Thor Industries (THO) 8-K Thor Announces Results for First Quarter of Fiscal 2019

Exhibit 99.2

   INVESTOR PRESENTATIONDECEMBER 6, 2018   

 Forward Looking Statements   This presentation 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, raw material and commodity price fluctuations; raw material, commodity or chassis supply restrictions; the impact of tariffs on material or other input costs; the level and magnitude of warranty claims incurred; legislative, regulatory and tax law and/or policy developments including their potential impact on our dealers and their retail customers or on our suppliers; the costs of compliance with governmental regulation; legal and compliance issues including those that may arise in conjunction with recently completed or announced transactions; lower consumer confidence and the level of discretionary consumer spending; interest rate fluctuations; the potential impact of interest rate fluctuations on the general economy and specifically on our dealers and consumers; restrictive lending practices; management changes; the success of new and existing products and services; consumer preferences; the ability to efficiently utilize production facilities; the pace of acquisitions and the successful closing, integration and financial impact thereof; the potential loss of existing customers of acquisitions; our ability to retain key management personnel of acquired companies; a shortage of necessary personnel for production; the loss or reduction of sales to key dealers; disruption of the delivery of units to dealers; increasing costs for freight and transportation; asset impairment charges; cost structure changes; competition; the impact of potential losses under repurchase agreements; the potential impact of the strength of the U.S. dollar on international demand; general economic, market and political conditions; and changes to investment and capital allocation strategies or other facets of our strategic plan. Additional risks and uncertainties surrounding the acquisition of Erwin Hymer Group SE (the "Erwin Hymer Group") include risks regarding the anticipated timing of the closing of the acquisition, the potential benefits of the proposed acquisition and the anticipated operating synergies, the satisfaction of the conditions to closing the acquisition in the anticipated timeframe or at all, the integration of the business, changes in Euro-U.S. dollar exchange rates that could impact the mark-to-market value of outstanding derivative instruments, the impact of exchange rate fluctuations and unknown or understated liabilities related to the acquisition and Erwin Hymer Group's business. 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, 2018 and Part II, Item 1A of our quarterly report on Form 10-Q for the period ended October 31, 2018. We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward looking statements contained in this presentation 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. 

 Overview & Current Industry Conditions 4First Quarter 2019 Update 11Appendix: Financial & Market Data 17        Table of Contents 

 Overview & Current Industry Conditions  

 Driving Operational Excellence   38-year record of profitability – 23.3% compounded annual five-year EPS growth (1) Balance of organic growth and accretive acquisitions Global leader in a growing industry – Recreational Vehicle (RV) shipments grew 17.2% in calendar 2017 to 504,599 units, representing a five-year CAGR of 12.0% (2) Experienced leadership – Current Thor management team has an average of almost 20 years in the RV industry, leading through various market conditionsDemonstrated commitment to returning cash to shareholders via dividends and stock buybacks while paying down debt – more than $1 billion returned to shareholders over Thor’s historyCurrent authorization for $250 million share repurchase   5-year CAGR: +11.1%   Based on Diluted EPS from continuing operations Source: RVIA, RV Shipments, YTD December 2017 The declaration of future dividends and the establishment of the per share amounts, record dates and payment dates for any such future dividends are subject to compliance with the credit facility and determination of the Board, and are dependent upon future earnings, cash flows and other factors.   5-year CAGR: +23.3%   5-year CAGR: +20.8%   (21.3)%   (89.3)%  

 Effectively Managing Through Inventory Correction  Flexing Production  Capitalizing on Variable Cost Structure  Continuing to Invest with a Long-term Focus  Benefiting from our variable cost structure, and our ability to reduce working capital with lower production and reduced overall costs in conjunction with revenuesMaintaining flexibility to react quickly to changing market conditions, consistent with long-term goals  Regularly evaluating all capital expenditures to maintain adequate capacity to meet long-term demandCompleting large production expansions at Airstream and Jayco in FY19, while carefully considering opportunities to delay some capital projects until overall demand improves Ensuring adequate production capacity for long-term growth to avoid significant volatility of demand similar to early FY18       Reviewing current demand level by product line including current dealer inventory levelsAligning production volume through reduction of daily production rates, shortening production schedules or taking extended holiday production shut downs depending on the situation Focusing on building to dealer order and limiting the number of open units producedReducing costs over time 

 Healthy RV Channel  Dealer Inventory Approaching Normalized Levels:Following inventory shortages in FY17, dealers ordered aggressively in early FY18 Although retail demand grew modestly, that growth was not sufficient to bring dealer inventory levels down Thor responded by reducing production levels to meet current demandAverage age of RV inventory on dealer lots remains healthyUsed inventory levels remain low, supporting trade-in values and demand for new RVs  Wholesale Financing Impacting Sales:Credit broadly availableNormal seasonal credit line utilizationLenders remain disciplined with curtailments, motivating dealers to focus on turning inventoryRetail Financing Provides Positive Catalyst:Credit broadly availableLenders remain disciplined on down payments and termsMinimal sub-prime exposure; loan delinquency rates among the lowest of consumer loans tracked by the American Bankers Association 

 Driving Global GrowthErwin Hymer Acquisition  Creates the #1 global RV manufacturer with a leading portfolio of brands, dealer network and global reachEstablishes a leading position in growing European RV market with a complementary and geographically diverse product portfolioSignificant mutual benefits derived from sharing design, R&D, technology, engineering and manufacturing excellence Aligned with Thor’s strategic plan to enhance shareholder value – transaction to be accretive to earnings in first year (1)  Before anticipated synergies, purchase accounting adjustments and transaction related expenses 

 Snapshot of Combined CompanyBased on 2018 Actual Results   Adds Scale  Balances Product Mix  Broadens Global Footprint      +  +  +  =  =  =  Revenue ($mm)  Revenue %  Revenue %  /  /  /  Note: Converted at USD/EUR FX rate of 1.16; Thor financials as of 7/31/18; EHG financials as of 8/31/18 

 Formed TH2 joint venture in 3Q18, with Thor investment to date of $50.4 million, to introduce new products and services focused on enhancing the enjoyment, safety, connectivity and convenience of RV ownership, while reinforcing loyalty to Thor brandsProviding innovation solutions to an ever-widening consumer base to capture interest and retain life-long customers Launched Togo app, including functions such as:RV service and maintenance records, checklists, registration data and remindersRoadtrippers (www.roadtrippers.com) — trip planning app to help RV owners see the worldMighway (www.mighway.com) — connects RV owners and renters in the U.S. and New ZealandTH2's platform targets numerous additional revenue streams, including subscriptions, advertisements and commissions through partnerships with trusted third-party service providers  Capitalizing on Opportunities to Drive Continued GrowthTH2: Enhancing the RV Experience   

 First Quarter 2019 Update  

 First Quarter Overview  Making Progress on Strategic Execution  Maintaining Optimistic Outlook  Helping dealers right size their inventory through increased promotional efforts to support dealersExecuting on our strategic planAcquisition of Erwin Hymer Group (EHG) to provide platform for long-term growth in EuropeAcquisition-related costs in the quarter total $57.1 million, or $1.02 per shareOn track to close near the end of the calendar year  Stable retail market is anticipated in fiscal 2019, setting a foundation for future wholesale demand. Consumer sentiment and spending remain strong Ongoing work to balance retail channel inventory during challenging wholesale conditions in the North American market for first half of calendar 2019 EHG transaction costs will impact diluted EPS in FY 2019 Acquisition of EHG and continuing to execute on Thor's strategic plan to align business model with long-term positive consumer and economic trends supportive of long-term global growth   

 First Quarter 2019 Key Financial Metrics  Sales reduced to more normalized levels for 1Q19, reflecting historical sequential decrease from fourth quarter — prior year exhibited highly unusual increase from fourth quarter Gross profit down due to elevated levels of promotions and discounts, elevated warranty costs, and increased material costs due in part to commodity inflation and impact of tariffs  First quarter diluted EPS of $0.26, including approximately $57.1 million in acquisition-related costs (including a non-cash, mark-to-market loss on a foreign currency forward contract of approximately $42.6 million) resulting in an unfavorable impact of $1.02 per share Continuing to balance production with current demand as dealer inventory levels approach more sustainable long-term levels 

 First Quarter 2019Towable Segment  Sales of travel trailers and fifth wheels decreased by 23.4% and 17.2%, respectively Market share down slightly through September 2018, with U.S. Towable share decreasing from 48.7% to 48.5%, and Canadian Towable share down from 55.4% to 53.2%*Backlog decrease due in part to continuing dealer inventory correction as well as increased capacity reducing lead times  * Source: Statistical Surveys, Inc. YTD September 30, 2018 vs. YTD September 30, 2017 Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment and is continuously updated, and is often impacted by delays in reporting by various states or provinces.  

 Sales of Class A and Class C decreased by 10.0% and 35.7%, respectively U.S. Class A and C market share through September 2018 increased from 41.7% to 43.2%*Canadian Class A and C market share increased from 41.3% to 44.8% through September 2018*Backlog decreased in part due to ongoing dealer inventory correction as well as shorter lead times  * Source: Statistical Surveys, Inc. YTD September 30, 2018 vs. YTD September 30, 2017 Note: Data reported by Stat Surveys is based on official state and provincial records. This information is subject to adjustment and is continuously updated, and is often impacted by delays in reporting by various states or provinces.  First Quarter 2019 Motorized Segment 

 First Quarter Key StatsAs of or for the Fiscal Quarters Ended October 31  Income Statement  Balance Sheet & Cash Flow   * Includes $57.1M in acquisition-related costs.  ** Includes $1.02 in unfavorable EPS impact from acquisition-related costs. 

 Appendix: Financial & Market Data  

   Thor Operating Entities                                          Joint Venture  Pending Acquisition*  * Acquisition of EHG expected to close near the end of the calendar year. 

             Thor's RV Product Range  Towable Segment  Motorized Segment    Note: Retail prices noted above are general ranges.  Class Afully enclosed, bus-style motorhome; retail price $80,000 - $700,000  Class Cliving area built on van or pickup chassis;retail price $80,000 - $250,000  Class Bvan motorhomes;retail price $150,000 - $250,000    Specialty Trailersincludes camping trailers, truck campers and horse trailers with living quarters;retail price $12,000 - $110,000  Travel Trailershitch to the bumper of the tow vehicle;retail price $12,000 - $150,000  Fifth Wheelshitch to a specially mounted hitch in the bed of a pickup truck;retail price $20,000 - $185,000         

 Consumer TrendsPotential RV Buyers  77 Million Households Camping Each Year  Consumers Interested in RVs  Target  KOA study shows that 77 million households are camping in 2017, an increase of 6 million from 2014 and they are camping more often.(1)One fourth of campers use an RV, but 44% of those camping in an RV do not own the RV they are using.(1) Campers who borrow or rent an RV are the next logical target for the industry. Refining those interested in experiencing the outdoors in an RV are the core target audience for Thor.  Source: KOA 2018 North American Camping ReportSource: RVIA, Winter RV Roadsigns, November 2018   THE OPPORTUNITY: With the RV market totaling approximately 500,000 units annually, even a small number of the millions of outdoor enthusiasts deciding to purchase an RV could have a significant impact on the total market.(2)  

 Industry retail demand has seen a resurgence in some higher-end Class A motorhomes and fifth wheels while entry level consumers continue to seek lighter-weight, more affordably-priced towables and gas Class A and Class C motorhomes Wholesale units typically outpace retail in the early part of the calendar year; historically, sales become more balanced as we reach the peak retail selling season. These trends were reversed in 2018, as dealers responded to inventory shortages the prior year with aggressive ordering and resulting inventory build. Now dealers are working to reduce overall inventory levels to return to more normal seasonal patterns  RV Industry Overview  Seasonal Shipment Patterns  RV Industry Demand    Calendar Year    YTD September      2016  2017  2017  2018  Industry Retail Registrations (1)  416,054 units  465,272 units  390,070 units  408,143 units    +10.8%  +11.8%  +12.8%  +4.6%  Industry Wholesale Shipments (2)  430,691 units  504,599 units  377,995 units  378,718 units    +15.1%  +17.2%  +16.6%  +0.2%  Consumer Confidence vs. RV Retail Registrations  Source: Statistical Surveys, Inc., U.S. and CanadaSource: Recreation Vehicle Industry AssociationSource: The Conference Board, Consumer Confidence Survey ®  

 RV Industry Overview  RV Wholesale Market Trends (Units 000's)  Towable RV Wholesale Market Trends (Units 000's)  YTD Shipments (Units)        Sept 2018  Sept 2017  Unit Change  % Change  378,718  377,995  723  +0.2%    5-year CAGR: 12.0%   YTD Shipments (Units)        Sept 2018  Sept 2017  Unit Change  % Change  333,253  330,662  2,591  +0.8%  5-year CAGR: 11.4%   Motorized RV Wholesale Market Trends (Units 000's)  YTD Shipments (Units)        Sept 2018  Sept 2017  Unit Change  % Change  45,465  47,333  (1,868)  (3.9)%  5-year CAGR: 17.3%   Historical Data: Recreation Vehicle Industry Association (RVIA) (e) Calendar years 2018 & 2019 represents most recent RVIA estimate as of Winter RV Roadsigns, published in November 2018      

 RV Industry Overview  Thor RV Retail Market Share Trend (1)  Dealer Inventory of Thor Products  RV Industry Retail Market Share (1)  Source: Statistical Surveys Inc., U.S. and Canada, calendar years 2014-17, 2018 YTD through September; Thor historical results adjusted to include results of Jayco, Livin' Lite, Bison Coach, K-Z Inc., Cruiser RV and DRV Luxury Suites for all periods presented. Note: Towable market share includes Travel Trailers, Fifth Wheels, Camping Trailers and Park Models.Forest River includes Palomino, Coachmen, Prime Time, Shasta and Dynamax  Inventory is approaching more appropriate levels given current retail demand trends, but will likely take a few more quarters to adjust At the end of 1Q FY19, levels were elevated compared to the prior year, however the year-over-year increases in dealer inventory levels have come down considerably from the prior quarter, from 26.3% at July 31, 2018, to 4.9% at October 31, 2018Dealers remain disciplined in ordering to ensure they have adequate supply for the spring show season and summer selling seasonCurrent age of dealer inventories of Thor products on dealers' lots remains low on a historical standard. Wholesale floorplan lenders remain comfortable with current inventory aging and turns  Dealer Inventory (Units)        Oct 31, 2018  Oct 31, 2017  Unit Change  % Change  131,500  125,400  6,100  4.9%    YTD 9/30/18        YTD 9/30/17        Y/E 12/31/17        Y/E 12/31/16          Total    Share %    Total    Share %    Total    Share %    Total    Share %    THOR  195,959    48.0  %  188,454    48.3  %  223,214    48.0  %  196,947    47.3  %  Forest River (2)  136,703    33.5  %  134,688    34.5  %  158,626    34.1  %  145,482    35.0  %  Grand Design  20,671    5.1  %  14,531    3.7  %  18,280    3.9  %  11,818    2.8  %  Winnebago  12,842    3.1  %  12,264    3.1  %  14,907    3.2  %  13,127    3.2  %  Gulfstream  4,735    1.2  %  4,678    1.2  %  5,585    1.2  %  5,148    1.2  %  REV Group  2,991    0.7  %  3,139    0.8  %  3,998    0.9  %  3,540    0.9  %  Subtotal  373,901    91.6  %  357,754    91.7  %  424,610    91.3  %  376,062    90.4  %  All Others  34,242    8.4  %  32,316    8.3  %  40,662    8.7  %  39,992    9.6  %  Grand Total  408,143    100.0  %  390,070    100.0  %  465,272    100.0  %  416,054    100.0  %