Winnebago Industries, Inc. · NYSE:WGO
Winnebago Industries — Q2 2026 Earnings Presentation
26 slides from Winnebago Industries's earnings presentation, Mar 25, 2026
Slide 1: Winnebago Industries Q2 FY 2026 Earnings Presentation
Winnebago Industries Q2 FY 2026 Earnings Presentation March 25, 2026 © 2026 Winnebago Industries 1
Slide 2: Forward-Looking Statements
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 2026. Investors are cautioned that forward-looking statements are inherently u
Slide 3: Agenda
Agenda 01 02 03 04 Performance Financial Fiscal 2026 Concluding Overview Results Guidance Comments © 2026 Winnebago Industries 3
Slide 4: Q2: Solid Performance in a Challenging Market
Q2: Solid Performance in a Challenging Market Benefits of Motorized RV Towable RV Marine Balance Sheet Diversification Segment Segment Segment Strength • Strong Motorhome • New products and • Selective price • Q2 results reflect • Redemption of RV growth and Grand Design adjustments partly anticipat
Slide 5: Key RV Trends – North America
Key RV Trends – North America CY 2026 Wholesale RV Shipment Expectations 315,000 to 345,000 units (unchanged) RV Retail Units – Change vs. LY Industry Wholesale Shipments Winnebago Industries (through January 2026) Dealer Turns 20.0% Inventory (units) 15.00 Turns (TTM Retail Sales/Ending Inv) 10.0%
Slide 6: RV New Product Highlights
RV New Product Highlights Winnebago Grand Design Newmar Sunflyer Lineage Series VT Freedom Aire Winnebago Grand Design Thrive Foundation © 2026 Winnebago Industries 6
Slide 7: Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment
Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment • Expands Barletta’s lineup with an offering designed to reach more accessible price points • Premium materials and thoughtful design that maintain the brand's hallmark quality, comfort, and performance Source: Statistical Surveys I
Slide 8: Recent Marine Innovation and CSI Awards
Recent Marine Innovation and CSI Awards Barletta and Seakeeper Ride Chris-Craft Launch 27 90%+ Customer Satisfaction • Won 2026 Minneapolis Innovation Award (4th • Won 2026 Miami Innovation Award consecutive year) • Redesigned hull + richer materials + advanced tech to • Pontoon-tuned software manag
Slide 9: Corporate Responsibility Report
Corporate Responsibility Report PEOPLE PLANET COMMUNITY Embrace inclusion and belonging Protect and preserve the outdoors Contribute to the places we call home 2026 Newsweek's Most Responsible Strengthened ESG governance to enhance Awarded 70 new scholarships for 2026, Companies for the fourth year
Slide 10: Financial Results
Financial Results 01 02 03 04 Performance Financial Fiscal 2026 Concluding Overview Results Guidance Comments © 2026 Winnebago Industries 10
Slide 11: F26 Q2 Consolidated Results
F26 Q2 Consolidated Results F25 Q2 F26 Q2 • Net revenues increased 6.0% vs. F25 Q2, driven by: Net $657.4 — selective price adjustments and product mix, Revenues $620.2 partially offset by lower unit volume ($-millions) • Gross margin decreased 40 bps vs. F25 Q2, due to: Gross 13.0% — product mix, p
Slide 12: Towable RV Segment Results
Towable RV Segment Results Net Revenues ($- millions) Operating Income and Margin $288.2 F25 F26 $12.7 Q2 Q2 $11.1 $262.4 4.4% 4.2% $ - millions OI Margin Net revenues decreased 9.0% vs. F25 Q2 Operating income decreased 12.2% vs. F25 Q2, primarily driven by: primarily driven by: • A shift in produc
Slide 13: Motorhome RV Segment Results
Motorhome RV Segment Results Net Revenues ($- millions) Operating Income and Margin F25 F26 Q2 Q2 $304.7 $7.5 $235.6 2.4% ($0.6) (0.3%) $ - millions OI Margin Net revenues increased 29.3% vs. F25 Q2 Operating income and operating income margin primarily driven by: increased vs. F25 Q2, primarily dri
Slide 14: Marine Segment Results
Marine Segment Results Net Revenues ($- millions) Operating Income and Margin F25 F26 Q2 Q2 $5.4 $81.7 $79.2 6.6% $2.9 3.7% $ - millions OI Margin Net revenues decreased 3.0% vs. F25 Q2, Operating income and operating income margin primarily driven by: decreased vs. F25 Q2, primarily driven by: • Lo
Slide 15: Balance Sheet and Capital Allocation
Balance Sheet and Capital Allocation Reinvesting in the profitable growth of core businesses; talent, capacity Continue to invest inorganically; strategic and cultural fit, financially expansion, innovation, process improvements, digital/AI capabilities accretive Capital Expenditures ($ - millions)
Slide 16: FY 2026 Guidance
FY 2026 Guidance 01 02 03 04 Performance Financial Fiscal 2026 Concluding Overview Results Guidance Comments © 2026 Winnebago Industries 16
Slide 17: Fiscal 2026 Guidance
Fiscal 2026 Guidance Winnebago Industries maintains its fiscal 2026 full year guidance for Net Revenues and Adjusted earnings per share as follows: FY25 Actual FY26 Estimate Midpoint vs. FY25 Net Revenues $2.80B $2.8B - $3.0B $2.9B (+4%) 1 Reported earnings per share (GAAP) $0.91 $1.50 - $2.20 $1.85
Slide 18: Concluding Comments
Concluding Comments 01 02 03 04 Performance Financial Fiscal 2026 Concluding Overview Results Guidance Comments © 2026 Winnebago Industries 18
Slide 19: What Differentiates Winnebago Industries
What Differentiates Winnebago Industries Uniquely positioned to drive long-term profitable growth as a trusted leader in premium outdoor recreation: o Portfolio of premium outdoor → Supports strong profitability and margin recreation brands expansion over the long-term o Enterprise-wide centers of P
Slide 20: © 2026 Winnebago Industries
© 2026 Winnebago Industries 20
Slide 21: Appendix
Appendix © 2026 Winnebago Industries 21
Slide 22: Winnebago Industries Adjusted EBITDA Reconciliation
Winnebago Industries Adjusted EBITDA Reconciliation ($ - millions) F26 Q2 F25 Q2 Net income (loss) $4.8 $(0.4) Interest expense, net 5.8 6.8 Income tax provision 0.6 -- Depreciation & amortization 15.0 15.0 EBITDA $26.2 $21.4 Gain on sale of property, plant and equipment (2.8) -- Loss on note repurc
Slide 23: Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation
Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation ($ - millions) TTM F26 Q2 TTM F25 Q4 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net income $41.6 $25.7 $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 24.6 25.9 40.7 27.8 19.5 18.2 6.3 Provision for income taxes 9.4 4.4
Slide 24: Winnebago Industries Adjusted EPS Reconciliation
Winnebago Industries Adjusted EPS Reconciliation F26 Q2 F25 Q2 Diluted earnings (loss) per share (GAAP) $0.17 $(0.02) Amortization1 0.19 0.20 Loss on note repurchase1 0.03 0.07 Gain on sale of PP&E1 (0.10) -- Restructuring and related costs1 0.02 -- Tax impact of adjustments2 (0.03) (0.06) Adjusted
Slide 25: Winnebago Industries Free Cash Flow Reconciliation
Winnebago Industries Free Cash Flow Reconciliation ($ - millions) F26 Q2 YTD F25 Q2 YTD FY26 Q2 TTM FY25 Q2 TTM Net cash provided by (used in) operating activities $0.6 $(27.2) $156.7 $112.9 Purchases of property, plant, and equipment (9.9) (18.4) (30.9) (40.6) Free Cash Flow $(9.3) $(45.6) $125.8 $
Slide 26: Contact
Contact Joan Ondala ©Email: ir@winnebagoind.com 2026 Winnebago Industries 26