Camping World (CWH) Raymond James TMT and Consumer Conference summary

Management succession and leadership transition

• Announced execution of a long-planned succession, with Matt Wagner taking over as CEO effective January 1, following 19 years at the company and close collaboration with the founder.

• Founder will step away from the board but remain an advisor, ensuring a clean transition and continued support through his ownership and golden share.

• The transition is designed to be smooth, with both leaders aligned on values and strategy, and the founder optimistic about the business outlook for 2026.

Strategic direction and operational focus

• Focus on reducing business volatility and aggressively deleveraging while growing earnings, with a minimum EBITDA floor of $310 million targeted for next year, representing a 20% year-over-year improvement.

• Four pillars for growth: SG&A reduction, exceeding new and used RV sales expectations, and pursuing M&A opportunities.

• Continued emphasis on acquisitions, especially smaller, tuck-in deals, and capital allocation toward areas like Good Sam for more predictable earnings.

Market trends and business performance

• New RV market saw a 7.5%-8% decline in October, with expectations of continued softness into early next year, while used RV sales are experiencing double-digit growth.

• Price increases for new RVs (5%-7%) are attributed to tariffs, margin grabs, and labor costs, making used RVs more attractive and supporting long-term growth in that segment.

• Inventory management will be adjusted seasonally, with potential reductions if new RV demand remains soft.