Slide 1: Q4 & FY 2025 Results
Q4 & FY 2025 RESULTS TUESDAY, FEB RUARY 10, 2026
Slide 2: Q4 & FY 2025 Results – Earnings Call
Q4 & FY 2025 RESULTS – EARNINGS CALL ▪ Artie Starrs, President and CEO ▪ Jonathan Root, Chief Financial Officer and Chief Commercial Officer ▪ Shawn Collins, Director Investor Relations 2
Slide 3: Q4 & FY 2025 Performance Headlines
Q4 & FY 2025 PERFORMANCE HEADLINES 2025 Full Year Highlights and Results ▪ Delivered diluted EPS of $2.78 ▪ Global dealer inventory levels of new motorcycles finished the year down 17% vs. end of Q4 ’24 ▪ Global retail motorcycle sales of 132,535 units, down 12% from prior year ▪ HDMC global motorcy
Slide 4: Consolidated – Q4 2025 Results
CONSOLIDATED – Q4 2025 RESULTS Q4 2025 Results 1, 2 Total ($ millions, except earnings per share) HDMC HDFS LiveWire HDI Revenue $379 $106 $11 $496 % vs PY -10% -59% 9% -28% Operating Income (Loss) ($260) ($82) ($18) ($361) Margin % -68.7% -77.9% NM -72.8% % vs PY -22% -277% 30% -87% Net Income Attr
Slide 5: Consolidated – Full Year Results
CONSOLIDATED – FULL YEAR RESULTS Full Year 2025 Results 1, 2 Total ($ millions, except earnings per share) HDMC HDFS LiveWire HDI Revenue $3,578 $869 $26 $4,473 % vs PY -13% -16% -3% -14% Operating Income (Loss) ($29) $490 ($75) $387 Margin % -0.8% 56.4% NM 8.6% % vs PY -110% 97% 32% -7% Net Income
Slide 6: 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 Q4 2025 Full Year 2025 (Thousands) North America 5% -13% 52 50 End of Year level EMEA
Slide 7: HDMC Revenue Bridge
HDMC REVENUE BRIDGE Q4 2025 HDMC REVENUE BRIDGE 1, 2 2% -1% -4% -7% -10% Volume Pricing Mix FX Total FULL YEAR 2025 HDMC REVENUE BRIDGE 1, 2 0% 1% 0% -14% -13% Volume Pricing Mix FX Total 1 HDMC Revenue Bridge compares Q4 '25 revenue to Q4 '24 revenue on a year -over -year basis and Full Year 2025 r
Slide 8: Full Year 2025 – HDMC Operating Income Margin
FULL YEAR 2025 – HDMC OPERATING INCOME MARGIN In $ millions Operating Income Margin FY 2024 Op Income Margin $278 6.7% Volume ($189) -4.2 Pts 6.7% Pricing $4 0.1 Pts Mix $23 0.6 Pts Manufacturing & Other ($81) -2.2 Pts Increased Tariffs in ‘25 1 ($67) -1.9 Pts FX $21 0.6 Pts Operating Expenses ($18)
Slide 9: HDMC – Tariff Update for 2025 & 2026
HDMC – TARIFF UPDATE FOR 2025 & 2026 Cost of New or Increased Tariffs in Full Year 2025 was ~ $67 million 1 By Quarter: $9 mm, $9 mm, $27 mm, and $22 mm in Q1, Q2, Q3, and Q4, respectively U.S. CENTRIC MANUFACTURING FOOTPRINT 1 Full Year Tariff Picture 1. Motorcycle Final Assembly for NA - York, PA
Slide 10: HDFS Segment – Q4 2025 Results
HDFS SEGMENT – Q4 2025 RESULTS Summary Financials Q4 +/ - % vs. PY ($ millions) 2025 PY Revenue $106 ($151) -59% Interest Expense $130 $35 37% Provision for Credit Losses $7 ($65) -90% Operating Expense $51 $7 17% Total Expenses $188 ($22) -11% Operating Loss ($82) ($129) -277% Margin % - 77.9% 10
Slide 11: HDFS Segment – Full Year 2025 Results
HDFS SEGMENT – FULL YEAR 2025 RESULTS Summary Financials FULL YEAR +/ - % vs. PY ($ millions) 2025 PY Revenue $869 ($169) -16% Interest Expense $389 $17 5% Provision for Credit Losses ($191) ($439) -177% Operating Expense $182 $10 6% Total Expenses $379 ($411) -52% Operating Income $490 $242 97% Mar
Slide 12: HDFS Segment Performance
HDFS SEGMENT PERFORMANCE Annual Retail Credit Losses 1, 2 3.3% 3.4% 3.0% 1.9% 1.4% 1.2% FY '20 FY '21 FY '22 FY '23 FY '24 FY '25 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 date extensions for quali
Slide 13: LiveWire Segment – Q4 and Full Year 2025 Results
LIVEWIRE SEGMENT – Q4 AND FULL YEAR 2025 RESULTS 1,2,3 ▪ Q4 Operating loss decrease of $8 million and FY Q4 Full Year Operating loss decrease of $35 million driven by decreases in cost of goods sold and selling, administrative $ millions % vs % vs and engineering expense. Actual Units 2024 2025 PY 2
Slide 14: Consolidated – Full Year 2025 Results
CONSOLIDATED – FULL YEAR 2025 RESULTS HDI Operating Cash Flow ($ millions) HDI Financial Metrics – Full Year 2025 $1,064 ▪ Capital Investments 1 – $162 million ▪ Effective Tax Rate – 28% ▪ Cash & Cash Equivalents 2 – $3.1 billion $569 ▪ Dividends Paid – $86 million ▪ Shares Repurchased on Discretion
Slide 15: Share Repurchases / Dividends
SHARE REPURCHASES / DIVIDENDS $1.8 Billion in Total Capital Returned 44.3 Million Shares Repurchased $1.5B of Shares Repurchased + $367M in Cash Dividends 29% of Shares Outstanding 1, 2 $541 13.1 12.5 $418 $446 $434 10.2 8.4 2022 2023 2024 2025 2022 2023 2024 2025 Cash Dividends (in $ millions) Shar
Slide 16: 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 / (
Slide 17: HDFS Transaction Highlights
HDFS TRANSACTION HIGHLIGHTS ANNOUNCED JULY 30, 2025 / CLOSED OCTOBER 31, 2025 TRANSACTION COMPONENTS ▪ Back Book Sale: Sold ~$6 billion of retail finance receivables to KKR & PIMCO ▪ Forward Flow Agreement: Q4 ‘25, HDFS began to sell ~2/3 of retail loan originations ▪ Sale of Equity Interests: HDFS
Slide 18: HDFS Post-Transaction Business Mix
HDFS POST - TRANSACTION BUSINESS MIX ✓ Loans to dealer including floorplan, line of credit and working capital needs Post-Transaction Business Mix Wholesale Lending Activities ✓ Outside of the transaction perimeter ▪ HDFS will continue with its product ✓ Spread income offering from before the transa
Slide 19: 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 20: Forward Looking Statements Continued
FORWARD LOOKING STATEMENTS CONTINUED Harley-Davidson Financial Services, Inc.’s retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation and Harley-Davidson Financial Services, Inc.’s efforts to increa