Winnebago Industries, Inc. · NYSE:WGO
Winnebago Industries — Q4 2025 Earnings Presentation
25 slides from Winnebago Industries's earnings presentation, Oct 22, 2025
Slide 1: Fiscal 2025 Fourth Quarter Earnings Presentation
Fiscal 2025 Fourth Quarter Earnings Presentation October 22, 2025
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 © 2025 Winnebago Industries 3
Slide 4: F25 Q4 Key Messages
F25 Q4 Key Messages Strong Q4 performance caps a challenging year Revenue and profitability growth in Q4 propel FY25 results above expectations, reflecting financial resilience Strategic growth from key products drives improving top-line Newmar Summit Aire Grand Design Transcend Healthy stable of in
Slide 5: Key RV Trends
Key RV Trends North America RV Industry North America RV Industry WGO IND RV Dealer Retail Sales Wholesale Shipments Inventory Turns % chg yoy 0% +8% -6% +8% +22% +6% +16% +3% -15% +16% -6% -3% RV Retail Units—Change vs LY WGO IND RV Dealer Inventory Units and Turns (through August 2025) 20.0% 37,34
Slide 6: RV Market Share Highlights
RV Market Share Highlights Newmar Dutch Star Winnebago Solis, Travato and Revel #1 Selling Class A Diesel for 4 #1, #2, and #3 Class B RVs Since 2021 Consecutive Years Winnebago EKKO Grand Design Transcend Grand Design Momentum #1 Selling Class C Diesel Top 10 Travel Trailer Brand #1 Selling 5W Toy
Slide 7: Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment
Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment No. 3 Position U.S. Aluminum Pontoon Market F25 F24 F23 8.8% 9.0% F22 7.1% F21 6.4% Aria F19 4.7% Reserve F18 1.7% Corsa Cabrio F17 0.3% Lusso 0.0% Source: Statistical Surveys Inc TTM thru August F25; represents unit retail volume m
Slide 8: Key Success Drivers for FY 2026
Key Success Drivers for FY 2026 Winnebago Winnebago Grand Design RV Newmar Barletta Motorhomes Towables • Foundation • New floorplans • Innovative lineup • Sunflyer and destination trailer and other product with entry into • New Thrive upcoming new and other new refinements value segments leads revi
Slide 9: F25 Q4 Consolidated Results
F25 Q4 Consolidated Results F24 F25 Q4 Q4 • Net revenues increased 7.8% vs. F24 Q4, driven by: o Favorable product mix and targeted price increases $777.3 o Partially offset by higher discounts and Net Revenues $720.9 allowances ($-millions) • Gross margin decreased 30 bps vs. F24 Q4, due to: Gross
Slide 10: Towable RV Segment Results
Towable RV Segment Results F24 F25 Q4 Q4 Net Revenues ($-millions) Operating Income $317.0 $306.3 $21.4 7.0% $15.5 4.9% $ - millions OI Margin Net revenues decreased 3.4% Operating income increased 38.3% and vs. F24 Q4 primarily driven by: operating income margin increased 210 • A shift in product m
Slide 11: Motorhome RV Segment Results
Motorhome RV Segment Results F24 F25 Q4 Q4 Net Revenues ($-millions) Operating Income $361.2 $308.0 $6.9 2.2% $(0.3) (0.1)% $ - millions OI Margin Net revenues increased 17.3% Operating income and operating vs. F24 Q4 primarily driven by: income margin decreased vs. F24 Q4, • Higher unit volume and
Slide 12: Marine Segment Results
Marine Segment Results F24 F25 Q4 Q4 Net Revenues ($-millions) Operating Income 7.1% $6.7 $94.9 $80.5 (33.7)% $(27.1) $ - millions OI Margin Net revenues increased 17.9% vs. Operating income and operating F24 Q4, primarily driven by: income margin increased vs. F24 Q4, primarily driven by: • Higher
Slide 13: Balance Sheet and Capital Allocation
Balance Sheet and Capital Allocation Reinvesting in the profitable growth of our core Continue to invest inorganically; strategic and cultural fit, businesses; talent, capacity expansion, innovation, process financially accretive improvements, digital capabilities Capital Expenditures ($ - millions)
Slide 14: Approach to Tariffs
Approach to Tariffs MONITOR ASSESS Assess tariff structure and Monitor key risks and rates and their impacts on developments in tariff Winnebago Industries. policy, leveraging insights from external sources. MITIGATE COLLABORATE Partner with supply chain Collaborate with suppliers leaders within eac
Slide 15: Fiscal 2026 Guidance and Key Drivers
Fiscal 2026 Guidance1 and Key Drivers Metric FY25 FY26 Midpoint vs. Key Actual Estimated FY25 Drivers • Motorhome RV Segment: Healthy growth driven by GDRV Lineage expansion • Towable RV Segment: Flat-to-modest growth driven Net Revenues $2.80B $2.75B - $2.95B $2.85B (+2%) by Winnebago-branded produ
Slide 16: What Differentiates Winnebago Industries
What Differentiates Winnebago Industries Uniquely positioned to drive long-term profitable growth as a trusted leader in premium outdoor recreation: o Portfolio of premium outdoor recreation brands support strong profitability and margin expansion over the long-term o Enterprise-wide centers of exce
Slide 17: © 2025 Winnebago Industries
© 2025 Winnebago Industries 17
Slide 18: Appendix
Appendix © 2025 Winnebago Industries 18
Slide 19: Winnebago Industries Adjusted EBITDA Reconciliation
Winnebago Industries Adjusted EBITDA Reconciliation ($ - millions) F25 Q4 F24 Q4 Net income (loss) $13.7 $(29.1) Interest expense, net 6.6 5.9 Income tax (benefit) provision (0.4) 3.2 Depreciation & amortization 15.2 16.2 EBITDA $35.1 $(3.8) Change in fair value of note receivable -- 3.0 Goodwill im
Slide 20: Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation
Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation ($ - millions) TTM F25 Q4 TTM F25 Q3 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net income (loss) $25.7 ($17.1) $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 25.9 25.2 40.7 27.8 19.5 18.2 6.3 Provision for income taxe
Slide 21: Winnebago Industries Adjusted EPS Reconciliation
Winnebago Industries Adjusted EPS Reconciliation F25 Q4 F24 Q4 Diluted earnings (loss) per share (GAAP) $0.49 $(1.01) Amortization1 0.19 0.21 Change in fair value of note receivable1 -- 0.10 Restructuring and related costs1 0.10 -- Tax impact of adjustments2 (0.07) (0.07) Goodwill impairment3 -- 1.0
Slide 22: Winnebago Industries Free Cash Flow Reconciliation
Winnebago Industries Free Cash Flow Reconciliation ($ - millions) F25 Q4 F24 Q4 FY2025 FY2024 Net cash provided by operating activities $181.4 $40.7 $128.9 $143.9 Purchases of property, plant, and equipment (10.2) (11.2) (39.4) (45.0) Free Cash Flow $171.2 $29.5 $89.5 $98.9 Note: Numbers may not foo
Slide 23: Supplemental Segment Information – 2025
Supplemental Segment Information – 2025 Q1 FY 2025 ($ in millions) Towable RV Motorhome RV Marine Segment Total Corporate/all other Consolidated Operating income (loss) 8.9 (3.2) 6.2 11.9 (12.8) (0.9) Depreciation and amortization 4.7 5.9 2.2 12.8 2.5 15.3 Q2 FY 2025 ($ in millions) Towable RV Motor
Slide 24: Supplemental Segment Information – 2024
Supplemental Segment Information – 2024 Q1 FY 2024 ($ in millions) Towable RV Motorhome RV Marine Segment Total Corporate/all other Consolidated Operating income (loss) 28.4 16.6 5.2 50.2 (11.1) 39.1 Depreciation and amortization 4.7 4.7 2.0 11.4 2.3 13.7 Q2 FY 2024 ($ in millions) Towable RV Motorh
Slide 25: Contact
Contact Ray Posadas Email: ir@winnebagoind.com © 2025 Winnebago Industries