LCI Industries (LCII) Investor presentation summary

Business overview and strategy

• Supplies high-spec components to RV, transportation, marine, housing, and aftermarket sectors, with a diversified portfolio and strong margins across multiple end markets.

• Net sales reached $4.1B in 2025, with $408M adjusted EBITDA and $331M operating cash flow, supported by 12,300 team members and over 100 facilities in North America and Europe.

• Strategy focuses on OEM market leadership, aftermarket expansion, innovation, and disciplined, accretive M&A to drive long-term value.

• Revenue is distributed as 47% RV OEM, 30% diversified OEM (transportation, marine, housing), and 23% aftermarket.

• Product ecosystem includes chassis, suspensions, windows, furniture, appliances, electronics, and more, serving both OEM and aftermarket customers.

Financial performance and growth

• Achieved 11% CAGR in revenue from 2015 to 2025, growing from $1.4B to $4.1B.

• Operating margin improved from 3.3% in 2023 to 6.8% in 2025, with a target of 7.5–8% in 2026 and a steady-state goal of 10%.

• Adjusted diluted EPS rose from $2.52 in 2023 to $7.46 in 2025, with 2026 guidance of $8.25–$9.25.

• Free cash flow conversion reached 95% in 2024 and 68% in 2025, with robust operating cash flow and a strong year-end cash position of $223M.

• Net debt to adjusted EBITDA was 1.8x at year-end 2025, reflecting disciplined leverage management.

Market positioning and opportunities

• Well positioned for cyclical recovery in RV and marine markets, with significant installed content per unit and strong OEM relationships.

• Aftermarket tailwinds from a large installed base of replaceable parts and nearly two million RVs entering the repair/replacement cycle.

• Transportation, marine, and housing OEM markets saw strong growth from 2020 to 2025, with total addressable markets unlocking further share capture opportunities.

• Aftermarket sales grew 48% from 2020 to 2025, reaching $932M, with a $7.4B total addressable market.

• Ongoing M&A strategy targets $20–$150M revenue businesses, focusing on accretive deals that expand product lines and market reach.