Lci Industries · NYSE:LCII
Lci Industries — Merger or Acquisition (November 2026)
29 slides from Lci Industries's merger presentation, Nov 4, 2026
Slide 1: Maximizing Risk-Adjusted Value Creation Opportunity for LCI Shareholders
1 November 4, 2026 Maximizing Risk-Adjusted Value Creation Opportunity for LCI Shareholders NYSE:LCII
Slide 2: Board determined Monomoy's proposal substantially undervalues LCI
2 The LCI Board carefully evaluated Monomoy's proposal against the Patrick merger and determined that Monomoy's proposal substantially undervalues LCI, both on a standalone basis and when compared against the value creation opportunity of the combination with Patrick Maximizing Risk-Adjusted Value C
Slide 3: Patrick Merger Maximizes Risk-Adjusted Value Creation Opportunity
3 1 | Patrick Merger Maximizes Risk-Adjusted Value Creation Opportunity A larger, more resilient company built for the full cycle—and LCI stockholders own ~48% of it OWNERSHIP ~48% of the combined company for LCI shareholders at a 1.2440x exchange ratio PREMIUM ~16% premium at announcement to LCI's
Slide 4: LCI's Board Ran Rigorous Processes for Both Proposals
4 2 | LCI's Board Ran Rigorous Processes for Both the Patrick Merger and Monomoy Proposal 1 | Experienced, well-advised Board oversight of both proposals Board of experienced directors with deep industry, M&A, financial and governance expertise, six of seven of whom are independent, including the Ch
Slide 5: Board Member Tenure, Independence and Committees
5 Board Member Tenure Age Independent Outside Directorships Committee Membership Audit Comp. CGNS Risk Strategy Ginnie L. Henkels Chair of the Board; Prev. CFO, Swift Transportation 9 years 58 ✔ Avnet Pursuit Attractions and Hospitality Isaac Instruments Brendan J. Deely Prev. President & CEO, EFC I
Slide 6: Analyst Price Targets, DCF and Monomoy Proposal Comparison
6 Analyst Price Targets at Signing DCF as of 6/30/2026 (Fairness Opinion) DCF as of 10/29/2026 (Updated Plan) $125.00 $186.00 $142.00 $185.00 $215.00 $165.00 Monomoy Proposal $101.00 Merger Consideration at Announcement $115.92 Current Deal Implied Share Price $101.26 Current Share Price $101.85 1 I
Slide 7: Two Paths, One Clear Choice
7 3 | Two Paths, One Clear Choice Proposal Merger Value Today $101.00 cash 1.2440 Patrick shares per LCI share, worth $101.26 as of 11/03 Upside Participation None Cashes out at trough-cycle valuation ~$150M net run-rate cost synergies Exposure to RV cycle recovery Financing Non-binding No debt or e
Slide 8: Transaction Structure
8 Transaction Structure Patrick Industries ("Patrick") and LCI Industries ("LCI" or "Lippert") to combine in all-stock merger Combined equity value of ~$5.6B and enterprise value of ~$7.7B at announcement(1) Shareholder Consideration Pro forma ownership of 52% Patrick and 48% LCI LCI shareholders to
Slide 9: What the Market Has Told Us
9 What the Market Has Told Us NYSE:LCII
Slide 10: Select Broker Commentary at Announcement
10 Select Broker Commentary at Announcement We think the companies provided clear strategic rationale for the merger, and we believe the complementary product offering helps bolster PATK's current component solutions strategy. Additionally, there is significant aftermarket expansion opportunity (com
Slide 11: LCI and Patrick Shares Have Traded Closely in Line with Exchange Ratio
11 1.1500x 1.2000x 1.2500x 1.3000x 1.3500x 1.4000x Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 1.2512x 0.6% LCI and Patrick Shares Have Traded Closely in Line with Agreed Exchange Ratio (35%) (25%) (15%) (5%) 5% Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 LCI (3.8%) Patrick (9.3%) Source: FactSet as of
Slide 12: Recent Share Price Pressures Are Felt Sector-Wide
12 55 65 75 85 95 105 115 125 135 145 155 $165 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 May-26 Jun-26 Jul-26 Aug-26 Sep-26 Oct-26 Nov-26 RV / Enthusiast Peers (10.4%) LCI $101.85 / (4.7%) Patrick $81.40 / (20.8%) Recent Share Price Pressures Are Felt Sector-Wide... Source: FactSet as of 11/03/2026
Slide 13: Current RVIA Outlook Driven by Challenging Operating Environment
13 280,000 290,000 300,000 310,000 320,000 330,000 340,000 350,000Dec-23Dec-24Dec-25Jan-26Feb-26Mar-26Apr-26May-26Jun-26Jul-26Aug-26Sep-26//Dec-26EDec-27E Current RVIA Outlook ...Driven by a Challenging Operating Environment RVIA's 2026 median wholesale shipments estimate is down 59,000 units since
Slide 14: Prevailing Headwinds Do Not Undermine the Value Creation Opportunity
14 However, Prevailing Headwinds in the Industry Do Not Undermine the Value Creation Opportunity 1 The headwinds are felt industry-wide RVIA's 2026 median forecast is 290,000 units, down 59,000 since spring 2026; LTM shipments are down 10.7% since December 2025 Broker 2027E Revenue estimates are dow
Slide 15: Combined Company is Well-Positioned for a Market Recovery
15 Combined Company is Well-Positioned for a Market Recovery Note: (1) Based on data published by the RV Industry Association (RVIA); (2) Company estimates based on data published by National Marine Manufacturers Association (NMMA) Organizational Strength Combined platform enhances delivery of compr
Slide 16: Board Unanimously Recommends Vote FOR the Patrick Merger
16 The Patrick merger maximizes the risk-adjusted value creation opportunity for LCI shareholders LCI's Board Unanimously Recommends That Shareholders Vote FOR the Patrick Merger Maximizes Risk-Adjusted Value ~48% ownership + ~$150M net run-rate cost synergies Ownership of a larger, more diversified
Slide 17: Appendix
17 Appendix NYSE:LCII
Slide 18: Amplifying Strengths to Go Further, Faster...and Better
18 Amplifying Strengths to Go Further, Faster...and Better $3.9B Revenue $446M Adj. EBITDA 10,000+ Employees 250+ Facilities 85+ Brands $4.2B Revenue $422M Adj. EBITDA 12,300+ Employees 100+ Facilities 25+ Brands Note: Figures as of LTM Q1-2026 period; (1) Free cash flow defined as operating cash fl
Slide 19: Strategic Combination to Drive Future Performance
19 73% 27% Strategic Combination to Drive Future Performance Aftermarket 16% Aftermarket ~20–25% STRUCTURE & STRATEGY REVENUE MIX 2025 PRO FORMA STRATEGIC VISION Outdoor Enthusiast Housing, Transportation & Other STRATEGIC GOALS Outdoor & Housing Enthusiasts 1 2 4 3 SOLUTIONS ORIENTED Component solu
Slide 20: Attractive Aftermarket with Significant Growth Opportunity
20 Attractive Aftermarket with Significant Growth Opportunity STRUCTURAL ADVANTAGES OF THE AFTERMARKET CHANNEL LEADING AFTERMARKET BRANDS TRUSTED BY DEALERS, INSTALLERS AND CONSUMERS Expanded customer connectivity and touchpoints accelerate innovation velocity Broader revenue diversification and imp
Slide 21: Catalyzes the Ability to Execute on Growth Initiatives
21 MARKET UPCYCLE SPUR PRODUCT AND SOLUTION INNOVATION AFTERMARKET EXPANSION STRATEGIC FLEXIBILITY CATEGORY EXTENSION Added cash flows and a stronger balance sheet expand capacity to invest in growth opportunities Joint intention to spur new product development and speed to market Enhanced aftermark
Slide 22: Synergies Drive Compelling Shareholder Value Creation
22 Synergies Drive Compelling Shareholder Value Creation Note: (1) Cash costs to achieve are one-time and expected to be ~1x run-rate synergies ~20% Procurement ~30% Facilities ~50% G&A ~$150M Annual Net Run-Rate Cost Synergies(1) Accretive to Adj. EPS in first full year with expected synergies full
Slide 23: Updated Standalone DCF Value of $142–$165 per Share
23 Even after a lower plan, +50 bps WACC and a 0.5x lower exit multiple, value is $142–$165 per share STANDALONE DCF – IMPLIED VALUE PER LCI SHARE DCF as of 6/30/2026 – Fairness Opinion April plan; WACC 8.75%–9.75%; exit 8.0x–9.0x $186 $215 DCF as of 10/29/2026 – Updated Plan October plan; WACC 9.25
Slide 24: Monomoy's Timing is Highly Opportunistic
24 Monomoy's Timing is Highly Opportunistic 5.0x 7.0x 9.0x 11.0x 13.0x 15.0x Nov-23 May-24 Nov-24 May-25 Nov-25 May-26 Nov-26 Patrick: 8.9x RV / Enthusiast Peers: 8.8x LCI: 7.0x Average EV / NTM EBITDA as of 6/29 L1Y L2Y L3Y LCI 8.3x 8.4x 8.7x Patrick 10.5x 9.8x 9.2x RV / Enthusiast Peers 9.4x 9.2x
Slide 25: Monomoy's $101 Proposal Falls Short
25 ($ per LCI share) $101 is ~0.3% below the current deal-implied share price Monomoy's $101 Proposal Falls Short Reference LCI Value $101 Premium / (Discount) Market References Unaffected Pre-Merger (6/29/2026) $100.12 0.9% Unaffected Pre-Monomoy (10/27/2026) $89.84 12.4% Close on Day of Disclosure
Slide 26: Non-GAAP Financial Measures
26 This presentation includes the non-GAAP financial measures of Adjusted EBITDA, free cash flow, and adjusted operating margin. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, loss on extinguishment of de
Slide 27: Adjusted EBITDA and Free Cash Flow Reconciliation
27 ($ in thousands) Full year 12/31/2025 Three months ended 03/29/2026 Three months ended 03/30/2025 LTM 03/29/2026 Net income $ 135,056 $ 39,480 $ 38,238 $ 136,298 Depreciation & Amortization 170,212 42,777 42,646 170,343 Interest expense, net 74,507 18,388 19,112 73,783 Income taxes 42,006 6,854 8
Slide 28: Important Information About the Proposed Transaction and Where to Find It
28 Important Information About the Proposed Transaction and Where to Find It In connection with the proposed transaction between LCI Industries ("LCI") and Patrick Industries, Inc. ("Patrick"), Patrick filed with the Securities and Exchange Commission (the "SEC") a registration statement on Form S-4
Slide 29: Special Note Regarding Forward-Looking Statements
29 NYSE:LCII * * * * * Special Note Regarding Forward-Looking Statements Information in this communication, other than statements of historical facts, may constitute forward-looking statements, for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amen
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