Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Investor Presentation (April 2026)
17 slides from Harley-davidson's investor presentation, Apr 16, 2026
Slide 1: Investor Discussion of Harley-Davidson Financial Services (HDFS)
Harley-Davidson, Inc. Investor Discussion of Harley-Davidson Financial Services (HDFS) April 16, 2026 1
Slide 2: Agenda
Agenda Investor Discussion of Harley-Davidson Financial Services (HDFS) Business Jonathan Root – CFO, CCO of HDI Intro to HDFS: HDFS as a Strategic Value Driver for Harley-Davidson Charles Do – SVP of HDFS HDFS Transaction: Partnership with KKR / PIMCO Shawn Collins – Head of Investor Relation
Slide 3: Valuable Product Suite for Dealers and Customers
Valuable Product Suite for Dealers and Customers Providing comprehensive financial product suite to serve variety of needs HDFS is engaged in the business of financing and servicing wholesale inventory receivables and retail consumer loans, primarily for the purchase of Harley-Davidson and LiveWir
Slide 4: Harley-Davidson Financial Services Structure
Harley-Davidson Financial Services Structure Financial services arm of Harley-Davidson, engaging in the financing and servicing of wholesale and retail receivables for the purchase of Harley- Davidson motorcycles Harley-Davidson Eaglemark Savings Harley-Davidson Credit Corp (HDCC) Bank (ESB) Insur
Slide 5: Full Year 2025 Performance & Financial Guidance for 2026
Full Year 2025 Performance & Financial Guidance for 2026 2026 Financial Outlook as of February 10, 2026 Full Year 2025 Financial Outlook for 2026 ($ millions, except earnings per share) HDMC HDFS LVWR Total HDI HDMC HDFS LVWR Revenue $3,578 $869 $26 $4,473 % vs PY -13% -16% -3% -14% Global Motorcycl
Slide 6: HDFS is a Strategic Asset Supporting Harley-Davidson's Success
HDFS is a Strategic Asset Supporting Harley-Davidson’s Success We believe HDFS is a strategic advantage and provides the following for our business: Full Year 2024 metrics, before HDFS HDFS is critical for Harley-Davidson dealers and retail customers Transaction: HDFS being integrated with HDM
Slide 7: Recap of KKR / PIMCO Transaction
Recap of KKR / PIMCO Transaction New Financial Flexibility Harley-Davidson completed a strategic transaction involving HDFS with two partners (KKR / PIMCO), reinforcing the strength and flexibility of the Company’s financial services platform Transaction Highlights Sale of ~$6 billion retail fin
Slide 8: Sale of Future Retail Receivables: Mechanics
Sale of Future Retail Receivables: Mechanics “Forward Flow” Agreement HDFS expects to sell ~ 2/3 of HDFS retail loans at a gain or loss for five years to KKR / PIMCO HDFS expects to keep ~ 1/3 of HDFS retail loan originations during this period on HDFS balance sheet HDFS services retail loan a
Slide 9: HDFS Retail Loan Unit Economics
HDFS Retail Loan Unit Economics Illustrative Example Motorcycles Financed HDFS Raises Funds to Provide Earnings in Dealership Customer Loan Profile + Retail customer interest On Balance Sheet $30,000 $30,000 ‒ Interest expense Borrowed Funds ‒ Provision for credit losses Equity Capital ‒ Operating e
Slide 10: HDFS Post-Transaction Mix
HDFS Post-Transaction Mix Lending Activities Non-Lending Activities Retail Dealers Protection Products Card Products Gross retail receivables Gross wholesale receivables Revenue of < $100 mm in each Revenue of < $50 mm in each of outstanding (HFI) (1) Dec 31: outstanding Dec 31: of last 2 ye
Slide 11: HDFS Financial Modeling Considerations
HDFS Financial Modeling Considerations Lending Activities Retail Loan Assets (Held for Investment) HDFS Balance Sheet Retail Interest Income = Retail Finance Receivables Balance x Lending Rate HDFS Balance Sheet – Select Items (in $ millions) 12/31/24 12/31/25 Retail Finance Receivables Balance
Slide 12: Balance Sheet by Segment
Balance Sheet by Segment Since HDFS Transaction: Reduced Debt & Increased Cash Strategic partnership materially reduces the capital intensity of HDFS business HDMC – Strong Balance Sheet HDFS – Evolving Balance Sheet HDI – Strong Balance Sheet / Less Debt Paid down $450 mm of debt in 2H-25 Red
Slide 13: Path to Growing HDFS Operating Income: 2026E to 2029E
Path to Growing HDFS Operating Income: 2026E to 2029E 2026 Financial Outlook: As of February 10, 2026 Expect HDFS operating income of $45 million to $60 million in 2026 Expect HDFS to continue to increase its retail finance receivable base over the coming years as it continues to originate retai
Slide 14: Key Take-aways
Key Take-aways High-level Take-away From the perspectives of riders and dealers, HDFS is essentially doing everything the same as it did pre- transaction, but has changed one simple but very important facet of its go-forward business: HDFS is now selling a portion of its retail balance sheet to in
Slide 15: HDFS Investment Highlights
HDFS Investment Highlights Full Year 2024 Metrics, before HDFS Transaction: 18% 71% 138,759 $3.0bn 2024 U.S. Retail Market Share 2024 Retail Originations(1) 2024 Return on Equity (ROE) 2024 Retail Units Financed for financing of H-D New Motorcycles 1 Iconic brand 2 Decades of high-quality service to
Slide 16: 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 17: Forward Looking Statements Continued
FORWARD LOOKING STATEMENTS CONTINUED The Company’s ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company’s dealers to sell its motorcycles and related products and services to retail customers. The Company