Winnebago Industries : WGO Presentation - Baird Conference June 2024

Baird 2024 Global Consumer, Technology & Services Conference

June 4, 2024

Forward Looking Statements

This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance ("ESG") matters, and our ability to meet our commitments; impairment of goodwill and trade names; and risks related to our 2025 Convertible Notes, 2030 Convertible Notes, and Senior Secured Notes, including our ability to satisfy our obligations under these notes. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this presentation or to reflect any changes in the company's expectations after the date of this presentation or any change in events, conditions or circumstances on which any statement is based, except as required by law.

INDUSTRY AND MARKET DATA

In this presentation, we rely on and refer to information and statistics regarding market participants in the sectors in which we compete and other industry data. We obtained this information and statistics from third-party sources, including reports by market research firms. While such information is believed to be reliable, for the purposes used herein, we make no representation or warranty with respect to the accuracy of such information. Any and all trademarks and trade names referred to in this presentation are the property of their respective owners.

NON-GAAPFINANCIAL MEASURES This presentation includes financial information prepared in accordance with accounting principles generally accepted in the U.S. ("GAAP"), as well as certain adjusted or non-GAAP financial measures such as Adjusted diluted earnings per share ("EPS"), EBITDA, Adjusted EBITDA, pro forma Adjusted EBITDA, and free cash flow. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense, and other pre-tax adjustments made in order to present comparable results from period to period, while pro forma Adjusted EBITDA further accounts for certain acquisition adjustments. Free cash flow is defined as net cash provided by operating activities less purchases of property, plant, and equipment. Examples of items excluded from Adjusted diluted earnings per share include acquisition-related costs, amortization, change in fair value of note receivable, contingent consideration fair value adjustment, the tax impact of the adjustments, the impact of call spread overlay, and loss on note repurchase. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, contingent consideration fair value adjustment, litigation reserves (settlement/adjustment), restructuring, acquisition-related fair value inventory step- up, gain on sale of property, plant and equipment, postretirement health care benefit income, change in fair value of note receivable, loss on note repurchase, and non-operating income or loss. These non-GAAP financial measures, which are not calculated or presented in accordance with GAAP, have been provided as information supplemental and in addition to the financial measures presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented herein. The non-GAAP financial measures presented may differ from similar measures used by other companies. Please see tables at the end of this presentation for reconciliations of these non-GAAP measures to the nearest GAAP measure.

We have not reconciled the forward-looking Adjusted EBITDA margin range and Free Cash Flow range to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.

We have included these non-GAAP performance measures as comparable measures to illustrate the effect of non-recurring transactions occurring during the year and improve comparability of our results from period to period. Management uses these non-GAAP financial measures (a) to evaluate our historical and prospective financial performance and trends as well as our performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for our company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with covenants and restricted activities under the terms of our credit facility and outstanding notes. We believe these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

© 2024 Winnebago Industries 2

Overview

We help our customers explore the outdoor lifestyle, enabling mobile experiences as they travel, live, work and play

Quick Facts

$3.1B

Current Revenue 1

~6,120	Highly Skilled
Employees

Significant Transformation
	F16	Current
Revenue	$1.0B	$3.1B
RV Market Share2	3.3%	11.4%
Market Cap3	$0.7B	$2.1B

ProductsLocations

Class A - Gas & Diesel

Class B - Gas & Diesel

Class C - Gas & Diesel

Travel Trailer	5th Wheel	Specialty Vehicles
		Executive Office
		RV Production
		Boat Production
Fiberglass Boats	Pontoon Boats	Mobile Power
		Battery Production

1Current Revenue is F24 Q2 TTM
2RV market share is TTM thru F16 and Jan 2024 TTM; per Statistical Surveys Inc. Data is based	© 2024 Winnebago Industries	3
on the latest publicly available information and is often impacted by delays in reporting by various states.

3Market cap: F16 as of 8/30/16 and current as of 02/23/24

Enterprise Strategic Priorities

Strengthen

Grow

Broaden

Drive

Utilize

An Inclusive,

Exceptional Outdoor

Reach with Outdoor

Operational Excellence

Technology and

High-Performance

Lifestyle Brands

Customers

and Portfolio Synergy

Information as

Culture

•

QIS* Driven

•

RV leadership

•

Flexible, dynamic

Catalysts

•

Aligned to our

•

Customer-focused

expansion

operations

•

Digital capabilities

purpose

Marine segment

•

Integrated CoEs**

deepening customer

innovation and

•

and channel

•

Building a world-class

service

penetration

•

Leverage best

connections

leadership team

•

Dealer partnerships

•

Strategic partnerships

practices and scale

•

Insights to action

Accelerate Growth in Core

Pursue Profitable

Strategic Expansion

Integrate Doing Well

with Doing Good

• QIS - Quality, Innovation, Service
• CoEs - Centers of Excellence

© 2024 Winnebago Industries 4

Products & Brands Recognized as the Best

RV

MARINE

Most Recognized	Fastest Growing	Leader in Luxury	Most Recognized	Fastest Growing
RV Brand	Towable Brand	Class A	Luxury Boat Brand	Pontoon Brand

© 2024 Winnebago Industries 5

Diversified Portfolio Evolving for Growth

NET REVENUE

CONTRIBUTION BY SEGMENT

	0.5%
9.2%	13.8%

90.4%	42.7%

43.5%

ADJUSTED EBITDA1

CONTRIBUTION BY SEGMENT

0.0%

2.5%
13.4%
	Diversification has
	expanded WGO's
	addressable market
97.5%	and enhanced overall
53.5%	profitability
33.0%

F16		TTM Q2 F24		F16	TTM Q2 F24
$1.0B		$3.1B		$67.8M	$292.1M
		Motorhome RV		Towable RV		Marine/All Other2
		1 Non-GAAP measure; see reconciliation on slide 34

2 F16 and F24 Q2 Adjusted EBITDA excludes Corporate/All Other, see detail on slide 38	© 2024 Winnebago Industries 6
Note: Percentages may not add due to rounding

RV Industry Volumes

Pandemic Impact and Volatility (in 000s of units)

700
600						600
					574
	505					524
		484	494		493
500		472
		467
			450
					406	430
					381
400
						313
300

200

100

-

CY 2017	CY 2018	CY 2019	CY 2020	CY 2021	CY 2022	CY 2023
		Wholesale Shipments	Retail Sales

Source: RV Industry Association / Statistical Surveys Inc

© 2024 Winnebago Industries 7

Interest in outdoor lifestyle stronger than ever1

89%

of respondents participated in outdoor activities in 2023

(up 29% since 2020)

86%

of respondents plan to be as active/more active

outdoors in 2024 vs LY

95%

of respondents participate in outdoor activities

during the summer

Consumers get significant benefits from the outdoors1

71%

of respondents strongly agree that outdoor activities

are beneficial to their health

Greatest benefits consumers cite

from outdoor activities:

1. Improves physical health
2. Improves mental health
3. Reduces stress

1 Source: Winnebago Industries Consumer February Spotlight Survey, 2024, n=1,000

© 2024 Winnebago Industries 8

Strong Market Share Performance

North American RV Market Share	Barletta U.S. Aluminum Pontoon Market
Performance	Share Performance

Source: Statistical Surveys Inc TTM thru Jan F24; represents unit retail volume market share. Data is based on the latest publicly available information and is often impacted by delays in reporting by various states. F24 data is January 2024 TTM.

Source: Statistical Surveys Inc TTM thru January 2024; represents US unit retail volume market share of the aluminum pontoon segment; Data is based on the latest publicly available information and is often impacted by delays in reporting by various states (F24 data is January 2024 TTM - 31 states reporting for F24 January).

© 2024 Winnebago Industries 9

Future Mid-Cycle Organic Growth Targets

	F24 Q2 TTM	Mid-Cycle	Implied Growth
	(at the midpoint)
Financial Targets
Net Revenue	$3.1B	$4.5-5.0B	51%
Gross Margin	15.9%	18.0-18.5%	230 bps
Adjusted EBITDA Margin	8.7%1	11.0-11.5%2	255 bps
Free Cash Flow	$225M1	$325-375M2,3	56%2,3
	F24 Q2 TTM	Mid-Cycle	Implied Growth
Non-Financial Targets
North American RV Market Share	11.4%	13%+4	160+ bps
U.S. Aluminum Pontoon Market Share	7.9%	13%4	510 bps
Non-RV Revenue Mix, Organic	13.8%	15-20%	120-620 bps

Note: Numbers may not foot due to rounding.

1. Non-GAAPmeasures; see reconciliations at the end of this presentation.
2. The Company has not reconciled the forward-looking Adjusted EBITDA margin range and Free Cash Flow range to the most directly comparable forward-looking GAAP measures because this cannot be done without unreasonable effort due to the lack of predictability regarding the various reconciling items such as provision for income taxes and depreciation and amortization.
3. Assumes a consistent tax rate and regulatory environment.
4. Based on North American RV retail volume at a mid-cycle fiscal year range of 425,000-450,000 units and U.S. aluminum pontoon retail volume at a mid-cycle fiscal year range of 60,000-63,000 units

© 2024 Winnebago Industries 10