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Q3 2026 Earnings Presentation October 29, 2026
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2 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, 2025, filed with the Securities and Exchange Commission on February 19, 2026. 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. Forward-Looking Statements
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Adjusted Operating Margin1 6.8% Net Sales $975M 3 Q3 2026 Key Takeaways (9%) 7% 2% Net Sales Change FLAT $976M $975M Estimated Q3 Net Sales Growth Drivers2 Resilient financial performance highlights the impact of strategic diversification efforts and operational execution of the Patrick team Revenue expanded 30% in Powersports, 14% in Marine, and 4% in Housing, essentially offsetting RV revenue, which was off 15% Adjusted EBITDA grew 3%; adjusted EBITDA margin1 expanded 40 basis points Key Metrics Adjusted Net Income1 $34M Adjusted Diluted EPS1 $1.03 FLAT vs. Q3 2025 vs. Q3 2025 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 2 Figures may not sum due to rounding Organic Q3 2025 Net Sales Q3 2026 Net SalesIndustry Acquisitions (5%) vs. Q3 2025 Adjusted EBITDA & Margin1 $116M | 11.9% +2% vs. Q3 2025 FLAT
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4 Q3 2026 Revenue Composition 37% Outdoor Enthusiast Markets RV Marine Powersports Housing 18% 13% 32% $362M (15%) 66,900 (13%) $5,263 +4% End Market Revenue Content Per Unit (TTM) Wholesale Shipments $171M +14% 34,200 +8% $4,942 +20% $128M +30% $314M +4% 26,100 +2% $6,565 (2%) % of Q3 Net Sales ✓ Demand for utility- focused units remains more resilient ✓ Additional content wins through premium audio offerings 1 Based on data from RV Industry Association (RVIA) | 2 Company estimate based on data from National Marine Manufacturers Association (NMMA) | 3 Company estimate based on data from Manufactured Housing Institute (MHI) Q3 2026 compared to Q3 2025 unless otherwise noted 1 1 2 2 3 3 *Manufactured housing (MH) content per unit *MH wholesale unit shipments
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5 Improved Earnings Power Despite Lower Shipments 1 RVIA | 2 Company estimate based on data from NMMA | 3 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 4 FY2019 reflects the impact of the three-for-two stock split paid in December 2024 | * In 2019, Powersports sales were included in Marine sales FY 2019 to Q3 2026 TTM Comparison $ in millions, except per share data FY 2019 Q3 2026 TTM ∆ Wholesale RV Unit Shipments1 406,070 305,497 (25%) Wholesale Marine Unit Shipments2 189,945 138,197 (27%) Total Net Sales $2,337 $3,938 +69% Total RV Revenue $1,287 $1,608 +25% Total Marine Revenue $329 $683 +108% Total Powersports Revenue* - $463 NM Total Housing Revenue $721 $1,184 +64% Gross Margin 18.1% 23.3% +520 bps Adjusted Operating Margin 3 6.6% 6.8% +20 bps Adjusted Diluted EPS 3,4 $2.57 $4.25 +65% Adjusted EBITDA Margin 3 10.1% 11.7% +160 bps Strategic Diversification Long-term Secular Growth Trends Entrepreneurial Spirit Strong Financial Foundation Experienced Leadership Team Key Drivers Note: Figures may not sum due to rounding
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Q3 2025 Q3 2026 6 $ in millions, except per share data RV Marine Powersports Housing 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric 22.6% 23.6% Q3 2026 Financial Performance Net Sales & Gross Margin RV Marine Powersports Housing (15%) +14% +30% +4% 11.5% 11.9% Q3 2025 Q3 2026 6.8% 6.8% Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Adjusted Operating Margin1 Adjusted Diluted EPS1 Adjusted EBITDA Margin1 FLAT +2% +40 bps Adjusted diluted EPS included the dilutive impact of convertible notes and related warrants, or ~$0.03 per share in Q3 2026 and ~$0.07 per share in Q3 2025 $1.01 $1.03 Total Net Sales $976M $975M Adjusted EBITDA1 $112M $116M Revenue Growth Ranking By End Market (Year-Over-Year)
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7 Performance By End Market
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8 Revenue $362M (15%) vs. Q3 2025 % of Q3 2026 Net Sales Q3 2026 TTM Content Per Unit1 $5,263 +4% vs. Q3 2025 TTM Q3 2026 Shipments Q3 2025 Q3 2026 % Change Wholesale1 76,500 66,900 (13%) Retail2 102,700 88,000 (14%) Dealer Inventory Change (~21,100) units 37% $212 $426 $362 Q3 2016 Q3 2025 Q3 2026 $2,009 $5,055 $5,263 Q3 2016 TTM Q3 2025 TTM Q3 2026 TTM 10-Yr CAGR: +10% +4% 10-Yr CAGR: +5% (15%) 1 RVIA | 2 Company estimate based on data published by SSI Revenue Growth ($ in millions) Content Per Unit1 Growth
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9 Revenue $171M +14% vs. Q3 2025 % of Q3 2026 Net Sales Q3 2026 TTM Content Per Unit1 $4,942 +20% vs. Q3 2025 TTM Q3 2026 Shipments1 Q3 2025 Q3 2026 % Change Wholesale 31,600 34,200 +8% Retail 43,400 39,100 (10%) Dealer Inventory Change (~4,900) units $10 $150 $171 Q3 2016 Q3 2025 Q3 2026 10-Yr CAGR: +33% +14% 18% $4,110 $4,942 Q3 2016 TTM Q3 2025 TTM Q3 2026 TTM 10-Yr CAGR: NM +20% 1 Company estimates based on data published by NMMA and SSI Content Per Unit1 Growth Revenue Growth ($ in millions)
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10 Revenue $128M +30% vs. Q3 2025 $30 $98 $128 Q3 2022 Q3 2025 Q3 2026 4-Yr CAGR: +43% +30% % of Q3 2026 Net Sales 13% Revenue Growth ($ in millions) Solidifying Industry Leading Powersports Platform • Solid demand for utility-focused units • OEM adoption of Patrick’s cab enclosures continues to grow; additional content wins from premium audio systems • Patrick’s innovation teams and engineers continue to collaborate with OEMs to deliver next-generation solutions
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11 Revenue $314M +4% vs. Q3 2025 % of Q3 2026 Net Sales Q3 2026 TTM Content Per Unit 1 $6,565 (2%) vs. Q3 2025 TTM Q3 2026 Shipments & Starts Q3 2025 Q3 2026 % Change MH Wholesale1 25,700 26,100 +2% Housing Starts2 (in thousands) 356 341 (4%) $82 $302 $314 Q3 2016 Q3 2025 Q3 2026 10-Yr CAGR: +14% +4% 32% $1,901 $6,681 $6,565 Q3 2016 TTM Q3 2025 TTM Q3 2026 TTM 10-Yr CAGR: +13% (2%) MH Content Per Unit1 Growth 1 Company estimate based on data published by MHI | 2 Based on data published by the U.S. Census Bureau Revenue Growth ($ in millions)
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12 End Market Landscape RV Marine Powersports Housing ✓ Affordability constraints and soft consumer confidence continue to weigh on retail demand ✓ Formally launched Patrick Printing Solutions to OEMs and media representatives; expect to commission a second printer in 2027, expanding Patrick’s suite of decorative interior solutions ✓ Continued OEM adoption of composite products (flooring, wall panels, and roofing) ✓ Utility-focused platforms continue to demonstrate resilient demand, outpacing more discretionary recreational categories ✓ OEMs engineering premium comfort, convenience, and audio content into units, representing meaningful opportunity for Patrick ✓ Engineering-led partnerships with OEMs supporting a runway for continued growth across current and next-generation platforms ✓ Premium categories have outperformed value-oriented categories, where consumers are more economically sensitive ✓ Marine electrical acquisitions have helped fulfill and expand Patrick’s full solutions strategy ✓ IBEX showcased Patrick’s brand-fronted, solutions-oriented model, which was well received by customers ✓ Estimated Q3 2026 MH industry wholesale unit shipments increased 2%, following a period of contraction in the first half of 2026 ✓ Site-built housing activity remains more subdued, pressured by the same macro factors affecting other large discretionary purchases ✓ Industrial side of the business benefitting from sales related to commercial construction Meaningful retail demand inflection likely depends on consumer confidence and interest rate improvement
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13 Financial Strength Supports Disciplined Capital Allocation Available Liquidity1 $716M Q3 2026 YTD Acquisitions Capex Share Repurchases Dividends 1 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 2 As defined by credit agreement Net Leverage1,2 2.9x Capital Allocation ✓ Ample liquidity provides flexibility to execute across market cycles ✓ Balanced capital allocation strategy enables reinvestment into long-term profitable growth initiatives and solid shareholder returns ✓ Returned $15M to shareholders through dividends in Q3 2026; following the signing of the merger agreement, Patrick has been restricted from repurchasing additional shares
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Full-Year 2026 Outlook & Initial 2027 End Market Outlook 14 1 RVIA | 2 Company estimates based on data from NMMA, SSI and MHI | 3 Data not publicly available | 4 U.S. Census Bureau | 5 Non-GAAP metric: Refer to appendix for reconciliation to closest GAAP metric | 6 Includes merger-related costs End Market Outlook FY 2025 Actuals FY 2026 Outlook Prior 2026 Outlook RV Wholesale Unit Shipments 342K1 285K to 295K 285K to 300K RV Retail Unit Shipments 349K2 Down LDD % Unchanged Marine Wholesale Powerboat Unit Shipments 137K2 Up LSD % Unchanged Marine Retail Powerboat Unit Shipments 152K2 Flat to Down Slightly Unchanged Powersports Organic Content N/A3 Up LDD % Up LSD % Powersports Wholesale Unit Shipments N/A3 Up HSD % Up LSD % MH Wholesale Unit Shipments 103K2 Down LSD to MSD % Unchanged New Housing Starts 1.4M4 Down LSD to MSD % Unchanged Financial Outlook FY 2025 FY 2026 Estimate Prior 2026 Estimate Adjusted Operating Margin 7.0%5 Flat Unchanged Operating Cash Flows $329M $300M to $330M6 $320M to $350M Capital Expenditures $83M $70M to $80M Unchanged Free Cash Flow $246M5 $230M to $250M6 ~$250M Tax Rate ~24% 24% to 25% Unchanged Initial 2027 End Market Outlook Flat Flat Flat Flat Up 3% to 5% Up 3% to 5% Flat to Up MSD % Flat to Up MSD % FY 2027 Estimate Up 30 to 50 bps All estimates are based on Patrick as a standalone company and do not include any impact related to the pending merger with LCI Industries.
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15 Non-GAAP Reconciliations
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16 16 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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17 ($ in millions) 2019 Q3 2025 Q3 2026 Q3 2026 TTM Net income $90 $35 $21 $133 + Depreciation & amortization 63 42 43 171 + Interest expense, net 37 18 19 74 + Income taxes 28 13 10 42 EBITDA $218 $108 $92 $420 + Stock-based compensation 15 4 6 22 + Merger-related costs - - 15 15 + Restructuring and related costs - - 2 2 + Acquisition related fair-value inventory step-up - - - 1 + (Gain) Loss on sale of property, plant and equipment 2 - 1 - Adjusted EBITDA $235 $112 $116 $460 Net sales $2,337 $976 $975 $3,938 Adjusted EBITDA margin 10.1% 11.5% 11.9% 11.7% Non-GAAP Reconciliations Reconciliation of Net Income to EBITDA to Adjusted EBITDA and Adjusted EBITDA Margin ($ in millions) 2025 Net cash provided by operating activities $329 Less: purchases of property, plant and equipment (83) Free cash flow $246 Reconciliation of Free Cash Flow
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18 ($ in millions, except per share data) 2019 Q3 2025 Q3 2026 Q3 2026 TTM Net income $90 $35 $21 $133 + Merger-related costs - - 15 15 + Restructuring and related costs - - 2 2 + Acquisition related fair-value inventory step-up - - - 1 - Tax impact of adjustments - - (4) (4) Adjusted net income $90 $35 $34 $147 Diluted earnings per common share $2.57 $1.01 $0.64 $3.86 Merger-related costs, net of tax - - 0.34 0.33 Restructuring and related costs, net of tax - - 0.05 0.05 Acquisition related fair-value inventory step-up, net of tax - - - 0.01 Adjusted diluted earnings per common share $2.57 $1.01 $1.03 $4.25 Non-GAAP Reconciliations Reconciliation of Net Income to Adjusted Net Income to Adjusted Diluted Earnings Per Common Share 1 1 2019 reflects the impact of the three-for-two stock split paid in December 2024
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19 Non-GAAP Reconciliations ($ in millions) Q3 2026 TTM Net income $133 + Depreciation & amortization 171 + Interest expense, net 74 + Income taxes 42 EBITDA $420 + Stock-based compensation 22 + Acquisition pro forma, transaction-related expenses & other 27 Pro forma adjusted EBITDA $469 Reconciliation of Net Income to EBITDA to Pro Forma Adjusted EBITDA 2019 Q3 2025 2025 Q3 2026 Q3 2026 TTM Operating margin 6.6% 6.8% 7.0% 5.1% 6.3% Merger-related costs - - - 1.5% 0.4% Restructuring and related costs - - - 0.2% 0.1% Adjusted operating margin 6.6% 6.8% 7.0% 6.8% 6.8% Reconciliation of Operating Margin to Adjusted Operating Margin
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20 Non-GAAP Reconciliations ($ in millions) Total Revolver Credit Capacity $875.0 Less: Total Revolver Used (including outstanding letters of credit) 174.6 Unused Credit Capacity $700.4 Add: Cash on Hand 16.0 Available Liquidity $716.4 Available Liquidity (as of Q3 2026) ($ in millions) Total Debt Outstanding $1,389.5 Less: Cash and Debt Paid as Defined by the Credit Agreement 22.9 Net Debt $1,366.6 Pro Forma Adj. EBITDA $469.2 Net Debt to Pro Forma Adj. EBITDA 2.9x Net Leverage1 (as of Q3 2026) Capital Structure • $125.0M Term Loan ($114.1M o/s), scheduled quarterly installments; balance due October 2029 • $875.0M ($166.0M 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 1 As defined by credit agreement