Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Q1 2026 Earnings Presentation
16 slides from Harley-davidson's earnings presentation, May 5, 2026
Slide 1: Q1 2026 Results
Q1 2026 RESULTS Tuesday, May 5, 2026
Slide 2: Q1 2026 Results: Presenters
Q1 2026 RESULTS ▪ Artie Starrs, President and CEO ▪ Jonathan Root, Chief Financial Officer and Chief Commercial Officer ▪ Shawn Collins, Director Investor Relations 2
Slide 3: Q1 2026 Performance Headlines
Q1 2026 PERFORMANCE HEADLINES First Quarter 2026 Highlights and Results ▪ North American retail motorcycle sales of 23,803 units, up 14% vs. prior year ▪ Global retail motorcycle sales of 33,507 units, up 8% vs. prior year ▪ Global dealer inventory levels of new motorcycles ended Q1 ’26 down 22% vs.
Slide 4: Consolidated – Q1 2026 Results
CONSOLIDATED – Q1 2026 RESULTS Q1 2026 Results 1, 2 Total ($ millions, except earnings per share) HDMC HDFS LiveWire HDI Revenue $1,055 $112 $5 $1,173 % vs PY -2% -54% 87% -12% Operating Income (Loss) $19 $22 ($18) $23 Margin % 1.8% 19.9% NM 2.0% % vs PY -84% -65% 11% -85% Net Income Attributable to
Slide 5: Harley-Davidson Worldwide Retail Sales and Inventory
HARLEY - DAVIDSON WORLDWIDE RETAIL SALES AND INVENTORY Harley - Davidson Retail Sales Retail Motorcycle Sales of H - D Motorcycles (vs. PY) Dealer Inventory Units Worldwide Harley - Davidson Dealer Inventory Units Q1 2026 Full Year 2025 (Thousands) North America 14% -13% 69 Down 22% vs. Q1 ‘25 EMEA
Slide 6: HDMC Revenue Bridge
HDMC REVENUE BRIDGE Q1 2026 HDMC REVENUE BRIDGE 1, 2 0% 2% -3% -2% -2% Volume Pricing Mix FX Total 1 HDMC Revenue Bridge compares Q1 ‘26 revenue to Q1 ‘25 revenue on a year -over -year basis 2 Pricing changes in Q1 ‘26 reflect the net effect of g lobal pricing actions and the impact of sales incenti
Slide 7: Q1 2026 – HDMC Operating Income Margin
Q1 2026 – HDMC OPERATING INCOME MARGIN Operating Income Margin Q1 2025 Op Income Margin $116 mm 10.8% Volume ($10) - 0.7 Pts 10.8% Pricing ($22) - 2.0 Pts Mix ($21) - 2.0 Pts Tariff Recovery 1 $41 4.0 Pts Increased Tariffs 2 ($45) - 4.3 Pts Manufacturing & Other ($5) - 0.5 Pts FX $14 1.2 Pts 1.8% Op
Slide 8: HDMC – Tariff Update
HDMC – TARIFF UPDATE Expect Cost of New or Increased Tariffs 1 to be ~$75 - $90 million in Full Year 2026 The incurred expense for these tariffs was $45 million in Q1 of 2026 U.S. CENTRIC MANUFACTURING FOOTPRINT U.S. ADMINISTRATION ON TRADE – on April 2, 2026 1. Motorcycle Final Assembly for NA - Yo
Slide 9: HDFS Segment – Q1 2026 Results
HDFS SEGMENT – Q1 2026 RESULTS Summary Financials Q1 +/ - % vs. PY ($ millions) 2026 PY Revenue $112 ($133) -54% Interest Expense $39 ($50) -56% Provision for Credit Losses $13 ($40) -75% Operating Expense $38 ($1) -4% Total Expenses $90 ($91) -50% Operating Income $22 ($42) -65% Margin % 19.9% 9
Slide 10: HDFS Segment Performance
HDFS SEGMENT PERFORMANCE Managed Annualized Retail Credit Losses 1, 2 3.7% 3.8% 3.6% 3.2% 2.7% 1.8% 1.5% Q1 '20 Q1 '21 Q1 '22 Q1 '23 Q1 '24 Q1 '25 Q1 '26 12020, 2021 and 2022 results were impacted by federal stimulus payments and a high volume of COVID -19 pandemic related retail loa n payment due d
Slide 11: LiveWire Segment – Q1 2026 Results
LIVEWIRE SEGMENT – Q1 2026 RESULTS ▪ Q1 Operating loss decrease of $2.1 million driven by Q1 improved gross margin resulting from increased revenue, and a decrease in selling, administrative and engineering % vs expense $ millions1, 2 2025 2026 PY ▪ Q1 Revenue increase of $2.4 million due to increas
Slide 12: Consolidated – Q1 2026 Results
CONSOLIDATED – Q1 2026 RESULTS HDI Operating Cash Flow ($ millions) HDI Financial Metrics ▪ Capital Investments 1 – $33 million $142 ▪ Effective Tax Rate – 43% ▪ Cash & Cash Equivalents 2 – $1.8 billion ▪ Dividends Paid – $22 million Q1 2025 Q1 2026 ▪ Shares Repurchased on Discretionary Basis – $128
Slide 13: Share Repurchases / Dividends
SHARE REPURCHASES / DIVIDENDS $2.0 Billion in Total Capital Returned 50.9 Million Shares Repurchased 33% of Shares Outstanding 1, 2 $1.6B of Shares Repurchased + $389M in Cash Dividends $541 12.5 13.1 $446 $418 $434 10.2 8.4 6.6 $150 2022 2023 2024 2025 Q1 2026 2022 2023 2024 2025 Q1 2026 Cash Divid
Slide 14: Harley-Davidson, Inc. – 2026 Financial Guidance
HARLEY - DAVIDSON, INC. – 2026 FINANCIAL GUIDANCE HDMC HDFS LiveWire Global Motorcycle Retail Sales Operating Income Operating Loss 130,000 to 135,000 units $45 million to $60 million ($70 million) to ($80 million) Global Motorcycle Wholesale Shipments 130,000 to 135,000 units Operating Income / (Lo
Slide 15: Forward Looking Statements
FORWARD LOOKING STATEMENTS Cautionary Note Regarding Forward-Looking Statements The Company intends that certain matters discussed in this presentation are “forward-looking statements” intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act
Slide 16: Forward Looking Statements Continued
FORWARD LOOKING STATEMENTS CONTINUED (aa) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (bb) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (cc) manage chang