Slide 1: Free The Eagle
Free The Eagle H Partners Exposes Harley-Davidson’s Most Recent Attempts to Mislead Shareholders Prepared by H Partners Management, LLC April 2025
Slide 2: Disclaimer
Disclaimer The materials contained herein (the “Materials”) represent the opinions of H Partners Management, LLC and the other participant in its proxy solicitation (collectively, “H Partners,” or “we”) and are based on publicly available information with respect to Harley-Davidson, Inc. (“Harley-Da
Slide 3: The Board Is Attempting to Distract Shareholders from Significant Underperformance
The Board Is Attempting to Distract Shareholders from What Matters: the Company’s Significant Underperformance and the Board’s Failure to Hold Themselves Accountable • Over Jochen Zeitz’s tenure as CEO, shareholders have suffered a $2 billion loss in equity value and the Company's shares have underp
Slide 4: The Company's Defined Peer Group Is Not a Relevant Comparison to Harley-Davidson
The Company’s Defined “Peer” Group of Powersports, Boat, and Motorhome Manufacturers Is Not a Relevant Comparison to Harley-Davidson “ • We compete directly with similarly sized leisure companies, including those in powersports and boats In its presentation published on April 25, 2025, the Company c
Slide 5: The Company Continues to Mislead Investors by Obfuscating its Motorcycle Segment's Results
The Company Continues to Mislead Investors by Obfuscating its Motorcycle Segment’s Results and By Referencing Self-Serving Performance Periods • In the Company’s benchmarking analysis, it compares Harley’s consolidated results from FY 2022-2024 to its defined “peer” group of powersports, boat, and m
Slide 6: Harley's Motorcycle Segment Has Not Significantly Outperformed the Peer Group
Harley’s Motorcycle Segment Has Not “Significantly Outperformed” the Company’s Defined “Peer” Group Over Mr. Zeitz’s Tenure • In its presentation, the Company compares Harley’s operating income margin and free cash flow conversion (i.e., free cash flow as % of EBITDA) from FY 2022- 2024 to the media
Slide 7: Harley's Motorcycle Segment Profitability and Free Cash Conversion Have Declined Under Mr. Zeitz
Harley’s Motorcycle Segment Profitability and Free Cash Conversion Have Declined Under Mr. Zeitz • While the Company’s “peer” group and timeframe are clearly not relevant comparisons, an apples-to-apples comparison of Harley’s results in the five years prior to Mr. Zeitz’s appointment as CEO to the
Slide 8: Harley's Motorcycle Segment Margin Advantage Has Disappeared Under Mr. Zeitz
Harley’s Motorcycle Segment Margin Advantage Has Disappeared Under Mr. Zeitz • Given Harley’s iconic brand and premium price point, it is not surprising that Harley generated an operating margin significantly above the Company’s “peer” group • However, under Mr. Zeitz, Harley’s margin advantage has
Slide 9: The Company References a Challenging Environment, but the Motorcycle Industry is Growing
The Company Continuously References the “Challenging” Environment, but the Motorcycle Industry is Growing • In its SEC filing on April 25, 2025, the Company asserts that, “Harley-Davidson is managing through one of the most challenging operating environments in its history” • While we acknowledge a
Slide 10: The Company Continues to Misrepresent the Results of the Hardwire Strategy
The Company Continues to Misrepresent the Results of the Hardwire Strategy In its April 25, 2025, presentation to shareholders, the Company touted its progress with data points that we believe are misleading and irrelevant. Company Statement Reality "Returned highest profit category, U.S. Touring, t
Slide 11: www.FreeTheEagle.com
www.FreeTheEagle.com