 182 182 189 190 170162 144 141 151 146 138 135 140 143 152 162 166 174 168 154 150 156 147 152 137 140 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 THO (1) LISTED NYSE (2) Europe North America Source: European Caravan Federation; CYTD period: September 30, 2020 and 2019; European retail registration data available at www.CIVD.de Source: Statistical Surveys (www.statisticalsurveys.com) 2017 2018 2019 THOR Go Everywhere. Stay Anywhere. 10#11CONNECT Cash Priorities © Invest in our businesses M $ Grow our dividend over time ●)))))))) ())))) THO LISTED NYSE Reduce our acquisition-related debt obligations Support opportunistic strategic investments, including acquisitions, to enhance long-term shareholder value Repurchase of shares on a strategic and opportunistic basis, and payment of special dividends as determined by our Board of Directors Capital Management ($ millions) $540.9 $508.0 $466.5 $419.3 $341.2 $138.2 $115.0 $130.2 $106.7 $52.0 FY16 FY17 FY18 FY19 FY20 Capital Expenditures Net Cash from Operations Annual FY21 Capital Expenditures projected to be between $140mm - $150mm $0.39 $0.40 $0.41 $0.37 $0.33 $0.30 FY16 FY17 FY18 FY19 FY20 1QFY21 Quarterly Dividends per Share THOR Go Everywhere. Stay Anywhere. 11#12INVESTOR RELATIONS CONTACT: Mark Trinske Vice President of Investor Relations [email protected] (574) 970-7912 THO LISTED www.thorindustries.com NYSE Aussichtspunkt Katschtalkehre 1550 do Alsto HYMER RV HY 874 R THOR Go Everywhere. Stay Anywhere