May Marine Tracker: Soft results as retail volumes likely down mid-to-high-single digits y/y

Research evidence excerpt

May Marine Tracker: Soft results as retail volumes likely down mid-to-high-single digits y/y

e initial results for May. 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 May, 40 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 1Q26 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,

the most recent quarterly 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 May results for Brunswick (BC, Buy), Malibu (MBUU, Hold), MasterCraft

(MCFT, Hold), and Winnebago (WGO, Buy, Scholes). We also distinctly include the

Marine Products brands that were acquired by MCFT and Saxdor Yachts which

was acquired by MBUU.

SEE PAGE 16 FOR REQUIRED DISCLOSURE INFORMATION