WINNEBAGO INDUSTRIES INC

Winnebago Industries, Inc. (NYSE: WGO) is a leading North American manufacturer of outdoor lifestyle products serving the leisure travel and outdoor recreation markets. The company operates through three reportable segments: Towable RV, Motorhome RV, and Marine. Its website is www.winnebagoind.com.

The Towable RV segment manufactures conventional travel trailers and fifth wheels under the Winnebago and Grand Design brand names, with retail prices ranging from approximately $20,000 to $163,000. The Motorhome RV segment produces Class A, Class B, and Class C motorhomes under the Winnebago, Newmar, and Grand Design brands, with prices ranging from approximately $143,000 to $1,717,000. The Marine segment manufactures recreational boats under the Chris-Craft and Barletta brands, with prices ranging from approximately $47,000 to $783,000.

Winnebago also operates Lithionics, acquired in April 2023, which designs and manufactures advanced lithium-ion battery solutions for RVs, boats, specialty vehicles, and industrial applications using proprietary NeverDie® Technology. Additionally, the company manufactures specialty commercial vehicles and original equipment manufacturing parts.

The company employs approximately 5,300 persons, with roughly 20% salaried and 80% hourly employees. Manufacturing operations are primarily located in northern Iowa and northern Indiana, with additional facilities in Florida for marine and battery production. Winnebago distributes RV and marine products through an independent dealer network exceeding 760 physical locations across the U.S. and Canada, with international marine distribution in select markets. Foreign sales represent less than 10% of net revenues.

Winnebago's competitive advantages include strong brand recognition, product differentiation, quality reputation, and comprehensive after-sale service. The company's brands—Winnebago, Grand Design, Newmar, Chris-Craft, Barletta, and Lithionics—represent valuable trademarks protected through registrations in multiple jurisdictions. The business model relies on dealer partnerships and made-to-order production, with the company maintaining flexibility to adjust capacity through overtime, temporary workforce adjustments, and production scheduling. The RV and marine industries are characterized by seasonality, with peak demand during spring and summer months and lower sales during fall and winter periods.