Core Insights - Recreatives Industries, Inc. has launched the TerraTread™ amphibious tire, specifically designed for MAX platforms, marking a significant enhancement in their product offerings [1][2] Product Development - The TerraTread 23x11-8 tire is the largest OEM tire for the MAX 2 platform, providing increased ground clearance, improved ride quality, and enhanced traction and water performance [2] - A larger 25x12-10 TerraTread variant is in development for the MAX 4 and Buffalo Truck models, aimed at improving flotation, stability, and off-road capability [3][4] Strategic Goals - The introduction of the TerraTread tire aligns with the company's strategy to modernize the MAX platform and expand accessory offerings, supporting disciplined growth in recreational and utility markets [6] - The development of the 25-inch tire variant is part of a broader strategy to reintroduce the MAX 4 and Buffalo Truck models in mid-2026, enhancing the overall product lineup [4][5] Market Positioning - The TerraTread line reflects the company's focus on proprietary accessories and performance upgrades, which are expected to increase per-unit revenue opportunities and strengthen vertical integration around the MAX brand [5] - Initial inventory of the TerraTread tires is expected to arrive in July–August 2026, available through the company's dealer network and online store [6] Company Background - Recreatives Industries, Inc. continues the legacy of MAX amphibious vehicles, originally manufactured from 1970 to 2013, and is planning to diversify its product line with new vehicles and electric drivetrains [8]

Core Viewpoint - LCI Industries reported strong financial performance in Q4 2025, with significant year-over-year sales growth and margin expansion, driven by market share gains and product content growth across various end markets [4][3]. Financial Performance - Consolidated net sales for Q4 reached $933 million, reflecting a 16% increase year-over-year [3][7]. - Operating profit was reported at $35 million, with an operating margin of 3.8%, an increase of 180 basis points [2][7]. - GAAP net income was $19 million, or $0.77 per diluted share, more than doubling from $0.37 per diluted share in the prior year [2][7]. - Adjusted net income, excluding restructuring costs, was $22 million, or $0.89 per diluted share [2][7]. Market Segments - The OEM segment saw net sales rise 18% to $737 million, attributed to market share gains and increased sales of newer products [8][9]. - The RV OEM revenue increased by 17%, driven by sales price increases and a favorable mix shift towards higher-content units [8][9]. - The aftermarket segment grew modestly, with sales up 8% to $196 million, although margins were pressured due to higher material and logistics costs [5][12]. Growth Opportunities - The company identified a potential annual automotive opportunity of approximately $50 million due to a competitor's bankruptcy [5][14]. - LCI's five newest products are generating an annualized revenue run rate of about $225 million [10][9]. - The company expects about 1.5 million RVs to enter the repair and replacement cycle over the next one to three years, enhancing aftermarket demand [12]. 2026 Outlook - Management guided for consolidated revenue of $4.2 billion to $4.3 billion in 2026, with an operating margin of 7.5% to 8% and adjusted diluted EPS of $8.25 to $9.25 [7][16]. - January net sales were approximately $343 million, indicating a 4% increase from the prior year [16]. - The company anticipates completing 8 to 10 facility consolidations in 2026 to enhance efficiency [18]. Capital Allocation and Shareholder Returns - LCI ended 2025 with over $200 million in cash and a net debt to adjusted EBITDA ratio of 1.8x [19][21]. - The company returned $243 million to shareholders in 2025, including $114 million in dividends and $129 million in share repurchases [21]. - Expected capital expenditures for 2026 are between $60 million to $80 million, with a focus on maintaining dividends and opportunistic repurchases [21].

Core Insights - The company experienced a 15% year-over-year growth in revenue and a doubling of operating margins, driven by operational efficiencies and market share gains across OEM segments [1] Revenue Growth - The RV OEM segment benefited from a favorable mix shift towards higher-content units and successful scaling of new product launches, such as the Chill Cube air conditioner [1] - An 11% increase in content per unit was attributed to a strong focus on innovation, with five recently launched products achieving an annualized revenue run rate of $225,000,000 [1] Aftermarket Business - The aftermarket business is positioned as a durable revenue stream, supported by embedding over $20,000,000,000 of proprietary, replaceable content into the existing RV fleet over the past decade [1] Operational Improvements - Operational improvements were enhanced by the consolidation of five facilities in 2025, leading to a 100 basis point year-over-year improvement in full-year operating margins [1] Strategic Positioning - The company's strategic positioning in the automotive aftermarket has been strengthened due to a major competitor's bankruptcy, creating an estimated $50,000,000 annual revenue opportunity [1]

Financial Data and Key Metrics Changes - The company reported a consolidated net sales increase of 16% year-over-year, reaching $933 million in Q4 2025 [24] - OEM net sales grew by 18%, with RV sales increasing by 17%, primarily due to market share gains and a favorable product mix [24][25] - The operating profit margin improved by 180 basis points to 3.8%, driven by operational efficiencies and increased sales volume [26][27] - Adjusted EBITDA grew approximately 53% to $70 million, reflecting a margin of 7.5% [28] Business Line Data and Key Metrics Changes - The OEM segment's net sales increased by 18% to $737 million, with significant growth in RV OEM revenue [5][24] - Other OEM markets, including transportation and marine, saw a 21% year-over-year growth, while housing experienced a modest decline [25] - Aftermarket net sales expanded by 8% to $196 million, driven by product innovations and increased demand for upgrade and service parts [26][11] Market Data and Key Metrics Changes - The company expects RV wholesale shipments to range between 335,000 and 350,000 units in 2026, with the marine industry anticipated to remain flat to low single digits [7][31] - The transportation market is expected to be flat, but growth is anticipated from acquisitions made in 2025 [31] Company Strategy and Development Direction - The company aims to expand market share across all OEM markets and focuses on innovation to drive growth, having achieved a 67% increase in total content since 2020 [8][10] - The company plans to consolidate 8-10 facilities in 2026, building on the five consolidations completed in 2025, to improve operational efficiencies [19][32] - The company is actively pursuing M&A opportunities, having completed 77 strategic acquisitions since 2001, and aims to continue returning capital to shareholders [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the company's position entering 2026, citing a strong team and competitive advantages [23] - The company anticipates continued growth in the aftermarket segment due to a significant number of RVs entering the repair cycle [12][31] - Management noted that while the industry outlook is cautious, they expect gradual recovery and improved retail numbers as the year progresses [76][88] Other Important Information - The company ended 2025 with a net debt to Adjusted EBITDA ratio of 1.8 times and maintained robust liquidity with over $200 million in cash [20][29] - The company returned $243 million to shareholders in 2025, including dividends and share repurchases [21][30] Q&A Session Summary Question: Sensitivity of 2026 outlook to potential rate cuts - Management indicated that the 2026 revenue range does not factor in potential rate cuts, focusing instead on market share gains [35] Question: Bridging the difference between 2026 and a normal run rate - Management noted that the industry is recovering slowly and expects a normalized range of 375,000 to 415,000 units in the near term [36][38] Question: Retail activity and dealer performance - Management observed that larger dealers are performing decently, while smaller and mid-sized dealers are struggling, impacting overall market dynamics [45][46] Question: Aftermarket performance and profitability - Management acknowledged headwinds in the automotive aftermarket due to pricing cycles but remains optimistic about growth opportunities [52][53] Question: First quarter outlook and margin expectations - Management expects first-quarter performance to be similar to the previous year, with gradual improvement in margins throughout the year [64][65]

INVESTOR PRESENTATION | February 2026 Celebrating 70 years of making recreation and transportation better. NYSE: LCII Forward Looking Statements This presentation contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of leg ...

INVESTOR PRESENTATION | February 2026 Celebrating 70 years of making recreation and transportation better. NYSE: LCII This presentation also includes certain forward-looking non-GAAP financial measures, such as forward-looking targets for adjusted diluted EPS. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate ...

trail segment, it detonated it. It flipped the definition of a sport sled from "race-inspired" to race-winning, bringing true competition suspension technology to everyday riders. For 2027, Lynx honors that legacy with a special-edition Rave RE that celebrates the machine that rewrote the rules. Legendary PPS³ rear suspension. Two track lengths, two personalities: 3500/137-inch: unmatched stability at high speeds and explosive acceleration out of corners. 3300/129-inch: available in Europe only. Razor-sharp ...

Core Viewpoint - Leigh Tiffin has resigned as President of Tiffin Motorhomes, effective immediately, to pursue a personal career opportunity, while the Tiffin family will remain actively engaged in the business to ensure continuity of the brand's culture and values [1] Group 1: Leadership Changes - Leigh Tiffin, grandson of founder Bob Tiffin, will leave the company but expressed pride in Tiffin's accomplishments and growth under THOR Industries [1] - Bob Tiffin will continue to be actively involved in the company, providing guidance and maintaining the brand's legacy [1] - Van Tiffin will remain as Senior Advisor of Manufacturing, ensuring the high-quality craftsmanship associated with Tiffin [1] Group 2: Company Operations and Future Outlook - THOR Industries has supported Tiffin Motorhomes in maintaining its brand identity while providing resources for growth [1] - The Tiffin brand is expected to continue benefiting from strong family influence and operational momentum, with no anticipated disruptions to customers or production [1] - Jayco will assist Tiffin Motorhomes during the transition to support leadership continuity and strategic execution [1]

Core Insights - THOR Industries, Inc. announced the departure of Seth Woolf, Head of Corporate Development & Investor Relations, to pursue a role outside the organization [1] - Woolf's departure is a personal decision to return to a role more aligned with his career background, and he will assist THOR in a consulting capacity until the end of the fiscal year [2][3] - The company emphasizes its commitment to maintaining strong communication with shareholders and the investment community [3] Company Overview - THOR Industries is the largest manufacturer of recreational vehicles globally, owning several operating subsidiaries [4]

Core Viewpoint - Winnebago Industries, Inc. will redeem $100,000,000 of its outstanding $200,000,000 6.250% Senior Secured Notes due 2028 on February 20, 2026, reflecting a focus on improving balance sheet leverage and maintaining strong cash flow [1][2] Group 1: Financial Actions - The company will redeem the outstanding Notes at a price of 100% of their principal amount, plus accrued and unpaid interest [1] - This redemption is part of a strategy to enhance financial flexibility and prioritize leverage improvement within a balanced capital allocation strategy [2] Group 2: Company Overview - Winnebago Industries is a leading North American manufacturer of outdoor lifestyle products, including motorhomes, travel trailers, and powerboats, under various brands [4] - The company is committed to sustainable innovation and has multiple facilities across Iowa, Indiana, Minnesota, and Florida [4]