Winnebago Industries (WGO) 47th Annual Raymond James Institutional Investor Conference summary

Company Overview and Strategy

• Operates a diversified portfolio in RVs and powerboats, with brands spanning a wide price range and premium positioning.

• Revenue has grown from $1B in 2016 to nearly $3B, with RV market share rising from 3.3% to 10.3%.

• Focuses on talent acquisition, premium brand portfolio, customer experience, digital capabilities, and operational synergies.

• Marine business now represents about 15% of revenue, with the rest split between motorhomes and towables; as of Q1 FY26, revenue mix is motorhome RVs 14.6%, towable RVs 43.8%, marine/all other 41.6%.

• Emphasizes organic growth, disciplined capital allocation, and leveraging centralized functions for synergy.

Market Trends and Industry Outlook

• Early 2024 shows mixed signals in both RV and marine markets, with no clear recovery trend yet.

• Retail traffic and sales were weak in late 2023, but the industry is awaiting the main selling season for clearer trends.

• Affordability remains a key concern, with a shift back toward higher-end products like fifth wheels and motorhomes.

• Price deflation from product mix is stabilizing, and recent tariff changes are being monitored for cost impact.

• Promotional activity remains consistent year-over-year, with continued pressure from affordability-minded consumers.

Inventory and Operational Adjustments

• Inventory levels and quality have improved, especially for towables and motorhomes; marine inventory needs further adjustment.

• Significant improvements made in motorhome inventory, with a positive outlook for the upcoming selling season.