2. Forward-Looking Statements
This presentation contains forward-looking statements
within the meaning of the Private Securities Litigation
Reform Act of 1995. Investors are cautioned that
forward-looking statements are inherently uncertain. A
number of factors could cause actual results to differ
materially from these statements. These factors are
contained in the Company’s filings with the Securities
and Exchange Commission over the last 12 months,
copies of which are available from the SEC or from the
Company upon request.
2
4. Winnebago Industries Overview
Founded in 1958 Revenues by Product Class
(Trailing 12 Months – 5/11)
IPO 1966, NYSE 1970
Leading manufacturer of
high-quality motor homes
Manufacturing facilities
Other
located in Iowa 8% Class
Nonunion workforce of A Gas
approximately 2,000 as of
Class C 29%
August 28, 2010
North American dealer
28%
network of approximately 235 Class
locations A
Executive management team Diesel
with average of 25 years RV Class B
manufacturing experience 34%
1% 4
4
5. Motorized Family Tree
Winnebago Industries manufactures three brands of Class A, B
and C motor homes: Winnebago, Itasca and ERA
73 floorplans available in 2012 – 40% new
M.S.R.P.(Base)
Class B
ERA $94,100
Class C
Access/Impulse $68,700 – $85,800
Access Premier/Impulse Silver $82,900 – $92,700
Aspect/Cambria $88,300 – $93,200
View/View Profile/Navion/Navion iQ $96,900 – $102,000
Class A – Gas
Vista/Sunstar $91,700 – $111,000
Sightseer/Sunova $121,700 – $127,800
Adventurer/Suncruiser $146,700 – $168,700
Class A – Diesel
Via/Reyo $121,700 – $123,800
Journey/Meridian $224,800 – $271,000
Tour/Ellipse $350,400 – $356,000
5
6. RV Industry Class A & C
Retail Market Share
(Percent as reported by Statistical Surveys, Inc. CYTD/May 2011)
Top 6 Manufacturers = 87.4%
25 22.9
20 18.3
15 12.8 11.8
11.5
10.1
10
4.0 3.9 2.8
5 1.9
0
6
6
7. Winnebago Industries Retail Market Share
U.S.
2011/May 2010 2009 2008 2007
Class A gas 21.6% 23.7% 22.9% 23.2% 21.9%
Class A diesel 16.8% 15.2% 11.4% 8.1% 8.9%
Total Class A 19.5% 19.5% 16.6% 15.3% 15.2%
Class C 16.9% 17.9% 22.7% 22.8% 24.0%
Total Class A and C* 18.3% 18.8% 19.1% 18.3% 18.5%
Class B 3.6% 15.9% 18.1% 3.5% 0.0%
Canada
2011/May 2010 2009 2008 2007
Class A gas 15.7% 14.9% 13.8% 18.4% 16.6%
Class A diesel 21.0% 9.9% 7.0% 5.3% 6.3%
Total Class A 18.0% 12.6% 10.0% 12.4% 11.9%
Class C 20.6% 13.8% 9.5% 19.5% 18.3%
Total Class A and C 19.4% 13.2% 9.8% 15.7% 14.4%
As reported by Statistical Surveys, Inc. by calendar year
* The states of Maine, Minnesota, North Dakota, South Dakota and Vermont are
experiencing delays. The May national contains 398 rentals for the month of May,
compared to 347 in May 2010.
7
8. What Differentiates Us?
The Winnebago brand
Why we have such significant brand strength:
Top quality
Longevity in the industry
First to mass produce motor homes in an automotive assembly-
line manufacturing style
Exceptional aftermarket sales and service support
Strong dealer network
Evidence of our brand strength:
Prevalent use of our product in TV and in movies
Winnebago is synonymous for “motor home”
Based on survey, Winnebago has 90% brand recognition
8
9. What Differentiates Us?
Vertical Integration
Why we are vertically integrated:
Our remote location
Have more control over our quality
Provides flexibility
Vertical integration processes:
Aluminum extrusion
Cabinetry/wood working
Soft goods (furniture, curtains, upholstery)
Vacuum formed plastics
Rotational molding
Steel fabrication
Panel lamination
Multiple painting processes
Fiberglass manufacturing
9
10. What Differentiates Us?
Quality
Why we have a culture of quality:
Essential to customer satisfaction
Dedicated and experienced employees
Tone at the top
Extensive testing processes and equipment
Evidence of our quality:
Only RV manufacturer to receive Quality Circle Award as part of
Dealer Satisfaction Index Program from RVDA every year since
1996
Only RV manufacturer to receive Ford Motor Company “Fully
Meets” Classification as part of their Truck Quality Program
every year since the program’s inception in 1997
10
11. Winnebago Industries
Towables
Why acquired SunnyBrook RV:
Quality reputation
Good product line with both travel trailer and fifth wheel choices
Good fit with Winnebago Industries
Strategy:
0.5% market share as of May 2011, which we plan to grow
Retain SunnyBrook brand and refresh offerings
Develop and market Winnebago brand travel trailer and fifth
wheel trailer
11
12. Towable Family Tree
Winnebago Industries Towables manufactures travel trailers
and fifth wheel trailers under the SunnyBrook brand name
59 floorplans available in 2012
M.S.R.P.(Base)
Travel Trailers
Sunset Creek* $16,400 – $37,900
Harmony $16,900 – $32,000
Brookside $22,900 – $36,500
Raven* $25,700 – $39,300
Bristol Bay $27,000 – $42,000
Fifth Wheels
Harmony $30,200 – $36,600
Brookside $29,000 – $39,000
Raven* $32,200 – $54,000
Bristol Bay $35,000 – $60,000
* New/Redesigned for 2012
12
14. Current RV Market Environment
Economic conditions stabilize:
Consumer confidence still lagging, but generally trending in the
right direction
Unemployment levels appear to have stabilized and job growth
appears to be starting
Financing conditions stabilize:
Existing wholesale and retail players are focused on partnering
with strong manufacturers
Marketplace is more competitive and rational – retail and wholesale
Dealer inventory turns are appropriate and aged inventory
significantly reduced
Interest rates at historic low levels
14
15. Outlook
We believe that retail sales will be the key driver to sustain our
recovery and for continued growth
We continue to review retail activity to ensure our production schedule is
in line with end retail demand
Ample available physical capacity despite facility consolidation; motor
home capacity estimated to be 10,500 to 12,200 units per year depending
on mix; towable capacity approximately 8,000 units
While primary goal is profitability, it is important to “give back” to
employees who worked so hard throughout the recession.
Didn’t pass on health care premium increases to employees in January
2011 (annual impact of $1.2M)
Restored salaries reduced in March of FY2009 effective March of FY2011
(annual impact of $1.1M)
Reinstated merit hourly increases that were frozen in March of FY2009
effective March of FY2011 (annual impact of $300K)
Stock granted to key management in March of FY 2011 (approx. $1.2M
noncash expense in Fiscal 2011)
Diversification:
We continue to analyze additional diversification opportunities
15
18. Winnebago Industries Recovery
Improvement noted in the first nine months of FY2011 due to
the following:
Added volume which resulted in greater fixed cost absorption and
improved labor efficiencies
Average selling price of our product increased 6.9% due to an
improved mix of higher-priced Class A product sold
Reduced discounting and retail programs due to reasonable dealer
inventory levels and improved retail registrations, which were up
5% as compared to prior year
As a result, we have seen improvements throughout Fiscal
2011 in both net revenues and in our operating performance.
18
19. EBITDA/Free Cash Flow
(Fiscal Year In Millions)
Free cash flow is defined as cash flow from operating activities less
capital expenditures.
19
20. Dealer Inventory of
Winnebago Industries Product
(Class A, B & C - Fiscal Year)
20
21. Winnebago Industries: Motor Home Shipments,
Retail Activity and Dealer Inventory
As of Quarter End
Wholesale Retail Dealer Order
(In units and presented in fiscal quarters) Deliveries Registrations Inventory Backlog
4th Quarter 2009 605 1,235 1,694 940
1st Quarter 2010 794 921 1,567 1,521
2nd Quarter 2010 1,109 654 2,022 1,159
3rd Quarter 2010 1,366 1,388 2,000 935
Rolling 12 months (June 2009 through May 2010) 3,874 4,198
4th Quarter 2010 1,164 1,120 2,044 818
1st Quarter 2011 1,115 1,093 2,066 698
2nd Quarter 2011 909 796 2,179 957
3rd Quarter 2011 1,283 1,395 2,068 648
Rolling 12 months ( June 2010 through May 2011) 4,471 4,404
Wholesale Retail Dealer Order
Key Comparisons: Deliveries Registrations Inventory Backlog
Rolling 12 month comparison (May 2011 to May 2010) 597 206
15.4% 4.9%
3rd quarter 2011 as compared to 3rd quarter 2010 (83) 7 68 (287)
-7.5% 1.1% 3.4% -30.7%
3rd quarter 2011 as compared to 2nd quarter 2011 374 599 (111) (309)
33.5% 54.8% -5.4% -32.3%
21
22. Winnebago Industries Backlog
As Of
May 28, 2011 May 29, 2010 Increase
(1) (1)
Units % Units % (Decrease)
Class A gas 187 29.1% 323 34.5% (136) (42.1) %
Class A diesel 113 17.6% 234 25.0% (121) (51.7) %
Total Class A 300 46.7% 557 59.6% (257) (46.1) %
Class B 130 20.2% 34 3.6% 96 282.4 %
Class C 212 33.0% 344 36.8% (132) (38.4) %
Total motor home backlog (2) 642 100.0% 935 100.0% (293) (31.3) %
Fifth wheel 46 28.0%
Travel trailer 118 72.0%
(2)
Total towable backlog 164 100.0%
(1) Percentages may not add due to rounding differences.
(2) We include in our backlog all accepted purchase orders from dealers to be shipped w ithin the next six months.
Orders in backlog can be cancelled or postponed at the option of the purchaser at any time w ithout penalty and,
therefore, backlog may not necessarily be an accurate measure of future sales.
22
24. Industry Growth Opportunities
Positive Demographic Trends
Baby Boom market of 78 million Americans continues to grow 350,000 per
month
Ages of motor home owners continue to broaden with younger buyers
coming into the market as young as 35 and older owners remaining healthy
and active in RV lifestyle
Trade cycle is 5 to 7 years – 2004 was the peak year for motor home retail
purchases
Married unemployment (June 2011 Dept. of Labor Statistics) is 5.9%, vs.
9.2% for singles – nearly 90% of our owners are married
Go RVing
Successful national advertising campaign
Target of Baby Boomers w/kids and Empty Nesters
24
25. Winnebago Industries Advantages
Our Brand
Highest brand recognition in the industry
Vertical Integration
Increased profitability in times of high volume
Quality Reputation
Quality Circle Award winner 15 consecutive years
Best in Class aftermarket service support
Sustainability
Successfully managed through previous industry downturns
during our 53-year history
Strong balance sheet ($65.5 million in cash and short term
investments, and no long-term debt)
Continued focus on new product development and potential
diversification for future growth
25
27. Appendices
Motor Home Industry: Wholesale and Retail
Motor Home Industry Wholesale Shipments & Retail Registrations
Motor Home Industry Shipment History – Class A, B and C
Winnebago Industries’ Products
27
28. Motor Home Industry: Wholesale and Retail
US and Canada Industry Class A, B & C Motor Homes
Industry Shipments (1) Retail Registrations (2)
Calendar Year Calendar Year
Increase Increase
2010 2009 (Decrease) Change 2010 2009 (Decrease) Change
1st quarter 5,700 2,400 3,300 137.5% 4,900 4,800 100 2.1%
2nd quarter 7,800 3,200 4,600 143.8% 8,300 7,100 1,200 16.9%
3rd quarter 6,200 3,300 2,900 87.9% 6,000 5,800 200 3.4%
4th quarter 5,600 4,300 1,300 30.2% 4,500 4,200 300 7.1%
Total 25,300 13,200 12,100 91.7% 23,700 21,900 1,800 8.2%
Increase Increase
2011 2010 (Decrease) Change 2011 2010 (Decrease) Change
1st quarter 6,900 5,700 1,200 21.1% 5,000 4,900 100 2.0%
April 2,800 2,600 200 7.7% 2,600 2,800 (200) (7.1)%
May 2,700 2,700 - 0.0% 2,600 2,800 (200) (7.1)%
June 2,300 2,500 (200) (8.0)% 2,700
3rd quarter (4) 6,000 6,200 (200) (3.2)% 6,000
4th quarter 5,400 5,600 (200) (3.6)% 4,500
(3)
Total 26,100 25,300 800 3.2% 10,200 23,700
(1) Class A, B and C wholesale shipments as reported by RVIA, rounded to the nearest hundred.
(2) Class A, B and C retail registrations as reported by Statistical Surveys for the US and Canada rounded to the
nearest hundred. Maine, Minnesota, North Dakota, South Dakota and Vermont experiencing delayed reporting.
(3) Statistical Surveys has not issued a projection for 2011 retail demand.
(4) Shaded Area reflects RVIA forecast
28
29. Towable Industry: Wholesale and Retail
US and Canada Travel Trailer & Fifth Wheel Industry
Industry Shipments (1) Retail Registrations (2)
2010 2009 (Decrease) Change 2010 2009 (Decrease) Change
1st quarter 49,300 24,800 24,500 98.8% 31,100 28,900 2,200 7.6%
2nd quarter 62,300 34,600 27,700 80.1% 69,400 60,000 9,400 15.7%
3rd quarter 48,600 41,500 7,100 17.1% 57,200 49,900 7,300 14.6%
4th quarter 39,000 37,400 1,600 4.3% 28,300 25,300 3,000 11.9%
Total 199,200 138,300 60,900 44.0% 186,000 164,100 21,900 13.3%
Increase Increase
2011 2010 (Decrease) Change 2011 2010 (Decrease) Change
1st quarter 54,200 49,300 4,900 9.9% 31,900 31,100 800 2.6%
April 20,000 19,800 200 1.0% 27,400 21,600 5,800 26.9%
May 23,200 19,900 3,300 16.6% 23,800 23,400 400 1.7%
June 22,800 22,600 200 0.9% 24,500
3rd quarter (4) 53,600 48,600 5,000 10.3% 57,200
4th quarter 43,400 39,000 4,400 11.3% 28,300
(3)
Total 217,200 199,200 18,000 9.0% 83,100 186,100 7,000 3.8%
(1) Travel Trailer and Fifth Wheel wholesale shipments as reported by RVIA, rounded to the nearest hundred.
(2) Travel Trailer and Fifth Wheel retail registrations as reported by Statistical Sureys for the US and Canada rounded to
the nearest hundred. Maine and Minnesota are experiencing delayed reporting.
(3) Statistical Surveys has not issued a projection for 2011 retail demand.
(4) Shaded area reflects RVIA forecast.
29
30. Motor Home Industry Wholesale
Shipments & Retail Registrations
(January 2008 – June 2011)
5,000
4,500
4,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
Wholesale (A,B,C) Retail (A,B,C)
Retail registrations not yet available for June 2011
30
31. Motor Home Industry
Shipment History
(Class A, B & C in Thousands – Calendar Year)
80
70
60
50
40
30
20
10
0
* Estimates for 2011
31
32. Towable Industry Shipment History
(Travel Trailers and Fifth Wheels in Thousands – Calendar Year)
* Estimates for 2011
32
33. Winnebago Industries’ Products
Class A - Gas
Conventional motor homes constructed
directly on medium-duty truck chassis,
which include a gas-powered engine and
drivetrain components.
Class A - Diesel
Conventional motor homes constructed
directly on medium-duty truck chassis,
which include a diesel-powered engine
and drivetrain components.
33
34. Winnebago Industries’ Products
Class C
Mini motor homes built on van-type
(cutaway) chassis.
Class B
Panel-type truck to which RV
manufacturer adds any two of the
following conveniences: sleeping,
kitchen and toilet facilities, also 110-
volt hookup and freshwater.
34
