Winnebago Industries : Q3 FY 2024 Investor Supplement

Fiscal 2024 Results Third Quarter

June 20, 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 slides 33-37 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

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Overview

We are a trusted leader in outdoor recreation, elevating every moment outdoors with some of the world's most iconic RV and marine brands.

Quick Facts

$3.0B

Current Revenue 1

~6,000	Highly Skilled
Employees

Significant Transformation
	F16	Current
Revenue	$1.0B	$3.0B
RV Market Share2	3.3%	11.2%
Market Cap3	$0.7B	$1.8B

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 Q3 TTM
2RV market share is TTM thru F16 and Apr 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 05/24/24

BELIEF	We believe time together outdoors is priceless
PURPOSE	Elevating every moment outdoors
VISION	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	Put People First	Be the Best
- Operate with integrity and trust	- Focus on safety - always	- Deliver winning results
- Live the Code of Conduct	- Be inclusive with respect for all	- Focus on our customers and stakeholders
- Take ownership & be accountable	- Support our communities & our environment	- Continuously innovate & improve

© 2024 Winnebago Industries

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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

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What Differentiates Winnebago Industries

Uniquely positionedto 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

1. Enterprise-widecenters of excellence promote synergies for accelerated growth and profitability

1. Robust technology engine generates continuous product innovation,

competitive differentiation, and margin enhancement

1. Flexible integrated operating model and highly variable cost structure enable durable profitability through economic cycles

o Strong balance sheet and cash flows provide ample dry powder to invest for growth while returning capital to shareholders

1. Proven management team brings deep operational experience and a track record of accretive M&A

© 2024 Winnebago Industries 6

F24 Q3 Highlights

Resilient profitability and an unwavering commitment to operational discipline, despite continued market softness

• Solid sequential top- and bottom-line improvement, paced by Towable RV and Marine segments
• Grand Design announces entry into Motorized RV segment with introduction of Lineage Class C
• Barletta continues to gain market share in the U.S. Aluminum Pontoon category, growing to double digits in the latest 3- and 6-month periods1
• Returned more than $29 million to shareholders through share repurchases and dividends in Q3
• Generated robust free cash flow of $88M in Q3

1 Statistical Surveys, Inc., representing trailing three- and six-month U.S. aluminum pontoon market share through April 2024. This data is continuously updated and often impacted by delays in reporting by various states

© 2024 Winnebago Industries

F24 Q3 Consolidated Results

Variable cost operating model provides production flexibility and enables us to swiftly respond to dynamic market conditions

F23 F24

Q3 Q3

• Revenue decreased 13% vs. F23 Q3, driven by:

• Product mix	Revenue	$786.0
($-millions)	$900.8

• Lower volume related to market conditions

• Gross margin decreased 180 bps vs. F23 Q3, due to:
• • Deleveraging effect of slowing sales
  • Operational efficiency challenges
  • Higher warranty expense due to a favorable prior year trend
  • Partially offset by cost containment efforts
• Adjusted EBITDA margin1 of 7.4% is down 330 basis points vs. F23 Q3
• Adjusted earnings per share1 decreased 46.9% vs. F23 Q3

Gross Margin

Adjusted

EBITDA1

($-millions)

Adjusted

Diluted

EPS1

15.0%

16.8%

$58.0

$96.4

$1.13

$2.13

1 Non-GAAP measures; see reconciliations on slides 33-37.

© 2024 Winnebago Industries 8

Towable RV Segment Results

F23 F24

Q3 Q3

Revenue ($-millions)

$384.1 $386.3

Revenues increased 1% vs. F23 Q3 driven by:

• Increase in unit volume
• Partially offset by reduction in average selling price per unit related to product mix

Adjusted EBITDA1	Backlog ($-millions)
14.0%	$236.0

$53.8

10.9%

$153.1

$41.9

$ - millions	% of Revenue
Adjusted EBITDA1	decreased 22% and	Backlog decreased 35% vs.
Adjusted EBITDA1	margin decreased	F23 Q3 driven by:
310 bps vs. F23 Q3, primarily due to:	• Continued softness in
• Operational efficiency challenges	market conditions
• Higher warranty expense due to a	• Cautious dealer network
favorable prior year trend

• Partially offset by lower discounts and allowances

1 Non-GAAP measures; see reconciliations on slides 33-37.

© 2024 Winnebago Industries

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Motorhome RV Segment Results

F23 F24

Q3 Q3

Revenue ($-millions)	Adjusted EBITDA1	Backlog ($-millions)
	7.2%	$800.4

$374.4

$299.0

4.5%

$26.8

$354.9

$13.4

$ - millions

% of Revenue

Revenues decreased 20% vs.

F23 Q3 primarily driven by:

• Lower unit sales associated with market conditions
• Higher levels of discounts and allowances
• Partially offset by price increases related to higher motorized chassis costs

Adjusted EBITDA1 decreased 50% and Adjusted EBITDA1 margin decreased 270 bps vs. F23 Q3, due to:

• Deleverage
• Operational efficiency challenges
• Partially offset by cost containment efforts

Backlog decreased 56% vs.

F23 Q3, driven by:

• Continued softness in market conditions
• Cautious dealer network

1 Non-GAAP measures; see reconciliations on slides 33-37.

© 2024 Winnebago Industries 10