Camping World (CWH) Investor presentation summary

Productivity and cost actions

• Headcount down >900 and 16 locations consolidated; 7,818 more units sold YoY.

• 2Q25 new and used industry unit sales were 15% below 2019 levels, while US labor costs measured by the Employment Cost Index were 27% above 2019.

Unit share and sales mix

• New and used unit share continued to gain; 2025 unit growth was expected in both new and used despite industry declines.

• F2Q25 new-unit sales rose to 26,696 from 22,084 YoY, while ASP declined $4,079 to $34,279; total front- and back-end gross profit increased $6.3m to $256.9m.

• Contract-manufactured conventional trailer units increased by 2,989 YoY to 4,831, with gross profit up $8.3m to $15.6m.

• Contract-manufactured laminate trailer units rose by 1,371 to 1,629, lifting gross profit by $5.9m to $6.6m; traditional-unit gross profit declined $7.9m to $234.8m.

SG&A and earnings potential

• New ASP and mix changes were expected to improve SG&A as a percentage of gross profit by 300–400 bps YoY in F2Q25.

• At the current 200-dealership count, TTM revenue was $6.319bn, adjusted gross profit $1.897bn and adjusted EBITDA $238m; adjusted EBITDA margin was 3.8%.

• The illustrative mid-cycle case at 200 dealerships estimates ~$7.2bn revenue, ~$2.23bn adjusted gross profit and ~$520m adjusted EBITDA, with an approximately 7% adjusted EBITDA margin.

• Each incremental 25 dealerships was estimated to contribute ~$900m revenue, ~$280m adjusted gross profit and $65m adjusted EBITDA in a mid-cycle environment.