Financial Data and Key Metrics Changes - The meeting reported that 11,245,414 shares of the company's stock were represented, constituting 33.97% of the voting power [4]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed during the meeting [2][3]. Market Data and Key Metrics Changes - No specific market data or key metrics were provided during the meeting [2][3]. Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors, indicating a stable governance structure, but did not elaborate on specific strategic initiatives or competitive positioning [10][11]. Management's Comments on Operating Environment and Future Outlook - Management did not provide detailed comments on the operating environment or future outlook during this meeting [2][3]. Other Important Information - The final voting results will be announced on a Form 8-K in the coming days, indicating transparency in governance [13]. Q&A Session All Questions and Answers - No questions were raised during the meeting, and thus no answers were provided [10][11].

Financial Data and Key Metrics Changes - The meeting reported that 11,245,414 shares of the company's stock were represented, constituting 33.97% of the voting power [4]. Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics was provided in the meeting [2][3]. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed during the meeting [2][3]. Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors and did not provide insights into the company's strategic direction or competitive landscape [2][3]. Management's Comments on Operating Environment and Future Outlook - Management did not provide comments on the operating environment or future outlook during this meeting [2][3]. Other Important Information - The final voting results will be announced on a Form 8-K in the coming days [13]. Q&A Session All Questions and Answers - No questions were raised during the meeting [10].

Financial Data and Key Metrics Changes - The meeting reported that 11,245,414 shares of the company's stock were represented, constituting 33.97% of the voting power [4][10] - The voting results for the election of directors showed that each nominee received a plurality of votes, indicating strong support from shareholders [10] Business Line Data and Key Metrics Changes - No specific data on business lines or key metrics changes were provided in the meeting [0] Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting [0] Company Strategy and Development Direction and Industry Competition - The meeting focused on the election of directors, with no detailed discussion on company strategy or industry competition [0] Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting [0] Other Important Information - The final voting results will be announced on a Form 8-K in the coming days, indicating transparency in the election process [12] Q&A Session All Questions and Answers - No questions were raised during the meeting, and thus no answers were provided [0]

Financial Data and Key Metrics Changes - The meeting confirmed that a quorum was present with 46,569,446 ordinary shares outstanding and eligible to vote, indicating strong shareholder engagement [5][6]. Business Line Data and Key Metrics Changes - The meeting included the approval of executive compensation for named executive officers, reflecting the company's commitment to aligning management incentives with shareholder interests [11][14]. Market Data and Key Metrics Changes - No specific market data or key metrics changes were discussed during the meeting. Company Strategy and Development Direction and Industry Competition - The company is focused on maintaining strong governance through the election of Class C directors, which is essential for strategic oversight and long-term planning [6][9]. Management's Comments on Operating Environment and Future Outlook - Management did not provide specific comments on the operating environment or future outlook during this meeting. Other Important Information - The company will hold an advisory shareholder vote on executive compensation every three years, indicating a structured approach to governance and accountability [15][18]. Q&A Session Summary - There were no questions raised during the meeting, and representatives from PricewaterhouseCoopers were available to respond to any appropriate questions after the meeting [19].

Financial Data and Key Metrics Changes - Second quarter net sales increased by 1%, with a $24 million benefit from foreign currency translation, while on a constant currency basis, net sales were essentially flat compared to last year [14] - Volume rose by 8% in the second quarter, driven by customer wins and share gains, despite softer restaurant traffic [14] - Adjusted EBITDA declined by $9 million year-over-year to $286 million, primarily due to unfavorable Price/Mix [17] - Adjusted Gross Profit decreased by $16 million year-over-year, mainly due to unfavorable Price/Mix [17] - Free cash flow was strong at $375 million, with capital expenditures down to $156 million in the first half, reflecting disciplined investment [22][23] Business Line Data and Key Metrics Changes - North America segment net sales were essentially flat compared to the prior year, with volume increasing by 8% supported by recent customer contract wins [15] - International segment net sales increased by 4%, including a favorable foreign currency impact of $23 million, but declined by 1% on a constant currency basis [15][16] - Adjusted EBITDA in the North America segment increased by 7% to $288 million, reflecting strong execution and higher sales volume [20] - Adjusted EBITDA in the International segment declined by $21 million to $27 million, impacted by price and trade to support customers and higher manufacturing costs [20] Market Data and Key Metrics Changes - In North America, QSR traffic was flat, with QSR chicken growing while QSR burger traffic was down by 3% [14] - Internationally, restaurant traffic in most markets declined, including a 3% decrease in the U.K., the largest international market [14] - Asia, including China, led volume growth in the quarter, with growth also seen with multinational chain customers [16] Company Strategy and Development Direction - The company is executing its "Focus to Win" strategy, focusing on strengthening customer partnerships and driving cost savings [4][7] - The company is reopening previously curtailed capacity in North America to meet customer demand and maintain high fill rates [4][9] - The company is building a culture of continuous improvement and reducing volatility through customer contracting and raw procurement strategies [5][6] - The company is investing in innovation, including the launch of new products like Snap Fries, to capture additional market opportunities [12] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a dynamic macroeconomic and competitive environment, particularly in international markets, but expressed confidence in long-term profitable growth [6][24] - The company expects continued volume growth and strong sales momentum for the remainder of the fiscal year, particularly in North America [24] - Price/Mix is anticipated to remain unfavorable in the second half, but to a lesser extent than in the first half [24][25] - Management remains committed to returning cash to shareholders, with a 3% increase in the quarterly dividend [7][23] Other Important Information - The company ended the quarter with approximately $1.43 billion of liquidity, including $1.35 billion available under its revolving credit facility [22] - The company has repurchased $40 million of shares during the second quarter and has $308 million remaining under its current repurchase authorization [23] Q&A Session Summary Question: Regarding rebalancing supply and demand in Europe - Management confirmed that they are curtailing a single line in the European market while reopening curtailed lines in North America due to strong volume [33] Question: On North America volume drivers and seasonal uptick - Management indicated that the mix shift towards private label and multinational chain customers will continue to affect gross margins in the back half of the year [36] Question: Update on Asia export markets and competition - Management acknowledged increased competition in Asia but expressed confidence in future growth due to strong customer support [42] Question: Clarification on gross margin expectations for the second half - Management confirmed that gross margins are expected to be flat to down in the second half, primarily due to mix shifts and ramp-up costs in Argentina [46] Question: Impact of reopening capacity in North America - Management stated that reopening additional capacity is necessary to meet customer expectations and will not negatively impact profitability [57] Question: Capital allocation and share repurchases - Management reiterated their commitment to capital allocation priorities, including opportunistic share repurchases while investing in the business [110]

Financial Data and Key Metrics Changes - Winnebago Industries reported a net revenue growth of over 12% in Q1 2026, driven by higher unit volume and selective price increases [17] - Adjusted earnings per diluted share were $0.38, compared to an adjusted net loss per share of $0.03 in the same quarter last year [18] - Operating expenses declined by 3.2% year-over-year, primarily due to cost reduction initiatives [17] Business Line Data and Key Metrics Changes - Towable RV segment net revenues grew by 15.5%, driven by higher volume from popular models and selective price increases [18] - Motorhome segment net revenues increased by 13.5% year-over-year, primarily due to favorable product mix and selective price increases [19] - Marine segment net revenues grew by 2.2%, attributed to selective price increases despite lower unit volume [19] Market Data and Key Metrics Changes - Industry RV retail registrations declined by 7.6% year-over-year in October, following a 2.2% increase in the prior month [11] - North American RV unit shipments totaled over 30,000 units in October, down about 1% from the prior year, but up about 4% year-to-date [12] - The company revised its industry forecast upward to a range of 335,000-345,000 units for 2025, aligning with RVIA's projections [12] Company Strategy and Development Direction - The company is focusing on affordability by introducing lower-priced products to cater to cost-conscious consumers [8] - Winnebago is transforming its Towables brand to enhance dealer access and market share [9] - The company aims to strengthen its balance sheet and reduce net leverage ratio while targeting operational efficiency [10][20] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the retail environment, noting the importance of upcoming retail shows for consumer engagement [30] - The company is monitoring macroeconomic indicators such as interest rates and consumer sentiment to gauge market conditions [32] - Management emphasized that financial guidance reflects the company's performance strength rather than reliance on industry growth [23] Other Important Information - Winnebago received multiple industry awards for its 2026 model year, reflecting its commitment to innovation and quality [15] - The company has been recognized for its sustainability efforts, contributing over $3.9 million and volunteering 13,600 hours in fiscal 2025 [16] Q&A Session Summary Question: What signals are you looking for to ascertain whether your end markets might grow for the first time since the pandemic? - Management indicated that foot traffic and consumer appetite at upcoming retail shows will be key indicators [30] Question: What were the big drivers of incremental margins in the towable business? - Management cited higher warranty expenses and product mix as primary drivers affecting margins [38] Question: What market share trends are being considered in your guidance? - Management expects to drive market share growth in specific segments, including Super Cs and Grand Design products [39] Question: Have you seen any pushback at retail regarding selective price increases? - Management noted that price increases are selective and focused on new products, with a disciplined approach to pricing [46] Question: Can you quantify the impact of margin recapture initiatives on motorized margins? - Management stated that improvements in motorized margins are expected to grow sequentially, with significant contributions anticipated in the future [85]

Financial Data and Key Metrics Changes - Winnebago Industries reported a net revenue growth of over 12% in Q1 2026, driven by higher unit volume and selective price increases [17] - Adjusted earnings per diluted share were $0.38, compared to an adjusted net loss per share of $0.03 in the same quarter last year [18] - Operating expenses declined by 3.2% year-over-year, primarily due to cost reduction initiatives [17] Business Segment Data and Key Metrics Changes - Towable RV segment net revenues grew by 15.5%, driven by higher volume from popular products like Grand Design Imagine and Winnebago Thrive [18] - Motorhome segment net revenues increased by 13.5% year-over-year, primarily due to favorable product mix and selective price increases [19] - Marine segment net revenues grew by 2.2%, attributed to selective price increases despite lower unit volume [19] Market Data and Key Metrics Changes - Industry RV retail registrations declined by 7.6% year-over-year in October, following a 2.2% increase in the prior month [11] - North American RV unit shipments totaled over 30,000 units in October, down about 1% from the prior year, but up about 4% year-to-date [12] - The company revised its industry forecast upward to a range of 335,000-345,000 units for calendar year 2025 [12] Company Strategy and Development Direction - The company is focusing on affordability by introducing lower-priced products while also enhancing higher-end offerings [8][70] - Winnebago is prioritizing profitability and product value, with a dual-branded strategy to capture market share [9] - The company aims to strengthen its balance sheet and reduce net leverage ratio, targeting approximately two times by the end of fiscal 2026 [21] Management's Comments on Operating Environment and Future Outlook - Management expressed cautious optimism regarding the retail environment, noting that foot traffic and consumer appetite at upcoming retail shows will be key indicators [30] - The company is monitoring macroeconomic indicators such as interest rates and consumer sentiment to gauge future market conditions [32] - Management emphasized that financial guidance reflects the strength of their performance rather than reliance on industry-level unit growth [23] Other Important Information - Winnebago received multiple industry awards for its 2026 model year, reflecting its commitment to innovation and quality [15] - The company has been recognized as one of America's most responsible companies for four consecutive years, highlighting its commitment to sustainability [16] Q&A Session Summary Question: What signals are you looking for to ascertain whether your end markets might grow? - Management indicated that foot traffic and consumer reception to new products at retail shows in early 2026 will be key indicators [30] Question: What were the big drivers of incremental margins in the towable business? - Management noted that higher warranty expenses and product mix were primary drivers affecting margins [38] Question: What market share trends are you baking into your guidance? - Management expects to drive market share growth in fiscal 2026, particularly in the Super C and Grand Design segments [39] Question: Have you seen any pushback at retail regarding price increases? - Management stated that price increases have been selective and disciplined, focusing on new products and feature enhancements [46] Question: How do you view the tariff environment affecting margins? - Management is actively working on sourcing and cost management to mitigate tariff impacts, but no specific linkage to cost relief was established [94]

Financial Data and Key Metrics Changes - The meeting confirmed the presence of at least 50% of the 46,569,446 ordinary shares outstanding and eligible to vote, indicating a quorum for decision-making [5]. Business Line Data and Key Metrics Changes - No specific business line data or key metrics were discussed in the provided content. Market Data and Key Metrics Changes - No specific market data or key metrics were discussed in the provided content. Company Strategy and Development Direction and Industry Competition - The company moved to elect two Class C directors to the Board of Directors, indicating a focus on governance and leadership continuity [6]. Management Comments on Operating Environment and Future Outlook - Management proposed an advisory vote on executive compensation, reflecting a commitment to aligning executive pay with shareholder interests [11]. Other Important Information - The meeting included motions to approve the frequency of advisory shareholder votes on executive compensation, suggesting a structured approach to governance [15]. Summary of Q&A Session - There were no specific questions or answers recorded in the provided content. The auditors from PricewaterhouseCoopers were available to respond to questions after the meeting [19].

Financial Data and Key Metrics Changes - The company reported a net income of over $3 billion for 2025, a 60% increase from 2024, marking an all-time high [4][16] - Full-year yields improved by more than 5.5% compared to the previous year, exceeding initial guidance by almost 1.5% [4][5] - Operating margins and EBITDA margins increased by over 250 basis points year-over-year, achieving the highest operating income per ALBD in nearly 20 years [5][6] - The company achieved a return on invested capital (ROIC) exceeding 13%, the highest level in 19 years [5] Business Line Data and Key Metrics Changes - The company experienced record booking volumes for 2026 and 2027, with customer deposits up 7% year-over-year, reaching an all-time high [6][7] - The onboard revenue per diem significantly outperformed prior year levels, indicating strong demand despite lower consumer sentiment [6][7] - The company anticipates a 3% yield increase in 2026, normalizing for accounting changes and geopolitical uncertainties [7][8] Market Data and Key Metrics Changes - The company is about two-thirds booked for 2026, in line with historical highs for North America and Europe [6][8] - The Caribbean market is expected to see a 14% increase in non-Carnival Corporation capacity growth, contributing to competitive dynamics [8][12] Company Strategy and Development Direction - The company plans to resume dividends at an initial rate of $0.15 per quarter, reflecting confidence in cash generation and balance sheet improvements [9][10] - The strategy includes a focus on capital allocation to return value to shareholders while continuing to invest in new destination developments and vessel enhancement programs [10][11] - The company is transitioning its destination strategy to enhance marketability and growth potential, with new developments like Celebration Key and Isla Tropical [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of demand for cruise lines, despite macroeconomic challenges and low consumer sentiment [6][14] - The company expects another year of double-digit earnings growth on top of the 60% increase achieved in 2025 [14][15] - Management highlighted the importance of effective cost management and operational efficiencies to mitigate inflation and other cost pressures [9][10] Other Important Information - The company is recommending unification of its dual-listed company structure to streamline governance and reduce administrative costs [26] - The unification is expected to enhance liquidity for stock trades and increase the stock's weighting in major U.S. indices [26] Q&A Session Summary Question: Guidance for 2026 yield growth and close-in demand - Management indicated that the guidance for 2026 is based on current expectations and momentum, with close-in bookings expected to continue supporting performance [30][32] Question: Caribbean capacity and bookings - Management noted that for Q1, bookings are slightly better positioned compared to the previous year, with a focus on managing Caribbean capacity effectively [34][41] Question: Momentum and booking volumes into 2026 - Management confirmed strong booking volumes leading into 2026, with no irrational pricing observed, and emphasized the importance of managing the booking curve [46][48] Question: Cost management and efficiencies - Management highlighted that cost mitigation efforts are embedded in the forecast, with a focus on leveraging scale to offset inflation [50][51] Question: Caribbean demand and pricing actions - Management expressed confidence in Caribbean yields supporting business momentum, with positive expectations for 2026 [58][59]

Financial Data and Key Metrics Changes - Second quarter net sales increased by 1%, with a $24 million benefit from foreign currency translation, while on a constant currency basis, net sales were essentially flat compared to last year [14] - Volume rose by 8% in the second quarter, driven by customer wins and share gains, despite softer restaurant traffic [14][15] - Adjusted EBITDA declined by $9 million year-over-year to $286 million, while adjusted gross profit decreased by $16 million primarily due to unfavorable price mix [17][18] - Free Cash Flow was strong at $375 million, with capital expenditures down to $156 million in the first half, reflecting disciplined investment [22][23] Business Line Data and Key Metrics Changes - North America segment net sales were essentially flat year-over-year, with volume increasing by 8% supported by recent customer contract wins [15] - International segment net sales increased by 4%, including a favorable foreign currency impact of $23 million, but declined by 1% on a constant currency basis [15][16] - Adjusted EBITDA in the North America segment increased by 7% to $288 million, while the international segment's adjusted EBITDA declined by $21 million to $27 million [20] Market Data and Key Metrics Changes - In North America, QSR traffic was flat, with QSR chicken growing while QSR burger traffic was down by 3% [14] - Internationally, restaurant traffic in most markets declined, including a 3% drop in the U.K., the largest international market [14] - Asia, including China, led volume growth in the quarter, with multinational chain customers also contributing to growth [16] Company Strategy and Development Direction - The company is executing its "Focus to Win" strategy, strengthening customer partnerships and driving cost savings [4][7] - The reopening of previously curtailed capacity in North America aims to meet customer demand and maintain high fill rates [4][9] - The company is focused on building a culture of continuous improvement and reducing volatility through customer contracting and raw procurement strategies [5][6] Management's Comments on Operating Environment and Future Outlook - Management acknowledged a dynamic macroeconomic and competitive environment, particularly in international markets, but expressed confidence in their plans for long-term profitable growth [6][10] - The company expects continued volume growth and strong sales momentum for the remainder of the fiscal year, with North America remaining solid [24] - Price mix is anticipated to remain unfavorable in the second half, but to a lesser extent than the first half [25] Other Important Information - The board approved a 3% increase to the quarterly dividend, reflecting the company's commitment to returning cash to shareholders [7][23] - The company is actively working to rebalance supply and demand within its network, ensuring the right assets are in place to serve priority markets [11] Q&A Session Summary Question: Regarding rebalancing supply and demand in Europe - Management confirmed that they are curtailing a single line in the European market while reopening curtailed lines in North America due to strong volume [33] Question: On North America volume drivers and seasonal uptick - Management indicated that the mixed impact is significant, with a shift from branded to private label affecting gross margins [35][36] Question: Update on Asia export markets and competition - Management acknowledged increased competition in Asia but expressed confidence in future growth, particularly in Argentina and Latin America [42] Question: Clarification on gross margin expectations - Management confirmed that the flat to down commentary on gross margin applies to the second half of the year, with expectations for moderation in seasonal trends [46] Question: Impact of reopening capacity in North America - Management stated that reopening additional capacity is necessary to meet customer expectations and does not expect a negative impact on profitability [57][58] Question: Execution improvements and accountability - Management highlighted the implementation of clear accountabilities and KPIs across the supply chain to enhance execution [68] Question: Concerns about future EBITDA guidance - Management emphasized the importance of prudence in guidance, citing ongoing competitive pressures and macroeconomic headwinds [73][75] Question: Price mix dynamics in North America - Management noted that price mix headwinds are expected to moderate slightly in the second half as they lap prior pricing actions [86] Question: Industry capacity for frozen spuds - Management reiterated that the market is expected to be rational over time, with some delays and postponements in capacity additions [100]