Polaris Inc. · NYSE:PII
Polaris — Q2 2026 Earnings Presentation
23 slides from Polaris's earnings presentation, Jul 28, 2026
Slide 1: Second Quarter 2026 Earnings Presentation
Second Quarter 2026 Earnings Presentation July 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 press release, including, but not limited to, the “2026 Business Outlook” and statements in “CEO Commentary” above are forward-looking statements that involve certain risks and uncertain
Slide 3: Second Quarter 2026 Overview
Second Quarter 2026 Overview (1) Total Company Results(1) Second Quarter Drivers • Results exceeded expectations across all financial metrics Q2’26 Y/Y Change • Sales up 9% with ORV, Commercial, Marine and PG&A all up double digits Sales $2,023M 9% • North America retail up 4% year-over-year Adjus
Slide 4: Second Quarter 2026 North America Retail Update
Second Quarter 2026 North America Retail Update POLARIS INDUSTRY MARKET RETAIL RETAIL SHARE ORV • Took share in ORV for the 5th straight quarter MID-SINGLE LOW-SINGLE Total ORV* DIGITS % DIGITS % • Utility continues to grow with strength in RANGER • Consistent pressures impacting Recreation: e
Slide 5: Polaris at the Dealers
Polaris at the Dealers Healthy Dealer North America Dealer Inventory (Units) Inventory Levels Alignment Between 8% Ship and Retail Right Mix of Product Heading Into Model Year Change Q2 2025 ORV Utility ORV Rec Seasonal Marine Q2 2026 Dealer Inventory Remains Healthy | Improved Mix of Units at Dea
Slide 6: Second Quarter 2026 Financial Results
Second Quarter 2026 Financial Results (1) Adjusted Sales Financial Highlights (Y/Y) $11 $2,023 • Quarterly sales of $2.0B, up 9% $210 $63 $1,848 o Excluding the impacts of the Indian Motorcycle separation, organic sales ($109) growth was 17% o ORV, Commercial, Marine and PG&A grew over 10% o Positiv
Slide 7: Polaris Powersports Segment – Q2 Summary
Polaris Powersports Segment – Q2 Summary (1) • Strong RANGER and Commercial sales 17% Sales 11% 14% led to favorable mix 8% • RANGER gained multiple points of Utility -8% Wholegoods SxS share 16% $1,611 $1,715 • RANGER portfolio continues to perform $1,460 $1,543 $1,419 well at both the premium an
Slide 8: Polaris Marine Segment – Q2 Summary
Polaris Marine Segment – Q2 Summary • Sales growth driven by higher mix of 20% 16% 16% Sales new premium lines in Bennington and 9% Godfrey pontoons 1% $180 • Dealer inventory remains healthy and $155 Pontoons $138 is down 8% year-over-year $125 $103 • Dealers and consumers remain cautious; Pontoon
Slide 9: Polaris Aixam & Goupil Segment – Q2 Summary
Polaris Aixam & Goupil Segment – Q2 Summary • Higher year-over-year Goupil 15% 14% 9% shipments more than offset lower 6% Sales -6% shipments at Aixam $103 $81 $86 • Aixam retail was up double digits $77 leading to improved dealer inventory $67 Aixam • Higher margin driven by lower Goupil warranty e
Slide 10: Financial Position
Financial Position 2026 Capital Deployment Priorities Key Financial Metrics (June 30, 2026) $ in millions #1 Priority – Strategic Investments Cash $302 Invest in higher-margin profitable growth Capex (YTD) $74 #2 Priority – Dividends Dividend Aristocrat – 31 consecutive years of raising dividend Tot
Slide 11: Full Year 2026 Guidance
Full Year 2026 Guidance (1) Current • Raised full year guidance for the second FY’25 FY’26 Guidance time this year, reflecting strength in our Actual FY’26 Guidance as of March 3, 2026 updated July 28, 2026 business and outlook • Expect a flattish retail environment in Adjusted $7.14B $7.30B to $7.5
Slide 12: Positioned to Deliver in 2026
Positioned to Deliver in 2026 Manage second half of the year to a flattish retail environment (YTD +3%) Key Focus • Launch innovative products ▪ Exciting 12 months beginning with our August Dealer Meeting Areas for • Build = Ship = Retail • Expect positive net price with model year pricing and lower
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: Q&A
Q&A Q2 2026 PII Earnings 7/28/26 14
Slide 15: 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 • Non-GAAP Reconciliations – Operational Results • Historical Sales Reclassification Q2 2026
Slide 16: 2026 Guidance – Key Metrics And Operational Viewpoint
2026 Guidance – Key Metrics And Operational Viewpoint (1) Guidance Updated July 28, 2026 Current Prior Current FY’26 FY’25 Current Key Metric FY’26 Guidance FY’26 Guidance Operational Guidance updated July 28, 2026 as of March 3, 2026 Actual FY’26 Guidance (w/o tariff refund) Operating Down ~2% y/y
Slide 17: 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 18: Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA
Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA Reconciliation of Net Income (Loss) to Adjusted EBITDA (In Millions, Unaudited) Three months ended June 30, Six months ended June 30, Full Year 2026 2025 2026 2025 2025 Adjusted sales 2,022.8 1,847.9 3,681.5 3,384.2 7,142.8 Net income (
Slide 19: 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 June 30, Six months ended June 30, Full Year 2026 2025 2026 2025 2025 Polaris Powersports segment gross profit $ 429.8 $ 301.2 $ 725.8 $ 507.5
Slide 20: 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) Six months ended June 30, Full Year 2026 2025 2025 Net cash (used for) provided by operating activities (90.0) 403.5 741.0 Purchase of property and equipm
Slide 21: Non-GAAP Reconciliations – Operational Results
Non-GAAP Reconciliations – Operational Results Reconciliation of Non-GAAP "Adjusted" Results to "Operational Adjusted" Results (In Millions, Unaudited) Three months ended June 30, 2026 Adjusted gross profit margin 23.9 % Exclude: IEEPA tariff refunds (3.6)% Operational adjusted gross profit margin 2
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: Q2 2026 PII Earnings 7/28/26
Q2 2026 PII Earnings 7/28/26 23