MasterCraft Boat Holdings, Inc.

For fiscal 2026, legacy net sales were $315.6 million, up $31.4 million or 11% year over year, and total company net sales were $348.9 million, up $64.7 million or 22.8%. Legacy adjusted EBITDA was $43.8 million, up 79.6% year over year, and consolidated adjusted EBITDA was $45.6 million, up 87.1%. Full-year legacy gross margin expanded 520 basis points to 25.2%, while consolidated gross margin was 22.9%, up 290 basis points. Full-year consolidated adjusted net income was $30.2 million, or $1.76 per diluted share, versus $15.1 million, or $0.92 per diluted share, a year earlier. In the fourth quarter, legacy net sales were $96.6 million, up 21.5%, consolidated net sales were $129.9 million, up 63.4%, legacy adjusted EBITDA was $18.6 million, up 95.6%, and consolidated adjusted EBITDA was $20.5 million, up 114.9%. Fourth-quarter legacy gross margin was 30%, up about 690 basis points, and legacy adjusted EBITDA margin was 19.3% versus 12.0% a year ago. GAAP continuing-operations loss was $7 million, or $0.35 per diluted share, including a $10.1 million non-cash impairment charge in Leisure. For the September quarter, management expects net sales of about $147 million, adjusted EBITDA of about $16 million, and adjusted EPS of about $0.40. For the six-month July-December 2026 transition period, guidance is net sales of $287 million-$291 million, adjusted EBITDA of $29 million-$32 million, adjusted EPS of $0.66-$0.76, and capital expenditures of about $9 million.

Brad Nelson framed fiscal 2026 as a defining year, saying the company outperformed despite a challenging macro and retail backdrop because of disciplined execution, inventory management, cost control, and product innovation. He highlighted the MasterCraft X Series rollout, strong dealer health, and the newly combined platform with Chaparral and Robalo as key strategic advantages. His tone was confident and constructive, emphasizing that the gains were “earned, not market-driven” and that the company’s long-term conviction has increased after the acquisition.

Scott Kent focused on the financial drivers behind the results: higher X Series volume, disciplined pricing, lower discounts, and improved fixed-cost absorption. He cited fourth-quarter gross margin of 30% on the legacy business, full-year legacy gross margin of 25.2%, and consolidated adjusted EBITDA of $45.6 million for the year. He also noted $22.3 million of free cash flow, $8.1 million of capital expenditures, $43.9 million in cash, no debt, and full availability under a $75 million revolver. He explained that the new acquisition introduced purchase-accounting items, including a $2.8 million inventory step-up, $2.9 million of Q4 intangible amortization, and a $10.1 million non-cash impairment charge in Leisure tied to Crest intangibles.

Analysts focused on the contribution and outlook for Chaparral and Robalo, with management saying Q4 margins were temporarily distorted by purchase-accounting items and that the business ran at about 5.5% adjusted EBITDA margin over the six-week ownership period. Management said production is being kept roughly flat to the Q4 exit run rate while wholesale is aligned with retail demand, and noted the Chaparral Surf Series is temporarily paused while technology and the customer experience are improved. Other questions centered on retail demand and inventories; management said the retail backdrop remains down about 5%-10%, dealer inventories have come down meaningfully, and further pipeline reduction is not the goal unless the market weakens further. Questions also covered dealer and manufacturing integration, with Brad saying they are already seeing cross-brand dealer opportunities and are sharing best practices across plants and sourcing.