Malibu (MBUU) - Management Meeting Takeaways...

Research evidence excerpt

Malibu (MBUU) - Management Meeting Takeaways...

Consumer

MALIBU BOATS (MBUU) May 13, 2026

Malibu (MBUU) - Management Meeting Takeaways... Rating:

OutperformWe caught up with Malibu's David Black (CFO) and had the following key Price:

takeaways. $28.10

Price Target:

●Industry-wide retail is tracking roughly in-line with expectations, as volumes $37

are forecast to decline mid-to-high single digits. MBUU expects to post roughly % Upside:

flat retail sales implying some share gains in 2026. 31.7%

●Gas prices are not having a material impact on buyer behavior currently, as their Source: FactSet, Wolfe Research

customer is more focused on stock market performance than fuel costs (which Priced as of 05/12/26

is at all time highs).

Greg Badishkanian

●Management sees upside in growing Saxdor U.S. Yacht sales, and setting up gbadishkanian@wolferesearch.com

domestic manufacturing to reduce lead times. (646) 582-9340

●MBI financing has gained strong traction since launch and remains an important View Greg’s Research

View MBUU Model

driver of sales in other parts of powersports. View Comp Table

●Pricing realization is expected to track roughly in-line with inflation and the

impact from the recent move in commodity prices remains uncertain. Catherine Lee clee@wolferesearch.com

(646) 582-9341

The industry retail market is tracking in line with expectations, with industry Spencer Hanus

volumes down mid-to-high single digits, most of the pressure concentrated in the shanus@wolferesearch.com

(646) 582-9344

first half of the year. MBUU itself is expected to be roughly flat on retail, aided by View Spencer’s Research

destocking efforts over the past few years that are helping align wholesale to retail.