Slide 1: Q4 2025 Earnings Presentation
Q4 2025 Earnings Presentation February 5, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by words such as “estimates,” “guidance,” “expects,” “anticipates,” “
Slide 3: Q4 2025 Highlights
Q4 2025 Highlights Net sales increased 9% y/y reflecting increased revenue in our Outdoor Enthusiast markets, offset by lower revenue in Housing • RV revenue increased 10% y/y, demonstrating content gained during the model-year changeover; revenue outperformed a 3% decrease in wholesale industry uni
Slide 4: Q4'25 Net Sales and Adjusted Operating Margin
Q4’25 NET SALES ADJUSTED OPERATING MARGIN1 Patrick (NASDAQ: PATK) is a $924M +9% vs. Q4 2024 6.3% +110 bps vs. Q4 2024 leading component solutions provider for the Outdoor ADJUSTED EBITDA & MARGIN 1 2025 FREE CASH FLOW 1 $105M 11.4% $246M Enthusiast and Housing markets RV MARINE POWERSPORTS HOUSING
Slide 5: Resilient Performance Through Strategic Diversification
Resilient Performance KEY STRATEGIC TAKEAWAYS Through Strategic 1 Strategic diversification increases total addressable market and improves Diversification resiliency Poised to capitalize on long-term secular $ in millions, except per share data FY 2019 FY 2025 ∆ 2 growth trends and favorable demogr
Slide 6: Quarterly Financial Overview
Quarterly Financial Overview NET SALES GROSS MARGIN & ADJUSTED $ in millions OPERATING MARGIN 1 23.9% $1,017 $1,048 22.9% 22.8% 23.1% 22.8% 22.6% 23.0% $1,003 $976 22.1% $933 21.9% $919 $924 $846 $781 8.3% 8.1% 8.3% 7.3% 7.0% 6.5% 6.8% 6.3% 5.2% Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25
Slide 7: Q4 2025 Financial Performance
Q4 2025 Financial Performance $ in millions, except per share data Year-Over-Year Growth NET SALES & GROSS MARGIN End Market Revenue +9% $846 $924 +39% +24% 23.1% 22.1% 22.6% 23.0% +10% Q4 2024 Q4 2025 RV Marine (5%) Powersports Housing ADJUSTED ADJUSTED ADJUSTED OPERATING MARGIN 1 DILUTED EPS 1 EBI
Slide 8: 2025 Financial Performance
2025 Financial Performance $ in millions, except per share data NET SALES OPERATING ADJUSTED & GROSS MARGIN INCOME & MARGIN OPERATING MARGIN 1 $3,716 $3,951 $276 $258 7.2% 7.0% 22.5% 23.1% 6.9% 7.0% 2024 2025 2024 2025 2024 2025 RV Marine Powersports Housing ADJUSTED ADJUSTED DILUTED EPS DILUTED EPS
Slide 9: 2025 Shipments and Content Per Unit
2025 Shipments and Content Per Unit 2 RV MARINE HOUSING 165,200 1,013 354,400 348,700 937 333,700 342,200 146,000 140,100 152,300 103,300 102,700 355 399 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 WHOLESALE 1 RETAIL 2 WHOLESALE RETAIL MH 1 SINGLE FAMILY 2 MULTI-F
Slide 10: Performance by End Market
Performance by End Market Q4 2025
Slide 11: RV Market: Content Per Unit and Revenue
CONTENT PER UNIT 2025 CPU $5,190 7% vs. 2024 REVENUE $392M 10% vs. Q4 2024 % OF Q4 NET SALES 43% SHIPMENTS Q4 2024 Q4 2025 (3%) (6%) Estimated Dealer Inventory Restock in Q4’25: ~14,900 units WHOLESALE 1 RETAIL 2 RV MARINE POWERSPORTS HOUSING MARKETS 1 RVIA | 2 Company estimate based on data publish
Slide 12: Marine Market: Content Per Unit and Revenue
CONTENT PER UNIT 1 2025 CPU $4,327 11% vs. 2024 REVENUE $150M 24% vs. Q4 2024 % OF Q4 NET SALES 16% SHIPMENTS 1 Q4 2024 Q4 2025 (1%) Estimated Dealer Inventory Restock in Q4’25: (8%) ~15,700 units WHOLESALE RETAIL RV MARINE POWERSPORTS HOUSING MARKETS 1 Company estimates based on data published by N
Slide 13: Powersports Revenue
REVENUE $109M 39% vs. Q4 2024 % OF Q4 NET SALES 12% QUARTERLY POWERSPORTS REVENUE ($ in millions) Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q4-25 RV MARINE POWERSPORTS HOUSING MARKETS 13
Slide 14: Housing: Content Per MH Unit and Revenue
CONTENT PER MH UNIT 1 2025 CPU $6,633 FLAT vs. 2024 REVENUE $272M (5%) vs. Q4 2024 % OF Q4 NET SALES 29% MH SHIPMENTS 1 HOUSING STARTS 2 Q4 2024 Q4 2025 Q4 2024 Q4 2025 Starts in thousands (10%) (10%) MH WHOLESALE HOUSING STARTS RV MARINE POWERSPORTS HOUSING MARKETS 1 MHI | 2 Company estimates based
Slide 15: End Market Highlights
End Market Highlights Q4 2025 OUTDOOR ENTHUSIAST MARKETS RV MARINE POWERSPORTS HOUSING OEMs continue to manage CPU growth continued in Attachment rates continue Consumer confidence and production schedules with Q4’25 related to wins in to improve at Sportech; interest rates remain a discipline; deal
Slide 16: Balance Sheet & Liquidity
Balance Sheet & Liquidity Q4 2025 DEBT STRUCTURE AND MATURITIES NET LEVERAGE1 ($ in millions) • $125.0M Term Loan ($117.2M o/s), scheduled Total Debt Outstanding $1,302.9 quarterly installments; balance due October 2029 Less: Cash and Debt Paid as Defined by 26.4 the Credit Agreement • $875.0M ($75.
Slide 17: FY 2026 Outlook
FY 2026 OUTLOOK End Market Outlook Financial Outlook FY 2026 Estimate FY 2025 Prior Estimate FY 2025 FY 2026 Estimate RV Wholesale Unit Up LSD – MSD% Adjusted Operating 342K1 7.0%3 Up 70 – 90 bps Shipments No Change Margin Flat Operating RV Retail Unit Shipments 349K2 $329M $380M - $400M No Change C
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q4 2025
Slide 19: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in millions, except per share data) 2019 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Net income $90 $31 $35 $48 $41 $15 $138 $38 $32 $35 $29 $135 + Acquisition related fair-value - - 1 - - 2 3 - - - 1 1 inventory step-up +Acquisition
Slide 21: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 ($ in millions) 2019 2023 2024 2024 2024 2024 2024 2025 2025 2025 2025 2025 Net income $90 $31 $35 $48 $41 $15 $138 $38 $32 $35 $29 $135 + Depreciation & amortization 63 37 40 41 42 43 167 43 43 42 43 170 + Interest expense, net 37 15 20 20 20 19 8
Slide 22: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) 2019 2024 2025 Net cash provided by operating $192 $327 $329 activities RECONCILIATION OF Less: purchases of property, plant FREE CASH FLOW (28) (76) (83) and equipment Free cash flow $165 $251 $246 2019 2024 2025 Operating margin 6.6% 6.9% 7.0% Acquisition r