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Q3 2025 Earnings Presentation October 30, 2025
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2 Forward-Looking Statements This presentation contains statements that are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are generally identified by words such as “estimates,” “guidance,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks” and similar expressions. Forward-looking statements include information with respect to financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, industry projections, growth opportunities, acquisitions, plans and objectives of management, markets for the common stock and other matters. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially from either historical or anticipated results depending on a variety of factors. These risks and uncertainties include, in addition to other matters described in this presentation, and without limitation: adverse economic and business conditions, including cyclicality and seasonality in the industries we sell our products and inflationary pressures, challenges and risks associated with importing products, such as the imposition of price caps, or the imposition of trade restrictions or tariffs on any materials or products used in the operation of our business, the impacts of future pandemics, geopolitical tensions or natural disaster on the overall economy, our sales, customers, operations, team members and suppliers. Further information concerning the Company and its business, including risk factors that potentially could materially affect the Company’s financial results are discussed under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025. We caution readers not to place undue reliance on forward-looking statements. Forward-looking statements speak only as of the date they are made, and we disclaim any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this presentation or to reflect any change in our expectations after the date of this presentation or any change in events, conditions or circumstances on which any statement is based. USE OF NON-GAAP FINANCIAL MEASURES This presentation contains non-GAAP financial measures. These measures, the purposes for which management uses them, why management believes they are useful to investors, and a reconciliation to the most directly comparable GAAP financial measures can be found in the Appendix of this presentation. All references to profit measures and earnings per share on a comparable basis exclude items that affect comparability.
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3 3 Patrick (NASDAQ: PATK) is a leading component solutions provider for the RV, Marine, Powersports and Housing markets NET SALES $976M POWERSPORTSRV HOUSING $426M Revenue & % of Net Sales MARINE OUTDOOR ENTHUSIAST OUTDOOR ENTHUSIASTOUTDOOR ENTHUSIAST Q3’25 $66M 6.8% OPERATING INCOME & MARGIN ADJUSTED EBITDA & MARGIN 1 $112M 11.5% FREE CASH FLOW YTD 1,2 $134M 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 2 YTD = First Nine Months 2025 44% $150M Revenue & % of Net Sales 15% $98M Revenue & % of Net Sales 10% $302M Revenue & % of Net Sales 31%
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DIVERSIFICATION JOURNEY CONTINUES 4 1 2 3 4 5 Strategic diversification increases total addressable market and improves resiliency Poised to capitalize on long-term secular growth trends and favorable demographics Entrepreneurial spirit, innovation and full-solutions model enhance capabilities and customer experience Strong financial foundation to seize profitable opportunities while operating from a position of strength Highly-experienced leadership team passionate about the Outdoor Enthusiast lifestyle $ in millions, except per share data FY 2019 Q3 2025 TTM 4 ∆ Wholesale RV Unit Shipments 406,070 344,555 (15%) Wholesale Marine Shipments 1 189,945 141,239 (26%) Total Net Sales $2,337 $3,873 +66% Total RV Revenue $1,287 $1,742 +35% Total Marine Revenue* $329 $578 +76% Total Powersports Revenue* - $353 NM Total Housing Revenue $721 $1,200 +66% Gross Margin 18.1% 22.9% +480 bps Adjusted Operating Margin 2 6.6% 6.8% +20 bps Adjusted Diluted EPS 2,3 $2.57 $4.14 +61% Adjusted EBITDA Margin 2 10.1% 11.7% +160 bps Free Cash Flow 2 $165 $211 +28% KEY STRATEGIC TAKEAWAYS 1 Company Estimate | 2 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 3 Periods prior to Q4-24 reflect the impact of the three-for-two stock split paid in December 2024 | 4 TTM = Trailing-Twelve Months | * In 2019, Powersports sales were included in Marine sales
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5 Highlights Q3 2025 Net sales increased 6% y/y reflecting revenue expansion in the Outdoor Enthusiast and Housing markets • Driven by acquisitions and market share gains, RV revenue increased 7% y/y, outperforming a 2% decrease in wholesale industry unit shipments • Marine revenue grew 11% y/y, outperforming flat wholesale powerboat industry unit shipments • Powersports revenue of $98M increased 12% y/y, highlighting improved Sportech attachment rates on premium utility vehicles and stronger revenue from Patrick’s other Powersports businesses • Housing revenue was up 1%, reflecting the continued demand for affordable housing Continued investments in future growth as part of a balanced capital allocation strategy • Acquired LilliPad Marine, LLC, a designer and seller of premium, innovative boat ladders, diving board systems, and other marine accessories • Capex included investments toward infrastructure modernization • Ended the second quarter with total net liquidity of $779M 4% (2%) 4% Q3 2024 Revenue Organic Industry Acquisition Q3 2025 Revenue Net Sales Growth +6% $919M $976M Q3 REVENUE GROWTH DRIVERS
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Quarterly Financial Overview $866 $781 $933 $1,017 $919 $846 $1,003 $1,048 $976 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $ in millions NET SALES GROSS & ADJUSTED OPERATING MARGIN 1 $113 $100 $111 $130 $121 $89 $116 $135 $112 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 ADJUSTED NET INCOME & DILUTED EPS 1, 2 $ in millions ADJUSTED EBITDA & MARGIN 1 $40 $31 $39 $48 $41 $18 $38 $51 $35 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 2 Periods prior to Q4-24 reflect the impact of the three-for-two stock split paid in December 2024 13.1% 12.8% 11.9% 12.8% 13.2% 10.6% 11.5% 12.9% 11.5% 23.0% 22.9% 21.9% 22.8% 23.1% 22.1% 22.8% 23.9% 22.6% Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 Gross Margin 8.2% 7.3% 7.0% 8.3% 8.1% 5.2% 6.5% 8.3% 6.8% Adj. Operating Margin $ in millions, except per share data 6 $1.20 $0.94 $1.19 $1.44 $1.20 $0.52 $1.11 $1.50 $1.01
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Q3 2025 Financial Performance NET SALES & GROSS MARGIN $121 $112 Q3 2024 Q3 2025 ADJUSTED EBITDA & MARGIN 1 $74 $66 Q3 2024 Q3 2025 OPERATING INCOME & MARGIN 8.1% 6.8% $1.20 $1.01 Q3 2024 Q3 2025 DILUTED EPS 2 ADJUSTED DILUTED EPS 1,2 ADJUSTED OPERATING MARGIN 1 $919 $976 23.1% 22.6% $ in millions, except per share data RV Powersports Marine Housing 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 2 Q3 2024 reflects the impact of the three-for-two stock split paid in December 2024 7 13.2% 11.5% Q3 2024 Q3 2025 Year-Over-Year Growth End Market Revenue +12% +11% +7% +1% 23.1% 22.6% +6% Diluted EPS included the dilutive impact of convertible notes and related warrants, or ~ $0.07 per share in Q3-25 and ~$0.04 per share in Q3-24
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Q3 2025 Performance by End Market
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9 1 CPU = Content per wholesale unit on a trailing twelve-month basis | 2 RVIA | 3 Company estimate based on data published by SSI MARINE POWERSPORTS HOUSINGRV MARKETS CONTENT PER UNIT 1 Estimated Dealer Inventory Impact in Q3’25: ~(23,600) units SHIPMENTS Q3 2024 Q3 2025 Flat $426M REVENUE 7% 44% % OF Q3 NET SALES $5,055 Q3 2025 TTM CPU WHOLESALE 2 RETAIL 3 vs. Q3 2024 3% vs. Q3 2024 (2%)
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10 MARINE POWERSPORTS HOUSINGRV MARKETS CONTENT PER UNIT 1 Estimated Dealer Inventory Impact in Q3’25: ~(10,400) units SHIPMENTS 1 WHOLESALE RETAIL Q3 2024 Q3 2025 Flat (6%) $150M REVENUE 15% % OF Q3 NET SALES $4,091 Q3 2025 TTM CPU 1 Company estimates based on data published by the National Marine Manufacturers Association (NMMA) and SSI 4% vs. Q3 2024 1 1% vs. Q3 2024
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11 Q3-23 Q4-23 Q1-24 Q2-24 Q3-24 Q4-24 Q1-25 Q2-25 Q3-25 $98M REVENUE 12% 10% % OF Q3 NET SALES QUARTERLY POWERSPORTS REVENUE ($ in millions) MARINE POWERSPORTS HOUSINGRV MARKETS vs. Q3 2024
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HOUSING STARTS Q3 2024 Q3 2025 121 Company estimates based on data published by the Manufactured Housing Institute (MHI) and the U.S. Census Bureau CONTENT PER MH UNIT 1 MH SHIPMENTS 1 (2%) $302M REVENUE 1% 31% % OF Q3 NET SALES MARINE POWERSPORTS HOUSINGRV MARKETS MH WHOLESALE Q3 2024 Q3 2025 (2%) HOUSING STARTS 1 $6,682 2% Q3 2025 TTM CPU vs. Q3 2024 vs. Q3 2024 Starts in thousands
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13 POWERSPORTS Dealer inventory in a better position after stronger than expected retail sales this summer, reflecting continued OEM production discipline Utility vehicles continue to outperform recreational units Attachment rates for Sportech’s solutions continue to improve MARINE Observations suggest improving energy and pent-up demand in the market Continuing to develop and scale the full-solutions model by working with OEMs early in the design phase to integrate solutions Completed acquisition of LilliPad Marine, LLC RV Patrick partnering with OEMs to enhance customer experience and visual appeal of units; OEMs highly focused on end customer acquisition through refreshed design OEMs carefully managing production schedules; dealer inventories remain lean Patrick is well-positioned with talent and capacity for a demand inflection HOUSING Underlying demand for affordable housing still intact; pent-up demand conversion likely dependent on an improvement in macro environment Interest rates and consumer confidence continue to subdue demand conversion Community developer activity has improved but remains below previous highs End Market Highlights OUTDOOR ENTHUSIAST MARKETS Q3 2025 MARINE POWERSPORTS HOUSINGRV MARKETS Meaningful retail demand inflection likely depends on consumer confidence and interest rate improvement
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14 Balance Sheet & Liquidity Q3 2025 1 As defined by credit agreement COVENANTS AND RATIOS1 Consolidated Total Net Leverage Ratio – 2.8x Consolidated Secured Net Leverage Ratio – 0.45x versus 2.75x maximum Consolidated Interest Coverage Ratio – 6.57x versus 3.00x minimum NET LEVERAGE1 ($ in millions) Total Debt Outstanding $1,343.8 Less: Cash and Debt Paid as Defined by the Credit Agreement 25.1 Net Debt $1,318.7 Pro Forma Adj. EBITDA $464.4 Net Debt to Pro Forma Adj. EBITDA 2.8x LIQUIDITY ($ in millions) Total Revolver Credit Capacity $875.0 Less: Total Revolver Used (including outstanding letters of credit) 117.0 Unused Credit Capacity $758.0 Add: Cash on Hand 20.7 Total Available Liquidity $778.7 Strong balance sheet and significant liquidity to support investments and pursue attractive growth opportunities DEBT STRUCTURE AND MATURITIES • $125.0M Term Loan ($120.3M o/s), scheduled quarterly installments; balance due October 2029 • $875.0M ($110.0M o/s) Senior Secured Revolver, due October 2029 • $258.7M 1.750% Convertible Senior Notes, due December 2028 • $350.0M 4.750% Senior Notes, due May 2029 • $500.0M 6.375% Senior Notes, due November 2032
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FY2025 AND INITIAL FY2026 OUTLOOK RV Wholesale Unit Shipments 1 334K 335K - 345K 320K - 335K RV Retail Unit Shipments 354K2 Down LSD% Down MSD% Marine Wholesale Powerboat Unit Shipments 146K2 Down LSD% No Change Marine Retail Powerboat Unit Shipments 165K2 Down HSD% Down HSD - LDD% Powersports Organic Content - Up HSD% No Change Powersports Wholesale Unit Shipments - Down HSD% Down LDD% MH Wholesale Unit Shipments 1 103K Up LSD - MSD% Up MSD% New Housing Starts 1 1.4M Down MSD - HSD% Down 10% FY 2024 FY 2025 Estimate Prior Estimate 2025 End Market Outlook 15 2025 Financial Outlook Adjusted Operating Margin 3 7.2% ~7.0% 7.0% - 7.3% Operating Cash Flows $327M $330M - $350M No Change Capital Expenditures $76M $75M - $85M $70M - $80M Free Cash Flow 3 $251M $245M+ $250M+ Tax Rate 22.5% 24% - 25% No Change FY 2024 FY 2025 Estimate Prior Estimate 1 Wholesale shipment data provided by RVIA, MHI, and U.S. Census Bureau | 2 Company estimates based on data from NMMA and SSI | 3 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric 2026 Initial Outlook RV Unit Shipments Up LSD - MSD% Flat Marine Powerboat Unit Shipments Up LSD% Flat MH Unit Shipments Flat to Up 5% - Powersports Unit Shipments Up LSD% - Powersports Organic Content Up LSD% New Housing Starts Flat to Up 5% Wholesale Retail Operating Margin Up 70 to 90 bps
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Q3 2025 Non-GAAP Reconciliations
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17 17 Use of Non-GAAP Financial Measures This presentation contains non-GAAP financial measures. Management believes that, when considered together with reported amounts, these measures are useful to investors and management in understanding our ongoing operations and in the analysis of ongoing operating trends. These measures should be considered in addition to, and not as replacements for, the most comparable GAAP measure. • Earnings before interest, taxes, depreciation and amortization (“EBITDA”), pro forma adjusted EBITDA, adjusted EBITDA, adjusted EBITDA margin, adjusted operating margin, adjusted net income, adjusted diluted earnings per common share, and net debt to pro forma adjusted EBITDA are non-GAAP financial measures. In addition to reporting financial results in accordance with accounting principles generally accepted in the United States, we provide non-GAAP operating results adjusted for certain items and other one- time items. • We adjust for the items listed above in all periods presented, unless the impact is clearly immaterial to our financial statements. • Content per unit metrics are generally calculated using our market sales divided by Company estimates based on third-party measures of industry volume. • We utilize the adjusted results to review our ongoing operations without the effect of these adjustments and for comparison to budgeted operating results. We believe the adjusted results are useful to investors because they help them compare our results to prior periods and provide important insights into underlying trends in the business and how management oversees our business operations on a day-to-day basis. • We calculate free cash flow by subtracting cash paid for purchases of property, plant and equipment from net cash provided by operating activities. • Figures may not sum due to rounding.
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18 Non-GAAP Reconciliations Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 RECONCILIATION OF QUARTERLY OPERATING MARGIN TO ADJUSTED OPERATING MARGIN Operating margin 8.2% 7.3% 6.4% 8.3% 8.1% 4.7% 6.5% 8.3% 6.8% Acquisition related fair-value inventory step-up -% -% 0.1% -% -% 0.2% -% -% -% Acquisition related transaction costs -% -% 0.5% -% -% -% -% -% -% Loss on extinguishment of debt -% -% -% -% -% 0.3% -% -% -% Adjusted operating margin 8.2% 7.3% 7.0% 8.3% 8.1% 5.2% 6.5% 8.3% 6.8% ($ in millions, except per share data) 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 TTM RECONCILIATION OF NET INCOME TO ADJUSTED NET INCOME TO ADJUSTED DILUTED EARNINGS PER COMMON SHARE 1 Net income $90 $40 $31 $35 $48 $41 $15 $38 $32 $35 $121 + Acquisition related fair-value inventory step-up - - - 1 - - 2 - - - 2 +Acquisition related transaction costs - - - 5 - - - - - - - + Loss on extinguishment of debt - - - - - - 3 - - - 3 + Legal settlement - - - - - - - - 24 - 24 - Tax impact of adjustments - - - (2) - - (1) - (6) - (7) Adjusted net income $90 $40 $31 $39 $48 $41 $18 $38 $51 $35 $142 Diluted earnings per common share $2.57 $1.20 $0.94 $1.06 $1.44 $1.20 $0.42 $1.11 $0.96 $1.01 $3.50 Acquisition related transaction costs, net of tax - - - 0.11 - - - - - - - Acquisition related fair-value inventory step-up, net of tax - - - 0.02 - - 0.05 - - - 0.05 Loss on extinguishment of debt, net of tax - - - - - - 0.05 - - - 0.05 Legal settlement, net of tax - - - - - - - - 0.54 - 0.54 Adjusted diluted earnings per common share $2.57 $1.20 $0.94 $1.19 $1.44 $1.20 $0.52 $1.11 $1.50 $1.01 $4.14 1 Periods prior to Q4-24 reflect the impact of the three-for-two stock split paid in December 2024
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19 Non-GAAP Reconciliations ($ in millions) 2019 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q3 2025 TTM RECONCILIATION OF NET INCOME TO EBITDA TO ADJUSTED EBITDA AND ADJUSTED EBITDA MARGIN Net income $90 $40 $31 $35 $48 $41 $15 $38 $32 $35 $121 + Depreciation & amortization 63 36 37 40 41 42 43 43 43 42 170 + Interest expense, net 37 17 15 20 20 20 19 19 19 18 75 + Income taxes 28 15 11 4 16 14 6 8 11 13 38 EBITDA $218 $108 $94 $100 $126 $117 $82 $108 $105 $108 $404 + Stock-based compensation 15 6 6 5 4 5 2 5 6 4 18 + Acquisition related transaction costs - - - 5 - - - - - - - + Acquisition related fair-value inventory step-up - - - 1 - - 2 - - - 2 + Loss on extinguishment of debt - - - - - - 3 - - - 3 + Legal settlement - - - - - - - - 24 - 24 + Loss on sale of property, plant and equipment 2 - - - - - - 2 - - 2 Adjusted EBITDA $235 $113 $100 $111 $130 $121 $89 $116 $135 $112 $453 Net sales $2,337 $866 $781 $933 $1,017 $919 $846 $1,003 $1,048 $976 $3,873 Adjusted EBITDA margin 10.1% 13.1% 12.8% 11.9% 12.8% 13.2% 10.6% 11.5% 12.9% 11.5% 11.7%
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20 Non-GAAP Reconciliations ($ in millions) 2019 2024 Q3 2025 TTM Q3 2025 YTD RECONCILIATION OF FREE CASH FLOW Net cash provided by operating activities $192 $327 $301 $199 Less: purchases of property, plant and equipment (28) (76) (90) (65) Free cash flow $165 $251 $211 $134 2019 2024 Q3 2025 TTM RECONCILIATION OF OPERATING MARGIN TO ADJUSTED OPERATING MARGIN Operating margin 6.6% 6.9% 6.7% Acquisition related fair-value inventory step-up -% 0.1% -% Acquisition related transaction costs -% 0.2% -% Loss on extinguishment of debt -% -% 0.1% Adjusted operating margin 6.6% 7.2% 6.8% ($ in millions) Q3 2025 TTM RECONCILIATION OF NET INCOME TO EBITDA TO PRO FORMA ADJUSTED EBITDA Net income $121 + Depreciation & amortization 170 + Interest expense, net 75 + Income taxes 38 EBITDA 404 + Stock-based compensation 18 + Acquisition pro forma, transaction- related expenses & other 42 Pro forma adjusted EBITDA $464