Massimo Group · NASDAQ:MAMO
Massimo — Investor Presentation (November 2026)
23 slides from Massimo's investor presentation, Nov 3, 2026
Slide 1: Massimo Investor Presentation November 2026
MASSIMO INVESTOR PRESENTATION November 2026
Slide 2: Disclaimer and Forward-Looking Statements
DISCLAIMER AND FORWARD-LOOKING STATEMENTS ‘This presentation is being issued by Massimo Group (the "Company" or "Massimo" for information purposes only. The content of this presentation has not been approved by any securities regulatory authority. Reliance on this presentation for the purpose of eng
Slide 3: Investment Case @ Massimo
INVESTMENT CASE @ MASSIMO MASSIMO COMBINES A REBUILT MARGIN STRUCTURE WITH A VALUATION BELOW POWERSPORTS AND MARINE PEERS ¢ Cycle position. The value UTV channel has already worked through its postpandemic reset, and utility demand is outpacing recreation in 2026. e Margin rebuilt. Gross margin rose
Slide 4: How the Case Is Built @ Massimo
HOW THE CASE IS BUILT @ MASSIMO THE CASE MOVES FROM MARKET SIZE AND PEER VALUE TO EXECUTION SPECIFIC TO MASSIMO 01 02 03 MARKETS AND COMPARABLES MICRO VIEW CYCLE 04 05 PENETRATION AND VALUE DRIVERS GROWTH A$9.9B ATV and What investors pay Products, pricing, Five channels, a How revenue, margin. prod
Slide 5: Value UTV channel has absorbed its postpandemic reset
PLL ls les @ MASSIMO THE VALUE UTV CHANNEL HAS ALREADY ABSORBED ITS POSTPANDEMIC RESET, WITH UTILITY DEMAND LEADING 2026 UTV retail units from nontraditional brands through big-box stores Where the cycle stands 43,000 42,000 * Value UTV units sold through big-box stores fell 56% from the 2021 peak t
Slide 6: North American ATV and UTV spending forecast to compound 7.8% a year
NORTH AMERICAN ATV AND UTV SPENDING IS FORECAST TO COMPOUND 7.8% A YEAR TO $14.4B BY 2030 North America ATV and UTV market, $B . Where the 520,000 UTV units go $14.4 a $13.4 Utility crossover 48% $12.4 Pure utility 15.5% $11.5 $10.7 Super sport 14.5% $9.9 Recreational utility 10% Sport recreational
Slide 7: Pontoons lead U.S. new powerboat sales, giving Massimo marine a second market
a PONTOONS LEAD U.S. NEW POWERBOAT SALES, GIVING MASSIMO MARINE A SECOND LARGE MARKET Historical feature and price comparison, January 2025 156,754 "7 a S, U.S. new powerboats, 2025 NMMA Masamo ssimg Rontoon Berkshire CTS 24 RFC Crest DLX 240 SLS Limited % ith opt A (1) MSRP with options $63,958 $69
Slide 8: Industry Multiples @ Massimo
INDUSTRY MULTIPLES @ MASSIMO INVESTORS PAY U.S. PEERS 0.70X SALES AT THE MEDIAN; MASSIMO TRADES NEAR 0.58X WITH ABOUT TWICE THEIR GROSS MARGIN Brunswick 1.10x Massimo 0.58x 1.34x 43.0% 7.9% Polaris 4,775 0.62x 2.93x 21.3% (1.8%) MasterCraft Brunswick 6,170 1.10x 4.28x 25.6% (0.4%) Malibu Boats 530 0
Slide 9: Massimo reaches about 2,800 U.S. points of sale yet holds under 1% of market
MASSIMO REACHES ABOUT 2,800 U.S. POINTS OF SALE YET HOLDS UNDER 1% OF ITS MARKET, WHILE BOAT PEERS HOLD 2% TO 8% UTVs, ATVs and Massimo. pontoons Polaris Off road vehicles Beewee Boats and marine engines Manbueeate Performance sport boats Meteceste Wake, pontoon and sport fishing boats $9.9B N.A. AT
Slide 10: Massimo sells value priced utility, recreation and marine products from Garland, Texas
MASSIMO SELLS VALUE PRICED UTILITY, RECREATION AND MARINE PRODUCTS FROM ITS GARLAND, TEXAS BASE PRODUCTS UTVs, ATVs, golf and electric vehicles, go-karts, pontoons and tritoons FACILITY 376,000 sq ft manufacturing and distribution site in Garland, Texas REACH ~2,800 U.S. dealer and retail locations,
Slide 11: Micro View: Pricing @ Massimo (UTV)
| mtoRo View: PRiciNa @ MASSIMO MASSIMO'S UTV UNDERCUTS MAJOR BRANDS ON PRICE WHILE INCLUDING EQUIPMENT THEY CHARGE EXTRA FOR oo ae ax ip, Polaris Ranger Kawasaki Mule CFMOTO UForce SP 600 4000 600 TB ss 560 MSRP $10,499 $13,634 $13,750 $12,589 $ 13,634 Engine (cc) 493 567 617 580 Ranger SP 570 MSRP
Slide 12: Micro View: Pricing @ Massimo (ATV)
| mtoRo View: PRiciNa @ MASSIMO THE SAME VALUE GAP HOLDS IN ATVS, WHERE MASSIMO PRICES WELL BELOW POLARIS AND CAN-AM I Company list 2026 MSRP $5,499 $7,999 $7,799 Engine (cc) 493 567 650 $ 7,999 Towing (Ibs) 1,200 1,350 1,830 Polaris Sportsman 600 EPS MSRP listed by a dealer Power steering No No No
Slide 13: Micro View: The Reset - revenue and gross margin
| MloRO VIEW:THE RESET. @ MASSIMO REVENUE FOLLOWED THE INDUSTRY DOWN FROM THE 2023 PEAK WHILE GROSS MARGIN KEPT CLIMBING Revenue, $M $115.0 $1093 $86.5 Gross margin, FY2022 to TIM 25.7% to $71.8 $656 Revenue, FY2023 to TTM $115.0M to $65.6M Gross margin, % 43.0% The revenue base reset with the value
Slide 14: Gross margin reached 48.8% in Q2 2026
GROSS MARGIN REACHED 48.8% IN Q2 2026 ON PRODUCT MIX, SOURCING AND LANDED COST DISCIPLINE Quarterly gross margin, % 48.8 42.0 415 30.9 36.3 29.9 272 28.4 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Q4'25 Q1'26 Q2'26 Note: Q1 2025 margin reflects a $1.0M litigation settlement inventory repurchase. Drivers drawn fr
Slide 15: Micro View: Balance Sheet @ Massimo
MICRO VIEW: BALANCE SHEET @ MASSIMO A LEAN BALANCE SHEET FUNDS THE GROWTH PLAN WITHOUT BANK BORROWING $4.6M $0 $17.1M Cash, June 30, 2026 Bank borrowings Working capital Cathay Bank line in place $4.0M $23.6M $0.07M Undrawn shareholder facility Inventory H1 2026 operating cash use a s June 2027 Down
Slide 16: Five channels widen reach and reduce customer dependence
FIVE CHANNELS WIDEN REACH AND REDUCE DEPENDENCE ON ANY SINGLE CUSTOMER DEALERS NATIONAL RETAIL INDEPENDENT FLEET AND DIRECT AND RETAIL GOVERNMENT ONLINE Core growth engine Tractor Supply, Lowe's, Ace Hardware network Commercial, DoD, Army, massimomotor.com Walmart Navy MWR © VP of Dealer * Tractor S
Slide 17: Dense 2026 to 2027 calendar of launches and channel openings
A DENSE 2026 TO 2027 CALENDAR OF LAUNCHES AND CHANNEL OPENINGS FEEDS THE NEXT GROWTH PHASE 2027 MAY 2026 OCT 2026 Value marine Sentinel 770 JUN 2026 SEP 2026 1500 Series at products HVAC launch DoD and U.S. Mini Truck at Equip Expo 3 products at Sentinel line Army orders Tractor Supply 100+ dealer l
Slide 18: Small share gains in a 520,000-unit UTV market
SMALL SHARE GAINS IN A 520,000-UNIT UTV MARKET POTENTIALLY TRANSLATE INTO MEANINGFUL REVENUE AT MASSIMO'S SCALE Lens 1: share of North American UTV units Lens 2: productive dealer build Added share Revenue at $8,000 per unit Added productive dealers Revenue at $300,000 each 0.10% $4.2M $15M 0.25% 1,
Slide 19: Annual Growth Rate @ Massimo
"ANNUAL GROWTH RATE @ MASSIMO RETURNING TO THE 2023 REVENUE PEAK WITHIN 4 YEARS REQUIRES ABOUT 15% ANNUAL GROWTH, ROUGHLY TWICE THE INDUSTRY RATE. revenue paths from the $65.6M TTM base, $M Annual Year 4 $180 5 growth revenue Industry pace 7.8% 88.6M $160 4 ry Pi % $! — Prior peak recovery 15.1% $11
Slide 20: Operating costs sized for larger business, profit can grow faster than revenue
BECAUSE OPERATING COSTS ARE ALREADY SIZED FOR A LARGER BUSINESS, PROFIT CAN GROW FASTER THAN REVENUE Prior peak Peneti Ete Tim sctal EE PESTO pins Revenue 4451 160.2 ¢ Gross margin held at 40%, below the 43.0% TTM level, to allow for Gross profit 28.2 35.4 464 644 2026 cost benefits that may not . .
Slide 21: Value Drivers
VALUE DRIVERS ENTERPRISE VALUE RISES WITH REVENUE AND WITH ANY NARROWING OF THE MULTIPLE GAP TO PEERS REVENUE GROSS MARGIN OPERATING LEVERAGE Channels x productivity 4 Mix, sourcing, landed cost Fixed cost absorption Illustrative enterprise value, $M: revenue path x EV/sales multiple a Current 0.58x
Slide 22: The margin work is done, growth channels are opening
@ MASSIMO THE MARGIN WORK IS DONE, AND THE GROWTH CHANNELS ARE OPENING, WHILE THE STOCK STILL TRADES BELOW PEERS $9.9B ATV and UTV market plus $14.6B U.S. powerboats 7.8% annual market growth; U.S. peers at 0.70x sales Gross margin from 25.7% to 48.8%; no bank debt Five channels and a full 2026 to 2
Slide 23: Thank You
omen THANK gr YOU Or QUENTON PETERSEN DAVID SHAN INVESTOR RELATIONS Chief Executive Officer Founder and Executive Chairman ir.massimomotor.com Led sales, marketing and operations since Founded Massimo in 2009 and Massimo 2018; CEO since April 2026 Marine in 2018; CEO from 2009 to April 2026 massimom
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