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THIRD QUARTER 2026 EARNINGS CALL | 1 Q3 2026 EARNINGS UPDATE | OCTOBER 29, 2026
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THIRD 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 vehicle 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 vehicle 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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THIRD QUARTER 2026 EARNINGS CALL | 3 Q3 consolidated results $274.3 $216.9 ADJ. OPERATING INCOME* (in millions) 2025 2026 $3.20 $2.41 ADJ. EPS* 2025 2026 10.2% 7.6% ADJ. OI MARGIN* 2025 2026 $2.69 $2.84 REVENUE (in billions) 2025 2026 *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD 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) THIRD QUARTER 2026 EARNINGS CALL | 4
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THIRD QUARTER 2026 EARNINGS CALL | 5 Q3 highlights – Access MARKET-LEADING JLG PRODUCTS Strong demand continues to be driven by mega project activity. ENABLING THE JOB SITE OF THE FUTURE Nextera’s autonomous Didge robots use visual AI to digitally map construction sites, providing real-time insights into project progress, quality and safety.
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THIRD QUARTER 2026 EARNINGS CALL | 6 Q3 highlights – Vocational MODERNIZING FIRE TRUCK ASSEMBL Y Pierce continues to transform fire truck throughput by moving to new high-flow production lines. The purpose-built electric vehicle will be integrated into UT-Knoxville’s daily recycling collection operations. RECYCLING AT UNIVERSITY OF TENNESSEE
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THIRD QUARTER 2026 EARNINGS CALL | 7 Q3 highlights – Transport ARSENAL OF FREEDOM Oshkosh Defense was recognized in August for its advanced manufacturing expertise, defense capabilities and commercial- based approach to rapidly delivering mission-ready solutions. MOROCCAN ORDER The company recently received a follow-on order for 50 additional HET A1 tractors and trailers. The appearance of U.S. Department of War (DoW) visual information does not imply or constitute DoW endorsement.
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THIRD QUARTER 2026 EARNINGS CALL | 8 Dollars in millions, except per share amounts Three months ended September 30 2026 2025 Net Sales $2,841.6 $2,688.6 % Change 5.7% (1.9)% Adjusted operating income* $216.9 $274.3 % Change (20.9)% (2.9)% % Margin 7.6% 10.2% Adjusted EPS* $2.41 $3.20 % Change (24.7)% 9.2% Q3 COMMENTS Sales impacted by: + Access sales volume + Pricing − Vocational sales volume Adjusted EPS* impacted by: − Sales mix − Higher SG&A − Income taxes + Sales volume + Price/cost dynamics + Share count Q3 consolidated results *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2026 EARNINGS CALL | 9 Access segment Q3 segment financial results Vocational segment Transport segment $1.34B REVENUE 11.2% ADJUSTED OI MARGIN* $900M REVENUE 11.4% ADJUSTED OI MARGIN* $562M REVENUE 1.5% OI MARGIN *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2026 EARNINGS CALL | 10 EXPECTATIONS IN THE RANGE OF: • Revenues of ~$11.0 billion • Adj. operating income* of ~$850 million • Adjusted EPS* of ~$8.50 – $9.50 ADDITIONAL EXPECTATIONS • Corporate and other* of ~$175 million • Tax rate of ~23.5% • CapEx of ~$180 million • Free cash flow* of $600 - $700 million • Average share count of ~62.5 million Updated 2026 outlook Segment information Access Vocational Transport Sales (billions) ~$4.8 ~$3.7 ~$2.3 Adjusted operating income margin ~9.75%* ~12.5%* ~4.0% *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD 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. THIRD QUARTER 2026 EARNINGS CALL | 11
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THIRD 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 THIRD QUARTER 2026 EARNINGS CALL | 12 Contact info
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Appendix
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THIRD QUARTER 2026 EARNINGS CALL | 14 Dollars in millions Access Three months ended September 30 2026 2025 Net Sales $1,339.6 $1,109.7 % Change 20.7% (18.6)% Adjusted operating income* $149.9 $121.8 % Change 23.1% (42.4)% % Margin 11.2% 11.0% Q3 COMMENTS Sales impacted by: + Sales volume in N.A. + Pricing Adjusted operating income* impacted by: + Sales volume − Sales mix − Incentive compensation Backlog $2.7 billion – up 268% vs. prior year *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2026 EARNINGS CALL | 15 Dollars in millions Vocational Q3 COMMENTS Sales impacted by: − Sales volume + Pricing Adjusted operating income* impacted by: − Sales volume − Production transformation costs − Higher SG&A Backlog $6.7 billion – up 5.3% vs. prior year Three months ended September 30 2026 2025 Net Sales $899.9 $968.0 % Change (7.0)% 18.9% Adjusted operating income* $102.4 $151.1 % Change (32.2)% 35.4% % Margin 11.4% 15.6% *Non-GAAP results. See appendix for reconciliation to GAAP results.
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THIRD QUARTER 2026 EARNINGS CALL | 16 Dollars in millions Transport Q3 COMMENTS Sales impacted by: − Prior year JLTV IP license agreement Operating income impacted by: − Prior year JLTV IP license agreement − Sales mix − Mfg. overhead costs + Pricing + Warranty costs Backlog $5.6 billion – down 12.8% vs. prior year Three months ended September 30 2026 2025 Net Sales $562.0 $587.9 % Change (4.4)% 8.8% Operating income $8.2 $36.6 % Change (77.6)% 226.8% % Margin 1.5% 6.2%
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THIRD QUARTER 2026 EARNINGS CALL | 17 The tables below present a reconciliation of the Company’s presented GAAP measures to the most directly comparable non-GAAP measures (unaudited; in millions): GAAP to Non-GAAP reconciliation Three Months Ended September 30, 2026 Three Months Ended September 30, 2025 Access segment operating income (GAAP) 145.7$ 10.9% 118.0$ 10.6% Amortization of purchased intangibles 4.2 0.3% 3.8 0.4% Adjusted Access segment operating income (non-GAAP) 149.9$ 11.2% 121.8$ 11.0% Vocational segment operating income (GAAP) 87.6$ 9.7% 141.7$ 14.6% Amortization of purchased intangibles 9.3 1.0% 9.4 1.0% Reserve on prior divestiture-related note receivable 5.5 0.7% — — Adjusted Vocational segment operating income (non-GAAP) 102.4$ 11.4% 151.1$ 15.6% Consolidated operating income (GAAP) 197.1$ 6.9% 260.4$ 9.7% Amortization of purchased intangibles 14.3 0.5% 13.9 0.5% Reserve on prior divestiture-related note receivable 5.5 0.2% — — Adjusted consolidated operating income (non-GAAP) 216.9$ 7.6% 274.3$ 10.2%
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THIRD 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 September 30, 2026 2025 Earnings per share-diluted (GAAP) 2.22$ 3.04$ Amortization of purchased intangibles 0.23 0.21 Reserve on prior divestiture-related note receivable 0.09 — Income tax effects of adjustments (0.08) (0.05) Expiration of foreign anti-hybrid tax matter (0.05) — Adjusted earnings per share-diluted (non-GAAP) 2.41$ 3.20$ Three Months Ended September 30, Nine Months Ended September 30, 2026 2025 2026 2025 Net cash provided by operating activities 319.9$ 489.0$ 533.2$ 183.3$ Additions to property, plant and equipment (45.2) (24.7) (100.0) (105.6) Free cash flow 274.7$ 464.3$ 433.2$ 77.7$
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THIRD 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 Earnings per share-diluted (GAAP) 8.00$ 9.00$ Amortization of purchased intangibles, net of tax 0.70 0.70 Reserve on prior divestiture-related note receivable, net of tax 0.07 0.07 Expiration of foreign anti-hybrid tax matter (0.27) (0.27) Adjusted earnings per share-diluted (non-GAAP) 8.50$ 9.50$ Net cash provided by operating activities 780$ 880$ Additions to property, plant and equipment (180) (180) Free cash flow 600$ 700$ 2026 Expectations Access segment operating income (GAAP) 9.40% Amortization of purchased intangibles 0.35% Adjusted Access segment operating income (non-GAAP) 9.75% Vocational segment operating income (GAAP) 11.4% Amortization of purchased intangibles 1.0% Reserve on prior divestiture-related note receivable 0.1% Adjusted Vocational segment operating income (non-GAAP) 12.5% Corporate and other operating loss (GAAP) (178)$ Amortization of purchased intangibles 3 Adjusted corporate and other operating loss (non-GAAP) (175)$ Consolidated operating income (GAAP) 790$ Amortization of purchased intangibles 55 Reserve on prior divestiture-related note receivable 5 Adjusted consolidated operating income (non-GAAP) 850$
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THIRD 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 and 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