Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Q1 2026 Earnings Presentation
28 slides from Harley-davidson's earnings presentation, May 5, 2026
Slide 1: Back to the Bricks: Strategic Plan to Restore Harley-Davidson to Growth
BACK TO THE B STRATEGIC PLAN TO RESTORE HARLEY -DAVIDSON TO GROWTH
Slide 2: Restoring H-D to Growth: Back to the Bricks
RESTORING H - D TO GROWTH BACK TO THE BRICKS Appreciation and actioning of H -D’s competitive advantages, including brand, revenue channels and dealer network Renewed commitment to our exclusive network of dealers and enterprise profitability Immediate actions are underway to deliver for our dedicat
Slide 3: The World's Best Motorcycles, Period.
WHAT WE MAKE THE WORLD’S BEST MOTORCYCLES, PERIOD. WHO WE SERVE MOTORCYCLE RIDERS WORLDWIDE. WHY WE DO IT TO PROTECT AND GR MOTORCYCLE CULTU 3 3
Slide 4: A Bold Restoration: Appreciation and Actioning of H-D's Competitive Advantages
A BOLD RESTORATION APPRECIATION AND ACTIONING OF H - D’S COMPETITIVE ADVANTAGES TO DRIVE SHAREHOLDER VALUE WHERE WE’VE BEEN... WHERE WE’RE GOING… Prioritized Touring and Electric H - D rider - centric portfolio of motorcycles Wholesale -focused Enterprise (HDI + Dealer) Profitability Model Limited e
Slide 5: Decline in Volumes Has Significantly Impacted Enterprise Profitability
DECLINE IN VOLUMES HAS SIGNIFICANTLY IMPACTED 1 ENTERPRISE PROFITABILITY Retail volumes fell… Compressing HDMC margins… And degrading dealer profitability ~40% ~18 % ~80% 2019 2025 2019 2025 2019 2025 5
Slide 6: Total Addressable Market: Opportunity to Regain Share and Grow Volumes
H - D HAS SIGNIFICANT OPPORTUNITY TO REGAIN MARKET SHARE 1 AND GROW VOLUMES Categories where H -D has right and ability to win now 500K+ ANNUAL US H - D BIKE TRANSACTIONS $3B+ OPPORTUNITY 65% 77% 56% TOTAL ADDRESSABLE MARKET 79% 87% 35% 44% 23% 21% 13% U.S. 601cc+ New U.S. Used Bike Global Retail Pa
Slide 7: The H-D Legacy Is an Unparalleled Brand Strength
THE-D HLEGACY IS AN UNPARALLELED BRAND H -D 42% % US riders that intend to own 14% AREA STRENGTH OF a H -D motorcycle someday Top competitor AND SERVES AS THE BEST -IN -CLASS DEALER EXPERIENCE H -D dealers 67% FOUNDATION FOR % buyers reporting dealer exceeded expectations Other dealers 53% FUTURE GR
Slide 8: Path to Restoration and Value Creation
PATH TO RESTORATION 1 AND VALUE CREATION Plans include… 1 $150M+ Dealer motorcycle Dealer and Dealer Advisory Reimagine the RESET-DH run rate cost savings inventory cleanup Council relationship focus enterprise mentality – marketing platform 2 Realign portfolio to Leverage the life cycle Enhance Par
Slide 9: Swift Actions Underway to Improve Enterprise Economics
SWIFT ACTIONS UNDERWAY 1 TO IMPROVE ENTERPRISE ECONOMICS Actioning $ 150M+ Dealer inventory cleanup Sales regaining momentum in cost savings underway 68.9 -22% 2025A 55.7 Operating costs 43.7 +8% 39.4 31.0 33.5 Cost of sales $150M Growth investment 2027 Q1 24 Q1 25 Q1 26 Q1 24 Q1 25 Q1 26 GLOBAL END
Slide 10: Expect Improved Dealer Profitability to Drive Shareholder Value
EXPECT IMPROVED DEALER PROFITABILITY 2 TO DRIVE SHAREHOLDER VALUE Supporting dealers —our competitive advantage TARGETING DOUBLING DEALER PROFITABILITY BY 2026 AND DOUBLING AGAIN BY 2029 Dealer inventory rightsizing Avg. US dealer return on sales 1 Promo / incentive dollars in market Standardized de
Slide 11: Dealer Profitability: A Key Enabler of Value Creation
DEALER PROFITABILITY: 2 A KEY ENABLER OF VALUE CREATION Enables better staffing, improved team member experience, and brand -building customer experience Less need to discount / OEM promotional support over time Dealerships are the frontline marketing engine for the brand Allows for growth investmen
Slide 12: Guiding the Business with Multi-Year View of Motorcycle and Ancillary Revenue Streams
GUIDING THE BUSINESS WITH MULTI - YEAR VIEW OF 2 MOTORCYCLE AND ANCILLARY REVENUE STREAMS Lifetime Of The Motorcycle H -D and Dealers generate H -D View 1 Dealer View 1 profit through different Revenue channels at different times Point of Sale 1-3 yrs 4 -6 yrs Point of Sale 1-3 yrs 4 -6 yrs Channe
Slide 13: The Return of Sportster
BRINGING BACK SPORTSTER BENEFITS 3 DEALERS, RIDERS AND SHAREHOLDERS Harley - Davidson Sportster THE RETURN OF lifetime motorcycle value contributes on MOTORCYCLE MARGIN each facet of P&A MARGIN H - D’s strategy A&L MARGIN Attainable price point HDFS MARGIN ($10k) 1ST TRADE UP VALUE Highly customizab
Slide 14: Introduction of the Harley-Davidson Sprint
INTRODUCTION OF THE HARLEY - DAVIDSON SPRINT 3 BENEFITS DEALERS, RIDERS AND SHAREHOLDERS HARLEY -DAVIDSON Harley - Davidson lifetime motorcycle value Sprint INTRODUCTION OF contributes on each facet of H - D’s strategy SPRINT MOTORCYCLE MARGIN P&A MARGIN A&L MARGIN Attainable price point HDFS MARGIN
Slide 15: Plan to Leverage Existing Investments to Deliver New Customer-Driven Models
PLAN TO LEVERAGE EXISTING INVESTMENTS TO DELIVER NEW 3 CUSTOMER - DRIVEN MODELS & TRIMS OR PLATFORM INVESTMENT – NO NEW POWERTRAIN New products Capital -light approach to 20 1 new models and trim lines Forecasted MY27/28 portfolio NEW MODEL CARRYOVER with aggressive over the next three years The rig
Slide 16: Enhanced Parts & Accessories Offering Supports Sales Growth Target of 20-30%
ENHANCED PARTS & ACCESSORIES OFFERING 3 SUPPORTS SALES GROWTH TARGET OF 20 - 30% P&A opportunities and plans Regaining leadership in Building a motorcycle Launching full range parts Top quartile dealers sell 20-30% legacy categories and portfolio to support riders’ and accessories concurrent around
Slide 17: Targeted Market- and Customer-Specific Offers for Rider Needs
TARGETED MARKET - AND CUSTOMER - SPECIFIC OFFERS 3 FOR RIDER NEEDS EFFICIENT INCENTIVE SPEND WITH Smarter ongoing, customer -focused programs that EXPECTED GROWTH RESULTS cost less and yield more traffic and retail Promo Retail Units Increased local advertising flexibility , to protect enterprise pr
Slide 18: Reimagined Ride Marketing Platform to Drive Awareness and Traffic
REIMAGINED RIDE MARKETING PLATFORM 3 TO DRIVE AWARENESS AND TRAFFIC Brand campaign focused on the joy of riding Refreshed brand platform Make dealer marketing development fund more effective Upgrades in digital platform / programs Repurposed e -commerce marketing dollars to top of funnel marketing s
Slide 19: RIDE Provides Global Rider Engagement with Customized Activations
3 RIDE PROVIDES GLOBAL RIDER ENGAGEMENT WITH CUSTOMIZED ACTIVATIONS 2 19
Slide 20: Financials
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Slide 21: Targeting $350M+ in 2027 with Continued Upside
4 TARGETING $350M+ IN 2027 WITH CONTINUED UPSIDE THROUGH EXECUTION AGAINST STRATEGIC PRIORITIES HDMC profitability targets DEPRECATION AND AMORTIZATION (M) CONTINUED STRONG GR OPERATING INCOME $350+ $124 2025 2027 MEDIUM TERM PATH TO $350M+ QUICKLY: CONTINUED AND SIGNIFICANT $150M+ fixed cost redu
Slide 22: Path to Significant Growth in 2027
4 PATH TO SIGNIFICANT GROWTH IN 2027 HDMC bridge by initiatives (M) DEPRECIATION AND AMORTIZATION OPERATING INCOME CONTINUED GROWTH +$225+ $350+ Motorcycle Motorcycle P&A + + $124 margin (COGS cost out, volume growth level -up pricing, mix) 2025 Fixed Leverage + 2027 Medium term Cost reduction tarif
Slide 23: HDMC Targets Against Key Metrics
4 HDMC TARGETS AGAINST KEY METRICS KEY METRICS 2025 PERFORMANCE MEDIUM TERM Retail unit growth -9% CAGR (2021 -25) Mid-single -digit CAGR HDMC gross margin % 24% 25 -30% P&A and A&L growth -4% CAGR (2021 -25) Mid-single -digit CAGR OpEx as % of sales 25% <20% EBITDA MARGIN* 10 - 12% *Effective Q2 Ha
Slide 24: HDFS: Continue to Be Best Finance Organization in Powersports
HDFS: CONTINUE TO BE BEST FINANCE 4 ORGANIZATION IN POWERSPORTS Strengthen leading powersports finance platform Expand high -value F&I product suite 2029 TARGET Optimize offers to support motorcycles OPERATING INCOME Leverage additional financing to drive Parts & Accessories sales $125 –150M Better
Slide 25: Capital Allocation Prioritization
CAPITAL ALLOCATION PRIORITIZATION Reinvest in key growth initiatives Return of Capital through share buybacks and dividends Opportunistic M&A 25
Slide 26: Restoring H-D to Growth: Back to the Bricks
BACK TO THE BRICKS RESTORING H - D TO GROWTH Appreciation and actioning of H -D’s competitive advantages, including brand, revenue channels and dealer network Renewed commitment to our exclusive network of dealers and enterprise profitability Immediate actions are underway to deliver for our dedicat
Slide 27: Forward Looking Statements
Forward Looking Statements Cautionary Note Regarding Forward Looking Statements The Company intends that certain matters discussed in this press release are “forward -looking statements” intended to qualify fo r the safe harbor from liability established by the Private Securities Litigation Reform A
Slide 28: Forward Looking Statements
Forward Looking Statements Cautionary Note Regarding Forward Looking Statements (u) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferen tia l free trade agreements and duty rates, and sufficiently lower prices of its motorcycles i