Lci Industries · NYSE:LCII
Lci Industries — Q4 2025 Earnings Presentation
22 slides from Lci Industries's earnings presentation, Feb 18, 2026
Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 EARNINGS CONFERENCE CALL | February 18, 2026 Le! INDUSTRIES
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains certain “forward-looking statements” with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions,
Slide 3: Fourth Quarter and Full Year 2025 Highlights
Fourth Quarter and Full Year 2025 Highlights Delivered Strong Revenue Growth and Doubled Operating Income in Q4 Quarterly Financial Performance Full Year Financial Performance • Net sales of $933 million, up 16% YoY • Net sales of $4.1 billion, up 10% YoY • Net income of $19 million, up 96% YoY ($0.
Slide 4: Results by Market
Results by Market OEM Segment • RV • Transportation • Marine • Housing Aftermarket Segment 4
Slide 5: RV OEM
RV OEM Performance and Trends • Q4 2025 RV OEM sales up 17% YoY, driven by sales price increases related to higher material costs, increased mix in higher-content fifth wheels, and market share gains • Gained share in our top 5 RV product categories: appliances, awnings, chassis, furniture, and wind
Slide 6: Innovation Driving RV Organic Content Growth
Innovation Driving RV Organic Content Growth Key 2025 Model Year Product Wins Bi-Fold SunDeck New Window Designs Furrion® 18K Chill Cube Touring Coil and Integrated Shades Air Conditioner Suspension Sequential Towable Content Growth (LTM) YoY Towable Content Growth (LTM) * "Other" includes impact of
Slide 7: Transportation OEM
Transportation OEM Performance and Trends • Q4 2025 Transportation OEM sales up 34% YoY • Increase primarily due to acquired sales from recent acquisitions in the resilient bus market where integration efforts and synergies are ahead of plan • Trans Air (acquired in March) - bus climate control syst
Slide 8: Marine OEM
Marine OEM Performance and Trends • Q4 2025 Marine sales up 10% YoY • Increase primarily related to higher mix of premium boats and stronger pre-season volume increases • Fairly strong sales of larger boats with more Lippert content • Key product categories include pontoon furniture, power biminis,
Slide 9: Housing OEM
Housing OEM Performance and Trends • Q4 2025 Housing OEM sales down 6% YoY • Q4 2025 Manufactured housing units were down about 10%, with full year down about 1% • Expanding presence in residential window market through recent acquisition of Moss Supply Company • Housing starts expected to increase
Slide 10: Aftermarket
Aftermarket Performance and Trends • Q4 2025 sales up 8% from the prior year period primarily driven by product innovations and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket • Driving portfolio expansion in div
Slide 11: Consolidated Results
Consolidated Results 11
Slide 12: Q4 2025 Financial Performance
Q4 2025 Financial Performance Consolidated Net Sales Operating Margin +16% +180 bps (in thousands) $932,700 3.8% $803,138 2.0% Fourth Quarter Fourth Quarter Fourth Quarter Fourth Quarter 2024 2025 2024 2025 Consolidated Net Income Adjusted EBITDA* +96% +53% (in thousands) (in thousands) $18,684 $70,
Slide 13: FY 2025 Financial Performance
FY 2025 Financial Performance Consolidated Net Sales Operating Margin +10% +100 bps (in thousands) $3,741,208 $4,122,017 6.8% 5.8% 2024 2025 2024 2025 Consolidated Net Income Adjusted EBITDA* +32% +19% (in thousands) (in thousands) $188,250 $408,246 $142,867 $343,930 2024 2025 2024 2025 * Additional
Slide 14: Capital Allocation Highlights
Capital Allocation Highlights Executing on our capital allocation strategy through acquisitions, focus on innovation, and returning capital to shareholders Strategic Acquisitions Returning Capital to Shareholders Acquisitions completed in 2025: • Paid quarterly dividend of $1.15 per share, aggregati
Slide 15: Liquidity and Cash Flow
Liquidity and Cash Flow As of and for the twelve months ended December 31 2025 2024 Cash and Cash Equivalents $223M $166M Remaining Availability under $595M $453M Revolving Credit Facility(1) Capital Expenditures $53M $42M Dividends $114M $109M Share Repurchases $129M $—M Debt / Net Income (TTM) 5.0
Slide 16: 2026 Outlook
2026 Outlook 16
Slide 17: 2026 Outlook
2026 Outlook January 2026 Results • January 2026 net sales of approximately $343 million, up 4% YoY RV Industry • Recent show traffic is good; dealers and OEMs starting the year very disciplined • Our current full year 2026 North American forecast is 335K - 350K wholesale unit shipments • Expectatio
Slide 18: 2026 Outlook
2026 Outlook Launching Full Year 2026 Financial Outlook Guidance Based on current market and economic conditions along with existing tariffs, the Company expects the following: 2025 Actual 2026 Estimate Revenue $4.1B $4.2 billion - $4.3 billion Operating Profit Margin 6.8% 7.5% - 8.0% Adjusted Dilut
Slide 19: Appendix
APPENDIX
Slide 20: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures ADJUSTED EBITDA Three months ended December 31, ADJUSTED EBITDA (TTM) Twelve months ended December 31, ($ in thousands) 2025 2024 ($ in thousands) 2025 2024 Net income $ 18,684 $ 9,547 Net income $ 188,250 $ 142,867 Interest expense, net 9,707 5,100 Inter
Slide 21: Appendix Reconciliation of Non-GAAP Measures (cont.)
Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Three months ended December 31, Twelve months ended December 31, ($ in thousands, except per share amounts) 2025 2024 2025 2024 Net income $ 18,684 $ 9,547 $ 188,250 $ 142,867 Loss on extinguishment of debt — — 8,859 — Gain on
Slide 22: Appendix
Appendix Historical Unit Mix as Percentage of LCI RV OEM Chassis Shipments 100.0% 84.5% 84.2% 84.5% 84.1% 84.6% 81.4% 82.1% 81.1% 81.3% 79.5% 80.7% 79.5% 78.6% 80.0% 77.0% 75.7% 76.3% 60.0% 40.0% 23.0% 24.3% 23.7% 20.5% 19.3% 20.5% 21.4% 18.6% 17.9% 18.9% 18.7% 20.0% 15.5% 15.8% 15.5% 15.9% 15.4% —%