1. Robert G. Bohn
Earnings Conference Call Chairman, President and Chief Executive Officer
First Quarter Fiscal 2006 Charles L. Szews
February 2, 2006 Executive Vice President and Chief Financial Officer

2. Forward Looking Statements
Our remarks that follow, including answers to your questions and these slides, include
statements that we believe are “forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act. All of our statements, other than statements of historical fact,
including statements regarding Oshkosh Truck’s future financial position, business strategy,
targets, projected sales, costs, earnings, capital expenditures and debt levels, and plans and
objectives of management for future operations, are forward-looking statements. In addition,
forward-looking statements generally can be identified by the use of words such as “expect,”
“intend,” “estimates,” “anticipate,” “believe,” “should,” “plans,” or similar words. We cannot
give any assurance that such expectations will prove to be correct. Some factors that could cause
actual results to differ materially from our expectations include the accuracy of assumptions
made with respect to our expectations for fiscal 2006 and beyond, the Company’s ability to
continue the turnaround of the business of the Geesink Norba Group sufficiently to support its
valuation resulting in no non-cash impairment charge for Geesink Norba Group goodwill, the
Company’s ability to increase its operating income margins at McNeilus, the ability of the
Company to recover steel and component cost increases from its customers, risks associated with
a three-phase enterprise resource planning system implementation at McNeilus, the expected
level of U.S. Department of Defense procurement of the Company’s products and services, the
cyclical nature of the Company’s commercial and fire and emergency markets, risks related to
reductions in government expenditures, the uncertainty of government contracts, the challenges
of identifying, completing and integrating acquisitions, the success of the launch of the
Revolution® drum, and risks associated with international operations. Additional information
concerning these and other factors is contained in our filings with the SEC, including our Form 8-
K filed February 2, 2006. Except as set forth in such Form 8-K, we disclaim any obligation to
update such forward-looking statements.
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3. Oshkosh First Quarter 2006 Highlights
• Record financial results
First Quarter Results
– Sales increased 22.5% $1,000 $90
$87.0
– Operating income grew 28.6% $900
Operating Income (in millions)
$80
$800 $67.6 $70
– EPS increased 28.6% $790.3
Sales (in millions)
$700
$60
– Exceeded previous estimates $600 $644.9
$46.7 $50
$500
• Increased fiscal 2006 EPS $40
$493.2
$400
estimate range to $2.55 - $2.65 $30
$300
$20
$200
• Raised dividend rate by 48% to $10
$100
$0.10 / share $0 $0
2003 2004 2005
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4. Progress on Key Initiatives In
First Quarter Fiscal 2006
• The Geesink Norba Group delivered
second consecutive profitable quarter
– Cost reductions should accelerate in
2006 as outsourcing strategy gains
ground
• Positive progress on McNeilus
turnaround
– Launch of enterprise resource planning
system and configurator for mixers
impacted production and sales
– Production back on schedule by
December 31
– Improved pricing largely offset impact
of lower sales volume on earnings
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5. Commercial
• Earnings exceeded expectations for first
quarter
• Positive outlook for European refuse
business for 2006
– Outsourcing strategy meeting expectations
– Significant lean opportunities
• Demand favorable in U.S. concrete
placement and refuse
London® is the most popular brand
– Modest pre-buy expected from 2007 diesel
of concrete mixer in Canada.
engine emissions standards change
• Continue to expect margin improvement in
second and third quarters of fiscal 2006
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6. Commercial
Revolution® Introduced to Front-Discharge Mixers
• Launched at World of
Concrete in mid-January
• Offers full 2,000 pound
weight savings
• Reduces annual operating
costs by $7,500
Oshkosh® S-Series front-discharge mixer with
Revolution® drum
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7. Defense
• Significantly outperformed again
– Sales of $363.1 million, up 68.5%
– New and remanufactured heavy-payload
trucks, and parts and service sales, each
up over 60%
• Received LVSR request for proposal
– Submitted bid on time in 30 days
– Decision anticipated in third quarter of
fiscal 2006
• Bridge supplemental bill passed in
December 2005
– Provided significant funding for fiscal
2007 and fiscal 2008 sales
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8. Fire and Emergency
• Earnings exceeded first
quarter expectations
• Significant new product
introductions
– JerrDan® 60-ton Rotator
– Revolutionary JerrDan Side
Loading Vehicle Retriever
• Pierce expansion on track to
meet demand
• End markets remain healthy
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9. Consolidated Results
Dollars in millions
First Quarter Comments
2005
2006 • Defense drove results
Net Sales $790.3 $644.9
• Favorable defense
% Growth 22.5% 30.8%
adjustments totaling
Operating Income $ 87.0 $ 67.6 $12.2 million in 2005
($0.10 per share)
% Margin 11.0% 10.5%
% Growth 28.6% 44.7% • Favorable product
liability settlements
Earnings Per Share $ 0.72 $ 0.56
totaling $4.2 million
% Growth 28.6% 33.3% at Corporate in 2005
($0.04 per share)
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10. Fire and Emergency
Dollars in millions
First Quarter Comments
2005
2006 • Strong fire apparatus
sales and improved
Net Sales $216.4 $194.2
pricing benefited
% Growth 11.5% 58.0%
earnings
Operating Income $ 20.9 $ 18.4
• Lower airport product
% Margin 9.7% 9.5% sales
% Growth 13.4% 58.9% • Expansion-related
costs also impacted
quarter
• Backlog up 4.1%
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11. Defense
Dollars in millions
Comments
First Quarter
2005 • Truck and parts and
2006
service sales each up
Net Sales $363.1 $215.5 more than 60%
% Growth 68.5% 13.2% • MTVR adjustment of
$8.5 million in 2005
Operating Income $ 72.6 $ 51.7
• Recovery of pre-contract
% Margin 20.0% 24.0% costs of $3.7 million in
2005
% Growth 40.5% 39.1%
• Backlog down 3.0%, but
bridge supplemental
funding not yet under
contract
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12. Commercial
Dollars in millions
Comments
First Quarter
• Sales impacted by ERP
2005
2006
implementation
Net Sales $221.2 $241.6
• European refuse
% Growth (8.4)% 32.0% profitable in Q1; $2.6
million operating loss
Operating Income $ 8.3 $ 5.6
in 2005
% Margin 3.8% 2.3%
• Price increases
% Growth 47.6% (21.7)%
beginning to benefit
earnings
• Backlog up 29.1%
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13. Fiscal 2006 Estimates
Sales of $3.3 - $3.4 Billion, Up 11.5% - 15%
• Fire and emergency sales
expected to rise by low teens
percentage
• Defense sales expected to grow
22.5% to 27.0%
• Commercial sales expected to rise
by low single digits percentage
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14. Fiscal 2006 Estimates
Operating Income of $316.5 - $329.0 Million,
Up 18% to 23%
• Anticipate flat margins in fire and emergency
• Expect defense margins to decline about 200
basis points
– No MTVR margin adjustments expected in 2006
• Expect commercial margins to double
– European refuse expected to be modestly
profitable
– U.S. margins expected to be up over 100 basis
points
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15. Fiscal 2006 Estimates
Other Estimates
(Dollars in millions)
Fiscal
2006
Estimates
Interest expense and other $3.5 (expense)
Effective tax rate 39.0%
Minority interest $0.5 (expense)
Equity in earnings $2.0
Average shares outstanding 75,500,000
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16. Fiscal 2006 Estimates
• Annual EPS estimate range of $2.55 to $2.65,
up 17.0% to 21.6%
• Second quarter EPS of $0.58 to $0.62
compared to $0.52 in second quarter of fiscal
2005
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17. Fiscal 2006 Estimates
Ground-breaking for
New Product
Development Center
• Capital spending expected
to approximate $60 million
• Estimated balances at
September 30,2006
– Debt of $20.0 - $25.0 million
– Cash of $200.0 -
$225.0 million
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