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FOREST CITY, Iowa, July 21, 2026 (GLOBE NEWSWIRE) -- Today, Winnebago, the flagship brand of outdoor recreation product manufacturer Winnebago Industries, Inc., and Progressive Insurance, the nation’s largest personal auto insurer, announced a strategic collaboration aimed at enhancing the RV ownership experience.

The collaboration brings together Winnebago’s premium recreational vehicles with Progressive, a leader in RV insurance, to provide Winnebago owners with access to trusted insurance solutions from a recognized industry leader. Through coordinated marketing efforts and shared customer-focused initiatives, the companies will deliver added value, helpful resources and greater confidence for RV owners.

“At Winnebago, we are constantly looking for ways to elevate every aspect of the customer experience, from first purchase through every mile of ownership,” said Kim Weckert, vice president of marketing, product portfolio and digital transformation for the Winnebago brand. “Partnering with Progressive allows us to extend that commitment beyond the product itself, creating a more connected and complete solution that brings together product, protection and peace of mind.”

By aligning two trusted brands in the outdoor lifestyle space, the collaboration is designed to remove friction for customers and make it easier to get on the road with confidence. The companies will also collaborate on joint marketing initiatives and experiential activations to engage new and existing RV audiences.

“At Progressive, we’re committed to making it easier for customers to protect what matters most and enjoy the road ahead with confidence,” said Eric Doubler, Progressive recreational lines direct business leader. “Our collaboration with Winnebago brings together two trusted brands to help simplify the RV ownership journey, offering customers a more connected experience from purchase through protection.”

Together, Winnebago and Progressive are expanding how customers experience RV ownership by combining high-quality vehicles with tailored protection solutions, helping more people explore the outdoors with confidence. Click here to learn more.

About Winnebago
Winnebago® has been a part of the American outdoor experience and an RV industry pioneer since 1958. The brand offers legendary innovation, quality and customer experience across a full spectrum of towable travel trailers and motorhomes, from camper vans to rugged adventure trucks. Headquartered in Forest City, Iowa, the brand is a wholly owned subsidiary of Winnebago Industries (NYSE: WGO), a leading manufacturer of premium outdoor recreation products committed to elevating every moment outdoors. For more information, visit www.winnebago.com.  

Media contact: 
[email protected]

Key Takeaways On June 25, 2026, Winnebago missed on earnings by 19.5% for fiscal Q3 2026.Winnebago cut its FY2026 earnings guidance as the environment remains challenged. Shares of WGO are down 23% year-to-date and trade with a forward P/E of 16. Winnebago Industries, Inc. (WGO - Free Report) is facing a challenging environment as the consumer is on the sidelines. This Zacks Rank #5 (Strong Sell) recently cut its fiscal 2026 earnings guidance.

Winnebago manufacturers outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar, and Barletta brands. It builds motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles.

The company has multiple facilities in Iowa, Indiana, Minnesota, and Florida.

Winnebago Missed on Earnings in Fiscal Q3 2026On June 25, 2026, Winnebago reported its fiscal third quarter 2026 earnings for the period ending on May 30, 2026, and missed on the Zacks Consensus by $0.16. It reported $0.66 versus the consensus of $0.82, or a miss of 19.5%.

It was the first earnings miss in the last four quarters.

Net revenues fell 9.9% to $698.7 million from $775.1 million a year ago primarily driven by lower unit volume, partially offset by selective price adjustments and product mix.

There was growth in the Motorhome RV segment, but it was partially offset by declines in the Towable RV and Marine segments.

“Our teams continue to execute in a retail environment that remained challenging through the third quarter,” said Michael Happe, CEO.

“Industry retail demand was pressured by broader macro factors, including elevated fuel costs, geopolitical uncertainty, and weak consumer confidence which continued to drive cautious dealer ordering and tighter inventory management across the channel,” he added.

Winnebago Cuts Fiscal 2026 Earnings GuidanceWinnebago expects the environment to remain challenged. It now expects North American RV wholesale shipments in the range of 290,000 to 310,000 units.

As a result, it has lowered its full year fiscal 2026 earnings guidance to the range of $1.65 to $2.00. This is compared to its prior guidance range of $2.10 to $2.80.

“Our outlook reflects a measured view of the environment,” Happe said.

“We expect demand conditions to remain challenged in the near term, with continued variability across segments,” he added.

Analysts are Bearish on WinnebagoNot surprisingly, given the company’s guidance cut, the analysts are also bearish.

Four estimates were cut for both FY2026 and FY2027 in the last 30 days.

The fiscal 2026 Zacks Consensus fell to $1.91 from $2.34 during that time. The most accurate estimate is even more bearish at $1.81.

Yet this is still earnings growth of 14.8% as Winnebago made $1.67 in fiscal 2025. However, earnings have declined the prior 3 years.

Analysts were also bearish on next year. The Zacks Consensus on fiscal 2027 has fallen to $2.58 from $2.96 in the last month. But this is still 35.1% growth.

Have earnings hit bottom? Here’s the price and consensus chart.

Image Source: Zacks Investment Research

Shares of Winnebago Fall Further in 2026Given the dreary outlook on earnings, you can imagine that the shares have suffered over the last few years.

Shares are down further in 2026.

Image Source: Zacks Investment Research

Given the earnings decline, it’s not that cheap on a price-to-earnings (P/E) basis. It now trades with a P/E of 16. A P/E under 15 usually indicates value and a P/E under 10 can indicate deep value.

Winnebago does pay a dividend of $1.40, which is yielding an attractive 4.6%.

But investors might want to stay on the sidelines with Winnebago until the business, and earnings estimates, are turning around.

Winnebago Industries NYSE: WGO reported earnings on June 25, and the results showed a company dealing with a consumer who is under pressure. The company missed on its top and bottom lines and lowered its full-year guidance. Still, WGO ended the day up 14.4% on a day when the broader market was struggling to find direction.

Winnebago Industries Today

WGO

Winnebago Industries

$31.24 -0.12 (-0.37%)

As of 06/26/2026 03:59 PM Eastern

This is a fair market value price provided by Massive. Learn more.

52-Week Range$26.80▼

$50.16Dividend Yield4.48%

P/E Ratio22.97

Price Target$37.22

The company’s quarterly report could be neatly summarized in the first minute of the conference call.

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At that point, president and chief executive officer (CEO), Michael Happe, remarked: “Our fiscal third quarter results reflect a demand environment that remains challenged with limited near-term visibility to stable conditions.”

That sentiment was echoed in the company’s earnings presentation, which featured a slide titled “Managing the Controllables.” Highlighting these statements is not meant to be dismissive of the company.

Rather, those statements revealed the blunt reality facing the company, which investors must understand to put the outlook for WGO in context.

Analysts and Industry Data Foreshadowed a Tough QuarterThe company’s weak Q3 2026 earnings report was foreshadowed by analysts who lowered their price targets ahead of the report. On June 23, Roth Mkm and Benchmark both lowered their targets for WGO to $32 and $40 from $38 and $48.

That goes along with the summer 2026 forecast from the RV Industry Association, which revised its forecast for shipped units to a range of 300,000 to 328,100 with a median of 314,000 units. At the median, that marks an 8.2% year over year decline.

Winnebago’s report aligned with that outlook. The company delivered revenue of $698.70 million, below estimates of $755.68 million. Adjusted earnings per share (EPS) of 66 cents were also below the estimates of 81 cents. Making matters worse, those numbers were down approximately 10% and 18% year-over-year, respectively.

Some context softens the blow. The company's gross margin came in at 13.6%, essentially flat with the 13.7% reported in the year-ago quarter. That suggests Winnebago is preserving pricing discipline even as volume contracts. On a GAAP basis, net income was $14.5 million, or 51 cents per diluted share. That's still a profitable quarter in what management plainly called a challenged demand environment.

A Different Consumer Meets a Different WinnebagoThe recreational vehicle (RV) industry thrived in 2020 and 2021. Consumers looking to travel but remain socially distant leaned hard into the outdoor lifestyle, including RVs. The benefit of low interest rates to accommodate financing and stimulus money flowing caused a boom for many RV makers, including Winnebago.

But those days are a distant memory. The macroeconomic picture is inverted, and the industry is faced with more “choiceful” consumers. The interest is still there; the commitment is lacking.

That fits into the bucket of things Winnebago can’t control.

However, while the state of the consumer is different, so is Winnebago. WGO trades right around where it was in 2019. But since the end of its 2019 fiscal year, the company acquired Newmar. Then, in 2021, it added Barletta Boats. More recently, the company acquired the Grand Design motorhome brand. That’s given the company several new revenue streams, and the company’s report makes it clear that the Newmar and Grand Design brands were bullish outliers in an otherwise poor quarter.

But that’s not showing up in the numbers. Winnebago made downward revisions to its full-year guidance. The company now expects revenue between $2.65 billion and $2.75 billion and adjusted EPS of $1.65 to $2.. Those don’t suggest growth, but if they are a worst-case scenario, it could explain the post-earnings price action

The WGO Chart Hints at a Short-Term SetupThe setup on the chart is worth a closer look. WGO gapped higher on Thursday to close at $30.87 on volume of 1.4 million shares. The move reclaimed the 50-day simple moving average (SMA) at $30.18 in a single session, flipping a key short-term resistance level into support.

The pattern rhymes with a setup from late summer 2025. Back then, the stock built a multi-week base near $28 to $30 before breaking out and spiking through the fall. WGO has spent the last two months consolidating in that same price zone, and Thursday's surge on outsized volume could mark the start of a similar leg higher.

Momentum indicators are starting to confirm. The moving average convergence divergence (MACD) line has crossed above its signal line, and the histogram has flipped positive. That's an early bullish trigger, though it needs follow-through to carry weight.

Resistance sits in the $36 to $38 zone, where the stock topped last fall, and again near $44, where buyers stalled in February. A failure to hold the $28 level would invalidate the setup. For investors who can stomach the cyclical risk, the current reaction offers a defined-risk entry into a name already trading at depressed multiples.

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WGO's cheap valuation and 4.5% dividend yield make the contrarian case, but weak earnings, softer demand and lower guidance keep value-trap risk alive.

Key Takeaways WGO reported Q3 revenues of $698.7M and EPS of $0.66, missing estimates amid weak demand.WGO cut FY26 outlook as dealers stay cautious and demand weak, with focus on inventory discipline.WGO Motorhome improved, Towables stayed pressured, while Marine saw mixed demand trends. Winnebago Industries (WGO - Free Report) reported third-quarter fiscal 2026 results with continued demand softness, missing both top and bottom line estimates as consumers and dealers remained cautious. Revenues fell to $698.7 million, lagging the Zacks Consensus Estimate of $776.9 million by 10.1%. Adjusted EPS came in at $0.66, missing the consensus estimate of $0.82 by 19.5%.

Management emphasized disciplined production, cost control and portfolio repositioning as retail trends weakened through the quarter. While Motorhome improved, Towables and Marine remained pressured, prompting updated guidance and continued focus on inventory turns and affordability initiatives.

WGO Sees Softer Demand and Dealer Caution RiseCEO Michael Happe said that the quarter reflected sustained demand pressure driven by affordability constraints, elevated interest rates and macro uncertainty. He noted that consumer engagement in outdoor recreation remained intact, but purchase timing continued to shift later amid caution.

Happe emphasized that demand deteriorated as the quarter progressed, particularly from late March onward, with dealers remaining conservative on inventory intake. Management described the environment as one of limited near-term visibility.

The company also pointed to disciplined production alignment with retail demand as a central operating priority. Leadership stressed that protecting balance sheet strength and managing working capital remained key priorities.

Motorhome Shows Early Stabilization SignalsMotorhome RV emerged as the most constructive segment, with revenues rising year over year to $320.7 million. Operating income improved sharply to $9.6 million from a loss in the prior year period.

Management credited gains to Grand Design Motorized and Newmar execution, along with improving mix from product introductions. Happe highlighted retail share gains across multiple time horizons as evidence of improving competitive positioning.

CFO Bryan Hughes said Motorhome margin progress reflected both higher volumes and selective pricing actions. He expects continued efficiency gains and product refreshes to support improvement.

Towables Remain Under Pressure From PromotionsTowable RV remained the most challenged segment, with revenues falling to $274.7 million and operating margin compressing to 5.8%. Management attributed weakness to softer retail conditions and heightened promotional activity.

Happe noted that pricing adjustments tied to model year transitions occurred late in the quarter, while competitive intensity remained elevated. He also pointed to targeted pressure in higher-priced categories, particularly fifth wheels.

The Winnebago Towables portfolio showed early traction from newer products such as Thrive and Access. However, management acknowledged that dealer caution on inventory replenishment remained a meaningful headwind.

Marine Strength Anchored by Barletta Share GainsMarine performance declined year over year, with revenues falling to $92.4 million, though Barletta continued to gain share in the aluminum pontoon market. Trailing 12-month share reached 9.3% through April.

Happe said Barletta’s momentum reflected strong dealer relationships and continued product expansion, including the Sanza introduction. He added that demand remained more stable than RV but still below historical norms.

Chris-Craft performance remained steady, supported by resilient high-income consumers. Management characterized Marine demand as mixed but comparatively less volatile than towables.

Guidance Cut Indicates Softer DemandWinnebago updated its fiscal 2026 guidance, lowering expectations for revenues and earnings amid weaker demand visibility. The company now expects revenues between $2.65 billion and $2.75 billion.

Hughes said fourth-quarter sales are expected to decline sequentially and fall in the double digits year over year, driven by continued dealer inventory management. He expected margins to remain relatively stable due to cost actions offsetting volume deleverage.

Cash flow generation remains a key focus, with management highlighting further working capital improvement opportunities in the fiscal fourth quarter. Net leverage increased slightly to 3 times due to lower EBITDA.

Dealers Tighten Orders as Inventory Discipline IntensifiesAnalysts from Baird and Jefferies focused on dealer behavior and inventory discipline across the channel. Management confirmed dealers are prioritizing turns and cash flow over new inventory accumulation.

Happe described dealer sentiment as disciplined but cautious, with model year 2027 ordering slower than recent cycles. He emphasized that inventory quality and turns are now more important than shipment volume.

Pricing strategy was also a key focus in Q&A, with management noting variability across brands depending on cost pressure and competitive dynamics. Adjustments ranged from low single digits to high single digits, depending on segment conditions.

Operational Discipline and Cost Actions IntensifyManagement reiterated that cost containment and footprint optimization are accelerating across both RV segments. Hughes noted ongoing actions to reduce excess capacity and improve manufacturing efficiency into fiscal 2027.

Happe highlighted strategic sourcing initiatives aimed at lowering material costs and improving supplier alignment. He stressed that procurement scale and SKU harmonization remain central to margin defense.

The company also emphasized SG&A discipline, with cost reductions helping offset top-line pressure. Management framed these actions as critical to sustaining profitability through a prolonged demand cycle.

Closing Outlook Points to Controlled Positioning StrategyWinnebago leadership maintained that current conditions remain challenging but manageable through disciplined execution. The company continues to prioritize profitability over volume expansion across its portfolio.

Management reiterated focus on product innovation, affordability improvements and operational efficiency as key levers heading into fiscal 2027. Product launches were highlighted as long-term growth drivers.

Zacks Rank and Style ScoreWinnebago carries a Zacks Rank #4 (Sell) at present, reflecting ongoing estimate pressure following the earnings miss versus the Zacks Consensus Estimate. The company has a Value Score of A, a Growth Score of B, a Momentum Score of D and a VGM Score of B.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The combination of a weak momentum profile alongside stronger value and growth characteristics signals mixed near-term sentiment. The Zacks Rank remains sensitive to future estimate revisions, which may shift following updated guidance and post-earnings analyst adjustments.

Winnebago Industries (WGO - Free Report) reported $698.7 million in revenue for the quarter ended May 2026, representing a year-over-year decline of 9.9%. EPS of $0.66 for the same period compares to $0.81 a year ago.

The reported revenue represents a surprise of -10.07% over the Zacks Consensus Estimate of $776.91 million. With the consensus EPS estimate being $0.82, the EPS surprise was -19.76%.

While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.

Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.

Here is how Winnebago performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Unit deliveries - Marine - Boats: 1,155 versus the two-analyst average estimate of 1,218.Unit deliveries - Total Towable RV: 6,983 versus the two-analyst average estimate of 8,000.Unit deliveries - Total Motorhome RV: 1,533 versus the two-analyst average estimate of 1,606.Net Revenues- Motorhome RV: $320.7 million versus $347.2 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +10.1% change.Net Revenues- Marine: $92.4 million versus the three-analyst average estimate of $97.66 million. The reported number represents a year-over-year change of -8.2%.Net Revenues- Towable RV: $274.7 million compared to the $314.91 million average estimate based on three analysts. The reported number represents a change of -26.1% year over year.View all Key Company Metrics for Winnebago here>>>

Shares of Winnebago have returned -8.8% over the past month versus the Zacks S&P 500 composite's -1.4% change. The stock currently has a Zacks Rank #4 (Sell), indicating that it could underperform the broader market in the near term.

Winnebago Industries (WGO - Free Report) came out with quarterly earnings of $0.66 per share, missing the Zacks Consensus Estimate of $0.82 per share. This compares to earnings of $0.81 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of -19.76%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.25 per share when it actually produced earnings of $0.27, delivering a surprise of +8%.

Over the last four quarters, the company has surpassed consensus EPS estimates three times.

Winnebago, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $698.7 million for the quarter ended May 2026, missing the Zacks Consensus Estimate by 10.07%. This compares to year-ago revenues of $775.1 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Winnebago shares have lost about 32.7% since the beginning of the year versus the S&P 500's gain of 7.5%.

What's Next for Winnebago?While Winnebago has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Winnebago was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.78 on $783.67 million in revenues for the coming quarter and $2.31 on $2.89 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 5% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the broader Zacks Construction sector, West Fraser Timber Co. Ltd. (WFG - Free Report) , is yet to report results for the quarter ended June 2026.

This company is expected to post quarterly loss of $0.79 per share in its upcoming report, which represents a year-over-year change of -107.9%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

West Fraser Timber Co. Ltd.'s revenues are expected to be $1.46 billion, down 4.9% from the year-ago quarter.

Winnebago Industries, Inc. (NYSE:WGO) will release earnings for its third quarter before the opening bell on Thursday, June 25.

Analysts expect the Eden Prairie, Minnesota-based company to report quarterly earnings of 78 cents per share, down from 81 cents per share in the year-ago period. The consensus estimate for Winnebago’s quarterly revenue is $758.18 million. It reported $775.1 million last year, according to Benzinga Pro.

On May 15, Winnebago announced a quarterly cash dividend of 35 cents per share.

Shares of Winnebago fell 1.2% to close at $28.32 on Monday.

Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.

Let’s have a look at how Benzinga’s most-accurate analysts have rated the company in the recent period.

Considering buying WGO stock? Here’s what analysts think:

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Toronto, Ontario--(Newsfile Corp. - June 15, 2026) - White Gold Corp. (TSXV: WGO) (OTCQX: WHGOF) (FSE: 29W) ("White Gold" or the "Company") is pleased to announce that it has filed the requisite notice setting the record and meeting date in respect of an annual and special meeting (the "Meeting") of shareholders of White Gold (the "Shareholders"). At the Meeting, Shareholders will be asked to approve, among other things, a special resolution approving the proposed Spin-Out (as defined below).

The record date for the determination of Shareholders eligible to attend and vote at the Meeting has been set as June 29, 2026, and the Meeting will be held on August 11, 2026.

"The setting of these dates mark an important step toward completing the proposed Spin-Out as we continue to advance and execute on our stated milestones including our recently commenced and largest ever diamond drill program, the upcoming maiden PEA, and more, which we believe have the potential to make 2026 a transformational year. The W2 spinout has been designed to unlock the value of our prospective critical mineral projects by creating a dedicated publicly listed vehicle, with shares to be distributed to White Gold shareholders. This will also allow White Gold to increase its focus on advancing our flagship gold project - one of Canada's highest-grade undeveloped open pittable resources, which remains open for growth - and pursue additional discoveries across our district-scale land package in the Yukon's prolific White Gold District," stated David D'Onofrio, Chief Executive Officer, White Gold Corp.

The Spin-Out

Further to its press release dated May 5, 2026, White Gold intends to undertake a reorganization transaction (the "Spin-Out") whereby it will, among other things, spin-out its portfolio of copper, molybdenum, tungsten and other critical mineral properties located in west-central Yukon (the "Critical Mineral Assets") into a wholly owned subsidiary, W2 Critical Minerals Corp. ("Spinco"). The Spin-Out will be completed by way of a plan of arrangement (the "Arrangement") under the Business Corporations Act (Ontario) and subject to the terms and conditions of the arrangement agreement (the "Arrangement Agreement") entered into by the Company and Spinco.

Following completion of the Spin-Out, the Critical Mineral Assets to be held by Spinco will include six properties: the Bridget Property; the Loonie Property; the Wolf Property; the Hunker Property; the Hayes Property; and the Toonie Property. These properties include several large-scale critical minerals targets prospective for Copper (Cu), Molybdenum (Mo), Tungsten (W), Antimony (Sb), Zinc (Zn) and Bismuth (Bi). The Spin-Out is designed to unlock the value of White Gold's non-gold project portfolio.

Pursuant to the terms of the Arrangement Agreement, the Company will, among other things, transfer its interests in the Critical Minerals Assets to Spinco in exchange for common shares of Spinco ("Spinco Shares") and distribute Spinco Shares to the holders of common shares of the Company ("WGO Shares") on the basis of one Spinco Share for every five WGO Shares held by each Shareholder immediately prior to the effective date of the Spin-Out. There will be no change in the Shareholders' holdings in the Company as a result of the Spin-Out. Following completion of the Spin-Out, the Company is expected to hold an approximately 19% ownership interest in Spinco.

The Spin-Out will be subject to regulatory approval, including the approval of the TSX Venture Exchange (the "TSXV") and court approval, as well as approval by not less than two-thirds of the votes cast at the Meeting. Spinco intends to apply to list the Spinco Shares on the TSXV shortly following completion of the Spin-Out. Readers are cautioned that, while Spinco intends to pursue a listing on the TSXV, an application for listing has not been submitted and completion of a listing is subject to regulatory approvals and the satisfaction of all of the applicable listing requirements of the TSXV. There can be no assurance that a listing will be completed, and Spinco may elect not to proceed with a listing at any time in its sole discretion.

The Spinco Financing

In connection with the Spin-Out, Spinco intends to complete a private placement of up to 20 million subscription receipts of Spinco (the "Subscription Receipts") at a price of $0.25 per Subscription Receipt for gross proceeds of up to $5 million (the "SpinCo Financing"). On closing of the Spin-Out, the Subscription Receipts will automatically convert into Spinco Shares. Pending the closing of the Spin-Out, the proceeds from the sale of the Subscription Receipts will be held in escrow by a trust company and released to Spinco on closing of the Spin-Out. Completion of the Spinco Financing is a condition of the completion of the Spin-Out and Spinco intends to use the net proceeds of the Spinco Financing for exploration and advancement of the Critical Mineral Assets, as well as general corporate and working capital purposes.

The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or the securities laws of any state of the "United States" (as such term is defined in Regulation S under the U.S. Securities Act), and may not be offered or sold in the United States unless registered under the U.S. Securities Act and the securities laws of any applicable state of the United States or an exemption from such registration requirements is available. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

Additional details relating to the Spin-Out, Spinco, Spinco Financing and other Meeting matters will be included in the management information circular in respect of the Meeting to be filed and delivered to Shareholders in connection with the Meeting. Copies of the management information circular and related meeting materials will also be filed with the applicable Canadian securities regulators and available on the Company's profile on SEDAR+ (www.sedarplus.ca).

Figure 1

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Critical Minerals Portfolio Overview (Figure 1)

Regional Setting -- The Dawson Range and Critical Mineral Belt

The Dawson Range is an east-southeast-trending mountain belt that hosts numerous significant mineral deposits and prospects along the Minto-Carmacks copper belt, including the Casino copper-gold porphyry deposit in the west owned by Western Copper and Gold. In the southeast near the community of Carmacks, the Minto mine owned by Selkirk Copper Mines Inc..(1)(2) contains indicated resources of 12,588,000 Mt grading 1.203 per cent Cu, 0.461 g/t Au, 1,728 ounces Ag for 333.8 Mlb copper, 186,600 oz gold, and 1,728,000 ounces silver and inferred resources of 23,658,000 t grading 1.048 per cent Cu, 0.387 g/t Au, 3.9 g/t Ag for 546.8 Mlb copper, 294,700 ounces gold and 2,968.1 ounces silver(3)(2). It also hosts the Carmacks Copper project, which contains measured and indicated resources of 36.25 Mt grading 0.81 per cent Cu, 3.25 g/t Ag, 0.26 g/t Au for 651 Mlb of copper, 3.79 M ounces silver and 302,000 ounces of gold, owned by Cascadia Minerals Ltd(4)(2). Both deposits are interpreted as metamorphosed copper-gold-silver porphyry systems. Porphyry deposits in the Dawson Range occur in two principal age groups: Late Triassic (for example, Minto, Carmacks) and Late Cretaceous (for example, Casino, Cash, Revenue). In addition to porphyry-style mineralization, the Dawson Range also hosts epithermal, skarn and polymetallic to gold-dominant veins, breccias and fracture zones. Owing to this diverse and prospective mineral endowment, the region has attracted increasing attention and investment in recent years from both junior and major mining companies.

The Critical Mineral Assets to be transferred to SpinCo in connection with the Spin-Out include six properties that collectively represent a pipeline of advanced to early stage critical mineral exploration opportunities across multiple metallogenic belts in Yukon. Highlights include:

Figure 2

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Bridget Property - Bridget Target (Mo-Cu-W-Bi-Ag)

A large untested porphyry system in the White Gold District

The Bridget target is a district-scale molybdenum-copper porphyry anomaly spanning 3 km by 3.5 km that has never been diamond drill tested. The soil geochemical footprint of the anomaly is characterized by Mo-in-soil values as high as 321.9 ppm Mo, including 278.9 ppm Mo, 265.4 ppm Mo, 263.5 ppm Mo, 257.2 ppm Mo, and 253.3 ppm Mo with over 400 additional samples returning values greater than 20 ppm Mo. Across the target, anomalous Cu-in-soil values exceeding 100 ppm Cu are common with the most significant enrichment occurring at the core with values as high as 710.1 ppm Cu, including 662.6 ppm Cu, 594.7 ppm Cu, 492.9 ppm Cu, 406 ppm Cu observed over a roughly 900 m x 900 m area. Other notably enriched critical minerals include tungsten (W), with the highest concentrations observed in the northern half of the target area, where soil sampling has yielded values up to 101 ppm W; a critical mineral of growing strategic importance. Secondary metals including bismuth, silver, lead, and zinc are concentrated along two major crustal-scale dextral transpressional faults that transect the margins of the system representing a peripheral epithermal expression of the porphyry system.

Follow-up prospecting has confirmed bedrock mineralization, with molybdenite directly identified in quartz veins across the target. Rock samples define a coherent porphyry-style metal zonation: a Cu-Mo-Bi core characterized by Mo-dominant quartz veins returning up to 3,650 ppm Mo, including 3,060 ppm Mo, 2430 ppm Mo in mineralized gneisses and schists, pyrite-bearing white quartz veins returning 532 ppm Mo and 234 ppm Cu, and trench samples up to 1,854 ppm Cu. Bismuth reaches 2,000 ppm in altered gneiss with 1,571 ppm Mo, and 836 ppm Bi in a quartz vein cutting hornblende gneiss. The peripheral zones carry the distal metal signature typical of large porphyry systems: a quartz-galena vein in orthogneiss returned 30.4 ppm Ag and 3,861 ppm Pb, while sampling along the margins of a rhyolite dyke returned 560 ppm W alongside elevated silver and lead.

Two rounds of induced polarization geophysics surveys, completed in 2023 and 2025, have moved Bridget from a geochemical anomaly into a drill-ready target. The 2023 survey identified five chargeability anomalies beneath the Cu-Mo-Bi core, with the most compelling centered at depths of at least 250 m, more than 180 m deeper than the maximum depth reached by the Company's 2018 shallow RAB program. Those holes, limited to 70 m vertical depth with several failing to reach target depth, still intersected molybdenum mineralization: hole PEDBRGRAB18-009 returned 622.3 ppm Mo over 1.5 m from 12.2 m and 631.9 ppm Mo over 1.5 m from 30.5 m. A 2025 ten-line gradient IP survey supplemented by a single Dipole-Dipole survey across the center of the anomaly has confirmed the results of the 2023 survey while adding additional targeting opportunities in the northwestern and southeastern margins of the anomaly.

The Bridget target sits within the Dawson Range mineral belt, transected by the Sixtymile River Fault and Big Creek Fault, the same fault corridors associated with major porphyry and epithermal systems in the region. An initial technical report on this property will be filed in connection with the Spin-Out.

Loonie property -- Guilder target

A 3.5 km anomaly interpreted as the extension of a copper-gold prospect now supported with IP geophysics

The Guilder target occupies the north-central portion of the Loonie property, approximately 50 km south of Dawson City, and is interpreted as the northwestern strike extension of a copper-gold prospect. The connection is supported by a continuous 3.5 km long, arcuate Cu-Mo-Au-Zn-Pb soil anomaly that trends northwest-southeast across both properties and displays a classic metal zonation: gold-dominant at the northwestern end, transitioning to copper-dominant, with lead and zinc forming a peripheral halo around the copper core.

Prospecting has uncovered malachite and chalcocite mineralization hosted by quartz-feldspar-biotite schist near an augen gneiss contact. Rock samples from this showing returned 1,115 ppm Cu and 6.1 g/t Ag, confirming that meaningful copper and silver grades exist at surface.

In 2025, White Gold completed a 13-line gradient IP survey with a single dipole-dipole line across the Guilder target. Preliminary results have confirmed the presence of a central chargeability anomaly and a second anomalous zone to the south, suggesting subsurface conductors are present beneath the surface copper geochemistry. Interpretation is ongoing and will be used to define priority drill targets. The Guilder target is an early-stage, drill-ready target.

Wolf property -- Aries and Taurus targets

The Aries target on the Wolf property is an interpreted porphyry system that is characterized by a central zone of copper and molybdenum anomalies, surrounded by a large peripheral zone enriched in bismuth, arsenic, lead and zinc. This forms a footprint measuring approximately four km in length (northeast-southwest) and three km in width (northwest-southeast). To the northeast, the Aries target transitions from a gold-dominant system into a potential porphyry system. This area's molybdenum-in-soil values reach as high as 51.4 ppm, with the bulk of the anomaly showing values above 5 ppm. Copper-in-soil values peak at 923.9 ppm, with notable results such as 637.8 ppm, 630.8 ppm and 600.6 ppm Cu, located near areas enriched in arsenic and bismuth. Previous drilling on the property has been gold-focused and the property remains largely untested and prospective for several critical minerals including Mo and Cu.

The Wolf property is located east of the White River, approximately 120 km south-southwest of Dawson City and 35 km west of the White Gold project. Two main target areas have been identified on the property, the Aries and Taurus targets. The area is predominantly underlain by hornblende-biotite diorite intruded by medium-grained and megacrystic K-feldspar granites. These intrusions are associated with widespread biotite and potassic alteration, which are key indicators of potential porphyry mineralization.

To the north and northeast, the property is underlain by Late Cretaceous Carmacks volcanic units, including andesite and basalt flows, and siliciclastic basal conglomerates. Cu-Mo enrichment appears to be localized along the contact between these volcanic units and the adjacent granites while gold mineralization is concentrated in the southwestern part of the property (Taurus target) in shreddy biotite and k-spar altered hornblende-biotite diorites. The Taurus target features a gold-in-soil anomaly that spans approximately two km long by 0.5 km wide, with gold values reaching 358 ppb Au. The anomaly has an arcuate shape, trending east-west in the southwest and curving northeast-southwest to the east. GT Probe bedrock sampling returned gold values up to 1.22 g/t Au, with several samples exceeding 0.5 g/t Au. In 2023 RAB drilling of the target returned gold values of up to 0.81 g/t Au over 15.24 m from 19.81m (hole WLFTRS23RAB002) including 6.55 g/t Au over 1.52 m, along with 0.32 g/t Au over 30.47 m) from 13.72 m in hole WLFTRS23RAB002.

Hunker Property - Boxcar, Bum & Mint Pup Targets (Cu-Ag-Au-Pb-Zn)

Three distinct copper occurrences in the heart of the Klondike.

Situated in the historically productive Klondike Gold Fields roughly 25 km southeast of Dawson City, the northern portion of the Hunker property hosts three separate copper occurrences - the Boxcar, Bum, and Mint Pup targets - that together define a district-scale copper-silver system that has seen abundant surface sampling but almost no systematic follow-up exploration.

The Boxcar target is interpreted as a Besshi-type volcanogenic massive sulphide (VMS) system hosted within a northwest-trending fault zone. Trenching has encountered significant multi-metal mineralization, including up to: 33.19 g/t Ag, 2.32% Cu, 1.78% Pb, and 0.30% Zn over 0.5 m, and 221.99 g/t Ag, 3.76% Cu, 14.4% Pb, and 0.24% Zn over 1.0 m. A 2021 prospecting sample from the fault zone returned copper exceeding 10,000 ppm alongside 8,937 ppb Pb, 5,279 ppm Zn, and anomalous cobalt and silver, associated with malachite, azurite, copper wad, goethite, hematite, and suspected cassiterite - a mineralogical assemblage pointing to a well-preserved, near-surface system that warrants structural and geophysical follow-up.

The Mint Pup target is the largest of the three primary anomalies; a broad Cu-Au soil anomaly measuring approximately 2.4 km by 3.0 km straddling the ridges between Gold Bottom Creek and Hunker Creek, with gold-in-soil values up to 1,096 ppb Au and copper-in-soil up to 475.9 ppm Cu. GT-Probe bedrock sampling returned values to 1.195 ppm Au, with a 90 m section of 19 consecutive samples all grading above 0.02 ppm Au.

The Hunker property sits within one of the more productive placer gold drainages in the Klondike, where Hunker Creek and its tributaries - including Gold Bottom Creek - have produced more than 1.8 million crude ounces of gold since 1897 (van Loon, 2019). The diversity of copper, silver, lead, zinc, and gold mineralization styles across the Boxcar, Bum, and Mint Pup targets points to a geochemically complex, multi-element system that has never been systematically explored at depth.

Hayes Property - Isaac Target (Cu-Mo-Ag-Zn-Pb-Bi-W-Li)

Porphyry geochemical zonation across a 3.3 km footprint. Eight drill targets identified.

The Isaac target sits 38 km east of the Casino copper-gold deposit and is associated with Late Cretaceous Prospector Mountain suite intrusives. Soil sampling across >1500 samples defines a geochemically zoned multi-element anomaly spanning approximately 3.3 km east-west by 2.5 km north-south, with a Bi-As-Cu-Mo-enriched core of roughly 1,200 m by 650 m surrounded by a broad halo of anomalous silver, lead, and zinc.

Anomalous copper-in-soils occurs in the southern portion of the core, and a relatively small area of anomalous molybdenum occurs near the core's northern margin. Within the peripheral halo, silver-in-soil values range from 1 ppm Ag to as high as 16.9 ppm Ag, including 12.3 ppm Ag, 12.2 ppm Ag, 11 ppm Ag, 10.2 ppm Ag, 9.8 ppm Ag, while values > 3 ppm Ag are very common. Also, within this halo, lead-in-soil values occur as high as 3310.4 ppb Pb including 957.5 ppm Pb, 832.8 ppb Pb, 748 ppm Pb, 689.1 ppb Pb, with associated zinc-in-soil values as high as 1747 ppb Zn including 1360 ppm Zn, 1137 ppm Zn, 941 ppm Zn, 763 ppm Zn, 729 ppm Zn, and 713 ppm Zn.

Prospecting across the target in 2022 returned chalcopyrite and galena in direct association across multiple rock types, confirming primary sulphide mineralization at surface. The strongest 2022 sample, from chlorite-altered brecciated biotite-feldspar-quartz gneiss with disseminated cpy-gn in a zone of epidote veining, returned 106 ppm Mo, 731 ppm Cu, 27.3 ppm Ag, 1,048 ppm Pb, and 3,100 ppm Zn. Other notable 2022 results include a py-gn-cpy mineralized silicified rhyolite returning 20.6 ppm Ag and 2,625 ppm Pb, and a silicified felsic dyke with fresh chalcopyrite returning 814 ppm Cu and 16.7 ppm Ag. Lithium is elevated broadly across the target with multiple rock samples returning values exceeding 800 ppm Li, including two samples returning over limits of greater than 2,000 ppm Li hosted in diorite, gneiss, and rhyolite. Follow-up gridded rock sampling across 88 samples in 2024 validated the 2022 results and returned values up to 67 ppm Mo from a diorite intrusion, 459 ppm Cu, 1,954 ppm Zn, 3,778 ppb Ag, 345 ppm Bi, and 117 ppm W. Stockwork veining is described across multiple stations and fluorite has been identified in silicified rhyolite. Hyperspectral analysis of 2022 rock samples identified phyllic and potassic alteration in the core with propylitic overprinting on the southern margins.

In 2023, two deep-penetrating IP-resistivity lines delineated eight discrete chargeability anomalies beneath the target. The Isaac target has never been drilled.

Toonie Property - Deux Target (Au-Cu-Zn-Mo-Ag)

RAB drilling has confirmed broad multi-element mineralization in all four holes. Prospective porphyry signatures identified.

The Toonie property lies approximately 45 km south-southeast of Dawson City and is predominantly underlain by Late Cretaceous Carmacks volcanic rocks; a package that has increasingly been recognized as a host for copper and polymetallic mineralization across the region. Exploration on the Deux target has progressed through two systematic phases.

In 2018, initial GT Probe sampling outlined a broad but coherent, low-level multi-element surface anomaly (0.258 g/t Au, 4.6 g/t Ag, 412 ppm Cu, 1,663 ppm Zn, 843 ppm Pb, and 71 ppm Mo), spatially associated with resistivity boundaries and interpreted structural controls in the volcanic package. A follow-up 2023 RAB drilling program confirmed widespread, shallow multi-element mineralization in all four holes. Hole TOODEU23RAB001 returned 24.4 m of 0.235 g/t Au and 525.4 ppm Cu from surface, including 6.1 m grading 0.327 g/t Au and 598.3 ppm Cu, plus a separate 4.57 m interval with 3,525 ppm Zn. Hole TOODEU23RAB003 intersected 76.2 m averaging 386 ppm Cu, with individual samples up to 676.4 ppm Cu and 2,368 ppm Zn, demonstrating the scale of the copper-zinc system.

Quartz veining, sericite and chlorite alteration, and oxidized fractures are most common in intervals carrying the strongest copper and zinc values. Geochemical work on the Carmacks volcanic units indicates porphyry-style prospectivity and a zoned metal pattern, with an Au-Mo-Cu core and more distal Zn-Pb-Ag, consistent with a buried intrusion-related system. Although gold remains the primary focus, the broad Cu-Zn intervals provide a strong critical-minerals rationale for including Toonie in the Spin-Out as an early-stage, drill-ready Au-Cu-Zn target.

Qualified Person

Steven Walsh, P.Geo. and Senior Geologist for the Company is a "qualified person" as defined under National Instrument 43-101 - Standards of Disclosure of Mineral Projects and has reviewed and approved the content of this news release.

About White Gold Corp.

The Company owns a portfolio of 15,364 quartz claims across 21 properties covering 305,102 hectares (3,051 km2) representing approximately 40% of the Yukon's emerging White Gold District. The Company's flagship White Gold project hosts four near-surface gold deposits which collectively contain resource estimate of 1,732,300 ounces of gold in indicated resources (35.2 million tonnes grading 1.53 grams per tonne gold) and 1,265,900 ounces of gold in inferred resources (32.2 million tonnes grading 1.22 g/t Au) (see the Company's news release dated October 6, 2025)(5)(6). Regional exploration work has also produced several other new discoveries and prospective targets on the Company's claim packages which border sizable gold discoveries including the Coffee project owned by Talamore Mining (formerly Fuerte Metals) with Measured and Indicated Resources of 80.0.2 Mt grading 1.15 g/t Au for 2.96 million ounces of gold, and Inferred Resources of 21.2 Mt grading 1.17 g/t Au for 0.80 million ounces gold(7)(2), and Western Copper and Gold Corporation's Casino project which has Measured and Indicated Resources of 2,490.7 Mt grading 0.18 g/t Au, 0.14% Cu for 14.8 million ounces of gold and 7.6 billion pounds of copper, and Inferred Resources of 1,412.5 Mt grading 0.14 g/t Au, 0.10% Cu for 6.3 million ounces of gold and 3.1 billion pounds of copper(1)(2). For more information visit www.whitegoldcorp.ca.

(1) See Western Copper and Gold Corporation technical report titled "Casino project, Form 43-101F1 Technical Report Feasibility Study, Yukon Canada", Effective Date June 13, 2022, Issue Date August 8, 2022, NI 43-101 Compliant Technical Report prepared by Daniel Roth, PE, P.Eng., Mike Hester, F Aus IMM, John M. Marek, P.E., Laurie M. Tahija, MMSA-QP, Carl Schulze, P.Geo., Daniel Friedman, P.Eng., Scott Weston, P.Geo., available on SEDAR+.

(2) The QP has been unable to verify the information. The information is not necessarily indicative to the mineralization on the properties that are subject of the disclosure.

(3) See December 1, 2025 News Release "Selkirk Copper Announces Initial Drill Results - Successfully Expands Minto North West Zone with a High-Grade Intercept of 5.21% Cu, 0.47 g/t Au, 26.68 g/t Ag over 8.7m within a broader zone of 2.39% Cu, 0.32 g/t Au and 11.61 g/t Ag over 23.4 m in drill hole 25SCM001.

(4) See Cascadia Minerals New Release dated June 9, 2025 "Cascadia Minerals and Granite Creek Copper Announce Merger to Create a Leading Yukon Copper-Gold Exploration and Development Company".

(5) See October 6, 2025 News Release "White Gold Corp. Files Technical Report Demonstrating Significant 44% Increase in Indicated Resources to 1,732,300 oz Gold (35.2 million tonnes grading 1.53 g/t) and 13.4% Increase in Inferred Resources to 1,265,900 oz Gold (32.2 million tonnes grading 1.22 g/t) at its Flagship White Gold Project, Yukon, Canada" https://www.whitegoldcorp.ca/news/white-gold-corp-files-technical-report-demonstrating-significant-44-increase-in-indicated-resources-to-1732300-oz-gold-352-million-tonnes-grading-153-gt-and-134-increase-in-inferred-resources-to-1265900-oz-gold-322-million-ton.

(6) All numbers are rounded. Overall numbers may not be exact due to rounding.

(7) See Fuerte Metals press release titled "Fuerte Announces Transformational Acquisition of the Coffee Project from Newmont Corporation" dated September 15, 2025.

Cautionary Note Regarding Forward Looking Information

This news release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. "Forward-looking information" includes, but is not limited to, statements with respect to the Spin-Out, including the basis of the Spin-Out, the terms of the Spinco Financing, the receipt of the required shareholder, regulatory, court and stock exchange approvals in connection with the Spin-Out, listing of the Spinco Shares, the anticipated benefits of the Spin-Out, the assets to be transferred to Spinco in connection with the Spin-Out; the exploration and development potential of the assets to be transferred to Spinco; the Company's retained interest in Spinco; the date of the Meeting and the record date for the Meeting; and anticipated strategic and growth opportunities. Generally, but not always, forward-looking information and statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or the negative connotation thereof or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative connotation thereof. Such forward-looking information and statements are based on numerous assumptions, completion of the Spin-Out, including completion of the Spinco Financing and the ability of the parties to receive, in a timely manner and on satisfactory terms, the necessary regulatory, court and shareholder approvals; the ability of the parties to satisfy, in a timely manner, the other conditions to the completion of the Spin-Out; that the anticipated benefits of the Spin-Out will be realized; that general business and economic conditions will not change in a material adverse manner, that financing will be available if and when needed and on reasonable terms, and that third party contractors, equipment and supplies and governmental and other approvals required to conduct the Company's planned exploration activities will be available on reasonable terms and in a timely manner. Although the assumptions made by the Company in providing forward-looking information or making forward-looking statements are considered reasonable by management at the time, there can be no assurance that such assumptions will prove to be accurate.

Forward-looking information and statements also involve known and unknown risks and uncertainties and other factors, which may cause actual events or results in future periods to differ materially from any projections of future events or results expressed or implied by such forward-looking information or statements, including, among others: the failure to obtain shareholder, regulatory, court or stock exchange approvals in connection with the Spin-Out; failure to complete the Spinco Financing; failure to realize the anticipated benefits of the Spin-Out or implement the business plan for Spinco; the diversion of management time on transaction-related issues; expectations regarding negative operating cash flow and dependence on third party financing, uncertainty of additional financing, no known mineral reserves or resources, reliance on key management and other personnel, potential downturns in economic conditions, actual results of exploration activities being different than anticipated, changes in exploration programs based upon results, and risks generally associated with the mineral exploration industry, environmental risks, changes in laws and regulations, community relations and delays in obtaining governmental or other approval.

Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in the forward-looking information or implied by forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking information and statements will prove to be accurate, as actual results and future events could differ materially from those anticipated, estimated or intended. Accordingly, readers should not place undue reliance on forward-looking statements or information. The Company undertakes no obligation to update or reissue forward-looking information as a result of new information or events except as required by applicable securities laws.

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this news release.

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Source: White Gold Corp.

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– New Products and Grand Design Expansion Drive Strong Motorhome RV Performance –

– Top- and Bottom-Line Growth Reflect Diversified Portfolio and Operational Discipline –

– $100 Million Debt Redemption Further Strengthens Balance Sheet –

– Company Maintains Fiscal 2026 Guidance for Revenue and Adjusted EPS –

EDEN PRAIRIE, Minn., March 25, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today reported financial results for the Fiscal 2026 second quarter ended February 28, 2026.

Second Quarter Fiscal 2026 Financial Summary

Net revenues of $657.4 million compared to $620.2 million in the second quarter of Fiscal 2025Gross profit of $85.6 million, representing 13.0% gross margin, compared to $83.1 million in the second quarter of Fiscal 2025Net income of $4.8 million, or $0.17 per diluted share; adjusted earnings per diluted share of $0.27 compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025Adjusted EBITDA of $24.4 million, up 7.0% year-over-year CEO Commentary
“Our team delivered a solid quarter and executed with diligence in a challenging market,” said President and Chief Executive Officer Michael Happe. “Dealers remain focused on profitable cash flow and disciplined inventory, and we are managing the business with that sentiment in mind. While seasonal factors and unfavorable winter weather tempered retail activity during the quarter, several segments still showed signs of resilience. As we move through Fiscal 2026, we continue to prioritize operational execution and strengthening the fundamentals of the business. Our premium branded diversified portfolio continues to help navigate variability across categories, and we are executing each business with a clear focus on prudent inventory management, product innovation, profitability and cash flow.

“Consistent with our capital allocation framework, we took proactive steps during the quarter to improve our capital structure, redeeming $100 million of our outstanding Senior Secured Notes, demonstrating our commitment to further strengthening our balance sheet.

“As we move beyond the winter selling season into the seasonally stronger spring and summer months, new products and cost management actions implemented this year are expected to support our performance anticipated in the second half. We believe this approach positions the business for healthier, more resilient growth in the future. Our outlook reflects that measured view. However, it remains subject to recent macro events and the duration and severity of their potential effects, including impacts on commodity prices and other factors that could influence consumer sentiment and demand,” Happe said.

Second Quarter Fiscal 2026 Results

Net revenues were $657.4 million, an increase of 6.0% compared to $620.2 million in the second quarter of Fiscal 2025, driven primarily by selective price adjustments and product mix, partially offset by lower unit volume.

Gross profit was $85.6 million, an increase of 2.9% compared to $83.1 million in the second quarter of Fiscal 2025. Gross profit margin decreased 40 basis points in the quarter to 13.0%, primarily as a result of product mix, partially offset by selective price adjustments.

Selling, general and administrative expenses decreased 1.9% to $68.4 million from $69.7 million in the second quarter of Fiscal 2025, primarily driven by cost reduction initiatives.

Operating income improved 50.7% to $11.8 million from $7.8 million in the second quarter of Fiscal 2025.

Net income was $4.8 million, or $0.17 per diluted share, compared to net loss of $0.4 million, or $0.02 per diluted share in the second quarter of Fiscal 2025. Adjusted earnings per diluted share was $0.27, an increase of 42.1%, compared to adjusted earnings per diluted share of $0.19 in the second quarter of Fiscal 2025.

Consolidated Adjusted EBITDA was $24.4 million, an increase of 7.0%, compared to $22.8 million in the second quarter of Fiscal 2025.

Second Quarter Fiscal 2026 Segments Summary

Towable RV

  Three Months Ended
($, in millions) February 28, 2026 March 1, 2025 Change(1)
Net revenues $262.4  $288.2  (9.0)%Operating income $11.1  $12.7  (12.2)%Operating income margin  4.2%  4.4% (20) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to a shift in product mix toward lower price-point models and lower unit volume, partially offset by selective price adjustments.Operating income margin decreased primarily due to volume deleverage and product mix, largely offset by selective price adjustments and cost containment initiatives. Motorhome RV

  Three Months Ended($, in millions) February 28, 2026 March 1, 2025 Change(1)Net revenues $304.7  $235.6  29.3%Operating income (loss) $7.5  $(0.6) NMOperating income margin  2.4%  (0.3)% 270 bps (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
NM: Not meaningful.

Net revenues increased primarily due to higher unit volume driven by new products, partially offset by product mix.Operating income margin increased primarily due to volume leverage. Marine

  Three Months Ended
($, in millions) February 28, 2026 March 1, 2025 Change(1)
Net revenues $79.2  $81.7  (3.0)%Operating income $2.9  $5.4  (46.2)%Operating income margin  3.7%  6.6% (300) bps
(1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.

Net revenues decreased primarily due to lower unit volume and product mix, partially offset by selective price adjustments.Operating income decreased primarily due to higher warranty expense and volume deleverage. Balance Sheet and Cash Flow
At the end of the second quarter of Fiscal 2026, cash and cash equivalents totaled $47.4 million compared to $181.7 million at the end of the first quarter of Fiscal 2026 and $174.0 million at the end of Fiscal 2025. The decrease primarily reflects the $100.0 million Senior Secured Note redemption completed in the second quarter of Fiscal 2026. As of February 28, 2026, total outstanding debt was $442.3 million, which included $450.0 million of debt, net of debt issuance costs of $7.7 million. Working capital was $403.5 million as of February 28, 2026 compared to $465.1 million at the end of Fiscal 2025. Cash flow provided by operations was $0.6 million in the first half of Fiscal 2026, a significant improvement compared to the same period last year. The Company's gross leverage ratio improved to 3.2x as of February 28, 2026 from 4.0x as of November 29, 2025. Net leverage ratio as of February 28, 2026 was 2.9x.

Quarterly Cash Dividend
On March 18, 2026, the Company’s Board of Directors approved a quarterly cash dividend of $0.35 per share payable on April 29, 2026, to common stockholders of record at the close of business on April 15, 2026.

Outlook
For calendar year 2026, Winnebago Industries expects North American RV wholesale shipments in the range of 315,000 to 345,000 units. Based on this outlook, the current business environment, and results in the first half of the fiscal year, Winnebago Industries is maintaining its revenue and adjusted EPS guidance, while updating reported EPS as follows:

Consolidated net revenues in the range of $2.8 billion to $3.0 billion;Reported earnings per diluted share in the range of $1.50 to $2.20 compared to the Company's prior expectations for reported earnings per diluted share in the range of $1.40 to $2.10; andAdjusted earnings per diluted share guidance to a range of $2.10 to $2.80(1). The Company’s outlook takes into account prevailing trends in the RV sector, including the current policy and trade environment, competitive dynamics, shifts in consumer preferences, and key macroeconomic factors that may influence overall demand.

“Our focus remains on disciplined execution in Fiscal 2026 and controlling what we can,” Happe said. “We are advancing our product roadmaps, driving continued progress in our Winnebago-branded RV businesses, and meaningfully improving the margin profile and retail share trends of our Motorhome RV segment. The value of our diversified platform, combined with the operational work already underway, positions us to navigate ongoing market volatility and build a more resilient earnings profile over time. While the external environment remains quite uncertain, we’re confident in the foundation we’ve built and the actions within our control."

Q2 FY 2026 Conference Call
Winnebago Industries, Inc. will discuss second quarter of Fiscal 2026 earnings results during a conference call scheduled for 9:00 a.m. Central Time today. Members of the news media, investors and the general public are invited to access a live broadcast of the conference call and view the accompanying presentation slides via the Investor Relations page of the Company's website at http://investor.wgo.net. The event will be archived and available for replay for the next 90 days.

About Winnebago Industries
Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations material or to add your name to an automatic email list for Company news releases, visit http://investor.wgo.net.

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the business outlook and financial guidance for Fiscal 2026. Investors are cautioned that forward-looking statements are inherently uncertain and involve potential risks and uncertainties. A number of factors could cause actual results to differ materially from these statements, including, but not limited to general economic uncertainty in key markets and a worsening of domestic and global economic conditions or low levels of economic growth; availability of financing for RV and marine dealers and retail purchasers; competition and new product introductions by competitors; ability to innovate and commercialize new products; ability to manage our inventory to meet demand; risk related to cyclicality and seasonality of our business; risk related to independent dealers; risk related to dealer consolidation or the loss of a significant dealer; significant increase in repurchase obligations; ability to retain relationships with our suppliers and obtain components; business or production disruptions; inadequate management of dealer inventory levels; increased material and component costs, including availability and price of fuel and other raw materials; ability to integrate mergers and acquisitions; ability to attract and retain qualified personnel and changes in market compensation rates; exposure to warranty claims and product recalls; ability to protect our information technology systems from data security, cyberattacks, and network disruption risks and the ability to successfully upgrade and evolve our information technology systems; ability to retain brand reputation and related exposure to product liability claims; governmental regulation, including for climate change; increased attention to environmental, social, and governance matters, and our ability to meet our commitments; impairment of goodwill and trade names; risks related to our 2030 Convertible Notes and Senior Secured Notes, including our ability to satisfy our obligations under these notes; and changes in recommendations or a withdrawal of coverage by third party securities analysts. Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from that projected or suggested is contained in the Company's filings with the Securities and Exchange Commission ("SEC") over the last 12 months, copies of which are available from the SEC or from the Company upon request. We caution that the foregoing list of important factors is not complete. The Company disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this release or to reflect any changes in the Company's expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based, except as required by law.

Contacts
Investors: Joan Ondala
[email protected]
Media: Dan Sullivan
[email protected]

Winnebago Industries, Inc.
Footnotes to News Release

Footnotes:

(1) Fiscal 2026 adjusted EPS guidance primarily excludes the pretax impact of intangible amortization of approximately $22 million.

Winnebago Industries, Inc.
Condensed Consolidated Statements of Income
(Unaudited and subject to reclassification)

  Three Months Ended(in millions, except percent and per share data) February 28, 2026 March 1, 2025Net revenues $657.4  100.0% $620.2  100.0%Cost of goods sold  571.8  87.0%  537.1  86.6%Gross profit  85.6  13.0%  83.1  13.4%Selling, general, and administrative expenses  68.4  10.4%  69.7  11.2%Amortization  5.4  0.8%  5.6  0.9%Total operating expenses  73.8  11.2%  75.3  12.1%Operating income  11.8  1.8%  7.8  1.3%Interest expense, net  5.8  0.9%  6.8  1.1%Loss on note repurchase  0.8  0.1%  2.0  0.3%Non-operating income  (0.2) —%  (0.6) (0.1)%Income (loss) before income taxes  5.4  0.8%  (0.4) (0.1)%Income tax provision  0.6  0.1%  —  —%Net income (loss) $4.8  0.7% $(0.4) (0.1)%         Earnings (loss) per common share:        Basic $0.17    $(0.02)  Diluted $0.17    $(0.02)  Weighted average common shares outstanding:        Basic  28.2     28.1   Diluted  28.5     28.1              Six Months Ended(in millions, except percent and per share data) February 28, 2026 March 1, 2025Net revenues $1,360.1  100.0% $1,245.8  100.0%Cost of goods sold  1,185.5  87.2%  1,085.9  87.2%Gross profit  174.6  12.8%  159.9  12.8%Selling, general, and administrative expenses  138.2  10.2%  141.8  11.4%Amortization  10.8  0.8%  11.2  0.9%Total operating expenses  149.0  11.0%  153.0  12.3%Operating income  25.6  1.9%  6.9  0.6%Interest expense, net  11.3  0.8%  12.6  1.0%Loss on note repurchase  0.8  0.1%  2.0  0.2%Non-operating loss  (0.3) —%  (0.6) —%Income (loss) before income taxes  13.8  1.0%  (7.1) (0.6)%Income tax provision (benefit)  3.5  0.3%  (1.5) (0.1)%Net income (loss) $10.3  0.8% $(5.6) (0.5)%         Earnings (loss) per common share:        Basic $0.37    $(0.20)  Diluted $0.36    $(0.20)  Weighted average common shares outstanding:        Basic  28.2     28.4   Diluted  28.4     28.4    Amounts in tables are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
In addition, percentages may not add in total due to rounding.

Winnebago Industries, Inc.
Condensed Consolidated Balance Sheets
(Unaudited and subject to reclassification)

(in millions) February 28, 2026
 August 30, 2025
Assets      Current assets      Cash and cash equivalents $47.4  $174.0 Receivables, net  223.0   192.0 Inventories, net  407.6   396.4 Prepaid expenses and other current assets  36.8   29.8 Total current assets  714.8   792.2 Property, plant, and equipment, net  321.9   333.0 Goodwill  484.2   484.2 Other intangible assets, net  446.1   456.9 Investment in life insurance  27.8   27.1 Operating lease assets  38.8   41.6 Other long-term assets  17.9   19.4 Total assets $2,051.5  $2,154.4        Liabilities and Shareholders' Equity      Current liabilities      Accounts payable $136.6  $129.3 Accrued expenses  174.7   197.8 Total current liabilities  311.3   327.1 Long-term debt, net  442.3   540.5 Deferred income tax liabilities, net  11.3   5.9 Unrecognized tax benefits  5.0   4.8 Long-term operating lease liabilities  35.9   39.3 Deferred compensation benefits, net of current portion  4.7   5.1 Other long-term liabilities  5.9   7.0 Total liabilities  816.4   929.7 Shareholders' equity  1,235.1   1,224.7 Total liabilities and shareholders' equity $2,051.5  $2,154.4 
Winnebago Industries, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited and subject to reclassification)

  Six Months Ended(in millions) February 28, 2026 March 1, 2025Operating activities    Net income (loss) $10.3  $(5.6)Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities    Depreciation  19.4   19.1 Amortization  10.8   11.2 Amortization of debt issuance costs  1.3   1.6 Last in, first-out ("LIFO") expense  (0.9)  (0.4)Stock-based compensation  10.6   10.8 Deferred income taxes  5.4   (0.3)Loss on note repurchase  0.8   2.0 Restructuring and related costs  1.6   — Other, net  (1.7)  (0.7)Change in operating assets and liabilities, net of assets and liabilities acquired    Receivables, net  (31.0)  (18.1)Inventories, net  (10.2)  (21.0)Prepaid expenses and other assets  0.2   5.1 Accounts payable  6.9   (1.3)Income taxes and unrecognized tax benefits  (3.1)  (1.7)Accrued expenses and other liabilities  (19.8)  (27.9)Net cash provided by (used in) operating activities  0.6   (27.2)     Investing activities    Purchases of property, plant, and equipment  (9.9)  (18.4)Proceeds from sale of property, plant, and equipment  4.0   2.1 Other, net  0.1   1.1 Net cash used in investing activities  (5.8)  (15.2)     Financing activities    Borrowings on long-term debt  3.0   — Repayments on long-term debt  (103.0)  (100.5)Payments of cash dividends  (20.1)  (19.8)Payments for repurchases of common stock  (1.7)  (53.6)Other, net  0.4   0.9 Net cash used in financing activities  (121.4)  (173.0)     Net decrease in cash and cash equivalents  (126.6)  (215.4)Cash and cash equivalents at beginning of period  174.0   330.9 Cash and cash equivalents at end of period $47.4  $115.5      Supplemental Disclosures    Income taxes paid, net $1.4  $1.6 Interest paid  13.0   16.6      Non-cash investing and financing activities    Capital expenditures in accounts payable $0.7  $5.1 Increase in lease assets in exchange for lease liabilities:    Operating leases  0.9   2.3 Finance leases  —   0.2 
Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Towable RV
(in millions, except unit data)
(Unaudited and subject to reclassification)

 Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$262.4   $288.2   $(25.9) (9.0)%Operating income 11.1 4.2%  12.7 4.4%  (1.5) (12.2)%             Three Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 4,917 74.3%  4,828 66.8%  89 1.8%Fifth wheel 1,698 25.7%  2,397 33.2%  (699) (29.2)%Total Towable RV 6,615 100.0%  7,225 100.0%  (610) (8.4)%             Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$555.8   $542.2   $13.5 2.5%Operating income 22.2 4.0%  21.6 4.0%  0.7 3.0%             Six Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeTravel trailer 10,076 71.8%  9,465 68.4%  611 6.5%Fifth wheel 3,960 28.2%  4,376 31.6%  (416) (9.5)%Total Towable RV 14,036 100.0%  13,841 100.0%  195 1.4%            Dealer Inventory(3)February 28, 2026   March 1, 2025   Unit Change % ChangeUnits 19,855    17,406    2,449 14.1% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Motorhome RV
(in millions, except unit data)
(Unaudited and subject to reclassification)

 Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$304.7   $235.6   $69.0 29.3%Operating income (loss) 7.5 2.4%  (0.6) (0.3)%  8.0 NM             Three Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeClass A 206 13.6%  278 24.3%  (72) (25.9)%Class B 642 42.3%  283 24.7%  359 126.9%Class C 670 44.1%  583 51.0%  87 14.9%Total Motorhome RV 1,518 100.0%  1,144 100.0%  374 32.7%             Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$613.2   $507.3   $105.8 20.9%Operating income (loss) 15.7 2.6%  (3.8) (0.8)%  19.5 NM             Six Months EndedUnit deliveriesFebruary 28, 2026 Product Mix(2) March 1, 2025 Product Mix(2) Unit Change % ChangeClass A 486 17.2%  520 20.3%  (34) (6.5)%Class B 899 31.9%  752 29.3%  147 19.5%Class C 1,437 50.9%  1,294 50.4%  143 11.1%Total Motorhome RV 2,822 100.0%  2,566 100.0%  256 10.0%            Dealer Inventory(3)February 28, 2026   March 1, 2025   Unit Change % ChangeUnits 3,581    3,784    (203) (5.4)% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Percentages may not add due to rounding differences.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.
NM: Not meaningful.

Winnebago Industries, Inc.
Supplemental Information by Reportable Segment – Marine
(in millions, except unit data)
(Unaudited and subject to reclassification)

 Three Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$79.2   $81.7   $(2.5) (3.0)%Operating income 2.9 3.7%  5.4 6.6%  (2.5) (46.2)%             Three Months EndedUnit deliveriesFebruary 28, 2026   March 1, 2025   Unit Change % ChangeBoats 992    1,046    (54) (5.2)%             Six Months Ended February 28, 2026 % of Revenues(1) March 1, 2025 % of Revenues(1) $ Change(1) % Change(1)Net revenues$171.7   $172.2   $(0.4) (0.3)%Operating income 9.0 5.3%  11.6 6.7%  (2.5) (21.9)%             Six Months EndedUnit deliveriesFebruary 28, 2026   March 1, 2025   Unit Change % ChangeBoats 2,127    2,217    (90) (4.1)%            Dealer Inventory(2,3)February 28, 2026   March 1, 2025   Unit Change % ChangeUnits 3,632    3,610    22 0.6% (1) Amounts are calculated based on unrounded numbers and therefore may not recalculate using the rounded numbers provided.
(2) Due to the nature of the Marine industry, this amount includes a higher proportion of retail sold units than our other segments.
(3) Data is based on the latest information available from our dealer partners and is subject to timing of reporting and other limitations.

Winnebago Industries, Inc.
Non-GAAP Reconciliation
(Unaudited and subject to reclassification)

Non-GAAP financial measures, which are not calculated or presented in accordance with accounting principles generally accepted in the United States (“GAAP”), have been provided as information supplemental and in addition to the financial measures presented in the accompanying news release that are calculated and presented in accordance with GAAP. Such non-GAAP financial measures should not be considered superior to, as a substitute for, or as an alternative to, and should be considered in conjunction with, the GAAP financial measures presented in the news release. The non-GAAP financial measures presented may differ from similar measures used by other companies.

The following table reconciles diluted earnings per share to Adjusted diluted earnings per share:

  Three Months Ended Six Months Ended  February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025Diluted earnings (loss) per share $0.17  $(0.02) $0.36  $(0.20)Amortization(1)  0.19   0.20   0.38   0.40 Loss on note repurchase(1)  0.03   0.07   0.03   0.07 Restructuring and related costs(1)  0.02   —   0.06   — Gain on sale of property, plant and equipment(1)  (0.10)  —   (0.10)  — Tax impact of adjustments(2)  (0.03)  (0.06)  (0.08)  (0.11)Adjusted diluted earnings per share(3) $0.27  $0.19  $0.65  $0.16  (1) Represents a pre-tax adjustment.
(2) The company's non-GAAP income tax impact is calculated using an estimated tax rate for the U.S. of 22.0% for Fiscal 2026 and 23.0% for Fiscal 2025.
(3) Per share numbers may not foot due to rounding.

The following table reconciles net income to consolidated EBITDA and Adjusted EBITDA.

  Three Months Ended Six Months Ended(in millions) February 28, 2026 March 1, 2025 February 28, 2026 March 1, 2025Net income (loss) $4.8  $(0.4) $10.3  $(5.6)Interest expense, net  5.8   6.8   11.3   12.6 Income tax provision (benefit)  0.6   —   3.5   (1.5)Depreciation  9.6   9.4   19.4   19.1 Amortization  5.4   5.6   10.8   11.2 EBITDA  26.2   21.4   55.3   35.8 Loss on note repurchase  0.8   2.0   0.8   2.0 Restructuring and related costs  0.4   —   1.6   — Gain on sale of property, plant and equipment  (2.8)  —   (2.8)  — Non-operating income  (0.2)  (0.6)  (0.3)  (0.6)Adjusted EBITDA $24.4  $22.8  $54.6  $37.2 
Non-GAAP performance measures of Adjusted diluted earnings per share, EBITDA and Adjusted EBITDA have been provided as comparable measures to illustrate the effect of non-recurring transactions occurring during the reported periods and to improve comparability of our results from period to period. Adjusted diluted earnings per share is defined as diluted earnings per share adjusted for after-tax items that impact the comparability of our results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as net income before interest expense, provision for income taxes, depreciation and amortization expense and other pretax adjustments made in order to present comparable results from period to period. Management believes Adjusted diluted earnings per share and Adjusted EBITDA provide meaningful supplemental information about our operating performance because these measures exclude amounts that we do not consider part of our core operating results when assessing our performance.

Management uses these non-GAAP financial measures (a) to evaluate historical and prospective financial performance and trends as well as assess performance relative to competitors and peers; (b) to measure operational profitability on a consistent basis; (c) in presentations to the members of our Board of Directors to enable our Board of Directors to have the same measurement basis of operating performance as is used by management in its assessments of performance and in forecasting and budgeting for the Company; (d) to evaluate potential acquisitions; and (e) to ensure compliance with restricted activities under the terms of our asset-backed revolving credit facility and outstanding notes. Management believes these non-GAAP financial measures are frequently used by securities analysts, investors and other interested parties to evaluate companies in our industry.

Winnebago Industries (WGO - Free Report) came out with quarterly earnings of $0.27 per share, beating the Zacks Consensus Estimate of $0.25 per share. This compares to earnings of $0.19 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +7.14%. A quarter ago, it was expected that this recreational vehicle maker would post earnings of $0.12 per share when it actually produced earnings of $0.38, delivering a surprise of +216.67%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

Winnebago, which belongs to the Zacks Building Products - Mobile Homes and RV Builders industry, posted revenues of $657.4 million for the quarter ended February 2026, surpassing the Zacks Consensus Estimate by 5.18%. This compares to year-ago revenues of $620.2 million. The company has topped consensus revenue estimates three times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

Winnebago shares have lost about 13.4% since the beginning of the year versus the S&P 500's decline of 4.2%.

What's Next for Winnebago?While Winnebago has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for Winnebago was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $1.08 on $792.96 million in revenues for the coming quarter and $2.47 on $2.9 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Building Products - Mobile Homes and RV Builders is currently in the bottom 12% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

Lennox International (LII - Free Report) , another stock in the broader Zacks Construction sector, has yet to report results for the quarter ended March 2026.

This manufacturer of furnaces, air conditioners and other products is expected to post quarterly earnings of $3.14 per share in its upcoming report, which represents a year-over-year change of -6.8%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Lennox International's revenues are expected to be $1.06 billion, down 0.9% from the year-ago quarter.

Winnebago WGO reported its Q2 results, showing a modest decline despite surpassing EPS expectations. Revenue increased 6% year-over-year to $657.4 million, exceeding forecasts. The company reaffirmed its FY26 guidance, maintaining expected EPS of $2.10-2.80 and revenue of $2.8-3.0 billion.

Despite seasonal and weather challenges, WGO demonstrated resilience through selective pricing and product mix adjustments. The Motorhome RV segment excelled, with revenue up 29.3% year-over-year to $304.7 million, driven by new products and Grand Design expansion. Operating margin improved by 270 bps to 2.4% due to better volume leverage. The Towable RV segment faced softness, with revenue down 9.0% year-over-year to $262.4 million due to lower unit volumes and a shift to lower price-point models. Operating margin decreased by 20 bps to 4.2% due to volume deleverage and product mix. Gross profit margin fell by 40 bps to 13.0%, indicating a less favorable mix, although selective price adjustments mitigated some pressure. As WGO enters the stronger spring and summer months, it expects new products and cost actions to bolster the second half. However, the company remains cautious due to an uncertain external environment and potential impacts from Middle East developments on consumer sentiment and demand.WGO's Q2 results were encouraging, especially in the Motorhome segment, showcasing its ability to differentiate in a challenging market. However, the Towable RV segment struggled with weaker volume and a shift to lower price models, impacting margins. The macroeconomic environment remains challenging, with weak consumer sentiment, financing pressures, and cautious dealer inventory levels. Additionally, uncertainties in the Middle East may affect demand. Despite these challenges, WGO's strong execution and new product offerings are positive, though gross margin concerns and a cautious outlook weigh on the results.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Winnebago Industries delivered Q2 FY2026 results exceeding analyst expectations, with revenue up 6% and EPS turning positive. WGO's Motorhome segment drove growth, offsetting declines in Towables and Marine, despite ongoing industry headwinds and a mixed market outlook. Management forecasts FY2026 revenue of $2.8–$3.0 billion and adjusted net profits of ~$69.8 million, signaling cautious optimism amid persistent macroeconomic challenges.

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Key Takeaways Winnebago Q2 EPS of 27 cents beat estimates, with revenues rising 6% year over year to $657 million.WGO Motorhome RV sales jumped 29.3% on higher volumes, lifting segment profitability.Towable and Marine segments declined due to lower volumes, product mix shifts and higher costs. Winnebago Industries (WGO - Free Report) reported adjusted earnings of 27 cents per share in the second quarter of fiscal 2026 (ended Feb. 28, 2026), beating the Zacks Consensus Estimate of 25 cents. WGO reported adjusted EPS of 19 cents in the year-ago period. The recreational vehicle (RV) maker reported revenues of $657 million for the quarter under review, surpassing the Zacks Consensus Estimate of $625 million. The top line increased 6% year over year.

Segmental PerformanceTowable RV: Revenues in the Towable RV segment fell 9% year over year to $262.4 million as a result of a shift in the product mix toward lower-priced models, coupled with reduced unit volumes. The metric also lagged our estimate of $304.3 million. Total deliveries from the segment came in at 6,615 units, which decreased 8.4% year over year and fell short of our estimate of 7,437 units. Operating income fell 12.2% to $11.1 million due to volume deleverage and product mix. The figure also fell short of our estimate of $17.6 million.

Motorhome RV: Revenues in the Motorhome RV segment rose 29.3% year over year to $304.7 million, mainly because of increased unit volumes. The top line also beat our estimate of $200.7 million. Total deliveries from the Motorhome RV segment came in at 1,518 units, up 32.7% year over year and topped our estimate of 930 units. The segment recorded an operating income of $7.5 million against the year-ago period’s operating loss of $0.6 million due to volume leverage.

Marine: Revenues from the segment totaled $79.2 million, down 3% year over year, primarily due to a decline in unit volumes. The metric also missed our estimate of $103.1 million. Total deliveries from the segment came in at 992 units, down 5.2% year over year and fell short of our estimate of 1,250 units. The segment’s operating income fell to $2.9 million from the year-ago operating income of $5.4 million due to increased warranty expense and volume deleverage. It also lagged our expectation of $7.6 million.

Financials & Fiscal 2026 OutlookWinnebago had cash and cash equivalents of $47.4 million as of Feb. 28, 2026. Long-term debt totaled $442.3 million.

On March 18, 2026, the company declared a quarterly cash dividend of 35 cents per share, payable on April 29, 2026, to shareholders of record as of the close of business on April 15, 2026.

WGO expects its fiscal 2026 consolidated revenues in the band of $2.8-$3 billion. Adjusted EPS is estimated between $2.10 and $2.80.

WGO’s Zacks Rank & Key PicksWinnebago stock currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks in the auto space are Renault SA (RNLSY - Free Report) , Magna International Inc. (MGA - Free Report) and Modine Manufacturing Company (MOD - Free Report) , each sporting a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for RNLSY’s 2026 sales and earnings implies year-over-year growth of 12.1% and 169.5%, respectively. The EPS estimates for 2026 and 2027 have moved down 4 cents each in the past 30 days.

The Zacks Consensus Estimate for MGA’s 2026 sales and earnings implies year-over-year growth of 2.3% and 19%, respectively. The EPS estimate for 2026 and 2027 has improved 10 cents and 30 cents, respectively, in the past 30 days.

The Zacks Consensus Estimate for MOD’s fiscal 2026 sales and earnings implies year-over-year growth of 21.3% and 19%, respectively. The EPS estimate for fiscal 2026 and fiscal 2027 has improved 19 cents and 89 cents, respectively, in the past 60 days.

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Published in auto-tires-trucks earnings

Posted by Defense World Staff on Apr 14th, 2026

Deprince Race & Zollo Inc. decreased its position in Winnebago Industries, Inc. (NYSE:WGO – Free Report) by 34.6% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 143,148 shares of the RV manufacturer’s stock after selling 75,710 shares during the quarter. Deprince Race & Zollo Inc. owned approximately 0.51% of Winnebago Industries worth $5,800,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of WGO. Maple Rock Capital Partners Inc. increased its position in shares of Winnebago Industries by 111.2% in the third quarter. Maple Rock Capital Partners Inc. now owns 680,199 shares of the RV manufacturer’s stock valued at $22,746,000 after acquiring an additional 358,100 shares during the period. Hotchkis & Wiley Capital Management LLC purchased a new position in shares of Winnebago Industries in the third quarter valued at about $9,785,000. Royce & Associates LP purchased a new position in shares of Winnebago Industries in the third quarter valued at about $6,838,000. UBS Group AG increased its position in shares of Winnebago Industries by 75.8% in the third quarter. UBS Group AG now owns 417,015 shares of the RV manufacturer’s stock valued at $13,945,000 after acquiring an additional 179,853 shares during the period. Finally, Marshall Wace LLP increased its position in shares of Winnebago Industries by 142.3% in the second quarter. Marshall Wace LLP now owns 233,505 shares of the RV manufacturer’s stock valued at $6,772,000 after acquiring an additional 137,120 shares during the period.

Wall Street Analysts Forecast Growth A number of research firms have issued reports on WGO. Benchmark boosted their price objective on shares of Winnebago Industries from $42.00 to $48.00 and gave the company a “buy” rating in a research report on Tuesday, December 23rd. Robert W. Baird reduced their price target on shares of Winnebago Industries from $48.00 to $42.00 and set a “neutral” rating on the stock in a research report on Thursday, March 26th. Weiss Ratings reiterated a “hold (c-)” rating on shares of Winnebago Industries in a research report on Monday, December 29th. Roth Mkm boosted their price target on shares of Winnebago Industries from $36.00 to $42.00 and gave the company a “neutral” rating in a research report on Monday, December 22nd. Finally, Griffin Securities set a $40.00 price target on shares of Winnebago Industries in a research report on Tuesday, December 23rd. Four equities research analysts have rated the stock with a Buy rating and seven have given a Hold rating to the stock. Based on data from MarketBeat.com, Winnebago Industries currently has a consensus rating of “Hold” and an average price target of $42.30.

Check Out Our Latest Analysis on WGO

Winnebago Industries Price Performance WGO stock opened at $32.63 on Tuesday. The firm has a 50 day moving average price of $38.36 and a 200-day moving average price of $38.56. Winnebago Industries, Inc. has a 52-week low of $28.00 and a 52-week high of $50.16. The firm has a market capitalization of $922.31 million, a price-to-earnings ratio of 22.19 and a beta of 1.20. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.99 and a current ratio of 2.30.

Winnebago Industries (NYSE:WGO – Get Free Report) last released its earnings results on Wednesday, March 25th. The RV manufacturer reported $0.27 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.25 by $0.02. Winnebago Industries had a net margin of 1.43% and a return on equity of 4.99%. The firm had revenue of $657.40 million during the quarter, compared to analyst estimates of $628.00 million. During the same period last year, the business earned $0.19 earnings per share. The business’s revenue was up 6.0% on a year-over-year basis. Equities research analysts forecast that Winnebago Industries, Inc. will post 3.41 EPS for the current fiscal year.

Winnebago Industries Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Wednesday, April 29th. Stockholders of record on Wednesday, April 15th will be issued a dividend of $0.35 per share. This represents a $1.40 annualized dividend and a dividend yield of 4.3%. The ex-dividend date is Wednesday, April 15th. Winnebago Industries’s dividend payout ratio (DPR) is presently 95.24%.

Winnebago Industries Profile (Free Report)

Winnebago Industries, Inc is a leading manufacturer of recreational vehicles (RVs) and specialty vehicles, headquartered in Forest City, Iowa. Since its founding in 1958, the company has gained recognition for its motorhomes, travel trailers and fifth-wheel products under the Winnebago and Grand Design brands. Its portfolio also includes towable RVs, camper vans and commercial vehicles tailored for healthcare, government and mobile retail applications.

In addition to vehicle production, Winnebago Industries maintains an extensive dealer and service network across the United States and Canada, supplemented by parts distribution centers and customer support resources.

Further Reading Five stocks we like better than Winnebago Industries Want to see what other hedge funds are holding WGO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Winnebago Industries, Inc. (NYSE:WGO – Free Report).

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A month has gone by since the last earnings report for Winnebago Industries (WGO - Free Report) . Shares have lost about 0.6% in that time frame, underperforming the S&P 500.

Will the recent negative trend continue leading up to its next earnings release, or is Winnebago due for a breakout? Well, first let's take a quick look at the most recent earnings report in order to get a better handle on the recent drivers for Winnebago Industries, Inc. before we dive into how investors and analysts have reacted as of late.

Winnebago Q2 Earnings Surpass ExpectationsWinnebago reported adjusted earnings of 27 cents per share in the second quarter of fiscal 2026 (ended Feb. 28, 2026), beating the Zacks Consensus Estimate of 25 cents. WGO reported adjusted EPS of 19 cents in the year-ago period. The recreational vehicle (RV) maker reported revenues of $657 million for the quarter under review, surpassing the Zacks Consensus Estimate of $625 million. The top line increased 6% year over year.

Segmental PerformanceTowable RV: Revenues in the Towable RV segment fell 9% year over year to $262.4 million as a result of a shift in the product mix toward lower-priced models, coupled with reduced unit volumes. The metric also lagged our estimate of $304.3 million. Total deliveries from the segment came in at 6,615 units, which decreased 8.4% year over year and fell short of our estimate of 7,437 units. Operating income fell 12.2% to $11.1 million due to volume deleverage and product mix. The figure also fell short of our estimate of $17.6 million.

Motorhome RV: Revenues in the Motorhome RV segment rose 29.3% year over year to $304.7 million, mainly because of increased unit volumes. The top line also beat our estimate of $200.7 million. Total deliveries from the Motorhome RV segment came in at 1,518 units, up 32.7% year over year and topped our estimate of 930 units. The segment recorded an operating income of $7.5 million against the year-ago period’s operating loss of $0.6 million due to volume leverage.

Marine: Revenues from the segment totaled $79.2 million, down 3% year over year, primarily due to a decline in unit volumes. The metric also missed our estimate of $103.1 million. Total deliveries from the segment came in at 992 units, down 5.2% year over year and fell short of our estimate of 1,250 units. The segment’s operating income fell to $2.9 million from the year-ago operating income of $5.4 million due to increased warranty expense and volume deleverage. It also lagged our expectation of $7.6 million.

Financials & Fiscal 2026 OutlookWinnebago had cash and cash equivalents of $47.4 million as of Feb. 28, 2026. Long-term debt totaled $442.3 million.

On March 18, 2026, the company declared a quarterly cash dividend of 35 cents per share, payable on April 29, 2026, to shareholders of record as of the close of business on April 15, 2026.

WGO expects its fiscal 2026 consolidated revenues in the band of $2.8-$3 billion. Adjusted EPS is estimated between $2.10 and $2.80.

How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in estimates review.

The consensus estimate has shifted -13.27% due to these changes.

VGM ScoresCurrently, Winnebago has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. However, the stock was allocated a score of A on the value side, putting it in the top quintile for this investment strategy.

Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.

OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Winnebago has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.

FOREST CITY, Iowa, May 11, 2026 (GLOBE NEWSWIRE) -- Winnebago® announced the launch of ARKA™, a new off-grid, all-season adventure truck, expanding its rugged RV portfolio for travelers who go farther and stay longer. Joining Winnebago’s Backcountry Series alongside Revel® and EKKO™, ARKA is designed to be tough, approachable and reliable, prioritizing durability and real-world performance.

Bridging off-road capability and premium RV comfort, ARKA is a self-reliant basecamp engineered for the demands of real backcountry travel. Purpose-driven design, all-season durability and extended off-grid independence are backed by Winnebago’s OEM-level testing, including durability simulations replicating over 100,000 miles of road and trail input. This approach focuses on doing the right things exceptionally well, allowing owners to trust their vehicle and personalize it over time.

“ARKA was designed by listening closely to real backcountry travelers,” said Stefanie Whittington, senior product manager for Winnebago’s compact Class C and adventure platforms. “We looked at what breaks down, what creates friction and what gives people confidence when they’re days from pavement. Every decision came back to durability, autonomy, and ease of use.”

Turning nowhere into somewhere

ARKA transitions from rugged exploration to total comfort without compromise to allow adventurers to recover and recharge.

Durability and off-road performance: Built on the RAM® 5500 chassis with a 15,000 lb. towing capacity, the platform tackles tough terrain, vibration and gear-heavy adventures with confidence. A purpose-built exterior and optimized underbody provide protection and stability required for extended backcountry travel.
Comfort and adaptability: Inside, ARKA balances rugged utility with comfort designed to help users recover and recharge between days on the move. Hydronic heating, heated tanks and floors, advanced insulation and industry-first heat recovery ventilation regulate temperature, manage humidity and reduce condensation across conditions from -10ºF to 120ºF. A durable interior featuring aluminum cabinetry, modular sleeping options, convertible dinette, L-track mounting and full-height gear garage support seamless transitions between remote exploration and everyday comfort.
Autonomy and connectivity: ARKA is designed so essential systems are centrally managed and intentionally accessible. Winnebago Connect™ allows users to monitor and control power, climate, water and security from a connected device, simplifying off-grid living. A 48-volt electrical architecture with up to 15kWh of lithium battery capacity, a 3,600-watt inverter and multiple charging sources including solar, alternator and shore power deliver reliable, long-duration autonomy without added complexity.
Safety and security: Reinforced construction and integrated systems support awareness and control in changing conditions. Thoughtful engineering helps protect both the vehicle and its occupants, supporting confident travel across unfamiliar terrain and environments.
Utility and adaptability: ARKA is built as a flexible platform that evolves with its owners over time. Modular storage solutions and a curated range of bolt-on interior and exterior accessories allow users to personalize their setup as needs change, while preserving a focused foundation that comes equipped with everything they need and nothing they don’t. “Every strong brand has chapters that redefine it, and ARKA marks one of those moments for Winnebago,” said Chris West, president of Winnebago Motorhomes. “We are honoring our heritage and strengthening the brand, our focus is simple: purposeful innovation, authentic outdoor experiences and products that truly earn the trust of our customers.”

See ARKA in person:
ARKA will make its public debut at Overland Expo West in Flagstaff, Arizona (May 15–17, 2026), followed by appearances at Overland Expo PNW in Redmond, Oregon (June 26–28) and Overland Mountain West in Loveland, Colorado (August 21–23). Additional product information is available at www.winnebago.com/models/arka.

About Winnebago
Winnebago® has been a part of the American outdoor experience and an RV industry pioneer since 1958. The brand offers legendary innovation, quality and customer experience across a full spectrum of towable travel trailers and motorhomes, from camper vans to luxury Class A diesel pushers. Headquartered in Forest City, Iowa, the brand is a wholly owned subsidiary of Winnebago Industries (NYSE: WGO), a leading manufacturer of premium outdoor recreation products committed to elevating every moment outdoors. For more information, visit www.winnebago.com.

Media contact:
[email protected] 
ARKA press kit and product imagery available upon request.

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/f8803080-6e1d-4a29-94dd-04bf26e2ae6e

EDEN PRAIRIE, Minn., June 02, 2026 (GLOBE NEWSWIRE) -- Winnebago Industries, Inc. (NYSE: WGO), a leading manufacturer of outdoor recreation products, today announced that President and Chief Executive Officer Michael Happe will participate in an analyst-led fireside chat at the Baird 2026 Global Consumer, Technology & Services Conference in New York City at 10:50 a.m. ET on Wednesday, June 3, 2026. Management will also host one-on-one meetings with institutional investors and analysts.

A live webcast of the fireside chat will be available on Winnebago Industries’ investor relations website at https://investor.wgo.net/. A replay will be archived and accessible for 90 days following the presentation.

About Winnebago Industries

Winnebago Industries, Inc. is a leading North American manufacturer of outdoor recreation products under the Winnebago, Grand Design, Chris-Craft, Newmar and Barletta brands, which are used primarily in leisure travel and outdoor recreation activities. The Company builds high-quality motorhomes, travel trailers, fifth-wheel products, outboard and sterndrive powerboats, pontoons, and commercial community outreach vehicles. Committed to advancing sustainable innovation and leveraging vertical integration in key component areas, Winnebago Industries has multiple facilities in Iowa, Indiana, Minnesota, and Florida. The Company’s common stock is listed on the New York Stock Exchange and traded under the symbol WGO. For access to Winnebago Industries' investor relations materials visit www.winnebagoind.com/investors.

Contacts

Investors: Joan Ondala [email protected]

Media: Daniel Sullivan [email protected]