Lci Industries · NYSE:LCII
Lci Industries — Q4 2025 Earnings Presentation
30 slides from Lci Industries's earnings presentation, Feb 18, 2026
Slide 1: Investor Presentation | February 2026
INVESTOR PRESENTATION | February 2026 Celebrating 70 years of making recreation and transportation better. NYSE: LCII
Slide 2: Forward Looking Statements
Forward Looking Statements This presentation contains certain “forward-looking statements” with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions,
Slide 3: Global Leader Supplying the RV, Outdoor Recreation, Transportation, Housing, and Related Aftermarkets
Global Leader Supplying the RV, Outdoor Recreation, Transportation, $4.1B $408M Net Sales Adjusted EBITDA 1 Housing, and Related Aftermarkets High-spec manufacturer of key $331M 12,300 components serving the RV, Transportation, Operating Cash Flow Team Members Marine, Housing, and Aftermarket (RV, M
Slide 4: 2025 Revenue Positioned Across Five Markets
2025 Revenue Positioned Building on 70 years Across Five Markets of growth Revenue % by End Market Revenue Composition RV • 5th Wheels • Travel Trailers 47% RV OEM $1.9B | 47% • Motorhomes Chassis, windows, doors, furniture, axles and suspensions, slide-out mechanisms, leveling systems, appliances,
Slide 5: Investment Highlights
Revenue Growth from Investment Highlights $1.4B - $4.1B 2015-2025 Proven Expertise Driving Outsized Industry Growth — 11% CAGR over Past Decade Competitive Moat Multifaceted Growth Driving Market Share Opportunities Gains Further Margin Strong Cash Flow Expansion Initiatives Conversion and Robust Un
Slide 6: How Lippert Wins – Poised to Outperform
How Lippert Wins – Poised to Outperform Deep Manufacturing & Enable Solutions to Create an Unmatched Across Targeted Engineering Competencies Complex Customer Needs Product Ecosystem End Markets Metal Fabrication Chassis & & Welding Suspension Recreational Systems Vehicles Small Batch Glass Fabricat
Slide 7: Multifaceted Growth Opportunities
Multifaceted Growth Opportunities Proven expertise driving outsized industry growth RV & Marine Cyclical Recovery RV Aftermarket Tailwind Both markets are emerging from troughs. We are positioned for meaningful Lippert has put $20 billion in replaceable parts into OEM products over the revenue incre
Slide 8: Competitive Moat Driving Market Shares Gains
Competitive Moat Driving Success and share gains are driven by scale, Market Shares Gains expertise, and people SCALE AND MARKET LEADER ADVANTAGES Product Breadth Customer Proximity Customer Service Acquisitive DNA Low-Cost Manufacturer Diversified portfolio is Elkhart County stands at the heart of
Slide 9: Growth & Building Momentum Through M&A
Growth & Building Momentum Through M&A • Focus M&A efforts on RV, Transportation, Marine, and Aftermarket sectors • Target deals with $20-100M in revenue, at adjusted EBITDA multiples typically in the range of 4-6x • Diversify the business • Increase earnings power • Pursue deals that are immediatel
Slide 10: Successful History of Accretive Acquisitions
Successful History of Accretive Acquisitions $6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 En ter th e Eu ropean En ter th e Marine En ter th e Automotive RV After market Tran spo rtati on Marine Buil din g Pro du cts Caravann ing
Slide 11: RV OEM Market
RV OEM Market RV Market (2020–2025) $1.5B $1.9B +31% Growth Over 2020 Sales 2025 Sales Period 430.3K 342.2K 2020 Total North American 2025 Total North American Wholesale Unit Shipments Wholesale Unit Shipments $3B Total Addressable Market for Existing Products TAM unlocks significant share capture o
Slide 12: Well Positioned to Capitalize on Anticipated Strong RV Recovery
Well Positioned to Capitalize on Since 1980, the RV market has rebounded by an average of 101% Anticipated Strong RV Recovery over the 4-8 years following a shipment downturn RV Industry Showing Signs of Recovery RV Shipments Dealer Many dealers 700 TBD? First YoY retail 48% inventories at reported
Slide 13: Transportation OEM
Transportation OEM Transportation Market (2020–2025) $349M $771M +121% Growth Over 2020 Sales 2025 Sales Period 65K 500K+ 2025 City, Shuttle, and Utility and Cargo Trailers School Bus Production Produced Annually $1.7B Total Addressable Market for Existing Products TAM unlocks significant share capt
Slide 14: Marine OEM
Marine OEM Marine Market (2020–2025) $200M $291M +45% Growth Over 2020 Sales 2025 Sales Period $0.6B Total Addressable Market for Existing Products TAM unlocks significant share capture opportunity in 2026 and beyond LC I Industries | 2026 Investor Presentation 14
Slide 15: Housing OEM
Housing OEM Housing Market (2020–2025) $139M $184M +32% Growth Over 2020 Sales 2025 Sales Period $1B Total Addressable Market for Existing Products TAM unlocks significant share capture opportunity in 2026 and beyond LC I Industries | 2026 Investor Presentation 15
Slide 16: Automotive, RV, and Marine Aftermarkets
Automotive, RV, and Marine Aftermarkets Aftermarket (2020–2025) $628M $932M +48% Growth Over 2020 Sales 2025 Sales Period 13M 907K RVs in Use 2025 CURT Hitches Sold $7.4B Total Addressable Market for Existing Products TAM unlocks significant share capture opportunity in 2026 and beyond LC I Industri
Slide 17: Further Margin Expansion Initiatives Underway
Further Margin Expansion Optimized operations expected to boost Initiatives Underway profitability Operating Margin: 2023 2024 2025 2026 Target Steady State 3.3% 5.8% 6.8% 7.5-8% 10% • Higher volumes* • Divestitures of low-margin • Improving mix businesses • Lower material & freight costs • Aftermar
Slide 18: Financial Momentum Heading into 2026
Financial Momentum Heading into 2026 Sales Operating Adjusted Margin Diluted EPS* $7.46 6.8% 5.8% $4.1 $5.60 $3.8 $3.7 3.3% Billions $2.52 2023 2024 2025 2023 2024 2025 2023 2024 2025 * Additional information regarding Adjusted Diluted EPS, and reconciliations of this non-GAAP financial measure to t
Slide 19: Financial Momentum Heading into 2026
Financial Momentum Heading into 2026 Adjusted EBITDA* Free Cash Flow & Conversion* $450 $500 182% 200% ROIC* $400 $450 180% $408 $350 $400 160% $344 Millions Millions $300 $350 95% 140% 13.5% $250 $300 68% 120% $255 $250 100% 10.4% $200 $200 80% $150 $150 60% $100 5.3% $465 $328 $278 $100 40% $50 $5
Slide 20: Strong Balance Sheet and Cash Flow
Strong Balance Fueling disciplined capital deployment & Sheet and Cash Flow shareholder returns Balance Sheet Strength • Strong year-end cash position of $223 million supporting liquidity and resilience • Net debt to adjusted EBITDA of 1.8x *, reflecting disciplined leverage management • Successful
Slide 21: Strategic Capital Deployment Delivering Strong Shareholder Returns
Strategic Capital Deployment Significant increase in capital returned to shareholders in 2025, Delivering Strong Shareholder Returns reflecting strong cash generation and a commitment to shareholders 1. Reinvest for Growth Capital Deployment • Continue reinvesting in innovation and operation capabil
Slide 22: Experienced Leadership Driving Long-Term Growth
Experienced Leadership Driving Long-Term Growth Jason Lippert Ryan Smith Jamie Schnur Lillian Etzkorn Scott Meiner Andrew Mock Andrew Pocock Kelly Stanley Hilary Johnson President & Chief Group President Group President EVP & CFO Chief Supply SVP of EVP of Building & EVP & Co-CLO EVP & Co-CLO Execut
Slide 23: 2026 Outlook
2026 Outlook Market Outlook Growth Drivers 2026 Estimate RV Wholesales 335,000 – 350,000 • Expanding presence in multiple end markets • Higher-end consumer strength a tailwind Transportation Industry flat; Lippert growth from 2025 acquisitions • Increasing content per unit — supported by recently in
Slide 24: Investment Highlights
Revenue Growth from Investment Highlights $1.4B - $4.1B 2015-2025 Proven Expertise Driving Outsized Industry Growth — 11% CAGR over Past Decade Competitive Moat Multifaceted Growth Driving Market Share Opportunities Gains Further Margin Strong Cash Flow Expansion Initiatives Conversion and Robust Un
Slide 25: Appendix
APPENDIX
Slide 26: Appendix: Income Statement Information
Appendix Income Statement Information ($ in millions except per share data) 2019 2020 2021 2022 2023 2024 2025 Net Sales $ 2,371 $ 2,796 $ 4,473 $ 5,207 $ 3,785 $ 3,741 $ 4,122 Operating Profit $ 200 $ 223 $ 398 $ 553 $ 123 $ 218 $ 280 % of Sales 8.4% 8.0% 8.9% 10.6% 3.3% 5.8% 6.8% Net Income $ 147
Slide 27: Appendix: Balance Sheet Information
Appendix Balance Sheet Information ($ in millions) 2019 2020 2021 2022 2023 2024 2025 Cash & Cash Equivalents $ 35 $ 52 $ 63 $ 47 $ 66 $ 166 $ 223 Accounts Receivable 200 269 320 214 215 200 243 Inventory 394 494 1,096 1,030 768 737 809 Other Assets 1,234 1,483 1,809 1,956 1,910 1,792 1,901 Total As
Slide 28: Appendix Reconciliation of Non-GAAP Measures
Appendix Reconciliation of Non-GAAP Measures EBITDA & ADJUSTED EBITDA Twelve Months Ended December 31, EBITDA, adjusted EBITDA, free cash flow, and free cash flow ($ in thousands) 2025 2024 2023 conversion are non-GAAP performance measures included Net income $ 188,250 $ 142,867 $ 64,195 to illustra
Slide 29: Appendix Reconciliation of Non-GAAP Measures (cont.)
Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Twelve months ended December 31, Adjusted net income and adjusted net income ($ in thousands, except per share amounts) 2025 2024 2023 per diluted common share are non-GAAP performance measures included to illustrate and Net in
Slide 30: Industry Statistics Summary
—— Appendix Industry Statistics Summary LCI Industries TOTAL RECREATIONAL VEHICLES (RV) Retail Units @ TOTAL |_| || Dealer Inventory Impact LT™. Month YTD. LIM Month YTD. LT™ Jan-24 315,443 18,672 -13% 18,672 -13% 379,124 4,002 4,002 (63,681)} Feb-24 320,141 (24,842 4% 43,514 8% 377,987 6, 10,184 (8