Investor presentation march 2018

Oshkosh Corporation
Investor Presentation
MARCH 2018

March 2018Investor Presentation 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 January 25,
2018. All forward-looking statements speak only as of January 25, 2018. 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
March 2018Investor Presentation

 Leading provider of
specialty vehicles
 Celebrated 100 years strong
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)
Investor Presentation March 2018
#1

A Different Global Industrial
7
Diverse End
Markets
Integrated
Operations
Take Advantage of Opportunities Unavailable to Many Companies
Defense
Access
Equipment
Fire &
Emergency
Commercial
Shared
technology
Shared
procurement
Shared
production
processes
Shared
talent

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

9March 2018Investor Presentation
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

Solid Start to FY18
 Q1 adjusted EPS* of $0.84,
exceeded expectations
 Double digit percentage sales
growth in defense, access and
commercial segments
 Generally solid performance
across the enterprise
 Strong backlogs across all four
segments
 Raising full year FY18 adjusted
EPS* range to $5.00 - $5.45
OSK Fiscal Q1 Performance
Net Sales
(billions)
Adjusted EPS
$0.26
$0.84*
$0.00
$0.10
$0.20
$0.30
$0.40
$0.50
$0.60
$0.70
$0.80
$0.90
FY17 FY18
$1.21
$1.59
$0.0
$0.2
$0.4
$0.6
$0.8
$1.0
$1.2
$1.4
$1.6
$1.8
$2.0
$2.2
$2.4
FY17 FY18
* Non-GAAP results. See Appendix for reconciliation to GAAP results.

Access Equipment
Recent Highlights
 National rental company
negotiations largely complete
− Consistent positive customer outlook
 Q1 orders up 94% vs. prior year
− Customers placed orders earlier
− Ending backlog more than 2.5x prior
year level
 Continued solid international
demand (Latin America remains
weak)
 Incurred additional costs and
inefficiencies implementing
previously announced
restructuring plan

Defense Recent Highlights
 Strong results driven by JLTV ramp
up and international M-ATV
shipments
 JLTV continues to track positively to
the program schedule
‒ Strong reliability test results
‒ Received $100 million order in Q1
− Constructive dialogue with
international customers
 Progress in pursuit of additional
international orders
 Awarded FMTV A2 production
contract in February, 2018
 Solid funding for Oshkosh programs
in FY19 President’s Budget Request

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) 1,803 ~600 to 650
FY18(4) 2,637 ~1,500 to 2,000
FY19(4) 5,032 ~3,000
FY20(4) 5,029 ~4,500
FY21(4) 3,865 ~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 and FY19 President's Budget Requests for U.S. Army and U. S. Marine Corps.
FRP YR 2
Army First Unit Equipped
Marine Corps Fielding Decision

Global Light TWV Market Potential
Significant international interest / opportunity
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

Fire & Emergency Recent Highlights
 Strong performance in FY17
continued in Q1 FY18
 Lower international ARFF deliveries
largely offset by higher fire
apparatus sales
 North American fire truck market
grew 4% in FY17
− Expect “flat to slightly positive” market
in FY18, supported by continued
growing municipal tax receipts and
aging fleets
 Meaningful opportunities in
international markets
− Led by China and the Middle East

18
 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 Sept 2017
$ Billions

Commercial Recent Highlights
 Q1 results in line with expectations
 Implemented new organizational
structure
− Supports greater accountability and
long-term strategy
 Committed to improved performance
− Driving lasting change through
simplification activities
 Positive longer-term outlook for RCV
and concrete mixer markets

20
 Revenues of $7.1 to $7.3 billion
 Adjusted operating income* of $550 million to $600 million
 Adjusted EPS* of $5.00 to $5.45
Additional expectations
 Corporate expenses of ~$155 million
 Adjusted tax rate* of ~23%
 CapEx of ~$100 million
 Free Cash Flow* of ~$400 million
 Assumes share count of ~76.0 million
Segment information
Measure Access
Equipment Defense Fire &
Emergency Commercial
Sales
(billions)
$3.3 - $3.4 ~ $1.8 – $1.85 ~ $1.1 ~ $0.975
Adj. Operating
Income Margin
10.75% - 11.25%* 9.75% - 10.0% 10.75% - 11.25% 5.75% - 6.25%*
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Q2 Expectations
 Higher adjusted earnings compared to Q2
FY17
 Higher sales and adjusted operating income in
all non-defense segments
 Lower defense segment sales and operating
income as higher JLTV sales only partially
offset lower international M-ATV sales
 Lower tax rate
FY18 Expectations (as of January 25, 2018)

Investor Presentation 21
Responsible Capital Allocation Strategy
Long-term
targeted capital
structure
Drives
sales and
EPS growth
Reinvest in core
business
Invest in external
growth (M&A)
Return cash to
shareholders
Reduce debt
Hold cash
Debt to
EBITDA
target ~2.0X
Opportunistic
levers to
drive additional
shareholder
value
March 2018

Strong Balance Sheet and Liquidity
 Strong balance sheet(1)
– Debt/Capital ~27%
– Total debt: $831 million
 Responsible leverage profile
– Target: Debt/EBITDA ~2x
 Strong interest coverage
– Consistently > 7x
 Manageable debt maturities
‒ Bank facility maturing in 2019
to be addressed in FY18
‒ Potential refinance of note
maturing in 2022
$20
$315
$850
$250 $250
2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt Maturities
($ in millions)
Term Loan Revolver 2022 Notes 2025 Notes
(1) As of September 30, 2017.
(2) Revolver undrawn as of December 31, 2017.
(3) First callable in March 2017.
(4) First callable in March 2020.
(3) (4)(2)

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 will ensure strong
balance sheet
 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

Consolidated Results
• Sales impacted by:
+ Higher sales in defense, access
equipment and commercial
segments
• Adjusted EPS* impacted by:
+ Higher adjusted operating
income in all segments
+ Lower tax rate due to tax reform
− Higher corporate expenses
(Dollars in millions, except per share amounts)
First Quarter
Net Sales $1,586.3 $1,211.4
% Change 30.9% (3.2)%
Adjusted Operating
Income $92.4* $36.2
% Change 155.2% 19.4%
% Margin 5.8% 3.0%
Adjusted EPS $0.84* $0.26
% Change 223.1% 36.8%
2018 2017
Q1 Comments

Appendix: Access Equipment
Net Sales $628.2 $489.2
% Change 28.4% (7.7)%
Adjusted Operating
Income $29.9* $24.4
% Change 22.5% 19.2%
% Margin 4.8% 5.0%
First Quarter
2018 2017
(Dollars in millions)
+ Higher aerial work platform and
telehandler sales
• Adjusted operating income*
impacted by:
+ Higher sales volume
− Higher material costs
− Unfavorable miscellaneous
reserve adjustments and
customer mix
− Adverse FX
• Backlog up 165% vs. prior year
to $1.58 billion
Q1 Comments

Appendix: Defense
Net Sales $493.5 $294.5
% Change 67.6% (7.4)%
Operating Income $65.2 $23.8
% Change 173.9% 2.6%
% Margin 13.2% 8.1%
First Quarter
2018 2017
+ Ramp up of JLTV program
+ M-ATV international sales
• Operating income impacted by:
+ Improved manufacturing
performance
− Adverse product mix
• Backlog down 17% vs. prior
year to $1.85 billion
Q1 Comments

Appendix: Fire & Emergency
− Lower international ARFF
deliveries
+ Higher fire truck sales
• Operating income impacted by:
+ Improved pricing
+ Improved operational execution
− Higher SG&A expenses
• Backlog up 9% vs. prior year to
$985 million
Net Sales $229.1 $232.5
% Change (1.5)% 12.0%
% Change 47.6% 68.1%
% Margin 11.0% 7.3%
First Quarter
2018 2017
Q1 Comments

Appendix: Commercial
Net Sales $241.4 $199.2
% Change 21.2% (0.6)%
Adjusted Operating
Income $10.8* $4.6
% Change 134.8% (47.9)%
% Margin 4.5% 2.3%
First Quarter
2018 2017
+ Higher concrete mixer and RCV
unit volume
• Adjusted operating income*
impacted by:
• Backlog up 58% vs. prior year
to $374 million
Q1 Comments

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
+ 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%
% 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 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

 The table below presents a reconciliation of the Company’s presented GAAP measures to the most directly comparable
non-GAAP measures (in millions, except per share amounts):
Appendix:
GAAP to Non-GAAP Reconciliation
2017 2016
Earnings per share-diluted (GAAP) 3.77$ 2.91$
Long-lived asset impairment charge, net of tax - 0.22
Restructuring-related costs, net of tax 0.48 0.01
Adjusted earnings per share-diluted (non-GAAP) 4.25$ 3.14$
Consolidated operating income (GAAP) 463.0$ 364.0$
Long-lived asset impairment charge - 26.9
Restructuring-related costs 43.3 0.9
Adjusted consolidated operating income (non-GAAP) 506.3$ 391.8$
Access equipment segment operating income (GAAP) 259.1$ 263.4$
Restructuring-related costs 43.3 0.9
Adjusted access equipment segment operating income (non-GAAP) 302.4$ 291.2$
Net income (GAAP) 285.6$ 216.4$
Restructuring-related costs, net of tax 36.2 0.8
Adjusted net income (non-GAAP) 321.8$ 233.9$
Fiscal Year Ended
September 30,

Appendix:
2017 2016
Access equipment segment operating income (GAAP) 13.8$ 24.4$
Costs and inefficiencies related to restructuring actions 16.1 -
Adjusted access equipment segment operating income (non-GAAP) 29.9$ 24.4$
Commercial segment operating income (GAAP) 8.3$ 4.6$
Restructuring-related costs 2.5 -
Adjusted commercial segment operating income (non-GAAP) 10.8$ 4.6$
Costs and ineffciencies related to restructuring actions 18.6 -
Provision for income taxes (GAAP) 4.7$ 5.2$
Income tax benefit of costs and inefficiencies related to
restructuring actions 4.5 -
Revaluation of net deferred tax liabilities 23.9 -
Repatriation tax (17.4) -
Adjusted provision for income taxes (non-GAAP) 15.7$ 5.2$
Costs and inefficiencies related to restructuring
actions, net of tax 0.18 -
Revaluation of net deferred tax liabilities (0.31) -
Repatriation tax 0.23 -
Three Months Ended
December 31,

Appendix:
Low High
Costs and inefficiencies related to restructuring actions 30.0 30.0
Costs and inefficiencies related to restructuring
actions, net of tax 0.33 0.33
Revaluation of net deferred tax liabilities (0.31) (0.31)
Repatriation tax 0.23 0.23
Access equipment segment operating income margin (GAAP) 9.95% 10.5%
Costs and inefficiencies related to restructuring actions 0.80% 0.75%
Adjusted access equipment segment operating income margin (non-GAAP) 10.75% 11.25%
Commercial segment operating income margin (GAAP) 5.35% 5.85%
Restructuring related costs 0.40% 0.40%
Adjusted commercial segment operating income margin (non-GAAP) 5.75% 6.25%
Fiscal Year Ended
September 30, 2018 Expectations

non-GAAP measures (in millions):
Appendix:
Fiscal 2018
Expectations
Net cash flows provided by operating activities 500.0$
Additions to property, plant and equipment (100.0)
Free cash flow 400.0$
Low High
Effective income tax rate (GAAP) 21.8% 21.8%
Impact of costs and inefficiencies related to restructuring actions (0.1%) (0.1%)
Revaluation of net deferred tax liabilities 5.1% 4.7%
Repatriation tax (3.8%) (3.4%)
Adjusted effective income tax rate (non-GAAP) 23.0% 23.0%
Fiscal Year Ended
September 30, 2018 Expectations

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

Investor presentation march 2018

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