Overview

• US recreational powerboat maker's fiscal Q3 revenue rose 3%, beating analyst expectations

• Adjusted EBITDA for fiscal Q3 beat analyst expectations

• Company completed previously announced Saxdor Yachts acquisition, expanding into premium dayboats

Outlook

• Malibu Boats expects fiscal 2026 net sales of $880 mln to $886 mln

• Company sees fiscal 2026 Adjusted EBITDA of $72 mln to $74 mln

• Saxdor is expected to contribute Q4 net sales of $57 mln to $59 mln and Adjusted EBITDA margin of 10% to 11%

Result Drivers

• SAXDOR ACQUISITION - Revenue growth was primarily driven by the addition of Saxdor Yachts, which contributed $23.1 mln in sales and 66 units in the quarter

• LOWER UNIT VOLUMES - Unit volumes fell across all legacy segments due to lower wholesale shipments and retail activity, partially offset by Saxdor's contribution

• HIGHER COSTS - Gross margin declined due to higher per unit material and labor costs, fixed cost deleveraging from lower unit volumes, and inflationary pressures

Company press release: ID:nGNX66SYcz

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q3 Sales	Beat	$235.70 mln	$203.91 mln (10 Analysts)
Q3 Net Income		-$2.40 mln
Q3 Adjusted EBITDA	Beat	$22.70 mln	$17.01 mln (11 Analysts)
Q3 Gross Profit		$41.30 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 5 "strong buy" or "buy", 6 "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 Malibu Boats Inc is $36.00, about 40.1% above its May 6 closing price of $25.70

• The stock recently traded at 14 times the next 12-month earnings vs. a P/E of 19 three months ago

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