Harley-davidson, Inc. · NYSE:HOG
Harley-davidson — Q3 2025 Earnings Presentation
23 slides from Harley-davidson's earnings presentation, Nov 4, 2025
Slide 1: Q3 2025 Results
* ats * mn Q3 2025 RES a I >. £ We = x = = UESDAY, NO va ay T
Slide 2: Q3 2025 Results — Earnings Call
Q3 2025 RESULTS — EARNINGS CALL = Artie Starrs, President and CEO =" Jonathan Root, CFO and President, Commercial =" Shawn Collins, Director Investor Relations
Slide 3: Q3 2025 Performance Headlines
Q3 2025 PERFORMANCE HEADLINES " Delivered diluted EPS of $3.10 = HDFS operating income of $439 million (reflecting impact of HDFS transaction through end of Q3) = Global motorcycle retail sales down 6% versus prior year = HDMC revenue up 23% versus prior year = Global motorcycle shipments increased
Slide 4: HDFS Transaction Update
HDFS TRANSACTION UPDATE TRANSACTION COMPONENTS - announced on July 30, 2025 1. Back Book Sale HDFS agreed to sell the majority of its existing retail finance receivables and residual interests in securitized retail finance receivables 2. Forward Flow Agreement Starting in Q4, on a monthly basis, HDF
Slide 5: HDFS Transaction Update
HDFS TRANSACTION UPDATE TRANSACTION COMPONENTS - Subsequent to 03 Close / After Sept. 30 Completed relevant agreements pertaining to and the execution of: 1. Back Book Sale: $4.1 billion of finance receivables classified as held-for-sale at O3 2025 were sold in October. HDFS continues the management
Slide 6: Consolidated — Q3 2025 Results
CONSOLIDATED — Q3 2025 RESULTS Revenue % vs PY Operating Income (Loss) Margin % % vs PY Net Income Attributable to HDI Margin % HDMC $1,074 23% $54 5.0% -2% HDFS $261 -3% $439 168.0% 472% LiveWire $6 16% ($18) NM 30% Diluted EPS % vs PY "NM" means non-meaningful ?"Q3 2025" represents the period July
Slide 7: Consolidated — September YTD Results
CONSOLIDATED — SEPTEMBER YTD RESULTS Revenue % vs PY Operating Income (Loss) Margin % % vs PY Net Income Attributable to HDI Margin % HDMC $3,199 -14% $232 7.2% 53% HDFS $764 -2% $573 75.0% 184% LiveWire $14 “10% ($57) NM 32% Diluted EPS % vs PY 1"NM" means non-meaningful 2"Sept YTD 2025" represents
Slide 8: Harley-Davidson Worldwide Retail Sales and Inventory
HARLEY-DAVIDSON WORLDWIDE RETAIL SALES AND INVENTORY Harley-Davidson Retail Sales Retail Motorcycle Sales of H-D Motorcycles (vs. PY) Sept YTD 2025 Q3 2025 North America EMEA Asia Pacific Latin America Worldwide Dealer Inventory Units Market Share New 601+CC Market Share Q3 2025 Sept YTD 2025 H-D US
Slide 9: HDMC Revenue: Volume, Pricing, Mix
20% 23% 0% 2% 1% Volume Pricing Mix FX Total 1% 1% 0% -16% -14% Volume Pricing Mix FX Total 9
Slide 10: Q3 2025: HDMC Operating Income Margin
Q3 2025: HDMC OPERATING INCOME MARGIN Operating Income Margin 6.3% 5.0% Q3 2024 Q3 2025 Q3 2024 Op Income Margin $55 mm 6.3% Volume $52 3.9 Pts Pricing $3 0.2 Pts Mix $5 0.3 Pts Manufacturing & Other ($8) -0.9 Pts Increased Tariffs in ‘25! ($27) -2.3 Pts FX ($6) | -0.6 Pts Operating Expenses ($20) -
Slide 11: September YTD 2025: HDMC Operating Income Margin
SEPTEMBER YTD 2025: HDMC OPERATING INCOME MARGIN Operating Income Margin 13.3% 7.2% Q3'24 YTD Q3'25 YTD YTD 2024 Op Income Margin | $491mm | 13.3% Volume ($189) -3.6 Pts Pricing $35 1.0 Pts Mix $22 0.6 Pts Manufacturing & Other ($101) -3.2 Pts Increased Tariffs in ‘251 ($45) -14 Pts FX $18 0.5 Pts O
Slide 12: HDMC: Tariff Update
HDMC: TARIFF UPDATE Cost of New or Increased Tariffs in Q3 2025 YTD' was $45 million This included $9 mm in Q1 2025, $9 mm in Q2 2025, and $27 mm in Q3 2025 U.S. CENTRIC MANUFACTURING FOOTPRINT 1. Motorcycle Final Assembly for NA - York, PA 2. Powertrain Operations - Menomonee Falls, WI 3. Injection
Slide 13: HDFS Segment: Q3 2025 Results
HDFS SEGMENT: Q3 2025 RESULTS Summary Financials ($ millions) Revenue Interest Expense Provision for Credit Losses Operating Expense Total Expenses Operating Income Margin % eee 7 CES $261 ($8) -3% $76 ($19) -20% ($301) ($359) -620% $48 $8 19% ($178) ($370) -192% 168.0%
Slide 14: HDFS Segment: September YTD 2025 Results
HDFS SEGMENT: SEPTEMBER YTD 2025 RESULTS Summary Financials ($ millions) Revenue Interest Expense Provision for Credit Losses Total Expenses Operating Expense YTD 2025 $258 ($198) $191 Operating Income Margin % $764 $131 $573 75.0%
Slide 15: HDFS Retail Credit Losses
3.2% 3.1% 2.7% 1.5% 1.4% 0.8% Q3 '20 Q3 '21 Q3 '22 Q3 '23 Q3 '24 Q3 '25 12021 and 2022 results were impacted by federal stimulus payments and a high volume of COVID-19 pandemic related retail loan payment due date extensions for qualified customers 2 Represents annualized retail credit losses for al
Slide 16: LiveWire Segment Results
1, 2,3 ▪ ▪ ▪ ▪ 1 Represents results of the LiveWire reportable segment as determined in accordance with ASC 280 Segment Reporting, which may differ from LiveWire Group, Inc. results 2 Unit sales comprise both wholesale units to dealers and direct on-line sales to consumers 3 Revenue is comprised of
Slide 17: Consolidated — September YTD Results
CONSOLIDATED — SEPTEMBER YTD RESULTS HDI Operating Cash Flow ($ millions) HDI Financial Metrics - YTD $931 . $417 . Q3 2024-YTD Q3 2025- YTD 1Includes $5.6 million of capitalimplementation costs incurred in connection with cloud computing arrangements 2 As of Sept 30, 2025 Capital Investments! — $10
Slide 18: Capital Returns
$541 12.5 $418 $446 10.2 8.4 6.8 $254 2022 2023 2024 Q3 '25 YTD 2022 2023 2024 Q3 '25 YTD 18
Slide 19: Harley-Davidson, Inc. — 2025 Financial Guidance
HARLEY-DAVIDSON, INC. — 2025 FINANCIAL GUIDANCE HDMC Revenue Operating Income Withdrawn May 1, 2025 $525M - $550M Operating Income Margin Withdrawn May 1, 2025 Earnings Per Share Withdrawn May 1, 2025 Harley-Davidson, Inc. Capital Investment $175M - $200M Previously $200M - $225M 'Unit sales compris
Slide 20: HDFS Transaction – Appendix
HDFS TRANSACTION – APPENDIX Source: Consensus estimates, Company filings. 20
Slide 21: Post-Transaction Business Mix
✓ Loans to dealer including floorplan, line of credit and working capital needs Post-Transaction Business Mix Lending Activities Wholesale ✓ Outside of the transaction perimeter ▪ HDFS will continue with its product ✓ Spread income offering from before the transaction: retail and wholesale loans, an
Slide 22: Cautionary Note Regarding 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 for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-loo
Slide 23: Cautionary Note (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 depends on the capability and financi