Slides
Page 1
Oshkosh Corporation CITI’S 2026 GLOBAL INDUSTRIAL TECH AND MOBILITY CONFERENCE MATTHEW FIELD, EXECUTIVE VICE PRESIDENT AND CFO PATRICK DAVIDSON, SENIOR VICE PRESIDENT, INVESTOR RELATIONS
Page 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 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 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 January 29, 2026. 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
Page 3
We design, develop and manufacture purpose-built vehicles for everyday heroes. Billion in revenue (2025) One global business serving customers through three segments: Adjusted EPS* (2025) Team members globally Years of innovation Oshkosh at a glance * Non-GAAP results. See appendix for reconciliation to GAAP results.
Page 4
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
Page 5
Everyday heroes rely on Oshkosh
Page 6
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
Page 7
Award-Winning Presence at CES 2026 Delivering innovative customer solutions that drive industries forward Electrification Autonomy Connectivity Artificial Intelligence
Page 8
ClearSky Smart Fleet Access Segment
Page 9
Vocational Segment
Page 10
Transport Segment
Page 11
2028 key financial targets Improved financial returns reflect well-defined strategic plan 2025 2028 $10.42 ~$13-14 2025 2028 $10.79 ~$18-22 2025 2028 9.6% ~12-14% 60% ~90%+ Revenue $ in billions Adj. operating margin* FCF conversion(1)Adj. EPS* ~8-10% CAGR ~240-440 bps ~19-27% CAGR * Non-GAAP estimates. See appendix for reconciliation to GAAP results. (1) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income. Avg. 2026-2028 ~3,000 bps Avg. 2023-2025
Page 12
Compelling investment thesis Revenue Adj. operating margin* Adj. EPS* Avg. FCF conversion(1) 2028 targets: * Non-GAAP results. See appendix for reconciliation to GAAP results. (1) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income. 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
Page 13
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 Contacts
Page 14
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): 2028 Targets 2025 Low High Consolidated operating income (GAAP) 9.0% 11.6% 13.6% Amortization of purchased intangibles 0.6% 0.4% 0.4% Intangible asset impairments — — — Adjusted consolidated operating income (non-GAAP) 9.6% 12.0% 14.0% Earnings per share-diluted (GAAP) 10.02$ 17.40$ 21.40$ Amortization of purchased intangibles 0.93 0.60 0.60 Intangible asset impairments 0.09 — — Income tax effects of adjustments (0.25) — — Adjusted earnings per share-diluted (non-GAAP) 10.79$ 18.00$ 22.00$
Page 15
Commonly used acronyms 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 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