Winnebago Industries, Inc. · NYSE:WGO
Winnebago Industries — Q3 2026 Earnings Presentation
25 slides from Winnebago Industries's earnings presentation, Jun 25, 2026
Slide 1: Winnebago Industries Q3 FY 2026 Earnings Presentation
Winnebago Industries Q3 FY 2026 Earnings Presentation June 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: Actions Strengthening the Business
Actions Strengthening the Business MANAGING THE CONTROLLABLES New Products Prioritizing investments that strengthen our brands and products Innovation and Accessibility Advancing innovation while expanding participation at accessible price points Cost & Cash Discipline Driving SG&A efficiency, worki
Slide 5: Q3: Disciplined Execution in a Dynamic Demand Environment
Q3: Disciplined Execution in a Dynamic Demand Environment Demand Portfolio Motorized Towable Disciplined Backdrop Balance Momentum Dynamics Execution • Industry demand • Portfolio diversity • Meaningful • Competitive • Disciplined environment across RV and improvement in market conditions execution
Slide 6: Key RV Trends – North America
Key RV Trends – North America CY 2026 Wholesale RV Shipment Updated Expectations 290,000 to 310,000 units RV Retail Units – Change vs. LY Industry Wholesale Shipments Winnebago Industries (through April 2026) Dealer Turns 20.0% 29,209 Inventory (units) 15.00 Turns (TTM Retail Sales/Ending Inv) 10.0%
Slide 7: Our RV Dollar Share Exceeds Unit Share in Most Categories
Our RV Dollar Share Exceeds Unit Share in Most Categories Retail dollar share better reflects the value of our premium brands, differentiated products and growing motorized presence TTM 4/30/2026 Class A - Class A - Motorhome Class B Class C Towable Fifth Wheel Travel Trailer Total Diesel Gas Unit S
Slide 8: Barletta Continues Share Acceleration in U.S. Aluminum Pontoon Segment
Barletta Continues Share Acceleration in U.S. Aluminum Pontoon Segment F26 9.3% F25 8.9% F24 8.8% Sanza F23 7.1% F21 4.7% Aria Leggera F19 Corsa 1.7% Cabrio F18 0.3% Lusso F17 0.0% Source: Statistical Surveys Inc.; F26 is April FY26 TTM ; represents unit retail volume market share of the U.S. alumin
Slide 9: RV New Product Highlights
RV New Product Highlights Winnebago Grand Design Newmar ARKA Transcend Lite Freedom Aire Winnebago Grand Design Thrive Momentum © 2026 Winnebago Industries 9
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 Q3 Consolidated Results
F26 Q3 Consolidated Results F26 Q3 F25 Q3 • Net revenues decreased 9.9%, primarily due to: $698.7 — lower unit volume, partially offset by selective Net price adjustments and product mix Revenues $775.1 ($-millions) • Gross profit margin was consistent with prior year: 13.6% — higher input costs and
Slide 12: Towable RV Segment Results
Towable RV Segment Results Net Revenues ($- millions) Operating Income and Margin F26 F25 Q3 Q3 $29.7 $371.7 $274.7 $16.0 8.0% 5.8% $ - millions OI Margin Net revenues decreased 26.1% vs. F25 Q3 Operating income decreased 46.3% vs. F25 Q3, primarily due to: primarily due to: • Lower unit volume • Hi
Slide 13: Motorhome RV Segment Results
Motorhome RV Segment Results Net Revenues ($- millions) Operating Income and Margin F26 F25 Q3 Q3 $320.7 $291.2 $9.6 3.0% ($3.2) -1.1% $ - millions OI Margin Net revenues increased 10.1% vs. F25 Q3 Operating income and operating income margin primarily driven by: increased vs. F25 Q3, primarily refl
Slide 14: Marine Segment Results
Marine Segment Results Net Revenues ($- millions) Operating Income and Margin F26 F25 Q3 Q3 $100.7 $92.4 $9.4 9.3% $5.3 5.8% $ - millions OI Margin Net revenues decreased 8.3% vs. F25 Q3, Operating income and operating income margin primarily due to: decreased vs. F25 Q3, primarily driven by: • Lowe
Slide 15: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow Focused on preserving financial flexibility, managing working capital and strengthening the balance sheet NET LEVERAGE TREND FREE CASH FLOW – YTD/TTM Leverage Ratio1 COVID F26 Q3 FY26 Q3 EBITDA Impact ($ - millions) YTD TTM Grand Design Newmar 4.8 Net cash provided by (us
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 updates 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 $2.8B $2.65B - $2.75B $2.7B (-4%) Reported earnings per share (GAAP) $0.91 $1.05 - $1.40 $1.23 (+
Slide 18: Concluding Comments
Concluding Comments 01 02 03 04 Performance Financial Fiscal 2026 Concluding Overview Results Guidance Comments © 2026 Winnebago Industries 18
Slide 19: What Differentiates Winnebago Industries
What Differentiates Winnebago Industries Uniquely positioned to drive long-term profitable growth as a trusted leader in premium outdoor recreation: o Portfolio of premium outdoor → Supports strong profitability and margin recreation brands expansion over the long-term o Enterprise-wide centers of P
Slide 20: © 2026 Winnebago Industries
© 2026 Winnebago Industries 20
Slide 21: Appendix
Appendix © 2026 Winnebago Industries 21
Slide 22: Winnebago Industries Adjusted EBITDA Reconciliation
Winnebago Industries Adjusted EBITDA Reconciliation ($ - millions) F26 Q3 F25 Q3 Net income $14.5 $17.6 Interest expense, net 5.0 6.7 Income tax provision 3.5 6.3 Depreciation & amortization 14.8 15.1 EBITDA $37.8 $45.7 Asset impairment -- 1.2 Non-operating income -- (0.4) Adjusted EBITDA $37.8 $46.
Slide 23: Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation
Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation ($ - millions) TTM F26 Q3 TTM F25 Q4 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net income $38.5 $25.7 $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 22.9 25.9 40.7 27.8 19.5 18.2 6.3 Provision for income taxes 6.6 4.4
Slide 24: Winnebago Industries Adjusted EPS Reconciliation
Winnebago Industries Adjusted EPS Reconciliation F26 Q3 F25 Q3 Diluted earnings per share (GAAP) $0.51 $0.62 Amortization1 0.19 0.19 Asset impairment -- 0.04 Tax impact of adjustments2 (0.04) (0.05) Adjusted diluted earnings per share (non-GAAP)3 $0.66 $0.81 1 Represents a pre-tax adjustment 2 The c
Slide 25: Winnebago Industries Free Cash Flow Reconciliation
Winnebago Industries Free Cash Flow Reconciliation ($ - millions) F26 Q3 YTD F25 Q3 YTD FY26 Q3 TTM FY25 Q3 TTM Net cash provided by (used in) operating activities $26.2 $(52.5) $207.6 $(11.8) Purchases of property, plant, and equipment (16.8) (29.2) (27.0) (40.4) Free Cash Flow $9.4 $(81.7) $180.6