Financial Analysis

"Contingent Liabilities and Commitments Repurchase Commitments Generally, manufacturers in the same industries as us enter into repurchase agreements with lending institutions which have provided wholesale floorplan financing to dealers. Most dealers are financed on a ""floorplan"" basis under which a bank or finance company lends the dealer all, or substantially all, of the purchase price, collateralized by a security interest in the units purchased. Our repurchase agreements generally provide that, in the event of default by the dealer on the agreement to pay the lending institution, we will repurchase the financed merchandise. The terms of these agreements, which generally can last up to 24 months, provide that our liability will be the lesser of remaining principal owed by the dealer to the lending institution, or dealer invoice less periodic reductions based on the time since the date of the original invoice. Our liability cannot exceed 100% of the dealer invoice. In certain instances, we also repurchase inventory from dealers due to state law or regulatory requirements that govern voluntary or involuntary relationship terminations. Although laws vary from state to state, some states have laws in place that require manufacturers of recreational vehicles or boats to repurchase current inventory if a dealership exits the business. The total contingent liability on all repurchase agreements was approximately $1,777.7 million and $1,640.0 million at May 30, 2026 and August 3 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

"Debt The following table summarizes our outstanding debt: (in millions) May 30, 2026 August 30, 2025 ABL Credit Facility $ $ Senior Secured Notes 100.0 200.0 2030 Convertible Notes 350.0 350.0 Total debt, gross 450.0 550.0 Unamortized debt issuance cost, net (7.1) (9.5) Long-term debt, net $ 442.9 $ 540.5 Credit Agreements On July 15, 2022, we amended and restated our asset-backed revolving credit agreement (""ABL Credit Facility"") to, among other things, increase the commitments available from $192.5 million to $350.0 million and extend the maturity date from October 22, 2024 to July 15, 2027 (subject to certain factors which may accelerate the maturity date). The $350.0 million credit facility is on a revolving basis, subject to availability under a borrowing base consisting of eligible accounts receivable and eligible inventory. The ABL Credit Facility is available for issuance of letters of credit to a specified limit of $35.0 million. We pay a commitment fee of 0.25% based on the average daily amount of the facility available, but unused during the most recent quarter. We can elect to base the interest rate on various rates plus specific spreads depending on the borrowing amount outstanding. If drawn, interest on ABL Credit Facility borrowings is at a floating rate based upon our election, either term SOFR or REVSOFR30 (as defined in the ABL Credit Facility agreement), plus, in each case, a credit spread adjustment of 0.10%, as well as an applicable spread between 1.25 …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following table disaggregates revenue by reportable segment and product category: Three Months Ended Nine Months Ended (in millions) May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025 Net Revenues Towable RV Fifth Wheel $ 119.0 $ 186.1 $ 380.5 $ 464.8 Travel Trailer 147.4 177.9 424.6 426.0 Other (1) 8.3 7.7 25.4 23.1 Total Towable RV 274.7 371.7 830.5 913.9 Motorhome RV Class A 108.9 118.2 323.9 324.5 Class B 59.1 29.6 172.0 114.1 Class C and Other (1) 152.7 143.4 438.0 359.9 Total Motorhome RV 320.7 291.2 933.9 798.5 Marine 92.4 100.7 264.1 272.9 Corporate / All Other (2) 10.9 11.5 30.3 35.6 Consolidated Net Revenues $ 698.7 $ 775.1 $ 2,058.8 $ 2,020.9 (1) Relates to parts, accessories, and services. (2) Relates to units, parts, accessories, and services associated with Winnebago specialty vehicles. In addition, this activity also includes Lithionics battery sales, including the related systems and accessories, that are sold directly to external customers.

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Goodwill and Intangible Assets The carrying amount of goodwill by reportable segment is as follows: (in millions) Towable RV Motorhome RV Marine Corporate / All Other Total Balances at May 30, 2026 and August 30, 2025 (1) $ 244.7 $ 73.1 $ 136.1 $ 30.3 $ 484.2 (1) There was no activity in the nine months ended May 30, 2026. No impairments were recorded for non-financial assets in the nine months ended May 30, 2026 or May 31, 2025. However, factors such as a sustained decline in revenues or other adverse changes in macroeconomic conditions could result in an impairment charge to our Chris-Craft trade name in a future reporting period. We will perform a quantitative impairment assessment of the Chris-Craft trade name during the fourth quarter of Fiscal 2026. Other intangible assets, net of accumulated amortization, consist of the following: May 30, 2026 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Value Indefinite-lived trade names $ 352.3 $ $ 352.3 Finite-lived trade name 4.1 1.8 2.3 Dealer networks/customer relationships 183.6 118.8 64.8 Backlog 43.6 43.6 Developed technology 38.3 17.0 21.3 Non-compete agreements 6.6 6.6 Other intangible assets $ 628.5 $ 187.8 $ 440.7 August 30, 2025 (in millions) Gross Carrying Amount Accumulated Amortization Net Carrying Value Indefinite-lived trade names $ 352.3 $ $ 352.3 Finite-lived trade name 4.1 1.4 2.7 Dealer networks/customer relationships 183.6 107.1 76.5 Backlog 43.6 43.6 Developed technology 38.3 12.9 2 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Our effective tax rate was 19.4% and 26.3% for the three months ended May 30, 2026 and May 31, 2025, respectively; and 21.9% and 28.5% for the nine months ended May 30, 2026 and May 31, 2025, respectively. The decrease in tax rate for the three months ended May 30, 2026 compared to the three months ended May 31, 2025 was driven primarily by an increase in R&D tax credits. The decrease in tax rate for the nine months ended May 30, 2026 compared to the nine months ended May 31, 2025 was driven primarily by the impact of increased R&D tax credits and discrete tax benefits in the current year as compared to the prior year. As of May 30, 2026, $8.8 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets. Comparatively, as of August 30, 2025, $7.3 million of U.S. federal income taxes receivable was included in prepaid expenses and other current assets on the Consolidated Balance Sheets. The Company files a U.S. Federal tax return, as well as returns in various international and state jurisdictions. As of May 30, 2026, the Company's Federal returns from Fiscal 2022 to present are subject to review by the Internal Revenue Service. With limited exceptions, U.S. state returns from Fiscal 2021 to present continue to be subject to review by state taxing jurisdictions. We believe we have adequately reserved for our exposure to potential additional payments for uncertain tax positions …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

"In September 2025, the Financial Accounting Standards Board (""FASB"") issued Accounting Standards Update (""ASU"") 2025-06, IntangiblesGoodwill and OtherInternal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software , which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. The new guidance is effective for annual reporting periods beginning after December 15, 2027, and interim periods within those annual periods. We are currently evaluating the impact of the standard on our consolidated financial statements and related disclosures. We will adopt the standard in our Quarterly Report on Form 10-Q in the first quarter of our fiscal year beginning August 27, 2028 and filings thereafter. In November 2024, the FASB issued ASU 2024-04, DebtDebt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments , which clarifies the assessment of whether certain settlements of convertible debt instruments should be accounted for as an inducement conversion or extinguishment of convertible debt. The new guidance is effective for annual reporting periods beginning after December 15, 2025, and interim per …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Revenue All operating revenue is generated from contracts with customers. Our primary revenue source is generated through the sale of manufactured towable RV units, motorhome RV units and marine units to our independent dealer network (our customers). The following table disaggregates revenue by reportable segment and product category: Three Months Ended Nine Months Ended (in millions) May 30, 2026 May 31, 2025 May 30, 2026 May 31, 2025 Net Revenues Towable RV Fifth Wheel $ 119.0 $ 186.1 $ 380.5 $ 464.8 Travel Trailer 147.4 177.9 424.6 426.0 Other (1) 8.3 7.7 25.4 23.1 Total Towable RV 274.7 371.7 830.5 913.9 Motorhome RV Class A 108.9 118.2 323.9 324.5 Class B 59.1 29.6 172.0 114.1 Class C and Other (1) 152.7 143.4 438.0 359.9 Total Motorhome RV 320.7 291.2 933.9 798.5 Marine 92.4 100.7 264.1 272.9 Corporate / All Other (2) 10.9 11.5 30.3 35.6 Consolidated Net Revenues $ 698.7 $ 775.1 $ 2,058.8 $ 2,020.9 (1) Relates to parts, accessories, and services. (2) Relates to units, parts, accessories, and services associated with Winnebago specialty vehicles. In addition, this activity also includes Lithionics battery sales, including the related systems and accessories, that are sold directly to external customers. We do not have material contract assets or liabilities. Allowances for uncollectible receivables are established based on historical collection trends, write-off history, consideration of current conditions and expectations for future economic conditions. Concentration o …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

"Business Segments We have nine operating segments: 1) Grand Design towables, 2) Winnebago towables, 3) Winnebago motorhomes, 4) Newmar motorhomes, 5) Grand Design motorhomes, 6) Chris-Craft marine, 7) Barletta marine, 8) Winnebago specialty vehicles, and 9) Lithionics. Financial performance is evaluated based on each operating segment's operating income, as defined below. Our three reportable segments are: Towable RV (an aggregation of the Grand Design towables and the Winnebago towables operating segments), Motorhome RV (an aggregation of the Winnebago motorhomes, Newmar motorhomes, and Grand Design motorhomes operating segments), and Marine (an aggregation of the Chris-Craft marine and Barletta marine operating segments). Towable RV is comprised of non-motorized RV products that are generally towed by another vehicle, along with other related manufactured products and services. Motorhome RV is comprised of products that include a motorized chassis, along with other related manufactured products and services. Marine is comprised of products that include boats, along with other related manufactured products and services. The Corporate / All Other category includes the Winnebago specialty vehicles and Lithionics operating segments as well as certain corporate administration expenses, such as corporate leadership and administration costs. Neither of these operating segments have ever met any of the quantitative thresholds for determining reportable segments. Our Chief Executiv …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

"Basis of Presentation The consolidated financial statements include the accounts of Winnebago Industries, Inc. and its wholly-owned subsidiaries. Intercompany account balances and transactions have been eliminated in consolidation. The use of the terms ""Winnebago Industries,"" ""Winnebago,"" ""we,"" ""our,"" and ""us"" in this Quarterly Report on Form 10-Q, unless the context otherwise requires, refers to Winnebago Industries, Inc. and its wholly owned subsidiaries. The interim unaudited consolidated financial statements included herein are prepared pursuant to the rules and regulations of the United States (U.S.) Securities and Exchange Commission (SEC). The information furnished in these consolidated financial statements includes normal recurring adjustments, unless noted otherwise in the Notes to Consolidated Financial Statements, and reflects all adjustments that are, in managements opinion, necessary for a fair presentation of such financial statements. The consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (GAAP). GAAP requires us to make estimates and assumptions that affect amounts reported. Certain information and footnote disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to SEC rules and regulations. The consolidated financial statements included in this Quarterly Report on Form 10-Q should be read in conjunction with the audite …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing