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Here are 1-3 brief analogies to describe Thor Industries (THO):

• The General Motors of RVs
• The Volkswagen Group of recreational vehicles

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• Travel Trailers: Towable recreational vehicles designed to be hitched to a car, SUV, or truck.
• Fifth-Wheel RVs: Larger towable recreational vehicles designed to be towed by pickup trucks with a special hitch in the truck bed.
• Class A Motorhomes: Large, bus-like motorized recreational vehicles built on commercial chassis, offering extensive living amenities.
• Class C Motorhomes: Medium-sized motorized recreational vehicles built on a van-cutaway chassis, often featuring an over-cab sleeping area.
• Class B Motorhomes: Compact, van-based motorized recreational vehicles, also known as camper vans, designed for maneuverability and efficiency.

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Thor Industries (THO) sells primarily to other companies, specifically independent recreational vehicle (RV) dealerships. While no single customer accounts for 10% or more of Thor's consolidated net sales (as per their most recent 10-K filing), the company does sell a significant portion of its products to a relatively small number of large dealers.

Major customers include:

• Camping World Holdings, Inc. (NYSE: CWH) - The largest RV retailer in the United States.
• RV Retailer, LLC - One of the largest privately held RV dealership groups in the United States.
• Numerous other independent and regional RV dealerships across North America and Europe.

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• Daimler Truck Holding AG (DTG)
• Ford Motor Company (F)
• Stellantis N.V. (STLA)
• General Motors Company (GM)
• LCI Industries (LCII)
• Dexter Axle Company

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Mr. Martin joined Thor Industries in 2001 following the acquisition of Keystone RV, where he had been working since July 1998. He served as President and Chief Operating Officer of Thor from August 2012 to July 2013 and President of the RV Group from January 2012 to August 2012. Before that, he was President of Keystone RV from January 2010 to January 2012 and Executive Vice President and Chief Operating Officer of Keystone RV from January 2007 to January 2010. He was appointed Chief Executive Officer of Thor Industries in August 2013.

Ms. Zuhl, a Certified Public Accountant, became part of Thor Industries in June 2011. Her roles at Thor included Vice President and Corporate Controller from February 2013 to October 2013, Interim Chief Financial Officer from October 2012 to February 2013, and Director of Finance from June 2011 to October 2012. Prior to joining Thor, she held the position of Chief Financial Officer for All American Group, Inc. (formerly Coachmen Industries, Inc.), a publicly traded recreational vehicle and manufactured housing company, from August 2006 to June 2011. She spent over 15 years at Ernst & Young, LLP, serving as an audit senior manager before her time at All American Group. She was named Chief Financial Officer in October 2013.

Mr. Woelfer joined Thor Industries in August 2012, initially as Senior Vice President, General Counsel, and Corporate Secretary. In December 2021, he was promoted to Senior Vice President & Chief Operating Officer. His responsibilities as COO include leading corporate initiatives such as innovation and data strategies, marketing, and corporate sustainability. Before his tenure at Thor, he was a managing partner at May Oberfell Lorber, providing advice to corporate clients. From May 2007 to May 2010, Mr. Woelfer served as General Counsel for All American Group, Inc. (formerly Coachmen Industries, Inc.), a NYSE-listed recreational vehicle and manufactured housing company.

Mr. Julian has been with Thor Industries since March 2004. He previously served as Vice President, Human Resources from July 2009 to August 2014 and as Vice President of Administration of Keystone RV from March 2004 to June 2009. Before joining Thor Industries, he was the Director of Operations and Human Resources, and Corporate Secretary, for Ascot Enterprises, Inc. from February 1989 to March 2004. He brings over 30 years of experience in the RV industry to his role.

Mr. James possesses over 26 years of experience in the RV industry. He became part of Thor Industries in 2012 and was the President of Thor's Dutchmen RV business before his promotion to Senior Vice President of International Operations in February 2019. In his current role, he is responsible for leading Thor Industries' global operations and growth strategy, including the integration of international operations and identifying best practices. Prior to his time at Dutchmen, Mr. James spent 15 years in various senior management roles at Jayco Corp.

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The key risks to Thor Industries (THO) primarily stem from the cyclical and discretionary nature of the recreational vehicle (RV) industry, alongside operational challenges and market competition.

1. Cyclical Nature of the RV Industry and Macroeconomic Sensitivity: Thor Industries' business is highly susceptible to economic conditions, consumer confidence, and interest rates. Demand for RVs is discretionary, and sales typically decline during economic downturns, periods of high inflation, or when financing costs are elevated for both dealers and consumers. This sensitivity can lead to significant fluctuations in sales, production rates, and net income. The company's net sales, for example, decreased by 24.7% in 2024 compared to 2023, reflecting these challenges.
2. Supply Chain Disruptions and Fluctuating Raw Material Costs: The company faces risks related to the availability and pricing of raw materials and component parts. Fluctuations in these costs can adversely affect the business and pressure profit margins, especially if increased costs cannot be fully passed on to customers. Additionally, disruptions in the supply chain, such as chassis shortages, can impact production and delivery.
3. Intense Competition: Thor Industries operates in a highly competitive market, not only against numerous other RV manufacturers like Winnebago Industries and Forest River but also against consumer demand for used recreational vehicles. This competition can impact pricing strategies, product innovation requirements, and overall market share, potentially affecting sales and profitability.

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The clear emerging threat stems from the confluence of a growing "experience economy" and the expanding availability of alternative access models for outdoor recreation and mobile living. Specifically, this includes the rapid growth and sophistication of RV rental platforms (e.g., Outdoorsy, RVshare), the rise of luxury glamping and unique outdoor accommodation providers, and the increasing appeal of customizable van-life conversions. These alternatives enable consumers to engage in recreational travel and outdoor experiences with less financial commitment and fewer ownership responsibilities, directly competing with the acquisition of new recreational vehicles by offering compelling substitutes that satisfy similar needs through different business models or ownership paradigms.

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Thor Industries, a prominent manufacturer of recreational vehicles (RVs), operates within the addressable markets of North America and Europe, primarily focusing on towable RVs and motorhomes.

North American Market

The North American recreational vehicle (RV) market is a significant addressable market for Thor Industries. In 2025, the market size is estimated at USD 21.77 billion and is projected to grow to USD 32.54 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 8.37%.

• Towable RVs: In 2024, towable RVs constituted a substantial portion of the North American RV market, holding 64.11% of the market share. This segment includes products like travel trailers, fifth wheels, folding camp trailers, and truck campers.
• Motorhomes: The motorhome segment in North America is also a key market, with a projected compound annual growth rate (CAGR) of 13.13% through 2030. This category encompasses Class A, B, and C motorhomes.

European Market

The European recreational vehicle (RV) market also represents a substantial addressable market for Thor Industries. The market was valued at USD 33.38 billion in 2025 and is anticipated to reach USD 57.22 billion by 2030, with a CAGR of 11.26% during this period.

• Motorhomes: Motorhomes held the largest share of the European recreational vehicle market in 2024, accounting for 54.12% of unit sales.
• Towable RVs (Caravans): The broader European camping and caravanning market, which includes towable RVs, was valued at USD 9.64 billion in 2025 and is forecast to reach USD 13.74 billion by 2030, growing at a 7.34% CAGR.

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Thor Industries (THO) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies:

1. Strategic Initiatives and Operational Efficiency: The company is implementing structural efficiency and cost discipline, including restructuring efforts, to enhance operating efficiencies and align with market conditions. This includes managing bills of materials to offer more affordable RVs, which can stimulate demand and improve competitiveness.
2. Product Innovation and Development: Thor Industries is focusing on innovation and new product development to maintain its competitive edge and cater to evolving consumer preferences. This includes introducing advanced products like the award-winning Hybrid Class A Motorhome, which can attract new customers and drive sales.
3. Market Share Expansion: Thor has demonstrated market share gains, particularly in the North American Motorized RV segment. The company aims to continue capitalizing on these gains and expand its market presence across its various segments.
4. Geographic and Portfolio Diversification: Expansion into Europe through the acquisition of Erwin Hymer Group and the introduction of aftermarket component parts via the acquisition of Airxcel are strategic moves that position Thor for broader growth opportunities by diversifying its revenue streams across different markets and product categories.
5. Recovery in the Retail Environment and Optimized Dealer Inventory: While the RV market has faced challenges, Thor anticipates a stronger retail environment in the latter half of calendar 2025 and early fiscal 2026. Coupled with improved dealer inventory turns and appropriate channel positioning, this recovery is expected to lead to increased wholesale shipments and sales.

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Share Repurchases

• Thor Industries re-authorized a new $400 million share repurchase program on June 23, 2025, which is set to expire on July 31, 2027.
• Since initiating its buyback program in December 2021, the company has repurchased over 3.5 million shares.
• In fiscal year 2025, the company repurchased $52.6 million in shares.

Outbound Investments

• In December 2020, Thor Industries acquired luxury motorized recreational vehicle manufacturer Tiffin Motorhomes, Inc., including Vanleigh RV, for approximately $300 million.
• In September 2021, Thor Industries acquired Airxcel.
• During the third quarter of fiscal 2022, Thor acquired the remaining interest in Togo Group (rebranded as Roadpass Digital) for $16.144 million in cash, achieving 100% ownership.

Capital Expenditures

• Capital expenditures for fiscal year 2025 totaled $123.0 million.
• For the first quarter of fiscal 2025, capital expenditures were approximately $25.3 million, with a focus on prudently upgrading facilities and machinery, and investing in innovation-related projects.
• Capital expenditures for fiscal year 2024 were approximately $139.6 million, less than originally planned due to adjustments in non-critical spending in response to market conditions.