Lci Industries · NYSE:LCII
Lci Industries — Merger or Acquisition (June 2026)
28 slides from Lci Industries's merger presentation, Jun 30, 2026
Slide 1: Empowering The Outdoor Enthusiast Experience Together
1 Empowering Enthusiasts Worldwide + June 30, 2026 Empowering The Outdoor Enthusiast Experience Together NYSE:LCIINASDAQ:PATK + Filed by LCI Industries pursuant to Rule 425 under the Securities Act of 1933 and deemed filed pursuant to Rule 14a-12 under the Securities Exchange Act of 1934 Subject Com
Slide 2: Important Information About the Proposed Transaction and Where to Find it
2 Empowering Enthusiasts Worldwide + Important Information About the Proposed Transaction and Where to Find it In connection with the proposed transaction between LCI Industries (“LCI”) and Patrick Industries (“Patrick”), LCI and Patrick intend to file relevant materials with the Securities and Exch
Slide 3: Forward-Looking Statements
3 Empowering Enthusiasts Worldwide + Forward-Looking Statements Information in this presentation, other than statements of historical facts, may constitute forward-looking statements, for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and S
Slide 4: Today's Presenters
4 Empowering Enthusiasts Worldwide + Today’s Presenters Andy Nemeth Chief Executive Officer Johnny Sirpilla Interim Chief Executive Officer Todd Cleveland Chairman of the Board
Slide 5: Premier Engineering and Component Solutions Platform: Transformational Combination
5 Empowering Enthusiasts Worldwide + Premier Engineering and Component Solutions Platform Serving the Global Outdoor Recreation Ecosystem and Adjacent Markets Transformational Combination
Slide 6: Amplifying Strengths to Go Further, Faster…and Better
6 Empowering Enthusiasts Worldwide + Amplifying Strengths to Go Further, Faster…and Better $3.9B Revenue $446M Adj. EBITDA 10,000+ Employees 250+ Facilities 85+ Brands $4.2B Revenue $422M Adj. EBITDA 12,300+ Employees 100+ Facilities 25+ Brands Note: Figures as of LTM Q1-2026 period; 1 Free cash flo
Slide 7: Dynamic Combination Uniting and Empowering The Outdoor Enthusiast Experience
7 Empowering Enthusiasts Worldwide + Dynamic Combination Uniting and Empowering The Outdoor Enthusiast Experience Deep customer partnerships enable enhanced value and co-innovation across the product lifecycle Complementary, customer-focused solutions across strategically-adjacent end markets Resili
Slide 8: Transaction Overview
8 Empowering Enthusiasts Worldwide + Transaction Overview +
Slide 9: Transaction Structure
9 Empowering Enthusiasts Worldwide + Transaction Structure ⚫ Patrick Industries (“Patrick”) and LCI Industries (“LCI” or “Lippert”) to combine in all-stock merger ⚫ Combined equity value of ~$5.6B and enterprise value of ~$7.7B at announcement1 Shareholder Consideration ⚫ Pro forma ownership of 52%
Slide 10: Post-Merger Governance Structure
10 Empowering Enthusiasts Worldwide + 6 / 6 12 Directors total, with 6 designated by Patrick and 6 designated by LCI One Leadership Team Additional executive management positions to be named as part of integration process Post-Merger Governance Structure Chair of the Board Board Composition Johnny S
Slide 11: Delivering Value for All Stakeholders
11 Empowering Enthusiasts Worldwide + Elevates the outdoor enthusiast experience through enhanced innovation, collaboration and expanded aftermarket component access Delivering Value for All Stakeholders Enhances Ability to Serve Customers Unifies a high-performing talent engine, anchored in a share
Slide 12: Strategic Combination to Drive Future Performance
12 Empowering Enthusiasts Worldwide + 73% 27% Strategic Combination to Drive Future Performance Aftermarket 16% Aftermarket ~20-25% STRUCTURE & STRATEGY REVENUE MIX 2025 PRO FORMA STRATEGIC VISION Outdoor Enthusiast Housing, Transportation & Other STRATEGIC GOALS Outdoor & Housing Enthusiasts 1 2 4
Slide 13: Business Overview
13 Empowering Enthusiasts Worldwide + Business Overview +
Slide 14: Accelerates Growth Across Strategically Diversified Outdoor Verticals and Channels
14 Empowering Enthusiasts Worldwide + TRUCK & ADVENTURE OFF-ROAD ~6% Revenue Accelerates Growth Across Strategically Diversified Outdoor Verticals and Channels Note: Pie chart represents 2025A pro forma revenue mix; 1 Represents buses, trailers, commercial vehicles and rail RECREATIONAL VEHICLE ~50%
Slide 15: Complementary Solutions Built to Serve Customers
15 Empowering Enthusiasts Worldwide + Complementary Solutions Built to Serve Customers, Powered by a Shared Commitment to Innovation and Excellence Complementary Talent and Industry Insights Deep Pipeline of Customer-Centric Solutions Empower Customers to Bring Ideas to Life Unified Innovation Platf
Slide 16: Expansive Breadth Across Diverse End Markets to Deliver Adjacent Solutions
16 Empowering Enthusiasts Worldwide + Expansive Breadth Across Diverse End Markets to Deliver Adjacent Solutions Diversified End-Market Exposure Expanded Addressable Market Strengthened Through-Cycle Resilience Enhanced Cross-Sell Opportunities ADJACENT MARKETS. COMPLETE SOLUTIONS. POWERSPORTS Innov
Slide 17: Attractive Aftermarket with Significant Growth Opportunity
17 Empowering Enthusiasts Worldwide + Attractive Aftermarket with Significant Growth Opportunity STRUCTURAL ADVANTAGES OF THE AFTERMARKET CHANNEL LEADING AFTERMARKET BRANDS TRUSTED BY DEALERS, INSTALLERS AND CONSUMERS Expanded customer connectivity and touchpoints accelerates innovation velocity Bro
Slide 18: Catalyzes Ability to Execute on Growth Initiatives
18 Empowering Enthusiasts Worldwide + MARKET UPCYCLE PRODUCT AND SOLUTION INNOVATION AFTERMARKET EXPANSION STRATEGIC FLEXIBILITY CATEGORY EXTENSION Added cash flows and a stronger balance sheet expands capacity to invest in growth opportunities Strengthened resources to spur new product development
Slide 19: Financial Overview
19 Empowering Enthusiasts Worldwide + Financial Overview +
Slide 20: Value Enhancing Combined Financial Profile and Balance Sheet
20 Empowering Enthusiasts Worldwide + Value Enhancing Combined Financial Profile and Balance Sheet REVENUE ADJ. EBITDA1 ADJ. EBITDA MARGIN % FREE CASH FLOW2 NET LEVERAGE RATIO $446M $3,945M 11.3% 2.8x4 $194M $422M $4,167M 10.1% 1.9x $202M $150M $113M3 $1,018M $8,111M 12.6% 2.1x5 $508M Presented figu
Slide 21: Synergies Drive Compelling Shareholder Value Creation
21 Empowering Enthusiasts Worldwide + Synergies Drive Compelling Shareholder Value Creation 1 Cash costs to achieve are one-time and expected to be ~1x run-rate synergies ~20% Procurement ~30% Facilities ~50% G&A $150M Annual Run-Rate Cost Synergies1 Accretive to Adj. EPS in Year 1 with expected syn
Slide 22: Combined Company is Well-Positioned Within Recovering Market Dynamics
22 Empowering Enthusiasts Worldwide + Combined Company is Well-Positioned Within Recovering Market Dynamics 1 Based on data published by the RV Industry Association (RVIA); 2 Company estimates based on data published by National Marine Manufacturers Association (NMMA) Organizational Strength Combine
Slide 23: Q&A
23 Empowering Enthusiasts Worldwide + Q&A +
Slide 24: Continued Commitment to Building Stronger Communities
24 Empowering Enthusiasts Worldwide + Continued Commitment to Building Stronger Communities
Slide 25: Investor Contacts
25 Empowering Enthusiasts Worldwide + Patrick Investor Contact Steve O’Hara irrequests@patrickind.com LCI Investor Contact Lillian Etzkorn investors@LCI1.com
Slide 26: Appendix: Patrick Industries Non-GAAP Financial Measures
26 Empowering Enthusiasts Worldwide + ($ in thousands) Full year 12/31/2025 Three months ended 03/29/2026 Three months ended 03/30/2025 LTM 03/29/2026 Net income $ 135,056 $ 39,480 $ 38,238 $ 136,298 Depreciation & Amortization 170,212 42,777 42,646 170,343 Interest expense, net 74,507 18,388 19,112
Slide 27: Appendix: LCI Industries Non-GAAP Financial Measures
27 Empowering Enthusiasts Worldwide + Appendix: LCI Industries Non-GAAP Financial Measures In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, Adjusted EBITDA as a percentage of net sales, adjusted ne
Slide 28: In the Community Advancing the Outdoor Recreation Ecosystem
28 Empowering Enthusiasts Worldwide + In the Community Advancing the Outdoor Recreation Ecosystem Empowering Enthusiasts +