Oshkosh Corporation (Holding Company)Common Stock

Greetings and welcome to the Oshkosh Corporation's second quarter 2025 results conference call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Pat Davidson, Senior Vice President of Investor Relations for Oshkosh Corporation. Thank you, sir. You may begin.

Good morning, and thanks for joining us. Earlier today, we published our second quarter 2025 results. A copy of that release is available on our website at OshkoshCorp.com. Today's call is being webcast and is accompanied by a slide presentation, which includes a reconciliation of -non-gap financial measures that we will use during this call and is also available on our website. The audio replay and slide presentation will be available on our website for approximately 12 months. Please refer now to slide two of that presentation. Our remarks that follow, including answers to your questions, contain statements that we believe to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act. These forward-looking statements are subject to risks that could cause actual results to be materially different from those expressed or implied by such forward-looking statements. These risks include, among others, matters that we have described in our Form 8K filed with the SEC this morning and other filings we make with the SEC, as well as matters noted at our Investor Day in June 2025. We disclaim any obligation to update these forward-looking statements, which may not be updated until our next quarterly earnings conference call, if at all. Our presenters today include John Pfeiffer, President and Chief Executive Officer, and Pat Field, Executive Vice President and Chief Financial Officer. Please turn to slide three and I'll turn it over to you, John. Thank

you, Pat, and good morning, everyone. Before we get into the quarter, I want to highlight the positive response we've received to our June 5th Investor Day. This slide from the event highlights the key elements that we believe make Oshkosh an attractive Bringing the full strength of our portfolio, united by our shared strategy, accelerated innovation in autonomy, electrification, and intelligent, connected products, all supported by favorable long-term trends. I want to reiterate two key messages from the event about our 2028 targets. First, we expect to deliver sizable revenue growth. And second, we expect to transform margins. We believe many of the key drivers that support these returns are largely under our control at Oshkosh. Turning to slide four, we delivered an adjusted operating margin of .5% on revenue of $2.7 billion in our second quarter. This led to adjusted earnings per share of $3.41, an increase of .1% over the prior year. These results reflect strong performance across each of our segments, which Matt will dig into later in the call. We grew adjusted EPS and maintained adjusted operating income margin year over year despite lower revenue, reflecting continued strong performance in our vocational segment, improved returns in our transport segment, and a resilient mid-teens margin in our access segment. Maintaining adjusted operating income margins on lower revenue highlights our commitment to transform margins as we move forward. Our results reflect the disciplined execution of our innovate, serve, advance strategy, which we show on slide five. Through this strategy, we have expanded our portfolio to include strong operations like Aerotech and AUSA that expand our business into attractive adjacent markets while improving our earnings profile. Turning to slide six for Q2 highlights, as I mentioned earlier, we discussed our plans to grow the company at our investor day. We were excited to share our 2028 targets with you all, including a compound annual revenue growth rate of 7 to 10 percent and transformative margin expansion of 200 to 400 basis points. While these are targets for 2028, we believe the building blocks that support our plan are in place today. As we expected and highlighted at our investor day, we signed the three-year sole source contract for FMTV, the family of medium tactical vehicles program, with the Department of Defense just a week later. This contract includes updated pricing and an economic price adjustment mechanism, which we believe will yield favorable returns as we build units under the contract. A significant part of the FMTV program is the launch of our LVAD, or low velocity air drop variance, which have been favorably received by the DOD. This new FMTV contract follows our five-year FHTV, the family of heavy tactical vehicles, contract with the DOD that we signed last year and has similar terms. Our performance this quarter in the transport segment, in part, reflects production of FHTV units under these new contract terms. For the delivery side of the transport segment, we're making steady progress with the production ramp up of the next generation delivery vehicle for the United States Postal Service at our Spartanburg, South Carolina facility. In June, we surpassed one million cumulative miles driven by postal workers across the fielded NGV fleet, an exciting milestone that reflects the momentum of this program. And in July, the USPS topped 1.5 million cumulative miles. We're also pleased to welcome Steve Nordland, who joined in mid-July to lead the transport segment. Steve brings a proven track record of innovation, leadership, and success in securing major defense contracts. Most recently, he led Boeing's Air Dominance Division, which includes the recent award of the sixth generation F-47 fighter aircraft. He's a valuable addition to our team and is well positioned to help drive continued growth and performance in this segment. Turning to slide seven, another highlight of the quarter was the launch of our micro-sized scissor lift, which we announced in May and we began delivering in June. This product, specifically designed for data center customers, has been so well received that we are already evaluating options to expand capacity for this model and broaden the product line. Sales in the excess segment were in line with expectations. The segment delivered nearly 15% adjusted operating income for the quarter, despite 11% lower revenue. Last, but certainly not least, I want to highlight the strong performance in our vocational segment. At Investor Day, we discussed the opportunity to expand capacity progressively in this segment to meet growing demand and fulfill backlog orders. Deliveries of our fire apparatus increased 7% in the quarter compared to last year, which included 15 trucks for Kansas City, Missouri, a great example of the many deliveries we're making to fire departments across North America. These efforts contributed to a 15% revenue increase for the segment and 20% growth for fire apparatus. We are proud to serve firefighters throughout the country and are honored to once again co-sponsor the 9-11 Memorial Stair Climb on September 20th at Lambeau Field in Green Bay. This is the 13th year of our support for this outstanding event benefiting the National Fallen Firefighters Foundation. We are committed to partnerships like these and building our business to be sustainable for the long term. Many of our initiatives are highlighted in our 12th Annual Sustainability Report, which we published in June. In summary, this was another strong quarter for Oshkosh with contributions from all our segments. As we shared at our Investor Day, we believe we are well positioned to grow revenue and transform our margins between now and 2028, and the building blocks to deliver on this growth are evident in this quarter's results. With that, I'll hand it over to Matt to walk through our detailed financial results.