MarineMax — Fiscal 2026 Earnings Summary

Financial Performance:

• Q4 2026 revenue was $520.1 million, a decrease from $552.2 million in the prior-year period; full-year 2026 revenue was $2.2 billion, down from $2.3 billion in fiscal 2025.
• Same-store sales decreased 5.7% in Q4 2026 and 5.5% for the full year 2026.
• Q4 2026 gross margin expanded 270 basis points year-over-year to 37.4% (gross profit $194.3 million); full-year 2026 gross margin increased 240 basis points to 34.9% (gross profit $754.2 million).
• Q4 2026 net loss attributable to MarineMax was $13.0 million ($0.59 per share), compared to a net loss of $0.9 million ($0.04 per share) in the prior year; full-year 2026 net loss was $8.2 million ($0.37 per share), compared to a net loss of $31.6 million ($1.43 per share) in fiscal 2025.
• Q4 2026 adjusted net loss was $1.8 million ($0.08 per share), compared to an adjusted net loss of $1.1 million ($0.05 per share) in the prior year; full-year 2026 adjusted net income was $13.3 million ($0.58 per share), compared to adjusted net income of $9.5 million ($0.42 per share) in fiscal 2025.
• Q4 2026 Adjusted EBITDA increased 26% to $21.8 million, compared to $17.3 million in the prior year; full-year 2026 Adjusted EBITDA was $112.6 million, compared to $109.8 million in fiscal 2025.
• Q4 2026 SG&A expenses totaled $196.1 million (37.7% of revenue), up from $177.6 million (32.2% of revenue) in the prior year; excluding transaction costs and other adjustments, Adjusted SG&A increased 1.8% to $181.1 million.
• Q4 2026 interest expense decreased to $13.2 million (2.5% of revenue), compared to $17.3 million (3.1% of revenue) in the prior year.
• Cash and cash equivalents were $156.4 million as of September 30, 2026, down from $170.4 million in the prior year.
• Inventories declined 6.3% to $812.8 million in fiscal 2026 from $867.3 million at the end of fiscal 2025.
• Short-term borrowings decreased to $613.7 million from $715.7 million in the prior year; long-term debt decreased to $324.4 million from $356.2 million.

Guidance and Future Outlook:

• MarineMax will not provide financial guidance for fiscal 2027 due to the pending acquisition by Safe Harbor.
• The company does not intend to hold a conference call to discuss results.

Business Segments and Product Lines:

• Retail Operations revenue was $519.9 million in Q4 2026 and $2.16 billion for the full year.
• Product Manufacturing revenue was $30.0 million in Q4 2026 and $108.6 million for the full year.
• Higher-margin businesses, including marinas and parts and service, contributed to gross margin expansion despite lower boat sales.
• Since 2019, the company has expanded higher-margin, non-boat revenue streams, improving gross margin from 26.1% in fiscal 2019 to 34.9% in fiscal 2026.
• Product Manufacturing reported a loss from operations of $1.9 million in Q4 2026 and $13.7 million for the full year 2026; the full-year 2025 loss included a $69.1 million non-cash goodwill impairment charge.

Market and Competitive Landscape:

• The company operates in a challenging retail environment with lower boat sales impacting revenue.
• MarineMax has over 120 locations worldwide, including over 70 dealerships and over 65 marina and storage facilities.
• The portfolio includes IGY Marinas, Fraser Yachts Group, Northrop & Johnson, Cruisers Yachts, and Intrepid Powerboats.

Risks and Challenges:

• Risks include the ability to obtain shareholder approval for the Safe Harbor transaction, potential delays or failure to close the transaction, and the possibility of competing offers.
• Risks also include the impact of the transaction on retaining key personnel, maintaining customer/vendor relationships, and potential shareholder litigation.
• Market risks include interest rate risk, foreign currency exchange rate risk, economic conditions, environmental conditions, tariffs, and inclement weather.
• The business is subject to seasonality and cyclicality affecting operating results and inventory levels.

Management Commentary and Tone:

• CEO Brett McGill stated that fiscal 2026 demonstrated the strength of the diversified business model and the benefits of strategic investments in higher-margin businesses.
• Management noted that contributions from across the portfolio helped offset market pressures, underscoring the value of the diversification strategy.
• McGill highlighted the acquisition agreement with Safe Harbor as an important milestone reflecting the value created by building a broader marine business.
• Management expressed focus on serving customers and executing strategic priorities while moving toward completing the transaction.

Other Key Points:

• MarineMax entered into a definitive agreement to be acquired by Safe Harbor Marinas for $53.00 per share in cash, representing an enterprise value of approximately $1.5 billion.
• The transaction was unanimously approved by the Board of Directors and is expected to close by the end of calendar year 2026, subject to customary closing conditions including shareholder approval.
• Q4 2026 SG&A expenses included $12.5 million in transaction and other costs related to the pending acquisition.
• Full-year 2026 included $25.9 million in transaction and other costs, $3.4 million in intangible amortization, and $2.4 million in restructuring expenses.
• The company reported a $69.1 million goodwill impairment charge in fiscal 2025 within the Product Manufacturing segment.