Winnebago Industries, Inc.NYSE: WGO

WGO Baird 2026 Investor Presentation vF

· Issued by Winnebago Industries, Inc.


Michael Happe

President and Chief Executive Officer



Elevating Every Moment Outdoors as the Trusted Leader in Outdoor Recreation $2.9B

Locations Diverse Products

Current Net Revenues1

~5,200

Highly Skilled Employees

Significant

Class A - Gas & Diesel Class B - Gas & Diesel Class C - Gas & Diesel

Travel Trailer 5th Wheel Specialty Vehicles

Transformation

FY16 Current

Executive Office

RV Production

Boat Production

Net Revenues $1.0B $2.9B

RV Market Share2 3.3% 10.2%

Pontoon Market Share3 0.0% 9.3%

1 Current net revenues are F2c Ǫ2 TTM

Fiberglass Boats

Pontoon Boats Mobile Power

Battery Production

2 RV market shareis TTM thru F1c and March FY2c TTM; per Statistical Surveys Inc. Data is based on the latest

publiclyavailable information and is often impacted bydelays in reporting by various states.

3 Pontoon market share is TTM through F1c and April FY2c TTM per Statistical Surveys Inc. Data is based on the latest publicly available information and is often impacted bydelays in reporting by various states.

© 2026 Winnebago Industries 3



BELIEF

We believe time together outdoors is priceless

VISION

PURPOSE Elevating every moment outdoors

To be the trusted leader in premium outdoor recreation

PRINCIPLES

Relentless Excellence

Our unyielding pursuit of greatness and unwavering commitment to quality drive everything we do.

Unparalleled Collaboration

Our empowered employees and unique team culture create superior value and accelerate growth.

Purposeful Innovation

Our consumer-centric design and thoughtful technology delight customers as they travel, live, work, and play.

Exceptional Experience

Our care for our customers and the outdoors enables the most seamless, joyful experiences.

VALUES

Do the Right Thing

  • Operate with integrity and trust

  • Live the Code of Conduct

  • Take ownership & be accountable

Put People First

  • Focus on safety - always

  • Be inclusive with respect for all

  • Support our communities & our environment

Be the Best

  • Deliver winning results

  • Focus on our customers and stakeholders

  • Continuously innovate & improve

© 2026 Winnebago Industries 4



How We Operate

RV Unit Share Data (TTM ended March 31, 2026)

Motorhome

17.2%

Class A -

Diesel

35.6%

Class A -

Gas

13.2%

Class B

20.8%

Class C

14.4%

Towable

G.3%

Fifth Travel

Wheel Trailer

14.7% 8.2%

Total

10.2%

0.4 pts

1.S pts

1.S pts

(3.4) pts

2.1 pts

(0.7) pts

(1.3) pts (0.5) pts

(0.c) pts

Unit

Share

Change Y/Y

Source: Statistical Surveys Inc. Data is based on the latest publicly available information and is often impacted by delays in reporting by various states.

Motorhome RV Segment New Products ARKA

Built for Backcountry Adventurists

Highly durable, versatile adventure truck engineered for real terrain and weather, offering off-grid capability, flexible space, and smart system control

2027 Dutch Star Floor Plan 4345

#1 Selling Class A Diesel RV in

the U.S., Celebrating 35 Years

All-New Floor Plan 4345 offers a rear space that can serve as either a generous walk-in wardrobe complete with washer and dryer or a private bunk area to give kids or guests their own private retreat

Lineage - Series VP

CLASS B CAMPER VAN

Broadens Grand Design's Class B

lineup, complementing existing models and targeting consumers seeking compact, adventure-oriented vehicles



Towable RV Segment New Products Thrive

LIGHTWEIGHT TRAVEL TRAILER

Targets adventure-oriented buyers with lightweight construction and modern design, broadening Winnebago's reach in the entry and mid-tier towable market





Solitude 414LJMJ Foundation 42GD

PREMIUM FIFTH WHEEL DESTINATION TRAILER ENTRY

Strengthens Grand Design's presence in the luxury fifth-wheel segment with enhanced residential features and upgraded construction, including the new Omega fifth wheel frame and

a seamless PET composite roof

Represents Grand Design's first entry into the destination trailer segment, expanding participation into a growing category focused on longer-stay and seasonal use

Barletta Continues Share Expansion in U.S. Aluminum Pontoon Segment

F21

F23

7.1%

F24

8.8%

Aria

F25

8.G%

F26 G.3%



Sanza

F1G

1.7%

4.7%

Corsa

Leggera

F17

F18 0.3%

Cabrio Lusso

0.0%



Source: Statistical Surveys Inc.; F2c is April FY2c TTM ; represents unit retail volume market share of the U.S. aluminum pontoon segment. Data is based on the latest publicly available information and is often impacted by delays in reporting by various states.

© 2026 Winnebago Industries 9

Launch 27

PREMIUM RUNABOUT

Represents a new entry point within the Chris-Craft portfolio, thoughtfully expanding the customer base while maintaining the design, craftsmanship, and standards that define the brand



Marine Segment New Products Sanza

ELEVATED VALUE PONTOON

Expands Barletta's lineup with an offering designed to reach more accessible price points while maintaining the brand's hallmark quality, comfort, and performance

Seakeeper Ride

ENHANCED COMFORT C CONTROL

Advances ride quality through pontoon-tuned software and optimized integration, enabling smoother control and banked turns while maintaining award-winning customer satisfaction





© 2026 Winnebago Industries 10

Balance Sheet and Capital Allocation

Reinvest in the profitable growth of core businesses; talent, capacity expansion, innovation, process improvements, digital/AI capabilities

Continue to invest inorganically; prioritize strategic and cultural fit, with financially accretive opportunities



Capital Expenditures

($ - millions)

88 83

32



45





45



39



31



FY20

FY21

FY22

FY23

FY24

FY25

FY26 Q2 TTM

Maintain adequate liquidity; optimize capital structure

Return cash to shareholders; grow dividends C share repurchases

Leverage Ratio1

Grand Design

COVID

Newmar

EBITDA Impact

4.8

Cash Returned to Shareholders2

2.5

Chris-Craft

1.6 2.0

2.5

0.7

Barletta

3.1 2.G

($ - millions)

15 62

233

83 107 8G 3G

FY17 Q2 FY18 Q4 FY20 Q1 FY20 Q3 FY22 Q1 FY25 Q3 FY25 Q4 FY26 Q2

FY20 FY21 FY22 FY23 FY24 FY25 FY26 Q2 TTM

  • 47th consecutive quarter of dividend payments

  • $180M remaining on repurchase authorization at quarter end Q2 F26



    1. Leverage ratio defined as net debt /TTM Proforma Adjusted EBITDA. Proforma Adjusted EBITDA is a non-GAAP measure; see reconciliation in Appendix

    2. Defined as dividends plus share repurchases, excluding shares repurchased for employee compensation purposes.

© 2026 Winnebago Industries 11

Structural Growth in Outdoor Participation Expands the Long-Term Demand Base

Outdoor participation continues to grow

G00M

increase in total number of outings since 2019

More individuals are getting

outside

181.1M

outdoor recreation

participants

(3% increase YoY)

Diversity in outdoor

recreation is climbing

5.1M

YoY increase in black and Hispanic participants

Family outdoor participation at record high

66%

of households with children participated in the outdoors

Source: 2025 Outdoor Participation Trends Report, Outdoor Industry Association

Consumers Remain Highly Engaged Across RV and Marine Experiences

RV usage remains strong

34.6M

individuals plan to have an RV experience this spring

RVers budget appropriately for travel

G5%

of RVers set a travel budget for their trip

Satisfaction with boating is high

86%

of power-boat owners are very satisfied with their boating experience

Boat owners not trading down

74%

of power-boat owners plan to buy same type of boat or upgrade in the future

Sources: RVIA 2026 Spring Travel Trends Survey; Winnebago Industries 2025 Marine Category Truths (n=4,278)

Advancing a Connected Technology Ecosystem

STRATEGIC TECHNOLOGY

VERTICAL

A fully integrated energy system with optimized components, enabling faster installation, higher reliability, and scalable OEM-ready solutions across platforms

PRODUCT CONNECTIVITY

A first-of-its-kind intelligent RV platform that optimizes power, automates systems, and enables one-touch control, extending comfort and confidence off the grid

WINNEBAGO CONNECTTM

Digital Marketing Advances

DATA-DRIVEN MARKETING

Strong brand architecture and digital engagement drive clearer positioning, stronger conversion, scalable partnerships, and customer loyalty



What Differentiates Winnebago Industries

Uniquely positioned to drive long-term profitable growth as a trusted

leader in premium outdoor recreation:



  • Portfolio of premium outdoor recreation brands

  • Enterprise-wide centers of

    excellence

  • Robust technology engine

  • Flexible integrated operating model and highly variable cost structure

  • Disciplined capital allocation strategy and historically strong balance sheet

  • Proven management team

→

Supports strong profitability and margin expansion over the long-term



→

Promotes synergies for accelerated growth and

profitability

Generates continuous product innovation,



→ competitive differentiation, and margin

enhancement



→

Enables durable profitability through economic cycles



→ Provides foundation for long-term value creation

→

Brings deep operational experience, industry knowledge, and a track record of accretive MCA

Contact

Joan Ondala



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