Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Q3 2026 Earnings Presentation
26 slides from Harley-davidson's earnings presentation, Oct 29, 2026
Slide 1: Harley-Davidson Q3 2026 Earnings Results
Thursday, October 29, 2026 Harley-Davidson Q3 2026 Earnings Results HARLEY- DAVIDSON
Slide 2: Speakers
Q3 2026 Earnings Results Speakers ▪ Artie Starrs, President and CEO ▪ Jonathan Root, Chief Financial Officer and Commercial Officer ▪ Faisal Ghori, Head of Investor Relations and Strategy 2
Slide 3: Back To The Bricks Spotlight: Q3 Strategy Execution
Back To The Bricks Spotlight: Q3 Strategy Execution Restoring profitable growth ▪ Raising full-year HDMC and HDFS guidance, following early progress against execution Q3 ’26-YTD Winning in North America ▪ Fourth consecutive quarter of year-over-year retail growth demonstrated continued progress in H
Slide 4: Back To The Bricks Spotlight: 2026 Deadwood
Back To The Bricks Spotlight: 2026 Deadwood The Deadwood motorcycle quickly follows on the success of the Super Glide in embodying the core principles of Back to the Bricks: ▪ Customization: The motorcycle taps into the raw, stripped-down look popular with many riders immediately following World War
Slide 5: Q3 2026 Business Highlights
Q3 2026 Business Highlights Q3 Motorcycle Motorcycle HDMC HDFS HDI Q3 Other Retail Portfolio Financials Financials Financials Activities ▪ North American ▪ Global dealer ▪ Global ▪ Operating ▪ Delivered ▪ Incurred $14 retail motorcycle inventory levels motorcycle under updated diluted EPS million in
Slide 6: Harley-Davidson Worldwide Retail Sales & Market Share
Harley-Davidson Worldwide Retail Sales & Market Share Q3 ‘26 H-D Motorcycle Retail Sales (vs. PY) Regional Highlights in Q3 2026 North Latin EMEA APAC Worldwide America America North America Units 25,603 4,764 4,702 764 35,833 ▪ Cruiser segment gained momentum, outperforming the broader YoY Change 9
Slide 7: Harley-Davidson Shipments & Dealer Inventory
Harley-Davidson Shipments & Dealer Inventory HDMC Worldwide Motorcycle Shipments Global HDMC Motorcycle Dealer Inventory Levels Units (in Thousands) Units (in Thousands) Q3 Results YTD Results 60 ▪ Down 26% Units Y-o-Y Q3 ’25- Q3 ’26- Y-o-Y vs Q3 ’25 Q3 ’25 Q3 ’26 Change (Thousands) YTD YTD Change 5
Slide 8: HDMC Revenue
HDMC Revenue Q3 Results YTD Results Y-o-Y Y-o-Y Q3 ‘25 Q3 ’26 Change Q3 ’25-YTD Q3 ’26-YTD Change (in $ millions) Motorcycles $822 $734 -11% $2,464 $2,418 -2% Parts and Accessories 167 153 -9% 498 472 -5% Apparel & Licensing 62 60 -3% 183 186 1% Other 23 18 -24% 55 48 -12% HDMC Total Revenue $1,074
Slide 9: HDMC Income Statement
HDMC Income Statement Q3 Results YTD Results Q3 ’25 Q3 ‘26 Change Q3 ’25-YTD Q3 ’26-YTD Change (in $ millions) HDMC Revenue $1,074 $964 -10% $3,199 $3,124 -2% Gross Profit 283 271 -4% 897 842 -6% Gross Margin % 26.4% 28.1% 173 bps 28.0% 27.0% -109 bps Operating Expenses1 229 227 -1% 665 706 6% Opera
Slide 10: HDMC Revenue & Gross Margin Bridges
HDMC Revenue & Gross Margin Bridges1 Q3 ‘26 Revenue Bridge (in %) YTD ‘26 Revenue Bridge (in %) 1% -1% -1% 0% -2% -1% 0% -2% -8% -10% Volume Pricing Mix FX Total Volume Pricing Mix FX Total Q3 ‘26 Gross Margin Percent Bridge (in %) YTD ‘26 Gross Margin Percent Bridge (in %) 5% 2% 2% 1% 0% 0% 0% 0% -
Slide 11: HDMC – Tariff Update
HDMC – Tariff Update YTD Tariff Impact Harley-Davidson as of October 23, 2026 Tariff Environment Harley-Davidson Tariff Impact • Predominantly U.S.-based manufacturing and sourcing $millions 2025A 2026 YTD 2026 FY Est. • The U.S. is our largest market: we largely build where we sell • Our geographic
Slide 12: HDFS Income Statement
HDFS Income Statement Q3 Results YTD Results Y-o-Y Y-o-Y (in $ millions) Q3 ‘25 Q3 ‘26 Change Q3 ‘25-YTD Q3 ’26-YTD Change Interest Income $198 $67 -66% $623 $177 -72% Third Quarter 2026 Highlights Other Income 63 44 -30% 141 163 15% ▪ HDFS operating income HDFS Revenue 261 111 -58% 764 340 -56% mar
Slide 13: HDFS Segment Performance
HDFS Segment Performance Retail Finance Receivables Annualized Managed Retail Credit Losses1, 2 Owned Portfolio + Off-balance Sheet Portfolio3, 4 Owned Receivables Off B/S Receivables $6.4 $6.4 $6.3 $6.1 $6.0 $6.1 $6.1 3.1% 3.2% $1.7 3.0% 2.7% $4.7 $4.5 $4.4 $5.1 $6.4 $6.4 1.4% 1.5% $4.6 0.8% $1.3 $
Slide 14: LiveWire Segment Results
LiveWire Segment Results September YTD Q3 Results Results % vs % vs 2025 2026 2025 2026 $ millions1, 2 PY PY ▪ Q3 Revenue increase of 41% and YTD Revenue increase of Consolidated Unit 5,851 7,045 20% 12,607 16,214 29% 54% due to increase in volumes of electric motorcycles and Sales STACYC electric b
Slide 15: Capital Allocation & Financial Position
Capital Allocation & Financial Position Capital Allocation Prioritization Demonstrated Return of Capital to Shareholders ▪ $110 million in total capital returned in Q3 ‘26 ▪ Reinvest in key growth initiatives o $91 million shares repurchased ▪ Return of capital through share buybacks and dividends o
Slide 16: Select Balance Sheet Items
Select Balance Sheet Items Select Balance Sheet Items by Segment – as of September 30, 2026 Harley-Davidson, Inc. (HDI) HDMC HDFS HDI2 ▪ Cash & Equivalents at HDI increased from $1,896 million in Q2 ’26 to $2,076 million In $ millions 9/30/26 9/30/26 9/30/26 in Q3 ‘26 Total Debt + Total Deposits $29
Slide 17: Consolidated Results
Consolidated Results Harley-Davidson, Inc. (HDI) Q3 ‘26 Results Q3 ’26-YTD Results In $ millions, except EPS HDMC HDFS LVWR HDI HDMC HDFS LVWR HDI Revenue $964 $111 $8 $1,083 $3,124 $340 $22 $3,486 % vs PY -10% -58% 41% -19% -2% -56% 54% -12% Operating Income (Loss)2 $44 $11 ($18) $37 $136 $55 ($53)
Slide 18: 2026 Financial Guidance
2026 Financial Guidance Prior Guidance Current Guidance as of Q2 2026 as of Q3 2026 HDMC Global Motorcycle Retail Sales 133,500 to 138,500 units 135,500 to 139,000 units Global Motorcycle Wholesale Shipments 133,500 to 138,500 units 135,500 to 139,000 units Operating Income $10 to $50 million $25 to
Slide 19: Introduction of the Harley-Davidson Sprint
Introduction of the Harley-Davidson SprintTM Harley-Davidson Sprint 440 expected to continue the momentum… Builds lifelong riders: • Fits into the current lineup with a price point of $5,999 US • Lightweight, oil-cooled, and easy to ride • Comfortable ergonomics and exciting performance for new and
Slide 20: Appendix
APPENDIX C O N F I D E N TI A L & P R O P R I E TA R Y. C O P YR I G H T © 2 0 2 6 H A R L E Y - D A V I D S O N . A L L R I G H TS R E S E R V E D 20
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated Net Income / (Loss) Reconciliation to HDMC Adjusted EBITDA1 $ in millions Q3 ‘25 Q3 ‘26 YTD ’25 YTD ‘26 Net income $375 $41 $612 $144 Interest expense 10 4 26 11 Provision for income taxes 116 17 188 51 Investment income (12) (12) (32) (32) Other income, net (15
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations Consolidated Net Income / (Loss) Reconciliation to LiveWire Adjusted EBITDA1 $ in millions Q3 ‘25 Q3 ’26 YTD ‘25 YTD ‘26 Net income $375 $41 $612 $144 Interest expense 10 4 26 11 Provision for income taxes 116 17 188 51 Investment income (12) (12) (32) (32) Other income, net
Slide 23: Non-GAAP Reconciliations
Non-GAAP Reconciliations Operating Cash Flow to Free Cash Flow1 $ in millions Q3 ‘25 YTD Q3 ‘26 YTD Operating Cash Flow $417 $276 Capital expenditures (102) (64) Free Cash Flow $315 $212 Cash and Cash Equivalents / Debt & Deposits Reconciliation to Net Cash / (Net Debt)1 $ in millions as of Septembe
Slide 24: Non-GAAP Financial Measures That Supplement GAAP Measures
Non-GAAP Financial Measures That Supplement GAAP Measures This presentation includes financial information that is not presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”, “GAAP”), including Adjusted EBITDA for HDMC and LiveWire, Adjusted EBITDA Ma
Slide 25: Forward Looking Statements
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 of 1995. These forward-looking statements can general
Slide 26: C O N F I D E N TI A L & P R
C O N F I D E N TI A L & P R O P R I E TA R Y. C O P YR I G H T © 2 0 2 6 H A R L E Y - D A V I D S O N . A L L R I G H TS R E S E R V E D