THOR INDUSTRIES ANNOUNCES STRATEGIC EVOLUTION OF NORTH AMERICAN OPERATING MODEL WITH FORMATION OF TWO RV GROUPS

ELKHART, Ind., Feb. 23, 2026 /PRNewswire/ -- THOR Industries, Inc. (NYSE:THO), the world's largest manufacturer of recreational vehicles, today announced a significant evolution of its North American RV operating model designed to strengthen competitiveness, accelerate collaboration and unlock substantial synergies across its family of leading RV brands.

For decades, THOR's decentralized structure—where each North American RV OEM operated independently—served the Company well, driving market‑leading performance. However, with rapid dealer consolidation, evolving consumer expectations, increasing operational scale requirements and the emergence of enterprise-level strategies such as brand optimization and data integration, the North American RV industry has meaningfully evolved. These shifts have created an imperative for greater alignment across THOR's RV operating companies. Over the last several years, THOR has taken the necessary time to lay the foundation for this evolution by building collaborative momentum and assembling the required talent and support teams. As a result, THOR is well positioned and excited to take this seismic step in our evolutionary process and reap the benefits that this will drive to our dealers, end consumers and our shareholders.

"The RV industry has changed dramatically, particularly coming out of the COVID disruption, and THOR is changing dramatically with it," said Bob Martin, President and CEO of THOR Industries. "The consolidation of the dealer landscape and the increasing complexity of our marketplace require a unified, collaborative approach focused on exceeding the needs and expectations of end consumers. This evolution positions our teams and our dealers to win—together—while maintaining the entrepreneurial spirit that has always set THOR apart. Ultimately, these changes will best position the THOR North American RV companies to deliver for their dealers and their retail customers."

Formation of Two North American Groups

Effective immediately, THOR will organize the majority of its North American RV OEM operations into two operating Groups.

Ken Walters, President of Jayco, will lead one group. Through foundational steps, Jayco already leads the Jayco, Entegra, Open Range and Heartland brands. As part of this next step in THOR's evolution, Tiffin Motorhomes will be added to the group led by Walters. Walters will continue in his role as President of Jayco while assuming the role of CEO of the Group, uniting two of the industry's strongest motorized manufacturers and continuing to grow many of the strongest and most well recognized towable brands in the North American market.

As previously announced, Leigh Tiffin recently resigned from Tiffin Motorhomes. Walters is leading the process to identify the next President of Tiffin.

"The combination of Jayco and Tiffin creates an exciting opportunity to optimize their respective motorized lineups in ways that benefit both our dealers and consumers," said Walters. "Tiffin brings a legacy of craftsmanship and motorized excellence that complements Jayco's innovation and operational momentum. By aligning our strengths and leveraging the industry‑leading practices that have propelled Jayco's strong market position over the last several years, this Group is well positioned to deliver even greater value and performance."

The second Group will be led by Jeff Kime, President of Thor Motor Coach, and will include Thor Motor Coach, Keystone, Dutchmen and Crossroads brands. Kime will continue in his role as President of Thor Motor Coach while assuming the role of CEO of this Group.

Troy James, currently THOR's SVP of International Business Operations, will become Chief Operating Officer of this Group while continuing in his current role during a transition period. James brings deep operational expertise shaped by a career that spans key roles within the RV industry across North America—from sales to president-level leadership—coupled with the strategic and operational perspective he has gained during the past seven years overseeing THOR's operations in Europe. His broad experience, deep familiarity with THOR's culture and proven ability to execute in both mature and developing markets position him as a significant value‑add for the Group's evolution and long‑term success. In his new role, James' initial focus will be to help lead Keystone in driving important key enhancements to the organization.

Within this Group, Jeff Runels will continue in his role as President of Keystone. After a period of transition, Ryan Ellson, Thor Motor Coach's Vice President of Sales, will assume the role of President of Thor Motor Coach while Kime will retain his role of CEO of the Group.

"This Group brings together two powerful brands—Thor Motor Coach and Keystone—to create a complete, full‑line motorized and towable portfolio," said Kime. "This alignment allows us to share best practices, streamline operations and maximize the combined strengths of both organizations. By working closely together, Thor Motor Coach and Keystone will drive meaningful efficiencies and unlock significant synergies that strengthen our overall competitiveness."

Airstream and KZ Remain Stand‑Alone Operations

THOR's remaining North American OEMs, Airstream and KZ, will continue to operate independently, but THOR will continue to enhance collaboration across all brands to fully support and maximize the value of enterprise initiatives.

Synergy Expectations and Strategic Benefits

As THOR advances its Group operating model, the Company expects to realize meaningful structural benefits over time through enhanced enterprise coordination and capability alignment. These benefits are expected to be driven by:

• Strategic sourcing coordination and supplier alignment, supporting long-term cost discipline and supply continuity;
• Operational standardization and process improvement, improving efficiency, quality, and consistency across brands;
• Brand and portfolio alignment, enabling more focused capital allocation and product investment; and
• Enterprise-wide data, systems, and digital integration, strengthening analytics, forecasting, customer engagement capabilities, and enabling a unified dealer portal experience across the THOR family of companies

These actions are designed to enhance THOR's long-term competitiveness, reinforce operational resilience across market cycles and support continued investment in product innovation, quality and customer experience while also ensuring each of our North American RV operating companies maintain their unique identity.

"We are building for the next decade and beyond, ensuring our brands remain individually strong while leveraging the scale of our organization. We are also ensuring that our operations are agile and efficient, and THOR continues to lead the global RV industry," Martin said. "Ken and Jeff are exceptional leaders, and I am confident in the value these Groups will create for our dealers, customers and shareholders."

As THOR implements this evolution across its North American RV companies, we are extremely confident about our ability to maximize the value within our key strategic focus areas, namely the North America RV market, the European RV market and the RV Supply industry.

About THOR Industries, Inc.

THOR Industries is the sole owner of operating companies which, combined, represent the world's largest manufacturer of recreational vehicles.

For more information on the Company and its products, please go to 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, 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 our Quarterly Report on Form 10-Q for the quarter ended October 31, 2025 and in Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2025.

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, Inc.