# EDGAR Filing Document

**Accession Number:** 0000931015
**File Stem:** 0001628280-26-003502
**Filing Date:** 2026-1
**Character Count:** 55553
**Document Hash:** 3c84a93718168418701e5241ae04f840
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001628280-26-003502.hdr.sgml**: 20260127

**ACCESSION NUMBER**: 0001628280-26-003502

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20260127

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260127

**DATE AS OF CHANGE**: 20260126

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Polaris Inc.
- **CENTRAL INDEX KEY:** 0000931015
- **STANDARD INDUSTRIAL CLASSIFICATION:** MISCELLANEOUS TRANSPORTATION EQUIPMENT [3790]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 411790959
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11411
- **FILM NUMBER:** 26561678

**BUSINESS ADDRESS:**
- **STREET 1:** 2100 HIGHWAY 55
- **CITY:** MEDINA
- **STATE:** MN
- **ZIP:** 55340
- **BUSINESS PHONE:** (763) 542-0500

**MAIL ADDRESS:**
- **STREET 1:** 2100 HIGHWAY 55
- **STREET 2:** NONE
- **CITY:** MEDINA
- **STATE:** MN
- **ZIP:** 55340

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POLARIS INDUSTRIES INC/MN
- **DATE OF NAME CHANGE:** 19941004

?xml version='1.0' encoding='ASCII'? pii-20260127

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934**

January 27, 2026

Date of Report (Date of earliest event reported)

**POLARIS INC.** 

(Exact name of registrant as specified in its charter)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Delaware** | **Delaware** | **Delaware** | **1-11411** | **41-1790959** |
| (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
| **2100 Highway 55** | **Medina** | **Minnesota** |  | **55340** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) |  | (Zip Code) |

---

**<u>(763) 542-0500</u>**

Registrant's telephone number, including area code

**<u>N/A</u>**

(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 per share | PII | 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.

□

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**Item 2.02 Results of Operations and Financial Condition.**

On January 27, 2026, Polaris Inc. (the "Company") issued a press release on the Company's website announcing the fourth quarter and full year 2025 financial results for the reporting period ended December 31, 2025. On January 27, 2026, the Company will host its quarterly earnings conference call, which will be accessible to the public. A replay of the conference call will be available by accessing the webcast link on the Company's website at **https://ir.polaris.com.** 

A copy of the Company's press release is furnished as Exhibit 99.1 and is attached to this Current Report on Form 8-K.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Exhibit** |
| <u>[99.1](pii-q42025earningsrelease.htm)</u> | Press Release dated January 27, 2026 of Polaris Inc. |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL) |

---

------

SIGNATURE

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 thereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Date: | January 27, 2026 | |
| | | POLARIS INC. |
| | | */s/ Robert P. Mack* |
| | | Robert P. Mack |
| | | Chief Financial Officer |

---

## Exhibit 99.1

---

| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results**<br>**January 27, 2026** |

---

**<u>FINANCIAL AND OPERATIONAL HIGHLIGHTS</u>**

***• Full year 2025 sales*** *were $7,152 million, approximately flat compared to last year; adjusted sales were $7,143 million.* 

***• Full year 2025 reported diluted loss per share*** *was $8.18; adjusted diluted net loss per share was $0.01.*

***• Fourth quarter sales*** *were $1,922 million, up nine percent compared to last year; adjusted sales were $1,921 million.* 

*•* ***Fourth quarter reported diluted loss per share*** *was $5.34; adjusted diluted net income per share was $0.08.* 

*•* ***Primary factors affecting fourth quarter sales*** *were higher shipments and higher mix within off-road vehicles (ORV) partially offset by lower net price*.

*•* ***Polaris gained market share in all segments*** *for full-year 2025.*

*•* ***Polaris gained market share in ORV (excluding Youth), Snow and Marine*** *during the fourth quarter.* 

*•* ***Powersports retail sales*** *for the quarter were up nine percent excluding Youth versus last year.*

*•* ***Polaris announced full year 2026 guidance.***

**<u>KEY</u> <u>FINANCIAL DATA</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| (in millions, except per share data) |  |  |  |  |
| **Quarter ended December 31, 2025** | **Reported** | **YOY % Chg.** | **Adjusted\*** | **YOY % Chg.** |
| Sales | $1921.9 | 9% | $1920.6 | 9% |
| Gross profit margin | 20.0% | -40 bps | 20.3% | -77 bps |
| Total operating expenses | $724.0 | 128% |  |  |
| Net (loss) income attributable to Polaris | $(303.6) | NM | $4.4 | (92)% |
| Net (loss) income attributable to Polaris margin | (15.8)% | NM |  |  |
| Adjusted EBITDA Margin\* |  |  | 5.1% | -448 bps |
| Diluted EPS attributable to Polaris | $(5.34) | NM | $0.08 | (91)% |
| *NM = Not meaningful* |  |  |  |  |
| *\*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word "adjusted" preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.* | *\*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word "adjusted" preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.* | *\*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word "adjusted" preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.* | *\*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word "adjusted" preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.* | *\*Note: the results and guidance in this release, including the highlights above, include references to non-GAAP operating measures, which are identified by the word "adjusted" preceding the measure. A reconciliation of GAAP / non-GAAP measures can be found at the end of this release.* |

---

**<u>CE</u><u>O COMMENTARY</u>**

2025 may have brought headwinds outside our control, but the Polaris team met the year with resolve, a disciplined focus, and unwavering commitment to our dealers and riders. We delivered strong results for the year, gaining share across our segments, enhancing operations, achieving healthy dealer inventory levels, and advancing strategies that strengthen our foundation. Our long-term growth plan remains anchored in category-defining innovation, efficient operations, and a best-in-class dealer network. We believe these priorities position us to lead the industry, drive profitable growth and deliver strong returns for shareholders.

*-- Mike Speetzen, Chief Executive Officer of Polaris Inc.*

**<u>PERFORMANCE</u> <u>SUMMARY (Reported)</u>**

**MINNEAPOLIS (January 27, 2026) *-*** Polaris Inc. (NYSE: PII) (the "Company") today released fourth quarter and full year 2025 results. For the fourth quarter, the Company reported worldwide sales of $1,922 million, up nine percent versus the fourth quarter of 2024. North America sales of $1,623 million represented 84 percent of total company sales and increased 10 percent from $1,481 million in 2024. International sales of $299 million represented 16 percent of total Company sales and increased nine percent versus the fourth quarter of 2024. Total Company sales in the fourth quarter of 2025 were positively impacted by higher shipment volumes to meet demand.

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 1

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

---

**Gross profit margin** decreased 40 basis points to 20.0 percent for the fourth quarter, as compared to the fourth quarter of 2024. Adjusted gross profit margin of 20.3 percent decreased 77 basis points primarily driven by tariffs and net price, partially offset by positive mix within ORV and volume.

**Operating expenses** were $724 million in the fourth quarter of 2025 compared to $318 million in the fourth quarter of 2024 primarily due to charges associated with the Indian Motorcycle business held for sale, the majority of which were non-cash charges. Operating expenses as a percentage of sales were 37.7 percent.

For the fourth quarter, net loss attributable to Polaris was $304 million, or $5.34 net loss per diluted share, compared to net income attributable to Polaris of $11 million, or $0.19 per diluted share, in the fourth quarter of 2024. Adjusted net income attributable to Polaris for the quarter was $4 million, and adjusted EPS was $0.08.

Fourth quarter 2025 results included impairment and other charges of $288 million, the majority of which were non-cash charges, as a result of the Indian Motorcycle business being classified as held for sale, in addition to non-cash impairment charges of $54 million related to intangible assets associated with the Company's Off Road segment.

**<u>SEGMENT HIGHLIGHTS (Reported)</u>**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Sales** (in millions) | **Sales** (in millions) | **Sales** (in millions) | **Gross Profit Margin** | **Gross Profit Margin** | **Gross Profit Margin** |
| | **Q4 2025** | **Q4 2024** | **Change** | **Q4 2025** | **Q4 2024** | **Change** |
| Off Road | $1596.4 | $1437.2 | 11% | 21.2% | 21.4% | -18 bps |
| On Road | $187.2 | $180.8 | 4% | 15.4% | 9.9% | +546 bps |
| Marine | $138.3 | $137.4 | 1% | 14.4% | 17.3% | -291 bps |

---

**<u>Off Road</u>** segment results were primarily driven by these factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were driven by higher volume and favorable mix within ORV, partially offset by lower net price.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Parts, Garments and Accessories (PG&A) sales increased 22 percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit margin performance was driven by pressure from tariffs and higher promotions, mostly offset by volume and operational efficiencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Polaris North America ORV excluding Youth unit retail sales were up five percent. Estimated North America industry ORV excluding Youth unit retail sales were up low-single digits percent.

**<u>On Road</u>** segment results were primarily driven by these factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were driven by higher mix of Aixam and Goupil

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• PG&A sales increased six percent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit margin performance was driven by favorable mix, partially offset by tariffs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• North America unit retail sales for Indian Motorcycle were down high-single digits percent. Estimated North America unit retail sales for the comparable motorcycle industry were up mid-single digits percent.

**<u>Marine</u>** segment results were primarily driven by these factors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Sales were driven by higher volume on entry level pontoons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gross profit margin performance was impacted by negative mix driven by success of entry level pontoons.

**<u>2026 BUSINESS OUTLOOK</u>**

The Company expects 2026 sales to be up one to three percent versus 2025. The Company expects adjusted diluted EPS attributed to Polaris Inc. common stockholders to be between $1.50 and $1.60, relative to ($0.01) in 2025.

The Company has not provided a reconciliation of guidance for adjusted earnings per share in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate.

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 2

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

---

**<u>NON-GAAP FINANCIAL MEASURES</u>**

This press release and our related earnings call contains certain non-GAAP financial measures, consisting of "adjusted" sales, gross profit, income before income taxes, net income (loss) attributed to Polaris Inc., diluted EPS attributed to Polaris Inc., EPS attributed to Polaris Inc., EBITDA, EBITDA Margin, and free cash flow as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, and to understand the performance of its ongoing operations and how management views the business. Reconciliations of reported GAAP historic measures to adjusted non-GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.

**<u>EARNINGS CONFERENCE CALL AND WEBCAST</u>**

Today at 10:00 AM (CT) Polaris Inc. will host a conference call and webcast to discuss the 2025 fourth quarter and full year results released this morning. The call will be hosted by Mike Speetzen, Chief Executive Officer; and Bob Mack, Chief Financial Officer. The earnings presentation and link to the webcast will be posted on the Polaris Investor Relations website at ir.polaris.com. To listen to the conference call by phone, dial 1-877-883-0383 in the U.S., or 1-412-902-6506 internationally. The Conference ID is 5197203. A replay of the webcast will be available by accessing the same webcast link on our website at ir.polaris.com or by phone dialing 1-855-669-9658 in the U.S., or 1-412-317-0088 Internationally using access code 8980630.

**<u>ABOUT POLARIS</u>**

As the global leader in powersports, Polaris Inc. (NYSE: PII) pioneers product breakthroughs and enriching experiences and services that have invited people to discover the joy of being outdoors since our founding in 1954. Polaris' high-quality product line-up includes the RANGER, RZR and Polaris XPEDITION and GENERAL side-by-side off-road vehicles; Sportsman all-terrain off-road vehicles; military and commercial off-road vehicles; snowmobiles; Indian Motorcycle mid-size and heavyweight motorcycles; Slingshot moto-roadsters; Aixam quadricycles; Goupil electric vehicles; and pontoon and deck boats, including industry-leading Bennington pontoons. Polaris enhances the riding experience with a robust portfolio of parts, garments, and accessories. Headquartered in Minnesota, Polaris serves nearly 100 countries across the globe. www.polaris.com

**<u>FORWARD-LOOKING STATEMENTS</u>**

*Except for historical information contained herein, the matters set forth in this press release, including, but not limited to, the "2026 Business Outlook" and statements in "CEO Commentary" above are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company's ability to successfully implement its manufacturing operations strategy and supply chain initiatives; the Company's ability to successfully source necessary parts and materials on a timely basis; the ability of the Company to manufacture and deliver products to dealers to meet demand, including as a result of supply chain disruptions; the Company's ability to identify and meet optimal dealer inventory levels; the Company's ability to accurately forecast and sustain consumer demand; the Company's ability to mitigate increasing input costs through pricing or other measures; the Company's ability to complete the proposed separation of Indian Motorcycle in a successful and timely basis or at all; the Company's ability to derive the expected benefits from the Indian Motorcycle separation including the separation being accretive, within the expected timeline or at all; the actual amount of pre-tax charges incurred in connection with the separation of our Indian Motorcycle business; product offerings, promotional activities and pricing strategies by competitors that may make our products less attractive to consumers; the Company's ability to strategically invest in innovation and new products, including as compared to our competitors; economic conditions that impact consumer spending or consumer credit, including recessionary conditions and changes in interest rates; disruptions in manufacturing facilities; product recalls and/or warranty expenses; product rework costs; freight and tariff costs (tariff relief or ability to mitigate tariffs, particularly in light of the policies of the current presidential administration and retaliatory actions in response thereto); environmental and product safety regulatory activity; effects of weather on the Company's supply chain, manufacturing operations and consumer demand; commodity costs; changes to international trade policies and agreements; uninsured product liability and class action claims (including claims seeking punitive damages) and other litigation expenses incurred due to the nature of the Company's business; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; uncertainty in the consumer retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general global economic, social and political environment. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements except as otherwise may be required by law.* 

*The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and Europe compiled by the Company or Company estimates and other industry data sources. The Company relies on information that its dealers or other third parties supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this information is subject to change. Retail sales references to total Company retail sales includes only ORV, snowmobiles, On Road and Marine in North America and International unless otherwise noted.* 

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 3

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

---

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>CONSOLIDATED STATEMENTS OF (LOSS) INCOME</u>** | **<u>CONSOLIDATED STATEMENTS OF (LOSS) INCOME</u>** | **<u>CONSOLIDATED STATEMENTS OF (LOSS) INCOME</u>** | **<u>CONSOLIDATED STATEMENTS OF (LOSS) INCOME</u>** | **<u>CONSOLIDATED STATEMENTS OF (LOSS) INCOME</u>** |
| (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Sales | $1921.9 | $1755.4 | $7152.0 | $7175.4 |
| Cost of sales | 1537.7 | 1397.5 | 5783.3 | 5708.6 |
| Gross profit | 384.2 | 357.9 | 1368.7 | 1466.8 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling and marketing | 136.1 | 113.8 | 505.0 | 500.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 105.9 | 78.2 | 371.9 | 336.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 193.9 | 126.2 | 541.8 | 436.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill impairment |  |  | 52.6 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal group held for sale | 288.1 |  | 330.4 |  |
| Total operating expenses | 724.0 | 318.2 | 1801.7 | 1273.8 |
| Income from financial services | 19.7 | 26.1 | 84.3 | 97.6 |
| Operating (loss) income | (320.1) | 65.8 | (348.7) | 290.6 |
| Non-operating expense: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 31.0 | 34.3 | 131.4 | 137.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense, net | 5.8 | 19.3 | 52.6 | 12.8 |
| (Loss) income before income taxes | (356.9) | 12.2 | (532.7) | 140.8 |
| (Benefit) provision for income taxes | (53.6) | 1.4 | (67.9) | 29.6 |
| Net (loss) income | (303.3) | 10.8 | (464.8) | 111.2 |
| Net income attributable to noncontrolling interest | (0.3) | (0.2) | (0.7) | (0.4) |
| Net (loss) income attributable to Polaris Inc. | $(303.6) | $10.6 | $(465.5) | $110.8 |
| Net (loss) income per share attributable to Polaris Inc. common shareholders: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $(5.34) | $0.19 | $(8.18) | $1.96 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $(5.34) | $0.19 | $(8.18) | $1.95 |
| Weighted average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 56.9 | 56.3 | 56.9 | 56.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 56.9 | 56.6 | 56.9 | 56.8 |

---

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 4

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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| | | |
|:---|:---|:---|
| **<u>CONSOLIDATED BALANCE SHEETS</u>** | **<u>CONSOLIDATED BALANCE SHEETS</u>** | **<u>CONSOLIDATED BALANCE SHEETS</u>** |
| (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) |
|  | **December 31, 2025** | **December 31, 2024** |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $138.0 | $287.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables, net | 237.5 | 192.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 1412.4 | 1741.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other | 366.9 | 395.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes receivable | 2.0 | 15.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets held for sale | 49.8 |  |
| Total current assets | 2206.6 | 2632.4 |
| Property and equipment, net | 1030.6 | 1186.7 |
| Investment in finance affiliate | 131.5 | 136.7 |
| Deferred tax assets | 525.5 | 384.6 |
| Goodwill and other intangible assets, net | 800.0 | 936.2 |
| Operating lease assets | 121.0 | 127.2 |
| Other long-term assets | 78.5 | 121.4 |
| **Total assets** | $4893.7 | $5525.2 |
| **Liabilities and Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current financing obligations | $34.8 | $434.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 762.5 | 562.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 1355.0 | 1259.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 40.5 | 36.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities held for sale | 50.5 |  |
| Total current liabilities | 2243.3 | 2293.2 |
| Long-term financing obligations | 1504.7 | 1638.1 |
| Other long-term liabilities | 306.1 | 293.4 |
| **Total liabilities** | $4054.1 | $4224.7 |
| Deferred compensation | 6.7 | 6.4 |
| Equity: |  |  |
| Total shareholders' equity | 828.4 | 1289.9 |
| Noncontrolling interest | 4.5 | 4.2 |
| **Total equity** | 832.9 | 1294.1 |
| **Total liabilities and equity** | $4893.7 | $5525.2 |

---

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 5

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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| | | |
|:---|:---|:---|
| **<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>** | **<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>** | **<u>CONSOLIDATED STATEMENTS OF CASH FLOWS</u>** |
| (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) |
|  | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2025** | **2024** |
| **Operating Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net (loss) income | $(464.8) | $111.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net (loss) income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 286.5 | 286.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash compensation | 59.9 | 49.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash income from financial services | (42.1) | (53.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred income taxes | (139.1) | (86.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment charges | 155.9 | 29.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal group held for sale | 327.1 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other, net | 5.2 | 0.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables | (34.1) | 103.4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 183.6 | 39.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 196.7 | (141.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 137.4 | 158.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable/receivable | 24.3 | (11.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other, net | 44.5 | (216.5) |
| &nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 741.0 | 268.2 |
| **Investing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of property and equipment | (182.9) | (261.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Distributions from (investment in) finance affiliate, net | 47.3 | 58.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in and distributions from other affiliates | (3.9) | (4.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of developed technology assets |  | (62.7) |
| &nbsp;&nbsp;&nbsp;Net cash used for investing activities | (139.5) | (270.9) |
| **Financing Activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under financing obligations | 2868.6 | 3694.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayments under financing obligations | (3412.2) | (3528.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase and retirement of common shares | (2.4) | (82.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends to shareholders | (150.3) | (147.7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividend to noncontrolling interest | (0.4) | (0.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from stock issuances under employee plans | 3.7 | 6.0 |
| &nbsp;&nbsp;&nbsp;Net cash used for financing activities | (693.0) | (59.2) |
| &nbsp;&nbsp;&nbsp;Impact of currency exchange rates on cash balances | 24.8 | (18.0) |
| **Net decrease in cash, cash equivalents and restricted cash** | (66.7) | (79.9) |
| Cash, cash equivalents and restricted cash at beginning of period | 303.0 | 382.9 |
| **Cash, cash equivalents and restricted cash at end of period** | $236.3 | $303.0 |
| The following presents the classification of cash, cash equivalents and restricted cash within the consolidated balance sheets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $138.0 | $287.8 |
| &nbsp;&nbsp;&nbsp;Current assets held for sale | 82.2 |  |
| &nbsp;&nbsp;&nbsp;Other long-term assets | 16.1 | 15.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $236.3 | $303.0 |

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Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 6

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>NON-GAAP RECONCILIATION OF RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF RESULTS</u>** |
| (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) | (In Millions, Except Per Share Data), (Unaudited) |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2025** | **2024** | **2025** | **2024** |
| **Sales** | $1921.9 | $1755.4 | $7152 | $7175.4 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | (1.3) | (0.7) | (9.2) | (0.7) |
| **Adjusted sales** | 1920.6 | 1754.7 | 7142.8 | 7174.7 |
| **Gross profit** | 384.2 | 357.9 | 1368.7 | 1466.8 |
| &nbsp;&nbsp;Restructuring <sup>(2)</sup> | 4.4 | 0.5 | 6.2 | 7.6 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | 0.9 | 11.1 | 10.2 | 11.1 |
| **Adjusted gross profit** | 389.5 | 369.5 | 1385.1 | 1485.5 |
| **(Loss) income before income taxes** | (356.9) | 12.2 | (532.7) | 140.8 |
| &nbsp;&nbsp;Acquisition-related costs <sup>(1)</sup> | 0.1 | 0.2 | 0.2 | 1.4 |
| &nbsp;&nbsp;Restructuring <sup>(2)</sup> | 11.9 | 0.9 | 20.1 | 23.4 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | 0.9 | 11.8 | 10.4 | 11.8 |
| &nbsp;&nbsp;Intangible amortization <sup>(4)</sup> | 4.5 | 4.4 | 17.7 | 17.7 |
| &nbsp;&nbsp;Class action litigation expenses <sup>(6)</sup> | 1.5 | 1.6 | 8.0 | 7.0 |
| &nbsp;&nbsp;Impairment charges <sup>(7)</sup> | 53.9 | 29.5 | 155.9 | 29.5 |
| &nbsp;&nbsp;Loss on disposal group held for sale <sup>(8)</sup> | 288.1 |  | 330.4 |  |
| **Adjusted income before income taxes** | 4.0 | 60.6 | 10.0 | 231.6 |
| **Net (loss) income attributable to Polaris Inc.** | (303.6) | 10.6 | (465.5) | 110.8 |
| &nbsp;&nbsp;Acquisition-related costs <sup>(1)</sup> |  | 0.1 | 0.1 | 1.0 |
| &nbsp;&nbsp;Restructuring <sup>(2)</sup> | 9.0 | 0.7 | 15.3 | 17.8 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | 0.7 | 9.0 | 7.9 | 9.0 |
| &nbsp;&nbsp;Intangible amortization <sup>(4)</sup> | 3.4 | 3.4 | 13.5 | 13.5 |
| &nbsp;&nbsp;Class action litigation expenses <sup>(6)</sup> | 1.2 | 1.2 | 6.1 | 5.4 |
| &nbsp;&nbsp;Impairment charges <sup>(7)</sup> | 44.6 | 27.3 | 140.8 | 27.3 |
| &nbsp;&nbsp;Loss on disposal group held for sale <sup>(8)</sup> | 249.1 |  | 281.3 |  |
| **Adjusted net income (loss) attributable to Polaris Inc.**<sup>(9)</sup> | $4.4 | $52.3 | $(0.5) | $184.8 |
| **Diluted EPS attributable to Polaris Inc.** | $(5.34) | $0.19 | $(8.18) | $1.95 |
| &nbsp;&nbsp;Acquisition-related costs <sup>(1)</sup> |  |  |  | 0.02 |
| &nbsp;&nbsp;Restructuring <sup>(2)</sup> | 0.17 | 0.01 | 0.27 | 0.31 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | 0.01 | 0.16 | 0.14 | 0.16 |
| &nbsp;&nbsp;Intangible amortization <sup>(4)</sup> | 0.06 | 0.06 | 0.24 | 0.24 |
| &nbsp;&nbsp;Class action litigation expenses <sup>(6)</sup> | 0.02 | 0.02 | 0.10 | 0.09 |
| &nbsp;&nbsp;Impairment charges <sup>(7)</sup> | 0.79 | 0.48 | 2.48 | 0.48 |
| &nbsp;&nbsp;Loss on disposal group held for sale <sup>(8)</sup> | 4.37 |  | 4.94 |  |
| **Adjusted EPS attributable to Polaris Inc.** <sup>(9)</sup> | $0.08 | $0.92 | $(0.01) | $3.25 |
| **Adjusted sales** | $1920.6 | $1754.7 | $7142.8 | $7174.7 |
| **Net (loss) income** | $(303.3) | $10.8 | $(464.8) | $111.2 |
| &nbsp;&nbsp;&nbsp;(Benefit) provision for income taxes | (53.6) | 1.4 | (67.9) | 29.6 |
| &nbsp;&nbsp;&nbsp;Interest expense | 31.0 | 34.3 | 131.4 | 137.0 |
| &nbsp;&nbsp;&nbsp;Depreciation | 62.5 | 73.5 | 263.5 | 264.4 |
| &nbsp;&nbsp;Intangible amortization <sup>(5)</sup> | 5.1 | 6.0 | 23.0 | 21.9 |
| &nbsp;&nbsp;Acquisition-related costs <sup>(1)</sup> | 0.1 | 0.2 | 0.2 | 1.4 |
| &nbsp;&nbsp;Restructuring <sup>(2)</sup> | 11.9 | 0.9 | 20.1 | 23.4 |
| &nbsp;&nbsp;Product wind downs <sup>(3)</sup> | 0.9 | 10.0 | 10.4 | 10.0 |
| &nbsp;&nbsp;Class action litigation expenses <sup>(6)</sup> | 1.5 | 1.6 | 8.0 | 7.0 |
| &nbsp;&nbsp;Impairment charges <sup>(7)</sup> | 53.9 | 29.5 | 155.9 | 29.5 |

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Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 7

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;Loss on disposal group held for sale <sup>(8)</sup> | 288.1 | 288.1 |  |  | 330.4 | 330.4 |  |  |
| **Adjusted EBITDA** | $| 98.1 | $| 168.2 | $| 410.2 | $| 635.4 |
| **Adjusted EBITDA Margin** | 5.1 | 5.1% | 9.6 | 9.6% | 5.7 | 5.7% | 8.9 | 8.9% |
| (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses | (1) Represents adjustments for integration and acquisition-related expenses |
| (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring | (2) Represents adjustments for corporate restructuring |
| (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | (3) Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment |
| (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations | (4) Represents amortization expense for intangible assets acquired through business combinations |
| (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions | (5) Represents amortization expense for intangible assets acquired through business combinations and asset acquisitions |
| (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses | (6) Represents adjustments for certain class action litigation-related expenses |
| (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company | (7) Represents goodwill impairment charges associated with the Company's On Road segment, impairment charges related to other intangible assets associated with the Company's Off Road segment, and impairment charges related to strategic investments held by the Company |
| (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs | (8) Represents impairment and other charges recorded to report the held for sale Indian Motorcycle business at fair value less an amount of estimated transaction costs |
| (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items | (9) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2025 and 2024, except for non-deductible items |

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Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 8

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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| | | |
|:---|:---|:---|
| **<u>RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW</u>** | **<u>RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW</u>** | **<u>RECONCILIATION OF GAAP OPERATING CASH FLOW TO NON-GAAP FREE CASH FLOW</u>** |
| (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) |
|  | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
|  | **2025** | **2024** |
| **Net cash provided by operating activities** | $741.0 | $268.2 |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | (182.9) | (261.7) |
| &nbsp;&nbsp;&nbsp;Distributions from (investment in) finance affiliate, net | 47.3 | 58.2 |
| **Adjusted free cash flow** | $605.4 | $64.7 |

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| | | | | |
|:---|:---|:---|:---|:---|
| **<u>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</u>** | **<u>NON-GAAP RECONCILIATION OF SEGMENT RESULTS</u>** |
| (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) | (In Millions), (Unaudited) |
|  | **Three months ended December 31,** | **Three months ended December 31,** | **Twelve months ended December 31,** | **Twelve months ended December 31,** |
| **<u>SEGMENT GROSS PROFIT</u>** | **2025** | **2024** | **2025** | **2024** |
| **Off Road segment gross profit** | $339.2 | $307.9 | $1155.1 | $1160.5 |
| &nbsp;&nbsp;Restructuring <sup>(1)</sup> | 0.2 | 0.2 | 1.4 | 4.3 |
| &nbsp;&nbsp;Product wind down <sup>(2)</sup> |  |  | 6.2 |  |
| Adjusted Off Road segment gross profit | 339.4 | 308.1 | 1162.7 | 1164.8 |
| **On Road segment gross profit** | 28.8 | 18.0 | 157.2 | 179.4 |
| &nbsp;&nbsp;Restructuring <sup>(1)</sup> | 4.0 | 0.1 | 4.0 | 0.1 |
| &nbsp;&nbsp;Product wind down <sup>(2)</sup> | 0.9 | 11.1 | 4.0 | 11.1 |
| Adjusted On Road segment gross profit | 33.7 | 29.2 | 165.2 | 190.6 |
| **Marine segment gross profit** | 19.8 | 23.7 | 72.5 | 80.6 |
| &nbsp;&nbsp;Restructuring <sup>(1)</sup> |  | 0.1 |  | 0.1 |
| Adjusted Marine segment gross profit | 19.8 | 23.8 | 72.5 | 80.7 |
| **Corporate segment gross profit** | (3.6) | 8.3 | (16.1) | 46.3 |
| &nbsp;&nbsp;Restructuring <sup>(1)</sup> | 0.2 | 0.1 | 0.8 | 3.1 |
| Adjusted Corporate segment gross profit | (3.4) | 8.4 | (15.3) | 49.4 |
| **Total gross profit** | 384.2 | 357.9 | 1368.7 | 1466.8 |
| &nbsp;&nbsp;Restructuring <sup>(1)</sup> | 4.4 | 0.5 | 6.2 | 7.6 |
| &nbsp;&nbsp;Product wind down <sup>(2)</sup> | 0.9 | 11.1 | 10.2 | 11.1 |
| Adjusted total gross profit | $389.5 | $369.5 | $1385.1 | $1485.5 |
| <sup>(1)</sup> Represents adjustments for corporate restructuring | <sup>(1)</sup> Represents adjustments for corporate restructuring | <sup>(1)</sup> Represents adjustments for corporate restructuring | <sup>(1)</sup> Represents adjustments for corporate restructuring | <sup>(1)</sup> Represents adjustments for corporate restructuring |
| <sup>(2)</sup> Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | <sup>(2)</sup> Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | <sup>(2)</sup> Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | <sup>(2)</sup> Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment | <sup>(2)</sup> Represents adjustments related to product wind downs, including the FTR product line within the Company's On Road segment and the Timbersled product line within the Company's Off Road segment |

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Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 9

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| | |
|:---|:---|
| ![bluelogosmall.jpg](bluelogosmall.jpg) | **Fourth Quarter & Full Year 2025 Earnings Results** |

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---

| |
|:---|
| **<u>NON-GAAP ADJUSTMENTS</u>** |
| **Fourth Quarter & Full Year 2025 Results & 2026 Full Year Guidance** |

---

**Product Wind Down, Restructuring and Acquisition-Related Costs**

The Company realized certain costs associated with the wind down of the FTR product line beginning in the fourth quarter of 2024 and the Timbersled product line beginning in the first quarter of 2025. The Company is executing certain corporate restructuring activities across the organization to increase efficiency and focus its business, and also periodically incurs integration and acquisition-related expenses associated with prior business combinations. For the fourth quarter and twelve months ended December 31, 2025, Polaris recorded combined costs totaling $12.9 million and $30.7 million, respectively, which were included as non-GAAP adjustments.

**Intangible Amortization Related to Acquisitions** 

The Company uses an adjusted net income metric which excludes intangible amortization from all historical business acquisitions. The Company believes this non-GAAP information is useful to understanding its operating results and the ongoing performance of its underlying businesses because the amount and timing of such charges are significantly impacted by the timing, size, number and nature of the acquisitions the Company completes. For the fourth quarter and twelve months ended December 31, 2025, Polaris recorded $4.5 million and $17.7 million, respectively, of intangible amortization related to acquisitions, which were included as non-GAAP adjustments.

**Impairment Charges**

In 2025, the Company recorded a non-cash impairment of goodwill associated with the Company's On Road segment, as well as non-cash impairment charges related to a strategic investment held by the Company. For the fourth quarter of 2025, the Company recorded non-cash impairment charges related to intangible assets associated with the Company's Off Road segment. For the fourth quarter and twelve months ended December 31, 2025, Polaris recorded combined costs of $53.9 million and $155.9 million, respectively, which were included as non-GAAP adjustments.

**Loss on Disposal Group Held for Sale**

For the fourth quarter and twelve months ended December 31, 2025, the Company recorded impairment and other charges of $288.1 million and $330.4 million, respectively, the majority of which were non-cash charges, as a result of the Indian Motorcycle business being classified as held for sale. These charges were included as non-GAAP adjustments.

**2026 Adjusted Guidance**

2026 adjusted guidance excludes the pre-tax effect of restructuring, network realignment and acquisition/integration costs of approximately $32 million, and approximately $33 million for class action litigation-related expenses. Intangible amortization of approximately $18 million related to all acquisitions has also been excluded.

Investor Contact: J.C. Weigelt 763-542-0525 \| Media Contact: Jess Rogers 763-513-3445 Page 10