THOR INDUSTRIES CONTINUES GLOBAL RV INDUSTRY LEADERSHIP BY PUBLISHING ITS FIFTH ANNUAL SUSTAINABILITY REPORT

Company continues bold approach to sustainability

ELKHART, Ind., Oct. 27, 2022 /PRNewswire/ -- For over 40 years, THOR Industries has utilized responsible and sustainable business practices to inspire and empower families to connect with nature, and one another to Go Everywhere. Stay Anywhere™. Today, THOR Industries, Inc. (NYSE: THO), the world's largest RV manufacturer, published its fifth annual sustainability report detailing the Company's industry-leading sustainability efforts for FY2022 across its global family of operating companies.

"We're proud of our sustainability journey, which is an integral and ongoing part of our culture," shared Bob Martin, THOR President and CEO. "We are proactively addressing environmental, social and governance risk, and we believe these ongoing sustainability efforts have a very positive impact on our business, consumers, team members, partners and the communities in which we live, work and play."

As the global leader in the RV industry, today, more than ever, THOR is focused on leading the industry to a more sustainable future where our generation, and the generations to follow, can reap the benefits of being outdoors and connecting with nature. THOR takes its responsibility to promote a clean and safe environment through responsible and sustainable business practices very seriously and believes that doing so will encourage others in the industry to do the same. In FY2022, THOR took significant steps in its sustainability journey to lead the way for the industry.

Specifically:

• THOR introduced two electric vehicle concepts designed to help reduce greenhouse gas (GHG) emissions as part of its eMobility strategy - the THOR Vision Vehicle™ motorhome and the AIRSTREAM® eStream™ travel trailer.
• THOR acquired Elkhart Composites, Inc., maker of "Elkboard", which helps alleviate the industry's reliance on lauan-based sidewalls sourced from tropical hardwood forests which continue to be overharvested.
• Erwin Hymer Group, a THOR company and the only RV manufacturing facilities in the world to become carbon net-neutral, began investing in the expansion of renewable energies, energy-efficient systems and energy generation from the sun and biomass.
• THOR submitted its GHG reduction targets to the Science Based Targets initiative (SBTi) as part of THOR's June 2020 commitment to "Business Ambition for 1.5˚C."
• THOR continued its commitment to Diversity, Equity and Inclusion (DEI) by rolling out a DEI framework to its family of operating companies, continued its partnership with Girl Scouts of the USA to promote inclusivity in the outdoors and funded the Together Outdoors Coalition, a partnership THOR founded with Outdoor Recreation Roundtable (ORR), to make the outdoors a more diversified, inclusive, and inviting place.
• THOR invested in Dragonfly Energy, a leading deep cycle lithium-ion battery producer, highlighting the Company's commitment to energy sustainability.
• THOR partnered with and supported over 120 non-profit organizations across the THOR family of companies, including the National Forest Foundation, whose mission it is to help combat threats to the outdoor lifestyle. THOR is one of the foundation's most significant corporate sponsors.

"Our global sustainability program highlights our deep-rooted commitment to better the lives of our team members and customers, foster the viability of diverse communities, and promote a clean and safe environment," added Todd Woelfer, THOR Chief Operating Officer. "The products that our companies build inspire people to travel, build connections with family and friends, and develop a lasting appreciation for nature. As we continue to execute on our long-term strategic plan, we remain focused on contributing to a sustainable future to allow great outdoor experiences, which is a cornerstone of our business."

THOR's FY2022 Sustainability Report was published in electronic format only, and may be viewed on the Company's website at: www.thorindustries.com/sustainability-report.

THOR is the sole owner of operating companies which, combined, represent the world's largest manufacturer of RVs. For more information on the Company and its products, please visit: https://www.thorindustries.com/.

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, 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 independent dealers or on retail customers; 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 independent dealers or on retail customers; the dependence on a small group of suppliers for certain components used in production, including chassis; interest rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; 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 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; the impact of an adverse outcome or conclusion related to current or future litigation or regulatory investigations; 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; disruption of the delivery of units to independent dealers; 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 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, 2022.

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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SOURCE THOR Industries