American Outdoor Brands : Investor Presentation - December 2022

NASDAQ: AOUT

INVESTOR PRESENTATION

December 2021

BRANDS OUTDOOR AMERICAN AOUT) (NASDAQ:

LEGAL SAFE HARBOR

Certain statements contained in this presentation may be deemed to be forward-looking statements under federal securities laws, and we intend that such forward-looking statements be subject to the safe harbor created thereby. All statements other than statements of historical facts contained or incorporated herein by reference in this press release, including statements regarding our future operating results, future financial position, business strategy, objectives, goals, plans, prospects, markets, and plans and objectives for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "anticipates," "believes," "estimates," "expects," "intends," "suggests," "targets," "contemplates," "projects," "predicts," "may," "might," "plan," "would," "should," "could," "may," "can," "potential," "continue," "objective," or the negative of those terms, or similar expressions intended to identify forward-looking statements. However, not all forward-looking statements contain these identifying words. We caution that these statements are qualified by important risks, uncertainties, and other factors that could cause actual results to differ materially from those reflected by such forward-looking statements. Such factors include, among others, the effects of the COVID-19 pandemic and related aftermath, including potential disruptions in our suppliers' ability to source the raw materials necessary for the production of our products, disruptions and delays in the manufacture of our products, and difficulties encountered by retailers and other components of the distribution channel for our products including delivery of product stemming from port congestion and related transportation challenges; lower levels of consumer spending in general and specific to our products or product categories; our ability to introduce new products that are successful in the marketplace; interruptions of our arrangements with third-party contract manufacturers and freight carriers that disrupt our ability to fill our customers' orders; increases in costs or decreases in availability of finished products, product components, and raw materials; our ability to maintain or strengthen our brand recognition and reputation; the ability to forecast demand for our products accurately; our ability to continue to expand our e-commerce business; our ability to compete in a highly competitive market; our dependence on large customers; our ability to attract and retain talent; an increase of emphasis on private label products by our customers; pricing pressures by our customers; our ability to collect our accounts receivable; the potential for product recalls, product liability, and other claims or lawsuits against us; our ability to protect our intellectual property; inventory levels, both internally and in the distribution channel, in excess of demand; our ability to identify acquisition candidates, to complete acquisitions of potential acquisition candidates, to integrate acquired businesses with our business, to achieve success with acquired companies, and to realize the benefits of acquisitions in a manner consistent with our expectations; the performance and security of our information systems; our ability to comply with any applicable foreign laws or regulations and the effect of increased protective tariffs; economic, social, political, legislative, and regulatory factors; the potential for increased regulation of firearms and firearms-related products; the effect of political pressures on firearm laws and regulations; the potential impact on our business and operations from the results of U.S. Presidential, Congressional, state, and local elections and the policies that may be implemented as a result thereof; our ability to realize the anticipated benefits of being a separate, public company; future investments for capital expenditures, liquidity and anticipated cash needs and availability; the potential for impairment charges; estimated amortization expense of intangible assets for future periods; actions of social activists that could, directly or indirectly, have an adverse effect on our business; disruptions caused by social unrest, including related protests or disturbances; our assessment of factors relating to the valuation of assets acquired and liabilities assumed in acquisitions, the timing for such evaluations, and the potential adjustment in such evaluations; and, other factors detailed from time to time in our reports filed with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the fiscal year ended April 30, 2021.

© 2021 American Outdoor Brands, Inc. All Rights Reserved

2

BRANDS OUTDOOR AMERICAN AOUT) (NASDAQ:

AMERICAN OUTDOOR BRANDS

Building authentic, lifestyle brands that help consumers make the most out of the moments that matter:

• Large, passion-driven industry ($30-35billion)(a)
• Favorable macro trends (fishing, hunting, personal protection, shooting sports, camping, and hiking)
• Diverse portfolio of 20 early-stage consumer brands
• Innovative "Dock & Unlock"™ formula fuels brand growth
• Leverageable model drives profitability
• Strong balance sheet supports organic growth & acquisitions

(a) Estimated market size per AOUT management's estimates.

© 2021 American Outdoor Brands, Inc. All Rights Reserved

3

BRANDS OUTDOOR AMERICAN AOUT) (NASDAQ:

LARGE, PASSION-DRIVEN INDUSTRY

~$16B(a) Shooting &

Hunting Market

	Hunting
Shooting	Fishing

~$90-100B(a)

Archery	U.S. Outdoor	Camping
Recreation Market

Paddling Hiking

~$30-35B(b) Rugged

Outdoor Recreation Market

(a) Based on a 2017 report issued by the Outdoor Industry Association.	© 2021 American Outdoor Brands, Inc. All Rights Reserved	4
(b) Estimated market size per AOUT management's estimates.

FAVORABLE MACRO TRENDS

OUTDOOR PARTICIPATION TRENDING

AMERICAN (NASDAQ:

46%	8M
Percentage of all campers who either	New firearms owners entered the market in
started camping for the first time in	2020 - According to the NSSF, an estimated

Illustrative Outdoor Recreational Participation Comparison

(in millions)

OUTDOOR AOUT)

2020 or restarted after having not	40% of the approx. 21 million adjusted NICS
camped in recent years (KOA)	through the end of 2020

~3M

~1M

60

50

50

BRANDS

More fishing licenses sold nationwide in	More hunters in 2020. The NSSF has
2020 than 2019, a 14% increase, according to	indicated that hunting license sales have
the Recreational Boating and Fishing	grown 7.5% vs. 2019. This could mean 1M
Foundation	new hunters entered the market in 2020

42

4039

		30			24
155
150		20				18	18	16
145
140	>50% of the U.S.	10
Participates in
135	Outdoor Recreational
130	Activities	0	Camping	Fishing	Golf	Hunting	Tennis	Baseball
		Target
125	2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018	Shooting
	Participants (in millions)
Source:	2019 Outdoor Participation Report, National Shooting Sports Foundation, National Golf Foundation, Tennis Industry Association, Outdoor Industry Association, KOA	© 2021 American Outdoor Brands, Inc. All Rights Reserved	5