THOR INDUSTRIES Business Summary

THOR Industries Inc. (THO) is the world’s largest manufacturer of recreational vehicles, generating revenue primarily through the wholesale distribution of towable and motorized RVs, as well as aftermarket parts and accessories. The company operates through three primary reportable segments: North American Towable Recreational Vehicles, North American Motorized Recreational Vehicles, and European Recreational Vehicles. As of February 2026, THOR has strategically reorganized its North American operations into two distinct operating groups to enhance synergy and scale in response to dealer consolidation and evolving consumer demand. Its portfolio includes iconic brands such as Airstream, Jayco, Keystone RV, and the European-based Erwin Hymer Group. THOR maintains a dominant market position with approximately 40% of the North American towable market and nearly 50% of the motorized market, competing directly with Forest River Inc., Winnebago Industries, and Trigano VDL. THOR was founded in 1980 by Wade F. B. Thompson and Peter B. Orthwein following their acquisition of Airstream. The current leadership team is headed by President and CEO Robert W. Martin, who joined the company in 2001 via the Keystone RV acquisition and has served as CEO since 2013. The executive suite includes Senior VP and CFO Colleen Zuhl, Senior VP and COO W. Todd Woelfer, and Senior VP of Global Innovation McKay Featherstone, who leads the firm’s technological and electrification initiatives. The Board of Directors is chaired by Andrew E. Graves, with co-founder Peter B. Orthwein serving as Chairman Emeritus. Notable institutional investors include Vanguard Group, BlackRock, and State Street Corporation, which collectively hold significant stakes in the company’s single-class common stock structure.