Slides
Page 1
© 2026 Winnebago Industries 1 Winnebago Industries Q4 FY 2026 Earnings Presentation October 21, 2026
Page 2
© 2026 Winnebago Industries 2 Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , including the business outlook and financial guidance for Fiscal 2027. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors coul d cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of econo mic growth, including changes in consumer disposable income; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to performance and financial condition of independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; risks related to changes in trade policy, including tariffs; ability to manage strategic acquisitions, alliances, joint ventures, and partnerships; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to pro tect our information technology systems from failures and disruptions, including those associated with system implementations; risks related to cybersecurity incidents; risks related to the use of Artificial Intelligence ("AI") technologies; ability to maintain compliance with data governance; ability to maintain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to sustainability matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Co mpany upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law. INDUSTRY AND MARKET DATA In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which we compete and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms. While such information is believed to be reliable, for the purposes used herein, we make no representation or warranty with respect to the accuracy of such information. Any and all trademarks and trade names referred to in this presentation are the property of their respective owners. NON-GAAP FINANCIAL MEASURES This presentation includes financial information prepared in accordance with accounting principles generally accepted in the U.S. (“GAAP”), as well as certain adjusted or non-GAAP financial measures such as Adjusted diluted earnings per share ("EPS"), EBITDA, Adjusted EBITDA, Pro forma Adjusted EBITDA, and free cash flow. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other pre-tax adjustments made in order to present comparable results from period to period, while pro forma Adjusted EBITDA further accounts for certain acquisition adjustments. Free cash flow is defined as ne t cash provided by operating activities less purchases of property, plant, and equipment. Examples of items excluded from Adjusted diluted earnings per share include amortization, loss on note repurchase, asset impairment, restructuring and related costs, gain on sale of property, plant, and equipment, and the tax impact of the adjustments. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, contingent consideration fair value adjustment, litigation reserves (settlement/adjustment), restructuring and related costs, acquisition-related fair value inventory step-up, gain on sale of property, plant and equipment, postretirement health care benefit income, loss on note repurchase, asset impairment, and non-operating income. These non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, have been provided as information su pplemental and in addition to the financial measures presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented herein. The non-GAAP financial measures presented may differ from similar measures used by other companies. Please see Appendix for reconciliations of these non-GAAP measures to the nearest GAAP measure. We have included these non-GAAP performance measures as comparable measures to illustrate the effect of non-recurring transactions occurring during the year and improve comparability of our results from period to period. Management uses these non-GAAP financial measures (a) to evaluate our historical and prospective financial performance and trends as well as our performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for our company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with covenants and restricted activities under the terms of our credit facility and outstanding notes. We believe these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.
Page 3
© 2026 Winnebago Industries 3 Agenda Financial Results Performance Overview Fiscal 2027 Guidance 01 02 03 Concluding Comments 04
Page 4
© 2026 Winnebago Industries 4 Disciplined Execution Amid Consumer and Dealer Caution KEY MARKET TRENDS • RV and boating interest remained healthy, but affordability pressures and macroeconomic uncertainty continued to delay new purchases • Extended purchase cycles and cautious dealer ordering continued to temper industry shipments • Demand remained soft and varied across categories, with limited visibility into the timing of a recovery BUSINESS PERFORMANCE • Production and wholesale shipments remained disciplined and aligned with retail demand • Dealer inventory quality remained broadly within acceptable ranges -25% -20% -15% -10% -5% 0% 5% Aug FY25 Sep FY26 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug FY26 RV RETAIL UNITS – CHANGE VS. LY (through August 2026) Industry retail sales decreased 18% YoY in August Sources: Statistical Surveys Inc, Recreation Vehicle Industry Association 28,212 23,599 28,212 23,599 Aug FY25 Sep FY26 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug FY26 INDUSTRY WHOLESALE SHIPMENTS Industry wholesale shipments decreased 16% YoY in August Turns (TTM Retail Sales/Ending Inv) Inventory (units) F26 Q4 of 1.8x, an improvement versus F26 Q3 of 1.5x WINNEBAGO INDUSTRIES DEALER TURNS 19,762 20,630 23,436 22,189 18,866 1.9 1.8 1.5 1.5 1.8 1.00 1.50 2.00 2.50 3.00 F25 Q4 F26 Q1 F26 Q2 F26 Q3 F26 Q4
Page 5
© 2026 Winnebago Industries 5 Our Premium Brand Positioning Is Reflected In Dollar Share That Exceeds Unit Share Across Key RV Categories Sources: Statistical Surveys Inc. (SSI) retail data, TTM through August 2026. Dollar share reflects revenue participation based on category mix and average selling prices. Differences between unit and dollar share may reflect product mix, pricing, and brand positioning across segments. Figures subject to change based on final reported industry data and registration timing. TTM 8/31/2026 Motorhome Class A - Diesel Class A - Gas Class B Class C Towable Fifth Wheel Travel Trailer Total Unit Share 16.3% 35.4% 12.0% 19.6% 13.8% 9.7% 13.9% 8.8% 10.4% Change Y/Y (% pts) 0.0 2.0 0.0 (1.7) 0.9 (0.1) (1.9) 0.2 (0.1) Dollar Share 21.6% 41.0% 13.4% 18.7% 18.1% 11.1% 14.1% 9.4% 14.7% Change Y/Y (% pts) 0.7 2.1 (1.1) (0.9) 2.2 (0.5) (2.0) 0.2 0.0
Page 6
© 2026 Winnebago Industries 6 Barletta Continued to Gain Share in a Soft Retail Market Source: Statistical Surveys Inc.; F26 is August FY26 TTM ; represents unit retail volume market share of the U.S. aluminum pont oon segment. Data is based on the latest publicly available information and is often impacted by delays in reporting by various states. F17 0.0% F18 0.3% F19 1.7% F21 4.7% F23 7.1% F24 8.8% F25 9.0% F26 9.7% Lusso Cabrio Corsa Aria Leggera Sanza
Page 7
© 2026 Winnebago Industries 7 4 Broaden Portfolio & Access Expand our portfolio with new platforms and price points that broaden customer choice and improve accessibility 2 Invest in Owner- Focused Innovation Advance product quality and durability through innovation such as Omega Frame and expanded composite roof technology 1 Improve Operational Efficiency Simplify our manufacturing footprint through targeted consolidation and greater operating efficiency 3 Maintain Cost and Liquidity Discipline Strengthen financial flexibility through lower leverage, disciplined cost management and available liquidity capacity FISCAL 2026 KEY INITIATIVES Designed to Strengthen Our Foundation to Compete Through the Cycle
Page 8
© 2026 Winnebago Industries 8 FY26 NEW PRODUCTS Broadening our Reach Across Customer Segments, Use Cases and Price Points W I N N E B A G O | M O T O R I Z E D ARKA Expands Winnebago's adventure motorized offering W I N N E B A G O | T O W A B L E THRIVE Broadens Winnebago Towables' travel trailer portfolio G R A N D D E S I G N | M O T O R I Z E D LINEAGE Establishes Grand Design in motorized RVs N E W M A R | M O T O R I Z E D FREEDOM AIRE Extends Newmar into a new motorized category G R A N D D E S I G N | T O W A B L E FOUNDATION Adds Grand Design's first destination trailer B A R L E T T A | M A R I N E SANZA Broadens Barletta's participation at a more accessible price point W I N N E B A G O | M O T O R I Z E D ARKA Expands Winnebago's adventure motorized offerings W I N N E B A G O | T O W A B L E THRIVE Broadens Winnebago Towables’ travel trailer portfolio G R A N D D E S I G N | M O T O R I Z E D LINEAGE SERIES E Expands Grand Design’s reach in Class C motorhomes N E W M A R | M O T O R I Z E D FREEDOM AIRE Extends Newmar into a new motorized category G R A N D D E S I G N | T O W A B L E FOUNDATION Adds Grand Design’s first destination trailer B A R L E T T A | M A R I N E SANZA Broadens Barletta’s participation at a more accessible price point
Page 9
© 2026 Winnebago Industries 9 Financial Results Performance Overview Fiscal 2027 Guidance 01 02 03 Concluding Comments 04 Financial Results
Page 10
© 2026 Winnebago Industries 10 F26 Q4 Consolidated Results $777.3 $645.1Net Revenues ($-millions) 12.8% 12.5% Operating Income ($-millions) $20.1 $17.6 1 Non-GAAP measure; see reconciliation in Appendix Adjusted Diluted Earnings Per Share1 $0.71 $0.49 Gross Profit Margin • Net revenues decreased 17.0%, primarily reflecting lower unit volume and product mix, partially offset by selective price adjustments. • Gross profit margin decreased to 12.5% primarily due to volume deleverage, partially offset by operational efficiencies from Motorhome segment transformation initiatives. • Operating income decreased 12.3% to $17.6M vs. $20.1M in F25 Q4 • Adjusted diluted earnings per share1 decreased 31.0% to $0.49 from $0.71 in F25 Q4 F25 Q4 F26 Q4
Page 11
© 2026 Winnebago Industries 11 $220.3 $306.3 Net Revenues ($ millions) Towable RV Segment Results $9.3 $21.4 4.2% 7.0% Net revenues decreased 28.1% vs. F25 Q4 primarily due to: • Lower unit volume • A shift in product mix toward lower price- point models • Partially offset by selective price adjustments Operating income margin decreased 280 bps vs. F25 Q4, primarily due to: • Volume deleverage • Higher discounts and allowances • Partially offset by cost containment initiatives and selective price adjustments. $ - millions Operating Income and Margin OI Margin F25 Q4 F26 Q4
Page 12
© 2026 Winnebago Industries 12 $323.6 $361.2 Net Revenues ($ millions) Motorhome RV Segment Results $7.9 ($0.3) $ - millions Operating Income and Margin OI Margin 2.4% (0.1%) Net revenues decreased 10.4% vs. F25 Q4 primarily driven by: • Lower unit volume • Shift in product mix • Partially offset by lower discounts and allowances Operating income margin increased 250 bps vs. F25 Q4, primarily reflecting: • Operational efficiencies from transformation initiatives • Lower discounts and allowances • Cost containment initiatives • Partially offset by volume deleverage F25 Q4 F26 Q4
Page 13
© 2026 Winnebago Industries 13 $6.6 $6.7 7.1% 7.1% $92.3 $94.9 Net Revenues ($ millions) Marine Segment Results $ - millions Operating Income and Margin OI Margin Net revenues decreased 2.7% vs. F25 Q4, primarily due to: • Shift in product mix toward lower price- point models • Partially offset by selective price adjustments Operating income margin of 7.1% was consistent with the prior year primarily due to: • Selective price adjustments • Offset by product mix F25 Q4 F26 Q4
Page 14
© 2026 Winnebago Industries 14 2.5 1.6 2.0 2.5 0.7 4.8 3.1 2.2 FY17 Q2 FY18 Q4 FY20 Q1 FY20 Q3 FY22 Q1 FY25 Q3 FY25 Q4 FY26 Q4 Focus: Net Leverage of 2.2x decreased versus Q4 FY25, with quarter-over-quarter movement reflecting stronger cash flow Focus: Operating cash flow improved $39.8M year over year on a YTD basis, supporting capital allocation flexibility 1 Leverage ratio defined as net debt /TTM Proforma Adjusted EBITDA. Proforma Adjusted EBITDA is a non-GAAP measure; see reconciliation in Appendix. 2 Non-GAAP measure; see reconciliation above and in Appendix. Balance Sheet and Cash Flow Leverage Ratio1 Grand Design Chris-Craft Newmar Barletta COVID EBITDA Impact ($ - millions) FY2026 FY2025 Net cash provided by (used in) operating activities $168.7 $128.9 Purchases of property, plant, and equipment (24.1) (39.4) Free Cash Flow $144.6 $89.5 Focused on preserving financial flexibility, managing working capital and strengthening the balance sheet NET LEVERAGE TREND FREE CASH FLOW 2 Market Trough/ Profit Impact
Page 15
© 2026 Winnebago Industries 15 Financial Results Performance Overview Fiscal 2027 Guidance 01 02 03 Concluding Comments 04 FY 2027 Guidance
Page 16
© 2026 Winnebago Industries 16 Fiscal 2027 Guidance1 and Key Drivers FY26 Actual FY27 Estimate Midpoint vs. FY26 Key Drivers Net Revenues $2.7B $2.65B - $2.80B $2.725B; +1% • Further Motorhome RV operating improvement • Contributions from recently launched products • Manufacturing-footprint alignment • Material-cost and sourcing initiatives • Expense discipline • Working-capital and leverage management Reported earnings per share (GAAP) $1.21 $0.90 - $1.50 $1.20; (1%) Adjusted earnings per share2 $1.79 $1.65 - $2.25 $1.95; +9% 1 Guidance based on total North American RV shipments in the range of 265,000 to 295,000 units for calendar year 2027. 2 Fiscal 2027 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million and restructuring and related costs of approximately $6 million.
Page 17
© 2026 Winnebago Industries 17 Financial Results Performance Overview Fiscal 2027 Guidance 01 02 03 Concluding Comments 04 Concluding Comments
Page 18
© 2026 Winnebago Industries 18 Building a More Durable Growth and Earnings Profile Three Strategic Pillars broaden growth while reducing reliance on a market recovery 01 RV + MARINE Strengthen the Core • Drive profitable share in today’s market • Improve quality, cost and execution • Preserve upside as demand normalizes Build Aftermarket 02 CUSTOMER JOURNEY • Expand parts & accessories, service and experiences • Create recurring revenue and attractive margins • Deepen loyalty across the installed base Expand Strategic Mobility 03 POWER + SPECIALTY MOBILITY • Build on Lithionics’ portable power platform • Enter select specialty vehicles markets • Target less- cyclical, B2B growth opportunities Strengthen the core today while investing selectively for stronger margins, more durable growth and a more resilient earnings profile over time
Page 19
© 2026 Winnebago Industries 19
Page 20
© 2026 Winnebago Industries 20 Appendix
Page 21
© 2026 Winnebago Industries 21 Winnebago Industries Adjusted EBITDA Reconciliation ($ millions) F26 Q4 F25 Q4 Net income $9.7 $13.7 Interest expense, net 4.6 6.6 Income tax provision (benefit) 2.9 (0.4) Depreciation & amortization 15.0 15.2 EBITDA $32.2 $35.1 Restructuring and related costs -- 2.9 Non-operating income 0.4 0.2 Adjusted EBITDA $32.6 $38.2 Adjusted EBITDA Margin1 5.1% 4.9% 1 Adjusted EBITDA Margin reflects Adjusted EBITDA as a percentage of revenue. Revenue for Q4 FY26 and Q4 FY25 was approximately $645M and $777M, respectively. Note: EBITDA and Adj. EBITDA numbers may not foot due to rounding.
Page 22
© 2026 Winnebago Industries 22 Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation Note: Numbers may not foot due to rounding ($ millions) TTM F26 Q4 TTM F25 Q4 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net income $34.5 $25.7 $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 20.9 25.9 40.7 27.8 19.5 18.2 6.3 Provision for income taxes 9.9 4.4 98.2 12.2 24.3 40.3 25.8 Depreciation & amortization 60.0 60.6 38.3 36.7 24.7 19.2 18.8 EBITDA $125.3 $116.6 $501.2 $127.5 $172.2 $180.1 $105.5 Acquisition-related costs -- -- 4.1 9.8 10.0 2.2 6.3 Contingent consideration fair value adjustment -- -- 6.4 -- -- -- -- Litigation reserves (settlement/adjustment) -- -- 4.0 -- -- -- (3.4) Restructuring and related costs 1.6 2.9 -- 1.0 0.9 -- -- Acquisition-related fair value inventory step-up -- -- -- 4.8 1.2 -- -- Gain on sale of property, plant and equipment (2.8) -- (1.2) -- -- -- -- Postretirement health care benefit income -- -- -- -- -- -- (28.0) Loss on note repurchase 0.8 2.0 -- -- -- -- -- Asset impairment -- 1.2 -- -- -- -- -- Non-operating loss (income) 0.1 (0.8) (0.5) (0.7) (0.9) (0.5) (0.4) Adjusted EBITDA $125.0 $121.9 $514.0 $142.4 $183.2 $181.7 $80.0 Acquisition adjustments -- -- 16.8 15.9 47.2 -- 51.5 Pro Forma Adj EBITDA $125.0 $121.9 $530.8 $158.3 $230.4 $181.7 $131.4
Page 23
© 2026 Winnebago Industries 23 Winnebago Industries Adjusted EPS Reconciliation 1 Represents a pre-tax adjustment 2 The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23. 0% for Fiscal 2025. 3 Per share numbers may not foot due to rounding. F26 Q4 F25 Q4 Diluted earnings per share (GAAP) $0.34 $0.49 Amortization1 0.19 0.19 Restructuring and related costs1 -- 0.10 Tax impact of adjustments2 (0.04) (0.07) Adjusted diluted earnings per share (non-GAAP)3 $0.49 $0.71
Page 24
© 2026 Winnebago Industries 24 Winnebago Industries Free Cash Flow Reconciliation ($ millions) F26 Q4 F25 Q4 FY2026 FY2025 Net cash provided by operating activities $142.5 $181.4 $168.7 $128.9 Purchases of property, plant, and equipment (7.3) (10.2) (24.1) (39.4) Free Cash Flow $135.2 $171.2 $144.6 $89.5 Note: Numbers may not foot due to rounding