Financial Analysis

16. Acquisitions In 2025 and 2024, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under GAAP. The Company used cash and borrowings under its Floor Plan Facility to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new greenfield store locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill. In 2025, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of eight locations for an aggregate purchase price of approximately $92.2 million. As a component of the aggregate purchase price to acquire certain of these locations, $10.0 million was paid as a deposit in November 2024, which would convert into shares of Lazydays Holdings, Inc. (Lazydays) common stock if the Company completed the acquisition of all seven RV dealerships originally contemplated under the November 2024 agreement with Lazydays. However, the Company acquired only five of the seven Lazydays RV dealerships, so the deposit did not convert to shares of Lazydays common stock. Instead, the deposit was considered a component of the purchase price of those acquisitions. Additionally, a $1.0 million deposit wa …

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14. Commitments and Contingencies Sponsorship and Other Agreements The Company enters into sponsorship and brand licensing agreements from time to time. Current sponsorship agreements run through 2030. The sponsorship and brand licensing agreements consist of annual fees payable in aggregate of $4.3 million in 2026, $2.2 million in 2027, $1.0 million in 2028, $0.9 million in 2029 and $0.9 million in 2030, which are recognized to expense over the expected benefit period. The Company enters into subscription agreements from time to time. Currently there are subscription agreements for future software services consisting of annual fees payable as follows: $28.6 million in 2026, $20.6 million in 2027, $4.3 million in 2028, $2.6 million in 2029, $2.4 million in 2030, and $4.1 million thereafter. Expense is recognized ratably over the term of the agreement. Self-Insurance Program Self-insurance reserves represent amounts established as a result of insurance programs under which the Company self-insures portions of the business risks. The Company carries substantial premium-paid, traditional risk transfer insurance for various business risks. The Company self-insures and establishes reserves for the retention on workers compensation insurance, general liability, automobile liability, and employee health claims. The self-insured claims liability was approximately $35.4 million and $34.7 million as of December 31, 2025 and 2024, respectively. The determination of such claims and expen …

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18. Benefit Plan The Freedom Roads 401(k) Defined Contribution Plan (FreedomRewards 401(k) Plan) is qualified under Sections 401(a) and 401(k) of the Internal Revenue Service Code of 1986, as amended. All employees over age 18 , including the executive officers, are eligible to participate in the Freedom Rewards 401(k) Plan. Any favorable vesting was permitted for any affected participants pursuant to FreedomRewards 401(k) Plan Amendment No. 3 signed December 15, 2011, and effective January 1, 2012. Non-highly compensated employees may defer up to 75% of their eligible compensation up to the Internal Revenue Service limits. Highly compensated employees may defer up to 15% of their eligible compensation up to the Internal Revenue Service limits. The Company contributed $2.8 million to the Companys 401(k) Plan for 2023. There were no contributions by the Company to the Companys 401(k) Plan for 2025 or 2024. …

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21. Stock-Based Compensation Plans The following table summarizes the stock-based compensation that has been included in the following line items within the consolidated statements of operations during: Year Ended December 31, ($ in thousands) 2025 2024 2023 Stock-based compensation expense: Costs applicable to revenue $ 459 $ 372 $ 895 Selling, general, and administrative 43,819 21,213 23,191 Total stock-based compensation expense $ 44,278 $ 21,585 $ 24,086 Total income tax benefit recognized related to stock-based compensation (1) $ 21 $ 2,963 $ 3,205 (1) For the year ended December 31, 2025, $6.8 million of tax benefits relating to stock-based compensation expense could not be recognized as a result of the full valuation allowance against the net deferred tax assets of the public holding company, CWH. See Note 12 Income Taxes for additional information. 2016 Incentive Award Plan The Companys 2016 Plan was amended and restated effective May 15, 2025. Under the 2016 Plan, the Company may grant up to 14,693,518 stock options, RSUs, and other types of stock-based awards to employees, consultants or non-employee directors of the Company, although no incentive stock options may be granted after March 24, 2035. The Company does not intend to use cash to settle any of its stock-based awards. Upon the exercise of a stock option award, the vesting of a RSU or the award of common stock or restricted stock, shares of Class A common stock are issued from authorized but unissued shares …

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13. Fair Value Measurements Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Recurring Fair Value Measurements The following table presents the reported carrying values and the fair values by level of the Companys assets and liabilities measured at fair value on a recurring basis: December 31, 2025 December 31, 2024 ($ in thousands) Carrying Value Level 3 Carrying Value Level 3 Assets: Derived participation investment (1) $ 3,321 $ 3,321 $ 156 $ 156 Liabilities: Acquisition-related contingent consideration (2) 368 368 (1) Derived participation investment was included in other assets in the accompanying consolidated balance sheets as of December 31, 2025 and 2024. (2) The $0.2 million current and $0.2 million non-current portions of acquisition-related contingent consideration were included in accrued liabilities and other long-term liabilities, respectively, in the accompanying balance sheets as of December 31, 2024. The following table presents fair value measurements using significant unobservable inputs (Leve …

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8. Goodwill and Intangible Assets Goodwill The following is a summary of changes in the Companys goodwill by business line for the years ended December 31, 2025 and 2024: Good Sam Services and RV and ($ in thousands) Plans Outdoor Retail Consolidated Balance at December 31, 2023 (excluding impairment charges) $ 71,118 $ 881,941 $ 953,059 Accumulated impairment charges (46,884) (194,953) (241,837) Balance at December 31, 2023 24,234 686,988 711,222 Acquisitions 1,561 30,140 31,701 Divestiture (1) (8,900) (8,900) Balance at December 31, 2024 25,795 708,228 734,023 Acquisitions 18,712 18,712 Divestiture (1) (3,414) (3,414) Balance at December 31, 2025 $ 25,795 $ 723,526 $ 749,321 (1) See Note 6 Assets Held for Sale and Business Divestiture. In the fourth quarter of 2025 and 2024, the Company performed its annual goodwill impairment test of the RV and Outdoor Retail, the Good Sam Show, Good Sam Media, GSS Enterprises and Good Sam RA and Tire Rescue reporting units by performing a quantitative analysis. The RV and Outdoor Retail reporting unit is comprised of the entire RV and Outdoor Retail segment. The Good Sam Show, Good Sam Media, GSS Enterprise, and the Good Sam RA and Tire Rescue reporting units are comprised of a portion of the Good Sam Services and Plans segment. As of December 31, 2025 and 2024, the Good Sam RA and Tire Rescue reporting unit had allocated goodwill of $1.6 million and this reporting unit had a negative carrying value as of the date of these annual goodwill …

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"12. Income Taxes CWH is organized as a Subchapter C corporation (C-Corp) and, as of December 31, 2025, is a 61.4% owner of CWGS, LLC (see Note 19 Stockholders Equity and Note 20 Non-Controlling Interests). CWGS, LLC is organized as a limited liability company (LLC) and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes. However, certain active CWGS, LLC subsidiaries, including CWFR Capital, LLC, Americas Road and Travel Club, Inc., Camping World, Inc. (CW) prior to the LLC Conversion (defined below), and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, are subject to entity-level taxes as they are C-Corps. Income Tax Expense The components of the Companys income tax expense (benefit) from operations consisted of: Year Ended December 31, ($ in thousands) 2025 2024 2023 Current: Federal $ 8,716 $ 880 $ 9,123 State 3,367 689 1,558 Deferred: Federal 178,233 (10,377) (11,173) State 35,481 (2,569) (3,035) Income tax expense (benefit) $ 225,797 $ (11,377) $ (3,527) A reconciliation of income tax expense (benefit) from operations to the federal statutory rate for were as follows: Year Ended December 31, 2025 ($ in thousands) Amount Percent Pre-tax book income $ 120,159 U.S federal statutory tax rate 25,233 21.0% State and local income tax items (1) 39,213 32.6% Tax credits (482) (0.4)% Changes in valuation allowances 151,579 126.1% Nontaxable o …

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10. Long-Term Debt The following reflects outstanding long-term debt: December 31, December 31, ($ in thousands) 2025 2024 Term Loan Facility (1) $ 1,308,832 $ 1,335,535 Real Estate Facilities (2) 155,137 173,132 Other Long-Term Debt 7,588 7,926 Subtotal 1,471,557 1,516,593 Less: current portion (57,939) (23,275) Total $ 1,413,618 $ 1,493,318 (1) Net of $7.0 million and $9.6 million of original issue discount as of December 31, 2025 and 2024, respectively, and $2.6 million and $3.8 million of finance costs as of December 31, 2025 and 2024, respectively. (2) Net of $2.0 million and $3.1 million of finance costs as of December 31, 2025 and 2024, respectively. The aggregate future maturities of long-term debt as of December 31, 2025, excluding original issue discount of $7.0 million and finance costs of $4.6 million , were as follows: As of ($ in thousands) December 31, 2025 Long-term debt instruments 2026 $ 57,939 2027 128,030 2028 1,293,186 2029 246 2030 258 Thereafter 3,517 $ 1,483,176 Senior Secured Credit Facilities As of December 31, 2025 and 2024, CWGS Group, LLC (the Borrower), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the Credit Agreement) for senior secured credit facilities (as amended from time to time, the Senior Secured Credit Facilities). The Senior Secured Credit Facilities consist of a $1.4 billion term loan facility (the Term Loan Facility) and a $65.0 million revolving credit facility (the Revolving Credit Facility). Under the Se …

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Recently Adopted Accounting Pronouncements In December 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. This ASU requires that public business entities on an annual basis disclose (1) consistent categories and greater disaggregation of information in the rate reconciliation, and (2) income taxes paid disaggregated by jurisdiction. The standard is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company adopted the provisions of this ASU as of January 1, 2025, with respect to the annual disclosures beginning with the year ended December 31, 2025. The adoption of this ASU resulted in additional annual income tax disclosures and did not otherwise have a material impact on the Companys consolidated financial statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting period entities present a new tabular disclosure in the notes to the financial statements, presenting disaggregation of the amounts of purchases of inventory, employee compensation, depreciation, intangible asset amortization and depletion. Furthermore, the ASU requires entities to include certain amounts th …

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15. Related Party Transactions Transactions with Directors, Equity Holders and Executive Officers FR leased various RV dealership locations from managers and officers. During 2023 the related party lease expense for these locations was $3.4 million. For the years ended December 31, 2024 and 2025, there was no related party lease expense. In January 2012, FR entered into a lease for what is now its previous corporate headquarters in Lincolnshire, Illinois, which was amended as of March 2013, November 2019, October 2020, and October 2021 (the Lincolnshire Lease). This lease expired in March 2024. For the years ended December 31, 2024, and 2023, rental payments for the Lincolnshire Lease, including common area maintenance charges, were $0.2 million, and $0.9 million, respectively, and there were no payments for the year ended December 31, 2025. The Companys former Chairman and Chief Executive Officer had personally guaranteed the Lincolnshire Lease. In October 2022, the Company purchased a property to be used as office space in Lincolnshire, Illinois, for $4.5 million from the Companys former Chairman and Chief Executive Officer. This office space became the Companys corporate headquarters in February 2024. Other Transactions The Company paid Adams Outdoor Advertising, Inc., an entity for which Andris A. Baltins served as a member of its Board of Directors, $0.1 million for each of the years ended December 31, 2024 and 2023 for advertising services. Adams Outdoor Advertising, In …

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5. Restructuring and Long-Lived Asset Impairment Restructuring 2019 Strategic Shift On September 3, 2019, the Board of Directors (Board) of CWH approved a plan (the 2019 Strategic Shift) to strategically shift its business away from locations where the Company does not have the ability or where it is not feasible to sell and/or service RVs at a sufficient capacity (the Outdoor Lifestyle Locations). Of the Outdoor Lifestyle Locations in the RV and Outdoor Retail segment operating as of September 3, 2019, the Company has closed or divested 39 Outdoor Lifestyle Locations, two distribution centers, and 20 specialty retail locations relating to the 2019 Strategic Shift. As of December 31, 2020, the Company had completed the store closures and divestitures relating to the 2019 Strategic Shift. During the year ended December 31, 2021, the Company completed its analysis of its retail product offerings that were not RV-related. As of December 31, 2021, the activities under the 2019 Strategic Shift were completed with the exception of certain lease termination costs and other associated costs relating to the leases of previously closed locations under the 2019 Strategic Shift. The process of identifying subtenants and negotiating lease terminations has been delayed, which initially was in part due to the COVID-19 pandemic. The timing of these negotiations will vary as both subleases and terminations are contingent on landlord approvals. The Company expects that the ongoing lease-relate …

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2. Revenue Contract Assets and Capitalized Costs to Acquire a Contract As of December 31, 2025, 2024 and 2023, contract assets of $10.7 million, $10.0 million and $16.1 million, respectively, related to RV service revenues were included in accounts receivable in the accompanying consolidated balance sheets. As of December 31, 2025 and 2024, the Company had capitalized costs to acquire a contract consisting of $4.2 million and $4.4 million, respectively, from the deferral of sales commissions expenses relating to multi-year consumer services and plans and the recording of such expenses over the same period as the recognition of the related revenues. Deferred Revenues The Company records deferred revenues when cash payments are received or due in advance of the Companys performance, net of estimated refunds that are presented separately as a component of accrued liabilities. For the years ended December 31, 2025 and 2024, $90.2 million and $90.3 million of revenues recognized, respectively, were included in the deferred revenues balance at the beginning of the period. As of December 31, 2023, total deferred revenues was $159.1 million. As of December 31, 2025, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Good Sam Club loyalty program, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligations for these r …

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23. Segment Information The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail (see Note 1 Summary of Significant Accounting Policies Description of the Business for a discussion of the primary revenue generating activities of each segment). The reportable segments identified above represent operating segments that are the business activities of the Company for which discrete financial information is available and for which operating results are regularly reviewed by the Companys chief operating decision maker (CODM) to allocate resources and assess performance. As of December 31, 2025, the Companys CODM was Marcus A. Lemonis, the Companys Chief Executive Officer during 2025. The accounting policies of the reportable segments are the same as those described in Note 1 Summary of Significant Accounting Policies except intersegment receivables and investments in intersegment entities, which are eliminated in the Companys consolidated balance sheets, are not included in segment assets. Intersegment revenues consist of segment revenues that are eliminated in the Companys consolidated statements of operations. Intersegment revenues include transactions with other segments and revenue recognition that differs between a segment standalone basis versus a consolidated basis, such as point-in-time recognition versus over-time recognition. The reportable segments generally account for intersegment revenues with other segment …

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19. Stockholders Equity CWGS, LLC Ownership CWH is the sole managing member of CWGS, LLC and has the sole voting power in, and controls the management of, CWGS, LLC (See Note 20 Non-Controlling Interests for further information about the ownership of CWGS, LLC). The remaining interest in CWGS, LLC, was held by the Continuing Equity Owners, who may redeem at each of their options their common units for, at the Companys election (determined solely by the Companys independent directors (within the meaning of the rules of the New York Stock Exchange) who are disinterested), cash or newly issued shares of the Companys Class A common stock. Accordingly, the Company consolidated the financial results of CWGS, LLC and reported a non-controlling interest in its consolidated financial statements. In accordance with the CWGS LLC Agreement, CWGS, LLC has made cash distributions to all common unit holders of CWGS, LLC in an amount sufficient for 1) CWH to pay the portion of its regular quarterly cash dividend to holders of its Class A common stock that is unrelated to tax distributions, if any, and 2) the common unit holders of CWGS, LLC to pay their income tax obligation on their allocated portion of CWGS, LLC income at the highest tax rate for all common unit holders of CWGS, LLC. The payment of these cash distributions by CWGS, LLC to Continuing Equity Owners are recorded as distributions to holders of CWGS, LLC common units in the accompanying Consolidated Statements of Stockholders E …

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13. Acquisitions During the six months ended June 30, 2026 and 2025, subsidiaries of the Company acquired the assets of multiple RV dealerships that constituted businesses under GAAP. The Company used cash and borrowings under its Floor Plan Facility to complete the acquisitions. The Company considers acquisitions of independent dealerships to be a fast and capital efficient alternative to opening new store locations to expand its business and grow its customer base. The acquired businesses were recorded at their estimated fair values under the acquisition method of accounting. The balance of the purchase prices in excess of the fair values of net assets acquired were recorded as goodwill. During the six months ended June 30, 2026, the RV and Outdoor Retail segment acquired the assets of one RV dealership location for a purchase price of approximately $7.1 million. Separate from this acquisition, during the six months ended June 30, 2026, the Company purchased real property for an aggregate purchase price of $1.4 million. During the six months ended June 30, 2025, the RV and Outdoor Retail segment acquired the assets of various RV dealerships comprised of eight locations for an aggregate purchase price of approximately $92.2 million. As a component of the aggregate purchase price to acquire certain of these locations, $10.0 million was paid as a deposit in November 2024, which would convert into shares of Lazydays Holdings, Inc. (Lazydays) common stock if the Company complete …

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11. Commitments and Contingencies Litigation Siverd Complaint and Shareholder Derivative Litigation On March 10, 2026, a purported stockholder of the Company filed a putative class action lawsuit captioned Siverd v. Camping World Holdings, Inc., et al. , in the United States District Court for the Northern District of Illinois against Camping World Holdings, Inc. and certain current and former officers (Individual Defendants and together, Defendants). On May 21, 2026, the court appointed a lead plaintiff, and on July 24, 2026, the lead plaintiff filed an amended complaint. The amended complaint alleges that Defendants violated Section 11 of the Securities Act of 1933 (the 33 Act) and Section 10(b) and Rule 10b-5 of the Securities Exchange Act of 1934, as amended (the 34 Act), by making materially false or misleading statements related to the Companys business, operations, and prospects. The lawsuit also alleges Individual Defendants violated Section 15 of the 33 Act and Section 20(a) of the 34 Act by allegedly acting as controlling persons of the Company in connection with the alleged materially false or misleading statements. The lead plaintiff seeks to represent a putative class of investors who purchased or acquired the Companys stock between October 29, 2024 and February 24, 2026 and a sub-class of investors who purchased or acquired the Companys stock pursuant or traceable to the registration statement and prospectus issued in connection with the Companys October 31, 202 …

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17. Stock-Based Compensation Plans The following table summarizes the stock-based compensation (SBC) that has been included in the following line items within the condensed consolidated statements of operations during: Three Months Ended June 30, Six Months Ended June 30, ($ in thousands) 2026 2025 2026 2025 Stock-based compensation expense: Costs applicable to revenue $ 130 $ 100 $ 260 $ 225 Selling, general, and administrative 4,254 8,344 8,898 15,489 Total stock-based compensation expense $ 4,384 $ 8,444 $ 9,158 $ 15,714 The following table summarizes stock option, restricted stock unit (RSU) and performance stock unit (PSU) activities for the six months ended June 30, 2026: Stock Restricted Performance (in thousands) Options Stock Units Stock Units (1) Outstanding at December 31, 2025 138 1,915 750 Granted 387 200 Vested (260) Forfeited (9) (33) Outstanding at June 30, 2026 129 2,009 950 Exercisable at June 30, 2026 129 n/a n/a (1) PSU quantities in this table are presented at target levels of performance prior to the final determination of goal achievement. RSUs During the six months ended June 30, 2026, the Company granted a total of 244,585 RSUs to non-executive employees with an aggregate grant date fair value of $1.8 million and weighted-average grant date fair value of $7.49 per RSU, which will be recognized, net of forfeitures, over a vesting period of five years. In December 2025, in conjunction with the amended and restated employment agreement with Matthew D. Wa …

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10. Fair Value Measurements Accounting guidance for fair value measurements establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. Recurring Fair Value Measurements The following table presents the reported carrying values and the fair values by level of the Companys assets and liabilities measured at fair value on a recurring basis: June 30, 2026 December 31, 2025 June 30, 2025 ($ in thousands) Carrying Value Level 3 Carrying Value Level 3 Carrying Value Level 3 Assets: Derived participation investment (1) $ 3,302 $ 3,302 $ 3,321 $ 3,321 $ 6,001 $ 6,001 Liabilities: Acquisition-related contingent consideration (2) 368 368 (1) Derived participation investment was included in other assets in the accompanying condensed consolidated balance sheets. (2) As of June 30, 2025, the $0.4 million of acquisition-related contingent consideration was included in accrued liabilities in the accompanying condensed consolidated balance sheets. The following table presents fair value measurements using significant unobservable inputs (Level 3): ($ in thousands) Derived Participation …

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7. Goodwill and Intangible Assets Goodwill The following table presents a summary of changes in the Companys goodwill by segment for the six months ended June 30, 2026 and 2025 and the year ended December 31, 2025: Good Sam Services and RV and ($ in thousands) Plans Outdoor Retail Consolidated Balance at December 31, 2024 (excluding impairment charges) $ 72,679 $ 903,182 $ 975,861 Accumulated impairment charges (46,884) (194,953) (241,837) Balance at December 31, 2024 25,795 708,229 734,024 Acquisitions 17,951 17,951 Divestiture (1) (3,414) (3,414) Balance at June 30, 2025 25,795 722,766 748,561 Acquisitions 760 760 Balance at December 31, 2025 25,795 723,526 749,321 Acquisitions 2,340 2,340 Balance at June 30, 2026 $ 25,795 $ 725,866 $ 751,661 (1) In June 2025, the Company closed on the sale of a dealership (see Note 6 Assets Held for Sale and Business Divestitures). At June 30, 2026, the Company performed a qualitative impairment assessment to determine if it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value by evaluating relevant events and circumstances. After considering recent performance comparable to forecasts utilized in the most recent interim goodwill impairment test as of March 31, 2026 (Q1 26 Interim Goodwill Test), among other factors, the Company concluded that it was more likely than not that the fair value of the RV and Outdoor Retail reporting unit was less than its carrying value as of …

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14. Income Taxes CWH is organized as a Subchapter C corporation and, as of June 30, 2026, was a 61.5% owner of CWGS, LLC (see Note 16 Non-Controlling Interests). CWGS, LLC is organized as a limited liability company and treated as a partnership for U.S. federal and most applicable state and local income tax purposes and as such, is generally not subject to any U.S. federal entity-level income taxes. However, certain active CWGS, LLC subsidiaries, including Americas Road and Travel Club, Inc.; and FreedomRoads RV, Inc. and their wholly-owned subsidiaries, are subject to entity-level taxes as they are, or subject to income taxes as, Subchapter C corporations (C-Corp). Effective Income Tax Rate For the six months ended June 30, 2026 and 2025, the Company's effective income tax rate was 7.0% and 31.1%, respectively. The decrease in the tax rate for the six months ended June 30, 2026, reflects the computation of the provision for income taxes based on a projected annual effective tax rate while excluding loss jurisdictions, which cannot be benefitted. The Company evaluates its deferred tax assets on a quarterly basis to determine if they can be realized and establishes valuation allowances when it is not more likely than not that all or a portion of the deferred tax assets can be realized. During the year ended December 31, 2025, management evaluated both positive and negative evidence and concluded that a full valuation allowance was necessary to be recorded against CWH net defer …

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8. Long-Term Debt Outstanding long-term debt consisted of the following: June 30, December 31, June 30, ($ in thousands) 2026 2025 2025 Term Loan Facility (1) $ 1,286,597 $ 1,308,832 $ 1,330,401 Real Estate Facilities (2) 111,281 155,137 168,332 Other Long-Term Debt 7,417 7,588 7,760 Subtotal 1,405,295 1,471,557 1,506,493 Less: current portion (27,792) (57,939) (23,023) Total $ 1,377,503 $ 1,413,618 $ 1,483,470 (1) Net of $5.6 million, $7.0 million, and $8.3 million of original issue discount as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively, and $2.0 million, $2.6 million, and $3.2 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. (2) Net of $1.5 million, $2.0 million, and $2.5 million of finance costs as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Senior Secured Credit Facilities As of June 30, 2026, December 31, 2025, and June 30, 2025, CWGS Group, LLC (the Borrower), a wholly-owned subsidiary of CWGS, LLC, was party to a credit agreement (the Credit Agreement) for a term loan facility (the Term Loan Facility) and a revolving credit facility (the Revolving Credit Facility and collectively the Senior Secured Credit Facilities). The following table details the outstanding amounts and available borrowings under the Senior Secured Credit Facilities: June 30, December 31, June 30, ($ in thousands) 2026 2025 2025 Senior Secured Credit Facilities: Term Loan Facility: Principal amount o …

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Recently Adopted Accounting Pronouncements In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Financial InstrumentsCredit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. This ASU provides a practical expedient for all entities and a related accounting policy election for entities other than public business entities for the calculation of current expected credit losses on current accounts receivable and current contract assets. The practical expedient allows all entities to assume that conditions as of the balance sheet date will remain unchanged for an assets remaining life when estimating credit losses on current accounts receivable and current contract assets arising from transactions under ASC 606. The standard is effective for fiscal years beginning after December 15, 2025 and interim periods within those annual reporting periods, with early adoption permitted. The adoption of this ASU on January 1, 2026 resulted in the disclosure of the election of the practical expedient and did not otherwise have a material impact on the Companys condensed consolidated financial statements. Recently Issued Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income StatementReporting Comprehensive IncomeExpense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. This ASU requires that at each interim and annual reporting p …

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15. Related Party Transactions Transactions with Directors, Equity Holders and Executive Officers During the six months ended June 30, 2026, Mr. Lemonis, in his non-executive role of Co-Founder and Special Advisor under the Lemonis Second Employment Agreement, as amended, received i) base salary of $0.8 million in cash, ii) the 2026 Bonus settled with the issuance of 319,602 shares of Class A common stock, less 125,763 shares withheld to cover Mr. Lemonis associated tax withholding obligations, and iii) the Lump-Sum Payment of $3.8 million in cash. See Note 11 Commitments and Contingencies for further details on the Lemonis Second Employment Agreement. …

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2. Revenue Contract Assets As of June 30, 2026, December 31, 2025, and June 30, 2025, contract assets of $9.3 million, $10.7 million and $9.9 million, respectively, relating to RV service revenues, were included in accounts receivable in the accompanying condensed consolidated balance sheets. Deferred Revenues The Company records deferred revenues when cash payments are received or due in advance of the Companys performance, net of estimated refunds that are presented separately as a component of accrued liabilities. For the six months ended June 30, 2026, the Company estimates approximately $56.3 million of revenues recognized were included in the deferred revenue balance at the beginning of the period. These estimates consider factors including, but not limited to, average service term, cash received for the period, cancellations, contract extensions, and upgrades. As of June 30, 2026, the Company had unsatisfied performance obligations primarily relating to plans for its roadside assistance, Good Sam Club memberships, Good Sam Club loyalty program, Coast to Coast memberships, the annual campground guide, and magazine publication revenue streams. The total unsatisfied performance obligations for these revenue streams as of June 30, 2026 and the periods during which the Company expects to recognize the amounts as revenue are presented as follows: As of ($ in thousands) June 30, 2026 2026 $ 56,558 2027 46,521 2028 17,752 2029 9,894 2030 5,294 Thereafter 3,022 $ 139,041 …

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19. Segments Information The Company has the following two reportable segments: (i) Good Sam Services and Plans, and (ii) RV and Outdoor Retail. The Company evaluates performance for all of its reportable segments based on Segment Adjusted EBITDA. The Company defines Segment Adjusted EBITDA as the reportable segments total revenue less segment expenses which are comprised of (i) adjusted costs applicable to revenue, (ii) intersegment costs applicable to revenues, (iii) adjusted SG&A expense, (iv) floor plan interest expense, and (v) other segment items. Segment expenses exclude depreciation and amortization and certain noncash and other items that the Chief Operating Decision Maker (CODM) does not consider in his evaluation of ongoing operating performance. These excluded items include (a) SBC and (b) loss and/or impairment on investments in equity securities. As of June 30, 2026, the Companys CODM was Matthew D. Wagner, the Companys Chief Executive Officer and President. Reportable segment revenue; segment adjusted EBITDA; depreciation and amortization; other interest expense, net; total assets; and capital expenditures are as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 Good Sam RV and Good Sam RV and Good Sam RV and Good Sam RV and Services Outdoor Services Outdoor Services Outdoor Services Outdoor ($ in thousands) and Plans Retail and Plans Retail and Plans Retail and Plans Retail Revenue: Good Sam Services and Plans $ 54,629 $ $ …

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