Malibu Boats, Inc. — Fiscal 2026 Earnings Summary

Financial Performance

• Q4 Fiscal 2026 net sales increased 42.7% to $295.5 million; Fiscal 2026 net sales increased 13.3% to $914.6 million.
• Q4 Fiscal 2026 unit volume increased 19.2% to 1,456 units; Fiscal 2026 unit volume increased 0.9% to 4,944 units.
• Q4 Fiscal 2026 gross profit increased 59.4% to $52.2 million with a margin of 17.7% (vs. 15.8% prior year); Fiscal 2026 gross profit increased 1.7% to $146.5 million with a margin of 16.0% (vs. 17.8% prior year).
• Q4 Fiscal 2026 GAAP net income increased 53.7% to $7.4 million ($0.37 diluted per share); Fiscal 2026 GAAP net income decreased 88.8% to $1.7 million ($0.09 diluted per share).
• Q4 Fiscal 2026 Adjusted EBITDA increased 72.7% to $33.9 million with a margin of 11.5% (vs. 9.5% prior year); Fiscal 2026 Adjusted EBITDA decreased 1.1% to $73.9 million with a margin of 8.1% (vs. 9.3% prior year).
• Q4 Fiscal 2026 Adjusted net income per share increased 119.0% to $0.92; Fiscal 2026 Adjusted net income per share decreased 3.8% to $1.52.
• Q4 Fiscal 2026 operating cash flow increased 28.1% to $27.0 million; Fiscal 2026 operating cash flow increased 19.5% to $67.5 million.
• Q4 Fiscal 2026 free cash flow increased 19.3% to $17.0 million; Fiscal 2026 free cash flow increased 48.3% to $43.2 million.
• Q4 Fiscal 2026 General and administrative expenses increased to $31.8 million; Fiscal 2026 General and administrative expenses increased to $105.1 million.
• As of June 30, 2026, the company held $74.4 million in cash and $165.0 million in long-term debt.

Guidance and Future Outlook

• Fiscal 2027 net sales guidance is set between $1.08 billion and $1.12 billion.
• Fiscal 2027 Adjusted EBITDA guidance is set between $101 million and $109 million.
• Management expects the first domestically-built Saxdor boats to be completed at the Fort Pierce, Florida facility in the first half of fiscal 2027.
• Management anticipates building on fiscal 2026 momentum in fiscal 2027 while remaining intentional about the outlook until durable evidence of a broader industry recovery is seen.
• Management notes early signs of industry stabilization but cites macro disruptions pressuring the payment buyer as a near-term headwind.

Business Segments and Product Lines

• The Saxdor segment contributed $61.2 million in net sales and 180 units in Q4 Fiscal 2026; for the full year, Saxdor contributed $84.3 million in net sales and 246 units following its acquisition on March 2, 2026.
• Malibu segment Q4 net sales increased 3.2% to $82.9 million (14 unit decrease); Fiscal 2026 net sales increased 0.1% to $312.9 million (73 unit decrease).
• Saltwater Fishing segment Q4 net sales increased 11.1% to $80.9 million (7 unit increase); Fiscal 2026 net sales increased 1.6% to $284.0 million (53 unit decrease).
• Cobalt segment Q4 net sales increased 31.0% to $70.5 million (62 unit increase); Fiscal 2026 net sales increased 8.4% to $233.4 million (74 unit decrease).
• Model Year 2026 lineup added eleven new models across the portfolio.
• Net sales per unit for the consolidated company increased 19.7% in Q4 to $202,979 and 12.2% for the full year to $184,990.

Market and Competitive Landscape

• Malibu Boats is a market leader in performance sport boats (Malibu, Axis), the 20'-40' sterndrive segment (Cobalt), fiberglass outboard fishing boats (Pursuit, Maverick Boat Group), and the premium adventure dayboat market (Saxdor).
• Increased unit volume in Cobalt and Saltwater segments was driven by firming dealer inventory levels in pockets of the portfolio.
• Decreased unit volumes in Malibu, Saltwater, and Cobalt segments for the full year were driven by lower wholesale shipments due to lower retail activity and dealer inventory reduction desires.
• Inflationary pressures contributed to increased per-unit material and labor costs across existing segments.

Risks and Challenges

• Macro disruptions continue to pressure the payment buyer, presenting a near-term headwind to an industry cycle inflection.
• Acquisition integration costs and expenses related to the Saxdor acquisition impacted full-year GAAP net income and Adjusted EBITDA margins.
• Increased cost of sales was driven by the Saxdor segment, higher unit volumes, a more expensive model mix, and inflationary pressures.
• General and administrative expenses increased due to acquisition-related expenses, incremental Saxdor costs, and incentive pay increases.

Management Commentary and Tone

• CEO Steve Menneto stated fiscal 2026 demonstrated the power of strategic execution, citing better-than-expected net sales, disciplined cost management, dealer network optimization, and successful Saxdor integration.
• CFO David Black highlighted a strong balance sheet, the completion of credit agreement refinancing extending maturity to 2031, and leverage remaining well below the stated maximum target.
• Management expressed confidence in the business and commitment to returning capital to shareholders, noting the company is well-positioned to keep investing in fiscal 2027.

Other Key Points

• The Board authorized a new $70 million share repurchase program for Fiscal 2027 in June 2026.
• The company completed a credit facility refinancing on July 10, 2026, establishing a $100.0 million term loan and a $250.0 million revolving credit facility.
• The company acquired Saxdor on March 2, 2026, with $118.3 million paid for the acquisition net of cash acquired.
• Fiscal 2026 capital expenditures were $24.7 million.
• Fiscal 2026 included a $3.5 million legal settlement in the prior year (Fiscal 2025) which is excluded from Adjusted EBITDA.
• Fiscal 2026 included $14.8 million in acquisition and integration-related expenses and $3.1 million in acquisition-related step-up inventory amortization.