[SCHEDULE 13G] MALIBU BOATS, INC. Passive Investment Disclosure (>5%)

Rhea-AI Filing Summary

Malibu Boats, Inc. is the issuer, and Nomura Asset Management International Inc. and Nomura Investment Management Business Trust report beneficial ownership of 991,942 shares of Class A Common Stock, representing 5.3% of the class. This percentage is based on 18,601,382 Class A shares outstanding as of December 31, 2025, as reported in Malibu Boats’ Form 10-Q for that quarter. The Nomura entities hold shared voting and shared dispositive power over all reported shares, with no sole voting or dispositive authority. They certify the position is held in the ordinary course of business and not for the purpose of changing or influencing control of Malibu Boats.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

MALIBU BOATS, INC.

(Name of Issuer)

Class A Common Stock, par value $0.01

(Title of Class of Securities)

56117J100

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 56117J100

1

Names of Reporting Persons

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 991,942.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 991,942.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

991,942.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

HC

Comment for Type of Reporting Person: The percent of class is calculated based on 18,601,382 shares of Class A Common Stock outstanding as of December 31, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended December 31, 2025 filed with the SEC on February 5, 2026.

SCHEDULE 13G

CUSIP No. 56117J100

1

Names of Reporting Persons

NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 991,942.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 991,942.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

991,942.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

5.3 %

12

Type of Reporting Person (See Instructions)

IA

Comment for Type of Reporting Person: The percent of class is calculated based on 18,601,382 shares of Class A Common Stock outstanding as of December 31, 2025, as reported in the Issuer's quarterly report on Form 10-Q for the fiscal quarter ended December 31, 2025 filed with the SEC on February 5, 2026.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: MALIBU BOATS, INC.
(b)	Address of issuer's principal executive offices: 5075 Kimberly Way, Loudon, Tennessee, 37774
Item 2.
(a)	Name of person filing: Nomura Asset Management International Inc. Nomura Investment Management Business Trust This Schedule 13G excludes securities beneficially owned, if any, by Nomura Holdings Inc. and certain of its subsidiaries whose beneficial ownership of securities are disaggregated from that of Nomura Asset Management International Inc. and the advisory entities underneath Nomura Asset Management International Inc. in accordance with SEC Release No. 34-39538 (January 12, 1998).
(b)	Address or principal business office or, if none, residence: Each of Nomura Asset Management International Inc. and Nomura Investment Management Business Trust: 100 Independence 610 Market Street Philadelphia, PA 19106-2354
(c)	Citizenship: Each of Nomura Asset Management International Inc. and Nomura Investment Management Business Trust: Delaware
(d)	Title of class of securities: Class A Common Stock, par value $0.01
(e)	CUSIP No.: 56117J100
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Items 5-11 of the cover pages are incorporated by reference.
(b)	Percent of class: Items 5-11 of the cover pages are incorporated by reference.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(ii) Shared power to vote or to direct the vote: Items 5-11 of the cover pages are incorporated by reference.
	(iii) Sole power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
	(iv) Shared power to dispose or to direct the disposition of: Items 5-11 of the cover pages are incorporated by reference.
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

NOMURA ASSET MANAGEMENT INTERNATIONAL INC.

Signature:	/s/ Fernando del Puerto
Name/Title:	Fernando del Puerto, Managing Director
Date:	02/17/2026

NOMURA INVESTMENT MANAGEMENT BUSINESS TRUST

Signature:	/s/ Fernando del Puerto
Name/Title:	Fernando del Puerto, Managing Director
Date:	02/17/2026

Exhibit Information

Exhibit A - Joint Filing Agreement

FAQ

What ownership stake in Malibu Boats (MBUU) do the Nomura entities report?

Nomura Asset Management International Inc. and Nomura Investment Management Business Trust report beneficial ownership of 991,942 Malibu Boats Class A shares, or 5.3% of the class. This percentage is calculated using 18,601,382 Class A shares outstanding as of December 31, 2025.

How did Nomura calculate its 5.3% ownership of Malibu Boats (MBUU)?

The 5.3% ownership is based on 18,601,382 Malibu Boats Class A shares outstanding as of December 31, 2025. That outstanding share count comes from Malibu Boats’ Form 10-Q for the fiscal quarter ended December 31, 2025, filed on February 5, 2026.

Do the Nomura entities have sole or shared voting power over Malibu Boats (MBUU) shares?

The Nomura entities report shared voting power over 991,942 Malibu Boats Class A shares and no sole voting power. They likewise report shared dispositive power over the same number of shares, with zero sole dispositive authority disclosed in the filing.

Are the Nomura-held Malibu Boats (MBUU) shares intended to influence control of the company?

The filing states the Malibu Boats shares were acquired and are held in the ordinary course of business, not to change or influence control. It also notes they are not held in connection with any transaction designed to affect control, aside from limited proxy-related activities.

Which Nomura entities are reporting beneficial ownership in Malibu Boats (MBUU)?

The reporting persons are Nomura Asset Management International Inc. and Nomura Investment Management Business Trust, both organized in Delaware. The filing also states it excludes securities, if any, beneficially owned by Nomura Holdings Inc. and certain subsidiaries under an SEC disaggregation framework.

What type of securities do the Nomura entities hold in Malibu Boats (MBUU)?

The reported holdings are Malibu Boats Class A Common Stock with a par value of $0.01 per share, CUSIP 56117J100. All beneficial ownership figures and percentages in the filing relate specifically to this class of common stock.