1. Robert G. Bohn
Earnings Conference Call Chairman, President and Chief Executive Officer
Second Quarter Fiscal 2006 Charles L. Szews
May 2, 2006 Executive Vice President and Chief Financial Officer

2. Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include
statements that we believe are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act. All of our statements, other than statements of historical fact,
including statements regarding Oshkosh Truck’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and
objectives of management for future operations, are forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of words such as “expect,”
“intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot
give any assurance that such expectations will prove to be correct. Some factors that could cause
actual results to differ materially from our expectations include the accuracy of assumptions
made with respect to our expectations for fiscal 2006 and beyond, the Company’s ability to
continue the turnaround of the business of the Geesink Norba Group sufficiently to support its
valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill, the
Company’s ability to increase its operating income margins at McNeilus, the ability of the
Company to recover steel and component cost increases from its customers, risks associated with
a three-phase enterprise resource planning system implementation at McNeilus, the expected
level of U.S. Department of Defense procurement of the Company’s products and services, the
cyclical nature of the Company’s commercial and fire and emergency markets, risks related to
reductions in government expenditures, the uncertainty of government contracts, the challenges
of identifying, completing and integrating acquisitions, the success of the launch of the
Revolution® drum, and risks associated with international operations. Additional information
concerning these and other factors is contained in our filings with the SEC, including our Form
8-K filed May 2, 2006. Except as set forth in such Form 8-K, we disclaim any obligation to update
such forward-looking statements.
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3. Oshkosh Second Quarter 2006 Highlights
• Record Q2 financial results Second Quarter Results
– Sales increased 25.6% $1,000 $90
$79.7
$900
Operating Income (in millions)
$80
– Operating income grew 27.3% $800 $844.8
$62.6 $70
Sales (in millions)
– EPS increased 28.8% $700
$60
$672.4
$600 $35.1 $50
– Exceeded previous estimates $500
$518.2 $40
$400
• Re-affirmed fiscal 2006 $30
$300
EPS estimate range of
$20
$200
$10
$100
$2.55 - $2.65 $0 $0
2004 2005 2006
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4. Stewart & Stevenson Services, Inc. Auction
• On March 30, 2006,
Oshkosh acknowledged
participation in auction
• Oshkosh cannot respond
to questions on the
auction or closely related
matters
Stewart & Stevenson manufactures
the U.S. Army’s Family of Medium
Tactical Vehicles.
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5. Commercial
• Margin recovery continued in Q2
• Pre-buy due to 2007 diesel engine
emissions standards change
accelerated in Q2
– Expect segment sales to be strong
through Q1 of fiscal 2007
• Implementation of enterprise
resource planning system
The new Oshkosh S-Series Front-Discharge
continuing at measured pace Concrete Mixer with Revolution® drum was
introduced at the World of Concrete show in
– Not expected to cause production January 2006.
issues
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6. Defense
• Strength of remanufacturing and
new truck business drove
exceptional results in Q2
– But, struggle continues to locate
vehicle carcasses for
remanufacturing
• No award made yet on LVSR
contract
• Bidding Australian Defence Forces
contract in May 2006
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7. Fire and Emergency
• Anticipated dip in earnings
in Q2
– Airport product sales
heavily weighted to
second half
• Component issues also
delayed sales into Q3
• Successful FDIC fire
apparatus show
– Introduced 100’ aluminum
ladder
• Strong carrier and wrecker
orders
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8. Consolidated Results
Dollars in millions
Second Quarter Comments
2005
2006 • Defense drove results
Net Sales $844.8 $672.4 despite $14.1 million
MTVR margin
% Growth 25.6% 29.7%
adjustment in 2005
Operating Income $ 79.7 $ 62.6
• Commercial results
% Margin 9.4% 9.3%
also up sharply
% Growth 27.3% 78.5%
• Fire and emergency
Earnings Per Share $ 0.67 $ 0.52
dip expected to be
% Growth 28.8% 67.7% temporary
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9. Fire and Emergency
Dollars in millions
Second Quarter Comments
2005
2006 • Sharply lower airport
product sales, as
Net Sales $221.3 $213.2
anticipated
% Growth 3.8% 57.2%
• Two component
Operating Income $ 17.9 $ 19.0
issues delayed
% Margin 8.1% 8.9% revenue recognition
% Growth (5.9)% 69.5% • Recent price increase
spurred orders
• Backlog up 6.1%
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10. Defense
Dollars in millions
Comments
Second Quarter
2005
2006 • Remanufactured and
new truck sales nearly
Net Sales $334.2 $209.6
doubled
% Growth 59.4% 24.7%
• MTVR margin
Operating Income $ 65.8 $ 49.4 adjustment of $14.1
% Margin 19.7% 23.6% million in Q2 of 2005
% Growth 33.2% 114.4% • Backlog up 17.0%
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11. Commercial
Dollars in millions
Comments
Second Quarter
2005
2006 • Sales benefiting from
pre-buy
Net Sales $299.5 $255.3
• European refuse
% Growth 17.3% 17.2%
profitable in Q2; $1.5
Operating Income $ 15.3 $ 6.5 million operating loss
in Q2 of 2005
% Margin 5.1% 2.5%
• Price increases
% Growth 137.5% (31.6)%
benefiting earnings
• Backlog up 35.7%
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12. Fiscal 2006 Estimates
Sales of $3.3 - $3.4 Billion, Up 11.5% - 15%
• Fire and emergency sales
expected to rise by low teens
percentage
• Defense sales expected to grow
22.5% to 27.0%
• Commercial sales expected to rise
by low single digits percentage
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13. Fiscal 2006 Estimates
Operating Income of $307.0 - $320.0 Million,
Up 15% to 20%
• Anticipate flat margins in fire and emergency
• Expect defense margins to decline about 200
basis points
– No MTVR margin adjustments expected in 2006
• Expect commercial margins to double
– European refuse expected to be modestly
profitable
– U.S. margins expected to be up over 100 basis
points
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14. Fiscal 2006 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2006
Estimates
Interest expense and other $0.5 (income)
Effective tax rate 38.5%
Minority interest $0.5 (expense)
Equity in earnings $2.0
Average shares outstanding 75,000,000
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15. Fiscal 2006 Estimates
• Annual EPS estimate range of $2.55 to $2.65,
up 17.0% to 21.6%
• Third quarter EPS of $0.53 to $0.57 compared
to $0.52 in third quarter of fiscal 2005
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16. Fiscal 2006 Estimates
• Capital spending expected
to approximate $64 million
• Estimated balances at
September 30,2006
– Debt of $20.0 - $25.0 million
– Cash of $200.0 -
$225.0 million
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