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SECOND QUARTER 2026 EARNINGS CALL | 1 Q2 2026 EARNINGS UPDATE | JUL Y 28, 2026
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SECOND QUARTER 2026 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; the Company's ability to increase production rates in its municipal fire apparatus and delivery businesses; risks that trade wars and related tariffs could further reduce demand for or competitiveness of the 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 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 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 its most recent Form 10-K. 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 thatmight 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. Bytheir 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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SECOND QUARTER 2026 EARNINGS CALL | 3 Q2 consolidated results $312.9 $257.6 ADJ. OPERATING INCOME* (in millions) 2025 2026 $3.41 $2.87 ADJ. EPS* 2025 2026 11.5% 8.8% ADJ. OI MARGIN* 2025 2026 * Non-GAAP results. See appendix for reconciliation to GAAP results. $2.73 $2.92 REVENUE (in billions) 2025 2026
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SECOND QUARTER 2026 EARNINGS CALL | 4 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) SECOND QUARTER 2026 EARNINGS CALL | 4
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SECOND QUARTER 2026 EARNINGS CALL | 5 Q2 highlights – Access MARKET-LEADING JLG PRODUCTS Demand increasing as AWPs benefit from strong mega project activity. DEMAND FOR SCISSOR LIFTS JLG scissor lifts are ready for duty as demand remains strong.
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SECOND QUARTER 2026 EARNINGS CALL | 6 TRANSFORMING FIRE TRUCK MANUFACTURING Pierce continues to modernize manufacturing operations. Q2 highlights – Vocational MARKET LEADERSHIP Strong demand for Oshkosh ARFF products as airports upgrade safety and preparedness levels.
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SECOND QUARTER 2026 EARNINGS CALL | 7 Q2 highlights – Transport NGDV MANUFACTURING Factory in South Carolina ramps up production of Next Generation Delivery Vehicles. ROGUE-FIRES USMC placed a $92 million order.
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SECOND QUARTER 2026 EARNINGS CALL | 8 Dollars in millions, except per share amounts Three months ended June 30 2026 2025 Net Sales $2,915.1 $2,732.1 % Change 6.7% (4.0)% Adjusted operating income* $257.6 $312.9 % Change (17.7)% (4.7)% % Margin 8.8% 11.5% Adjusted EPS* $2.87 $3.41 % Change (15.8)% 2.1% Q2 COMMENTS Sales impacted by: + Sales volume + Pricing Adjusted EPS* impacted by: − Sales mix − Mfg. overhead costs + Sales volume + Share count * Non-GAAP results. See appendix for reconciliation to GAAP results. Q2 consolidated results
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SECOND QUARTER 2026 EARNINGS CALL | 9 Access Segment Q2 segment financial results Vocational Segment Transport Segment $1.37B REVENUE 11.3% ADJUSTED OI MARGIN* $967M REVENUE 13.5% ADJUSTED OI MARGIN* $536M REVENUE 2.9% OI MARGIN * Non-GAAP results. See appendix for reconciliation to GAAP results.
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SECOND QUARTER 2026 EARNINGS CALL | 10 SECOND QUARTER 2026 EARNINGS CALL | 10 ADDITIONAL EXPECT A TIONS: • Q4 EPS stronger than Q3 EPS, reflecting: − Improved fire truck throughput − Anticipated NGDV order − NGDV production − Revised defense contracts FULL YEAR EXPECT A TIONS IN THE RANGE OF: • Revenues of ~$11.2 billion • Adj. operating income* of ~$1.0 billion • Adjusted EPS* of ~$11.00 • Free cash flow* of $550-$650 million Updated 2026 outlook
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SECOND QUARTER 2026 EARNINGS CALL | 11 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. SECOND QUARTER 2026 EARNINGS CALL | 11
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SECOND QUARTER 2026 EARNINGS CALL | 12 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 SECOND QUARTER 2026 EARNINGS CALL | 12 Contact info
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Appendix
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SECOND QUARTER 2026 EARNINGS CALL | 14 Dollars in millions Access Three months ended June 30 2026 2025 Net Sales $1,373.8 $1,256.0 % Change 9.4% (10.7)% Adjusted operating income* $155.8 $185.7 % Change (16.1)% (25.4)% % Margin 11.3% 14.8% Q2 COMMENTS Sales impacted by: + Sales volume + Pricing Adjusted operating income* impacted by: − Sales mix − Price/cost dynamics + Sales volume Backlog $2.0 billion – up 65% vs. prior year * Non-GAAP results. See appendix for reconciliation to GAAP results.
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SECOND QUARTER 2026 EARNINGS CALL | 15 Dollars in millions Vocational Q2 COMMENTS Sales impacted by: − Sales volume + Pricing Adjusted operating income* impacted by: − Sales mix − Mfg. overhead costs − Sales volume + Price/cost dynamics + Incentive compensation Backlog $6.6 billion – up 5.6% vs. prior year Three months ended June 30 2026 2025 Net Sales $966.8 $969.7 % Change (0.3)% 15.0% Adjusted operating income* $130.5 $157.9 % Change (17.4)% 33.2% % Margin 13.5% 16.3% * Non-GAAP results. See appendix for reconciliation to GAAP results.
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SECOND QUARTER 2026 EARNINGS CALL | 16 Dollars in millions Transport Q2 COMMENTS Sales impacted by: + NGDV ramp-up − Defense volume Operating income impacted by: − Sales mix − Warranty costs − Mfg. overhead costs + One-time NGDV item Backlog $6.1 billion – down 9.8% vs. prior year Three months ended June 30 2026 2025 Net Sales $536.1 $479.1 % Change 11.9% (16.2)% Operating income $15.8 $17.8 % Change (11.2)% 49.6% % Margin 2.9% 3.7%
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SECOND QUARTER 2026 EARNINGS CALL | 17 The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions): GAAP to Non-GAAP reconciliation Three Months Ended June 30, 2026 Three Months Ended June 30, 2025 Access segment operating income (GAAP) 151.6$ 11.0% 181.6$ 14.5% Amortization of purchased intangibles 4.2 0.3% 4.1 0.3% Adjusted Access segment operating income (non-GAAP) 155.8$ 11.3% 185.7$ 14.8% Vocational segment operating income (GAAP) 121.1$ 12.5% 147.3$ 15.2% Amortization of purchased intangibles 9.4 1.0% 10.6 1.1% Adjusted Vocational segment operating income (non-GAAP) 130.5$ 13.5% 157.9$ 16.3% Consolidated operating income (GAAP) 243.2$ 8.3% 291.7$ 10.7% Amortization of purchased intangibles 14.4 0.5% 15.5 0.6% Intangible asset impairment — — 5.7 0.2% Adjusted consolidated operating income (non-GAAP) 257.6$ 8.8% 312.9$ 11.5%
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SECOND QUARTER 2026 EARNINGS CALL | 18 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 Three Months Ended June 30, 2026 2025 Earnings per share-diluted (GAAP) 2.92$ 3.16$ Amortization of purchased intangibles 0.23 0.24 Intangible asset impairment — 0.09 Income tax effects of adjustments (0.06) (0.08) Expiration of foreign anti-hybrid tax matter (0.22) — Adjusted earnings per share-diluted (non-GAAP) 2.87$ 3.41$ Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Net cash provided by (used in) operating activities 374.3$ 89.2$ 213.3$ (305.7)$ Additions to property, plant and equipment (26.7) (40.6) (54.8) (80.9) Free cash flow 347.6$ 48.6$ 158.5$ (386.6)$
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SECOND QUARTER 2026 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 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 Consolidated operating income (GAAP) 950$ Amortization of purchased intangibles 55 Adjusted consolidated operating income (non-GAAP) 1,005$ Earnings per share-diluted (GAAP) 10.50$ Amortization of purchased intangibles, net of tax 0.72 Expiration of foreign anti-hybrid tax matter (0.22) Adjusted earnings per share-diluted (non-GAAP) 11.00$
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SECOND QUARTER 2026 EARNINGS CALL | 20 AI Artificial Intelligence 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 Commonly used acronyms FCF Free Cash Flow 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 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 ROW Rest of World SEC United States Securities Exchange Commission 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