Polaris Inc. · NYSE:PII
Polaris — Q1 2026 Earnings Presentation
23 slides from Polaris's earnings presentation, Apr 28, 2026
Slide 1: First Quarter 2026 Earnings Presentation
First Quarter 2026 Earnings Presentation April 28, 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: First Quarter 2026 Overview
First Quarter 2026 Overview Total Company Results(1) First Quarter Drivers Q1’26 Y/Y Change • Results exceeded expectations across all financial metrics Sales $1,659M 8% • Sales up 8% with ORV, Seasonal and Commercial all up double digits; PG&A up 8% Adjusted • North America retail up 1% year-over
Slide 4: Q1 2026 North America Retail Update
Q1 2026 North America Retail Update POLARIS INDUSTRY MARKET RETAIL RETAIL SHARE ORV • Took share in ORV for the 4th straight quarter LOW-SINGLE LOW-SINGLE • Utility continues to grow with strength in RANGER and Total ORV* DIGITS % DIGITS % Commercial • Consistent pressures impacting Recreation
Slide 5: Polaris at the Dealers
Polaris at the Dealers Healthy Dealer North America Dealer Inventory (Units) Inventory Levels Alignment Between 13% Ship and Retail Higher Mix of Current Versus Non-Current Q1 2025 ORV Utility ORV Rec Seasonal Marine Q1 2026 Dealer Inventory Remains Healthy | Encouraged by High Mix of Current Prod
Slide 6: Q1 2026 Financial Results
Q1 2026 Financial Results Sales Financial Highlights (Y/Y) • Quarterly sales of $1.7B, up 8% $1,536 $114 $56 $25 $1,659 o Excluding the impacts of the Indian Motorcycle separation, organic sales ($72) growth was 14% o ORV, Commercial, Seasonal grew over 10% o Net price benefit: positive price and lo
Slide 7: New Reportable Segments Introduced
New Reportable Segments Introduced Polaris Powersports Marine Aixam & Goupil $5,854M 87% 20.4% $512M 8% 14.2% $323M 5% 28.4% 2025 % of Total 2025 2025 % of Total 2025 2025 % of Total 2025 Sales Segment Sales GP Margin Sales Segment Sales GP Margin Sales Segment Sales GP Margin ORV Seasonal Snow & Sl
Slide 8: Polaris Powersports Segment – Q1 Summary
Polaris Powersports Segment – Q1 Summary • Strong RANGER and Commercial sales Sales 11% 14% led to favorable mix 8% ▪ Significant demand on data center jobsites -8% Wholegoods -10% 15% for Utility vehicles $1,543 $1,611 • Favorable net pricing $1,460 $1,419 $1,240 • RANGER 500 continues to perform
Slide 9: Polaris Marine Segment – Q1 Summary
Polaris Marine Segment – Q1 Summary • Sales growth driven by higher mix of 20% 16% 9% Sales new premium lines in Bennington and Godfrey pontoons 1% -7% $155 • Dealer inventory remains healthy and $138 $125 is down 9% year-over-year $115 Pontoons $103 • Dealers and consumers remain cautious; Pontoon
Slide 10: Polaris Aixam & Goupil Segment – Q1 Summary
Polaris Aixam & Goupil Segment – Q1 Summary • Higher year-over-year Goupil 15% 14% 9% shipments -6% Sales $103 • Positive price for Aixam -34% $81 $77 • Higher mix within the business year- $67 $61 Aixam over-year Goupil Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 PG&A Sales Y/Y Growth 294 bps 32.1% 26.3% 28.0%
Slide 11: Financial Position
Financial Position 2026 Capital Deployment Priorities Key Financial Metrics (Mar. 31, 2026) $ in millions #1 Priority – Strategic Investments Cash $282 Invest in higher-margin profitable growth Capex (YTD) $30 #2 Priority – Dividends Dividend Aristocrat – 31 consecutive years of raising dividend Tot
Slide 12: Full Year 2026 Guidance
Full Year 2026 Guidance Current Original • Raised full year guidance on March 3rd to FY’25 Actual FY’26 Guidance FY’26 Guidance reflect the earlier-than-expected close of updated March 3, 2026 as of January 27, 2026 Indian Motorcycle separation Total Company • Strong Q1 fundamentals lead to long-ter
Slide 13: Our Clear Vision to Win: Global Leader in Powersports
Our Clear Vision to Win: Global Leader in Powersports Today: Controlling What We Can Control • Operational Efficiencies: Seeing progress at our plants • Innovation: Continue to take share with new products • Working Capital: Drive attractive cash generation • Dealer Health: Dealer inventory is healt
Slide 14: Key Focus Areas for 2026
Positioned to Deliver in 2026 Manage to a flattish retail environment • Launch innovative products Key Focus • Build = Ship = Retail • Expect positive net price with model year pricing and lower Areas for promotions • Operations poised to meet any signs of increased demand 2026 Successfully execute
Slide 15: Q&A
Q&A Q1 2026 PII Earnings 4/28/26 15
Slide 16: Appendix
Appendix • 2026 Guidance-Key Metrics • GAAP/Non-GAAP Reconciliations • Non-GAAP Reconciliations – Net Loss to Adjusted EBITDA • Non-GAAP Reconciliations – Segments • Non-GAAP Reconciliations – Free Cash Flow • Historical Sales Reclassification Q1 2026 PII Earnings 4/28/26 16
Slide 17: 2026 Guidance – Key Metrics
2026 Guidance – Key Metrics Current guidance metrics issued on March 3, 2026 Current Original Current Original Key Metric FY’26 Guidance FY’26 Guidance FY’25 FY’26 Guidance FY’26 Guidance updated March 3, 2026 as of January 27, 2026 Actual updated March 3, 2026 as of January 27, 2026 Operating Down
Slide 18: 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 19: 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) Three months ended March 31, Full Year 2026 2025 2025 Adjusted sales 1,658.7 1,536.3 7,142.8 Net loss (47.2) (66.7) (464.8) Benefit for income taxes (10.5)
Slide 20: Non-GAAP Reconciliations – Segments
Non-GAAP Reconciliations – Segments Reconciliation of GAAP Segment Gross Profit to Non-GAAP Segment Gross Profit (In Millions, Unaudited) Three months ended March 31, 2026 2025 Polaris Powersports segment gross profit $ 296.0 $ 206.3 Restructuring (1) 5.1 1.8 Adjusted Polaris Powersports segment gro
Slide 21: 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 March 31, Full Year 2026 2025 2025 Net cash (used for) provided by operating activities (320.2) 83.2 741.0 Purchase of property and equ
Slide 22: Historical Sales Reclassification
Historical Sales Reclassification Polaris Inc. Reclassified Pro Forma Financial Data (in Millions, Except Per Share Data, Unaudited) April 28th, 2026 Starting in the first quarter of 2026 the Company began reporting under the following reportable segments: Polaris Powersports, Marine and Aixam & Gou
Slide 23: Q1 2026 PII Earnings 4/28/26
Q1 2026 PII Earnings 4/28/26 23