WINNEBAGO INDUSTRIES REPORTS THIRD QUARTER FISCAL 2026 RESULTS (Form 8-K)

WINNEBAGO INDUSTRIES REPORTS THIRD QUARTER FISCAL 2026 RESULTS

-- Motorhome RV Sales, Profit Dollars and Profit Margins Improved Meaningfully Year Over Year --

-- Winnebago Towables Improved Share Results Through Product Refreshes and Execution --

- Barletta Continues to Expand Share of U.S. Aluminum Pontoon Market --

-- Company Updates Fiscal 2026 Guidance --

EDEN PRAIRIE, MINN., June 25, 2026 -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 third quarter ended May 30, 2026.

Third Quarter Fiscal 2026 Financial Summary

•Net revenues of $698.7 million compared to $775.1 million in the third quarter of Fiscal 2025

•Gross profit of $94.9 million, representing 13.6% gross margin, compared to $106.0 million in the third quarter of Fiscal 2025

•Net income of $14.5 million, or $0.51 per diluted share; adjusted earnings per diluted share of $0.66 compared to adjusted earnings per diluted share of $0.81 in the third quarter of Fiscal 2025

•Adjusted EBITDA of $37.8 million, representing 5.4% adjusted EBITDA margin

CEO Commentary

"Our teams continue to execute in a retail environment that remained challenging through the third quarter," said President and Chief Executive Officer Michael Happe. "Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel. In response, we stayed disciplined, aligning production closely with retail while continuing to advance our key product, operational and cost initiatives.

"We're seeing a mixed demand environment across the portfolio. In Motorhome RV, sales, profitability and market presence continue to improve, supported by sustained performance at Grand Design Motorized and solid execution at Newmar. New product introductions, expanding brand presence and improved profitability continue to strengthen our standing in the segment. In Towable RV, category demand remained muted during the quarter, particularly at higher price points where competitive and promotional activity remained elevated. At the same time, our newer, more accessible offerings such as Thrive and Access contributed to improved retail dollar share and stronger year-over-year financial performance within our Winnebago-branded portfolio. These results reflect both dealer commitment to our strategy and the positive reception to our refreshed product lineup.

In Marine, Barletta continues to perform well, maintaining consistent market share gains, reaching 9.3% on a trailing twelve-month basis through April, despite softer volumes in the quarter. This performance reflects continued consumer interest in its premium pontoons and an expanding product lineup, including the recent Sanza introduction.

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"We delivered solid SG&A improvement year-over-year, while continuing to invest in Grand Design Motorized, and advancing footprint rationalization and capacity alignment actions within our RV businesses. While industry retail pressure in the quarter slowed the pace of improvement in field inventory turns, our focus remains on driving sustainable progress, which will require continued discipline around shipments and production.

"One of the most encouraging aspects of our performance this quarter was the stability of our gross margins despite a challenging retail environment, reflecting the strength of our product mix, pricing discipline and operational execution. We have remained focused on profitable market share, while our higher average selling prices continue to support a more resilient retail dollar share position. We are executing against the levers we control including product, brand, cost structure, and inventory discipline, positioning the business to deliver improved performance as conditions evolve."

Third Quarter Fiscal 2026 Results

Net revenues were $698.7 million, a decrease of 9.9% compared to $775.1 million in the third quarter of Fiscal 2025, driven primarily by lower unit volume, partially offset by selective price adjustments and product mix. Unit volume trends reflected growth in the Motorhome RV segment, partially offset by declines in the Towable RV and Marine segments, as dealer ordering remained measured and production levels were closely aligned to retail demand.

Gross profit was $94.9 million, a decrease of 10.5% compared to $106.0 million in the third quarter of Fiscal 2025. Gross profit margin was consistent with prior year as higher input costs and deleverage were largely offset by selective price adjustments.

Selling, general and administrative expenses were $66.5 million, a decrease of 5.4% compared to $70.3 million in the third quarter of Fiscal 2025, primarily due to cost reduction initiatives.

Operating income was $23.0 million, a decrease of 23.9% compared to $30.2 million in the third quarter of Fiscal 2025.

Net income was $14.5 million, compared to $17.6 million in the third quarter of Fiscal 2025. Reported earnings per diluted share was $0.51, compared to $0.62 in the third quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.66, a decrease of 18.5% compared to $0.81 in the third quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $37.8 million, a decrease of 18.7%, compared to $46.5 million in the third quarter of Fiscal 2025.

Third Quarter Fiscal 2026 Segments Summary

Towable RV

			Three Months Ended
($, in millions)			May 30, 2026						May 31, 2025						Change(1)
Net revenues			$	274.7					$	371.7					(26.1)		%
Operating income			$	16.0					$	29.7					(46.3)		%
Operating income margin			5.8		%				8.0		%				(220)		bps

(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

•Net revenues decreased primarily due to lower unit volume and a shift in product mix toward lower price-point models, partially offset by selective price adjustments.

•Operating income margin decreased primarily due to higher input costs, volume deleverage, and product mix, partially offset by selective price adjustments and cost containment initiatives.

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Motorhome RV

			Three Months Ended
($, in millions)			May 30, 2026						May 31, 2025						Change(1)
Net revenues			$	320.7					$	291.2					10.1		%
Operating income (loss)			$	9.6					$	(3.2)					NM
Operating income margin			3.0		%				(1.1)		%				410		bps

(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

NM: Not meaningful.

•Net revenues increased primarily due to higher unit volume and selective price adjustments.

•Operating income margin increased primarily due to higher unit volume driven by new products and selective price adjustments, partially offset by higher input costs.

Marine

			Three Months Ended
($, in millions)			May 30, 2026						May 31, 2025						Change(1)
Net revenues			$	92.4					$	100.7					(8.3)		%
Operating income			$	5.3					$	9.4					(43.4)		%
Operating income margin			5.8		%				9.3		%				(350)		bps

(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

•Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.

•Operating income decreased primarily due to higher input costs and volume deleverage, partially offset by selective price adjustments.

Balance Sheet and Cash Flow

As of May 30, 2026, cash and cash equivalents totaled $57.1 million. The Company had total outstanding debt of $442.9 million ($450.0 million of debt, net of debt issuance costs of $7.1 million) and working capital of $411.6 million. Cash flow provided by operating activities during the nine months ended May 30, 2026 was $26.2 million compared to cash flow used in operating activities of $52.5 million during the same period last year. Operating cash flow improved by $78.7 million year over year, shifting from a use of cash in the prior-year period to a source of cash in the current year.

Quarterly Cash Dividend

On May 15, 2026, the Company's Board of Directors approved a quarterly cash dividend of $0.35 per share payable on June 24, 2026, to common stockholders of record at the close of business on June 10, 2026.

Outlook

For calendar year 2026, Winnebago Industries now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units. Based on this outlook, the current business environment, and results through the first nine months of the fiscal year, Winnebago Industries is updating its Fiscal 2026 revenue and EPS guidance as follows:

•Consolidated net revenues in the range of $2.65 billion to $2.75 billion;

•Reported earnings per diluted share in the range of $1.05 to $1.40 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.50 to $2.20; and

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•Adjusted earnings per diluted share guidance in the range of $1.65 to $2.00(1) compared to a prior range of $2.10 to $2.80.

The Company's outlook takes into account prevailing trends in the RV sector, including the impacts from current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

"Our outlook reflects a measured view of the environment," Happe said. "We expect demand conditions to remain challenged in the near term, with continued variability across segments. The actions we are taking across our portfolio, cost structure and product roadmap position us to manage through the cycle and improve the earnings profile of the business over time, including further operational and capacity initiatives expected to begin benefiting performance as we move through fiscal 2027."

Q3 FY 2026 Conference Call

Winnebago Industries, Inc. will discuss third quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company's common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.