Meeting Takeaways...

Research evidence excerpt

Meeting Takeaways...

Consumer

HARLEY-DAVIDSON (HOG) June 15, 2026

Meeting Takeaways... Rating:

OutperformWe caught up with Harley's Shawn Collins (Investor Relations) and had the Price:

following takeaways: $25.64

Price Target:

●Harley retail sales have accelerated through 2026 and dealer sentiment is $30

improving. % Upside:

●While there are signs of improvement, there is still a lot of change that needs 17.0%

to happen to return to sustainable top-line growth. Source: FactSet, Wolfe Research

●Inventories are generally healthy worldwide as management has prioritized de- Priced as of 06/12/26

stocking.

Greg Badishkanian

●Sprint and Sportster are the most important product launches for maintaining gbadishkanian@wolferesearch.com

momentum from the 1H26 into 2027. (646) 582-9340

●The newer, lower-priced bikes will carry lower margins, but management View Greg’s Research

View HOG Model

expects them to remain profitable and to bring new customers into the Harley View Comp Table

system.

Catherine Lee

clee@wolferesearch.com

Harley's Retail Momentum Has Improved; Dealer Sentiment Also Ticking Up. The (646) 582-9341

new CEO brought a fresh perspective on inventory and has prioritized de-stocking Spencer Hanus

excess units. Harley has also improved its responsiveness to dealer feedback. The shanus@wolferesearch.com

(646) 582-9344

result is a more efficient go-to-market approach that gets the right bikes to the right View Spencer’s Research

places at the right time. The relationship between Harley and its dealers has improved

over the past 6+ months. Travistharbauer@wolferesearch.comHarbauer

(646) 582-9343

Trends have improved but still work to do. The Harley team cautioned that 1Q was

not a sign of a full turnaround. Instead, it is part of a multi-year slate of initiatives