Baird's 2017 global industrial conference meeting handout v2

Oshkosh Corporation (NYSE:OSK)
Baird’s 2017 Global
Industrial Conference
NOVEMBER 8, 2017
Dave Sagehorn
Executive Vice President & CFO
Patrick Davidson
Sr. Vice President, Investor Relations

November 8, 2017Baird's 2017 Global Industrial Conference 2
Forward-Looking Statements
This presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements
regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels
and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this
presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative
thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking
statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are
beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking
statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which
are particularly impacted by the strength of U.S. and European economies and construction seasons; the Company’s estimates of access
equipment demand which, among other factors, is influenced by customer historical buying patterns and rental company fleet replacement
strategies; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and purchased materials; the
expected level and timing of U.S. Department of Defense (DoD) and international defense customer procurement of products and services and
acceptance of and funding or payments for such products and services; risks related to reductions in government expenditures in light of U.S.
defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; the impact of any DoD solicitation for
competition for future contracts to produce military vehicles, including a future Family of Medium Tactical Vehicles production contract; the
Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs,
particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of
related costs and charges and that anticipated cost savings may not be achieved; projected adoption rates of work at height machinery in
emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; risks related
to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns
related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt
Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity
risks and costs of defending against, mitigating and responding to data security threats and breaches; and risks related to the Company’s
ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and
other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed October 31,
2017. All forward-looking statements speak only as of October 31, 2017. The Company assumes no obligation, and disclaims any obligation, to
update information contained in this presentation. Investors should be aware that the Company may not update such information until the
Company’s next quarterly earnings conference call, if at all.

3
A different integrated global industrial
MOVE – Evolving to deliver more value
Positioned for long-term
success
Oshkosh Corporation Key Messages
November 8, 2017Baird's 2017 Global Industrial Conference

 Leading provider of
specialty vehicles
 Celebrating 100 years
in 2017
 A different integrated global
industrial
 Focused on delivering value to
customers and shareholders
 Serial innovator of game-
changing new products
ACCESS EQUIPMENT DEFENSE FIRE & EMERGENCY COMMERCIAL
Build. Serve. Defend. Protect.

Oshkosh Corporation Profile - FY17
5
44%
Access Equipment
27%
Defense
15%
Fire &
Emergency
14%
Commercial
Revenue by Segment
74%
United States
3%
Other NA
17%
EMEA
6%
Rest of
World
Revenue by Geography
FY17 global revenue of $6.8 billion
across four segments
Integrated approach drives
opportunity/efficiency across enterprise

Fire Apparatus
6
Concrete Mixers/Batch Plants
#1
Military Tactical Wheeled Vehicles
Airport Products (ARFF/Snow Removal)
Aerial Work Platforms/Telehandlers
Refuse Collection Vehicles
Broad Industry Leadership
Strong Brands  Value Creation
Wreckers & Carriers
(1) Company estimates
NORTH AMERICA RANK (1)
#1
#1
#1
#1
#2
GLOBAL RANK (1)
Baird's 2017 Global Industrial Conference November 8, 2017
#1

Leveraging Our Unique Position
7
Diverse End
Markets
Integrated
Operations
Take Advantage of Opportunities Unavailable to Many Companies

8
Grow profitably by maintaining intense focus on
customer experience
Optimize our costs and capital structure to provide
value for customers and shareholders - Simplify
Lead in innovation over the product life cycle
Drive international growth in targeted geographies
Evolving to Deliver More Value

9November 8, 2017Baird's 2017 Global Industrial Conference
People First Culture
 Maturing the concept
 Driving better results
 Engage. Develop. Connect.

OSK Full Year Performance
Strong Performance During 100th Year
 Access equipment, defense
and fire & emergency
segments all achieved full
year adjusted operating
income* margin ≥10%
 People First culture maturing
 Focus on simplifying our
businesses
 4th consecutive year of
increasing dividends; goal of
raising annually
* Non-GAAP results. See Appendix for reconciliation to GAAP results.
Net Sales
(billions)
Adjusted EPS*
$3.14
$4.25
$0.00
$0.50
$1.00
$1.50
$2.00
$2.50
$3.00
$3.50
$4.00
$4.50
$5.00
FY16 FY17
$6.3
$6.8
$0.0
$1.0
$2.0
$3.0
$4.0
$5.0
$6.0
$7.0
$8.0
FY16 FY17

 Strong close to FY17 – full year
results higher than originally
expected
 Customer sentiment and demand
remain solid in North America
‒ Rental company fleet metrics
support positive outlook
 Generally positive U.S.
construction trends
 Positive outlook for international
markets in FY18
 Restructuring activities on track to
achieve targeted improvements
 Expect to grow in FY18
Access Equipment
Recent Highlights

Defense Recent Highlights
 Strong full-year results driven by
JLTV ramp and international M-ATV
shipments
 JLTV program on track
‒ Pleased with results during government
testing and evaluation activities
− International interest is growing
 Strong backlog supports FY18 outlook
 FMTV recompete winner expected to
be announced in Q2 FY18
 U.S. operating under Continuing
Resolution
− Not expected to impact segment in
FY18, but FY19 could be impacted if
budget delays persist

Joint Light Tactical Vehicle (JLTV)
U.S. JLTV Production
Contract Overview
 ~$6.7 billion initial announced value
 Base award plus 8 order years
 Program scope includes:
– 4 Mission Package Configurations
– Mission Kits
– Interim Contractor Support (ICS)
– Total Package Fielding (TPF)
– System Technical Support (STS)
– Technical Data Package
 Quantity: 18,000+ vehicles(1)
– Vehicle deliveries expected through 2024
Utility
2Door4Door
General Purpose
Close Combat
Weapons Carrier
Heavy Guns Carrier Future Variants
(1) Source: FY17 U.S. President’s Budget

U.S. JLTV Program Schedule
FY18 President’s Budget
Funding Request
Order
Quantity
Expected Sales
Quantity
FY16 804 ---
FY17(3) 2,020 ~600 to 650
FY18(4) 2,637 ~1,500 to 2,000
FY19(4) 4,737 ~3,000
FY20(4) 5,190 ~4,500
FY21(4) 3,838 ~5,000
FY2016 FY2017 FY2018 FY2019 FY2020 FY2021
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Deliveries
& Testing
Armor Coupon Testing
Ballistic Testing
LRIP(1) YR 1 LRIP YR 2 LRIP YR 3
FRP(2) YR 1
Performance, Reliability & Live Fire Testing
Full Rate Production Milestone
Delivering unprecedented performance. On-time. On-budget.
(1) Low Rate Initial Production
(2) Full Rate Production
(3) Actual
(4) FY18-FY21 Order Quantity values based on FY18 President's Budget Request
FRP YR 2
Army First Unit Equipped
Marine Corps Fielding Decision

Global Light TWV Market Potential
Today’s HMMWV Installed Base(1)
 240,000 HMMWVs
 60 countries
 30+ configurations
The Oshkosh JLTV Will Shape the History of Light Military Vehicles
53%47%
Armor Capable
HMMWV
Unarmored
HMMWV
JLTV is Next-Generation Protected
Mobility for the Modern Battlefield
HMMWVJeep JLTV
(1) Source: Government publications, IHS Jane’s, SIPRI, AM General Website

 Achieved >10% full year operating
income margin
− Earlier than anticipated
− Disciplined commitment to
simplification
 U.S. fire apparatus market stable in
FY17 compared to FY16
− Aging fleets and solid municipal tax
receipts support positive outlook
 Solid Q4 international contribution
and positive outlook
− China 5-yr Plan targets 260
international airports by 2020
Fire & Emergency Recent Highlights

17
 Housing prices and local property taxes have continued to recover
 Aging fleets coupled with improving state and local tax receipts have led
to steady growth in municipal demand
Domestic Fire Truck Market Drivers
Gaining Momentum
Increasing Home Prices and Property Taxes
1990 1995 2000 2005 2010 2015
Data through June 2017
$ Billions

 Q4 results in line with expectations
 Committed to improved performance
− Driving lasting change through
simplification activities
− Time needed to translate into
meaningfully better financial results
 U.S. RCV market grew in FY17
− Now above pre-recession levels
 U.S. concrete mixer market remains
well below pre-recession levels
− Fleets continue to age
 Positive longer-term market outlook
Commercial Recent Highlights

19
 Revenues of $6.9 to $7.1 billion
 Adjusted operating income* of $515 million to $565 million
 Adjusted EPS* of $4.25 to $4.65
Additional expectations
 Corporate expenses of ~$150 million
 Adjusted tax rate* of ~30.5%
 CapEx of ~$100 million
 Free Cash Flow* of ~$350 million
 Assumes share count of ~76.0 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$3.1 - $3.2 ~ $1.8 – $1.85 ~ $1.1 $0.95 - $0.975
Adj. Operating
Income Margin
10.5% - 11.0%* 9.5% - 9.75% 10.5% - 11.0% 5.75% - 6.25%
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Q1 Commentary
 Expect higher yr/yr sales and adjusted
earnings driven by defense segment
 Higher access equipment segment sales;
incremental margins impacted by higher
material costs
FY18 Estimates – Growth Continues

Positive Long-term Outlook
Convergence of favorable market dynamics and
benefits of MOVE position OSK to deliver strong results
 Favorable market dynamics
‒ JLTV provides multi-year visibility
for Defense
‒ Access Equipment replacement
demand opportunities
‒ Fleet ages help to drive Fire &
Emergency and Commercial
Segment demand
 MOVE strategy drives results
 Expected strong free cash flow
over the cycle provides capital
allocation alternatives
 Expect revenue and operating
income margin growth to continue
A Different Integrated Global Industrial Company

For information
contact:
Patrick N. Davidson
Sr. Vice President, Investor
Relations
(920) 966-5939
pdavidson@oshkoshcorp.com
Jeffrey D. Watt
Director, Investor Relations
(920) 233-9406
jwatt@oshkoshcorp.com

Appendix: Consolidated Results
Comments
(Dollars in millions, except per share amounts)
Full Year
Net Sales $6,829.6 $6,279.2
% Change 8.8% 3.0%
Adjusted Operating
Income* $506.3 $391.8
% Change 29.2% (1.6)%
% Margin 7.4% 6.2%
Adjusted EPS* $4.25 $3.14
% Change 35.4% 4.0%
2017 2016
 Sales impacted by:
+ Higher sales in defense and
fire & emergency
 Adjusted EPS* impacted by:
+ Higher defense, fire &
emergency and access
equipment segment operating
income
+ Lower tax rate
− Lower commercial segment
operating income

Appendix: Access Equipment
Net Sales $3,026.4 $3,012.4
% Change 0.5% (11.4)%
Adjusted Operating
Income* $302.4 $291.2
% Change 3.8% (28.9)%
% Margin 10.0% 9.7%
Full Year
2017 2016
(Dollars in millions)
+ Higher AWP volume
− Lower telehandler volume
 Adjusted operating income*
impacted by:
+ Improved absorption
+ Favorable mix
‒ Higher incentive compensation
 Backlog up 152.2% vs. prior
year to $452 million
Comments

Appendix: Defense
Net Sales $1,820.1 $1,351.1
% Change 34.7% 43.8%
Operating Income $207.9 $122.5
% Change 69.7% 1,983.1%
% Margin 11.4% 9.1%
Full Year
2017 2016
+ Ramp-up of JLTV program
+ M-ATV international sales
+ FHTV sales
 Operating income impacted by:
+ Higher sales volume
‒ Higher SG&A
 Backlog down 10.6% vs. prior
year to $2.1 billion
Comments

Appendix: Fire & Emergency
+ Improved pricing
+ Higher content units
+ Increased volume
+ Improved pricing
 Backlog up 9.2% vs. prior year
to $932 million
Net Sales $1,030.9 $953.3
% Change 8.1% 16.9%
% Change 55.5% 53.1%
% Margin 10.1% 7.0%
Full Year
2017 2016
Comments

Appendix: Commercial
Net Sales $970.3 $979.2
% Change (0.9)% 0.1%
% Change (35.2)% 4.8%
% Margin 4.5% 6.9%
Full Year
2017 2016
‒ Lower RCV volume
+ Higher package sales
+ Higher concrete mixer volume
− Lower sales volume
− Operational inefficiencies
 Backlog up 85.2% vs. prior year
to $321 million
Comments

Appendix:
Non-GAAP to GAAP Reconciliation
• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly
comparable GAAP measures (in millions, except per share amounts):
2017 2016
Adjusted earnings per share-diluted (non-GAAP) 4.25$ 3.14$
Long-lived asset impairment charge, net of tax - (0.22)
Restructuring-related costs, net of tax (0.48) (0.01)
Earnings per share-diluted (GAAP) 3.77$ 2.91$
Adjusted consolidated operating income (non-GAAP) 506.3$ 391.8$
Long-lived asset impairment charge - (26.9)
Restructuring-related costs (43.3) (0.9)
Consolidated operating income (GAAP) 463.0$ 364.0$
Adjusted access equipment segment operating income (non-GAAP) 302.4$ 291.2$
Long-lived asset impairment charge - (26.9)
Access equipment segment operating income (GAAP) 259.1$ 263.4$
Fiscal Year Ended
September 30,

Appendix:
comparable GAAP measures (in millions, except per share amounts):
Low High
Adjusted earnings per share-diluted (non-GAAP) 4.25$ 4.65$
Restructuring-related costs, net of tax (0.05) (0.05)
Earnings per share-diluted (GAAP) 4.20$ 4.60$
Adjusted consolidated operating income (non-GAAP) 515.0$ 565.0$
Consolidated operating income (GAAP) 510.0$ 560.0$
Adjusted access equipment operating income margin (Non-GAAP) 10.5% 11.0%
Restructuring-related costs (0.2%) (0.2%)
Access equipment operating income margin (GAAP) 10.3% 10.8%
September 30, 2018 Expectations
Fiscal Year Ended

Appendix:
comparable GAAP measures (in millions):
Fiscal 2018
Expectations
Net cash flows provided by operating activities 450.0$
Additions to property, plant and equipment (100.0)
Free cash flow 350.0$
Adjusted effective income tax rate (Non-GAAP) 30.5%
Impact of restructuring-related costs on effective income tax rate (0.2%)
Effective income tax rate (GAAP) 30.3%

Appendix: Commonly Used Acronyms
ARFF Aircraft Rescue and Firefighting LVSR Logistic Vehicle System Replacement
AWP Aerial Work Platform M-ATV MRAP All-Terrain Vehicle
AMPS Aftermarket Parts & Service MRAP Mine Resistant Ambush Protected
CapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)
CNG Compressed Natural Gas NOL Net Operating Loss
DGE Diesel Gallon Equivalent NPD New Product Development
DoD Department of Defense NRC National Rental Company
EMD Engineering & Manufacturing Development OCO Overseas Contingency Operations
EMEA Europe, Middle East & Africa OH Overhead
EPS Diluted Earnings Per Share OI Operating Income
FAST Act Fixing America’s Surface Transportation Act OOS Oshkosh Operating System
FDIC Fire Department Instructors Conference OPEB Other Post-Employment Benefits
FHTV Family of Heavy Tactical Vehicles PLS Palletized Load System
FMS Foreign Military Sales PUC Pierce Ultimate Configuration
FMTV Family of Medium Tactical Vehicles R&D Research & Development
GAAP U.S. Generally Accepted Accounting Principles RCV Refuse Collection Vehicle
GAO Government Accountability Office RFP Request for Proposal
HEMTT Heavy Expanded Mobility Tactical Truck ROW Rest of World
HET Heavy Equipment Transporter SMP Standard Military Pattern (Canadian MSVS)
HMMWV High Mobility Multi-Purpose Wheeled Vehicle TACOM Tank-automotive and Armaments Command
IRC Independent Rental Company TDP Technical Data Package
IT Information Technology TPV Tactical Protector Vehicle
JLTV Joint Light Tactical Vehicle TWV Tactical Wheeled Vehicle
JPO Joint Program Office UCA Undefinitized Contract Action
JROC Joint Requirements Oversight Council UIK Underbody Improvement Kit (for M-ATV)
JUONS Joint Urgent Operational Needs Statement UK United Kingdom
L-ATV Light Combat Tactical All-Terrain Vehicle ZR Zero Radius
LRIP Low Rate Initial Production

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