May RV Tracker: North American Retail Revs likely down HSD % y/y, a third consecutive month of second-derivative improvement

Research evidence excerpt

May RV Tracker: North American Retail Revs likely down HSD % y/y, a third consecutive month of second-derivative improvement

Truist Securities

Equity Research Report July 8, 2026

CONSUMER: Recreational Vehicles

May RV Tracker: North American Retail

Revs likely down HSD % y/y, a third C. Patrick Scholes

212-319-3915 consecutive month of second-derivative

Patrick.Scholes@truist.com improvement

Gregory J. Miller Latest observations vs. company and/or consensus expectations generally

212-303-4198 AHEAD for THO and BEHIND for CWH and WGO. Overall North American industry

Gregory.J.Miller@truist.com Retail RV sales, after our assumed May revisions, were down high-single digits y/

y, this following April down 12.7% y/y, March down 15.4% y/y, and February down

Davis Holcombe 20.8% y/y. However, RV Wholesale Unit Shipment (production) declines continued

404-926-5091 to accelerate sequentially, -18.7% y/y in May, and YTD continue tracking below

Davis.Holcombe@truist.com the RVIA’s FY26 forecast. Foot traffic at CWH continued to sequentially soften,

with June down 15.3% y/y vs. -13.0% y/y in May and -8.3% y/y in April.

30 Page Document

Concurrent with this report and following earnings we are updating our THO and WGO

Reasons for this report estimates and price targets. Our THO price target goes to $80 from $109 and our WGO

price target goes to $35 from $43. See page 2 for a summary of changes.

✓ Sector Update

✓ Adjusting Estimates and Price Targets

• RV Retail Revenue in May for North America (source: Statistical Surveys):

likely down high-single digits % y/y. Our estimated range is based on the initial

-15.8% y/y result for units sold (consumer demand) and our assumption of a positive

revision of +3-4 percentage points to this initial result (similar to that of prior months’)