Exhibit 99.3

SECOND QUARTER FISCAL 2023

INVESTOR QUESTIONS & ANSWERS

March 7, 2023

Forward-Looking Statements

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

Executive Overview

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Current Market Conditions and Outlook Assumptions

The RV industry’s calendar 2022 and early calendar 2023 retail sales have been impacted by the current macroeconomic conditions faced by consumers, including higher inflation and interest rates. While near-term North American industry retail demand is anticipated to be lower than the record calendar 2021 level and the strong 2022 levels, we anticipate the recent softness in demand to be temporary as interest in the RV lifestyle continues to grow. To be clear, we acknowledge that the temporary nature of the softness is directly tied to strong headwinds faced by consumers from the current macro environment and expect that the softness will persist until those forces begin to ease up on the consumer. The Recreational Vehicle Industry Association’s (“RVIA”) recently updated their wholesale unit shipments forecast for calendar year 2023 to reflect the current shift in market demand trends. The RVIA forecast now estimates total North American wholesale shipments in calendar year 2023 to be between 324,300 and 344,000 units, down from the record unit shipments in calendar year 2021 of 600,240 and unit shipments in calendar 2022 of 493,268.

Similar to North America, there remains a high level of interest for the RV lifestyle in Europe despite the persistent chassis supply constraints that currently limit the level to which we can increase output of our motorized products to fully satisfy retail demand in the near term. According to the European Caravan Foundation (“ECF”), total retail registrations in Europe for calendar year 2022 decreased 16.1% compared to calendar 2021. Due to ongoing chassis constraints, independent RV dealer inventory levels of our European RV products are generally below pre-pandemic levels in the various countries we serve. Within Germany, which accounts for approximately 60% of our European product sales, independent dealer inventories remain below historical stocking levels.

Consolidated RV backlog was $6.1 billion as of January 31, 2023. North American RV backlog was $3.0 billion as of January 31, 2023, a decrease of 79.6% compared to $14.7 billion as of January 31, 2022. European RV backlog was $3.1 billion as of January 31, 2023, which is consistent with the backlog of $3.1 billion as of January 31, 2022.

The extent of the impact of current macroeconomic factors on our business - including inflation both specific to our industry (which has driven up average selling prices) and more generally to overall consumer spending, rising interest rates, and geopolitical events - remains uncertain and unpredictable. It is the impact of these forces on our consumers that required adjustment to our guidance at the mid-point of our fiscal year as that impact has been greater than we anticipated. While near-term demand will continue to be influenced by these factors, we remain optimistic about the long-term future growth of the RV industry and continue to believe that future retail demand will exceed historical, pre-pandemic levels.

The recent, significant slowdown in retail activity is proof that our consumer is being impacted by elevated prices, higher interest rates, and inflation that hits their pocketbooks every day. However, strong show attendance in the face of a decreasing appetite to purchase in the short-term exhibits the resilience of consumer interest in the RV lifestyle. So, while the short-term buying decisions are being materially impacted by the current macroeconomic conditions, our long-term optimism remains undeterred. Our positive long-term outlook is supported by favorable demographics, strong interest in the RV lifestyle and favorable perception of RVing as promoting a safe and healthy lifestyle. Numerous studies conducted by THOR, RVIA and others show that people of all generations love the freedom of the outdoors and that RVers are extremely satisfied with their RV experience. The growth in industry-wide RV sales in recent years has also resulted in exposing a much wider range of consumers to the lifestyle. We believe many of those who have been recently exposed to the industry for the first time will become future owners, and that those who became first-time owners due to the pandemic will become long-term RVers - resulting in future trade-in sales opportunities. In addition, we view the significant investments by independent dealers, campground owners and various governmental agencies into camping and RV facilities to be positive long-term factors, which should only further enhance the experience of current RVers and encourage new buyers to enter the lifestyle.

Q&A

MARKET UPDATE

We acknowledge there is a wide range of potential retail sales scenarios, but given the challenging and uncertain macroeconomic environment, we are lowering our expectations of North American retail registrations for calendar 2023. While we expect a low-double-digit decrease in North American retail registrations from calendar 2022 levels, we expect calendar 2023 registrations to outpace the RVIA’s forecasted 2023 shipment range of between 324,300 and 344,000 units. As a reminder, the majority of retail sales historically occur during the five-month period that stretches through the balance of our fiscal year (March – July). We will continue to closely monitor economic conditions and the potential impact on our production volumes.

While near-term demand will continue to be influenced by macroeconomic conditions, we believe that the recent greater-than-expected softening in demand will be temporary, and in the longer term, we remain strongly optimistic about both the industry’s and THOR’s future growth. Based upon recent THOR and industry studies, we continue to believe that future retail demand will exceed historical, pre-pandemic levels. This longer-term optimism is supported by data that indicates interest in the RV lifestyle continues to exceed pre-pandemic levels, RV utilization remains high, consumer satisfaction among RV owners is very strong, and repeat buyer intentions reaffirm the “stickiness” of the RV lifestyle. The strength of the consumers’ interest in the lifestyle has been demonstrated by strong show attendance across North America despite the macro pressure on consumers. Given these facts, we believe that retail demand should rebound once current macroeconomic risks subside. As we think about our stock, the short-term challenges created by the macro environment will create turbulence in reaching fair value, but for holders with a longer time horizon, the temporary depression of our performance creates opportunity. Nothing about the short-term turbulence casts any legitimate doubt on our long-term optimism.

OPERATIONS UPDATE

Looking ahead to the second half of fiscal 2023, unit shipments are expected to sequentially increase from the second quarter levels as we enter the spring selling season. However, we will continue to prudently manage our wholesale production levels with a high level of conservatism as we look to sustain production levels lower than demand levels during this period, in-line with historical dealer destocking trends during the latter part of the second half of our fiscal year. Our teams will also continue to work closely with our dealer partners in monitoring retail demand to ensure we can respond quickly to shifts in market demand and adjust our production plans in a disciplined manner.

Within our European segment, independent dealer inventory continues to be below optimal levels for motorized units. As chassis supply constraints are expected to improve over the course of our fiscal 2023, we expect to make progress in restocking dealer inventory levels of THOR products.

Absent any further negative macroeconomic developments, we continue to hold strong optimism for our long-term performance in Europe. Order backlog remains strong given the low independent dealer inventory levels and continued strong interest in the RV lifestyle. According to GSR Unternehmensberatung, a consulting firm, 31% of the adult population in Germany, our largest European market, is interested in caravanning. Additionally, approximately 19 million people consider themselves to be caravanning aficionados. Furthermore, a total of 90,985 motor caravans and caravans were registered in Germany in calendar 2022, according to statistics published by the Caravaning Industry Association e.V. While current year-to-date registrations are below calendar 2021 levels, they still exceed pre-COVID levels and support a secular growth trend.

FINANCIAL UPDATE

Looking ahead to the second half of fiscal 2023 and beyond, while we do not provide segment level guidance on future financial results, we do expect to see sequential gross margin improvement with seasonally higher production and sales levels, the benefit of an improved commodity cost environment having worked through much of the higher cost inventory, and a production reset focused on current dealer ordering patterns. We are mindful that a level of incentives and promotional activity higher than the recent past will be needed to support our dealers in a competitive pricing environment, but we do expect a return to more normalized gross margin levels over time.

In addition to operating in a historically cyclical and interest rate sensitive industry, THOR continues to navigate a challenging macroeconomic environment. As the world’s leading RV manufacturer, we remain focused on running the business in a disciplined manner that maximizes strong profitability across our business cycle. As a result, we lowered our full-year consolidated net sales target to reflect our production discipline and aim to optimize our business to expected demand conditions. As North American production volumes seasonally increase in the second half of fiscal 2023 from second quarter levels, we will target production levels lower than demand levels to ensure independent dealer inventory is appropriate for a potentially softer demand environment. In addition, our North American wholesale shipment forecast for the balance of our fiscal year is aligned with the RVIA’s February 2023 wholesale shipment forecast, which consists of pronounced year-over-year decreases for the months through July. In Europe, we do expect gradual improvement of wholesale shipments with increasing availability of chassis over the balance of fiscal 2023.

Given lower expected unit shipments in North America, we also revised our gross profit margin to a range of 13.4% to 14.2% to largely reflect the impact of operating leverage on reduced North America volumes and incremental incentives aimed at moving previous model year product, partially offset by the greater contribution of our European operations which continues to improve. Furthermore, we expect our consolidated gross profit margin to improve from the second quarter of fiscal 2023 as we right-size the business for current demand levels, realize input cost relief on input costs and commodities and execute on targeted commercial actions to optimize channel inventory with our dealer partners.

In addition, we continue to take steps to address incremental costs through a combination of product decontenting/recontenting, material sourcing strategies and the introduction of new, value-enhancing product offerings across the THOR family of operating companies. As a result of our efforts and contributions from our European and supply chain operations, we continue to expect to maintain a consolidated gross margin that exceeds previous down-cycle years.

Despite the challenging quarter from a retail perspective, our teams’ execution of our operating model positioned us to continue to improve our already strong balance sheet as subsequent to quarter end, we paid down $15.0 million on our US Term Loan and $15.0 million on our ABL. Our ability to improve our debt position even in a challenging environment is a testament to both our operating model and our teams’ ability to execute.

For the full-year, we expect to generate strong net cash flow from operations, primarily driven by continued positive operating results in addition to reduced net working capital levels from prior-year levels. With respect to net working capital, given recent supply chain volatility, we have been carrying elevated levels of inventory, including safety stock of certain components. As we reduce production levels to align with retail demand with a continued emphasis on build-to-order production, we will continue to reduce our net working capital levels, enabling us to further improve operating cash flow.

This strong cash generation will allow us to maintain a balanced capital allocation strategy focused on enhancing long-term shareholder value. We will continue to focus on reinvesting in our businesses, paying our dividend, reducing our debt obligations and repurchasing THOR stock on an opportunistic basis while making selective tuck-in acquisitions or strategic investments in innovation that we expect to enhance long-term shareholder value. Consistent with our historical approach, we expect to be disciplined, flexible and balanced in how we deploy capital to generate the greatest return for our shareholders.

Summary of Key Quarterly Segment Data – North American Towable RVs

Dollars are in thousands

(1) Source: Statistical Surveys, Inc. CYTD December 31, 2022 and 2021.

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 December 31, 2022 and 2021.

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) The overall net sales decrease of $76.8 million includes a decrease of $51.3 million, or 7.1% of the 10.6% decrease, due to the impact of the reduction in the foreign exchange rates since the prior year period.

(2) Sources: Caravaning Industry Association e.V. (“CIVD”) and European Caravan Federation (“ECF”), Calendar year to date December 31, 2022 and 2021. 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).

(3) The CIVD and ECF report motorcaravans and campervans together.

Note: Industry wholesale shipment data for the European RV market is not available.

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; 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 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 January 31, 2023 and 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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