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
Revenues by Product Class
Founded in 1958 (Trailing 12 Months – 2/11)
IPO 1966, NYSE 1970
Leading manufacturer of
high-quality motor homes Other
Manufacturing facilities 7% Class
located in Iowa
A Gas
Nonunion workforce of Class C
approximately 2,000 as of 30%
August 28, 2010 27%
North American dealer Class
network of approximately 230
locations A
Class B Diesel
Executive management team
with average of 24 years RV 1% 35%
manufacturing experience
4
4
5. Motorized Family Tree
Winnebago Industries manufactures three brands of Class A, B
and C motor homes: Winnebago, Itasca and ERA
68 floorplans available in 2011 – 45% new
M.S.R.P.(Base)
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 $90,700 – $108,800
Sightseer/Sunova $115,000 – $132,200
Adventurer/Suncruiser $142,900 – $165,400
Class A – Diesel
Via/Reyo $129,500 – $130,900
Journey Express/Meridian V Class $211,400 – $219,200
Journey/Meridian $250,500 – $258,100
Tour*/Ellipse* $296,400 – $332,900
5 * New/Redesigned for 2011
6. Exciting New
2011 Products
Top-of-the-line Class A diesel
Winnebago Tour and Itasca Ellipse
were redesigned inside and out for
2011. A new triple-slide 42-foot tag
axle model also joins the lineup for
2011 bringing the offerings to four.
Itasca Ellipse
The most fuel efficient Class A motor
home in the industry, the Winnebago
Via and Itasca Reyo, now have a new
25Q floorplan; the first double slide
Class A motor home on a Mercedes
Sprinter chassis.
Winnebago Via
6
7. Exciting New
2011 Products
New Winnebago Access Premier
and Itasca Silver models include
exterior and interior appointments
that take these coaches to the
next level.
Winnebago Access Premier
Winnebago View Profile and
Navion iQ feature a new 24G
floorplan featuring two slideout
rooms, the first Sprinter-based
Class C with this offering.
Navion iQ
7
8. RV Industry Class A & C
Retail Market Share
(Percent as reported by Statistical Surveys, Inc. Calendar 2010)
Top 5 Manufacturers = 72.4%
8
8
9. RV Industry Class A & C
Retail Market Share
(Percent as reported by Statistical Surveys, Inc. CYTD/January 2011)
Top 5 Manufacturers = 71.8%
9
9
10. Winnebago Industries Retail Market Share
U.S.
2011/Jan 2010 2009 2008 2007
Class A gas 25.5% 23.5% 22.9% 23.2% 21.9%
Class A diesel 16.0% 14.3% 11.4% 8.1% 8.9%
Total Class A 20.8% 18.9% 16.6% 15.3% 15.2%
Class C 19.5% 17.6% 22.7% 22.8% 24.0%
Total Class A and C 20.3% 18.3% 19.1% 18.3% 18.5%
Class B 0.0% 18.3% 18.1% 3.5% 0.0%
Canada
2011/Jan 2010 2009 2008 2007
Class A gas 15.8% 17.3% 13.8% 18.4% 16.6%
Class A diesel 15.0% 11.2% 7.0% 5.3% 6.3%
Total Class A 15.4% 14.5% 10.0% 12.4% 11.9%
Class C 8.0% 19.9% 9.5% 19.5% 18.3%
Total Class A and C 12.5% 17.3% 9.8% 15.7% 14.4%
As reported by Statistical Surveys, Inc. by calendar year
10
11. 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
11
12. 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
12
13. 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
13
14. 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:
Retain SunnyBrook brand
Develop and market Winnebago brand travel trailer and fifth
wheel trailer
Ranked #19 in market share, which we plan to grow
14
15. Towable Family Tree
Winnebago Industries Towables manufactures travel trailers
and fifth wheel trailers under the SunnyBrook brand name
60 floorplans available in 2011
M.S.R.P.(Base)
Travel Trailers
Edgewater $14,000 – $22,000
Harmony $14,000 – $25,000
Sunset Creek $17,000 – $25,000
Brookside $20,000 – $25,000
Bristol Bay $27,000 – $35,000
Fifth Wheels
Harmony $24,000 – $ 30,000
Brookside $25,000 – $ 35,000
Bristol Bay $32,000 – $ 50,000
Titan - SURV $45,000 – $ 55,000
Westpointe $80,000 – $100,000
15 * New/Redesigned for 2011
17. Current RV Market Environment
Economic conditions stabilize:
Consumer confidence still lagging, but 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
17
18. Outlook
We believe that retail sales will be the key driver to sustain our
recovery and for continued growth
Results from most Fall and Winter Shows significantly better than last
year
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
Restored salaries reduced in March of FY2009 effective March of FY2011
Stock granted to key management in March of FY 2011
Diversification:
We continue to analyze additional diversification opportunities
18
21. Winnebago Industries Recovery
Significant improvement noted in the first six months of
FY2011 due to the following:
Added volume which resulted in greater fixed cost absorption and
improved labor efficiencies
Increased average selling price of our product of 10.3% due to an
increased 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
20% as compared to prior year
As a result, we saw significant improvements throughout Fiscal
2011 in both net revenues and in our operating performance.
21
22. EBITDA/Free Cash Flow
(Fiscal Year In Millions)
Free cash flow is defined as cash flow from operating activities less
capital expenditures.
22
23. Dealer Inventory of
Winnebago Industries Product
(Class A, B & C - Fiscal Year)
23
24. 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
3rd Quarter 2009 620 1,214 2,324 382
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
Rolling 12 months (March 2009 through Feb 2010) 3,128 4,024
3rd Quarter 2010 1,366 1,388 2,000 935
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
Rolling 12 months (March 2010 through Feb 2011) 4,554 4,397
Wholesale Retail Dealer Order
Key Comparisons: Deliveries Registrations Inventory Backlog
Rolling 12 month comparison (Feb 2011 to Feb 2010) 1,426 373
45.6% 9.3%
2nd quarter 2011 as compared to 2nd quarter 2010 (200) 142 157 (202)
-18.0% 21.7% 7.8% -17.4%
2nd quarter 2011 as compared to 1st quarter 2011 (206) (297) 113 259
-18.5% -27.2% 5.5% 37.1%
24
25. Winnebago Industries Backlog
As Of
February 26, 2011 February 27, 2010 Increase
(1) (1)
Units % Units % (Decrease)
Class A gas 253 26.4% 372 32.1% -119 -32.0%
Class A diesel 157 16.4% 263 22.7% -106 -40.3%
Total Class A 410 42.8% 635 54.8% -225 -35.4%
Class B 82 8.6% 16 1.4% 66 412.5%
Class C 465 48.6% 508 43.8% -43 -8.5%
Total motor home backlog (2) 957 100.0% 1,159 100.0% -202 -17.4%
Fifth wheel 87 57.6% — —% 87
Travel trailer 64 42.4% — —% 64
(2)
Total towable backlog 151 100.0% — —% 151
(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.
25
27. 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 (February 2011 Dept. of Labor Statistics) has run at
5.6%, vs. 8.9% for singles – nearly 90% of our owners are married
Go RVing
Successful national advertising campaign
Target of Baby Boomers w/kids and Empty Nesters
27
28. 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 52-year history
Strong balance sheet ($62.8 million in cash and no long-term
debt)
Continued focus on new product development and potential
diversification for future growth
28
30. 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
30
31. 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
January 2,000 1,500 500 33.3% 1,200 1,200 - 0.0%
February 1,900 2,000 (100) (5.0)% 1,600
March 2,600 2,200 400 18.2% 2,100
2nd quarter 7,800 7,800 - 0.0% 8,300
3rd quarter 6,800 6,200 600 9.7% 6,000
4th quarter 5,900 5,600 300 5.4% 4,500
(3)
Total 27,000 25,300 1,700 6.7% 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 Sureys for the US and Canada rounded to the nearest hundred.
(3) Statistical Surveys has not issued a projection for 2010 retail demand.
31
32. Motor Home Industry Wholesale
Shipments & Retail Registrations
(January 2008 – January 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)
32
33. Motor Home Industry
Shipment History
(Class A, B & C in Thousands – Calendar Year)
* Estimates for 2011
33
34. 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.
34
35. 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.
35
