Polaris Inc. · NYSE:PII
Polaris — Q3 2026 Earnings Presentation
23 slides from Polaris's earnings presentation, Oct 27, 2026
Slide 1: Third Quarter 2026 Earnings Presentation
Third Quarter 2026 Earnings Presentation October 27, 2026
Slide 2: Safe Harbor & Non-GAAP Measures
Safe Harbor & Non-GAAP Measures Except for historical information contained herein, the matters set forth in this presentation are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Poten
Slide 3: Third Quarter 2026 Overview
Third Quarter 2026 Overview 1 Total Company Results Third Quarter Drivers • Sales up 11% with double-digit growth in Commercial, Q3‘26 Y/Y Change Gov. & Defense, Marine and PG&A, plus strong growth in Seasonal due to increased y/y snowmobile shipments Adjusted Sales $2,042M 11% • North America Uti
Slide 4: Third Quarter 2026 North America Retail Update
Third Quarter 2026 North America Retail Update POLARIS INDUSTRY MARKET RETAIL RETAIL SHARE ORV LOW-SINGLE • Highest Q3 ORV share since 2019 Total ORV* DIGITS % FLAT • Utility continues to grow with strength in RANGER and cabbed units MID-SINGLE MID-SINGLE • Consistent pressures impacting Rec
Slide 5: Polaris at the Dealers
Polaris at the Dealers Healthy Dealer North America Dealer Inventory (Units) Inventory Levels and Mix 3% Alignment Between Ship and Retail New Products Shipping to Dealers Q3 2025 ORV Utility ORV Rec Seasonal Marine Q3 2026 Dealer Inventory Remains Healthy | Low Mix of Non-Current Inventory Q3 202
Slide 6: Third Quarter 2026 Financial Results
Third Quarter 2026 Financial Results 1 Adjusted Sales Financial Highlights (Y/Y) $284 $16 $2,042 • Quarterly sales of $2.0B, up 11% $1,838 • Excluding the impacts of the Indian Motorcycle separation, organic sales ($96) growth was 17% • Strong growth across all major Powersports product lines o PG&A
Slide 7: Polaris Powersports Segment – Q3 Summary
Polaris Powersports Segment – Q3 Summary • Strong growth across major product 17% 18% Sales 11% 14% lines: ORV, Seasonal, Commercial and 8% Gov. & Defense Wholegoods o Utility sales make up approximately 60% $1,822 18% $1,611 $1,715 of Powersports sales $1,543 $1,419 o RANGER portfolio continues t
Slide 8: Marine Segment – Q3 Summary
Marine Segment – Q3 Summary • Sales growth driven by higher mix of 20% 29% 16% Sales new premium lines in Bennington and 9% Godfrey pontoons 1% $180 • Dealer inventory remains healthy and Pontoons $138 $133 is down 3% year-over-year $125 $103 • Dealers and consumers remain cautious given macro envir
Slide 9: Aixam & Goupil Segment – Q3 Summary
Aixam & Goupil Segment – Q3 Summary • Fewer shipments at Aixam to help 15% 14% 9% align dealer inventory to retail heading 6% Sales into the new year $103 -12% $86 • Lower margins driven by the reduction $77 Aixam in volumes $67 $68 Goupil Q3'25 Q4'25 Q1'26 Q2'26 Q3'26 PG&A Sales Y/Y Growth 47 bps
Slide 10: Financial Position
Financial Position 2026 Capital Deployment Priorities Key Financial Metrics (September 30, 2026) $ in millions #1 Priority – Strategic Investments Cash $302 Invest in higher-margin profitable growth Capex (YTD) $140 #2 Priority – Dividends Dividend Aristocrat – 31 consecutive years of raising divide
Slide 11: Full Year 2026 Guidance
Full Year 2026 Guidance 1 Current • Raised full year guidance for the third FY‘25 FY‘26 Guidance time this year, reflecting strength in our Actual FY‘26 Guidance as of July 28, 2026 updated October 27, 2026 business and outlook • Expect modest retail growth Adjusted $7.14B $7.55B to $7.60B $7.30B to
Slide 12: 2027 Initial Thoughts
2027 Initial Thoughts Demand and • Monitoring volatile retail environment Inventory • Continuing to balance dealer inventory: Build = Ship = Retail Products and • Preparing to launch innovative new products in our core markets Mix • Shifting mix toward cabbed units Operating • Expecting higher commo
Slide 13: Key Focus Areas for 2026
Positioned to Deliver in 2026 Manage build and ship to low-single digit growth retail environment (YTD +2%) Key Focus • Launch innovative products o Polaris XPEDITION with Numatix, RZR Pro R Boost and Sportsman 500 Areas for • Build = Ship = Retail • Expect positive net price with model year pricing
Slide 14: Q&A
Q&A Q3 2026 PII Earnings 10/27/26 14
Slide 15: Appendix
Appendix • 2026 Guidance-Key Metrics • GAAP/Non-GAAP Reconciliations • Non-GAAP Reconciliations – Net Loss to Adjusted EBITDA • Non-GAAP Reconciliations – Segments • Non-GAAP Reconciliations – Free Cash Flow • Non-GAAP Reconciliations – Operational Results • Historical Sales Reclassification Q3 2026
Slide 16: 2026 Guidance – Key Metrics And Operational Viewpoint
2026 Guidance – Key Metrics And Operational Viewpoint 1 Guidance Updated October 27, 2026 Current Prior Current FY‘26 FY‘25 Current Key Metric FY‘26 Guidance FY‘26 Guidance Operational Guidance updated Oct. 27, 2026 as of July 28, 2026 Actual FY‘26 Guidance (w/o tariff refund) Operating up ~1% y/y D
Slide 17: Non-GAAP Reconciliations – Total Company
Non-GAAP Reconciliations – Total Company Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Millions, Except Per Share Data; Unaudited) Adjustments: (1) Represents adjustments for integration and acquisition- related expenses (2) Represents adjustments for corporate restruc
Slide 18: Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA
Non-GAAP Reconciliations – Net (Loss) Income to Adjusted EBITDA Reconciliation of Net Income (Loss) to Adjusted EBITDA (In Millions, Unaudited) Three months ended September 30, Nine months ended September 30, Full Year 2026 2025 2026 2025 2025 Adjusted sales 2,041.8 1,838.0 5,723.3 5,222.2 7,142.8 N
Slide 19: Non-GAAP Reconciliations – Segments
Non-GAAP Reconciliations – Segments Reconciliation of GAAP Segment Gross Profit to Non-GAAP Segment Gross Profit (In Millions, Unaudited) Three months ended September 30, Nine months ended September 30, Full Year 2026 2025 2026 2025 2025 Polaris Powersports segment gross profit $ 405.8 $ 342.9 $ 1,1
Slide 20: Non-GAAP Reconciliations – Free Cash Flow
Non-GAAP Reconciliations – Free Cash Flow Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow (In Millions, Unaudited) Nine months ended September 30, Full Year 2026 2025 2025 Net cash provided by operating activities 291.8 562.3 741.0 Purchase of property and equipment, n
Slide 21: Non-GAAP Reconciliations – Operational Results
Non-GAAP Reconciliations – Operational Results Reconciliation of Non-GAAP "Adjusted" Results to "Operational Adjusted" Results (In Millions, Unaudited) Three months ended September 30, 2026 Adjusted gross profit margin 21.2 % Exclude: IEEPA tariff refunds (0.3)% Operational adjusted gross profit mar
Slide 22: Historical Sales Reclassification
Historical Sales Reclassification Polaris Inc. Reclassified Pro Forma Financial Data (in Millions, Except Per Share Data, Unaudited) April 28th, 2026 *Starting in the first quarter of 2026 the Company began reporting under the following reportable segments: Polaris Powersports, Marine and Aixam & Go
Slide 23: Q3 2026 PII Earnings 10/27/26
Q3 2026 PII Earnings 10/27/26 23