Winnebago Industries, Inc. · NYSE:WGO
Winnebago Industries — Q1 2026 Earnings Presentation
23 slides from Winnebago Industries's earnings presentation, Dec 19, 2025
Slide 1: Fiscal 2026 First Quarter Earnings Presentation
Fiscal 2026 First Quarter Earnings Presentation December 19, 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: F26 Q1 Key Messages
F26 Q1 Key Messages • Broad-based Q1 outperformance: Revenue up across segments; Motorhome & Towables margin expansion; Marine resilient in a soft market Newmar Dutch Star Barletta Cabrio • Control-driven FY2026: Self-help levers (innovation, operations, brand expansions) anchor outlook, independent
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 -6% +8% +22% +6% +16% +3% -15% +16% -6% -3% +4% -1% RV Retail Units—Change vs LY % chg yoy WGO IND RV Dealer Inventory Units and Turns (through October 2025) 20.0% 37,
Slide 6: Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment
Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment Oct. 1M share 12.8% No. 3 Position U.S. Aluminum Pontoon Segment F26 F25 9.1% F24 F23 8.9% 8.8% F21 7.1% F19 4.7% Aria F18 1.7% Corsa Leggera Cabrio F17 0.3% Lusso 0.0% Source: Statistical Surveys Inc TTM thru October F26; represent
Slide 7: Recent RV Industry Awards
Recent RV Industry Awards Foundation 42GD Freedom Aire Thrive 7 Awards for Grand Design1 5 Awards for Newmar1 8 Awards for Winnebago1 1 Awards shown reflect recognition across the brand’s portfolio and are not limited to the product pictured © 2025 Winnebago Industries 7
Slide 8: Corporate Responsibility
Corporate Responsibility PEOPLE PLANET COMMUNITY Embrace inclusion and belonging Protect and preserve the outdoors Contribute to the places we call home Industry Recognition of Winnebago Donated to Habitat for Humanity ReStores, Over $3.9M contributed by Winnebago Industries Employees in 2025: diver
Slide 9: F26 Q1 Consolidated Results
F26 Q1 Consolidated Results F25 F26 Q1 Q1 $702.7 • Net revenues increased 12.3% vs. F25 Q1, driven by: Net o Higher unit volume and selective price increases Revenues $625.6 ($-millions) • Gross margin increased 40 bps vs. F25 Q1, due to: Gross 12.7% o Volume leverage, partially offset by higher Mar
Slide 10: Towable RV Segment Results
Towable RV Segment Results F25 F26 Q1 Q1 Net Revenues ($-millions) Operating Income $293.4 $11.1 $8.9 3.8% 3.5% $254.0 $ - millions OI Margin Net revenues increased 15.5% Operating income increased 24.8% and vs. F25 Q1 primarily driven by: operating income margin increased 30 • Higher unit volume bp
Slide 11: Motorhome RV Segment Results
Motorhome RV Segment Results F25 F26 Q1 Q1 Net Revenues ($-millions) Operating Income $308.5 $8.2 2.7% $271.7 $(3.2) (1.2%) $ - millions OI Margin Net revenues increased 13.5% Operating income and operating vs. F25 Q1 primarily driven by: income margin increased vs. F25 Q1, • Favorable product mix p
Slide 12: Marine Segment Results
Marine Segment Results F25 F26 Q1 Q1 Net Revenues ($-millions) Operating Income $92.5 $6.2 $90.5 $6.1 6.8% 6.6% $ - millions OI Margin Net revenues increased 2.2% vs. Operating income and operating F25 Q1, primarily driven by: income margin decreased vs. F25 Q1, primarily driven by: • Selective pric
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: Fiscal 2026 Guidance
Fiscal 2026 Guidance Metric FY25 FY26 Midpoint vs. FY25 Actual Estimate Net Revenues $2.80B $2.8B - $3.0B $2.9B (+4%) Reported earnings per share $0.91 $1.40 - $2.10 $1.75 (+92%) (GAAP) Adjusted earnings per share $1.67 $2.10 - $2.80 $2.45 (+47%) © 2025 Winnebago Industries 14
Slide 15: Key Success Drivers for FY 2026
Key Success Drivers for FY 2026 Winnebago Winnebago Grand Design RV Newmar Barletta Motorhomes Towables • Transcend, Imagine • Freedom Aire, • Cabrio and new • Sunflyer and and innovative new Grand Star and products in the • New Thrive upcoming new towable RV offerings strategic product pipeline lea
Slide 16: What Differentiates Winnebago Industries
What Differentiates Winnebago Industries Uniquely positioned to drive long-term profitable growth as a trusted leader in premium outdoor recreation: o Portfolio of premium outdoor recreation brands support strong profitability and margin expansion over the long-term o Enterprise-wide centers of exce
Slide 17: © 2025 Winnebago Industries
© 2025 Winnebago Industries 17
Slide 18: Appendix
Appendix © 2025 Winnebago Industries 18
Slide 19: Winnebago Industries Adjusted EBITDA Reconciliation
Winnebago Industries Adjusted EBITDA Reconciliation ($ - millions) F26 Q1 F25 Q1 Net income (loss) $5.5 $(5.2) Interest expense, net 5.5 5.8 Income tax provision (benefit) 2.9 (1.5) Depreciation & amortization 15.2 15.3 EBITDA $29.1 $14.4 Restructuring and related costs 1.2 -- Non-operating income (
Slide 20: Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation
Winnebago Industries Pro Forma Adjusted EBITDA Reconciliation ($ - millions) TTM F26 Q1 TTM F25 Q4 TTM F22 Q1 TTM F20 Q3 TTM F20 Q1 TTM F18 Q4 TTM F17 Q2 Net income $36.4 $25.7 $324.1 $50.9 $103.7 $102.4 $54.6 Interest expense, net 25.6 25.9 40.7 27.8 19.5 18.2 6.3 Provision for income taxes 8.8 4.4
Slide 21: Winnebago Industries Adjusted EPS Reconciliation
Winnebago Industries Adjusted EPS Reconciliation F26 Q1 F25 Q1 Diluted earnings (loss) per share (GAAP) $0.19 $(0.18) Amortization1 0.19 0.20 Restructuring and related costs1 0.05 -- Tax impact of adjustments2 (0.05) (0.05) Adjusted diluted earnings (loss) per share (non-GAAP)3 $0.38 $(0.03) 1 Repre
Slide 22: Winnebago Industries Free Cash Flow Reconciliation
Winnebago Industries Free Cash Flow Reconciliation ($ - millions) F26 Q1 F25 Q1 FY26 Q1 TTM FY25 Q1 TTM Net cash provided by operating activities $25.4 $(16.7) $171.0 $148.6 Purchases of property, plant, and equipment (5.6) (10.0) (35.0) (43.2) Free Cash Flow $19.8 $(26.7) $136.0 $105.4 Note: Number
Slide 23: Contact: Joan Ondala
Contact: Joan Ondala Email: ir@winnebagoind.com © 2025 Winnebago Industries