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FOURTH QUARTER 2025 EARNINGS CALL | 1 Q4 2025 EARNINGS UPDATE | JANUARY 29, 2026
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FOURTH 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 appear 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 outlooks; 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 Company’s ability to predict the level and timing 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 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 achieve its projected material and manufacturing efficiency savings;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 increase production rates in its municipal fire apparatus and delivery businesses; 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; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms or a prolonged federal government 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 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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FOURTH QUARTER 2025 EARNINGS CALL | 3 CES highlights AWARD-WINNING PRESENCE A T CES 2026 We showcased technologies for everyday heroes and won numerous awards for robotics and innovation. INTEGRA TING ROBOTICS, AUTONOMY , CONNECTIVITY AND AI AT AIRPORTS Oshkosh is enabling productivity and efficient operations to improve customer experiences at airports of the future.
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FOURTH QUARTER 2025 EARNINGS CALL | 4 2025 full year consolidated results $1,131.4 $1,004.9 ADJ. OPERATING INCOME* (in millions) 2024 2025 $11.74 $10.79 ADJ. EPS* 2024 2025 10.5% 9.6% ADJ. OI MARGIN* 2024 2025 $10.73 $10.42 REVENUE (in billions) 2024 2025 * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH QUARTER 2025 EARNINGS CALL | 5 Q4 consolidated results $245.4 $225.9 ADJ. OPERATING INCOME* (in millions) 2024 2025 $2.58 $2.26 ADJ. EPS* 2024 2025 9.4% 8.4% ADJ. OI MARGIN* 2024 2025 $2.60 $2.69 REVENUE (in billions) 2024 2025 * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH QUARTER 2025 EARNINGS CALL | 6 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) FOURTH QUARTER 2025 EARNINGS CALL | 6
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FOURTH QUARTER 2025 EARNINGS CALL | 7 Q4 highlights - Access Access equipment is essential for building and operating data centers across the globe. ESSENTIAL OPERA TIONS A T DATA CENTERS TACKLING TOUGH JOBS WITH NEW SOLUTIONS JLG recently introduced the new R13100 rotating telehandler.
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FOURTH QUARTER 2025 EARNINGS CALL | 8 Q4 highlights - Vocational Investments in improving throughput for Pierce fire trucks have driven higher sales volume. MUNICIPAL FIRE TRUCK DELIVERIES CONTINUE TO GROW STRONG DEMAND FOR JETWAY PASSENGER BOARDING BRIDGES Oshkosh AeroTech leads the market in North America for technology-enabled passenger boarding bridges.
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FOURTH QUARTER 2025 EARNINGS CALL | 9 Q4 highlights - Transport The Dutch Marines ordered additional JLTVs to support peacekeeping efforts. ADDITIONAL JL TV ORDER FOR THE NETHERLANDS NGDVs ARE ROLLING OUT ACROSS THE UNITED STA TES USPS continues to take delivery of revolutionary Next Generation Delivery Vehicles, including AWD units for use in Alaska.
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FOURTH QUARTER 2025 EARNINGS CALL | 10 Dollars in millions, except per share amounts Three months ended December 31 2025 2024 Net Sales $2,688.8 $2,598.1 % Change 3.5% 5.3% Adjusted operating income* $225.9 $245.4 % Change (7.9)% 2.3% % Margin 8.4% 9.4% Adjusted EPS* $2.26 $2.58 % Change (12.4)% 0.8% Q4 COMMENTS Sales impacted by: + Vocational pricing + Access sales volume Adjusted EPS* impacted by: - Product mix - Mfg. overhead costs + Lower incentive compensation + Sales volume * Non-GAAP results. See appendix for reconciliation to GAAP results. Q4 consolidated results
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FOURTH QUARTER 2025 EARNINGS CALL | 11 Access Segment Q4 segment highlights Vocational Segment Transport Segment $1, 172M REVENUE 8.8% ADJUSTED OI MARGIN* $922M REVENUE 16.2% ADJUSTED OI MARGIN* $567M REVENUE 4.0% OI MARGIN * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH QUARTER 2025 EARNINGS CALL | 12 EXPECTATIONS IN THE RANGE OF: • Revenues of ~$11.0 billion • Adj. operating income* of ~$1.06 billion • Adjusted EPS* of ~$11.50 ADDITIONAL EXPECTATIONS • Corporate and other* of ~$180 million • Tax rate of ~24.5% • CapEx of ~$200 million • Free Cash Flow* of $550-$650 million • Average share count of ~63 million 2026 outlook Segment information Access Vocational Transport Sales (billions) ~$4.2 ~$4.2 ~$2.5 Adjusted Operating Income Margin ~10.0%* ~17.0%* ~4.0% * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH 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. FOURTH QUARTER 2025 EARNINGS CALL | 13
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FOURTH 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 Neighborhood of the future FOURTH QUARTER 2025 EARNINGS CALL | 14 Contact info
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Appendix
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FOURTH QUARTER 2025 EARNINGS CALL | 16 Dollars in millions Access Three months ended December 31 2025 2024 Net Sales $1,171.6 $1,157.0 % Change 1.3% 0.6% Adjusted operating income* $103.0 $151.6 % Change (32.1)% (8.5)% % Margin 8.8% 13.1% Q4 COMMENTS Sales impacted by: + North America sales volume − Sales discounts Adjusted operating income* impacted by: − Price/cost dynamics − Product mix + Sales volume Backlog $1.3 billion – down 30% vs. prior year * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH QUARTER 2025 EARNINGS CALL | 17 Dollars in millions Vocational Q4 COMMENTS Sales impacted by: + Pricing − Sales volume Adjusted operating income* impacted by: + Price/cost dynamics − Product mix Backlog $6.6 billion – up 4.7% vs. prior year Three months ended December 31 2025 2024 Net Sales $922.4 $880.6 % Change 4.7% 19.8% Adjusted operating income* $149.6 $122.9 % Change 21.7% 91.4% % Margin 16.2% 14.0% * Non-GAAP results. See appendix for reconciliation to GAAP results.
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FOURTH QUARTER 2025 EARNINGS CALL | 18 Dollars in millions Transport Q4 COMMENTS Sales impacted by: + NGDV ramp-up + International TWV sales volume + FHTV sales volume − Wind-down of domestic JLTV Operating income impacted by: + Lower unfavorable CCA + Pricing on new contracts − NGDV ramp-up costs Backlog $6.2 billion – down 5.4% vs. prior year Three months ended December 31 2025 2024 Net Sales $566.7 $533.8 % Change 6.2% (4.8)% Operating income $22.8 $15.0 % Change 52.0% (75.8)% % Margin 4.0% 2.8%
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FOURTH QUARTER 2025 EARNINGS CALL | 19 The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions): GAAP to Non-GAAP reconciliation Access segment operating income (GAAP) 99.3$ 8.5% 142.9$ 12.4% 502.0$ 11.2% 805.4$ 15.6% Amortization of purchased intangibles 3.7 0.3% 5.4 0.4% 16.3 0.3% 12.6 0.2% Amortization of inventory step-up — — 3.3 0.3% — — 4.2 0.1% Adjusted Access segment operating income (non-GAAP) 103.0$ 8.8% 151.6$ 13.1% 518.3$ 11.5% 822.2$ 15.9% Vocational segment operating income (GAAP) 140.3$ 15.2% 110.9$ 12.6% 547.1$ 14.7% 397.1$ 12.0% Amortization of purchased intangibles 9.3 1.0% 12.0 1.4% 40.3 1.1% 48.0 1.4% Adjusted Vocational segment operating income (non-GAAP) 149.6$ 16.2% 122.9$ 14.0% 587.4$ 15.8% 445.1$ 13.4% Consolidated operating income (GAAP) 212.0$ 7.9% 223.9$ 8.6% 939.5$ 9.0% 1,010.7$ 9.4% Amortization of purchased intangibles 13.9 0.5% 18.2 0.7% 59.7 0.6% 64.9 0.6% Intangible asset impairments — — — — 5.7 0.0% 51.6 0.5% Amortization of inventory step-up — — 3.3 0.1% — — 4.2 0.0% Adjusted consolidated operating income (non-GAAP) 225.9$ 8.4% 245.4$ 9.4% 1,004.9$ 9.6% 1,131.4$ 10.5% Twelve Months Ended December 31, 2024 Three Months Ended December 31, 2025 Three Months Ended December 31, 2024 Twelve Months Ended December 31, 2025
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FOURTH QUARTER 2025 EARNINGS CALL | 20 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 2025 2024 2025 2024 Earnings per share-diluted (GAAP) 2.10$ 2.33$ 10.02$ 10.35$ Amortization of purchased intangibles 0.22 0.28 0.93 0.99 Intangible asset impairments — — 0.09 0.78 Amortization of inventory step-up — 0.05 — 0.06 Income tax effects of adjustments (0.06) (0.08) (0.25) (0.44) Adjusted earnings per share-diluted (non-GAAP) 2.26$ 2.58$ 10.79$ 11.74$ Net cash provided by operating activities 600.1$ 790.8$ 783.4$ 550.1$ Additions to property, plant and equipment (59.8) (87.5) (165.4) (281.0) Free cash flow 540.3$ 703.3$ 618.0$ 269.1$ Three Months Ended December 31, Twelve Months Ended December 31,
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FOURTH QUARTER 2025 EARNINGS CALL | 21 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): 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 2026 Expectations Low High Net cash provided by operating activities 750$ 850$ Additions to property, plant and equipment (200) (200) Free cash flow 550$ 650$ 2026 Expectations Access segment operating income (GAAP) 9.7% Amortization of purchased intangibles 0.3% Adjusted Access segment operating income (non-GAAP) 10.0% Vocational segment operating income (GAAP) 16.1% Amortization of purchased intangibles 0.9% Adjusted Vocational segment operating income (non-GAAP) 17.0% Corporate and other operating loss (GAAP) (185)$ Amortization of purchased intangibles 5 Adjusted corporate and other operating loss (non-GAAP) (180)$ Consolidated operating income (GAAP) 1,005$ Amortization of purchased intangibles 55 Adjusted consolidated operating income (non-GAAP) 1,060$ Earnings per share-diluted (GAAP) 10.90$ Amortization of purchased intangibles 0.60 Adjusted earnings per share-diluted (non-GAAP) 11.50$
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FOURTH QUARTER 2025 EARNINGS CALL | 22 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 and Recycling 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