#1THE EXTRA MILE THOR Go Everywhere. Stay Anywhere. Welcome to Investor Day 2022 THO LISTED NYSE June 27, 2022 Jackson Center, Ohio#2Overview Mark Trinske Vice President of Investor Relations THE EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#3Agenda 9:00 am Welcome Peter Orthwein, THOR Industries Co-founder & Chairman Emeritus Opening Remarks Bob Martin, Chief Executive Officer THOR's People Journey Ken Julian, Senior Vice President of Administration & Human Resources Who We Are and How We've Performed Todd Woelfer, Chief Operating Officer and Colleen Zuhl, Chief Financial Officer THOR's Strategic Framework to Drive Long-Term Growth Todd Woelfer, Chief Operating Officer and Colleen Zuhl, Chief Financial Officer North American Operations Update Matt Zimmerman, North American RV Group Manager Break Operating in the THOR Family of Companies - An Airstream Perspective Bob Wheeler, President and Chief Executive Officer, Airstream European Operations Update Troy James, Senior Vice President of International Business Operations Our Vision: Market Outlook, Downside Scenario and Updated Five-Year Goals to Create Shareholder Value Todd Woelfer, Chief Operating Officer and Colleen Zuhl, Chief Financial Officer Closing Remarks Bob Martin, Chief Executive Officer 12:00 pm Lunch and Q&A 3 1:00 pm Airstream Manufacturing and Museum Tours and Reception R THOR Go Everywhere. Stay Anywhere."#4Forward 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 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 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. This presentation includes certain non-GAAP financial measures, such as EBITDA, adjusted EBITDA, net debt to adjusted EBITDA leverage, free cash flow and ROIC. These non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure are included in the Appendix to this presentation. 4 THOR Investor Day 2022 2 THOR Go Everywhere. Stay Anywhere."#5Welcome Peter Orthwein THOR Co-founder and Chairman Emeritus THE EXTRA MILE THOR Go Everywhere. Stay Anywhere.#66 History of THOR 1980 THOR becomes a public company 1984 Acquired Dutchmen Manufacturing Acquired Keystone RV 1991 2001 Wade F.B. Thompson and Peter B. Orthwein founded THOR Industries by acquiring Airstream 1986 Listed on the New York Stock Exchange and was ranked sixth out of the "200 Best Small Companies in America" 1992 Acquired Fourwinds International, now Thor Motor Coach 2003 Acquired Damon, now Thor Motor Coach Acquired Crossroads THOR RV 2004 2010 Acquired Heartland RV 2012 THOR Headquarters relocated to Elkhart Acquired KZ, Inc. Acquired Jayco Inc. 2014 2016 2015 Acquired Postle Aluminum THOR's Heartland subsidiary also acquired Cruiser RV and DRV Luxury Suites 2016 Celebrated 35th anniversary at New York Stock Exchange Formed Togo Group Acquired Tiffin Motorhomes 2018 2020 2019 Became the global leader with the acquisition of Erwin Hymer Group 2021 Acquired Airxcel THOR 25-57 FOR EXCELLENCE THO NYSE THOR Investor Day 2022 THOR THOR Go Everywhere. Stay Anywhere™#7Opening Remarks Bob Martin President and Chief Executive Officer THOR THE EXTRA MILE Go Everywhere. Stay Anywhere.#88 Welcome AIRSTREAM NEW STATE-OF-THE-ART AIRSTREAM FACILITY NEW MANUFACTURING FACILITY AIRSTREAM HERITAGE CENTER THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#99 Leadership Team with Extensive RV Industry Experience Bob Martin President & Chief Executive Officer Years with THOR: 21 Years Industry Experience: 29 Colleen Zuhl Senior Vice President & Chief Financial Officer Years with THOR: 11 Years Industry Experience: 18 Todd Woelfer Senior Vice President & Chief Operating Officer Years with THOR: 10 Years Industry Experience: 29 Ken Julian Senior Vice President of Administration & HR Years with THOR: 18 Years Industry Experience: 33 Trevor Gasper Senior Vice President, General Counsel & Corporate Secretary Years with THOR: 5 Years Industry Experience: 17 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere.*#10Senior Operations Management Long-term History of Successfully Operating Through Up and Down Business Cycles Matt Zimmerman Troy James North American RV Group Senior Vice President of Manager Years with THOR: 21 International Business Operations Years with THOR: 12 Years Industry Experience: 25 Years Industry Experience: 30 Bob Wheeler President & Chief Executive Officer, Airstream Years with Airstream: 22 Years Industry Experience: 29 THOR Company Presidents & Years Industry Experience Jeff Rutherford, Airxcel - 27 Darin Elswick, CrossRoads - 30 Kyle Kwasny, Dutchmen - 18 Alex Leopold, Erwin Hymer Group - 7 Ryan Juday, Heartland - 23 Ken Walters, Jayco - 28 Jeff Runels, Keystone - 25 Aram Koltookian, KZ - 27 Kevin Robinson, Postle - 22 Danny Hest, Roadpass Digital – 4 Jeff Kime, Thor Motor Coach - 33 Leigh Tiffin, Tiffin - 9 10 THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere."#11Our Forecast History: 2025 Financial Goals and Actual Performance 2025 Goals (Announced in Oct. 2019) April 30, 2022 NET SALES >>> $14.0B $16.1BC GROSS MARGIN >>> 16.0% 17.0%(¹) LANDMARK CUMULATIVE NET CASH FROM OPERATIONS (FY 20-FY 25) >>>> $3.0B >$1.7B²) (1) TTM as of April 30, 2022 11 (2) Cumulative FY 20 - April 30, 2022 THOR Investor Day 2022 2 THOR Go Everywhere. Stay Anywhere."#12Our Vision: 5-Year Performance Projections By the end of Fiscal Year 2027, THOR projects: NET SALES $20B SUSTAINABLE GROSS 17% $27.00 MARGIN EPS At THOR, we have consistently taken a long-term view of our business. Whether considering investments in new plants, acquisitions or our people, we make decisions we believe will benefit our Company not just for the next year but for the next decade or more. 12 CUMULATIVE NET CASH >>>>> $6B+ FROM OPERATIONS >>> (FY 23 - FY 27) REDUCED GREENHOUSE GAS (GHG) EMISSIONS ↓ by 40% R THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#1313 A THOR's People Journey Ken Julian Senior Vice President of Administration and Human Resources THE EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#14Shareholder Value Through Our People Journey 14 EMPLOYER OF CHOICE Our Purpose and Commitments People Focused Open and Honest Feedback Living Our Core Values THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#15Our People Journey... The Pathway to be the Employer of Choice 15 SAFE/COMPLIANT WORK ENVIRONMENT WELLNESS/ WELL-BEING INITIATIVES لمية INCLUSIVE WORKPLACE DIVERSE AND EQUITABLE THOR Investor Day 2022 PEOPLE DEVELOPMENT THOR Go Everywhere. Stay Anywhere™#16MONTANA LEGACY MONTANA Who We Are and How We've Performed Todd Woelfer Senior Vice President and Chief Operating Officer Colleen Zuhl Senior Vice President and Chief Financial Officer THE EXTRA MILE THOR Go Everywhere. Stay Anywhere™#17WHO WE ARE FREE CASH FLOW (1) ($ millions) $434 $398 $378 EXPERIENCED GROWTH-ORIENTED TEAM $328 $304 LEADING BRANDS CASH GENERATION FOCUS CUSTOMER-CENTRIC INNOVATION 42 YEARS OF UNINTERRUPTED PROFITABILITY 17 FY17 FY18 FY19 FY20 FY21 18.0% FIVE YEAR ROIC (FY 2017-2021) (1) Strong Cash Generation and ROIC = Long-Term Shareholder Value (1) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures. THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#18THOR Overview: The Global RV Industry Leader OUR ESSENCE Under One Sky 397 (1) FACILITIES WORLDWIDE $1.1B TTM NET INCOME ATTRIBUTABLE TO THOR (2) ~3,500 (1) INDEPENDENT DEALERSHIP LOCATIONS $1.8B TTM EBITDA (2) (3) OUR PURPOSE Inspiring and empowering people to Go Everywhere. Stay Anywhere.T FOUNDED IN 1980 >30,000 EMPLOYEES $16.1B TTM NET SALES(2) (1) 4.1% 19.0% 23.5% ■North American Towables ■ North American Motorized NET SALES BY SEGMENT (2) 53.4% ■ European (1) As of July 31, 2021 ■ Other ■ United States 16.1% 68.7% NET SALES BY COUNTRY (1) ■Germany ■ Other Europe ■ Canada 9.7% ■ Other 5.2% 0.3% 18 (2) TTM as of April 30, 2022 THOR Investor Day 2022 (3) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures. OUR VALUES Community Adventurous Compassionate Trustworthy THOR Go Everywhere. Stay Anywhere."#19Leadership Positions Within Each of Our Product Categories Travel Trailers Fifth Wheels CATEGORY MARKET SHARE (1) NORTH AMERICAN Class A EUROPEAN Class C Class B All RV Segments 40.4% 43.6% 50.9% 54.2% 39.9% 18.0% MARKET POSITION (1) #1 #1 #1 #1 #1 #2 19 (1) As of calendar YTD April 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. THOR Go Everywhere. Stay Anywhere™ THOR Investor Day 2022#20Market Leadership Position Established by Key Competitive Advantages 20 20 CONSUMER-CENTRIC UNRIVALED SCALE INNOVATION FOCUS $ FAST, FLEXIBLE & FOCUSED DECENTRALIZED BUSINESS STRONG BALANCE SHEET THOR Investor Day 2022 EXPERIENCED & PROVEN MANAGEMENT TEAM PEOPLE & COMMUNITY THOR Go Everywhere. Stay Anywhere™#21Fast + Flexible + Focused Our decentralized business model and highly variable cost structure = 40+ years of profitability and strong cash flow from operations 21 FAST Decentralized business model allows us to quickly adapt to changing market conditions FLEXIBLE Focus on assembly, not heavy manufacturing, creates a low working capital and low overhead cost structure FOCUSED Our business model is focused on what we do best - RV's Our highly variable cost structure allowed us to maintain strong liquidity and positive cash flow from operations through prior economic cycles THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#22Net Sales ($ millions) (1) $18,000 $1,200 THOR's History of Strong Financial Performance $16,000 $14,000 $1,000 $12,000 $10,000 $8,000 $6,000 $4,000 $2,000 $0 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 TTM (1) (1) Net Sales Net income attributable to THOR (1) FY12 and prior include bus operations which were sold as of October 20, 2013 22 22 (2) TTM April 30, 2022 $0 (2) FY22 $800 $600 $400 $200 Net income attributable to THOR ($ millions) (1) SUCCESSFUL HISTORY OF MANAGING THROUGH DOWN CYCLES THOR has generated a net profit in every fiscal year since its founding in 1980 THOR's Executive Leadership Team and operating company leadership teams have the experience to succeed in rapidly changing market conditions R THOR Go Everywhere. Stay Anywhere." THOR Investor Day 2022#23Management Team has Delivered Outstanding Growth FY 2012 (1) FY 2021 CHANGE 9-YEAR CAGR (2012-2021) Net Sales $3.1B $12.3B +299% 16.6% Gross Profit $ $356.8M $1,895.0M +$1,538.2M 20.4% Gross Margin % 11.6% 15.4% +382 bps Net Income attributable to THOR $121.7M $659.9M +442% 20.7% Adjusted EBITDA (2) $207.8M $1,241.5M +$1,033.7M 22.0% Diluted EPS $2.26 $11.85 +$9.59 20.2% Net Cash Flow from Operations $118.8M $526.5M +$407.6M 18.0% 23 (1) Includes bus operations which were sold as of October 20, 2013 (2) See the Appendix to this presentation for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#24Successful History of Acquisitions 4.8% KZ KZ EST.1972 RECREATIONAL VEHICLES 2014 13.8% 8.7% Postle Aluminum CRV CRUISERRV Great American Trailors Luxury Suites Jayco Roadpass ERWIN HYMER GROUP ⑨TIFFIN Digital 2015 2016 2018 2019 2020 MOTORHOMES VAIRXCEL 2021 NBT PERFORMANCE SINCE PRE-ACQUISITION (¹) ($ millions) Pre-acquisition period Cruiser/DRV FY 21 Jayco Postle 20.3% 6.6% 15.6% 7.5% 5.5% EHG Tiffin 5.5% 4.4% 3.6% 2.5% FY 14 FY 21 FY 15 FY 21 FY 15 FY 21 FY 16 FY 21 FY 18 FY 21 FY 20 TTM FY22 Sales % Increase 154.7% 53.3% 131.0% 25.0% 24 (1) NBT performance represents NBT % of net sales for the indicated fiscal years. FY21 includes amortization expense related to acquired intangible assets. THOR Investor Day 2022 18.2% 5.2% R THOR Go Everywhere. Stay Anywhere™#252.6x TLB $1,347 TOTAL DEBT (1) ($ millions) Other ABL $100 $82 Unsecured Notes $500 TOTAL NET DEBT LEVERAGE (3) 1.9x 1.0x 0.9x Favorable Debt Profile Total Debt $2,029 FAVORABLE DEBT MATURITY PROFILE Term Loan B (TLB) due in FY26 - current weighted average interest rates of 4.59% (USD tranche) (floating and fixed) and 3.00% (EUR tranche) (floating, not hedged) $500 million of Senior Unsecured Notes due in FY 29 and favorable interest rate fixed at 4.00% No financial performance covenants (2) No mandatory scheduled amortization payments on TLB, ABL or Unsecured Notes prior to maturity = maximum flexibility 25 July 31, 2019 July 31, 2020 July 31, 2021 TTM as of April 30, 2022 (1) Total debt obligations as of April 30, 2022 inclusive of the current portion of long-term debt (2) As long as adjusted excess availability, as defined in the debt agreement, exceeds $100M. As of 06/03/2022, our adjusted excess availability was $1.13 billion. (3) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures. THOR Investor Day 2022 THOR'S VIEW OF DEBT We view debt as a strategic tool to be used when needed But we are mindful of our industry - therefore, we carefully structure our debt and maintain a low net debt leverage LT net debt leverage goal is less than 1x R THOR Go Everywhere. Stay Anywhere."#2626 $233 FY07 T MORE THAN DOUBLED CASH FLOW FROM OPERATIONS 5-year cumulative cash flow from operations of $2.5B $989 5-year cumulative cash flow from operations of $1.0B $508 $541 $526 $467 $419 $341 $248 $122 $101 $115 $119 $145 $149 $49 T T FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 TTM (2) FY22 ■Cash flow from operations ($ millions) LIQUIDITY (1) ($ millions) Cash on hand $329.3 Available credit under ABL $870.0 Total Liquidity $1,199.3 (1) As of April 30, 2022 (2) TTM April 30, 2022 THOR Investor Day 2022 Excellent Liquidity with Strong Cash Flow from Operations THOR EMPLOYS A CONSERVATIVE BALANCE SHEET STRATEGY FOCUSED ON: Strong operating cash flow generation Top tier accounts receivable aging A/R generally exceeds A/P – provides cash flow in a downturn We pay A/P quickly in return for improved pricing R THOR Go Everywhere. Stay Anywhere."#27THOR's Strategic Approach to Leveraging Our Scale SOURCING DEALER RELATIONS VENDOR RELATIONS PRODUCT DEVELOPMENT & INNOVATION 27 THOR Investor Day 2022 BEST-IN-CLASS PROCESSES 0 THOR Go Everywhere. Stay Anywhere™#28Innovation Focus has Always been Core to THOR's Success . Business Model Innovation Roadpass Digital Data Strategy • Strategic Partnerships 28 121 200 35 of these have been issued since 2020 97% of these have been filed since 2017 THOR Investor Day 2022 ESCAPE R THOR Go Everywhere. Stay Anywhere."#29Leading the RV Industry in our ESG Initiatives ENVIRONMENTAL SOCIAL GOVERNANCE 29 • • • In 2020, THOR became a signatory to the "Business Ambition for 1.5'C" with a commitment to achieve net-neutral carbon emissions on or before 2050 and has since pledged to reduce its carbon emissions by 50% on or before 2030 In Fiscal Year 2021, EHG became the first major RV OEM to achieve carbon net-neutral manufacturing THOR established a goal of 50% reduction of solid waste to landfill by 2030 THOR invested nearly $9M in photovoltaic systems capable of generating in excess of 7,615 MWH annually and plans to further expand its renewable energy self-generation As one of National Forest Foundation's most significant corporate sponsors, THOR funded the planting of 500,000 trees over five years $8.6M INVESTED FOR SOLAR POWER GENERATION SINCE 2020 $9.9M INVESTED TO IMPROVE ENERGY EFFICIENCY AND SOLAR POWER GENERATION SINCE 2020 • • • • . Comprehensive DE&I program across the organization that includes greater diversity in leadership positions Employee-focused and engaged workplace safety program Career development program designed to promote career development Culture assessment surveys to measure current state and identify improvement opportunities Created the THOR Community Foundation AMERICA'S MOST TRUSTED COMPANIES Continual focus on: • Board composition and structure • • • Compensation Shareholder rights Audit and Risk Oversight Developing and implementing strategy to ensure alignment with evolving regulations, with focus on the SEC Proposed Rule on Climate Change Moving towards closer alignment with certain accepted frameworks Ensuring implementation of proper diligence processes to support accurate and transparent ESG statements 2022 Newsweek statista R THOR Go Everywhere. Stay Anywhere™ THOR Investor Day 2022#30Key Highlights of THOR's ESG Leadership 30 KEY ACCOMPLISHMENTS TOGETHER OutDORS THOR is driving ESG and DEI commitment through the RV industry and overarching outdoor economy as a founder of Together Outdoors, a coalition created to help make the outdoors an equitable and inclusive space for all through education, partnership and engagement across all segments of the outdoor community HYMER RV HY 874 EHG became the first major RV OEM to operate net neutral GHG emissions late in our fiscal year 2021 ESG has been adopted as a core principle at THOR. Starting at the top with our Board of Directors and permeating throughout the Company, ESG shapes how we think about our business. Follow us on our ESG journey on our website at www.thorindustries.com/ESG THOR Investor Day 2022 Significant investment in ESG-focused initiatives including: ⚫ Solar power initiatives in both products and operations . • Electrification of products and operations Alternatives to gas-powered generators Comprehensive studies in product weight reduction and radically improved aerodynamics • Waste incineration 2 THOR Go Everywhere. Stay Anywhere™#31SONICX Who We Are Recap 1 2 3 Experienced leadership team that has delivered growth oriented results Business model that has prospered through all market conditions Strong cash flow generation matched with favorable debt profile creates strong liquidity 4 Market share leader with leading brands B 5 Focused people strategy with value-creating DE&I initiatives 6 Market leader in innovation and ESG RV Industry Leader Driven to Expand Its Leadership Position Over the Next Five Years THOR Go Everywhere. Stay Anywhere™ THOR Investor Day 2022#3232 ARIA THOR's Strategic Framework to Drive Long-Term Growth Todd Woelfer Senior Vice President and Chief Operating Officer Colleen Zuhl Senior Vice President and Chief Financial Officer 0000 THOR Investor Day 2022 THE EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#33Our Strategic North Star 33 Our strategy will lean into our scale as we invest in opportunities to grow our earnings, drive important initiatives including ESG and DE&I, and create true competitive advantage in a changing world. Our strategy will thereby enable us to continue to improve our Company and to materially increase the return to our shareholders. THOR Investor Day 2022 THORA Go Everywhere. Stay Anywhere."#3434 Maximizing Shareholder Value through Disciplined Capital Allocation A balanced approach to capital allocation $ LIQUIDITY SUPPORT OPERATIONS • We will continue to actively and prudently manage our balance sheet and our liquidity to ensure maximum flexibility and minimize risks, creating a strong buffer and increased business resiliency • We will continue to invest in our core businesses as a first priority • Modest maintenance capex . Smart capacity expansion • Automation, quality and other opex initiatives DEBT PAYMENTS SHAREHOLDER DISTRIBUTIONS • Dividends Share Repurchases ACQUISITIONS AND GROWTH OPPORTUNITIES • . Innovation We will continue to meaningfully reduce our indebtedness Long-term net leverage ratio of < 1x across the business cycle • We intend to grow our dividends annually • . We also intend to strategically repurchase our shares – particularly when they are undervalued by the market Special dividends will be evaluated and determined as conditions warrant Our acquisition and growth strategy will focus on growing our core businesses or closely related businesses through direct acquisitions or strategic investments • Currently, no planned major acquisitions over the next three years THOR Go Everywhere. Stay Anywhere™ THOR Investor Day 2022#35Enterprise-wide Focus on Operational Excellence 35 Focus areas to drive best-in-class dealer and user experience Product Quality Production Capacity Automation Employee Retention Brand Quality R THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#36THOR's Strategic Approach to Automation · Improved Operating Efficiency Improved Quality Increased Capacity and Growth ● Freeing Up Human Capital 36 Greater Customer Satisfaction Improved Retention THOR's automation strategy holistically looks at our global operations that could benefit from automation rather than a series of use cases that are adopted without consideration of the overall automation strategy R THOR Go Everywhere. Stay Anywhere." THOR Investor Day 2022#37Automation Case Study: Laminated Sidewall Line 37 BACKGROUND High frequency of warranty claims associated with laminated walls Having a uniform process is critical to achieving consistency and preventing delamination • • • THOR LAMINATED SIDEWALL LINE Robotic milling, routing and welding delivers best-in-class efficiency and quality Automated material handling to reduce non-value add labor Full discrete event and robotic simulation for design validation and line balancing OUTCOMES Reduced rework and direct labor Improved quality and throughput Simple payback period less than 3 years Significant Opportunity to Automate Assembly Process Across Enterprise THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#38THOR's Strategic Approach to Innovation Technology | Global eMobility Platforms (EV) | Global бори ролиру MORE, BETTER, FASTER Circle of Life Manufacturing Engineering Hassle-Free RV Together Forever 200 s (EV) | Global Connected Vehicles (CV) | Digital Customer EV Revolution MISSION The THOR Global Innovation team will find, partner, and create technical and business innovation to improve and expand the RV'ing experience and create competitive advantage for our Operating Companies. We will work both in collaboration with and in parallel to THOR's family of companies and current business models. Grow the Pie THOR is dedicated to leading the industry in innovation THOR is focused on innovation strategies that will deliver enterprise value THOR is making investments to deliver innovation with the right market timing 38 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#39Strategic Vision to Establish North American Aftermarket and Service Business Source: Management Estimates (1) TAM Total addressable market 39 >$5B TAM (1) Industry Aftermarket Opportunity >$2B TAM (1) Aftermarket Opportunity on Installed Base of THOR Products GROWTH LEVERS • Airxcel acquisition adds aftermarket parts distribution service utilizing a rapid delivery system Nationwide system of service centers of qualified RV technicians • Roadpass Digital platform Significant Growth Opportunities Over the Next Five Years THOR Investor Day 2022 2 THOR Go Everywhere. Stay Anywhere."#40ROADPASS NEW REGISTERED USER GROWTH 6M Digital a Key Piece to THOR's Strategic Trajectory Roadpass Digital Now that Roadpass Digital has gained a critical mass of users, for THOR it will: • Create a pathway to monetization • • Be a key driver of THOR's aftermarket and service strategies Provide the greatest source of data of RVers short of KOA Offer new opportunities for marketing and sales in the growing digital marketplace 40 40 2015 2016 2017 2018 2019 2020 2021 2022 THOR Investor Day 2022 ROADPASS PRO & ROADTRIPPERS PLUS PAID MEMBERSHIPS 119K 2019 2020 2021 R 2022 THOR Go Everywhere. Stay Anywhere™#41Investing to Attract and Retain RV Consumers 41 Jayca Increasing RV Lifestyle Participation Broad Consumer Reach Through Diversified Product Offering THOR Investor Day 2022 8:43 PM 4G AA new.rvillage.com RVillage & 43 . Discover people, parks, get togethers and more... right where you are. Let's Get Start Create Post What's w? Publish on Facebook All Activity PINNED POST 9:41 → TOGO RV My RV The Big Kahuna Open Search Service Nearby Route RV-Safe with RV GPS Tire discounts Browse RV Campgrounds gn Recall alerts Find Overnight RV Parking S Post Now Member Offers Togo University < The RVillager Tuesday at 07:39 PM the road, life can get busy and sometimes Recall notifications Wednesday, 1st October 2021 目 包 gn Home Explore Checklists RV Living My RV Connected Technology Strategic Empowerment of Digital Assets R THOR Go Everywhere. Stay Anywhere™#42Guiding Principles to our Tech Nexus Partnership A portfolio of opportunities for THOR by building: • • . Teams of entrepreneurs that are focused on driving value and aligning strategic partnerships that matter to THOR... With a diversified view that enables identification of new technologies, new business models, and new offerings, and are... Connected through the smallest investments possible to maximize outcomes vs distractions, and... Which offer the opportunity of strategic collaboration earlier than normally available, with more privileged relationships and aligned interests, all designed to... Generate both strategic value and financial returns for THOR shareholders 22 42 R THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#43Unlocking Value in Data Quality Productivity Enhancement Internal Documents and Governance Dealer Communications Digital Commerce THOR's Data Value-Creation Opportunities Personalized Customer Experience Innovation Product Development THOR Has Entered Into an Arrangement With a Proven Data Analytics Firm to Assist in Driving its Data Strategy 43 THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere."#44A History and Commitment to Return Meaningful Capital to Shareholders Dividends • 10 year CAGR of 11.8% as dividends increased from $0.15 to $0.43 quarterly Paid special dividends of $1.50 in FY 13 and $1.00 in FY 14 Expect growing and sustainable dividend QUARTERLY DIVIDENDS 10-year CAGR = 11.1% $0.15 $0.18 $0.23 $0.27 $0.30 $0.33 $0.37 $0.39 $0.40 $0.41 $0.43 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 ~$100M of share repurchases year-to-date in FY 22, with $150M Share Repurchases remaining under current authorization $450M of additional repurchase authorization approved by the Board last week 12 CONSECUTVE YEARS OF DIVIDEND HIKES 14.0% ~14% OF CURRENT MARKET CAPITALIZATION AUTHORIZED TO BE REPURCHASED THROUGH FY 25 (1) Planning to Return Over $875 Million of Capital Over the Next Three Fiscal Years (1) Market capitalization as of June 24, 2022 44 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#45THOR's Strategic Approach to Acquisitions 45 GROW CORE BUSINESSES AND STRENGTHEN THOR'S POSITIONING IN RV INDUSTRY Strategic Filters . Complementary product offering New product and technology Additional Strategic Filters • Revenue diversification Geographic expansion differentiation • Expand dealer base • Build additional scale • Strong operating companies with strong management teams ✓ Ability to leverage THOR's competitive advantages to drive additional growth and create meaningful value HOW WE ADD VALUE • Growth capital • Best practices • • Acceleration of growth vs ability to Sharing talent replicate organically . Support product expansions • Risk mitigation • Center-led innovation • Centralized back-office savings FINANCIAL CRITERIA Immediately accretive to earnings for sizeable transactions ✓ Variable cost structure Currently No Planned Major Acquisitions in the Next Three Years THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#46Strategic Framework Recap Key elements to strategic growth 1 Continuous margin improvement through operational excellence initiatives 2 Proven and time-tested M&A strategy 3 Centrally led innovation and data strategies focus on creating competitive advantages Aftermarket and service strategies create new long-term 4 growth opportunities 5 Creation of both revenue and competitive advantages through partnership with TechNexus 6 Roadpass Digital creates numerous differentiating opportunities 46 46 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#47STRYKER North American Operations Update Matt Zimmerman North American RV Group Manager THE THOR Investor Day EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#48North American RV Industry Leader 48 Class B Class C 14.3% 3.9% Class A 11.8% $8.9B FY 2021 NET SALES Fifth Wheels 27.3% 16 COMPANIES NORTH AMERICAN TOWABLE A AIRSTREAM CROSSROADS Fantin Chhatr CRV EST. 19- LRV Travel Trailers 42.7% 140+ BRANDS Dutchmen TOP 10 MODELS IN 28 RESPECTIVE PRODUCT CATEGORIES Jayco #1 INDUSTRY LEADER IN ALL SEGMENTS (1) TRAVEL TRAILER, FIFTH WHEEL, CLASS A, CLASS B, CLASS C (1) In which the Company participates ~2,200 DEALERS >250 FACILITIES THOR Investor Day 2022 STARCRAFTS HEARTLAND RECREATIONAL VEHICLES KEYSTONE RV COMPANY CRUISERRV Great American Trailers. Highland RIDGE RV KZ RECREATIONAL VEHICLES VANLEIGH*® A DIVISION OF TIFFIN VENTURE NORTH AMERICAN MOTORIZED A AIRSTREAM THOR Jayco MOTOR COACH ENTEGRA COACH ⑦TIFFIN MOTORHOMES R THOR Go Everywhere. Stay Anywhere™#49THOR's Progressive Decentralized Model Practices • Leverage • Innovation • Centralized guidance focused on: ⚫Disciplined production • Distribution model • Variable cost structure • Best practices Automation OPERATING COMPANIES Agility Speed Brand Loyalty • Culture Product Strategy ise Level Strategies 49 49 Data THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#50Strategic Priorities – North America - 50 دوو INDUSTRY-LEADING PRODUCT OPERATIONAL EXCELLENCE QUALITY FOCUS SUPERIOR CUSTOMER EXPERIENCE Foundational Set of Principles that Enhance our Market-leading Position THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#51Industry-Leading Product Consumer-centric driven innovation focused on: • • • New products in fast growing categories Differentiating features and technologies Catering to younger first-time buyers Supporting work-from-anywhere and alternative camping resources 60% of THOR products are standard with, or capable of being powered by solar and battery technology CLASS B MARKET SHARE (1) 13.2% 6.8% 39.9% 29.3% CY 19 (2) (2) CY 20 CY 21 (2) (3) CY 22 YTD (1) 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. (2) Calendar YTD December 31 51 (3) As of calendar YTD April 30, 2022 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#52Best-in-Class Operational Excellence 52 42 INVENTORY MANAGEMENT S DISTRIBUTION "SMART GROWTH" STRATEGY Centralized oversight leads to: • Protection of margins Increased market share Preserving brand value Enhancing dealer relationships THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#53Investing in Quality PEOPLE SATISFACTION INDEX 53 200+ DS DSI awards received since 2010 DEALER ACTION INDEX TOOLS PROCESSES THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#54Focused on Delivering a Superior Customer Experience 見 88 54 ⭑⭑⭑⭑⭑ CONNECTING CUSTOMERS 1 2 ELIMINATE ANXIETY WITH EXPERIENCES 3 CUSTOMER CARE Concierge service • Community · Digital tools • Trip planning • • Owner apps Reservations • . Branded POIS • THOR Investor Day 2022 . Rapid-response fleets Expedited parts and services Extended customer service hours Connected resources R THOR Go Everywhere. Stay Anywhere™#55Strong History of Market Share Leadership TOWABLES MARKET SHARE (1) (1) MOTORIZED MARKET SHARE 47.7% 49.2% 45.1% 44.3% 44.7% 41.4% 40.8% 40.1% (3) CY 19 CY 20 (3) CY 21 (2) (3) CY 22 YTD CY 19 (3) CY 20 CY 21 (3) (2) CY 22 YTD Jayco 40.4% TRAVEL TRAILERS (2) 43.6% FIFTH WHEELS (2) 50.9% CLASS A (2) 39.9% CLASS B (2) #1 INDUSTRY LEADER IN ALL SEGMENTS (4) 54.2% AMERICA'S FAVORITE BRANDS CLASS C (2) Fo FOUR COLEMAN Fastest Growing Travel Trailer in the Industry JAY FLIGHT #1 Entry-Level Stick-and-Tin Travel Trailer MONTANA #1 High-End Fifth Wheel PHAETON #1 Class A Diesel FOUR WINDS #1 Class C (1) 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. (2) As of calendar YTD April 30, 2022 (3) Calendar YTD December 31 55 (4) In which the Company participates THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#56North American Outlook 56 RETAIL D DEALER INVENTORY SUPPLY CHAIN 1 DEALER SENTIMENT LONG-TERM RETAIL OUTLOOK D THOR Investor Day 2022 Calendar year 2022 retail projected to be a top six year on record for the North American RV industry Record numbers of millennials and Gen Xers entering the lifestyle ⚫ Towable inventory levels normalized with very healthy aging of product • Motorized inventory levels remain below optimal level Rebalancing of product mix is still needed Has steadily improved and we anticipate continued improvement Constraints, primarily impacting motorized production, • Jon Ferrando - RV Retailer, LLC Loren Baidas - General RV Calendar-year 2027 retail projected to be between 585,000 and 630,000 units for the North American RV industry THOR Go Everywhere. Stay Anywhere""#57Our Long-Term Optimism is Supported by Real Data from RVers 57 95% of new RVers are happy with their purchase (1) 98% of those first time buyers say they will buy again (1) 97% of lightweight owners are happy with their purchase (1) 93% of those owners intend to buy again (1) 97% of B van owners are happy with their units (1) 68% of current RV owners intend to repurchase a new RV in the next 5 years (2) 31% of people who do not own an RV indicate that they are interested in buying an RV (2) (1) THOR-conducted studies (2) Per data provided by KOA THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#5858 North American Key Takeaways 1 #1 in every product category in which we we participate with leading, iconic brands 2 THOR's progressive decentralized business model is the foundation to its success 3 Highly profitable segments through best-in-class operational excellence, innovation and quality 4 Well-positioned to meet changing needs of customers SO 5 Shifting from a products-focused company to an experience-focused company THOR THE Go Everywhere. Stay Anywhere™ EXTRA MILE#5959 Operating in the THOR Family of Companies - An Airstream Perspective Bob Wheeler President and Chief Executive Officer, Airstream THOR Investor Day 2022 THE EXTRA MILE THOR Go Everywhere. Stay Anywhere.#60Airstream Business Update 60 60 DEMAND D PRODUCTION SUPPLY CHAIN INNOVATION . • Dealer inventories at 23% of optimal 75% of production units retail sold Lead times between 36 and 50 weeks • 725K sq. ft. facility opened 1/2020 675K sq. ft. of manufacturing space, offices, and Heritage Center Motorhomes upgraded as well THOR Investor Day 2022 • • Supply chain - output and logistics Labor - getting it and keeping it Inflationary pressure Pottery Barn Basecamp co-branded • Class B eStream THOR Go Everywhere. Stay Anywhere™#61Airstream's Strategic Goals 61 15 01 Increase Output 02 Invest in a Digital Future (CDP) 03 Quality Management System 04 50 Culture of Engagement THOR Investor Day 2022 THE EXTRA MILE THOR Go Everywhere. Stay Anywhere."#62Benefits of Operating in THOR'S Progressive Decentralized Model Practices • Leverage • Innovation 62 OPERATING COMPANIES Agility • Speed Brand Loyalty. Culture Product Strategy Level Strategies Automation • Data THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#6363 European Operations Update Troy James Senior Vice President of International Business Operations THE THOR Investor Day 2022 EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#64Erwin Hymer Group at a Glance Motorhomes Other 10.9% 55.6% ठ 64 $3.2B FY 2021 NET SALES Caravan 9.1% 24.4% > 9,000(2) Employees FY20 FY21 TTM FY22 Net Sales ($ millions) NBT ($ millions) FY20 $10 FY21 Campervan TTM FY22 21 (1) Brands +1,100(¹) Dealers (1) As of July 31, 2021 (2) TTM as of April 30, 2022 (3) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures FY20 FY21 $2,485 $3,200 (2) $3,051 EBITDA ($ millions) $118 (2) $88 $117 $249 TTM FY22 R $216 (2) THOR Go Everywhere. Stay Anywhere™#65Erwin Hymer Group PRODUCT BRANDS ACCESSORY AND SERVICE BRANDS bürstner carado Sunlight rent easy MOVERA Xplore Buccaneer Elddis Compass EERIBA ETRVSCO EHYMER R LAIKAT GOLDSCHMITT McRent LMC Dethleffs NIESMANN +BISCHOFF [] CROSSCAMP CROSSRENT FREEONTOUR 55 65 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#66Production Portfolio Consett (UK) K Brands: Xplore, Elddis, Buccaneer, Compass Products: Polch (DE) 005 Brands: Niesmann+Bischoff Products: Consett Sassenberg Polch Neustadt Kehl (DE) Wissembourg Brands: Bürstner, Laika Kehl Isny Products: Bad Waldsee San Casciano (IT) Brands: Laika, Etrusco Products: Neustadt i.Sa. (DE) Brands: Sunlight, Carado Products: 66 Sassenberg (DE) Brands: LMC, Bürstner, Dethleffs, Eriba, Carado Products: 505 Bad Waldsee (DE) Brands: Hymer, Eriba Products: Nova Sól Isny (DE) Brands: Dethleffs, Pössl, Crosscamp Products: Established in 2022: Nova Sol (PL) Brands: Carado, Sunlight Products: San Casciano Wissembourg (F) Brands: Bürstner Products: THE EXTRA MILE THOR Go Everywhere. Stay Anywhere™#67PRODUCTS 67 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere.#68Product Portfolio – Recreational Vehicles - A full product range is offered across all market categories and segments ☐ URBAN VEHICLES 68 CAMPERVANS 0 TRV.CC 250 MOTORHOMES CARAVANS THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#6969 69 Product Portfolio - Complementary Business Complementary Customer and Margin Enhancement focused-business units MULTICHANNEL ACCESSORIES WHOLESALE BRAND MOVERA DH Welcome to the brandnew Movera B2B Webshop 17 00 Produkthighlight Headline Story Premium Partners TECHNICAL ACCESSORIES GOLDSCHMITT Fahrwerkstechnik RENTAL vom Feinsten rent easy McRent THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#70MARKET EVOLUTION 70 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere."#71Market Evolution Market situation is a direct result of difficulties in the supply chains - not a drop in retail demand 350,000 Urban Vehicle Campervan Motorhome Caravan 317,230 300,000 +54.1% -7.7% 284,520 260,958 25.1% 250,000 236,927 240,750 28.0% 212,216 202,170 30.3% 200,000 190,389 32.1% 169,336 34.5% 38.0% 36.8% 32.4% 150,000 41.6% 29.9% 43.5% 34.8% 100,000 40.3% 30.2% 42.3% 43.1% 41.7% 27.4% 41.7% 27.9% 50,000 22.2% 20.8% 14.8% 16.1% 18.9% 21.5% 27.6% O 12.7% 14.5% 14.2% 15.1% 2016(¹) 2017 (1) 2018 (1) 2019 (1) 2020 (1) 2021 (1) FC 2022(2) FC 2023 (2) FC 2024 (2) 71 13 (1) Calendar Year Actuals. Source: CIVD Historical Statistics (2) Management Estimates THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#72Market Share Evolution Motorhome Market Share 30.1% 34.1% 35.2% 34.6% 35.3% 37.1% 35.5% 35.5% CY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 YTD Campervan Market Share 12.9% 12.9% 10.5% 7.8% 9.1% 4.4% 4.1% 5.1% CY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 YTD Caravan Market Share 18.7% 19.9% 20.2% 20.5% 20.2% 19.6% 17.7% 17.8% CY 15 CY 16 CY 17 CY 18 CY 19 CY 20 CY 21 CY 22 YTD 72 Source: CIVD statistics. Market share based on European registrations excluding U.K. THOR Investor Day 2022 ◉ Market leader in the Motorhome segment Fastest growing Campervan manufacturer in the industry since 2018 Stable Caravan market share position since 2015. THOR Go Everywhere. Stay Anywhere™#73SALES EHYMER GRAND C. RV HY 877 THOR THOR Investor Day 2022 Go Everywhere. Stay Anywhere.#74Dealer Network Unrivalled network of 1,100 dealers including 400 exclusive EHG dealers Others 17.0% Italy 2.8% Netherlands 3.0% Great Britain 4.3% 9.5% 63.4% France Germany >80% of EHG sales are to 5 countries (1) 74 (1) FY21 Active dealers per country: 0-50 > 50 > 100 THOR Investor Day 2022 > 300 THOR Go Everywhere. Stay Anywhere™#75Dealer Inventory Levels Motorhomes 39.0% -34.0% Campervans 14.0% 19.0% 18.0% 5.0% 7.0% Caravans 39.0% 33.0% 33.0% 05/2020 05/2021 05/2022 Historically low dealer inventory levels across all core European markets and product segments ■ Most core market inventory levels are significantly lower than the rest of Europe Dealer inventory is not expected to return to normal levels until 2024 THOR Go Everywhere. Stay Anywhere™ Source: Management estimates. Unsold Dealer Stock in percentage of annual sales in units. THOR Investor Day 2022#76za DRIVEN TO EXCEED EXPECTATIONS 76 THOR Investor Day 2022 THE EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere.#77Driving Gross Margin Expansion 200BPS of gross margin expansion 77 15.8% • 13.8% FY 21 FY 27 Target DRIVERS · Pricing to offset cost inflation. • Innovation focused on product differentiation Operational excellence • · Value analysis and cost engineering Production orientated and lean principles • Global and dual sourcing • Standardization THOR Go Everywhere. Stay Anywhere™ THOR Investor Day 2022#7878 Strategic Priorities OPERATIONAL EXCELLENCE INNOVATION & DIGITAL PRODUCTS & PRICING Supply Chain: diversification and continuous cost-reduction initiatives Optimized Manufacturing: diversification, automation and full utilization Innovation: new product development focused on differentiation and improved manufacturing efficiencies Digital: drive conversion and use of data to promote solutions and enhance customer experiences Products: accelerate new product introductions and expand segments participation Pricing: continuously reviewed to ensure continued strengthening of margins THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#79Operational Framework for Excellence and Enhanced Profitability VALUE ANALYSIS AND COST ENGINEERING ☐ Offset inflation-related costs with continuous improvement processes and appropriate pricing adjustments Deliver industry-leading technology and design PRODUCTION ORIENTATED & LEAN PRINCIPLES ☐ ☐ Drive efficiencies across all operations Further implement LEAN initiatives Deliver industry-leading quality 79 2 THOR Investor Day 2022 ما ☑ GLOBAL AND MULTIPLE SOURCING ◉ Diversify our supply chain Drive efficiencies and cost savings initiatives within supply chain Relentless focus on cost reduction STANDARDIZATION Strategic investments in automation Optimize manufacturing locations THOR Go Everywhere. Stay Anywhere™#80Operations - Strategic New Location Rationale: Enhanced margin opportunity and expanded. product offering Strategic Location: Nova Sól, Poland Special Economic Zone Berlin Nova Sól Approximately 125 miles away from our Neustadt i. S. 125 miles location in Neustadt, Germany Proximity to Stellantis production location. ■ Well-trained technical staff and potential collaboration with regional universities 80 R THOR Investor Day 2022 REUSS SHEET THOR Go Everywhere. Stay Anywhere™#81Innovation 81 . Unlocking new customer segments with innovative travel concepts and patented designs • • Intuitive, Convenient, Connected: connectivity solutions for the Caravan and Motorhome of today and tomorrow Strategic Global Cooperation and development with chassis OEM's for the electrified future. Further projects include Lightweight Components, Aerodynamics, Modularization, SLC Chassis Patented Designs Intelligent Traveling Electrified Future GERMAN INNO VATION AWARD '20 WINNER 2020 WINNERS 2020 2020 EHYMER 300 R THOR Go Everywhere. Stay Anywhere" THOR Investor Day 2022#82C) CROSSCAMP Innovation for the Leisure Experience THE EXTRA MILE THOR Go Everywhere. Stay Anywhere™#8383 Key Takeaways 1 2 3 4 Top line expected to return when the supply chain normalizes as demand remains strong and dealer inventory levels remain at historically low levels Strong focus on operational excellence through diversified and strategic sourcing, standardization, and lean implementation to optimize cost structure Continued investments in innovation and new product development to create long-term competitive advantages Market leader with a proven and high performing management team in place to drive enhanced profitability 5 Strategic plan expected to expand gross margins by 200 bps by FY 27 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™ THE EXTRA MILE#84HITCH TAY THOR Investor Day 2022 Our Vision: Market Outlook, Downside Scenario and Updated Five-Year Goals to Create Shareholder Value Todd Woelfer Senior Vice President and Chief Operating Officer Colleen Zuhl Senior Vice President and Chief Financial Officer THE EXTRA MILE 2 THOR Go Everywhere. Stay Anywhere™#85Long-Term Outlook Favorable, Macro Environment Will Shape the Balance of Fiscal Year 2022 and Fiscal Year 2023 85 MACRO FACTORS DEMAND INFLACTION & PRICING LABOR & SUPPLY CHAIN DISRUPTION CADENCE • Expect demand to be muted by macro factors for the remainder of FY 22 and into the beginning of FY 23, but believe it to be temporary as the underlying dynamics support sustained and increased demand for the RV lifestyle • Expect the underlying demand for the RV lifestyle to remain strong in the long term • Expect inflation to temper across FY 23 Expect ASPs to stabilize and begin to recede as supply chain pricing offers relief in FY 23 Expect compression of our consolidated margins in the short term as promotional activity returns • Expect easing of labor constraints in and around Elkhart County as production volumes normalize • Expect continuation of motorized chassis supply challenges due to the chip shortage and fragmented component supply issues through the first half of FY 23 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#86A Look at a Downside Scenario NET SALES $10.7B GROSS MARGIN | 14.0% ADJUSTED EBITDA (1) $900M ADJUSTED EBITDA % | 8.4% NET INCOME $365M EPS $6.70 CASH FLOW FROM OPERATIONS $640M 44 ASSUMPTIONS AND DRIVERS Assumes a decrease of approximately 35% from TTM sales LEVERS WE CAN PULL DURING A DOWNTURN • Production rates • Quickly consolidate production plants • Headcount • Limit or freeze capital expenditures, low • maintenance Cap Ex Compensation of management is already highly variable = automatic lever • THOR Downturn Playbook . Historically, we have generated cash during a downturn as we collect A/R and turn inventory into cash This Scenario Illustrates THOR's Resilience in a Down Market and Does Not Represent a Forecast or Guidance. THOR Will Issue FY 23 Guidance After the September Open House 86 (1) See the Appendix to this presentation for reconciliation of non-GAAP measures to most directly comparable GAAP financial measures. THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere#87THOR's Past Results Demonstrate its Resilience in Down Markets NORTH AMERICAN INDUSTRY (2) WHOLESALE SHIPMENTS THOR NORTH AMERICAN PERFORMANCE (1) FY 08 FY 09 350,000 300,000 Shipments down 53% SALES ($ THOUSANDS) $2,224,955 $1,115,006 FY 10 $1,848,549 THOR has maintained 250,000 UNITS 84,751 45,465 73,770 positive net income on 200,000 GROSS MARGIN % 12.7% 150,000 a GAAP basis and generated positive operating cash flow during past downturns and has come out of past downturns stronger 100,000 NBT ($ THOUSANDS) $145,784 10.0% $17,619 14.2% 50,000 NBT % 6.6% 1.6% $156,232 8.5% 0 FY08 FY09 FY10 600,000 500,000 400,000 300,000 200,000 100,000 NORTH AMERICAN INDUSTRY (2) WHOLESALE SHIPMENTS Shipments down 32% In THOR NORTH AMERICAN PERFORMANCE (1) FY 18 FY 19 FY 20 FY 21 SALES ($ THOUSANDS) UNITS GROSS MARGIN % $8,155,015 266,220 13.7% NBT ($ THOUSANDS) NBT % $667,442 $6,207,780 $5,530,580 187,625 165,270 12.6% 13.9% $403,138 $408,150 $8,891,319 239,608 15.4% $861,021 8.2% 6.5% 7.4% 9.7% 0 FY18 FY19 FY20 FY21 (1) Per filed 10-K reports for North American RV segments (2) RVIA data 87 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#88Our Vision: 5-Year Performance Projections By the end of Fiscal Year 2027, THOR projects: 88 NET SALES $20B SUSTAINABLE GROSS 17% MARGIN EPS CUMULATIVE NET CASH FROM OPERATIONS >>> (FY 23 - FY 27) REDUCED GREENHOUSE GAS (GHG) EMISSIONS $27.00 $6B+ ↓ by 40% THOR Investor Day 2022 • ASSUMPTIONS AND DRIVERS Calendar year 2027 North American retail projected to be between 585,000 and 630,000 units for the RV industry Maintain market share leadership positions with continued focus on innovation Return to more normalized level of promotions and discounting European segment gross margin expected to increase by 200 bps vs FY 21 Expansion of service and aftermarket sales Opportunistic tuck-in acquisitions Pricing to offset inflation R THOR Go Everywhere. Stay Anywhere."#89Closing Remarks Bob Martin President and Chief Executive Officer THOR THE Go Everywhere. Stay Anywhere. EXTRA MILE THOR Investor Day 2022 DURANGO DURANGO#90Key Takeaways 1 2 3 Strong and experienced leadership team with a proven track record of managing through business cycles Market-leading position in both North America and Europe with focused strategy to expand the leadership position and grow operating results Strategic growth initiatives in automation, innovation, supply, aftermarket, service and digitalization to drive future growth 4 Leading the industry in ESG and DE&I initiatives 5 Disciplined capital allocation strategy with strong liquidity to drive long-term value and shareholder returns Global Pure-Play Market Leader Driven to Strengthen Its Position Within the RV industry#9191 FUJION FULON Q&A Session All Presenters THE THOR Investor Day 2022 EXTRA MILE THOR Go Everywhere. Stay Anywhere™#9292 STRATUS STRATUS Appendix THE THOR Investor Day 2022 EXTRA MILE THOR Go Everywhere. Stay Anywhere™#93Reconciliation of Non-GAAP Measures Adjusted EBITDA Fiscal Year Ended July 31, ($ in thousands) Net Income Add Back: Interest Expense, Net Income Taxes Depreciation and Amortization EBITDA Add Back: 2012 2019 2020 2021 TTM Ending April 30, 2022 $ 121,739 $ 132,465 $ 221,384 $ 660,870 $ 1,087,778 (3,205) 60,032 104,206 93,545 86,475 58,952 52,201 51,512 183,711 335,348 24,978 148,777 196,167 230,581 273,432 $ 202,464 $ 393,475 $ 573,269 $ 1,168,707 $ 1,783,033 Stock-Based Compensation Expense 688 18,950 19,889 Acquisition Related Transaction Costs 114,866 30,514 6,178 31,826 1,605 Impairment Charges 10,057 Change in LIFO Reserve 4,616 3,695 1,415 27,931 53,331 Inventory Step-Up Impact on Gross Profit 61,418 4,272 6,791 Net (Income) Expense Related to Certain Contingent Liabilities 5,000 32,125 Non-Cash Foreign Currency Loss (Gain) Adjusted EBITDA $ Net Sales $ 207,768 $ 3,084,660 $ Adjusted EBITDA Margin (%) 6.7% 3,537 595,941 $ 7,864,758 $ 7.6% 1,274 (1,134) (15,949) 605,904 $ 8,167,933 $ 1,241,468 $ 1,892,762 12,317,380 $ 16,083,727 7.4% 10.1% 11.8% 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. 93 THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#94Reconciliation of Non-GAAP Measures Net Debt Leverage ($ in thousands) Total long-term debt, net, less current portion Plus: Current portion Plus: Debt issuance costs, net of amortization Gross long-term debt Less: Cash and Cash Equivalents Net Debt July 31, 2019 As of and for the Twelve Months Ended July 31, 2020 July 31, 2021 April 30, 2022 1,885,253 $ 1,652,831 1,594,821 $ 1,983,596 17,370 13,817 12,411 10,991 51,720 44,563 33,461 34,773 1,954,343 1,711,211 1,640,693 2,029,360 425,615 1,528,728 538,519 445,852 329,297 1,172,692 $ 1,194,841 $ 1,700,063 Adjusted EBITDA (1) 595,941 605,904 $ 1,241,468 $ 1,892,762 Net Debt to Adjusted EBITDA Ratio 2.6 1.9 1.0 0.9 Net Debt Leverage is a non-GAAP measure of the use of debt. The Net Debt Leverage Ratio is calculated by dividing Net Debt (as reconciled above) to Adjusted EBITDA (refer to Adjusted EBITDA reconciliation included within this appendix). The Company uses the Net Debt Leverage ratio (or Net Debt to Adjusted EBITDA ratio) as a metric to assess liquidity and the flexibility of its balance sheet. Consistent with other liquidity metrics, the Company monitors the Net Debt Leverage Ratio as a measure to determine the appropriate level of debt the Company believes is optimal to operate its business. The Net Debt Leverage Ratio is a non-GAAP measure and should not be considered an alternative to cash flows from operating activities as a measure of liquidity. The Company's calculation of the Net Debt Leverage Ratio may differ from similar calculations used by other companies, and therefore, comparability may be limited. (1) Refer to Adjusted EBITDA reconciliation within this Appendix. 94 THOR Investor Day 2022 2 THOR Go Everywhere. Stay Anywhere™#95Reconciliation of Non-GAAP Measures Downturn Scenario - Adjusted EBITDA ($ in thousands) Net Income Add Back: Interest Expense, Net Downturn Scenario 365,000 86,000 Income Taxes 115,000 Depreciation and Amortization 290,000 EBITDA $ 856,000 Add Back: Stock-Based Compensation Expense Adjusted EBITDA $ 44,000 900,000 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. 95 THOR Investor Day 2022 2 THOR Go Everywhere. Stay Anywhere™#96Reconciliation of Non-GAAP Measures European Segment EBITDA Fiscal Year Ending ($ in thousands) July 31, 2020 Income Before Income Taxes $ 9,850 Fiscal Year Ending July 31, 2021 116,576 TTM Ending April 30, 2022 80,121 Add Back: Interest Expense, Net 4,783 Depreciation and Amortization EBITDA $ 103,671 118,304 4,555 127,432 2,744 $ 248,563 $ 133,160 216,025 EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period. EBITDA is defined as net income before net interest expense, income tax expense and depreciation and amortization. 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. 96 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#97Reconciliation of Non-GAAP Measures Free Cash Flow ($ in thousands) Net Cash Flows Provided by Operating Activities Less: Capital Expenditures Free Cash Flows 2017 2018 Fiscal Year Ended July 31, 2019 2020 2021 $ 419,333 $ 115,027 304,306 $ 466,508 $ 138,197 328,311 $ 508,019 $ 130,224 377,795 $ 540,941 $ 106,697 434,244 $ 526,482 128,835 397,647 Free cash flow is a non-GAAP measure of liquidity, calculated by subtracting capital expenditures from net cash flows provided by operating activities. The Company considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after necessary capital expenditures. Other companies, including companies in the same industry, may not use free cash flow, may calculate free cash flow in a different manner than the Company does, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. 97 THOR Investor Day 2022 R THOR Go Everywhere. Stay Anywhere™#98Reconciliation of Non-GAAP Measures ROIC % ($ in thousands) Income Before Income Taxes (1) FY17 - FY21 5-Year Average $ 498,312 July 31, 2016 July 31, 2021 Invested Capital Total Stockholders' Equity $ 1,265,222 $ 2,948,106 Add Back: Long-term Debt 360,000 1,594,821 Deferred Income Tax Liabilities, Net 113,598 Less: Cash and Cash Equivalents 209,902 445,852 Restricted Cash Deferred Income Tax Assets, Net Total Invested Capital 5-Year ROIC % 2,854 53,417 41,216 1,361,903 $ 4,166,603 $ 2,764,253 18.0% (1) Income Before Income Taxes utilized for the ROIC calculation herein is a calculated five year average based on actual results for the fiscal years ending July 31, 2017 to July 31, 2021. ROIC is calculated using a non-GAAP financial measure. We calculate ROIC by dividing income before income taxes by average invested capital (components and reconciliation shown above). We believe that ROIC is useful to investors as a measure of performance and of the effectiveness of the use of capital in our operations. We use ROIC as one measure to monitor and evaluate operating performance. This method of determining non-GAAP ROIC may differ from other companies' methods and therefore may not be comparable to those used by other companies. ROIC should be considered in addition to, rather than as a substitute for, other information provided in accordance with GAAP. 98 THOR Investor Day 2022 THOR Go Everywhere. Stay Anywhere™#99THANK YOU Investor Day 2022 Mark Trinske Vice President of Investor Relations Mike Cieslak, CFA Investor Relations Manager ir.thorindustries.com THO LISTED NYSE THE EXTRA MILE THOR Go Everywhere. Stay Anywhere."