LCI Industries (LCII) investor relations material

Executive summary

• Achieved 13% year-over-year revenue growth in Q3 2025, reaching $1.04 billion, driven by innovation, acquisitions, and market share gains in RV and adjacent businesses.

• Net income rose 75% to $62.5 million ($2.55 per diluted share), with adjusted net income up 35% to $48.1 million ($1.97 per share).

• Operating profit margin improved 140 basis points year-over-year to 7.3%, supported by cost management, facility consolidations, and productivity initiatives.

• Returned $215 million to shareholders year-to-date through dividends and share repurchases.

• Continued focus on diversification, innovation, and manufacturing optimization, including facility consolidations and strategic acquisitions.

Financial highlights

• Q3 2025 net sales: $1.04 billion, up 13% year-over-year; nine-month net sales: $3.19 billion.

• Adjusted EBITDA grew 24% to $106 million (10.2% of net sales); GAAP net income was $62.5 million ($2.55 per share).

• Cash and equivalents at $200 million; operating cash flow for nine months was $252 million; LTM cash flow $359 million.

• Net debt at $748 million, or 1.9x pro forma EBITDA; outstanding long-term debt $947.8 million as of September 30, 2025.

• Dividend yield remains industry-leading; $129 million in share repurchases and $86 million in dividends year-to-date.

Outlook and guidance

• October 2025 net sales projected at $380 million, up 15% year-over-year; Q4 revenue growth projected in the mid-teens.

• 2025 North American RV wholesale shipments forecasted at 340,000–350,000 units; 2026 at 345,000–360,000 units.

• Operating margins targeted at 7%–8% for 2026, supported by further facility consolidations and divestitures of $75 million in lower-margin revenue.

• CapEx for 2025 expected at $45–$55 million, focused on automation and lean projects.

• Management expects raw material prices, especially steel and aluminum, to remain elevated through year-end.