Polaris (PII)

Polaris Inc. issued Senior Notes due 2031 on November 13, 2025, pursuant to an underwriting agreement dated November 5, 2025. The key terms of the notes are as follows:

• The interest rate on the Notes is subject to adjustments based on credit rating downgrades by Moody's or S&P, with a maximum total increase of 2.00% above the initial interest rate.
• BofA Securities, Inc., Wells Fargo Securities, LLC, MUFG Securities Americas Inc., and U.S. Bancorp Investments, Inc. acted as representatives of the underwriters for the offering.

• Polaris Inc. announced the pricing of an underwritten public offering of $500 million aggregate principal amount of its 5.600% senior notes due 2031.
• The sale of the notes is expected to close on November 13, 2025.
• Polaris intends to use the net proceeds from the offering to repay its incremental term loan facility in full, with any remaining proceeds for general corporate purposes, including potential repayment of its revolving loan facility.

• Halcones Precious Metals Corp. has initiated a legal process in Chile to secure surface access for diamond drilling at its Polaris Project after nine months of unsuccessful negotiations with surface rights holders.
• The company has extended key deadlines for the Polaris Project, pushing the completion of 2,000 meters of drilling to October 23, 2026, and a NI 43-101 compliant mineral resource estimate to October 23, 2028.
• The Polaris Project is described as a large, highly prospective gold project in Northern Chile, with extensive gold mineralization identified in surface bedrock over a 3.9 km strike length and select assays up to 55 g/t Au.

• Polaris reported Q3 2025 sales of $1,838 million, a 7% year-over-year increase, with adjusted EPS of $0.41. The adjusted EBITDA margin was 7.6%, a 160 basis point decrease year-over-year.
• North America retail sales grew 9% year-over-year, and Polaris gained approximately 3 points of market share in Off Road. Dealer inventory is now aligned with demand, being 21% lower year-over-year.
• New tariffs impacted Q3 2025 by $35 million. The estimated new full-year 2025 tariff P&L impact is ~$90 million, with ~$40 million anticipated in Q4 2025.
• For FY 2025, adjusted sales are projected to be $6.9 billion to $7.1 billion, and adjusted EPS is expected to be approximately ($0.05). The company also announced the sale of Indian Motorcycle, with the transaction expected to close in Q1 2026.
• Polaris generated $142 million in Free Cash Flow during Q3 2025.

• Polaris Inc. reported adjusted sales of $1,838 million for Q3 2025, marking a 7% increase year-over-year, with adjusted EPS of $0.41.
• The company's adjusted EBITDA margin decreased by 160 basis points to 7.6% in Q3 2025, primarily influenced by a $35 million impact from new tariffs and incentive compensation headwinds.
• North America retail sales increased by 9% year-over-year, and ORV dealer inventory was down 26% year-over-year, now aligned with current demand across most categories.
• For the full year 2025, Polaris expects adjusted sales to be between $6.9 billion and $7.1 billion, and adjusted EPS to be approximately ($0.05).
• The company also announced the expected sale of Indian Motorcycle, which is anticipated to result in Q4 GAAP impairments and is projected to be completed in Q1 2026.

• Polaris delivered strong third quarter 2025 results with sales up 7% to $1.8 billion and adjusted EPS of $0.41.
• The company announced a definitive agreement to sell a majority stake in Indian Motorcycle to Carolwood, with the deal expected to close in Q1 2026. This move is anticipated to remove approximately $450 million of revenue but add roughly $50 million in EBITDA and $1.00 of EPS.
• Polaris achieved significant operational improvements, including a 21% year-over-year reduction in dealer inventory and gaining approximately 3 points of market share in ORV. The company is also on track to exceed its goal of $40 million in structural operational efficiencies this year.
• For the remainder of 2025, Polaris reintroduced full-year guidance, expecting Q4 sales to grow sequentially, though mix, operating expenses, and increasing tariffs are projected to negatively impact sequential EPS. Tariffs are expected to be an incremental $90 million in 2025 and just over $200 million in 2026.

• Polaris delivered strong Q3 2025 sales of $1.8 billion, an increase of 7%, and adjusted EPS of $0.41.
• The company announced the sale of a majority stake in Indian Motorcycle, a strategic move expected to be accretive to adjusted EBITDA by approximately $50 million and to adjusted EPS by approximately $1 post-separation, with the transaction closing in Q1 2026.
• Polaris reintroduced full-year 2025 guidance, expecting adjusted sales between $6.9 billion and $7.1 billion and an adjusted EPS loss of approximately $0.05. Excluding new tariffs, adjusted EPS would be near the original estimate of $1.10.
• Dealer inventory improved significantly, down 21% year over year, with aged units down approximately 60% relative to six months ago.
• Tariff impacts are expected to be approximately $90 million for 2025 and just north of $200 million in 2026, though the company plans to reduce China spend by approximately 80% by the end of 2027.

• Polaris reported Q3 2025 sales of $1.8 billion, up 7%, and adjusted EPS of $0.41, driven by stronger than anticipated shipments and a solid mix of off-road vehicles.
• The company announced the sale of a majority stake in Indian Motorcycle, a strategic move expected to be accretive to adjusted EBITDA by approximately $50 million and adjusted EPS by approximately $1 post-separation, with the transaction anticipated to close in Q1 2026.
• Polaris significantly improved its dealer inventory, which is now down 21% year over year, and gained approximately 3 points of market share in ORV. The company is on track to exceed its $40 million goal for structural operational efficiencies this year.
• Polaris reintroduced full-year 2025 guidance and expects Q4 sales to grow sequentially, though sequential EPS is anticipated to be negatively impacted by mix, operating expenses, and increasing tariff costs, with the total tariff impact for 2025 now estimated at approximately $90 million.

• Polaris Inc. reported third quarter 2025 sales of $1,842 million, representing a seven percent increase compared to the prior year, with adjusted sales reaching $1,838 million.
• For the third quarter of 2025, the company posted a reported diluted loss per share of $0.28 and an adjusted diluted net income per share of $0.41.
• The company reintroduced full-year 2025 guidance, projecting adjusted sales between $6.9 billion to $7.1 billion and adjusted EPS of approximately ($0.05).
• Operational highlights included market share gains in off-road vehicles (ORV) and motorcycles, with Powersports retail sales up nine percent year-over-year.

• Polaris Inc. announced its decision to separate Indian Motorcycle into a standalone company and sell a majority stake to Carolwood LP.
• The transaction is expected to be accretive to Polaris’ annualized adjusted EBITDA by approximately $50 million and to adjusted earnings per share by approximately $1.00, with closing anticipated in the first quarter of 2026.
• Indian Motorcycle contributed approximately $478 million, or 7.0%, of Polaris’ revenues for the trailing twelve-month period ended June 30, 2025.
• Polaris provided preliminary Q3 2025 results, expecting sales at the high end of its $1.6 billion to $1.8 billion guidance range and adjusted EPS in the range of $0.31 to $0.41.
• The company expects to record estimated pre-tax impairment charges of approximately $275 million to $325 million in Q3 2025 related to the divestiture.