UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-Q

☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended ~~April~~October 3031, 2025.

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the transition period from ____ to ____.

COMMISSION FILE NUMBER 001-09235

THOR INDUSTRIES, INC.

(Exact name of registrant as specified in its charter)

Delaware

93-0768752

(State or other jurisdiction of

(I.R.S. Employer

incorporation or organization)

Identification No.)

52700 Independence Court, Elkhart, IN

46514-8155

(Address of principal executive offices)

(Zip Code)

(574) 970-7460

(Registrant's telephone number, including area code)

(Registrant’s telephone number, including area code)

None

(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:

Name of each exchange

Title of each class

Trading Symbol(s)

on which registered

Common stock (Par value $0.10 Per Share)

THO

New York Stock Exchange

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☑ Accelerated filer ☐

Non-accelerated filer ☐ Smaller reporting company ☐

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes ☐ No ☑

As of ~~May 31~~November 28, 2025, 5352,~~203~~838,~~568~~664 shares of the registrant’s common stock, par value $0.10 per share, were outstanding.

PART I – FINANCIAL INFORMATION (Unless otherwise indicated, amounts in thousands except share and per share data.)

ITEM 1. FINANCIAL STATEMENTS

THOR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED)

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
ASSETS
Current assets:
Cash and cash equivalents	$	~~508~~509,~~321~~878	$	~~501~~586,~~316~~596
Accounts receivable, trade, net	~~717~~556,~~812~~555		~~502~~541,~~301~~713
Accounts receivable, other, net	~~138~~99,~~113~~087		~~198~~165,~~594~~650
Inventories, net	1,~~353~~464,~~578~~085		1,~~366~~351,~~638~~796
Prepaid income taxes, expenses and other	~~117~~90,~~983~~332		81132,~~178~~220
Total current assets	2,~~835~~719,~~807~~937		2,~~650~~777,~~027~~975
Property, plant and equipment, net	1,~~380~~313,~~042~~354		1,~~390~~315,~~718~~728
Other assets:
Goodwill	1,~~834~~850,~~722~~580		1,~~786~~841,~~973~~118
Amortizable intangible assets, net	~~787~~734,~~082~~049		~~861~~758,~~133~~758
Deferred income tax assets, net	2729,~~653~~706		2835,~~414~~668
Equity investments	136,~~211~~359		~~137~~136,~~272~~784
Other	~~168~~207,~~773~~401		~~166~~199,~~286~~253
Total other assets	2,~~954~~958,~~441~~095		2,~~980~~971,~~078~~581
TOTAL ASSETS	$	76,~~170~~991,~~290~~386	$	7,~~020~~065,~~823~~284
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	~~794~~660,~~963~~780	$	~~628~~738,~~134~~143
Current portion of long-term debt	52,~~444~~831		323,~~650~~367
Short-term financial obligations	6663,~~687~~620		7260,~~051~~112
Accrued liabilities:
Compensation and related items	~~192~~182,~~936~~252		~~185~~178,~~249~~259
Product warranties	~~295~~291,~~594~~534		~~311~~291,~~627~~130
Income and other taxes	4257,~~245~~715		7459,~~987~~392
Promotions and rebates	~~175~~142,~~635~~751		~~169~~162,~~928~~477
Product, property and related liabilities	2122,~~578~~745		3218,~~278~~634
Other	60,028		60,118
Dividends payable	27,476		—
Total current liabilities	1,655,110		1,567,022
Other	53,587		73,182
Long-term debt, net	1,010,653		1,101,265
Total current liabilities	1,505,291		1,584,696
Deferred income tax liabilities, net	70,199		74,401
Long-term debt, net	913,129		919,612
Unrecognized tax benefits	13,632		12,405
Deferred income tax liabilities, net	51,919		54,404
Other liabilities	196,565		191,677
Unrecognized tax benefits	12,179		12,175
Total long-term liabilities	1,291,049		1,379,748
Other liabilities	209,595		204,845
Total long-term liabilities	1,186,822		1,191,036
Contingent liabilities and commitments
Stockholders’ equity:
Preferred stock – authorized 1,000,000 shares; none outstanding	—		—
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 67,282,807 and 66,859,738 shares, respectively	6,728		6,686
Common stock – par value of $.10 per share; authorized 250,000,000 shares; issued 67,659,100 and 67,282,807 shares, respectively	6,766		6,728
Additional paid-in capital	~~604~~620,~~907~~301		~~577~~608,~~015~~481
Retained earnings	4,~~307~~401,~~781~~356		4,~~254~~407,~~734~~163
Accumulated other comprehensive loss, net of tax	(2,365)		(93,706)
Accumulated other comprehensive income, net of tax	30,240		10,390
Less: Treasury shares of 14,079,239 and 13,928,314, respectively, at cost	(693,324)		(677,299)
Less treasury shares of 14,820,436 and 14,649,597, respectively, at cost	(761,954)		(744,264)
Stockholders’ equity attributable to THOR Industries, Inc.	4,~~223~~296,~~727~~709		4,~~067~~288,~~430~~498
Non-controlling interests	~~404~~2,564		61,~~623~~054
Total stockholders’ equity	4,~~224~~299,~~131~~273		4,~~074~~289,~~053~~552
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	76,~~170~~991,~~290~~386	$	7,~~020~~065,~~823~~284

See Notes to the Condensed Consolidated Financial Statements.

THOR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (UNAUDITED)

	Three Months Ended April 30,				Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024		~~2025~~		~~2024~~
Net sales	$	2,~~894~~389,~~816~~123	$	2,~~801~~142,~~113~~784	$	~~7,055,707~~	$	~~7,509,241~~
Cost of products sold	2,~~451~~068,~~697~~149		21,~~379~~861,~~261~~342		~~6,085,949~~		~~6,458,610~~
Gross profit	~~443~~320,~~119~~974		~~421~~281,~~852~~442		~~969,758~~		~~1,050,631~~
Selling, general and administrative expenses	~~238~~254,~~273~~030		~~226~~240,~~515~~197		~~684,692~~		~~664,536~~
Amortization of intangible assets	2927,~~604~~928		3229,~~316~~822		~~88,670~~		~~97,124~~
Interest expense, net	119,~~205~~017		2115,~~830~~228		~~38,383~~		~~70,256~~
Other income (expense), net	(8,457)		1,159		(5,189)		3,111
Other income, net	2,489		2,649
Income before income taxes	155,580		142,350		152,824		221,826
Income (loss) before income taxes	32,488		(1,156)
Income tax provision	21,652		28,773		22,858		47,890
Income tax provision (benefit)	9,319		(283)
Net income	133,928		113,577		129,966		173,936
Net income (loss)	23,169		(873)
Less: Net (loss) attributable to non-controlling interests	(1,257)		(934)		(2,836)		(1,357)
Less: Net income attributable to non-controlling interests	1,500		959
Net income attributable to THOR Industries, Inc.	$	135,185	$	114,511	$	132,802	$	175,293
Net income (loss) attributable to THOR Industries, Inc.	$	21,669	$	(1,832)
Weighted-average common shares outstanding:
Basic	5352,~~203~~690,~~568~~083		5352,~~310~~974,~~318~~603		~~53,128,112~~		~~53,309,546~~
Diluted	5352,~~433~~975,~~493~~577		5352,~~722~~974,~~154~~603		~~53,439,096~~		~~53,742,146~~
Earnings per common share:
Earnings (loss) per common share:
Basic	$	20.5441	$	2(0.1503)	$	~~2.50~~	$	~~3.29~~
Diluted	$	20.5341	$	2(0.1303)	$	~~2.49~~	$	~~3.26~~
Comprehensive income:
Net income	$	133,928	$	113,577	$	129,966	$	173,936
Net income (loss)	$	23,169	$	(873)
Other comprehensive income (loss), net of tax
Foreign currency translation gain (loss), net of tax	155,497		(17,773)		87,958		(42,792)
Foreign currency translation gain, net of tax	19,860		11,943
Other (loss), net of tax	—		—		—		(111)
Total other comprehensive income, net of tax	19,860		11,943
Total other comprehensive income (loss), net of tax	155,497		(17,773)		87,958		(42,903)
Total comprehensive income	43,029		11,070
Total Comprehensive income	289,425		95,804		217,924		131,033
Less: Comprehensive income attributable to non-controlling interests	1,510		1,001
Less: Comprehensive (loss) attributable to non-controlling interests	(1,315)		(1,060)		(6,219)		(2,266)
Comprehensive income attributable to THOR Industries, Inc.	$	41,519	$	10,069
Comprehensive income attributable to THOR Industries, Inc.	$	290,740	$	96,864	$	224,143	$	133,299

See Notes to the Condensed Consolidated Financial Statements.

THOR INDUSTRIES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)

	Nine Months Ended April 30,
	Three Months Ended October 31,
	2025		2024
Cash flows from operating activities:
Net income	$	129,966	$	173,936
Net income (loss)	$	23,169	$	(873)
Adjustments to reconcile net income to net cash provided by operating activities:
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation	~~111~~38,~~158~~107		~~106~~37,~~424~~839
Amortization of intangible assets	8827,~~670~~928		9729,~~124~~822
Amortization of debt issuance costs	~~4,847~~932		142,~~900~~166
Deferred income tax benefit	(5,830)		(18,722)
Deferred income tax expense (benefit)	3,375		(367)
Gain on disposition of property, plant and equipment	(13,~~797~~755)		(92,~~927~~270)
Stock-based compensation expense	2610,~~798~~950		2910,~~049~~537
Changes in assets and liabilities:
Accounts receivable	~~(144~~55,~~989)~~098		~~(191~~64,~~483)~~441
Inventories	21(100,~~950~~739)		26(4,~~103~~844)
Prepaid income taxes, expenses and other	~~(19~~18,~~827)~~989		~~(29~~2,~~237)~~158
Accounts payable	~~146~~(79,~~050~~967)		79(57,~~752~~661)
Accrued liabilities and other	(4344,~~989~~555)		(8161,~~339~~968)
Long-term liabilities and other	65,~~242~~601		1011,~~952~~760
Net cash provided by operating activities	319,249		207,532
Net cash provided by (used in) operating activities	(44,867)		30,740
Cash flows from investing activities:
Purchases of property, plant and equipment	(8531,~~050~~581)		(~~106~~25,~~069~~273)
Proceeds from dispositions of property, plant and equipment	2210,~~093~~905		243,~~682~~363
Business acquisitions, net of cash acquired	—		(3,814)
Other	(86)		(3,432)
Other	(4,385)		(17,688)
Net cash used in investing activities	(20,762)		(25,342)
Net cash used in investing activities	(67,342)		(102,889)
Cash flows from financing activities:
Borrowings on term-loan credit facilities	—		186,723
Borrowings on revolving asset-based credit facilities	23,216		—
Payments on term-loan credit facilities	(110,000)		(227,626)
Payments on revolving asset-based credit facilities	(23,174)		—
Borrowings on revolving asset-based credit facilities	—		113,502
Payments on term-loan credit facilities	(10,000)		(60,000)
Payments on revolving asset-based credit facilities	—		(111,555)
Payments on other debt	(1,216)		(1,829)
Payments on other debt	(29,167)		(7,361)
Payments on finance lease obligations	(231)		(203)
Payments of debt issuance costs	—		(10,480)
Purchase of treasury shares	(5,047)		—
Cash dividends paid	(79,755)		(76,730)
Short-term financial obligations and other, net	2,969		(2,588)
Payments on finance lease obligations	(629)		(557)
Net cash used in financing activities	(13,483)		(64,620)
Purchases of treasury shares	(1,725)		(43,034)
Effect of exchange rate changes on cash and cash equivalents	2,394		3,128
Payments related to vesting of stock-based awards	(14,300)		(16,245)
Net decrease in cash and cash equivalents	(76,718)		(56,094)
Short-term financial obligations and other, net	(8,514)		20,036
Cash and cash equivalents, beginning of period	586,596		501,316
Net cash used in financing activities	(244,090)		(173,327)
Cash and cash equivalents, end of period	$	509,878	$	445,222
Effect of exchange rate changes on cash and cash equivalents	(812)		(729)
Net increase (decrease) in cash and cash equivalents	7,005		(69,413)
Cash and cash equivalents, beginning of period	501,316		441,232
Cash and cash equivalents, end of period	$	508,321	$	371,819
Supplemental cash flow information:
Income taxes paid	$	848,~~768~~179	$	~~111~~9,~~269~~226
Interest paid	$	5016,~~679~~617	$	7021,~~198~~896
Non-cash investing and financing transactions:
Capital expenditures in accounts payable	$	42,~~898~~394	$	24,~~273~~505
Quarterly dividends payable	$	27,476	$	26,551

See Notes to the Condensed Consolidated Financial Statements.

THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024 (UNAUDITED)
FOR THE THREE MONTHS ENDED OCTOBER 31, 2025 AND 2024 (UNAUDITED)
	Three Months Ended April 30, 2025
	Three Months Ended October 31, 2025
								Accumulated					Stockholders’
				Additional				Other					Equity		Non-		Total
	Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Attributable		controlling		Stockholders’
	Shares	Amount		Capital		Earnings		Income ~~(Loss)~~		Shares	Amount		to THOR		Interests		Equity
Balance at February 1, 2025	67,282,807	$	6,728	$	597,094	$	4,199,198	$	(157,920)	14,079,239	$	(693,324)	$	3,951,776	$	1,719	$	3,953,495
Balance at August 1, 2025	67,282,807	$	6,728	$	608,481	$	4,407,163	$	10,390	14,649,597	$	(744,264)	$	4,288,498	$	1,054	$	4,289,552
Net income (loss)	—	—		—		135,185		—		—	—		135,185		(1,257)		133,928
Net income	—	—		—		21,669		—		—	—		21,669		1,500		23,169
Restricted stock unit activity	—	—		(375)		—		—		—	—		(375)		—		(375)
Purchase of treasury shares	—	—		—		—		—		50,235	(5,047)		(5,047)		—		(5,047)
Dividends $0.50 per common share	—	—		—		(26,602)		—		—	—		(26,602)		—		(26,602)
Restricted stock unit activity	376,293	38		870		—		—		120,604	(12,643)		(11,735)		—		(11,735)
Stock-based compensation expense	—	—		8,188		—		—		—	—		8,188		—		8,188
Dividends $0.52 per common share	—	—		—		(27,476)		—		—	—		(27,476)		—		(27,476)
Other comprehensive income (loss)	—	—		—		—		155,555		—	—		155,555		(58)		155,497
Stock-based compensation expense	—	—		10,950		—		—		—	—		10,950		—		10,950
Balance at April 30, 2025	67,282,807	$	6,728	$	604,907	$	4,307,781	$	(2,365)	14,079,239	$	(693,324)	$	4,223,727	$	404	$	4,224,131
Other comprehensive income	—	—		—		—		19,850		—	—		19,850		10		19,860
	Nine Months Ended April 30, 2025
Balance at October 31, 2025	67,659,100	$	6,766	$	620,301	$	4,401,356	$	30,240	14,820,436	$	(761,954)	$	4,296,709	$	2,564	$	4,299,273
								Accumulated					Stockholders’
				Additional				Other					Equity		Non-		Total
	Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Attributable		controlling		Stockholders’
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		to THOR		Interests		Equity
Balance at August 1, 2024	66,859,738	$	6,686	$	577,015	$	4,254,734	$	(93,706)	13,928,314	$	(677,299)	$	4,067,430	$	6,623	$	4,074,053
Net income (loss)	—	—		—		132,802		—		—	—		132,802		(2,836)		129,966
Purchases of treasury shares	—	—		—		—		—		16,200	(1,725)		(1,725)		—		(1,725)
Restricted stock unit activity	423,069	42		1,094		—		—		134,725	(14,300)		(13,164)		—		(13,164)
Dividends $1.50 per common share	—	—		—		(79,755)		—		—	—		(79,755)		—		(79,755)
Stock-based compensation expense	—	—		26,798		—		—		—	—		26,798		—		26,798
Other comprehensive income (loss)	—	—		—		—		91,341		—	—		91,341		(3,383)		87,958
Balance at April 30, 2025	67,282,807	$	6,728	$	604,907	$	4,307,781	$	(2,365)	14,079,239	$	(693,324)	$	4,223,727	$	404	$	4,224,131






	Three Months Ended October 31, 2024
								Accumulated					Stockholders’
				Additional				Other					Equity		Non-		Total
	Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Attributable		controlling		Stockholders’
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		to THOR		Interests		Equity
Balance at August 1, 2024	66,859,738	$	6,686	$	577,015	$	4,254,734	$	(93,706)	13,928,314	$	(677,299)	$	4,067,430	$	6,623	$	4,074,053
Net income (loss)	—	—		—		(1,832)		—		—	—		(1,832)		959		(873)

Restricted stock unit activity	255,232	25		1,862		—		—		84,392	(9,040)		(7,153)		—		(7,153)
Dividends $0.50 per common share	—	—		—		(26,551)		—		—	—		(26,551)		—		(26,551)
Stock-based compensation expense	—	—		10,537		—		—		—	—		10,537		—		10,537
Other comprehensive income	—	—		—		—		11,901		—	—		11,901		42		11,943


Balance at October 31, 2024	67,114,970	$	6,711	$	589,414	$	4,226,351	$	(81,805)	14,012,706	$	(686,339)	$	4,054,332	$	7,624	$	4,061,956

See Notes to the Condensed Consolidated Financial Statements.

THOR INDUSTRIES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS’ EQUITY
FOR THE THREE AND NINE MONTHS ENDED APRIL 30, 2025 AND 2024 (UNAUDITED)
	Three Months Ended April 30, 2024
								Accumulated					Stockholders’
				Additional				Other					Equity		Non-		Total
	Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Attributable		controlling		Stockholders’
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		to THOR		Interests		Equity
Balance at February 1, 2024	66,859,738	$	6,686	$	560,365	$	4,101,210	$	(92,894)	13,535,193	$	(638,949)	$	3,936,418	$	6,177	$	3,942,595
Net income (loss)	—	—		—		114,511		—		—	—		114,511		(934)		113,577
Purchases of treasury shares	—	—		—		—		—		126,754	(12,997)		(12,997)		—		(12,997)
Restricted stock unit activity	—	—		(811)		—		—		—	—		(811)		—		(811)
Dividends $0.48 per common share	—	—		—		(25,595)		—		—	—		(25,595)		—		(25,595)
Stock-based compensation expense	—	—		9,351		—		—		—	—		9,351		—		9,351
Other comprehensive income (loss)	—	—		—		—		(17,647)		—	—		(17,647)		(126)		(17,773)
Balance at April 30, 2024	66,859,738	$	6,686	$	568,905	$	4,190,126	$	(110,541)	13,661,947	$	(651,946)	$	4,003,230	$	5,117	$	4,008,347
	Nine Months Ended April 30, 2024
								Accumulated					Stockholders’
				Additional				Other					Equity		Non-		Total
	Common Stock			Paid-In		Retained		Comprehensive		Treasury Stock			Attributable		controlling		Stockholders’
	Shares	Amount		Capital		Earnings		Income (Loss)		Shares	Amount		to THOR		Interests		Equity
Balance at August 1, 2023	66,344,340	$	6,634	$	539,032	$	4,091,563	$	(68,547)	13,030,030	$	(592,667)	$	3,976,015	$	7,383	$	3,983,398
Net income (loss)	—	—		—		175,293		—		—	—		175,293		(1,357)		173,936
Purchases of treasury shares	—	—		—		—		—		454,630	(43,034)		(43,034)		—		(43,034)
Restricted stock unit activity	515,398	52		824		—		—		177,287	(16,245)		(15,369)		—		(15,369)
Dividends $1.44 per common share	—	—		—		(76,730)		—		—	—		(76,730)		—		(76,730)
Stock-based compensation expense	—	—		29,049		—		—		—	—		29,049		—		29,049
Other comprehensive income (loss)	—	—		—		—		(41,994)		—	—		(41,994)		(909)		(42,903)
Balance at April 30, 2024	66,859,738	$	6,686	$	568,905	$	4,190,126	$	(110,541)	13,661,947	$	(651,946)	$	4,003,230	$	5,117	$	4,008,347

See Notes to the Condensed Consolidated Financial Statements.

NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

(All U.S. Dollar and Euro amounts presented in thousands except share and per share data or except as otherwise specified)

1. Nature of Operations and Accounting Policies

Nature of Operations

THOR Industries, Inc. was founded in 1980 and is the sole owner of operating subsidiaries (collectively, the “Company” or “THOR”), that, combined, represent the world's largest manufacturer of recreational vehicles (“RVs”) by units sold and revenue. The Company manufactures a wide variety of RVs primarily in the United States and Europe and sells those vehicles, as well as related parts and accessories, primarily to independent, non-franchise dealers throughout the United States, Canada and Europe. Unless the context requires or indicates otherwise, all references to “THOR,” the “Company,” “we,” “our” and “us” refer to THOR Industries, Inc. and its subsidiaries.

The July 31, ~~2024~~2025 amounts are derived from the annual audited financial statements of THOR. The interim financial statements are unaudited. In the opinion of management, all adjustments (which consist of normal, recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented have been made. These financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the fiscal year ended July 31, ~~2024~~2025. Due to seasonality within the recreational vehicle industry, inflation and shifting consumer demand in our industry, among other factors, annualizing the results of operations for the ~~nine~~three months ended ~~April~~October 3031, 2025 would not necessarily be indicative of the results expected for the full fiscal year.

Recently Adopted Accounting Standards

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update No. 2023-07 (“ASU 2023-07”) “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures”, which requires additional disclosures about significant segment expenses regularly provided to the Chief Operating Decision Maker. ASU 2023-07 is effective for annual reporting periods beginning after December 15, 2023, or the annual report for fiscal 2025 for the Company, and interim periods within fiscal years beginning after December 15, 2024, or interim periods starting in fiscal 2026 for the Company. The Company adopted ASU 2023-07 effective July 31, 2025.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. This ASU is effective for the Company’s fiscal year 2026 beginning on August 1, 2025, and the Company adopted ASU 2023-09 effective August 1, 2025.

Recently Issued Accounting Standards Not Yet Adopted

In November ~~2023~~2024, the ~~Financial~~FASB ~~Accounting~~issued ~~Standards~~ASU ~~Board~~2024-03, (“~~FASB”)~~Income ~~issued~~Statement ~~Accounting~~— ~~Standard~~Reporting ~~Update~~Comprehensive ~~No.~~Income ~~2023-07~~— Expense Disaggregation Disclosures (~~“ASU~~Subtopic ~~2023~~220-~~07”~~40): Disaggregation of Income Statement Expenses,” as updated by ASU 2025-01, “~~Segment~~Income Statement — Reporting Comprehensive Income-Expense Disaggregation Disclosures (~~Topic~~Subtopic ~~280~~220-40): ~~Improvements~~Clarifying tothe ~~Reportable~~Effective ~~Segment Disclosures~~Date”, ~~which~~issued ~~requires~~in ~~additional~~January ~~disclosures~~2025. ~~about~~This ~~significant~~guidance ~~segment~~provides ~~expenses~~updates ~~regularly~~to ~~provided~~qualitative and quantitative disclosure requirements over the disaggregation of relevant expense captions within the income statement to provide more transparency and useful information on expenses within the ~~Chief~~income ~~Operating~~statement ~~Decision~~including ~~Maker.~~tabular ~~ASU~~presentation ~~2023-07~~of isprescribed ~~effective~~expense ~~for~~categories ~~annual~~such ~~reporting~~as ~~periods~~the ~~beginning~~purchases ~~after~~of ~~December~~inventory, 15employee compensation, ~~2023~~depreciation, orintangible asset amortization, and inclusion of other specific expense, gains and losses required by existing GAAP with reconciliation of disaggregation to the ~~annual~~face ~~report~~of ~~for~~the ~~fiscal~~income ~~2025~~statement. This guidance is effective for ~~the~~annual ~~Company~~periods beginning after December 15, 2026, and interim periods ~~within fiscal years~~ beginning after December 15, ~~2024~~2027, with early adoption permitted. The guidance may be applied prospectively or ~~interim~~retrospectively. ~~periods~~This ~~starting~~guidance inwill ~~fiscal~~be ~~2026~~effective for ~~the~~our ~~Company.~~fiscal ~~Early~~year ~~adoption~~ending isJuly ~~permitted~~31, 2028. We are currently evaluating the impact ofthe ~~ASU~~guidance ~~2023-07~~may have on our consolidated financial statements ~~and related disclosures~~.

In December 2023, the FASB issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures”, requiring enhancements and further transparency to certain income tax disclosures. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. This ASU is effective for the Company in its fiscal year 2026 beginning on August 1, 2025. Early adoption is permitted. The Company is currently evaluating the potential impact of adopting this guidance on the consolidated financial statements.6

In November 2024, the FASB issued ASU 2024-03, “Income Statement — Reporting Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses,” as updated by ASU 2025-01, “Income Statement — Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Clarifying the Effective Date”, issued in January 2025. This guidance provides updates to qualitative and quantitative disclosure requirements over the disaggregation of relevant expense captions within the income statement to provide more transparency and useful information on expenses within the income statement including tabular presentation of prescribed expense categories such as the purchases of inventory, employee compensation, depreciation, intangible asset amortization, and inclusion of other specific expense, gains and losses required by existing GAAP with reconciliation of disaggregation to the face of the income statement. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early adoption permitted. The guidance may be applied prospectively or retrospectively. This guidance will be effective for our fiscal year ending July 31, 2028. We are currently evaluating the impact the guidance may have on our consolidated financial statement disclosures.

2. Business Segments

The Company’s ~~has~~Chief ~~three~~Operating ~~reportable~~Decision ~~segments,~~Maker ~~all~~("CODM") ~~related~~is tothe ~~recreational~~President ~~vehicles:~~and ~~(1) North~~Chief ~~American~~Executive ~~Towable~~Officer. ~~Recreational~~The ~~Vehicles,~~CODM ~~(2) North~~uses ~~American~~net ~~Motorized~~sales, ~~Recreational~~gross ~~Vehicles~~profit and income (3loss) ~~European~~ ~~Recreational~~before ~~Vehicles.~~income ~~The~~taxes ~~operations~~to measure performance of the Company'’s ~~Airxcel~~segments, ~~and~~allocate ~~Postle~~resources ~~subsidiaries~~and ~~are~~make ~~included~~operating ~~in “Other”~~decisions. ~~Net~~The ~~sales~~CODM ~~included~~regularly inevaluates ~~Other~~these ~~relate~~financial ~~primarily~~measures compared to ~~the~~prior ~~sale~~year ofand ~~specialized~~forecasted ~~component~~results. ~~parts~~Income ~~and~~(loss) ~~aluminum~~before ~~extrusions.~~income ~~Intercompany~~taxes ~~eliminations~~is ~~adjust~~utilized ~~for~~during ~~Airxcel~~the Company’s budgeting and ~~Postle~~forecasting ~~sales~~process to ~~the~~assess ~~Company’s~~segment ~~North~~profitability ~~American~~and ~~Towable~~enable decision making regarding strategic initiatives, capital investments and ~~North~~other ~~American~~resources. ~~Motorized~~The Company has three reportable segments, ~~which~~all ~~are~~related ~~consummated~~to atrecreational ~~established~~vehicles: ~~transfer~~(1) North ~~prices~~American ~~generally~~Towable ~~consistent~~Recreational ~~with~~Vehicles, ~~the~~(2) North ~~selling~~American ~~prices~~Motorized ofRecreational ~~products~~Vehicles toand ~~third~~(3) European ~~parties~~Recreational Vehicles.

The North American Towable Recreational Vehicles reportable segment consists of the following ~~tables~~operating ~~reflect~~segments ~~certain~~that ~~financial~~have ~~information~~been byaggregated: Airstream (towable), Jayco (towable), Keystone and KZ. The North American Motorized Recreational Vehicles reportable segment consists of the following operating segments that have been aggregated: Airstream (motorized), Jayco (motorized), Thor Motor Coach and the Tiffin Group. The European Recreational Vehicles reportable segment consists solely of the EHG business. EHG manufactures a full line of motorized and towable recreational vehicles, including motorcaravans, campervans, urban vehicles and caravans in nine primary RV production locations within Europe. EHG produces and sells numerous brands primarily within Europe, including Buccaneer, Buerstner, Carado, CrossCamp, Dethleffs, Elddis, Eriba, Etrusco, Hymer, Laika, LMC, Niesmann+Bischoff, Sunlight and Xplore. In addition, EHG’s operations include other RV-related products and services.

	Three Months Ended April 30,				Nine Months Ended April 30,
NET SALES:	2025		2024		2025		2024
Recreational vehicles
North American Towable	$	1,168,878	$	1,071,393	$	2,895,922	$	2,747,815
North American Motorized	666,686		646,948		1,618,192		1,928,531
Total North America	1,835,564		1,718,341		4,514,114		4,676,346
European	883,542		931,061		2,100,910		2,421,556
Total recreational vehicles	2,719,106		2,649,402		6,615,024		7,097,902
Other	258,427		216,227		637,591		581,682
Intercompany eliminations	(82,717)		(64,516)		(196,908)		(170,343)
Total	$	2,894,816	$	2,801,113	$	7,055,707	$	7,509,241

The operations of the Company’s Airxcel and Postle subsidiaries are included in “Other”. Net sales included in Other related primarily to the sale of specialized component parts and aluminum extrusions. Intercompany eliminations primarily adjust for Postle and Airxcel sales to the Company’s North American Towables and North American Motorized segments, which are consummated at established transfer prices generally consistent with the selling prices of products to third parties.

	Three Months Ended April 30,				Nine Months Ended April 30,
INCOME (LOSS) BEFORE INCOME TAXES:	2025		2024		2025		2024
Recreational vehicles
North American Towable	$	97,587	$	68,409	$	172,560	$	118,319
North American Motorized	32,883		33,172		46,262		96,684
Total North America	130,470		101,581		218,822		215,003
European	46,299		77,382		49,686		144,206
Total recreational vehicles	176,769		178,963		268,508		359,209
Other, net	25,041		18,831		38,083		35,650
Corporate	(46,230)		(55,444)		(153,767)		(173,033)
Total	$	155,580	$	142,350	$	152,824	$	221,826

Corporate results include items such as corporate governance expenses, interest expense and other product development expenses.

TOTAL ASSETS:	April 30, 2025		July 31, 2024
Recreational vehicles
North American Towable	$	1,467,035	$	1,290,117
North American Motorized	973,878		1,077,808
Total North America	2,440,913		2,367,925
European	2,971,953		2,871,316
Total recreational vehicles	5,412,866		5,239,241
Other	1,014,439		1,058,842
Corporate	742,985		722,740
Total	$	7,170,290	$	7,020,823

Other expense (income) includes the gains or losses on the sales of fixed assets, foreign currency changes and equity method investment gains and losses, as well as market value changes in the Company's deferred compensation plan assets and other non-operational items.

Total assets include those assets used in the operation of each reportable and non-reportable segment, and the Corporate assets consist primarily of cash and cash equivalents, deferred income taxes, deferred compensation plan assets, equity and other investments and certain Corporate real estate holdings primarily utilized by THOR’s U.S.-based operating subsidiaries.

The accounting policies of the reportable segments are the same as those described in Note 1 to the Consolidated Financial Statements included in the Fiscal 2025 Form 10-K.

The following tables summarize the Company's financial performance by reportable segment:


	Three Months Ended October 31,
NET SALES:		2025		2024
Recreational vehicles
North American Towable		$	897,090	$	898,778
North American Motorized		661,096		505,208
Total North America		1,558,186		1,403,986
European		655,479		604,903
Total recreational vehicles		2,213,665		2,008,889
Other		259,056		193,511
Intercompany eliminations		(83,598)		(59,616)
Total		$	2,389,123	$	2,142,784


	Three Months Ended October 31,
COST OF PRODUCTS SOLD:		2025		2024
Recreational vehicles
North American Towable		$	778,095	$	786,341
North American Motorized		589,474		462,481
Total North America		1,367,569		1,248,822
European		577,665		512,255
Total recreational vehicles		1,945,234		1,761,077
Other		205,680		159,758
Intercompany eliminations		(82,765)		(59,493)
Total		$	2,068,149	$	1,861,342


	Three Months Ended October 31,
GROSS PROFIT:		2025		2024

Recreational vehicles
North American Towable		$	118,995	$	112,437
North American Motorized		71,622		42,727
Total North America		190,617		155,164
European		77,814		92,648
Total recreational vehicles		268,431		247,812
Other, net		52,543		33,630
Total		$	320,974	$	281,442


	Three Months Ended October 31,
SELLING, GENERAL AND ADMINISTRATIVE EXPENSE:		2025		2024

Recreational vehicles
North American Towable		$	64,358	$	64,303
North American Motorized		35,578		30,367
Total North America		99,936		94,670
European		91,981		79,727
Total recreational vehicles		191,917		174,397
Other, net		21,808		19,474
Corporate		40,305		46,326
Total		$	254,030	$	240,197


	Three Months Ended October 31,
AMORTIZATION EXPENSE:		2025		2024

Recreational vehicles
North American Towable		$	4,077	$	4,519
North American Motorized		3,209		3,657
Total North America		7,286		8,176
European		12,064		12,206
Total recreational vehicles		19,350		20,382
Other, net		8,578		9,254
Corporate		—		186
Total		$	27,928	$	29,822

DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

2025

2024

2025

2024

INTEREST EXPENSE (INCOME), NET:

2025

2024

Recreational vehicles

North American Towable

~~13,207~~

~~13,555~~

~~39,456~~(3)

~~41,107~~(3)

North American Motorized

~~8,400~~

~~8,556~~

~~25,677~~(1)

~~26,347~~(3)

Total North America

~~21,607~~

~~22,111~~

~~65,133~~(4)

~~67,454~~(6)

European

~~30,906~~

~~31,517~~

~~93,474~~557

931,~~050~~329

Total recreational vehicles

~~52,513~~

~~53,628~~

~~158,607~~553

~~160~~1,~~504~~323

Other

12,758

13,865

38,630

41,159

Other, net

Corporate

~~902~~

~~658~~

28,~~591~~420

113,~~885~~840

Total

~~66,173~~

~~68,151~~

~~199~~9,~~828~~017

~~203~~15,~~548~~228

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

CAPITAL ACQUISITIONS:

2025

2024

2025

2024

OTHER EXPENSE (INCOME), NET:

2025

2024

Recreational vehicles

North American Towable

~~5,252~~

~~3,726~~

124,~~818~~092

15(3,~~099~~203)

North American Motorized

~~4,175~~

~~2,642~~

~~10,027~~(313)

~~15,503~~(375)

Total North America

~~9,427~~

~~6,368~~

223,~~845~~779

30(3,~~602~~578)

European

~~21,245~~

~~13,268~~

~~48,286~~(150)

44(1,~~144~~791)

Total recreational vehicles

~~30,672~~

~~19,636~~

713,~~131~~629

74(5,~~746~~369)

Other

2,792

5,762

7,977

20,297

Other, net

(593)

Corporate

~~1,700~~

~~945~~

(5,~~411~~525)

72,~~852~~657

Total

~~35,164~~

~~26,343~~

84(2,~~519~~489)

~~102~~(2,~~895~~649)


	Three Months Ended October 31,
INCOME (LOSS) BEFORE INCOME TAXES:		2025		2024

Recreational vehicles
North American Towable		$	46,471	$	46,821
North American Motorized		33,149		9,081
Total North America		79,620		55,902
European		(26,638)		1,177
Total recreational vehicles		52,982		57,079
Other, net		22,706		4,774
Corporate		(43,200)		(63,009)
Total		$	32,488	$	(1,156)

The following tables provide other supplemental financial information by reportable segment:


TOTAL ASSETS:	October 31, 2025		July 31, 2025
Recreational vehicles
North American Towable	$	1,283,157	$	1,270,005
North American Motorized	1,092,783		978,762
Total North America	2,375,940		2,248,767
European	2,875,022		2,965,645
Total recreational vehicles	5,250,962		5,214,412
Other	1,021,847		1,018,622
Corporate	718,577		832,250
Total	$	6,991,386	$	7,065,284


DEPRECIATION AND INTANGIBLE ASSET AMORTIZATION EXPENSE:	Three Months Ended October 31,
		2025		2024
Recreational vehicles
North American Towable		$	12,118	$	13,094
North American Motorized		8,002		8,656
Total North America		20,120		21,750
European		33,147		32,241
Total recreational vehicles		53,267		53,991
Other		12,057		12,872
Corporate		711		798
Total		$	66,035	$	67,661


	Three Months Ended October 31,
CAPITAL ACQUISITIONS:		2025		2024
Recreational vehicles
North American Towable		$	7,316	$	4,158
North American Motorized		5,737		3,136
Total North America		13,053		7,294
European		9,190		10,901
Total recreational vehicles		22,243		18,195
Other		3,617		3,629
Corporate		4,057		2,525
Total		$	29,917	$	24,349

3. Earnings Per Common Share

The following table reflects the weighted-average common shares used to compute basic and diluted earnings per common share as included on the Condensed Consolidated Statements of Income and Comprehensive Income:

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

~~2025~~

~~2024~~

2025

2024

Weighted-average common shares outstanding for basic earnings per share

~~53,203,568~~

~~53,310,318~~

5352,~~128~~690,~~112~~083

5352,~~309~~974,~~546~~603

Unvested restricted and performance stock units

229,925

411,836

310,984

432,600

Unvested restricted stock units and performance stock units

285,494

—

(1)

Weighted-average common shares outstanding assuming dilution

~~53,433,493~~

~~53,722,154~~

5352,~~439~~975,~~096~~577

5352,~~742~~974,~~146~~603

~~The~~(1)Due ~~Company~~to ~~excludes~~a ~~unvested~~loss restricted stock units and performance stock units that have an antidilutive effect from its calculation of weighted-average shares outstanding. Antidilutive unvested restricted stock units and performance stock units excluded from the calculation for the three months ended ~~April~~October 3031, ~~2025 and~~ 2024, ~~and~~zero ~~the~~incremental ~~nine~~shares ~~months~~are ~~ended~~included ~~April~~because ~~30,~~the ~~2025~~effect ~~and~~would ~~2024~~be ~~were not material~~antidilutive.

9The Company excluded 136,856 and 523,157 unvested restricted stock units and performance stock units that have an antidilutive effect from its calculation of weighted-average common shares outstanding assuming dilution at October 31, 2025 and October 31, 2024, respectively.

4. Derivatives and Hedging

As of ~~April~~October 3031, 2025 and July 31, ~~2024~~2025 there were no derivative instruments designated as hedges, except for the net investment hedge discussed below.

Net Investment Hedge

The foreign currency transaction gains and losses onrelated ~~the~~to ~~portion~~any of the Euro-denominated term loan designated and effective as a hedge of the Company’s net investment in its Euro-denominated functional currency subsidiaries, are included as a component of the foreign currency translation adjustment. Losses, net of tax, included in the foreign currency translation adjustments were $21,~~979~~611 for the three months ended ~~April~~October 3031, 2025 and $21,~~741~~248 for the ~~nine months ended April 30, 2025. Gains, net of tax, included in the foreign currency translation adjustments were $2,984 for the~~ three months ended ~~April~~October 3031, 2024 ~~and $10,156 for the nine months ended April 30, 2024~~.

There were no amounts reclassified out of accumulated other comprehensive income (loss) (“AOCI”) pertaining to the net investment hedge during the three ~~and nine~~-month periods ended ~~April~~October 3031, 2025 ~~and~~or ~~April~~October 3031, 2024.

Derivatives Not Designated as Hedging Instruments

The Company has certain other derivative instruments which have not been designated as hedges. These other derivative instruments had a notional amount totaling approximately $4239,~~834~~206 and a fair value ~~liability~~asset of $19,~~381~~634 as of ~~April~~October 3031, 2025. These other derivative instruments had a notional amount totaling approximately $2231,~~333~~820 and a fair value ~~liability~~asset of $19,~~137~~675 as of July 31, ~~2024~~2025. For these derivative instruments, changes in fair value are recognized in earnings.

	Three Months Ended April 30,
	2025				2024
			Interest					Interest
	Sales		Expense			Sales		Expense
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Gain (loss) recognized in income, net of tax
Foreign currency forward contracts	$	(74)	$	—		$	(278)	$	—
Interest rate swap agreements	—		(49)			—		45
Total gain (loss)	$	(74)	$	(49)		$	(278)	$	45

The total amounts presented in the Condensed Consolidated Statements of Income and Comprehensive Income due to changes in the fair value of the derivative instruments are as follows:

	Nine Months Ended April 30,
	Three Months Ended October 31,
	2025				2024
			Interest					Interest
	Sales		Expense			Sales		Expense
Gain (Loss) on Derivatives Not Designated as Hedging Instruments
Gain (loss) recognized in income, net of tax
Amount of gain (loss) recognized in income (loss), net of tax
Foreign currency forward contracts	$	(~~488~~88)	$	—		$	(~~353~~457)	$	—
Interest rate swap agreements	—		(4622)			—		(9427)
Total gain (loss)	$	(~~488~~88)	$	(4622)		$	(~~353~~457)	$	(9427)

1011

5. Inventories

Major classifications of inventories are as follows:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
Finished goods – RV	$	~~292~~284,~~884~~701	$	~~249~~256,~~949~~239
Finished goods – other	~~106~~135,~~283~~188		91127,~~371~~600
Work in process	~~302~~283,~~803~~705		~~261~~269,~~043~~279
Raw materials	~~412~~420,~~007~~847		~~434~~409,~~165~~411
Chassis	~~384~~488,~~811~~456		~~478~~438,~~220~~079
Subtotal	1,~~498~~612,~~788~~897		1,~~514~~500,~~748~~608
Excess of FIFO costs over LIFO costs	(~~145~~148,~~210~~812)		(148,~~110~~812)
Total inventories, net	$	1,~~353~~464,~~578~~085	$	1,~~366~~351,~~638~~796

Of the $1,~~498~~612,~~788~~897 and $1,~~514~~500,~~748~~608 of inventories at ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, $1,~~137~~127,~~199~~384 and $1,~~109~~089,~~062~~453, respectively, ~~were~~was valued on the first-in, first-out (“FIFO”) ~~method~~basis, and $~~361~~485,~~589~~513 and $~~405~~411,~~686~~155, respectively, ~~were~~was valued on the last-in, first-out (“LIFO”) ~~method~~basis.

6. Property, Plant and Equipment

Property, plant and equipment consists of the following:

	April 30, 2025		July 31, 2024
	October 31, 2025		July 31, 2025
Land	$	~~153~~147,~~501~~238	$	~~151~~146,~~164~~250
Buildings and improvements	1,~~084~~048,~~030~~112		1,~~053~~026,~~812~~240
Machinery and equipment	~~773~~800,~~572~~342		~~738~~794,~~535~~363
Rental vehicles	~~149~~131,~~780~~174		~~126~~139,~~794~~824
Lease right-of-use assets – operating	4140,~~905~~402		4341,~~139~~755
Lease right-of-use assets – finance	43,~~213~~840		4,~~772~~026
Total cost	2,~~207~~171,~~001~~108		2,~~118~~152,~~216~~458
Less: Accumulated depreciation	(~~826~~857,~~959~~754)		(~~727~~836,~~498~~730)
Property, plant and equipment, net	$	1,~~380~~313,~~042~~354	$	1,~~390~~315,~~718~~728

11The Company anticipates strategic sales of certain RV facilities and related equipment to occur during fiscal 2026 and as a result, property, plant and equipment with a total net carrying value of $26,393 and $49,740, primarily consisting of buildings and improvements, was classified as assets held for sale and included in Prepaid income taxes, expenses and other current assets in the Condensed Consolidated Balance Sheets as of October 31, 2025 and July 31, 2025, respectively.

During the quarter ended October 31, 2025, the Company evaluated the fair value of these held for sale assets based on available market data (a non-recurring ASC 820 level 3 input), less costs to sell, and compared that to their applicable carrying values. This resulted in an impairment charge of $7,822 related to certain facilities that was recorded in the North American Towables Segment.

7. Intangible Assets and Goodwill

The components of Amortizable intangible assets, ~~net~~ are as follows:

April 30, 2025

July 31, 2024

October 31, 2025

July 31, 2025

Accumulated

Cost

Amortization

Cost

Amortization

Dealer networks/customer relationships

1,~~124~~130,~~291~~191

~~675~~714,~~732~~532

1,~~107~~126,~~396~~554

~~610~~696,~~106~~064

Trademarks

~~359~~361,~~481~~489

~~130~~140,~~083~~330

~~353~~360,~~435~~291

~~114~~135,~~272~~063

Design technology and other intangibles

~~266~~269,~~980~~876

~~157~~172,~~855~~645

~~258~~268,~~260~~148

~~133~~165,~~580~~108

Total amortizable intangible assets

1,~~750~~761,~~752~~556

~~963~~1,~~670~~027,507

1,~~719~~754,~~091~~993

~~857~~996,~~958~~235

Estimated future amortization expense is as follows:

For the remainder of the fiscal year ending July 31, 2025	$	30,228
For the remainder of the fiscal year ending July 31, 2026	$	82,993
For the fiscal year ending July 31, 2026	109,489
For the fiscal year ending July 31, 2027	101,914
For the fiscal year ending July 31, 2027	100,639
For the fiscal year ending July 31, 2028	92,915
For the fiscal year ending July 31, 2028	91,682
For the fiscal year ending July 31, 2029	76,878
For the fiscal year ending July 31, 2029	75,826
For the fiscal year ending July 31, 2030	61,162
For the fiscal year ending July 31, 2030 and thereafter	379,218
For the fiscal year ending July 31, 2031 and thereafter	318,187
	$	~~787~~734,~~082~~049

AsChanges ain ~~result of~~ the ~~Company’s~~carrying ~~announcement~~amount ~~during the third quarter~~ of ~~fiscal~~Goodwill ~~2025~~by ofreportable ~~strategic~~segment ~~organizational~~for ~~changes impacting one of its towable reporting units,~~ the ~~Company~~three ~~determined~~months ~~that~~ended aOctober ~~triggering event had occurred which necessitated impairment testing for this reporting unit and its long-lived assets~~31, ~~including goodwill, during the third quarter of fiscal~~ 2025. Noare ~~impairment~~summarized ~~was identified~~ as ~~a result of this interim impairment testing.~~ follows:

Changes in the carrying amount of Goodwill by reportable segment for the nine months ended April 30, 2025 are summarized as follows:


	North American Towable		North American Motorized		European		Other		Total
Net balance as of August 1, 2025	$	337,883	$	65,064	$	1,002,819	$	435,352	$	1,841,118
Fiscal 2026 activity:


Foreign currency translation	—		—		9,462		—		9,462

Net balance as of October 31, 2025	$	337,883	$	65,064	$	1,012,281	$	435,352	$	1,850,580

	North American Towable		North American Motorized		European		Other		Total
Net balance as of August 1, 2024	$	337,883	$	65,064	$	948,674	$	435,352	$	1,786,973
Fiscal 2025 activity:
Foreign currency translation	—		—		47,749		—		47,749
Net balance as of April 30, 2025	$	337,883	$	65,064	$	996,423	$	435,352	$	1,834,722

Changes in the carrying amount of Goodwill by reportable segment for the three months ended October 31, 2024 are summarized as follows:

Changes in the carrying amount of Goodwill by reportable segment for the nine months ended April 30, 2024 are summarized as follows:


	North American Towable		North American Motorized		European		Other		Total
Net balance as of August 1, 2024	$	337,883	$	65,064	$	948,674	$	435,352	$	1,786,973
Fiscal 2025 activity:


Foreign currency translation	—		—		4,731		—		4,731

Net balance as of October 31, 2024	$	337,883	$	65,064	$	953,405	$	435,352	$	1,791,704

	North American Towable		North American Motorized		European		Other		Total
Net balance as of August 1, 2023	$	337,883	$	65,064	$	965,758	$	431,717	$	1,800,422
Fiscal 2024 activity:
Goodwill acquired	—		—		—		3,635		3,635
Foreign currency translation	—		—		(26,722)		—		(26,722)
Net balance as of April 30, 2024	$	337,883	$	65,064	$	939,036	$	435,352	$	1,777,335

8. Equity Investments

As discussed in Note 87 to the Company’s Consolidated Financial Statements included in the Fiscal ~~2024~~2025 Form 10-K, effective December 30, 2022, the Company formed a joint venture with TechNexus Holdings LLC (“TechNexus”), whereby the Company transferred TH2Connect, LLC d/b/a Roadpass Digital and its associated legal entities to TN-RP Holdings, LLC (“TN-RP”), following which the Company and TechNexus own 100% of the Class A-RP units and Class C-RP units, respectively, issued by TN-RP.

TN-RP is a variable interest entity (“VIE”), in which both the Company and TechNexus each have a variable interest. The Company’s equity interest, which entitles the Company to a share of future distributions from TN-RP, represents a variable interest. The Company has significant influence due to its Class A-RP unit ownership interest, non-majority seats on the TN-RP advisory board and certain protective rights, and therefore the Company’s investment in TN-RP is accounted for under the equity method of accounting and reported as a component of Equity investments in the Condensed Consolidated Balance Sheets. ~~The~~Similarly, the Company holds an additional investment that is ~~concluded~~also ~~to be~~ a VIE ~~and~~ over which the Company has significant influence. This ~~investment~~ is also reported as a component of Equity investments in the Condensed Consolidated Balance Sheets.

The Company had the following aggregate investment and maximum exposure to loss related to these VIEs:

April 30, 2025

July 31, 2024

October 31, 2025

July 31, 2025

Carrying amount of investments

136,~~211~~359

~~137~~136,~~272~~784

Maximum exposure to loss

138,~~711~~859

~~144~~139,~~047~~284

The Company’s share of income and losses accounted for under the equity method of accounting are included in Other income ~~(expense)~~, net in the Condensed Consolidated Statements of Income and Comprehensive Income. ~~Income~~The oflosses ~~$157 was~~ recognized in the three months ended ~~April~~October 3031, 2025 ~~and~~were ~~a loss of~~ $4425,~~348~~ ~~was~~and ~~recognized in~~ the ~~nine~~losses ~~months ended April 30, 2025. Losses~~ recognized in the three ~~and nine~~ months ended ~~April~~October 3031, 2024 were $2,~~890 and $12,327, respectively~~254.

9. Concentration of Risk

One dealer, FreedomRoads, LLC, accounted for approximately 1714% of the Company’s consolidated net sales for the three-month period ended ~~April~~October 3031, 2025 and approximately 1412% of the Company’s consolidated net sales for the three-month period ended ~~April~~October 3031, 2024~~, and accounted for approximately 15% of the Company’s consolidated net sales for the nine-month period ended April 30, 2025 and 14% for the nine-month period ended April 30, 2024~~. The majority of the sales to this dealer are reported within the North American Towable and North American Motorized segments. This dealer also accounted for approximately 14% ~~and approximately 10%~~ of the Company’s consolidated trade accounts receivable at ~~April~~both 30October 31, 2025 and July 31, ~~2024, respectively~~2025. The loss of this dealer or a deterioration in the liquidity or creditworthiness of this dealer could have a material adverse effect on the Company’s business.

10. Fair Value Measurements

The financial assets and liabilities that are accounted for at fair value on a recurring basis at ~~April~~October 3031, 2025 and July 31, ~~2024~~2025 are as follows:

	Input Level	~~April~~October 3031, 2025		July 31, ~~2024~~2025
Cash equivalents	Level 1	$	~~316~~244,~~800~~363	$	~~310~~362,~~210~~067
Deferred compensation plan mutual fund assets	Level 1	$	13,~~007~~079	$	2812,~~985~~302
Equity investments	Level 1	$	103	$	1,169
Interest rate swap liabilities, net	Level 2	$	1,251	$	1,210
Foreign currency forward contract liability	Level 2	$	120	$	—
Warrants to purchase shares	Level 2	$	10,885	$	10,885
Interest rate swap liability	Level 2	$	1,261	$	1,137

Cash equivalents represent investments in short-term money market instruments that are direct obligations of the U.S. Treasury and/or repurchase agreements backed by U.S. Treasury obligations. These investments are reported as a component of Cash and cash equivalents in the Condensed Consolidated Balance Sheets.

Deferred compensation plan assets accounted for at fair value are investments in securities (primarily mutual funds) traded in an active market held for the benefit of certain employees of the Company as part of a deferred compensation plan. Additional plan investments in corporate-owned life insurance are recorded at their cash surrender value, not fair value, and therefore are not included above.

Equity investments represent stock investments that are publicly traded in an active market and are reported within Other assets in the Condensed Consolidated Balance Sheets.

The fair value of foreign currency forward contracts is estimated by discounting the difference between the contractual forward price and the current available forward price for the residual maturity of the contract using observable market rates.

The fair value of interest rate swaps is determined by discounting the estimated future cash flows based on the applicable observable yield curves.

11Warrants to purchase shares represent certain warrants to purchase common and preferred shares of a non-public company that is not actively traded. ~~Product~~ ~~Warranties~~Fair value is determined based upon prices paid by investors for the same or similar securities. These warrants are reported as a component of Other long-term assets on the Condensed Consolidated Balance Sheets.

The Company generally provides retail customers of its products with a one-year or two-year warranty covering defects in material or workmanship, with longer warranties on certain structural components11. Product Warranty

The Company generally provides retail customers of its products with a one- or two-year warranty covering defects in material or workmanship, with longer warranties on certain structural components.

Changes in our product warranty liability during the indicated periods are as follows:

	Three Months Ended April 30,								Nine Months Ended April 30,
			Three Months Ended October 31,
	~~2025~~		2025		~~2024~~		2024		~~2025~~		~~2024~~
Beginning balance	$	~~286,689~~	$	291,130	$	~~319,614~~	$	311,627	$	~~311,627~~	$	~~345,197~~
Provision	~~68,636~~		56,498		~~84,327~~		61,753		~~182,268~~		~~225,240~~
Payments	~~(63,873)~~		(56,485)		~~(82,853)~~		(72,979)		~~(200,620)~~		~~(248,379)~~
Foreign currency translation	~~4,142~~		391		~~(631)~~		374		~~2,319~~		~~(1,601)~~
Ending balance	$	~~295,594~~	$	291,534	$	~~320,457~~	$	300,775	$	~~295,594~~	$	~~320,457~~

12. Long-Term Debt

The components of long-term debt are as follows:

April 30, 2025

July 31, 2024

October 31, 2025

July 31, 2025

Term loan

~~500~~401,~~938~~444

~~594~~408,~~361~~159

Senior unsecured notes

500,000

Unsecured notes

5,~~687~~777

275,~~070~~723

Other debt

2218,~~598~~843

2919,~~848~~930

Total long-term debt

1926,~~029,223~~064

1933,~~151,279~~812

Debt issuance costs, net of amortization

(1310,~~126~~104)

(1710,~~364~~833)

Total long-term debt, net of debt issuance costs

1915,~~016,097~~960

1922,~~133,915~~979

Less: Current portion of long-term debt

(52,~~444~~831)

(323,~~650~~367)

Total long-term debt, net, less current portion

1913,~~010,653~~129

1919,~~101,265~~612

As discussed in Note 1312 to the Company’s Consolidated Financial Statements included in the Fiscal ~~2024~~2025 Form 10-K, the Company is a party to a term loan ~~(“term loan”)~~ agreement, which consists of both a ~~U.S.~~United States dollar-denominated term loan tranche (“USD term loan”) and a Euro-denominated term loan tranche (“Euro term loan”), and a $1,000,000 asset-based credit facility (“ABL”).

As of ~~April~~October 3031, 2025, the outstanding USD term loan balance of $~~155~~50,000 was subject to a Secured Overnight Financing Rate (“SOFR”)-based rate totaling 6.~~572~~21%. The total interest rate on the ~~April~~October 3031, 2025 outstanding Euro term loan tranche balance of $~~345~~351,~~938~~444 was 4.~~901~~64%. The Senior Unsecured Notes were issued on October 14, 2021 in an aggregate principal amount of $500,000 and bear fixed interest at a rate of 4.~~000~~00%.

14As of October 31, 2025 and July 31, 2025, there were no outstanding ABL borrowings. Availability under the ABL agreement is subject to a borrowing base based on a percentage of applicable eligible receivables and eligible inventory, and based on October 31, 2025 eligible receivables and eligible inventory balances and net of amounts drawn, if any, totaled approximately $930,000.

AsFor ofthe ~~April~~three-month 30periods ended October 31, 2025 and ~~July~~October 31, 2024, ~~there~~interest ~~were~~expense noon ~~outstanding~~total ~~ABL~~long-term ~~borrowings.~~debt ~~Availability~~was ~~under~~$11,906 ~~the~~and ~~ABL~~$17,585, ~~agreement~~respectively. isThese ~~subject~~interest toexpense aamounts ~~borrowing~~include ~~base~~the ~~based~~amortization onof acapitalized ~~percentage~~debt ofissuance ~~applicable~~costs ~~eligible~~of ~~receivables~~$932 and ~~eligible inventory~~$2,166, ~~net~~for ofthe ~~any~~three-month ~~amounts~~periods ~~drawn,~~ended ~~and~~October ~~based on April 30~~31, 2025 ~~eligible receivables~~ and ~~eligible~~October ~~inventory balances and net of any amounts drawn~~31, ~~totaled approximately $985~~2024,~~000~~ respectively.

~~For~~The fair value of the ~~three~~Company’s ~~and~~term ~~nine~~loan ~~months~~debt ~~ended~~at ~~April~~October 3031, 2025, ~~interest~~and ~~expense~~July on31, ~~total~~2025 ~~long-term debt~~ was $14404,~~020~~080 and $47410,~~057~~124, respectively. ~~These~~The ~~interest~~fair ~~expense~~value ~~amounts~~of ~~include~~ the ~~amortization~~Company’s ofSenior ~~capitalized~~Unsecured ~~debt~~Notes ~~issuance~~at ~~costs~~October ~~of $1~~31,~~320~~ 2025 and $4July 31,~~847,~~ ~~for~~2025 ~~the~~was ~~three~~$471,250 and ~~nine months ended April 30~~$469, ~~2025~~100, respectively. ~~For~~The ~~the~~fair ~~three~~value ~~and~~of ~~nine~~all ~~months~~other ~~ended~~debt ~~April~~held ~~30,~~by ~~2024,~~the ~~interest~~Company ~~expense~~approximates oncarrying ~~total~~value. ~~long-term~~The ~~debt~~fair ~~was~~values ~~$24,366~~of ~~and~~the ~~$78,113,~~Company’s ~~respectively,~~long-term ~~which~~debt ~~includes~~are ~~amortization~~primarily ofestimated ~~capitalized~~using ~~debt~~Level ~~issuance~~2 ~~costs~~inputs ~~and~~as ~~debt~~defined ~~extinguishment~~by ~~charges~~ASC ~~related~~820, tobased ~~the~~on ~~November~~quoted ~~2023~~prices ~~debt~~in ~~refinancing~~markets ~~totaling~~that ~~$3,036~~are ~~and~~not ~~$14,900, respectively~~active.

~~The~~Subsequent ~~fair~~to ~~value~~October ~~of the Company’s term loan debt at April 30~~31, 2025 ~~and July 31~~, ~~2024 was $500,136 and $597,334, respectively. The fair value of~~ the Company’s ~~Senior~~made ~~Unsecured~~a ~~Notes~~payment atof ~~April 30, 2025 and July 31, 2024 was~~ $~~450~~46,~~650~~264 ~~and~~against ~~$450,450, respectively. The fair value of all other debt held by~~ the ~~Company~~principal ~~approximates~~balance ~~carrying value. The fair values~~ of ~~the~~its ~~Company’s~~Euro ~~long-~~term ~~debt are primarily estimated using Level 2 inputs as defined by ASC 820, based on quoted prices in markets that are not active~~loan.

~~Subsequent to April 30, 2025, the Company made a payment of $55,000 against the principal balance of its USD term loan.~~16

13. Provision for Income Taxes

The overall effective income tax rate for the three months ended ~~April~~October 3031, 2025 was 1328.97%,. This rate was negatively impacted by certain losses in foreign jurisdictions without an associated tax benefit and ~~the~~changes ~~effective~~in ~~income~~statutory tax ~~rate~~rates ~~for~~in certain foreign jurisdictions during the ~~nine~~three months ended ~~April~~October 3031, 2025 ~~was 15~~.~~0%.~~ ~~These~~The ~~rates~~overall ~~were~~effective ~~both~~income ~~impacted~~tax byrate for the ~~jurisdictional~~three ~~mix~~months ofended ~~pre-tax~~October ~~earnings~~31, ~~between~~2024 ~~foreign~~was ~~and domestic operations~~24.5%, ~~including~~which ~~the~~was ~~favorable~~favorably ~~impact~~impacted ofby certain foreign ~~exchange~~tax ~~gains~~rate differences which include certain interest income not subject to ~~taxation~~corporate income tax. The ~~Company~~favorable ~~also~~foreign ~~recorded~~rate andifferential ~~income~~was ~~tax~~partially ~~benefit~~offset ~~from~~by ~~certain~~additional tax ~~provision~~expense ~~adjustments~~related ~~that~~to ~~primarily~~the ~~resulted~~jurisdictional ~~from~~mix ~~changes~~of inearnings ~~estimates~~between ~~while~~foreign ~~completing~~and ~~the~~domestic ~~prior-year~~operations ~~tax return~~ during the three months ended ~~April~~October 3031, ~~2025~~2024.

~~The~~Within ~~overall effective income tax rate for~~ the ~~three~~next ~~months~~12 ~~ended April 30, 2024 was 20.2%, and the effective income tax rate for the nine~~ months ~~ended April 30~~, ~~2024 was 21.6%. These rates were both favorably impacted by~~ the ~~terms~~Company ofdoes ~~the~~not ~~resolution~~anticipate ofany ~~certain~~material ~~matters~~changes ~~discussed~~ in ~~Note~~its 14unrecognized totax ~~the~~benefits ~~Condensed~~as ~~Consolidated~~of ~~Financial~~October ~~Statements~~31, ~~as certain payments made related to these matters were determined to be deductible for tax purposes~~2025.

Within the next 12 months, the Company does not anticipate any material changes in its unrecognized tax benefits recorded as of April 30, 2025.

14. Contingent Liabilities, Commitments and Legal Matters

The Company’s total commercial commitments under standby repurchase obligations on dealer inventory financing were $3,~~781~~510,~~475~~176 and $3,~~642~~484,~~137~~235 as of ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, respectively. The commitment term is generally up to eighteen months.

The Company accounts for the guarantee under repurchase agreements of independent dealers’ financing by deferring a portion of the related product sale that represents the estimated fair value of the guarantee at inception. This estimate is based on recent historical experience supplemented by the Company’s assessment of current economic and other conditions affecting its independent dealers. This deferred amount is included in the repurchase and guarantee reserve balances of $1718,~~847~~076 and $1417,~~356~~508 as of ~~April~~October 3031, 2025 and July 31, ~~2024~~2025, respectively, which are included in Other current liabilities in the Condensed Consolidated Balance Sheets.

Losses incurred related to repurchase agreements that were settled during the three ~~and~~months ~~nine-month periods~~ ended ~~April~~October 3031, 2025 and ~~April~~October 3031, 2024 were not material. Based on current market conditions and other conditions affecting its independent dealers, the Company believes that any future losses under these agreements will not have a material ~~adverse~~ effect on the Company’s consolidated financial position, results of operations or cash flows.

15The Company is also involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws,” warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. Based on current conditions, management does not believe the ultimate disposition of any current legal proceedings or claims against the Company will have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.

The Company is also involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws,” warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. Based on current conditions, and in management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.17

As discussed in Note 15 to the Company’s Consolidated Financial Statements included in the Fiscal 2024 Form 10-K, the Company is involved in a product recall and was part of an advertising-related investigation by certain German-based authorities that has been fully resolved. There were no significant developments related to these matters during the first nine months of fiscal 2025. There was no material impact on the Condensed Consolidated Financial Statements related to these matters for the three and nine months ended April 30, 2025 as well as the three months ended April 30, 2024. During the nine months ended April 30, 2024, the Company recognized income of $16,900 within selling, general and administrative expenses related to these matters.

15. Leases

The components of lease costs for the three ~~and nine~~-month periods ended ~~April~~October 3031, 2025 and ~~April~~October 3031, 2024 were as follows:

Three Months Ended April 30,

Nine Months Ended April 30,

Three Months Ended October 31,

~~2025~~

~~2024~~

2025

2024

Operating lease cost

~~8,868~~

~~7,980~~

269,~~227~~305

238,~~619~~842

Finance lease cost:

Amortization of right-of-use assets

~~186~~

~~559~~186

Interest on lease liabilities

~~178~~43

~~235~~64

Total lease cost

~~9,108~~

~~8,240~~

269,~~964~~534

249,~~413~~092

Other information related to leases was as follows:

	Nine Months Ended April 30,
	Three Months Ended October 31,
Supplemental Cash Flows Information	2025		2024
Supplemental Cash Flow Information	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	269,~~202~~307	$	238,~~555~~829
Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	82,~~323~~375	$	51,~~591~~636

Supplemental Balance Sheet Information	~~April~~October 3031, 2025		July 31, ~~2024~~2025
Operating leases:
Operating lease liabilities:
Operating lease liabilities
Other current liabilities	$	11,~~709~~521	$	1112,~~405~~108
Other long-term liabilities	3029,~~591~~350		3230,~~007~~081
Total operating lease liabilities	$	4240,~~300~~871	$	4342,~~412~~189
Finance leases:
Finance lease liabilities:
Finance lease liabilities
Other current liabilities	$	~~939~~998	$	~~855~~968
Other long-term liabilities	~~1,153~~637		~~1,866~~898
Total finance lease liabilities	$	21,~~092~~635	$	21,~~721~~866

16. Stockholders’ Equity

~~Stock~~Total stock-based ~~Compensation~~compensation expense recognized in the three-month periods ended October 31, 2025 and October 31, 2024 for stock-based awards totaled $10,950 and $10,537, respectively.

Total stock-based compensation expense recognized in the three-month periods ended April 30, 2025 and April 30, 2024 for stock-based awards totaled $8,188 and $9,351, respectively. Total stock-based compensation expense recognized in the nine-month periods ended April 30, 2025 and April 30, 2024 for stock-based awards totaled $26,798 and $29,049, respectively.

Share Repurchase Program

As discussed in Note 1716 to the Company’s Consolidated Financial Statements included in the Fiscal ~~2024~~2025 Form 10-K, on December 21, 2021, the Company’s Board of Directors ~~(the “Board”)~~ authorized Company management to utilize up to $250,000 to ~~purchase~~repurchase shares of the Company’s common stock through December 21, 2024. On June 24, 2022, the Board authorized Company management to utilize up to an additional $448,321 to ~~purchase~~repurchase shares of the Company’s common stock through July 31, 2025.

~~During~~On June 18, 2025, the ~~three~~Board ~~months~~retired ~~ended~~the ~~April~~Company's 30existing share repurchase authorization which was set to expire on July 31, 2025, and authorized the Company's ~~did~~management ~~not~~to ~~purchase~~utilize ~~any~~up to $400,000 to purchase shares of ~~its~~the Company's common stock ~~under~~beginning ~~this~~on ~~program~~June 18, 2025 and extending through July 31, 2027. The June 18, 2025 authorization is the only active share repurchase authorization.

During the nine months ended April 30, 2025, the Company purchased 16,200 shares of its common stock, at various times in the open market, at a weighted-average price of $106.45 and held them as treasury shares at an aggregate purchase price of $1,725, all from the June 24, 2022 authorization.

Since the inception of the initial December 21, 2021 authorization, the Company has purchased 3,230,972 shares of its common stock, at various times in the open market, at a weighted-average price of $85.80 and held them as treasury shares at an aggregate purchase price of $277,225.

As of April 30, 2025, there are no remaining shares of the Company's common stock that may be repurchased under the December 21, 2021 $250,000 authorization. As of April 30, 2025, the remaining amount of the Company’s common stock that may be repurchased under the June 24, 2022 authorization expiring on July 31, 2025 is $421,095.

17. Revenue Recognition

The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European Recreational Vehicle segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components.

	Three Months Ended April 30,				Nine Months Ended April 30,
NET SALES:	2025		2024		2025		2024
Recreational vehicles
North American Towable
Travel Trailers	$	676,680	$	720,194	$	1,797,995	$	1,811,215
Fifth Wheels	492,198		351,199		1,097,927		936,600
Total North American Towable	1,168,878		1,071,393		2,895,922		2,747,815
North American Motorized
Class A	174,783		211,340		479,368		597,559
Class C	340,530		312,980		778,810		922,388
Class B	151,373		122,628		360,014		408,584
Total North American Motorized	666,686		646,948		1,618,192		1,928,531
Total North America	1,835,564		1,718,341		4,514,114		4,676,346
European
Motorcaravan	481,554		492,490		1,135,416		1,263,814
Campervan	252,227		289,450		591,407		755,783
Caravan	59,083		64,379		134,334		180,093
Other RV-related	90,678		84,742		239,753		221,866
Total European	883,542		931,061		2,100,910		2,421,556
Total recreational vehicles	2,719,106		2,649,402		6,615,024		7,097,902
Other	258,427		216,227		637,591		581,682
Intercompany eliminations	(82,717)		(64,516)		(196,908)		(170,343)
Total	$	2,894,816	$	2,801,113	$	7,055,707	$	7,509,241

During the three-month period ended October 31, 2025, the Company purchased 50,235 shares of its common stock at various times in the open market, at a weighted-average price of $100.48 and held them as treasury shares at an aggregate purchase price of $5,047, all from the June 18, 2025 authorization. ~~Accumulated~~ ~~Other~~During ~~Comprehensive~~the ~~Income~~three-month ~~(Loss)~~period ended October 31, 2024, the Company did not purchase any shares of its common stock.

~~The~~As ~~components~~ of ~~other~~October ~~comprehensive~~31, ~~income~~2025, ~~(loss) (“OCI”) and~~ the ~~changes~~remaining inamount of the Company’s ~~accumulated~~common ~~other~~stock ~~comprehensive~~that ~~income~~may ~~(loss)~~be ~~(“AOCI”)~~repurchased byunder ~~component~~the ~~were~~June as18, ~~follows:~~2025 authorization expiring on July 31, 2027 is $374,253.

	Three Months Ended April 30, 2025
	Foreign CurrencyTranslationAdjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	(158,198)	$	278	$	(157,920)	$	(6,760)	$	(164,680)
OCI before reclassifications	155,555		—		155,555		(58)		155,497
OCI, net of tax for the fiscal period	155,555		—		155,555		(58)		155,497
Balance at end of period, net of tax	$	(2,643)	$	278	$	(2,365)	$	(6,818)	$	(9,183)
	Three Months Ended April 30, 2024
	Foreign CurrencyTranslationAdjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	(93,147)	$	253	$	(92,894)	$	(3,366)	$	(96,260)
OCI before reclassifications	(17,647)		—		(17,647)		(126)		(17,773)
OCI, net of tax for the fiscal period	(17,647)		—		(17,647)		(126)		(17,773)
Balance at end of period, net of tax	$	(110,794)	$	253	$	(110,541)	$	(3,492)	$	(114,033)

17. Revenue Recognition

The table below disaggregates revenue to the level that the Company believes best depicts how the nature, amount, timing and uncertainty of the Company’s revenue and cash flows are affected by economic factors. Other RV-related revenues shown below in the European segment include sales related to accessories and services, new and used vehicle sales at owned dealerships and RV rentals. Performance obligations for all material revenue streams are recognized at a point-in-time. Other sales relate primarily to component part sales to RV original equipment manufacturers and aftermarket sales through dealers and retailers, as well as aluminum extruded components.


	Three Months Ended October 31,
NET SALES:	2025		2024
Recreational vehicles
North American Towable
Travel Trailers	$	506,001	$	602,695
Fifth Wheels	391,089		296,083
Total North American Towable	897,090		898,778
North American Motorized
Class A	189,146		156,576
Class C	329,190		234,227
Class B	142,760		114,405
Total North American Motorized	661,096		505,208
Total North America	1,558,186		1,403,986
European
Motorcaravan	355,307		318,216
Campervan	182,310		173,216
Caravan	27,703		33,071
Other RV-related	90,159		80,400
Total European	655,479		604,903
Total recreational vehicles	2,213,665		2,008,889
Other	259,056		193,511
Intercompany eliminations	(83,598)		(59,616)
Total	$	2,389,123	$	2,142,784

	Nine Months Ended April 30, 2025
	Foreign CurrencyTranslationAdjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	(93,984)	$	278	$	(93,706)	$	(3,435)	$	(97,141)
OCI before reclassifications	91,341		—		91,341		(3,383)		87,958
OCI, net of tax for the fiscal period	91,341		—		91,341		(3,383)		87,958
Balance at end of period, net of tax	$	(2,643)	$	278	$	(2,365)	$	(6,818)	$	(9,183)
	Nine Months Ended April 30, 2024
	Foreign CurrencyTranslationAdjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	(68,911)	$	364	$	(68,547)	$	(2,583)	$	(71,130)
OCI before reclassifications	(41,883)		(111)		(41,994)		(909)		(42,903)
OCI, net of tax for the fiscal period	(41,883)		(111)		(41,994)		(909)		(42,903)
Balance at end of period, net of tax	$	(110,794)	$	253	$	(110,541)	$	(3,492)	$	(114,033)

18. Accumulated Other Comprehensive Income (Loss)

The components of other comprehensive income (loss) (“OCI”) and the changes in the Company's accumulated other comprehensive income (loss) (“AOCI”) by component were as follows:


	Three Months Ended October 31, 2025
	Foreign Currency Translation Adjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	8,847	$	1,543	$	10,390	$	(7,036)	$	3,354
OCI before reclassifications	19,850		—		19,850		10		19,860



OCI, net of tax for the fiscal year	19,850		—		19,850		10		19,860
AOCI, net of tax	$	28,697	$	1,543	$	30,240	$	(7,026)	$	23,214

	Three Months Ended October 31, 2024
	Foreign Currency Translation Adjustment (1)		Other		AOCI, net of tax, Attributable to THOR		Non-controlling Interests		Total AOCI
Balance at beginning of period, net of tax	$	(93,984)	$	278	$	(93,706)	$	(3,435)	$	(97,141)
OCI before reclassifications	11,901		—		11,901		42		11,943



OCI, net of tax for the fiscal year	11,901		—		11,901		42		11,943
AOCI, net of tax	$	(82,083)	$	278	$	(81,805)	$	(3,393)	$	(85,198)

(1)We do not recognize deferred taxes for a majority of the foreign currency translation gains and losses because we do not anticipate reversal in the foreseeable future.

19. Weather Damage at Manufacturing Facilities

On March 14, 2024, a weather event that included large damaging hail occurred at and around the Company’s Jackson Center, OH facilities. The hail resulted in significant roof damage to the motorized production facility and significant damage to inventory that was stored outside, primarily motorized chassis, but also some work in process and finished goods inventory.

The Company maintains insurance coverage, subject to a $1,000 self-insured retention, for the repair or replacement of covered assets that suffer loss, as well as coverage for business interruption, including lost profits. Inventory is a covered asset under the insurance policy, as is the production facility itself.

Total estimated losses related to this event are $69,950, primarily attributable to the write-off of motorized chassis, and, through the fiscal quarter ended April 30, 2025, the Company has received insurance proceeds related to this event totaling $46,077. As of April 30, 2025, the Company recorded an insurance recovery receivable in the amount of $22,873 related to the remaining estimated damages incurred for which we deem the recovery of such losses from our insurance carriers to be probable. This insurance recovery receivable is included in Accounts receivable, other, net on the Condensed Consolidated Balance Sheets, as we believe recovery will be realized within one year of the balance sheet date.

Given the expectation of recovery from insurance, the impact on our consolidated income before income taxes during fiscal 2024 and through the third quarter of fiscal 2025 related to the losses incurred on the weather damages noted above was not material. As of the date of this report, the Company is still in the process of fully assessing damages and submitting relevant insurance claim information.

Although our insurance covers business interruption, the Company has not recognized any recovery for business interruption to date and will do so at the time of final settlement or when nonrefundable cash advances are made in subsequent periods.

ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Unless otherwise indicated, all U.S. Dollar and Euro amounts are presented in thousands except share and per share data.

Forward-Looking Statements

This report 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, including the impact of tariffs, 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 suppliers, 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 rates and interest rate fluctuations and their potential impact on the general economy and, specifically, on our independent dealers and consumers and our profitability;

•the ability to ramp production up or down quickly in response to rapid changes in demand or market share while also managing associated costs, including labor-related costs and production capacity costs;

•the level and magnitude of warranty and recall claims incurred;

•the ability of our suppliers to financially support any defects in their products;

•the financial health of our independent dealers and their ability to successfully manage through various economic conditions;

•legislative, trade, 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 audits or 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;

•the ability to realize anticipated benefits of strategic realignments or other reorganizational actions;

•the level of 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;

•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, and stocking level decisions of our independent dealers;

•disruption of the delivery of units to independent dealers or the disruption of delivery of raw materials, including chassis, to our facilities;

•increasing costs for freight and transportation;

•the ability to protect our information technology systems, including confidential and personal information, 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, public health and political conditions in the various countries in which our products are produced and/or sold;

•the impact of adverse weather conditions and/or weather-related events;

•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, ~~2024~~2025.

We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this report 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.

Executive Overview

We were founded in 1980 and have grown to become the largest manufacturer of recreational vehicles (“RVs”) in the world based on units sold and revenue. We are also the largest manufacturer of RVs in North America, and one of the largest manufacturers of RVs in Europe. In North America, according to Statistical Surveys, Inc. (“Stat Surveys”), for the ~~three~~nine months ended ~~March~~September 3130, 2025, THOR’s current combined U.S. and Canadian market share based on units sold was approximately 3839.21% for travel trailers and fifth wheels combined and approximately 4547.9% for motorhomes. In Europe, according to the European Caravan Federation (“ECF”), our European market share for the ~~three~~nine months ended ~~March~~September 3130, 2025 based on units sold was approximately 2526.13% for motorcaravans and campervans combined and approximately 1617.12% for caravans.

Industry Outlook — North America

The Company monitors industry conditions in the North American RV market using a number of resources including its own performance tracking and modeling. The Company also considers monthly wholesale shipment data as reported by the RV Industry Association (“RVIA”), which is typically issued on a one-month lag and represents manufacturers’ North American RV production and delivery to dealers. In addition, we monitor monthly North American retail sales trends as reported by Stat Surveys, whose data is typically issued on a month-and-a-half lag. The Company believes that monthly RV retail sales data is important as consumer purchases impact future dealer orders and ultimately our production and net sales.

North American RV independent dealer inventory of our North American RV products as of April 30, 2025 increased 4.4% to approximately 91,800 units, compared to approximately 87,900 units as of April 30, 2024. As of April 30, 2025, we believe North American dealer inventory levels for most products are generally in line with the levels that dealers are comfortable stocking heading into the spring selling season given the current retail sales levels and associated carrying costs. We believe dealers will continue to closely evaluate the unit stocking levels that they will elect to carry in future periods, which may be less than historical unit stocking levels, due to a combination of factors such as current retail activity, current RV wholesale prices as well as current interest rates and other carrying costs.22

~~THOR’s~~North American RV independent dealer inventory of our North American RV ~~backlog~~products as of ~~April~~October 3031, 2025 decreased ~~$149,074, or 8~~5.95%, to $1approximately 70,~~518~~900 units,~~057~~ compared to $1approximately 75,~~667,131~~000 units as of ~~April~~October 3031, 2024~~, with the decrease driven primarily by a decrease in North American Towable backlog~~.

As of October 31, 2025, we believe North American dealer inventory levels for most products are generally in line with the levels that dealers are comfortable stocking given the current retail sales levels and associated carrying costs. We believe dealers will continue to closely evaluate the unit stocking levels that they will elect to carry in future periods, which may be less than historical unit stocking levels, due to a combination of factors such as current retail activity, current RV wholesale prices as well as current interest rates and other carrying costs.

THOR’s North American RV backlog as of October 31, 2025 increased $36,333, or 1.9%, to $1,932,525 compared to $1,896,192 as of October 31, 2024. The increase in backlog is primarily a result of an increase in year-over-year orders for motorized products, due in part to our multiple price-conscious product offerings as well as new product introductions since the prior year. The increase in the North American Motorized backlog was partially offset by a decrease in North American Towable backlog.

North American Industry Wholesale Statistics

Key wholesale statistics for the North American RV industry, as reported by RVIA for the periods indicated, are as follows:

U.S. and Canada Wholesale Unit Shipments

Calendar Quarter Ended March 31,

Increase

Nine Months Ended September 30,

Increase

2025

2024

(Decrease)

Change

North American Towable units

88239,~~530~~635

75229,~~525~~491

1310,~~005~~144

174.24

North American Motorized units

927,~~318~~599

1026,~~416~~921

~~(1,098)~~678

~~(10~~2.5)

Total

97267,~~848~~234

85256,~~941~~412

1110,~~907~~822

134.92

In ~~June~~early December 2025, RVIA issued a revised forecast for calendar year 2025 North American wholesale unit shipments. Under ~~the~~ RVIA’s most likely scenario, towable and motorized unit shipments are projected to be approximately ~~303~~304,~~100~~000 units and 3335,~~800~~700 units, respectively, for ana ~~annual~~2025 calendar year total of approximately ~~337~~339,~~000~~700 units, up 1.08% from the 2024 calendar year wholesale shipments. ~~The~~According to RVIA’s, the most likely forecast for calendar year 2025 ~~of 337,000 total units~~ could range from a lower estimate of approximately ~~320~~334,~~400~~000 total units to an upper estimate of approximately ~~353~~345,~~500~~400 total units.

24As part of their December 2025 forecast, RVIA also issued a revised forecast for calendar year 2026 wholesale unit shipments. In the most likely scenario, towable and motorized unit shipments are projected to increase to an approximated annual total of 349,000 units, or approximately 2.8% higher than the most likely scenario for calendar year 2025 wholesale shipments. This calendar year 2026 most likely forecast could range from a lower estimate of approximately 332,100 total units to an upper estimate of approximately 366,000 total units.

North American Industry Retail Statistics

Key retail statistics for the North American RV industry, as reported by Stat Surveys for the periods indicated, are as follows:

U.S. and Canada Retail Unit Registrations

Calendar Quarter Ended March 31,

Increase

Nine Months Ended September 30,

Increase

2025

2024

(Decrease)

Change

North American Towable units

61258,~~332~~648

67259,~~029~~126

(~~5,697~~478)

(80.52)

North American Motorized units

829,~~771~~934

932,~~783~~107

(12,~~012~~173)

(106.38)

Total

70288,~~103~~582

76291,~~812~~233

(62,~~709~~651)

(80.79)

Note: Data reported by Stat Surveys 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.

~~While~~We we anticipate that near-term demand will be influenced by many factors, including consumer confidence and the level of consumer spending on discretionary products,. weWe believe future retail demand over the longer term will ~~exceed~~grow ~~historical,~~from ~~pre-pandemic~~the current levels. Weas consumer confidence and general economic conditions improve, as we believe interest in the RV lifestyle remains high as consumers continue to value the perceived benefits offered by the RV lifestyle, which provides people with the ability to connect with loved ones and nature as well as the potential to get away for short, frequent breaks or longer adventures.

Company North American Wholesale Statistics

The Company’'s North American wholesale RV shipments, for the ~~calendar~~nine-month ~~quarters~~periods ended ~~March~~September 3130, 2025 and 2024 to correspond to the North American industry wholesale periods noted above, were as follows:

U.S. and Canada Wholesale Unit Shipments

Calendar Quarter Ended March 31,

Increase

Nine Months Ended September 30,

Increase

2025

2024

(Decrease)

Change

North American Towable units

3489,~~867~~840

2988,~~693~~564

51,~~174~~276

171.4

North American Motorized units

414,~~875~~427

412,~~831~~621

441,806

014.93

Total

39104,~~742~~267

34101,~~524~~185

53,~~218~~082

153.10

Company North American Retail Statistics

Retail statistics of the Company’s North American RV products, as reported by Stat Surveys, for the ~~calendar~~nine-month ~~quarters~~periods ended ~~March~~September 3130, 2025 and 2024 to correspond to the North American industry retail periods noted above, were as follows:

U.S. and Canada Retail Unit Registrations

Calendar Quarter Ended March 31,

Increase

Nine Months Ended September 30,

Increase

2025

2024

(Decrease)

Change

North American Towable units

2298,~~951~~896

2699,~~237~~946

(31,~~286~~050)

(121.51)

North American Motorized units

414,~~023~~334

415,~~672~~235

(~~649~~901)

(135.9)

Total

26113,~~974~~230

30115,~~909~~181

(31,~~935~~951)

(121.7)

2524

North American Outlook

Historically, RV industry sales have been impacted by a number of economic conditions faced by RV dealers, and ultimately retail consumers, such as the level of consumer confidence, the rate of unemployment, the rate of inflation, the disposable income of consumers, interest rates, credit availability, the health of the housing market, tax rates and fuel availability and prices. We believe these factors will continue to affect retail sales in fiscal ~~2025~~2026. In addition, due to inflationary pressures, including the impact of ~~higher~~ongoing ~~tariffs~~tariff changes, current interest rates and other factors, we believe that RV dealers will be continuously reevaluating their desired stocking levels, which may result in lower than historical dealer inventory stocking levels on a unit basis, particularly in the fall and winter months which historically are lower retail sales periods. It is difficult to predict the extent to which any or all of these factors will impact the RV industry or our business in a particular future period, however, we currently believe the remainder of ~~fiscal~~calendar 2025 and the early part of calendar 2026 will continue to be negatively impacted by these factors.

Despite the continuing near-term challenges, we remain optimistic about the future of North American retail sales in the long term, as there are many factors driving product interest. Surveys conducted by THOR, RVIA and others show that Americans of all generations love the freedom of the outdoors and the enrichment that comes with living an active lifestyle. RVs allow people to be in control of their travel experiences, going where they want, when they want and with the people they want. The RV units we design, produce and sell allow people to spend time outdoors pursuing their favorite activities, creating cherished moments and deeply connecting with family and friends. Based on the ongoing value consumers place on these factors, we expect to see long-term growth in the North American RV industry. The growth in industry-wide RV sales during late calendar year 2020 through early calendar year 2023 resulted in exposing a wider range of consumers to the RV lifestyle. As a result, we believe many of those who have been exposed to the industry for the first time will become future owners once general economic conditions improve, and that those who became first-time owners since the onset of the pandemic will become long-term RVers, resulting in future repeat and upgrade sales opportunities. We also believe many consumers are likely to continue opting for fewer vacations via air travel, cruise ships and hotels, while preferring vacations that RVs are uniquely positioned to provide, allowing consumers the ability to explore or unwind, often close to home. In addition, we believe that the availability of camping and RV parking facilities will be an important factor in the future growth of the industry and view both the significant recent investments and the committed future investments by campground owners, states and the federal government in camping facilities and accessibility to state and federal parks and forests to be positive long-term factors.

Economic and industry-wide factors that have historically affected, and which we believe will continue to affect, our operating results include the costs of commodities, the availability of critical supply components and labor costs incurred in the production of our products. Material and labor costs are the primary factors determining our cost of products sold, and any future increases in raw material or labor costs will impact our profit margins negatively if we are unable to offset those cost increases through a combination of product recontenting, material sourcing strategies, efficiency improvements or raising the selling prices for our products by corresponding amounts. We are closely monitoring the imposition and effect of new ~~and~~or ~~higher~~changing U.S. tariffs on imports, as well as retaliatory tariffs or other measures certain other countries have already or may impose on U.S. imports, that may increase our material costs, or disrupt our supply of materials or negatively impact our sales into other countries. We are currently uncertain as to the ultimate impact these measures may have given the rapidly changing environment surrounding tariffs and other related political topics. The impact of increased or new tariffs inon our fiscal ~~third~~2026 first quarter results was relatively modest due to the timing of, and changes in, both the announced ~~tariffs~~tariff rates and useffective ~~working~~dates and our engagement with our vendors regarding the extent and timing of any resultant cost increases. We would expect potential additional tariff impacts on our ~~upcoming~~remaining ~~fourth~~fiscal ~~quarter~~2026 results, but it is difficult to assess the ultimate impact they may have given the ongoing changes in tariff rates, what components will be impacted and when, plus the fact that we are often not importing products or components directly but rather through third-party vendors and therefore do not have complete visibility regarding the timing or impact on the pricing of components we purchase. We intend to continue negotiations with our vendors regarding the timing and extent of any tariff pass-through costs, and where possible, will seek alternative supply sources with lower-priced components.

Historically, we have generally been able to offset net cost increases over time, but given the size and nature of the tariffs implemented in calendar 2025 or currently in the process of being implemented and future tariffs being discussed, it may not be possible or desirable for us to pass on the full impact of tariff increases immediately as we are conscious of the impact it likely would have on the retail consumer and their demand for our products. Once a clearer and more certain picture of the tariff environment is established, we will be in a position to more fully assess the potential impact tariffs may have on our product selling prices and our operating results.

2625

It is extremely difficult to predict when or whether future supply chain issues related to chassis or other components used in the production of RVs will arise, especially when considering the impact tariffs or supply chain constraints may have on the availability of goods. Modifying available chassis for certain motorized products to use for other products is not a viable alternative, particularly in the short term, due to engineering requirements. Uncertainties related to changing state and federal emission standards may also negatively impact the availability of chassis used in our production of certain North American motorized RVs and could also impact consumer buying patterns. The North American recreational vehicle industry has, from time to time in the past, experienced shortages of chassis for various reasons, including component shortages, production delays or other production issues and work stoppages at the chassis manufacturers.

While the North American RV industry has at times faced supply shortages or delivery delays of other, non-chassis raw material components, the supply chain is currently able to support our demand, but that could change quickly, and with little advance notice, given the current and potential future impact tariffs and other macroeconomic or political factors may have on supply. If any of these factors were to impact our suppliers’ ability to fully supply our needs for key components, our costs of such components and our production output could be adversely affected.

Industry Outlook — Europe

The Company monitors industry conditions in the European RV market using a number of resources including its own performance tracking and modeling. The Company also considers retail trends in the European RV market as reported by the European Caravan Federation (“ECF”) and its members. On a monthly basis, the Company receives OEM-specific reports for most of the individual member countries that make up the ECF through the Caravaning Industrie Verband e.V. (“CIVD”). The timing of these reports may vary, but typically they are issued on a one-to-two-month lag. While most countries provide OEM-specific information, the United Kingdom, which made up 1715.79% and 10.40% of the caravan and motorcaravan (including campervans) European market for the ~~three~~nine months ended ~~March~~September 3130, 2025, respectively, does not provide OEM-specific information. Industry wholesale shipment data for the European RV market is not available.

Within Europe, over 90% of our sales are made to dealers within 10 different European countries. The market conditions, as well as the operating status of our independent dealers within each country, vary based on the various local economic and other conditions. It is inherently difficult to generalize about the operating conditions within the entire European region.

Independent dealer inventory of our European RV products as of ~~April~~October 3031, 2025 decreased 6.9.8% to approximately 2322,~~000~~900 units as compared to approximately 2425,~~700~~400 units as of ~~April~~October 3031, 2024. In both Germany, which accounts for approximately 60% of our European product sales, and in the other various countries we serve, independent RV dealer inventory levels of our motorized and campervan European products are generally in line with historic seasonal levels, while urban vehicle and towable inventory isremains slightly elevated, but improving.

THOR’s European RVRecreational Vehicle backlog as of ~~April~~October 3031, 2025 decreased $~~591~~113,~~511~~173, or 305.65%, to $1,~~343~~930,~~608~~463 compared to $12,~~935~~043,~~119~~636 as of ~~April~~October 3031, 2024, primarily due to improved chassis supply availability asand ~~chassis~~a ~~constraints~~return into ~~the~~more ~~prior~~normalized ~~year~~dealer ~~resulted~~inventory inlevels ~~elevated backlogs~~ as of ~~April~~October 3031, ~~2024~~2025. ~~The current backlog, measured in U.S. dollars, remains higher than historic seasonal levels.~~

2726

European Industry Retail Statistics

Key retail statistics for the European RV industry, as reported by the ECF for the periods indicated, are as follows:

European Unit Registrations

Motorcaravan and Campervan (2)

Caravan

Calendar Quarter Ended March 31,

Nine Months Ended September 30,

2025

2024

Change

2025

2024

Change

OEM Reporting Countries (1)

31115,~~838~~012

35115,~~528~~656

(100.46)

1035,~~036~~537

1038,~~743~~912

(68.67)

Non-OEM Reporting Countries (1)

417,~~978~~713

517,~~033~~814

(10.16)

29,~~908~~315

311,~~889~~281

(2517.24)

Total

36132,~~816~~725

40133,~~561~~470

(90.26)

1244,~~944~~852

1450,~~632~~193

(1110.56)

(1)Industry retail registration statistics have been compiled from individual countries' reporting of retail sales, and include the following countries: Germany, France, Sweden, Netherlands, Norway, Italy, Spain and others, collectively the “OEM Reporting Countries.” The “Non-OEM Reporting Countries” are primarily the United Kingdom and others. Total European unit registrations are reported quarterly by the ECF.

(2)The ECF reports motorcaravans and campervans together.

Note: Data from the ECF is subject to adjustment, is continuously updated and is often impacted by delays in reporting by various countries. (The "Non-OEM Reporting Countries" either do not report OEM-specific data to the ECF or do not have it available for the entire time period covered).

Company European Retail Statistics (1)

European Unit Registrations (1)

Calendar Quarter Ended March 31,

Increase

Nine Months Ended September 30,

Increase

2025

2024

(Decrease)

Change

Motorcaravan and Campervan

830,~~003~~232

929,~~152~~013

(1,~~149)~~219

~~(12~~4.6)2

Caravan

16,~~613~~128

17,~~898~~111

(~~285~~983)

(1513.08)

Total OEM-Reporting Countries

936,~~616~~360

1136,~~050~~124

~~(1,434)~~236

~~(13.~~0).7

(1)Company retail registration statistics have been compiled from individual countries' reporting of retail sales, and include the following countries: Germany, France, Sweden, Netherlands, Norway, Italy, Spain and others, collectively the “OEM Reporting Countries.”

Note: Data from the ECF is subject to ~~adjustment~~adjustments, is continuously updated and is often impacted by delays in reporting by various countries.

European Outlook

Our European operations offer a full lineup of leisure vehicles including caravans and motorized products including urban vehicles, campervans and small-to-large motorcaravans. Our product offerings are not limited to vehicles only but also include accessories and services, including vehicle rentals. We address European retail customers through a sophisticated brand management approach based on consumer segmentation according to target group, core values and emotions. With the assistance of data-based and digital marketing, we intend to continue expanding our retail customer reach to new and younger consumer segments.

The impact of current macroeconomic factors on our business, including inflation and interest rates, environmental and sustainability regulations and geopolitical events, is uncertain. Our outlook for future European RV retail sales depends upon the various economic and regulatory conditions in the respective countries in which we sell our products. End-customer demand for RVs depends strongly on consumer confidence. Factors such as the rate of unemployment, the rate of inflation, private consumption and investments, the level of disposable income of consumers, interest rates, the health of the housing market, tax rates and regulatory restrictions and, since the pandemic, travel safety considerations all influence retail sales. While confidence remains in our customer base, in the short term, we expect to ~~continue~~experience tostable ~~experience~~market ~~downward~~volume but ongoing pressure on overall sales ~~volume~~prices due to the current ~~macroeconomic~~economic environment ~~and a prolonged shift in consumer preferences~~. Our long-term outlook for future growth in European RV retail sales remains ~~positive~~optimistic due to favorable demographic trends and as more people utilize RVs as a way to support their lifestyle in search of independence and individuality, as well as using the RV as a multi-purpose vehicle to escape urban life and explore outdoor activities and nature.

2827

We and our independent European dealers market our European recreational vehicles through multiple avenues including at numerous RV fairs at the country and regional levels which occur throughout the calendar year. These fairs have historically been well-attended events that allow retail consumers to see the newest products, features and designs and to talk with product experts in addition to being able to purchase or order an RV. The most recent major industry fair, the ~~CMT~~2025 ~~Show~~Caravan inSalon ~~Stuttgart~~show in ~~late~~September ~~January~~ 2025, experienced near-record attendance, which demonstrates the continued high level of interest ~~and consumer demand~~ in the RV lifestyle. In addition to our attendance at various strategic trade fairs, we have and will continue to strengthen and expand our digital activities to reach high potential target groups, generate leads and steer customers directly to dealerships. With approximately 1,100 active independent dealers in Germany and throughout Europe with whom we do business, we believe our European brands have one of the strongest and most professionally structured dealer and service networks in Europe.

Economic or industry-wide factors affecting our European RV operating results include the availability and costs of commodities and component parts and the labor used in the manufacture of our products. Labor agreements and various governmental regulations are primary drivers in the cost of our labor force and impact how and when we can adjust our labor force to align with changing production needs. Adjusting our full-time workforce downwards in most of the locations where we operate in Europe generally results in negotiated separation costs, which may be material depending on the size of the workforce reduction. Material and labor costs are the primary factors determining our cost of products sold and any future increases in these costs could negatively impact our profit margins if we are unable to offset those costs through a combination of product recontenting, material sourcing strategies, efficiency improvements, headcount reductions or raising the selling prices for our products by corresponding amounts.

~~While~~Disruption ~~overall chassis supply has improved, disruption~~ in the sequence of chassis supply has, in the past ~~inhibited~~, inhibited—and could, in the future, inhibit —our ability to efficiently and consistently maintain our planned production levels. Uncertainties related to changing emission standards may also negatively impact the availability of chassis and/or other components used in our production of certain European motorized RVs and could also impact consumer buying patterns.

When possible, to minimize the future impact of supply chain constraints, we have identified a second-source supplier base for certain component parts; however, engineering requirements associated with an alternate component part, particularly the chassis on which our various units are built, could limit the impact of these alternative suppliers on reducing any near-term supply constraints.

In addition to potential future material supply constraints, labor shortages have in the past impacted, and could in the future, impact our European operations given the numerous locations where our manufacturing sites are located and the differing availability of skilled labor in those locations. As previously noted, high levels of labor costs and limitations on our ability to reduce those costs commensurate with market conditions have in the past, and could in the future, negatively impact our European operations.

Three Months Ended October 31, 2025 Compared to the Three Months Ended October 31, 2024


NET SALES:	Three Months Ended October 31, 2025		Three Months Ended October 31, 2024		Change Amount		% Change
Recreational vehicles
North American Towable	$	897,090	$	898,778	$	(1,688)	(0.2)
North American Motorized	661,096		505,208		155,888		30.9
Total North America	1,558,186		1,403,986		154,200		11.0
European	655,479		604,903		50,576		8.4
Total recreational vehicles	2,213,665		2,008,889		204,776		10.2
Other	259,056		193,511		65,545		33.9
Intercompany eliminations	(83,598)		(59,616)		(23,982)		(40.2)
Total	$	2,389,123	$	2,142,784	$	246,339	11.5


# OF UNITS:
Recreational vehicles
North American Towable	25,807	30,018	(4,211)	(14.0)
North American Motorized	4,950	3,741	1,209	32.3
Total North America	30,757	33,759	(3,002)	(8.9)
European	8,723	8,635	88	1.0
Total	39,480	42,394	(2,914)	(6.9)


GROSS PROFIT:			% of Segment Net Sales			% of Segment Net Sales	Change Amount		% Change
Recreational vehicles
North American Towable	$	118,995	13.3	$	112,437	12.5	$	6,558	5.8
North American Motorized	71,622		10.8	42,727		8.5	28,895		67.6
Total North America	190,617		12.2	155,164		11.1	35,453		22.8
European	77,814		11.9	92,648		15.3	(14,834)		(16.0)
Total recreational vehicles	268,431		12.1	247,812		12.3	20,619		8.3
Other, net	52,543		20.3	33,630		17.4	18,913		56.2
Total	$	320,974	13.4	$	281,442	13.1	$	39,532	14.0


SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Recreational vehicles
North American Towable	$	64,358	7.2	$	64,303	7.2	$	55	0.1
North American Motorized	35,578		5.4	30,367		6.0	5,211		17.2
Total North America	99,936		6.4	94,670		6.7	5,266		5.6
European	91,981		14.0	79,727		13.2	12,254		15.4
Total recreational vehicles	191,917		8.7	174,397		8.7	17,520		10.0
Other, net	21,808		8.4	19,474		10.1	2,334		12.0
Corporate	40,305		—	46,326		—	(6,021)		(13.0)
Total	$	254,030	10.6	$	240,197	11.2	$	13,833	5.8

Three Months Ended April 30, 2025 Compared to the Three Months Ended April 30, 2024


INCOME (LOSS) BEFORE INCOME TAXES:	Three Months Ended October 31, 2025		% of Segment Net Sales	Three Months Ended October 31, 2024		% of Segment Net Sales	Change Amount		% Change
Recreational vehicles
North American Towable	$	46,471	5.2	$	46,821	5.2	$	(350)	(0.7)
North American Motorized	33,149		5.0	9,081		1.8	24,068		265.0
Total North America	79,620		5.1	55,902		4.0	23,718		42.4
European	(26,638)		(4.1)	1,177		0.2	(27,815)		n/m
Total recreational vehicles	52,982		2.4	57,079		2.8	(4,097)		(7.2)
Other, net	22,706		8.8	4,774		2.5	17,932		375.6
Corporate	(43,200)		—	(63,009)		—	19,809		31.4
Total	$	32,488	1.4	$	(1,156)	(0.1)	$	33,644	n/m

NET SALES:	Three Months EndedApril 30, 2025				Three Months EndedApril 30, 2024			ChangeAmount		%Change
ORDER BACKLOG:	As ofOctober 31, 2025		As ofOctober 31, 2024		ChangeAmount		%Change
Recreational vehicles
North American Towable	$	1656,~~168,878~~002	$	933,051	$	1(277,~~071,393~~049)	(29.7)	$	~~97,485~~	~~9.1~~
North American Motorized	~~666~~1,~~686~~276,523		963,141		~~646~~313,~~948~~382		32.5	~~19,738~~		~~3.1~~
Total North America	1,~~835~~932,~~564~~525		1,896,192		136,~~718,341~~333		1.9	~~117,223~~		~~6.8~~
European	~~883~~1,~~542~~930,463		2,043,636		~~931~~(113,~~061~~173)		(5.5)	~~(47,519)~~		~~(5.1)~~
Total recreational vehicles	2,719,106				2,649,402			69,704		2.6
Total	$	3,862,988	$	3,939,828	$	(76,840)	(2.0)
Other	258,427				216,227			42,200		19.5
Intercompany eliminations	(82,717)				(64,516)			(18,201)		(28.2)
Total	$	2,894,816			$	2,801,113		$	93,703	3.3

# OF UNITS:
Recreational vehicles
North American Towable	36,077	34,193	1,884	5.5
North American Motorized	5,507	4,964	543	10.9
Total North America	41,584	39,157	2,427	6.2
European	13,495	15,363	(1,868)	(12.2)
Total	55,079	54,520	559	1.0

GROSS PROFIT:			% ofSegment Net Sales			% ofSegment Net Sales	ChangeAmount		%Change
Recreational vehicles
North American Towable	$	174,317	14.9	$	138,103	12.9	$	36,214	26.2
North American Motorized	70,297		10.5	71,753		11.1	(1,456)		(2.0)
Total North America	244,614		13.3	209,856		12.2	34,758		16.6
European	142,830		16.2	162,915		17.5	(20,085)		(12.3)
Total recreational vehicles	387,444		14.2	372,771		14.1	14,673		3.9
Other, net	55,675		21.5	49,081		22.7	6,594		13.4
Total	$	443,119	15.3	$	421,852	15.1	$	21,267	5.0

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Recreational vehicles
North American Towable	$	73,096	6.3	$	64,895	6.1	$	8,201	12.6
North American Motorized	34,332		5.1	34,489		5.3	(157)		(0.5)
Total North America	107,428		5.9	99,384		5.8	8,044		8.1
European	79,937		9.0	72,167		7.8	7,770		10.8
Total recreational vehicles	187,365		6.9	171,551		6.5	15,814		9.2
Other	21,882		8.5	19,731		9.1	2,151		10.9
Corporate	29,026		—	35,233		—	(6,207)		(17.6)
Total	$	238,273	8.2	$	226,515	8.1	$	11,758	5.2

INCOME (LOSS) BEFORE INCOME TAXES:	Three Months EndedApril 30, 2025		% ofSegment Net Sales	Three Months EndedApril 30, 2024		% ofSegment Net Sales	ChangeAmount		%Change
Recreational vehicles
North American Towable	$	97,587	8.3	$	68,409	6.4	$	29,178	42.7
North American Motorized	32,883		4.9	33,172		5.1	(289)		(0.9)
Total North America	130,470		7.1	101,581		5.9	28,889		28.4
European	46,299		5.2	77,382		8.3	(31,083)		(40.2)
Total recreational vehicles	176,769		6.5	178,963		6.8	(2,194)		(1.2)
Other, net	25,041		9.7	18,831		8.7	6,210		33.0
Corporate	(46,230)		—	(55,444)		—	9,214		16.6
Total	$	155,580	5.4	$	142,350	5.1	$	13,230	9.3

ORDER BACKLOG:	As ofApril 30, 2025		As ofApril 30, 2024		ChangeAmount		%Change
Recreational vehicles
North American Towable	$	634,318	$	741,302	$	(106,984)	(14.4)
North American Motorized	883,739		925,829		(42,090)		(4.5)
Total North America	1,518,057		1,667,131		(149,074)		(8.9)
European	1,343,608		1,935,119		(591,511)		(30.6)
Total	$	2,861,665	$	3,602,250	$	(740,585)	(20.6)

CONSOLIDATED

Consolidated net sales for the three months ended ~~April~~October 3031, 2025 increased $93246,~~703~~339, or 311.35%, compared to the three months ended ~~April~~October 3031, 2024. Approximately 3027.54% of the Company’s consolidated net sales for the quarter ended ~~April~~October 3031, 2025 were transacted in a currency other than the U.S. dollar. The Company’s most material exchange rate exposure is sales in Euros. The $93246,~~703~~339 increase in consolidated net sales includes an increase of $237,~~663~~497 from the change in currency exchange rates between the two periods. To determine this impact, net sales transacted in currencies other than U.S. dollars have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative periods.

Consolidated gross profit for the three months ended ~~April~~October 3031, 2025 increased $2139,~~267~~532, or 514.0%, compared to the three months ended ~~April~~October 3031, 2024. Consolidated gross profit was 1513.34% of consolidated net sales for the three months ended ~~April~~October 3031, 2025 and 1513.1% for the three months ended ~~April~~October 3031, 2024. The increases in consolidated gross profit and the consolidated gross profit percentage were both primarily due to the impact of the increase in consolidated net sales in the current-year quarter compared to the prior-year quarter.

Selling, general and administrative expenses for the three months ended ~~April~~October 3031, 2025 increased $1113,~~758~~833, or 5.28%, compared to the three months ended ~~April~~October 3031, 2024, primarily due to ~~the~~an ~~impact~~increase ofin sales-related travel, advertising and promotional costs in correlation with the 311.35% increase in consolidated net sales and an increase in incentive compensation ~~costs~~due ~~driven~~to by the increase in consolidated income before income taxes.

The ~~increase~~minor indecrease ~~net expense included~~ in Other income ~~(expense)~~, net of $~~9,616~~160 for the three months ended ~~April~~October 3031, 2025 as compared to the three months ended ~~April~~October 3031, 2024 is primarily due to ~~the~~impairment ~~unfavorable~~charges ~~change~~taken inon ~~Corporate~~certain ~~other~~North ~~income~~American ~~and~~Towable ~~expenses~~assets asheld ~~discussed~~for ~~below~~sale ~~relative~~being tomostly ~~the~~offset ~~fair~~by ~~value of~~ the ~~Company's~~favorable ~~deferred~~changes ~~compensation~~in ~~plan~~Corporate ~~assets~~other ~~due~~income toand ~~market~~expenses ~~value~~as ~~fluctuations~~discussed ~~between the two periods~~below.

The increase of $1333,~~230,~~644 ~~or 9.3%,~~ in income before income taxes for the three months ended ~~April~~October 3031, 2025 as compared to the loss before income taxes for the three months ended ~~April~~October 3031, 2024 was primarily driven by the increase in consolidated net sales ~~and the improved gross profit percentage~~.

3130

The overall effective income tax rate for the three months ended ~~April~~October 3031, 2025 was 1328.97% compared with 2024.25% for the three months ended ~~April~~October 3031, 2024. The ~~year-over-year~~primary ~~change~~reason isfor ~~a result of~~ the ~~jurisdictional~~increase ~~mix~~relates ofto ~~earnings~~certain ~~between~~losses ~~foreign~~in ~~and domestic operations, inclusive of certain~~ foreign ~~exchange~~jurisdictions ~~gains~~without ~~not~~an ~~subject~~associated ~~to taxation during the three months ended April 30, 2025. In addition, income~~ tax ~~benefits~~benefit ~~were~~and ~~recorded~~changes ~~from~~in ~~certain~~statutory tax ~~provision~~rates ~~adjustments that primarily resulted from changes~~ in ~~estimates~~certain ~~while~~foreign ~~completing~~jurisdictions ~~the prior-year return~~ during the three months ended ~~April~~October 3031, 2025.

Additional information concerning the changes in net sales, gross profit, selling, general and administrative expenses and income before income taxes are addressed below and in the segment reporting that follows.

Corporate costs included in consolidated selling, general and administrative expenses decreased $6,~~207~~021 for the three months ended ~~April~~October 3031, 2025 compared to the three months ended ~~April~~October 3031, 2024. This decrease ~~included~~includes a decrease in compensation costs of $15,271, primarily due to employee separation costs related to certain headcount reductions in the prior-year quarter, and a decrease in research and development costs of $3,037. These decreases were partially offset by an increase in deferred compensation expense of $93,~~663~~971 due to market value fluctuations between the two periods, which was ~~primarily~~effectively offset by the ~~decrease~~increase in other income related to the deferred compensation plan assets noted below, and an increase in certain dealer promotional costs of $4,044. ~~This~~In ~~decrease~~addition, ~~was~~incentive ~~partially~~compensation ~~offset~~increased by$1,560 due to the increase in income before income taxes compared to the prior-year quarter, ~~including~~and ~~$2,700~~costs ofrelated ~~income~~to ~~from~~our ~~adjustments~~standby ~~made~~repurchase ~~related~~obligations also increased $1,750, primarily due to ~~the~~a ~~matters~~favorable ~~discussed~~adjustment in ~~Note~~the 14prior-year quarter due to ~~the~~a ~~Condensed~~decrease ~~Consolidated~~in ~~Financial~~dealer ~~Statements~~inventory levels during that period.

Net expense ~~included~~from in Corporate interest and other income and ~~expense~~expenses decreased $313,~~007~~788 for the three months ended ~~April~~October 3031, 2025 compared to the three months ended ~~April~~October 3031, 2024,. ~~primarily~~Net ~~due~~interest toexpense adecreased ~~decrease of~~ $95,~~389~~422 inprimarily ~~net~~due to lower debt interest expense ~~due~~as toa result of lower average outstanding debt balances and lower interest rates. This decrease in net expense also included a favorable change of $4,968 in the fair value of the Company’s deferred compensation plan assets and the recorded operating results of our equity investments as discussed in Note 8 to the Condensed Consolidated Financial Statements improved by $31,~~047.~~829 ~~These favorable changes were partially offset by a decrease of $9,378~~ in ~~other income on~~ the ~~fair~~current ~~value~~quarter ofcompared ~~the Company's deferred compensation plan assets due~~ to ~~market value fluctuations between~~ the ~~two~~prior-year ~~periods~~quarter.

3231

Segment Reporting

NORTH AMERICAN TOWABLE RECREATIONAL VEHICLES

Analysis of the change in net sales for the three months ended ~~April~~October 3031, 2025 compared to the three months ended ~~April~~October 3031, 2024:

Three Months EndedApril 30, 2025

% ofSegmentNet Sales

Three Months EndedApril 30, 2024

% ofSegmentNet Sales

Change Amount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentNet Sales

Three Months EndedOctober 31, 2024

% ofSegmentNet Sales

Change Amount

%Change

NET SALES:

North American Towable

Travel Trailers

~~676~~506,~~680~~001

5756.94

~~720~~602,~~194~~695

67.21

(4396,~~514~~694)

(616.0)

Fifth Wheels

~~492~~391,~~198~~089

4243.16

~~351~~296,~~199~~083

32.89

~~140~~95,~~999~~006

4032.1

Total North American Towable

1897,~~168,878~~090

100.0

1898,~~071,393~~778

100.0

97(1,~~485~~688)

9(0.12)

Three Months EndedApril 30, 2025

% ofSegmentShipments

Three Months EndedApril 30, 2024

% ofSegmentShipments

Change Amount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentShipments

Three Months EndedOctober 31, 2024

% ofSegmentShipments

Change Amount

%Change

# OF UNITS:

North American Towable

Travel Trailers

2819,~~417~~908

7877.81

2825,~~526~~458

8384.48

(~~109~~5,550)

(021.48)

Fifth Wheels

75,~~660~~899

2122.29

54,~~667~~560

1615.62

1,~~993~~339

3529.24

Total North American Towable

3625,~~077~~807

100.0

3430,~~193~~018

100.0

1(4,~~884~~211)

5(14.50)

IMPACT OF CHANGE IN PRODUCT MIX AND PRICE ON NET SALES:

%Change

North American Towable

Travel Trailers

(5.6)8

Fifth Wheels

42.97

Total North American Towable

313.68

The ~~increase~~decrease in total North American Towable net sales of 90.12% compared to the prior-year quarter resulted from a 514.50% ~~increase~~decrease in unit shipments ~~and~~mostly offset by a 313.68% increase in the overall net price per unit due to the combined impact of changes in product mix and price. The ~~increase~~decrease in unit shipments is primarily due to anlower ~~increase~~demand infor ~~fifth~~the ~~wheel~~lower-cost ~~unit~~travel ~~sales~~trailers units relative to the prior-year quarter, ~~which~~as ~~increased~~travel 35trailer unit shipments decreased 21.28% over the prior-year quarter. According to statistics published by RVIA, for the three months ended ~~April~~October 3031, 2025, combined North American travel trailer and fifth wheel wholesale unit shipments ~~increased~~decreased 102.72% compared to the same period last year. According to the most recently published statistics from Stat Surveys, for the three months ended ~~March~~September 3130, 2025 and 2024, our North American market share for travel trailers and fifth wheels combined was 3839.21% and 4038.16%, respectively. Comparisons of Company shipments to industry shipments on a quarterly basis would not necessarily be indicative of the results expected for a full fiscal year.

The ~~decrease~~increases in the overall net price per unit within the travel trailer product line of 5.68% ~~was~~and ~~primarily~~within ~~due~~the tofifth ~~current~~wheel product ~~mix~~line ~~trending~~of ~~toward~~2.7% ~~the~~were ~~more~~primarily ~~moderately-priced~~due ~~units~~to product mix changes as compared to the prior-year quarter. The increase in the overall net price ~~within~~in the ~~fifth~~North ~~wheel~~American ~~product~~Towable ~~line~~segment of 413.98% was primarily due to ~~product~~the ~~mix~~greater ~~changes~~percentage ~~and~~of ~~lower~~ sales ~~discounting~~of the higher-priced fifth wheel products as compared to travel trailers in the ~~prior~~current-year quarter.

North American Towable cost of products sold ~~increased~~decreased $618,~~271~~246 to $~~994~~778,~~561~~095, or 8586.17% of North American Towable net sales, for the three months ended ~~April~~October 3031, 2025 compared to $~~933~~786,~~290~~341, or 87.15% of North American Towable net sales, for the three months ended ~~April~~October 3031, 2024. ~~Changes~~The changes in material, labor, freight-out and warranty costs comprised $603,~~161~~695 of the $618,~~271~~246 ~~increase~~decrease in cost of products sold. Material, labor, freight-out and warranty costs as a combined percentage of North American Towable net sales decreased slightly to 78.29% for the three months ended ~~April~~October 3031, 2025 compared to 79.62% for the three months ended ~~April~~October 3031, 2024, ~~primarily~~as ~~due~~an toincrease ~~decreases~~in the material cost percentage was offset by a similar decrease in ~~both~~the warranty cost percentage, and the freight-out ~~and~~percentage ~~warranty~~decreased ~~cost percentages~~slightly.

Total manufacturing overhead decreased $4,551, primarily due to employee cost savings from recent towable organizational restructuring initiatives, which led to a decrease as a percentage of North American Towable net sales from 8.3% to 7.8%.

The increases in North American Towable gross profit of $6,558 and the gross profit percentage for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 were both driven by the decrease in the costs of products sold noted above.

North American Towable selling, general and administrative expenses increased $55, or 0.1%, for the three months ended October 31, 2025 compared to the three months ended October 31, 2024. The change includes an increase of $2,511 in sales-related travel, advertising and promotion costs and a decrease in employee compensation costs of $2,220 due to cost savings from the recent towable organizational restructuring initiatives noted above. The overall selling, general and administrative expense as a percentage of North American Towable net sales did not change compared to the prior year.

The decrease in North American Towable income before income taxes of $350 for the three months ended October 31, 2025 as compared to the three months ended October 31, 2024 is primarily due to the increase in North American Towable gross profit noted above being mostly offset by impairment charges of $7,822 taken on certain assets held for sale based on the current estimated sales proceeds of these assets. North American Towable income before income taxes as a percentage of North American Towable net sales remained unchanged.

Total manufacturing overhead increased a slight $1,110 in correlation with the net sales increase, but decreased as a percentage of North American Towable net sales from 7.5% to 6.9% as the increased net sales levels resulted in lower overhead costs per unit sold.

The increase in North American Towable gross profit of $36,214 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was driven by the increase in North American Towable net sales, and the increase in the gross profit percentage is due to the decrease in the cost of products sold percentage noted above.

The increase in North American Towable selling, general and administrative expenses of $8,201 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to the increase in North American Towable net sales and income before income taxes causing related commissions, incentive and other compensation costs to increase by $6,010. Sales-related travel, advertising and promotional costs also increased by $1,079.

The increase in North American Towable income before income taxes of $29,178 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to the increase in North American Towable net sales, while North American Towable income before income taxes as a percentage of North American Towable net sales increased primarily due to the decrease in the cost of products sold percentage noted above.

NORTH AMERICAN MOTORIZED RECREATIONAL VEHICLES

Analysis of the change in net sales for the three months ended ~~April~~October 3031, 2025 compared to the three months ended ~~April~~October 3031, 2024:

Three Months EndedApril 30, 2025

% ofSegmentNet Sales

Three Months EndedApril 30, 2024

% ofSegmentNet Sales

ChangeAmount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentNet Sales

Three Months EndedOctober 31, 2024

% ofSegmentNet Sales

ChangeAmount

%Change

NET SALES:

North American Motorized

Class A

~~174~~189,~~783~~146

2628.26

~~211~~156,~~340~~576

3231.70

~~(36~~32,~~557)~~570

~~(17~~20.3)8

Class C

~~340~~329,~~530~~190

5149.18

~~312~~234,~~980~~227

4846.4

2794,~~550~~963

840.85

Class B

~~151~~142,~~373~~760

2221.76

~~122~~114,~~628~~405

1822.96

28,~~745~~355

2324.48

Total North American Motorized

~~666~~661,~~686~~096

100.0

~~646~~505,~~948~~208

100.0

19155,~~738~~888

330.19

Three Months EndedApril 30, 2025

% ofSegmentShipments

Three Months EndedApril 30, 2024

% ofSegmentShipments

ChangeAmount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentShipments

Three Months EndedOctober 31, 2024

% ofSegmentShipments

ChangeAmount

%Change

# OF UNITS:

North American Motorized

Class A

~~991~~882

1817.08

~~1,040~~756

2120.02

~~(49)~~126

(416.7)

Class C

32,~~243~~884

58.93

2,~~867~~045

5754.87

~~376~~839

1341.10

Class B

1,~~273~~184

23.19

~~1,057~~940

2125.21

~~216~~244

2026.40

Total North American Motorized

54,~~507~~950

100.0

43,~~964~~741

100.0

~~543~~1,209

1032.93

IMPACT OF CHANGE IN PRODUCT MIX AND PRICE ON NET SALES:

%Change

North American Motorized

Class A

~~(12~~4.6)1

Class C

(40.35)

Class B

3(1.02)

Total North American Motorized

(71.84)

The increase in total North American Motorized net sales of 330.19% compared to the prior-year quarter resulted from a 1032.93% increase in unit shipments and a 71.84% decrease in the overall net price per unit due to the impact of changes in product mix and price,. The increase in unit shipments is primarily ~~within~~due to an increase in current dealer and consumer demand in comparison with the ~~Class~~demand Ain ~~product~~the ~~line~~prior-year quarter. According to statistics published by RVIA, for the three months ended ~~April~~October 3031, 2025, combined North American motorhome wholesale unit shipments ~~decreased~~increased 714.36% compared to the same period last year. According to the most recently published statistics from Stat Surveys, for the three months ended ~~March~~September 3130, 2025 and 2024, our North American market share for motorhomes was 4547.93% and 47.8%, respectively. Comparisons of Company shipments to industry shipments on a quarterly basis would not necessarily be indicative of the results expected for a full fiscal year.

The ~~decrease~~increase in the overall net price per unit within the Class A product line of 124.61% ~~was~~is ~~mainly~~primarily due to ~~product mix changes, primarily~~ a higher concentration inof ~~the~~sales ~~current-year quarter~~ of the ~~more~~generally ~~moderately~~higher-priced ~~gas~~product ~~units~~lines asin ~~opposed to~~ the ~~higher~~current-~~priced~~year ~~diesel units, in addition to higher discounting levels~~period. The ~~decrease~~modest decreases in the ~~overall net price per unit within the~~ Class C product line of 40.35% ~~was~~and ~~primarily due to higher discounting levels. The increase in~~ the ~~overall net price per unit within the~~ Class B product line of 31.02% ~~was~~were both primarily due to product mix changes ~~and~~towards ~~selective~~more ~~net~~moderately-priced ~~selling~~units ~~price increases being partially offset by higher discounting levels~~ compared to the prior-year quarter.

North American Motorized cost of products sold increased $126,993 to $589,474, or 89.2% of North American Motorized net sales, for the three months ended October 31, 2025 compared to $462,481, or 91.5% of North American Motorized net sales, for the three months ended October 31, 2024. The changes in material, labor, freight-out and warranty costs comprised $123,261 of the $126,993 increase primarily due to the increased net sales volume. Material, labor, freight-out and warranty costs as a combined percentage of North American Motorized net sales decreased to 83.5% for the three months ended October 31, 2025 compared to 84.8% for the three months ended October 31, 2024, with the decrease primarily due to decreases in both the direct labor and warranty cost percentages.

Total manufacturing overhead increased $3,732 in correlation with the net sales increase, but decreased as a percentage of North American Motorized net sales from 6.7% to 5.7% as the increase in net sales levels resulted in lower overhead costs per unit sold.

The increase in North American Motorized gross profit of $28,895 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 was driven by the increase in North American Motorized net sales, and the increase in the gross profit percentage is due to the decrease in the cost of products sold percentage noted above.

The increase in North American Motorized selling, general and administrative expenses of $5,211 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 was primarily due to the increases in North American Motorized net sales and income before income taxes, which caused related commissions, incentive and other compensation to increase by $3,272. The decrease in the overall selling, general and administrative expense as a percentage of North American Motorized net sales is primarily due to the increase in North American Motorized net sales.

The increase in North American Motorized income before income taxes of $24,068 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 was primarily due to the increase in North American Motorized net sales, and the primary reasons for the increase in percentage were the decreases in both the cost of products sold and selling, general and administrative expense percentages noted above.

North American Motorized cost of products sold increased $21,194 to $596,389, or 89.5% of North American Motorized net sales, for the three months ended April 30, 2025 compared to $575,195, or 88.9% of North American Motorized net sales, for the three months ended April 30, 2024. The changes in material, labor, freight-out and warranty costs comprised $23,930 of the overall $21,194 increase primarily due to the increased net sales volume. Material, labor, freight-out and warranty costs as a combined percentage of North American Motorized net sales increased to 84.3% for the three months ended April 30, 2025 compared to 83.1% for the three months ended April 30, 2024, with the increase mainly due to an increase in the material cost percentage, primarily due to increased sales discounting and product mix changes, partially offset by a decrease in the warranty cost percentage.

Total manufacturing overhead decreased $2,736, primarily due to lower employee insurance and benefit costs, and decreased as a percentage of North American Motorized net sales from 5.8% to 5.2% as the increase in net sales levels and lower overhead costs resulted in lower overhead costs per unit sold.

The slight decrease in North American Motorized gross profit of $1,456 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 and the decrease in the gross profit percentage were both primarily due to the increase in the cost of products sold percentage noted above.

North American Motorized selling, general and administrative expenses decreased $157 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 and there were no changes of significance within its major cost components. The decrease in the overall selling, general and administrative expense as a percentage of North American Motorized net sales is due to the increase in North American Motorized net sales.

The slight decrease in North American Motorized income before income taxes of $289 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 and the decrease in percentage were both due to the increase in the cost of products sold expense percentage noted above.

EUROPEAN RECREATIONAL VEHICLES

Analysis of the change in net sales for the three months ended ~~April~~October 3031, 2025 compared to the three months ended ~~April~~October 3031, 2024:

Three Months EndedApril 30, 2025

% ofSegmentNet Sales

Three Months EndedApril 30, 2024

% ofSegmentNet Sales

ChangeAmount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentNet Sales

Three Months EndedOctober 31, 2024

% ofSegmentNet Sales

ChangeAmount

%Change

NET SALES:

European

Motorcaravan

~~481~~355,~~554~~307

54.52

~~492~~318,~~490~~216

52.96

~~(10~~37,~~936)~~091

(211.2)7

Campervan

~~252~~182,~~227~~310

2827.58

~~289~~173,~~450~~216

3128.16

~~(37~~9,~~223)~~094

~~(12~~5.9)3

Caravan

5927,~~083~~703

64.72

6433,~~379~~071

65.95

(5,~~296~~368)

(816.2)

Other

90,~~678~~159

1013.38

8480,~~742~~400

913.13

59,~~936~~759

712.01

Total European

~~883~~655,~~542~~479

100.0

~~931~~604,~~061~~903

100.0

~~(47~~50,~~519)~~576

(58.1)4

Three Months EndedApril 30, 2025

% ofSegmentShipments

Three Months EndedApril 30, 2024

% ofSegmentShipments

ChangeAmount

%Change

Three Months EndedOctober 31, 2025

% ofSegmentShipments

Three Months EndedOctober 31, 2024

% ofSegmentShipments

ChangeAmount

%Change

# OF UNITS:

European

Motorcaravan

64,~~484~~379

4850.02

64,~~601~~133

4347.09

~~(117)~~246

(16.8)0

Campervan

43,~~632~~233

3437.31

63,~~194~~178

4036.38

~~(1,562)~~55

~~(25~~1.2)7

Caravan

21,~~379~~111

1712.7

21,~~568~~324

1615.73

(~~189~~213)

(716.41)

Total European

138,~~495~~723

100.0

158,~~363~~635

100.0

~~(1,868)~~88

~~(12~~1.2)0

IMPACT OF CHANGES IN FOREIGN CURRENCY, PRODUCT MIX AND PRICE ON NET SALES:
	Foreign Currency %	Mix and Price %	%Change
European
Motorcaravan	06.32	(0.75)	(05.4)7
Campervan	06.32	12(2.06)	~~12.~~3.6
Caravan	06.32	(16.13)	(0.81)
Total European	06.32	61.82	7.14

The ~~decrease~~increase in total European Recreational Vehicle net sales of 58.14% compared to the prior-year quarter resulted from a 121.20% ~~decrease~~increase in unit shipments ~~offset~~and ~~in part by~~ a 7.14% increase in the overall net price per unit due to the total ~~combined~~ impact of changes in foreign currency, product mix and price. The ~~decrease~~increase in total European Recreational Vehicle net sales of $4750,~~519~~576 includes an increase of $237,~~663~~497, or 06.32% ~~netted~~of in the 58.14% ~~decrease~~increase, due to the increase in foreign exchange rates compared to the prior-year ~~quarter~~period. According to the most recently published statistics from the European Caravan Federation, our combined European market share for the three months ended ~~March~~September 3130, 2025 and 2024 was approximately 2324.04% and 2322.98%, respectively.

The overall net price per unit increase of 7.14% includes a 06.32% increase due to the impact of foreign currency exchange rate changes and a 61.82% constant-currency increase due to the combined impact of product mix and price, primarily due to the higher concentration of Motorcaravan sales in the current-year quarter ~~due to improved chassis supply and fewer other component constraints compared to the prior-year quarter~~.

The constant-currency decreases in the overall net price per unit within the Motorcaravan product line of 0.5%, the Caravan product line of 6.3% and the Campervan product line of 2.6% were all primarily due to increased sales discounting in the current-year quarter along with a higher concentration of sales of lower-priced entry level and special-edition motorcaravan products in the current-year quarter.

European Recreational Vehicle cost of products sold increased $65,410 to $577,665, or 88.1% of European Recreational Vehicle net sales, for the three months ended October 31, 2025 compared to $512,255, or 84.7% of European Recreational Vehicle net sales, for the three months ended October 31, 2024. The changes in material, labor, freight-out and warranty costs comprised $59,082 of the $65,410 increase primarily due to the increased net sales volume and the increased material costs noted below. Material, labor, freight-out and warranty costs as a combined percentage of European Recreational Vehicle net sales increased to 74.9% for the three months ended October 31, 2025 compared to 71.4% for the three months ended October 31, 2024, primarily due to an increase in the material cost percentage as a result of the combined unfavorable impacts of increased sales discounting, increased chassis costs and a higher concentration of sales of entry-level and special-edition motorcaravan products, both of which have generally higher material cost percentages. The warranty cost percentage also increased.

Total manufacturing overhead increased by $6,328 with the increase in sales but decreased slightly as a percentage of European Recreational Vehicles net sales from 13.3% to 13.2% as the increase in net sales levels resulted in lower overhead costs per unit sold.

The decrease in European Recreational Vehicle gross profit of $14,834 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 and the decrease in the gross profit percentage were both due to the increase in the cost of products sold noted above.

European Recreational Vehicle selling, general and administrative expenses increased $12,254 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024, primarily due to $6,702 in employee separation costs accrued related to strategic fiscal year 2026 plant reorganization initiatives. In addition, sales wages and benefits increased $1,279 in correlation with the increase in European Recreational Vehicle net sales. The increase in the overall selling, general and administrative expense as a percentage of European Recreational Vehicle net sales is also primarily due to the employee separation costs.

The decrease in the European Recreational Vehicle income (loss) before income taxes of $27,815 for the three months ended October 31, 2025 compared to the three months ended October 31, 2024 was primarily due to the increases in cost of products sold and selling, general and administrative expenses as noted above, and the primary reason for the decrease in the percentage was the increase in both of those cost percentages as noted above.

The constant-currency decrease in the overall net price per unit within the Motorcaravan product line of 0.7% was primarily due to the impact of selective net selling price increases and product mix changes being slightly more than offset by increased sales discounting. The constant-currency increase in the overall net price per unit within the Campervan product line of 12.0% was primarily due to the current-year quarter including a higher concentration of Campervan units with a purchased chassis that is included in the unit sales price as opposed to units with a customer-supplied chassis that is not included in the unit sales price. The constant-currency decrease in the Caravan product line of 1.1% was primarily due to increased sales discounting.

European Recreational Vehicle cost of products sold decreased $27,434 to $740,712, or 83.8% of European Recreational Vehicle net sales, for the three months ended April 30, 2025 compared to $768,146, or 82.5% of European Recreational Vehicle net sales, for the three months ended April 30, 2024. Changes in material, labor, freight-out and warranty costs comprised $26,796 of the $27,434 decrease. Material, labor, freight-out and warranty costs as a combined percentage of European Recreational Vehicle net sales increased to 73.7% for the three months ended April 30, 2025 compared to 72.9% the three months ended April 30, 2024 as a result of slight increases in both the material cost percentage due to increased sales discounting and the warranty cost percentage.

Total manufacturing overhead decreased by just $638 but increased as a percentage of European Recreational Vehicle net sales from 9.6% to 10.1% due to the net sales decrease resulting in higher overhead costs per unit sold.

The decrease in European Recreational Vehicle gross profit of $20,085 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to the decrease in European Recreational Vehicle net sales, and the decrease in the gross profit percentage is due to the increase in the cost of products sold percentage noted above.

European Recreational Vehicle selling, general and administrative expenses increased $7,770 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024, primarily due to a total of $6,822 in employee separation costs and an increase in repurchase and related dealer financing costs of $4,529. These increases were partially offset by the impact of the decrease in European Recreational Vehicle net sales and income before income taxes, which caused related commissions, incentive and other compensation to decrease by $1,861, and professional fees decreased by $1,000. The increase in the overall selling, general and administrative expense as a percentage of European Recreational Vehicle net sales is primarily due to the increase in costs coupled with the decrease in European Recreational Vehicle net sales noted above.

The decrease in European Recreational Vehicle income before income taxes of $31,083 for the three months ended April 30, 2025 compared to the three months ended April 30, 2024 was primarily due to the impact of the decrease in European Recreational Vehicle net sales and the increase in selling, general and administrative expenses, and the primary reasons for the decrease in percentage were the increases in both the cost of products sold and selling, general and administrative expense percentages noted above.

Nine Months Ended April 30, 2025 Compared to the Nine Months Ended April 30, 2024

NET SALES:	Nine Months EndedApril 30, 2025		Nine Months EndedApril 30, 2024		ChangeAmount		%Change
Recreational vehicles
North American Towable	$	2,895,922	$	2,747,815	$	148,107	5.4
North American Motorized	1,618,192		1,928,531		(310,339)		(16.1)
Total North America	4,514,114		4,676,346		(162,232)		(3.5)
European	2,100,910		2,421,556		(320,646)		(13.2)
Total recreational vehicles	6,615,024		7,097,902		(482,878)		(6.8)
Other	637,591		581,682		55,909		9.6
Intercompany eliminations	(196,908)		(170,343)		(26,565)		(15.6)
Total	$	7,055,707	$	7,509,241	$	(453,534)	(6.0)

# OF UNITS:
Recreational vehicles
North American Towable	94,108	84,258	9,850	11.7
North American Motorized	12,774	14,984	(2,210)	(14.7)
Total North America	106,882	99,242	7,640	7.7
European	31,572	40,335	(8,763)	(21.7)
Total	138,454	139,577	(1,123)	(0.8)

GROSS PROFIT:			% ofSegment Net Sales			% ofSegment Net Sales	ChangeAmount		%Change
Recreational vehicles
North American Towable	$	378,400	13.1	$	310,011	11.3	$	68,389	22.1
North American Motorized	147,765		9.1	211,866		11.0	(64,101)		(30.3)
Total North America	526,165		11.7	521,877		11.2	4,288		0.8
European	316,407		15.1	405,068		16.7	(88,661)		(21.9)
Total recreational vehicles	842,572		12.7	926,945		13.1	(84,373)		(9.1)
Other, net	127,186		19.9	123,686		21.3	3,500		2.8
Total	$	969,758	13.7	$	1,050,631	14.0	$	(80,873)	(7.7)

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES:
Recreational vehicles
North American Towable	$	196,732	6.8	$	184,717	6.7	$	12,015	6.5
North American Motorized	91,732		5.7	103,756		5.4	(12,024)		(11.6)
Total North America	288,464		6.4	288,473		6.2	(9)		—
European	226,960		10.8	221,119		9.1	5,841		2.6
Total recreational vehicles	515,424		7.8	509,592		7.2	5,832		1.1
Other	60,776		9.5	56,549		9.7	4,227		7.5
Corporate	108,492		—	98,395		—	10,097		10.3
Total	$	684,692	9.7	$	664,536	8.8	$	20,156	3.0

INCOME (LOSS) BEFORE INCOME TAXES:	Nine Months EndedApril 30, 2025		% ofSegment Net Sales	Nine Months EndedApril 30, 2024		% ofSegment Net Sales	ChangeAmount		%Change
Recreational vehicles
North American Towable	$	172,560	6.0	$	118,319	4.3	$	54,241	45.8
North American Motorized	46,262		2.9	96,684		5.0	(50,422)		(52.2)
Total North America	218,822		4.8	215,003		4.6	3,819		1.8
European	49,686		2.4	144,206		6.0	(94,520)		(65.5)
Total recreational vehicles	268,508		4.1	359,209		5.1	(90,701)		(25.3)
Other, net	38,083		6.0	35,650		6.1	2,433		6.8
Corporate	(153,767)		—	(173,033)		—	19,266		11.1
Total	$	152,824	2.2	$	221,826	3.0	$	(69,002)	(31.1)

CONSOLIDATED

Consolidated net sales for the nine months ended April 30, 2025 decreased $453,534, or 6.0%, compared to the nine months ended April 30, 2024. Approximately 29.8% of the Company’s consolidated net sales for the nine months ended April 30, 2025 were transacted in a currency other than the U.S. dollar. The Company’s most material exchange rate exposure is sales in Euros. The $453,534 decrease in consolidated net sales included a decrease $1,393 from the change in currency exchange rates between the two periods. To determine this impact, net sales transacted in currencies other than U.S. dollars have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative periods.

Consolidated gross profit for the nine months ended April 30, 2025 decreased $80,873 compared to the nine months ended April 30, 2024. Consolidated gross profit was 13.7% of consolidated net sales for the nine months ended April 30, 2025 and 14.0% for the nine months ended April 30, 2024. The decreases in consolidated gross profit and the consolidated gross profit percentage were both primarily due to the impact of the decrease in consolidated net sales in the current-year period compared to the prior-year period.

Selling, general and administrative expenses for the nine months ended April 30, 2025 increased $20,156, or 3.0%, compared to the nine months ended April 30, 2024. This increase included the impact of the 6.0% decrease in consolidated net sales and the decrease in income before income taxes, which resulted in lower commissions and other incentive compensation, which was more than offset by the increase in certain Corporate selling, general and administrative expenses as discussed below.

The increase in net expense included in Other income (expense), net of $8,300 for the nine months ended April 30, 2025 as compared to the nine months ended April 30, 2024 includes the $6,543 unfavorable change in Corporate other income and expenses as discussed below relative to the fair value of the Company's deferred compensation plan assets due to market value fluctuations between the two periods, as well as a decrease of $8,129 in gains on the dispositions of property, plant and equipment compared to the prior-year period. These unfavorable changes were partially offset by an improvement in the operating results of our equity investments of $7,979.

The decrease of $69,002, or 31.1%, in income before income taxes for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily driven by the impact of the decrease in consolidated net sales and the increase in selling, general and administrative expenses noted above.

The overall effective income tax rate for the nine months ended April 30, 2025 was 15.0% compared with 21.6% for the nine months ended April 30, 2024. The year-over-year change is a result of the jurisdictional mix of earnings between foreign and domestic operations, inclusive of foreign exchange gains not subject to taxation during the nine months ended April 30, 2025. In addition, income tax benefits were recorded from certain tax provision adjustments that primarily resulted from changes in estimates while completing the prior-year return during the nine months ended April 30, 2025.

Corporate costs included in consolidated selling, general and administrative expenses increased $10,097 for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024. The increase included an increase in compensation costs of $15,071, primarily due to employee separation costs related to certain headcount reductions in the current-year period, and the prior-year period included income of $16,900 related to the matters discussed in Note 14 to the Condensed Consolidated Financial Statements. These increases were partially offset by a decrease in deferred compensation expense of $5,631 due to market value fluctuations between the two periods, which was primarily offset by the decrease in other income related to the deferred compensation plan assets noted below. In addition, there was a decrease of $9,178 in legal and professional fees, primarily due to the prior-year period including $7,175 of third-party fees related to the November 2023 debt refinancing, a decrease in certain dealer promotional costs of $4,350 and a decrease of $3,675 in costs related to our standby repurchase obligations reserve due to reductions in both dealer inventory levels and repurchase activity compared to the prior-year period.

Net expense from Corporate interest and other income and expense decreased $29,363 for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024. Net interest expense decreased by $29,009 primarily due to lower average outstanding debt balances and lower interest rates coupled with the prior-year interest expense including debt extinguishment charges of $7,566 related to the November 2023 debt refinancing. In addition, the recorded operating results of our equity investments as discussed in Note 8 to the Condensed Consolidated Financial Statements improved by $7,979 in the current-year period as compared to the prior-year period, and there were favorable changes of $1,754 in the fair value of certain other equity investments due to market value fluctuations between the two periods. These favorable changes were partially offset by an unfavorable change of $6,543 in the fair value of the Company’s deferred compensation assets and an unfavorable change of $2,639 related to non-cash foreign currency gains on certain Euro-denominated loans between the two periods.

Segment Reporting

NORTH AMERICAN TOWABLE RECREATIONAL VEHICLES

Analysis of the change in net sales for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024:

	Nine Months EndedApril 30, 2025		% ofSegmentNet Sales	Nine Months EndedApril 30, 2024		% ofSegmentNet Sales	Change Amount		%Change
NET SALES:
North American Towable
Travel Trailers	$	1,797,995	62.1	$	1,811,215	65.9	$	(13,220)	(0.7)
Fifth Wheels	1,097,927		37.9	936,600		34.1	161,327		17.2
Total North American Towable	$	2,895,922	100.0	$	2,747,815	100.0	$	148,107	5.4
	Nine Months EndedApril 30, 2025		% ofSegmentShipments	Nine Months EndedApril 30, 2024		% ofSegmentShipments	Change Amount		%Change
# OF UNITS:
North American Towable
Travel Trailers	77,015		81.8	68,808		81.7	8,207		11.9
Fifth Wheels	17,093		18.2	15,450		18.3	1,643		10.6
Total North American Towable	94,108		100.0	84,258		100.0	9,850		11.7
IMPACT OF CHANGE IN PRODUCT MIX AND PRICE ON NET SALES:									%Change
North American Towable
Travel Trailers									(12.6)
Fifth Wheels									6.6
Total North American Towable									(6.3)

The increase in total North American Towable net sales of 5.4% compared to the prior-year period resulted from a 11.7% increase in unit shipments and a 6.3% decrease in the overall net price per unit due to the combined impact of changes in product mix and price. The increase in unit shipments was primarily due to the heightened demand for the lower-cost travel trailer units as compared to the prior-year period. According to statistics published by RVIA, for the nine months ended April 30, 2025, combined North American travel trailer and fifth wheel wholesale unit shipments increased 10.4% compared to the same period last year. According to the most recently published statistics from Stat Surveys, for the nine-month periods ended March 31, 2025 and 2024, our North American market share for travel trailers and fifth wheels combined was 37.8% and 40.4%, respectively. Comparisons of Company shipments to industry shipments on an interim basis would not necessarily be indicative of the results expected for a full fiscal year.

The decrease in the overall net price per unit within the travel trailer product line of 12.6% was primarily due to current product mix trending toward more moderately-priced units as compared to the prior-year period. The increase within the fifth wheel product line of 6.6% was primarily due to product mix changes and lower sales discounting as compared to the prior-year period.

North American Towable cost of products sold increased $79,718 to $2,517,522, or 86.9% of North American Towable net sales, for the nine months ended April 30, 2025 compared to $2,437,804, or 88.7% of North American Towable net sales, for the nine months ended April 30, 2024. Changes in material, labor, freight-out and warranty costs comprised $76,448 of the $79,718 increase in cost of products sold. Material, labor, freight-out and warranty costs as a combined percentage of North American Towable net sales were 78.9% for the nine months ended April 30, 2025 compared to 80.4% for the nine months ended April 30, 2024, with the reduction including a decrease in the material cost percentage from the combined favorable impacts of lower sales discounting and cost-saving initiatives, and both the freight-out and warranty cost percentage also improved.

Total manufacturing overhead increased $3,270 in correlation with the increase in sales and decreased as a percentage of North American Towable net sales from 8.3% to 8.0%.

The increase of $68,389 in North American Towable gross profit for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was driven by the increase in North American Towable net sales and the increase in the gross profit percentage is due to the decrease in the cost of products sold percentage noted above.

The increase of $12,015 in North American Towable selling, general and administrative expenses for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the impact of the increase in North American Towable net sales and income before income taxes, which caused related commissions, incentive and other compensation to increase by $9,747. The slight increase in the overall selling, general and administrative expense as a percentage of North American Towable net sales is primarily due to an increase in the incentive compensation cost percentage due to the increase in income before income taxes.

The increase of $54,241 in North American Towable income before income taxes for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the increase in North American Towable net sales, and the primary reason for the increase in percentage was the decrease in the cost of products sold percentage noted above.

NORTH AMERICAN MOTORIZED RECREATIONAL VEHICLES

Analysis of the change in net sales for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024:

	Nine Months EndedApril 30, 2025		% ofSegmentNet Sales	Nine Months EndedApril 30, 2024		% ofSegmentNet Sales	ChangeAmount		%Change
NET SALES:
North American Motorized
Class A	$	479,368	29.6	$	597,559	31.0	$	(118,191)	(19.8)
Class C	778,810		48.1	922,388		47.8	(143,578)		(15.6)
Class B	360,014		22.3	408,584		21.2	(48,570)		(11.9)
Total North American Motorized	$	1,618,192	100.0	$	1,928,531	100.0	$	(310,339)	(16.1)
	Nine Months EndedApril 30, 2025		% ofSegmentShipments	Nine Months EndedApril 30, 2024		% ofSegmentShipments	ChangeAmount		%Change
# OF UNITS:
North American Motorized
Class A	2,594		20.3	2,995		20.0	(401)		(13.4)
Class C	7,190		56.3	8,451		56.4	(1,261)		(14.9)
Class B	2,990		23.4	3,538		23.6	(548)		(15.5)
Total North American Motorized	12,774		100.0	14,984		100.0	(2,210)		(14.7)
IMPACT OF CHANGE IN PRODUCT MIX AND PRICE ON NET SALES:									%Change
North American Motorized
Class A									(6.4)
Class C									(0.7)
Class B									3.6
Total North American Motorized									(1.4)

The decrease in total North American Motorized net sales of 16.1% compared to the prior-year period resulted from a 14.7% decrease in unit shipments and a 1.4% decrease in the overall net price per unit due to the combined impact of changes in product mix and price, which included elevated sales discounts compared to the prior-year period. The decrease in unit shipments was primarily due to a softening in current dealer and consumer demand in comparison with the demand in the prior-year period. According to statistics published by RVIA, for the nine months ended April 30, 2025, combined North American motorhome wholesale unit shipments decreased 17.9% compared to the same period last year. According to statistics published by Stat Surveys, for the nine-month periods ended March 31, 2025 and 2024, our North American market share for motorhomes was 46.7% and 48.1%, respectively. Comparisons of Company shipments to industry shipments on an interim basis would not necessarily be indicative of the results expected for a full fiscal year.

The decrease in the overall net price per unit within the Class A product line of 6.4%, was primarily due to product mix changes, primarily a higher concentration in the current-year period of the more moderately-priced gas units as opposed to the higher-priced diesel units, in addition to higher discounting levels. The slight decrease in the overall net price per unit within the Class C product line of 0.7% was primarily due to higher discounting levels, and the Class B product line increase of 3.6% was primarily due to increases from product mix changes and selective net selling price increases being partially offset by higher discounting levels since the prior-year period.

North American Motorized cost of products sold decreased $246,238 to $1,470,427, or 90.9% of North American Motorized net sales, for the nine months ended April 30, 2025 compared to $1,716,665, or 89.0% of North American Motorized net sales, for the nine months ended April 30, 2024. Changes in material, labor, freight-out and warranty costs comprised $230,211 of the $246,238 decrease. Material, labor, freight-out and warranty costs as a combined percentage of North American Motorized net sales increased to 84.6% for the nine months ended April 30, 2025 compared to 82.9% for the nine months ended April 30, 2024, with the increase due to an increase in the material cost percentage, primarily due to higher sales discounting and product mix changes, partially offset by a decrease in the warranty cost percentage.

Total manufacturing overhead decreased $16,027 with the decrease in net sales but increased slightly as a percentage of North American Motorized net sales from 6.1% to 6.3% as the decrease in net sales levels resulted in higher overhead costs per unit sold.

The decrease of $64,101 in North American Motorized gross profit for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was driven by the decrease in North American Motorized net sales, and the decrease in the gross profit percentage is due to the increase in the cost of products sold percentage noted above.

The decrease of $12,024 in North American Motorized selling, general and administrative expenses for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the decreases in North American Motorized net sales and income before income taxes, which caused related commissions, incentive and other compensation to decrease by $11,008. The increase in the overall selling, general and administrative expense as a percentage of North American Motorized net sales was primarily due to the decrease in North American Motorized net sales.

The decrease of $50,422 in North American Motorized income before income taxes for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the decrease in North American Motorized net sales, and the primary reason for the decrease in percentage was the increase in the cost of products sold percentage noted above.

EUROPEAN RECREATIONAL VEHICLES

Analysis of the change in net sales for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024:

	Nine Months EndedApril 30, 2025		% ofSegmentNet Sales	Nine Months EndedApril 30, 2024		% ofSegmentNet Sales	Change Amount		%Change
NET SALES:
European
Motorcaravan	$	1,135,416	54.0	$	1,263,814	52.2	$	(128,398)	(10.2)
Campervan	591,407		28.2	755,783		31.2	(164,376)		(21.7)
Caravan	134,334		6.4	180,093		7.4	(45,759)		(25.4)
Other	239,753		11.4	221,866		9.2	17,887		8.1
Total European	$	2,100,910	100.0	$	2,421,556	100.0	$	(320,646)	(13.2)
	Nine Months EndedApril 30, 2025		% ofSegmentShipments	Nine Months EndedApril 30, 2024		% ofSegmentShipments	Change Amount		%Change
# OF UNITS:
European
Motorcaravan	15,088		47.8	16,714		41.4	(1,626)		(9.7)
Campervan	10,948		34.7	16,316		40.5	(5,368)		(32.9)
Caravan	5,536		17.5	7,305		18.1	(1,769)		(24.2)
Total European	31,572		100.0	40,335		100.0	(8,763)		(21.7)

IMPACT OF CHANGES IN FOREIGN CURRENCY, PRODUCT MIX AND PRICE ON NET SALES:
	Foreign Currency %	Mix and Price %	%Change
European
Motorcaravan	(0.1)	(0.4)	(0.5)
Campervan	(0.1)	11.3	11.2
Caravan	(0.1)	(1.1)	(1.2)
Total European	(0.1)	8.6	8.5

The decrease in total European Recreational Vehicle net sales of 13.2% compared to the prior-year period resulted from a decrease of 21.7% in unit shipments offset in part by an increase of 8.5% in the overall net price per unit due to the total combined impact of changes in foreign currency, product mix and price. The decrease in European Recreational Vehicle net sales of $320,646 includes a decrease of $1,393, or 0.1% of the 13.2% decrease, due to the decrease in foreign exchange rates since the prior-year period. According to the most recently published statistics from the European Caravan Federation, our combined European market share for the nine-month periods ended March 31, 2025 and 2024 was approximately 22.7% and 21.7%, respectively.

The overall net price per unit increase of 8.5% included a decrease of 0.1% due to the impact of foreign currency exchange rate changes and a constant-currency increase of 8.6% due to the combined impact of product mix and selling price increases, primarily due to the much higher concentration of Motorcaravan sales in the current-year period due primarily to improved supply of chassis and other components in the current-year period compared to the prior-year period.

The constant-currency decreases in the Motorcaravan product line of 0.4% and in the Caravan product line of 1.1% were both primarily due to the impact of increased sales discounting. The constant-currency increase in the overall net price per unit within the Campervan product line of 11.3% was primarily due to the current-year period including a higher concentration of Campervan units with a purchased chassis that is included in the unit sales price as opposed to a customer-supplied chassis that is not included in the unit sales price.

European Recreational Vehicle cost of products sold decreased $231,985 to $1,784,503, or 84.9% of European Recreational Vehicle net sales, for the nine months ended April 30, 2025 compared to $2,016,488, or 83.3% of European Recreational Vehicle net sales, for the nine months ended April 30, 2024. Changes in material, labor, freight-out and warranty costs comprised $226,415 of the $231,985 decrease. Material, labor, freight-out and warranty costs as a combined percentage of European Recreational Vehicle net sales increased to 73.0% for the nine months ended April 30, 2025 compared to 72.7% for the nine months ended April 30, 2024, with the increase primarily due to an increase in the material cost percentage due to increased sales discounting.

Total manufacturing overhead decreased with the decrease in European Recreational Vehicle net sales but increased as a percentage of European Recreational Vehicle net sales from 10.6% to 11.9% primarily due to the sales decrease resulting in higher overhead costs per unit sold.

The decrease of $88,661 in European Recreational Vehicle gross profit for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the decrease in European Recreational Vehicle net sales, and the decrease in gross profit percentage was primarily due to the increase in the manufacturing overhead percentage noted above.

The increase of $5,841 in European Recreational Vehicle selling, general and administrative expenses for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to a combined total of $6,822 in employee separation costs and an increase in repurchase and dealer financing costs of $4,762. These increases were partially offset by the impact of the decrease in European Recreational Vehicle net sales and income before income taxes, which caused related commissions, incentive and other compensation to decrease by $3,576 and professional fees decreased $2,533.

The decrease of $94,520 in European Recreational Vehicle income before income taxes for the nine months ended April 30, 2025 compared to the nine months ended April 30, 2024 was primarily due to the impact of the 13.2% decrease in European Recreational Vehicle net sales. The primary reasons for the decrease in percentage were the increases in both the cost of products sold and selling, general and administrative expense percentages noted above.

Liquidity and Capital Resources

As of ~~April~~October 3031, 2025, we had $~~508~~509,~~321~~878 in cash and cash equivalents, of which $~~363~~293,~~230~~032 was held in the U.S. and the equivalent of $~~145~~216,~~091~~846, predominantly in Euros, was held in Europe, compared to $~~501~~586,~~316~~596 on July 31, ~~2024~~2025, of which $~~373~~412,~~031~~088 was held in the U.S. and the equivalent of $~~128~~174,~~285~~508, predominantly in Euros, was held in Europe. Cash and cash equivalents held internationally may be subject to foreign withholding taxes if repatriated to the UUnited States.S. The components of the $776,~~005~~718 ~~increase~~decrease in cash and cash equivalents are described in more detail below, but the ~~increase~~decrease was primarily attributable to cash ~~provided~~used byin ~~operations~~operating activities of $~~319~~44,~~249~~867, ~~being mostly offset by~~ cash used in investing activities of $6720,~~342~~762, and cash used in financing activities of $~~244~~13,~~090~~483.

Net working capital at ~~April~~October 3031, 2025 was $1,~~180~~214,~~697~~646 compared to $1,~~083~~193,~~005~~279 at July 31, ~~2024~~2025. Capital expenditures of $8531,~~050~~581 for the ~~nine~~three months ended ~~April~~October 3031, 2025 were made primarily for production building additions and improvements and replacing machinery and equipment used in the ordinary course of business.

We strive to maintain adequate cash balances to ensure we have sufficient resources to respond to opportunities and changing business conditions. In addition, the unused availability under our revolving asset-based credit facility is generally available to the Company for general operating purposes and approximated $~~985~~930,000 at ~~April~~October 3031, 2025. We believe our on-hand cash and cash equivalents and funds generated from operations, along with funds available under the revolving asset-based credit facility, will be sufficient to fund expected operational requirements for the foreseeable future.

Our priorities for the use of current and future available cash generated from operations remain consistent with our history, and include reducing our indebtedness, maintaining and, over time, growing our dividend payments and funding our growth, both organically and, opportunistically, through acquisitions. We may also consider strategic and opportunistic repurchases of shares of THOR stock under the share repurchase authorizations as discussed in Note 16 to the Condensed Consolidated Financial Statements, and special dividends based upon market and business conditions and excess cash availability, subject to potential customary limits and restrictions pursuant to our credit facilities, applicable legal limitations and determination by the Company's Board of Directors ("Board"). We believe our on-hand cash and cash equivalents and funds generated from operations will be sufficient to fund expected cash dividend payments and share repurchases for the foreseeable future.

46Our current estimate of committed and internally approved capital spend for the remainder of fiscal 2026 is approximately $195,000, primarily for certain building projects and certain automation projects, as well as replacing and upgrading machinery, equipment and other assets throughout our facilities to be used in the ordinary course of business. We anticipate approximately two-thirds will be in North America and one-third in Europe, and that these expenditures will be funded by cash provided by our operating activities.

Our current estimate of committed and internally approved capital spend for the remainder of fiscal 2025 is approximately $50,000, primarily for certain building projects as well as replacing and upgrading machinery, equipment and other assets throughout our facilities to be used in the ordinary course of business. We anticipate approximately one-half will be in North America and one-half in Europe, and that these expenditures will be funded by cash provided by our operating activities.

Our Board currently intends to continue regular quarterly cash dividend payments in the future. As is customary under credit facilities, certain actions, including our ability to pay dividends, are subject to the satisfaction of certain conditions prior to payment. The conditions for the payment of dividends under the existing debt facilities include a minimum level of adjusted excess cash availability and a fixed charge coverage ratio test, both as defined in the credit agreements. The declaration of future dividends and the establishment of the per share amounts, record dates and payment dates for any such future dividends are subject to the determination of the Board, and will be dependent upon future earnings, cash flows and other factors, in addition to compliance with any then-existing financing facilities.

Operating Activities

Net cash ~~provided~~used byin operating activities for the ~~nine~~three months ended ~~April~~October 3031, 2025 was $~~319~~44,~~249~~867 as compared to net cash provided by operating activities of $~~207~~30,~~532~~740 for the ~~nine~~three months ended ~~April~~October 3031, 2024.

For the ~~nine~~three months ended ~~April~~October 3031, 2025, net income adjusted for non-cash items (primarily depreciation, amortization of intangibles and stock-based compensation) provided $~~353~~100,~~812~~706 of operating cash. The change in net working capital resulted in athe ~~net~~ use of $34145,~~563~~573 of operating cash during that period, primarily due to ~~required~~North ~~income~~American ~~tax~~increases ~~payments during the period exceeding the income tax provision for the period, as the net cash impact on the changes~~ in ~~accounts~~inventory ~~receivable~~to ~~and~~support ~~accounts~~current ~~payable was minimal~~demand.

For the ~~nine~~three months ended ~~April~~October 3031, 2024, net income adjusted for non-cash items (primarily depreciation, amortization of intangibles and stock-based compensation) provided $~~392~~76,~~784~~854 of operating cash. The change in net working capital resulted in the ~~net~~ use of $~~185~~46,~~252~~114 of operating cash during that period, primarily due to ~~a seasonal increase in trade accounts receivable, required income tax payments during~~ the ~~period~~decreases ~~exceeding the income tax provision for the period, and a decrease~~ in certain accrued liabilities as athe ~~result~~impacts of the ~~reduction~~changes in ~~sales~~accounts receivable and ~~production~~accounts ~~when~~payable ~~compared~~mostly tooffset ~~the~~each ~~prior-year period~~other.

Investing Activities

Net cash used in investing activities for the ~~nine~~three months ended ~~April~~October 3031, 2025 was $6720,~~342~~762, primarily due to capital expenditures of $8531,~~050~~581, partially offset by proceeds from the dispositions of property, plant and equipment of $2210,~~093~~905.

Net cash used in investing activities for the ~~nine~~three months ended ~~April~~October 3031, 2024 was $~~102~~25,~~889~~342, primarily due to capital expenditures of $~~106~~25,~~069~~273.

Financing Activities

Net cash used in financing activities for the ~~nine~~three months ended ~~April~~October 3031, 2025 was $~~244~~13,~~090~~483, primarily for ~~debt~~ payments on the term-loan credit facilities of $~~110~~10,000. ~~and~~During onthe ~~other~~first ~~debt~~quarter of ~~$29~~fiscal 2026,~~167~~ asthe ~~well~~Board asapproved and declared the payment of a regular quarterly dividend ~~payments~~ of $0.5052 per share for ~~each of~~ the first ~~three~~quarter ~~quarters~~ of fiscal ~~2025~~2026, but this dividend, totaling $7927,~~755~~476, was not paid until the second quarter of fiscal 2026.

Net cash used in financing activities for the ~~nine~~three months ended ~~April~~October 3031, 2024 was $~~173~~64,~~327~~620, ~~which~~primarily ~~included borrowings of $113,502 on the asset-based credit facility~~ for ~~temporary working capital needs and subsequent~~ payments ~~of $111,555~~ on the ~~asset~~term-~~based~~loan credit ~~facility.~~facilities ~~In addition, borrowings~~ of $~~186~~60,~~723~~000. ~~were~~During ~~made in connection with~~ the ~~November~~first ~~2023~~quarter ~~debt~~of ~~refinancing~~fiscal as2025, ~~discussed in Note 12 to~~ the ~~Condensed~~Board ~~Consolidated~~approved ~~Financial Statements,~~ and ~~payments~~declared ~~totaling $227,626 were made on~~ the ~~term-loan~~payment ~~credit facilities,~~ of ~~which~~a ~~$127,626 was paid in connection with the debt refinancing. Treasury share repurchases of $43,034 were made and~~ regular quarterly dividend ~~payments~~ of $0.4850 per share for ~~each of~~ the first ~~three~~quarter ~~quarters~~ of fiscal ~~2024~~2025, ~~were~~but ~~also~~this ~~made~~dividend, totaling $7626,~~730~~551, was not paid until the second quarter of fiscal 2025.

The Company increased its previous regular quarterly dividend of $0.4850 per share to $0.5052 per share in October ~~2024~~2025. In October ~~2023~~2024, the Company increased its previous regular quarterly dividend of $0.4548 per share to $0.4850 per share.

4739

Accounting Standards

See Note 1 in the Notes to the Condensed Consolidated Financial Statements included in Item 1 of Part 1 of this Quarterly Report on Form 10-Q.

Critical Accounting Estimates

For a discussion of our critical accounting estimates, refer to "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 and the notes to our Consolidated Financial Statements in Part II, Item 8 of our Annual Report on Form 10-K for the year ended July 31, ~~2024~~2025. There have been no material changes to our critical accounting estimates since our Annual Report on Form 10-K for the year ended July 31, ~~2024~~2025.

4840

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

The Company is exposed to market risk from changes in foreign currency exchange rates and interest rates. At times, the Company enters into hedging transactions to mitigate certain of these risks in accordance with guidelines established by the Company’'s management. The Company does not use financial instruments for trading or speculative purposes.

CURRENCY EXCHANGE RISK – The Company’s principal currency exposures mainly relate to the Euro and British Pound Sterling. The Company periodically uses foreign currency forward contracts to manage certain foreign exchange rate exposure related to anticipated sales transactions in Pounds Sterling with financial instruments whose maturity date, along with the realized gain or loss, occurs on or near the execution of the anticipated transaction.

The Company also holds $~~374~~376,~~223~~064 of debt denominated in Euros at ~~April~~October 3031, 2025. A hypothetical 10% change in the Euro/U.S. dollar exchange rate would change our ~~April~~October 3031, 2025 debt balance by approximately $37,~~422~~606.

INTEREST RATE RISK – Based on our assumption of the Company’s floating-rate debt levels over the next 12 months, a one-percentage-point increase in interest rates (approximately 1820.0% of our weighted-average interest rate at ~~April~~October 3031, 2025) would result in an estimated $54,~~079~~070 reduction in income before income taxes over a one-year period.

ITEM 4. CONTROLS AND PROCEDURES

The Company maintains “disclosure controls and procedures,” as such term is defined under Exchange Act Rule 13a-15(e), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow for timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. The Company has carried out an evaluation, as of the end of the period covered by this report, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of the Company’s disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective at attaining the level of reasonable assurance noted above.

During the quarter ended ~~April~~October 3031, 2025, there were no changes in our internal controls over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal controls over financial reporting.

4941

PART II – OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS

The Company is involved in certain litigation arising out of its operations in the normal course of its business, most of which is based upon state “lemon laws,” warranty claims and vehicle accidents (for which the Company carries insurance above a specified self-insured retention or deductible amount). The outcomes of legal proceedings and claims brought against the Company are subject to significant uncertainty. There is significant judgment required in assessing both the probability of an adverse outcome and the determination as to whether an exposure can be reasonably estimated. In management’s opinion, the ultimate disposition of any current legal proceedings or claims against the Company will not have a material effect on the Company’s financial condition, operating results or cash flows. Litigation is, however, inherently uncertain and an adverse outcome from such litigation could have a material effect on the operating results of a particular reporting period.

ITEM 1A. RISK FACTORS

Before deciding to invest in our Company, in addition to the other information contained in our Annual Report on Form 10-K and other information set forth in this Quarterly Report on Form 10-Q, you should carefully consider the factors discussed in Part I, "Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended July 31, ~~2024~~2025, which could materially and adversely affect our business, financial condition, prospects, results of operations and cash flows. In such case, the trading price of our common stock could decline, and you could lose all or part of your investment. The risks described in our most recent Annual Report on Form 10-K are not the only risks we face. Additional risks and uncertainties not presently known to us or that we currently deem immaterial may also materially affect our business, financial condition, results of operations and prospects.

~~The~~ITEM ~~risk factor described below updates this risk from what was disclosed in “Part 1, Item 1A~~2. ~~Risk~~UNREGISTERED ~~Factors”~~SALES inOF ~~our~~EQUITY ~~Annual~~SECURITIES ~~Report~~AND onUSE ~~Form~~OF ~~10-K for the fiscal year ended July 31, 2024.~~PROCEEDS

~~Changes~~During inthe ~~tax~~three ~~rates~~months ended October 31, ~~tax~~2025, ~~legislation~~the orCompany ~~exposure~~used $5,047 to ~~additional~~purchase ~~tax~~shares ~~liabilities~~of orcommon ~~tariffs~~stock ~~could~~under ~~have~~its ashare ~~negative~~repurchase ~~impact~~authorizations. onThe ~~our~~Company’s ~~results~~total ofremaining ~~operations,~~authorizations ~~cash~~for ~~flows,~~common ~~financial~~stock ~~condition,~~repurchases ~~dividend~~was ~~payments~~$374,253 orat ~~strategic~~October ~~plan~~31, 2025.

WeA ~~are~~summary ~~subject~~of ~~to income taxes in~~ the ~~U.S.~~Company’s ~~and~~share ~~numerous~~repurchases ~~foreign~~during ~~jurisdictions. Our domestic and international tax liabilities are dependent upon~~ the ~~location~~three ofmonths ~~earnings~~ended ~~among,~~October ~~and the applicable tax rates in~~31, ~~these~~2025 ~~different~~is ~~jurisdictions.~~set ~~Tax~~forth rates in various jurisdictions in which we operate or sell our products may increase to fund past or future governmental programs. The United States or other governmental authorities may adjust tax rates, impose new income taxes or indirect taxes, or revise interpretations of existing tax rules and regulations.below:

Our effective income tax rate could also be affected by changes in the mix of earnings in countries with differing statutory tax rates, changes in statutory rates, changes in the valuation of deferred tax assets and liabilities or changes in tax laws or their interpretation. If our effective tax rate were to increase, or if the ultimate determination of our taxes owed is for an amount in excess of amounts previously accrued, our operating results, cash flow and financial condition could be adversely affected, which, in turn, could negatively impact the availability of cash for dividend payments or our strategic plan.


Period	Total Number of Shares Purchased	Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1)	Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs
8/1/25 – 8/31/25	—	$	—	—	$	379,300
9/1/25 – 9/30/25	—	$	—	—	$	379,300
10/1/25 – 10/31/25	50,235	$	100.48	50,235	$	374,253
	50,235			50,235

In(1)On ~~addition~~June 18, 2025, the ~~potential~~Company’s ~~for~~Board of Directors authorized the ~~imposition~~Company's management to utilize up to $400,000 to purchase shares of ~~new~~the orCompany's ~~additional~~common Ustock through July 31, 2027.S. ~~tariffs~~Under onthe ~~imports~~repurchase asauthorization, ~~well~~the asCompany ~~potential~~is ~~retaliatory~~authorized ~~tariffs~~to orrepurchase, ~~other~~on ~~measures~~a ~~certain~~discretionary ~~other~~basis ~~countries~~and ~~may~~from ~~impose~~time-to-time, onoutstanding ~~U.S.~~shares ~~imports~~of ~~has~~its ~~increased~~common ~~with~~stock in the ~~new~~open ~~U.S.~~market, ~~federal~~in ~~administration.~~privately ~~These~~negotiated ~~actions~~transactions ~~could~~or ~~increase~~by ~~our~~other ~~cost~~means, ofincluding ~~goods~~pursuant ~~sold~~to ~~and~~a ~~negatively~~repurchase ~~impact~~plan ~~our~~administered ~~business~~in accordance with Rule 10b5-1 and ~~operating~~10b-18 ~~results~~under the Securities Exchange Act of 1934, as amended. WeThe ~~may~~timing ~~not~~and beamount ~~able~~of toshare ~~mitigate~~repurchases will be determined at the ~~effects~~discretion of ~~any~~the ~~tariffs~~Company’s ~~without~~management ~~impacting~~team ~~our~~based ~~competitive~~upon ~~position~~the ~~and~~market ~~customers~~price of the stock, management’s ~~demand~~evaluation ~~for~~of ~~our~~general ~~products.~~market ~~Supply~~and ~~chain~~economic ~~disruptions~~conditions, cash availability and ~~delays~~other asfactors. aThe ~~result~~share ofrepurchase ~~any~~program ~~new~~may ~~tariff~~be ~~policies~~suspended, modified or ~~trade~~discontinued ~~restrictions~~at ~~could~~any ~~also~~time, ~~negatively~~and ~~impact~~the ~~our~~Company ~~cost~~has no obligation to repurchase any amount of ~~materials~~its ~~and~~common ~~production~~stock ~~processes~~under this program.

ITEM 5. OTHER INFORMATION

Rule 10b5-1 Trading Arrangements

No director or officer of the Company adopted or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as ~~each term is~~ defined in Item 408~~(a)~~ of Regulation S-K) during the three months ended ~~April~~October 3031, 2025.

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ITEM 6. EXHIBITS

Exhibit			Description
3.1			Thor Industries, Inc. Amended and Restated Certificate of Incorporation, as amended (incorporated by reference to Exhibit 3.1 of the Company’s Current Report on Form 8-K ~~filed~~dated ~~with the SEC on~~ December 20, 2018)
3.2			Thor Industries, Inc. Amended and Restated By-Laws, as amended (incorporated by reference to Exhibit 3.2 of the Company’s Current Report on Form 8-K ~~filed~~dated ~~with the SEC on~~ December 20, 2018)
31.1			Chief Executive Officer’s Rule 13a-14(a) Certification
31.2			Chief Financial Officer’s Rule 13a-14(a) Certification
32.1			Chief Executive Officer’s Section 1350 Certification
32.2			Chief Financial Officer’s Section 1350 Certification
101.INS			XBRL Instance Document - the instance document does not appear in the Interactive Data file because its XBRL tags are embedded within the Inline XBRL document
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Calculation Linkbase Document
101.PRE			Inline XBRL Taxonomy Presentation Linkbase Document
101.LAB			Inline XBRL Taxonomy Label Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
104			Cover Page Interactive Data File (formatted in inline XBRL and contained in Exhibit 101)

Attached as Exhibits 101 to this report are the following financial statements from the Company'’s Quarterly ~~Report~~report on Form 10-Q for the quarter ended ~~April~~October 3031, 2025 formatted in XBRL (“eXtensible Business Reporting Language”): (i) the Condensed Consolidated Balance Sheets, (ii) the Condensed Consolidated Statements of Income and Comprehensive Income, (iii) the Condensed Consolidated Statements of Cash Flows, (iv) the Condensed Consolidated Statements of Changes in Stockholders'’ Equity and (v) related notes to these financial statements.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

THOR INDUSTRIES, INC.

(Registrant)

DATE:	~~June~~December 43, 2025	/s/ Robert W. Martin
		Robert W. Martin
		President and Chief Executive Officer
DATE:	~~June~~December 43, 2025	/s/ Colleen Zuhl
		Colleen Zuhl
		Senior Vice President and Chief Financial Officer

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