Investor Day
Welcome and opening remarks
Senior Vice President, Investor Relations
Forward looking statements
This presentation relates to the Company’s 2025 Investor Day at which the Company is discussing the Company’s strategy, finan cial targets and capital allocation priorities, its plans for growth in revenues, margin expansion and advancements in technology, and its investment thesis (its “2028 Targets”). The Company intends that all statements in this presentation concerning the 2028 Targets, including without limitation the Company’s financial targets for 2028; its plans to evolve its product portfolio; growth trends and drivers; it s strategic and capital allocation priorities; its plans, objectives and expectations; future financial and other results it seeks to attain; its competitive advantages; the new product introductions it contemplates and anticipated revenues from new products; financial pillars; takeaways and messages; its cost reduction plans; its capacity expansion plans; its expectations concerning free cash flow; its resilience; its investment strategy; its M&A strategy; and its views of market opportunities and benefits and other matters resulting from the 2028 Targets, are statements that the Company believes to be “forward - looking statements” withi n the meaning of the Private Securities Litigation Reform Act of 1995. Without limitation, when used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project,” “confident,” “executing,” “building,” “improving,” “advancing,” “expanding,” “trends,” “positioned,” or “plan” or the negative thereof or variations thereon or similar terminol ogy are generally intended to identify forward-looking statements. Similarly, references in the strategy circle that appears in this presentation to diversified growth, healthy margins and disciplined capital allocation are intended to be forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical natu re of the Company’s access equipment, fire apparatus, refuse and recycling collection and air transportation equipment markets, which are particularly impacted by the strength of U.S. and European econom ies and construction seasons; the Company’s estimates of access equipment demand which, among other factors, is influenced by historical customer buying patterns and rental company fleet replacement strategies; the impact of orders and costs on the U.S. Postal Service contract; risks that a trade war and related tariffs could reduce the demand for or competitiveness of the Company’s products or cause ine fficiencies in the Company's supply chain; the Company’s ability to increase prices to raise margins or to offset higher input costs; the Company's ability to accurately predict future input costs associat ed with Defense contracts; the Company’s ability to attract and retain production labor in a timely manner; the Company's ability to realize the anticipated benefits associated with the AeroTech acquisition; the strength of the U.S. dollar and its impact on Company exports, translation of foreign sales and the cost of purchased materials; the impact of severe weather, war, natural disasters or pandemics that may af fect the Company, its suppliers or its customers; the Company’s ability to predict the level and timing of orders for indefinite delivery/indefinite quantity contracts with the U.S. federal government; budget uncertainty for the U.S. federal government, including risks of future budget cuts, the impact of continuing resolution funding mechanisms and the potential for shutdowns; the impact of any U.S. Department of Defense solicitation for competition for future contracts to produce military vehicles; risks related to the collectability of receivables, particularly for those businesses with exposure to constr uction markets; the cost of any warranty campaigns related to the Company’s products; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws and regulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to data security thre ats and breaches impacting the Company; the Company’s ability to successfully identify, complete and integrate other acquisitions and to realize the anticipated benefits associated with the same; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long- term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission. All forward-looking statements speak only as of the date of this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation to reflect subsequent events or circumstances. In particular: The statements in this presentation relate to the Company’s goals, targets and objectives re garding the 2028 Targets and potential results from the 2028 Targets. While many statements use language that might imply a level of certainty about the likelihood that the Company will attain these goals, targets and objectives, it is possible that the Company will not attain them in the timeframe noted or at all. By their nature, the risk and uncertainty associated with these goals, targets and objectives are greater than that associated with near-term guidance and should not be construed as guidance. Therefore, investors should construe these statements regarding the 2028 Targets only as goals, targets and objectives rather than promises of future performance or absolute statements.
Table of contents
06 Company overview and strategy
69 Segment update: Vocational
John Pfeifer, President and Chief Executive Officer
Michael Pack, Executive Vice President and President, Vocational
23 Technology overview
81 Financial growth and resilience
Jay Iyengar, Executive Vice President and Chief Technology and Strategic Sourcing Officer
Matthew Field, Executive Vice President and Chief Financial Officer
40 Segment update: Access
101 Closing remarks
Mahesh Narang, Executive Vice President and President, Access
John Pfeifer, President and Chief Executive Officer
54 Segment update: Transport
104 Appendix
John Pfeifer, President and Chief Executive Officer
Our presenters
President and Chief Executive Officer (Interim Transport President)
Executive Vice President and Chief Technology and Strategic Sourcing Officer
Executive Vice President and President, Access
Executive Vice President and President, Vocational
Executive Vice President and Chief Financial Officer
Joined 2019
Joined 2022
Joined 2023
Joined 2006
Joined 2024
120+ years of diversified leadership experience
Company overview and strategy
President and Chief Executive Officer
Key takeaways – 2028 targets
Key takeaways – 2028 targets
Foundational pillars
One unified company setting the standard for innovation, safety and performance across essential industries
Empowering everyday heroes with safe, intuitive and productive solutions
Expanding into high- return adjacencies rooted in our strength: engineering innovative, purpose-built vehicles
Advancing operational efficiency through a culture of continuous improvement and smart, high-impact technologies
Evaluating capital deployment across the business through a disciplined lens – anchored in shareholder value
Oshkosh at a glance
We design, develop and manufacture purpose-built vehicles for everyday heroes.
Billion in revenue (2024)
Adjusted EPS* (2024)
Team members globally
Years of innovation
One global business serving customers through three segments:
* Non-GAAP results. See appendix for reconciliation to GAAP results.
Our purpose: making a difference in people’s lives
We put people first We persevere We do the right thing We are better together
Technology driven – industrial focus
Prior to 2022
2022 - 2025
2025 and beyond
Capturing new opportunities across the portfolio • Streamlined segments and exited non-core businesses • Implemented programmatic M&A • Accelerated technology development
Transforming into an industrial technology company • Increased focus on growth • Initiated our Innovate. Serve. Advance. strategy to expand capabilities • Shaped the portfolio through active, programmatic M&A
Delivering advanced solutions for everyday heroes • Execute new growth strategies to capture emerging opportunities • Invest in capacity to capitalize on market opportunities • Leverage advanced technologies to extend market leadership
Innovating purpose-built technology
Everyday heroes rely on Oshkosh
Focused on shaping the future
Current state
Disconnected systems and manual coordination delay gate and ground operations
Aging fleets and outdated systems create noise, emissions and operational challenges
Manual workflows and siloed systems slow productivity, impact downtime and pose safety risks
OSK enabled future state
Integrated, intelligent ground support solutions streamline aircraft turns, promoting accuracy and efficiency
Purpose-built, route-based electric fleet vehicles deliver safety, comfort and connectivity
Electrified, autonomous equipment offers safety, performance and operational control
Technology designed to solve customer needs
Supportive long-term trends
Policy-driven investment driving demand for large- scale construction
Rising replacement demand as aging commercial vehicles near end of service life
Increasing passenger and cargo demand fueling air traffic expansion
Growing demand for intelligent, clean solutions driven by performance, cost benefits and sustainability
Population growth and regional migration propelling municipal service expansion and modernization
Oshkosh is well-positioned to capitalize on growth opportunities
Right to win
• Powerful brands and product portfolio
• Innovative, purpose-built solutions
• Leading market positions
• Relentless focus on quality and lifecycle support
• Flexible, tech-enabled manufacturing
• High-performing leadership team
Leading brands and strong customer relationships drive shareholder value
Our strategy
With deep and long-standing customer relationships, we make a difference in the lives of those who build, serve and protect communities around the world
Shaping tomorrow with leading technology
Supporting throughout the product lifecycle
Scaling our reach
Innovate. Serve. Advance.
Develop safe, intuitive and productive solutions to real-world challenges through advanced technology and proven expertise • Intelligent, Connected Products • Electrification • Autonomy and Active Safety • Digital Manufacturing • AI, Machine Learning and Advanced Analytics
Innovate. Serve. Advance.
Deliver solutions that support the installed base, promote uptime and create value across every stage of ownership • Tools enhancing fleet intelligence – like ClearSky Smart Fleet and iOPS ® technology • Deep customer relationships • Fleet uptime, productivity and safety enhancements • On-demand parts fulfillment • Continuous product advancement
Innovate. Serve. Advance.
Expand our leading portfolio to adjacent products, verticals and geographies • Category expansion • Lifecycle categories • Adjacent markets • Purpose-built vehicles and equipment • Technology
Purpose-built portfolio
2024 revenue (billions)
$5.2
$3.3
$2.2
One common purpose Making a difference in people’s lives
One compelling strategy Innovate. Serve. Advance.
One collaborative platform Shared expertise and best practices
One collective commitment Deliver strong shareholder returns
$10.7
Compelling investment thesis
Sizable backlogs and pricing provide clear revenue visibility
Plans to deliver through- cycle margin expansion across segments
Strong segments support balanced returns
Expect significant free cash flow and disciplined capital allocation, anchored in shareholder value
Technology overview
Executive Vice President and Chief Technology and Strategic Sourcing Officer
Key messages
Capabilities shared across products to leverage architectures, hardware and software to drive efficiency
Addressing customer pain points with a comprehensive end-to-end lifecycle approach that delivers targeted solutions
Focused on electrification , autonomy and active safety and intelligent products , powered by AI
Competitive advantages
Startups Co-development, pilot programs and early tech adoption VC firms Access to emerging tech, funding insights, scouting technology and investment trends Universities Collaboration on research, student projects and talent pipeline
1,900+ Engineering team members
Controls/software
Modeling and simulation
Mobility systems
400+ Advanced-tech engineers in areas of software, autonomy,
AI, electrification and intelligent products
Mechatronics
Data analytics
Testing
~1,300 Patents
Electrification
Autonomy and Active Safety
Intelligent Products
World-class team, technology and partnerships driving innovation
Rich intellectual property portfolio
~1,300 Active patents
IEEE Spectrum Magazine external benchmarking – 2025 Patent Power ranking
570+ Electrification patents and applications
360+ Intelligent systems, autonomy, active safety patents and applications
150+ Mobility patents and applications
Growth
Impact
Originality
Generality
spectrum.ieee.org/patent-power-2025 IEEE: Institute of Electrical Electronics Engineers
Impactful patents create product differentiation
Leading with a customer-centric innovation strategy
Fire Performance | Uptime | Availability | Flexibility
Construction Safety | Ease of operation | Versatility | Productivity
Defense Mission ready | Mobility | Payload | Protection
Environmental Efficiency | Payload safety | Ergonomics
Delivery Ergonomics | Operating cost capacity | Reliability
Airport Operator retention | Damage mitigation | Efficiency
Total cost of ownership
Close collaboration with customer to validate total cost of ownership (TCO) benefits
Transforming end markets
Airport of the future
Neighborhood of the future
Job site of the future
Developing products and technology to provide breakthrough solutions
Shared scalable technology stacks
Visualization/insights
Lifecycle
Fleet coordination
AI/ML platform and applications
Charging
Autonomy software
Secure cloud
Vehicle software
ADAS software
Data integration/engineering
E-powertrain/e-actuators
Actuation
Edge computing
Battery
Perception
Software defined vehicle
Propulsion architecture
Sensors
Data integration
Cybersecurity
Functional safety
Our scalable technology stacks are enhanced with machine-learning and AI
Technology stacks enable product differentiation and competitive advantage
Electrification technology
Proprietary powertrain architectures and technologies shared across EV product lines drive growth and accelerates launches
Disciplined make vs. buy strategy focused on business and customer value
Compelling TCO model driving design decisions and product viability
Low Voltage Battery – up to 1995
Hybrids – up to 2010
High-Voltage Li-Ion Battery – 2025
Over two decades of expertise in electrification enable customer-centric solutions
Case study: electric refuse collection vehicle
• Ground-up, fully-integrated vehicle designed to optimize performance and efficiency • Ergonomics and visibility transform the operator experience to support retention and recruitment • Modern ADAS suite aids productivity • Optimized body function electrification to promote operational efficiency • Full-day battery operation and backed by 90+ patents and applications
McNeilus ® Volterra ZSL
Energy savings
Republic Services has made an industry-leading commitment to fleet electrification, and we look forward to continuing our longstanding partnership with Oshkosh and McNeilus …”
“
Enabling technology Purpose-designed actuation system •
Benefits •
39.9
82% reduction*
Exceptional speed, efficiency and controllability Helps manage noise and vibration ~45 mins/day saved on-route**
7.2
Moments of autonomy
•
Cart recognition
•
•
Legacy
eZR
Auto dump
•
kWh per day
- Brett Rogers ,
Electric actuation Position control Mass estimation
•
McNeilus ® Electrified Zero-Radius Arm *Compared to McNeilus hydraulic arm during internal testing, estimated based on 1,000 – 1,500 home route. Actual results may vary based on specific route characteristics.
Republic Services Vice President, Operations Technology
•
•
** Time savings estimated based on 1,000 - 1,500 home route and 1-2 second savings per pickup. Actual per home pickup time varies based on length the arm needs to deploy, number of homes serviced and other unique route characteristics.
Autonomy and active safety technology
ADAS and moments of autonomy help manage complex operations, promoting safety and productivity
Purpose-designed, cost effective implementation of ADAS for all products
Shared software stack for perception and motion planning
DARPA – up to 2010
DoD ADAS and by-wire – up to 2015
ADAS and moments of autonomy – 2025
Autonomy and active safety technology provide customer solutions across segments
Case study: JetDock ® autonomous boarding bridge
• Helps manage human caused aircraft damage
• Aids training of skilled operators
• Pre-position based on VDS flight data
• Autonomous or remote docking
• Cameras with AI monitor operations
• Bridge becomes automation hub
Hail-able Autonomous Refuse Robot (HARR-E )
Trackless Moving Target (TMT)
Autonomous Cargo Handler
CAMS Radar System
End-effectors
CartSeeker
Moments of autonomy provide significant value across our product lines simplifying complex tasks
Intelligent products
Factory equipped scalable telematic control unit (TCU) hardware for cost- effective implementation
120k+ assets connected to a common cloud platform for efficient data and hosting
Customized portals, advanced analytics and over-the-air updates
Initial product launch – up to 2010
AI/ML implementation – 2025
Oshkosh cloud rollout – up to 2015
Building a suite of analytics solutions that provide actionable insights
Case study: ClearSky Smart Fleet
Machine software over-the-air
• Connected crews, machines and job sites
•
Embedded access control
Next-generation data feeds
•
•
Site network infrastructure
Elevation based localization
•
•
• Advanced service and maintenance UI
Vehicle-to-vehicle connectivity
•
Innovation platform Software platform
5
Full customization third-party party apps hosting
4
New feature via software updates
Proprietary multi-domain edge controller (MDEC)
Consolidates four controllers into one
3
New functions via software updates
Upgradeable
2
Over-the-air-enabled software updates
Updatable
1
Data connectivity
Connected
Real-time edge processing and live video streaming
Supports subscription- based features
0
Mechanical functions enabled via software
Software enabled
AI applications driving premium customer value
AI:I am listening. You:Check engine light is on. AI: …
providing optimized route planning, road conditions and vehicle alerts
identifying cart condition and allowing smart refuse pick up
using cameras and object classification for clean and sustainable recycling pickup
to expedite and simplify troubleshooting and repair
Expanding application of AI tools in product design and software development
Strategic technology launch roadmap
Pierce ® Volterra Fire Truck
JLG ® E313 TMH
JLG ® EC600AJ Boom Lift
Next Generation Delivery Vehicle
Oshkosh AeroTech JetDock ®
Autonomous Cargo Handler
Software Defined Vehicle (Level 3-4)
Autonomous Refuse
2024
2025
2026
2027
2028
AI: I am listening. You: Check engine light is on. AI: …
McNeilus ® Volterra ZSL
McNeilus ® Volterra ZFL
ROGUE- Fires
Electrified Zero-Radius Arm
AI Driver Assist
Autonomous Charging
CartSeeker Cart Detection
Driving growth with new product innovation
Vitality index (1)
NGDV
JLG ® 519 Telehandler
Total plan 2022-2028:
2,000 bps
investment (2)
Pierce ® Volterra Firetruck
Oshkosh ® Defense By-Wire PLS A2
2028
Expected revenue from new products 2022-2028:
Oshkosh AeroTech Glass Jet Bridge
Oshkosh AeroTech Autonomous Cargo Handler
2022 13%
33%
McNeilus ® Volterra Electric Refuse and Recycling Vehicle
Striker ® Volterra ARFF
(1) Revenue from new products for five years from launch date as a % of total sales. (2) Includes research and development, sustaining engineering and engineering on the NGDV program.
Innovation powers long-term growth
Key takeaways
Capabilities shared across products to leverage architectures, hardware and software to drive efficiency
Addressing customer pain points with a comprehensive end-to-end lifecycle approach that delivers targeted solutions
Focused on electrification , autonomy and active safety and intelligent products , powered by AI
Segment update: Access
Executive Vice President and President, Access
Key messages
in our core markets with product innovation
margins through cost reduction and efficiency
resiliency through construction cycle with growth in adjacencies and lifecycle
Market snapshot
Capitalizing on trends by configuring products from broad existing portfolio and automating jobs for the job site of the future
Dumpers / specialty equipment
Aerial work platforms
Telehandlers
Towing and recovery
~99 models
~36 models
~23 models
~16 models
Regional tailoring
Electrification
Connected data and automation
Addressable market
Addressable market
North America
~$9B
Regionalization
Safety and productivity
Automation at job site
Europe
~$9B
China
~$4B
Rest of World
~$1B
Strong brands, broad product range and favorable trends will drive growth
Competitive advantages
Globally recognized brand with reputation for quality and service Consistently recognized across multiple categories for highest retained value, with strong NPS scores
Broad portfolio of products and services allows JLG ® to be on the job site from inception to post-completion >97% next day parts delivery in major markets
Global product platforms with specific features tailored for each region ClearSky Smart Fleet helps customers move from connected sites to solving problems autonomously
Industry leading scale with global footprint enables local purchasing and sourcing Highly efficient production with shorter lead-times from local manufacturing
•
•
•
•
•
•
•
•
2024 Overall NPS Score*
* NPS score of +70 denotes world class. Source: internal survey.
Innovation, product range, aftermarket support and global footprint position JLG ® as an industry leader
Strategic priorities
• Tomorrow’s technology today • ClearSky Smart Fleet redefines job sites from enabling jobs to executing jobs • Connected ecosystems solve customer problems
• Expand master parts distribution network • Participate in remanufactured and used equipment globally • Grow autonomy functions and software services • Leverage digital tools for rapid service
• Targeting significant incremental revenue outside North America rental channel • Accelerate cost reduction and increase efficiency to improve margins
Executing on our strategy to deliver meaningful growth
Product lifecycle focus
Software defined architecture, with advanced sensing delivers precise positioning transforming our equipment to a robotic system — available in EV, hybrid and diesel
Delivers zero emissions, silent operation and leak- free performance — ideal for premium, sensitive environments like hospitals, data centers and other commercial indoor environments
Machines connect and communicate via patented Bluetooth mesh, creating a wireless job site network that delivers real-time data, actionable insights and efficient fleet management
Obstacle detection with advanced sensing and vision technology protects operators and equipment in sensitive environments like aerospace, aviation and precision job sites
Delivering moments of autonomy through intelligent end-effectors and a connected job site — unlocking scalable efficiency, safety and differentiated value as we
move from features to solutions to outcomes
Tomorrow's technology today – providing solutions to customers
Connect the job site with ClearSky Smart Fleet
Redefines the job site from enabling jobs to executing jobs
Creates a connected ecosystem of machines, people, materials and tools that solve customer problems on the job site
Service across the product lifecycle
• Add master PDCs in Asia and Europe • Control lead times with local sourcing to aid sales and margins
• Increase participation in remanufactured and used equipment globally to aid resale value and high margins for Access
• Continue to enhance ClearSky ® network features and release globally • Increase autonomy functions to solve job site problems
2024 Overall NPS Score*
Recognized by customers as the leading brand for customer service
• Expand ClearSky ® network capabilities to enhance digital tools for convenient and rapid service support
* NPS score of +70 denotes world class. Source: internal survey.
Putting the customer at the center of our go-to-market strategy
Building resiliency through diversified adjacencies
• Leverage JLG ® network to grow acquired brands and products in global markets
• Advance our Serve strategy and grow lifecycle revenue
• Grow in Ag market and use Ag platform to grow global telehandlers
• Grow SaaS by leveraging ClearSky ® technology
Since we have this, I don't know how we'd do without one." “
- Brad P. , fifth-generation dairy farm operator
Targeting significant incremental revenue outside North America rental channel
Accelerate cost reduction and increase efficiency
• Reducing material cost through focused initiatives • Designing fit-for-market products to meet customer needs
• Volume growth through share gains leverage existing factories • Increasing efficiencies through automation
• Manufacturing goods in country to reduce transportation costs and lead times • Diversified footprint provides flexibility to adjust to tariffs, other macroeconomic or geopolitical threats
Driving improved double-digit margins through the cycle
Improving through-cycle performance
Average financial performance
FY10-FY16
FY17-FY20
FY21-2024
2028 (target)
+30%**
~$5.3-5.8
Global growth with favorable trends
•
+27%
$4.2
+12%
$3.3
$3.0
Sales $ in billions
Capitalizing on scale to drive procurement savings and regional configurations Growing into strong resilient businesses reduces cyclicality
•
•
+390bps**
~14-16%
12.3%
Adj. OI margin*
11.5%
11.1%
* Non-GAAP results. See appendix for reconciliation to GAAP results. ** Calculated based on midpoint of 2028 target range.
Improving across economic cycles
2028 Access targets
Sales
Adj. Operating Margin*
+$0.9-1.4B
+100-300 bps
~$4.4B 2025 Jan. 30 guidance
~13% 2025 Jan. 30 guidance
* Non-GAAP estimates. See appendix for reconciliation to GAAP results.
Key takeaways
in our core markets with product innovation
margins through cost reduction and efficiency
resiliency through construction cycle with growth in adjacencies and lifecycle
Segment update: Transport
President and Chief Executive Officer
Key messages
margins in core Tactical Wheeled Vehicle (TWV) business
position in modernization adjacencies
delivery vehicle programs
Defense business positioned for improved profitability
• Focused on profitability of TWV business through operational efficiencies and sole source contracts • New sole source contracts contain Economic Price Adjustment (EPA) protections to manage risk of inflation and cost escalation • Driving aftermarket growth through expanded parts sales and technology upgrades across legacy fleets
• Investing in targeted upgrades to grow capabilities • Expanding autonomous platform offerings • Incorporating launch electrification kits to provide mission power • Developing payload integration capabilities • Pursuing new markets where DoD is prioritizing investments • Developing higher margin international opportunities
Delivering improved operating margins
Competitive advantages
• Legacy of boundary-pushing innovation • Building on deep expertise with latest AI and automation technology
• Hundreds of patents and applications for tactical wheeled vehicles and related technologies • 70+ patents and applications directed to mobility technologies
• Built and equipped to meet high performance and quality standards • Operational excellence drives quality
Note Dutch Image
Differentiation through cutting-edge technology and innovation
Market snapshot
Proven provider of purpose-built vehicles leveraging long-standing innovation expertise to deliver solutions to critical fleets
Market
Key products
Key market dynamics
Requirements to sustain forces and equipment to meet modern conflict environments
•
• Ongoing international conflicts and increasing NATO requirements
Autonomy and active safety
Electrification
Survivability
• U.S. DoD prioritizing a continuous transformation process resulting in innovation and lifecycle opportunities
Light, Medium, Heavy TWV and other global solutions
• USPS operates largest delivery fleet in N.A.
• Parcel delivery volumes expected to continue growth trajectory
Rising global conflicts
Modernizing battlefield
• Parcel shipment growth driving a shift toward mail-to-parcel ratio parity
• USPS can effectively compete in parcel delivery with the new purpose-built NGDV
NGDV and delivery offerings
Aging and underequipped fleet
E-commerce growth
Expanding portfolio of transport solutions to address customer needs
Strategic priorities
• Targeted investments in technology upgrades • Delivering advanced last-mile delivery vehicle specifically designed with integrated automotive safety features and technology
• Grow global sales of proprietary and non-proprietary parts • Develop technology kits for production upgrades and retrofit sales • Capture NGDV lifecycle sales
• Work with legacy and new defense disruptor firms to accelerate fielding of U.S. DoD modernization priorities • Continue expansion of custom international TWV sales • Advocate for NGDV mission expansion across the USPS fleet
Leveraging essential equipment and technology advantages to align with customer modernization
Investments focused on modernizing legacy fleets
Indirect visibility • 360-degree camera
Increased direct visibility • Large windows
Rear protection • Rear corner radar • Ultrasonic sensors
Autonomy and active safety
Front protection • Pedestrian camera • Driver airbag • Forward looking radar • Ultrasonic sensors
Ergonomic cockpit • Accommodates 5 th -95 th percentile; seating and controls interface
Electrification technology • Zero emissions • Advanced E-axle powertrain • Integrated inverter/motor/gearbox • 2WD and 4WD variants
Electrification
• Modifying legacy vehicles to integrate new payloads in support of customers’ evolving mission requirements • Autonomous platforms: expand launcher platform offerings (e.g., ROGUE-Fires)
• Integrating modern automotive safety features and technology into the exceptional last-mile delivery vehicle • Delivering purpose-built vehicles specifically designed around the needs of delivery workers and logistics companies
Survivability
Delivering customer-centric innovation to address operator demands
Full-service partner across multiple platforms
Increased volume of DoD parts sales through use of analytics and process optimization Investing in technology upgrades for increased kit sales across legacy fleet Aftermarket sales for Delivery are positioned to grow with fleet deliveries
•
Aftermarket products and services
•
•
Investing in technology upgrades and capabilities for aftermarket sales
Evolving Oshkosh Defense portfolio
Oshkosh ® Defense select programs
CORE
SPECIALTY APPLICATIONS
• Developing custom
FHTV
solutions to align with modern conflict environments
ROGUE-FIRES
FMTV 8 TONNE
FMTV LVAD
HIMARS
DEEPSTRIKE*
HET
• Conflicts across the globe
HGWS*
HARPOON
MET
EITAN
CTT*
FMTV A2
EHET
MAP
MCWS
EHETS
PLS A2
JLTV
International opportunity
* Prototype contract.
Rich history of innovation supporting platform evolution
Winning advantages of the NGDV
Purpose-built Next Generation Delivery Vehicles provide advantages that not all "off-the-shelf" commercial vehicles offer.
Purpose-built, meets all USPS specifications: • Right-hand drive optimized for mail delivery • Ergonomic design for carrier comfort and safety
Optimized for package delivery: • Shipping and package delivery services are revenue drivers and prioritized by the USPS • Large cargo capacity to efficiently handle package delivery • Modern vehicle driver assistance and safety systems • One vehicle platform for both ICE and EV drivetrains • 20-year service life
A new delivery solution purpose-built for the demands of the job
USPS delivery market opportunity
Parcel volume (1) Billion parcel
NGDV to drive most dramatic modernization of the USPS fleet in three decades
~6% CAGR
28
23
15
Legacy Mail Delivery Vehicle (LLV)
Next Generation Delivery Vehicle (NGDV)
LLV USPS fleet with youngest ~31 years old
NGDVs contract opportunity
NGDVs on contract
Lifecycle opportunity
Parcel Volume
Parcel volume forecast
(1) Source: Pitney Bowes
USPS contract filling a long overdue need with upside opportunity
NGDV program update
• Production ramp up on-going in Spartanburg, South Carolina • Full rate production by the end of 2025.
Spartanburg, South Carolina manufacturing facility
NGDV assembly
2028 Transport targets
Sales
Operating Margin
+$0.8-0.9B
+600 bps
~$2.3B 2025 Jan. 30 guidance
~4% 2025 Jan. 30 guidance
Key takeaways
margins in core Tactical Wheeled Vehicle (TWV) business
position in modernization adjacencies
delivery vehicle programs
Segment update: Vocational
Executive Vice President and President, Vocational
Key messages
premium brands, innovation and purpose-built equipment and services to generate strong growth and returns
critical products and services to customers in resilient, growing markets
in production capacity to unlock significant volume growth and pricing benefit in backlog
Market snapshot
Number 1 or 2 positions in attractive end markets, positioned to benefit from overlapping technology trends and industry drivers
Market
Key products
Market outlook
Low to mid-single digit growth
~$8B Addressable market
Refuse and Recycling Collection Vehicles
Electrification Autonomy and active safety
Connected solutions
Fire Apparatus
Mid to high-single digit growth
~$9B Addressable market
Ground Support Equipment and Passenger Boarding Bridges
Aircraft Rescue and Fire Fighting Trucks
Robust backlogs
Aging fleet replacement
~$2B Addressable market
Low-single digit growth
Global air travel/ cargo growth
Municipal funding and infrastructure spending
Front Discharge Concrete Mixers
Service Bodies and Telescopic Cranes
Addressable market notes: represent company estimates. All addressable market figures reflect whole goods only. Municipal reflects North America fire apparatus and RCVs; Airport reflects global airport GSE/gate equipment (excludes airport services) and global ARFF; infrastructure reflects North America front discharge concrete mixers and service bodies/telescopic cranes. Market growth outlook reflects directional internal estimates through 2028.
Serving broad ~$19B addressable market with leading technology
Competitive advantages
• 950+ patents and applications protect internally developed technology • History of innovative products driving safety and productivity for customers
• Comprehensive dealer network with an extensive service footprint • Robust parts distribution and service capabilities
• Premium products that provide TCO benefits and improve fleet connectivity • Deliver product reliability and uptime for customers
Striker ® Volterra Electric ARFF
Pierce ® Manufacturing dealer, Atlantic Emergency Solutions, Inc.
Premium products and services
Capitalizing on leading technology, dealer network and total cost of ownership benefits to drive strong growth
Strategic priorities
• Developing and deploying advanced technology to deepen competitive advantages across end markets • Electric, autonomous and AI-driven technologies promote safety, productivity and reliability across products
• Expanding dealer and service networks toconveniently serve customers quickly, where they are • Connected device technology enables fleet managers to effectively monitor vehicles, uptime and provide insights • Comprehensive airport equipment service, maintenance and baggage handling system support
• Expanding international presence to capture a greater share of fast-growing global airport market • Building critical capacity to meet market demand
Leveraging our leading market positions and products to drive domestic and international growth
Purpose-built technology solutions
Electrification
Oshkosh AeroTech JetDock ® Automated Bridge Docking
McNeilus ® Volterra ZSL and Pierce ® Volterra Electric Vehicles
Oshkosh AeroTech Autonomous Cargo Handler
Autonomy and Active Safety
Low total cost of ownership
• Exceptional reliability and uptime • Helps control labor constraints and training requirements • Supports sustainability in the communities we serve
•
Aids safety and productivity
•
Intelligent, Connected Products
Data insights via proprietary connected solutions
•
Delivering innovative customer solutions that drive vocational industries forward
Product lifecycle focus
• Pierce ® dealer service locations increased by ~30% over the last 5 years to over 125 locations • McNeilus ® expanded sales and service coverage by establishing a network of 10 dealers in the U.S. and Canada with ~50 locations and growing
Expanding ClearSky and iOPS ® connected solutions to drive lifecycle growth
• Comprehensive equipment service, maintenance and baggage handling system support • Secured several multi-year contract wins with additional upcoming bid opportunities
•
• Providing real-time performance information and insights; promotes operational efficiency and uptime
Serving and supporting customers throughout the product lifecycle
Global growth
• Leveraging our advanced technology and capabilities in North America to expand our global position for airport products • Europe, Middle East and Asia markets present strong growth opportunities
Billion passengers adjusted Global air passenger journeys (1)
6
Growing global market position for airport ground support equipment and boarding bridges
5
4
3
2
1
Electric ARFF provides competitive advantages for global markets with exceptional performance while controlling emissions
0
Global Flight Passengers
Global Flight Passengers Forecast
(1) Source: IATA
Expanding into new markets and geographies to capture sizable growth opportunities
Demand-driven capacity expansion opportunity
• Delivering operational efficiencies to offer improved throughput in our current footprint, while making prudent investments to enable us to execute on our robust backlog and capitalize on market dynamics • Expanding production capacity is a key contributor to 20-30% segment revenue growth from 2025 to 2028
$ in billions Vocational backlog at Dec. 31
Strong market dynamics
Accelerating Digital Manufacturing and Industry 4.0 Initiatives Pictured: high flow final assembly line
$6.3
Aging fleet replacement
$5.5
Investing in Automation and Advanced Equipment Pictured: robotic painting
$3.5
Healthy municipal funding and infrastructure spend
Record high
Leveraging Design for Manufacturing Opportunities Pictured: CAD pumphouse
Strong global air travel/ cargo growth
2023 (1)
2022
2024
(1) Includes $0.8 billion acquired in Oshkosh AeroTech acquisition.
Prudently expanding capacity to capture significant growth opportunities across end markets
9
2028 Vocational targets
Sales
Adj. Operating Margin*
+$0.8-1.2B
+100-300 bps
~$3.8B 2025 Jan. 30 guidance
~15% 2025 Jan. 30 guidance
* Non-GAAP estimates. See appendix for reconciliation to GAAP results.
Key takeaways
premium brands, innovation and purpose-built equipment and services to generate strong growth and returns
critical products and services to customers in resilient, growing markets
in production capacity to unlock significant volume growth and pricing benefit in backlog
Financial growth and resilience
Executive Vice President and Chief Financial Officer
Key messages
portfolio of solutions and technology poised to deliver profitable growth
financial performance to grow adjusted EPS
capital allocation to support growth and drive shareholder value
Financial performance compared with 2022 Investor Day (1)
ROIC (2)
Revenue $ in billions
Adj. operating margin
Adj. EPS
2025 targets
700+ bps
14% CAGR
570+ bps
81% CAGR
$10.7
10.5%
14% 14%
$9.7
$11.74
9.4%
$8.3
$9.98
7%
4.8%
$3.59
2022 2023 2024
2022* 2023* 2024*
2022* 2023* 2024*
2022 2023 2024
* Non-GAAP results. See appendix for reconciliation to GAAP results. (1) 2022 Investor Day targets for 2025 calculated on a GAAP basis, excluding M&A activities. (2) After-tax adjusted operating income divided by the five quarter average of invested capital. Invested capital = shareholders’ equity plus debt plus intere st bearing customer advances less cash.
Delivered key 2022 Investor Day targets one year early
Enabling our strategy
Our strategy
Clear revenue opportunities from three industry-leading verticals, adjacencies and strategic partnerships
Through-cycle profitability supported by pricing, operational excellence, cost discipline and customer-centric innovation
Value-accretive investments in strategic growth and operational efficiency, supplemented by return of capital to shareholders
We make a difference in the lives of those who build, serve and protect communities with products that are safe, intuitive and productive
Our value creation framework
Revenue: market growth
Revenue: above market growth
Organic and inorganic growth
Margins: operational excellence
Annual adj. OI margin improvement
Free cash flow
Long-term shareholder value
p
Long-term ROIC
2028 key financial targets
FCF conversion (2)
Revenue $ in billions
Adj. operating margin*
Adj. EPS*
200-400 bps
18-26% CAGR
4,000 bps
7-10% CAGR
~12-14%
~$18-22
~90%+
~$13-14
~10%
~$10.6
~50%
~$11
2025 (1)
2025 (1)
2025 (1)
2025 (1)
2028
2028
2028
Avg. 2026-2028
* Non-GAAP estimates. See appendix for reconciliation to GAAP results. Note: All estimates exclude future M&A activities. (1) 2025 figures reflects guidance provided on 1/30/25, unless otherwise stated, which was before impact of tariff announcements; on 4/30/25 provided estimated net EPS impact including cost reduction actions totaling ~$0.50. (2) Net cash provided by operating activities less additions to property, plant and equipment, divided by net income.
Improved financial returns reflect well-defined strategic plan
Revenue growth supported by strong backlog
Revenue $ in billions
7-10% CAGR
~$13-14
Access | +$0.9-1.4 billion • Market normalization and growth • Aftermarket and adjacent market expansion Vocational | +$0.8-1.2 billion • Multi-year backlog provides strong visibility over horizon • Pricing realization from backlog Transport | +$0.8-0.9 billion • NGDV production ramp with multi-year backlog • Updated pricing mechanisms on programs • Attractive international opportunities
~$10.6
2025 (1)
Market growth
Market share
NGDV Capacity growth
Price
2028 (target)
Note: All estimates exclude future M&A activities. (1) 2025 figures reflects guidance provided on 1/30/25, unless otherwise stated, which was before impact of tariff announcements.
More than half of targeted revenue growth reflects existing contracts and backlog
Margin transformation through operational execution
Adj. operating income margin*
200-400 bps
Access | +30-120 bps •
~12-14%
Resilience through cost management • Innovation driving margin expansion Vocational | +30-110 bps • Capacity expansion and operational initiatives to accelerate backlog delivery • Disciplined price-cost Transport | +140-150 bps • NGDV production ramp • Updated pricing mechanisms on programs
~10%
2025 (1)
Scale benefits
Cost reduction
Price/ cost
NPD investments
2028 (target)
* Non-GAAP estimates. See appendix for reconciliation to GAAP results. Note: All estimates exclude future M&A activities. (1) 2025 figures reflects guidance provided on 1/30/25, unless otherwise stated, which was before impact of tariff announcements.
Margin expansion across segments transforms returns
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