LCI Industries (LCII) investor relations material

Executive summary

• Achieved 16% year-over-year consolidated net sales growth in Q4 2025, with OEM net sales up 18% and aftermarket up 8%; net income nearly doubled to $19 million.

• Full year 2025 net sales reached $4.1 billion, up 10% year-over-year, with operating margin at 6.8% (up 100 bps) and net income up 32% to $188 million.

• Adjusted EBITDA for Q4 increased 53% year-over-year to $70 million; full year adjusted EBITDA up 19% to $408 million.

• Innovation, new product launches, and strategic acquisitions (including Freedman Seating and Trans/Air) drove content per unit growth and market share gains across RV, transportation, marine, and housing markets.

• Continued cost management, facility consolidations, and strategic sourcing drove margin expansion and efficiency improvements.

Financial highlights

• Q4 2025 consolidated net sales: $933 million (+16% YoY); net income: $19 million (+96% YoY); adjusted net income: $22 million (+138% YoY); adjusted EBITDA: $70 million (+53% YoY).

• Q4 operating margin: 3.8% (up 180 bps YoY); full-year operating margin: 6.8% (up 100 bps YoY).

• Full year 2025 net sales: $4.1 billion (+10% YoY); net income: $188 million (+32% YoY); adjusted net income: $185 million (+33% YoY); adjusted EBITDA: $408 million (+19% YoY).

• Cash and equivalents at year-end: $223 million; net debt to EBITDA ratio: 1.8x; free cash flow: $278 million.

• Returned $243 million to shareholders in 2025 ($114 million dividends, $129 million share repurchases).

Outlook and guidance

• 2026 revenue expected at $4.2–$4.3 billion, operating margin 7.5%–8%, adjusted EPS $8.25–$9.25.

• January 2026 net sales expected at $343 million, up 4% year-over-year.

• RV wholesale shipments forecasted at 335,000–350,000 units; marine industry flat to up low single digits.

• Transportation and marine markets expected flat to slightly up; housing and aftermarket segments to see low to mid single-digit growth.

• 8–10 facility consolidations planned for 2026, $60–$80 million in capital expenditures.