Patrick Industries (PATK) Investor presentation summary

Strategic positioning and growth

• Diversification across RV, marine, powersports, and housing markets has expanded the addressable market and improved resilience, with net sales reaching $4.0B in 2025 and a 10% CAGR from 2020 to 2025.

• Strategic acquisitions since 2010 have added $2.9B in annualized revenue, with a focus on accretive deals and integration of entrepreneurial businesses.

• The company targets 2-3% annual organic growth, supported by product innovation and a formalized aftermarket strategy.

• Leadership emphasizes a full solutions model, innovation, and customer experience, leveraging a strong financial foundation.

• Favorable demographics and secular trends in outdoor recreation and affordable housing support long-term growth.

Financial performance and capital allocation

• Adjusted EBITDA for 2025 was $468M (11.8% margin), with free cash flow of $246M and adjusted diluted EPS of $4.44.

• Gross margin improved by 500 bps since 2019, and adjusted operating margin rose to 7.0%.

• Over $2B has been allocated since 2020, with 42% to acquisitions, 19% to dividends, and 11% to share buybacks in 2025.

• Dividends have increased annually since 2019, with $435M+ returned to shareholders via dividends and buybacks since 2020.

• Net leverage at year-end 2025 was 2.6x, with $818M in available liquidity and strong covenant compliance.

End market performance and outlook

• RV revenue was $1.8B (45% of net sales) in 2025, with content per unit at $5,190 and wholesale shipments at 342K units.

• Marine revenue reached $606M (15% of net sales), with content per unit at $4,327 and 140K wholesale units.

• Powersports revenue was $384M (10% of net sales), driven by higher attachment rates and new product launches.

• Housing revenue totaled $1.2B (30% of net sales), with manufactured housing content per unit at $6,633.

• 2026 outlook projects low- to mid-single-digit growth in RV and marine shipments, $300M+ free cash flow, and higher operating margins.