Malibu Boats, Inc.

Fourth-quarter net sales increased 42.7% to $295.5 million, including $61.2 million from Saxdor; legacy net sales were $234.3 million, up about 13.2%. Total unit volume rose 19.2% to 1,456 units, with legacy unit volume up about 4.5% to 1,276 units. Gross profit increased 59.4% to $52.2 million and gross margin expanded 190 basis points to 17.7%. GAAP net income rose 53.7% to $7.4 million, or $0.37 per diluted share; adjusted net income per share was $0.90. Adjusted EBITDA increased 72.7% to $33.9 million, with margin at 11.5% versus 9.5% a year ago. For the full year, net sales increased 13.3% to $914.6 million, including $84.3 million of Saxdor revenue since the March 2 close. Gross margin was 16% versus 17.8% in fiscal 2025. Adjusted EBITDA was $73.9 million versus $74.7 million implied by the 1.1% decline, and adjusted EBITDA margin was 8.1% versus 9.3%. GAAP net income was $1.7 million, or $0.09 per diluted share, and adjusted net income per share was $1.52. Cash flow and balance sheet: the company ended the year with $74.4 million of cash and $165 million of long-term debt. It generated $67.5 million of cash from operations, invested $24.7 million in capex, and produced about $43.2 million of free cash flow. It also repurchased about 1.24 million shares for about $33.9 million at an average price of $27.34. Looking ahead, fiscal 2027 guidance is for net sales of $1.080 billion to $1.120 billion and adjusted EBITDA of $101 million to $109 million. Q1 fiscal 2027 guidance is for net sales of $255 million to $265 million and adjusted EBITDA of $14 million to $16 million.

Steve Menneto framed fiscal 2026 as evidence that the company’s Build, Innovate, Grow framework is working, citing stronger execution, better margins, and growth in Cobalt and Saltwater Fishing even before a full Saxdor contribution. He highlighted Saxdor as the most significant acquisition in company history, saying it adds a new category, geography, and younger affluent customer base, and that the integration is progressing well. His tone was confident but measured, stressing that Malibu is positioned to benefit when the cycle turns, while remaining intentional about the outlook until broader demand improves.

David Black focused on the numbers behind the quarter and year: Q4 sales of $295.5 million, gross margin of 17.7%, adjusted EBITDA of $33.9 million, and full-year sales of $914.6 million with adjusted EBITDA of $73.9 million. He said Saxdor contributed $61.2 million of Q4 revenue and about $4 million of adjusted EBITDA, but its margin was below the 10% to 11% target because the company added resources early and absorbed higher input costs. On capital structure, he noted $74.4 million of cash, $165 million of long-term debt, $43.2 million of free cash flow, a $33.9 million buyback, and a July refinancing that extends maturities to 2031 and adds a $100 million term loan plus a $250 million revolver. He also said fiscal 2027 guidance embeds low to mid-single-digit input cost inflation and tariff costs at currently enacted rates.

Analysts pressed for more detail on Saxdor’s contribution to fiscal 2027, with management saying the brand’s full-year revenue base is about $180 million on a pro forma basis and that the company expects low-teens growth at Saxdor with EBITDA margins ramping toward the 10% to 11% range as Fort Pierce scales. Questions also focused on the legacy business, where management said retail is expected to be flat to down for the market overall, but Malibu expects low single-digit to mid-single-digit growth supported by ASPs and some benefit from destocking normalization. On dealer inventories, management said inventories have fallen year over year and aged inventory is in one of the best positions in some time, while on MBI Acceptance they said dealer adoption is still early, about 1/3 to 40% of the dealer base, but application momentum is building.