Overview

• US recreational boat retailer's fiscal Q2 revenue fell 16% yr/yr, missing analyst expectations

• Adjusted EPS for fiscal Q2 missed analyst expectations

• Company reaffirmed fiscal 2026 guidance, citing growth in higher-margin businesses

Outlook

• MarineMax reaffirms fiscal 2026 adjusted EBITDA guidance of $110 mln to $125 mln

• Company maintains fiscal 2026 adjusted net income forecast of $0.40 to $0.95 per diluted share

• MarineMax says near-term market conditions remain pressured by geopolitical and macroeconomic uncertainty

Result Drivers

• BOAT SALES WEAKNESS - Decline in boat sales drove lower revenue and same-store sales, per CEO Brett McGill

• HIGHER-MARGIN BUSINESSES - Growth in finance and insurance, superyacht services, marinas, and parts and service supported gross margin expansion and helped offset boat sales decline

• INDUSTRY HEADWINDS - Company cited ongoing macroeconomic and geopolitical uncertainty, including tariffs, as weighing on retail demand

Company press release: ID:nBwKmsl3a

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q2 Revenue	Miss	$527.41 mln	$611.44 mln (9 Analysts)
Q2 Adjusted EPS	Miss	$0.04	$0.05 (7 Analysts)
Q2 Adjusted Net Income		$893,000
Q2 Net Income		-$2.72 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 7 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the recreational products peer group is "buy"

• Wall Street's median 12-month price target for MarineMax Inc is $34.00, about 16.1% above its April 22 closing price of $29.29

• The stock recently traded at 24 times the next 12-month earnings vs. a P/E of 26 three months ago

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