Winnebago (WGO) - Management Meeting Takeaways...

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Winnebago (WGO) - Management Meeting Takeaways...

Consumer

WINNEBAGO INDUSTRIES (WGO) May 13, 2026

Winnebago (WGO) - Management Meeting Takeaways... Rating:

OutperformWe caught up with Winnebago's Bryan Hughes (CFO) and had the following key Price:

takeaways. $29.55

Price Target:

●Retail sales trends & current retail environment remain challenging heading into $37

the primary selling season. % Upside:

●Rising fuel prices are likely not having a material impact, interest rates not 25.2%

helping as they remain at relatively elevated levels. Source: FactSet, Wolfe Research

●WGO has faced some headwinds in the Grand Design business from upstart Priced as of 05/12/26

competitors like Brinkley & Alliance. The Grand Design Motorized launch has

Greg Badishkanian

exceeded expectations. gbadishkanian@wolferesearch.com

●Motorized demand also remains choppy. New product introduction and shift (646) 582-9340

towards smaller models should improve demand. View Greg’s Research

View WGO Model

●Inventory turns should improve as dealers sell through the newly introduced View Comp Table

product. Caution amongst the dealer base should prevent an inventory build.

Catherine Lee

clee@wolferesearch.com

Retail sales trends & current retail environment remain difficult. Industry retail (646) 582-9341

achieved flat YoY comps late last year, which was thought to be the trough, but Spencer Hanus

consumer sentiment has deteriorated to historic lows weighing on demand. Higher shanus@wolferesearch.com

(646) 582-9344

fuel prices and geopolitical uncertainty are the primary drivers of retail softness, and View Spencer’s Research

the removal of expected Fed rate cuts has added further pressure. While trends

currently look soft, WGO noted it is still too early to say it is a lost selling season.