Camping World cuts its outlook again, plans $50 million more in savings

Camping World is America's largest RV retailer. It also sells RV gear, service and plans, through its Camping World and Good Sam brands. [C40][C40] Form 10-K, businessis America’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brandsCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm Its sales peak in spring and summer. In the three years to 2025 it made 30.4% of its yearly sales in the second quarter and 28.1% in the third, but just 18.7% in the fourth. [C41][C41] Form 10-K, seasonalityOn average over the last three years ended December 31, 2025, we generated 30.4% and 28.1% of our annual revenue in the second and third quarters, respectively, and 22.8% and 18.7% in the first and fourth quarters, respectivelyCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm Dealers compete on price, stock and service, so when demand drops, rivals cut prices to clear their lots. [C72][C72] Form 10-K, competitionWe believe that the principal competitive factors in the RV industry are breadth and depth of products and services, quality, pricing, availability, convenience, and customer service.Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C2][C2] Form 8-K, Item 7.01These unit trends remained soft through the quarter, contributing to a more promotional environment for new vehicles across the RV industry as competing dealers worked to align inventory levels with weaker demand.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

In 2025 it had $6.37 billion of revenue. It lost $105.6 million under standard accounting rules, though its adjusted EBITDA was $242.9 million. [C42][C42] Form 10-K, results of operationsTotal revenue 6,369,149 100.0% 6,099,974Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C71][C71] Form 10-K, results of operationsNet loss (105,638) (1.7%) (78,880)Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C13][C13] Form 10-K, Adjusted EBITDA reconciliationAdjusted EBITDA $ 242,922 $ 178,843 $ 286,213Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm Marcus Lemonis stepped down as chief executive at the end of 2025. In February 2026 the board paused the dividend, partly to pay down debt. [C43][C43] Form 10-K, risk factorsin December 2025, Marcus A. Lemonis, our then Chairman and Chief Executive Officer, announced his retirement from his role and the Board of Directors effective December 31, 2025Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C35][C35] Form 10-Q, dividendsIn February 2026, following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of our focus on reducing net debt leverage, our Board of Directors determined to pause our regular cash dividend program.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

The stock has fallen hard since last fall. It closed at $16.82 on October 28, 2025, then fell 24.8% the next day after third-quarter results. It fell another 16.5% on February 25, 2026. [W07][W07] BFA Law noticeThis news caused the price of Camping World stock to drop $4.17 per share, or 24.8%, from a closing price of $16.82 per share on October 28, 2025, to $12.65 per share on October 29, 2025.GlobeNewswire (BFA Law) · Read October 6, 2026Open source ↗https://www.globenewswire.com/news-release/2026/04/29/3283581/0/en/CWH-Fraud-Camping-World-Inventory-Management-Issues-Trigger-Securities-Class-Action-Investors-Alerted-to-Contact-BFA-Law.html [W08][W08] BFA Law noticeThis news caused the price of Camping World stock to drop $1.79 per share, or 16.5%, from a closing price of $10.85 per share on February 24, 2026, to $9.06 per share on February 25, 2026.GlobeNewswire (BFA Law) · Read October 6, 2026Open source ↗https://www.globenewswire.com/news-release/2026/04/29/3283581/0/en/CWH-Fraud-Camping-World-Inventory-Management-Issues-Trigger-Securities-Class-Action-Investors-Alerted-to-Contact-BFA-Law.html At $4.55 it is about 73% below that October 2025 close, the highest price we found for the past year. We could not confirm the low for the past year. Our IEX data starts at $5.78 on September 15, and $4.55 is its lowest close. [W07][W07] BFA Law noticeThis news caused the price of Camping World stock to drop $4.17 per share, or 24.8%, from a closing price of $16.82 per share on October 28, 2025, to $12.65 per share on October 29, 2025.GlobeNewswire (BFA Law) · Read October 6, 2026Open source ↗https://www.globenewswire.com/news-release/2026/04/29/3283581/0/en/CWH-Fraud-Camping-World-Inventory-Management-Issues-Trigger-Securities-Class-Action-Investors-Alerted-to-Contact-BFA-Law.html [P03][P03] IEX closing pricesCWH closed at $4.55 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P01][P01] IEX closing pricesCWH closed at $5.78 on September 15, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/

In April the company kept its outlook of $275 million to $325 million. In July it cut that to $230 million to $270 million, but said it still had a path to beat 2025. [C11][C11] First quarter release, outlookFor full year 2026, the Company is reiterating its previous guidance range of Adjusted EBITDA in the range of $275 million to $325 million.Camping World first quarter 2026 results release, Exhibit 99.1 to Form 8-K, April 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926051536/cwh-20260429xex99d1.htm [C10][C10] Second quarter release, outlookFor full year 2026, the Company is lowering its previous guidance range of Adjusted EBITDA of $275 million to $325 million to a new range of $230 million to $270 million.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C12][C12] Second quarter release, outlookwhich we believe gives us a path to year-over-year Adjusted EBITDA growth for the full yearCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Shareholders have also sued. Their class action covers buyers from October 29, 2024 to February 24, 2026, and it is at an early stage. [C39][C39] Form 10-Q, Note 11The lead plaintiff seeks to represent a putative class of investors who purchased or acquired the Company’s stock between October 29, 2024 and February 24, 2026Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C69][C69] Form 10-Q, Note 11The case is in its early stages.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

The new outlook gives no number, only "below" $230 million. Even $230 million would be less than the $242.9 million it made in 2025, so the July hope of beating last year is gone. [C1][C1] Form 8-K, Item 7.01the Company now expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated guidance range of $230 million to $270 millionCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C13][C13] Form 10-K, Adjusted EBITDA reconciliationAdjusted EBITDA $ 242,922 $ 178,843 $ 286,213Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C12][C12] Second quarter release, outlookwhich we believe gives us a path to year-over-year Adjusted EBITDA growth for the full yearCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm It made $140.0 million of adjusted EBITDA in the first half. So the outlook means under $90 million for July to December, against $69.6 million in the same months of 2025. The fourth quarter is usually its weakest. [C14][C14] Second quarter release, EBITDA reconciliationAdjusted EBITDA $ 112,050 $ 142,221 $ 140,040 $ 173,367Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C1][C1] Form 8-K, Item 7.01the Company now expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated guidance range of $230 million to $270 millionCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C13][C13] Form 10-K, Adjusted EBITDA reconciliationAdjusted EBITDA $ 242,922 $ 178,843 $ 286,213Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C41][C41] Form 10-K, seasonalityOn average over the last three years ended December 31, 2025, we generated 30.4% and 28.1% of our annual revenue in the second and third quarters, respectively, and 22.8% and 18.7% in the first and fourth quarters, respectivelyCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm

The damage shows up in profit per sale as well as volume. In the second quarter it sold 16.4% fewer new RVs than a year before. Its gross margin fell to 10.9% on new RVs and 16.5% on used ones. [C18][C18] Second quarter release, highlightsnew vehicle unit sales were 22,312 units, a decrease of 4,384 units, or 16.4%Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C19][C19] Second quarter release, highlightsNew vehicle gross margin was 10.9%, a decrease of 286 basis pointsCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C57][C57] Second quarter release, highlightsUsed vehicle gross margin was 16.5%, a decrease of 397 basis pointsCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm The October filing says unit declines eased in August and September, but profit per new RV stayed under more pressure than expected. [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

To size the problem, start with what the stock is worth. At $4.55, its 63.8 million Class A shares are worth about $290 million. Another 39.9 million partnership units can be swapped one for one into Class A shares, which brings the total to about $472 million. [P03][P03] IEX closing pricesCWH closed at $4.55 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [C36][C36] Form 10-Q, coverAs of July 24, 2026, the registrant had 63,827,952 shares of Class A common stock, 39,466,964 shares of Class B common stock and one share of Class C common stock outstanding.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C37][C37] Form 10-Q, earnings per shareCommon units of CWGS, LLC that are convertible into Class A common stock 39,895 39,895 39,895Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm Its net debt was $1.31 billion at June 30, about 2.8 times that. Adding the two, the company is valued at about $1.79 billion, or about 8.5 times its past year of adjusted EBITDA. [C16][C16] Second quarter release, net debtNet Debt $ 1,314,265 $ 1,390,718 $ 1,536,521 Net Debt Leverage Ratio (1) 6.3 5.7 6.4Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C15][C15] Second quarter release, trailing twelve monthsAdjusted EBITDA $ 112,050 $ 27,990 $ (26,157) $ 95,712 $ 209,595Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Net debt leaves out $1.32 billion of loans used to buy the RVs on its lots. [C28][C28] Form 10-Q, credit facilities summaryNotes payable - floor plan $ 1,324,184 $ 1,324,184 $ 715,216Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

The ratio that matters most is the company's own: net debt of 6.3 times its past year of adjusted EBITDA, which was $209.6 million. That profit covered $114.2 million of interest on its non-RV debt about 1.8 times. [C16][C16] Second quarter release, net debtNet Debt $ 1,314,265 $ 1,390,718 $ 1,536,521 Net Debt Leverage Ratio (1) 6.3 5.7 6.4Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C15][C15] Second quarter release, trailing twelve monthsAdjusted EBITDA $ 112,050 $ 27,990 $ (26,157) $ 95,712 $ 209,595Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C17][C17] Second quarter release, trailing twelve monthsOther interest expense, net 26,912 26,849 29,487 30,982 114,230Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Plain EBITDA, before the company's adjustments, was higher at $301.8 million, which would put the ratio at about 4.4 times. But that figure includes a $149.0 million non-cash gain from writing down its tax receivable agreement, a deal to share tax savings with its original owners, such as Crestview. Without that one-time gain, the ratio is about 8.6 times. [C63][C63] Second quarter release, trailing twelve monthsSubtotal EBITDA 96,630 22,822 (52,435) 234,744 301,761Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C16][C16] Second quarter release, net debtNet Debt $ 1,314,265 $ 1,390,718 $ 1,536,521 Net Debt Leverage Ratio (1) 6.3 5.7 6.4Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C64][C64] Second quarter release, trailing twelve monthsTax Receivable Agreement liability adjustment (g) — — 216 (149,172) (148,956)Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C93][C93] Form 10-Q, liquiditywe expect that the payments that we will be required to make to the Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. may be significant if the tax benefits underlying the Tax Receivable Agreement are realizableCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

Its earnings are weaker than the adjusted figure. Over the past year it lost $121.4 million under standard rules. Its adjusted EBITDA leaves out $37.7 million of pay in stock. [C65][C65] Second quarter release, trailing twelve monthsNet income (loss) $ 43,713 $ (26,661) $ (109,128) $ (29,351) $ (121,427)Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C66][C66] Second quarter release, trailing twelve monthsSBC (d) 4,384 4,774 20,814 7,750 37,722Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm In the second quarter, net income was $43.7 million and adjusted EBITDA was $112.1 million, which left out a $13.1 million write-down of store assets. Costs of the new job cuts and closings may be left out too. [C20][C20] Second quarter release, highlightsNet income was $43.7 million for the second quarter of 2026, a decrease of $13.8 million, or 24.0%. Adjusted EBITDA was $112.1 million, a decrease of $30.2 million, or 21.2%.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C77][C77] Second quarter release, EBITDA reconciliationLong-lived asset impairment (a) 13,099 — 13,099 620Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Goodwill, the premium paid for past dealer purchases, is also at risk. At June 30 the dealership unit was worth only 7% more than its book value, down from 10% in March. [C75][C75] Form 10-Q, Note 6 goodwillThe Q1 26 Interim Goodwill Test and Q2 26 Interim Goodwill Test concluded that the RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 10 % and 7 %, respectivelyCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

Cash flow looked strong in the first half, at $333.2 million from operations. But $255.6 million of that came from selling down RVs on its lots. A year earlier it built up $171.4 million of stock, so that one line swung by $427.0 million. [C31][C31] Second quarter release, cash flowsNet cash provided by (used in) operating activities $ 333,185 $ (44,595) Investing activities Purchases of property and equipment (64,211) (49,696)Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C76][C76] Form 10-Q, cash flowsInventories 255,602 ( 171,390 )Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C33][C33] Form 10-Q, cash flowsThe increase was primarily due to a $427.0 million change in the working capital adjustment forCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm Selling those RVs also meant paying back $245.2 million of the loans tied to them. After that and $64.2 million of spending on property and equipment, about $24 million was left, by our math. That kind of sell-down cannot repeat forever. [C32][C32] Second quarter release, cash flowsNet proceeds on notes payable – floor plan, net (245,225) 168,108Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C31][C31] Second quarter release, cash flowsNet cash provided by (used in) operating activities $ 333,185 $ (44,595) Investing activities Purchases of property and equipment (64,211) (49,696)Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm

The refinancing is the big test. About $1.29 billion of the term loan was left at June 30, at an average rate of 6.26%. Its estimated market value was about 96% of the amount on the books. [C21][C21] Form 10-Q, Note 8Principal amount of borrowings $ 1,400,000 $ 1,400,000 $ 1,400,000 Less: cumulative principal payments ( 105,772 )Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C22][C22] Form 10-Q, Note 8the average interest rate on the Term Loan Facility was 6.26 %Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C27][C27] Form 10-Q, fair value of debtTerm Loan Facility Level 2 $ 1,286,597 $ 1,232,752Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm The company may use new term loans and other secured debt, so lenders would get a claim on its assets. It says it cannot promise the terms, or that a deal will happen at all. In return, a new loan due after mid-2030 would keep the RV credit line running to February 2030. [C8][C8] Form 8-K, Item 7.01The Company is considering a range of possible refinancing alternatives, which are expected to include new term loans and other senior secured debt.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C9][C9] Form 8-K, Item 7.01There can be no assurances as to the terms and conditions on which the potential refinancing may be consummated, or that the potential refinancing will be consummated at all.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C24][C24] Form 10-Q, Note 4extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 8 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm Its $65.0 million revolving credit line ends ninety-one days before the RV credit line, so in late 2027 if the term loan is not refinanced. Even after a refinancing it ends no later than March 3, 2028, so it must be replaced too. [C74][C74] Form 10-K, Note 10a $ 65.0 million revolving credit facilityCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C26][C26] Form 10-K, Note 10The Revolving Credit Facility matures at the earlier of (i) ninety-one days prior to the maturity date of the Floor Plan Facility (the Floor Plan Facility currently has a maturity date of March 5, 2028 as detailed in Note 4 — Inventories and Floor Plan Payables) or (ii) March 3, 2028.Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm Only $22.8 million of it could be used at June 30. Borrowing more than 35% of it would trigger a limit on debt compared with earnings. [C29][C29] Form 10-Q, Note 8As of June 30, 2026, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35 % threshold, however the Company’s borrowing capacity was reduced by $ 37.3 million in light of this covenant.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C68][C68] Form 10-Q, Note 8Additional borrowing capacity $ 22,750 $ 22,750 $ 22,750Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

Cash was $224.1 million at June 30, and the company says it met all of its debt tests then. [C30][C30] Second quarter release, balance sheetAt the end of the second quarter of 2026, cash and cash equivalents totaled $224.1 million.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C70][C70] Form 10-Q, Note 8The Company was in compliance with all applicable financial debt covenants as of June 30, 2026, December 31, 2025, and June 30, 2025.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm In August it replaced its mortgage loan with a larger one. The new loan runs to August 2031 instead of October 2027, at the SOFR benchmark rate plus 2.30%, so its cost moves with market rates. It brought in $20.8 million of new cash. [C34][C34] Form 8-K, Item 1.01The A&R Mortgage Facility matures on August 25, 2031, extending the October 27, 2027 maturity date of the Prior Mortgage Facility.Camping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm [C73][C73] Form 8-K, Item 1.01Borrowings under the A&R Mortgage Facility bear interest, at the borrowers ’ option, at a term SOFR rate plus 2.30% per annum or a base rate plus 1.30% per annumCamping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm [C84][C84] Form 8-K, Item 1.01$20.8 million of additional funds were drawn at closing, net of fees and lender holdbacksCamping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm In return it pledged property. It also agreed to earn at least 1.10 times what the loan costs each year, first tested for the period ending September 30, 2026. Trouble on its other debt can also put these mortgage loans in default. [C85][C85] Form 8-K, Item 1.01The A&R Mortgage Facility is secured by mortgages on specified real property of the borrowers and related assetsCamping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm [C83][C83] Form 8-K, Item 1.01requires the borrowers to maintain a consolidated debt service coverage ratio of not less than 1.10 to 1.00, tested as of the last day of each test period beginning with the test period ending September 30, 2026Camping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm [C86][C86] Form 10-Q, Note 8the Real Estate Facilities are subject to certain cross default provisions, a debt service coverage ratio, and other customary covenantsCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

Shareholders are paid last. Lenders on the RV credit line hold almost all of the dealership unit's assets. The term loan is secured and guaranteed by the other units, and mortgage lenders hold the pledged property. [C81][C81] Form 10-K, Note 4The borrowings under the floor plan credit agreement are collateralized by substantially all of the assets of FreedomRoads, LLCCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C82][C82] Form 10-K, Note 10The Senior Secured Credit Facilities are fully and unconditionally guaranteed, jointly and severally, on a senior secured basis by each of the Company’s existing and future domestic restricted subsidiariesCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C85][C85] Form 8-K, Item 1.01The A&R Mortgage Facility is secured by mortgages on specified real property of the borrowers and related assetsCamping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm There are no preferred shares. Beyond the shares and units, employees and directors held 137,719 options, 1,915,476 restricted stock units and 750,000 performance units at the end of 2025. [C80][C80] Second quarter release, balance sheetPreferred stock, par value $0.01 per share – 20,000 shares authorized; none issued and outstandingCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C79][C79] Form 10-K, risk factorsincluding shares of Class A common stock issuable pursuant to 137,719 stock options, 1,915,476 restricted stock units, and 750,000 performance stock unitsCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm

Control sits with insiders. Mr. Lemonis and Crestview together hold more than 50% of the votes for directors. While his group owns at least 22.5%, his company must approve a sale of Camping World or any asset deal over $100 million. [C38][C38] Form 10-K, risk factorsin the aggregate, have more than 50% of the voting power for the election of directorsCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C92][C92] Form 10-K, risk factorsbeneficially own, in the aggregate, 22.5% or more of our Class A common stockCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C78][C78] Form 10-K, risk factorsThese actions include: (1) a change of control; (2) acquisitions or dispositions of assets above $100 million; (3) the issuance of securities of Camping World Holdings, Inc. or any of its subsidiariesCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm It must also approve any new shares or other securities. So although the company has a registration on file that lets it sell shares quickly, a stock sale needs his consent. The only officer filings since July show shares withheld at $6.41 in August, not purchases. [C78][C78] Form 10-K, risk factorsThese actions include: (1) a change of control; (2) acquisitions or dispositions of assets above $100 million; (3) the issuance of securities of Camping World Holdings, Inc. or any of its subsidiariesCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C59][C59] Form 10-Q, liquidityregistered offerings of equity under our Registration Statement on Form S-3Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [F41][F41] Form 4, Table IClass A Common Stock 08/15/2026 F 11,075 D $ 6.41Form 4 for Thomas E. Kirn, chief financial officer, filed August 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926098374/xslF345X06/tm2623442-3_4seq1.xml [F42][F42] Form 4, Table IClass A Common Stock 08/15/2026 F 8,860 D $ 6.41Form 4 for Matthew D. Wagner, chief executive officer, filed August 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926098373/xslF345X06/tm2623442-2_4seq1.xml [F43][F43] Form 4, Table IClass A Common Stock 08/15/2026 F 13,289 D $ 6.41Form 4 for Lindsey Christen, chief administrative and legal officer, filed August 18, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926098369/xslF345X06/tm2623442-1_4seq1.xml It pays no dividend. It paid $1.4 million under the tax receivable agreement in the first half of 2026 and had no such liability on its books at June 30, though it says more payments for 2026 are possible. [C35][C35] Form 10-Q, dividendsIn February 2026, following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of our focus on reducing net debt leverage, our Board of Directors determined to pause our regular cash dividend program.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C96][C96] Form 10-Q, Tax Receivable AgreementWe paid $1.4 million under the Tax Receivable Agreement during the six months ended June 30, 2026.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C97][C97] Form 10-Q, Tax Receivable AgreementAs of June 30, 2026, we did not have a Tax Receivable Agreement liability balance recorded on our condensed consolidated balance sheet.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C58][C58] Form 10-Q, Tax Receivable Agreementit may be possible that payments could be due under the Tax Receivable Agreement for the 2026 tax yearCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

The bull case starts with costs and a stronger balance sheet than a year ago. The company cut its overhead by $26.6 million in the second quarter and cut net debt by $222.3 million in a year. [C47][C47] Second quarter release, chief executiveSG&A came down $26.6 millionCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C48][C48] Second quarter release, balance sheetThe Company's net debt (1) decreased $222.3 million, or 14.5%, at the end of the second quarter of 2026 compared to the second quarter of 2025.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Good Sam, its membership, roadside and protection-plan business, made 33.5% of its segment adjusted EBITDA in 2025. Unit declines eased in August and September, and the term loan's estimated market value was close to its book amount. [C87][C87] Form 10-K, segment resultsAs percentage of total Segment Adjusted EBITDA: Good Sam Services and Plans 33.5% 49.0% 37.1%Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C27][C27] Form 10-Q, fair value of debtTerm Loan Facility Level 2 $ 1,286,597 $ 1,232,752Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm It aims to save $100 million a year by early 2028, with $50 million running by the end of 2026, and now adds at least $50 million more. Those are goals, not results. [C45][C45] Second quarter release, chief executivewe have identified an incremental $100 million of structural SG&A savings and operating efficiencies, which we expect to be fully annualized by early 2028, with $50 million of run-rate savings expected to be achieved by the end of 2026Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C5][C5] Form 8-K, Item 7.01the Company has identified and implemented additional headcount reductions expected to generate at least $50 million in incremental annualized savingsCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

The bear case, worst first. First, it must refinance about $1.29 billion while profit falls, which could mean a higher rate or tighter terms. Second, the whole industry is weak. [C21][C21] Form 10-Q, Note 8Principal amount of borrowings $ 1,400,000 $ 1,400,000 $ 1,400,000 Less: cumulative principal payments ( 105,772 )Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C1][C1] Form 8-K, Item 7.01the Company now expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated guidance range of $230 million to $270 millionCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C8][C8] Form 8-K, Item 7.01The Company is considering a range of possible refinancing alternatives, which are expected to include new term loans and other senior secured debt.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm New RV registrations were down 16.4% through May, and the industry group cut its 2026 shipment forecast by 10.2%. [C67][C67] Second quarter release, RV industry trendsnew RV registrations in the U.S. declined by 16.4% to 113,631 registrations for the year-to-date period ended May 31, 2026 compared to the comparable period ended May 31, 2025Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C44][C44] Second quarter release, RV industry trendspresented a 10.2% downward revision of its median forecast of 2026 wholesale shipments of new RVs from its previous Spring 2026 reportCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Third, dealers are still discounting new RVs to clear stock, which the company says kept new-RV margins under more pressure than expected in the third quarter. That came after the second quarter, when the new-RV margin fell to 10.9% mainly because the average cost per new RV rose 17.4%. [C2][C2] Form 8-K, Item 7.01These unit trends remained soft through the quarter, contributing to a more promotional environment for new vehicles across the RV industry as competing dealers worked to align inventory levels with weaker demand.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C95][C95] Second quarter release, highlightsNew vehicle gross margin was 10.9%, a decrease of 286 basis points, driven primarily by the 17.4% increase in the average cost per new vehicle soldCamping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm Fourth, goodwill could be written down, since the cushion was only 7%. Fifth, the stock was already sliding before the news. It fell 13.1%, from $5.78 on September 15 to $5.02 on October 2. [C75][C75] Form 10-Q, Note 6 goodwillThe Q1 26 Interim Goodwill Test and Q2 26 Interim Goodwill Test concluded that the RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 10 % and 7 %, respectivelyCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [P01][P01] IEX closing pricesCWH closed at $5.78 on September 15, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P02][P02] IEX closing pricesCWH closed at $5.02 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/

The moves suggest both a Camping World problem and an RV problem. On October 5 Camping World fell 9.4%. Thor fell 3.4%, from $69.52 to $67.185, and Winnebago fell 5.0%, from $26.305 to $24.98. [P02][P02] IEX closing pricesCWH closed at $5.02 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P03][P03] IEX closing pricesCWH closed at $4.55 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P04][P04] IEX closing pricesTHO closed at $69.52 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P05][P05] IEX closing pricesTHO closed at $67.185 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P06][P06] IEX closing pricesWGO closed at $26.305 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P07][P07] IEX closing pricesWGO closed at $24.98 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ The consumer stock fund XLY rose 0.3%, and the broad market fund SPY rose 0.7%. [P08][P08] IEX closing pricesXLY closed at $110.04 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P09][P09] IEX closing pricesXLY closed at $110.4 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P10][P10] IEX closing pricesSPY closed at $769.72 on October 2, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/ [P11][P11] IEX closing pricesSPY closed at $774.75 on October 5, 2026 (IEX)IEX closing prices for CWH, THO, WGO, XLY and SPY, September 15 to October 5, 2026Open source ↗https://iextrading.com/trading/market-data/

Our call is on third-quarter sales. A year ago they rose 4.7% to about $1.8 billion, helped by a 32.9% jump in used-RV units. That was about $1.81 billion, so a yes needs a drop of only about 0.4%. [W01][W01] Third quarter 2025 results releaseRevenue was $1.8 billion for the third quarter, an increase of $81.1 million, or 4.7%.Business Wire · Read October 6, 2026Open source ↗https://www.businesswire.com/news/home/20251028674341/en/Camping-World-Holdings-Inc.-Reports-Third-Quarter-2025-Results-Record-Breaking-Total-Unit-Volume-Significant-Year-to-Date-Net-Income-and-Adjusted-EBITDA-Growth [W05][W05] Third quarter 2025 results releaseused vehicle unit sales were 18,694 units, an increase of 4,629 units, or 32.9%Business Wire · Read October 6, 2026Open source ↗https://www.businesswire.com/news/home/20251028674341/en/Camping-World-Holdings-Inc.-Reports-Third-Quarter-2025-Results-Record-Breaking-Total-Unit-Volume-Significant-Year-to-Date-Net-Income-and-Adjusted-EBITDA-Growth Against us, the company says unit declines eased in August and September. In the second quarter, new-RV prices rose 13.6%, so sales fell only 2.1% even though new-RV units fell 16.4%. [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C89][C89] Second quarter release, highlightsAverage selling price of new vehicles sold increased 13.6%, and average selling price of used vehicles sold decreased 3.6%.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C88][C88] Second quarter release, highlightsRevenue was $1.9 billion for the second quarter, a decrease of $41.9 million, or 2.1%.Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm [C18][C18] Second quarter release, highlightsnew vehicle unit sales were 22,312 units, a decrease of 4,384 units, or 16.4%Camping World second quarter 2026 results release, Exhibit 99.1 to Form 8-K, July 29, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088141/cwh-20260729xex99d1.htm For us, units stayed soft through the third quarter and discounting got heavier, which cuts into those price gains. We are only moderately confident, because the bar is so close to last year. [C2][C2] Form 8-K, Item 7.01These unit trends remained soft through the quarter, contributing to a more promotional environment for new vehicles across the RV industry as competing dealers worked to align inventory levels with weaker demand.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

Watch the mortgage test for the period ending September 30, 2026, and the yearly goodwill test, done as of October 1. Winnebago reports on October 21, 2026, a fresh read on RV demand. [C83][C83] Form 8-K, Item 1.01requires the borrowers to maintain a consolidated debt service coverage ratio of not less than 1.10 to 1.00, tested as of the last day of each test period beginning with the test period ending September 30, 2026Camping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm [C94][C94] Form 10-K, critical accounting estimatesGoodwill is reviewed at least annually for impairment on October 1Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm [W09][W09] Winnebago results date releaseplans to issue its fourth quarter and fiscal 2026 financial results before the opening of the New York Stock Exchange on Wednesday, October 21, 2026GlobeNewswire (Winnebago Industries) · Read October 6, 2026Open source ↗https://www.globenewswire.com/news-release/2026/09/23/3367396/0/en/winnebago-industries-to-announce-fourth-quarter-and-fiscal-2026-financial-results-on-october-21-2026.html The company has not set a date for third-quarter results; last year they came out on October 28. After that, watch for refinancing news, and the deadlines of March 2028 for the RV credit line and June 2028 for the term loan. [W06][W06] Third quarter 2025 report date releaseits financial results for the third quarter fiscal 2025 will be released after the market closes on Tuesday, October 28, 2025Business Wire · Read October 6, 2026Open source ↗https://www.businesswire.com/news/home/20251016479727/en/Camping-World-Holdings-Inc.-to-Announce-Third-Quarter-Fiscal-2025-Earnings-on-October-28-2025-with-a-Call-Premarket-on-October-29-2025 [C7][C7] Form 8-K, Item 7.01The Company is exploring the refinancing of its existing term loan facility with the goal of increasing the Company’s financial flexibility.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C24][C24] Form 10-Q, Note 4extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 8 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C23][C23] Form 10-K, Note 10The Term Loan Facility matures in June 2028.Camping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm The bear case is wrong if the company signs a new term loan due after mid-2030 at a rate near today's 6.26%. It is also wrong if third-quarter adjusted EBITDA lands near last year's $95.7 million. The bull case is wrong if the refinancing fails or costs far more, if third-quarter profit falls well short, or if goodwill is written down. [C24][C24] Form 10-Q, Note 4extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 8 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [C22][C22] Form 10-Q, Note 8the average interest rate on the Term Loan Facility was 6.26 %Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm [W04][W04] Third quarter 2025 results releaseAdjusted EBITDA was $95.7 million, an increase of $28.2 million, or 41.8%.Business Wire · Read October 6, 2026Open source ↗https://www.businesswire.com/news/home/20251028674341/en/Camping-World-Holdings-Inc.-Reports-Third-Quarter-2025-Results-Record-Breaking-Total-Unit-Volume-Significant-Year-to-Date-Net-Income-and-Adjusted-EBITDA-Growth [C9][C9] Form 8-K, Item 7.01There can be no assurances as to the terms and conditions on which the potential refinancing may be consummated, or that the potential refinancing will be consummated at all.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C75][C75] Form 10-Q, Note 6 goodwillThe Q1 26 Interim Goodwill Test and Q2 26 Interim Goodwill Test concluded that the RV and Outdoor Retail reporting unit’s fair value exceeded its carrying value by 10 % and 7 %, respectivelyCamping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

How far below $230 million the company now expects adjusted EBITDA to land. It gave no new range. [C1][C1] Form 8-K, Item 7.01the Company now expects full-year 2026 Adjusted EBITDA to be below the low end of its previously communicated guidance range of $230 million to $270 millionCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

The size, interest rate, lenders and due date of any new term loan, and whether it closes at all. [C8][C8] Form 8-K, Item 7.01The Company is considering a range of possible refinancing alternatives, which are expected to include new term loans and other senior secured debt.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C9][C9] Form 8-K, Item 7.01There can be no assurances as to the terms and conditions on which the potential refinancing may be consummated, or that the potential refinancing will be consummated at all.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

Whether any new loans will carry debt tests that apply at all times. Today's revolver test applies only when borrowing passes 35% of the line. [C29][C29] Form 10-Q, Note 8As of June 30, 2026, the Company was not subject to this covenant as borrowings under the Revolving Credit Facility did not exceed the 35 % threshold, however the Company’s borrowing capacity was reduced by $ 37.3 million in light of this covenant.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

Whether the company passed the mortgage loan's first test, for the period ending September 30, 2026. [C83][C83] Form 8-K, Item 1.01requires the borrowers to maintain a consolidated debt service coverage ratio of not less than 1.10 to 1.00, tested as of the last day of each test period beginning with the test period ending September 30, 2026Camping World Form 8-K on its amended mortgage loan facility, filed August 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926103869/cwh-20260825x8k.htm

How many jobs are being cut, which four stores will close, and what the cuts cost up front. Also, how much of the new $50 million of savings comes in 2026, and whether the costs will be left out of adjusted EBITDA. [C5][C5] Form 8-K, Item 7.01the Company has identified and implemented additional headcount reductions expected to generate at least $50 million in incremental annualized savingsCamping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C6][C6] Form 8-K, Item 7.01These actions include the closure of four dealerships, two of which the Company currently intends to reopen at a later date.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

Whether sales and profit per new RV improved in October, and whether rival dealers have finished clearing their lots. The October filing covers only July through September. [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm [C2][C2] Form 8-K, Item 7.01These unit trends remained soft through the quarter, contributing to a more promotional environment for new vehicles across the RV industry as competing dealers worked to align inventory levels with weaker demand.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

Third-quarter sales, margins and cash flow. The October filing gives no numbers for the quarter. [C3][C3] Form 8-K, Item 7.01Although the Company has seen unit sales declines progressively moderate to a degree during August and September, new vehicle front-end margins have remained under greater pressure than previously expected.Camping World Form 8-K on its 2026 outlook, cost cuts and term loan refinancing, filed October 5, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926113490/tm2627004d1_8k.htm

Whether ML Acquisition, the Lemonis company, would approve a stock sale if lenders will not refinance on good terms. [C78][C78] Form 10-K, risk factorsThese actions include: (1) a change of control; (2) acquisitions or dispositions of assets above $100 million; (3) the issuance of securities of Camping World Holdings, Inc. or any of its subsidiariesCamping World annual report on Form 10-K for 2025, filed February 27, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926021548/cwh-20251231x10k.htm

How much of the stock has been sold short. None of the filings we read report it.

What debt level the company is aiming for. It says only that it wants to lower its leverage. [C35][C35] Form 10-Q, dividendsIn February 2026, following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of our focus on reducing net debt leverage, our Board of Directors determined to pause our regular cash dividend program.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm

What the shareholder class action could cost, and whether insurance covers it. [C69][C69] Form 10-Q, Note 11The case is in its early stages.Camping World quarterly report on Form 10-Q for the quarter ended June 30, 2026, filed July 31, 2026Open exact filing on SEC EDGAR ↗https://www.sec.gov/Archives/edgar/data/1669779/000110465926088835/cwh-20260630x10q.htm