Exhibit 99.3

FIRST QUARTER FISCAL 2025

INVESTOR QUESTIONS & ANSWERS

December 4, 2024

Forward-Looking Statements

Reference is made to the forward-looking statements disclosure provided at the end of this document.

Fiscal First Quarter 2025 Highlights

($ in thousands, except for per share data)  

⁽¹⁾ See reconciliation of non-GAAP measures to most directly comparable GAAP financial measures included in this release

Full-Year Fiscal 2025 Guidance (Unchanged from Original Fiscal 2025 Financial Guidance)

Quick Reference to Contents

Q&A

MARKET UPDATE & OUTLOOK

In September 2024, the Recreational Vehicle Industry Association (“RVIA”) revised their wholesale unit shipments forecast for calendar year 2024 to reflect the continued softness in market demand trends. The revised RVIA calendar year 2024 forecast has been moderately reduced calling for a range of North American wholesale shipments of approximately 311,600 to 336,600 units with a median point of 324,100 units, up from the calendar year 2023 wholesale shipment total of 313,174 units, but significantly lower than both calendar year 2021 and calendar year 2022 and lower than earlier estimates for calendar year 2024. As part of their September forecast, the RVIA also issued a revised forecast for calendar year 2025 which calls for a wholesale shipment range of approximately 329,900 to 362,300 units, with a median point of 346,100 units, an increase of 6.8% over the median wholesale shipment total forecasted for calendar year 2024. The RVIA is expected to release further revisions to their forecasts for calendar years 2024 and 2025 in early December 2024, which will take into consideration current economic conditions and recent wholesale and retail shipment data.

While the ACT regulation covers a wide range of medium and heavy-duty chassis we utilize in our business, based on conversations with our chassis suppliers, we don’t anticipate any impact to our Class A gas, Class B or Class C product lines in fiscal year 2025. While we continue to explore solutions with CARB and with our Class A diesel chassis suppliers, there is some potential that our sale of Class A diesel motorhomes into California will be limited in fiscal year 2025.

In fiscal year 2024, Class A diesel products represented less than 1% of our overall North American unit sales, of which only a portion related to California.

THOR has been preparing for and responding to the ACT regulation and other regulatory changes in a few ways. First, alongside our dealer association, we have regularly been in contact with CARB, ensuring our concerns with the ACT regulation and other regulations are understood and recognized. Second, our strategic planning to develop and produce a plug-in hybrid Class A motorhome on a Harbinger chassis will be instrumental in our ability to adapt to the new regulation in both California and in any other states that adopt the ACT regulation. The hybrid Class A (as an NZEV) gives us a product offering that we can sell in California. Additionally, our relationship with Harbinger gives us access to purchase additional ACT credits that are generated by Harbinger. These credits could potentially be transferred to other chassis manufacturers (including Class A diesel manufacturers) so that they can continue to produce traditional internal combustion engine chassis for THOR’s sale into California and other states that follow CARB. Third, we continue to work directly with our traditional chassis supply chain in developing technologies and systems that enable us all to continue to operate, without interruption, under the framework of the ACT regulation.

Given our efforts to strategically position ourselves, we expect minimal impact on our sales as a consequence of the ACT regulation.

Backlog and order entry for our European segment remain healthy, indicating continued demand for our products. We believe that the recent European Central Bank (“ECB”) interest rate cuts will improve sales channel throughput as carrying costs for independent dealers are reduced, and we feel well positioned to continue growing our market share with a favorable product mix. Through the third calendar quarter of 2024, we have achieved a motorcaravan and campervan market share of 25.1%, a sizeable improvement upon our 20.9% market share for the full calendar year 2023 driven by the strength of our brands and improved access to chassis.

Our outlook is bolstered by our recent participation in the 2024 Caravan Salon trade fair in Düsseldorf, Germany (“CSD”). Our European brands reported a successful show with increased sales achievement over the prior year, as well as robust consumer participation and interest. While dealers continue to contend with economic headwinds, we remain confident in the underlying consumer demand and enthusiasm for our products.

A changing corporate tax rate is nothing new, and we will adapt accordingly. We will remain prudent in our capital management and investment strategies as we navigate any potential adjustments within the tax rate environment.

Higher tariffs generally present a challenge for our financial performance as they tend to have a negative impact on the availability and cost of certain raw material component parts and gross margins. While these challenges will require strategic adjustments by our management teams, we and many of our key component part suppliers are well situated for this after experiencing the tariff environment after the 2016 election. Given the potential for an increased tariff environment, our owned supply companies, in particular, have positioned their supply chains optimally to avoid material impact from an aggressive tariff policy. As we wait to see what changes are actually made to the US tariff policy, our teams are aligned in how to react to this type of environment and our sourcing strategies are well prepared.

OPERATIONS UPDATE

After spending much of fiscal 2023 and part of fiscal 2024 restocking independent dealer inventories, we are beginning to see modest declines in our European dealer inventories. At the end of the fiscal 2025 first quarter, our European dealer inventories declined from their fiscal 2024 fourth quarter levels due to the intentional alignment of production and wholesale sales with retail sales. As of October 31, 2024, European dealer inventory levels of THOR products approximated 25,400 units compared to 26,200 units as of July 31, 2024 and 21,900 units as of October 31, 2023. We believe that current European dealer inventory levels are in balance with the market as of October 31, 2024.

Consistent with our approach throughout the current down cycle, globally, THOR operating companies will continue to manage production in a disciplined manner with an elevated level of conservatism. Our teams will also continue to work closely with our dealer partners in monitoring retail demand to ensure we respond quickly to shifts in market demand and adjust our production plans appropriately.

In North America, we have seen our Towable segment backlog increase by 17.2% while our Motorized segment backlog decreased 22.2% on a year-over-year basis. Our Towable segment backlog has increased in line with expectations of retail demand trending promisingly in the upcoming second half of our fiscal year. We believe the decrease in our Motorized segment backlog is primarily the result of a reduction in recent orders from our independent dealers as they have adapted their preferred stocking levels and ordering cadence to current market and economic conditions, including recent softness in retail demand for motorized products given their higher price point as well as elevated interest rates and other carrying costs.

In Europe, our backlog decreased by 38.7% compared to the prior year. This decrease is mainly due to an elevated level of orders in prior periods caused by the impact of a chassis shortage on our production. Backlog at October 31, 2023 was thus elevated due to the corresponding need to restock the independent dealer inventories of our products that had dwindled as a consequence of the lacking chassis supply. Despite the magnitude of the decline on a year-over-year basis, we saw sequential growth in the first quarter of fiscal 2025 and believe that the current backlog level of our European segment is healthy and appropriate given the current economic conditions.

STRATEGIC UPDATE

RV Partfinder is an internet-based tool and service that facilitates end customers and independent dealers in finding the correct part for their RV. RV Partfinder is and has been the most effective part lookup tool in our industry for some time. THOR is making investments in this tool to make it even more effective for our dealers and service providers. With the investment THOR has made, RV Partfinder will address a long-standing friction point in our industry as it will reduce the repair event cycle time for users and allow them to get back out on the road where they can enjoy their RV, both THOR products and those of our competitors.

Simultaneously, THOR continues to invest in the build out of its North American parts strategy. By the end of calendar year 2025, it is anticipated that THOR’s parts strategy will provide nationwide supply to our dealers and service providers in a manner that further improves customer experience and brings value to our dealers. This strategy will result in an increase in the parts business across the THOR companies.

Our Airxcel operating unit also continues to broaden its product offerings as a leading supplier to the North American RV industry and aftermarket segment. In October 2024, Airxcel successfully completed its annual product showcase with positive feedback from attendees. At the show, as well as in recent months, Airxcel has introduced numerous new products and enhancements to their furniture, appliance, leveling systems and window offerings. These consistent expansions and improvements to Airxcel’s product offerings sustain the ability to provide choice within the RV supplier market.

In the recently released KOA 2024 Camping & Outdoor Hospitality Report, surveys found that a majority of campers would choose a campground with sustainable practices. We are finding similar interest from customers in sustainable manufacturing and RVs. In response to this, THOR has prioritized many innovation initiatives surrounding sustainability. These are not just action items to enhance our outward perception, but rather our sustainability strategy fully aligns with our business strategy to be the leading RV manufacturer in a changing industry.

We are addressing these goals in numerous ways. First, we have made multiple investments in the improvements of our products that will help reduce emissions and energy consumption. Our investments and innovations include a new class of aerodynamic travel trailers, increased usage of lightweight building materials and, of course, the introduction of our hybrid Class A motorhome that we revealed at the 2024 Dealer Open House. Also at the Dealer Open House, one of our operating companies, Jayco, introduced a prototype of the world’s first fully electric fifth wheel trailer. In addition to the environmental benefits, all of these product improvements will help enhance the outdoor adventures of our customers by allowing them to venture further beyond the campground.

We are also making strategic investments and improvements in our production facilities and processes. These improvements include enhancing existing buildings as well as opening new facilities to replace older operations that are less efficient. We’ve also identified targeted automation projects within our production processes that reduce waste and improve employee safety.

Lastly, we are working on providing our customers with a more connected and informative RV experience. Our connected vehicle initiatives give owners of our products more information about their vehicle and travel behaviors to better understand their environmental impact. We believe customers will continue to demand extensive data and transparency about their vehicle and the RV lifestyle.

As the global RV industry leader, we take our commitment to leading within sustainability initiatives as foundational to our continued success.

FINANCIAL UPDATE

In response to feedback received from our independent dealers in recent months and again at our September 2024 Dealer Open House, our teams have diligently managed production and better aligned mix to meet the current consumer demand that is focused on smaller, relatively less expensive units. As a result and in alignment with our forecast, we experienced a favorable decrease in the level of sales discounting in the first quarter of fiscal 2025 compared to the prior-year period.

Additionally, our teams’ continued emphasis on improving operational efficiency to drive down overhead costs and their ongoing focus on quality to reduce warranty costs aided in stabilizing our gross profit margins for the quarter despite the decrease in sales volume compared to the prior-year period.

Our Motorized gross profit margin decreased to 8.5% from the 11.2% realized in the first quarter of fiscal 2024 due to the decrease in net sales and an increase in our costs of products sold as a percentage of net sales, and our overhead cost percentage increased due to the sales decrease. While our costs of products sold decreased on a dollar-for-dollar basis along with net sales, we saw an increase as a percentage of sales due to an increase in sales discounting effectively reducing net selling prices and correspondingly increasing our material costs as a percentage of net sales. Additionally, material costs were impacted by an increase in chassis costs year-over-year. We continue to work aggressively with our chassis manufacturers and our other suppliers to drive down costs given current market conditions. As we gain relief from the elevated input costs, we anticipate that retail activity will pick up and our North American Motorized segment net sales and gross profit margin will move toward more normalized levels.

During the quarter, our European segment was also impacted by similar market trends as seen in North America. Due to macroeconomic factors and shifting consumer preferences, premium and entry-level products have shown resiliency while mainstream products have seen lower demand. Because of this, increased promotional activities were utilized in the first quarter of fiscal 2025 to aid in the rightsizing of independent dealer inventories for mainstream products compared to the first quarter of fiscal 2024.

While the first fiscal quarter of 2025 was below last year’s historic level, we believe our European segment is appropriately positioned with an advantageous product mix at our independent dealers and do not expect adjustments to our internal forecasts for the segment.

For fiscal 2025, the Company’s full-year financial guidance includes:

As we look beyond our fiscal 2025, we expect to see a stronger retail environment in the latter half of calendar 2025 and the beginning of our fiscal 2026. As a result of our dedication to keeping production in line with the current retail environment, our operating companies are well positioned to leverage the capacity of THOR to realize the financial benefits of the coming return of a more robust retail environment. We anticipate that in a more robust retail environment, THOR will seize market share and meaningfully grow diluted EPS as it has after previous down cycles.

While we note that the exact timing of accelerating unit shipment growth will ultimately depend on the timing of easing macroeconomic pressures and resulting improvements in consumer confidence, we are largely in agreement with the RVIA’s most recent calendar year 2024 forecast of between 311,600 and 336,600 units.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD September 30, 2024 and 2023.

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.

Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD September 30, 2024 and 2023.

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.

Summary of Key Quarterly Segment Data – European RVs

Dollars are in thousands

⁽¹⁾ Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), CYTD September 30, 2024 and 2023. Data from the ECF is subject to adjustment, continuously updated and is often impacted by delays in reporting by various countries (some countries, including the United Kingdom, do not report OEM-specific data and are thus excluded from the market share calculation).

⁽²⁾ The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

Non-GAAP Reconciliation

The following table reconciles net income (loss) to consolidated EBITDA and Adjusted EBITDA:

EBITDA Reconciliation

($ in thousands)

Adjusted EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. Adjusted EBITDA is defined as net income (loss) before net interest expense, income tax expense (benefit) and depreciation and amortization adjusted for certain unusual items and other one-time items. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.

Forward-Looking Statements

This release 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 while also managing costs and market share; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; the financial health of our independent dealers and their ability to successfully manage through various economic conditions; legislative, regulatory and tax law and/or policy developments including their potential impact on our independent dealers, retail customers or on our suppliers; the costs of compliance with governmental regulation; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; public perception of and the costs related to environmental, social and governance matters; legal and compliance issues including those that may arise in conjunction with recently completed transactions; lower consumer confidence and the level of discretionary consumer spending; the impact of exchange rate fluctuations; restrictive lending practices which could negatively impact our independent dealers and/or retail consumers; management changes; the success of new and existing products and services; the ability to maintain strong brands and develop innovative products that meet consumer demands; the ability to efficiently utilize existing production facilities; changes in consumer preferences; the risks associated with acquisitions, including: the pace and successful closing of an acquisition, the integration and financial impact thereof, the level of achievement of anticipated operating synergies from acquisitions, the potential for unknown or understated liabilities related to acquisitions, the potential loss of existing customers of acquisitions and our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production and increasing labor costs 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 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 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.

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

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