LCI Industries二季度利润率改善但下调全年收入、EPS和RV出货指引

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):
August 5, 2026
LCI INDUSTRIES
(Exact name of registrant as specified in its charter)
Delaware
001-13646
13-3250533
(State or other jurisdiction of incorporation)
(Commission File Number)
(I.R.S. Employer
Identification No.)
3501 County Road 6 East,
Elkhart,
Indiana
46514
(Address of principal executive offices)
(Zip Code)
Registrant's telephone number, including area code:
(574)
535-1125
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
Common Stock, $.01 par value
LCII
New York Stock Exchange
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 August 5, 2026, LCI Industries issued a press release setting forth LCI Industries' second 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 August 5, 2026
99.2
Earnings Presentation dated August 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:
August 5, 2026

----- EXHIBIT -----

EX-99.1
2
lcii-earningsrelease2q26qu.htm
EX-99.1
Document
LCI INDUSTRIES REPORTS SECOND QUARTER FINANCIAL RESULTS
Diversification and Strong Execution Drives Expanded Profitability
Second Quarter 2026 Highlights versus Second Quarter 2025
•
Net sales decreased 13% to $969 million
•
Adjusted net sales decreased 4% to $1,057 million
◦
Adjusted net sales in the second quarter of 2026 excludes a $89 million reduction to net sales for the IEEPA tariff refunds expected to be passed through to customers
•
Operating profit margin expanded 200 bps to 9.9% from 7.9%
◦
Second quarter 2026 operating profit includes the impacts of merger-related expenses and restructuring costs, partially offset by a benefit from the net impact of IEEPA tariff refunds
•
Net income increased 16% to $67 million, or 6.9% of net sales
•
Diluted earnings per share increased 20% to $2.75 from $2.29
•
Adjusted net income of $66 million; adjusted diluted EPS increased 13% to $2.70 from $2.39
•
Adjusted EBITDA increased 7% to $129 million, or 12.2% of adjusted net sales
•
Towable RV content per unit up 11% to $5,831
Other Highlights
•
Cash flows from operations of $346 million for the LTM ended June 30, 2026
•
$28 million returned to shareholders via dividends during the quarter
•
Paid off remaining balance of 2026 Convertible Notes at maturity with cash of $92 million
•
Strong liquidity position of $812 million, comprising $217 million of cash and cash equivalents and $595 million of availability on revolving credit facility at June 30, 2026
•
Innovation continues to drive profitable sales growth with top five new innovative products expected to contribute $270 million to annualized sales
•
Entered into definitive agreement to combine with Patrick Industries, Inc. in an all-stock merger, to form a premier component solutions provider for the outdoor enthusiast, housing, and transportation markets. Please visit
www.patrickandlipperttogether.com
for more information.
Elkhart, Indiana -
August 5, 2026 - LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported second quarter 2026 results.
"We delivered solid second quarter results with expanded profitability despite continued soft outdoor recreation industry demand. Our 2026 performance has been driven first and foremost by our self-help initiatives. Through disciplined operational efficiencies and strategic cost reduction actions, we've structurally improved our cost base and expanded net margins despite a challenging wholesale RV production environment and continued retail softness. Our disciplined cost management execution and increased product content per unit has fundamentally strengthened our earnings power and position us to generate higher returns throughout the cycle," said Johnny Sirpilla, Interim Chief Executive Officer.
Mr. Sirpilla continued, "I am energized by the opportunities ahead and appreciate the value LCI delivers to its customers across the many dynamic markets we serve. I’m equally excited about the compelling strategic and financial rationale for our proposed merger with Patrick.
Together, we expect to create a broader, more innovative product platform, expand our addressable market, and cost-effectively bring more products within reach of outdoor recreation consumers. In the meantime, our talented, innovation-minded team remains squarely focused on advancing our strategic investments and cost optimization initiatives and we look forward to finishing the year strong in our drive to enhance shareholder value."
Second Quarter 2026 Results
Consolidated net sales decreased 12.5% to $968.7 million in the second quarter of 2026, down from $1,107.3 million in the same period of 2025. Excluding the $88.8 million negative impact of IEEPA tariff refunds expected to
be passed through to customers, adjusted net sales decreased 4.5% to $1,057.5 million. The decrease in consolidated net sales and adjusted net sales was primarily driven by lower North American RV wholesale shipments, partially offset by sales price increases for targeted products and to cover higher material costs, sales from acquired businesses ($16.7 million in the second quarter), growth in the automotive aftermarket, and content gains in North American RV sales driven by recent product innovations, and, in the case of consolidated net sales, the impact of IEEPA tariff refunds expected to be passed through to customers.
Net income was up 16% to $67.1 million, or $2.75 per diluted share, compared to $57.6 million, or $2.29 per diluted share, in the second quarter of 2025. Adjusted net income increased to $65.9 million, or $2.70 per adjusted diluted share, compared to $60.1 million, or $2.39 per adjusted diluted share. Adjusted EBITDA increased 7% to $129.4 million, compared to $121.3 million in the second quarter of 2025. Operating profit margin increased to 9.9% in the second quarter of 2026 compared to 7.9% in the same period of 2025. Year-over-year margin expansion was driven primarily by cost improvement actions, including materials sourcing strategies, and the benefit of the net impact of IEEPA tariff refunds, partially offset by merger-related expenses, and investments in capacity and distribution to support the Aftermarket Segment.
*Additional information regarding adjusted net income, adjusted diluted EPS, adjusted net sales, and adjusted EBITDA 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 - Second Quarter Performance
OEM net sales decreased $164.8 million, or 20%, to $674.8 million for the second quarter of 2026, compared to $839.6 million in the same period of 2025. RV OEM net sales decreased 33% to $336.1 million, primarily due to a reduction for IEEPA tariff refunds expected to be passed through to customers, a decrease in North American travel trailer and fifth-wheel shipments, and an increase in RV sales mix toward lower content single axle travel trailers, partially offset by sales price increases for targeted products and to cover increased material costs, and recent product innovations. Adjacent Industries OEM net sales increased 1% year-over-year to $338.7 million, primarily driven by sales from acquired businesses and higher sales to North American marine OEMs, partially offset by a reduction for IEEPA tariff refunds expected to be passed through to customers.
Operating profit of the OEM Segment was $44.1 million in the second quarter of 2026, or 6.5% of net sales, compared to $51.7 million, or 6.2% of net sales, in the same period in 2025. Operating profit of the OEM Segment included a net positive impact related to IEEPA tariff refunds after deducting the related refunds expected to be passed through to customers. In addition to the favorable net impact of tariff refunds, the operating profit margin benefitted primarily from increases in selling prices contractually tied to indices of select commodities, increases in selling prices for targeted products and to cover increased material costs, and cost improvement actions, including materials sourcing strategies. The positive factors, other than the favorable net impact of tariff refunds, were more than offset by the impact of fixed costs spread over decreased production volumes, higher material costs related to tariffs, higher steel and aluminum costs, rising fuel costs, as well as merger-related expenses.
Aftermarket Segment - Second Quarter Performance
Aftermarket net sales increased 10% to $293.9 million for the second quarter of 2026, compared to $267.7 million in the same period of 2025. The increase was primarily driven by sales price increases for targeted products and to cover increased material costs, sales from acquired businesses, and increases in volume in the automotive aftermarket, partially offset by a reduction for IEEPA tariff refunds expected to be passed through to customers.
Operating profit of the Aftermarket Segment was $51.9 million, or 17.7% of net sales in the second quarter of 2026, compared to $36.1 million, or 13.5% of net sales, in the same period of 2025. Operating profit of the Aftermarket Segment included a net positive impact related to IEEPA tariff refunds after deducting the related refunds expected to be passed through to customers. In addition to the favorable net impact of IEEPA tariff refunds, the operating profit margin benefitted primarily from increases in selling prices for targeted products and to cover increased material costs and cost improvement actions, including materials sourcing strategies. These positive factors, other than the favorable net impact of IEEPA tariff refunds, were more than offset by higher material and freight costs
related to tariffs, higher steel and aluminum costs, rising fuel costs, merger-related expenses, and investments in capacity and distribution.
Income Taxes
The Company's effective tax rate was 25.6% for the quarter ended June 30, 2026, compared to 26.2% for the quarter ended June 30, 2025. The improvement in the effective tax rate was primarily due to the recognition of 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 statute release of an uncertain tax position on state R&D tax credits, partially offset by a write-off of projected non-deductible deferred executive compensation.
Balance Sheet and Other Items
At June 30, 2026, the Company's cash and cash equivalents balance was $216.5 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, $55.9 million for dividend payments to shareholders, and $28.4 million for capital expenditures in the six months ended June 30, 2026.
The Company's outstanding long-term indebtedness, including current maturities, was $852.6 million at June 30, 2026. As of June 30, 2026, the Company had $595.2 million of borrowing availability under its revolving credit facility.
Outlook
Based on current market and economic conditions along with existing tariffs, the Company expects the following:
•
July 2026 net sales of approximately $315 million, down 4% from prior year
•
2026 North American RV wholesale shipments of 280,000 to 300,000, lowering from the previous range of 315,000 to 330,000
•
2026 revenue of $3.9 billion to $4.1 billion, reduced to reflect softened market conditions
•
2026 operating profit margin of 7.5% to 8.0%, reaffirming prior guidance range
•
2026 adjusted EPS of $8.25 to $8.75
Conference Call & Webcast
LCI Industries will host a conference call to discuss its second quarter results on Wednesday, August 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
(888) 596-4144 for participants in the U.S. and (646) 968-2525 for participants outside the U.S. using the required access code
5713129#
.
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 (800) 770-2030 for participants in the U.S. and (609) 800-9909 for those outside the U.S. and referencing access code 5713129#. 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 June 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, the Company and Patrick intend to file relevant materials with the SEC, including, among other filings, a Patrick registration statement on Form S-4 that will include a 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, and a definitive joint proxy statement/prospectus, which will be mailed to stockholders of the Company and Patrick (the “Joint Proxy Statement/Prospectus”). The Company and Patrick may also file other documents with the SEC regarding the proposed transaction. This document 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 will be able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus (when available) 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 will be available free of charge on 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 will be available free of charge on Patrick’s website at patrickind.com under the tab “Investors” and under the heading “SEC Filings.”
Certain Information Regarding Participants
The Company, Patrick and their respective directors and executive officers may be considered participants in the solicitation of proxies from the stockholders of each of the Company and Patrick in connection with the proposed transaction. Information about the directors and executive officers of the Company and their ownership of Company common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 27, 2026. Information about the directors and executive officers of Patrick and their ownership of Patrick common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 30, 2026. To the extent holdings of Company’s or Patrick’s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of the Company and Patrick, including a description of their direct or indirect interests, by security holdings or otherwise, and other information regarding the potential participants in the proxy solicitations, which may be different than those of the Company’s stockholders and Patrick’s stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http://www.sec.gov and from Company’s or Patrick’s website as described above.
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
June 30,
Six Months Ended
June 30,
Last Twelve
2026
2025
2026
2025
Months
(In thousands, except per share amounts)
Net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
$
4,028,369
Cost of sales
667,531
837,229
1,484,383
1,631,070
2,995,035
Gross profit
301,144
270,021
574,809
521,770
1,033,334
Warehouse and transportation
61,342
54,235
117,224
104,090
218,194
Selling, general and administrative expenses
143,842
127,982
266,466
248,559
513,220
Operating profit
95,960
87,804
191,119
169,121
301,920
Interest expense, net
6,319
9,689
16,232
15,680
36,262
Loss on extinguishment of debt
—
—
—
8,053
806
Gain on sale of real estate
(554)
—
(554)
—
(20,270)
Income before income taxes
90,195
78,115
175,441
145,388
285,122
Provision for income taxes
23,054
20,480
45,353
38,315
73,857
Net income
$
67,141
$
57,635
$
130,088
$
107,073
$
211,265
Net income per common share:
Basic
$
2.76
$
2.29
$
5.36
$
4.23
$
8.69
Diluted
$
2.75
$
2.29
$
5.29
$
4.23
$
8.66
Weighted average common shares outstanding:
Basic
24,314
25,157
24,274
25,297
24,301
Diluted
24,392
25,157
24,571
25,297
24,395
Depreciation
$
17,670
$
16,826
$
34,020
$
33,489
$
67,586
Amortization
$
13,188
$
13,497
$
26,636
$
26,376
$
54,436
Capital expenditures
$
18,764
$
12,736
$
28,432
$
21,774
$
59,302
LCI INDUSTRIES
SEGMENT RESULTS
(unaudited)
Three Months Ended
June 30,
Six Months Ended
June 30,
Last Twelve
2026
2025
2026
2025
Months
(In thousands)
Net sales:
OEM Segment:
RV OEMs:
Travel trailers and fifth-wheels
$
282,349
$
441,926
$
724,355
$
913,120
$
1,519,471
Motorhomes
53,771
61,372
121,609
120,980
236,605
Adjacent Industries OEMs
338,673
336,261
681,643
629,014
1,298,070
Total OEM Segment net sales
674,793
839,559
1,527,607
1,663,114
3,054,146
Aftermarket Segment:
Total Aftermarket Segment net sales
293,882
267,691
531,585
489,726
974,223
Total net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
$
4,028,369
Operating profit:
OEM Segment
$
44,083
$
51,684
$
120,587
$
113,657
$
191,050
Aftermarket Segment
51,877
36,120
70,532
55,464
110,870
Total operating profit
$
95,960
$
87,804
$
191,119
$
169,121
$
301,920
Depreciation and amortization:
OEM Segment depreciation
$
12,307
$
12,169
$
23,565
$
24,496
$
47,400
Aftermarket Segment depreciation
5,363
4,657
10,455
8,993
20,186
Total depreciation
$
17,670
$
16,826
$
34,020
$
33,489
$
67,586
OEM Segment amortization
$
9,150
$
9,638
$
18,561
$
18,752
$
38,474
Aftermarket Segment amortization
4,038
3,859
8,075
7,624
15,962
Total amortization
$
13,188
$
13,497
$
26,636
$
26,376
$
54,436
LCI INDUSTRIES
BALANCE SHEET INFORMATION
(unaudited)
June 30,
December 31,
2026
2025
(In thousands)
ASSETS
Current assets
Cash and cash equivalents
$
216,512
$
222,615
Accounts receivable, net
383,004
243,425
Inventories, net
768,976
809,094
Prepaid expenses and other current assets
116,232
74,552
Total current assets
1,484,724
1,349,686
Fixed assets, net
414,775
428,031
Goodwill
619,125
622,183
Other intangible assets, net
372,869
402,568
Operating lease right-of-use assets
275,225
272,995
Other long-term assets
101,184
100,524
Total assets
$
3,267,902
$
3,175,987
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities
Current maturities of long-term indebtedness
$
3,658
$
3,683
Accounts payable, trade
208,855
202,257
Current portion of operating lease obligations
45,233
44,174
Accrued expenses and other current liabilities
339,504
223,253
Total current liabilities
597,250
473,367
Long-term indebtedness
848,932
941,502
Operating lease obligations
248,358
246,047
Deferred taxes
27,820
27,495
Other long-term liabilities
113,790
126,743
Total liabilities
1,836,150
1,815,154
Total stockholders' equity
1,431,752
1,360,833
Total liabilities and stockholders' equity
$
3,267,902
$
3,175,987
LCI INDUSTRIES
SUMMARY OF CASH FLOWS
(unaudited)
Six Months Ended
June 30,
2026
2025
(In thousands)
Cash flows from operating activities:
Net income
$
130,088
$
107,073
Adjustments to reconcile net income to cash flows provided by operating activities:
Depreciation and amortization
60,656
59,865
Stock-based compensation expense
12,303
10,949
Loss on extinguishment of debt
—
8,053
Gain on sale of real estate
(554)
—
Other non-cash items
901
6,514
Changes in assets and liabilities, net of acquisitions of businesses:
Accounts receivable, net
(140,583)
(168,012)
Inventories, net
38,774
62,977
Prepaid expenses and other assets
(43,906)
(4,899)
Accounts payable, trade
8,698
33,012
Accrued expenses and other liabilities
103,841
39,405
Net cash flows provided by operating activities
170,218
154,937
Cash flows from investing activities:
Capital expenditures
(28,432)
(21,774)
Acquisition of businesses
—
(98,187)
Proceeds from sale of real estate
2,156
—
Other investing activities
3,159
(3,389)
Net cash flows used in investing activities
(23,117)
(123,350)
Cash flows from financing activities:
Vesting of stock-based awards, net of shares tendered for payment of taxes
(6,695)
(4,858)
Repayments under revolving credit facility
—
(19,261)
Proceeds from term loan borrowings
—
391,000
Repayments under term loan and other borrowings
(2,222)
(281,525)
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
Partial unwind of convertible note hedge and warrants
—
1,378
Payment of debt issuance costs
—
(4,821)
Payment of dividends
(55,879)
(58,388)
Repurchases of common stock
—
(66,338)
Other financing activities
—
(895)
Net cash flows used in financing activities
(156,796)
(4,102)
Effect of exchange rate changes on cash and cash equivalents
3,592
(1,310)
Net (decrease) increase in cash and cash equivalents
(6,103)
26,175
Cash and cash equivalents at beginning of period
222,615
165,756
Cash and cash equivalents at end of period
$
216,512
$
191,931
LCI INDUSTRIES
SUPPLEMENTARY INFORMATION
(unaudited)
Three Months Ended
Six Months Ended
June 30,
June 30,
Last Twelve
2026
2025
2026
2025
Months
Industry Data
(1)
(in thousands of units):
Industry Wholesale Production:
Travel trailer and fifth-wheel RVs
65.5
81.4
138.9
167.7
269.3
Motorhome RVs
9.8
9.3
20.5
18.7
37.9
Industry Retail Sales:
Travel trailer and fifth-wheel RVs
86.0
100.7
139.0
163.3
281.8
Impact on dealer inventories
(20.5)
(19.3)
(0.1)
4.4
(12.5)
Motorhome RVs
10.3
10.7
17.8
19.7
36.0
Twelve Months Ended
June 30,
2026
2025
Lippert Content Per Industry Unit Produced
(2)
:
Travel trailer and fifth-wheel RV
$
5,831
$
5,234
Motorhome RV
$
3,852
$
3,793
June 30,
December 31,
2026
2025
2025
Balance Sheet Data
(debt availability in millions):
Remaining availability under the revolving credit facility
(3)
$
595.2
$
595.3
$
595.2
Days sales in accounts receivable, based on last twelve months
30.6
29.6
29.7
Inventory turns, based on last twelve months
3.8
4.2
4.2
Estimated Full Year Data:
2026
Revenue
$3.9 - $4.1 billion
Operating profit margin
(4)
7.5% - 8.0%
Adjusted diluted EPS
$8.25 - $8.75
Capital expenditures
$55 - $65 million
Depreciation and amortization
$115 - $125 million
Stock-based compensation expense
$24 - $27 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 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 IEEPA tariff refunds and merger-related expenses.
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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(In thousands)
Net income
$
67,141
$
57,635
$
130,088
$
107,073
Interest expense, net
6,319
9,689
16,232
15,680
Provision for income taxes
23,054
20,480
45,353
38,315
Depreciation expense
17,670
16,826
34,020
33,489
Amortization expense
13,188
13,497
26,636
26,376
EBITDA
$
127,372
$
118,127
$
252,329
$
220,933
Loss on extinguishment of debt
—
—
—
8,053
Gain on sale of real estate
(554)
—
(554)
—
Restructuring costs
4,421
—
4,421
—
Merger expenses
14,124
—
14,124
—
Net impact of IEEPA tariff refunds
(15,972)
—
(15,972)
—
Executive separation costs
—
3,193
—
3,193
Adjusted EBITDA
$
129,391
$
121,320
$
254,348
$
232,179
Net sales
$
968,675
$
1,107,250
$
2,059,192
$
2,152,840
IEEPA tariff refunds impact on net sales
88,792
—
88,792
—
Adjusted net sales
$
1,057,467
$
1,107,250
$
2,147,984
$
2,152,840
Net income as a percentage of net sales
6.9
%
5.2
%
6.3
%
5.0
%
Adjusted EBITDA as a percentage of adjusted net sales
12.2
%
11.0
%
11.8
%
10.8
%
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 June 30,
Six Months Ended June 30,
2026
2025
2026
2025
(In thousands, except per share amounts)
Net income
$
67,141
$
57,635
$
130,088
$
107,073
Loss on extinguishment of debt
—
—
—
8,053
Gain on sale of real estate
(554)
—
(554)
—
Restructuring costs
4,421
—
4,421
—
Merger expenses
14,124
—
14,124
—
Net impact of IEEPA tariff refunds, including interest income
(19,664)
—
(19,664)
—
Executive separation costs
—
3,193
—
3,193
Tax effect of adjustments
402
(765)
402
(2,695)
Adjusted net income
$
65,870
$
60,063
$
128,817
$
115,624
Weighted average common shares outstanding - diluted
24,392
25,157
24,571
25,297
Dilutive effect of 2030 Convertible Notes
(1)
—
—
(213)
—
Weighted average common shares outstanding - adjusted diluted
24,392
25,157
24,358
25,297
Net income per common share - diluted
$
2.75
$
2.29
$
5.29
$
4.23
Loss on extinguishment of debt
—
—
—
0.32
Gain on sale of real estate
(0.02)
—
(0.02)
—
Restructuring costs
0.18
—
0.18
—
Merger expenses
0.58
—
0.57
—
Net impact of IEEPA tariff refunds, including interest income
(0.81)
—
(0.80)
—
Executive separation costs
—
0.13
—
0.13
Tax effect of adjustments
0.02
(0.03)
0.02
(0.11)
Dilutive effect of 2030 Convertible Notes
(1)
—
—
0.05
Adjusted net income per common share - adjusted diluted (Adjusted EPS)
$
2.70
$
2.39
$
5.29
$
4.57
(1)
Weighted average shares outstanding - diluted, on a GAAP basis, includes diluted shares attributable to the Company's 2030 Convertible Notes for the six months ended June 30, 2026. However, the offsetting impact of the convertible note hedge transactions that the Company entered into in connection therewith is not recognized on a GAAP basis. As a result, for purposes of this calculation, the Company excludes the dilutive shares to the extent they would be offset by the convertible note hedge transactions.
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 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 six month periods ended June 30, 2026 and 2025. Adjusted net sales is defined as net sales adjusted for the reduction in net sales related to IEEPA tariff refunds expected to be passed through to customers. 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 six month periods ended June 30, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - adjusted diluted, which includes an adjustment for the dilutive effect of the 2030 Convertible Notes under the if-converted method for the six month period ended June 30, 2026. 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.

----- EXHIBIT -----

EX-99.2
3
lcii-irshortdeck2q26fina.htm
EX-99.2
lcii-irshortdeck2q26fina
Q2 2026 EARNINGS CONFERENCE CALL | August 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 leverage, 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 | Q2 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, the Company and Patrick intend to file relevant materials with the SEC, including, among other filings, a Patrick registration statement on Form S-4 that will include a 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, and a definitive joint proxy statement/prospectus, which will be mailed to stockholders of the Company and Patrick (the Joint Proxy Statement/ Prospectus ). The Company and Patrick may also file other documents with the SEC regarding the proposed transaction. This document 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 will be able to obtain free copies of the registration statement and the Joint Proxy Statement/Prospectus (when available) 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 will be available free of charge on 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 will be available free of charge on Patrick s website at patrickind.com under the tab Investors and under the heading SEC Filings. Certain Information Regarding Participants The Company, Patrick and their respective directors and executive officers may be considered participants in the solicitation of proxies from the stockholders of each of the Company and Patrick in connection with the proposed transaction. Information about the directors and executive officers of the Company and their ownership of Company common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 26, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 27, 2026. Information about the directors and executive officers of Patrick and their ownership of Patrick common stock is set forth in its Annual Report on Form 10-K for the year ended December 31, 2025, which was filed with the SEC on February 19, 2026 and its proxy statement for its 2026 annual meeting, which was filed with the SEC on March 30, 2026. To the extent holdings of Company s or Patrick s securities by its directors or executive officers have changed since the amounts set forth in such filings, such changes have been or will be reflected on Initial Statements of Beneficial Ownership on Form 3 or Statements of Beneficial Ownership on Form 4 filed with the SEC. Information about the directors and executive officers of the Company and Patrick, including a description of their direct or indirect interests, by security holdings or otherwise, and other information regarding the potential participants in the proxy solicitations, which may be different than those of the Company s stockholders and Patrick s stockholders generally, will be contained in the Joint Proxy Statement/Prospectus and other relevant materials to be filed with the SEC regarding the proposed transaction. You may obtain these documents (when they become available) free of charge through the website maintained by the SEC at http:// www.sec.gov and from Company s or Patrick s website as described above. 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. Important Disclosures 3LCI Industries | Q2 2026 Earnings Presentation
Diversification and Strong Execution Drives Expanded Profitability Executing Continuous Improvement Initiatives Second quarter operating profit margin of 9.9%, up 200 bps YoY Cost improvement actions drove margin expansion Continued focus on operational efficiencies and disciplined strategic cost reduction actions Quarterly Financial Performance Net sales of $968.7 million, down 13% YoY Adjusted net sales(1) of $1,057.5 million, down 4% YoY Net income of $67 million, up 16% YoY ($2.75 per diluted share, up 20%), or 6.9% of net sales Adjusted net income(1) of $66 million ($2.70 Adjusted EPS(1), up 13% YoY) Adjusted EBITDA(1) of $129 million, up 7% YoY, or 12.2% of adjusted net sales 1 Additional information regarding adjusted net income, adjusted EPS, adjusted EBITDA, adjusted net sales, and adjusted EBITDA as a percentage of adjusted net sales, 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 $217 million of cash and cash equivalents and $595 million of availability on revolving credit facility at June 30, 2026 Paid quarterly dividend of $1.15 per share, aggregating $28 million in the second quarter Paid off remaining balance of $92 million of 2026 Convertible Notes at maturity using cash on hand Second Quarter 2026 Highlights 4LCI Industries | Q2 2026 Earnings Presentation Merger with Patrick Industries 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 Expected to close in the first half of 2027, subject to approval by stockholders of both companies and regulatory approvals
Results by Market 5 OEM Segment RV Transportation Marine Housing Aftermarket Segment
RV OEM Performance and Trends Q2 2026 RV OEM sales down 33% YoY, primarily due to a reduction for IEEPA tariff refunds expected to be passed through to customers(1), a decrease in North American travel trailer and fifth-wheel shipments, and an increase in RV sales mix toward lower content single axle trailers These headwinds were partially offset by sales price increases implemented for targeted products and to cover higher material costs and content gains from recent product innovations 65,500 North American wholesale towable units shipped in Q2 2026, down 20% YoY 86,000 estimated North American retail towable units sold in Q2 2026, down 15% YoY Quarterly Net Sales $503M $336M Q2 2025 Q2 2026 NA RV Wholesale/Retail/Inventory Change Retail Wholesale Inventory Linear (Inventory) 3Q 22 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 0 50,000 100,000 150,000 (80,000) (60,000) (40,000) (20,000) 20,000 40,000 6LCI Industries | Q2 2026 Earnings Presentation 1 The ultimate amount and timing of any remaining refunds and related payments to customers remain subject to uncertainty, including the outcome of the U.S. government's appeal of the March 2026 Court of International Trade order.
Touring Coil Suspension Furrion 18K Chill Cube Air Conditioner * Other includes impact of RV unit shipments versus industry production, index sales price adjustments, and the impact of acquisitions and divestitures New Window Designs and Integrated Shades Innovation Driving RV Organic Content Growth YoY Towable Content Growth (LTM) Key 2026/2027 Model Year Product Wins Atlas Leveling System 7LCI Industries | Q2 2026 Earnings Presentation Sequential Towable Content Growth (LTM)
Transportation OEM Performance and Trends Q2 2026 Transportation OEM sales down 2% YoY Decrease primarily due to a reduction for IEEPA tariff refunds expected to be passed through to customers(1), partially offset by sales from 2025 acquisitions in the resilient bus market where integration efforts and synergies 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 Approximately 65,000 city, shuttle and school buses delivered in 2025 Quarterly Net Sales $214M $210M Q2 2025 Q2 2026 8LCI Industries | Q2 2026 Earnings Presentation 1 The ultimate amount and timing of any remaining refunds and related payments to customers remain subject to uncertainty, including the outcome of the U.S. government's appeal of the March 2026 Court of International Trade order.
9 Marine OEM Performance and Trends Q2 2026 Marine sales up 8% YoY Sales growth driven by recent innovations and improving run rates Building momentum with newer products Quarterly Net Sales $73M $79M Q2 2025 Q2 2026 9 9LCI Industries | Q2 2026 Earnings Presentation
10 Housing OEM Performance and Trends Q2 2026 Housing OEM sales up 2% YoY 2026 manufactured housing unit shipments were down about 7% through May Expanding presence in residential window market through 2025 acquisition of Moss Supply Company and new distribution partnerships June 2026 privately-owned housing starts up 19% over May 2026 and up 4% YoY according to the US Census Bureau $49M $50M Q2 2025 Q2 2026 Quarterly Net Sales 1010LCI Industries | Q2 2026 Earnings Presentation
11 Aftermarket Performance and Trends Q2 2026 sales up 10% from the prior year period primarily driven by sales price increases for targeted products and to cover higher material costs, sales from acquired businesses, and 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 through both Lippert Factory Service locations and certified installation dealer partners Quarterly Net Sales $268M $294M Q2 2025 Q2 2026 Q2 2026 Aftermarket Net Sales by Market 52%31% 7%10% Automotive RV Marine Other 1111LCI Industries | Q2 2026 Earnings Presentation
Consolidated Results 12
13 Q2 2026 Financial Performance Operating Margin 7.9% 9.9% Second Quarter 2025 Second Quarter 2026 (in th ou sa nd s) Consolidated Net Income $57,635 $67,141 Second Quarter 2025 Second Quarter 2026 (in th ou sa nd s) Adjusted EBITDA* $121,320 $129,391 Second Quarter 2025 Second 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 $1,107,250 $968,675 Second Quarter 2025 Second Quarter 2026 -13% +200 bps +7%+16% 1313LCI Industries | Q2 2026 Earnings Presentation
14 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 innovation, and returning capital to shareholders (in m ill io ns ) $2 $4 $4 $4 $464 $4 $373 2030 Convertible Notes Term Loan B 2H26 2027 2028 2029 2030 2031 2032 $ $490 Future Debt Maturities Strong Balance Sheet Strong quarter-end cash position of $217 million Borrowing availability of $595 million on revolving credit facility; repaid with cash 2026 notes at maturity in Q2 2026 Debt to net income of 4.0x, and net debt to adjusted EBITDA of 1.5x(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. 14 Returning Capital to Shareholders Paid quarterly dividend of $1.15 per share, aggregating $28 million in the second quarter 14LCI Industries | Q2 2026 Earnings Presentation
15 Liquidity and Cash Flow As of and for the six months ended June 30 2026 2025 Cash and Cash Equivalents $217M $192M Remaining Availability under Revolving Credit Facility(1) $595M $595M Capital Expenditures $28M $22M Dividends $56M $58M Share Repurchases $ $66M Debt / Net Income (TTM) 4.0x 6.2x Net Debt/Adjusted EBITDA (TTM)(2) 1.5x 2.1x Cash from Operating Activities $170M $155M Free Cash Flow(2) $142M $133M 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. 1515LCI Industries | Q2 2026 Earnings Presentation
2026 Outlook 16
17 2026 Outlook RV Industry Our current full year 2026 North American forecast is 280K - 300K wholesale unit shipments, down from the previous range of 315K to 330K Expect continued momentum and product placement with newly launched products in recent model year updates 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 mid to high single digits Aftermarket - new market share gains in automotive aftermarket expected to continue to help mitigate overall decline in all aftermarket channels July 2026 Results July 2026 net sales of approximately $315 million, down 4% YoY 1717LCI Industries | Q2 2026 Earnings Presentation
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 - $4.1 billion Adjusted Operating Profit Margin 6.8% 7.5% - 8.0%* Adjusted Diluted EPS $7.46 $8.25 - $8.75 18 1818LCI Industries | Q2 2026 Earnings Presentation *Reaffirming prior guidance range (estimate excludes impact of IEEPA tariff refunds and merger-related expenses)
20 Appendix Reconciliation of Non-GAAP Measures ADJUSTED EBITDA Three months ended June 30, Six months ended June 30, Twelve months ended June 30, ($ in thousands) 2026 2025 2026 2025 2026 2025 Net income $ 67,141 $ 57,635 $ 130,088 $ 107,073 $ 211,265 $ 152,232 Interest expense, net 6,319 9,689 16,232 15,680 36,262 27,296 Provision for income taxes 23,054 20,480 45,353 38,315 73,857 51,562 Depreciation and amortization 30,858 30,323 60,656 59,865 122,022 120,830 EBITDA $ 127,372 $ 118,127 $ 252,329 $ 220,933 $ 443,406 $ 351,920 Loss on extinguishment of debt 8,053 806 8,053 Gain on sale of real estate (554) (554) (20,270) Restructuring costs 4,421 4,421 8,321 Merger expenses 14,124 14,124 14,124 Net impact of IEEPA tariff refunds (15,972) (15,972) (15,972) Executive separation costs 3,193 3,193 3,193 Adjusted EBITDA $ 129,391 $ 121,320 $ 254,348 $ 232,179 $ 430,415 $ 363,166 Net Sales $ 968,675 $ 1,107,250 $ 2,059,192 $ 2,152,840 $ 4,028,369 $ 3,871,475 IEEPA tariff refunds impact on net sales 88,792 88,792 88,792 Adjusted net sales $ 1,057,467 $ 1,107,250 $ 2,147,984 $ 2,152,840 $ 4,117,161 $ 3,871,475 Net income as a % of net sales 6.9 % 5.2 % 6.3 % 5.0 % 5.2 % 3.9 % Adjusted EBITDA as a % of adjusted net sales 12.2 % 11.0 % 11.8 % 10.8 % 10.5 % 9.4 % FREE CASH FLOW Six months ended June 30, NET DEBT/ADJUSTED EBITDA (TTM) ($ in thousands) 2026 2025 ($ in thousands) June 30, 2026 June 30, 2025 Net cash flows provided by operating activities $ 170,218 $ 154,937 Total debt $ 852,590 $ 947,990 Capital expenditures (28,432) (21,774) Less cash and cash equivalents 216,512 191,931 Free cash flow $ 141,786 $ 133,163 Net debt $ 636,078 $ 756,059 Total Debt/Net Income (TTM) 4.0x 6.2x Net Debt/Adjusted EBITDA (TTM) 1.5x 2.1x
21 Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Three months ended June 30, Six months ended June 30, ($ in thousands, except per share amounts) 2026 2025 2026 2025 Net income $ 67,141 $ 57,635 $ 130,088 $ 107,073 Loss on extinguishment of debt 8,053 Gain on sale of real estate (554) (554) Restructuring costs 4,421 4,421 Merger expenses 14,124 14,124 Net impact of IEEPA tariff refunds, including interest income (19,664) (19,664) Executive separation costs 3,193 3,193 Tax effect of adjustments 402 (765) 402 (2,695) Adjusted net income $ 65,870 $ 60,063 $ 128,817 $ 115,624 Weighted average common shares outstanding - diluted 24,392 25,157 24,571 25,297 Dilutive effect of 2030 Convertible Notes (1) (213) Weighted average common shares outstanding - adjusted diluted 24,392 25,157 24,358 25,297 ADJUSTED EPS Net income per common share - diluted $ 2.75 $ 2.29 $ 5.29 $ 4.23 Loss on extinguishment of debt 0.32 Gain on sale of real estate (0.02) (0.02) Restructuring costs 0.18 0.18 Merger expenses 0.58 0.57 Net impact of IEEPA tariff refunds, including interest income (0.81) (0.80) Executive separation costs 0.13 0.13 Tax effect of adjustments 0.02 (0.03) 0.02 (0.11) Dilutive effect of 2030 Convertible Notes (1) (0.05) Adjusted net income per common share - adjusted diluted (Adjusted EPS) $ 2.70 $ 2.39 $ 5.19 $ 4.57 (1) Weighted average shares outstanding - diluted, on a GAAP basis, includes diluted shares attributable to the Company's 2030 Convertible Notes for the six months ended June 30, 2026. However, the offsetting impact of the convertible note hedge transactions that the Company entered into in connection therewith is not recognized on a GAAP basis. As a result, for purposes of this calculation, the Company excludes the dilutive shares to the extent they would be offset by the convertible note hedge transactions.
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, 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 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 and Adjusted EPS 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 and adjusted net income per adjusted diluted share ( Adjusted EPS ) 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 six month periods ended June 30, 2026 and 2025. Adjusted EPS is defined as adjusted net income divided by weighted average common shares outstanding - adjusted diluted, which includes an adjustment for the dilutive effect of the 2030 Convertible Notes under the if-converted method for the six month period ended June 30, 2026. 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 Appendix Historical Unit Mix as Percentage of LCI RV OEM Chassis Shipments 15.5% 15.8% 15.5% 15.9% 15.4% 18.6%17.9% 20.5% 19.3% 18.9% 23.0% 24.3%23.7% 20.5% 18.7% 21.4% 23.7% 23.4% 84.5% 84.2% 84.5% 84.1% 84.6% 81.4%82.1% 79.5% 80.7% 81.1% 77.0% 75.7%76.3% 79.5% 81.3% 78.6% 76.3% 76.6% Single Axle Travel Trailer Multi Axle TT and Fifth Wheels 1Q22 2Q22 3Q22 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 4Q25 1Q26 2Q26 % 20.0% 40.0% 60.0% 80.0% 100.0% 2323LCI Industries | Q2 2026 Earnings Presentation
24 2424LCI Industries | Q2 2026 Earnings Presentation Supplemental Adjusted Net Income Reconciliation Three months ended June 30, 2026 Three months ended June 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 Executive Separation Costs Adjusted Net sales OEM Segment $ 674,793 $ 84,883 $ $ $ $ 759,676 $ 839,559 $ $ 839,559 Aftermarket Segment 293,882 3,909 297,791 267,691 267,691 Total net sales 968,675 88,792 1,057,467 1,107,250 1,107,250 Cost of sales OEM Segment 500,960 86,354 (3,236) 584,078 665,422 665,422 Aftermarket Segment 166,571 18,411 (1,185) 183,797 171,807 171,807 Total cost of sales 667,531 104,765 (4,421) 767,875 837,229 837,229 Gross profit OEM Segment 173,833 (1,471) 3,236 175,598 174,137 174,137 Aftermarket Segment 127,311 (14,502) 1,185 113,994 95,884 95,884 Total gross profit 301,144 (15,973) 4,421 289,592 270,021 270,021 Selling, general and administrative expenses* OEM Segment 129,750 (10,932) 118,818 122,453 (2,554) 119,899 Aftermarket Segment 75,434 (3,192) 72,242 59,764 (639) 59,125 Total SG A 205,184 (14,124) 191,060 182,217 (3,193) 179,024 Operating profit OEM Segment 44,083 (1,471) 10,932 3,236 56,780 51,684 2,554 54,238 Aftermarket Segment 51,877 (14,502) 3,192 1,185 41,752 36,120 639 36,759 Total operating profit 95,960 (15,973) 14,124 4,421 98,532 87,804 3,193 90,997 Interest expense, net 6,319 3,691 10,010 9,689 9,689 Gain on sale of real estate (554) 554 Income before income taxes 90,195 (19,664) 14,124 4,421 (554) 88,522 78,115 3,193 81,308 Provision for income taxes 23,054 (4,720) 3,390 1,061 (133) 22,652 20,480 765 21,245 Net income $ 67,141 $ (14,944) $ 10,734 $ 3,360 $ (421) $ 65,870 $ 57,635 $ 2,428 $ 60,063 Diluted shares 24,392 24,392 24,392 24,392 24,392 24,392 25,157 25,157 25,157 Diluted EPS $ 2.75 $ (0.61) $ 0.44 $ 0.14 $ (0.02) $ 2.70 $ 2.29 $ 0.10 $ 2.39 *Selling, general and administrative expenses include warehouse and transportation expenses.
25 2525LCI Industries | Q2 2026 Earnings Presentation Supplemental Adjusted Net Income Reconciliation Six months ended June 30, 2026 Six months ended June 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 Adjusted Net sales OEM Segment $ 1,527,607 $ 84,883 $ $ $ $ 1,612,490 $ 1,663,114 $ $ $ 1,663,114 Aftermarket Segment 531,585 3,909 535,494 489,726 489,726 Total net sales 2,059,192 88,792 2,147,984 2,152,840 2,152,840 Cost of sales OEM Segment 1,159,349 86,354 (3,236) 1,242,467 1,311,902 1,311,902 Aftermarket Segment 325,034 18,411 (1,185) 342,260 319,168 319,168 Total cost of sales 1,484,383 104,765 (4,421) 1,584,727 1,631,070 1,631,070 Gross profit OEM Segment 368,258 (1,471) 3,236 370,023 351,212 351,212 Aftermarket Segment 206,551 (14,502) 1,185 193,234 170,558 170,558 Total gross profit 574,809 (15,973) 4,421 563,257 521,770 521,770 Selling, general and administrative expenses* OEM Segment 247,671 (10,932) 236,739 237,555 (2,554) 235,001 Aftermarket Segment 136,019 (3,192) 132,827 115,094 (639) 114,455 Total SG A 383,690 (14,124) 369,566 352,649 (3,193) 349,456 Operating profit OEM Segment 120,587 (1,471) 10,932 3,236 133,284 113,657 2,554 116,211 Aftermarket Segment 70,532 (14,502) 3,192 1,185 60,407 55,464 639 56,103 Total operating profit 191,119 (15,973) 14,124 4,421 193,691 169,121 3,193 172,314 Interest expense, net 16,232 3,691 19,923 15,680 15,680 Loss on extinguishment of debt 8,053 (8,053) Gain on sale of real estate (554) 554 Income before income taxes 175,441 (19,664) 14,124 4,421 (554) 173,768 145,388 8,053 3,193 156,634 Provision for income taxes 45,353 (4,720) 3,390 1,061 (133) 44,951 38,315 1,930 765 41,010 Net income $ 130,088 $ (14,944) $ 10,734 $ 3,360 $ (421) $ 128,817 $ 107,073 $ 6,123 $ 2,428 $ 115,624 Diluted shares 24,571 24,571 24,571 24,571 24,571 24,358 25,297 25,297 25,297 25,297 Diluted EPS $ 5.29 $ (0.61) $ 0.44 $ 0.14 $ (0.02) $ 5.29 $ 4.23 $ 0.24 $ 0.10 $ 4.57 *Selling, general and administrative expenses include warehouse and transportation expenses.