OSK – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

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OSK – Quick Take – Takeaways from the Truist Securities Industrials & Services Conference

Truist Securities

Equity Research Report June 17, 2026

INDUSTRIALS: Machinery Oshkosh Corporation (OSK)

OSK – Quick Take – Takeaways from the Truist Securities Jamie Cook, CFA

212-303-4116 Industrials & Services Conference

Jamie.Cook@truist.com

Kevin Wilson, CFA OSK continues to make progress on ramping fire truck production albeit at a steadier

212-590-0996 pace: Fire truck shipments were below management expectations in 1Q driven by weather

Kevin.S.Wilson@truist.com and travel-related disruptions and a slower than expected capacity / throughput ramp. The

capacity expansion investments total $150M primarily at OSK’s Pierce facilities in Appleton,

Stephen Farkouh WI, and Bradenton, FL. OSK had expected to occupy a new leased facility in Appleton (near

212-401-4459 the main plant) by early summer, which has been pushed to late summer given permitting

Stephen.Farkouh@truist.com delays. OSK still expects fire truck production up ~10% y/y this year (after a ~10% increase

in 2H’25) with sequentially higher fire truck shipments in each quarter coupled with strong

pricing driving DD% revenue growth in fire trucks this year despite the capacity expansion

delays leading to a less steep ramp. As throughput rises, OSK noted that material flow, part

Current Price (Jun. 17, $137.75 release/tracking, and station-level routing all must be-reengineered which takes significant 2026)

time; the payoff is higher-flow line that cuts job content per station from ~16 hours to ~2

Stock Rating BUY hours, allowing OSK to more easily flex shifts up or down with demand. OSK believes the

Unchanged delays sit within existing orders implying a push to 3Q/4Q or early 2027, and do not reflect