Slide 1: Leading the Future of Marine
Leading the Future of Marine SECOND QUARTER FISCAL 2026 EARNINGS RESULTS February 5, 2026
Slide 2: Use & Definition of Non-GAAP Financial Measures
Use & Definition of Non-GAAP Financial Measures This presentations includes the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission: Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net (Loss) Income, Adjusted Net (Loss) Income per Share and
Slide 3: Use & Definition of Non-GAAP Financial Measures
Use & Definition of Non-GAAP Financial Measures We define adjusted net (loss) income per share as net (loss) income attributable to Malibu Boats, Inc. per share, excluding income tax (benefit) expense, before non-cash, non-operating expenses, or other expenses that we do not believe are indicative o
Slide 4: Forward Looking Statements
Forward Looking Statements This presentation includes forward-looking statements (as such term is defined in the Private Securities Litigation Reform Act of 1995). Forward-looking statements can be identified by such words and phrases as “believes,” “anticipates,” “expects,” “intends,” “estimates,”
Slide 5: Key Takeaways
• Retail remained choppy, in line with expectations, while Key Takeaways early boat shows and the Malibu and Axis Year-End Sales event drove positive results • Continuing to support dealers with healthy and current inventory levels • MBI Acceptance gaining momentum with Marine Components showing ear
Slide 6: Fiscal Q2 2026 Highlights
Fiscal Q2 2026 Highlights Adj. EBITDA (1) ($M) Retail environment tracking as expected $16.9 $8.0 Q2 net sales of $188.6 million, down 5.8% YoY Q2 FY25 Q2 FY26 Driven by decreased unit volumes across all segments Gross margin of 13.3%, down 540 bps YoY Adj. Net (Loss) Income Per Share (1) Decrease d
Slide 7: MY26 Product Lineup
MY26 Product Lineup Select New Product Launches Q2 Fiscal Year 2026 Pathfinder Malibu 22LSV Axis T250 2600 TRS Pursuit 286 Cobalt R31 Cobia 245 CC Axis A200 Outboard Malibu 21LX Pursuit S388 Cobia 305 CC Pathfinder 2800 a R31 7
Slide 8: New Opportunities to Accelerate Profitable Growth
New Opportunities to Accelerate Profitable Growth New Market Growth Share Growth Strategic M&A Geographic expansion, Innovative Next-gen Targeting strategic whitespace opportunities product series opportunities in boat and financial product building partnerships Explore adjacent Features and options
Slide 9: Building Capabilities
Building Capabilities Vertically integrated supplier of premium In-house financing partnership to drive marine components sales conversion Early customer traction with soft-grip Expanding offering across MBI brands flooring and trailer offerings Rates as low as 3.99% 9
Slide 10: Illustrative Market Environment Framework
Illustrative Market Environment Framework Mid-cycle + Mid-cycle Outperformance Baseline(1) Framework (1) Capacity Utilization ~65% ~75% Net Sales $1.3B $1.5B Adj. EBITDA Margin 17.5% 20.0% CAPEX as % of Sales ~3% ~3% Adj. FCF ~$130M ~$200M Adj. FCF Conversion ~60% ~65% * Adjusted EBITDA, Adjusted Fr
Slide 11: Second Quarter Fiscal Year 2026 Comparable Results
Second Quarter Fiscal Year 2026 Comparable Results Net Sales Volume ($M) $200.3 $188.6 1,222 1,106 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Net Sales Per Unit Mix Comparison ($K) Q2 FY25 Q2 FY26 $163.9 $170.5 Cobalt: Cobalt: 31.1% 28.1% Malibu/Axis: Malibu/Axis: 43.0% 46.4% Saltwater Saltwater Fishing: Fishi
Slide 12: Second Quarter Fiscal Year 2026 Comparable Results
Second Quarter Fiscal Year 2026 Comparable Results Gross Margin Gross Profit ($M) 18.7% $37.4 13.3% $25.1 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 Adj. EBITDA Margin (1) Adj. EBITDA (1) ($M) 8.4% $16.9 4.3% $8.0 Q2 FY25 Q2 FY26 Q2 FY25 Q2 FY26 1. See Appendix for a reconciliation of Non-GAAP Adjusted EBITDA
Slide 13: Fiscal Year 2026 Outlook
Fiscal Year 2026 Outlook Metric FY26 Net Sales Flat to down mid-single digits Adj. EBITDA Margin 8% to 9% Positioned to Outpace the Market 13
Slide 14: Appendix
Appendix — oe Y MBI
Slide 15: Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Net (Loss) Income to Non-GAAP Adjusted EBITDA and Adjusted EBITDA Margin The following table sets forth a reconciliation of net (loss) income as determined in accordance with GAAP to Adjusted EBITDA and presentation of net (loss) income margin and Adjusted EBITDA Margin for the per
Slide 16: Adjusted EBITDA and Adjusted EBITDA Margin Footnotes
Adjusted EBITDA and Adjusted EBITDA Margin Footnotes (1) For the three months ended December 31, 2025, represents legal and advisory fees related to ongoing litigation with our insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and Matthew Borisch. For the
Slide 17: Reconciliation of Net (Loss) Income Attributable to Class A Common Stock to Adjusted Net (Loss) Income
Reconciliation of Net (Loss) Income Attributable to Class A Common Stock to Adjusted Net (Loss) Income (Unaudited): The following table sets forth a reconciliation of net (loss) income attributable to Malibu Boats, Inc. to Adjusted Net (Loss) Income for the periods presented (dollars in thousands, e
Slide 18: Reconciliation of Net (Loss) Income Per Share to Adjusted Net (Loss) Income Per Share
Reconciliation of Net (Loss) Income Per Share Attributable to Class A Common Stock to Adjusted Net (Loss) Income Per Share (Unaudited): The following table sets forth a reconciliation of net (loss) income attributable to Malibu Boats, Inc. to Adjusted Net (Loss) Income for the periods presented (dol
Slide 19: Adjusted Net (Loss) Income and Per Share Footnotes
Adjusted Net (Loss) Income and Adjusted Net (Loss) Income Per Share Footnotes (1) For the three months ended December 31, 2025, represents legal and advisory fees related to ongoing litigation with our insurance carriers related to the Batchelder matters and ongoing litigation with Tommy's Boats and
Slide 20: Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow
Reconciliation of Net Cash Provided by Operating Activities to Free Cash Flow (Unaudited) The following table sets forth a reconciliation of net cash provided by operating activities to free cash flow for the periods presented (dollars in thousands): Three Months Ended December 31, 2025 2024 Net cas