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Baird 6.7.22 Investor Deck.pdf
1.
Baird 2022 Global
Consumer, Technology & Services Conference June 7, 2022
2.
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 uncertainty surrounding the COVID-19 pandemic; general economic uncertainty in key markets and a worsening of domestic economic conditions or low levels of economic growth; availability of financing for RV and marine dealers; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; competition and new product introductions by competitors; risk related to cyclicality and seasonality of our business; significant increase in repurchase obligations; business or production disruptions; inadequate inventory and distribution channel management; ability to retain relationships with our suppliers; increased material and component costs, including availability and price of fuel and 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; impairment of goodwill; and risks related to our Convertible 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-GAAP FINANCIAL 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 EBITDA, adjusted EBITDA and adjusted diluted earnings per share (“EPS”). 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. 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. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, restructuring expense, debt issuance write-off, gain on the sale of property, plant and equipment and non-operating income. Examples of items excluded from Adjusted EBITDA include acquisition-related costs, contingent consideration fair value adjustment, and non-operating income or loss. Examples of items excluded from Adjusted dilutive earnings per share include amortization, acquisition-related costs, non-cash interest expense, contingent consideration fair value adjustment, impact of convertible share dilution, and tax impact of the adjustments. 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 slide 28 for reconciliations of these non-GAAP measures to the nearest GAAP measure. 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. Forward Looking Statements 2 © 2022 Winnebago Industries
3.
We promise… quality delivered
by empowered, passionate employees. We’re part of a team caring for customers through a lifetime of experiences with us. And we purposefully innovate to delight customers with new ways to travel, live, work and play. For the team at Winnebago Industries, the outdoors is a calling. One that removes the line between what we love and what we do. We are a family of brands with rich legacies that are as unique as our customers but unified in how we work. 3 © 2022 Winnebago Industries
4.
Products Overview Quick Facts 4 We help
our customers explore the outdoor lifestyle, enabling extraordinary mobile experiences as they travel, live, work and play. $4.3B F22 Q2 TTM Revenue 7,200+ Highly Skilled Employees Class A – Gas & Diesel Class B Class C – Gas & Diesel Travel Trailer 5th Wheel Specialty Vehicles Fiberglass Boats Locations Executive Office RV Production Boat Production Significant Transformation (2016-Current) F16 Current • Revenue $1.0B $4.3B 1 • RV Market Share2 3.3% 12.7% • Market Cap3 $0.7B $1.6B 1 current revenue is TTM thru F22 Q2 2 current market share is retail trailing twelve months as of Fiscal Year End 2016 and March 2022; per Statistical Surveys Inc. 3 market cap: F16 as of 8/30/16 and current as of 6/3/22 Pontoon Boats © 2022 Winnebago Industries
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5 Michael Happe President and
CEO Sridhar Koneru VP IT Ashis Bhattacharya SVP Business Development & Advanced Technology Don Clark President, Grand Design RV Huw Bower President, Winnebago Outdoors Bryan Hughes CFO & SVP, IT and Strategic Planning Chris West SVP Operations Bret Woodson SVP Human Resources and Corporate Relations Stacy Bogart SVP and GC, Corporate Secretary and Corporate Responsibility Steve Heese President, Chris-Craft Dave Miles Chairman of the Board Bill Fenech President, Barletta Corporate Leadership © 2022 Winnebago Industries
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Strengthen An Inclusive, High-Performance Culture • Purpose-driven •
Collaborative • Results Focused Grow Exceptional Outdoor Lifestyle Brands • QIE* Driven • Product Vitality • Customer Focus Utilize Technology and Information as Catalysts • Digital Capabilities • Emerging Technology • Insights to Action Broaden Reach with Outdoor Customers • Smart Diversification • Share of Experiences • Strategic Partnerships Drive Operational Excellence and Portfolio Synergy • Safety and Sustainability • Continuous Improvement • Integrated CoEs** Enterprise Strategic Priorities 6 © 2022 Winnebago Industries * QIE – Quality, Innovation, Experiences ** CoEs – Centers of Excellence Accelerate Growth Pursue Profitable Strategic Integrate Doing Well in Core Expansion with Doing Good
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7 Winnebago Industries Investment
Thesis The combined elements of the Winnebago Industries business make us unique from the competition: o Portfolio of industry-leading outdoor lifestyle brands across RV, Marine and Specialty Vehicles, connected by golden threads of quality/innovation/service o Runway for continued share gain supported by lasting secular demand and strong financial foundation o Flexible integrated operating model proven to adapt and drive sustainable profitability through cycles o Driving growth both organically and through strong M&A track record o Very healthy balance sheet to fuel robust revenue growth, cash flow and shareholder returns © 2022 Winnebago Industries
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A Premium Portfolio
Built For Future Growth 8 Class B Market Share Leader (38% Share; Mar ‘22 TTM) Class A & C Innovation is a Big Revenue and Share Opportunity 5th Wheel Leader and Fastest Growing Towable Company Ever Mar ‘22 T3M 10.2% Towable Share vs F16 3.0% Luxury Class A Leader Mar ‘22 T3M 13.9% share vs F16 8.5% (+1.7pp during F21 alone) Other Class Innovation (e.g. Super C) are Sizeable Opportunities Most Recognized Brand Poised For Growth via Added Capacity (~2x) Fastest Growing Pontoon Company Currently #5 in Pontoons in 4th Full Year in Business © 2022 Winnebago Industries
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A Growing Portfolio
Driven By Premium Brands 9 F17 F18 F19 F20 F21 F22 street consensus $1.0B $1.5B $2.0B $2.0B $2.4B $3.6B $4.7B * current street consensus as of 6/3/22 Revenue F16 ADJ EBITDA ADJ EBITDA % $62M 6.4% $182M 9.0% $139M 9.0% $180M 9.0% $168M 7.1% $436M 12.0% $603M 12.9% © 2022 Winnebago Industries
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RV Market Share
Performance 10 10 F16 3.3% F17 7.4% F18 8.7% F19 9.5% F20 11.1% Source: Statistical Surveys Inc.; represents unit retail volume market share F21 12.5% F22 MAR FYTD 13.3% © 2022 Winnebago Industries
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A More Profitable
and Resilient Portfolio 11 Motorhome Towable Marine F16 F17 F18 F19 F20 F21 F22 Q2 YTD GM % 11.6 14.4 14.9 15.5 13.3 17.9 19.2 ADJ EBITDA % 6.4 9.0 9.0 9.0 7.1 12.0 13.7 ADJ EBITDA % 6.5 6.6 4.1 3.9 3.1 11.0 11.5 MH revenue % of total 91% 56% 43% 36% 45% 42% 36% ADJ EBITDA % 5.5 13.1 13.9 13.7 12.1 14.4 16.4 TOW revenue % of total 9% 44% 56% 60% 52% 56% 56% ADJ EBITDA % 13.3 Q4 An Expanded Portfolio, Market Share Growth, Profitability Initiatives and Enterprise Synergies Fuel Margin Expansion….Now and into the Future F19 industry destocking F20 pandemic driven shutdown in Q3 100% incremental in F22 MARINE revenue % of total 1% 4% 3% 2% 8% incremental margin profile vs The Company © 2022 Winnebago Industries
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Strong Financial Results
Over Time 12 $223 $300 $307 $313 $650 $803 F17 F18 F19 F20 F21 F22 Q2 TTM $1,547 $2,017 $1,986 $2,356 $3,630 $4,317 F17 F18 F19 F20 F21 F22 Q2 TTM WGO IND Net Revenue WGO IND Gross Profit $ - Millions $139 $182 $180 $168 $436 $557 F17 F18 F19 F20 F21 F22 Q2 TTM WGO IND Adjusted EBITDA * $ - Millions % of revenue $ - millions % of revenue WGO IND Free Cash Flow ** $83 $55 $93 $238 $192 $143 F17 F18 F19 F20 F21 F22 Q2 TTM $ - Millions FCF = Op CF less Cap Ex 14.4% 15.5% 13.3% 17.9% 9.0% 9.0% 7.1% 12.9% 2.8X F17 4.0X F17 1.7X F17 3.6X F17 * non-GAAP measure; see reconciliation on slide 35 ** non-GAAP measure; see reconciliation on slide 37 12.0% 18.6% 14.9% 9.0% © 2022 Winnebago Industries
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Golden Threads of
Quality, Innovation, Service 13 Quality Service Innovation • All 3 RV brands awarded RVDA’s “Quality Circle Award” in November 2021 o Winnebago o Grand Design o Newmar • Four key areas measured: o Reliability and Quality o Parts o Warranty o Sales • Both Grand Design and Newmar have deployed mobile service units • F22 investment in more units and geographic expansion Winnebago Connect Control GDRV Insight Camera Connects to Compass Connect (mobile app) Advanced Technology Group • Alternative Energy (e-RV) • Material Science • Data and Connectivity • Autonomy All-electric vehicle launched in 2018 w/ range of 85-125 miles Accessibility Enhanced © 2022 Winnebago Industries
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Weight Conscious Travel
Trailer 165W Solar Panel & 25 amp Charge Controller Enhanced Graphics and Goodyear Tires Pull-out Griddles in Outdoor Kitchen Introduced September 2021 MSRP Starting at $41k Towable Segment New Products 14 All-Terrain Trailer Off-Grid Capable up to 5 Days Enhanced Solar/Lithium Power 4 Available Floorplans Introduced January 2022 MSRP Starting at $46k Micro Minnie FLX Imagine 23 LDE Luxury 5th Wheel Flexible Eating/Work Table w/ More Countertop Space Back-up Camera w/ Feed to Smart Phone Introduced September 2021 MSRP Starting at $91k Reflection 341 RDS © 2022 Winnebago Industries
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Motorhome Segment New
Products 15 Class A - Gas All New Interiors Including New Dash New Winnebago Connect Feature and App Launching w/ Limited National Park Edition Introduced Q3 Fiscal 2022 MSRP Starting at $182K Class B – Compact Design Flexible Interior and Plentiful Storage Extended Season Camping Capability Start Ship Q4 Fiscal 2021 MSRP Starting at $103K Vista Solis Pocket Class A – Luxury Gas Newly Designed Dash and Cockpit 3 New Décor Interiors and 3 New Exterior Graphic Designs Start Ship Q1 Fiscal 2022 MSRP Starting at $176K Bay Star Sport © 2022 Winnebago Industries
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Specialty Vehicles: Expanding
Offerings + Applications 16 COMMERCIAL ACCESSIBILITY ENHANCED Inspire Roam Class A Class C Market Leader in Class A Commercial platforms Adding Class C model to serve new customer segments Growing demand for mobile medical, dental and general outreach applications Structure designed for commercial use – unique wall structure for strength and ease of upfit, flat floor interior, prepped for generators and other options Select “Accessibility Enhanced” dealers established to carry Inspire and Roam Class A Diesel - Inspire, is well received by customers New Camper Van - Roam, begins shipping 1H CY2022 Designed for greater accessibility – wheelchair lifts and tie downs, open floorplans, lowered controls Coming 2H: 2022 © 2022 Winnebago Industries
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17 All-Electric Concept Launch •
Developed by Winnebago Industries’ Advanced Technology Group • Press release 1/13/22 • On display at Tampa RV Supershow in January 2022 • 1 concept vehicle currently in use and another in development * * 125 mile range is specific to the concept launch; actual launch range expected to be higher © 2022 Winnebago Industries
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Marine Industry Overview 18 ©
2021 Winnebago Industries $170.3B U.S. recreational boating industry annual economic impact 1 83% of boat owners have an annual household income of $100,000 or less 1 12M registered boats in the U.S. 1 #1 recreational boating and fishing is the largest activity in 39 states and the District of Columbia 1 +30% increase in spending on boating and fishing 1 100M Americans go boating annually 1 Marine is a Large Industry Marine Consumer Profile Marine Industry is Growing 7.1% CAGR for U.S. watersport boat retail unit sales from 2015-2020 2 11.3% Expected CAGR for global recreational boat market by revenue during 2019- 2025 3 Pontoon Growth Outpacing Marine Market 5 1 National Marine Manufacturers Association (NMMA) 2 NMMA: U.S. Recreational Boating Statictics Abstract – Cruiser, Watersport, Fishing Boat and Trailer Sales trends 2008-2020 3 Recreational Boat Market – Global Outlook and Forecast 2020-2025 published in April 2020 (ResearchAndMarkets.com) 4 NMMA presentation at WGO IND leadership summit November, 2021 5 NMMA; Note: Other Watersport Boats include inboard wake sport, sterndrive, deck boats, runabouts, fish & ski, jet boats (fiberglass only) and personal watercrafts 415k First time buyers in 2020; 100k bought new boats 4 16% of first time buyers in 2020 who identified as ethnic minority 4 18 © 2022 Winnebago Industries
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Barletta Update 19 ➢ Successful
integration efforts underway since beginning of Fiscal 2022 ➢ Delivering incremental margin accretion to the Marine segment and consolidated results as expected ➢ Strong performance through the end of calendar 2021 will result in the full dispensation of $15 million, the maximum payout for the first earnout period ➢ Retail market share gains continue, now making Barletta the #5 pontoon boat manufacturer © 2022 Winnebago Industries
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Marine Segment New
Products 20 Center Console Reversible Helm Seat Pilothouse Hardtop Introduced October 2021 MSRP Starting at $225k Catalina 24’ Multi-function Convertible Club Chair Sport Arch New Argento Furniture Color Standard Doggie Dockview Gate Panels Well-equipped MSRP $85K - $110k Corsa 25QSS Dual Console Series Dynamic Seating Mercury Smartcraft Controls Introduced February 2022 MSRP Starting at $298k Calypso 27’ © 2022 Winnebago Industries
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Strong Interest in
the Outdoors 21 © 2021 Winnebago Industries • The median age for new RV buyers in 2021/2021 is 33 * • New RVers intend to purchase another RV in the future, with half likely to re-purchase o 6-in-10 new millennial RVers likely to purchase another RV * • RVers who first purchased an RV in 2021 are much more likely to say that they purchased their RV sooner than originally planned while 2020 purchasers are more likely to have purchased their RV independent of the pandemic * Source: * RVIA “2020/2021 New RV Owner Survey” published March, 2022 ** Outdoor Foundation; 2021 Outdoor Participation Trends Report *** RVIA “2022 Campground Industry Market Analysis” **** KOA 2021 North American Camping Report 21 © 2021 Winnebago Industries 2020/2021 First Time Buyers – A Tailwind to Future Demand More People Seeking the Outdoors • 52.9% outdoor participation rate; highest participation rate ever and up from 2019 rate of 50.7% ** • 69 million camping households (7.5% CAGR 2014-2020) *** • 10.1 million new households camped in 2020 and an additional 4.3 million new household campers expected in 2021 **** • Peak season campground occupancy at capacity ***
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RV Ownership &
Usage Growing 22 5.0 6.9 11.2 1980 2001 2020 Rapid Growth in U.S. Household RV Ownership1 (millions) +38% (1.5% CAGR) +62% (2.3% CAGR) 20 25 Current Owners RV Intenders RV Usage Expected to Grow1 (# days per year - median) Source: 1RVIA Go RVing Owner Demographic Profile; prepared by Ipsos and published March 2021 2KOA 2021 North American Camping Report 8.7% household penetration 11.3 13.0 2019 2020 Increasing Number of Households That Identify as RVers2 (millions) +15% of current RV Owners plan to purchase a new RV in the next 5 years 1 68% million households intend to buy a RV in next 5 years 2 9.6 © 2022 Winnebago Industries
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34% 48% 27% 31% 31% 18% 11% 4% Millennial/GenZ GenX Boomer
Mature 88% 63% 6% 12% 2% 13% 7% 4% 5% Caucasian African American Hispanic Asian Other 38% 24% 24% 14% 8% Caucasian African American Hispanic Asian Other Campers Are Younger & More Diverse, Especially First Timers 23 © 2021 Winnebago Industries Source: KOA 2021 North American Camping Report Diversity in Camping 2020 vs 2012 2020 2012 New Camper Diversity in 2020 & 2021 58% 25% 6% 12% Millennial/GenZ GenX Boomer Mature Generations of New Campers in 2020 & 2021 Generations of Campers in 2020 vs 2015 2020 2015 23 © 2022 Winnebago Industries
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Capital Allocation Priorities Return
cash to shareholders; consistent dividends and share repurchase 24 14 29 41 32 45 73 F17 F18 F19 F20 F21 F22 Q2 TTM Capital Expenditures ($ - millions) 13 18 20 15 62 115 F17 F18 F19 F20 F21 F22 Q2 TTM Cash Returned to Shareholders** ($ - millions) * Leverage ratio defined as net debt (gross debt less cash on hand)/TTM Adjusted EBITDA ** Defined as dividends plus share repurchases, excluding shares repurchased for employee compensation purposes Continue to invest inorganically; strategic and cultural fit, financially accretive Reinvest in the profitable growth of our core businesses; talent, capacity expansion, lean process improvements Maintain adequate liquidity; optimize capital structure with target leverage ratio of 0.9x-1.5x 2.7 1.6 2.0 2.5 0.7 Leverage Ratio* Target Range (0.9x – 1.5x) Covid-19 EBITDA Impact © 2022 Winnebago Industries
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High Liquidity and
Disciplined Leverage • $328M of liquidity as of F22 Q2 (cash + $192.5M ABL available - currently untapped) • $300M of convertible notes @ 1.5% due 2025 • $300M of secured notes @ 6.25% due 2028 Leverage Ratio 25 * Leverage ratio defined as net debt (gross debt less cash on hand)/TTM Adjusted EBITDA Proven track record of maintaining ample liquidity and rapid debt paydown post acquisitions 2.7 1.6 2.0 2.5 0.0 0.5 1.0 1.5 2.0 2.5 3.0 Target Range (0.9x – 1.5x) Covid-19 EBITDA Impact 0.7 © 2022 Winnebago Industries
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Corporate Responsibility 26 As our
company evolves, we focus on environmental sustainability goals • In 2021, we joined the UN Global Compact and committed to the Business Ambition for 1.5oC • Net-zero GHG emissions by 2050 • Zero waste to landfill by 2030 • Reduce fresh water use 30% by 2030 • Explore new technologies and products to minimize environmental impact, including the all-electric specialty vehicle People and partnerships drive our inclusive, high-performing culture • Safety: COVID-19 response very effective, maintaining safety gains • People: Hired first Head of Diversity, Equity and Inclusion to advance strategy and goals • Board of directors 27% women and 27% racially and ethnically diverse • Community: $1.4M Foundation investment in community partners advancing outdoors, access, community. Support National Park Foundation service corps focused on outdoor equity. Responsible governance practices guide Winnebago Industries • Code of Conduct: 100% office- based employees trained; manufacturing to be completed • ESG: enhanced corporate board engagement • Corporate Responsibility: annual report, aligned with ESG reporting frameworks; 2021 edition released in December www.winnebagoind.com/responsibility • 10 of 11 corporate directors are independent (2 new as of March 2021) Governance Social Environment © 2022 Winnebago Industries
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27 © 2022 Winnebago
Industries
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Winnebago Industries Adjusted
EBITDA Reconciliation 28 Note: EBITDA and Adj. EBITDA numbers may not foot due to rounding ($ - millions) F22 Q2 F21 Q2 Net income $91.2 $69.1 Interest expense, net 10.3 10.1 Provision for income taxes 28.8 21.2 Depreciation & amortization 13.5 8.0 EBITDA $143.7 $108.3 Acquisition-related costs 0.5 -- Contingent consideration fair value adjustment 6.5 -- Non-operating income (0.0) (0.3) Adjusted EBITDA $150.7 $108.0 © 2022 Winnebago Industries
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RVs and Classes 29 ©
2022 Winnebago Industries Product Category Class A Gas Class A Diesel Class B Class C Travel Trailer Fifth Wheel Brands Adventurer, Intent, Sunstar, Vista Canyon Star, Bay Star Forza, Journey King Aire (L), Essex (L) Dutch Star, Ventana, New Aire, Mountain Aire Boldt, Era, Revel, Solis, Travato Ekko, Fuse, Minnie Winnie, Navion, Spirit, View Imagine, Reflection, Transcend, Minnie, Voyage Momentum, Reflection, Solitude, Minnie, Voyage MSRP $122 - 200k $258 - 470k $625 – 980k (L) $100 - 198k $85 – 160k $21 - 54k $35 - 102k Description ▪ Built on a heavy truck chassis ▪ Gas models ▪ Ability to tow a small vehicle ▪ Built on a heavy truck chassis ▪ Diesel models ▪ Ability to tow a small vehicle ▪ Built by adding taller roof and amenities to existing van ▪ Easy to maneuver ▪ Built on a medium truck chassis ▪ Similar features and amenities to Class A models ▪ Towed by means of a hitch attached to the frame of the vehicle ▪ Constructed with a raised forward section that is connected to the vehicle with a special fifth wheel hitch Note: All towable models are Grand Design excluding Minnie and Voyage. Towable MSRP range low end based on Winnebago products and high end based on Grand Design products. (L) – luxury
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30 Integrated Operating Model Business Units Enterprise Functions Strategic Partners Board
of Directors Enterprise Functions accelerate Business Unit growth and profitability through a unique blend of shared services, best practices, and tailored subject matter expertise Strategic partner relationships with key dealers, suppliers, customer influencers, trade entities and advisory firms that result in stronger outcomes that have benefits for both parties. Empowered Business Units create market value, drive day- to-day operations, sharing best practices, and leveraging Enterprise Function expertise BOD fulfills its obligation of oversight while contributing to strategic discussions about the future of Winnebago Industries © 2022 Winnebago Industries
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Contact Steve Stuber srstuber@winnebagoind.com (952) 828-8461
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