Polaris Inc. · NYSE:PII
Polaris — Q4 2025 Earnings Presentation
20 slides from Polaris's earnings presentation, Jan 27, 2026
Slide 1: Fourth Quarter & Full Year 2025 Earnings Presentation
Fourth Quarter & Full Year 2025 Earnings Presentation January 27, 2026
Slide 2: Safe Harbor & Non-GAAP Measures
Safe Harbor & Non-GAAP Measures Except for historical information contained herein, the matters set forth in this presentation are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Poten
Slide 3: 2025 In Review
2025 In Review • Gained share in all key segments • Reduced China spend by over $100M • Off Road: RZR XP S, RANGER 500 • Transition plans in place to reduce COGS Clear from China to under 5% by year-end 2027 • On Road: Scout Sixty and Roadmaster Navigated Innovation Elite families of Indian Motorcyc
Slide 4: Fourth Quarter and Full Year 2025 Overview
Fourth Quarter and Full Year 2025 Overview Total Company Results* Fourth Quarter Drivers** • North America retail up 9% Q4’25 Y/Y Change FY’25 Y/Y Change o ORV retail up 5% Utility up 9% Adjusted $1,921M 9% $7,143M Flat Recreation down 10% Sales o Snow up 40% Adjusted o On Road down low-double d
Slide 5: North America Retail Trends and Sentiment
North America Retail Trends and Sentiment • Retail Trends in Q4* ORV Recreation and Utility Retail* o ORV Utility up 9% and Recreation down 10% In Units ORV Utility continues its strong retail performance driving ~50% of 5% total Polaris revenue 9% Modest ORV share capture driven by innovation o
Slide 6: Q4 2025 Financial Results
Q4 2025 Financial Results Adjusted* Sales Financial Highlights (Y/Y) $138 $10 $18 $1,921 • Adjusted* quarterly sales of $1.9B, up 9% $1,755 o Higher shipments and better mix within ORV o Net price a headwind o International sales up 9% o PG&A sales up 20% Q4 2024 Volume Mix/ FX Q4 2025 • Adjusted* E
Slide 7: Off Road Q4 Summary
Off Road Q4 Summary Q4 & FY 2025 Results Q4 PII Call-outs * Q4’25 Y/Y Change FY’25 Y/Y Change • N.A. ORV retail up 5% o Gained share in N.A. ORV in Q4 and FY with strength in Utility and Crossover Sales $1,596M 11% $5,713M Flat • RANGER 500 and RZR Pro S continue to be received well Wholegoods PG&A
Slide 8: On Road Q4 Summary
On Road Q4 Summary Q4 & FY 2025 Results Q4 PII Call-outs Q4’25 Y/Y Change FY’25 Y/Y Change • N.A. Indian Motorcycle retail down high-single digits • Indian Motorcycle lost share in N.A. Sales $187M 4% $927M 6% o Aggressive competitive promotions in Q4 Wholegoods PG&A Wholegoods PG&A o Gained almost
Slide 9: Marine Q4 Summary
Marine Q4 Summary Q4 & FY 2025 Results Q4 PII Call-outs Q4’25 Y/Y Change FY’25 Y/Y Change • Entry level boats still selling well given combination of standard features and price Sales $138M 1% $512M 7% • Dealer inventory down over 12% y/y; dealer inventory now aligned with demand Gross • Share gains
Slide 10: Financial Position
Financial Position 2026 Capital Deployment Priorities Key Financial Metrics (Dec. 31, 2025) $ in millions #1 Priority – Strategic Investments Cash $138 Invest in higher-margin profitable growth Capex (YTD) $183 #2 Priority – Dividends Total Debt $1,540 Dividend Aristocrat – 30 consecutive years of r
Slide 11: Full Year 2026 Guidance & Expectations
Full Year 2026 Guidance & Expectations Total Company Sales Initial 2026 Outlook Assumptions Key Metrics $ in Millions • Flattish industry retail Initial FY 1% to 3% Key Metric 2026 Expectations • Alignment of shipments and retail brings $7.2B to 7.4B volume benefit Operating Expense Down ~4% y/y Rel
Slide 12: Resilient Across Cycles
Resilient Across Cycles Innovation Stronger Best-in-Class Leadership Operations Dealer Network • Category-defining product • $240M+ of structural savings • Long-tenured, highly engaged launches realized over 2 years dealer relationships • Share gains driven by new • Manufacturing footprint supports
Slide 13: Closing Comments
Closing Comments Strong finish to the year with a high Say/Do ratio • Dealer inventory now healthy across ORV and Marine • Gained share in Q4 across ORV (excluding Youth), Snow and Marine o Gained share in 2025 across all segments • Improved our operations Key Focus Areas for 2026 • Managing to a fl
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix • FY 2025 Financial Results • Non-GAAP Reconciliations – Total Company • Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA • Non-GAAP Reconciliations – Segments • Non-GAAP Reconciliations – Free Cash Flow Q4 & FY'25 Earnings 1/27/26 15
Slide 16: FY 2025 Financial Results
FY 2025 Financial Results Adjusted* Sales Financial Highlights (Y/Y) • Full Year sales of $7.1B, flat $7,175 $173 $11 $7,143 o Lower shipments offset by positive mix ($216) o Lower net price driven by higher promotional environment o International sales down 3% o PG&A sales up 10% FY 2024 Volume Mix
Slide 17: Non-GAAP Reconciliations – Total Company
Non-GAAP Reconciliations – Total Company Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Millions, Except Per Share Data; Unaudited) Adjustments: (1) Represents adjustments for integration and acquisition- related expenses (2) Represents adjustments for corporate restruc
Slide 18: Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA
Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA Reconciliation of Net (Loss) Income to Adjusted EBITDA (In Millions, Unaudited) Adjustments: (1) Represents adjustments for integration and acquisition-related expenses (2) Represents adjustments for corporate restructuring (3) Represen
Slide 19: Non-GAAP Reconciliations – Segments
Non-GAAP Reconciliations – Segments Reconciliation of GAAP Segment Gross Profit to Non-GAAP Segment Gross Profit (In Millions, Unaudited) Adjustments: (1) Represents adjustments for corporate restructuring (2) Represents adjustments related to product wind downs, including the FTR product line withi
Slide 20: Non-GAAP Reconciliations – Free Cash Flow
Non-GAAP Reconciliations – Free Cash Flow Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow (In Millions, Unaudited) Three months ended December 31, Twelve months ended December 31, 2025 2024 2025 2024 Net cash provided by operating activities 178.7 206.3 741.0 268.2 Pur