# EDGAR Filing Document

**Accession Number:** 0001687221
**File Stem:** 0001687221-25-000006
**Filing Date:** 2025-9
**Character Count:** 144225
**Document Hash:** ad5848c95992b7b28302126b91b9a405
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001687221-25-000006.hdr.sgml**: 20250903

**ACCESSION NUMBER**: 0001687221-25-000006

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 73

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250903

**DATE AS OF CHANGE**: 20250903

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** REV Group, Inc.
- **CENTRAL INDEX KEY:** 0001687221
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 263013415
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1031

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37999
- **FILM NUMBER:** 251287745

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005
- **BUSINESS PHONE:** 414-290-0190

**MAIL ADDRESS:**
- **STREET 1:** 245 SOUTH EXECUTIVE DRIVE
- **CITY:** BROOKFIELD
- **STATE:** WI
- **ZIP:** 53005

?xml version='1.0' encoding='ASCII'? 10-Q

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, DC 20549**

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**FORM** 10-Q

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**(Mark One)**

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended** **July 31,** 2025

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**Commission File Number:** 001-37999

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REV Group, Inc.

**(Exact Name of Registrant as Specified in its Charter)**

------

---

| | |
|:---|:---|
| Delaware | 26-3013415 |
| **(State or other jurisdiction of**<br>**incorporation or organization)** | **(I.R.S. Employer**<br>**Identification No.)** |
| 245 South Executive Drive, Suite 100<br>Brookfield**,** WI | 53005 |
| **(Address of principal executive offices)** | **(Zip Code)** |

---

**Registrant's telephone number, including area code: (**414**)** 290-0190

------

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol** | **Name of each exchange on which registered** |
| Common Stock ($0.001 Par Value) | REVG | New York Stock Exchange |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☒ | Accelerated filer | ☐ |
| Non-accelerated filer | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | Small reporting company | ☐ |
| Emerging growth company | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;☐ |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of August 27, 2025, the registrant had 48,798,333 shares of common stock, $0.001 par value per share, outstanding.

------

**Table of Contents**

---

| | | |
|:---|:---|:---|
|  |  | **Page** |
| [Cautionary Statement About Forward-Looking Statements](#cautionary_statement_about_forwardlookin) | [Cautionary Statement About Forward-Looking Statements](#cautionary_statement_about_forwardlookin) | 2 |
| [Website and Social Media Disclosure](#website_social_media_disclosure) | [Website and Social Media Disclosure](#website_social_media_disclosure) | 3 |
| **PART I.** | &nbsp;&nbsp;[**FINANCIAL INFORMATION**](#part_ifinancial_information) | 4 |
| Item 1. | &nbsp;&nbsp;[Financial Statements](#item_1_financial_statements) | 4 |
|  | &nbsp;&nbsp;[Condensed Unaudited Consolidated Balance Sheets](#condensed_unaudited_consolidated_balance) | 4 |
|  | &nbsp;&nbsp;[Condensed Unaudited Consolidated Statements of Income and Comprehensive Income](#condensed_unaudited_consolidated_stateme) | 5 |
|  | &nbsp;&nbsp;[Condensed Unaudited Consolidated Statements of Cash Flows](#condensed_unaudited_cash_flow) | 6 |
|  | &nbsp;&nbsp;[Condensed Unaudited Consolidated Statements of Shareholders' Equity](#condensed_unaudited_shareholders_equity) | 7 |
|  | &nbsp;&nbsp;[Notes to Condensed Unaudited Consolidated Financial Statements](#notes_to_condensed_unaudited_consolidate) | 8 |
| Item 2. | &nbsp;&nbsp;[Management's Discussion and Analysis of Financial Condition and Results of Operations](#mda) | 19 |
| Item 3. | &nbsp;&nbsp;[Quantitative and Qualitative Disclosures About Market Risk](#item_3_quantitative_qualitative_disclosu) | 28 |
| Item 4. | &nbsp;&nbsp;[Controls and Procedures](#item_4_controls_procedures) | 28 |
| **PART II.** | &nbsp;&nbsp;[**OTHER INFORMATION**](#part_iior_information) | 29 |
| Item 1. | &nbsp;&nbsp;[Legal Proceedings](#item_1_legal_proceedings) | 29 |
| Item 1A. | &nbsp;&nbsp;[Risk Factors](#item_1a_risk_factors) | 29 |
| Item 2. | &nbsp;&nbsp;[Unregistered Sales of Equity Securities and Use of Proceeds](#item_2_unregistered_sales_of_equity) | 29 |
| Item 6. | &nbsp;&nbsp;[Exhibits](#item_6_exhibits) | 30 |
| [Signatures](#signatures) | [Signatures](#signatures) | 31 |

---

**Cautionary Statement About Forward-Looking Statements**

This Quarterly Report on Form 10-Q may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as "anticipate," "believe," "estimate," "expect," "guidance," "intend," "may," "outlook," "plan," "predict," "project," "target," "potential," "will," "would," "could," "should," "continue," "contemplate," "aim," "strive," "goal," "seek," "forecast" and other similar expressions, although not all forward-looking statements contain these identifying words. Investors are cautioned that forward-looking statements are inherently uncertain. A number of factors could cause actual results to differ materially from these statements, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•economic factors and adverse developments in economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased economic and political instability;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a disruption, termination or alteration of the supply of vehicle chassis or other critical components from third-party suppliers due to changes in production, U.S. and foreign trade policies, tariffs, or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•competition in our markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in the price of commodities, raw materials or other components used in our business due to inflation, tariffs, or other factors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a failure of a key information technology system or a breach of our information security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•interruptions to our computer and information technology systems and cyber-attacks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•performance of dealers, including the availability and terms of financing to dealers, and disruptions within our dealer network;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to attract, retain, and develop qualified personnel, including our ability to attract, retain, and develop proper succession plans for senior management and key employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increases in the cost of labor, deterioration in employee relations, union organizing activity and work stoppages at our facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•defects in our vehicles, potentially resulting in delaying new model launches, recall campaigns, increased warranty costs, liability or other costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•cancellations, reductions or delays in customer orders, customer breaches of purchase agreements, reduction in expected backlog, reductions in profitability of backlog due to fluctuations in product costs, or our inability to meet customer delivery schedules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•unforeseen or recurring operational problems at any of our facilities, or a catastrophic loss of one of our key manufacturing facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in federal, state, and local government spending and priorities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•fuel shortages, or high prices for fuel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•increased public and shareholder attention to environmental, social and governance matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cyclical and seasonal nature of our business;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•intellectual property risks or failure to maintain the strength and value of our brands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in customer preferences for our products or our failure to gauge those preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our inability to identify and successfully integrate acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•negative impact from divestitures on our business or retained liabilities from divested businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•a decline in operating results or access to financing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•contingent obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•restrictive covenants that may impair our ability to access sufficient capital;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•impairments of goodwill or other intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our ability to declare dividends or have sufficient funds to pay dividends;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•laws and regulations which we are subject to;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•environmental, health and safety laws and regulations and costs or liabilities associated with environmental, health and safety matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•litigation and uninsured judgments, settlements or other costs, or a rise in insurance premiums;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes to tax laws or exposure to additional tax liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•failure to maintain effective internal controls in accordance with Section 404 of the Sarbanes-Oxley Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•and the effectiveness of risk management policies and procedures.

Additional information concerning certain risks and uncertainties that could cause actual results to differ materially from those projected or suggested is contained in the "Risk Factors" section in our filings with the U.S. Securities and Exchange Commission ("SEC"). We disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this Form 10-Q or to reflect any changes in expectations after the date of this release or any change in events, conditions or circumstances on which any statement is based.

**Website and Social Media Disclosure**

We use our website (www.revgroup.com) and corporate social media accounts including X (previously known as Twitter) account (@revgroupinc), LinkedIn account (@rev-group-inc), Facebook account (@REVGroupInc), YouTube (@REVGroupInc), and Instagram account (@revgroupinc) as routine channels of distribution for company information, including news releases, analyst presentations, and supplemental financial information, as a means of disclosing material non-public information and for complying with our disclosure obligations under SEC Regulation FD. Accordingly, investors should monitor our website and our corporate social media accounts in addition to following press releases, SEC filings and public conference calls and webcasts. Additionally, we provide notifications of news or announcements as part of our investor relations website (https://investors.revgroup.com/). Investors and others can receive notifications of new information posted on our investor relations website in real time by signing up for email alerts.

None of the information provided on our website, in our press releases, public conference calls and webcasts, or through social media channels is incorporated into, or deemed to be a part of, this Quarterly Report on Form 10-Q or in any other report or document we file with the SEC, and any references to our website or our social media channels are intended to be inactive textual references only.

------

**PART I—FINANCIAL INFORMATION**

**Item 1. Financial Statements.**

**REV Group, Inc. and Subsidiaries**

**Condensed Unaudited Consolidated Balance Sheets**

**(Dollars in millions, except share amounts)**

---

| | | |
|:---|:---|:---|
|  |  | (Audited) |
|  | **July 31, <br>2025** | **October 31, <br>2024** |
| ASSETS |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $36.0 | $24.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 196.1 | 152.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 549.3 | 602.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 34.0 | 26.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 815.4 | 806.5 |
| Property, plant and equipment, net | 139.6 | 130.2 |
| Goodwill | 137.7 | 137.7 |
| Intangible assets, net | 86.0 | 95.4 |
| Right of use assets | 22.6 | 32.1 |
| Deferred income taxes | 8.2 | 5.4 |
| Other long-term assets | 9.5 | 5.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $1219.0 | $1213.0 |
| LIABILITIES AND SHAREHOLDERS' EQUITY |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $216.0 | $188.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term customer advances | 155.1 | 158.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation | 33.8 | 33.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term accrued warranty | 21.8 | 20.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term lease obligations | 5.6 | 7.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 67.8 | 61.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 500.1 | 469.3 |
| Long-term debt | 90.0 | 85.0 |
| Long-term customer advances | 182.7 | 160.1 |
| Long-term lease obligations | 17.8 | 25.7 |
| Other long-term liabilities | 41.1 | 37.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 831.7 | 777.9 |
| Commitments and contingencies |  |  |
| Shareholders' Equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred stock ($.001 par value, 95,000,000 shares authorized; none issued or outstanding) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common stock ($.001 par value, 605,000,000 shares authorized; 48,798,333 and 52,131,600 shares issued and outstanding, respectively) | 0.1 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 212.5 | 316.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 174.6 | 118.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 0.1 | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 387.3 | 435.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and shareholders' equity | $1219.0 | $1213.0 |

---

See Notes to Condensed Unaudited Consolidated Financial Statements.

------

**REV Group, Inc. and Subsidiaries**

**Condensed Unaudited Consolidated Statements of Income and Comprehensive Income**

**(Dollars in millions, except per share amounts)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Net sales | $644.9 | $579.4 | $1799.1 | $1782.3 |
| Cost of sales | 543.2 | 501.1 | 1531.9 | 1563.8 |
| Gross profit | 101.7 | 78.3 | 267.2 | 218.5 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 44.7 | 43.1 | 132.5 | 149.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring |  | 4.7 |  | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 1.9 |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 44.7 | 49.7 | 132.5 | 173.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income | 57.0 | 28.6 | 134.7 | 45.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 6.4 | 7.6 | 18.8 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on sale of business | 9.6 | (1.4) | 39.6 | (260.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income before provision for income taxes | 41.0 | 22.4 | 76.3 | 284.4 |
| Provision for income taxes | 11.9 | 4.4 | 10.0 | 68.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income | $29.1 | $18.0 | $66.3 | $215.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income (loss), net of tax | 0.1 |  | (0.1) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Comprehensive income | $29.2 | $18.0 | $66.2 | $215.7 |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.60 | $0.35 | $1.32 | $3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.59 | 0.35 | 1.31 | 3.91 |
| Dividends declared per common share | 0.06 | 0.05 | 0.18 | 3.15 |

---

See Notes to Condensed Unaudited Consolidated Financial Statements.

------

**REV Group, Inc. and Subsidiaries**

**Condensed Unaudited Consolidated Statements of Cash Flows**

**(Dollars in millions)**

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $66.3 | $215.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to net cash provided by (used in) operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 18.1 | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 9.1 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (15.9) | 0.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss (Gain) on sale of business | 39.6 | (260.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash adjustments | (1.5) | (0.2) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities, net | 48.5 | (12.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 164.2 | (15.2) |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchase of property, plant and equipment | (27.9) | (22.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of business |  | 319.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | 2.2 | 4.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) provided by investing activities | (25.7) | 301.8 |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from borrowings on revolving credit facility | 5.0 | 65.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends | (10.0) | (188.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common stock | (107.6) | (126.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (14.5) | (7.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (127.1) | (257.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 11.4 | 29.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, beginning of period | 24.6 | 21.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents, end of period | $36.0 | $50.5 |
| Supplemental disclosures of cash flow information: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | $13.4 | $17.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes, net of refunds | $31.5 | $69.6 |

---

See Notes to Condensed Unaudited Consolidated Financial Statements.

------

**REV Group, Inc. and Subsidiaries**

**Condensed Unaudited Consolidated Statements of Shareholders' Equity**

**(Dollars in millions, except share amounts)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Common Stock** | **Common Stock** |  | **Additional Paid-in** | **Retained** | **Accumulated<br>Other<br>Comprehensive** | **Total<br>Shareholders'** |
|  | **Amount** | **# Shares** |  | **Capital** | **Earnings** | **Income** | **Equity** |
| **Balance, October 31, 2024** | $**0.1** | **52131600** | **Sh.** | $**316.5** | $**118.3** | $**0.2** | $**435.1** |
| Net income |  |  |  |  | 18.2 |  | 18.2 |
| Stock-based compensation expense |  |  |  | 2.6 |  |  | 2.6 |
| Vesting of restricted stock units, net of employee tax withholdings |  | 172974 | Sh. | (2.2) |  |  | (2.2) |
| Employee tax withholdings on vesting of restricted stock awards |  | (67609 | Sh.) | (2.1) |  |  | (2.1) |
| Other comprehensive income, net of tax |  |  |  |  |  | 0.4 | 0.4 |
| Repurchase and retirement of common stock, including fees and excise taxes |  | (579165 | Sh.) | (19.3) |  |  | (19.3) |
| Dividends declared on common stock |  |  |  |  | (3.9) |  | (3.9) |
| **Balance, January 31, 2025** | $**0.1** | **51657800** | **Sh.** | $**295.5** | $**132.6** | $**0.6** | $**428.8** |
| Net income |  |  |  |  | 19.0 |  | 19.0 |
| Stock-based compensation expense |  |  |  | 3.2 |  |  | 3.2 |
| Vesting of restricted stock units, net of employee tax withholdings |  | 17365 | Sh. | (0.2) |  |  | (0.2) |
| Other comprehensive loss, net of tax |  |  |  |  |  | (0.6) | (0.6) |
| Repurchase and retirement of common stock, including fees and excise taxes |  | (2877814 | Sh.) | (89.3) |  |  | (89.3) |
| Dividends declared on common stock |  |  |  |  | (3.1) |  | (3.1) |
| **Balance, April 30, 2025** | $**0.1** | **48797351** | **Sh.** | $**209.2** | $**148.5** | $**—** | $**357.8** |
| Net Income |  |  |  |  | 29.1 |  | 29.1 |
| Stock-based compensation expense |  |  |  | 3.3 |  |  | 3.3 |
| Vesting of restricted stock units, net of employee tax withholdings |  | 982 | Sh. |  |  |  |  |
| Other comprehensive income, net of tax |  |  |  |  |  | 0.1 | 0.1 |
| Dividends declared on common stock |  |  |  |  | (3.0) |  | (3.0) |
| **Balance, July 31, 2025** | $**0.1** | **48798333** | **Sh.** | $**212.5** | $**174.6** | $**0.1** | $**387.3** |
|  | **Common Stock** | **Common Stock** |  | **Additional Paid-in** | **Retained** | **Accumulated<br>Other<br>Comprehensive** | **Total<br>Shareholders'** |
|  | **Amount** | **# Shares** |  | **Capital** | **Earnings** | **Income (Loss)** | **Equity** |
| **Balance, October 31, 2023** | $**0.1** | **59505829** | **Sh.** | $**445.0** | $**52.7** | $**0.2** | $**498.0** |
| Net income |  |  |  |  | 182.7 |  | 182.7 |
| Stock-based compensation expense |  |  |  | 2.9 |  |  | 2.9 |
| Vesting of restricted and performance stock units, net of employee tax withholdings |  | 255651 | Sh. | (2.0) |  |  | (2.0) |
| Other comprehensive loss, net of tax |  |  |  |  |  | (0.2) | (0.2) |
| Issuances of restricted stock awards, net of employee tax withholdings on vested awards |  | 14233 | Sh. | (2.9) |  |  | (2.9) |
| Dividends declared on common stock |  |  |  |  | (182.4) |  | (182.4) |
| **Balance, January 31, 2024** | $**0.1** | **59775713** | **Sh.** | $**443.0** | $**53.0** | $**—** | $**496.1** |
| Net income |  |  |  |  | 15.2 |  | 15.2 |
| Stock-based compensation expense |  |  |  | 3.0 |  |  | 3.0 |
| Vesting of restricted and performance stock units, net of employee tax withholdings |  | 115232 | Sh. | (1.8) |  |  | (1.8) |
| Issuances of restricted stock awards |  | 23532 | Sh. |  |  |  |  |
| Repurchase and retirement of common stock, including fees and excise taxes |  | (8000000 | Sh.) | (129.7) |  |  | (129.7) |
| Dividends declared on common stock |  |  |  |  | (3.1) |  | (3.1) |
| **Balance, April 30, 2024** | $**0.1** | **51914477** | **Sh.** | $**314.5** | $**65.1** | $**—** | $**379.7** |
| Net Income |  |  |  |  | 18.0 |  | 18.0 |
| Stock-based compensation expense |  |  |  | 1.9 |  |  | 1.9 |
| Vesting of performance stock units, net of employee tax withholdings |  | 84074 | Sh. | (1.9) |  |  | (1.9) |
| Dividends declared on common stock |  |  |  |  | (3.1) |  | (3.1) |
| **Balance, July 31, 2024** | $**0.1** | **51998551** | **Sh.** | $**314.5** | $**80.0** | $**—** | $**394.6** |

---

See Notes to Condensed Unaudited Consolidated Financial Statements.

------

**REV Group, Inc. and Subsidiaries**

**Notes to the Condensed Unaudited Consolidated Financial Statements**

**(All tabular amounts presented in millions, except share and per share amounts)**

**Note 1. Basis of Presentation**

The Condensed Unaudited Consolidated Financial Statements include the accounts of REV Group, Inc. ("REV" or "the Company") and all its subsidiaries. In the opinion of management, the accompanying Condensed Unaudited Consolidated Financial Statements contain all adjustments (which include normal recurring adjustments, unless otherwise noted) necessary to present fairly the financial position, results of operations and cash flows for the periods presented. Certain information and footnote disclosures normally included in financial statements prepared in accordance with generally accepted accounting principles in the United States (U.S. GAAP) have been condensed or omitted pursuant to the rules and regulations of the U.S. Securities and Exchange Commission. These Condensed Unaudited Consolidated Financial Statements should be read in conjunction with the audited financial statements and notes thereto included in the Annual Report on Form 10-K of the Company for the fiscal year ended October 31, 2024. The interim results are not necessarily indicative of results for the full year.

<u>Equity Sponsor Exit</u>: Prior to the second quarter of fiscal year 2024, the Company's largest equity holder was comprised of (i) American Industrial Partners Capital Fund IV, LP, (ii) American Industrial Partners Capital Fund IV (Parallel), LP and (iii) AIP/CHC Holdings, LLC, which the Company collectively refers to as "AIP" or "Sponsor".

During the second quarter of fiscal year 2024, the Company completed two underwritten public offerings (the "Offerings") in which shares of common stock previously held by AIP were sold. Upon completion of the second of the two Offerings, AIP ceased to beneficially own at least 15% of the Company's outstanding shares of common stock, in the aggregate. As a result, under the terms of the Amended and Restated Shareholders Agreement, dated as of February 1, 2017 (as amended), AIP no longer has significant influence over the Company, including control over decisions that require the approval of stockholders, and no longer has the right to nominate any directors to the board of directors of the Company. Each of the board members previously nominated by AIP resigned from the Board of Directors of the Company, effective upon the completion of the second of the two Offerings. AIP is no longer considered a sponsor or related party of the Company.

<u>Related Party Transactions</u>: During the nine months ended July 31, 2024, the Company incurred expenses associated with its former Sponsor in connection with the Offerings and the related share repurchase. Refer to Note 15, Shareholders' Equity, for additional information related to the Offerings and the related repurchase.

<u>Reclassifications:</u> A reclassification has been made to the prior period financial statements to conform with the fiscal year 2025 presentation and improve comparability between periods. This reclassification had no effect on the reported results of operations.

**Recent Accounting Pronouncements**

*Accounting Pronouncement - Adopted*

In September 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2022-04 "Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations". The amendments in this ASU require that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program's nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022, except for the amendment on rollfoward information, which is effective for fiscal years beginning after December 15, 2023. We adopted ASU 2022-04 in the first quarter of fiscal year 2024, except for the amendment on rollforward information which we will adopt for our annual reporting in fiscal year 2025. Refer to Note 3, Supply Chain Finance Program, for further details.

*Accounting Pronouncements - To Be Adopted*

In November 2023, the FASB issued ASU 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures". The amendments in this ASU require public entities to disclose information about their reportable segments' significant expenses on an interim and annual basis. The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We expect to adopt the annual requirements of ASU 2023-07 in fiscal year 2025 and are currently evaluating the impact of ASU 2023-07 on our consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topic 740): Improvements to Income Tax Disclosures". This update requires public entities to disclose specific categories in the rate reconciliation on an annual basis, and to provide additional information for reconciling items that meet a quantitative threshold. Additionally, this ASU requires that public entities disclose certain disaggregated information related to income taxes paid, income or loss from continuing operations and income tax expense or benefit. The ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We expect to adopt ASU 2023-09 in fiscal year 2026 and are currently evaluating the impact of ASU 2023-09 on our consolidated financial statements.

------

**Note 2. Revenue Recognition**

Substantially all of the Company's revenue is recognized from contracts with customers with product shipment destinations in North America. The Company accounts for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. The Company determines the transaction price for each contract at inception based on the consideration that it expects to receive for the goods and services promised under the contract. The transaction price excludes sales and usage-based taxes collected and certain "pass-through" amounts collected on behalf of third parties. The Company has elected to expense incremental costs to obtain a contract when the amortization period of the related asset is expected to be less than one year.

The Company's primary source of revenue is generated from the manufacture and sale of specialty and recreational vehicles through its direct sales force and dealer network. The Company also generates revenue through separate contracts that relate to the sale of aftermarket parts and services. Revenue is primarily recognized at a point-in-time, when control is transferred, which generally occurs when the product has been shipped to the customer or when it has been picked-up from the Company's manufacturing facilities. Shipping and handling costs that occur after the transfer of control are fulfillment costs that are recorded in Cost of sales in the Condensed Unaudited Consolidated Statements of Income and Comprehensive Income when incurred or when the related product revenue is recognized, whichever is earlier. Periodically, certain customers may request bill and hold transactions according to the terms in the contract. In such cases, revenue is not recognized until after control has transferred which is generally when the customer has requested such transaction and has been notified that the product (i) has been completed according to customer specifications, (ii) has passed our quality control inspections, (iii) has been separated from our inventory and is ready for physical transfer to the customer, and (iv) the Company cannot use the product or redirect the product to another customer. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit's intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract.

*Contract Assets and Contract Liabilities*

The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, and payment is usually received shortly after billing. Payments for certain contracts are received in advance of satisfying the related performance obligations. Such payments are recorded as Customer advances in the Company's Condensed Unaudited Consolidated Balance Sheets. The Company reduces the customer advance balances when the Company transfers control of the promised good or service. During the three months ended July 31, 2025, and July 31, 2024, the Company recognized $35.4 million and $31.3 million, respectively, of revenue that was included in the customer advance balances of $318.1 million and $357.4 million as of October 31, 2024 and October 31, 2023, respectively. During the nine months ended July 31, 2025, and July 31, 2024, the Company recognized $105.6 million and $124.3 million, respectively, of revenue that was included in the customer advance balances of $318.1 million and $357.4 million as of October 31, 2024 and October 31, 2023, respectively. The Company's payment terms do not include a significant financing component outside of the Specialty Vehicles segment. Within the Specialty Vehicles segment, customers earn interest on customer advances at a rate determined at contract inception. The Company incurred interest charges on customer advances during the three months ended July 31, 2025 and July 31, 2024 of $3.8 million and $2.6 million, respectively. The Company incurred interest charges on customer advances during the nine months ended July 31, 2025 and July 31, 2024 of $9.6 million and $7.2 million, respectively. The interest charges were recorded in Interest expense in the Condensed Unaudited Consolidated Statements of Income and Comprehensive Income. The Company does not have significant contract assets.

*Remaining Performance Obligations*

As of July 31, 2025, the Company had unsatisfied performance obligations for non-cancelable contracts with an original duration greater than one year totaling $3,319.0 million, of which $1,352.1 million is expected to be satisfied and recognized in revenue in the next twelve months and $1,966.9 million is expected to be satisfied and recognized in revenue thereafter.

**Note 3. Supply Chain Finance Program**

The Company has an unsecured agreement with a third-party financial institution to facilitate a supply chain finance ("SCF") program. The SCF program allows qualifying suppliers to sell their receivables due from the Company, on an invoice level at the selection of the supplier, to the financial institution and negotiate their outstanding receivable arrangements and associated fees directly with the financial institution. The Company is not party to the agreements between the supplier and the financial institution. The supplier invoices that have been confirmed as valid under the program require payment in full by the Company within 120 days of the invoice date.

All outstanding amounts related to suppliers participating in the SCF program are confirmed with the third-party financial institution and are recorded in Accounts payable in the Condensed Unaudited Consolidated Balance Sheets. The Company's outstanding obligation under the SCF program as of July 31, 2025 and October 31, 2024 was $10.1 million and $9.1 million, respectively.

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**Note 4. Inventories**

Inventories consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| Chassis | $99.7 | $118.0 |
| Raw materials & parts | 177.7 | 193.3 |
| Work in process | 262.2 | 243.2 |
| Finished products | 28.5 | 57.4 |
|  | 568.1 | 611.9 |
| Less: reserves | (18.8) | (9.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total inventories, net | $549.3 | $602.8 |

---

**Note 5. Property, Plant and Equipment**

Property, plant and equipment consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| Land & land improvements | $15.8 | $15.7 |
| Buildings & improvements | 100.3 | 99.5 |
| Machinery & equipment | 103.3 | 96.9 |
| Computer hardware & software | 67.3 | 64.6 |
| Office furniture & fixtures | 6.0 | 6.2 |
| Construction in process | 12.9 | 7.7 |
|  | 305.6 | 290.6 |
| Less: accumulated depreciation | (166.0) | (160.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Total property, plant and equipment, net | $139.6 | $130.2 |

---

Depreciation expense was $5.8 million and $5.9 million for the three months ended July 31, 2025 and July 31, 2024, respectively, and $16.7 million and $17.7 million for the nine months ended July 31, 2025 and July 31, 2024, respectively. In connection with the discontinuation of manufacturing operations at the Company's ElDorado National (California) ("ENC") facility, the Company recorded impairment charges of property, plant, and equipment of $4.4 million for the nine months ended July 31, 2024. The fair value used in this impairment assessment was based on Level 3 inputs as defined by Accounting Standards Codification ("ASC") 820, *Fair Value Measurements*. Refer to Note 8, Restructuring and Other Related Charges, for further details.

**Note 6. Goodwill and Intangible Assets**

The table below represents goodwill by segment:

---

| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| Specialty Vehicles | $95.2 | $95.2 |
| Recreational Vehicles | 42.5 | 42.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total goodwill | $137.7 | $137.7 |

---

The change in the net carrying value of goodwill consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| Balance at beginning of period | $137.7 | $157.3 |
| Divestiture (Note 7) |  | (19.6) |
| Balance at end of period | $137.7 | $137.7 |

---

------

Intangible assets (excluding goodwill) consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
|  | **July 31, 2025** | **July 31, 2025** | **July 31, 2025** |
|  | **Gross** | **Accumulated<br>Amortization** | **Net** |
| Finite-lived Customer Relationships | $23.0 | $(18.5) | $4.5 |
| Indefinite-lived trade names | 81.5 |  | 81.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $104.5 | $(18.5) | $86.0 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **October 31, 2024** | **October 31, 2024** | **October 31, 2024** |
|  | **Gross** | **Accumulated<br>Amortization** | **Net** |
| Finite-lived Customer Relationships | $23.3 | $(17.3) | $6.0 |
| Indefinite-lived trade names | 89.4 |  | 89.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total intangible assets, net | $112.7 | $(17.3) | $95.4 |

---

The change in the net carrying value of indefinite-lived trade names consisted of the following:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| Balance at beginning of period | $89.4 | $107.4 |
| Impairment charges |  | (9.1) |
| Divestiture (Note 7) | (7.9) | (8.9) |
| Balance at end of period | $81.5 | $89.4 |

---

Amortization expense was $0.4 million and $0.5 million for the three months ended July 31, 2025 and July 31, 2024, respectively, and $1.4 million and $1.7 million for the nine months ended July 31, 2025 and July 31, 2024, respectively. Estimated future amortization expense of finite-lived intangible assets for the remainder of fiscal year 2025 and each of the five fiscal years succeeding October 31, 2025 is as follows: 2025 (remaining three months) - $0.3 million; 2026 - $1.2 million; 2027 - $1.2 million; 2028 - $1.2 million; 2029 - $0.6 million, at which point all finite-lived intangible assets will be fully amortized. As of July 31, 2025, fully amortized intangible assets and the related accumulated amortization were written off.

In connection with the discontinuation of manufacturing operations at the Company's ENC facility, the Company recorded an impairment charge of an indefinite-lived trade name of $7.2 million during the nine months ended July 31, 2024. Additionally, during the three months ended July 31, 2024, the Company recorded a $1.9 million impairment charge of an indefinite-lived trade name included within the Recreational Vehicles segment, which was due to lower than expected operating results at a specific business unit. These impairments were based on Level 3 inputs, as defined by ASC 820, Fair Value Measurements. Refer to Note 8, Restructuring and Other Related Charges, for further details related to this discontinuation.

**Note 7. Divestiture Activities**

On January 26, 2024, the Company entered into a Stock Purchase Agreement (the "Collins Stock Purchase Agreement") by and among the Company, Collins Industries, Inc., ("Collins Industries") an indirect wholly-owned subsidiary of the Company, Collins Bus Corporation, a wholly-owned subsidiary of Collins Industries ("Collins"), Forest River, Inc. and Forest River Bus, LLC (the "Buyer"), pursuant to which Collins Industries agreed to sell all of the issued and outstanding shares of capital stock of Collins to the Buyer. The sale was aimed at optimizing the Company's portfolio of products and to create a more focused operating structure aligned with markets where the Company has a strong presence of industry leading brands. The transactions under the Collins Stock Purchase Agreement closed on January 26, 2024.

In connection with the completion of the sale of Collins, the Company initially received cash consideration of $308.2 million, inclusive of certain preliminary working capital adjustments, and recorded a gain on sale of $257.5 million. During the three months ended July 31, 2024, the Company received additional cash consideration of $1.4 million related to the final working capital adjustments and recorded additional gain on sale of $1.4 million. The gain on sale is included in the Company's Condensed Unaudited Consolidated Statements of Income and Comprehensive Income for the three and nine months ended July 31, 2024. The Company incurred $5.0 million of transaction costs in connection with this sale, which are included in the Selling, general and administrative expense in the Company's Condensed Unaudited Consolidated Statements of Income and Comprehensive Income for the nine months ended July 31, 2024. Collins was previously reported as part of the Specialty Vehicles segment.

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On April 30, 2024, in connection with a strategic review of the product portfolio, the Company entered into an agreement to sell certain assets of the Fire Regional Technical Center ("Fire RTC") business. In connection with the sale, the Company recorded a gain of $1.5 million, which is included in the Company's Condensed Unaudited Consolidated Statement of Income and Comprehensive Income for the nine months ended July 31, 2024. The remaining assets and liabilities of the Fire RTC business are included within the Specialty Vehicles segment.

On June 26, 2025, in connection with a strategic decision to exit its non-motorized recreational vehicle manufacturing business, the Company entered into a Stock Purchase agreement (the "Lance Stock Purchase Agreement") by and among REV Recreation Group Funding, Inc. ("RRG Funding"), Lance Camper Mfg. Corp. ("Lance"), Avery Transport Inc. ("Avery"), and Vision Kore, Inc. and certain of its affiliates, pursuant to which RRG Funding agreed to sell all of the issued and outstanding shares of capital stock of Lance and Avery to Vision Kore, Inc. The transactions under the Lance Stock Purchase Agreement closed on June 26, 2025. In connection with the completion of the sale of Lance and Avery, the Company recorded a non-cash loss of $9.6 million and $39.6 million for the three and nine months ended July 31, 2025, respectively, both of which are included in the Condensed Unaudited Consolidated Statements of Income and Comprehensive Income. The loss recognized in the three month period ended July 31, 2025 reflects the incremental loss compared to the amount recognized as of the end of the previous quarter, when these businesses were classified as held for sale. Lance and Avery were previously reported as part of the Recreational Vehicles segment.

**Note 8. Restructuring and Other Related Charges**

On January 29, 2024, the Company announced that it would discontinue manufacturing operations at the Company's ENC facility in Riverside, California. Management believed the discontinuation of manufacturing at ENC created a more focused portfolio that provides opportunities for growth, consistent cash generation and improved margin performance.

The Company incurred certain restructuring and other related charges in connection with the decision to discontinue manufacturing at the ENC facility. For the three and nine months ended July 31, 2024, the Company recorded restructuring charges of $4.7 million and $9.2 million, respectively, primarily related to severance and retention costs. For the three months ended July 31, 2024 the Company incurred restructuring related charges from this activity of $1.7 million consisting of inventory charges. For the nine months ended July 31, 2024 the Company incurred restructuring related charges from this activity consisting of $11.6 million of impairment charges related to intangible assets and property, plant, and equipment, $7.5 million of inventory charges, and $0.3 million of other costs.

This restructuring activity is complete and there is no remaining restructuring liability as of July 31, 2025. ENC was previously reported as part of the Specialty Vehicles Segment.

**Note 9. Long-Term Debt**

The Company was obligated under the following debt instrument:

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| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;ABL facility | $90.0 | $85.0 |

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<u>ABL Facility</u>

On February 20, 2025, the Company entered into a third amendment to its then existing ABL agreement (the "2021 ABL Agreement" or the "2021 ABL Facility"), hereafter referred to as the "Amended 2021 ABL Agreement" or the "Amended 2021 ABL Facility". The Amended 2021 ABL Facility provides for revolving loans and letters of credit in an aggregate amount of up to $450.0 million. The total credit facility is subject to a $45.0 million sublimit for swing line loans and a $35.0 million sublimit for letters of credit (plus up to an additional $20.0 million of letters of credit at issuing bank's discretion), along with certain borrowing base and other customary restrictions as defined in the Amended 2021 ABL Agreement. The Amended 2021 ABL Agreement allows for incremental facilities in an aggregate amount of up to $100.0 million, plus the excess, if any, of the borrowing base then in effect over total commitments then in effect. Any such incremental facilities are subject to receiving additional commitments from lenders and certain other customary conditions. Subject to certain conditions and limitations set forth in the Amended 2021 ABL Agreement, the Company is also permitted to enter into an additional secured term loan credit facility with financial institutions acceptable to the administrative agent. The debt issuance costs capitalized in connection with the Amended 2021 ABL Facility less accumulated amortization are included in Other long-term assets in the Company's Condensed Unaudited Consolidated Balance Sheets. The debt issuance costs are amortized over the life of the debt on a straight-line basis. The Amended 2021 ABL Facility matures on February 20, 2030. The Company may prepay principal, in whole or in part, at any time without penalty.

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The following table summarizes the gross borrowing and gross payments of long-term debt:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| Gross borrowings | $675.0 | $815.0 |
| Gross payments | 670.0 | 750.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total net borrowings | $5.0 | $65.0 |

---

All revolving loans under the Amended 2021 ABL Facility bear interest at rates equal to, at the Company's option, either a base rate plus an applicable margin, or a SOFR rate plus an applicable margin and credit spread adjustment of 0.1% for all interest periods. As of July 31, 2025, the interest rate margins are 0.75% for all base rate loans and 1.75% for all SOFR rate loans (with the SOFR rate having a floor of 0.0%), subject to adjustment based on the calculation of average quarterly availability in relation to the total revolving loan commitment. Interest is payable quarterly for the swing line loan and all base rate loans, and is payable on the last day of any interest period or every three months for all SOFR rate loans. The weighted-average interest rate on borrowings outstanding under the Amended 2021 ABL Facility was 6.2% as of July 31, 2025. The weighted-average interest rate on borrowings outstanding under the 2021 ABL Facility was 6.8% as of October 31, 2024.

The lenders under the Amended 2021 ABL Facility have a first priority security interest in substantially all personal property assets of the Company. The Amended 2021 ABL Facility's borrowing base is comprised of eligible receivables and eligible inventory.

The Amended 2021 ABL Agreement contains customary representations and warranties, affirmative and negative covenants, subject in certain cases to customary limitations, exceptions and exclusions. The Amended 2021 ABL Agreement also contains certain customary events of default. The occurrence of an event of default under the Amended 2021 ABL Agreement could result in the termination of the commitments under the Amended 2021 ABL Facility and the acceleration of all outstanding borrowings under it.

The Company would become subject to compliance with a 1.0 to 1.0 minimum fixed charge coverage ratio financial covenant under the Amended 2021 ABL Agreement if the Company's borrowing base availability falls below the greater of $35.0 million or 12.5% of the borrowing base. As of July 31, 2025, the Company's availability under the Amended 2021 ABL Facility was $247.2 million. As of October 31, 2024, the Company's availability under the 2021 ABL Facility was $349.6 million.

The fair value of the Amended 2021 ABL Facility approximated the book value on July 31, 2025 and the fair value of the 2021 ABL Facility approximated the book value on October 31, 2024.

**Note 10. Warranties**

The Company's products generally carry explicit warranties that extend from several months to several years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company's products may include warranties from original equipment manufacturers ("OEM"). These OEM warranties are passed on to the end customer of the Company's products, and the customer deals directly with the applicable OEM for any issues encountered on those components.

Changes in the Company's warranty liability consisted of the following:

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| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** |
| Balance at beginning of period | $42.1 | $39.1 |
| Warranty provisions | 34.2 | 30.3 |
| Settlements made | (27.6) | (30.0) |
| Divestiture (Note 7) | (0.4) | (1.1) |
| Balance at end of period | $48.3 | $38.3 |

---

Accrued warranty is classified in the Company's Condensed Unaudited Consolidated Balance Sheets as follows:

---

| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| Current liabilities | $21.8 | $20.0 |
| Other long-term liabilities | 26.5 | 22.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total warranty liability | $48.3 | $42.1 |

---

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**Note 11. Earnings Per Share**

Basic earnings per common share ("EPS") is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding assuming dilution. The difference between basic EPS and diluted EPS is the result of the dilutive effect of performance stock units, restricted stock units, and restricted stock awards. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>July 31,** | **Three Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Basic weighted-average common shares outstanding | 48500870 | 51514327 | 50067103 | 54571246 |
| Dilutive restricted stock awards | 219580 | 236614 | 221601 | 233134 |
| Dilutive restricted stock units | 443088 | 385557 | 389845 | 359497 |
| &nbsp;&nbsp;Diluted weighted-average common shares outstanding | 49163538 | 52136498 | 50678549 | 55163877 |

---

The table below represents exclusions from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended <br>July 31,** | **Three Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Anti-dilutive shares |  |  | 1000 | 6416 |

---

**Note 12. Income Taxes**

For interim financial reporting, the Company estimates its annual effective tax rate based on the projected income for its entire fiscal year and records a provision (benefit) for income taxes on a quarterly basis based on the estimated annual effective income tax rate, adjusted for any discrete tax items.

The Company recorded income tax expense of $11.9 million for the three months ended July 31, 2025, or 29.0% of pre-tax income, compared to $4.4 million of expense, or 19.6% of pre-tax income, for the three months ended July 31, 2024. Income tax expense for the three months ended July 31, 2025 was unfavorably impacted by $1.5 million of discrete tax expense related to a valuation allowance on the tax benefit associated with the sale of Lance and Avery. Income tax expense for the three months ended July 31, 2024 was favorably impacted by $0.9 million of net discrete tax benefit, primarily related to a federal provision-to-return adjustment.

The Company recorded income tax expense of $10.0 million for the nine months ended July 31, 2025, or 13.1% of pre-tax income, compared to $68.5 million of expense, or 24.1% of pre-tax income, for the nine months ended July 31, 2024. Income tax expense for the nine months ended July 31, 2025 was favorably impacted by $19.5 million of net discrete tax benefit, primarily related to the sale of Lance and Avery and stock-based compensation deductions. Income tax expense for the nine months ended July 31, 2024 was unfavorably impacted by $61.3 million of net discrete tax expense, primarily related to gain on sale of Collins.

On July 4, 2025, the One Big Beautiful Bill Act ("OBBBA") was enacted. The OBBBA contains provisions to enhance and expand bonus depreciation, allow immediate expensing of domestic research costs, accelerate deductions of previously deferred domestic research costs, and modify the international tax framework. The Company will continue to evaluate the impact of OBBBA, but does not currently expect it will have a material impact on its fiscal year 2025 financial statements.

The Company periodically evaluates its valuation allowance requirements as facts and circumstances change and may adjust its deferred tax asset valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company's effective income tax rate.

The Company's liability for unrecognized tax benefits, including interest and penalties, was $4.3 million as of July 31, 2025 and $3.9 million as of October 31, 2024. The unrecognized tax benefits are presented in other long-term liabilities in the Company's Condensed Unaudited Consolidated Balance Sheet as of July 31, 2025. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision for income taxes in its Condensed Unaudited Consolidated Statements of Income and Comprehensive Income.

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The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of July 31, 2025, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company's estimates and/or from its historical income tax provisions and income tax liabilities and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments related to income tax examinations.

**Note 13. Commitments and Contingencies**

The Company is, from time to time, party to various legal proceedings, including product and general liability claims, arising out of the ordinary course of business. Assessments of legal proceedings can involve complex judgments about future events that may rely on estimates and assumptions. When assessing whether to record a liability related to legal proceedings, the Company adheres to the requirements of ASC 450, *Contingencies*, and other applicable guidance as necessary, and records liabilities in those instances where it can reasonably estimate the amount of the loss and when the loss is probable. When a range exists that is reasonably estimable and the loss is probable, the Company records an accrual in its financial statements equal to the most likely estimate of the loss, or the low end of the range, if there is no one best estimate. Additionally, these claims are generally covered by third-party insurance, which for some insurance policies are subject to a retention for which the Company is responsible.

<u>Market Risks</u>: The Company is contingently liable under bid, performance and specialty bonds issued by the Company's surety company and has open standby letters of credit issued by the Company's banks in favor of third parties as follows:

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| | | |
|:---|:---|:---|
|  | **July 31, <br>2025** | **October 31,<br>2024** |
| Performance, bid and specialty bonds | $687.5 | $675.5 |
| Open standby letters of credit | 15.0 | 14.2 |
| Total | $702.5 | $689.7 |

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<u>Chassis Contingent Liabilities</u>: The Company obtains certain vehicle chassis from automobile manufacturers under converter pool agreements. These agreements generally provide that the manufacturer will supply chassis at the Company's various production facilities under the terms and conditions set forth in the agreement. The manufacturer does not transfer the certificate of origin to the Company upon delivery. Accordingly, the chassis are not owned by the Company when delivered, and therefore, are excluded from the Company's inventory. Upon being put into production, the Company owns the inventory and becomes obligated to pay the manufacturer for the chassis. Chassis are typically placed into production within 90 to 120 days of delivery to the Company. If the chassis are not placed into production within this timeframe, the Company generally purchases the chassis and records inventory, or the Company is obligated to begin paying an interest charge on this inventory until purchased. Such agreements are customary in the industries in which the Company operates and the Company's exposure to loss under such agreements is limited by the value of the vehicle chassis that would be resold to mitigate any losses. The Company's maximum contingent liability under such agreements was $24.2 million and $20.8 million as of July 31, 2025 and October 31, 2024, respectively.

From time to time, the Company's customers may provide their own vehicle chassis, at their sole discretion, in connection with specific vehicle orders. These vehicle chassis are stored at the Company's various production facilities until the related value-added work is completed and the finished unit is shipped back to the customer. The customer does not transfer the vehicle chassis certificate of origin to the Company. Accordingly, such chassis are not owned by the Company when delivered or throughout the production process, and are, therefore, excluded from the Company's inventory. The Company's maximum contingent liability related to these vehicle chassis was $32.0 million and $38.1 million as of July 31, 2025 and October 31, 2024, respectively. Losses incurred related to these arrangements have not been significant.

<u>Repurchase Commitments</u>: The Company has repurchase agreements with certain lending institutions. The repurchase commitments are on an individual unit basis with a term from the date it is financed by the lending institution through payment date by the dealer or other customer, generally not exceeding two years. The Company also repurchases inventory from dealers from time to time due to state law or regulatory requirements that require manufacturers to repurchase inventory if a dealership exits the business. The Company's maximum contingent liability under such agreements was $412.0 million and $380.6 million as of July 31, 2025, and October 31, 2024, respectively, which represents the total amount that would be owed to the lending institutions under such repurchase agreements. Such agreements are customary in the industries in which the Company operates and the Company's exposure to loss under such agreements is limited by the resale value of the units which are required to be repurchased. Losses incurred under such arrangements have not been significant. The reserve for losses on contracts outstanding as of July 31, 2025 and October 31, 2024 are immaterial.

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<u>Guarantee Arrangements</u>: The Company is party to multiple agreements whereby it guaranteed an aggregate of $14.6 million and $21.7 million at July 31, 2025 and October 31, 2024, respectively, of indebtedness of others, including losses under loss pool agreements. The Company estimated that its maximum loss exposure under these contracts was $3.0 million and $4.0 million as of July 31, 2025 and October 31, 2024, respectively. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. The guarantee arrangements are on an individual contract basis with a term from the date it is financed by the lending institution through payment date by the customer, generally not exceeding five years. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third party's inability to meet their obligations. Additionally, the Company cannot guarantee that the collateral underlying the agreements will be available or sufficient to avoid losses materially in excess of the amount reserved. The reserve for losses included in other liabilities on these guarantee arrangements as of July 31, 2025 and October 31, 2024 are immaterial.

<u>Other Matters</u>: During fiscal year 2023, the Company settled a collective group of claims brought by plaintiffs who were injured as passengers in an accident involving a shuttle bus that was manufactured by Krystal Bus prior to the Company's acquisition of certain assets related to that business. The Company did not admit to any liability on the merits of the claims but deemed a settlement to be in its best interest based on the facts and circumstances of the claims. These claims, which totaled $13.7 million, were fully paid in fiscal year 2023. The Company is in the process of seeking reimbursement of the settlement payments from its insurers; however, it is uncertain whether the Company will be able to recover any amounts, and no loss recovery asset has been recorded as of July 31, 2025.

**Note 14. Business Segment Information**

The Company is organized into two reportable segments, Specialty Vehicles and Recreational Vehicles, which is aligned with the chief operating decision maker's internal reporting structure and with the chief operating decision maker's process for making operating decisions, allocating capital and measuring performance. The Company's segments are as follows:

<u>Specialty Vehicles</u>: This segment includes Emergency One ("E-ONE"), Kovatch Mobile Equipment ("KME"), Ferrara, Spartan Emergency Response ("Spartan ER"), American Emergency Vehicles ("AEV"), Leader Emergency Vehicles ("Leader"), Horton Emergency Vehicles ("Horton"), REV Group Orlando, Capacity and LayMor. These businesses manufacture, market and distribute commercial and custom fire and ambulance vehicles primarily for fire departments, airports, other governmental units, contractors, hospitals and other care providers in the United States and other countries; trucks used in terminal type operations, i.e., rail yards, warehouses, rail terminals and shipping terminals/ports; and industrial sweepers for both the commercial and rental markets.

<u>Recreational Vehicles</u>: This segment includes REV Recreation Group, Renegade, Midwest and Goldshield Fiberglass, Inc., and their respective manufacturing facilities, service and parts divisions. REV Recreation Group primarily manufactures, markets and distributes Class A RVs in both gas and diesel models, and also distributes Class B and Class C RVs. Renegade primarily manufactures, markets and distributes Class C and "Super C" RVs. Midwest manufactures, markets and distributes Class B RVs and luxury vans. Goldshield manufactures, markets and distributes fiberglass reinforced molded parts to a diverse cross section of original equipment manufacturers and other commercial and industrial customers, including various components for REV Recreation Group's Fleetwood family of brands.

For purposes of measuring financial performance of its business segments, the Company does not allocate to individual business segments costs or items that are of a corporate nature. The caption "Corporate, Other & Elims" includes corporate expenses, results of insignificant operations, intersegment eliminations and income and expense not allocated to reportable segments.

Total assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate and other centralized activities.

Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. All intersegment transactions have been eliminated in consolidation.

Selected financial information of the Company's segments is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended July 31, 2025** | **Three Months Ended July 31, 2025** | **Three Months Ended July 31, 2025** | **Three Months Ended July 31, 2025** |
|  | **Specialty Vehicles** | **Recreational<br>Vehicles** | **Corporate, <br>Other & Elims** | **Consolidated** |
| Net sales | $483.3 | $161.7 | $(0.1) | $644.9 |
| Depreciation and amortization | $4.2 | $1.5 | $0.5 | $6.2 |
| Capital expenditures | $9.7 | $1.0 | $0.9 | $11.6 |
| Total assets | $798.0 | $343.3 | $77.7 | $1219.0 |
| Adjusted EBITDA | $64.6 | $8.1 | $(8.6) |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended July 31, 2024** | **Three Months Ended July 31, 2024** | **Three Months Ended July 31, 2024** | **Three Months Ended July 31, 2024** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate, <br>Other & Elims** | **Consolidated** |
| Net sales | $432.1 | $147.4 | $(0.1) | $579.4 |
| Depreciation and amortization | $4.1 | $1.8 | $0.5 | $6.4 |
| Capital expenditures | $3.7 | $1.7 | $0.5 | $5.9 |
| Total assets | $868.2 | $388.7 | $77.8 | $1334.7 |
| Adjusted EBITDA | $44.3 | $9.4 | $(8.5) |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended July 31, 2025** | **Nine Months Ended July 31, 2025** | **Nine Months Ended July 31, 2025** | **Nine Months Ended July 31, 2025** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate, <br>Other & Elims** | **Consolidated** |
| Net sales | $1307.4 | $492.0 | $(0.3) | $1799.1 |
| Depreciation and amortization | $12.1 | $4.5 | $1.5 | $18.1 |
| Capital expenditures | $22.8 | $2.7 | $2.4 | $27.9 |
| Total assets | $798.0 | $343.3 | $77.7 | $1219.0 |
| Adjusted EBITDA | $156.1 | $28.2 | $(24.5) |  |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Nine Months Ended July 31, 2024** | **Nine Months Ended July 31, 2024** | **Nine Months Ended July 31, 2024** | **Nine Months Ended July 31, 2024** |
|  | **Specialty Vehicles** | **Recreational Vehicles** | **Corporate, <br>Other & Elims** | **Consolidated** |
| Net sales | $1286.7 | $496.5 | $(0.9) | $1782.3 |
| Depreciation and amortization | $12.8 | $5.0 | $1.6 | $19.4 |
| Capital expenditures | $11.4 | $8.2 | $2.7 | $22.3 |
| Total assets | $868.2 | $388.7 | $77.8 | $1334.7 |
| Adjusted EBITDA | $104.3 | $33.1 | $(24.2) |  |

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In considering the financial performance of the business, the chief operating decision maker analyzes the primary financial performance measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income or net loss for the relevant period before depreciation and amortization, interest expense, and income taxes, as adjusted for items management believes are not indicative of the Company's ongoing operating performance. Adjusted EBITDA is not a measure defined by U.S. GAAP but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of this performance measure to net income is included below.

The Company believes Adjusted EBITDA is useful to investors and used by management for measuring profitability because the measure excludes the impact of certain items which management believes have less bearing on the Company's core operating performance, and allows for a more meaningful comparison of operating fundamentals between companies within its industries. Additionally, Adjusted EBITDA is used by management to measure and report the Company's financial performance to the Company's Board of Directors, assists in providing a meaningful analysis of the Company's operating performance and is used as a measurement in incentive compensation for management.

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Provided below is a reconciliation of segment Adjusted EBITDA to Net income:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Specialty Vehicles Adjusted EBITDA | $64.6 | $44.3 | $156.1 | $104.3 |
| Recreational Vehicles Adjusted EBITDA | 8.1 | 9.4 | 28.2 | 33.1 |
| Corporate and Other Adjusted EBITDA | (8.6) | (8.5) | (24.5) | (24.2) |
| Depreciation and amortization | (6.2) | (6.4) | (18.1) | (19.4) |
| Interest expense, net | (6.4) | (7.6) | (18.8) | (21.0) |
| Provision for income taxes | (11.9) | (4.4) | (10.0) | (68.5) |
| Transaction expenses | (0.5) |  | (0.5) | (6.4) |
| Sponsor expense reimbursement |  |  |  | (0.2) |
| Restructuring |  | (4.7) |  | (9.2) |
| Restructuring related charges |  | (1.7) |  | (7.8) |
| Impairment charges |  | (1.9) |  | (14.5) |
| Stock-based compensation expense | (3.3) | (1.9) | (9.4) | (7.8) |
| Legal matters |  |  |  | (2.9) |
| Net (loss) gain on sale of business and assets | (6.7) | 1.4 | (36.7) | 260.4 |
| Net income | $29.1 | $18.0 | $66.3 | $215.9 |

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**Note 15. Shareholders' Equity**

<u>Share Repurchases:</u> On June 1, 2023, the Company's Board of Directors approved a new share repurchase program that allowed the repurchase of up to $175.0 million of the Company's outstanding common stock ("The 2023 Repurchase Program"). The 2023 Repurchase Program replaced the previous repurchase program. The 2023 Repurchase Program would have expired 24 months after the approval date and gave management flexibility to determine conditions under which the shares may be purchased, subject to certain limitations. During the three months ended July 31, 2024, the Company did not repurchase any shares. During the nine months ended July 31, 2024, the Company repurchased and retired 8,000,000 shares under this repurchase program at a total cost of $126.1 million and at a price of approximately $15.76 per share, excluding commissions, fees and excise taxes.

On December 5, 2024, the Company's Board of Directors authorized the Company to repurchase up to $250.0 million of the Company's outstanding common stock (the "2024 Repurchase Program"). The 2024 Repurchase Program replaced the 2023 Repurchase Program. The 2024 Repurchase Program expires 24 months after the authorization date and gives management flexibility to determine the conditions under which shares may be purchased from time to time through a variety of methods, including in privately negotiated or open market transactions, such as pursuant to a trading plan in accordance with Rule 10b5-1 and Rule 10b-18 of the Exchange Act or a combination of methods. The 2024 Repurchase Program does not obligate the Company to acquire any specific number of shares and it can be suspended or discontinued at any time without notice. During the three months ended July 31, 2025, the Company did not repurchase or retire any shares. During the nine months ended July 31, 2025, the Company repurchased and retired 3,456,979 shares under the 2024 Share Repurchase Program at a cost of $107.6 million and at an average price of approximately $31.10 per share, excluding commissions, fees and excise taxes.

<u>Special Dividend:</u> On February 16, 2024, the Company paid the previously declared special cash dividend equal to $3.00 per share of common stock to shareholders of record on February 9, 2024.

<u>Offerings:</u> On February 20, 2024, the Company closed the first of the Offerings, which included the sale of 18,400,000 shares of its common stock by AIP. 10,400,000 of these shares were sold to the public at the public offering price of $16.50 per share. The Company repurchased from the underwriters 8,000,000 of the shares at a price per common share of approximately $15.76, which is equal to the price paid by the underwriters to AIP.

On March 15, 2024, the Company closed the second of the Offerings, which included the sale of 7,395,191 shares of the Company's common stock by AIP, at a public offering price of $18.00 per share.

The Company did not sell any shares of common stock and did not receive any proceeds from the Offerings. The Company incurred approximately $1.4 million in offering costs during the nine months ended July 31, 2024, which were included within Selling, general and administrative expenses in the Company's Condensed Unaudited Consolidated Statements of Income and Comprehensive Income.

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**Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations.**

*This management's discussion and analysis should be read in conjunction with the Condensed Unaudited Consolidated Financial Statements contained in this Form 10-Q as well as the Management's Discussion and Analysis and Risk Factors and audited consolidated financial statements and the related notes included in our Annual Report on Form 10-K filed on December 11, 2024.*

**Overview**

REV Group companies are leading designers, manufacturers and distributors of specialty vehicles and related aftermarket parts and services. We serve a diversified customer base, primarily in North America, through our two segments. We provide customized vehicle solutions for applications, including essential needs for public services (ambulances and fire apparatus), commercial infrastructure (terminal trucks and industrial sweepers) and consumer leisure (recreational vehicles). Our diverse portfolio is made up of well-established principal vehicle brands, including many of the most recognizable names within their industry.

**Segments**

<u>Specialty Vehicles</u> – Our Specialty Vehicles segment sells (i) fire apparatus equipment under the E-ONE, KME, and Ferrara brands, and Spartan ER, which consists of the Spartan Emergency Response, Smeal, Spartan Fire Chassis, and Ladder Tower brands, (ii) ambulances under the AEV, Horton, Leader, Road Rescue and Wheeled Coach brands, and (iii) terminal trucks and sweepers under the Capacity and Laymor brands, respectively. We believe we have one of the industry's broadest portfolios of products including Type I ambulances (aluminum body mounted on a heavy truck-style chassis), Type II ambulances (van conversion ambulance), Type III ambulances (aluminum body mounted on a van-style chassis), pumpers (fire apparatus on a custom or commercial chassis with a water pump and water tank to extinguish fires), aerial trucks (fire apparatus with stainless steel or aluminum ladders), tanker trucks, rescues, aircraft rescue firefighting ("ARFF"), custom cabs & chassis, terminal trucks (specialized vehicles which move freight in warehouses, intermodal yards, distribution and fulfillment centers and ports), and sweepers (three- and four-wheel versions used in road construction activities). Each of our individual brands is distinctly positioned and targets certain price and feature points in the market such that dealers often carry, and customers often buy, more than one product type from our Specialty Vehicles brands.

<u>Recreational Vehicles</u> – Our Recreational Vehicles segment serves the RV market through the following principal brands: American Coach, Fleetwood RV, Holiday Rambler, Renegade RV, and Midwest Automotive Designs. We believe our brand portfolio contains some of the longest standing, most recognized brands in the RV industry. Our products in the Recreational Vehicles segment include Class A motorized RVs (motorhomes built on a heavy-duty chassis with either diesel or gas engine configurations), Class C and "Super C" motorized RVs (motorhomes built on a van or commercial truck chassis), and Class B RVs (motorhomes built out within a van chassis and high-end luxury van conversions). The Recreational Vehicles segment also includes Goldshield Fiberglass, which produces a wide range of custom molded fiberglass products for the Fleetwood family of brands, other RV manufacturers, and broader industrial markets.

**Factors Affecting Our Performance**

The primary factors affecting our results of operations include:

*General Economic Conditions*

Our business is impacted by the U.S. economic environment, employment levels, consumer confidence, municipal spending, municipal tax receipts, changes in interest rates and instability in securities markets around the world, among other factors. In particular, changes in the U.S. economic climate can impact demand in key end markets. In addition, we are susceptible to supply chain disruptions resulting from the impact of tariffs, changes in U.S. and foreign trade policies, trade restrictions, and global macro-economic factors which can have a dramatic effect, either directly or indirectly, on the availability, lead-times and costs associated with raw materials and parts.

RV purchases are discretionary in nature and therefore sensitive to the cost and availability of financing, consumer confidence, unemployment levels, levels of disposable income and changing levels of consumer home equity, among other factors. RV markets are affected by general U.S. and global economic conditions, which create risks that future economic downturns will further reduce consumer demand and negatively impact our sales.

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While less economically sensitive than the Recreational Vehicles segment, the Specialty Vehicles segment is also impacted by the overall economic environment. For example, local tax revenues are an important source of funding for fire and ambulance purchases from emergency response departments. Volatility in tax revenues or availability of funds via budgetary appropriation can have a negative impact on the demand for these products. Additionally, these products are typically a larger cost item for municipalities and their service life is relatively long, making the purchase more deferrable, which can result in reduced demand for our products.

*Seasonality*

In a typical year, our operating results are impacted by seasonality. Historically, the slowest sales volume quarter has been the first fiscal quarter when the purchasing seasons for vehicles, such as RVs, are the lowest due to the colder weather and the relatively long time until the summer vacation season. Our first fiscal quarter also has fewer working days to complete and ship units due to the number of holidays and related vacation taken by employees. Sales of our products have typically been higher in the second, third and fourth fiscal quarters (with the fourth fiscal quarter typically being the strongest) due to better weather, the vacation season, buying habits of RV dealers and end-users, and timing of government and municipal customer fiscal years. Our quarterly results of operations, cash flows, and liquidity are likely to be impacted by these seasonal patterns. Sales and earnings for other vehicles that we produce, such as essential emergency vehicles, are less seasonal, but fluctuations in sales of these vehicles can also be impacted by timing surrounding the fiscal years of municipalities and commercial customers, as well as the timing and amounts of multi-unit orders.

*Impact of Acquisitions and Divestitures*

We actively evaluate opportunities to improve and expand our business through targeted acquisitions that are consistent with our strategy. We also may dispose of certain components of our business that no longer fit within our overall strategy. Historically, a significant component of our growth has been through acquisitions of businesses. We typically incur upfront costs as we integrate acquired businesses and implement our operating philosophy at newly acquired companies, including consolidation of supplies and materials purchases, improvements to production processes, and other restructuring initiatives. The benefits of these acquisition, integration, and divestiture activities may not positively impact our financial results until subsequent periods, if at all.

In the first quarter of fiscal year 2024, we sold Collins. Refer to Note 7, Divestiture Activities, of the Notes to the Condensed Unaudited Consolidated Financial Statements for further details. During the first quarter of fiscal year 2024, we announced the discontinuation of manufacturing operations at ENC. Subsequently, in the fourth quarter of fiscal year 2024, we sold ENC. Collins and ENC are collectively referred to as the "Bus Manufacturing Businesses".

The Company also sold Fire RTC in fiscal year 2024 and Lance and Avery in fiscal year 2025; however, these business dispositions did not have a material impact on year-over-year or quarter-over-quarter results.

**Results of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| Net sales | $644.9 | $579.4 | $1799.1 | $1782.3 |
| Gross profit | 101.7 | 78.3 | 267.2 | 218.5 |
| Selling, general and administrative | 44.7 | 43.1 | 132.5 | 149.8 |
| Restructuring |  | 4.7 |  | 9.2 |
| Impairment charges |  | 1.9 |  | 14.5 |
| Loss (Gain) on sale of business | 9.6 | (1.4) | 39.6 | (260.4) |
| Provision for income taxes | 11.9 | 4.4 | 10.0 | 68.5 |
| Net income | 29.1 | 18.0 | 66.3 | 215.9 |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.60 | $0.35 | $1.32 | $3.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 0.59 | 0.35 | 1.31 | 3.91 |
| Dividends declared per common share | 0.06 | 0.05 | 0.18 | 3.15 |
| Adjusted EBITDA | $64.1 | $45.2 | $159.8 | $113.2 |
| Adjusted Net Income | 38.6 | 24.8 | 94.9 | 60.4 |

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net Sales** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Net sales | $644.9 | 11.3% | $579.4 | $1799.1 | 0.9% | $1782.3 |

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<u>Net Sales:</u> Consolidated net sales increased $65.5 million for the three months ended July 31, 2025 compared to the prior year quarter. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $109.7 million, or 20.5% compared to the prior year quarter. The increase in net sales, excluding the impact of the Bus Manufacturing Businesses, was due to higher net sales in the Specialty Vehicles and Recreational Vehicles segments. The increase within the Specialty Vehicles segment, excluding the impact of the Bus Manufacturing Businesses, was primarily due to increased shipments and a favorable mix of fire apparatus and ambulance units and price realization. The increase within the Recreational Vehicles segment was primarily due to higher shipments of motorized units in certain categories and pricing actions, partially offset by increased dealer assistance on certain models.

Consolidated net sales increased $16.8 million for the nine months ended July 31, 2025 compared to the prior year period. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $170.5 million, or 10.5%, for the nine months ended July 31, 2025 compared to the prior year period. The increase in net sales, excluding the impact of the Bus Manufacturing Businesses, was primarily due to higher net sales in the Specialty Vehicles segment, partially offset by lower net sales in the Recreational Vehicles segment. The increase within the Specialty Vehicles segment, excluding the impact of the Bus Manufacturing Businesses, was primarily due to increased shipments of fire apparatus, a favorable mix of ambulance units, and price realization, partially offset by an unfavorable mix of fire apparatus. The decrease within the Recreational Vehicles segment was primarily due to lower unit shipments, partially offset by favorable product mix in certain categories and pricing actions.

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Gross Profit** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Gross profit | $101.7 | 29.9% | $78.3 | $267.2 | 22.3% | $218.5 |
| % of net sales | 15.8% |  | 13.5% | 14.9% |  | 12.3% |

---

<u>Gross Profit</u>: Consolidated gross profit increased $23.4 million for the three months ended July 31, 2025 compared to the prior year quarter. Excluding the impact of the Bus Manufacturing Businesses, gross profit increased $29.7 million, or 41.3% compared to the prior year quarter. The increase in gross profit, excluding the impact of the Bus Manufacturing Businesses, was primarily attributable to higher net sales and gross margin within the Specialty Vehicles segment.

Consolidated gross profit increased $48.7 million for the nine months ended July 31, 2025 compared to the prior year period. Excluding the impact of the Bus Manufacturing Businesses, gross profit increased $65.3 million, or 32.3%, for the nine months ended July 31, 2025 compared to the prior year period. The increase in gross profit was primarily attributable to higher net sales and gross margin in the Specialty Vehicles segment, partially offset by lower net sales and gross margin within the Recreational Vehicles segment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Selling, General and Administrative** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Selling, general and administrative | $44.7 | 3.7% | $43.1 | $132.5 | -11.5% | $149.8 |

---

<u>Selling, General and Administrative</u>: Consolidated selling, general and administrative ("SG&A") costs increased $1.6 million for the three months ended July 31, 2025 compared to the prior year quarter. The increase in SG&A costs for the three months ended July 31, 2025 was primarily due to higher incentive and share based compensation, partially offset by a decrease in SG&A attributable to the Bus Manufacturing Businesses.

Consolidated SG&A costs decreased $17.3 million for the nine months ended July 31, 2025 compared to the prior year period. The decrease in SG&A costs for the nine months ended July 31, 2025 was primarily due to the lower transaction expenses and a decrease in SG&A attributable to the Bus Manufacturing Businesses.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Restructuring** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Restructuring | $— | -100.0% | $4.7 | $— | -100.0% | $9.2 |

---

<u>Restructuring</u>: Consolidated restructuring costs were $4.7 million and $9.2 million for the three and nine months ended July 31, 2024, respectively. These restructuring costs were due to costs associated with the discontinuation of manufacturing operations at the Company's ENC facility, as announced in the first quarter of fiscal year 2024.

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Impairment Charges** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *(in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Impairment charges | $— | -100.0% | $1.9 | $— | -100.0% | $14.5 |

---

<u>Impairment Charges</u>: Consolidated impairment charges were $1.9 million and $14.5 million for the three and nine months ended July 31, 2024. These impairment charges were primarily related to the discontinuation of manufacturing operations at the Company's ENC facility, as announced in the first quarter of fiscal year 2024.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Loss (Gain) on sale of business** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Loss (Gain) on sale of business | $9.6 | N/M | $(1.4) | $39.6 | N/M | $(260.4) |

---

<u>Loss (Gain) on Sale of Business</u>: Consolidated loss on sale of business was $9.6 million for the three months ended July 31, 2025 and was due to the incremental loss recognized during the quarter related to the sale of Lance and Avery within the Recreational Vehicles segment, which were previously classified as held for sale. Consolidated gain on sale of business was $1.4 million for the three months ended July 31, 2024 and was due to the final working capital adjustment related to the sale of Collins.

Consolidated loss on sale of business was $39.6 million for the nine months ended July 31, 2025 and was due to the loss on the sale of Lance and Avery within the Recreational Vehicles segment. Consolidated gain on sale of business was $260.4 million for the nine months ended July 31, 2024, and the gain on sale of business was due to the sales of the Collins and Fire RTC businesses in the first and second quarters of fiscal year 2024, respectively.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Provision for income taxes** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Provision for income taxes | $11.9 | 170.5% | $4.4 | $10.0 | -85.4% | $68.5 |

---

<u>Provision for Income Taxes</u>: Consolidated income tax expense was $11.9 million for the three months ended July 31, 2025, or 29.0% of pre-tax income, compared to $4.4 million of expense, or 19.6% of pre-tax income, for the three months ended July 31, 2024. Income tax expense for the three months ended July 31, 2025 was unfavorably impacted by $1.5 million of discrete tax expense related to a valuation allowance on the tax benefit associated with the sale of Lance and Avery. Income tax expense for the three months ended July 31, 2024 was favorably impacted by $0.9 million of net discrete tax benefit, primarily related to a federal provision-to-return adjustment.

Consolidated income tax expense was $10.0 million for the nine months ended July 31, 2025, or 13.1% of pre-tax income, compared to $68.5 million of expense, or 24.1% of pre-tax income, for the nine months ended July 31, 2024. Income tax expense for the nine months ended July 31, 2025 was favorably impacted by $19.5 million of net discrete tax benefit, primarily related to the sale of Lance and Avery and stock-based compensation deductions. Income tax expense for the nine months ended July 31, 2024 was unfavorably impacted by $61.3 million of net discrete tax expense, primarily related to gain on sale of Collins.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Net income** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Net income | $29.1 | 61.7% | $18.0 | $66.3 | -69.3% | $215.9 |

---

<u>Net income</u>: Consolidated net income increased $11.1 million for the three months ended July 31, 2025 compared to the prior year quarter primarily due to the factors detailed above.

Consolidated net income decreased $149.6 million for the nine months ended July 31, 2025 compared to the prior year period primarily due to the factors detailed above.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted EBITDA** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Adjusted EBITDA | $64.1 | 41.8% | $45.2 | $159.8 | 41.2% | $113.2 |

---

------

Consolidated Adjusted EBITDA increased $18.9 million for the three months ended July 31, 2025 compared to the prior year quarter. Excluding the impact of the Bus Manufacturing Businesses, consolidated Adjusted EBITDA increased $25.5 million, or 66.1% compared to the prior year quarter. The increase was primarily due to higher contribution from the Specialty Vehicles segment.

Consolidated Adjusted EBITDA increased $46.6 million for the nine months ended July 31, 2025 compared to the prior year period. Excluding the impact of the Bus Manufacturing Businesses, consolidated Adjusted EBITDA increased $64.6 million, or 67.9%, for the nine months ended July 31, 2025 compared to the prior year period. The increase was primarily due to higher contribution from the Specialty Vehicles segment, partially offset by lower results in the Recreational Vehicles segment.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Adjusted Net Income** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Adjusted Net Income | $38.6 | 55.6% | $24.8 | $94.9 | 57.1% | $60.4 |

---

Consolidated Adjusted Net Income increased $13.8 million for the three months ended July 31, 2025 compared to the prior year quarter, primarily due to an increase in Adjusted Net Income in the Specialty Vehicles segment.

Consolidated Adjusted Net Income increased $34.5 million for the nine months ended July 31, 2025 compared to the prior year period, primarily due to an increase in Adjusted Net Income in the Specialty Vehicles segment, partially offset by a decrease in Adjusted Net Income in the Recreational Vehicles segment.

Refer to the Adjusted EBITDA and Adjusted Net Income section of this "Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Quarterly Report on Form 10-Q for a reconciliation of Net income to Adjusted EBITDA and Adjusted Net Income.

*<u>Specialty Vehicles Segment</u>*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Net sales | $483.3 | 11.8% | $432.1 | $1307.4 | 1.6% | $1286.7 |
| Adjusted EBITDA | 64.6 | 45.8% | 44.3 | 156.1 | 49.7% | 104.3 |
| Adjusted EBITDA % of net sales | 13.4% |  | 10.3% | 11.9% |  | 8.1% |

---

Specialty Vehicles segment net sales increased $51.2 million for the three months ended July 31, 2025 compared to the prior year quarter. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $95.4 million, or 24.6% compared to the prior year quarter. The increase in net sales was primarily due to increased shipments and a favorable mix of fire apparatus and ambulance units and price realization.

Specialty Vehicles segment net sales increased $20.7 million for the nine months ended July 31, 2025 compared to the prior year period. Excluding the impact of the Bus Manufacturing Businesses, net sales increased $174.4 million, or 15.4%, for the nine months ended July 31, 2025 compared to the prior year period. The increase in net sales was primarily due to increased shipments of fire apparatus, a favorable mix of ambulance units, and price realization, partially offset by an unfavorable mix of fire apparatus.

Specialty Vehicles segment Adjusted EBITDA increased $20.3 million for the three months ended July 31, 2025 compared to the prior year quarter. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $26.9 million, or 71.4%. The increase was primarily due to increased shipments and a favorable mix of fire apparatus and ambulance units and price realization, partially offset by inflationary pressures.

Specialty Vehicles segment Adjusted EBITDA increased $51.8 million for the nine months ended July 31, 2025 compared to the prior year period. Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased $69.8 million, or 80.9%, for the nine months ended July 31, 2025 compared to the prior year period. The increase was primarily due to increased shipments of fire apparatus, a favorable mix of ambulance units, and price realization, partially offset by an unfavorable mix of fire apparatus and inflationary pressures.

------

*<u>Recreational Vehicles segment</u>*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **Change** | **2024** | **2025** | **Change** | **2024** |
| Net sales | $161.7 | 9.7% | $147.4 | $492.0 | -0.9% | $496.5 |
| Adjusted EBITDA | 8.1 | -13.8% | 9.4 | 28.2 | -14.8% | 33.1 |
| Adjusted EBITDA % of net sales | 5.0% |  | 6.4% | 5.7% |  | 6.7% |

---

Recreational Vehicles segment net sales increased $14.3 million for the three months ended July 31, 2025 compared to the prior year quarter. The increase in net sales compared to the prior year quarter was primarily due to higher shipments of motorized units in certain categories and pricing actions, partially offset by increased dealer assistance on certain models.

Recreational Vehicles segment net sales decreased $4.5 million for the nine months ended July 31, 2025 compared to the prior year period. The decrease was primarily due to lower unit shipments, partially offset by favorable product mix in certain categories and pricing actions.

Recreational Vehicles segment Adjusted EBITDA decreased $1.3 million for the three months ended July 31, 2025 compared to the prior year quarter. The decrease was primarily due to the impact of tariffs related to the import of luxury vans and increased dealer assistance on certain models, partially offset by higher shipments of motorized units, pricing actions, and cost reduction initiatives.

Recreational Vehicles segment Adjusted EBITDA decreased $4.9 million for the nine months ended July 31, 2025 compared to the prior year period. The decrease was primarily due to inflationary pressures, including tariff impacts, lower unit shipments, and increased dealer assistance on certain models, partially offset by pricing actions and cost reduction initiatives.

**Backlog**

Backlog represents orders received from dealers or directly from end customers. The following table presents a summary of our backlog by segment:

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | **July 31, <br>2025** | **April 30,<br>2025** | **July 31, <br>2024** |
| Specialty Vehicles | $4275.5 | $4282.0 | $4114.4 |
| Recreational Vehicles | 224.3 | 267.9 | 240.3 |
| Total Backlog | $4499.8 | $4549.9 | $4354.7 |

---

Orders from our dealers and end customers are evidenced by a contract or firm purchase order or, in the case of the Recreational Vehicles segment and certain orders in our Specialty Vehicles segment, a reserved production slot. These orders are reported in our backlog at the aggregate selling prices, net of discounts or allowances. Orders included in the Recreational Vehicles segment backlog and certain orders within the Specialty Vehicles segment backlog generally can be cancelled or postponed at the option of the dealer at any time without penalty. As a result, this backlog may not necessarily be an accurate measure of future sales.

As of July 31, 2025, our backlog was $4,499.8 million compared to $4,354.7 million as of July 31, 2024. The increase in consolidated backlog was due to an increase within the Specialty Vehicles segment, partially offset by a decrease within the Recreational Vehicles segment. Specialty Vehicles segment backlog increased $161.1 million compared to the prior year quarter, primarily due to continued demand and order intake for fire apparatus and ambulance units and pricing actions, partially offset by increased production and shipments of fire apparatus and ambulance units. Recreational Vehicles segment backlog decreased $16.0 million compared to the prior year quarter, and was primarily the result of lower order intake in certain categories.

**Liquidity and Capital Resources**

*General*

Our primary requirements for liquidity and capital resources are to fund our working capital needs, to improve and expand existing manufacturing facilities, for debt service payments, for general corporate needs and for share repurchases. Historically, these cash requirements have been met through cash provided by operating activities and borrowings under our Amended 2021 ABL Facility.

We currently anticipate that our available sources of liquidity and capital will be sufficient to finance our continued operations and growth strategy for at least the next twelve months and thereafter for the foreseeable future. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance our future capital requirements.

------

*Cash Flow*

The following table shows summary cash flows for the nine months ended July 31, 2025 and July 31, 2024:

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **2024** |
| Net cash provided by (used in) operating activities | $164.2 | $(15.2) |
| Net cash (used in) provided by investing activities | (25.7) | 301.8 |
| Net cash used in financing activities | (127.1) | (257.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | $11.4 | $29.2 |

---

*Net Cash Provided by (Used in) Operating Activities*

Net cash provided by operating activities for the nine months ended July 31, 2025 was $164.2 million and was primarily related to cash related to net income generated during the period, the timing of accounts payable payments, lower inventory and higher receipts of customer advances, partially offset by the timing of accounts receivable collections. Net cash used in operating activities for the nine months ended July 31, 2024 was $15.2 million and was primarily related to the income tax payments associated with the sale of Collins and lower receipts of customer advances, partially offset by higher collections of accounts receivable.

*Net Cash (Used in) Provided by Investing Activities*

Net cash used in investing activities for the nine months ended July 31, 2025 was $25.7 million and was related to cash paid for capital expenditures. Net cash provided by investing activities for the nine months ended July 31, 2024 was $301.8 million and was primarily related to the cash received in connection with the sale of Collins and Fire RTC, partially offset by cash paid for capital expenditures.

*Net Cash Used in Financing Activities*

Net cash used in financing activities for the nine months ended July 31, 2025 was $127.1 million, which primarily consisted of repurchases of stock of $107.6 million and dividends paid of $10.0 million. Net cash used in financing activities for the nine months ended July 31, 2024 was $257.4 million, which primarily consisted of share repurchases of $126.1 million and dividends paid of $188.6 million, partially offset by net proceeds from our 2021 ABL Facility of $65.0 million.

*Dividends*

Subject to legally available funds and the discretion of our board of directors, we expect to pay a quarterly cash dividend at the rate of $0.06 per share on our common stock. During the third quarter of fiscal year 2025, we paid cash dividends of $3.0 million.

Our dividend policy has certain risks and limitations, particularly with respect to liquidity. The dividend payment is at the discretion of our Board of Directors, and we may not pay dividends according to our policy, or at all. We cannot assure that we will declare dividends or have sufficient funds to pay dividends on our common stock in the future.

*Share Repurchases*

During the three months ended July 31, 2025, the Company did not repurchase or retire any shares under the 2024 Share Repurchase Program. During the nine months ended July 31, 2025 the Company repurchased and retired 3,456,979 shares under the 2024 Share Repurchase Program at a cost of $107.6 million and at an average price of approximately $31.10 per share, excluding commissions, fees and excise taxes.

------

*ABL Facility*

On February 20, 2025, the Company entered into a third amendment to its then existing ABL agreement (the "2021 ABL Agreement" or the "2021 ABL Facility"), hereafter referred to as the "Amended 2021 ABL Agreement" or the "Amended 2021 ABL Facility". The Amended 2021 ABL Facility provides for revolving loans and letters of credit in an aggregate amount of up to $450.0 million. The total credit facility is subject to a $45.0 million sublimit for swing line loans and a $35.0 million sublimit for letters of credit (plus up to an additional $20.0 million of letters of credit at issuing bank's discretion), along with certain borrowing base and other customary restrictions as defined in the Amended 2021 ABL Agreement. The Amended 2021 ABL Agreement allows for incremental facilities in an aggregate amount of up to $100.0 million, plus the excess, if any, of the borrowing base then in effect over total commitments then in effect. Any such incremental facilities are subject to receiving additional commitments from lenders and certain other customary conditions. Subject to certain conditions and limitations set forth in the Amended 2021 ABL Agreement, the Company is also permitted to enter into an additional secured term loan credit facility with financial institutions acceptable to the administrative agent. The debt issuance costs capitalized in connection with the Amended 2021 ABL Facility less accumulated amortization are included in Other long-term assets in the Company's Condensed Unaudited Consolidated Balance Sheets. The debt issuance costs are amortized over the life of the debt on a straight-line basis. The Amended 2021 ABL Facility matures on February 20, 2030. The Company may prepay principal, in whole or in part, at any time without penalty.

The Company would become subject to compliance with a 1.0 to 1.0 minimum fixed charge coverage ratio financial covenant under the Amended 2021 ABL Agreement if the Company's borrowing base availability falls below the greater of $35.0 million or 12.5% of the borrowing base. As of July 31, 2025, the Company's outstanding debt under the Amended 2021 ABL Facility was $90.0 million, and the Company's availability under the Amended 2021 ABL Facility was $247.2 million. Refer to Note 9, Long-Term Debt, of the Notes to the Condensed Unaudited Consolidated Financial Statements for further details.

**Adjusted EBITDA and Adjusted Net Income**

In considering the financial performance of the business, management analyzes the primary financial performance measures of Adjusted EBITDA and Adjusted Net Income. Adjusted EBITDA is defined as net income or net loss for the relevant period before depreciation and amortization, interest expense, income taxes, and other items described below that we believe are not indicative of our ongoing operating performance. Adjusted Net Income is defined as net income or net loss, as adjusted for certain items described below that we believe are not indicative of our ongoing operating performance.

We believe Adjusted EBITDA and Adjusted Net Income are useful to investors because these performance measures are used by our management and our Board of Directors for measuring and reporting our financial performance and as a measurement in incentive compensation for management. These measures exclude the impact of certain items which we believe have less bearing on our core operating performance because they are items that are not needed or available to our managers in the daily activities of their businesses. We believe that the core operations of our business are those which can be affected by our management in a particular period through their resource allocation decisions that affect the underlying performance of our operations conducted during that period. We also believe that decisions utilizing Adjusted EBITDA and Adjusted Net Income allow for a more meaningful comparison of operating fundamentals between companies within our markets.

To determine Adjusted EBITDA, we adjust net income or net loss for the following items: non-cash depreciation and amortization, interest expense, income taxes and other items as described below. Stock-based compensation expense and sponsor expense reimbursement are excluded from both Adjusted Net Income and Adjusted EBITDA because they represent expenses which cannot be impacted by our business managers. Stock-based compensation expense also reflects a cost which may obscure trends in our underlying vehicle businesses for a given period, due to the timing and nature of the equity awards. We also adjust for exceptional items, which are determined to be those that in management's judgment are not indicative of our ongoing operating performance and need to be disclosed by virtue of their size, nature or incidence, and include non-cash items and items settled in cash. In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence.

Adjusted EBITDA and Adjusted Net Income have limitations as analytical tools. They are not presentations made in accordance with U.S. GAAP, are not measures of financial condition and should not be considered as an alternative to net income or net loss for the period determined in accordance with U.S. GAAP. The most directly comparable U.S. GAAP measure to Adjusted EBITDA and Adjusted Net Income is net income or net loss for the relevant period. Adjusted EBITDA and Adjusted Net Income are not necessarily comparable to similarly titled measures used by other companies. As a result, you should not consider this performance measure in isolation from, or as a substitute analysis for, our results of operations as determined in accordance with U.S. GAAP. Moreover, such measures do not reflect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•our cash expenditures, or future requirements for capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cash requirements necessary to service interest or principal payments on our debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•the cash requirements to pay our taxes.

------

The following table reconciles Net income to Adjusted EBITDA for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $29.1 | $18.0 | $66.3 | $215.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 6.2 | 6.4 | 18.1 | 19.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 6.4 | 7.6 | 18.8 | 21.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 11.9 | 4.4 | 10.0 | 68.5 |
| **EBITDA** | 53.6 | 36.4 | 113.2 | 324.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses (a) | 0.5 |  | 0.5 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sponsor expense reimbursement (b) |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring (c) |  | 4.7 |  | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related charges (d) |  | 1.7 |  | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges (e) |  | 1.9 |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (f) | 3.3 | 1.9 | 9.4 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal matters (g) |  |  |  | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of business and assets (h) | 6.7 | (1.4) | 36.7 | (260.4) |
| **Adjusted EBITDA** | $64.1 | $45.2 | $159.8 | $113.2 |

---

The following table reconciles Net income to Adjusted Net Income for the periods presented:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>July 31,** | **Three Months Ended<br>July 31,** | **Nine Months Ended <br>July 31,** | **Nine Months Ended <br>July 31,** |
| *($ in millions)* | **2025** | **2024** | **2025** | **2024** |
| **Net income** | $29.1 | $18.0 | $66.3 | $215.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | 0.4 | 0.5 | 1.4 | 1.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Transaction expenses (a) | 0.5 |  | 0.5 | 6.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Sponsor expense reimbursement (b) |  |  |  | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring (c) |  | 4.7 |  | 9.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring related charges (d) |  | 1.7 |  | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment charges (e) |  | 1.9 |  | 14.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense (f) | 3.3 | 1.9 | 9.4 | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;Legal matters (g) |  |  |  | 2.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss (gain) on sale of business and assets (h) | 6.7 | (1.4) | 36.7 | (260.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Income tax effect of adjustments (i) | (1.4) | (2.5) | (19.4) | 54.4 |
| **Adjusted Net Income** | $38.6 | $24.8 | $94.9 | $60.4 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Reflects costs incurred in connection with business acquisitions, dispositions, and capital market transactions. Transaction expenses for the three and nine months ended July 31, 2025 include expenses that were incurred in connection with the sale of Lance and Avery. Transaction expenses for the nine months ended July 31, 2024 include costs incurred in connection with the Offerings and expenses that were incurred in connection with the sale of Collins, which consist primarily of success bonuses and legal and accounting expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Reflects the reimbursement of expenses to our former equity sponsor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Reflects restructuring costs incurred in connection with the discontinuation of manufacturing operations at the Company's ENC facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Reflects costs that are directly attributable to restructuring activities that do not meet the definition of, or qualify as, restructuring costs under ASC 420. Restructuring related charges for the three and nine months ended July 31, 2024, which consist primarily of inventory charges, were incurred in connection with the discontinuation of manufacturing operations at the Company's ENC facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)The impairment charges for the three months ended July 31, 2024 were related to the impairment of an indefinite-lived trade name included within the Recreational Vehicles segment. The impairment charges for the nine months ended July 31, 2024 were primarily related to the impairment of an indefinite-lived trade name and certain property, plant, and equipment due to the discontinuation of manufacturing operations at the Company's ENC facility.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)Reflects expenses associated with the vesting of equity awards, including employer payroll taxes, net of forfeitures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)Reflects costs incurred to litigate and settle legal claims which are outside the normal course of business.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)Net loss on sale of business and assets for the three and nine months ended July 31, 2025 reflects the loss recognized in connection with the sale of Lance and Avery offset by a gain on the sale of certain assets within the Recreational Vehicles segment. Gain on sale of business for the three months ended July 31, 2024 reflects the final working capital adjustment related to the sale of Collins. Gain on sale of business for the nine months ended July 31, 2024 reflects the pre-tax gain recognized in connection with the sale of Collins and Fire RTC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)Income tax effect of adjustments using estimated tax rates.

**Off-Balance Sheet Arrangements**

We have not created, and are not party to, any special-purpose or off-balance sheet entities for the purpose of raising capital, incurring debt or operating our business. We do not have any off-balance sheet arrangements or relationships with entities that are not consolidated into or disclosed in our consolidated financial statements that have, or are reasonably likely to have, a material current or future effect on our financial condition, revenues, expenses, results of operations, liquidity, capital expenditures and capital resources. In addition, we do not engage in trading activities involving non-exchange traded contracts. Refer to Note 13, Commitments and Contingencies, of the Notes to Condensed Unaudited Consolidated Financial Statements for additional discussion.

**Critical Accounting Policies and Estimates**

The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates, assumptions and judgments that affect amounts reported in the consolidated financial statements and accompanying notes. Our disclosures of critical accounting policies are reported in our Annual Report on Form 10-K for the fiscal year ended October 31, 2024.

**Recent Accounting Pronouncements**

Refer to Note 1 of the Notes to Condensed Unaudited Consolidated Financial Statements for a discussion of the impact on our financial statements of new accounting standards.

**Item 3. Quantitative and Qualitative Disclosures About Market Risk.**

There have been no material changes in our exposure to interest rate risk, foreign exchange risk and commodity price risk from the information provided in our Annual Report on Form 10-K filed on December 11, 2024.

**Item 4. Controls and Procedures.**

We maintain "disclosure controls and procedures", as such term is defined under Exchange Act Rule 13a-15(e), that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms and that such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosures. In designing and evaluating the disclosure controls and procedures, our management recognizes that any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objectives and our management is required to apply its judgment in evaluating the cost-benefit relationship of possible controls and procedures. We have carried out an evaluation, as of the end of the period covered by this report, under the supervision and with the participation of our management, including our Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures were effective as of July 31, 2025.

During the quarter ended July 31, 2025, there were no changes in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

------

**PART II—** **OTHE** **R INFORMATION**

**Item 1. Legal Proceedings**

For a description of our legal proceedings, if applicable, refer to Note 13, Commitments and Contingencies, of the Notes to Condensed Unaudited Consolidated Financial Statements, included in this Quarterly Report on Form 10-Q.

**Item 1A. Risk Factors**

Information about our risk factors is disclosed in "Item 1A. Risk Factors", in our Annual Report on Form 10-K. There have been no material changes in our risk factors from those disclosed in the Form 10-K.

**Item 2. Unregistered Sales of Equity Securities and Use of Proceeds**

**Common Stock Repurchases**

There were no purchases of common stock made by the Company during the third quarter of fiscal year 2025.

**Dividend Policy**

Subject to legally available funds and the discretion of our board of directors, we may or may not pay a quarterly cash dividend in the future on our common stock. During the third quarter of fiscal year 2025, the Company paid cash dividends of $3.0 million. Our ability to pay dividends is dependent on our Amended 2021 ABL Facility and board of directors approval. See our Annual Report on Form 10-K on "Item 1A. Risk Factors—Risks Related to Legal, Regulatory and Compliance Matters—We cannot assure that we will continue to declare dividends or have sufficient funds to pay dividends on our common stock."

------

**Item 6. Exhibits.**

---

| | |
|:---|:---|
| **Exhibit**<br>**Number** | &nbsp;&nbsp;&nbsp;**Description** |
| &nbsp;&nbsp;&nbsp;&nbsp;10.1+ | [<u>Change in Control Severance Agreement dated as of June 3, 2025, by and between Registrant and Mark Skonieczny (Incorporated by reference to Exhibit 10.3 of the REV Group, Inc. Quarterly Report on Form 10-Q (file no. 001-37999), filed on June 4, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1687221/000095017025081393/revg-ex10_3.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.2+ | [<u>Change in Control Severance Agreement dated as of June 3, 2025, by and between Registrant and Amy Campbell (Incorporated by reference to Exhibit 10.4 of the REV Group, Inc. Quarterly Report on Form 10-Q (file no. 001-37999), filed on June 4, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1687221/000095017025081393/revg-ex10_4.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;10.3+ | [<u>Change in Control Severance Agreement dated as of June 3, 2025, by and between Registrant and Stephen Zamansky (Incorporated by reference to Exhibit 10.5 of the REV Group, Inc. Quarterly Report on Form 10-Q (file no. 001-37999), filed on June 4, 2025).</u>](https://www.sec.gov/Archives/edgar/data/1687221/000095017025081393/revg-ex10_5.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.1\* | [<u>Certification by the Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](revg-ex31_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;31.2\* | [<u>Certification by the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.</u>](revg-ex31_2.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.1\* | [<u>Certification of Chief Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](revg-ex32_1.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;32.2\* | [<u>Certification of Chief Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.</u>](revg-ex32_2.htm) |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema With Embedded Linkbase Documents |
| 104 | Cover Page Interactive Data File (formatted in iXBRL and contained within Exhibit 101) |

---

------

\* Filed herewith.

+ Management contract or compensatory plan or arrangement.

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | REV GROUP, INC. | REV GROUP, INC. |
| Date: September 3, 2025 | By: | /s/ Mark A. Skonieczny  |
|  |  | **Mark A. Skonieczny** |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |
| Date: September 3, 2025 | By: | /s/ Amy A. Campbell  |
|  |  | **Amy A. Campbell** |
|  |  | **Chief Financial Officer** <br>**(Principal Financial Officer)** |
| Date: September 3, 2025 | By: | /s/ Joseph F. LaDue  |
|  |  | **Joseph F. LaDue** |
|  |  | **Chief Accounting Officer** <br>**(Principal Accounting Officer)** |

---

------

## Exhibit 31.1

**EXHIBIT 31.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14 AND 15d-14, AS ADOPTED PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002**

I, Mark A. Skonieczny, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of REV Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: September 3, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  | /s/ Mark A. Skonieczny  |
|  |  | Mark A. Skonieczny  |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

------

## Exhibit 31.2

**EXHIBIT 31.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO EXCHANGE ACT RULES 13a-14 AND 15d-14, AS ADOPTED PURSUANT TO SECTION 302 OF SARBANES-OXLEY ACT OF 2002**

I, Amy A. Campbell, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this Quarterly Report on Form 10-Q of REV Group, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Dated: September 3, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; By:  | /s/ Amy A. Campbell |
|  |  | Amy A. Campbell |
|  |  | **Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

------

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of REV Group, Inc. (the "Company") on Form 10-Q for the period ended July 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to REV Group, Inc. and will be retained by REV Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | | |
|:---|:---|:---|
| Dated: September 3, 2025 | By:  | /s/ Mark A. Skonieczny |
|  |  | Mark A. Skonieczny |
|  |  | **President and Chief Executive Officer**<br>**(Principal Executive Officer)** |

---

------

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report of REV Group, Inc. (the "Company") on Form 10-Q for the period ended July 31, 2025, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

A signed original of this written statement has been provided to REV Group, Inc. and will be retained by REV Group, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.

---

| | | |
|:---|:---|:---|
| Dated: September 3, 2025 | By:  | /s/ Amy A. Campbell |
|  |  | Amy A. Campbell |
|  |  | **Chief Financial Officer**<br>**(Principal Financial Officer)** |

---

------