Camping World (CWH) Stephens Annual Investment Conference summary

Business overview and market position

• Operates nearly 200 RV dealerships and two major brands, with a 13.5% market share in North America for new and used RVs and 25% share in new RVs.

• Good Sam brand offers roadside assistance, finance, insurance, and a 1.6 million member community, acting as a recurring revenue engine.

• Private label RVs, manufactured through contract relationships, account for 40% of new RV sales, enabling price flexibility and broad market coverage.

• RV market structure allows more dealer flexibility compared to automotive, with less OEM control over inventory and pricing.

• Focus on affordability and lifestyle products, with retail parts and accessories complementing core RV sales.

Strategic priorities and financial outlook

• Refocused on cost discipline and right-sizing operations after post-pandemic volatility, targeting $310M adjusted EBITDA in 2026.

• Four pillars for upside: SG&A savings, used RV sales growth, dealership M&A, and new RV sales, with SG&A and used RVs most controllable.

• SG&A savings of at least $15M targeted, with progress ahead of schedule.

• Used RV market is twice the size of new, with proprietary data and valuation tools providing a competitive edge.

• M&A remains a growth lever, with further dealership consolidation expected.

Used RV market and competitive advantages

• Proprietary residual value calculations and data enable accurate used RV pricing and acquisition, similar to CarMax's approach in autos.

• Balance sheet strength allows scaling of used inventory, unlike smaller competitors.

• Inflation in new RV prices (5-7% increases) drives consumer demand toward used RVs, supporting optimism for used sales growth.