Vista Outdoor to Separate into Two Independent Companies to Maximize Long-Term Value Creation May 5, 2022 ©VISTAOUTDOOR

Safe Harbor Statement 2 Certain statements in this presentation and other oral and written statements made by Vista Outdoor Inc. (“Vista Outdoor”, “we”, “us” or “our”) from time to time are forward-looking statements, including those that discuss, among other things: Vista Outdoor's intent to separate our Outdoor Products and Sporting Products segments and Vista Outdoor's preliminary strategic, operational and financial considerations related thereto; Vista Outdoor’s plans, objectives, expectations, intentions, strategies, goals, outlook or other non-historical matters; projections with respect to future revenues, income, earnings per share or other financial measures for Vista Outdoor; and the assumptions that underlie these matters. The words ‘believe’, ‘expect’, ‘anticipate’, ‘intend’, ‘aim’, ‘should’ and similar expressions are intended to identify such forward-looking statements. To the extent that any such information is forward-looking, it is intended to fit within the safe harbor for forward-looking information provided by the Private Securities Litigation Reform Act of 1995. Numerous risks, uncertainties and other factors could cause Vista Outdoor’s actual results to differ materially from expectations described in such forward-looking statements, including the following: risks related to the separation of our Outdoor Products and Sporting Products segments, including that the process of exploring the transaction and potentially completing the transaction could disrupt or adversely affect the consolidated or separate businesses, results of operations and financial condition, that the transaction may not achieve some or all of any anticipated benefits with respect to either business and that the transaction may not be completed in accordance with our expected plans or anticipated timelines, or at all; impacts from the COVID-19 pandemic on Vista Outdoor’s operations, the operations of our customers and suppliers and general economic conditions; general economic and business conditions in the United States and Vista Outdoor’s other markets outside the United States, including conditions affecting employment levels, consumer confidence and spending, conditions in the retail environment, and other economic conditions affecting demand for our products and the financial health of our customers; Vista Outdoor’s ability to attract and retain key personnel and maintain and grow its relationships with customers, suppliers and other business partners, including Vista Outdoor’s ability to obtain acceptable third party licenses; Vista Outdoor’s ability to adapt its products to changes in technology, the marketplace and customer preferences, including our ability to respond to shifting preferences of the end consumer from brick and mortar retail to online retail; Vista Outdoor’s ability to maintain and enhance brand recognition and reputation; others' use of social media to disseminate negative commentary about us and boycotts; reductions in or unexpected changes in or our inability to accurately forecast demand for ammunition, accessories or other outdoor sports and recreation products; risks associated with Vista Outdoor’s sales to significant retail customers, including unexpected cancellations, delays and other changes to purchase orders; supplier capacity constraints, production disruptions or quality or price issues affecting Vista Outdoor’s operating costs; Vista Outdoor’s competitive environment; risks associated with diversification into new international and commercial markets including regulatory compliance; changes in the current tariff structures; the supply, availability and costs of raw materials and components; increases in commodity, energy and production costs; changes in laws, rules and regulations relating to Vista Outdoor’s business, such as federal and state ammunition regulations; Vista Outdoor’s ability to realize expected benefits from acquisitions and integrate acquired businesses; Vista Outdoor's ability to execute our strategic transformation plan, including our ability to realize expected benefits from the successful divestiture of non-core brands and profitability improvement initiatives; Vista Outdoor’s ability to take advantage of growth opportunities in international and commercial markets; foreign currency exchange rates and fluctuations in those rates; the outcome of contingencies, including with respect to litigation and other proceedings relating to intellectual property, product liability, warranty liability, personal injury and environmental remediation; risks associated with cybersecurity and other industrial and physical security threats; capital market volatility and the availability of financing; changes to accounting standards or policies; and changes in tax rules or pronouncements. You are cautioned not to place undue reliance on any forward-looking statements we make. Vista Outdoor undertakes no obligation to update any forward-looking statements except as otherwise required by law. For further information on factors that could impact Vista Outdoor, and statements contained herein, please refer to Vista Outdoor’s filings with the U.S. Securities and Exchange Commission.

Non-GAAP Financial Measures 3 Non-GAAP financial measures such as Adjusted EBITDA and Adjusted EBITDA Margin as included in this presentation are supplemental measures that are not calculated in accordance with Generally Accepted Accounting Principles (“GAAP”). Please see the Supplemental Materials to this presentation for reconciliations of these non-GAAP financial measures to their comparable GAAP financial measures.We believe that the presentation of Adjusted EBITDA and Adjusted EBITDA Margin helps investors analyze underlying trends in our business, evaluate the performance of our business both on an absolute basis and relative to our peers and the broader market, provides useful information to both management and investors by excluding certain items that may not be indicative of the core operating results and operational strength of our business and helps investors evaluate our ability to service our debt and our profitability relative to our sales.These non-GAAP financial measures have limitations as analytical and comparative tools, and you should consider Adjusted EBITDA and Adjusted EBITDA Margin in addition to, and not as substitutes for, operating income or any other measure of financial performance reported in accordance with GAAP.

Transaction Overview 4 1 Vista Outdoor Inc. (the “Company”) has announced a plan to separate its Outdoor Products and Sporting Products businesses into two independent publicly traded companies to maximize long-term value for shareholders 2 The Company expects to create these companies through a tax-free spin-off of its Outdoor Products business to Vista Outdoor’s shareholders 3 As a result of the separation, each business will have dedicated resources, management teams and capital allocation priorities tailored to their respective strategic goals 4 As separate independent companies, we expect each business will be more appropriately valued by the market, enabling significant value creation for shareholders 5 The Company’s Board of Directors has unanimously approved the proposed transaction 6 The transaction is expected to be completed in calendar year 2023

Outdoor Products Sporting Products Key Brands Investment Thesis High-growth, diversified platform proven to be an acquirer of choice in the attractive outdoor category Market-leading ammunition business, generating attractive cash flow in all environments FY2022 Sales $1.3 Billion $1.7 Billion Capital Structure and Allocation Majority of capital directed to organic growth and acquisitionsLong-term total leverage target <2.0x EBITDA Attractive dividend payout ratio and opportunistic share repurchasesLong-term total leverage target <3.0x EBITDA Leadership Will be led by Chris Metz as Chief Executive Officer andSudhanshu Priyadarshi as Chief Financial Officer Will be led by Jason Vanderbrink as Chief Executive Officer, who is currently President of Sporting Products Creates Two Focused, Market-Leading Companies 5

Compelling Strategic Rationale for Separation Dedicated resources and a strategic focus on specific operational needs and growth drivers Enhanced Strategic Focus with Supporting Resources Operate with a capital allocation strategy that is tailored to its specific business model and growth strategies Tailored Capital Allocation Priorities Greater ability to attract and retain top talent that is ideally suited to execute each company’s strategic and operational objectives Strengthened Abilityto Attract and Retain Top Talent Offer differentiated and compelling investment opportunities based on each company’s particular business model Compelling Value for Shareholders Enable Outdoor Products to further cement reputation as acquirer of choice and enhance Sporting Products’ ability to secure attractive partnerships Expanded Strategic Opportunities 6

Spin-Off is Vista’s Transformational Next Step 7 Significant Progress Most Compelling Path Forward Comprehensive Review by Board:Comprehensively Evaluated Various Strategic AlternativesPlan to Separate Unanimously Approved Two Distinct Entities:Maximize Focus and FlexibilityBetter Prioritize Capital Allocation and Serve Differentiated Customer BasesOptimize Cost StructuresAct Decisively in Evolving Outdoor and Sporting Products Environments Continued Investment in Digital Infrastructure Completed 10 Acquisitions Since 2015 Grew Sales and Adj. EBITDA by a 14% and 75% CAGR From FY2019 to FY2022 (1) Meaningfully Reduced Leverage 1 See Supplemental Materials for a reconciliation of Adj. EBITDA

Outdoor Products Snapshot 8 Outdoor Products Business to be Headquartered in Bozeman, Montana Post-Spin Investment Highlights Key Facts Industry-Leading, Diversified Platform of Iconic Outdoor Brands Strong Acquisition Track Record and Robust Pipeline to Continue toPursue Inorganic Growth Serving a Growing and Attractive Customer Base Across Diverse andHigh-Growth End-Markets Multiple Attractive Organic Growth Opportunities Ranging from New Product Development to Expanded eCommerce Penetration Proven Management Team in the Sector $1.3 Billion (1)FY2022 Sales #1/2 (2) Market PositionIn Key Brands 8 Acquisitions (4)Since 2015 $30+ Billion (3)Domestic Market in Core and Immediately Adjacent End Markets 18.4% (2)eCommerce as % ofOutdoor Products Sales 7 Brands (2)With $100MM+ Sales 1 Represents sales of Outdoor Products segment for FY20222 Based on FY2022 Outdoor Products sales3 Per management; total global addressable market estimated in excess of $100Bn4 Does not include Sporting Products acquisitions

Outdoor Products is an Acquirer of Choice 9 Robust Acquisition Track-Record Acquirer of Choice in the Outdoor Products Industry Acquire in Adjacent Spaces Acquire Businesses to which We can Add Value Acquire Great Brands that Resonate with Our Consumer Vigorously Execute Integration and Investment Thesis Drive Value Through Our Centers of Excellence Acquire at Low Synergy-Adjusted Multiples Drive Synergies Through Cost-Sharing Opportunities Maintain Founder’s Mentality and Culture that Made the Business Great Drive Revenue Synergies through Cross-Selling with Other Brands Funnel Identification of Opportunities Deal Execution Post-Close Integration Synergies 2015 2021 April 2016 September2016 May 2021 September 2021 November 2021 December 2021 August2015 Chris Metz Named CEOOctober2017

Sporting Products Snapshot Sporting Products Business will Continue to be Headquartered in Anoka, Minnesota Post-Spin 10 1 Represents sales of the Sporting Products segment for FY20222 Based on FY2022 Sporting Products sales, Southwick Associates consumer survey3 Represents Adj. EBITDA Margin for Sporting Products Segment for FY2022; Adj. EBITDA is not burdened for corporate G&A expenses; see Supplemental Materials for a reconciliation of Adj. EBITDA Margin4 As of March 31, 2022 Investment Highlights Key Facts Leading Global Designer, Manufacturer and Marketer of Ammunition Strong Free Cash Flow Generation Allowing for Increased Financial Flexibility Legendary Brand Portfolio, IncludingCCI, Federal, Remington and Speer Billions of Dollars in Backlog Across All Brands Strong Industry Tailwinds with Millions of New Shooters, Increased Diversity among Consumers, and Increased Hunting Participation $1.7 Billion (1)FY2022 Sales #1 (2)Global Player in Ammunition 4 (4)Manufacturing Facilities 36.0% (3)Adj. EBITDA Margin 16% (2)% of Sales to Law Enforcement, Governments and Militaries $3 Billion (4)Backlog

Sporting Products is a Highly Cash Generative Business 11 Long-Term Contracts In Place with Leading Government Agencies Margin Improvement Opportunities Low-Cost Routing Between Four Manufacturing Facilities 1 Increased Use of Technology to Maintain Quality 2 Use of Recycled Materials to Reduce Costs 3 Key Focus on Management KPIs to Keep Costs in Check 4 Capital Allocation Strategy Attractive Dividend Payout Share Repurchases Customs & Border Protection Largest contract win ever to the largest uniform law enforcement agency in the countryover 5 years Federal Bureau of Investigation Selected in all four categories of the FBI’s handgun ammunition contract in addition to the rifle contract for bonded duty bullet over 5 years NYPD The largest police agency in the United States Law Enforcement #1 provider in Law Enforcement ammunition

Transaction Details 12 Tax-Free Spin-off Creating Two Independent Public Companies Capital Structure Plans Capital structure, capital allocation and financial policies tailored to each business, with more detail to be determined closer to the spin-off Tax-free spin-off to U.S. shareholders for U.S. federal income tax purposes TransactionStructure Spin-off expected to be completed in calendar year 2023Subject to final approval by the Company's Board of Directors, a Form 10 registration statement being declared effective by the U.S. Securities and Exchange Commission, regulatory approvals and satisfaction of other conditions Timing and Considerations Governance / Other Outdoor Products will be led by Chris Metz as Chief Executive Officer and Sudhanshu Priyadarshi as Chief Financial OfficerSporting Products will be led by Jason Vanderbrink as Chief Executive Officer, who is currently President of Sporting Products

Supplemental Materials 13

Non-GAAP Reconciliation FY2022 Adj. EBITDA and Adj. EBITDA Margin 14 Quarterly Adjusted EBITDA reflects Vista Outdoor’s adjusted earnings before interest and tax, per the Company’s quarterly disclosures, plus depreciation and amortization for the trailing four quarters. Adjusted EBITDA Margin is equal to Adjusted EBITDA divided by Net Sales. 1 Represents transaction costs, including accounting, legal and advisor fees, and transition costs, in each case incurred in connection with possible and completed transactions.2 Represents cost of goods sold related to the fair value step-up in inventory allocated from the HEVI-Shot, Foresight, and Stone Glacier acquisitions3 During the quarter ended December 26, 2021 we incurred recognized non-cash expenses of the change in the estimated fair value of the contingent consideration payable related to our QuietKat and Hevi-Shot acquisitions4 Represents post-acquisition compensation expense related to the QuietKat, Foresight, Stone Glacier, and Venor acquisitions

Non-GAAP Reconciliation FY2019 – FY2022 Adj. EBITDA 15 1 Represents transaction costs, including accounting, legal and advisor fees, and transition costs, in each case incurred in connection with possible and completed transactions2 Represents cost of goods sold related to the fair value step-up in inventory allocated from the Remington, HEVI-Shot, Foresight, and Stone Glacier acquisitions3 We incurred recognized non-cash expenses of the change in the estimated fair value of the contingent consideration payable related to our Camp Chef, QuietKat and Hevi-Shot acquisitions4 Represents post-acquisition compensation expense related to the QuietKat, Foresight, Stone Glacier, and Venor acquisitions5 Represents costs incurred in refinancing our debt6 Represents costs related to impairment of goodwill and intangibles7 Represents losses on sale of entities and impairments of assets related to entities later sold8 Represents costs incurred for business transformation including sublease of former headquarters, operation realignments, implementation of new ERP system, impairment on rent receivables and operational realignment costs. Also includes costs related to transition of new CFO