# EDGAR Filing Document

**Accession Number:** 0000763744
**File Stem:** 0000763744-26-000007
**Filing Date:** 2026-2
**Character Count:** 100081
**Document Hash:** 5754c561465718a48d05872d0f072066
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000763744-26-000007.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000763744-26-000007

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 68

**CONFORMED PERIOD OF REPORT**: 20260218

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

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20260218

**DATE AS OF CHANGE**: 20260218

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** LCI INDUSTRIES
- **CENTRAL INDEX KEY:** 0000763744
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLE PARTS & ACCESSORIES [3714]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 133250533
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13646
- **FILM NUMBER:** 26645408

**BUSINESS ADDRESS:**
- **STREET 1:** 3501 COUNTY ROAD 6 EAST
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46514
- **BUSINESS PHONE:** 5745351125

**MAIL ADDRESS:**
- **STREET 1:** 3501 COUNTY ROAD 6 EAST
- **CITY:** ELKHART
- **STATE:** IN
- **ZIP:** 46514

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREW INDUSTRIES INC
- **DATE OF NAME CHANGE:** 20161220

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREW INDUSTRIES Inc
- **DATE OF NAME CHANGE:** 20150408

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DREW INDUSTRIES INC
- **DATE OF NAME CHANGE:** 19920703

?xml version='1.0' encoding='ASCII'? lcii-20260218

**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): February 18, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **LCI INDUSTRIES** | **LCI INDUSTRIES** | **LCI INDUSTRIES** | **LCI INDUSTRIES** | **LCI INDUSTRIES** |
| (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) | (Exact name of registrant as specified in its charter) |
| **Delaware** |  | **001-13646** | **13-3250533** | **13-3250533** |
| (State or other jurisdiction of incorporation) |  | (Commission File Number) | (I.R.S. Employer<br>Identification No.) | (I.R.S. Employer<br>Identification No.) |
| **3501 County Road 6 East,** | **Elkhart,** | **Indiana** | **46514** | **46514** |
| (Address of principal executive offices) | (Address of principal executive offices) | (Address of principal executive offices) | (Zip Code) | (Zip Code) |
| Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | Registrant's telephone number, including area code: | **(574)** | **535-1125** |
| **N/A** | **N/A** | **N/A** | **N/A** | **N/A** |
| (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (Former name or former address, if changed since last report) | (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 (<u>see</u> 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&nbsp;&nbsp;&nbsp;&nbsp;Results of Operations and Financial Condition**

On February 18, 2026, LCI Industries issued a press release setting forth LCI Industries' fourth quarter and full year 2025 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 7.01&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

On February 18, 2026, LCI Industries posted an investor presentation on its investor relations website, which presentation is attached hereto as Exhibit 99.3.

The information in this Item 7.01, including exhibit 99.3 attached hereto, is being furnished and shall not be deemed "filed" for purposes of Section 18 of the Securities and 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&nbsp;&nbsp;&nbsp;&nbsp;Financial Statements and Exhibits**

Exhibit Index:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| <u>[99.1](lcii-earningsrelease4q25qu.htm)</u> | Press Release dated February 18, 2026 |
| <u>[99.2](lcii-irshortdeck4q25vfin.htm)</u> | Earnings Presentation dated February 18, 2026 |
| <u>[99.3](lcii-irfulldeck4q25vfina.htm)</u> | Investor Presentation dated February 18, 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI INDUSTRIES | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;LCI INDUSTRIES |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Registrant) |
| By:***<u>/s/ Lillian D. Etzkorn</u>***<br>Lillian D. Etzkorn<br>Chief Financial Officer | By:***<u>/s/ Lillian D. Etzkorn</u>***<br>Lillian D. Etzkorn<br>Chief Financial Officer |
| Dated: | February 18, 2026 |

---

## Exhibit 99.1

![lciia.jpg](lciia.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;

**LCI INDUSTRIES REPORTS FOURTH QUARTER** 

**AND FULL YEAR FINANCIAL RESULTS**

*Delivered Strong Revenue Growth and Doubled Operating Income in Q4*

*Innovation and M&A Driving Growth*

*Provides Outlook for 2026 KPIs*

**Fourth Quarter 2025 Highlights Versus Fourth Quarter 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 16% to $933 million, driven primarily by organic growth in RV OEM

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit margin expanded 180 bps to 3.8% from 2.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased 96% to $19 million, or 2.0% of net sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share more than doubled to $0.77 from $0.37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $22 million; adjusted diluted EPS increased 138% to $0.89 from $0.37

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA increased 53% to $70 million, or 7.5% of net sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Towable RV content per unit up 11% to $5,670

**Full Year 2025 Highlights Versus Full Year 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net sales increased 10% to $4.1 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Operating profit margin expanded 100 bps to 6.8%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Net income increased 32% to $188 million, or 4.6% of net sales

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Diluted earnings per share increased 35% to $7.57 from $5.60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted net income of $185 million; adjusted diluted EPS increased 33% to $7.46 from $5.60

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA increased 19% to $408 million, or 10% of net sales

**Other Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash flows from operations of $331 million for the year ended December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• $243 million returned to shareholders in the form of dividends and share repurchases during 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong liquidity position of $818 million, comprising $223 million of cash and cash equivalents and $595 million of availability on revolving credit facility at December 31, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innovation continues to drive profitable sales growth and share gains with top five new innovative products projected at $225 million annualized sales run rate

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Expanded our presence in the transportation market with two key bus component acquisitions, Trans Air and Freedman Seating Company

**Elkhart, Indiana -** February 18, 2026 - LCI Industries (NYSE: LCII), a leading supplier of engineered components to the recreation and transportation markets, today reported fourth quarter and full year 2025 results.

"We delivered a very strong 2025 with our strategic execution delivering results that validate our multi-year investment in operational excellence and diversification. Despite a difficult wholesale environment in the fourth quarter, our team's relentless focus on innovation, efficiency, and market expansion contributed to a strong fourth quarter performance. This included 16% revenue growth and operating profit that more than doubled, capping off a year of accomplishments that has positioned us well as we look to the future," said Jason Lippert, President and Chief Executive Officer. "The foundation we've built through our competitive moat - combining our scale, deep industry expertise, enhanced technology, and an extremely talented team – positions us to capture significant growth opportunities across our multiple end markets. With our towable content per unit increasing 67% since 2020, a robust aftermarket business touching nearly every RV on the road, and gaining meaningful traction in our other OEM markets, we enter 2026 in a strong competitive position, poised to deliver operating margin expansion and exceptional shareholder value creation."

**Fourth Quarter 2025 Results**

Consolidated net sales increased 16.1% to $932.7 million in the fourth quarter of 2025, up from $803.1 million in the same period of 2024. The $129.6 million increase was primarily driven by a $115.0 million increase in the OEM

------

Segment, reflecting sales price increases due to higher material costs, sales from acquired businesses during the year ($40.1 million in the fourth quarter), and strong North American RV sales from market share gains and a higher mix of premium fifth-wheel units.

Net income was up 96% to $18.7 million, or $0.77 per diluted share, compared to $9.5 million, or $0.37 per diluted share, in the fourth quarter of 2024. Adjusted net income, which excludes restructuring costs, net of tax effect, more than doubled to $21.6 million, or $0.89 per diluted share, compared to $9.5 million, or $0.37 per diluted share. Adjusted EBITDA increased 53% to $70.1 million, compared to $45.8 million in the fourth quarter of 2024. Operating profit margin was 3.8% in the fourth quarter of 2025 compared to 2.0% in the same period of 2024. The year-over-year margin expansion primarily benefitted from reduced costs from materials sourcing strategies and increased North American RV sales volume related to an increased sales mix of higher content fifth-wheel units and market share gains, partially offset by $3.9 million of restructuring costs related to the closure of the Company's glass operations in Ireland.

\*Additional information regarding adjusted net income 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 of net income, is provided in the "Supplementary Information - Reconciliation of Non-GAAP Measures" section below.

**Full Year 2025 Results**

Consolidated net sales increased 10% to $4.1 billion for the full year 2025, up from $3.7 billion in 2024. The $380.8 million increase was primarily driven by contributions from acquired businesses during the year ($124.5 million), sales price increases due to higher material costs, and higher North American RV sales driven by an increased mix of higher content fifth-wheel units, market share gains and a modest increase in total North American RV wholesale shipments.

Net income for the full year 2025 was up 32% to $188.3 million, or $7.57 per diluted share, compared to net income of $142.9 million, or $5.60 per diluted share, for the full year 2024. Adjusted net income increased to $185.4 million, or $7.46 per diluted share, from $142.9 million, or $5.60 per diluted share, and excludes loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs, net of tax effect. Adjusted EBITDA for the year ended December 31, 2025 increased 19% to $408.2 million, compared to $343.9 million for the full year 2024. Operating profit margin was 6.8% for the full year 2025 compared to 5.8% in 2024. The margin expansion primarily benefitted from reduced costs from materials sourcing strategies and leveraging of fixed expenses over higher North American RV sales volumes related to an increased sales mix of higher content fifth-wheel units, market share gains, and a modest increase in RV wholesale shipments.

**OEM Segment - Fourth Quarter Performance**

OEM net sales increased $115.0 million, or 18%, to $736.5 million for the fourth quarter of 2025, compared to the same period of 2024. RV OEM net sales increased 17% to $440.0 million, primarily driven by sales price increases related to higher material costs, an increase in RV sales mix toward higher content fifth-wheel units, and market share gains. Adjacent Industries OEM net sales increased 21% year-over-year to $296.5 million, driven primarily by sales from acquired businesses and higher sales to North American marine and utility trailer OEMs.

Operating profit of the OEM Segment was $26.9 million in the fourth quarter of 2025, or 3.7% of net sales, compared to $1.9 million, or 0.3% of net sales, in the same period in 2024. The operating profit margin expansion of the OEM Segment was primarily driven by increases in selling prices for targeted products, primarily related to increased material costs, reduced costs from material sourcing strategies, and improved fixed cost absorption, partially offset by higher material costs on the expense side, which were impacted by tariffs and higher steel, aluminum, and freight costs, and restructuring costs related to the closure of the Company's glass operations in Ireland.

------

**Aftermarket Segment - Fourth Quarter Performance**

Aftermarket net sales increased 8% to $196.2 million for the fourth quarter of 2025, compared to the same period of 2024. The increase was primarily driven by product innovations, increased demand for our upgrade and service parts as more units enter the upgrade and repair cycle within the RV aftermarket, and sales price increases related to higher material costs, partially offset by lower volumes within the automotive aftermarket. Operating profit of the Aftermarket Segment was $8.5 million, or 4.3% of net sales, compared to $14.3 million, or 7.9% of net sales, in the same period of 2024. The operating profit margin change was primarily driven by higher material costs related to tariffs and higher steel, aluminum, and freight costs, increases in sales mix toward lower margin products, and investments in capacity, distribution and logistics technology to support the growth of the Aftermarket Segment, partially offset by increases in selling prices for targeted products, primarily related to increased material costs, and reduced costs from material sourcing strategies.

**Income Taxes**

The Company's effective tax rate was 26.2% and 27.2% for the year and quarter ended December 31, 2025, respectively, compared to 24.5% and 13.5% for the year and quarter ended December 31, 2024, respectively. The increase in the effective tax rate for the full year and fourth quarter 2025 compared to 2024 was primarily due to an increase in the state tax rate.

**Balance Sheet and Other Items**

At December 31, 2025, the Company's cash and cash equivalents balance was $222.6 million, up from $165.8 million at December 31, 2024. The Company used $128.6 million for share repurchases, $114.0 million for dividend payments to shareholders, $112.7 million for the acquisitions of businesses, and $52.6 million for capital expenditures in the twelve months ended December 31, 2025.

The Company's outstanding long-term indebtedness, including current maturities, was $945.2 million at December 31, 2025. As of December 31, 2025, 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:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• January 2026 net sales of approximately $343 million, up 4% from prior year

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2026 North American RV wholesale shipments of 335,000 to 350,000

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2026 revenue of $4.2 billion to $4.3 billion

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2026 operating profit margin of 7.5% to 8.0%

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2026 adjusted EPS of $8.25 to $9.25

**Conference Call & Webcast**

LCI Industries will host a conference call to discuss its fourth quarter results on Wednesday, February 18, 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, www.investors.lci1.com. The conference call and webcast can also be accessed by dialing (833) 470-1428 for participants in the U.S. and (929) 526-1599 for participants outside the U.S. using the required access code 773066. 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 (866) 813-9403 for participants in the U.S. and (44) 204-525-0658 for those outside the U.S. and referencing access code 126125. 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 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, and industry trends, 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, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, 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, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, 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, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, 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, and 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, 2024, and in the Company's subsequent filings with the Securities and Exchange Commission. 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.

Contact:

**Lillian D. Etzkorn, CFO**

(574) 535-1125

Investors@lci1.com

###

------

**LCI INDUSTRIES**

**OPERATING RESULTS**

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended <br>December 31, | Three Months Ended <br>December 31, | Twelve Months Ended <br>December 31, | Twelve Months Ended <br>December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| *(In thousands, except per share amounts)* |  |  |  |  |
| Net sales | $932700 | $803138 | $4122017 | $3741208 |
| Cost of sales | 726788 | 633732 | 3141722 | 2861493 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross profit | 205912 | 169406 | 980295 | 879715 |
| Warehouse and transportation | 51320 | 44546 | 205060 | 196482 |
| Selling, general and administrative expenses | 119230 | 108726 | 495313 | 464996 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit | 35362 | 16134 | 279922 | 218237 |
| Interest expense, net | 9707 | 5100 | 35710 | 28899 |
| Loss on extinguishment of debt |  |  | 8859 |  |
| Gain on sale of real estate |  |  | (19716) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Income before income taxes | 25655 | 11034 | 255069 | 189338 |
| Provision for income taxes | 6971 | 1487 | 66819 | 46471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $18684 | $9547 | $188250 | $142867 |
| Net income per common share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.77 | $0.37 | $7.59 | $5.61 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.77 | $0.37 | $7.57 | $5.60 |
| Weighted average common shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Basic | 24219 | 25481 | 24803 | 25447 |
| &nbsp;&nbsp;&nbsp;&nbsp;Diluted | 24349 | 25599 | 24855 | 25507 |
| Depreciation | $16860 | $16482 | $67055 | $70393 |
| Amortization | $14021 | $13211 | $54176 | $55300 |
| Capital expenditures | $14573 | $10943 | $52644 | $42333 |

---

------

**LCI INDUSTRIES**

**SEGMENT RESULTS**

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended <br>December 31, | Three Months Ended <br>December 31, | Twelve Months Ended <br>December 31, | Twelve Months Ended <br>December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| *(In thousands)* |  |  |  |  |
| Net sales: |  |  |  |  |
| &nbsp;&nbsp;OEM Segment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;RV OEMs: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel trailers and fifth-wheels | $382644 | $328254 | $1708236 | $1514578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorhomes | 57361 | 47808 | 235976 | 233066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjacent Industries OEMs | 296511 | 245491 | 1245441 | 1112806 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total OEM Segment net sales | 736516 | 621553 | 3189653 | 2860450 |
| &nbsp;&nbsp;Aftermarket Segment: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Aftermarket Segment net sales | 196184 | 181585 | 932364 | 880758 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net sales | $932700 | $803138 | $4122017 | $3741208 |
| Operating profit: |  |  |  |  |
| &nbsp;&nbsp;OEM Segment | $26893 | $1858 | $184120 | $107081 |
| &nbsp;&nbsp;Aftermarket Segment | 8469 | 14276 | 95802 | 111156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating profit | $35362 | $16134 | $279922 | $218237 |
| Depreciation and amortization: |  |  |  |  |
| &nbsp;&nbsp;OEM Segment depreciation | $11843 | $12446 | $48331 | $53484 |
| &nbsp;&nbsp;Aftermarket Segment depreciation | 5017 | 4036 | 18724 | 16909 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total depreciation | $16860 | $16482 | $67055 | $70393 |
| &nbsp;&nbsp;OEM Segment amortization | $9996 | $9417 | $38665 | $39843 |
| &nbsp;&nbsp;Aftermarket Segment amortization | 4025 | 3794 | 15511 | 15457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total amortization | $14021 | $13211 | $54176 | $55300 |

---

------

**LCI INDUSTRIES**

**BALANCE SHEET INFORMATION**

*(unaudited)*

---

| | | |
|:---|:---|:---|
| | December 31,<br>2025 | December 31,<br>2024 |
| *(In thousands)* |  |  |
| ASSETS |  |  |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $222615 | $165756 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 243425 | 199560 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | 809094 | 736604 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 74552 | 58318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1349686 | 1160238 |
| Fixed assets, net | 428031 | 432728 |
| Goodwill | 622183 | 585773 |
| Other intangible assets, net | 402568 | 392018 |
| Operating lease right-of-use assets | 272995 | 224313 |
| Other long-term assets | 100524 | 99669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total assets | $3175987 | $2894739 |
| LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Current maturities of long-term indebtedness | $3683 | $423 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, trade | 202257 | 187684 |
| &nbsp;&nbsp;&nbsp;&nbsp;Current portion of operating lease obligations | 44174 | 38671 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 223253 | 185275 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 473367 | 412053 |
| Long-term indebtedness | 941502 | 756830 |
| Operating lease obligations | 246047 | 199929 |
| Deferred taxes | 27495 | 26110 |
| Other long-term liabilities | 126743 | 112931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 1815154 | 1507853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 1360833 | 1386886 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $3175987 | $2894739 |

---

------

**LCI INDUSTRIES**

**SUMMARY OF CASH FLOWS**

*(unaudited)*

---

| | | |
|:---|:---|:---|
| | Twelve Months Ended <br>December 31, | Twelve Months Ended <br>December 31, |
| | 2025 | 2024 |
| *(In thousands)* |  |  |
| Cash flows from operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income | $188250 | $142867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments to reconcile net income to cash flows provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 121231 | 125693 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 22689 | 18653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 15882 | (7073) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt | 8859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate | (19716) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other non-cash items | 17999 | 7209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities, net of acquisitions of businesses: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | (25535) | 13469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories, net | (35008) | 46335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (12435) | 4532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable, trade | 4436 | 3474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 44324 | 15125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows provided by operating activities | 330976 | 370284 |
| Cash flows from investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures | (52644) | (42333) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisitions of businesses | (112693) | (19957) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale of real estate | 22674 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other investing activities | (4404) | 1192 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in investing activities | (147067) | (61098) |
| Cash flows from financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Vesting of stock-based awards, net of shares tendered for payment of taxes | (5298) | (9159) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from revolving credit facility |  | 86248 |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under revolving credit facility | (19261) | (138752) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from term loan borrowings | 391000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repayments under term loan and other borrowings | (283765) | (36655) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of convertible notes | 448500 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchase of convertible notes | (368920) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of convertible note hedge contracts | (67574) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of warrants concurrent with note hedge contracts | 27600 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of dividends | (114043) | (109471) |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration and holdbacks related to acquisitions | (893) | (2) |
| &nbsp;&nbsp;&nbsp;&nbsp;Repurchases of common stock | (128571) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other financing activities | (4266) | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash flows used in financing activities | (125491) | (208221) |
| Effect of exchange rate changes on cash and cash equivalents | (1559) | (1366) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase in cash and cash equivalents | 56859 | 99599 |
| Cash and cash equivalents at beginning of period | 165756 | 66157 |
| Cash and cash equivalents at end of period | $222615 | $165756 |

---

------

**LCI INDUSTRIES**

**SUPPLEMENTARY INFORMATION**

*(unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended | Three Months Ended | Twelve Months Ended | Twelve Months Ended |
| | December 31, | December 31, | December 31, | December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| Industry Data<sup>(1)</sup> *(in thousands of units):* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Industry Wholesale Production: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel trailer and fifth-wheel RVs | 64.7 | 67.7 | 298.2 | 291.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorhome RVs | 8.4 | 8.0 | 36.0 | 34.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industry Retail Sales: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Travel trailer and fifth-wheel RVs | 51.3 | 55.4 | 305.3 | 307.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impact on dealer inventories | 13.4 | 12.3 | (7.1) | (16.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Motorhome RVs | 7.6 | 7.9 | 37.7 | 40.0 |
|  |  |  | Twelve Months Ended | Twelve Months Ended |
|  |  |  | December 31, | December 31, |
|  |  |  | 2025 | 2024 |
| Lippert Content Per Industry Unit Produced: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Travel trailer and fifth-wheel RV |  |  | 5670 | 5097 |
| &nbsp;&nbsp;&nbsp;&nbsp;Motorhome RV |  |  | 3993 | 3742 |
|  |  |  | December 31, | December 31, |
|  |  |  | 2025 | 2024 |
| Balance Sheet Data *(debt availability in millions):* | Balance Sheet Data *(debt availability in millions):* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Remaining availability under the revolving credit facility <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Remaining availability under the revolving credit facility <sup>(2)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;Remaining availability under the revolving credit facility <sup>(2)</sup> | 595.2 | 452.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Days sales in accounts receivable, based on last twelve months | &nbsp;&nbsp;&nbsp;&nbsp;Days sales in accounts receivable, based on last twelve months | &nbsp;&nbsp;&nbsp;&nbsp;Days sales in accounts receivable, based on last twelve months | 29.7 | 29.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory turns, based on last twelve months | &nbsp;&nbsp;&nbsp;&nbsp;Inventory turns, based on last twelve months | &nbsp;&nbsp;&nbsp;&nbsp;Inventory turns, based on last twelve months | 4.2 | 4.0 |
|  |  |  | 2026 | 2026 |
| Estimated Full Year Data: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Revenue |  |  | $4.2 - $4.3 billion | $4.2 - $4.3 billion |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating profit margin |  |  | 7.5% - 8.0% | 7.5% - 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjusted diluted EPS |  |  | $8.25 - $9.25 | $8.25 - $9.25 |
| &nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures |  |  | $60 - $80 million | $60 - $80 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization |  |  | $115 - $125 million | $115 - $125 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | $24 - $27 million | $24 - $27 million |
| &nbsp;&nbsp;&nbsp;&nbsp;Annual tax rate |  |  | 25% - 27% | 25% - 27% |

---

<sup>(1)</sup> 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.

<sup>(2)</sup> Remaining availability under the revolving credit facility is subject to covenant restrictions.

------

**LCI INDUSTRIES**

**SUPPLEMENTARY INFORMATION**

**RECONCILIATION OF NON-GAAP MEASURES**

*(unaudited)*

The following table reconciles net income to Adjusted EBITDA and net income as a percentage of net sales to Adjusted EBITDA as a percentage of net sales.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| *(In thousands)* |  |  |  |  |
| Net income | $18684 | $9547 | $188250 | $142867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense, net | 9707 | 5100 | 35710 | 28899 |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 6971 | 1487 | 66819 | 46471 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation expense | 16860 | 16482 | 67055 | 70393 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization expense | 14021 | 13211 | 54176 | 55300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA | $66243 | $45827 | $412010 | $343930 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | 8859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (19716) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 3900 |  | 3900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive separation costs |  |  | 3193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $70143 | $45827 | $408246 | $343930 |
| Net sales | $932700 | $803138 | $4122017 | $3741208 |
| Net income as a percentage of net sales | 2.0% | 1.2% | 4.6% | 3.8% |
| Adjusted EBITDA as a percentage of net sales | 7.5% | 5.7% | 9.9% | 9.2% |

---

------

The following table reconciles net income to adjusted net income and net income per diluted share to adjusted net income per diluted share.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three Months Ended December 31, | Three Months Ended December 31, | Twelve Months Ended December 31, | Twelve Months Ended December 31, |
| | 2025 | 2024 | 2025 | 2024 |
| *(In thousands, except per share amounts)* |  |  |  |  |
| Net income | $18684 | $9547 | $188250 | $142867 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | 8859 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (19716) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 3900 |  | 3900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive separation costs |  |  | 3193 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments | (936) |  | 900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income | $21648 | $9547 | $185386 | $142867 |
| Net income per common share - diluted | $0.77 | $0.37 | $7.57 | $5.60 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on extinguishment of debt |  |  | 0.36 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of real estate |  |  | (0.79) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring costs | 0.16 |  | 0.16 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive separation costs |  |  | 0.13 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Tax effect of adjustments | (0.04) |  | 0.03 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted net income per common share - diluted | $0.89 | $0.37 | $7.46 | $5.60 |
| Weighted average common shares outstanding - diluted | 24349 | 25599 | 24855 | 25507 |

---

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 EBITDA as a percentage of net sales, adjusted net income, and adjusted net income per diluted common share 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, and executive separation costs during the three and twelve month periods ended December 31, 2025 and 2024. Adjusted net income is defined as net income adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs, and the related tax effects during the three and twelve month periods ended December 31, 2025. The restructuring costs adjusted out of the non-GAAP measures relate to the closure of the Company's glass operations in Ireland. 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.

## Exhibit 99.2

![](lcii-irshortdeck4q25vfin001.jpg)

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![](lcii-irshortdeck4q25vfin002.jpg)

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 production levels, future business prospects, net sales, expenses and income (loss), margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, growth strategy, 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, and industry trends, 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, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, 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, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, 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, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, 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, and 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, 2024, and in the Company's subsequent filings with the Securities and Exchange Commission, 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 EBITDA as a percentage of 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. 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. 2 Forward-Looking Statements 2

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![](lcii-irshortdeck4q25vfin003.jpg)

Delivered Strong Revenue Growth and Doubled Operating Income in Q4 Executing Cost Management and Continuous Improvement Initiatives • Fourth quarter operating profit margin of 3.8%, up 180 bps YoY • Strategic material sourcing and sales growth in the North American RV market drove margin expansion • Continued facility optimization with 5 facility consolidations completed in 2025 and targeting 8-10 in 2026 • Agile tariff mitigation strategy continues to allow for effective cost management Quarterly Financial Performance • Net sales of $933 million, up 16% YoY • Net income of $19 million, up 96% YoY ($0.77 per diluted share), or 2.0% of net sales • Adjusted net income1 of $22 million ($0.89 adjusted net income per diluted share1, up 138% YoY) • Adjusted EBITDA1 of $70 million, or 7.5% of net sales, up 53% YoY 1 Additional information regarding adjusted net income, adjusted net income per diluted share, adjusted EBITDA, and adjusted EBITDA as a percentage of 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 $223 million of cash and cash equivalents and $595 million of availability on revolving credit facility at December 31, 2025 • Paid quarterly dividend of $1.15 per share aggregating $28 million in the fourth quarter • $243 million of total capital returned to shareholders through dividends and strategic share buybacks in 2025 Fourth Quarter and Full Year 2025 Highlights Full Year Financial Performance • Net sales of $4.1 billion, up 10% YoY • Net income of $188 million, up 32% YoY ($7.57 per diluted share), or 4.6% of net sales • Adjusted net income1 of $185 million ($7.46 adjusted net income per diluted share, up 33% YoY) • Adjusted EBITDA1 of $408 million, or 9.9% of net sales, up 19% YoY • Cash flows from operations of $331 million • Continued momentum with estimated $225 million run rate from top five new innovative products 3

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![](lcii-irshortdeck4q25vfin004.jpg)

Results by Market 4 OEM Segment • RV • Transportation • Marine • Housing Aftermarket Segment

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![](lcii-irshortdeck4q25vfin005.jpg)

5 RV OEM Performance and Trends • Q4 2025 RV OEM sales up 17% YoY, driven by sales price increases related to higher material costs, increased mix in higher-content fifth wheels, and market share gains • Gained share in our top 5 RV product categories: appliances, awnings, chassis, furniture, and windows for the quarter ended December 31, 2025 • 64,700 North American wholesale towable units shipped in Q4 2025, down 4% YoY • 51,300 estimated North American retail towable units sold in Q4 2025, down 7% YoY Quarterly Net Sales $376M $440M Q4 2024 Q4 2025 NA RV Wholesale/Retail/Inventory Change Retail Wholesale Inventory Linear (Inventory) 1Q 22 2Q 22 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 0 50,000 100,000 150,000 200,000 (80,000) (60,000) (40,000) (20,000) — 20,000 40,000 60,000 80,000 Full Year Net Sales $1,748M $1,944M FY 2024 FY 2025 5

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![](lcii-irshortdeck4q25vfin006.jpg)

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 Sequential Towable Content Growth (LTM) YoY Towable Content Growth (LTM) Key 2025 Model Year Product Wins 6 Bi-Fold SunDeck 6

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![](lcii-irshortdeck4q25vfin007.jpg)

$629M $771M FY 2024 FY 2025 7 Transportation OEM Performance and Trends • Q4 2025 Transportation OEM sales up 34% YoY • Increase primarily due to acquired sales from recent acquisitions in the resilient bus market where integration efforts and synergies are ahead of plan • Trans Air (acquired in March) - bus climate control systems • Freedman Seating (acquired in April) - bus seating solutions • Expanding presence in transportation markets: • Increasing market share in 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 • Approximately 65,000 city, shuttle and school buses delivered in 2025 Quarterly Net Sales $137M $184M Q4 2024 Q4 2025 Full Year Net Sales 7

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![](lcii-irshortdeck4q25vfin008.jpg)

8 Marine OEM Performance and Trends • Q4 2025 Marine sales up 10% YoY • Increase primarily related to higher mix of premium boats and stronger pre-season volume increases • Fairly strong sales of larger boats with more Lippert content • Key product categories include pontoon furniture, power biminis, windshields, and ladders Quarterly Net Sales $64M $70M Q4 2024 Q4 2025 $293M $291M FY 2024 FY 2025 Full Year Net Sales 8

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![](lcii-irshortdeck4q25vfin009.jpg)

9 Housing OEM Performance and Trends • Q4 2025 Housing OEM sales down 6% YoY • Q4 2025 Manufactured housing units were down about 10%, with full year down about 1% • Expanding presence in residential window market through recent acquisition of Moss Supply Company • Housing starts expected to increase in 2026 $45M $42M Q4 2024 Q4 2025 $192M $184M FY 2024 FY 2025 Quarterly Net Sales Full Year Net Sales 9

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![](lcii-irshortdeck4q25vfin010.jpg)

10 Aftermarket Performance and Trends • Q4 2025 sales up 8% from the prior year period primarily driven by product innovations and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket • Driving portfolio expansion in diversified markets with towing and truck accessories, boating accessories, appliances, and electronics • Meeting heightened repair and replacement demand as RV ownership has reached record levels in recent years • Launched Lippert Factory Service network of service and repair centers to provide expert installations, service, repairs and upgrades Quarterly Net Sales $182M $196M Q4 2024 Q4 2025 Full Year Net Sales $881M $932M FY 2024 FY 2025 Q4 2025 Aftermarket Net Sales by Market 48% 34% 6% 12% Automotive RV Marine Other 10

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![](lcii-irshortdeck4q25vfin011.jpg)

Consolidated Results 11

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![](lcii-irshortdeck4q25vfin012.jpg)

12 Q4 2025 Financial Performance Operating Margin 2.0% 3.8% Fourth Quarter 2024 Fourth Quarter 2025 (in th ou sa nd s) Consolidated Net Income $9,547 $18,684 Fourth Quarter 2024 Fourth Quarter 2025 (in th ou sa nd s) Adjusted EBITDA\* $45,827 $70,143 Fourth Quarter 2024 Fourth Quarter 2025 \* 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 $803,138 $932,700 Fourth Quarter 2024 Fourth Quarter 2025 +16% +180 bps +53%+96% 12

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13 FY 2025 Financial Performance \* 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. Operating Margin 5.8% 6.8% 2024 2025 (in th ou sa nd s) Consolidated Net Income $142,867 $188,250 2024 2025 (in th ou sa nd s) Adjusted EBITDA\* $343,930 $408,246 2024 2025 (in th ou sa nd s) Consolidated Net Sales $3,741,208 $4,122,017 2024 2025 +10% +100 bps +19%+32% 13

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14 Strategic Acquisitions Acquisitions completed in 2025: • Bigfoot Hydraulic Systems expands our existing leveling product portfolio (OEM and AM) • Freedman Seating provides seating solutions primarily in the bus market (OEM and AM) • Trans Air provides climate control systems primarily in the bus market (OEM and AM) • Moss Supply Company serves the residential windows market (AM) • RVibrake provides flat tow brake systems to the automotive aftermarket (AM) Capital Allocation Highlights Executing on our capital allocation strategy through acquisitions, focus on innovation, and returning capital to shareholders Returning Capital to Shareholders • Paid quarterly dividend of $1.15 per share, aggregating $28 million in the fourth quarter • $243 million of total capital returned to shareholders in the form of dividends and share repurchases during 2025 (in m ill io ns) $96 $4 $4 $4 $464 $4 $373 2026 Convertible Notes 2030 Convertible Notes Term Loan B 2026 2027 2028 2029 2030 2031 2032 $— $490 Future Debt Maturities Strong Balance Sheet • Strong year-end cash position of $223 million • Borrowing availability of $595 million on revolving credit facility • Debt to net income of 5.0x, and net debt to adjusted EBITDA of 1.8x(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. 14

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15 Liquidity and Cash Flow As of and for the twelve months ended December 31 2025 2024 Cash and Cash Equivalents $223M $166M Remaining Availability under Revolving Credit Facility(1) $595M $453M Capital Expenditures $53M $42M Dividends $114M $109M Share Repurchases $129M $—M Debt / Net Income (TTM) 5.0x 5.3x Net Debt/Adjusted EBITDA (TTM)(2) 1.8x 1.7x Cash from Operating Activities $331M $370M Free Cash Flow(2) $278M $328M 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. 15

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2026 Outlook 16

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17 2026 Outlook RV Industry • Recent show traffic is good; dealers and OEMs starting the year very disciplined • Our current full year 2026 North American forecast is 335K - 350K wholesale unit shipments • Expectation that there is a move towards more favorable mix shift later in 1st/2nd quarter • Expect continued momentum and product placement with newly launched products in recent model year updates Other Markets • Transportation - expect market to be flat, but Lippert expected to benefit from acquisitions of Freedman and Trans Air made in 2025 • Marine - industry expected to be flat to up low single digits • Housing - industry expected to be up low single digits aided by growth of our residential window products • Aftermarket - expect mid single digit growth. ~2 million RVs expected to enter repair and replacement cycle in the next few years. Lippert should see lift in auto aftermarket as a result of key competitor's bankruptcy January 2026 Results • January 2026 net sales of approximately $343 million, up 4% YoY 17

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Launching Full Year 2026 Financial Outlook Guidance 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 $4.2 billion - $4.3 billion Operating Profit Margin 6.8% 7.5% - 8.0% Adjusted Diluted EPS $7.46 $8.25 - $9.25 18 18

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20 Appendix Reconciliation of Non-GAAP Measures ADJUSTED EBITDA Three months ended December 31, ADJUSTED EBITDA (TTM) Twelve months ended December 31, ($ in thousands) 2025 2024 ($ in thousands) 2025 2024 Net income $18,684 $9,547 Net income $188,250 $142,867 Interest expense, net 9,707 5,100 Interest expense, net 35,710 28,899 Provision for income taxes 6,971 1,487 Provision for income taxes 66,819 46,471 Depreciation and amortization 30,881 29,693 Depreciation and amortization 121,231 125,693 EBITDA $66,243 $45,827 EBITDA $412,010 $343,930 Restructuring costs 3,900 — Loss on extinguishment of debt 8,859 — Adjusted EBITDA $70,143 $45,827 Gain on sale of real estate (19,716) — Restructuring costs 3,900 — Net Sales $932,700 $803,138 Executive separation costs 3,193 — Net income as a % of Net Sales 2.0 % 1.2 % Adjusted EBITDA $408,246 $343,930 Adjusted EBITDA as a % of Net Sales 7.5 % 5.7 % Net Sales $4,122,017 $3,741,208 Net income as a % of Net Sales 4.6 % 3.8 % Adjusted EBITDA as a % of Net Sales 9.9 % 9.2 % FREE CASH FLOW Twelve months ended December 31, NET DEBT/ADJUSTED EBITDA (TTM) ($ in thousands) 2025 2024 ($ in thousands) December 31, 2025 December 31, 2024 Net cash flows provided by Total debt $945,185 $757,253 operating activities $330,976 $370,284 Less cash and cash equivalents 222,615 165,756 Capital expenditures (52,644) (42,333) Net debt $722,570 $591,497 Free cash flow $278,332 $327,951 Total Debt/Net Income (TTM) 5.0x 5.3x Net Debt/Adjusted EBITDA (TTM) 1.8x 1.7x Adjusted EBITDA, Adjusted EBITDA as a percentage of 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, and executive separation costs. 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. 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.

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21 Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Three months ended December 31, Twelve months ended December 31, ($ in thousands, except per share amounts) 2025 2024 2025 2024 Net income $18,684 $9,547 $188,250 $142,867 Loss on extinguishment of debt — — 8,859 — Gain on sale of real estate — — (19,716) — Restructuring costs 3,900 — 3,900 — Executive separation costs — — 3,193 — Tax effect of adjustment (936) — 900 — Adjusted net income $21,648 $9,547 $185,386 $142,867 ADJUSTED NET INCOME PER DILUTED SHARE Net income per common share - diluted $0.77 $0.37 $7.57 $5.60 Loss on extinguishment of debt — — 0.36 — Gain on sale of real estate — — (0.79) — Restructuring costs 0.16 — 0.16 — Executive separation costs — — 0.13 — Tax effect of adjustment (0.04) — 0.03 — Adjusted net income per common share - diluted $0.89 $0.37 $7.46 $5.60 Weighted average common shares outstanding - diluted 24,349 25,599 24,855 25,507 Adjusted net income and adjusted net income per diluted common share are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period. Adjusted net income and adjusted net income per diluted common share are defined as net income or net income per diluted common share, as applicable, adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, executive separation costs and the related tax effects. 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.

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22 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% 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% 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 —% 20.0% 40.0% 60.0% 80.0% 100.0% 22

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## Exhibit 99.3

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INVESTOR PRESENTATION \| February 2026 Celebrating 70 years of making recreation and transportation better. NYSE: LCII

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Forward Looking Statements 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 production levels, future business prospects, net sales, revenue, expenses and income (loss), margins, capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, growth strategy, retail and wholesale demand and shipments, run rates, integration of acquisitions, planned divestitures and facility consolidations, R&D investments, commodity prices and industry trends, 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, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, 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, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, 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, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, 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, and 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, 2024, and in the Company's subsequent filings with the Securities and Exchange Commission, 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 EBITDA, adjusted EBITDA, adjusted net income, adjusted net income per diluted share, net debt to adjusted EBITDA leverage, pre-tax return on invested capital, free cash flow, and free cash flow conversion. 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 Appendix to this presentation. This presentation also includes certain forward-looking non-GAAP financial measures, such as forward-looking targets for adjusted diluted EPS. 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.

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Global Leader Supplying the RV, Outdoor Recreation, Transportation, Housing, and Related Aftermarkets 100+ Facilities Located Throughout North America & Europe High-spec manufacturer of key components serving the RV, Transportation, Marine, Housing, and Aftermarket (RV, Marine, Auto) end markets. Transformed from a primarily RV-focused supplier into a broad portfolio of high- quality businesses with strong margins and long-term growth opportunities across multiple end markets. Overarching strategy is to continue winning in OEM markets, using this foundation to further expand into aftermarket repair, replacement, and upgrades. Will compound value by further penetrating newer end-markets using many core manufacturing capabilities, relentless innovation and disciplined, accretive M&A. $408M Adjusted EBITDA1 $331M Operating Cash Flow $4.1B Net Sales 12,300 Team Members Note: Data as of and for the year ended December 31, 2025 1 Additional information regarding adjusted EBITDA, and a reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 3LC I Industries \| 2026 Investor Presentation

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47% RV OEM Chassis, windows, doors, furniture, axles and suspensions, slide-out mechanisms, leveling systems, appliances, awnings, and more. 30% Diversified OEM Markets — Transportation, Marine, and Housing Windows, seats, climate control systems, and more to end markets such as buses, utility trailers, equestrian trailers, side-by-sides, off- road and marine vehicles, and many other products. 23% Aftermarket — RV, Marine, and Auto Parts for repairs, replacement, upgrade, and upfit, along with a significant volume of hitch and towing products. Revenue % by End Market Revenue Composition TRANSPORTATION $771M \| 19% • Power Sports • School Buses • Shuttle Buses • Construction • City Buses • Cargo and Utility Trailers MARINE $291M \| 7% • Pontoon Boats • Power Boats • Fishing Boats • Cruising Yachts • Sailboats HOUSING $184M \| 4% • Manufactured Housing • Park Models • Modular Homes • Commercial Offices • Residential Housing • Restroom Trailers AFTERMARKET $932M \| 23% • Auto/Truck Accessories • RV Service Parts and Upgrade Accessories • Marine Service Parts and Upgrade Accessories RV $1.9B \| 47% • 5th Wheels • Travel Trailers • Motorhomes 2025 Revenue Positioned Across Five Markets Building on 70 years of growth 4LC I Industries \| 2026 Investor Presentation

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Competitive Moat Driving Market Share Gains Further Margin Expansion Initiatives Underway Multifaceted Growth Opportunities Strong Cash Flow Conversion and Robust Balance Sheet Shareholder-Focused Capital Allocation, Accretive M&A, and Insider Alignment Significantly Enhanced Operational Structure Over Past Three Years Investment Highlights Proven Expertise Driving Outsized Industry Growth — 11% CAGR over Past Decade 5LC I Industries \| 2026 Investor Presentation Revenue Growth from $1.4B - $4.1B 2015-2025

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Metal Fabrication & Welding Small Batch Manufacturing with Scale Benefits Design/Engineering Expertise for Complex Solutions SKU Complex, Customized, Non- Commoditized Products Across Targeted End Markets Create an Unmatched Product Ecosystem Enable Solutions to Complex Customer Needs Deep Manufacturing & Engineering Competencies Chassis & Suspension Systems Furniture Solutions Window & Glass Solutions Appliance & Kitchen Solutions Truck & Towing Accessories Doors, Steps & Awnings Leveling, Stabilization & Slide-Outs Recreational Vehicles Transportation Marine Housing Aftermarket Glass Fabrication Furniture Manufacturing Electronics Lamination Power & Motion Systems E-Coating and Powder Coating Plastics Forming Appliances How Lippert Wins – Poised to Outperform 6LC I Industries \| 2026 Investor Presentation

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Multifaceted Growth Opportunities RV & Marine Cyclical Recovery Both markets are emerging from troughs. We are positioned for meaningful revenue increase due to installed content, installed innovation, and strong OEM relationships. At approximately $5,670 in content per towable RV unit, Lippert estimates it can gain over $56 million in additional revenue for every 10,000 units the industry grows by. Average incremental margins at trough are 25% and grow with volume. Innovation Machine Growing Content Expecting continued growth from our newly launched RV innovations with a $225 million annual run rate (as of February 2026) and growing. Lippert has grown its content in RVs over 67% since 2020. Growing Market Share Across Our End Markets Broad product lineups, bundling opportunities, innovative products continuously being introduced, as well as our decades-long deep customer relationships give us a competitive edge over our smaller competitors. Additionally, we are among the largest suppliers in nearly every market we serve, allowing us to be well-positioned for strategic acquisition opportunities. RV Aftermarket Tailwind Lippert has put $20 billion in replaceable parts into OEM products over the years. There are nearly two million RVs that are entering the repair and replacement cycle (every 3-5 years) over the next 1-2 years. Dealers and consumers depend on our aftermarket repair parts and services to repair and replace all the complex products we build that wear and tear with RV and boat use over time. Cross-Selling Opportunities We develop strong, longstanding customer relationships through the initial placement of Lippert products in units. Through strategic acquisitions, we expand our product lines to Lippert's loyal customer base. It's easier to get placement of our many other products and innovate new products with these customers. Ongoing M&A Flywheel Lippert's disciplined approach to acquisitions has helped drive revenue growth from $269 million in 2001 to $4.1 billion in 2025. The focus is primarily on acquiring "smaller" ($20-$150 million in revenues) businesses that are accretive to earnings, give Lippert new products and people, and help grow our key end markets in RV, Transportation, Marine, Housing, and Aftermarket. Proven expertise driving outsized industry growth 7LC I Industries \| 2026 Investor Presentation

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Success and share gains are driven by scale, expertise, and people Very Strong Customer Relationships We have built long-term relationships with our customers, spanning 15 to 30 years, supported by our close geographic proximity. Our customers especially value the way we care for and support their consumers and dealer networks. Best-in-Class Leadership Our CEO has been with the company for 30 years, and our top 20 executives have an average tenure of more than 15 years. Together, they have successfully navigated multiple industry cycles. Our leadership team is highly respected across our industries and end markets. Strong Culture We have an effective culture that drives retention. Retention drives efficiency, quality innovation and safety. Best-in-Class Team Team members who demonstrate resiliency and determination. SCALE AND MARKET LEADER ADVANTAGES Product Breadth Diversified portfolio is an advantage as most customers are willing to put more business with trusted partners. Customer Proximity Elkhart County stands at the heart of RV, bus, and boat manufacturing. Across 40 factories and more than 7,000 team members and leaders locally, we operate side by side with our customers — creating stronger partnerships and lasting collaboration. Acquisitive DNA Proven expertise with 70+ acquisitions over two decades to expand footprint and product offerings. Customer Service Handling over 1 million customer interactions annually through an experienced team of service agents. Low-Cost Manufacturer Significant purchasing advantage due to our size and scale. We are one of the larger consumers of steel, glass and aluminum commodities in the country. AUTOMATED AND LEAN MANUFACTURING CAPABILITIES Manufacturer of Critical Products We make critical parts and system solutions for OEM and Aftermarket customers. Manufacturing Leaders We've been in some of our industries for 30-70 years. We believe we have the best manufacturing leaders and people in the country and have a long history of retaining them over time. Flexibility & Agility We have the ability to mass produce SKU complex product offerings with little lead time if required. We can quickly scale or consolidate our facilities. Automation Capabilities We've made substantial investments in automation to increase speed, efficiency, safety, and quality. PEOPLE AND CULTURE Master Innovators Our experienced RV team is the "go-to" for developing new ideas for our customers in all our end markets, especially RV and marine. Competitive Moat Driving Market Shares Gains 8LC I Industries \| 2026 Investor Presentation

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• Focus M&A efforts on RV, Transportation, Marine, and Aftermarket sectors • Target deals with $20-100M in revenue, at adjusted EBITDA multiples typically in the range of 4-6x • Diversify the business • Increase earnings power • Pursue deals that are immediately accretive to margins • Strengthen the competitive moat Growth & Building Momentum Through M&A 9LC I Industries \| 2026 Investor Presentation

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$6,000,000 $5,000,000 $4,000,000 $3,000,000 $2,000,000 $1,000,000 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Enter the Marine Aftermarket Enter the Automotive Aftermarket Enter the European Caravanning Market RV Aftermarket Transportation Marine Building Products Successful History of Accretive Acquisitions 10LC I Industries \| 2026 Investor Presentation

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$1.9B 2025 Sales 430.3K 2020 Total North American Wholesale Unit Shipments $1.5B 2020 Sales 342.2K 2025 Total North American Wholesale Unit Shipments TAM unlocks significant share capture opportunity in 2026 and beyond RV Market (2020–2025) +31% Growth Over Period RV OEM Market 11LC I Industries \| 2026 Investor Presentation $3B Total Addressable Market for Existing Products

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First YoY retail growth in 40 months in 4Q24 RV Industry Showing Signs of Recovery Dealer inventories at or near historic lows Many dealers reported profitability in 2025 Shift to experiences driving demand Secular Tailwinds Accelerating Growth Remote work enabling more travel Broader travel rebound underway Work-camping trends 0 100 200 300 400 500 600 700 RV Shipments 102% 97% 52% 204% 48% 19 80 19 84 19 91 19 99 20 01 20 06 20 09 20 17 20 19 20 21 (0 00 s) TBD? 20 23 Since 1980, the RV market has rebounded by an average of 101% over the 4-8 years following a shipment downturn Well Positioned to Capitalize on Anticipated Strong RV Recovery 12LC I Industries \| 2026 Investor Presentation

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65K 2025 City, Shuttle, and School Bus Production $349M 2020 Sales 500K+ Utility and Cargo Trailers Produced Annually +121% Growth Over Period Transportation Market (2020–2025) $771M 2025 Sales TAM unlocks significant share capture opportunity in 2026 and beyond Transportation OEM 13LC I Industries \| 2026 Investor Presentation $1.7B Total Addressable Market for Existing Products

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$200M 2020 Sales +45% Growth Over Period Marine Market (2020–2025) $291M 2025 Sales TAM unlocks significant share capture opportunity in 2026 and beyond Marine OEM Marine OEM 14LC I Industries \| 2026 Investor Presentation $0.6B Total Addressable Market for Existing Products

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$139M 2020 Sales +32% Growth Over Period Housing Market (2020–2025) $184M 2025 Sales TAM unlocks significant share capture opportunity in 2026 and beyond Housing OEM 15LC I Industries \| 2026 Investor Presentation $1B Total Addressable Market for Existing Products

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13M RVs in Use $628M 2020 Sales 907K 2025 CURT Hitches Sold +48% Growth Over Period Aftermarket (2020–2025) $932M 2025 Sales TAM unlocks significant share capture opportunity in 2026 and beyond Automotive, RV, and Marine Aftermarkets 16LC I Industries \| 2026 Investor Presentation $7.4B Total Addressable Market for Existing Products

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Operating Margin: 3.3% • Lower material & freight costs • Aftermarket mix impact • Lower warranty costs • Facility consolidation • Overhead & G&A reductions • Higher volumes\* • Improving mix • Aftermarket gains • 85bps of overhead and G&A reductions in 2025; continued focus in 2026 • Facility consolidations (5 in 2025; 8-10 in 2026) • Divestitures of low-margin businesses • Continued automation • Operational efficiencies and fixed cost improvements 2023 5.8% 2024 6.8% 2025 7.5-8% 2026 10% Target Steady State \* 25% incremental margin projected on higher volumes, as compared to baseline comparative period volume. Optimized operations expected to boost profitability Further Margin Expansion Initiatives Underway 17LC I Industries \| 2026 Investor Presentation

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\* Additional information regarding Adjusted Diluted EPS, and reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. $3 .8 $3 .7 $4 .1 2023 2024 2025 Sales $2 .5 2 $5 .6 0 $7 .4 6 2023 2024 2025 Adjusted Diluted EPS\* Bi lli on s 3. 3% 5. 8% 6. 8% 2023 2024 2025 Operating Margin Financial Momentum Heading into 2026 18LC I Industries \| 2026 Investor Presentation

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M ill io ns 5. 3% 10 .4 % 13 .5 % 2023 2024 2025 ROIC\* $2 55 $3 44 $4 08 $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 2023 2024 2025 Adjusted EBITDA\* $4 65 $3 28 $2 78 182% 95% 68% 0% 20% 40% 60% 80% 100% 120% 140% 160% 180% 200% $0 $50 $100 $150 $200 $250 $300 $350 $400 $450 $500 2023 2024 2025 Free Cash Flow & Conversion\* Free Cash Flow Conversion M ill io ns \* Additional information regarding ROIC, Adjusted EBITDA, Free Cash Flow, and Free Cash Flow Conversion, and reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measures, is provided in the Appendix. Financial Momentum Heading into 2026 19LC I Industries \| 2026 Investor Presentation

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Fueling disciplined capital deployment & shareholder returns Strong Balance Sheet and Cash Flow Balance Sheet Strength • Strong year-end cash position of $223 million supporting liquidity and resilience • Net debt to adjusted EBITDA of 1.8x\*, reflecting disciplined leverage management • Successful refinancing extends key debt maturities from 2026 to 2030-2032 • No meaningful maturities until 2030 Consistent Cash Generation • Robust operating cash flow with ~90% historical conversion • Strong cash generation reinforces balance sheet capacity and strategic flexibility 20LC I Industries \| 2026 Investor Presentation \* 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.

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1. Reinvest for Growth • Continue reinvesting in innovation and operation capabilities • Pursue disciplined, strategic acquisitions that expand presence in our markets 2. Maintain a Strong Balance Sheet • Preserve financial flexibility through disciplined leverage • Support long-term resilience and strategic optionality 3. Opportunistic and Accretive M&A • Substantial track record of successful acquisitions 4. Return Capital to Shareholders • Paid $4.60 per share in dividends in 2025 • Repurchased $129 million worth of shares in 2025 $103 $106 $110 $114 $108 $26 $20 $113 $131 $62 $42 $53 $24 $129 2022 2023 2024 2025 Capital Deployment (2022-2025) Dividends Acquisitions CapEx Share Repurchases M ill io ns Strategic Capital Deployment Delivering Strong Shareholder Returns Significant increase in capital returned to shareholders in 2025, reflecting strong cash generation and a commitment to shareholders Strategic Capital Deployment Delivering Strong Shareholder Returns 21LC I Industries \| 2026 Investor Presentation

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Jason Lippert President & Chief Executive Officer Ryan Smith Group President of North America Jamie Schnur Group President of Aftermarket Lillian Etzkorn EVP & CFO Scott Meiner Chief Supply Chain Officer Andrew Mock SVP of Sales RV Andrew Pocock EVP of Building & Transportation Products Kelly Stanley EVP & Co-CLO Hilary Johnson EVP & Co-CLO 15+ Years Average Senior Leadership Tenure 30+ Years Experience Across Economic Cycles Deep Local Leadership Decentralized Teams, Centralized Strategy Long-standing internal leadership Proven balance of stability and innovation Industry veterans with deep supplier relationships 30+ Years 19+ Years 29+ Years 2+ Years 28+ Years 11+ Years 21+ Years 5+ Years 7+ Years Experienced Leadership Driving Long-Term Growth 22LC I Industries \| 2026 Investor Presentation

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2026 Estimate RV Wholesales 335,000 – 350,000 Transportation Industry flat; Lippert growth from 2025 acquisitions Marine Industry flat to up low single digits Housing Industry up low single digits Aftermarket Mid-single digit growth Market Outlook 2025 Actual 2026 Estimate Revenue $4.1 Billion $4.2 – $4.3B Operating Margin 6.8% 7.5% – 8% Adjusted Diluted EPS\* $7.46 $8.25 – $9.25 Financial Guidance Growth Drivers Margin Expansion • Drive structural cost improvements through 8-10 facility consolidations (after 5 in 2025) • Exploring divestiture opportunities in 2026 of approximately $75 million of revenues that are dilutive to the business • Continued focus on operating efficiencies Maintain Balanced Capital Allocation • Invest in the business through organic and inorganic growth • Return capital to shareholders • Maintain strong balance sheet • Expanding presence in multiple end markets • Higher-end consumer strength a tailwind • Increasing content per unit — supported by recently introduced innovative products 2026 Outlook \* Additional information regarding Adjusted Diluted EPS, and reconciliations of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 23LC I Industries \| 2026 Investor Presentation

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Competitive Moat Driving Market Share Gains Further Margin Expansion Initiatives Underway Multifaceted Growth Opportunities Strong Cash Flow Conversion and Robust Balance Sheet Shareholder-Focused Capital Allocation, Accretive M&A, and Insider Alignment Significantly Enhanced Operational Structure Over Past Three Years Investment Highlights Proven Expertise Driving Outsized Industry Growth — 11% CAGR over Past Decade Revenue Growth from $1.4B - $4.1B 2015-2025 24LC I Industries \| 2026 Investor Presentation

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APPENDIX

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Appendix 26 ($ in millions except per share data) 2019 2020 2021 2022 2023 2024 2025 Net Sales $2,371 $2,796 $4,473 $5,207 $3,785 $3,741 $4,122 Operating Profit $200 $223 $398 $553 $123 $218 $280 % of Sales 8.4% 8.0% 8.9% 10.6% 3.3% 5.8% 6.8% Net Income $147 $158 $288 $395 $64 $143 $188 Diluted EPS $5.84 $6.27 $11.32 $15.48 $2.52 $5.60 $7.57 Cash Dividends (per share) $2.55 $2.80 $3.45 $4.05 $4.20 $4.30 $4.60 Income Statement Information

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Appendix 27 ($ in millions) 2019 2020 2021 2022 2023 2024 2025 Cash & Cash Equivalents $35 $52 $63 $47 $66 $166 $223 Accounts Receivable 200 269 320 214 215 200 243 Inventory 394 494 1,096 1,030 768 737 809 Other Assets 1,234 1,483 1,809 1,956 1,910 1,792 1,901 Total Assets $1,863 $2,298 $3,288 $3,247 $2,959 $2,895 $3,176 Accounts Payable $99 $185 $282 $144 $184 $188 $202 Total Debt 631 738 1,303 1,119 847 757 945 Other Liabilities 332 467 610 603 573 563 668 Total Liabilities $1,062 $1,390 $2,195 $1,866 $1,604 $1,508 $1,815 Total Equity $801 $908 $1,093 $1,381 $1,355 $1,387 $1,361 Balance Sheet Information

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28 Appendix Reconciliation of Non-GAAP Measures EBITDA & ADJUSTED EBITDA Twelve Months Ended December 31, ($ in thousands) 2025 2024 2023 Net income $188,250 $142,867 $64,195 Interest expense, net 35,710 28,899 40,424 Provision for income taxes 66,819 46,471 18,809 Depreciation and amortization 121,231 125,693 131,768 EBITDA 412,010 343,930 255,196 Loss on extinguishment of debt 8,859 — — Gain on sale of real estate (19,716) — — Restructuring costs 3,900 — — Executive separation costs 3,193 — — Adjusted EBITDA $408,246 $343,930 $255,196 FREE CASH FLOW CONVERSION Twelve Months Ended December 31, ($ in thousands) 2025 2024 2023 Cash flows provided by operating activities $330,976 $370,284 $527,229 Capital expenditures (52,644) (42,333) (62,209) Free cash flow $278,332 $327,951 $465,020 Operating Cash Flow Conversion (Cash flows provided by operating activities divided by net income) 176% 259% 821% Free Cash Flow Conversion (Free cash flow divided by EBITDA) 68% 95% 182% NET DEBT/ADJUSTED EBITDA (TTM) 12/31/2025 12/31/2024 12/31/2023 Total debt $945,185 $757,253 $847,423 Less cash and cash equivalents 222,615 165,756 66,157 Net debt $722,570 $591,497 $781,266 Total Debt/Net Income (TTM) 5.0 x 5.3 x 13.2 x Net Debt/Adjusted EBITDA (TTM) 1.8 x 1.7 x 3.1 x EBITDA, adjusted EBITDA, free cash flow, and free cash flow conversion are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. Adjusted EBITDA is defined as EBITDA, adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, and executive separation costs. Free cash flow is defined as net cash flows provided by operating activities less capital expenditures. Free cash flow conversion is defined as free cash flow divided by EBITDA. The free cash flow conversion ratio is a non-GAAP measure and should not be considered a substitute for the ratio of cash flows from operating activities divided by net income determined in accordance with GAAP. 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. 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.

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29 Appendix Reconciliation of Non-GAAP Measures (cont.) ADJUSTED NET INCOME Twelve months ended December 31, ($ in thousands, except per share amounts) 2025 2024 2023 Net income $188,250 $142,867 $64,195 Loss on extinguishment of debt 8,859 — — Gain on sale of real estate (19,716) — — Restructuring costs 3,900 — — Executive separation costs 3,193 — — Tax effect of adjustment 900 — — Adjusted net income $185,386 $142,867 $64,195 ADJUSTED NET INCOME PER DILUTED SHARE Net income per common share - diluted $7.57 $5.60 $2.52 Loss on extinguishment of debt 0.36 — — Gain on sale of real estate (0.79) — — Restructuring costs 0.16 — — Executive separation costs 0.13 — — Tax effect of adjustment 0.03 — — Adjusted net income per common share - diluted $7.46 $5.60 $2.52 Weighted average common shares outstanding - diluted 24,855 25,507 25,436 PRE-TAX RETURN ON INVESTED CAPITAL (ROIC) 2025 2024 2023 Operating profit $279,922 $218,237 $123,428 Average invested capital(1) 2,077,296 2,095,542 2,309,577 Pre-tax return on invested capital 13.5 % 10.4 % 5.3 % Adjusted net income and adjusted net income per diluted common share are non-GAAP performance measures included to illustrate and improve comparability of the Company's results from period to period. Adjusted net income and adjusted net income per diluted common share (or "adjusted diluted EPS") are defined as net income or adjusted net income per diluted common share, as applicable, adjusted for loss on extinguishment of debt, gain on sale of real estate, restructuring costs, executive separation costs and the related tax effects. Pre-tax return on invested capital is defined as operating profit divided by the quarterly average of the sum of current maturities of long-term indebtedness plus long-term indebtedness plus total stockholders' equity less cash and cash equivalents. 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. (1) Average invested capital is an average of the sum of the five most recent quarter end balances of current maturities of long-term indebtedness, plus long-term indebtedness, plus total stockholders' equity, less cash and cash equivalents.

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Appendix 30

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