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THIRD QUARTER 2025 EARNINGS CALL | 1 Q3 2025 EARNINGS UPDATE | OCTOBER 29, 2025
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THIRD QUARTER 2025 EARNINGS CALL | 2 This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, growth and drivers, capital allocation, resiliency, targets (including financial targets for 2028), projected sales, costs, margins, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident” or “plan” or the negative thereof or variations thereon or similar terminology 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 capital 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, some 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 economies 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 the trade war and related tariffs could reduce the demand for or competitiveness ofthe Company’s products or cause inefficienciesin 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 associated with U.S. Department of 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 shutdown; the impact of any U.S. Department 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 Act; 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 threats 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, including the Form 8-K filed today. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation.Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all. In particular: The statements in this presentation that relate to the Company’s financial targets for 2028 use language that might imply a level of certainty about the likelihood that the Company will attain these targets, 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 targets are greater than that associated with near-term guidance and should not be construed as guidance. Therefore,investors should construe these statements regarding the Company’s financial targets for 2028 only as targets rather than promises of future performance or absolute statements. Forward-looking statements
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THIRD QUARTER 2025 EARNINGS CALL | 3 Making a difference 9/11 MEMORIAL STAIR CLIMB IN GREEN BA Y Team members walked with firefighters and other first responders during the 13th annual 9/11 Memorial Stair Climb to support the National Fallen Firefighters Foundation. FEED THE BODY , FEED THE SOUL More than 1,200 team members packed 224,000 lbs of rice to aid those facing food insecurity in our community.
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THIRD QUARTER 2025 EARNINGS CALL | 4 Q3 consolidated results $282.5 $274.3 ADJ. OPERATING INCOME* (in millions) 2024 2025 $2.93 $3.20 ADJ. EPS* 2024 2025 10.3% 10.2% ADJ. OI MARGIN* 2024 2025 * Non-GAAP results. See appendix for reconciliation to GAAP results. $2.74 $2.69 REVENUE (in billions) 2024 2025
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THIRD QUARTER 2025 EARNINGS CALL | 5 TRANSFORMING MARGIN Plans to deliver through- cycle margin expansion across segments TOP-LINE GROWTH Sizable backlogs and pricing provide clear revenue visibility RESILIENT PORTFOLIO Strong segments support balanced returns CASH GENERATION AND CAPITAL MANAGEMENT Expect significant free cash flow and disciplined capital allocation, anchored in shareholder value Compelling investment thesis (Investor Day – June 2025) THIRD QUARTER 2025 EARNINGS CALL | 5
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THIRD QUARTER 2025 EARNINGS CALL | 6 Q3 highlights AEROTECH ON DISPLA Y AT GSE EXPO Our team displayed autonomous solutions for the “Airport of the Future” as well as new products like the Tempest-siTM deicer. AUTONOMY FOR DEFENSE AT AUSA We introduced the Family of Multi-Mission Autonomous Vehicles which offer modern technologies and flexible payloads across a full-range of products.
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THIRD QUARTER 2025 EARNINGS CALL | 7 Q3 highlights JLG equipment plays a critical role in large megaprojects, like data centers, both during construction and for ongoing site maintenance. JLG SUPPORTING DATA CENTERS NEW PRODUCTS SUPPORTING CUSTOMERS The new AG619 midsize telehandler was launched at the World Dairy Expo in September to broaden the portfolio of telehandlers that tackle the needs of farmers.
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THIRD QUARTER 2025 EARNINGS CALL | 8 Q3 highlights INCREASING FIRE TRUCK THROUGHPUT Pierce continues to improve production efficiency and throughput for fire trucks, supported by customer-focused initiatives to reduce complexity including our “Build My Pierce” configuration tool. COOLEST THING MADE IN TENNESSEE McNeilus® VolterraTM ZSLTM won the 2025 award. The vehicle is a fully integrated electric refuse collection vehicle – delivering zero emission operation, a driver-first design and advanced technology. Add Pierce assembly picture
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THIRD QUARTER 2025 EARNINGS CALL | 9 Q3 highlights OVER 4 MILLION MILES Productivity and safety features in these revolutionary new NGDVs provide an improved experience for USPS workers in communities across the U.S. AUTONOMY-READY PLS A2 CONTRACT We received an $89 million contract for our PLS A2 vehicle with on-board autonomous technology capability.
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THIRD QUARTER 2025 EARNINGS CALL | 10 Dollars in millions, except per share amounts Three months ended September 30 2025 2024 Net Sales $2,688.6 $2,741.4 % Change (1.9)% 9.2% Adjusted operating income* $274.3 $282.5 % Change (2.9)% 2.2% % Margin 10.2% 10.3% Adjusted EPS* $3.20 $2.93 % Change 9.2% (3.6)% Q3 COMMENTS Sales impacted by: − Access sales volume + Vocational and Transport sales volume + Pricing Adjusted EPS* impacted by: + Resolution of federal tax audit * Non-GAAP results. See appendix for reconciliation to GAAP results. Consolidated results
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THIRD QUARTER 2025 EARNINGS CALL | 11 Access Segment Segment highlights Vocational Segment Transport Segment $1, 110M REVENUE 11.0% ADJUSTED OI MARGIN* $968M REVENUE 15.6% ADJUSTED OI MARGIN* $588M REVENUE 6.2% OI MARGIN * Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2025 EARNINGS CALL | 12 EXPECTATIONS IN THE RANGE OF: • Revenues of $10.3 - $10.4 billion • Adj. operating income* of $975 – $1,015 million • Adjusted EPS* of ~$10.50 - $11.00 ADDITIONAL EXPECTATIONS • Corporate and other* of ~$185 million • Tax rate of ~23% • CapEx of ~$200 million • Free Cash Flow* of $450-$550 million • Average share count of ~64.5 million Updated 2025 outlook Segment information Access Vocational Transport Sales (billions) ~$4.3 ~$3.8 ~$2.1 Adjusted Operating Income Margin ~11.5%* ~16.0%* ~4.0% * Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2025 EARNINGS CALL | 13 INNOVA TE Shaping tomorrow with leading technology SERVE Supporting throughout the product lifecycle ADVANCE Scaling our reach Our strategy Enabling our strategy DIVERSIFIED GROWTH Clear revenue opportunities from three industry-leading verticals, adjacencies and strategic partnerships HEAL THY MARGINS Through-cycle profitability supported by pricing, operational excellence, cost discipline and customer-centric innovation DISCIPLINED CAPIT AL ALLOCA TION Value-accretive investments in strategic growth and operational efficiency, supplemented by return of capital to shareholders We make a difference in the lives of those who build, serve and protect communities with products that are safe, intuitive and productive. THIRD QUARTER 2025 EARNINGS CALL | 13
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THIRD QUARTER 2025 EARNINGS CALL | 14 PATRICK N. DAVIDSON Senior Vice President, Investor Relations pdavidson@oshkoshcorp.com 920-502-3266 GREG SCHRIMPF Senior Manager, Investor Relations gschrimpf@oshkoshcorp.com 920-502-3318 Future of Airports THIRD QUARTER 2025 EARNINGS CALL | 14 Contact info
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Appendix
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THIRD QUARTER 2025 EARNINGS CALL | 16 Dollars in millions Access Three months ended September 30 2025 2024 Net Sales $1,109.7 $1,363.3 % Change (18.6)% 3.4% Adjusted operating income* $121.8 $211.4 % Change (42.4)% (8.8)% % Margin 11.0% 15.5% Q3 COMMENTS Sales impacted by: − Sales volume in NA − Higher sales discounts Adjusted operating income* impacted by: − Sales volume − Sales discounts + Operating costs Backlog $721 million – down 66% vs. prior year * Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2025 EARNINGS CALL | 17 Dollars in millions Vocational Q3 COMMENTS Sales impacted by: + Sales volume + Pricing Adjusted operating income* impacted by: + Sales volume + Price/cost dynamics − Warranty costs − Product mix Backlog $6.4 billion – up 8% vs. prior year Three months ended September 30 2025 2024 Net Sales $968.0 $814.2 % Change 18.9% 17.6% Adjusted operating income* $151.1 $111.6 % Change 35.4% 44.7% % Margin 15.6% 13.7% * Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2025 EARNINGS CALL | 18 Dollars in millions Transport Q3 COMMENTS Sales impacted by: + NGDV ramp-up + International TWV sales + JLTV IP license agreement − Wind-down of domestic JLTV Operating income impacted by: + JLTV IP license agreement + Pricing − Warranty costs Backlog $6.5 billion – up 4% vs. prior year Three months ended September 30 2025 2024 Net Sales $587.9 $540.4 % Change 8.8% 13.9% Operating income $36.6 $11.2 % Change 226.8% (4.3)% % Margin 6.2% 2.1%
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THIRD QUARTER 2025 EARNINGS CALL | 19 The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions, except per share amounts): GAAP to Non-GAAP reconciliation Access segment operating income (GAAP) 118.0$ 10.6% 207.9$ 15.2% Amortization of purchased intangibles 3.8 0.4% 2.6 0.2% Amortization of inventory step-up — — 0.9 0.1% Adjusted Access segment operating income (non-GAAP) 121.8$ 11.0% 211.4$ 15.5% Vocational segment operating income (GAAP) 141.7$ 14.6% 99.6$ 12.2% Amortization of purchased intangibles 9.4 1.0% 12.0 1.5% Adjusted Vocational segment operating income (non-GAAP) 151.1$ 15.6% 111.6$ 13.7% Consolidated operating income (GAAP) 260.4$ 9.7% 266.2$ 9.7% Amortization of purchased intangibles 13.9 0.5% 15.4 0.6% Amortization of inventory step-up — — 0.9 0.0% Adjusted consolidated operating income (non-GAAP) 274.3$ 10.2% 282.5$ 10.3% Three Months Ended September 30, 2025 Three Months Ended September 30, 2024 2025 2024 Earnings per share-diluted (GAAP) 3.04$ 2.75$ Amortization of purchased intangibles 0.21 0.23 Amortization of inventory step-up — 0.01 Income tax effects of adjustments (0.05) (0.06) Adjusted earnings per share-diluted (non-GAAP) 3.20$ 2.93$ Three Months Ended September 30, 2025 2024 Net cash provided by operating activities 488.9$ 326.0$ Additions to property, plant and equipment (24.7) (53.9) Free cash flow 464.2$ 272.1$ Three Months Ended September 30,
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THIRD QUARTER 2025 EARNINGS CALL | 20 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): 2025 Expectations Access segment operating income (GAAP) 11.0% Amortization of purchased intangibles 0.5% Adjusted Access segment operating income (non-GAAP) 11.5% Vocational segment operating income (GAAP) 15.0% Amortization of purchased intangibles 1.0% Adjusted Vocational segment operating income (non-GAAP) 16.0% Corporate and other operating loss (GAAP) (194)$ Amortization of purchased intangibles 3 Intangible asset impairments 6 Adjusted corporate and other operating loss (non-GAAP) (185)$ Low High Earnings per share-diluted (GAAP) 17.40$ 21.40$ Amortization of purchased intangibles 0.60 0.60 Adjusted earnings per share-diluted (non-GAAP) 18.00$ 22.00$ 2028 Targets Low High Consolidated operating income (GAAP) 910$ 950$ Amortization of purchased intangibles 59 59 Intangible asset impairments 6 6 Adjusted consolidated operating income (non-GAAP) 975$ 1,015$ Earnings per share-diluted (GAAP) 9.75$ 10.25$ Amortization of purchased intangibles 0.68 0.68 Intangible asset impairments 0.07 0.07 Adjusted earnings per share-diluted (non-GAAP) 10.50$ 11.00$ Net cash provided by operating activities 650$ 750$ Additions to property, plant and equipment (200) (200) Free cash flow 450$ 550$ 2025 Expectations
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THIRD QUARTER 2025 EARNINGS CALL | 21 ARFF Aircraft Rescue and Firefighting AWP Aerial Work Platform AMPS Aftermarket Parts & Service APAC Asia Pacific ASC Accounting Standards Codification B&P Bid & Proposal BEV Battery Electric Vehicle CapEx Capital Expenditures CCA Cumulative Catch-up Adjustments CNG Compressed Natural Gas DJSI Dow Jones Sustainability Indices DoD Department of Defense DXPV Dutch Expeditionary Patrol Vehicle EMEA Europe, Middle East & Africa E-HETS Enhanced Heavy Equipment Transporter System EMD Engineering & Manufacturing Development EPA Economic Price Adjustment EPS Diluted Earnings Per Share eRCV Electric Refuse Collection Vehicle ESG Environmental, Social, and Governance EU European Union EV Electric Vehicle FDIC Fire Department Instructors Conference Commonly used acronyms FHTV Family of Heavy Tactical Vehicles FMAV Family of Multi-Mission Autonomous 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 HEMTT Heavy Expanded Mobility Tactical Truck HET Heavy Equipment Transporter IATA International Air Transport Association ICE Internal Combustion Engine IMT Iowa Mold Tooling Co., Inc. IRC Independent Rental Company JLTV Joint Light Tactical Vehicle JPO Joint Program Office LRIP Low Rate Initial Production LVAD Low Velocity Airdrop LVSR Logistic Vehicle System Replacement M-ATV MRAP All-Terrain Vehicle MCWS Medium Caliber Weapons System NGDV Next Generation Delivery Vehicle NOL Net Operating Loss NPD New Product Development NRC National Rental Company OH Overhead OI Operating Income OPEB Other Post-Employment Benefits PLS Palletized Load System PPI Producer Price Index R&D Research & Development RCV Refuse and Recycling Collection Vehicle RDM Rear Discharge Mixer RFP Request for Proposal ROGUE Fires Remotely Operated Ground Unit for Expeditionary Fires ROW Rest of World S-Series Oshkosh S-Series Front Discharge Mixer TACOM Tank-automotive and Armaments Command TDP Technical Data Package TWV Tactical Wheeled Vehicle UK United Kingdom USMC United States Marine Corps USPS United States Postal Service ZR Zero Radius ZSL Zero Radius Side Loader