Winnebago Industries, Inc. · NYSE:WGO
Winnebago Industries — Q3 2025 Earnings Presentation
23 slides from Winnebago Industries's earnings presentation, Jun 25, 2025
Slide 1: Fiscal 2025 Third Quarter Earnings Presentation
Fiscal 2025 Third Quarter Earnings Presentation June 25, 2025
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains f orward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 , inc lu ding the bu siness outlook and financial guidance for Fiscal 2025. Investors are cau tioned that forward-looking statemen ts are in he
Slide 3: Agenda
Agenda 01 02 03 04 Performance Financial Fiscal 2025 Concluding Overview Results Guidance Comments © 2025 Winnebago Industries 3
Slide 4: F25 Q3 Key Messages
F25 Q3 Key Messages Results reflect continued macroeconomic uncertainty and Recently Introduced Products operational headwinds in Motorhome RV segment Grand Design Winnebago Thrive Taking Decisive Steps to Address Challenged Performance Lineage Series VT at Winnebago Motorhome o New leadership launc
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 % c hg yoy +7% +5% +18% +4% 0% +8% -6% +22% +6% +16% +3% RV Retail Units—Change vs LY +8% WGO IND RV Dealer Inventory Units and Turns (through April 2025) 20.0% 37,348
Slide 6: North America RV Market Share Performance
North America RV Market Share Performance Motorhome RV Segment Market Share (Units) 21.2% 20.0% 21.1% F24 F25 16.5% 15.6% 15.3% 17.5% 17.1% 16.4% F22 F20 11.0% 10.8% 12.3% F17 10.9% 6.9% F16 F17 F18 F19 F20 F21 F22 F23 F24 F25 3.3% Towable RV Segment Recent Highlights Market Share (Units) • Achieved
Slide 7: Barletta U.S. Aluminum Pontoon Market Share Performance
Barletta U.S. Aluminum Pontoon Market Share Performance Achieves No. 3 Position in U.S. Aluminum Pontoon Market F25 F24 F23 9.2% F22 8.8% 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 April F25; represents unit retail volume ma
Slide 8: F25 Q3 Consolidated Results
F25 Q3 Consolidated Results F24 F25 Net revenues and earnings per share in line with preliminary Q3 Q3 expectations reflecting unique dynamics of our business and uncertain economic environment • Net revenues decreased 1.4% vs. F24 Q3, driven by: Net $775.1 Revenues • Reduction in ASP related to pro
Slide 9: Towable RV Segment Results
Towable RV Segment Results F24 F25 Q3 Q3 Net Revenues ($-millions) Adjusted EBITDA1 $386.3 $371.7 $41.9 $35.4 10.9% 9.5% $ - millions % of Revenue Net Revenues decreased 3.8% vs. Adjusted EBITDA1 decreased 15.7% and F24 Q3 primarily driven by: Adjusted EBITDA1 margin decreased 140 bps • A shift in p
Slide 10: Motorhome RV Segment Results
Motorhome RV Segment Results F24 F25 Q3 Q3 Net Revenues ($-millions) Adjusted EBITDA1 $299.0 $291.2 4.5% $13.4 $3.0 1.0% $ - millions % of Revenue Net Revenues decreased 2.6% vs. F24 Adjusted EBITDA1 decreased 77.7% Q3 primarily driven by: and Adjusted EBITDA1 margin • Strong results in Newmar and d
Slide 11: Marine Segment Results
Marine Segment Results F24 F25 Q3 Q3 Net Revenues ($-millions) Adjusted EBITDA1 11.6% $100.7 $11.6 9.7% $87.9 $8.5 $ - millions % of Revenue Net Revenues increased 14.6% vs. Adjusted EBITDA1 increased 37.0% and F24 Q3, primarily driven by: Adjusted EBITDA1 margin increased 190 bps vs. F24 Q3, primar
Slide 12: Balance Sheet and Capital Allocation
Balance Sheet and Capital Allocation Reinvesting in the profitable growth of our core Established track record of inorganic investments; businesses; innovation, process improvements, digital capabilities strategic and cultural fit, financially accretive Capital Expenditures ($ - millions) 88 83 41 3
Slide 13: Approach to Tariffs
Approach to Tariffs Monitor key risks and developments in tariff policy, leveraging insights from Expected Tariff Impacts Monitor external sources. • Mitigation actions expected to offset majority of tariff impacts in fiscal Assess potential scenarios and 2025 summarize their impacts on Assess Winn
Slide 14: Revised Fiscal 2025 Guidance
Revised Fiscal 2025 Guidance1 Metric FY25 Estimated FY24 Actual Net revenues $2.7B - $2.8B $2.97B Reported earnings per share (GAAP) $0.50 - $1.00 $0.44 Adjusted earnings per share2 $1.20 - $1.70 $3.40 1 Guidance based on total North American RV shipments in the range of 315,000 to 335,000 units for
Slide 15: What Differentiates Winnebago Industries
What Differentiates Winnebago Industries Uniquely positioned to drive long-term profitable growth as a trusted leader in premium outdoor recreation: o Portfolio of premium outdoor recreation brands support strong profitability and margin expansion over the long-term o Enterprise-wide centers of exce
Slide 16: © 2024 Winnebago Industries
© 2024 Winnebago Industries 16
Slide 17: Appendix
Appendix © 2025 Winnebago Industries 17
Slide 18: Winnebago Industries Adjusted EBITDA Reconciliation
Winnebago Industries Adjusted EBITDA Reconciliation ($ - millions) F25 Q3 F24 Q3 Net income $17.6 $29.0 Interest expense, net 6.7 5.8 Income tax provision 6.3 6.5 Depreciation & amortization 15.1 14.5 EBITDA $45.7 $55.8 Asset impairment 1.2 -- Non-operating (income) loss (0.4) 2.2 Adjusted EBITDA $4
Slide 19: Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation
Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation ($ - millions) TTM F25 Q3 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net (loss) income ($17.1) $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 25.2 40.7 27.8 19.5 18.2 6.3 Provision for income taxes 8.0 98.2 12.2 24.3 4
Slide 20: Winnebago Industries Adjusted EPS Reconciliation
Winnebago Industries Adjusted EPS Reconciliation F25 Q3 F24 Q3 Diluted earnings per share (GAAP) $0.62 $0.96 Amortization1 0.19 0.19 Asset Impairment1 0.04 -- Tax impact of adjustments2 (0.05) (0.04) Adjusted diluted earnings per share (non-GAAP)3,4 $0.81 $1.10 1 Represents a pre-tax adjustment 2 In
Slide 21: Impact of Adjusted EPS Change
Impact of Adjusted EPS Change1 Fiscal 2024 Q1 QTD Q2 QTD Q3 QTD Q4 QTD Q1 YTD Q2 YTD Q3 YTD Q4 YTD Adjusted EPS, as previously $1.06 $0.93 $1.13 $1.06 $1.98 $3.11 reported Impact of call spread overlay 0.11 -- 0.03 0.11 -- 0.07 Adjusted EPS, as revised $0.95 $0.93 $1.10 $0.282 $0.95 $1.98 $3.04 $3.4
Slide 22: Winnebago Industries Free Cash Flow Reconciliation
Winnebago Industries Free Cash Flow Reconciliation ($ - millions) F25 Q3 F24 Q3 F25 Q3 TTM F24 Q3 TTM Net cash (used in) provided by operating activities $(52.5) $103.2 $(11.8) $241.4 Purchases of property, plant, and equipment (29.2) (33.8) (40.4) (49.0) Free Cash Flow $(81.7) $69.4 $(52.2) $192.3
Slide 23: Contact
Contact Ray Posadas Email: ir@winnebagoind.com