LCI Industries Q3 net income falls 20% to $50.1M
Adjusted EPS rose 12% to $2.21 as LCI Industries reported lower GAAP earnings and a 4% sales decline.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
LCI Industries reported third-quarter 2026 net sales of $992.5 million, down 4% from $1,036.5 million a year earlier, as lower North American RV wholesale shipments were partly offset by growth in other businesses. GAAP net income fell to $50.1 million from $62.5 million, and diluted EPS declined 20% to $2.05. Adjusted net income was $54.0 million, with adjusted EPS up 12% to $2.21; adjusted EBITDA increased 5% to $111.5 million. Operating profit margin was 7.6%, versus 7.3%, while adjusted operating profit margin was 8.3%, versus 7.3%.
OEM sales declined 7% to $732.3 million, including RV OEM sales down 17%; Adjacent Industries OEM sales increased 7%. Aftermarket sales rose 6% to $260.2 million. At September 30, 2026, LCI Industries reported $245.6 million in cash and $595.4 million of availability under its revolving credit facility. Its 2026 outlook includes revenue of $3.9 billion to $4.0 billion and adjusted EPS of $8.25 to $8.50. LCI Industries expects its proposed all-stock merger with Patrick Industries to close in the first half of 2027; a special stockholder meeting is set for November 18, 2026.
2 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointAdjusted EPS rose 12% to $2.21 year over year.
- Moderate pointAdjusted EBITDA increased 5% to $111.5 million year over year.
Negative
- Moderate pointGAAP net income fell 20% to $50.1 million year over year.
Filing Explained
At
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Net sales: $992.5 million
Net income: $50.1 million
Diluted EPS: $2.05
+5 more
8 metrics
Net sales
$992.5 million
Third quarter 2026; down 4% from $1,036.5 million in third quarter 2025
Net income
$50.1 million
Third quarter 2026; down 20% from $62.5 million in third quarter 2025
Diluted EPS
$2.05
Third quarter 2026; down 20% from $2.55 in third quarter 2025
Adjusted net income
$54.0 million
Third quarter 2026; compared with $48.1 million in third quarter 2025
Adjusted EPS
$2.21
Third quarter 2026; up 12% from $1.97 in third quarter 2025
Adjusted EBITDA
$111.5 million
Third quarter 2026; up 5% from $105.9 million in third quarter 2025
Adjusted operating profit margin
8.3%
Third quarter 2026; compared with 7.3% in third quarter 2025
2026 adjusted diluted EPS outlook
$8.25 to $8.50
Full-year 2026 estimate
Key Terms
Adjusted EBITDA, Adjusted EPS, revolving credit facility, OEM Segment, +1 more
5 terms
Adjusted EBITDA financial
"Adjusted EBITDA increased to $111.5 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted EPS financial
"adjusted EPS increased 12% to $2.21"
Adjusted earnings per share (adjusted eps) is a measure of a company's profit per share that has been modified to exclude certain one-time or unusual items, such as costs from restructuring or asset sales. It provides a clearer picture of the company’s core performance by removing events that may distort the usual earnings. Investors use adjusted eps to better understand a company's ongoing profitability and compare it more accurately over time.
revolving credit facility financial
"availability under its revolving credit facility"
A revolving credit facility is a type of loan that a business can borrow from whenever it needs money, up to a set limit. It’s like having a credit card for companies—allowing them to borrow, pay back, and borrow again as needed, providing flexibility for managing cash flow or funding short-term expenses.
OEM Segment technical
"OEM Segment - Third Quarter Performance"
IEEPA tariff refunds regulatory
"Net impact of IEEPA tariff refunds"
Refunds under the International Emergency Economic Powers Act (IEEPA) are repayments of import duties, fees, or penalties that were charged because of trade restrictions or sanctions put in place under emergency authority and later reversed, modified, or found inapplicable. For investors, these refunds can change a company’s past cash outflows and future cost structure—similar to getting a billed charge returned after a rule change—affecting reported earnings or cash available for other uses.
Earnings Snapshot
Net sales: $992.5 million · Guidance included
Third quarter 2026
Net sales
$992.5 million
down 4% year over year
Net income
$50.1 million
down 20% year over year
Adjusted EPS
$2.21
up 12% year over year
Adjusted EBITDA
$111.5 million
up 5% year over year
Operating profit margin
7.6%
up 30 bps year over year
Adjusted operating profit margin
8.3%
up 100 bps year over year
Guidance
For full-year 2026, LCI Industries expects revenue of $3.9 billion to $4.0 billion, adjusted operating profit margin of 7.5% to 8.0%, and adjusted diluted EPS of $8.25 to $8.50. October 2026 net sales are expected to be approximately $341 million, down 10% year over year.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were LCII's third-quarter 2026 net sales?
LCI Industries reported third-quarter 2026 net sales of $992.5 million, compared with $1,036.5 million in third-quarter 2025; the company described the decrease as 4% year over year. Lower North American RV wholesale shipments were the primary driver of the decrease.
What is LCII's 2026 financial outlook?
LCI Industries expects 2026 revenue of $3.9 billion to $4.0 billion, adjusted operating profit margin of 7.5% to 8.0%, and adjusted diluted EPS of $8.25 to $8.50. It also expects October 2026 net sales of approximately $341 million, down 10% year over year.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): November 5, 2026
| (Exact name of registrant as specified in its charter) | ||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
| Registrant's telephone number, including area code: | ||||||||||||||
| N/A | ||||||||||||||
| (Former name or former address, if changed since last report) | ||||||||||||||
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company | ||||||||||||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition
On November 5, 2026, LCI Industries issued a press release setting forth LCI Industries' third quarter 2026 results. A copy of the press release is attached hereto as Exhibit 99.1.
An earnings presentation that LCI Industries will refer to during its conference call to discuss the results is attached hereto as Exhibit 99.2 and will be posted on LCI Industries' investor relations website in advance of the call.
The foregoing information is furnished pursuant to Item 2.02, "Results of Operations and Financial Condition." Such information, including Exhibits 99.1 and 99.2 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits
Exhibit Index:
99.1 | Press Release dated November 5, 2026 | |||||||
99.2 | Earnings Presentation dated November 5, 2026 | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
LCI INDUSTRIES | |||||
(Registrant) | |||||
By: /s/ Lillian D. Etzkorn Lillian D. Etzkorn Chief Financial Officer | |||||
| Dated: | November 5, 2026 | ||||
LCI INDUSTRIES REPORTS THIRD QUARTER FINANCIAL RESULTS
Growth in Adjacent Industries and Aftermarket; Strong Execution Drives Operating Margin Expansion
Third Quarter 2026 Highlights versus Third Quarter 2025
•Consolidated net sales of $992 million relative to $1,036 million
•Diversified businesses grew, with Adjacent Industries net sales growth of 7% and Aftermarket up 6%, partially mitigating lower RV OEM sales
•Operating profit margin expanded 30 bps to 7.6% from 7.3%
•Adjusted operating profit margin, which excludes the impacts of merger-related expenses and restructuring costs, expanded 100 bps to 8.3% from 7.3%
•Net income of $50 million, or 5.0% of net sales, relative to $62 million, or 6.0% of net sales
•Diluted earnings per share decreased 20% to $2.05 relative to $2.55
•Adjusted net income of $54 million; adjusted diluted EPS increased 12% to $2.21 from $1.97
•Adjusted EBITDA of $111 million, or 11.2% of net sales, up from $106 million, or 10.2% of net sales
•Towable RV content per unit up 6% to $5,733
Other Highlights
•Cash flows from operations of $316 million for the LTM ended September 30, 2026
•$28 million returned to shareholders via dividends during the quarter
•Strong liquidity position of $841 million, comprising $246 million of cash and cash equivalents and $595 million of availability on revolving credit facility at September 30, 2026
•As previously announced, on June 30, 2026, the Company entered into a definitive agreement to combine with Patrick Industries, Inc. in an all-stock merger. The Company will hold a special meeting of stockholders on November 18, 2026. Please visit www.PatrickandLippertTogether.com for more information.
Elkhart, Indiana - November 5, 2026 - LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported third quarter 2026 results.
"Our third-quarter results reflect continued progress in improving profitability in a soft outdoor recreation market. Margin expansion and 6% growth in product content per unit contributed to our performance and position us to achieve our updated full-year outlook," said Johnny Sirpilla, Interim Chief Executive Officer. "Our 2026 performance has been driven by taking actions on those areas within our control. This includes the ongoing pursuit of operational efficiencies and strategic cost reductions. Our cost management and growth in adjacent industries and aftermarket sales contributed to our bottom line results and we believe leave us well-positioned as conditions normalize."
Mr. Sirpilla continued, "Our new product pipeline and the repair and replacement needs of the installed RV base provide opportunities to serve customers even as demand for new units remains constrained. We are also advancing toward the proposed merger with Patrick Industries, which we continue to expect to close in the first half of 2027. Until that time, our focus remains on disciplined execution and strengthening the business under current market conditions, while driving long-term shareholder value."
Third Quarter 2026 Results
Consolidated net sales of $992.5 million in the third quarter of 2026 compares to $1,036.5 million in the same period of 2025. The decrease in consolidated net sales was primarily driven by lower North American RV wholesale
shipments, partially offset by increases in selling prices contractually tied to indices of select commodities, growth in the automotive aftermarket, and sales from acquired businesses ($5.2 million in the third quarter).
Net income was $50.1 million, or $2.05 per diluted share, compared to $62.5 million, or $2.55 per diluted share, in the third quarter of 2025. Adjusted net income increased to $54.0 million, or $2.21 per diluted share, compared to $48.1 million, or $1.97 per diluted share. Adjusted EBITDA increased to $111.5 million, compared to $105.9 million in the third quarter of 2025. Operating profit margin increased to 7.6% in the third quarter of 2026 compared to 7.3% in the same period of 2025. Year-over-year margin expansion was driven primarily by cost improvement actions, including materials sourcing strategies, partially offset by lower absorption of fixed costs due to lower sales volumes and merger-related expenses.
*Additional information regarding adjusted net income, adjusted EPS, adjusted EBITDA, and adjusted operating profit margin used throughout this release, as well as reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.
OEM Segment - Third Quarter Performance
OEM net sales decreased $57.7 million, or 7%, to $732.3 million for the third quarter of 2026, compared to $790.0 million in the same period of 2025. RV OEM net sales decreased 17% to $389.9 million, primarily due to a decrease in North American travel trailer and fifth-wheel shipments, and a change in RV sales mix toward more lower content single axle travel trailers, partially offset by increases in selling prices contractually tied to indices of select commodities. Adjacent Industries OEM net sales increased 7% year-over-year to $342.4 million, primarily driven by higher sales to North American transportation, marine, and manufactured housing OEMs.
Operating profit of the OEM Segment was $44.1 million in the third quarter of 2026, or 6.0% of net sales, compared to $43.6 million, or 5.5% of net sales, in the same period in 2025. Operating profit margin of the OEM Segment benefited primarily from increases in selling prices contractually tied to indices of select commodities, cost improvement actions, including materials sourcing strategies, and a favorable shift in component sales mix, partially offset by the impact of fixed costs spread over decreased production volumes, decreases in selling prices for certain products primarily related to changes in tariff costs, higher material and freight costs, including higher steel and aluminum costs and rising fuel costs, as well as merger-related expenses.
Aftermarket Segment - Third Quarter Performance
Aftermarket net sales increased 6% to $260.2 million for the third quarter of 2026, compared to $246.5 million in the same period of 2025. The increase was primarily driven by increases in volume in the automotive aftermarket.
Operating profit of the Aftermarket Segment was $30.9 million, or 11.9% of net sales in the third quarter of 2026, compared to $31.9 million, or 12.9% of net sales, in the same period of 2025. Operating profit margin of the Aftermarket Segment was negatively impacted by higher material and freight costs related to tariffs, higher steel and aluminum costs, rising fuel costs, investments in capacity and distribution to support the Aftermarket Segment, restructuring costs to support growth in the automotive aftermarket, and merger-related expenses, partially offset by the impact of fixed costs spread over increased automotive aftermarket production volumes, cost improvement actions, including materials sourcing strategies, and increases in selling prices for targeted products and to cover increased material costs.
Income Taxes
The Company's effective tax rate was 26.7% for the quarter ended September 30, 2026, compared to 25.6% for the quarter ended September 30, 2025. The increase in the effective tax rate was primarily due to the reduction in a
discrete tax benefit related to an increase in the cash surrender value of company-owned life insurance policies compared to the prior year period and a write-off of projected non-deductible deferred executive compensation.
Balance Sheet and Other Items
At September 30, 2026, the Company's cash and cash equivalents balance was $245.6 million, relative to $222.6 million at December 31, 2025. The Company used $92.0 million to pay off the remaining balance of its 2026 Convertible Notes at maturity, $83.8 million for dividend payments to shareholders, and $41.9 million for capital expenditures in the nine months ended September 30, 2026.
The Company's outstanding long-term indebtedness, including current maturities, was $852.4 million at September 30, 2026. As of September 30, 2026, the Company had $595.4 million of borrowing availability under its revolving credit facility.
Outlook
Based on current market and economic conditions along with existing tariffs, the Company currently expects the following:
•October 2026 net sales of approximately $341 million, down 10% from prior year
•2026 North American RV wholesale shipments of 285,000 to 295,000
•2026 revenue of $3.9 billion to $4.0 billion
•2026 adjusted operating profit margin of 7.5% to 8.0%
•2026 adjusted EPS of $8.25 to $8.50
Conference Call & Webcast
LCI Industries will host a conference call to discuss its third quarter results on Thursday, November 5, 2026, at 8:30 a.m. Eastern time. An online, real-time webcast, as well as a supplemental earnings presentation, will be available on the Company's website, investors.lci1.com. The conference call and webcast can also be accessed by dialing (833) 461-5787 for participants in the U.S. and (585) 542-9983 for participants outside the U.S. using the required access code 567748958#. Due to the high volume of companies reporting earnings at this time, please be prepared for hold times of up to 15 minutes when dialing in to the call.
A replay of the conference call will be available for two weeks by dialing (833) 309-1852 for participants in the U.S. and (929) 828-5978 for those outside the U.S. and referencing access code 567748958#. A replay of the webcast will be available on the Company's website immediately following the conclusion of the call.
About LCI Industries
LCI Industries (NYSE: LCII), through its Lippert subsidiary, is a global leader in supplying engineered components to the outdoor recreation and transportation markets. We believe our innovative culture, advanced manufacturing capabilities, and dedication to enhancing the customer experience have established Lippert as a reliable partner for both OEM and aftermarket customers. For more information, visit www.lippert.com.
Forward-Looking Statements
This press release contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this press release that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to the Company's 2026 outlook and related assumptions, production levels, future financial results and business prospects, net sales, expenses and income (loss), operating margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, optimization of facilities and infrastructure, R&D investments, commodity prices, addressable markets, industry trends, and the Company's proposed merger with Patrick Industries, Inc. ("Patrick"), whenever they occur in this press release are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this press release, (1) the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, (2) tariff refunds and related pass through to customers, (3) future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, (4) pricing pressures due to domestic and foreign competition, (5) seasonality and cyclicality in the industries to which we sell our products, (6) availability of credit for financing the retail and wholesale purchase of products for which we sell our components, (7) inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, (8) the financial condition of our customers, (9) the financial condition of retail dealers of products for which we sell our components, (10) retention and concentration of significant customers, (11) the costs, pace of and successful integration of acquisitions and other growth initiatives, (12) availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, (13) efficiency improvements and cost reductions, (14) the disruption of business resulting from natural disasters or other unforeseen events, (15) the successful entry into new markets, (16) the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, (17) information technology performance and security, (18) the ability to protect intellectual property, (19) warranty and product liability claims or product recalls, (20) interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, (21) risks related to the pending merger with Patrick, including (a) the risk that the cost savings and any revenue synergies from the transaction may not be fully realized or may take longer than anticipated to be realized, (b) disruption to each party’s business as a result of the announcement and pendency of the transaction, (c) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate as a result of unexpected factors or events, (d) the failure to obtain the necessary approvals by the stockholders of the Company or Patrick, (e) the ability by each of the Company and Patrick to obtain required governmental approvals of the transaction on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the transaction, (f) reputational risk and the reaction of each party’s customers, suppliers, employees or other business partners to the transaction, (g) the failure of the closing conditions in the merger agreement to be satisfied, or any unexpected delay in closing the transaction or the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement, (h) the possibility that the transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (i) risks related to management and oversight of the expanded business and operations of the combined company due to the increased size and complexity, (j) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the transaction or the size, scope and complexity of the combined company's business operations, and (k) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against the Company, Patrick or the combined company before or after the transaction, and (22) other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025, the Company's Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2026 and in the Company's subsequent filings with the Securities and Exchange Commission (the "SEC"). Readers of this press release are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
Important Information About the Proposed Transaction and Where to Find It
In connection with the proposed transaction between the Company and Patrick, Patrick has filed relevant materials with the SEC, including, among other filings, a Patrick registration statement on Form S-4 (File No. 333-299100) that includes a preliminary joint proxy statement of the Company and Patrick that also constitutes a prospectus of Patrick with respect to shares of Patrick’s common stock to be issued in the proposed transaction. The registration statement was declared effective by the SEC on October 19, 2026, and the Company and Patrick commenced mailing the definitive joint proxy statement/prospectus (the "Joint Proxy Statement/Prospectus") to their respective stockholders on or about October 19, 2026. The Company and Patrick may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Joint Proxy Statement/Prospectus or any other document which the Company and Patrick may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND PATRICK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders are able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus and other documents filed with the SEC by the Company and Patrick through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company are available free of charge on the Company's website at lippert.com under the tab "Investors" and under the heading "Financials" and subheading "SEC Filings." Copies of the documents filed with the SEC by Patrick are available free of charge on Patrick's website at patrickind.com under the tab "Investors" and under the heading "SEC Filings."
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law.
Contact:
Lillian D. Etzkorn, CFO
(574) 535-1125
Investors@lci1.com
###
LCI INDUSTRIES
OPERATING RESULTS
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | Last Twelve | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | Months | |||||||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||||||||
| Net sales | $ | 992,483 | $ | 1,036,477 | $ | 3,051,675 | $ | 3,189,317 | $ | 3,984,375 | |||||||||||||||||||
| Cost of sales | 728,688 | 783,864 | 2,213,071 | 2,414,934 | 2,939,859 | ||||||||||||||||||||||||
| Gross profit | 263,795 | 252,613 | 838,604 | 774,383 | 1,044,516 | ||||||||||||||||||||||||
| Warehouse and transportation | 59,458 | 49,650 | 176,682 | 153,740 | 228,002 | ||||||||||||||||||||||||
| Selling, general and administrative expenses | 129,322 | 127,524 | 395,788 | 376,083 | 515,018 | ||||||||||||||||||||||||
| Operating profit | 75,015 | 75,439 | 266,134 | 244,560 | 301,496 | ||||||||||||||||||||||||
| Interest expense, net | 8,389 | 10,323 | 24,621 | 26,003 | 34,328 | ||||||||||||||||||||||||
| Loss on extinguishment of debt | — | 806 | — | 8,859 | — | ||||||||||||||||||||||||
| Gain on sale of real estate | (1,681) | (19,716) | (2,235) | (19,716) | (2,235) | ||||||||||||||||||||||||
| Income before income taxes | 68,307 | 84,026 | 243,748 | 229,414 | 269,403 | ||||||||||||||||||||||||
| Provision for income taxes | 18,220 | 21,533 | 63,573 | 59,848 | 70,544 | ||||||||||||||||||||||||
| Net income | $ | 50,087 | $ | 62,493 | $ | 180,175 | $ | 169,566 | $ | 198,859 | |||||||||||||||||||
| Net income per common share: | |||||||||||||||||||||||||||||
| Basic | $ | 2.06 | $ | 2.56 | $ | 7.42 | $ | 6.79 | $ | 8.19 | |||||||||||||||||||
| Diluted | $ | 2.05 | $ | 2.55 | $ | 7.39 | $ | 6.78 | $ | 8.16 | |||||||||||||||||||
| Weighted average common shares outstanding: | |||||||||||||||||||||||||||||
| Basic | 24,322 | 24,389 | 24,288 | 24,978 | 24,272 | ||||||||||||||||||||||||
| Diluted | 24,417 | 24,466 | 24,376 | 25,004 | 24,371 | ||||||||||||||||||||||||
| Depreciation | $ | 15,999 | $ | 16,706 | $ | 50,019 | $ | 50,195 | $ | 66,878 | |||||||||||||||||||
| Amortization | $ | 12,943 | $ | 13,779 | $ | 39,579 | $ | 40,155 | $ | 53,601 | |||||||||||||||||||
| Capital expenditures | $ | 13,445 | $ | 16,297 | $ | 41,877 | $ | 38,071 | $ | 56,450 | |||||||||||||||||||
LCI INDUSTRIES
SEGMENT RESULTS
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | Last Twelve | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | Months | |||||||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||||||||
| Net sales: | |||||||||||||||||||||||||||||
| OEM Segment: | |||||||||||||||||||||||||||||
| RV OEMs: | |||||||||||||||||||||||||||||
| Travel trailers and fifth-wheels | $ | 337,852 | $ | 412,472 | $ | 1,062,207 | $ | 1,325,592 | $ | 1,444,851 | |||||||||||||||||||
| Motorhomes | 52,013 | 57,635 | 173,622 | 178,615 | 230,983 | ||||||||||||||||||||||||
| Adjacent Industries OEMs | 342,420 | 319,916 | 1,024,063 | 948,930 | 1,320,574 | ||||||||||||||||||||||||
| Total OEM Segment net sales | 732,285 | 790,023 | 2,259,892 | 2,453,137 | 2,996,408 | ||||||||||||||||||||||||
| Aftermarket Segment: | |||||||||||||||||||||||||||||
| Total Aftermarket Segment net sales | 260,198 | 246,454 | 791,783 | 736,180 | 987,967 | ||||||||||||||||||||||||
| Total net sales | $ | 992,483 | $ | 1,036,477 | $ | 3,051,675 | $ | 3,189,317 | $ | 3,984,375 | |||||||||||||||||||
| Operating profit: | |||||||||||||||||||||||||||||
| OEM Segment | $ | 44,117 | $ | 43,570 | $ | 164,704 | $ | 157,227 | $ | 191,597 | |||||||||||||||||||
| Aftermarket Segment | 30,898 | 31,869 | 101,430 | 87,333 | 109,899 | ||||||||||||||||||||||||
| Total operating profit | $ | 75,015 | $ | 75,439 | $ | 266,134 | $ | 244,560 | $ | 301,496 | |||||||||||||||||||
| Depreciation and amortization: | |||||||||||||||||||||||||||||
| OEM Segment depreciation | $ | 10,184 | $ | 11,992 | $ | 33,749 | $ | 36,488 | $ | 45,592 | |||||||||||||||||||
| Aftermarket Segment depreciation | 5,815 | 4,714 | 16,270 | 13,707 | 21,286 | ||||||||||||||||||||||||
| Total depreciation | $ | 15,999 | $ | 16,706 | $ | 50,019 | $ | 50,195 | $ | 66,878 | |||||||||||||||||||
| OEM Segment amortization | $ | 8,951 | $ | 9,917 | $ | 27,512 | $ | 28,669 | $ | 37,508 | |||||||||||||||||||
| Aftermarket Segment amortization | 3,992 | 3,862 | 12,067 | 11,486 | 16,093 | ||||||||||||||||||||||||
| Total amortization | $ | 12,943 | $ | 13,779 | $ | 39,579 | $ | 40,155 | $ | 53,601 | |||||||||||||||||||
LCI INDUSTRIES
BALANCE SHEET INFORMATION
(unaudited)
| September 30, | December 31, | ||||||||||
| 2026 | 2025 | ||||||||||
| (In thousands) | |||||||||||
| ASSETS | |||||||||||
| Current assets | |||||||||||
| Cash and cash equivalents | $ | 245,618 | $ | 222,615 | |||||||
| Accounts receivable, net | 385,231 | 243,425 | |||||||||
| Inventories, net | 746,726 | 809,094 | |||||||||
| Prepaid expenses and other current assets | 68,132 | 74,552 | |||||||||
| Total current assets | 1,445,707 | 1,349,686 | |||||||||
| Fixed assets, net | 405,705 | 428,031 | |||||||||
| Goodwill | 618,906 | 622,183 | |||||||||
| Other intangible assets, net | 359,782 | 402,568 | |||||||||
| Operating lease right-of-use assets | 268,390 | 272,995 | |||||||||
| Other long-term assets | 101,656 | 100,524 | |||||||||
| Total assets | $ | 3,200,146 | $ | 3,175,987 | |||||||
| LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
| Current liabilities | |||||||||||
| Current maturities of long-term indebtedness | $ | 3,650 | $ | 3,683 | |||||||
| Accounts payable, trade | 196,353 | 202,257 | |||||||||
| Current portion of operating lease obligations | 46,074 | 44,174 | |||||||||
| Accrued expenses and other current liabilities | 266,778 | 223,253 | |||||||||
| Total current liabilities | 512,855 | 473,367 | |||||||||
| Long-term indebtedness | 848,745 | 941,502 | |||||||||
| Operating lease obligations | 241,190 | 246,047 | |||||||||
| Deferred taxes | 28,002 | 27,495 | |||||||||
| Other long-term liabilities | 111,299 | 126,743 | |||||||||
| Total liabilities | 1,742,091 | 1,815,154 | |||||||||
| Total stockholders' equity | 1,458,055 | 1,360,833 | |||||||||
| Total liabilities and stockholders' equity | $ | 3,200,146 | $ | 3,175,987 | |||||||
LCI INDUSTRIES
SUMMARY OF CASH FLOWS
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| (In thousands) | |||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 180,175 | $ | 169,566 | |||||||
| Adjustments to reconcile net income to cash flows provided by operating activities: | |||||||||||
| Depreciation and amortization | 89,598 | 90,350 | |||||||||
| Stock-based compensation expense | 17,030 | 16,868 | |||||||||
| Loss on extinguishment of debt | — | 8,859 | |||||||||
| Gain on sale of real estate | (2,235) | (19,716) | |||||||||
| Other non-cash items | 6,839 | 9,860 | |||||||||
| Changes in assets and liabilities, net of acquisitions of businesses: | |||||||||||
| Accounts receivable, net | (144,308) | (145,752) | |||||||||
| Inventories, net | 60,987 | 33,176 | |||||||||
| Prepaid expenses and other assets | 1,567 | 11,069 | |||||||||
| Accounts payable, trade | (3,360) | 24,333 | |||||||||
| Accrued expenses and other liabilities | 30,982 | 53,491 | |||||||||
| Net cash flows provided by operating activities | 237,275 | 252,104 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Capital expenditures | (41,877) | (38,071) | |||||||||
| Acquisition of businesses | — | (102,990) | |||||||||
| Proceeds from sale of real estate | 3,681 | 22,674 | |||||||||
| Other investing activities | 7,701 | (3,249) | |||||||||
| Net cash flows used in investing activities | (30,495) | (121,636) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Vesting of stock-based awards, net of shares tendered for payment of taxes | (6,718) | (5,242) | |||||||||
| Repayments under revolving credit facility | — | (19,261) | |||||||||
| Proceeds from term loan borrowings | — | 391,000 | |||||||||
| Repayments under term loan and other borrowings | (3,225) | (282,535) | |||||||||
| Proceeds from issuance of convertible notes | — | 448,500 | |||||||||
| Repurchase of convertible notes | (92,000) | (368,920) | |||||||||
| Purchases of convertible note hedge contracts | — | (67,574) | |||||||||
| Proceeds from issuance of warrants concurrent with note hedge contracts | — | 27,600 | |||||||||
| Payment of dividends | (83,838) | (86,215) | |||||||||
| Repurchases of common stock | — | (128,571) | |||||||||
| Other financing activities | — | (4,998) | |||||||||
| Net cash flows used in financing activities | (185,781) | (96,216) | |||||||||
| Effect of exchange rate changes on cash and cash equivalents | 2,004 | (287) | |||||||||
| Net increase in cash and cash equivalents | 23,003 | 33,965 | |||||||||
| Cash and cash equivalents at beginning of period | 222,615 | 165,756 | |||||||||
| Cash and cash equivalents at end of period | $ | 245,618 | $ | 199,721 | |||||||
LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
(unaudited)
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
| September 30, | September 30, | Last Twelve | |||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | Months | |||||||||||||||||||||||||
Industry Data(1) (in thousands of units): | |||||||||||||||||||||||||||||
| Industry Wholesale Production: | |||||||||||||||||||||||||||||
| Travel trailer and fifth-wheel RVs | 57.4 | 65.7 | 196.3 | 233.5 | 261.0 | ||||||||||||||||||||||||
| Motorhome RVs | 7.7 | 8.9 | 28.2 | 27.6 | 36.6 | ||||||||||||||||||||||||
| Industry Retail Sales: | |||||||||||||||||||||||||||||
| Travel trailer and fifth-wheel RVs | 75.6 | 90.7 | 215.8 | 254.0 | 267.9 | ||||||||||||||||||||||||
| Impact on dealer inventories | (18.2) | (25.0) | (19.5) | (20.5) | (6.9) | ||||||||||||||||||||||||
| Motorhome RVs | 9.6 | 10.4 | 27.6 | 30.1 | 35.5 | ||||||||||||||||||||||||
| Twelve Months Ended | |||||||||||||||||||||||||||||
| September 30, | |||||||||||||||||||||||||||||
| 2026 | 2025 | ||||||||||||||||||||||||||||
Lippert Content Per Industry Unit Produced(2): | |||||||||||||||||||||||||||||
| Travel trailer and fifth-wheel RV | $ | 5,733 | $ | 5,431 | |||||||||||||||||||||||||
| Motorhome RV | $ | 3,873 | $ | 3,839 | |||||||||||||||||||||||||
| September 30, | December 31, | ||||||||||||||||||||||||||||
| 2026 | 2025 | 2025 | |||||||||||||||||||||||||||
Balance Sheet Data (debt availability in millions): | |||||||||||||||||||||||||||||
Remaining availability under the revolving credit facility (3) | $ | 595.4 | $ | 595.2 | $ | 595.2 | |||||||||||||||||||||||
| Days sales in accounts receivable, based on last twelve months | 31.3 | 29.4 | 29.7 | ||||||||||||||||||||||||||
| Inventory turns, based on last twelve months | 3.7 | 4.2 | 4.2 | ||||||||||||||||||||||||||
| Estimated Full Year Data: | 2026 | ||||||||||||||||||||||||||||
| Revenue | $3.9 - $4.0 billion | ||||||||||||||||||||||||||||
Adjusted operating profit margin(4) | 7.5% - 8.0% | ||||||||||||||||||||||||||||
| Adjusted diluted EPS | $8.25 - $8.50 | ||||||||||||||||||||||||||||
| Capital expenditures | $55 - $65 million | ||||||||||||||||||||||||||||
| Depreciation and amortization | $115 - $125 million | ||||||||||||||||||||||||||||
| Stock-based compensation expense | $22 - $25 million | ||||||||||||||||||||||||||||
Annual tax rate | 25% - 27% | ||||||||||||||||||||||||||||
(1) Industry wholesale production data for travel trailer and fifth-wheel RVs and motorhome RVs provided by the Recreation Vehicle Industry Association. Industry retail sales data provided by Statistical Surveys, Inc.
(2) Excludes the impact on net sales in 2026 from IEEPA tariff refunds passed through or expected to be passed through to customers.
(3) Remaining availability under the revolving credit facility is subject to covenant restrictions.
(4) Estimate excludes impact of restructuring costs, merger-related expenses, and IEEPA tariff refunds.
LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
RECONCILIATION OF NON-GAAP MEASURES
(unaudited)
The following table reconciles net income to Adjusted EBITDA, net sales to adjusted net sales, and net income as a percentage of net sales to Adjusted EBITDA as a percentage of adjusted net sales.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands) | |||||||||||||||||||||||
| Net income | $ | 50,087 | $ | 62,493 | $ | 180,175 | $ | 169,566 | |||||||||||||||
| Interest expense, net | 8,389 | 10,323 | 24,621 | 26,003 | |||||||||||||||||||
| Provision for income taxes | 18,220 | 21,533 | 63,573 | 59,848 | |||||||||||||||||||
| Depreciation expense | 15,999 | 16,706 | 50,019 | 50,195 | |||||||||||||||||||
| Amortization expense | 12,943 | 13,779 | 39,579 | 40,155 | |||||||||||||||||||
| EBITDA | $ | 105,638 | $ | 124,834 | $ | 357,967 | $ | 345,767 | |||||||||||||||
| Loss on extinguishment of debt | — | 806 | — | 8,859 | |||||||||||||||||||
| Gain on sale of real estate | (1,681) | (19,716) | (2,235) | (19,716) | |||||||||||||||||||
| Restructuring costs | 2,393 | — | 6,814 | — | |||||||||||||||||||
| Merger expenses | 5,120 | — | 19,244 | — | |||||||||||||||||||
| Net impact of IEEPA tariff refunds | — | — | (15,972) | — | |||||||||||||||||||
| Executive separation costs | — | — | — | 3,193 | |||||||||||||||||||
| Adjusted EBITDA | $ | 111,470 | $ | 105,924 | $ | 365,818 | $ | 338,103 | |||||||||||||||
| Net sales | $ | 992,483 | $ | 1,036,477 | $ | 3,051,675 | $ | 3,189,317 | |||||||||||||||
| IEEPA tariff refunds impact on net sales | — | — | 88,792 | — | |||||||||||||||||||
| Adjusted net sales | $ | 992,483 | $ | 1,036,477 | $ | 3,140,467 | $ | 3,189,317 | |||||||||||||||
| Net income as a percentage of net sales | 5.0 | % | 6.0 | % | 5.9 | % | 5.3 | % | |||||||||||||||
| Adjusted EBITDA as a percentage of adjusted net sales | 11.2 | % | 10.2 | % | 11.6 | % | 10.6 | % | |||||||||||||||
The following table reconciles operating profit margin to adjusted operating profit margin.
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Operating profit margin | 7.6 | % | 7.3 | % | 8.7 | % | 7.7 | % | |||||||||||||||
| Restructuring costs | 0.2 | % | — | % | 0.2 | % | — | % | |||||||||||||||
| Merger expenses | 0.5 | % | — | % | 0.6 | % | — | % | |||||||||||||||
| Net impact of IEEPA tariff refunds | — | % | — | % | (0.7) | % | — | % | |||||||||||||||
| Executive separation costs | — | % | — | % | — | % | 0.1 | % | |||||||||||||||
| Adjusted operating profit margin | 8.3 | % | 7.3 | % | 8.8 | % | 7.8 | % | |||||||||||||||
The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per adjusted diluted share ("Adjusted EPS").
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (In thousands, except per share amounts) | |||||||||||||||||||||||
| Net income | $ | 50,087 | $ | 62,493 | $ | 180,175 | $ | 169,566 | |||||||||||||||
| Loss on extinguishment of debt | — | 806 | — | 8,859 | |||||||||||||||||||
| Gain on sale of real estate | (1,681) | (19,716) | (2,235) | (19,716) | |||||||||||||||||||
| Restructuring costs | 2,393 | — | 6,814 | — | |||||||||||||||||||
| Merger expenses | 5,120 | — | 19,244 | — | |||||||||||||||||||
| Net impact of IEEPA tariff refunds, including interest income | (713) | — | (20,377) | — | |||||||||||||||||||
| Executive separation costs | — | — | — | 3,193 | |||||||||||||||||||
| Tax effect of adjustments | (1,229) | 4,531 | (827) | 1,836 | |||||||||||||||||||
| Adjusted net income | $ | 53,977 | $ | 48,114 | $ | 182,794 | $ | 163,738 | |||||||||||||||
| Weighted average common shares outstanding - diluted | 24,417 | 24,466 | 24,376 | 25,004 | |||||||||||||||||||
| Net income per common share - diluted | $ | 2.05 | $ | 2.55 | $ | 7.39 | $ | 6.78 | |||||||||||||||
| Loss on extinguishment of debt | — | 0.03 | — | 0.35 | |||||||||||||||||||
| Gain on sale of real estate | (0.07) | (0.80) | (0.09) | (0.79) | |||||||||||||||||||
| Restructuring costs | 0.10 | — | 0.28 | — | |||||||||||||||||||
| Merger expenses | 0.21 | — | 0.79 | — | |||||||||||||||||||
| Net impact of IEEPA tariff refunds, including interest income | (0.03) | — | (0.84) | — | |||||||||||||||||||
| Executive separation costs | — | — | — | 0.13 | |||||||||||||||||||
| Tax effect of adjustments | (0.05) | 0.19 | (0.03) | 0.08 | |||||||||||||||||||
| Adjusted net income per common share - diluted (Adjusted EPS) | $ | 2.21 | $ | 1.97 | $ | 7.50 | $ | 6.55 | |||||||||||||||
In addition to reporting financial results in accordance with U.S. GAAP, the Company has provided the non-GAAP performance measures of Adjusted EBITDA, adjusted net sales, adjusted operating profit margin, Adjusted EBITDA as a percentage of adjusted net sales, adjusted net income, and Adjusted EPS to illustrate and improve comparability of its results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation expense, amortization expense, loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, and executive separation costs, as applicable, during the three and nine month periods ended September 30, 2026 and 2025. Adjusted net sales is defined as net sales adjusted for the reduction in net sales related to IEEPA tariff refunds passed through or expected to be passed through to customers, during the nine month period ended September 30, 2026. Adjusted operating profit margin is defined as operating profit margin adjusted for restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, and executive separation costs, as applicable, during the three and nine month periods ended September 30, 2026 and 2025. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, including interest income, executive separation costs, and the related tax effects, as applicable, during the three and nine month periods ended September 30, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - diluted. The restructuring costs adjusted out of the non-GAAP measures relate to the Company's plant consolidations at our U.S. glass and automotive aftermarket facilities. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
Further, the Company has provided its outlook for full-year 2026 Adjusted EPS and adjusted operating profit margin in this release. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their
most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. The financial impact of such items is uncertain and is dependent on various factors, including timing, and could be material to the Company's consolidated statements of income.
Q3 2026 EARNINGS CONFERENCE CALL | November 5, 2026
This presentation contains certain “forward-looking statements” with respect to our financial condition, results of operations, profitability, margin growth, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company’s common stock, the impact of legal proceedings, and other matters. Statements in this presentation that are not historical facts are “forward-looking statements” for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties. Forward-looking statements, including, without limitation, those relating to the Company's 2026 outlook and related assumptions, production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, industry trends, and the Mergers whenever they occur in this presentation are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this presentation, (1) the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, (2) tariff refunds and related pass through to customers, (3) future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, (4) pricing pressures due to domestic and foreign competition, (5) seasonality and cyclicality in the industries to which we sell our products, (6) availability of credit for financing the retail and wholesale purchase of products for which we sell our components, (7) inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, (8) the financial condition of our customers, (9) the financial condition of retail dealers of products for which we sell our components, (10) retention and concentration of significant customers, (11) the costs, pace of, and successful integration of acquisitions and other growth initiatives, (12) availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, (13) efficiency improvements and cost reductions, (14) the disruption of business resulting from natural disasters or other unforeseen events, (15) the successful entry into new markets, (16) the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, (17) information technology performance and security, (18) the ability to protect intellectual property, (19) warranty and product liability claims or product recalls, (20) interest rates, oil and gasoline prices, and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, (21) risks related to our pending transaction (the "Mergers") with Patrick Industries, Inc. ("Patrick"), including (a) the risk that the cost savings and any revenue synergies from the Mergers may not be fully realized or may take longer than anticipated to be realized, (b) disruption to each party’s business as a result of the announcement and pendency of the Mergers, (c) the risk that the integration of each party’s operations will be materially delayed or will be more costly or difficult than expected or that the parties are otherwise unable to successfully integrate as a result of unexpected factors or events, (d) the failure to obtain the necessary approvals by the stockholders of the Company or Patrick, (e) the ability by each of the Company and Patrick to obtain required governmental approvals of the Mergers on the timeline expected, or at all, and the risk that such approvals may result in the imposition of conditions that could adversely affect the combined company or the expected benefits of the Mergers, (f) reputational risk and the reaction of each party’s customers, suppliers, employees or other business partners to the Mergers, (g) the failure of the closing conditions in the Merger Agreement to be satisfied, or any unexpected delay in closing the Mergers or the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement, (h) the possibility that the Mergers may be more expensive to complete than anticipated, including as a result of unexpected factors or events, (i) risks related to management and oversight of the expanded business and operations of the combined company due to the increased size and complexity, (j) the possibility of increased scrutiny by, and/or additional regulatory requirements of, governmental authorities as a result of the Mergers or the size, scope and complexity of the combined company’s business operations, and (k) the outcome of any legal or regulatory proceedings that may be currently pending or later instituted against the Company, Patrick or the combined company before or after the Mergers, and (22) other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2025 and in this presentation, and in the Company's subsequent filings with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers of this presentation are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward- looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. This presentation includes certain non-GAAP financial measures, such as adjusted net income, adjusted net income per diluted share, adjusted EBITDA, adjusted net sales, adjusted EBITDA as a percentage of adjusted net sales, net debt to adjusted EBITDA ratio, and free cash flow. These non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure are included in the presentation. This presentation also includes certain forward-looking non-GAAP financial measures, such as forward-looking guidance for adjusted diluted EPS and adjusted operating profit margin. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. Forward-Looking Statements 2LCI Industries | Q3 2026 Earnings Presentation
Important Information About the Proposed Transaction and Where to Find It In connection with the proposed transaction between the Company and Patrick, Patrick has filed relevant materials with the Securities and Exchange Commission (the "SEC"), including, among other filings, a Patrick registration statement on Form S-4 (File No. 333-299100) that includes a preliminary joint proxy statement of the Company and Patrick that also constitutes a prospectus of Patrick with respect to shares of Patrick’s common stock to be issued in the proposed transaction. The registration statement was declared effective by the SEC on October 19, 2026, and the Company and Patrick commenced mailing the definitive joint proxy statement/prospectus (the "Joint Proxy Statement/Prospectus") to their respective stockholders on or about October 19, 2026. The Company and Patrick may also file other documents with the SEC regarding the proposed transaction. This communication is not a substitute for the Joint Proxy Statement/Prospectus or any other document which the Company and Patrick may file with the SEC. INVESTORS AND SECURITY HOLDERS OF THE COMPANY AND PATRICK ARE URGED TO READ THE REGISTRATION STATEMENT AND THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER DOCUMENTS THAT WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders are able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus and other documents filed with the SEC by the Company and Patrick through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with the SEC by the Company are available free of charge on the Company’s website at lippert.com under the tab "Investors" and under the heading "Financials" and subheading "SEC Filings." Copies of the documents filed with the SEC by Patrick are available free of charge on Patrick’s website at patrickind.com under the tab “Investors” and under the heading "SEC Filings." No Offer or Solicitation This presentation does not constitute an offer to sell or the solicitation of an offer to buy or exchange any securities or a solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. It does not constitute a prospectus or prospectus equivalent document. No offering or sale of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended, and otherwise in accordance with applicable law. Important Disclosures 3LCI Industries | Q3 2026 Earnings Presentation
Diversification and Strong Execution Drives Operating Margin Expansion Executing Continuous Improvement Initiatives • Third quarter operating profit margin of 7.6%, up 30 bps YoY • Adjusted operating profit margin(1) (excluding merger-related expenses and restructuring costs) of 8.3%, up 100 bps YoY • Cost improvement actions continued to drive margin expansion through focus on operational efficiencies and disciplined strategic cost reduction actions Quarterly Financial Performance • Net sales of $992.5 million, down 4% YoY • Net income of $50 million, down 20% YoY ($2.05 per diluted share, down 20% YoY), or 5.0% of net sales • Adjusted net income(1) of $54 million ($2.21 Adjusted EPS(1), up 12% YoY) • Adjusted EBITDA(1) of $111 million, up 5% YoY, or 11.2% of adjusted net sales 1 Additional information regarding adjusted net income, adjusted EPS, adjusted EBITDA, adjusted net sales, adjusted EBITDA as a percentage of adjusted net sales, and adjusted operating profit margin and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, are provided in the Appendix. Capital Allocation • Strong liquidity position with $246 million of cash and cash equivalents and $595 million of availability on revolving credit facility at September 30, 2026 • Paid quarterly dividend of $1.15 per share, aggregating $28 million in the third quarter Third Quarter 2026 Highlights 4LCI Industries | Q3 2026 Earnings Presentation Merger with Patrick Industries • As previously announced, entered into definitive agreement to combine with Patrick Industries, Inc. in an all-stock merger, forming a premier component solutions provider for the outdoor enthusiast, housing, and transportation markets • The Company will hold a special meeting of stockholders on November 18, 2026. More information can be found at www.PatrickandLippertTogether.com
Results by Market 5 OEM Segment • RV • Transportation • Marine • Housing Aftermarket Segment
RV OEM Performance and Trends • Q3 2026 RV OEM sales down 17% YoY, primarily due to a decrease in North American travel trailer and fifth-wheel shipments and change in RV sales mix toward more lower content single axle trailers, partially offset by increases in selling prices contractually tied to indices of select commodities • 57,400 North American wholesale towable units shipped in Q3 2026, down 13% YoY • 75,600 estimated North American retail towable units sold in Q3 2026, down 17% YoY • Towable content per unit shipped of $5,733 in Q3 2026, up 6% YoY Quarterly Net Sales $470M $390M Q3 2025 Q3 2026 NA RV Wholesale/Retail/Inventory Change Retail Wholesale Inventory Linear (Inventory) 4Q 22 1Q 23 2Q 23 3Q 23 4Q 23 1Q 24 2Q 24 3Q 24 4Q 24 1Q 25 2Q 25 3Q 25 4Q 25 1Q 26 2Q 26 3Q 36 0 50,000 100,000 150,000 (80,000) (60,000) (40,000) (20,000) — 20,000 40,000 6LCI Industries | Q3 2026 Earnings Presentation
Transportation OEM Performance and Trends • Q3 2026 Transportation OEM sales up 8% YoY • Increase driven by sales in the resilient bus market where integration efforts and synergies from 2025 acquisitions are driving results • Trans Air (acquired in March 2025) - bus climate control systems • Freedman Seating (acquired in April 2025) - bus seating solutions • Expanding presence in transportation markets: • Increasing sales of axles and suspension products to top utility trailer brands. Utility trailer industry produces 500K+ utility and cargo trailers annually • Supplying windows in off-road vehicles and school buses • Focusing on innovative new products • Launched Heavy Duty Bus Seats, including Transport Seat and accompanying ADA Transport Flip Seat • Approximately 65,000 city, shuttle and school buses delivered in 2025 Quarterly Net Sales $197M $213M Q3 2025 Q3 2026 7LCI Industries | Q3 2026 Earnings Presentation
$75M $79M Q3 2025 Q3 2026 8 Marine OEM Performance and Trends • Q3 2026 Marine sales up 4% YoY • Sales growth driven by recent innovations and improving run rates • Building momentum with newer products Quarterly Net Sales 8 8LCI Industries | Q3 2026 Earnings Presentation
9 Housing OEM Performance and Trends • Q3 2026 Housing OEM sales up 7% YoY • 2026 manufactured housing unit shipments were down about 3% through August • Expanding presence in residential window market through 2025 acquisition of Moss Supply Company and new distribution partnerships $47M $51M Q3 2025 Q3 2026 Quarterly Net Sales 9 9LCI Industries | Q3 2026 Earnings Presentation
10 Aftermarket Performance and Trends • Q3 2026 sales up 6% YoY primarily driven by increases in volume in the automotive aftermarket • Driving portfolio expansion in diversified markets with towing and truck accessories, boating accessories, appliances, and electronics • Meeting repair and replacement demand as RV ownership and used unit acquisitions have increased over recent quarters • Lippert Factory Service network of service and repair centers provides retail customers with expanded access to highly technical upgrades • Launched 15K Variable Speed Low Profile Chill® Cube for RV AM, StowPro™ Made in USA Adjustable Ball Mount, RViBrake, and Ranch Hand Public Safety line of products Quarterly Net Sales $246M $260M Q3 2025 Q3 2026 Q3 2026 Aftermarket Net Sales by Market 49% 34% 7%10% Automotive RV Marine Other 1010LCI Industries | Q3 2026 Earnings Presentation
Consolidated Results 11
12 Q3 2026 Financial Performance Operating Margin 7.3% 7.6% Third Quarter 2025 Third Quarter 2026 (in th ou sa nd s) Consolidated Net Income $62,493 $50,087 Third Quarter 2025 Third Quarter 2026 (in th ou sa nd s) Adjusted EBITDA* $105,924 $111,470 Third Quarter 2025 Third Quarter 2026 * Additional information regarding Adjusted EBITDA, as well as reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. (in th ou sa nd s) Consolidated Net Sales $1,036,477 $992,483 Third Quarter 2025 Third Quarter 2026 -4% +30 bps +5%-20% 1212LCI Industries | Q3 2026 Earnings Presentation
13 Strategic Acquisitions • Acquisitions completed in 2025 delivering results in 2026 in both OEM and AM segments • Continue to review thoughtful and complementary acquisition targets as part of our balanced capital allocation strategy(2) Capital Allocation Highlights Executing on our capital allocation strategy through complementary acquisitions, focus on quality, and returning capital to shareholders (in m ill io ns ) $1 $4 $4 $4 $464 $4 $373 2030 Convertible Notes Term Loan B 4Q26 2027 2028 2029 2030 2031 2032 $— $490 Future Debt Maturities Strong Balance Sheet • Strong quarter-end cash position of $246 million • Borrowing availability of $595 million on revolving credit facility • Debt to net income of 4.3x, and net debt to adjusted EBITDA of 1.4x(1), reflecting disciplined leverage management 1 Additional information regarding net debt to adjusted EBITDA, and a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 2 Subject to the terms and conditions set forth in the merger agreement relating to our pending merger with Patrick Industries, Inc. 13 Returning Capital to Shareholders • Paid quarterly dividend of $1.15 per share, aggregating $28 million in the third quarter 13LCI Industries | Q3 2026 Earnings Presentation
14 Liquidity and Cash Flow As of and for the nine months ended September 30 2026 2025 Cash and Cash Equivalents $246M $200M Remaining Availability under Revolving Credit Facility(1) $595M $595M Capital Expenditures $42M $38M Dividends $84M $86M Share Repurchases $— $129M Debt / Net Income (TTM) 4.3x 5.3x Net Debt/Adjusted EBITDA (TTM)(2) 1.4x 1.9x Cash from Operating Activities $237M $252M Free Cash Flow(2) $195M $214M 1 Remaining availability under the revolving credit facility is subject to covenant restrictions. 2 Additional information regarding net debt to Adjusted EBITDA and free cash flow, as well as a reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures, is provided in the Appendix. 1414LCI Industries | Q3 2026 Earnings Presentation
2026 Outlook 15
16 2026 Outlook RV Industry • Our current full year 2026 North American forecast is 285K - 295K wholesale unit shipments Other Markets • Transportation - expect market to be down low single digits • Marine - expect market to be down low single digits • Housing - expect market to be down low to mid single digits • Aftermarket - gains in automotive aftermarket expected to continue to help mitigate overall decline in all aftermarket channels October 2026 Results • October 2026 net sales of approximately $341 million, down 10% YoY 1616LCI Industries | Q3 2026 Earnings Presentation
*Reaffirming prior guidance range (estimate excludes restructuring costs, merger-related expenses, and impact of IEEPA tariff refunds) Full Year 2026 Financial Outlook Based on current market and economic conditions along with existing tariffs, the Company expects the following: 2026 Outlook 2025 Actual 2026 Estimate Revenue $4.1B $3.9 billion - $4.0 billion Adjusted Operating Profit Margin 6.8% 7.5% - 8.0%* Adjusted Diluted EPS $7.46 $8.25 - $8.50 17 1717LCI Industries | Q3 2026 Earnings Presentation
19 Appendix Reconciliation of Non-GAAP Measures ADJUSTED EBITDA Three months ended September 30, Nine months ended September 30, Twelve months ended September 30, ($ in thousands) 2026 2025 2026 2025 2026 2025 Net income $ 50,087 $ 62,493 $ 180,175 $ 169,566 $ 198,859 $ 179,113 Interest expense, net 8,389 10,323 24,621 26,003 34,328 31,103 Provision for income taxes 18,220 21,533 63,573 59,848 70,544 61,335 Depreciation and amortization 28,942 30,485 89,598 90,350 120,479 120,043 EBITDA $ 105,638 $ 124,834 $ 357,967 $ 345,767 $ 424,210 $ 391,594 Loss on extinguishment of debt — 806 — 8,859 — 8,859 Gain on sale of real estate (1,681) (19,716) (2,235) (19,716) (2,235) (19,716) Restructuring costs 2,393 — 6,814 — 10,714 — Merger expenses 5,120 — 19,244 — 19,244 — Net impact of IEEPA tariff refunds — — (15,972) — (15,972) — Executive separation costs — — — 3,193 — 3,193 Adjusted EBITDA $ 111,470 $ 105,924 $ 365,818 $ 338,103 $ 435,961 $ 383,930 Net Sales $ 992,483 $ 1,036,477 $ 3,051,675 $ 3,189,317 $ 3,984,375 $ 3,992,455 IEEPA tariff refunds impact on net sales — — 88,792 — 88,792 — Adjusted net sales $ 992,483 $ 1,036,477 $ 3,140,467 $ 3,189,317 $ 4,073,167 $ 3,992,455 Net income as a % of net sales 5.0 % 6.0 % 5.9 % 5.3 % 5.0 % 4.5 % Adjusted EBITDA as a % of adjusted net sales 11.2 % 10.2 % 11.6 % 10.6 % 10.7 % 9.6 % FREE CASH FLOW Nine months ended September 30, NET DEBT/ADJUSTED EBITDA (TTM) ($ in thousands) 2026 2025 ($ in thousands) September 30, 2026 September 30, 2025 Net cash flows provided by operating activities $ 237,275 $ 252,104 Total debt $ 852,395 $ 947,832 Capital expenditures (41,877) (38,071) Less cash and cash equivalents 245,618 199,721 Free cash flow $ 195,398 $ 214,033 Net debt $ 606,777 $ 748,111 Total Debt/Net Income (TTM) 4.3x 5.3x Net Debt/Adjusted EBITDA (TTM) 1.4x 1.9x
20 Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Three months ended September 30, Nine months ended September 30, ($ in thousands, except per share amounts) 2026 2025 2026 2025 Net income $ 50,087 $ 62,493 $ 180,175 $ 169,566 Loss on extinguishment of debt — 806 — 8,859 Gain on sale of real estate (1,681) (19,716) (2,235) (19,716) Restructuring costs 2,393 — 6,814 — Merger expenses 5,120 — 19,244 — Net impact of IEEPA tariff refunds, including interest income (713) — (20,377) — Executive separation costs — — — 3,193 Tax effect of adjustments (1,229) 4,531 (827) 1,836 Adjusted net income $ 53,977 $ 48,114 $ 182,794 $ 163,738 Weighted average common shares outstanding - diluted 24,417 24,466 24,376 25,004 ADJUSTED EPS Net income per common share - diluted $ 2.05 $ 2.55 $ 7.39 $ 6.78 Loss on extinguishment of debt — 0.03 — 0.35 Gain on sale of real estate (0.07) (0.80) (0.09) (0.79) Restructuring costs 0.10 — 0.28 — Merger expenses 0.21 — 0.79 — Net impact of IEEPA tariff refunds, including interest income (0.03) — (0.84) — Executive separation costs — — — 0.13 Tax effect of adjustments (0.05) 0.19 (0.03) 0.08 Adjusted net income per common share - adjusted diluted (Adjusted EPS) $ 2.21 $ 1.97 $ 7.50 $ 6.55
21 Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED OPERATING PROFIT MARGIN Three months ended September 30, Nine months ended September 30, 2026 2025 2026 2025 Operating profit margin 7.6 % 7.3 % 8.7 % 7.7 % Restructuring costs 0.2 % — % 0.2 % — % Merger expenses 0.5 % — % 0.6 % — % Net impact of IEEPA tariff refunds — % — % (0.7) % — % Executive separation costs — % — % — % 0.1 % Adjusted operating profit margin 8.3 % 7.3 % 8.8 % 7.8 %
22 Appendix Reconciliation of Non-GAAP Measures (cont.) Adjusted EBITDA, Adjusted Net Sales, Adjusted EBITDA as a Percentage of Adjusted Net Sales, and Free Cash Flow Adjusted EBITDA, adjusted net sales, Adjusted EBITDA as a percentage of adjusted net sales, and free cash flow are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period. Adjusted EBITDA is defined as net income before interest expense, net, provision for income taxes, depreciation and amortization expense, and to the extent applicable, loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, net impact of IEEPA tariff refunds, and executive separation costs. Adjusted net sales is defined as net sales adjusted, to the extent applicable, for the reduction in net sales related to IEEPA tariff refunds expected to be passed through to customers. Free cash flow is defined as net cash flows provided by operating activities less capital expenditures. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because they provide a useful analysis of ongoing underlying trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. Net Debt to Adjusted EBITDA The net debt to Adjusted EBITDA ratio on a trailing twelve month basis is a non-GAAP performance measure included because the Company believes it is useful to investors in evaluating the Company's leverage. The net debt to Adjusted EBITDA ratio is defined as total debt, less cash and cash equivalents, divided by Adjusted EBITDA. The net debt to Adjusted EBITDA ratio is a non-GAAP measure and should not be considered a substitute for the ratio of total debt to net income determined in accordance with GAAP. The Company's calculation of its net debt to Adjusted EBITDA ratio might not be calculated in the same manner as, and thus might not be comparable to, similarly titled measures used by other companies. Adjusted Net Income, Adjusted EPS, and Adjusted Operating Profit Margin In addition to reporting financial results in accordance with U.S. GAAP, the Company has also provided the non-GAAP performance measures of adjusted net income, adjusted net income per diluted share ("Adjusted EPS"), and adjusted operating profit margin to illustrate and improve comparability of its results from period to period. Adjusted net income is defined as net income adjusted for, to the extent applicable, loss on extinguishment of debt, gain on sale of real estate, restructuring costs, merger expenses, net impact of IEEPA tariff refunds (including interest income), executive separation costs, and the related tax effects during the three and nine month periods ended September 30, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - diluted. Adjusted operating profit margin is defined as operating profit margin adjusted for restructuring costs, merger expenses, the net impact of IEEPA tariff refunds, and executive separation costs, as applicable, during the three and nine month periods ended September 30, 2026 and 2025. The Company considers these non-GAAP measures in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. These measures are not in accordance with, nor are they substitutes for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies.
23 2323LCI Industries | Q3 2026 Earnings Presentation Supplemental Adjusted Net Income Reconciliation Three months ended September 30, 2026 Three months ended September 30, 2025 (In thousands, except per share amounts) As Reported Tariff Refund Impact Merger Expenses Restructuring Costs Gain on Sale of Real Estate Adjusted As Reported Loss on Extinguishment of Debt Gain on Sale of Real Estate Adjusted Net sales OEM Segment $ 732,285 $ — $ — $ — $ — $ 732,285 $ 790,023 $ — $ — $ 790,023 Aftermarket Segment 260,198 — — — — 260,198 246,454 — — 246,454 Total net sales 992,483 — — — — 992,483 1,036,477 — — 1,036,477 Cost of sales OEM Segment 567,537 — — (650) — 566,887 626,190 — — 626,190 Aftermarket Segment 161,151 — — (1,743) — 159,408 157,674 — — 157,674 Total cost of sales 728,688 — — (2,393) — 726,295 783,864 — — 783,864 Gross profit OEM Segment 164,748 — — 650 — 165,398 163,833 — — 163,833 Aftermarket Segment 99,047 — — 1,743 — 100,790 88,780 — — 88,780 Total gross profit 263,795 — — 2,393 — 266,188 252,613 — — 252,613 Selling, general and administrative expenses* OEM Segment 120,631 — (3,963) — — 116,668 120,263 — — 120,263 Aftermarket Segment 68,149 — (1,157) — — 66,992 56,911 — — 56,911 Total SG&A 188,780 — (5,120) — — 183,660 177,174 — — 177,174 Operating profit OEM Segment 44,117 — 3,963 650 — 48,730 43,570 — — 43,570 Aftermarket Segment 30,898 — 1,157 1,743 — 33,798 31,869 — — 31,869 Total operating profit 75,015 — 5,120 2,393 — 82,528 75,439 — — 75,439 Interest expense, net 8,389 713 — — — 9,102 10,323 — — 10,323 Loss on extinguishment of debt — — — — — — 806 (806) — — Gain on sale of real estate (1,681) — — — 1,681 — (19,716) — 19,716 — Income before income taxes 68,307 (713) 5,120 2,393 (1,681) 73,426 84,026 806 (19,716) 65,116 Provision for income taxes 18,220 (171) 1,229 574 (403) 19,449 21,533 193 (4,724) 17,002 Net income $ 50,087 $ (542) $ 3,891 $ 1,819 $ (1,278) $ 53,977 $ 62,493 $ 613 $ (14,992) $ 48,114 Diluted shares 24,417 24,417 24,417 24,417 24,417 24,417 24,466 24,466 24,466 24,466 Diluted EPS $ 2.05 $ (0.02) $ 0.16 $ 0.07 $ (0.05) $ 2.21 $ 2.55 $ 0.03 $ (0.61) $ 1.97 *Selling, general and administrative expenses include warehouse and transportation expenses.
24 2424LCI Industries | Q3 2026 Earnings Presentation Supplemental Adjusted Net Income Reconciliation Nine months ended September 30, 2026 Nine months ended September 30, 2025 (In thousands, except per share amounts) As Reported Tariff Refund Impact Merger Expenses Restructuring Costs Gain on Sale of Real Estate Adjusted As Reported Loss on Extinguishment of Debt Executive Separation Costs Gain on Sale of Real Estate Adjusted Net sales OEM Segment $ 2,259,892 $ 84,883 $ — $ — $ — $ 2,344,775 $ 2,453,137 $ — $ — $ — $ 2,453,137 Aftermarket Segment 791,783 3,909 — — — 795,692 736,180 — — — 736,180 Total net sales 3,051,675 88,792 — — — 3,140,467 3,189,317 — — — 3,189,317 Cost of sales OEM Segment 1,726,886 86,354 — (3,886) — 1,809,354 1,938,092 — — — 1,938,092 Aftermarket Segment 486,185 18,411 — (2,928) — 501,668 476,842 — — — 476,842 Total cost of sales 2,213,071 104,765 — (6,814) — 2,311,022 2,414,934 — — — 2,414,934 Gross profit OEM Segment 533,006 (1,471) — 3,886 — 535,421 515,045 — — — 515,045 Aftermarket Segment 305,598 (14,502) — 2,928 — 294,024 259,338 — — — 259,338 Total gross profit 838,604 (15,973) — 6,814 — 829,445 774,383 — — — 774,383 Selling, general and administrative expenses* OEM Segment 368,302 — (14,895) — — 353,407 357,818 — (2,554) — 355,264 Aftermarket Segment 204,168 — (4,349) — — 199,819 172,005 — (639) — 171,366 Total SG&A 572,470 — (19,244) — — 553,226 529,823 — (3,193) — 526,630 Operating profit OEM Segment 164,704 (1,471) 14,895 3,886 — 182,014 157,227 — 2,554 — 159,781 Aftermarket Segment 101,430 (14,502) 4,349 2,928 — 94,205 87,333 — 639 — 87,972 Total operating profit 266,134 (15,973) 19,244 6,814 — 276,219 244,560 — 3,193 — 247,753 Interest expense, net 24,621 4,404 — — — 29,025 26,003 — — — 26,003 Loss on extinguishment of debt — — — — — — 8,859 (8,859) — — — Gain on sale of real estate (2,235) — — — 2,235 — (19,716) — — 19,716 — Income before income taxes 243,748 (20,377) 19,244 6,814 (2,235) 247,194 229,414 8,859 3,193 (19,716) 221,750 Provision for income taxes 63,573 (4,891) 4,619 1,635 (536) 64,400 59,848 2,123 765 (4,724) 58,012 Net income $ 180,175 $ (15,486) $ 14,625 $ 5,179 $ (1,699) $ 182,794 $ 169,566 $ 6,736 $ 2,428 $ (14,992) $ 163,738 Diluted shares 24,376 24,376 24,376 24,376 24,376 24,376 25,004 25,004 25,004 25,004 25,004 Diluted EPS $ 7.39 $ (0.63) $ 0.60 $ 0.21 $ (0.07) $ 7.50 $ 6.78 $ 0.27 $ 0.10 $ (0.60) $ 6.55 *Selling, general and administrative expenses include warehouse and transportation expenses.