#1THOR Industries FISCAL YEAR & FOURTH QUARTER FISCAL 2022 FINANCIAL RESULTS www.thorindustries.com THO LISTED NYSE#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 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 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 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; 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 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. X THO LISTED NYSE THOR Go Everywhere. Stay Anywhere" 2#3RECORD 2022 OPERATING AND FINANCIAL PERFORMANCE CONSOLIDATED NET SALES $16.31 BILLION GROSS PROFIT MARGIN 17.2% THO LISTED NYSE DILUTED EPS $20.59 NET CASH FROM OPERATIONS $990.3 MILLION 000 % (())))) >>> »»>> »»>> FISCAL YEAR 2022 HIGHLIGHTS Delivered record financial results, achieving highest net sales, gross margin, net income and net cash from operations in THOR's history Exhibited resiliency of THOR's business model and effectiveness of our management teams as we outperformed throughout fiscal year 2022 in spite of significantly different market conditions from quarter to quarter Demonstrated solid operational execution as we managed through supply chain challenges and worked to replenish North American towable dealer inventory levels Became the market share leader in the North American Class B motorhome category, thus becoming the market share lead in every North American RV product category in which THOR participates Acquired Airxcel, a leading supplier of OEM and aftermarket RV parts and accessories Returned $260 million of capital to shareholders via dividends and share repurchases THOR Co Everywhere. Stay Anywhere. 3#4THO LISTED NYSE FISCAL YEAR 2022 RECAP Net Sales $16.31 BILLION (¹) (2) +32.4% (3) NA Motorized $3.98 bn +49.1% Gross Margin 17.2% +180 bps (3) (1) European $2.89 bn (9.8)% NA Towables $8.66 bn +39.2% Diluted EPS $20.59 +73.8% (3) Other $0.78 bn +246.7% Net Cash from Operations $990.3 MILLION FISCAL 2022 RESULTS Delivered strongest net sales and profitability performance in THOR's history ■ Record wholesale shipments of 328,557 units to meet strong consumer demand and restock channel inventory levels ■ Maximized profitability by successfully navigating through supply chain constraints and managing inventory levels Strengthened our market leading product portfolio with the introduction of additional Class B motorhome products FISCAL 2022 CAPITAL DEPLOYMENT Balanced, flexible and opportunistic approach to drive long-term shareholder value Capex spending of $242.4 million Regular quarterly dividends of $94.9 million Strengthened balance sheet through term loan principal payments of $332.9 million Completed $745.3 million acquisition of Airxcel Repurchased 1.9 million shares for $165.1 million Diversified and grew THOR's revenue streams with acquisition of Airxcel Includes $501.1 million of net sales from Airxcel (3) The addition of the Tiffin Group, acquired on December 18, 2020, accounted for $505.5 million or 4.1% of the 32.4% increase As compared to fiscal year 2021 K THOR Go Everywhere. Stay Anywhere" 4#5FOURTH QUARTER OF FISCAL YEAR 2022 Net Sales $3.82 billion (¹) +6.4% (2) THO LISTED NYSE Gross Margin 17.5% +90 bps (2) Diluted EPS $5.15 +25.0% NA Towables $1.80 bn 47.0% NA Motorized $1.02 bn 26.8% (¹) Includes $129.6 million of net sales from Airxcel As compared to the fourth quarter of fiscal year 2021 European $0.81 bn Other $0.19 bn 5.1% 138,500 7/31/18 NORTH AMERICAN INDEPENDENT DEALER INVENTORY OF THOR PRODUCTS 103,400 $634.1 $767.0 07/31/18 7/31/19 63,900 7/31/20 $852.7 $458.8 3.693.2 07/31/19 RV BACKLOG OF $8.76 BILLION (48.0)% Inventory Units Includes units of Tiffin products subsequent to the December 2020 acquisition of the Tiffin Group $1,526.0 $1,451.6 58,300 $2,763.7 7/31/21 53,559.1 $4,014.7 (3) $9,284.2 07/31/20 07/31/214) 127,000 CAMER $2,753.6 NA Towables NA Motorized European Includes Tiffin backlog subsequent to the December 2020 acquisition of the Tiffin Group X 7/31/22 $3,436.6 $2,571.0 07/31/22(4) (3) THOR Go Everywhere. Stay Anywhere 5#6NORTH AMERICAN TOWABLE SEGMENT Fourth Quarter of Fiscal 2022 NORTH AMERICAN TOWABLE KEY DRIVERS THO LISTED NYSE Dealer inventory levels generally at normalized levels Backlog of $2.6 billion remains above pre-pandemic levels with continued demand amid macroeconomic uncertainty Increased market share 10 bps to 40.9% in 1H CY '22 (y/y) NET SALES ↑ Increased 3.8%* driven by net selling price increases and a change in product mix, largely offset by a decrease in unit shipments GROSS PROFIT MARGIN ↓ Decreased (270) basis points* driven primarily by material cost pressures, partially offset by net price increases and improved labor costs *in the fourth quarter of fiscal 2022 compared to the prior-year period $1.73 4QFY21 17.9% 4QFY21 ($ billions) $1.80 4QFY22 15.2% 4QFY22 THOR Go Everywhere. Stay Anywhere 6#7NORTH AMERICAN MOTORIZED SEGMENT Fourth Quarter of Fiscal 2022 NORTH AMERICAN MOTORIZED KEY DRIVERS THO LISTED NYSE Strong order backlog of $3.4 billion Production and unit shipments continue to be constrained by chassis supply Dealer inventory levels remain below optimal levels Increased market share 220 bps to 49.4% in 1H CY '22 (y/y) NET SALES ↑ Increased 24.5%* driven primarily by net selling price increases and changes in product mix GROSS PROFIT MARGIN ↑ Increased 510 basis points* driven by net selling price increases, a reduction in sales discounts, product mix changes and lower overhead costs as percentage of sales *in the fourth quarter of fiscal 2022 compared to the prior-year period $823.1 4QFY21 12.9% 4QFY21 ($ millions) R $1,024.8 4QFY22 18.0% 4QFY22 THOR Co Everywhere. Stay Anywhe#8EUROPEAN SEGMENT Fourth Quarter of Fiscal 2022 THO LISTED NYSE EUROPEAN KEY DRIVERS Strong order backlog of $2.75 billion Production and unit shipments continue to be constrained by chassis supply Dealer inventory levels remain at historically low levels NET SALES↓ Decreased 16.8%* driven by a 14.0% decrease in unit shipments due primarily to chassis supply shortages and a decrease in foreign exchange rates Net sales decreased 4.4% on a constant-currency basis GROSS PROFIT MARGIN ↑ Increased by 310 basis points* due to net selling price increases, a reduction in sales discounts, operational efficiencies and improved warranty costs *in the fourth quarter of fiscal 2022 compared to the prior-year period $969.9 4QFY21 15.8% 4QFY21 ($ millions) $806.7 4QFY22 18.9% 4QFY22 THOR Go Everywhere. Stay Anywhere 8#9STRONG FINANCIAL POSITION THO (BILD NYSE OPERATING CASH FLOW $351.4 4QFY21 Capital Expenditures $47.7 Cash on hand $311.6 $526.5 FY21 ($ millions) LIQUIDITY($ millions) $128.8 $352.7 4QFY22 $71.7 Available credit under ABL $874.0 $990.3 FY22 $242.4 Total Liquidity $1,185.6 TOTAL LONG-TERM DEBT($ millions) TLB $1,124 SELECTED FINANCIAL RATIOS TOTAL LONG-TERM DEBT / TTM EBITDA TOTAL LONG-TERM DEBT / TTM ADJUSTED EBITDA (3) (3) >>> 1.0x Total debt obligations as of July 31, 2022 inclusive of the current portion of long-term debt (2) As of July 31, 2022 (3) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures. Unsecured Notes $500 (2) ABL $100 0.9x Other $76 Total Long- Term Debt $1,800 THOR Go Everywhere. Stay Anywhere 9#10CAPITAL MANAGEMENT THO LISTED NYSE $119 $ $10 FY12 S $145 $24 FY13 NET CASH FROM OPERATIONS AND CAPITAL EXPENDITURES ($ millions) Invest in THOR's business Pay THOR's dividend $30 FY14 CASH PRIORITIES $248 Reduce the Company's debt obligations $42 FY15 $341 $52 FY16 Repurchase of shares on a strategic and opportunistic basis $419 Net Cash from Operations Support opportunistic strategic investments, to enhance long- term shareholder value $115 FY17 $467 FY18 $138 $0.37 Capital Expenditures FY18 $508 i $130 FY19 $541 $0.39 FY19 FY 20 $107 $0.40 QUARTERLY DIVIDENDS PER SHARE FY20 $526 $129 FY21 $0.41 FY21 * $990 FY22 $0.43 FY22 THOR Go Everywhere. Stay Anywhere 10#11FISCAL YEAR 2023 PRIORITIES THO LISTED NYSE 1711 S Employ variable cost structure Adjust production rates Continuous cost control Optimize dealer inventory levels = NAVIGATE NEAR-TERM VOLATILITY i Demand pull-through focus on towable production to maintain appropriate levels Mitigate motorized supply chain constraints to rebuild channel inventory levels LEVERAGE SCALE TO EXTEND LEADERSHIP POSITION WITHIN RV INDUSTRY Invest in innovative new technologies and automation Foster sharing of best practices across operating companies Grow recurring revenue streams in North American supply and aftermarkets business Pursue strategic partnerships EXECUTE ON CAPITAL DEPLOYMENT TO MAXIMIZE SHAREHOLDER VALUE Reinvestment into the business Payment of regular quarterly dividends Debt paydowns and opportunistic share repurchases Strategic bolt-on acquisitions to drive long-term growth FAST & FLEXIBLE LONG-TERM FOCUS POWERFUL CASH FLOW GENERATION TO REDEPLOY X THOR Co Everywhere. Stay Anywhere 11#12APPENDIX THOR Go Everywhere. Stay Anywhere 12#13THOR OVERVIEW The Global RV Industry Leader FOUNDED IN ~32,000 1980 EMPLOYEES (¹) THO LISTED NYSE NET SALES BY SEGMENT (¹) North American Towables 53.1% (1) As of July 31, 2022 North American Motorized 24.4% European 17.7% Other 4.8% >400 FACILITIES WORLDWIDE $16.3B FY22 NET SALES (1) ~3,500 INDEPENDENT United States 75.0% DEALERSHIP LOCATIONS (¹) NET SALES BY COUNTRY (¹) Germany 10.6% Other Europe 7.1% Canada 6.9% Other 0.3% WHO WE ARE Experienced growth- oriented team Leading brands Cash generation focus • Customer-centric innovation 42 years of uninterrupted profitability THOR Go Everywhere. Stay Anywhere 13#14THOR'S PRODUCT LEADERSHIP THO LISTED NYSE CATEGORY MARKET SHARE (¹) MARKET POSITION (¹) Travel Trailers 41.5% #1 NORTH AMERICAN Fifth Wheels 43.5% #1 Class A 52.9% #1 Class C 53.7% #1 Class B 39.9% #1 (¹) As of calendar YTD June 30, 2022. Data reported by Statistical Surveys, Inc 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. EHG data is sourced from industry retail registrations statistics that have been compiled from individual countries reporting of retail sales. EUROPEAN X All RV Segments 20.7% #2 THOR Go Everywhere. Stay Anywhere" 14#15RV INDUSTRY OVERVIEW North America THO LISTED NYSE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2021 Unit Change % Change 300,267 23,564 +7.8% June 2022 323,831 173.1 163.1 1990 1991 June 2022 293,288 1308 121.1 1990 1991 203.4 52.3 June 2022 30,543 41.9 2278 259.5 247.2 2475 254.6 TOWABLE RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2021 Unit Change % Change 271,119 22,169 +8.2% 156.5 176.5 2013 46.9 1994 1995 1996 1997 1998 1999 292,7 321.2 194.3 51.3 192.2 1995 229.1 1993 1994 1995 1996 1997 1990 1999 300-1 249.7 239.1 63.5 71.5 256.8 61.0 3110 3209 2001 2002 2003 2004 2005 207.6 MOTORIZED RV WHOLESALE MARKET TRENDS (UNITS 000's) YTD Shipments (Units) June 2021 Unit Change % Change 29,148 1,395 +4.8% 250.6 258 9 2001 2002 2003 49.2 370.0 384.5 390.4 62.0 2083 71.7 323.0 334.5 208.1 T 2005. 2006 2007 61.4 353.5 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2007 55.8 584 237.0 2008 2009 T 2008 165.6 28.4 1524 T 13.2 T 2005 2007 2008 2009 242.3 252.4 285,7 2010 2011 2012 2013 217.1 227.6 321.1 2010 2011 2012 2013 25.2 24.8 28.2 2010 2011 2012 2576 2828 312.8 38.3 5-year CAGR (2016-2021): 6.9% 2013 356.7 T 374.2 44.0 2015 2016 430.7 326.9 5-year CAGR (2016-2021): 7.7% 376-0 47.3 T T 2015 2010 2017 54.7 T 2015 2016 Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar year 2022 and 2023 represent the most recent RVIA "most likely" estimate from their August 2022, Fall 2022 issue of Roadsigns 480.7 442.0 426.1 424 406.1 2017 430.4 5-year CAGR (2016 - 2021): 0.5% ī 2018 2019 2020 2021 2022 2023 349.6 359.4 600.2 498 8 46.6 40.8 544.0 X 445.1 T T T T 2019 2020 2021 2022 2023 (0) (0) 419.0 53.7 2018 2019 2020 2021 2022 368.9 50.K 2023 (0) (0) THOR Go Everywhere. Stay Anywhere" 15#16RV INDUSTRY OVERVIEW Europe THO LISTED NYSE EUROPEAN INDUSTRY UNIT REGISTRATIONS BY COUNTRY (¹) Country Germany France U.K. % Change (15.9) % 14,111 2021 48,728 18,961 40,985 14,914 3,960 (21.3) % 9,463 6,464 7,654 (15.5) % 5,417 1,492 2,087 (28.5) % 1,068 3,998 5,061 (21.0) % 2,648 2,117 3,128 (32.3) % 3,905 4,737 (17.6) % 314 882 (0.7) % 3,752 4,563 (17.8) % 1,125 (14.2) % 3,343 3,690 (9.4) % 10,529 (16.5) % 5,026 41,059 6,630 (24.2) % 8,790 45,638 (10.0)% 89,760 109,138 (17.8)% FULL-YEAR COMPARISON OF NEW VEHICLE REGISTRATIONS BY CONTINENT (UNITS 000's) (¹) (2) Netherlands Switzerland Sweden Italy Belgium Spain All Others Total 201 144 1990 (1) (2) 192 141 CYTD June 30, 2022 14,217 4,557 6,976 4,877 1,081 2,055 429 876 965 Caravans 217 182 17062 151 146 2021 3373 219 % Change 0.8 % 15.1 % (26.4) % (10.0) % 1.2 % (22.4) % 36.6 % 220 138 139 140 14 1992 1993 1994 1995 1996 1997 253 Motorcaravans 272 153 CYTD June 30, 2022 251 162 166 274 292 174 182 Total CYTD June 30, 198 2022 55,202 19,471 13,440 6,369 5,079 4,172 4,334 4,628 4,308 13,816 130,819 324 320 310 366 203 210 200 2021 62,839 22,921 % Change (12.2) % (15.1) % (21.6) % (15.1) % (17.1) % 17,137 7,504 6,129 5,776 (27.8) % 5,051 (14.2) % 5,445 (15.0) % 4,815 (10.5) % 17,159 (19.5) % 154,776 (15.5)% 180 228 150 247 North America 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 150 147 Industry wholesale shipment data for the European RV market is not available 264 304 333 137 140 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 376 152 Europe Source: European Caravan Federation; CYTD through June 30, 2022 and 2021; European retail registration data available at www.CIVD.de Source: Statistical Surveys (www.statisticalsurveys.com) 2015 416 168 471 190 493 X 202 2016 2017 2018 457 211 521 236 565 250 2020 2021 THOR Go Everywhere. Stay Anywhere" 16#17CONSUMER TRENDS SUPPORT CONTINUED LONG-TERM Supported by Real Data from RVers THO LISTED NYSE 95% 97% 97% of lightweight owners are happy with their (1) purchase of new RVers are happy with their purchase 98% of those first time buyers say they will buy again RV INDUSTRY GROWTH RD (2) THOR-conducted studies Per data provided by KOA 93% of those owners intend to buy (4) again BORNEO Jayco of B van owners are happy with their units (¹) mus 68% of current RV owners intend to repurchase a new RV in the next 5 (2) years 31% of people who do not own an RV indicate that they are interested in buying an RV (2) W THOR Co Everywhere. Stay Anywhere 17#18QUARTERLY ADJUSTED EBITDA RECONCILIATION FY 2022 THO LISTED NYSE ($ in thousands) Net Income Add Back: Interest Expense, Net Income Taxes Depreciation and Amortization EBITDA Add Back: Stock-Based Compensation Expense Acquisition Related Transaction Costs Change in LIFO Reserve Inventory Step-Up Impact on Gross Profit Net (Income) Expense Related to Certain Contingent Liabilities Non-Cash Foreign Currency Loss (Gain)(¹) $ Other Loss (Gain), Including Sales of Property, Plant and Equipment Adjusted EBITDA Net Sales Adjusted EBITDA Margin (%) Total Long-Term Debt as of July 31, 2022 (2) $ $ Total Long-Term Debt / TTM EBITDA Total Long-Term Debt / TTM Adjusted EBITDA 1QFY22 244,803 20,720 68,039 64,953 398,515 6,027 1,290 3,350 6,791 22,000 (3,142) 434,831 3,958,224 11.0% 2QFY22 265,635 24,507 80,618 75,895 $ 446,655 $ 6,959 315 9,500 (1) Non-cash foreign currency gain related to certain Euro-denominated loans (2) Total debt obligations as of July 31, 2022 inclusive of the current portion of long-term debt 13,000 (6,036) $ 470,393 $ 3,875,018 $ 12.1 % 3QFY22 346,018 22,289 116,389 71,646 556,342 9,750 21,000 (2,875) (6,770) 577,447 4,657,517 12.4 % 4QFY22 FY22 281,787 $ 1,138,243 22,576 90,092 56,575 321,621 71,959 284,453 $ 432,897 $ 1,834,409 8,685 Adjusted EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as net income before net interest expense, income tax expense and depreciation and amortization adjusted for certain items and other one-time items. 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. 28,712 5,850 6,173 31,421 1,605 62,562 6,791 (9,392) (9,392) 472,925 $ 1,955,596 3,821,766 $ 16,312,525 12.4 % 12.0 % X 37,975 (9,775) $ 1,799,911 1.0x 0.9x THOR Go Everywhere. Stay Anywhere 18#19INVESTOR RELATIONS CONTACT Michael Cieslak, CFA [email protected] (574) 294-7724 THO LISTED www.thorindustries.com NYSE 2.9 Pas THOR Co Everywhere. Stay Anywhere