March Marine Tracker: Retail volumes likely down low-to-mid-single digits y/y

Research evidence excerpt

March Marine Tracker: Retail volumes likely down low-to-mid-single digits y/y

lts for March. Initial results

are subject to material revisions from Statistical Surveys. Where possible, we include

our estimates of revision rates based upon prior months and note the estimated revision

we applied. For March, 39 states were included in the data (see Exhibit 20) and all

prior year periods include only these states. We recommend use of the data presented

and our analysis as a primarily directional indicator of retail performance at a macro

industry level.

For company-specific considerations, we note that the lack of reporting from

some states and revisions to the data set over the course of months can be very

meaningful for analysis. While we present some company-specific headline data

further in this note for the OEMs, we caveat that our analysis is based on reporting

available to us, subject to material change over the next few months, and may

not reflect public company earnings results.

• For fuller disclosure, we also present quarterly industry data through 4Q25 distinctly

from our monthly data given the former’s broader geographic coverage. Some OEMs

have suggested that quarterly data is a better read of industry trends; however,

this data is not available until after public company quarterly earnings.

Please see the back pages of this note for further detail including initial un-revised

March results for Brunswick (BC, Buy), Malibu (MBUU, Hold), MasterCraft (MCFT,

Hold), and Winnebago (WGO, Buy, Scholes). We have also included Marine

Products (MPX, NR) given the announced acquisition by MCFT and Saxdor Yachts

which was recently acquired by MBUU. This note is also relevant for MarineMax

(HZO, Buy) and OneWater (ONEW, Buy).

SEE PAGE 16 FOR REQUIRED DISCLOSURE INFORMATION