Q4 2015 earnings slides final

MOVING THE WORLD AT WORK

Oshkosh Corporation Classification: Highly Restricted

Fourth Quarter Fiscal 2015October 29, 2015

Charles L. SzewsChief Executive Officer

Wilson R. JonesPresident and Chief Operating Officer

David M. SagehornExecutive Vice President and Chief Financial Officer

Patrick N. DavidsonVice President, Investor Relations

Oshkosh Corporation (NYSE:OSK)



Forward-Looking StatementsThis presentation contains statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact, including, without limitation, statements regarding the Company’s future financial position, business strategy, targets, projected sales, costs, earnings, capital expenditures, debt levels and cash flows, and plans and objectives of management for future operations, are forward-looking statements. When used in this presentation, words such as “may,” “will,” “expect,” “intend,” “estimate,” “anticipate,” “believe,” “should,” “project” or “plan” or the negative thereof or variations thereon or similar terminology are generally intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to risks, uncertainties, assumptions and other factors, some of which are beyond the Company’s control, which could cause actual results to differ materially from those expressed or implied by such forward-looking statements. These factors include the cyclical nature of the Company’s access equipment, commercial and fire & emergency markets, which are particularly impacted by the strength of U.S. and European economies; the Company’s estimates of access equipment demand; the strength of the U.S. dollar and its impact onCompany exports, translation of foreign sales and purchased materials; the expected level and timing of U.S. Department of Defense (“DoD”) and international defense customer procurement of products and services and funding thereof; risks related to reductions in government expenditures in light of U.S. defense budget pressures, sequestration and an uncertain DoD tactical wheeled vehicle strategy; risks related to the Company’s future defense segment sales as a result of the outcome of a competitor’s protest of the JLTV production contract award to the Company; the Company’s ability to finalize an international contract for a significant quantity of M-ATVs, with the majority of the units sold in fiscal 2016; the Company’s ability to increase prices to raise margins or offset higher input costs; increasing commodity and other raw material costs, particularly in a sustained economic recovery; risks related to facilities expansion, consolidation and alignment, including the amounts of related costs and charges and that anticipated cost savings may not be achieved; global economic uncertainty, which could lead to additional impairment charges related to many of the Company’s intangible assets and/or a slower recovery in the Company’s cyclical businesses than Company or equity market expectations; projected adoption rates of work at height machinery in emerging markets; the impact of severe weather or natural disasters that may affect the Company, its suppliers or its customers; risks related to the collectability of receivables, particularly for those businesses with exposure to construction markets; the cost of any warranty campaigns related to the Company’s products;risks related to production or shipment delays arising from quality or production issues; risks associated with international operations and sales, including compliance with the Foreign Corrupt Practices Act; the Company’s ability to comply with complex laws andregulations applicable to U.S. government contractors; cybersecurity risks and costs of defending against, mitigating and responding to a data security breach; and risks related to the Company’s ability to successfully execute on its strategic road map and meet its long-term financial goals. Additional information concerning these and other factors is contained in the Company’s filings with the Securities and Exchange Commission, including the Form 8-K filed today. All forward-looking statements speak only as of the dateof this presentation. The Company assumes no obligation, and disclaims any obligation, to update information contained in this presentation. Investors should be aware that the Company may not update such information until the Company’s next quarterly earnings conference call, if at all.

October 29, 2015OSK Fourth Quarter 2015 Earnings Call 2



Q4 FY15 Results Q4 adjusted EPS* of $0.67

- In line with revised expectations Taking actions to reduce costs

and inventory in Access Equipment

Defense recovery underway− Restarted FHTV sales− Awarded international contract for

273 M-ATVs JLTV win provides long-term

stability to Defense outlook− Expect award to Oshkosh to be

upheld Repurchased 2.9 million shares

for $112 million

Net Sales(billions)

AdjustedEPS*

3

$1.6 $1.7

$0.67

$0.96

$0.00

$0.25

$0.50

$0.75

$1.00

$1.25

$0.0

$0.2

$0.4

$0.6

$0.8

$1.0

$1.2

$1.4

$1.6

$1.8

FY15 FY14Net Sales Adjusted EPS*

* Non-GAAP results. See Appendix for reconciliation to GAAP results.

OSK Fiscal Q4 Performance

October 29, 2015OSK Fourth Quarter 2015 Earnings Call



Full Year Results

Full year results negatively impacted by:– Trough in Defense earnings– Mid-cycle dip in Access

Equipment demand Set foundation for strong

Defense earnings growth Sustained margin enhancement

at Fire & Emergency and Commercial

Repurchased 4.9 million shares or 6.1% of outstanding shares

Announced 12% dividend increase effective November

FY16 EPS estimate range of $3.00 to $3.40

Net

Sal

es(b

illio

ns)

Adjusted EPS*

OSK Full Year Performance


$6.1$6.8

$3.02

$3.62

$0.00

$1.00

$2.00

$3.00

$4.00

$5.00

$0.0

$2.0

$4.0

$6.0

$8.0

$10.0

FY15 FY14Net Sales Adjusted EPS*

4October 29, 2015OSK Fourth Quarter 2015 Earnings Call



Positive Long-Term Outlook for Oshkosh Leading brands with excellent long-term

prospects Growing Defense portfolio with increasing

global demand Continued global penetration of Access

Equipment and sustained North American construction growth

Commitment to smart capital allocation Disciples of “The Outsiders” Expected strong free cash flow provides

opportunity to enhance shareholder returns

Strong, experienced leaders to execute roadmap to deliver strong shareholder returns




Defense Won DoD’s JLTV competition in August− Contract for 17,000 vehicles over 8 years− Program expected to yield 55,000 vehicles

domestically over 20+ years− Expect strong interest from

international allies− GAO decision on competitor protest in

December

M-ATV continues to gain interest globally Introduced new 6x6 M-ATV Technology

Demonstrator Total of nine M-ATV variants to conduct a

wide variety of missions


JLTV

M-ATV 6x6



Access Equipment Mid-cycle dip accelerated into 2015 − Driven by weather and oil & gas impact− Light replacement demand after low

purchases in 2009 - 2010 Improving residential and non-residential

construction driving equipment usage and long-term confidence

Expect mid-cycle sales decline of approximately 10% - 15% in FY16

International markets 2016 outlook mixed Europe down (due to currency) Latin America expected to remain weak Asia and Australia steady

Reducing production rate and workforce− Will drive inventory reduction− Margin pressure due to under-absorption




Fire & Emergency

Strong quarter to finish the year− Higher revenues, operating income &

margins− Elevated backlog

Pierce share gains at a time when the market is still below historical norms Driven by strong new product launches

Improved results from operational changes− Still more work to do, but business

improvement roadmap is delivering higher margins




Commercial

RCV sales grew double digits again in the quarter Replacement demand

recovering Share growing due to success of

new product launches Concrete mixer sales down

in the quarter Continuation of market

slowdown that began inthird quarter

Positive view on longer-term North American

construction growth Aged fleets




Consolidated Results

Sales impacted by: Lower Access Equipment

segment sales Higher Defense, Fire &

Emergency and Commercial segment sales

EPS impacted by: Lower Access Equipment

segment results Higher tax rate Higher Defense, Fire &

Emergency and Commercial segment results

Lower Corporate expenses Lower share count

Q4 Comments

(Dollars in millions, except per share amounts)

Fourth Quarter

Net Sales $1,578.3 $1,667.7% Change (5.4)% (3.4)%

Adjusted Operating Income* $89.5 $116.9

% Change (23.4)% 49.7%% Margin 5.7% 7.0%

Adjusted EPS* $0.67 $0.96% Change (30.2)% 95.9%

2015 2014





Expectations for FY16

Additional expectations Corporate expenses of $145 - $150 million Tax rate of ~ 34% CapEx of ~ $100 million Free Cash Flow* ~ $350 million Assumes share count of ~ 75 million

Segment information

Revenues of ~ $6.2 - $6.5 billion Operating income of $400 million to $440 million EPS of $3.00 to $3.40


11

Quarterly commentary Earnings weighted to second half

Increased international M-ATV sales Seasonality Cautious construction equipment customers

First quarter slightly profitable

Measure Access Equipment Defense Fire &

Emergency Commercial

Sales(billions) $2.9 to $3.05 ~ $1.55 ~ $0.9 ~ $1.0

Operating Income Margin ~ 10.5% ~ 8.75% ~ 6.0% ~ 7.0%

October 29, 2015OSK Fourth Quarter 2015 Earnings Call



For informationcontact:

Patrick N. DavidsonVice President, Investor Relations(920) [email protected]

Jeffrey D. WattDirector, Investor Relations(920) [email protected]




Net Sales $769.5 $932.7% Change (17.5)% 19.5%

Adjusted OperatingIncome $59.0* $127.4

% Change (53.7)% 41.3%% Margin 7.7% 13.7%

Fourth Quarter

(Dollars in millions)

2015 2014

Appendix: Access Equipment

Sales impacted by: Lower North America demand Unfavorable foreign currency Higher European demand

Operating income impacted by: Lower sales volume Unfavorable product mix Unfavorable absorption Used equipment valuation

reserves Lower incentive compensation

expense Backlog down 45% vs. prior

year to $210 million

Q4 Comments





Appendix: Defense

Sales impacted by: M-ATV reset volume International M-ATV sales Lower FHTV and FMTV sales

Operating income impacted by: Higher sales volume Favorable absorption Lower SG&A

Backlog up 81% vs. prior year to $1.4 billion, including $0.1 billion related to JLTV contract award

Q4 Comments

Net Sales $317.6 $288.1% Change 10.3% (43.9)%

Adjusted Operating Income $18.5 $1.8*

% Change 935.7% (88.1)%% Margin 5.8% 0.6%

Fourth Quarter


2015 2014





Net Sales $245.4 $214.9% Change 14.2% (7.4)%

Operating Income $23.7 $12.5% Change 89.2% 35.3%% Margin 9.6% 5.8%

Fourth Quarter


2015 2014

Appendix: Fire & Emergency

Sales impacted by: Higher fire apparatus volume

Operating income impacted by: Higher sales volume Favorable absorption

Backlog up 39% vs. prior year to $790.7 million

Q4 Comments




Appendix: Commercial

Sales impacted by: Higher RCV volume Lower concrete mixer volume

Operating income impacted by: Stronger mix of RCV sales Higher sales volume MOVE investments

Backlog up 20.7% vs. prior year to $193 million

Q4 Comments

Net Sales $252.9 $243.7% Change 3.8% 16.4%

Operating Income $21.1 $18.4% Change 14.6% 17.3%% Margin 8.4% 7.6%

Fourth Quarter


2015 2014




Appendix: Commonly Used Acronyms

17October 29, 2015OSK Fourth Quarter 2015 Earnings Call

ARFF Aircraft Rescue and Firefighting MECV Modernized Expanded Capability VehicleAWP Aerial Work Platform MRAP Mine Resistant Ambush ProtectedCapEx Capital Expenditures MSVS Medium Support Vehicle System (Canada)CNG Compressed Natural Gas NOL Net Operating LossDGE Diesel Gallon Equivalent NPD New Product DevelopmentDoD Department of Defense NRC National Rental CompanyEAME Europe, Africa & Middle East OCO Overseas Contingency OperationsEMD Engineering & Manufacturing Development OH OverheadEPS Diluted Earnings Per Share OI Operating IncomeFHTV Family of Heavy Tactical Vehicles OOS Oshkosh Operating SystemFMS Foreign Military Sales OPEB Other Post-Employment BenefitsFMTV Family of Medium Tactical Vehicles PLS Palletized Load SystemGAAP U.S. Generally Accepted Accounting Principles PUC Pierce Ultimate ConfigurationGAO Government Accountability Office R&D Research & DevelopmentHEMTT Heavy Expanded Mobility Tactical Truck RCV Refuse Collection VehicleHET Heavy Equipment Transporter RFP Request for ProposalHMMWV High Mobility Multi-Purpose Wheeled Vehicle ROW Rest of WorldIRC Independent Rental Company SMP Standard Military Pattern (Canadian MSVS)IT Information Technology TACOM Tank-automotive and Armaments CommandJLTV Joint Light Tactical Vehicle TDP Technical Data PackageJPO Joint Program Office TPV Tactical Protector VehicleJROC Joint Requirements Oversight Council TWV Tactical Wheeled VehicleJUONS Joint Urgent Operational Needs Statement UCA Undefinitized Contract ActionL-ATV Light Combat Tactical All-Terrain Vehicle UIK Underbody Improvement Kit (for M-ATV)LVSR Logistic Vehicle System Replacement UK United KingdomM-ATV MRAP All-Terrain Vehicle ZR Zero Radius




Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions):

2015 2014 2015 2014

Adjusted Access Equipment segment operating income (non-GAAP) 59.0$ 127.4$ 7.7% 13.7%Workforce reduction charges (2.5) - -0.4% - Access Equipment segment operating income (GAAP) 56.5$ 127.4$ 7.3% 13.7%

Adjusted Defense segment operating income (non-GAAP) 18.5$ 1.8$ 5.8% 0.6%Pension and OPEB curtailment/settlement - (3.8) - -1.3%Defense segment operating income (loss) (GAAP) 18.5$ (2.0)$ 5.8% -0.7%

Adjusted consolidated operating income (non-GAAP) 89.5$ 116.9$ 5.7% 7.0%Pension and OPEB curtailment/settlement - (3.8) - -0.2%Workforce reduction charges (2.9) - -0.2% - Consolidated operating income (GAAP) 86.6$ 113.1$ 5.5% 6.8%

Three Months EndedSeptember 30,

Three Months EndedSeptember 30,




Appendix: Non-GAAP to GAAP Reconciliation

• The table below presents a reconciliation of the Company’s presented non-GAAP measures to the most directly comparable GAAP measures (in millions, except per share amounts):

2015 2014 2015 2014

Adjusted earnings per share - diluted (non-GAAP) 0.67$ 0.96$ 3.02$ 3.62$ Reduction of valuation allowance on net operating loss carryforward - - - 0.14 Pension and OPEB curtailment/settlement, net of tax - (0.03) 0.03 0.01 Contract pricing adjustment for OPEB costs, net of tax - - - (0.08) Debt extinguishment costs, net of tax - - (0.12) (0.08) Workforce reduction charges, net of tax (0.03) - (0.03) - Earnings per share - diluted (GAAP) 0.64$ 0.93$ 2.90$ 3.61$

Fiscal 2015 Fiscal 2016Actual Expectations

Net cash flows provided by operating activities 82.5$ 475.0$ Additions to property, plant and equipment (131.7) (100.0) Net additions to equipment held for rental 0.5 (25.0) Free cash flow (usage) (48.7)$ 350.0$

Three Months Ended Fiscal Year Ended,September 30, September 30,