Camping World (CWH) Stephens Annual Investment Conference summary

Business overview and market position

• Operates nearly 200 RV dealerships and two major brands, with a 13.5% market share in North America for new and used RVs and 25% share in new RVs, far ahead of competitors.

• Good Sam brand offers roadside assistance, finance, insurance, and a 1.6 million member community, acting as a recurring revenue ecosystem.

• Private label and contract manufacturing relationships allow for exclusive products, representing 40% of new RV sales and enabling price and feature flexibility.

• RV sales model differs from auto dealerships, with more control over inventory and less OEM influence.

• Focus on affordability and lifestyle, with a broad product range from $10,000 to $120,000 to meet diverse consumer needs.

Strategic priorities and financial outlook

• Refocused on core strengths, right-sized inventory and SG&A, and set a conservative 2026 EBITDA estimate of $310 million, with growth expected year-over-year.

• Four main growth drivers: SG&A savings ($15M+), used RV sales growth, dealership M&A, and new RV sales, with the most control over the first two.

• Used RV market is twice the size of new, and internal data/valuation tools provide a competitive edge in acquisitions and pricing.

• Private label brands and exclusive supplier relationships help maintain margins and offer consumer choice.

• Mid-cycle EBITDA target of $525 million is based on current store count and assumes industry volume recovery and improved affordability.

Used RV and parts/service business

• Used RV sales expected to outpace new, driven by affordability and proprietary valuation systems.

• Parts and service business narrowed to core RV products, exited non-core categories, and focused on upselling to both new and used buyers.

• F&I penetration rates are in the low double digits, with an average of three products per sale and about half of $5,000 per vehicle revenue from finance commissions.

• Good Sam business generates $100M EBITDA, with expansion into adjacent markets like marine and power sports, and improved gross margin through in-house dispatch.