Camping World (CWH) Raymond James TMT and Consumer Conference summary

Management succession and leadership transition

• Announced execution of a long-planned succession, with Matt Wagner taking over as CEO effective January 1, following years of preparation and collaboration with the founder.

• The outgoing CEO will step away from the board but remain an advisor, ensuring a clean transition and supporting Wagner's leadership.

• The founder retains a significant ownership stake and Golden Share, providing support without direct involvement in daily operations.

• The transition is designed to maximize value and set up the company for continued growth, with optimism for 2026 and beyond.

• Both leaders share similar values, focusing on growth, people, and reducing business volatility.

Strategic direction and operational focus

• Plans to aggressively deleverage while growing earnings, targeting a minimum EBITDA floor of $310 million for next year, a 20% year-over-year improvement.

• Four pillars for growth: SG&A reduction, exceeding new and used RV sales expectations, and pursuing M&A opportunities.

• SG&A cuts of at least $15 million are expected, with further savings possible through restructuring and variable pay models.

• Used RV sales are projected to grow at low double digits, with continued market share gains and a long-term path to 15%+ share.

• M&A activity will focus on smaller, tuck-in acquisitions, especially as leverage is reduced.

Market trends and business performance

• New RV market saw an 8% decline in October, with expectations of continued softness into early next year, while used RV sales remain strong with double-digit growth.

• Price increases for new RVs (5-7%) are attributed mainly to tariffs and margin adjustments, making used RVs more attractive.

• Inventory management will be adjusted seasonally, with potential reductions if new RV demand remains soft.

• The company’s balance sheet, service infrastructure, and buying power are key competitive advantages in the used RV market.