Slides
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Investor Day
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Welcome and opening remarks Senior Vice President, Investor Relations
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Forward looking statements This presentation relates to the Company’s 2025 Investor Day at which the Company is discussing the Company’s strategy, finan cial targets and capital allocation priorities, its plans for growth in revenues, margin expansion and advancements in technology, and its investment thesis (its “2028 Targets”). The Company intends that all statements in this presentation concerning the 2028 Targets, including without limitation the Company’s financial targets for 2028; its plans to evolve its product portfolio; growth trends and drivers; it s strategic and capital allocation priorities; its plans, objectives and expectations; future financial and other results it seeks to attain; its competitive advantages; the new product introductions it contemplates and anticipated revenues from new products; financial pillars; takeaways and messages; its cost reduction plans; its capacity expansion plans; its expectations concerning free cash flow; its resilience; its investment strategy; its M&A strategy; and its views of market opportunities and benefits and other matters resulting from the 2028 Targets, are statements that the Company believes to be “forward -looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, when used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate, ” “believe,” “should,” “project,” “confident,” “executing,” “building,” “improving,” “advancing,” “expanding,” “trends,” “positioned,” or “plan” or the negative thereof or variations thereon or similar terminol ogy are generally intended to identify forward-looking statements. Similarly, references in the strategy circle that appears in this presentation to diversified growth, healthy margins and disciplined ca pital allocation are intended to be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, s ome of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European eco nomies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the impact of orders and costs on the U.S. Postal Service contract; risks that a trade war and related tariffs could reduce the demand for or competitiveness of the Company’s products or cause inefficiencies in the Company's supply chain; the Company’s ability to increase prices to raise margins or to offset higher input costs; the Company's ability to accurately predict future input costs assoc iated with Defense contracts; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to realize the anticipated benefits associated with the AeroTech acquisition; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may affect the Company, its suppliers or its customers; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government ; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms and the potential for shutdowns; the impact of any U.S. Departme nt of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices A ct; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security t hreats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, t o update information contained in this presentation to reflect subsequent events or circumstances. In particular: The statements in this presentation relate to the Company’s goals, targets and objectives re garding the 2028 Targets and potential results from the 2028 Targets. While many statements use language that might imply a level of certainty about the likelihood that the Company will attain these goals, targets and objectives, it is possible that the Company will not attain them in the timeframe noted or at all. By their nature, the risk and uncertainty associated with these goals, targets and objectives are greater than that associated with near-term guidance and should not be construed as guidance. Therefore, investors should construe these statements regarding the 2028 Targets only as goals, targets and objecti ves rather than promises of future performance or absolute statements.
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Table of contents 06 Company overview and strategy John Pfeifer, President and Chief Executive Officer 23 Technology overview Jay Iyengar, Executive Vice President and Chief Technology and Strategic Sourcing Officer 40 Segment update: Access Mahesh Narang, Executive Vice President and President, Access 54 Segment update: Transport John Pfeifer, President and Chief Executive Officer 69 Segment update: Vocational Michael Pack, Executive Vice President and President, Vocational 82 Appendix
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Our presenters President and Chief Executive Officer (Interim Transport President) Joined 2019 Executive Vice President and Chief Technology and Strategic Sourcing Officer Joined 2022 Executive Vice President and President, Access Joined 2023 Executive Vice President and President, Vocational Joined 2006 120+ years of diversified leadership experience
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Company overview and strategy President and Chief Executive Officer
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Key takeaways – 2028 targets
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One unified company setting the standard for innovation, safety and performance across essential industries Empowering everyday heroes with safe, intuitive and productive solutions Expanding into high- return adjacencies rooted in our strength: engineering innovative, purpose-built vehicles Advancing operational efficiency through a culture of continuous improvement and smart, high-impact technologies Evaluating capital deployment across the business through a disciplined lens – anchored in shareholder value Key takeaways – 2028 targets Foundational pillars
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We design, develop and manufacture purpose-built vehicles for everyday heroes. Billion in revenue (2024) One global business serving customers through three segments: Adjusted EPS* (2024) Team members globally Years of innovation Oshkosh at a glance * Non-GAAP results. See appendix for reconciliation to GAAP results.
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Our purpose: making a difference in people’s lives We put people first We persevere We do the right thing We are better together
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Capturing new opportunities across the portfolio • Streamlined segments and exited non-core businesses • Implemented programmatic M&A • Accelerated technology development Transforming into an industrial technology company • Increased focus on growth • Initiated our Innovate. Serve. Advance. strategy to expand capabilities • Shaped the portfolio through active, programmatic M&A Delivering advanced solutions for everyday heroes • Execute new growth strategies to capture emerging opportunities • Invest in capacity to capitalize on market opportunities • Leverage advanced technologies to extend market leadership Innovating purpose-built technology Technology driven – industrial focus 2022 - 2025 2025 and beyondPrior to 2022
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Everyday heroes rely on Oshkosh
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Technology designed to solve customer needs Focused on shaping the future Current state Disconnected systems and manual coordination delay gate and ground operations OSK enabled future state Integrated, intelligent ground support solutions streamline aircraft turns, promoting accuracy and efficiency Aging fleets and outdated systems create noise, emissions and operational challenges Purpose-built, route-based electric fleet vehicles deliver safety, comfort and connectivity Manual workflows and siloed systems slow productivity, impact downtime and pose safety risks Electrified, autonomous equipment offers safety, performance and operational control
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Policy-driven investment driving demand for large- scale construction Rising replacement demand as aging commercial vehicles near end of service life Increasing passenger and cargo demand fueling air traffic expansion Growing demand for intelligent, clean solutions driven by performance, cost benefits and sustainability Population growth and regional migration propelling municipal service expansion and modernization Oshkosh is well-positioned to capitalize on growth opportunities Supportive long-term trends
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Leading brands and strong customer relationships drive shareholder value Right to win • Powerful brands and product portfolio • Innovative, purpose-built solutions • Leading market positions • Relentless focus on quality and lifecycle support • Flexible, tech-enabled manufacturing • High-performing leadership team
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With deep and long-standing customer relationships, we make a difference in the lives of those who build, serve and protect communities around the world Supporting throughout the product lifecycle Scaling our reach Shaping tomorrow with leading technology Our strategy
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Innovate. Serve. Advance. Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise • Intelligent, Connected Products • Electrification • Autonomy and Active Safety • Digital Manufacturing • AI, Machine Learning and Advanced Analytics
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Innovate. Serve. Advance. Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership • Tools enhancing fleet intelligence – like ClearSky Smart Fleet and iOPS® technology • Deep customer relationships • Fleet uptime, productivity and safety enhancements • On-demand parts fulfillment • Continuous product advancement
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Innovate. Serve. Advance. Expand our leading portfolio to adjacent products, verticals and geographies • Category expansion • Lifecycle categories • Adjacent markets • Purpose-built vehicles and equipment • Technology
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Purpose-built portfolio One common purpose Making a difference in people’s lives 2024 revenue (billions) $5.2 $3.3 $2.2 $10.7 One compelling strategy Innovate. Serve. Advance. One collaborative platform Shared expertise and best practices One collective commitment Deliver strong shareholder returns
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Plans to deliver through- cycle margin expansion across segments Sizable backlogs and pricing provide clear revenue visibility Strong segments support balanced returns Expect significant free cash flow and disciplined capital allocation, anchored in shareholder value Compelling investment thesis
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Technology overview Executive Vice President and Chief Technology and Strategic Sourcing Officer
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Key messages Addressing customer pain points with a comprehensive end-to-end lifecycle approach that delivers targeted solutions Focused on electrification, autonomy and active safety and intelligent products, powered by AI Capabilities shared across products to leverage architectures, hardware and software to drive efficiency
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Competitive advantages World-class team, technology and partnerships driving innovation 1,900+ Engineering team members 400+ Advanced-tech engineers in areas of software, autonomy, AI, electrification and intelligent products ~1,300 Patents Startups Co-development, pilot programs and early tech adoption VC firms Access to emerging tech, funding insights, scouting technology and investment trends Universities Collaboration on research, student projects and talent pipeline Controls/software Modeling and simulation Mobility systems Data analyticsMechatronics Testing Electrification Autonomy and Active Safety Intelligent Products
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Rich intellectual property portfolio Impactful patents create product differentiation IEEE Spectrum Magazine external benchmarking – 2025 Patent Power ranking spectrum.ieee.org/patent-power-2025 IEEE: Institute of Electrical Electronics Engineers Growth Impact Originality Generality ~1,300 Active patents 570+ Electrification patents and applications 360+ Intelligent systems, autonomy, active safety patents and applications 150+ Mobility patents and applications
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Leading with a customer-centric innovation strategy Close collaboration with customer to validate total cost of ownership (TCO) benefits Total cost of ownership Fire Performance | Uptime | Availability | Flexibility Defense Mission ready | Mobility | Payload | Protection Construction Safety | Ease of operation | Versatility | Productivity Environmental Efficiency | Payload safety | Ergonomics Delivery Ergonomics | Operating cost capacity | Reliability Airport Operator retention | Damage mitigation | Efficiency
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Transforming end markets Developing products and technology to provide breakthrough solutions Airport of the future Job site of the futureNeighborhood of the future
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Shared scalable technology stacks Technology stacks enable product differentiation and competitive advantage Our scalable technology stacks are enhanced with machine-learning and AI Functional safety Cybersecurity Visualization/insights AI/ML platform and applications Secure cloud Data integration/engineering Edge computing Software defined vehicle Data integration Fleet coordination Autonomy software ADAS software Actuation Perception Sensors Lifecycle Charging Vehicle software E-powertrain/e-actuators Battery Propulsion architecture
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Electrification technology Over two decades of expertise in electrification enable customer-centric solutions Proprietary powertrain architectures and technologies shared across EV product lines drive growth and accelerates launches Disciplined make vs. buy strategy focused on business and customer value Compelling TCO model driving design decisions and product viability Low Voltage Battery – up to 1995 Hybrids – up to 2010 High-Voltage Li-Ion Battery – 2025
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Case study: electric refuse collection vehicle • Ground-up, fully-integrated vehicle designed to optimize performance and efficiency • Ergonomics and visibility transform the operator experience to support retention and recruitment • Modern ADAS suite aids productivity • Optimized body function electrification to promote operational efficiency • Full-day battery operation and backed by 90+ patents and applications Enabling technology Purpose-designed actuation system • Moments of autonomy • Cart recognition • Auto dump • Electric actuation • Position control • Mass estimation Benefits • Exceptional speed, efficiency and controllability • Helps manage noise and vibration • ~45 mins/day saved on-route** McNeilus® Volterra ZSL McNeilus® Electrified Zero-Radius Arm *Compared to McNeilus hydraulic arm during internal testing, estimated based on 1,000 – 1,500 home route. Actual results may vary based on specific route characteristics. 39.9 7.2 Legacy eZR kWh per day 82% reduction* Republic Services has made an industry-leading commitment to fleet electrification, and we look forward to continuing our longstanding partnership with Oshkosh and McNeilus…” - Brett Rogers, Republic Services Vice President, Operations Technology “ Energy savings ** Time savings estimated based on 1,000 - 1,500 home route and 1-2 second savings per pickup. Actual per home pickup time varies based on length the arm needs to deploy, number of homes serviced and other unique route characteristics.
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Autonomy and active safety technology Autonomy and active safety technology provide customer solutions across segments ADAS and moments of autonomy help manage complex operations, promoting safety and productivity Purpose-designed, cost effective implementation of ADAS for all products Shared software stack for perception and motion planning DARPA – up to 2010 DoD ADAS and by-wire – up to 2015 ADAS and moments of autonomy – 2025
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Case study: JetDock® autonomous boarding bridge Moments of autonomy provide significant value across our product lines simplifying complex tasks Autonomous Cargo Handler CartSeeker Hail-able Autonomous Refuse Robot (HARR-E ) CAMS Radar System Trackless Moving Target (TMT) End-effectors • Helps manage human caused aircraft damage • Aids training of skilled operators • Pre-position based on VDS flight data • Autonomous or remote docking • Cameras with AI monitor operations • Bridge becomes automation hub
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Intelligent products Building a suite of analytics solutions that provide actionable insights Factory equipped scalable telematic control unit (TCU) hardware for cost- effective implementation 120k+ assets connected to a common cloud platform for efficient data and hosting Customized portals, advanced analytics and over-the-air updates Initial product launch – up to 2010 Oshkosh cloud rollout – up to 2015 AI/ML implementation – 2025
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Case study: ClearSky Smart Fleet Mechanical functions enabled via software Data connectivity Over-the-air-enabled software updates New functions via software updates New feature via software updates Full customization third-party party apps hostingInnovation platform Connected Software platform Updatable Upgradeable Software enabled0 1 2 3 4 5 • Machine software over-the-air • Embedded access control • Site network infrastructure • Advanced service and maintenance UI • Connected crews, machines and job sites • Next-generation data feeds • Elevation based localization • Vehicle-to-vehicle connectivity Proprietary multi-domain edge controller (MDEC) Real-time edge processing and live video streaming Supports subscription- based features Consolidates four controllers into one
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AI applications driving premium customer value Expanding application of AI tools in product design and software development identifying cart condition and allowing smart refuse pick up using cameras and object classification for clean and sustainable recycling pickup providing optimized route planning, road conditions and vehicle alerts AI: I am listening. You: Check engine light is on. AI: … to expedite and simplify troubleshooting and repair
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ROGUE- Fires Strategic technology launch roadmap 2024 2025 2026 2027 2028 Electrified Zero-Radius Arm JLG® E313 TMH Oshkosh AeroTech JetDock® Next Generation Delivery Vehicle Pierce® Volterra Fire Truck JLG® EC600AJ Boom Lift Autonomous Cargo Handler Software Defined Vehicle (Level 3-4) AI Driver Assist AI: I am listening. You: Check engine light is on. AI: … McNeilus® Volterra ZSL McNeilus® Volterra ZFL CartSeeker Cart Detection Autonomous Charging Autonomous Refuse
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Innovation powers long-term growth Driving growth with new product innovation (1) Revenue from new products for five years from launch date as a % of total sales. (2) Includes research and development, sustaining engineering and engineering on the NGDV program. NGDV Pierce® Volterra Firetruck Oshkosh AeroTech Autonomous Cargo Handler JLG® 519 Telehandler Oshkosh AeroTech Glass Jet Bridge Oshkosh® Defense By-Wire PLS A2 McNeilus® Volterra Electric Refuse and Recycling Vehicle Striker® Volterra ARFF Total plan 2022-2028: Expected revenue from new products 2022-2028: investment(2) Vitality index(1) 2,000 bps 2022 13% 2028 33%
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Key takeaways Addressing customer pain points with a comprehensive end-to-end lifecycle approach that delivers targeted solutions Focused on electrification, autonomy and active safety and intelligent products, powered by AI Capabilities shared across products to leverage architectures, hardware and software to drive efficiency
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Segment update: Access Executive Vice President and President, Access
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Key messages in our core markets with product innovation margins through cost reduction and efficiency resiliency through construction cycle with growth in adjacencies and lifecycle
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Capitalizing on trends by configuring products from broad existing portfolio and automating jobs for the job site of the future ElectrificationRegional tailoring Strong brands, broad product range and favorable trends will drive growth Market snapshot Connected data and automation Safety and productivity Regionalization Automation at job site ~99 models ~36 models ~23 models ~16 models Aerial work platforms Telehandlers Dumpers / specialty equipment Towing and recovery Addressable market North America ~$9B Europe ~$9B China ~$4B Rest of World ~$1B Addressable market
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Innovation, product range, aftermarket support and global footprint position JLG® as an industry leader Competitive advantages • Globally recognized brand with reputation for quality and service • Consistently recognized across multiple categories for highest retained value, with strong NPS scores • Broad portfolio of products and services allows JLG® to be on the job site from inception to post-completion • >97% next day parts delivery in major markets • Global product platforms with specific features tailored for each region • ClearSky Smart Fleet helps customers move from connected sites to solving problems autonomously • Industry leading scale with global footprint enables local purchasing and sourcing • Highly efficient production with shorter lead-times from local manufacturing 2024 Overall NPS Score* * NPS score of +70 denotes world class. Source: internal survey.
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Executing on our strategy to deliver meaningful growth Strategic priorities • Tomorrow’s technology today • ClearSky Smart Fleet redefines job sites from enabling jobs to executing jobs • Connected ecosystems solve customer problems • Expand master parts distribution network • Participate in remanufactured and used equipment globally • Grow autonomy functions and software services • Leverage digital tools for rapid service • Targeting significant incremental revenue outside North America rental channel • Accelerate cost reduction and increase efficiency to improve margins
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Software defined architecture, with advanced sensing delivers precise positioning transforming our equipment to a robotic system — available in EV, hybrid and diesel Tomorrow's technology today – providing solutions to customers Product lifecycle focus Delivers zero emissions, silent operation and leak- free performance — ideal for premium, sensitive environments like hospitals, data centers and other commercial indoor environments Machines connect and communicate via patented Bluetooth mesh, creating a wireless job site network that delivers real-time data, actionable insights and efficient fleet management Obstacle detection with advanced sensing and vision technology protects operators and equipment in sensitive environments like aerospace, aviation and precision job sites Delivering moments of autonomy through intelligent end-effectors and a connected job site — unlocking scalable efficiency, safety and differentiated value as we move from features to solutions to outcomes
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Connect the job site with ClearSky Smart Fleet Redefines the job site from enabling jobs to executing jobs Creates a connected ecosystem of machines, people, materials and tools that solve customer problems on the job site
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Putting the customer at the center of our go-to-market strategy Service across the product lifecycle • Add master PDCs in Asia and Europe • Control lead times with local sourcing to aid sales and margins • Increase participation in remanufactured and used equipment globally to aid resale value and high margins for Access • Continue to enhance ClearSky® network features and release globally • Increase autonomy functions to solve job site problems • Expand ClearSky® network capabilities to enhance digital tools for convenient and rapid service support Recognized by customers as the leading brand for customer service 2024 Overall NPS Score* * NPS score of +70 denotes world class. Source: internal survey.
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Targeting significant incremental revenue outside North America rental channel Building resiliency through diversified adjacencies • Advance our Serve strategy and grow lifecycle revenue • Grow SaaS by leveraging ClearSky® technology • Grow in Ag market and use Ag platform to grow global telehandlers • Leverage JLG® network to grow acquired brands and products in global markets - Brad P., fifth-generation dairy farm operator Since we have this, I don't know how we'd do without one." “
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Driving improved double-digit margins through the cycle Accelerate cost reduction and increase efficiency • Manufacturing goods in country to reduce transportation costs and lead times • Diversified footprint provides flexibility to adjust to tariffs, other macroeconomic or geopolitical threats • Volume growth through share gains leverage existing factories • Increasing efficiencies through automation • Reducing material cost through focused initiatives • Designing fit-for-market products to meet customer needs
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Improving across economic cycles Improving through-cycle performance Average financial performance • Global growth with favorable trends • Capitalizing on scale to drive procurement savings and regional configurations • Growing into strong resilient businesses reduces cyclicality FY10-FY16 Sales $ in billions Adj. OI margin* FY17-FY20 FY21-2024 2028 (target) * Non-GAAP results. See appendix for reconciliation to GAAP results. ** Calculated based on midpoint of 2028 target range. $3.0 $3.3 $4.2 ~$5.3-5.8 +12% +27% +30%** 11.1% 11.5% 12.3% ~14-16% +390bps**
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Sales Adj. Operating Margin* +$0.9-1.4B ~$4.4B 2025 Jan. 30 guidance 2028 Access targets +100-300 bps ~13% 2025 Jan. 30 guidance * Non-GAAP estimates. See appendix for reconciliation to GAAP results.
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Key takeaways in our core markets with product innovation margins through cost reduction and efficiency resiliency through construction cycle with growth in adjacencies and lifecycle
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Segment update: Transport President and Chief Executive Officer
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Key messages margins in core Tactical Wheeled Vehicle (TWV) business position in modernization adjacencies delivery vehicle programs
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Delivering improved operating margins Defense business positioned for improved profitability • Focused on profitability of TWV business through operational efficiencies and sole source contracts • New sole source contracts contain Economic Price Adjustment (EPA) protections to manage risk of inflation and cost escalation • Driving aftermarket growth through expanded parts sales and technology upgrades across legacy fleets • Investing in targeted upgrades to grow capabilities • Expanding autonomous platform offerings • Incorporating launch electrification kits to provide mission power • Developing payload integration capabilities • Pursuing new markets where DoD is prioritizing investments • Developing higher margin international opportunities
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Differentiation through cutting-edge technology and innovation Competitive advantages • Hundreds of patents and applications for tactical wheeled vehicles and related technologies • 70+ patents and applications directed to mobility technologies • Built and equipped to meet high performance and quality standards • Operational excellence drives quality Note Dutch Image • Legacy of boundary-pushing innovation • Building on deep expertise with latest AI and automation technology
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Proven provider of purpose-built vehicles leveraging long-standing innovation expertise to deliver solutions to critical fleets Electrification Autonomy and active safety Survivability Expanding portfolio of transport solutions to address customer needs Market snapshot Market Key products Key market dynamics Light, Medium, Heavy TWV and other global solutions • Requirements to sustain forces and equipment to meet modern conflict environments • Ongoing international conflicts and increasing NATO requirements • U.S. DoD prioritizing a continuous transformation process resulting in innovation and lifecycle opportunities NGDV and delivery offerings • USPS operates largest delivery fleet in N.A. • Parcel delivery volumes expected to continue growth trajectory • Parcel shipment growth driving a shift toward mail-to-parcel ratio parity • USPS can effectively compete in parcel delivery with the new purpose-built NGDV Rising global conflicts E-commerce growth Aging and underequipped fleet Modernizing battlefield
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Leveraging essential equipment and technology advantages to align with customer modernization Strategic priorities • Targeted investments in technology upgrades • Delivering advanced last-mile delivery vehicle specifically designed with integrated automotive safety features and technology • Grow global sales of proprietary and non-proprietary parts • Develop technology kits for production upgrades and retrofit sales • Capture NGDV lifecycle sales • Work with legacy and new defense disruptor firms to accelerate fielding of U.S. DoD modernization priorities • Continue expansion of custom international TWV sales • Advocate for NGDV mission expansion across the USPS fleet
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Delivering customer-centric innovation to address operator demands Investments focused on modernizing legacy fleets • Modifying legacy vehicles to integrate new payloads in support of customers’ evolving mission requirements • Autonomous platforms: expand launcher platform offerings (e.g., ROGUE-Fires) • Integrating modern automotive safety features and technology into the exceptional last-mile delivery vehicle • Delivering purpose-built vehicles specifically designed around the needs of delivery workers and logistics companies Electrification technology • Zero emissions • Advanced E-axle powertrain • Integrated inverter/motor/gearbox • 2WD and 4WD variants Indirect visibility • 360-degree camera Increased direct visibility • Large windows Front protection • Pedestrian camera • Driver airbag • Forward looking radar • Ultrasonic sensors Ergonomic cockpit • Accommodates 5th-95th percentile; seating and controls interface Rear protection • Rear corner radar • Ultrasonic sensors Autonomy and active safety Electrification Survivability
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Investing in technology upgrades and capabilities for aftermarket sales Full-service partner across multiple platforms • Increased volume of DoD parts sales through use of analytics and process optimization • Investing in technology upgrades for increased kit sales across legacy fleet • Aftermarket sales for Delivery are positioned to grow with fleet deliveries Aftermarket products and services
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Rich history of innovation supporting platform evolution Evolving Oshkosh Defense portfolio Oshkosh® Defense select programs International opportunity • Developing custom solutions to align with modern conflict environments • Conflicts across the globe * Prototype contract. CORE SPECIALTY APPLICATIONS HIMARS ROGUE-FIRESFMTV LVAD EHETS MET CTT* HGWS* DEEPSTRIKE* HET FMTV A2 FHTV JLTV PLS A2 MAP FMTV 8 TONNE HARPOON EITAN MCWS EHET
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A new delivery solution purpose-built for the demands of the job Winning advantages of the NGDV Optimized for package delivery: • Shipping and package delivery services are revenue drivers and prioritized by the USPS • Large cargo capacity to efficiently handle package delivery Purpose-built, meets all USPS specifications: • Right-hand drive optimized for mail delivery • Ergonomic design for carrier comfort and safety • Modern vehicle driver assistance and safety systems • One vehicle platform for both ICE and EV drivetrains • 20-year service life Purpose-built Next Generation Delivery Vehicles provide advantages that not all "off-the-shelf" commercial vehicles offer.
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Parcel volume(1) Billion parcel USPS contract filling a long overdue need with upside opportunity USPS delivery market opportunity LLV USPS fleet with youngest ~31 years old 15 23 28 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 ~6% CAGR Parcel Volume Parcel volume forecast NGDV to drive most dramatic modernization of the USPS fleet in three decades NGDVs on contract NGDVs contract opportunity Lifecycle opportunity Next Generation Delivery Vehicle (NGDV) Legacy Mail Delivery Vehicle (LLV) (1) Source: Pitney Bowes
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NGDV program update • Production ramp up on-going in Spartanburg, South Carolina • Full rate production by the end of 2025. Spartanburg, South Carolina manufacturing facility NGDV assembly
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Sales Operating Margin +$0.8-0.9B ~$2.3B 2025 Jan. 30 guidance 2028 Transport targets +600 bps ~4% 2025 Jan. 30 guidance
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Key takeaways margins in core Tactical Wheeled Vehicle (TWV) business position in modernization adjacencies delivery vehicle programs
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Segment update: Vocational Executive Vice President and President, Vocational
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premium brands, innovation and purpose-built equipment and services to generate strong growth and returns critical products and services to customers in resilient, growing markets in production capacity to unlock significant volume growth and pricing benefit in backlog Key messages
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Number 1 or 2 positions in attractive end markets, positioned to benefit from overlapping technology trends and industry drivers Electrification Autonomy and active safety Connected solutions Serving broad ~$19B addressable market with leading technology Market snapshot Market Key products Market outlook ~$8B Addressable market Fire Apparatus Refuse and Recycling Collection Vehicles Low to mid-single digit growth ~$9B Addressable market Ground Support Equipment and Passenger Boarding Bridges Aircraft Rescue and Fire Fighting Trucks Mid to high-single digit growth ~$2B Addressable market Front Discharge Concrete Mixers Service Bodies and Telescopic Cranes Low-single digit growth Robust backlogs Municipal funding and infrastructure spending Global air travel/ cargo growth Aging fleet replacement Addressable market notes: represent company estimates. All addressable market figures reflect whole goods only. Municipal reflects North America fire apparatus and RCVs; Airport reflects global airport GSE/gate equipment (excludes airport services) and global ARFF; infrastructure reflects North America front discharge concrete mixers and service bodies/telescopic cranes. Market growth outlook reflects directional internal estimates through 2028.
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Capitalizing on leading technology, dealer network and total cost of ownership benefits to drive strong growth Competitive advantages • 950+ patents and applications protect internally developed technology • History of innovative products driving safety and productivity for customers • Comprehensive dealer network with an extensive service footprint • Robust parts distribution and service capabilities • Premium products that provide TCO benefits and improve fleet connectivity • Deliver product reliability and uptime for customers Striker® Volterra Electric ARFF Pierce® Manufacturing dealer, Atlantic Emergency Solutions, Inc. Premium products and services
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Leveraging our leading market positions and products to drive domestic and international growth Strategic priorities • Developing and deploying advanced technology to deepen competitive advantages across end markets • Electric, autonomous and AI-driven technologies promote safety, productivity and reliability across products • Expanding dealer and service networks to conveniently serve customers quickly, where they are • Connected device technology enables fleet managers to effectively monitor vehicles, uptime and provide insights • Comprehensive airport equipment service, maintenance and baggage handling system support • Expanding international presence to capture a greater share of fast-growing global airport market • Building critical capacity to meet market demand
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Oshkosh AeroTech Autonomous Cargo Handler Purpose-built technology solutions • Low total cost of ownership • Aids safety and productivity • Data insights via proprietary connected solutions • Exceptional reliability and uptime • Helps control labor constraints and training requirements • Supports sustainability in the communities we serve McNeilus® Volterra ZSL and Pierce® Volterra Electric Vehicles Electrification Autonomy and Active Safety Intelligent, Connected Products Delivering innovative customer solutions that drive vocational industries forward Oshkosh AeroTech JetDock® Automated Bridge Docking
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• Pierce® dealer service locations increased by ~30% over the last 5 years to over 125 locations • McNeilus® expanded sales and service coverage by establishing a network of 10 dealers in the U.S. and Canada with ~50 locations and growing • Comprehensive equipment service, maintenance and baggage handling system support • Secured several multi-year contract wins with additional upcoming bid opportunities • Expanding ClearSky and iOPS® connected solutions to drive lifecycle growth • Providing real-time performance information and insights; promotes operational efficiency and uptime Serving and supporting customers throughout the product lifecycle Product lifecycle focus
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Expanding into new markets and geographies to capture sizable growth opportunities Global growth • Leveraging our advanced technology and capabilities in North America to expand our global position for airport products • Europe, Middle East and Asia markets present strong growth opportunities Global Flight Passengers Global Flight Passengers Forecast 0 1 2 3 4 5 6 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Electric ARFF provides competitive advantages for global markets with exceptional performance while controlling emissions Growing global market position for airport ground support equipment and boarding bridges (1) Source: IATA Billion passengers adjusted Global air passenger journeys(1)
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Accelerating Digital Manufacturing and Industry 4.0 Initiatives Pictured: high flow final assembly line Prudently expanding capacity to capture significant growth opportunities across end markets Demand-driven capacity expansion opportunity • Delivering operational efficiencies to offer improved throughput in our current footprint, while making prudent investments to enable us to execute on our robust backlog and capitalize on market dynamics • Expanding production capacity is a key contributor to 20-30% segment revenue growth from 2025 to 2028 9 $3.5 $5.5 $6.3 2022 2023(1) 2024 $ in billions Vocational backlog at Dec. 31 Investing in Automation and Advanced Equipment Pictured: robotic painting Leveraging Design for Manufacturing Opportunities Pictured: CAD pumphouse Record high Strong market dynamics Healthy municipal funding and infrastructure spend Strong global air travel/ cargo growth Aging fleet replacement (1) Includes $0.8 billion acquired in Oshkosh AeroTech acquisition.
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Sales Adj. Operating Margin* +$0.8-1.2B ~$3.8B 2025 Jan. 30 guidance 2028 Vocational targets +100-300 bps ~15% 2025 Jan. 30 guidance * Non-GAAP estimates. See appendix for reconciliation to GAAP results.
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Key takeaways premium brands, innovation and purpose-built equipment and services to generate strong growth and returns critical products and services to customers in resilient, growing markets in production capacity to unlock significant volume growth and pricing benefit in backlog
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Commonly used acronyms and GAAP to non-GAAP reconciliations
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Commonly used acronyms ADAS Advanced driver-assistance system Ag Agriculture AI Artificial Intelligence AMPS Aftermarket Parts & Service APAC Asia Pacific ARFF Aircraft Rescue and Firefighting ASC Accounting Standards Codification AWP Aerial Work Platform BEV Battery Electric Vehicle BPS Basis Points CapEx Capital Expenditures CCA Cumulative Catch-up Adjustments CES Consumer Electronics Show CNG Compressed Natural Gas DARPA Defense Advanced Research Projects Agency DJSI Dow Jones Sustainability Indices DoD Department of Defense DXPV Dutch Expeditionary Patrol Vehicle EBITA Earnings Before Interest, Taxes, and Amortization EBITDA Earnings Before Interest, Taxes, Depreciation, and Amortization E-commerce Electronic Commerce ECU Telematic Control Unit E-HETS Enhanced Heavy Equipment Transporter System EMD Engineering & Manufacturing Development EMEA Europe, Middle East & Africa EPA Economic Price Adjustment EPS Diluted Earnings Per Share eRCV Electric Refuse and Recycling Collection Vehicle ESG Environmental, Social, and Governance EV Electric Vehicle or Enterprise Value EZRA Electrified Zero-Radius Arm FCF Free Cash Flow FDIC Fire Department Instructors Conference FHTV Family of Heavy Tactical Vehicles FMS Foreign Military Sales FMTV Family of Medium Tactical Vehicles FRP Full Rate Production GAAP U.S. Generally Accepted Accounting Principles GAO Government Accountability Office GDP Gross Domestic Product HARR-E Hail-able Autonomous Refuse Robot HEMTT Heavy Expanded Mobility Tactical Truck HET Heavy Equipment Transporter I.S.A. Innovate. Serve. Advance. Strategy IATA International Air Transport Association ICE Internal Combustion Engine IEEE Institute of Electrical and Electronics Engineers IOPS Oshkosh AeroTech TM Intelligent Operations Performance Systems IP Intellectual Property IRC Independent Rental Company JLTV Joint Light Tactical Vehicle Li-Ion Lithium Ion LLV Grumman Long Life Vehicle LRIP Low Rate Initial Production LVAD Low Velocity Airdrop LVSR Logistic Vehicle System Replacement M&A Mergers & Acquisitions M-ATV MRAP All-Terrain Vehicle MCWS Medium Caliber Weapons System MDEC Multi-domain Edge Controller NGDV Next Generation Delivery Vehicle NPD New Product Development NPS Net Promoter Score NRC National Rental Company OH Overhead OI Operating Income PLS Palletized Load System PPI Producer Price Index R&D Research & Development RCV Refuse and Recycling Collection Vehicle RFP Request for Proposal ROGUE Fires Remotely Operated Ground Unit for Expeditionary Fires ROIC Return on Invested Capital ROW Rest of World SAAS Software as a Service S-Series Oshkosh S-Series Front Discharge Mixer SV&E Specialty Vehicle & Equipment TACOM Tank-automotive and Armaments Command TAM Total Addressable Market TCO Total Cost of Ownership TDP Technical Data Package TWV Tactical Wheeled Vehicle UI User Interface UK United Kingdom USMC United States Marine Corps USPS United States Postal Service VC Venture Capital VDS Visual Display System ZFL Zero Radius Front Loader ZSL Zero Radius Side Loader
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2025 January Estimate and 2028 Target Low High Access 2025 2028 2028 Operating income (GAAP) 12.5% 13.8% 15.8% Amortization of purchased intangibles 0.5% 0.2% 0.2% Adjusted operating income (Non-GAAP) 13.0% 14.0% 16.0% Low High Vocational 2025 2028 2028 Operating income (GAAP) 14.0% 15.2% 17.3% Amortization of purchased intangibles 1.0% 0.8% 0.7% Adjusted operating income (Non-GAAP) 15.0% 16.0% 18.0% Seven years ended September 30, 2016 Access segment operating income (GAAP) 1,942.9$ 9.2% Amortization of purchased intangibles 343.3 1.6% Restructuring-related costs 5.1 0.0% Intangible asset impairments 40.2 0.2% Access segment adjusted operating income (non-GAAP) 2,331.5$ 11.1% Four years ended September 30, 2020 Access segment operating income (GAAP) 1,347.9$ 10.1% Amortization of purchased intangibles 111.5 0.8% Restructuring-related costs 87.9 0.6% Access segment adjusted operating income (non-GAAP) 1,547.3$ 11.5% Fifty-one months ended December 31, 2024 Access segment operating income (GAAP) 2,173.8$ 12.1% Amortization of purchased intangibles 22.0 0.1% Restructuring-related costs 11.5 0.1% Foreign entity liquidation 4.6 0.0% Amortization of inventory step-up 4.2 0.0% Access segment adjusted operating income (non-GAAP) 2,216.1$ 12.3% Appendix: GAAP to Non-GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions):
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Twelve months ended December 31, Consolidated 2022 2023 2024 Earnings per share-diluted (GAAP) 2.63$ 9.08$ 10.35$ Amortization of purchased intangibles 0.17 0.63 0.99 Intangible asset impairments 0.12 - 0.78 Foreign entity liquidation 0.07 - - Pension settlement 0.51 - - Pension advisor settlement - (0.07) - Restructuring-related costs - 0.07 - (Gain)/loss on sale of businesses, net - 0.08 Amortization of inventory step-up - 0.11 0.06 Acquisition costs - 0.19 - Income tax effects of adjustments (0.18) (0.23) (0.44) Anti-hybrid tax on prior period income 0.27 - - Loss on sale of equity method investment - 0.12 - Adjusted earnings per share-diluted (non-GAAP) 3.59$ 9.98$ 11.74$ Free Cash Flow 2023 2024 Net cash provided by operating activities 599$ 550$ Additions to property, plant, and equipment (325) (281) Free cash flow 274$ 269$ Twelve months ended December 31, Consolidated 2022 2023 2024 Operating income (GAAP) 372.3$ 4.5% 837.6$ 8.7% 1,010.7$ 9.4% Amortization of purchased intangibles 11.6 0.1% 41.7 0.4% 64.9 0.6% Intangible asset impairments 7.7 0.1% - 51.6 0.5% Foreign entity liquidation 4.6 0.1% - - Restructuring-related costs - 4.4 0.0% - (Gain)/loss on sale of businesses, net - 5.3 0.1% - Amortization of inventory step-up - 7.1 0.1% 4.2 0.0% Acquisition costs - 12.9 0.1% - Adjusted operating income (non-GAAP) 396.2$ 4.8% 909.0$ 9.4% 1,131.4$ 10.5% Appendix: GAAP to Non-GAAP reconciliation The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts):