Thor Industries (THO) investor relations material

Financial performance highlights

• Fourth quarter net sales were $2.31B, down 8.4% year-over-year, with net income at $40.8M, a 67.5% decrease.

• Full-year consolidated net sales reached $9.61B, up 0.3%, with European segment sales growing 9% and North American towable sales declining 16.1%.

• Gross profit margins declined across segments, with consolidated margin at 12.4% for Q4 and 12.6% for the year.

• Adjusted EBITDA for Q4 was $131.7M, down 37.1% year-over-year.

• $34.3M in shares repurchased during Q4, with $115.1M repurchased for the full year.

Liquidity, leverage, and capital management

• Total liquidity stood at $1.30B as of July 31, 2026, with gross debt reduced by $59.7M year-over-year.

• Net debt to trailing twelve-month EBITDA was 0.6x, reflecting a strong balance sheet.

• Cash from operations was $321.2M for FY 2026, down from $577.9M in FY 2025.

• Capital expenditures totaled $152.4M, and the quarterly dividend was increased for the 16th consecutive year.

• $264.2M remains available for share repurchases under current authorization.

Strategic initiatives and operational evolution

• North American RV operations unified under group leadership to drive synergies and efficiency.

• Strategic initiatives and restructuring expected to improve annual earnings by over $100M once fully implemented.

• Focus on operational standardization, data integration, and brand alignment to enhance value for dealers, customers, and shareholders.

• Enterprise-wide data initiatives progressing, especially in procurement and dealer support.