EXHIBIT 99.3

THIRD QUARTER FISCAL 2025

INVESTOR QUESTIONS & ANSWERS

June 4, 2025

Forward-Looking Statements

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

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

Full-Year Fiscal 2025 Guidance

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Q&A

MARKET UPDATE & OUTLOOK

Should consumer confidence continue to slowly recover, the outlook for the final quarter of our fiscal year 2025 and the start of our fiscal year 2026 would likely strengthen. Currently, however, dealer sentiment remains cautious as independent dealers await the model year change in early June 2025 and certainty on the impact of the ever-changing tariff environment. We believe independent dealers could continue this cautious approach through late summer as the economy waits for the return of a confident consumer. In the interim, we expect that product mix will continue to trend towards the lower cost units that retail customers currently favor as they navigate a higher cost and higher interest rate economic environment. Throughout this prolonged downturn in our market, our management teams have worked tirelessly to optimize our product mix and strengthen our relationships with our independent dealers and, as a result, THOR is poised to outperform the market when retail demand inevitably improves.

In June 2025, the Recreational Vehicle Industry Association (“RVIA”) revised their wholesale unit shipments forecast for calendar year 2025, calling for a range of North American wholesale shipments of approximately 320,400 to 353,500 units with a most likely scenario of approximately 337,000 units. The most likely scenario of this revised estimate for calendar year 2025 shipments forecasted by RVIA represents a relatively flat year-over-year comparison to the calendar year 2024 wholesale shipment total of 333,733 units. THOR’s outlook aligns between the lower end and most likely scenario of the June 2025 RVIA forecast.

Looking ahead to our fiscal year 2026, there are many factors that will need to play out before THOR is prepared to comment on the expected performance of the RV market. Based on the information known today, THOR anticipates that fiscal year 2026 would perform very similarly to fiscal year 2025. THOR is working hard to improve our position in the marketplace, and, to the extent that we can realize share gains, we anticipate that we would perform better than fiscal year 2025. However, consumer confidence, resolution of tariff policy negotiations and a number of other factors could impact that view. For that reason, THOR is not ready to provide a detailed outlook for our next fiscal year at this time.

While retail registrations for the first three months of calendar year 2025 declined compared to the prior-year period, we believe that the continued European Central Bank (“ECB”) interest rate cuts will aid sales channel throughput as carrying costs are reduced for independent dealers and the overall costs are moderated for retail customers. Although these future interest rate cuts are expected to slow later in the summer, we are well positioned to regain market share with a favorable product mix. Our management teams remain vigilant in aligning our production capacities and product offerings with the product segments favored by retail customers so our European segment returns to the market share growth seen in late calendar year 2024 and at the start of calendar year 2025.

Product mix optimization remains a key tool for us in addressing affordability. Through the prolonged downturn, we have made strides in addressing affordability concerns in a number of ways, including an increased product mix in North America of lower-cost travel trailers and more moderately-priced Class B and Class C motorized units. The adaptation of our product mix to meet consumer demand and the efforts to manage our bills of materials have significantly contributed to the 5.6% reduction in ASPs within our North American Towable segment through the first nine months of fiscal 2025 compared to the prior-year period and to the 1.6% decrease in ASPs within our North American Motorized segment during the same comparative period. Our strategic actions to deepen independent dealer relationships have also given us the opportunity to work closely with our independent dealer partners to produce the optimal product mix and increase lot share while meeting customers’ needs with our products.

Although volatile external factors may impact affordability, we will remain vigilant in controlling what we can control and adapting to market conditions as we support our independent dealers and deliver high-quality, innovative RVs that meet the current needs of our customers.

OPERATIONS UPDATE

European independent dealer inventories have steadied in recent quarters after the restocking activities of fiscal 2023 and most of fiscal 2024 and have met our expectations surrounding our production alignment strategy. As of April 30, 2025, European dealer inventory levels of THOR products approximated 23,000 units, below the approximately 25,700 units at the end of our fiscal 2025 second quarter and the approximately 24,700 units from prior fiscal year April 30, 2024. Overall, we believe our European dealer inventory levels are situated at an appropriate level relative to the anticipated market trajectory for the remainder of our fiscal year 2025.

Our segment backlog levels are affected by both strong fiscal third quarter sales and cautious ordering patterns due to both the coming model year change and the uncertainty brought forth by shifting macroeconomic conditions. Our North American Towable segment backlog as of April 30, 2025 decreased by 14.4% compared to April 30, 2024, with dealer ordering remaining cautious while improved retail demand led to a strong year-over-year net sales increase of 9.1% in our fiscal third quarter compared to the prior-year period. Our North American Motorized segment backlog decreased 4.5% on a year-over-year basis as softness in retail demand for motorized products persists. Our independent dealers continue to manage their stocking levels and ordering cadence of motorized products to align with retail demand. In light of the cautious approach of our independent dealers, we view the current backlog levels for our North American segments as healthy and sufficient relative to our outlook for the upcoming fiscal quarters.

In Europe, our backlog decreased 30.6% compared to the prior year. The declining backlog in Europe has been moving towards more typical historical levels after experiencing elevated levels in the prior-year period. In the prior-year period, our European segment experienced an elevated level of orders caused by the impact of a chassis shortage on our production. European backlog as of April 30, 2024 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. Overall, we view the level of our European backlog as of April 30, 2025 as appropriate given the current macroeconomic conditions and sufficient to achieve our planned performance for our European segment.

STRATEGIC UPDATE

Mitigating in-place and proposed tariffs continues to center around sourcing strategies implemented subsequent to the 2016 election as well as subsequent to the COVID-19 pandemic. As a result of these events, our owned supply companies have positioned their supply chains optimally to minimize material impact from an aggressive tariff policy by expanding and diversifying their sourcing options and increasing their domestic choices. THOR is at an advantage in this regard by owning domestic supply companies that can satisfy a proportion of our component needs and will in turn benefit from an overall RV industry seeking to reduce its tariff exposure within the supply chain.

We do anticipate experiencing some cost increases for the limited number of components and distributed products that are imported from abroad, as well as on certain chassis that are imported. However, at current tariff rates, we expect that the combined efforts of suppliers, OEMs, and dealers will largely mitigate the impact of the current tariffs on ASPs. The mitigation strategies we have in place and the coordinated efforts of the RV value chain will allow us to remain committed to delivering high quality RVs at desirable price points while adapting to shifting economic conditions. Like others, we will be watching the legal process unfold and will continue to position the Company so as to minimize the impact of any future implemented tariffs.

Providing geographic and cyclical diversity has been a crucial component to the success of this acquisition. THOR is strategically postured to excel as an RV company and is not inclined to venture into other industries, even related recreational industries. There are many advantages to this strategy, but also the disadvantage that it limits a level of diversification for the Company. Through THOR’s acquisition of EHG, we were able to gain geographic diversification in the industry that we understand well. EHG’s European sales base provides THOR a separate and distinct market that provides us the opportunity to bolster our consolidated performance when the North American segments are experiencing a down cycle that the European segment is not. In the years following the COVID-19 pandemic, our North American segments experienced robust financial performance while our European segment managed through a chassis shortage that suppressed sales. As the North American market cooled in recent years, the European segment experienced substantial growth and record financial performances following the return of adequate chassis supply. This market diversification has been instrumental in THOR achieving its financial results. For fiscal year 2024, a challenging year for the North American market, THOR achieved consolidated income before income taxes for recreational vehicles of $527.1 million, of which our European segment accounted for approximately 44% of that result.

In addition to providing market and cyclical diversification, the EHG acquisition has enhanced product development in both our North American and European segments. We have been able to closely collaborate on best practices while speeding up product development. Most notably, EHG heavily influenced THOR’s development of class B product that brought THOR to its industry-leading position for that segment in North America. Additionally, novel product ideas in Europe have helped to stimulate our innovation strategy in North America.

While the EHG acquisition has provided many benefits to THOR overall, our management teams have also been able to meaningfully improve the profitability of EHG. At the time of acquisition, we believed that there was real potential for material improvement in EHG’s margin profile. Our management teams have worked extensively to improve the margin profile of our European segment through various initiatives and cost-cutting measures. After just over six years of THOR ownership, we have proven our initial beliefs regarding potential margin improvements to be correct. While fiscal year 2025 European segment gross profit margins have been impacted by elevated promotional activity, we have seen a vastly improved margin profile since acquisition. Fiscal year 2024 gross profit margin for our European segment was 17.3% compared to 12.2% for fiscal year 2020, our first full fiscal year of EHG ownership. The 17.3% achieved by our European segment in fiscal year 2024 compares favorably to the combined gross profit margin of our North American segments for fiscal year 2024 of 11.5%, and enhances THOR’s overall performance.

We believe the EHG acquisition has successfully provided THOR with a diversified market presence and periodic buffer against cyclical changes in the North American RV market. Additionally, we have experienced exciting growth in our product development through collaborative innovation and have enhanced our financial performance with a strong European margin profile. Resilient demand and a growing European consumer interest in the RV lifestyle only strengthens our positive outlook for our European segment and our retrospective of the EHG acquisition.

FINANCIAL UPDATE

Execution of previously discussed strategic initiatives focused on improving cost inputs, aligning production planning with retail conditions, and improving quality and operational efficiencies have all contributed to the enhanced margin performance. As a result of the implementation of these initiatives over the recent fiscal quarters, we saw tangible improvements in our efficiency and quality that manifested as reductions in our overhead and warranty cost percentages, respectively, during the third quarter of fiscal 2025, leading directly to the improvement in our North American Towable gross profit margin.

We believe there will be a certain level of ongoing macroeconomic volatility that will impact the remainder of our fiscal 2025 and the beginning of our fiscal 2026 as we navigate the developing situation regarding U.S. trade policy and how it will affect input costs and consumer confidence. However, through their dedication to our strategic initiatives and open and ongoing communication with our vendor and independent dealer partners, our management teams at THOR are well positioned to navigate through any headwinds that persist and to continue to drive improved performance through the eventual return of a stronger retail environment.

During the third quarter of fiscal 2025, net sales for our North American Motorized segment increased 3.1% compared to the prior-year period, driven by a 10.9% increase in unit shipments led by our Class B and Class C product lines, which saw year-over-year improvements in unit shipments of 20.4% and 13.1%, respectively. This increase in shipment volume was offset in part by a 7.8% decrease in the overall net price per unit, primarily resulting from of a shift in product mix within our Class A product line towards our more moderately-priced gas units and an increase in overall sales discounting compared to the prior-year period.

As we anticipated, our North American Motorized gross profit margin in the third quarter of our fiscal 2025 decreased to 10.5% from 11.1% in the third quarter of fiscal 2024. As we messaged over the prior fiscal quarter, we anticipated elevated promotional activity within our North American Motorized segment as we continue to work to address the affordability concerns of retail customers. Additionally, shifts in our overall North American Motorized product mix towards our relatively lower-priced Class B and Class C product lines as well as within our Class A product line towards our more moderately-priced gas units contributed to the slight margin decline.

Similar to market trends seen in North America, shifting retail customer preferences are putting pressure on overall sales volumes for the European segment. Consumer preferences remain focused on premium and entry-level products, while mainstream products have seen lower demand. This has led to increased promotional activity concentrated within certain models and product lines. Despite the increased promotional activity, management has done an excellent job controlling material and labor costs, with both material and labor as a percentage of sales remaining relatively flat for our European segment in the third quarter of fiscal 2025 compared to the prior-year period. Product mix shifts and enduring consumer demand has allowed for ASPs to remain strong and generate resilient gross profit margins despite the increased promotional activity. ASPs for the European segment in our third quarter of fiscal 2025 increased 8.0% compared to the prior-year period and have increased 10.8% year-to-date for fiscal 2025 compared to the year-to-date period for fiscal 2024.

While the results of the third quarter of fiscal 2025 for our European segment met expectations, bottom line performance was hindered by several nonrecurring items. These nonrecurring items included certain restructuring costs to right-size our cost footprint as well as the establishment of a non-trade receivable reserve. We believe the segment is properly aligning itself with an adjusted production mix and an advantageous product offering at our independent dealers and expect the segment to meet our expectations for the remainder of our fiscal 2025.

While the third quarter of fiscal 2025 provided an appealing opportunity to participate in share repurchases due to the suppressed securities market, we were unable to take this action due to certain trading restrictions. Management believes that THOR remains a value opportunity and with a cash and cash equivalents balance of $508.3 million as of April 30, 2025, we are well-positioned to take advantage of this opportunity going forward.

Although we are reaffirming our revised full-year financial guidance, we recognize that potential swings from uncertainties in the macro environment could be significant. Our belief that our fiscal year 2025 performance will still fall within our previously-announced guidance assumes no new material shifts within the macro or global trade environment.

As we near the end of our fiscal 2025, we will continue to prudently manage the Company to maximize our performance in the current uncertain environment as we position products in the market that address the affordability concerns of our independent dealers and retail customers. We will respond to continued macroeconomic volatility as we always have, with a focus on maximizing performance within the given environment. We anticipate that the strategic groundwork that we have and will continue to lay creates the necessary pathway to market share and earnings growth that will further materialize in the fiscal quarters ahead, particularly once consumer confidence returns to a stronger position.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

⁽¹⁾ Source: Statistical Surveys, Inc., CYTD March 31, 2025 and 2024.

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 March 31, 2025 and 2024.

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 March 31, 2025 and 2024. 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 Reconciliations

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

EBITDA Reconciliations

($ in thousands)

EBITDA and Adjusted EBITDA are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period, particularly in periods with unusual or one-time items. EBITDA is defined as net income before net interest expense, income tax provision and depreciation and amortization. Adjusted EBITDA is EBITDA adjusted for certain unusual items and other one-time items. The Company considers these non-GAAP measures 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 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, 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 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 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 our Quarterly Report on Form 10-Q for the quarter ended April 30, 2025 and 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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