Slide 1: Q1 2026 Earnings Presentation
Q1 2026 Earnings Presentation April 30, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by words such as “estimates,” “guidance,” “expects,” “anticipates,” “
Slide 3: Q1 2026 Key Takeaways
Q1 2026 Key Takeaways Net sales off by 1%; Stronger revenue in Key Metrics Marine and Powersports partially offset lower revenue in RV and Housing end Net Sales markets (1%) $997M vs. Q1 2025 Content and share gains driven by new products, materials, including composites, and the shift toward more A
Slide 4: Q1 2026 Revenue Composition
Q1 2026 Revenue Composition Q1 2026 compared to Q1 2025 unless otherwise noted Outdoor Enthusiast Markets RV Marine Powersports Housing % of Q1 Net Sales 45% 17% 10% 28% End Market Revenue $446M (7%) $170M +14% $104M +28% $277M (6%) Content Per 1 2 ✓ Increasing attachment 3 Unit (TTM) $5,277 +8% $4,
Slide 5: Improved Earnings Power Despite Lower Shipments
Improved Earnings Power Despite Lower Shipments 2019 to Q1 2026 Comparison Q1 2026 $ in millions, except per share data FY 2019 TTM ∆ Wholesale RV Unit Shipments1 406,070 330,423 (19%) Key Drivers Wholesale Marine Unit Shipments2 189,945 134,689 (29%) Strategic Total Net Sales $2,337 $3,945 +69% Div
Slide 6: Q1 2026 Financial Performance
Q1 2026 Financial Performance $ in millions, except per share data Net Sales & Gross Margin (7%) RV 22.8% 22.8% RV Year-Over- Year +14% Marine Marine Revenue Powersports Growth By Housing End Market +28% Powersports Q1 2025 Q1 2026 Total Net Sales $1,003 $997 (6%) Housing Adjusted Operating Margin1
Slide 7: Performance By End Market
Performance By End Market ow PATRICK
Slide 8: RV Revenue $446M
Revenue Q1 2026 Shipments Q1 2025 Q1 2026 % Change (7%) $446M vs. Q1 2025 Wholesale1 97,800 86,100 (12%) Retail2 72,700 63,200 (13%) % of Q1 2026 Net Sales Dealer Inventory Change + ~22,900 units Revenue Growth Content Per Unit1 Growth 45% ($ in millions) 10-Yr CAGR: +8% 10-Yr CAGR: +11% (7%) +8% Q1
Slide 9: Marine Revenue $170M
Revenue Q1 2026 Shipments1 Q1 2025 Q1 2026 % Change +14% $170M vs. Q1 2025 Wholesale 36,900 34,200 (7%) Retail 30,400 28,300 (7%) % of Q1 2026 Net Sales Dealer Inventory Change + ~5,900 units Revenue Growth Content Per Unit1 Growth 17% ($ in millions) 10-Yr CAGR: +40% 10-Yr CAGR: NM +14% +17% $170 $
Slide 10: Powersports Revenue $104M: Solidifying Industry Leading Platform
Solidifying Industry Leading Revenue Revenue Growth Powersports Platform ($ in millions) $104M +28% vs. Q1 2025 4-Yr CAGR: +75% +28% % of Q1 2026 Net Sales $104 $81 • Utility continues to outperform broader Powersports category • Further OEM adoption of Sportech’s cab enclosures in Q1 2026 10% $11 •
Slide 11: Housing Revenue $277M
Revenue Q1 2026 Shipments Q1 2025 Q1 2026 % Change (6%) $277M vs. Q1 2025 MH Wholesale1 26,200 23,300 (11%) Housing Starts2 318 322 +1% % of Q1 2026 Net Sales (in thousands) Revenue Growth MH Content Per Unit1 Growth 28% ($ in millions) 10-Yr CAGR: +16% 10-Yr CAGR: +14% (6%) ~FLAT $295 $6,646 $6,636
Slide 12: End Market Landscape
End Market Landscape Meaningful retail demand inflection likely depends on consumer confidence and interest rate improvement RV Marine ✓ OEM production is aligned with disciplined ✓ Patrick’s strong showing in last model-year dealer inventory management and field changeover supporting continued CPU
Slide 13: Financial Strength Supports Disciplined Capital Allocation
Financial Strength Supports Disciplined Capital Allocation Liquidity1 Net Leverage1,2 $734M 2.8x Capital Allocation Q1 2026 YTD ✓ History of strong free cash flow1 generation and ample liquidity provide flexibility to execute across market cycles ✓ Balanced capital allocation strategy enables reinve
Slide 14: Full-Year 2026 Outlook
Full-Year 2026 Outlook End Market Outlook FY 2025 FY 2026 Outlook Prior 2026 Outlook RV Wholesale Unit Shipments 342K1 315K to 330K Up LSD to MSD% RV Retail Unit Shipments 349K2 Down LSD to MSD % Flat Marine Wholesale Powerboat Unit Shipments 137K2 Up LSD % No Change Marine Retail Powerboat Unit Shi
Slide 15: Non-GAAP Reconciliations
Non-GAAP Reconciliations 15
Slide 16: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating
Slide 17: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income to EBITDA to Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) 2019 Q1 2025 Q1 2026 Q1 2026 TTM Net income $90 $38 $39 $136 + Depreciation & amortization 63 43 43 170 + Interest expense, net 37 19 18 74 + Income taxes 28 8 7 41 EBITDA $2
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted Net Income to Adjusted Diluted Earnings Per Common Share 1 ($ in millions, except per share data) 2019 Q1 2025 Q1 2026 Q1 2026 TTM Net income $90 $38 $39 $136 + Acquisition related fair-value inventory step-up - - - 1 + Legal settleme
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Reconciliation of Operating Margin to Adjusted Operating Margin 2019 Q1 2025 2025 Q1 2026 Q1 2026 TTM Operating margin 6.6% 6.5% 7.0% 6.5% 7.0% Adjusted operating margin 6.6% 6.5% 7.0% 6.5% 7.0% Reconciliation of Net Income to EBITDA to Pro Forma Adjusted EBITDA ($ in millio
Slide 20: Non-GAAP Reconciliations: Liquidity and Net Leverage
Non-GAAP Reconciliations Liquidity (as of Q1 2026) ($ in millions) Total Revolver Credit Capacity $875.0 Capital Structure Less: Total Revolver Used 178.6 (including outstanding letters of credit) • $125.0M Term Loan ($117.2M o/s), scheduled Unused Credit Capacity $696.4 quarterly installments; bala