CWH

​ MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS The following discussion and analysis of our financial condition and results of operations should be read together with our condensed consolidated financial statements and related notes included in Part I, Item 1 of this Form 10-Q, as well as our Annual Report on Form 10-K for the year ended December 31, 2025, filed with the SEC on February 27, 2026 (the “Annual Report”). This discussion contains forward-looking statements based upon current plans, expectations and beliefs involving risks and uncertainties. Our actual results may differ materially from those anticipated in these forward-looking statements as a result of various important factors, including those set forth under “Risk Factors” included in Part I, Item 1A of our Annual Report, the “Cautionary Note Regarding Forward-Looking Statements” in this Form 10-Q and in other parts of this Form 10-Q. Except to the extent that differences among reportable segments are material to an understanding of our business taken as a whole, we present the discussion in Management’s Discussion and Analysis of Financial Condition and Results of Operations on a consolidated basis. Overview Camping World Holdings, Inc. (together with its subsidiaries) is America’s largest retailer of RVs and related products and services. Through our Camping World and Good Sam brands, our vision is to make it easy for everyone to enjoy RVing and empower our customers’ joy of travel. We strive to build long-term value for our customers, employees, and stockholders by combining a comprehensive offering of RV products and 32 Table of Contents services with a national network of RV dealerships, service centers and customer support centers. We also believe that our Good Sam organization and family of highly-specialized services and plans, including roadside assistance, protection plans and insurance, uniquely enable us to protect our customers on the road ahead. On June 30, 2026, we operated a total of 200 locations, with all of them selling and/or servicing RVs. See Note 1 – Summary of Significant Accounting Policies to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q. A summary of the changes in quantities and types of retail stores and changes in same stores from June 30, 2025 to June 30, 2026, are in the table below: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV RV Service & ​ ​ ​ Same ​ Dealerships Retail Centers ​ Total ​ Store(1) Number of store locations as of June 30, 2025 ​ 200 ​ 1 ​ 201 ​ 178 Opened ​ 4 ​ — ​ 4 ​ — Re-opened ​ 1 ​ ​ ​ 1 ​ — Closed ​ (6) ​ — ​ (6) ​ (3) Achieved designation of same store (1) ​ — ​ — ​ — ​ 11 Number of store locations as of June 30, 2026 ​ 199 ​ 1 ​ 200 ​ 186 ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year. Industry Trends According to the RV Industry Association’s (“RVIA”) survey of manufacturers, which almost entirely focuses on North America, the latest Summer 2026 edition of RV RoadSigns presented a 10.2% downward revision of their median forecast of 2026 wholesale shipments of new RVs from their previous Spring 2026 report. The 314,100 unit median of their revised forecast of 2026 wholesale shipments of new RVs was 8.2% lower than 2025 shipment levels. RV wholesale shipments for the first six months of 2026 totaled 163,644 units, a decrease of 14.2% compared to the same period in the prior year per the June 2026 survey of manufacturers prepared by the RVIA. According to Statistical Surveys, Inc. (“SSI”) aggregation of North American RV retail transactions, new RV registrations in the U.S. declined by 16.4% to 113,631 registrations for the year-to-date period ended May 31, 2026 compared to the comparable period ended May 31, 2025. Used RV registrations increased 2.4% to 284,744 over the same period. Additionally, SSI reported a decrease of new RV registrations in the U.S. of 15.0% and 19.0% for April and May 2026, respectively, compared to the same periods of 2025. The above decreases in projected RV wholesale shipments and new RV registrations have been largely impacted by economic conditions and the subsequent declines in consumer sentiment year to date, likely driven by geopolitical events in the Middle East, including the U.S. and Israeli military conflict with Iran (described below); high fuel prices; and the persistence of a high-interest-rate environment. For instance, the University of Michigan’s surveys of consumers reported decreases in the index of consumer sentiment of 6.4% and 18.5% as of June 2026 compared to December 2025 and June 2025, respectively. The U.S. and Israeli military conflict with Iran, which began on February 28, 2026, has resulted in an increase in the price of gasoline, which has negatively impacted demand for new RVs as discussed above. If high fuel prices continue for an extended period, it could apply downward pressure on average selling prices of RVs from additional reductions in consumer discretionary spending and/or further negatively impact consumer demand for RVs. Additionally, as a result of the conflict, the related increase in energy costs and other disruptions to the global supply chain could continue to increase inflation, which may delay future interest rate cuts or result in higher interest rates as the U.S. Federal Reserve attempts to counteract inflationary pressures. A higher cost of consumer credit could negatively impact demand for RVs and average selling price as interest expense becomes a higher proportion of the customer’s monthly payment. 33 Table of Contents We are closely monitoring U.S. trade policy developments with countries from which we source product and equipment, such as China, Mexico, and Canada. There is uncertainty as to the extent and duration of additional tariffs that have been or may be imposed on imports from these countries, including additional tariffs enacted in April 2026 on steel and aluminum, which are core materials for RVs. We benefit from the U.S. assembly of new vehicles, which are not subject to tariffs on the assembled product unlike other similar industries that may have their products assembled in China, Mexico, or Canada. However, many of our U.S.-based suppliers source some of their components from these countries, which has resulted, and may continue to result, in higher procurement costs. For the year ended December 31, 2025, our costs applicable to revenue included directly sourced inventory from China, Mexico, and Canada of approximately $37.6 million, $10.5 million and $2.3 million, respectively. As of June 30, 2026, refunds received for tariffs that were previously imposed under the International Emergency Economic Powers Act have been less than $2.0 million and further refunds are not expected to be material. Financial Institutions The Company maintains the majority of its cash and cash equivalents in accounts with major U.S. and multi-national financial institutions, and our deposits at certain of these institutions exceed insured limits. Market conditions can impact the viability of these institutions. In the event of failure of any of the financial institutions where we maintain our cash and cash equivalents, there can be no assurance that we will be able to access uninsured funds in a timely manner or at all. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 34 Table of Contents Results of Operations Three Months Ended June 30, 2026 Compared to Three Months Ended June 30, 2025 Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the three months ended June 30, 2026 to our financial results from the three months ended June 30, 2025. The following table sets forth information comparing the components of net income for the three months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ June 30, 2025 ​ ​ ​ ​ ​ ​ ​ Percent of ​ ​ ​ ​ Percent of ​ Favorable/ (Unfavorable) ($ in thousands) ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ $ ​ ​ ​ % Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 54,629 ​ 2.8% ​ $ 54,213 ​ 2.7% ​ $ 416 ​ 0.8% RV and Outdoor Retail ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 869,047 ​ 44.9% ​ ​ 915,106 ​ 46.3% ​ ​ (46,059) ​ (5.0%) Used vehicles ​ ​ 580,322 ​ 30.0% ​ ​ 572,271 ​ 29.0% ​ ​ 8,051 ​ 1.4% Products, service and other ​ ​ 217,563 ​ 11.2% ​ ​ 222,890 ​ 11.3% ​ ​ (5,327) ​ (2.4%) Finance and insurance, net ​ ​ 201,677 ​ 10.4% ​ ​ 201,198 ​ 10.2% ​ ​ 479 ​ 0.2% Good Sam Club ​ ​ 10,801 ​ 0.6% ​ ​ 10,270 ​ 0.5% ​ ​ 531 ​ 5.2% Subtotal ​ ​ 1,879,410 ​ 97.2% ​ ​ 1,921,735 ​ 97.3% ​ ​ (42,325) ​ (2.2%) Total revenue ​ ​ 1,934,039 ​ 100.0% ​ ​ 1,975,948 ​ 100.0% ​ ​ (41,909) ​ (2.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit (exclusive of depreciation and amortization shown separately below): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ ​ 33,743 ​ 1.7% ​ ​ 32,266 ​ 1.6% ​ ​ 1,477 ​ 4.6% RV and Outdoor Retail ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 95,061 ​ 4.9% ​ ​ 126,233 ​ 6.4% ​ ​ (31,172) ​ (24.7%) Used vehicles ​ ​ 95,641 ​ 4.9% ​ ​ 117,032 ​ 5.9% ​ ​ (21,391) ​ (18.3%) Products, service and other ​ ​ 102,856 ​ 5.3% ​ ​ 106,478 ​ 5.4% ​ ​ (3,622) ​ (3.4%) Finance and insurance, net ​ ​ 201,677 ​ 10.4% ​ ​ 201,198 ​ 10.2% ​ ​ 479 ​ 0.2% Good Sam Club ​ ​ 9,400 ​ 0.5% ​ ​ 9,048 ​ 0.5% ​ ​ 352 ​ 3.9% Subtotal ​ ​ 504,635 ​ 26.1% ​ ​ 559,989 ​ 28.3% ​ ​ (55,354) ​ (9.9%) Total gross profit ​ ​ 538,378 ​ 27.8% ​ ​ 592,255 ​ 30.0% ​ ​ (53,877) ​ (9.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general, and administrative ​ ​ 410,860 ​ 21.2% ​ ​ 437,489 ​ 22.1% ​ ​ 26,629 ​ 6.1% Depreciation and amortization ​ ​ 24,634 ​ 1.3% ​ ​ 23,419 ​ 1.2% ​ ​ (1,215) ​ (5.2%) Long-lived asset impairment ​ ​ 13,099 ​ 0.7% ​ ​ — ​ — ​ ​ (13,099) ​ n/m Gain on lease termination and/or remeasurement ​ ​ (8) ​ (0.0%) ​ ​ (107) ​ (0.0%) ​ ​ (99) ​ (92.5%) (Gain) loss on sale or disposal of assets ​ ​ (2,055) ​ (0.1%) ​ ​ 1,185 ​ 0.1% ​ ​ 3,240 ​ 273.4% Total operating expenses ​ ​ 446,530 ​ 23.1% ​ ​ 461,986 ​ 23.4% ​ ​ 15,456 ​ 3.3% Income from operations ​ ​ 91,848 ​ 4.7% ​ ​ 130,269 ​ 6.6% ​ ​ (38,421) ​ (29.5%) Other expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floor plan interest expense ​ ​ (19,852) ​ (1.0%) ​ ​ (20,989) ​ (1.1%) ​ ​ 1,137 ​ 5.4% Other interest expense, net ​ ​ (26,912) ​ (1.4%) ​ ​ (30,836) ​ (1.6%) ​ ​ 3,924 ​ 12.7% Other expense, net ​ ​ — ​ — ​ ​ (2,600) ​ (0.1%) ​ ​ 2,600 ​ 100.0% Total other expense ​ ​ (46,764) ​ (2.4%) ​ ​ (54,425) ​ (2.8%) ​ ​ 7,661 ​ 14.1% Income before income taxes ​ ​ 45,084 ​ 2.3% ​ ​ 75,844 ​ 3.8% ​ ​ (30,760) ​ (40.6%) Income tax expense ​ ​ (1,371) ​ (0.1%) ​ ​ (18,321) ​ (0.9%) ​ ​ 16,950 ​ 92.5% Net income ​ ​ 43,713 ​ 2.3% ​ ​ 57,523 ​ 2.9% ​ ​ (13,810) ​ (24.0%) Less: net income attributable to non-controlling interests ​ ​ (16,853) ​ (0.9%) ​ ​ (27,307) ​ (1.4%) ​ ​ 10,454 ​ 38.3% Net income attributable to Camping World Holdings, Inc. ​ $ 26,860 ​ 1.4% ​ $ 30,216 ​ 1.5% ​ $ (3,356) ​ (11.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ n/m- not meaningful ​ 35 Table of Contents Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Increase ​ ​ Percent ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (decrease) ​ ​ ​ ​ Change Unit sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 22,312 ​ ​ 26,696 ​ ​ (4,384) ​ ​ ​ (16.4%) Used vehicles ​ ​ 19,882 ​ ​ 18,906 ​ ​ 976 ​ ​ ​ 5.2% Total ​ ​ 42,194 ​ ​ 45,602 ​ ​ (3,408) ​ ​ ​ (7.5%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average selling price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 38,950 ​ $ 34,279 ​ $ 4,671 ​ ​ ​ 13.6% Used vehicles ​ ​ 29,188 ​ ​ 30,269 ​ ​ (1,081) ​ ​ ​ (3.6%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same store unit sales(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 20,983 ​ ​ 25,066 ​ ​ (4,083) ​ ​ ​ (16.3%) Used vehicles ​ ​ 18,897 ​ ​ 17,971 ​ ​ 926 ​ ​ ​ 5.2% Total ​ ​ 39,880 ​ ​ 43,037 ​ ​ (3,157) ​ ​ ​ (7.3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same store revenue(1) ($ in 000s) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 816,742 ​ $ 851,221 ​ $ (34,479) ​ ​ ​ (4.1%) Used vehicles ​ ​ 551,709 ​ ​ 536,149 ​ ​ 15,560 ​ ​ ​ 2.9% Products, service and other ​ ​ 173,025 ​ ​ 175,821 ​ ​ (2,796) ​ ​ ​ (1.6%) Finance and insurance, net ​ ​ 192,349 ​ ​ 190,716 ​ ​ 1,633 ​ ​ ​ 0.9% Total ​ $ 1,733,825 ​ $ 1,753,907 ​ $ (20,082) ​ ​ ​ (1.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average gross profit per unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 4,261 ​ $ 4,729 ​ $ (468) ​ ​ ​ (9.9%) Used vehicles ​ ​ 4,810 ​ ​ 6,190 ​ ​ (1,380) ​ ​ ​ (22.3%) Finance and insurance, net per vehicle unit ​ ​ 4,780 ​ ​ 4,412 ​ ​ 368 ​ ​ ​ 8.3% Total vehicle front-end yield(2) ​ ​ 9,299 ​ ​ 9,747 ​ ​ (448) ​ ​ ​ (4.6%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ ​ 61.8% ​ ​ 59.5% ​ ​ 225 bps ​ ​ ​ New vehicles ​ ​ 10.9% ​ ​ 13.8% ​ ​ (286) bps ​ ​ ​ Used vehicles ​ ​ 16.5% ​ ​ 20.5% ​ ​ (397) bps ​ ​ ​ Products, service and other ​ ​ 47.3% ​ ​ 47.8% ​ ​ (50) bps ​ ​ ​ Finance and insurance, net ​ ​ 100.0% ​ ​ 100.0% ​ ​ unch ​ ​ ​ ​ Good Sam Club ​ ​ 87.0% ​ ​ 88.1% ​ ​ (107) bps ​ ​ ​ Subtotal RV and Outdoor Retail ​ ​ 26.9% ​ ​ 29.1% ​ ​ (229) bps ​ ​ ​ Total gross margin ​ ​ 27.8% ​ ​ 30.0% ​ ​ (214) bps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Retail locations ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV dealerships ​ ​ 199 ​ ​ 200 ​ ​ (1) ​ ​ ​ (0.5%) RV service & retail centers ​ ​ 1 ​ ​ 1 ​ ​ — ​ ​ ​ 0.0% Total ​ ​ 200 ​ ​ 201 ​ ​ (1) ​ ​ ​ (0.5%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV and Outdoor Retail inventories ($ in 000s) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 1,264,258 ​ $ 1,330,965 ​ $ (66,707) ​ ​ ​ (5.0%) Used vehicles ​ ​ 429,417 ​ ​ 536,665 ​ ​ (107,248) ​ ​ ​ (20.0%) Products, parts, accessories and misc. ​ ​ 166,351 ​ ​ 193,232 ​ ​ (26,881) ​ ​ ​ (13.9%) Total RV and Outdoor Retail inventories ​ $ 1,860,026 ​ $ 2,060,862 ​ $ (200,836) ​ ​ ​ (9.7%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vehicle inventory per location ($ in 000s) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicle inventory per dealer location ​ $ 6,353 ​ $ 6,655 ​ $ (302) ​ ​ ​ (4.5%) Used vehicle inventory per dealer location ​ ​ 2,158 ​ ​ 2,683 ​ ​ (525) ​ ​ ​ (19.6%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vehicle inventory turnover(3) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicle inventory turnover ​ ​ 1.7 ​ ​ 1.9 ​ ​ (0.1) ​ ​ ​ (7.9%) Used vehicle inventory turnover ​ ​ 3.2 ​ ​ 3.3 ​ ​ (0.0) ​ ​ ​ (1.4%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Active Customers(4) ​ ​ 4,102,846 ​ ​ 4,221,642 ​ ​ (118,796) ​ ​ ​ (2.8%) Good Sam Club members (5) ​ ​ 1,472,554 ​ ​ 1,662,653 ​ ​ (190,099) ​ ​ ​ (11.4%) Service bays (6) ​ ​ 2,842 ​ ​ 2,809 ​ ​ 33 ​ ​ ​ 1.2% Finance and insurance gross profit as a % of total vehicle revenue ​ ​ 13.9% ​ ​ 13.5% ​ ​ 39 bps ​ ​ n/a Same store locations ​ ​ 186 ​ ​ n/a ​ ​ n/a ​ ​ ​ n/a 36 Table of Contents unch – unchanged bps – basis points n/a – not applicable (1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year. (2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales. (3) Inventory turnover is calculated as vehicle costs applicable to revenue over the last twelve months divided by the average quarterly ending vehicle inventory over the last twelve months. (4) An Active Customer is a customer who has transacted with us in any of the eight most recently completed fiscal quarters prior to the date of measurement. (5) Excludes Good Sam Club members under the free basic plan, which was introduced in November 2023 and provides for limited participation in the loyalty point program without access to the remaining member benefits. (6) A service bay is a fully-constructed bay dedicated to service, installation, and/or collision offerings. Revenue and Gross Profit Good Sam Services and Plans Good Sam Services and Plans revenue increased primarily from new publishing partnerships. Good Sam Services and Plans gross profit and gross margin increased primarily from reduced costs for roadside assistance and gross profit was also favorably impacted by the increase in publishing partnerships discussed above. RV and Outdoor Retail New vehicles New vehicles revenue decreased primarily due to a 16.4% decrease in new vehicles unit sales partially offset by a 13.6% increase in the average selling price per new vehicle (discussed below). On a same store basis, new vehicles revenue decreased 4.1% to $816.7 million resulting from a 16.3% decrease in new vehicles units sold partially offset by a 14.6% increase in the average selling price per vehicle sold. New vehicles gross profit decreased primarily due to a 16.4% decrease in new vehicles unit sales and a 286 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 17.4% increase in the average cost per new vehicle sold, partially offset by a 13.6% increase in the average selling price per new vehicle sold. The increases in average selling price and average cost of new vehicles were largely driven by a mix shift toward higher cost motorized vehicles and fifth wheels and away from lower cost travel trailers. See “Industry Trends” above for a discussion of the impact of economic conditions and consumer sentiment on the demand for new vehicles. Used vehicles Used vehicles revenue increased primarily due to a 5.2% increase in used vehicles unit sales, partially offset by a 3.6% decrease in the average selling price per used vehicle sold, mainly from the mix shift away from higher priced motorized units toward lower-priced towables. On a same store basis, used vehicles revenue increased 2.9% to $551.7 million resulting from an increase in used vehicles unit sales of 5.2%, partially offset by a 2.1% decrease in average sales price per used vehicle sold. Used vehicles gross profit and gross margin decreased primarily due to a 3.6% decrease in the average selling price per used vehicle sold and a 1.2% increase in the average cost per used vehicle sold. This impact to used vehicle gross profit was partially offset by the 5.2% increase in used vehicle unit sales. 37 Table of Contents Products, service and other Products, service and other revenue decreased primarily due to reduced service, collision, and warranty work. On a same store basis, products, service and other revenue decreased 1.6% to $173.0 million. Products, service and other gross profit decreased primarily due to the lower revenue discussed above. Products, service and other gross margin decreased 50 basis points to 47.3%, driven by a lower mix of higher margin service and collision revenue and increased labor rates. Finance and insurance, net Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The finance and insurance, net revenue increase was driven by a 5.3% increase in total vehicle average selling price, as certain finance and insurance, net offerings correlate with the selling price of vehicles, partially offset by fewer contracts sold on new vehicles, resulting from a 16.4% decrease in new vehicle unit sales. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 13.9%, a 39 basis point increase from the prior year. On a same store basis, finance and insurance, net revenue increased 0.9%. Good Sam Club Good Sam Club revenue and gross profit increased mainly due to memberships provided with vehicle sales shifting from three-year, lower-tier memberships to one-year, elite-tier memberships. This aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points. These gains were partially offset by an 11.4% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates. Operating Expenses and Other Selling, general, and administrative expenses Selling, general, and administrative expenses decreased primarily due to a $28.2 million decrease in employee cash compensation costs excluding commissions, resulting primarily from a headcount reduction during the second half of 2025; a $4.9 million decrease in commissions costs; and a $4.1 million decrease in stock-based compensation expense (“SBC”), partially offset by a $4.5 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses, a $2.2 million increase in advertising expenses, and a $1.9 million increase in rent expense. Long-lived asset impairment As discussed in Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $13.1 million of long-lived asset impairment charges for the three months ended June 30, 2026 relating to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business. Floor plan interest expense The decrease in floor plan interest expense was primarily due to a 48 basis point decrease in the average floor plan borrowing rate, partially offset by a 2.1% increase in the average floor plan balance. The 38 Table of Contents average interest rate for the Floor Plan Facility for the three months ended June 30, 2026 and 2025 was 5.98% and 6.46%, respectively. Other interest expense, net Other interest expense, net decreased primarily due to reduced interest rates and reduced borrowings on our Term Loan Facility and our Real Estate Facilities. The average interest rate for the Term Loan Facility for the three months ended June 30, 2026 and 2025 was 6.28% and 6.88%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 8 – Long-Term Debt to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q) for three months ended June 30, 2026 and 2025 was 6.49% and 6.67%, respectively. Income tax expense The decrease in income tax expense was primarily due to the exclusion of pre-tax book income attributed to the public holding company, CWH, as CWH continues to be a loss jurisdiction with a full valuation allowance that is excluded from the quarterly income tax expense. See Note 14 ― Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for further details. Segment Results The following table sets forth information comparing select components of Segment Adjusted EBITDA for each of our segments for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ ​ ​ ​ 2026 ​ 2025 ​ Favorable / ​ ​ ​ ​ Percent of ​ ​ ​ Percent of ​ (Unfavorable) ($ in thousands) ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ $ ​ ​ ​ % Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue ​ $ 54,629 ​ 99.8% ​ $ 54,213 ​ 99.8% ​ $ 416 ​ 0.8% Intersegment revenue(1) ​ ​ 127 ​ 0.2% ​ ​ 88 ​ 0.2% ​ ​ 39 ​ 44.3% Total revenue before intersegment eliminations ​ ​ 54,756 ​ 100.0% ​ ​ 54,301 ​ 100.0% ​ ​ 455 ​ 0.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted costs applicable to revenue(2) ​ ​ 20,839 ​ 38.1% ​ ​ 21,936 ​ 40.4% ​ ​ 1,097 ​ 5.0% Intersegment costs applicable to revenue(3) ​ ​ 56 ​ 0.1% ​ ​ 40 ​ 0.1% ​ ​ (16) ​ (40.0%) Adjusted selling, general, and administrative(4) ​ ​ 8,952 ​ 16.3% ​ ​ 7,167 ​ 13.2% ​ ​ (1,785) ​ (24.9%) Segment Adjusted EBITDA ​ $ 24,909 ​ 45.5% ​ $ 25,158 ​ 46.3% ​ $ (249) ​ (1.0%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue ​ $ 1,879,410 ​ 99.9% ​ $ 1,921,735 ​ 99.8% ​ $ (42,325) ​ (2.2%) Intersegment revenue(1) ​ ​ 1,538 ​ 0.1% ​ ​ 4,256 ​ 0.2% ​ ​ (2,718) ​ (63.9%) Total revenue before intersegment eliminations ​ ​ 1,880,948 ​ 100.0% ​ ​ 1,925,991 ​ 100.0% ​ ​ (45,043) ​ (2.3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted costs applicable to revenue(2) ​ ​ 1,374,692 ​ 73.1% ​ ​ 1,361,657 ​ 70.7% ​ ​ (13,035) ​ (1.0%) Intersegment costs applicable to revenue(3) ​ ​ 2,694 ​ 0.1% ​ ​ 3,792 ​ 0.2% ​ ​ 1,098 ​ 29.0% Adjusted selling, general, and administrative(4) ​ ​ 394,013 ​ 20.9% ​ ​ 417,513 ​ 21.7% ​ ​ 23,500 ​ 5.6% Floor plan interest expense ​ ​ 19,852 ​ 1.1% ​ ​ 20,989 ​ 1.1% ​ ​ 1,137 ​ 5.4% Other segment items(5) ​ ​ (138) ​ (0.0%) ​ ​ 20 ​ 0.0% ​ ​ 158 ​ n/a Segment Adjusted EBITDA ​ $ 89,835 ​ 4.8% ​ $ 122,020 ​ 6.3% ​ $ (32,185) ​ (26.4%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Intersegment revenue consists of segment revenue that is eliminated in our consolidated statements of operations. (2) Adjusted costs applicable to revenue excludes SBC expense and intersegment costs applicable to revenue. (3) Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our consolidated statements of operations. (4) Adjusted selling, general, and administrative expenses exclude SBC expense and intersegment operating expenses. (5) Other segment items include (i) intersegment operating expenses, which are eliminated in our consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities. 39 Table of Contents Good Sam Services and Plans Segment See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues reflected reduced costs for the roadside assistance programs, partially offset by increased production costs relating to increased publishing partner revenue. The adjusted selling, general, and administrative expenses increased primarily from higher advertising and legal fees. The Good Sam Services and Plans Segment Adjusted EBITDA slight decrease was driven primarily by additional adjusted selling, general, and administrative expenses, partially offset by the increase in external revenue discussed above and the decrease in adjusted costs applicable to revenue. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA. RV and Outdoor Retail Segment See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the decrease in floor plan interest expense. Adjusted costs applicable to segment revenue increased primarily from the higher average cost per total vehicle of 9.3%, partially offset by the 7.5% lower total unit sales, as discussed above. Adjusted selling, general, and administrative expense decreased primarily due to $27.0 million of reduced employee cash compensation expense excluding commissions, and $4.9 million of reduced commissions, partially offset by $4.2 million of increased outside service provider fees related primarily to software expenses and related maintenance expenses, $1.9 million of increased rent expense, and $1.7 million of increased advertising expenses. The RV and Outdoor Retail Segment Adjusted EBITDA decreased from the decreases in revenue, and increased adjusted costs applicable to segment revenue discussed above, partially offset by reduced adjusted selling, general, and administrative expense and reduced floor plan interest expense. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA. ​ 40 Table of Contents Results of Operations Six Months Ended June 30, 2026 Compared to Six Months Ended June 30, 2025 Unless otherwise indicated, all financial comparisons in this section of Results of Operations compare our financial results for the six months ended June 30, 2026 to our financial results from the six months ended June 30, 2025. The following table sets forth information comparing the components of net income for the six months ended June 30, 2026 and 2025: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended ​ ​ ​ ​ ​ ​ ​ June 30, 2026 ​ June 30, 2025 ​ ​ ​ ​ ​ ​ ​ Percent of ​ ​ ​ ​ Percent of ​ Favorable/ (Unfavorable) ($ in thousands) ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ $ ​ ​ ​ % Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ $ 103,087 ​ 3.1% ​ $ 100,421 ​ 3.0% ​ $ 2,666 ​ 2.7% RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 1,456,741 ​ 44.3% ​ ​ 1,536,538 ​ 45.3% ​ ​ (79,797) ​ (5.2%) Used vehicles ​ ​ 984,102 ​ 29.9% ​ ​ 994,622 ​ 29.3% ​ ​ (10,520) ​ (1.1%) Products, service and other ​ ​ 375,983 ​ 11.4% ​ ​ 387,882 ​ 11.4% ​ ​ (11,899) ​ (3.1%) Finance and insurance, net ​ ​ 347,777 ​ 10.6% ​ ​ 349,865 ​ 10.3% ​ ​ (2,088) ​ (0.6%) Good Sam Club ​ ​ 20,954 ​ 0.6% ​ ​ 20,144 ​ 0.6% ​ ​ 810 ​ 4.0% Subtotal ​ ​ 3,185,557 ​ 96.9% ​ ​ 3,289,051 ​ 97.0% ​ ​ (103,494) ​ (3.1%) Total revenue ​ ​ 3,288,644 ​ 100.0% ​ ​ 3,389,472 ​ 100.0% ​ ​ (100,828) ​ (3.0%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross profit (exclusive of depreciation and amortization shown separately below): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ ​ 63,292 ​ 1.9% ​ ​ 60,753 ​ 1.8% ​ ​ 2,539 ​ 4.2% RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 166,842 ​ 5.1% ​ ​ 211,306 ​ 6.2% ​ ​ (44,464) ​ (21.0%) Used vehicles ​ ​ 166,923 ​ 5.1% ​ ​ 195,422 ​ 5.8% ​ ​ (28,499) ​ (14.6%) Products, service and other ​ ​ 178,503 ​ 5.4% ​ ​ 186,731 ​ 5.5% ​ ​ (8,228) ​ (4.4%) Finance and insurance, net ​ ​ 347,777 ​ 10.6% ​ ​ 349,865 ​ 10.3% ​ ​ (2,088) ​ (0.6%) Good Sam Club ​ ​ 18,380 ​ 0.6% ​ ​ 17,806 ​ 0.5% ​ ​ 574 ​ 3.2% Subtotal ​ ​ 878,425 ​ 26.7% ​ ​ 961,130 ​ 28.4% ​ ​ (82,705) ​ (8.6%) Total gross profit ​ ​ 941,717 ​ 28.6% ​ ​ 1,021,883 ​ 30.1% ​ ​ (80,166) ​ (7.8%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Operating expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Selling, general and administrative expenses ​ ​ 769,164 ​ 23.4% ​ ​ 824,934 ​ 24.3% ​ ​ 55,770 ​ 6.8% Depreciation and amortization ​ ​ 47,352 ​ 1.4% ​ ​ 45,963 ​ 1.4% ​ ​ (1,389) ​ (3.0%) Long-lived asset impairment ​ ​ 13,099 ​ 0.4% ​ ​ 620 ​ 0.0% ​ ​ (12,479) ​ n/m Loss (gain) on lease termination and/or remeasurement ​ ​ 56 ​ 0.0% ​ ​ (107) ​ (0.0%) ​ ​ (163) ​ (152.3%) Gain on sale or disposal of assets ​ ​ (1,887) ​ (0.1%) ​ ​ (638) ​ (0.0%) ​ ​ 1,249 ​ 195.8% Total operating expenses ​ ​ 827,784 ​ 25.2% ​ ​ 870,772 ​ 25.7% ​ ​ 42,988 ​ 4.9% Income from operations ​ ​ 113,933 ​ 3.5% ​ ​ 151,111 ​ 4.5% ​ ​ (37,178) ​ (24.6%) Other expense: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Floor plan interest expense ​ ​ (41,671) ​ (1.3%) ​ ​ (39,295) ​ (1.2%) ​ ​ (2,376) ​ (6.0%) Other interest expense, net ​ ​ (53,761) ​ (1.6%) ​ ​ (61,367) ​ (1.8%) ​ ​ 7,606 ​ 12.4% Other expense, net ​ ​ (162) ​ (0.0%) ​ ​ (2,758) ​ (0.1%) ​ ​ 2,596 ​ 94.1% Total other expense ​ ​ (95,594) ​ (2.9%) ​ ​ (103,420) ​ (3.1%) ​ ​ 7,826 ​ 7.6% Income before income taxes ​ ​ 18,339 ​ 0.6% ​ ​ 47,691 ​ 1.4% ​ ​ (29,352) ​ (61.5%) Income tax expense ​ ​ (1,287) ​ (0.0%) ​ ​ (14,850) ​ (0.4%) ​ ​ 13,563 ​ 91.3% Net income ​ ​ 17,052 ​ 0.5% ​ ​ 32,841 ​ 1.0% ​ ​ (15,789) ​ (48.1%) Less: net income attributable to non-controlling interests ​ ​ (6,594) ​ (0.2%) ​ ​ (14,905) ​ (0.4%) ​ ​ 8,311 ​ 55.8% Net income attributable to Camping World Holdings, Inc. ​ $ 10,458 ​ 0.3% ​ $ 17,936 ​ 0.5% ​ $ (7,478) ​ (41.7%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 41 Table of Contents Supplemental Data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ Increase ​ ​ Percent ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ (decrease) ​ ​ ​ ​ Change Unit sales ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 37,530 ​ ​ 43,422 ​ ​ (5,892) ​ ​ ​ (13.6%) Used vehicles ​ ​ 33,346 ​ ​ 32,845 ​ ​ 501 ​ ​ ​ 1.5% Total ​ ​ 70,876 ​ ​ 76,267 ​ ​ (5,391) ​ ​ ​ (7.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average selling price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 38,815 ​ $ 35,386 ​ $ 3,429 ​ ​ ​ 9.7% Used vehicles ​ ​ 29,512 ​ ​ 30,282 ​ ​ (770) ​ ​ ​ (2.5%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same store unit sales(1) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ ​ 35,492 ​ ​ 40,966 ​ ​ (5,474) ​ ​ ​ (13.4%) Used vehicles ​ ​ 31,803 ​ ​ 31,227 ​ ​ 576 ​ ​ ​ 1.8% Total ​ ​ 67,295 ​ ​ 72,193 ​ ​ (4,898) ​ ​ ​ (6.8%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Same store revenue(1) ($ in 000s) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 1,378,246 ​ $ 1,440,199 ​ $ (61,953) ​ ​ ​ (4.3%) Used vehicles ​ ​ 938,535 ​ ​ 938,171 ​ ​ 364 ​ ​ ​ 0.0% Products, service and other ​ ​ 307,885 ​ ​ 313,154 ​ ​ (5,269) ​ ​ ​ (1.7%) Finance and insurance, net ​ ​ 332,915 ​ ​ 333,009 ​ ​ (94) ​ ​ ​ (0.0%) Total ​ $ 2,957,581 ​ $ 3,024,533 ​ $ (66,952) ​ ​ ​ (2.2%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Average gross profit per unit ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ New vehicles ​ $ 4,446 ​ $ 4,866 ​ $ (420) ​ ​ ​ (8.6%) Used vehicles ​ ​ 5,006 ​ ​ 5,950 ​ ​ (944) ​ ​ ​ (15.9%) Finance and insurance, net per vehicle unit ​ ​ 4,907 ​ ​ 4,587 ​ ​ 320 ​ ​ ​ 7.0% Total vehicle front-end yield(2) ​ ​ 9,616 ​ ​ 9,920 ​ ​ (304) ​ ​ ​ (3.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross margin ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Good Sam Services and Plans ​ ​ 61.4% ​ ​ 60.5% ​ ​ 90 bps ​ ​ ​ New vehicles ​ ​ 11.5% ​ ​ 13.8% ​ ​ (230) bps ​ ​ ​ Used vehicles ​ ​ 17.0% ​ ​ 19.6% ​ ​ (269) bps ​ ​ ​ Products, service and other ​ ​ 47.5% ​ ​ 48.1% ​ ​ (66) bps ​ ​ ​ Finance and insurance, net ​ ​ 100.0% ​ ​ 100.0% ​ ​ unch ​ ​ ​ ​ Good Sam Club ​ ​ 87.7% ​ ​ 88.4% ​ ​ (68) bps ​ ​ ​ Subtotal RV and Outdoor Retail ​ ​ 27.6% ​ ​ 29.2% ​ ​ (165) bps ​ ​ ​ Total gross margin ​ ​ 28.6% ​ ​ 30.1% ​ ​ (151) bps ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Other data ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Finance and insurance gross profit as a % of total vehicle revenue ​ ​ 14.2% ​ ​ 13.8% ​ ​ 43 bps ​ ​ n/a Same store locations ​ ​ 186 ​ ​ n/a ​ ​ n/a ​ ​ ​ n/a unch – unchanged bps – basis points n/a – not applicable (1) Our same store revenue and units calculations for a given period include only those stores that were open both at the end of the corresponding period and at the beginning of the preceding fiscal year. (2) Front end yield is calculated as gross profit from new vehicles, used vehicles and finance and insurance (net), divided by combined new and used vehicle unit sales. ​ 42 Table of Contents Revenue and Gross Profit Good Sam Services and Plans Good Sam Services and Plans revenue increased primarily from increased sales of the Good Sam branded extended vehicle warranty program and new publishing partnerships. Good Sam Services and Plans gross profit and gross margin increased primarily due to the increase in revenue from the higher margin Good Sam branded extended vehicle warranty programs and reduced roadside assistance claims costs, and gross profit was also favorably impacted by the new publishing partnerships discussed above. RV and Outdoor Retail New vehicles New vehicles revenue decreased primarily due to a 13.6% decrease in new vehicles unit sales, partially offset by a 9.7% increase in the average selling price per new vehicle sold. On a same store basis, new vehicles revenue decreased 4.3% to $1.4 billion resulting from a 13.4% decrease in new vehicles units sold, partially offset by a 10.5% increase in the average price per vehicle sold. New vehicles gross profit decreased primarily due to a 13.6% decrease in new vehicles unit sales and the 230 basis point decrease in new vehicles gross margin. The new vehicles gross margin decrease was primarily driven by a 12.6% increase in the average cost per new vehicle sold, partially offset by the 9.7% increase in the average selling price per new vehicle sold. The increases in average selling price and average cost of new vehicles were largely driven by a mix shift toward higher cost motorized vehicles and fifth wheels and away from lower cost travel trailers. See “Industry Trends” above for a discussion of the impact of economic conditions and consumer sentiment on the demand for new vehicles. Used vehicles Used vehicles revenue decreased primarily due to a 2.5% decrease in the average selling price per used vehicle sold, mainly from the mix shift away from higher priced motorized units toward lower-priced towables, partially offset by a 1.5% increase in used vehicles unit sales. On a same store basis, used vehicles revenue of $938.5 million was relatively unchanged from the prior year resulting from an increase in used vehicles unit sales of 1.8% offset by 1.8% decrease in average sales price per used vehicle sold. Used vehicles gross profit decreased primarily due to a 2.5% decrease in the average selling price per used vehicle sold and a 0.7% increase in the average cost per used vehicle sold, partially offset by a 1.5% increase in used vehicles unit sales. The used vehicles gross margin decrease was primarily driven by the 2.5% decrease in the average sales price per used vehicle sold. Products, service and other Products, service and other revenue decreased primarily due to lower warranty work and overall decline in vehicle unit sales. On a same store basis, products, service and other revenue decreased 1.7% to $307.9 million. Products, service and other gross profit and gross margin decreased primarily due to the lower revenue discussed above. Products, service and other gross margin decreased 66 basis points to 47.5%, driven by the lower mix of higher margin service and collision revenue and increased labor rates. Finance and insurance, net Finance and insurance revenue and gross profit is recorded net, since the Company is acting as an agent in the transaction, and commission is recognized when a finance and insurance product contract payment has been received or financing has been arranged. The finance and insurance, net revenue decrease was 43 Table of Contents driven by fewer contracts sold on new vehicles, resulting from a 13.6% decrease in new vehicle unit sales, partially offset by a 3.8% increase in total vehicle average selling price, as certain finance and insurance, net offerings correlate with the selling price of vehicles. Finance and insurance, net revenue as a percentage of new and used vehicle revenue was 14.2%, a 43 basis point increase from the prior year. On a same store basis, finance and insurance, net revenue was unchanged versus the prior year. Good Sam Club Good Sam Club revenue and gross profit increased mainly due to memberships provided with vehicle sales shifting from three-year, lower-tier memberships to one-year, elite-tier memberships. This aligns with the current marketing strategy and increased annual pricing due to enhanced benefits, including loyalty points. These gains were partially offset by an 11.4% decline in paid members (excluding free basic plan members), as higher prices contributed to lower renewal rates. Operating Expenses and Other Selling, general, and administrative expenses Selling, general, and administrative expenses decreased primarily due to a $47.2 million decrease in employee cash compensation costs excluding commissions, resulting primarily from headcount reduction during the second half of 2025; a $9.9 million decrease in commissions costs; a $6.6 million decrease in stock-based compensation expense (“SBC”); and a $4.2 million decrease in advertising expenses, partially offset by an $8.2 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses. Long-lived asset impairment As discussed in Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q, we recognized $13.1 million and $0.6 million of long-lived asset impairment charges for the six months ended June 30, 2026 and 2025, respectively, relating to decreases in market rental rates or market value of real property for closed locations, or based on the Company’s review of location performance in the normal course of business. Floor plan interest expense The increase in floor plan interest expense was primarily due to a 14.6% increase in the average floor plan balance partially offset by a 47 basis point decrease in the average floor plan borrowing rate. The average interest rate for the Floor Plan Facility for the six months ended June 30, 2026 and 2025 was 5.93% and 6.40%, respectively. Other interest expense, net Other interest expense, net decreased primarily due to reduced interest rates and reduced borrowings on our Term Loan Facility and our Real Estate Facilities. The average interest rate for the Term Loan Facility for the six months ended June 30, 2026 and 2025 was 6.32% and 6.92%, respectively. The average interest rate on the M&T Real Estate Facility (as defined in Note 8 – Long-Term Debt to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q) for six months ended June 30, 2026 and 2025 was 6.45% and 6.73%, respectively. Income tax expense The decrease in income tax expense was primarily due to the exclusion of pre-tax book income attributed to the public holding company, CWH, as CWH continues to be a loss jurisdiction with a full valuation allowance that is excluded from the quarterly income tax expense. See Note 14 ― Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for further details. 44 Table of Contents Segment Results The following table sets forth information comparing select components of Segment Adjusted EBITDA for each of our segments for the periods presented: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ​ ​ ​ ​ 2026 ​ 2025 ​ Favorable/ ​ ​ ​ ​ Percent of ​ ​ ​ Percent of ​ (Unfavorable) ($ in thousands) ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ Amount ​ ​ ​ Revenue ​ ​ ​ $ ​ ​ ​ % Good Sam Services and Plans: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue ​ $ 103,087 ​ 99.0% ​ $ 100,421 ​ 99.1% ​ $ 2,666 ​ 2.7% Intersegment revenue(1) ​ ​ 1,019 ​ 1.0% ​ ​ 896 ​ 0.9% ​ ​ 123 ​ 13.7% Total revenue before intersegment eliminations ​ ​ 104,106 ​ 100.0% ​ ​ 101,317 ​ 100.0% ​ ​ 2,789 ​ 2.8% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted costs applicable to revenue(2) ​ ​ 39,701 ​ 38.1% ​ ​ 39,613 ​ 39.1% ​ ​ (88) ​ (0.2%) Intersegment costs applicable to revenue(3) ​ ​ 672 ​ 0.6% ​ ​ 627 ​ 0.6% ​ ​ (45) ​ (7.2%) Adjusted selling, general and administrative(4) ​ ​ 16,741 ​ 16.1% ​ ​ 14,809 ​ 14.6% ​ ​ (1,932) ​ (13.0%) Segment Adjusted EBITDA ​ ​ 46,992 ​ 45.1% ​ ​ 46,268 ​ 45.7% ​ ​ 724 ​ 1.6% ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ RV and Outdoor Retail: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Revenue: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ External revenue ​ $ 3,185,557 ​ 99.9% ​ $ 3,289,051 ​ 99.8% ​ $ (103,494) ​ (3.1%) Intersegment revenue(1) ​ ​ 2,920 ​ 0.1% ​ ​ 6,660 ​ 0.2% ​ ​ (3,740) ​ (56.2%) Total revenue before intersegment eliminations ​ ​ 3,188,477 ​ 100.0% ​ ​ 3,295,711 ​ 100.0% ​ ​ (107,234) ​ (3.3%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Segment expenses: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted costs applicable to revenue(2) ​ ​ 2,306,966 ​ 72.4% ​ ​ 2,327,751 ​ 70.6% ​ ​ 20,785 ​ 0.9% Intersegment costs applicable to revenue(3) ​ ​ 4,741 ​ 0.1% ​ ​ 6,417 ​ 0.2% ​ ​ 1,676 ​ 26.1% Adjusted selling, general and administrative(4) ​ ​ 736,935 ​ 23.1% ​ ​ 787,245 ​ 23.9% ​ ​ 50,310 ​ 6.4% Floor plan interest expense ​ ​ 41,671 ​ 1.3% ​ ​ 39,295 ​ 1.2% ​ ​ (2,376) ​ (6.0%) Other segment items(5) ​ ​ (236) ​ (0.0%) ​ ​ (20) ​ (0.0%) ​ ​ 216 ​ n/a Segment Adjusted EBITDA ​ $ 98,400 ​ 3.1% ​ $ 135,023 ​ 4.1% ​ $ (36,623) ​ (27.1%) ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) Intersegment revenue consists of segment revenue that is eliminated in our consolidated statements of operations. (2) Adjusted costs applicable to revenue excludes SBC expense and intersegment costs applicable to revenue. (3) Intersegment costs applicable to revenue consist of segment costs applicable to revenue that are eliminated in our consolidated statements of operations. (4) Adjusted selling, general, and administrative expenses exclude SBC expense and intersegment operating expenses. (5) Other segment items include (i) intersegment operating expenses, which are eliminated in our consolidated statements of operations, and (ii) other expense, net excluding loss and/or impairment on investments in equity securities. 45 Table of Contents Good Sam Services and Plans Segment See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for Good Sam Services and Plans. Adjusted costs applicable to segment revenues were relatively unchanged. The adjusted selling, general, and administrative expenses increased primarily from higher advertising and legal fees. The Good Sam Services and Plans Segment Adjusted EBITDA increase was driven primarily by the increase in external revenue discussed above, partially offset by additional adjusted selling, general, and administrative expenses. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA. RV and Outdoor Retail Segment See the “Revenue and Gross Profit” section above for a discussion of impacts to revenue for RV and Outdoor Retail and “Floor plan interest expense” section above for a discussion of the increase in floor plan interest expense. Adjusted costs applicable to segment revenue decreased from (i) the 7.1% lower total unit sales, partially offset by the higher average cost per total vehicle of 6.7%, and (ii) lower products, service and other costs applicable to revenue primarily from the same drivers of the decrease in revenue discussed above. Adjusted selling, general, and administrative expense decreased primarily due to $46.1 million of reduced employee cash compensation expense excluding commissions, $9.9 million decrease in commission costs, and $4.7 million lower advertising fees, partially offset by a $7.6 million increase in outside service provider fees related primarily to software expenses and related maintenance expenses. The RV and Outdoor Retail Segment Adjusted EBITDA decreased from the decrease in revenue and the increased floor plan interest expense, partially offset by reduced adjusted selling, general, and administrative expense and reduced adjusted costs applicable to segment revenue. Intersegment revenue and intersegment costs applicable to revenue did not have a significant impact on the decrease in Segment Adjusted EBITDA. Non-GAAP Financial Measures To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with accounting principles generally accepted in the United States (“GAAP”), we use the following non-GAAP financial measures: EBITDA; Adjusted EBITDA; Adjusted EBITDA Margin; Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic; Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted; Adjusted Earnings Per Share – Basic; Adjusted Earnings Per Share – Diluted; and Selling, General, and Administrative Expense (“SG&A”) Excluding SBC (collectively the “Non-GAAP Financial Measures”). We believe that these Non-GAAP Financial Measures, when used in conjunction with GAAP financial measures, provide useful information about operating results, enhance the overall understanding of past financial performance and future prospects, and allow for greater transparency with respect to the key metrics we use in our financial and operational decision making. Certain of these Non-GAAP Financial Measures are also frequently used by analysts, investors and other interested parties to evaluate companies in the Company’s industry and are used by management to evaluate our operating performance, to evaluate the effectiveness of strategic initiatives, and for planning purposes. By providing these Non-GAAP Financial Measures, together with reconciliations, we believe we are enhancing investors’ understanding of our business and our results of operations, as well as assisting investors in evaluating how well we are executing our strategic initiatives. In addition, our Senior Secured Credit Facilities use Adjusted EBITDA, as calculated for our subsidiary CWGS Group, LLC, to measure our compliance with covenants such as the consolidated leverage ratio. The Non-GAAP Financial Measures have limitations as analytical tools, and the presentation of this financial information is not intended to be considered in isolation or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. They should not be construed as an inference that the Company’s future results will be unaffected by any items adjusted for in these Non-GAAP Financial Measures. In evaluating these Non-GAAP Financial Measures, it is reasonable to expect that certain of these items will occur in future periods. However, we believe these adjustments are appropriate because the amounts recognized can vary significantly from period to period, do not directly relate to the ongoing operations of our business and complicate comparisons of our internal operating results and operating results of other companies over time. Each of the normal recurring adjustments and other adjustments described in this section and in the reconciliation tables below help management with a measure of our core operating performance over time by removing items that are not related to day-to-day operations. 46 Table of Contents The Non-GAAP Financial Measures that we use are not necessarily comparable to similarly titled measures used by other companies due to different methods of calculation. EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin We define “EBITDA” as net income before other interest expense, net (excluding floor plan interest expense), provision for income tax expense and depreciation and amortization. We define “Adjusted EBITDA” as EBITDA further adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, gains and losses on lease termination and/or remeasurement, gains and losses on sale or disposal of assets, net, SBC, losses and gains and impairment on investments in equity securities, and other unusual or one-time items. We define “Adjusted EBITDA Margin” as Adjusted EBITDA as a percentage of total revenue. We caution investors that amounts presented in accordance with our definitions of EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin in the same manner. We present EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin because we consider them to be important supplemental measures of our performance and believe they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in our industry. Management believes that investors’ understanding of our performance is enhanced by including these Non-GAAP Financial Measures as a reasonable basis for comparing our ongoing results of operations. The following table reconciles Segment Adjusted EBITDA to consolidated Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in thousands) ​ ​ ​ 2026 ​ 2025 ​ ​ ​ 2026 ​ 2025 Good Sam Services and Plans Segment Adjusted EBITDA ​ $ 24,909 ​ $ 25,158 ​ $ 46,992 ​ $ 46,268 RV and Outdoor Retail Segment Adjusted EBITDA ​ ​ 89,835 ​ ​ 122,020 ​ ​ 98,400 ​ ​ 135,023 Total Segment Adjusted EBITDA ​ ​ 114,744 ​ ​ 147,178 ​ ​ 145,392 ​ ​ 181,291 Corporate and Other Adjusted EBITDA ​ ​ (2,694) ​ ​ (4,957) ​ ​ (5,352) ​ ​ (7,924) Total Adjusted EBITDA ​ $ 112,050 ​ $ 142,221 ​ $ 140,040 ​ $ 173,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ The following table reconciles EBITDA, Adjusted EBITDA, and Adjusted EBITDA Margin to the most directly comparable GAAP financial performance measures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 EBITDA and Adjusted EBITDA: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income ​ $ 43,713 ​ $ 57,523 ​ $ 17,052 ​ $ 32,841 Other interest expense, net ​ ​ 26,912 ​ ​ 30,836 ​ ​ 53,761 ​ ​ 61,367 Depreciation and amortization ​ ​ 24,634 ​ ​ 23,419 ​ ​ 47,352 ​ ​ 45,963 Income tax expense ​ ​ 1,371 ​ ​ 18,321 ​ ​ 1,287 ​ ​ 14,850 Subtotal EBITDA ​ ​ 96,630 ​ ​ 130,099 ​ ​ 119,452 ​ ​ 155,021 Long-lived asset impairment (a) ​ ​ 13,099 ​ ​ — ​ ​ 13,099 ​ ​ 620 (Gain) loss on lease termination and/or remeasurement (b) ​ ​ (8) ​ ​ (107) ​ ​ 56 ​ ​ (107) (Gain) loss on sale or disposal of assets, net (c) ​ ​ (2,055) ​ ​ 1,185 ​ ​ (1,887) ​ ​ (638) SBC (d) ​ ​ 4,384 ​ ​ 8,444 ​ ​ 9,158 ​ ​ 15,714 Loss and/or impairment on investments in equity securities (e) ​ ​ — ​ ​ 2,600 ​ ​ 162 ​ ​ 2,757 Adjusted EBITDA ​ $ 112,050 ​ $ 142,221 ​ $ 140,040 ​ $ 173,367 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 47 Table of Contents ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (as percentage of total revenue) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Adjusted EBITDA margin: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income margin ​ ​ 2.3% ​ ​ 2.9% ​ ​ 0.5% ​ ​ 1.0% Other interest expense, net ​ ​ 1.4% ​ ​ 1.6% ​ ​ 1.6% ​ ​ 1.8% Depreciation and amortization ​ ​ 1.3% ​ ​ 1.2% ​ ​ 1.4% ​ ​ 1.4% Income tax expense ​ ​ 0.1% ​ ​ 0.9% ​ ​ 0.0% ​ ​ 0.4% Subtotal EBITDA margin ​ ​ 5.0% ​ ​ 6.6% ​ ​ 3.6% ​ ​ 4.6% Long-lived asset impairment (a) ​ ​ 0.7% ​ ​ — ​ ​ 0.4% ​ ​ 0.0% (Gain) loss on lease termination and/or remeasurement (b) ​ ​ (0.0%) ​ ​ (0.0%) ​ ​ 0.0% ​ ​ (0.0%) (Gain) loss on sale or disposal of assets, net (c) ​ ​ (0.1%) ​ ​ 0.1% ​ ​ (0.1%) ​ ​ (0.0%) SBC (d) ​ ​ 0.2% ​ ​ 0.4% ​ ​ 0.3% ​ ​ 0.5% Loss and/or impairment on investments in equity securities (e) ​ ​ — ​ ​ 0.1% ​ ​ 0.0% ​ ​ 0.1% Adjusted EBITDA margin ​ ​ 5.8% ​ ​ 7.2% ​ ​ 4.3% ​ ​ 5.1% ​ (a) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment. See Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for additional information. (b) Represents the (gain) loss on termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities. (c) Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets. (d) Represents SBC expense relating to employees, directors, and consultants of the Company. (e) Represents losses and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. ​ Adjusted Net Income Attributable to Camping World Holdings, Inc. and Adjusted Earnings Per Share We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic” as net income attributable to Camping World Holdings, Inc. adjusted for the impact of certain noncash and other items that we do not consider in our evaluation of ongoing operating performance. These items include, among other things, long-lived asset impairment, (gain) loss on lease termination and/or remeasurement, (gain) loss on sale or disposal of assets, net, SBC, loss and/or impairment on investments in equity securities, other unusual or one-time items, the income tax benefit (expense) effect of these adjustments, income tax expense impact from significant change in valuation allowance against deferred tax assets, and the effect of net loss attributable to non-controlling interests from these adjustments. ​ We define “Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic adjusted for the reallocation of net income attributable to non-controlling interests from stock options, performance stock units (“PSU”), and restricted stock units (“RSU”), if dilutive, or the assumed redemption, if dilutive, of all outstanding common units in CWGS, LLC for shares of newly-issued Class A common stock of Camping World Holdings, Inc. We define “Adjusted Earnings Per Share – Basic” as Adjusted Net Income Attributable to Camping World Holdings, Inc. - Basic divided by the weighted-average shares of Class A common stock outstanding. We define “Adjusted Earnings Per Share – Diluted” as Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted divided by the weighted-average shares of Class A common stock outstanding, assuming (i) the redemption of all outstanding common units in CWGS, LLC for newly-issued shares of Class A common stock of Camping World Holdings, Inc., if dilutive, and (ii) the dilutive effect of stock options and restricted stock units, if any. We present Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted because we consider them to be important supplemental measures of our performance and we believe that investors’ understanding of our performance is enhanced by including these Non-GAAP financial measures as a reasonable basis for comparing our ongoing results of operations. 48 Table of Contents The following table reconciles Adjusted Net Income Attributable to Camping World Holdings, Inc. – Basic, Adjusted Net Income Attributable to Camping World Holdings, Inc. – Diluted, Adjusted Earnings Per Share – Basic, and Adjusted Earnings Per Share – Diluted to the most directly comparable GAAP financial performance measure: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (In thousands except per share amounts) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net income attributable to Camping World Holdings, Inc. ​ $ 26,860 ​ $ 30,216 ​ $ 10,458 ​ $ 17,936 Adjustments related to basic calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Long-lived asset impairment (a): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross adjustment ​ ​ 13,099 ​ ​ — ​ ​ 13,099 ​ ​ 620 Income tax expense for above adjustment (b) ​ ​ — ​ ​ — ​ ​ — ​ ​ (95) (Gain) loss on lease termination and/or remeasurement (c): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross adjustment ​ ​ (8) ​ ​ (107) ​ ​ 56 ​ ​ (107) Income tax benefit for above adjustment (b) ​ ​ — ​ ​ 16 ​ ​ — ​ ​ 16 (Gain) loss on sale or disposal of assets (d): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross adjustment ​ ​ (2,055) ​ ​ 1,185 ​ ​ (1,887) ​ ​ (638) Income tax (expense) benefit for above adjustment (b) ​ ​ — ​ ​ (180) ​ ​ — ​ ​ 98 SBC (e): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross adjustment ​ ​ 4,384 ​ ​ 8,444 ​ ​ 9,158 ​ ​ 15,714 Income tax expense for above adjustment (b) ​ ​ (3) ​ ​ (1,290) ​ ​ (6) ​ ​ (2,404) Loss and/or impairment on investments in equity securities (f): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Gross adjustment ​ ​ — ​ ​ 2,600 ​ ​ 162 ​ ​ 2,757 Income tax expense for above adjustment (b) ​ ​ — ​ ​ (397) ​ ​ — ​ ​ (421) Adjustment to net income attributable to non-controlling interests resulting from the above adjustments (g) ​ ​ (5,939) ​ ​ (4,719) ​ ​ (7,933) ​ ​ (7,139) Adjusted net income attributable to Camping World Holdings, Inc. – basic ​ ​ 36,338 ​ ​ 35,768 ​ ​ 23,107 ​ ​ 26,337 Adjustments related to diluted calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options, PSUs, and RSUs (h) ​ ​ 111 ​ ​ 43 ​ ​ 57 ​ ​ — Income tax on reallocation of net income attributable to non-controlling interests from the dilutive effect of stock options, PSUs and RSUs (i) ​ ​ — ​ ​ (11) ​ ​ — ​ ​ — Reallocation of net income attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (h) ​ ​ — ​ ​ — ​ ​ — ​ ​ 22,043 Income tax on reallocation of net income attributable to non-controlling interests from the dilutive redemption of common units in CWGS, LLC (i) ​ ​ — ​ ​ — ​ ​ — ​ ​ (5,637) Adjusted net income attributable to Camping World Holdings, Inc. – diluted ​ $ 36,449 ​ $ 35,800 ​ $ 23,164 ​ $ 42,743 Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted-average Class A common shares outstanding – basic ​ ​ 63,668 ​ ​ 62,610 ​ ​ 63,573 ​ ​ 62,571 Adjustments related to diluted calculation: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (j) ​ ​ — ​ ​ — ​ ​ — ​ ​ 39,895 Dilutive liability-classified awards (j) ​ ​ 433 ​ ​ — ​ ​ 505 ​ ​ — Dilutive PSUs and RSUs (j) ​ ​ 74 ​ ​ 137 ​ ​ 88 ​ ​ 195 Adjusted weighted average Class A common shares outstanding – diluted ​ ​ 64,175 ​ ​ 62,747 ​ ​ 64,166 ​ ​ 102,661 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Adjusted earnings per share - basic ​ $ 0.57 ​ $ 0.57 ​ $ 0.36 ​ $ 0.42 Adjusted earnings per share - diluted ​ $ 0.57 ​ $ 0.57 ​ $ 0.36 ​ $ 0.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive amounts (k): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Numerator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Reallocation of net income attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (h) ​ $ 22,681 ​ $ 31,983 ​ $ 14,470 ​ $ — Income tax on reallocation of net income attributable to non-controlling interests from the anti-dilutive redemption of common units in CWGS, LLC (i) ​ $ — ​ $ (8,236) ​ $ — ​ $ — Denominator: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Anti-dilutive redemption of common units in CWGS, LLC for shares of Class A common stock (j) ​ ​ 39,895 ​ ​ 39,895 ​ ​ 39,895 ​ ​ — 49 Table of Contents ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, (In thousands except per share amounts) ​ ​ ​ 2026 ​ ​ ​ 2025 ​ ​ ​ 2026 ​ ​ ​ 2025 Reconciliation of per share amounts: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share of Class A common stock — basic ​ $ 0.42 ​ $ 0.48 ​ $ 0.16 ​ $ 0.29 Non-GAAP Adjustments (l) ​ ​ 0.15 ​ ​ 0.09 ​ ​ 0.20 ​ ​ 0.13 Adjusted earnings per share - basic ​ $ 0.57 ​ $ 0.57 ​ $ 0.36 ​ $ 0.42 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Earnings per share of Class A common stock — diluted ​ $ 0.42 ​ $ 0.48 ​ $ 0.16 ​ $ 0.28 Non-GAAP Adjustments (l) ​ ​ 0.15 ​ ​ 0.09 ​ ​ 0.20 ​ ​ 0.14 Adjusted earnings per share - diluted ​ $ 0.57 ​ $ 0.57 ​ $ 0.36 ​ $ 0.42 ​ (a) Represents long-lived asset impairment charges related to the RV and Outdoor Retail segment. See Note 5 – Long-Lived Asset Impairment to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for additional information. (b) Represents the current and deferred income tax expense or benefit effect of the above adjustments. For the three and six months ended June 30, 2026, the income tax impact for many of the adjustments related to the public holding company, CWH, which had a full valuation allowance against its net deferred tax assets, for which no income tax benefit or expense could be recognized. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2026 and 2025 periods, which represent the estimated tax rates that would apply had the above adjustments been included in the determination of our non-GAAP metric. (c) Represents the (gain) loss on termination of operating leases resulting from lease termination fees and the derecognition of the operating lease assets and liabilities. (d) Represents an adjustment to eliminate the gains and losses on disposals and sales of various assets. (e) Represents SBC expense relating to employees, directors, and consultants of the Company. (f) Represents losses and/or impairment on investments in equity securities and interest income relating to any notes receivables with those investments. (g) Represents the adjustment to net income attributable to non-controlling interests resulting from the above adjustments that impact the net income of CWGS, LLC. This adjustment uses the non-controlling interest’s weighted average ownership of CWGS, LLC of 38.5% and 38.9% for the three months ended June 30, 2026 and 2025, respectively, and 38.6% and 38.9% for the six months ended June 30, 2026 and 2025, respectively. (h) Represents the reallocation of net income attributable to non-controlling interests from the impact of the assumed change in ownership of CWGS, LLC from stock options, restricted stock units, and/or common units of CWGS, LLC. (i) Represents the income tax expense effect of the above adjustment for reallocation of net income attributable to non-controlling interests. For the three and six months ended June 30, 2026, the income tax impact of this reallocation adjustment related to the public holding company, CWH, which had a full valuation allowance against its net deferred tax assets, for which no income tax benefit or expense could be recognized. This assumption uses a blended statutory tax rate of 25.0% for the adjustments for the 2026 and 2025 periods. (j) Represents the impact to the denominator for stock options, liability-classified awards, PSUs, RSUs, and/or common units of CWGS, LLC. (k) The below amounts have not been considered in our adjusted earnings per share – diluted amounts as the effect of these items is anti-dilutive. Additionally, 750,000 PSUs granted in January 2025 and 77,500 PSUs granted during the three months ended June 30, 2026 were excluded from the calculation of our adjusted earnings per share – diluted, since they represent contingently issuable shares for which all of the necessary conditions had not been satisfied (see Note 17 — Stock-Based Compensation Plans to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). These PSU quantities are based on target levels of performance and exclude minimum payouts, which are not contingently issuable shares. (l) Represents the per share impact of the Non-GAAP adjustments to net income detailed above (see (a) through (g) above). ​ SG&A Excluding SBC We define “SG&A Excluding SBC” as SG&A before SBC relating to SG&A. We caution investors that amounts presented in accordance with our definition of SG&A Excluding SBC may not be comparable to similar measures disclosed by our competitors, because not all companies and analysts calculate SG&A Excluding SBC in the same manner. We present SG&A Excluding SBC because we believe that investors’ understanding of our performance and drivers of our other Non-GAAP Financial Measures, such as Adjusted EBITDA, is enhanced by including this Non-GAAP Financial Measure. We believe it provides a reasonable basis for comparing our ongoing results of operations. 50 Table of Contents The following table reconciles SG&A Excluding SBC to the most directly comparable GAAP financial performance measure: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended June 30, ​ Six Months Ended June 30, ($ in thousands) ​ 2026 ​ 2025 ​ 2026 ​ 2025 SG&A Excluding SBC: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ SG&A ​ $ 410,860 ​ $ 437,489 ​ $ 769,164 ​ $ 824,934 SBC - SG&A ​ ​ (4,254) ​ ​ (8,344) ​ ​ (8,898) ​ ​ (15,489) SG&A Excluding SBC ​ $ 406,606 ​ $ 429,145 ​ $ 760,266 ​ $ 809,445 As a percentage of gross profit ​ ​ 75.5% ​ ​ 72.5% ​ ​ 80.7% ​ ​ 79.2% ​ ​ Liquidity and Capital Resources General Our primary requirements for liquidity and capital have been working capital, inventory management, acquiring and building new store locations, the improvement and expansion of existing store locations, debt service, distributions/dividends to holders of equity interests in CWGS, LLC and our Class A common stock, and general corporate needs. These cash requirements have historically been met through cash provided by operating activities, cash and cash equivalents, proceeds from registered offerings of our Class A common stock, borrowings under our Senior Secured Credit Facilities (as defined in Part I, Item 1 of this Form 10-Q), borrowings under our Floor Plan Facility (as defined in Part I, Item 1 of this Form 10-Q), and borrowings under our Real Estate Facilities (as defined in Part I, Item 1 of this Form 10-Q). Our additional liquidity needs are expected to include public company costs; payment of cash dividends, if any; any exercise of the redemption right by the Continuing Equity Owners from time to time (should we elect to redeem common units for a cash payment); payments under the Tax Receivable Agreement to the extent that tax benefits underlying the Tax Receivable Agreement are realizable; and state and federal taxes to the extent not reduced as a result of the tax deductions generated by (i) payments under the Tax Receivable Agreement and (ii) redemptions of common units by the Continuing Equity Owners. The Continuing Equity Owners may exercise such redemption right for as long as their common units remain outstanding. Although the actual timing and amount of any payments that may be made under the Tax Receivable Agreement will vary, we expect that the payments that we will be required to make to the Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. may be significant if the tax benefits underlying the Tax Receivable Agreement are realizable. Any payments made by us to Continuing Equity Owners, Former Profits Unit Holders and Crestview Partners II GP, L.P. under the Tax Receivable Agreement will generally reduce the amount of overall cash flow that might have otherwise been available to us or to CWGS, LLC and, to the extent that we are unable to make payments under the Tax Receivable Agreement for any reason, the unpaid amounts generally will be deferred and will accrue interest until paid by us; provided, however, that nonpayment for a specified period may constitute a material breach of a material obligation under the Tax Receivable Agreement and therefore may accelerate payments due under the Tax Receivable Agreement. For a discussion of the Tax Receivable Agreement, see Note 14 — Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q. Dividends We historically paid a quarterly cash dividend to holders of Class A common stock. In February 2026, following consideration of forecasted tax distributions, the reduced availability of excess tax distributions to fund dividend payments driven partly by the impact of recent tax law changes, and in consideration of our focus on reducing net debt leverage, our Board of Directors determined to pause our regular cash dividend program. Our Board of Directors will monitor changes in the above factors and plans to re-evaluate the future of our dividend program at a later date. If we determine to reinstate our regular quarterly cash dividend, our ability to pay cash dividends on our Class A common stock depends on, among other things, our results of operations, financial condition, level of indebtedness, capital requirements, contractual restrictions, restrictions in our debt agreements and in any preferred stock, restrictions under applicable law, the extent to which such distributions would render CWGS, LLC insolvent, our business prospects and other factors that our Board of Directors may deem relevant. See 51 Table of Contents “Dividend Policy” included in Part II, Item 5 of our Annual Report and “Risk Factors ─ Risks Relating to Ownership of Our Class A Common Stock ─ Our ability and intention to pay dividends on our Class A common stock, if any, is subject to the discretion of our Board of Directors and may be limited by our structure and statutory restrictions” included in Part I, Item 1A of our Annual Report. Acquisitions and Capital Expenditures During the six months ended June 30, 2026, the RV and Outdoor Retail segment purchased real property for an aggregate purchase price of $1.4 million. Over the twelve months ended June 30, 2026, our store location count decreased by one store location. During that period, we consolidated five store locations to improve overall cost efficiency of the remaining store locations, closed one location, re-opened one location, and opened four new locations. Over the next twelve months, our expansion of existing and new dealerships through construction and acquisition is expected to cost between $22.5 million and $45.9 million from a combination of business acquisitions and capital expenditures relating to land, buildings, and improvements. These cost estimates exclude amounts for acquired inventories, which are primarily financed through our Floor Plan Facility. Additionally, the cost estimates do not consider potential funding received through sale-leaseback transactions or other means for real estate and construction activities. We will update our cost estimates in future periodic reports, if necessary, as there are further developments. Factors that could impact the quantity of future locations or the cost to acquire or open those locations include, but are not limited to, our ability to locate potential acquisition targets or greenfield locations in a geographic area and at a cost that meets our success criteria; continued strong cash flow generation to fund these acquisitions and new locations; and availability of financing. Tax Receivable Agreement Liability We paid $1.4 million under the Tax Receivable Agreement during the six months ended June 30, 2026. While we cannot currently rely on future taxable income to support realizability of our deferred tax assets and related payments due under the Tax Receivable Agreement, it may be possible that payments could be due under the Tax Receivable Agreement for the 2026 tax year. As of June 30, 2026, we did not have a Tax Receivable Agreement liability balance recorded on our condensed consolidated balance sheet. See Note 14 — Income Taxes to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q for additional information. Other Cash Requirements or Commitments Substantially all of our new RV inventory and, at times, certain of our used RV inventory is financed under our Floor Plan Facility (defined in Note 4 – Inventories and Floor Plan Payables to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). See “Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements” for a summary of the cash requirements related to our indebtedness. Cash requirements relating to the Supplier Agreement, operating and finance lease obligations, and service and marketing sponsorship agreements have not materially changed since our Annual Report. Sources of Liquidity and Capital We believe that our sources of liquidity and capital including cash provided by operating activities, equity offerings and borrowings under our various credit facilities, other long-term debt, and finance lease arrangements (see “Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements” below), including additional borrowing capacity where applicable, will be sufficient to finance our continued operations, growth strategy, including the opening of any additional store locations, required payments for our obligations under the Tax Receivable Agreement to the extent that tax benefits underlying the Tax Receivable Agreement are realizable, and additional expenses we expect to incur for at least the next twelve months. 52 Table of Contents However, we cannot assure you that our cash provided by operating activities, cash and cash equivalents, registered offerings of equity under our Registration Statement on Form S-3, or cash available under our Revolving Credit Facility, our Floor Plan Facility, and our Real Estate Facilities, will be sufficient to meet our future needs. If we are unable to generate sufficient cash flows from operations in the future and if availability under our Revolving Credit Facility, our Floor Plan Facility, and our Real Estate Facilities is not sufficient, we may have to obtain additional financing. If we obtain additional capital by issuing equity, the interests of our existing stockholders will be diluted. If we incur additional indebtedness, that indebtedness may impose significant financial and other covenants that may significantly restrict our operations. We cannot assure you that we could obtain refinancing or additional financing on favorable terms or at all, including the expected additional borrowings noted above and particularly in light of the current macroeconomic uncertainty. See “Risk Factors — Risks Related to our Business — Our ability to operate and expand our business and to respond to changing business and economic conditions will depend on the availability of adequate capital” included in Part I, Item 1A of our Annual Report. As of June 30, 2026, December 31, 2025, and June 30, 2025, we had working capital of $444.8 million, $435.1 million, and $524.9 million, respectively, including $224.1 million, $215.0 million, and $118.1 million, respectively, of cash and cash equivalents. Within current liabilities, which are deducted from current assets to calculate our working capital, we had deferred revenues of $88.3 million, $90.5 million, and $94.0 million as of June 30, 2026, December 31, 2025, and June 30, 2025, respectively. Deferred revenues primarily consists of cash collected for roadside assistance contracts and club memberships in advance of services to be provided, which is deferred and recognized as revenue over the life of the contract or membership, our Good Sam Club loyalty points liability, and deferred revenues for the annual campground guide. We use net proceeds from this deferred membership revenue to lower our long-term borrowings and finance our working capital needs. Our Floor Plan Facility includes a flooring line aggregate interest reduction (“FLAIR”) offset account that allows us to transfer cash as an offset to the payables under the Floor Plan Facility. The FLAIR offset account was $22.2 million as of June 30, 2026, all of which could have been withdrawn while remaining in compliance with the financial covenants of the Floor Plan Facility. Cash may be transferred from the FLAIR offset account to cash and cash equivalents at our discretion. Seasonality We have experienced, and expect to continue to experience, variability in revenue, net income, and cash flows as a result of annual seasonality in our business (see Note 1 — Summary of Significant Accounting Policies — Seasonality to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). Cash Flow The following table shows summary cash flow information: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ($ in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 Net cash provided by (used in) operating activities ​ $ 333,185 ​ $ (44,595) Net cash used in investing activities ​ ​ (4,831) ​ ​ (180,078) Net cash provided by financing activities ​ ​ (319,328) ​ ​ 134,335 Net increase (decrease) in cash and cash equivalents ​ $ 9,026 ​ $ (90,338) ​ ​ ​ ​ ​ ​ ​ Operating activities. Our cash flows from operating activities are primarily collections from contracts in transit and customers following the sale of new and used vehicles, as well as from the sale of retail products and services and Good Sam services and plans. Contracts in transit represent amounts due from third-party lenders from whom pre-arranged agreements have been determined, and to whom the retail installment sales contracts have been assigned. Our primary uses of cash from operating activities are repayments of vehicle floor plan payables, payments to retail product suppliers, personnel-related expenditures, payments related to leased property, advertising, and various services and program costs. Net cash provided by operating activities was $333.2 million in the six months ended June 30, 2026, an increase of $377.8 million from $44.6 million of net cash used in operating activities in the six months ended June 30, 2025. The increase was primarily due to a $427.0 million change in the working capital adjustment for 53 Table of Contents inventory, and a $12.5 million increase in long-lived asset impairment, partially offset by a $38.4 million change in the working capital adjustment for accounts payable and other accrued expenses, a $9.8 million change in the working capital adjustment for deferred revenues, and a $6.6 million reduction in SBC. Investing activities. Our investment in business activities primarily consists of expanding our operations through organic growth and the acquisition of RV dealership locations. Substantially all of our new RV dealership locations and capital expenditures have been financed using cash provided by operating activities and borrowings under our various credit facilities, other long-term debt, proceeds from registered offerings of our Class A common stock, and finance lease arrangements, as applicable (see Liquidity and Capital Resources — Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements in Part I, Item 2 of this Form 10-Q). The table below summarizes our capital expenditures: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Six Months Ended June 30, ($ in thousands) ​ ​ ​ 2026 ​ ​ ​ 2025 IT hardware and software ​ $ 24,181 ​ $ 10,305 Greenfield and acquired dealership locations ​ ​ 4,614 ​ ​ 8,277 Existing store locations ​ ​ 35,407 ​ ​ 30,891 Corporate and other ​ ​ 9 ​ ​ 223 Total capital expenditures ​ $ 64,211 ​ $ 49,696 ​ ​ ​ ​ ​ ​ ​ ​ Our capital expenditures consist primarily of investing in information technology, hardware, and software, acquired and greenfield retail and RV dealership locations, and existing retail locations. The expected minimum capital expenditures relating to new dealerships and real estate purchases through June 30, 2027 are discussed above. As of June 30, 2026, we had entered into contracts for construction, including remodels, new buildings, or other projects for an aggregate future capital expenditures commitment of $15.5 million. There were no other material commitments for capital expenditures as of June 30, 2026. Net cash used in investing activities was $4.8 million for the six months ended June 30, 2026. The $4.8 million of cash used in investing activities was primarily comprised of $64.2 million of capital expenditures primarily related to retail locations and property and equipment related to IT hardware and software, and $7.1 million for the acquisition of RV dealerships, net of cash acquired, partially offset by $67.6 million of proceeds from the sale or disposal of real property. Net cash used in investing activities was $180.1 million for the six months ended June 30, 2025. The $180.1 million of cash used in investing activities was primarily comprised of $81.2 million for the acquisition of RV dealerships, net of cash acquired and the $11.0 million of deposits paid in 2024 for these 2025 acquisitions, $72.4 million for the purchase of real property, and $49.7 million of capital expenditures primarily related to retail locations, partially offset by $10.3 million of proceeds from a business divestiture and $9.8 million of proceeds from the sale of real property. Financing activities. Our financing activities primarily consist of proceeds from the issuance of debt, the repayment of principal, cash dividends to holders of Class A common stock, and cash distributions to holders of CWGS, LLC common units. Our net cash used in financing activities was $319.3 million for the six months ended June 30, 2026. The $319.3 million of cash used in financing activities was primarily due to $245.2 million of net payments on borrowings under the Floor Plan Facility, and payments totaling $68.8 million on long-term debt. Our net cash provided by financing activities was $134.3 million for the six months ended June 30, 2025. The $134.3 million of cash provided by financing activities was primarily due to $168.1 million of net proceeds on borrowings under the Floor Plan Facility, partially offset by $15.7 million of dividends paid on Class A common stock, $12.5 million of payments on long-term debt, and $3.6 million for finance lease payments. 54 Table of Contents Summary of Credit Facilities, Other Long-Term Debt, and Finance Lease Arrangements As of June 30, 2026, we had outstanding debt in the form of our Senior Secured Credit Facilities, our Floor Plan Facility, our Real Estate Facilities, other long-term debt, and finance lease obligations. We may from time to time seek to refinance, retire or exchange our outstanding debt. Such refinancings, repayments or exchanges, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. The amounts involved may be material. The following table shows a summary of the outstanding balances, current portion, and remaining available borrowings under our credit facilities, other long-term debt and finance lease arrangements (see definitions and further details in Note 4 – Inventories and Floor Plan Payables, Note 8 – Long-Term Debt, and Note 9 – Lease Obligations to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q) as of June 30, 2026: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Current ​ Remaining ​ ($ in thousands) ​ ​ ​ Outstanding ​ ​ ​ Portion ​ ​ ​ Available ​ ​ ​ Floor Plan Facility: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Notes payable - floor plan ​ $ 1,324,184 ​ $ 1,324,184 ​ $ 715,216 (1)​ Revolving line of credit ​ ​ — ​ ​ — ​ ​ 70,000 (2)​ Senior Secured Credit Facilities: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Term Loan Facility ​ ​ 1,286,597 ​ ​ 14,015 ​ ​ — ​ Revolving Credit Facility ​ ​ — ​ ​ — ​ ​ 22,750 (3)​ Other: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Real Estate Facilities ​ ​ 111,281 (4)​ ​ 10,732 ​ ​ 57,390 ​ Other long-term debt ​ ​ 7,417 ​ ​ 3,045 ​ ​ — ​ Finance lease obligations ​ ​ 133,039 ​ ​ 8,920 ​ ​ — ​ ​ ​ $ 2,862,518 ​ $ 1,360,896 ​ $ 865,356 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ (1) The unencumbered borrowing capacity for the Floor Plan Facility represents the additional borrowing capacity less any accounts payable for sold inventory and less any purchase commitments. Additional borrowings are subject to the vehicle collateral requirements under the Floor Plan Facility. The Floor Plan Facility also includes an accordion feature allowing us, at our option, to request to increase the aggregate amount of the floor plan notes payable in $50.0 million increments up to a maximum amount of $300.0 million. The Floor Plan Lenders are not under any obligation to provide commitments in respect of any future increase under the accordion feature. In February 2025, FreedomRoads, LLC entered into an amendment to the Floor Plan Facility, which (a) increased the commitment for floor plan borrowings by $300.0 million to $2.15 billion, (b) increased the commitment for the letter of credit facility by $15.0 million to $45.0 million, and (c) extended the maturity date from September 30, 2026 to the earlier of, if applicable, (i) February 18, 2030 or (ii) March 5, 2028, if the Company’s Term Loan Facility (as defined and discussed in Note 8 — Long-Term Debt) has not been repaid, refinanced, or defeased and the maturity has not been extended by at least 180 days after February 18, 2030. (2) The revolving line of credit borrowings are subject to a borrowing base calculation but were not limited as of June 30, 2026. (3) The Revolving Credit Facility remaining available balance was reduced by outstanding undrawn letters of credit. The Credit Agreement requires compliance with a Total Net Leverage Ratio covenant when borrowings on the Revolving Credit Facility (excluding certain amounts relating to letters of credit) are over a 35%, or $22.8 million, threshold (Note 8 – Long-Term Debt to our condensed consolidated financial statements included in Part I, Item 1 of this Form 10-Q). The otherwise remaining available borrowings of $60.1 million were reduced by $37.3 million to $22.8 million in light of this financial covenant as of June 30, 2026. (4) Additional borrowings on the Real Estate Facilities are subject to a debt service coverage ratio covenant and to the property collateral requirements under the Real Estate Facilities. In August 2024, we amended the M&T Real Estate Facility to increase the borrowing capacity by $50.0 million, which was not deducted from our option to request an additional $100.0 million of principal capacity. The lenders under the M&T Real Estate Facility are not under any obligation to provide commitments in respect of any such increase. ​ As of June 30, 2026 and 2025, the applicable interest rate for the floor plan notes payable under the Floor Plan Facility was 5.89% and 6.49%, respectively. As of June 30, 2026 and 2025, the average interest rate for the Term Loan Facility was 6.26% and 6.94%, respectively. Our combined floor plan interest expense and other interest expense, net decreased $5.2 million for the six months ended June 30, 2026 compared to the six months ended June 30, 2025 primarily as a result of reduced interest rates for our Term Loan Facility, our Floor Plan Facility and our Real Estate Facilities, and reduced borrowings on our Real Estate Facilities, partially offset by increased average borrowings on the Floor Plan Facility. 55 Table of Contents Sale/Leaseback Arrangements We have in the past and may in the future enter into sale-leaseback transactions to finance certain property acquisitions and capital expenditures, pursuant to which we sell property and/or leasehold improvements to third parties and agree to lease those assets back for a certain period of time. Such sales generate proceeds which vary from period to period. In the first six months of 2026 and 2025, we entered into sale-leaseback transactions for three properties and one property, respectively, each associated with store locations in the RV and Outdoor Retail segment, and received consideration of $11.0 million and $3.5 million of cash, respectively. We recorded a $0.6 million loss for the six months ended June 30, 2026 that was included in loss (gain) on sale or disposal of assets in the condensed consolidated statements of operations. No gain or loss was recorded for the six months ended June 30, 2025. In 2026, we entered into a 19-year lease agreement as the lessee with the buyer for two of the properties, and a 12.5-year lease agreement as the lessee with the buyer for one of the properties. In 2025, we entered into a 19-year lease agreement as the lessee with the buyer of the property. Deferred Revenue Deferred revenue consists of our sales for products not yet recognized as revenue at the end of a given period. Our deferred revenue as of June 30, 2026 was $139.0 million. Critical Accounting Policies and Estimates We prepare our condensed consolidated financial statements in accordance with GAAP, and in doing so, we have to make estimates, assumptions and judgments affecting the reported amounts of assets, liabilities, revenues and expenses, as well as the related disclosure of contingent assets and liabilities. We base our estimates, assumptions and judgments on historical experience and on various other factors we believe to be reasonable under the circumstances. Different assumptions and judgments would change estimates used in the preparation of our condensed consolidated financial statements, which, in turn, could change our results from those reported. We evaluate our critical accounting estimates, assumptions and judgments on an ongoing basis. There has been no material change in our critical accounting policies and estimates from those previously reported and disclosed in our Annual Report. Recent Accounting Pronouncements See Note 1 — Summary of Significant Accounting Policies to our condensed consolidated financial statements in Part I, Item 1 of this Form 10-Q.