Slide 1: Q3 2025 Earnings Presentation
Q3 2025 Earnings Presentation October 30, 2025
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: Q3'25 Net Sales, Operating Income and Adjusted EBITDA Overview
Q3’25 NET SALES OPERATING INCOME & MARGIN Patrick (NASDAQ: PATK) is a $976M $66M 6.8% leading component solutions provider for the RV, Marine, ADJUSTED EBITDA & MARGIN 1 FREE CASH FLOW YTD 1,2 $112M 11.5% $134M Powersports and Housing markets RV MARINE POWERSPORTS HOUSING Revenue & % of Net Sales Re
Slide 4: Diversification Journey Continues
DIVERSIFICATION KEY STRATEGIC TAKEAWAYS JOURNEY 1 Strategic diversification increases total addressable market and improves CONTINUES resiliency Poised to capitalize on long-term secular 2 Q3 2025 $ in millions, except per share data FY 2019 TTM 4 ∆ growth trends and favorable demographics Wholesale
Slide 5: Highlights
Q3 2025 Highlights Net sales increased 6% y/y reflecting revenue expansion in the Outdoor Enthusiast and Housing markets • Driven by acquisitions and market share gains, RV revenue increased 7% y/y, outperforming a 2% decrease in wholesale industry unit shipments • Marine revenue grew 11% y/y, outpe
Slide 6: Quarterly Financial Overview
Quarterly Financial Overview NET SALES GROSS & ADJUSTED $ in millions OPERATING MARGIN 1 23.9% $1,017 $1,048 23.0% 22.9% 22.8% 23.1% 22.8% 22.6% $1,003 $976 22.1% $933 21.9% $919 $866 $846 $781 8.2% 8.3% 8.1% 8.3% 7.3% 7.0% 6.5% 6.8% 5.2% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Q3-23 Q
Slide 7: Q3 2025 Financial Performance
Q3 2025 Financial Performance $ in millions, except per share data Year-Over-Year Growth NET SALES & GROSS MARGIN End Market Revenue +6% $919 $976 +12% +11% 23.1% 22.6% +7% Q3 2024 Q3 2025 RV Marine +1% Powersports Housing ADJUSTED OPERATING EBITDA & MARGIN 1 INCOME & MARGIN DILUTED EPS 2 $121 $1.20
Slide 8: Performance by End Market
Performance by End Market Q3 2025
Slide 9: RV: Content Per Unit and Revenue $426M
CONTENT PER UNIT 1 Q3 2025 TTM CPU $5,055 3% vs. Q3 2024 REVENUE $426M 7% vs. Q3 2024 % OF Q3 NET SALES 44% SHIPMENTS Q3 2024 Q3 2025 Flat (2%) Estimated Dealer Inventory Impact in Q3’25: ~(23,600) units WHOLESALE 2 RETAIL 3 RV MARINE POWERSPORTS HOUSING MARKETS 1 CPU = Content per wholesale unit on
Slide 10: Marine: Content Per Unit and Revenue $150M
CONTENT PER UNIT 1 Q3 2025 TTM CPU $4,091 4% vs. Q3 2024 REVENUE $150M 11% vs. Q3 2024 % OF Q3 NET SALES 15% SHIPMENTS 1 Q3 2024 Q3 2025 (6%) Estimated Dealer Flat Inventory Impact in Q3’25: ~(10,400) units WHOLESALE RETAIL RV MARINE POWERSPORTS HOUSING MARKETS 1 Company estimates based on data publ
Slide 11: Powersports: Revenue $98M
REVENUE $98M 12% vs. Q3 2024 % OF Q3 NET SALES 10% QUARTERLY POWERSPORTS REVENUE ($ in millions) Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 RV MARINE POWERSPORTS HOUSING MARKETS 11
Slide 12: Housing: Content Per MH Unit and Revenue $302M
CONTENT PER MH UNIT 1 Q3 2025 TTM CPU $6,682 2% vs. Q3 2024 REVENUE $302M 1% vs. Q3 2024 % OF Q3 NET SALES 31% MH SHIPMENTS 1 HOUSING STARTS 1 Q3 2024 Q3 2025 Q3 2024 Q3 2025 Starts in thousands (2%) (2%) MH WHOLESALE HOUSING STARTS RV MARINE POWERSPORTS HOUSING MARKETS 1 Company estimates based on
Slide 13: End Market Highlights
End Market Highlights Q3 2025 OUTDOOR ENTHUSIAST MARKETS RV MARINE POWERSPORTS HOUSING Patrick partnering with Observations suggest Dealer inventory in a Underlying demand for OEMs to enhance improving energy and better position after affordable housing still customer experience and pent-up demand i
Slide 14: Balance Sheet & Liquidity
Balance Sheet & Liquidity Q3 2025 DEBT STRUCTURE AND MATURITIES NET LEVERAGE1 ($ in millions) • $125.0M Term Loan ($120.3M o/s), scheduled Total Debt Outstanding $1,343.8 quarterly installments; balance due October 2029 Less: Cash and Debt Paid as Defined by 25.1 the Credit Agreement • $875.0M ($110
Slide 15: FY2025 and Initial FY2026 Outlook
2025 Financial Outlook FY2025 AND INITIAL FY 2025 Estimate FY 2024 Prior Estimate FY2026 OUTLOOK Adjusted Operating Margin 3 7.2% ~7.0% 7.0% - 7.3% Operating $330M - $350M $327M 2025 End Market Outlook Cash Flows No Change FY 2025 Estimate Capital $75M - $85M $76M FY 2024 Prior Estimate Expenditures
Slide 16: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q3 2025
Slide 17: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating
Slide 18: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 ($ in millions, except per share data) 2019 2023 2023 2024 2024 2024 2024 2025 2025 2025 TTM Net income $90 $40 $31 $35 $48 $41 $15 $38 $32 $35 $121 + Acquisition related fair-value - - - 1 - - 2 - - - 2 inventory step-up +Acquisition relat
Slide 19: Non-GAAP Reconciliations
Non-GAAP Reconciliations Q3 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 2025 ($ in millions) 2019 2023 2023 2024 2024 2024 2024 2025 2025 2025 TTM Net income $90 $40 $31 $35 $48 $41 $15 $38 $32 $35 $121 + Depreciation & amortization 63 36 37 40 41 42 43 43 43 42 170 + Interest expense, net 37 17 15 20 20 20 19 19 19
Slide 20: Non-GAAP Reconciliations
Non-GAAP Reconciliations ($ in millions) 2019 2024 Q3 2025 TTM Q3 2025 YTD Net cash provided by operating $192 $327 $301 $199 RECONCILIATION activities OF FREE CASH Less: purchases of property, plant (28) (76) (90) (65) and equipment FLOW Free cash flow $165 $251 $211 $134 2019 2024 Q3 2025 TTM Oper