Sportsman Warehouse : Investor Presentation January 2022

INVESTOR PRESENTATION

January 2022

FORWARD LOOKING STATEMENTS AND NON-GAAP MEASURES

This presentation includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 as contained in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These statements concern our business, operations and financial performance and condition as well as our plans, objectives and expectations for our business operations and financial performance and condition, which are subject to risks and uncertainties. These statements may include words such as "aim," "anticipate," "assume," "believe," "can have," "could," "due," "estimate," "expect," "goal," "intend," "likely," "may," "objective," "plan," "positioned," "potential," "predict," "should," "target," "will," "would" and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events or trends. These forward-looking statements are based on current expectations, estimates, forecasts and projections about our business and the industry in which we operate and our management's beliefs and assumptions. We derive many of our forward-looking statements from our own operating budgets and forecasts, which are based upon many detailed assumptions. While we believe that our assumptions are reasonable, we caution that predicting the impact of known factors is very difficult, and we cannot anticipate all factors that could affect our actual results. All of our forward-looking statements are subject to risks and uncertainties that may cause our actual results to differ materially from our expectations. Actual results may differ materially from these expectations due to many factors including, but not limited to: the potential impact of the termination of our merger agreement with Great Outdoors Group, LLC, including any impact on our stock price, business, financial condition and results of operations, and the potential negative impact to our business and employee relationships; current and future government regulations, in particular regulations relating to the sale of firearms and ammunition, which may impact the supply and demand for the Company's products and the Company's ability to conduct its business; the impacts of COVID-19 and measures intended to reduce its spread on the Company's operations; the Company's retail-based business model, which is impacted by general economic, market and financial uncertainties that may cause a decline in consumer spending; the Company's concentration of stores in the Western United States, which makes the Company susceptible to adverse conditions in this region and could affect the Company's sales and cause its operating results to suffer; the highly fragmented and competitive industry in which the Company operates and the potential for increased competition; changes in consumer demands, including regional preferences, which the Company may not be able to identify and respond to in a timely manner; the Company's entrance into new markets or operations in existing markets, which may not be successful; and other factors that are set forth in the Company's filings with the SEC, including under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the fiscal year ended January 30, 2021 which was filed with the SEC on April 2, 2021, and the Company's other public filings made with the SEC and available at www.sec.gov. If one or more of these risks or uncertainties materialize, or if any of the Company's assumptions prove incorrect, the Company's actual results may vary in material respects from those projected in these forward- looking statements. Any forward-looking statement made by the Company in this presentation speaks only as of the date on which the Company makes it. Factors or events that could cause the Company's actual results to differ may emerge from time to time, and it is not possible for the Company to predict all of them. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by any applicable securities laws.

In this presentation, we refer to "Adjusted EBITDA," "Adjusted EBITDA margin," "Adjusted Net Income," "Adjusted Diluted EPS," and "Four-Wall Adjusted EBITDA Margin,"which are not financial measures prepared in accordance with Generally Accepted Accounting Principles ("GAAP"). For a reconciliation of these measures to the most directly comparable GAAP financial measure, see the Appendix to this presentation.

As used herein, unless the context otherwise requires, references to "Sportsman's Warehouse," "we," "us," and "our" refer to Sportsman's Warehouse Holdings, Inc.

2022 INVESTOR PRESENTATION	2

KEY INVESTMENT HIGHLIGHTS

1				2	3	4	5
	Consistent double-	Strong growth	Increasing market	Authentic,	Experienced
	digit four-wall	opportunities due to	share in hunting,	differentiated	management team
	adjusted EBITDA	heightened outdoor	fishing, camping,	outdoor specialty	with a proven track
	margins.	Strong		activity	and outdoor	retailer with a	record of executing
	balance	sheet with	participation, Omni-	products via	growing customer	operational
	low leverage		channel capabilities,	integrated omni-	file and loyal	excellence
					store expansion, and	channel approach	customer base
					industry
					consolidation

We Provide Outstanding Gear and Exceptional Service to Inspire Outdoor Memories

2022 INVESTOR PRESENTATION	3

SPORTSMAN'S WAREHOUSE AT A GLANCE (NASDAQ: SPWH)

KEY FACTS1

FOUNDED	1986
MARKET CAP	~$500M
TOTAL EMPLOYEES	~8,000
CURRENT STORES	122
CURRENT STATES	29
AVG. STORE SIZE (SQ. FT.)	~38,000

DECEMBER 2021 TTM RESULTS3

NET SALES	$1,528M
GROSS PROFIT	$494M
ADJ. EBITDA	$138M
ADJ. EBITDA MARGIN	9.1%

SUSTAINABLE COMPETITIVE ADVANTAGES

The largest, fastest growing public, pure-play outdoor specialty retailer serving participants of all experience levels

Largest omni-channel hunting and shooting sports offering of any retailer, responsibly operating with industry-leadingcompliance

Comprehensive, locally-relevant product assortment and merchandising strategy

Trusted guide due to highly-knowledgeable associates in local outdoor activities and related products

2022 INVESTOR PRESENTATION 1 As of 12/25/21 unless otherwise noted. 2 For fiscal year December 2021 TTM, period ended 12/25/21. 3 For period ended 12/25/21. See Appendix for reconciliation of non-GAAP measures.

4

LARGE, GROWING INDUSTRY WITH HIGH PARTICIPATION AND RETENTION

ESTIMATED INDUSTRY SIZE1

$70B+

INCREASING

OUTDOOR PARTICIPATION

SPWH Competitive advantages

• National reach
• Omni-channelplatform
• Everyday low prices
• Service and knowledge of associates
• Loyalty rewards and private label credit card

Hunting and Shooting Sports2

Repeat

Customers2

Broad Industry

Participation

Increase2

Diverse Industry Participation2

12 million new

gun owners since start of 2020

22.1% of customers purchased a second firearm within 18 months of initial purchase

44.5% of first time gun buyers in 2021 were under the age of 40

YOY increase in first time firearm ownership among Women, African American, Hispanic American, and Asian American population

Increased

Outdoor

Participation3

High Outdoor Participation by Younger Demographic3

Hunting and Fishing Licenses4

Camping and National Park Use5

53% of Americans participate in outdoor activities. Highest participation rate on record

Hiking, Camping, and Fishing have the highest participation rates among ages 6-24 with 49.1 million participants

YOY increases

YOY increases

2022 INVESTOR PRESENTATION	1	Based on National Sporting Goods Association 2021 data, industry sources, and Company estimates. 2	NSSF. 3 Outdoor Foundation 2021 Participation Trends. 4 US Fish and Wildlife Service National Hunting License Data. 5	5
CNBC "National parks are booming. That may ruin your next trip." 08/22/21