THOR INDUSTRIES CONTINUES GLOBAL RV INDUSTRY LEADERSHIP DETAILED IN ITS SIXTH ANNUAL SUSTAINABILITY REPORT

Rhea-AI Summary

THOR Industries, the world's largest RV manufacturer, has published its sixth annual sustainability report, highlighting its industry-leading sustainability efforts. The company has been approved by the Science Based Targets initiative for its greenhouse gas reduction targets. THOR has taken significant steps in its sustainability journey, including expanding its energy intensity goals, introducing all-electric concept camper vans, and partnering with non-profit organizations. The full report can be viewed on THOR's website.

Positive

• THOR Industries has been approved by the Science Based Targets initiative for its greenhouse gas reduction targets, aligning with the 1.5˚C mitigation pathways for reaching net-zero by 2050 or sooner.
• THOR has expanded its energy intensity goals to include Scope 3 Greenhouse Gas emissions, aiming to become carbon net-neutral by 2050.
• The company has introduced the Bürstner all-electric concept camper van in Europe and partnered with Harbinger to offer a proprietary electrified RV lineup.
• THOR has submitted its third annual Carbon & Climate questionnaire to provide more visibility and disclosure around its efforts to measure, manage, disclose, and reduce GHG emissions.
• The RV Industry Association and THOR have created the first-ever RV Industry Sustainability Committee to share best practices and serve as an educational resource.
• THOR has published its Inclusion Maturity Model, focusing on executive leadership, workplace diversity, connected culture, and employer branding.
• The company has supported and partnered with over 150 non-profit organizations, including the National Forest Foundation.

Negative

• None.

Company's Greenhouse Gas Reduction Targets approved by Science Based Targets initiative

ELKHART, Ind., Oct. 31, 2023 /PRNewswire/ -- For nearly 45 years, THOR Industries has utilized responsible and sustainable business practices to inspire and empower people 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 sixth annual sustainability report detailing the Company's industry-leading sustainability efforts for FY2023 across its global family of companies.

"Our sustainability journey is an integral and ongoing part of our culture, for which we are very proud," shared Bob Martin, THOR President and CEO. "We are proactively addressing environmental, social, and governance risk, and 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 building for the future through products, people and community involvement. 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.

THOR has taken significant steps in its sustainability journey to lead the way for the industry including attaining approval from the distinguished Science Based Targets initiative (SBTi) Validation Team confirming the THOR's Scope 1 and Scope 2 short-term targets and Scope 1, 2 and 3 long-term targets are aligned with the SBTi's 1.5˚C mitigation pathways for reaching net-zero by 2050 or sooner. 

FY2023 Sustainability Journey Highlights:

• THOR embarked on a comprehensive screening of its Scope 3 Greenhouse Gas (GHG) emissions and expanded its energy intensity goals to include Scope 3 in becoming carbon net-neutral by 2050.
• Provided disclosures in accordance with the Task Force on Climate-Related Financial Disclosures (TCFD), the Sustainability Accounting Standards Board (SASB) metrics and the Global Reporting Initiative (GRI) Standards.
• Advanced its emobility innovation leadership by introducing the Bürstner all-electric concept camper van in Europe, which can travel up to 197 miles per charge, in addition to announcing a partnership with Harbinger to offer a best-in-class, proprietary electrified RV lineup to include larger RVs, like Class A motorhomes.
• Reinforced the work of the CDP by submitting its third annual Carbon & Climate questionnaire to provide more visibility and disclosure around its efforts to measure, manage, disclose and reduce GHG emissions.
• Partnered with the RV Industry Association to create the first ever RV Industry Sustainability Committee to share best practices and serve as an educational resource, chaired by THOR's VP of ESG.
• Published its Inclusion Maturity Model which focuses on executive leadership and accountability, growing a diverse workplace, creating a connected culture and having an exceptional employer brand to attract and retain the best talent to be more innovative and responsive to its stakeholders.
• Supported and partnered with over 150 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.

"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," added Todd Woelfer, THOR SVP and Chief Operating Officer. "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."

THOR's FY2023 Sustainability Report was published in electronic format only and may be viewed on the Company's website at: www.thorindustries.com/sustainability-report.

ABOUT THOR INDUSTRIES
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 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 rate fluctuations and their potential impact on the general economy and, specifically, on our profitability and on our independent dealers and consumers; 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; 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, 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 Item 1A of our Annual Report on Form 10-K for the year ended July 31, 2023.

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.

View original content to download multimedia:https://www.prnewswire.com/news-releases/thor-industries-continues-global-rv-industry-leadership-detailed-in-its-sixth-annual-sustainability-report-301973284.html

SOURCE THOR Industries

FAQ

What is the Science Based Targets initiative?

The Science Based Targets initiative is a collaboration between CDP, the United Nations Global Compact, World Resources Institute, and the World Wide Fund for Nature. It helps companies set greenhouse gas reduction targets in line with the latest climate science.

What are Scope 1, 2, and 3 emissions?

Scope 1 emissions are direct emissions from owned or controlled sources, Scope 2 emissions are indirect emissions from the generation of purchased electricity, heat, or steam, and Scope 3 emissions are all other indirect emissions from activities of the company.

What is the Task Force on Climate-Related Financial Disclosures (TCFD)?

The Task Force on Climate-Related Financial Disclosures (TCFD) is a global initiative that develops recommendations for companies to disclose climate-related financial risks and opportunities in their financial filings.

What is the Sustainability Accounting Standards Board (SASB)?

The Sustainability Accounting Standards Board (SASB) is an independent standards-setting organization that develops and maintains sustainability accounting standards for companies to disclose financially material sustainability information to investors.

What is the Global Reporting Initiative (GRI) Standards?

The Global Reporting Initiative (GRI) Standards are a set of guidelines for companies to report on their economic, environmental, and social impacts, providing a framework for sustainability reporting.

What is the Inclusion Maturity Model published by THOR?

The Inclusion Maturity Model is a framework developed by THOR Industries, focusing on executive leadership, workplace diversity, connected culture, and employer branding to create an inclusive and diverse workplace.