Slide 1: Third Quarter 2025 Earnings Presentation
Third Quarter 2025 Earnings Presentation October 28, 2025
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: Third Quarter 2025 Overview
Third Quarter 2025 Overview Total Company Results(1) Third Quarter Drivers Q3’25 Y/Y Change • Results in line with preliminary results announced on Oct. 13, 2025 Adjusted Sales $1,838M 7% • Sales at the high-end of guidance, driven by higher- than-expected shipments and positive mix Adjusted Gross •
Slide 4: North America Retail Trends and Sentiment
North America Retail Trends and Sentiment • Retail Trends in Q3 ORV Recreation and Utility Retail o ORV Utility up high-teens % and Recreation ex-Youth down low- In Units 0% -11% 1% 9% single digits % -3% o Aided by Polaris Factory Authorized Clearance program (FAC) o ~3 points of ORV share capture
Slide 5: We Are the Global Leader in Powersports
RZR Factory Race Team New 2026 Products Camp RZR Secured Third Consecutive RZR, RANGER, Bennington & October 31 - November 1 Victory at Baja 400 Snowmobiles An off-road experience unlike any other! RZR XP S We Are the Global Leader in Powersports Q3'25 Earnings 10/28/25 5
Slide 6: Polaris Agrees to Sell Majority Stake in Indian Motorcycle to Carolwood LP
A win for both companies Polaris Agrees to Sell A more focused Polaris for accelerated growth: Majority Stake in Creates a more simplified portfolio focused on our strongest opportunities for profitable growth and industry-leading Indian Motorcycle to innovation Support for Indian Motorcycle’s next
Slide 7: Current Tariff Picture and Mitigation Strategy
Current Tariff Picture and Mitigation Strategy Updated Estimate for 2025 Tariff Impact* 4-Pronged Tariff Mitigation Strategy Tariff % $ Millions • Supply Chain and Manufacturing o Continue to execute mitigation strategy China 30% $60 - $70 o Longer-term plan to reduce all China spend by ~80% relativ
Slide 8: Q3 2025 Financial Results
Q3 2025 Financial Results Adjusted* Sales Financial Highlights (Y/Y) • Adjusted* quarterly sales of $1.8B, up 7% $1,722 $206 $9 $1,838 o Shipped to high-end of our ORV expectations ($99) o Higher mix in ORV o Reported international sales up 2% o Reported PG&A sales up over 20%; record quarter for pa
Slide 9: Off Road Q3 Summary
Off Road Q3 Summary Q3 Results & Y/Y Change Q3 PII Call-outs Q3’25 Y/Y Change • N.A. ORV Retail up 9% year-over-year o Polaris RANGER up mid-twenties % Sales $1,510M 8% o ORV dealer inventory down 26% versus prior year o Dealer inventory now aligned with demand Wholegoods North America 3% 8% • Gaine
Slide 10: On Road Q3 Summary
On Road Q3 Summary Q3 Results & Y/Y Change Q3 PII Call-outs Q3’25 Y/Y Change • Continued market softness driving revenue decline Sales $229M 3% • Modest share gain in North America Indian Motorcycle Wholegoods North America • International markets remain softer than North America 6% PG&A 8% Internat
Slide 11: Marine Q3 Summary
Marine Q3 Summary Q3 Results & Y/Y Change Q3 PII Call-outs Q3’25 Y/Y Change • Sales growth driven by dealers ordering entry-level pontoons Sales $103M 20% • Dealer inventory down ~17% year-over-year as we continue to align with demand Gross Profit • Flattish share in Pontoons; winning back share in
Slide 12: Financial Position
Financial Position 2025 Capital Deployment Priorities Key Financial Metrics $ in millions #1 Priority – Strategic Investments Cash $336 Invest in higher-margin profitable growth Capex (YTD) $118 #2 Priority – Dividends Total Debt $1,735 Dividend Aristocrat – 30 consecutive years of raising dividend
Slide 13: 2025 Full-Year Planning Assumptions
2025 Full-Year Planning Assumptions • Adjusted Sales expected to be $6.9 billion to $7.1 billion, in line with original guidance provided in January • Industry retail demand expected to be flattish in an elevated promotional environment o Polaris expected to end the year with higher share • Estimate
Slide 14: Closing Comments
Closing Comments • Strong Q3 results • Alignment of dealer inventory with demand • Continue to launch innovative products that are expected to gain share, deliver on customer needs and provide strong value propositions • Driving our Lean strategy to realize additional operational efficiencies • Exec
Slide 15: Q&A
Q&A
Slide 16: Appendix
Appendix • Non-GAAP Reconciliations – Total Company • Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA • Non-GAAP Reconciliations – Segments • Non-GAAP Reconciliations – Free Cash Flow Q3'25 Earnings 10/28/25 16
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) Three months ended September 30, Nine months ended September 30, Full Year 2025 2024 2025 2024 2024 Sales 1,841.6 1,722.4 5,230.1 5,420.0
Slide 18: 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 September 30, Nine months ended September 30, Full Year 2025 2024 2025 2024 2024 Adjusted sales 1,838.0 1,722.4 5,222.2 5,420.0 7,174.7 N
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 September 30, Nine months ended September 30, Full Year 2025 2024 2025 2024 2024 Off Road segment gross profit $ 336.3 $ 297.4 $ 815.9 $ 852.6
Slide 20: Non-GAAP Reconciliations – Segments
Non-GAAP Reconciliations – Segments Reconciliation of GAAP Segment Sales to Non-GAAP Segment Sales (In Millions, Unaudited) Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 On Road segment sales $ 228.5 $ 236.5 $ 739.3 $ 807.0 Product wind down (1) (2.9) — (9.8) —
Slide 21: Non-GAAP Reconciliations – Cash Flow
Non-GAAP Reconciliations – Cash Flow Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow (In Millions, Unaudited) Three months ended September 30, Nine months ended September 30, Full Year 2025 2024 2025 2024 2024 Net cash provided by operating activities 158.8 21.0 562.3