Slide 1: Second Quarter 2025 Earnings Presentation
Second Quarter 2025 Earnings Presentation July 29, 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: Second Quarter 2025 Overview
Second Quarter 2025 Overview Total Company Results(1) Second Quarter Drivers Q2’25 Y/Y Change • Sales above high-end of guidance driven by favorable shipments, partially offset by higher promotions Adjusted Sales $1,848M 6% • North America retail flat year-over-year • Gained share in all three segme
Slide 4: North America Retail Trends and Sentiment
North America Retail Trends and Sentiment • Retail Trends in Q2 ORV Recreation and Utility Retail o ORV Utility up low-single digits %, Recreation down mid-single In Units -4% -3% 0% -11% 1% digits % o Japanese OEMs continue to offer elevated promotions driving short-term share dynamics in ORV o Ind
Slide 5: 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 Taking actions to reduce China spend to U.S. by ~35% by year- China 30% $60 - $70 end ~45% of this work is complete wit
Slide 6: Q2 2025 Financial Results
Q2 2025 Financial Results Adjusted* Sales Financial Highlights (Y/Y) • Adjusted* quarterly sales of $1.8B, down 6% $1,961 $3 $1,848 o Lower volumes due to planned cuts in shipments ($88) ($28) o Higher promotions led to negative net price o Reported International sales down 5% o Reported PG&A sales
Slide 7: Off Road Q2 Summary
Off Road Q2 Summary Q2 Results & Y/Y Change Q2 PII Call-outs Q2’25 Y/Y Change • N.A. ORV Retail up 1% y/y o Polaris Ranger up mid-single digits Sales $1,408M 8% o ORV dealer inventory remains well below prior year o Alignment with dealers regarding demand and floor inventory Wholegoods North America
Slide 8: On Road Q2 Summary
On Road Q2 Summary Q2 Results & Y/Y Change Q2 PII Call-outs Q2’25 Y/Y Change • Sales lower due to continued pressure in Slingshot; mid- single digit growth in Indian Motorcycle Sales $289M 1% • N.A. Indian Motorcycle retail up low-double digits % y/y Wholegoods North America • Indian Motorcycle gain
Slide 9: Marine Q2 Summary
Marine Q2 Summary Q2 Results & Y/Y Change Q2 PII Call-outs Q2’25 Y/Y Change • Sales growth with increased shipments of entry level pontoons Sales $155M 16% • Dealer inventory down over 20% y/y as we continue to make progress on dealer inventory Gross Profit • Gained share in Pontoons; winning back s
Slide 10: Financial Position
Financial Position 2025 Capital Deployment Priorities Key Financial Metrics $ in millions #1 Priority – Cash Preservation Cash $324 Executing on recession playbook Capex (YTD) $76 #2 Priority – Pay Down Debt Actions to reduce net leverage ratio Total Debt $1,827 #3 Priority – Dividends Dividends (YT
Slide 11: Third Quarter Planning Assumptions
Third Quarter Planning Assumptions • Third quarter sales expected to be between $1.6 billion to $1.8 billion • Retail demand expected to be flattish in an elevated promotional environment • Lower shipments in Off Road and On Road while higher year-over-year in Marine • Supply chain and operations co
Slide 12: Polaris RANGER 500: Right Tool. Right Price.
Polaris RANGER 500: Right Tool. Right Price. Utility Market Opportunity ~50% Industry Retail ~80% Polaris Retail RANGER 500 Opportunity $0K ~$15K $35K+ Industry Retail Polaris Retail Key Features • 2,500 lb. Winch • 1,500 lb. Towing Capacity • Poly Roof • LED Headlights • 300 lb. Dump Bed • 30+ acce
Slide 13: Closing Comments
Closing Comments • Executing on our tariff mitigation strategy • Winning at the dealership and with customers • Alignment between dealer inventory and demand across most categories • Continue to launch innovative products that deliver on customer needs and strong value propositions • Focused on exec
Slide 14: Q&A
Q&A
Slide 15: Appendix
Appendix • Non-GAAP Reconciliations – Total Company • Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA • Non-GAAP Reconciliations – Segments / Free Cash Flow Q2'25 Earnings 7/29/25 15
Slide 16: 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 June 30, Six months ended June 30, Full Year 2025 2024 2025 2024 2024 Sales 1,852.7 1,961.2 3,388.5 3,697.6 7,175.4 Pro
Slide 17: 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 June 30, Six months ended June 30, Full Year 2025 2024 2025 2024 2024 Adjusted sales 1,847.9 1,961.2 3,384.2 3,697.6 7,174.7 Net (loss) i
Slide 18: 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 2025 2024 2025 2024 2024 Off Road segment gross profit $ 288.2 $ 322.2 $ 479.6 $ 555.2 1,160.5 Res
Slide 19: Non-GAAP Reconciliations – Segments
Non-GAAP Reconciliations – Segments Reconciliation of GAAP Segment Sales to Non-GAAP Segment Sales (In Millions, Unaudited) Three months ended June 30, Six months ended June 30, 2025 2024 2025 2024 On Road segment sales $ 289.0 $ 293.3 $ 510.8 $ 570.5 Product wind down (1) (4.0) — (6.9) — Adjusted O
Slide 20: 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 June 30, Six months ended June 30, Full Year 2025 2024 2025 2024 2024 Net cash provided by operating activities 320.3 146.3 403.5 40.9 268.2