EXHIBIT 99.3

SECOND QUARTER OF FISCAL 2022

INVESTOR QUESTIONS & ANSWERS

March 9, 2022

Forward-Looking Statements

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

Executive Overview

Quick Reference to Contents

Current Market Conditions and Outlook Assumptions

Demand in the North American RV market remains very high. Deliveries to independent dealers are being retail sold quickly and while dealer inventories are improving, they still remain below historical pre-pandemic levels in North America. We believe the restocking cycle for towables is near completion while the restocking cycle for motorized products will likely extend into calendar year 2023. In the longer-term, which we define as calendar year 2023 and beyond, we expect dealers will get back to a more historical ordering cycle where they order to replenish sold stock. We anticipate that consumer demand will continue to exceed historical norms even after dealer inventories have been restocked.

The Recreational Vehicle Industry Association (“RVIA”) recently issued its updated forecast for calendar year 2022 wholesale unit shipments. In their “most likely” scenario, the RVIA now projects that total North American wholesale shipments in calendar year 2022 will be approximately 591,100 units, off slightly from record unit shipments in calendar year 2021 of 600,240. Towable RV wholesale shipments are anticipated to reach 531,400 units in calendar year 2022, a decrease of approximately 2.3% from the calendar year 2021 record number of shipments. Motorized RV wholesale shipments are projected to reach 59,700 units in calendar year 2022, increasing approximately 6.2% over their calendar year 2021 total. We believe these recent RVIA “most-likely” estimates for wholesale shipments in calendar year 2022 are reasonable.

Demand in the European RV market also remains strong. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for calendar year 2021 increased 9.9% compared to same time period in 2020. Caravan retail registrations in Europe for calendar 2021 increased 2.8% compared to calendar year 2020. Motorcaravan retail registrations in Europe for calendar 2021 improved by 13.2%. The overall increase was moderated by the negative impacts of the lack of chassis availability, COVID-related shutdowns and other production disruptions due to component part shortages during the current-year period. Independent RV dealer inventory levels of our European RV products are generally below pre-pandemic levels in the various countries in which we serve. Within Germany, which accounts for approximately 60% of our European product sales, independent dealer inventories are significantly below historical stocking levels.

North American RV backlog was $14.68 billion as of January 31, 2022, an increase of 79.6% compared to $8.17 billion as of January 31, 2021. European RV backlog was $3.05 billion as of January 31, 2022, an increase of 15.4% compared to $2.64 billion as of January 31, 2021.

During the first half of fiscal 2022, we continued to face a number of supply constraints in both North America and Europe. These current supply chain constraints are expected to continue to be a limiting factor on RV production and sales, in the near term, particularly the impact of chassis shortages on motorized RV production and sales. Despite these constraints, our management and procurement teams successfully managed the various challenges to achieve our record fiscal second quarter consolidated results. We expect this successful performance to continue as we actively and aggressively manage through the supply chain issues and work to minimize their impact to our business.

The extent to which the COVID-19 pandemic may continue to impact our business in future periods remains to be seen. The Russian invasion of Ukraine has created not only great devastation but also worldwide instability that could impact economies across the globe. While direct impacts to our business are limited, the indirect impacts to our retail customers could impact demand and other indirect impacts could arise. In addition, the impact of other current macro-economic factors on our business – including inflation, supply chain constraints and geopolitical events – is uncertain. We remain in a historically low interest rate environment, even after consideration of any anticipated increases in short-term interest rates by the Federal Reserve. In the event of gradual increases in interest rates, we expect minimal adverse impact on demand for RVs, as dealers can usually customize a loan to fit the buyer’s targeted monthly payment even if rates rise modestly. While interest rates may gradually increase, we do not expect a significant change in the lending environment in calendar year 2022. As such, we do not anticipate any material impact from rate increases in the foreseeable future.

Our confident long-term outlook is supported by favorable demographics, strong RV retail sales, adequate current availability of RV dealer and consumer credit, which remains near historically low interest rates in both North America and Europe, and favorable perception of RVing as promoting a safe and healthy lifestyle. In addition, many independent dealers, particularly the larger dealers in North America, continue to invest heavily in their businesses through acquisitions, new or expanded locations, added service facilities and other amenities to serve RV consumers, while local, state and federal governments are actively investing in improving and expanding outdoor recreation spaces. We believe these actions will enhance the experience of current RVers and encourage new buyers to enter the lifestyle.

Q&A

MARKET UPDATE

The Russian invasion of Ukraine, however, has created worldwide instability and could create a negative impact on RV demand whether it be through shaken consumer confidence, extreme rises in fuel costs or limitations in supply. There is uncertainty around whether the impacts of the war and other current macro-economic circumstances could impede the strong retail demand for RVs.

Notwithstanding the macro events, there are a number of favorable trends that support the continued near- and long-term growth of the RV industry, including a growing interest in camping and experiencing the outdoors, the rise of alternative RVing and camping resources, investments in campgrounds, continued remote work where employees can “work from anywhere”, increased U.S. federal funding of national park improvements and favorable demographics including younger buyers.

According to a recent 2021 holiday survey conducted by the RVIA, 72 million Americans plan on taking an RV trip in the next year in an RV they rent, own or borrow, up from 61 million in a survey conducted one year earlier.

In addition, Kampgrounds of America (“KOA”) estimated that 56 million households camped in 2021, representing a 16% increase versus 2020. Looking ahead, camping participation is also showing no signs of slowing down as the January 2022 KOA Monthly Research Report shows that 70% of 2021 campers are looking to camp in 2022. Furthermore, according to the National Association of RV Parks and Campgrounds 2021 Trends and Insights Report, more than 81,000 campsites are expected to be added over the next year, highlighting the continued growth in camping. As the industry has observed a historical correlation between campers and eventual RV owners, these data points reaffirm our belief that strong demand for THOR products is sustainable over the coming years.

Based on strong industry secular growth trends and positive dealer sentiment, we expect calendar 2022 to be another strong retail year. We agree with the recent RVIA forecast which projects total North American wholesale RV shipments ranging between 578,800 and 603,300 units with a most likely total of 591,100 units.

We believe that while towable dealer inventory levels appear to have moved nearer to optimal levels, motorized dealer inventory levels continue to be below optimal levels. Consequently, we have been focused on monitoring independent dealer inventory levels during the fall and winter months to ensure adequate supply for the spring show and peak summer selling seasons. The increase in dealer inventory reflects the progress that has been made toward dealer restocking, particularly within the North American towables segment, ahead of the selling season. While we believe that dealer inventories haven’t yet fully normalized, we will continue to work closely with our independent dealers and rely upon a number of other initiatives to ensure that our independent dealer inventories are adequately but not over supplied like the industry experienced in 2018.

Looking ahead, based on our strong retail outlook for calendar 2022, we expect towable production levels to align with retail demand. We believe the replenishment timeline for our North American Motorized and European segments will extend into calendar 2023 as a result of the ongoing supply constraints, specifically chassis, that continue to impact our production ability.

Our order backlog has declined sequentially following the end of our fiscal first quarter decreasing by approximately $344 million from its peak of $18.07 billion at October 31, 2021. We expect to see a continued gradual reduction in order backlog over the coming quarters. At the same time, we expect elevated backlog levels will remain while demand for RV products continues at above pre-pandemic levels.

Market conditions remain very healthy, and retail sales have remained strong as an increased pipeline of new buyers and trade-up activity continues to drive demand for RV products. The breadth of THOR’s product offering allows consumers to choose from models and floorplans across all price points.

Our intent throughout the business cycle is to implement price adjustments to cover known and anticipated changes in material costs, and to adjust our pricing accordingly. There may be a short lag in timing between cost increases/decreases and our ability to pass through price adjustments, but we expect to be price-cost neutral over time and continue to achieve a healthy and sustained margin profile.

Additionally, during the event, THOR unveiled its eMobility strategy around electrification, which included revealing two electric RV concepts demonstrating THOR’s commitment to being the RV industry’s leader in innovation. These concept units have been widely well-received and have been recognized as industry-leading technology. We invite you to learn more about these products at www.thorindustries.com/innovation.

OPERATIONS UPDATE

Within some of our product segments, we have already started to make strategic shifts in production mix to prioritize certain product categories with lower levels of channel inventory. We will continue to proactively realign and rebalance production accordingly, with the ultimate goal of optimizing independent dealer inventory and protecting our dealer partners’ margins. We are, and will remain, keenly focused on dealer inventory levels and will continue to monitor our channel to minimize the risk of overbuilding. If and when market conditions indicate, we are prepared to pull back production to meet reduced retail demand.

In the towable segments, we experienced a 0.4% decline in overall market share in calendar 2021 over calendar year 2020. We made the strategic choice to focus on realizing sustainable margin and quality improvements. That choice drove improved bottom line performance. As we look ahead, we will remain true to the strategy that calls for a prudent approach that enables us to drive quality and margin initiatives. In time, we will regain share in the towable space while remaining true to these important initiatives. While this strategy resulted in a slight towable RV market share drop in calendar year 2021, it led to the protection of both our margins and those of our dealer partners in the process.

While our choice to remain focused on sustainable growth of our margins and unit volumes may have temporarily impaired our ability to grow share, we believe this choice has been, and will continue to be, the right one. Our outstanding operating results support this conclusion rather definitively. As supply chain constraints resolve, we will be in a position to prudently expand our capacity, grow our market share and protect our dealers’ profit margins by not overbuilding. Calendar year 2022 started off well as THOR gained market share in January in every category in which it builds RVs.

FINANCIAL OPERATING RESULTS

Looking ahead to the second half of fiscal 2022, we expect to see a continuation of some cost pressures as a result of higher commodity prices and transportation costs, labor shortages and other ongoing supply chain constraints. In the face of these expected challenges, we remain focused on operational excellence and driving improvements designed to improve margins. While it is likely that discounting and promotions will return as product availability normalizes, we continue to believe our long-term consolidated margin performance target of 16%+ sustainable gross margins is very achievable.

As we look forward, demand for our European products is expected to outpace supply as evidenced by our European segment backlog value that exceeds $3 billion as of January 31, 2022. Early calendar year 2022 retail sales levels have exceeded both of the two previous fiscal years. As a result, European independent dealer inventory levels remain at historically low levels, and we expect the restocking timeline to extend into calendar 2023 for our European segment.

Absent a material impact from the invasion in Ukraine and resultant war, we continue to hold strong optimism for our future performance in Europe given the continued strong market and our demonstrated ability to manage through the supply chain challenges. Importantly, both our European and North American operations have benefited from THOR’s global footprint as we navigate supply chain pressures on both continents.

Currently, we believe our shares are trading at a material discount to intrinsic value as some investors attempt to predict a cycle downturn despite the evidence to the contrary. While the macro-economic circumstances faced by the world today may create short-term pressure on our already depressed share price, we are very confident that the Company’s repurchases at the current share price represents an excellent opportunity to create additional value for our shareholders.

As we contemplate further future share repurchases, we will evaluate the potential investment as we would an investment in organic growth or acquisition, choosing the option that has the potential to generate the best return on invested capital for our shareholders while also reducing our debt level over time and maintaining adequate liquidity to face potential macro-economic headwinds.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

(1) Source: Statistical Surveys, Inc. Calendar years 2021 and 2020.

(2) 2021 period includes Tiffin Group registrations.

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. The COVID-19 pandemic has resulted in further delays in the submission of information reported by the various states or provinces beginning with calendar 2020 results, and may also be impacting the completeness of such information.

Summary of Key Quarterly Segment Data – North American Motorized RVs

Dollars are in thousands

(1) Source: Statistical Surveys, Inc. Calendar years 2021 and 2020.

(2) 2021 period includes Tiffin Group registrations.

Our North American market share includes 5.5% attributable to Tiffin Group (primarily Class As) for the calendar year ended December 31, 2021.

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. The COVID-19 pandemic has resulted in further delays in the submission of information reported by the various states or provinces beginning with calendar 2020 results, and may also be impacting the completeness of such information.

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”), Calendar year to date December 31, 2021 and 2021. 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.

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 extent and impact from the continuation of the COVID-19 pandemic, along with the responses to contain the spread of the virus, or its variants, by various governmental entities or other actors, which may have negative effects on retail customer demand, our independent dealers, our supply chain, our labor force, our production or other aspects of our business; the ability to ramp production up or down quickly in response to rapid changes in demand while also managing costs and market share; the effect of raw material and commodity price fluctuations, and/or raw material, commodity or chassis supply constraints; the dependence on a small group of suppliers for certain components used in production; the level and magnitude of warranty and recall claims incurred; the ability of our suppliers to financially support any defects in their products; 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; 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; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; 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 to attract production personnel in times of high demand; the loss or reduction of sales to key independent dealers; disruption of the delivery of units to independent dealers; increasing costs for freight and transportation; asset impairment charges; competition; the impact of potential losses under repurchase agreements; the potential impact of the strength of the U.S. dollar on international demand for products priced in U.S. dollars; general economic, market 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 our Quarterly Report on Form 10-Q for the quarter ended January 31, 2022 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2021.

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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