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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended: September 30, 2025
or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _________________ to _________________
Commission File Number: 001-13646
LCI INDUSTRIES
(Exact name of registrant as specified in its charter)

Delaware | 13-3250533
(State or other jurisdiction of | (I.R.S. Employer
incorporation or organization) | Identification Number)
3501 County Road 6 East | 46514
Elkhart, | Indiana | (Zip Code)
(Address of principal executive offices) |

(574) 535-1125
(Registrant’s telephone number, including area code)
(Former name, former address and former fiscal year, if changed since last report) N/A
Securities registered pursuant to Section 12(b) of the Act:

Title of each class | Trading Symbol(s) | Name of each exchange on which registered
Common Stock, $.01 par value | LCII | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
1

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐
Non-accelerated filer ☐ Smaller reporting company ☐
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s common stock, as of the latest practicable date (October 23, 2025) was 24,198,010 shares of common stock.
2

LCI INDUSTRIES
TABLE OF CONTENTS

|  | Page
PART I – | FINANCIAL INFORMATION |
| ITEM 1 – FINANCIAL STATEMENTS |
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | 4
| CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | 5
| CONDENSED CONSOLIDATED BALANCE SHEETS | 6
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | 7
| CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY | 9
| NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 11
| ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | 27
| ITEM 3 – QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 39
| ITEM 4 – CONTROLS AND PROCEDURES | 39
PART II – | OTHER INFORMATION |
| ITEM 1 – LEGAL PROCEEDINGS | 40
| ITEM 1A – RISK FACTORS | 40
| ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS | 40
| ITEM 5 – OTHER INFORMATION | 41
| ITEM 6 – EXHIBITS | 41
SIGNATURES | 42
EXHIBIT 31.1 - SECTION 302 CEO CERTIFICATION |
EXHIBIT 31.2 - SECTION 302 CFO CERTIFICATION |
EXHIBIT 32.1 - SECTION 906 CEO CERTIFICATION |
EXHIBIT 32.2 - SECTION 906 CFO CERTIFICATION |

3

PART I – FINANCIAL INFORMATION
ITEM 1 – FINANCIAL STATEMENTS
LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(In thousands, except per share amounts) |  |  |  |  |  |  |
Net sales | $ | 1,036,477 |  |  | $ | 915,497 |  |  | $ | 3,189,317 |  |  | $ | 2,938,070 |
Cost of sales | 783,864 |  |  | 695,539 |  |  | 2,414,934 |  |  | 2,227,761 |
Gross profit | 252,613 |  |  | 219,958 |  |  | 774,383 |  |  | 710,309 |
Selling, general and administrative expenses | 177,174 |  |  | 166,070 |  |  | 529,823 |  |  | 508,206 |
Operating profit | 75,439 |  |  | 53,888 |  |  | 244,560 |  |  | 202,103 |
Interest expense, net | 10,323 |  |  | 6,516 |  |  | 26,003 |  |  | 23,799 |
Loss on extinguishment of debt | 806 |  |  | — |  |  | 8,859 |  |  | — |
Gain on sale of real estate | (19,716) |  |  | — |  |  | (19,716) |  |  | — |
Income before income taxes | 84,026 |  |  | 47,372 |  |  | 229,414 |  |  | 178,304 |
Provision for income taxes | 21,533 |  |  | 11,760 |  |  | 59,848 |  |  | 44,984 |
Net income | $ | 62,493 |  |  | $ | 35,612 |  |  | $ | 169,566 |  |  | $ | 133,320 |
Net income per common share: |  |  |  |  |  |  |
Basic | $ | 2.56 |  |  | $ | 1.40 |  |  | $ | 6.79 |  |  | $ | 5.24 |
Diluted | $ | 2.55 |  |  | $ | 1.39 |  |  | $ | 6.78 |  |  | $ | 5.23 |
Weighted average common shares outstanding: |  |  |  |  |  |  |
Basic | 24,389 |  |  | 25,480 |  |  | 24,978 |  |  | 25,436 |
Diluted | 24,466 |  |  | 25,558 |  |  | 25,004 |  |  | 25,477 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
4

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(Unaudited)

| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
(In thousands) |  |  |  |  |  |  |
Net income | $ | 62,493 |  |  | $ | 35,612 |  |  | $ | 169,566 |  |  | $ | 133,320 |
Other comprehensive income: |  |  |  |  |  |  |
Net foreign currency translation adjustment | (780) |  |  | 10,382 |  |  | 31,917 |  |  | 5,661 |
Actuarial loss on pension plans | — |  |  | — |  |  | — |  |  | (345) |
Total comprehensive income | $ | 61,713 |  |  | $ | 45,994 |  |  | $ | 201,483 |  |  | $ | 138,636 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
5

LCI INDUSTRIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)

| September 30, |  | December 31,
| 2025 |  |  |  | 2024
(In thousands, except per share amount) |  |  |  |  |
ASSETS |  |  |  |  |
Current assets |  |  |  |  |
Cash and cash equivalents | $ | 199,721 |  |  |  |  | $ | 165,756 |
Accounts receivable, net of allowances of $8,218 and $5,439 at September 30, 2025 and December 31, 2024, respectively | 363,861 |  |  |  |  | 199,560 |
Inventories, net | 741,279 |  |  |  |  | 736,604 |
Prepaid expenses and other current assets | 64,271 |  |  |  |  | 58,318 |
Total current assets | 1,369,132 |  |  |  |  | 1,160,238 |
Fixed assets, net | 430,505 |  |  |  |  | 432,728 |
Goodwill | 620,556 |  |  |  |  | 585,773 |
Other intangible assets, net | 410,396 |  |  |  |  | 392,018 |
Operating lease right-of-use assets | 235,780 |  |  |  |  | 224,313 |
Other long-term assets | 102,220 |  |  |  |  | 99,669 |
Total assets | $ | 3,168,589 |  |  |  |  | $ | 2,894,739 |
LIABILITIES AND STOCKHOLDERS' EQUITY |  |  |  |  |
Current liabilities |  |  |  |  |
Current maturities of long-term indebtedness | $ | 3,665 |  |  |  |  | $ | 423 |
Accounts payable, trade | 220,735 |  |  |  |  | 187,684 |
Current portion of operating lease obligations | 40,271 |  |  |  |  | 38,671 |
Accrued expenses and other current liabilities | 227,505 |  |  |  |  | 185,275 |
Total current liabilities | 492,176 |  |  |  |  | 412,053 |
Long-term indebtedness | 944,167 |  |  |  |  | 756,830 |
Operating lease obligations | 211,434 |  |  |  |  | 199,929 |
Deferred taxes | 29,175 |  |  |  |  | 26,110 |
Other long-term liabilities | 129,959 |  |  |  |  | 112,931 |
Total liabilities | 1,806,911 |  |  |  |  | 1,507,853 |
Stockholders' equity |  |  |  |  |
Common stock, par value $.01 per share | 289 |  |  |  |  | 288 |
Paid-in capital | 248,687 |  |  |  |  | 257,486 |
Retained earnings | 1,289,467 |  |  |  |  | 1,208,096 |
Accumulated other comprehensive income | 35,149 |  |  |  |  | 3,232 |
Stockholders' equity before treasury stock | 1,573,592 |  |  |  |  | 1,469,102 |
Treasury stock, at cost | (211,914) |  |  |  |  | (82,216) |
Total stockholders' equity | 1,361,678 |  |  |  |  | 1,386,886 |
Total liabilities and stockholders' equity | $ | 3,168,589 |  |  |  |  | $ | 2,894,739 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
6

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024
Cash flows from operating activities: |  |  |
Net income | $ | 169,566 |  |  | $ | 133,320 |
Adjustments to reconcile net income to cash flows provided by operating activities: |  |  |
Depreciation and amortization | 90,350 |  |  | 96,000 |
Stock-based compensation expense | 16,868 |  |  | 13,961 |
Loss on extinguishment of debt | 8,859 |  |  | — |
Gain on sale of real estate | (19,716) |  |  | — |
Other non-cash items | 9,860 |  |  | 4,927 |
Changes in assets and liabilities, net of acquisitions of businesses: |  |  |
Accounts receivable, net | (145,752) |  |  | (102,127) |
Inventories, net | 33,176 |  |  | 81,166 |
Prepaid expenses and other assets | 11,069 |  |  | (1,491) |
Accounts payable, trade | 24,333 |  |  | 8,333 |
Accrued expenses and other liabilities | 53,491 |  |  | 29,599 |
Net cash flows provided by operating activities | 252,104 |  |  | 263,688 |
Cash flows from investing activities: |  |  |
Capital expenditures | (38,071) |  |  | (31,390) |
Acquisitions of businesses | (102,990) |  |  | (19,957) |
Proceeds from sale of real estate | 22,674 |  |  | — |
Other investing activities | (3,249) |  |  | 781 |
Net cash flows used in investing activities | (121,636) |  |  | (50,566) |
Cash flows from financing activities: |  |  |
Vesting of stock-based awards, net of shares tendered for payment of taxes | (5,242) |  |  | (9,120) |
Proceeds from revolving credit facility | — |  |  | 86,248 |
Repayments under revolving credit facility | (19,261) |  |  | (87,766) |
Proceeds from term loan borrowings | 391,000 |  |  | — |
Repayments under term loan and other borrowings | (282,535) |  |  | (26,357) |
Proceeds from issuance of convertible notes | 448,500 |  |  | — |
Repurchase of convertible notes | (368,920) |  |  | — |
Purchases of convertible note hedge contracts | (67,574) |  |  | — |
Proceeds from issuance of warrants concurrent with note hedge contracts | 27,600 |  |  | — |
Payment of dividends | (86,215) |  |  | (80,191) |
Repurchases of common stock | (128,571) |  |  | — |
Other financing activities | (4,998) |  |  | (2) |
Net cash flows used in financing activities | (96,216) |  |  | (117,188) |
Effect of exchange rate changes on cash and cash equivalents | (287) |  |  | (907) |
Net increase in cash and cash equivalents | 33,965 |  |  | 95,027 |
Cash and cash equivalents at beginning of period | 165,756 |  |  | 66,157 |
Cash and cash equivalents at end of period | $ | 199,721 |  |  | $ | 161,184 |

7

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
| Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024
Supplemental disclosure of cash flow information: |  |  |
Cash paid during the period for: |  |  |
Interest | $ | 28,739 |  |  | $ | 24,535 |
Income taxes, net of refunds | $ | 33,187 |  |  | $ | 38,685 |
Non-cash investing and financing activities: |  |  |
Purchase of property and equipment in accrued expenses | $ | 302 |  |  | $ | 106 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
8

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

(In thousands, except shares and per share amounts) | Common Stock |  | Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income |  | Treasury Stock |  | Total Stockholders’ Equity
Balance - December 31, 2023 | $ | 287 |  |  | $ | 245,659 |  |  | $ | 1,177,034 |  |  | $ | 14,272 |  |  | $ | (82,216) |  |  | $ | 1,355,036 |
Net income | — |  |  | — |  |  | 36,545 |  |  | — |  |  | — |  |  | 36,545 |
Issuance of 122,023 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | 1 |  |  | (9,041) |  |  | — |  |  | — |  |  | — |  |  | (9,040) |
Stock-based compensation expense | — |  |  | 4,327 |  |  | — |  |  | — |  |  | — |  |  | 4,327 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (3,263) |  |  | — |  |  | (3,263) |
Cash dividends ($1.05 per share) | — |  |  | — |  |  | (26,721) |  |  | — |  |  | — |  |  | (26,721) |
Dividend equivalents on stock-based awards | — |  |  | 569 |  |  | (569) |  |  | — |  |  | — |  |  | — |
Balance - March 31, 2024 | $ | 288 |  |  | $ | 241,514 |  |  | $ | 1,186,289 |  |  | $ | 11,009 |  |  | $ | (82,216) |  |  | $ | 1,356,884 |
Net income | — |  |  | — |  |  | 61,163 |  |  | — |  |  | — |  |  | 61,163 |
Issuance of 14,059 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | — |  |  | (71) |  |  | — |  |  | — |  |  | — |  |  | (71) |
Stock-based compensation expense | — |  |  | 4,974 |  |  | — |  |  | — |  |  | — |  |  | 4,974 |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (1,803) |  |  | — |  |  | (1,803) |
Cash dividends ($1.05 per share) | — |  |  | — |  |  | (26,734) |  |  | — |  |  | — |  |  | (26,734) |
Dividend equivalents on stock-based awards | — |  |  | 567 |  |  | (567) |  |  | — |  |  | — |  |  | — |
Balance - June 30, 2024 | $ | 288 |  |  | $ | 246,984 |  |  | $ | 1,220,151 |  |  | $ | 9,206 |  |  | $ | (82,216) |  |  | $ | 1,394,413 |
Net income | — |  |  | — |  |  | 35,612 |  |  | — |  |  | — |  |  | 35,612 |
Issuance of 166 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | — |  |  | (8) |  |  | — |  |  | — |  |  | — |  |  | (8) |
Stock-based compensation expense | — |  |  | 4,659 |  |  | — |  |  | — |  |  | — |  |  | 4,659 |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 10,382 |  |  | — |  |  | 10,382 |
Cash dividends ($1.05 per share) | — |  |  | — |  |  | (26,736) |  |  | — |  |  | — |  |  | (26,736) |
Dividend equivalents on stock-based awards | — |  |  | 573 |  |  | (573) |  |  | — |  |  | — |  |  | — |
Balance - September 30, 2024 | $ | 288 |  |  | $ | 252,208 |  |  | $ | 1,228,454 |  |  | $ | 19,588 |  |  | $ | (82,216) |  |  | $ | 1,418,322 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
9

LCI INDUSTRIES
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)

(In thousands, except shares and per share amounts) | Common Stock |  | Paid-in Capital |  | Retained Earnings |  | Accumulated Other Comprehensive Income |  | Treasury Stock |  | Total Stockholders’ Equity
Balance - December 31, 2024 | $ | 288 |  |  | $ | 257,486 |  |  | $ | 1,208,096 |  |  | $ | 3,232 |  |  | $ | (82,216) |  |  | $ | 1,386,886 |
Net income | — |  |  | — |  |  | 49,438 |  |  | — |  |  | — |  |  | 49,438 |
Issuance of 82,153 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | 1 |  |  | (4,814) |  |  | — |  |  | — |  |  | — |  |  | (4,813) |
Stock-based compensation expense | — |  |  | 4,933 |  |  | — |  |  | — |  |  | — |  |  | 4,933 |
Purchase of convertible note hedge contracts, net of tax | — |  |  | (51,382) |  |  | — |  |  | — |  |  | — |  |  | (51,382) |
Issuance of warrants | — |  |  | 27,600 |  |  | — |  |  | — |  |  | — |  |  | 27,600 |
Partial unwind of convertible note hedge and warrants | — |  |  | 1,378 |  |  | — |  |  | — |  |  | — |  |  | 1,378 |
Repurchase of 308,898 shares of common stock, including excise tax | — |  |  | — |  |  | — |  |  | — |  |  | (28,404) |  |  | (28,404) |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 10,429 |  |  | — |  |  | 10,429 |
Cash dividends ($1.15 per share) | — |  |  | — |  |  | (29,352) |  |  | — |  |  | — |  |  | (29,352) |
Dividend equivalents on stock-based awards | — |  |  | 655 |  |  | (655) |  |  | — |  |  | — |  |  | — |
Balance - March 31, 2025 | $ | 289 |  |  | $ | 235,856 |  |  | $ | 1,227,527 |  |  | $ | 13,661 |  |  | $ | (110,620) |  |  | $ | 1,366,713 |
Net income | — |  |  | — |  |  | 57,635 |  |  | — |  |  | — |  |  | 57,635 |
Issuance of 14,065 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes | — |  |  | (45) |  |  | — |  |  | — |  |  | — |  |  | (45) |
Stock-based compensation expense | — |  |  | 6,016 |  |  | — |  |  | — |  |  | — |  |  | 6,016 |
Repurchase of 424,132 shares of common stock, including excise tax | — |  |  | — |  |  | — |  |  | — |  |  | (38,451) |  |  | (38,451) |
Other comprehensive income | — |  |  | — |  |  | — |  |  | 22,268 |  |  | — |  |  | 22,268 |
Cash dividends ($1.15 per share) | — |  |  | — |  |  | (29,036) |  |  | — |  |  | — |  |  | (29,036) |
Dividend equivalents on stock-based awards | — |  |  | 663 |  |  | (663) |  |  | — |  |  | — |  |  | — |
Balance - June 30, 2025 | $ | 289 |  |  | $ | 242,490 |  |  | $ | 1,255,463 |  |  | $ | 35,929 |  |  | $ | (149,071) |  |  | $ | 1,385,100 |
Net income | — |  |  | — |  |  | 62,493 |  |  | — |  |  | — |  |  | 62,493 |
Issuance of 5,130 shares of common stock pursuant to stock-based awards, net of shares tendered for payment of taxes |  |  | (384) |  |  | — |  |  | — |  |  | — |  |  | (384) |
Stock-based compensation expense | — |  |  | 5,919 |  |  | — |  |  | — |  |  | — |  |  | 5,919 |
Repurchase of 633,535 shares of common stock, including excise tax | — |  |  | — |  |  | — |  |  | — |  |  | (62,843) |  |  | (62,843) |
Other comprehensive loss | — |  |  | — |  |  | — |  |  | (780) |  |  | — |  |  | (780) |
Cash dividends ($1.15 per share) | — |  |  | — |  |  | (27,827) |  |  | — |  |  | — |  |  | (27,827) |
Dividend equivalents on stock-based awards | — |  |  | 662 |  |  | (662) |  |  | — |  |  | — |  |  | — |
Balance - September 30, 2025 | $ | 289 |  |  | $ | 248,687 |  |  | $ | 1,289,467 |  |  | $ | 35,149 |  |  | $ | (211,914) |  |  | $ | 1,361,678 |

The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
10

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
1. BASIS OF PRESENTATION
The Condensed Consolidated Financial Statements include the accounts of LCI Industries and its wholly-owned subsidiaries ("LCII" and collectively with its subsidiaries, the "Company," "we," "us," or "our"). LCII has no unconsolidated subsidiaries. All significant intercompany balances and transactions have been eliminated.
LCII, through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), the Company also caters to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online. At September 30, 2025, the Company operated over 100 manufacturing and distribution facilities located throughout North America and Europe.
The Company's results are influenced by seasonal demand patterns, with sales and profits typically strongest in the second quarter and weakest in the fourth quarter. However, economic conditions, dealer inventory fluctuations, and consumer trends can impact these patterns. Additionally, many of the optional upgrades and non-critical replacement parts for recreational vehicles ("RVs") are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.
The Company is not aware of any significant events, except as disclosed in these Notes to Condensed Consolidated Financial Statements, which occurred subsequent to the balance sheet date but prior to the filing of this report that would have a material impact on the Condensed Consolidated Financial Statements.
In the opinion of management, the information furnished in this Form 10-Q reflects all adjustments necessary for a fair statement of the financial position and results of operations for the interim periods presented. The Condensed Consolidated Financial Statements have been prepared in accordance with the instructions to Form 10-Q, and therefore do not include some information necessary to conform to annual reporting requirements. Results for interim periods should not be considered indicative of results for the full year.
Use of Estimates
The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires the Company to make estimates and judgments that affect the reported amounts of assets, liabilities, net sales and expenses, and related disclosure of contingent assets and liabilities. On an ongoing basis, the Company evaluates its estimates, including, but not limited to, those related to product returns, sales and purchase rebates, accounts receivable, inventories, goodwill and other intangible assets, net assets of acquired businesses, income taxes, warranty and product recall obligations, self-insurance obligations, operating lease right-of-use assets and obligations, asset retirement obligations, long-lived assets, pension and post-retirement benefits, stock-based compensation, segment allocations, contingent consideration, environmental liabilities, contingencies, and litigation. The Company bases its estimates on historical experience, other available information, and various other assumptions believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities not readily apparent from other resources. Actual results and events could differ significantly from management estimates.
Risks and Uncertainties
Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, increased inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition and results of operations.
11

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Condensed Consolidated Financial Statements presented herein have been prepared by the Company in accordance with the accounting policies described in its Annual Report on Form 10-K for the year ended December 31, 2024 and should be read in conjunction with the Notes to Consolidated Financial Statements which appear in that report.
Recent Accounting Pronouncements
Recently issued accounting pronouncements not yet adopted
In September 2025, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which removes all references to software development project stages and requires entities to start capitalizing software costs when both of the following occur: (i) management has authorized and committed to funding the software project; and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. This ASU is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.
In July 2025, the FASB issued ASU 2025-05, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which simplifies credit loss calculations by introducing a practical expedient (available to all entities) that allows entities to assume current conditions will not change over an asset’s life, removing the need for complex macroeconomic forecasts. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance and does not expect the standard to have a material impact on its financial condition, results of operations, or cash flows.
In November 2024, the FASB issued ASU 2024-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20): Induced Conversions of Convertible Debt Instruments, which clarifies the requirements for determining whether certain settlements of convertible debt instruments should be accounted for as an induced conversion rather than as debt extinguishments. This ASU is effective for fiscal years beginning after December 15, 2025, and interim periods within those annual reporting periods, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.
In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40), which requires disclosure of disaggregated information about specific categories underlying certain income statement expense line items in the notes to the financial statements for both annual and interim periods. This ASU is effective for fiscal years beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is evaluating the effect of adopting this new accounting guidance.
In December 2023, the FASB issued ASU 2023-09, Income Taxes - Improvements to Income Tax Disclosures, requiring enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. The new standard also eliminates certain existing disclosure requirements related to uncertain tax positions and unrecognized deferred tax liabilities. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company will adopt this ASU for the year ending December 31, 2025, and it will only impact the Company's disclosures with no impacts to its financial condition or results of operations.
12

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
3. EARNINGS PER SHARE
The following reconciliation details the denominator used in the computation of basic and diluted earnings per share for the periods indicated:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Weighted average shares outstanding for basic earnings per share | 24,389 |  |  | 25,480 |  |  | 24,978 |  |  | 25,436 |
Common stock equivalents pertaining to stock-based awards | 77 |  |  | 78 |  |  | 26 |  |  | 41 |
Weighted average shares outstanding for diluted earnings per share | 24,466 |  |  | 25,558 |  |  | 25,004 |  |  | 25,477 |
Equity instruments excluded from diluted net earnings per share calculation as the effect would have been antidilutive | 303 |  |  | 287 |  |  | 304 |  |  | 289 |

2030 Convertible Notes
For the Company's 3.000 percent convertible senior notes due 2030 (the "2030 Convertible Notes") issued in March 2025, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2030 Convertible Notes, dated March 14, 2025, by and between the Company and U.S. Bank Trust Company, National Association, as trustee (the "2030 Notes Indenture”), to settle the principal amount of the 2030 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company’s common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2030 Convertible Notes are converted. Because the average closing price of the Company’s common stock for the period from issuance through September 30, 2025 and for the three months ended September 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $116.62, all associated shares were antidilutive.
In conjunction with the issuance of the 2030 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the “2030 Counterparties”), sold warrants to purchase 3.9 million shares of the Company’s common stock (the “2030 Warrants”). The 2030 Warrants have a strike price of $182.94 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2030 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2030 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2030 Warrants are assumed to be used to repurchase shares of the Company’s common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2030 Warrants less the number of shares repurchased, are included in diluted shares. For the period from issuance through September 30, 2025 and for the three months ended September 30, 2025, the average share price was below the Warrant strike price of $182.94 per share, and therefore 3.9 million shares were considered antidilutive.
In connection with the issuance of the 2030 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company’s common stock (the “2030 Convertible Note Hedge Transactions”) with the 2030 Counterparties. The aggregate cost to the Company of the 2030 Convertible Note Hedge Transactions was $67.6 million pursuant to the 2030 Convertible Note Hedge Transactions. The 2030 Convertible Note Hedge Transactions cover, subject to anti-dilution adjustments substantially similar to those in the 2030 Convertible Notes, approximately 3.9 million shares of the Company’s common stock, the same number of shares initially underlying the 2030 Convertible Notes, at a strike price of approximately $116.62, subject to customary anti-dilution adjustments. The 2030 Convertible Note Hedge Transactions will expire upon the maturity of the 2030 Convertible Notes, subject to earlier exercise or termination. Exercise of the 2030 Convertible Note Hedge Transactions would reduce the number of shares of the Company’s common stock outstanding, and therefore would be antidilutive.
13

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
2026 Convertible Notes
For the Company's 1.125 percent convertible senior notes due 2026 (the "2026 Convertible Notes") issued in May 2021, the dilutive effect is calculated using the if-converted method. The Company is required, pursuant to the indenture governing the 2026 Convertible Notes, dated May 13, 2021, by and between the Company and U.S. Bank National Association, as trustee (the "2026 Notes Indenture"), to settle the principal amount of the 2026 Convertible Notes in cash and may elect to settle the remaining conversion obligation (i.e., the stock price in excess of the conversion price) in cash, shares of the Company's common stock, or a combination thereof. Under the if-converted method, the Company includes the number of shares required to satisfy the conversion obligation, assuming all the 2026 Convertible Notes are converted. Because the average closing price of the Company's common stock for each of the three and nine months ended September 30, 2025, which is used as the basis for determining the dilutive effect on earnings per share, was less than the conversion price of $165.65, all associated shares were antidilutive.
In conjunction with the issuance of the 2026 Convertible Notes, the Company, in privately negotiated transactions with certain commercial banks (the "2026 Counterparties"), sold warrants to purchase 2.8 million shares of the Company's common stock (the "2026 Warrants"). The 2026 Warrants have a strike price of $259.84 per share, subject to customary anti-dilution adjustments. For calculating the dilutive effect of the 2026 Warrants, the Company uses the treasury stock method, which assumes exercise of the 2026 Warrants at the beginning of the period, or at time of issuance if later, and issuance of shares of common stock upon exercise. Proceeds from the exercise of the 2026 Warrants are assumed to be used to repurchase shares of the Company's common stock at the average market price during the period. The incremental shares, representing the number of shares assumed to be received upon the exercise of the 2026 Warrants less the number of shares repurchased, are included in diluted shares. Concurrently with the 2026 Convertible Note Repurchases (as defined below), we entered into agreements to terminate a proportionate amount of the 2026 Warrants, which resulted in a reduction of the number of shares of common stock underlying the 2026 Warrants to an aggregate of 0.6 million shares of common stock. For each of the three and nine months ended September 30, 2025, the average share price was below the Warrant strike price of $259.84 per share, and therefore 2.8 million shares were considered antidilutive.
In connection with the issuance of the 2026 Convertible Notes, the Company entered into privately negotiated call option contracts on the Company's common stock (the "2026 Convertible Note Hedge Transactions") with the 2026 Counterparties. The Company paid an aggregate amount of $100.1 million to the 2026 Counterparties pursuant to the 2026 Convertible Note Hedge Transactions. The 2026 Convertible Note Hedge Transactions initially covered, subject to anti-dilution adjustments substantially similar to those in the 2026 Convertible Notes, approximately 2.8 million shares of the Company's common stock, the same number of shares initially underlying the 2026 Convertible Notes, at a strike price of approximately $165.65, subject to customary anti-dilution adjustments. The 2026 Convertible Note Hedge Transactions will expire upon the maturity of the 2026 Convertible Notes, subject to earlier exercise or termination. Concurrently with the 2026 Convertible Note Repurchases, we entered into agreements to terminate a proportionate amount of the 2026 Convertible Note Hedge Transactions, which resulted in a reduction of the number of shares of common stock underlying the 2026 Convertible Note Hedge Transactions to an aggregate of 0.6 million shares of common stock. Exercise of the 2026 Convertible Note Hedge Transactions would reduce the number of shares of the Company's common stock outstanding, and therefore would be antidilutive.
4. ACQUISITIONS, GOODWILL AND OTHER INTANGIBLE ASSETS
Subsequent Event
Bigfoot
In October 2025, the Company acquired substantially all of the business assets of Leveltron, LLC, the provider of Bigfoot Hydraulic Systems ("Bigfoot"), which provides hydraulic leveling solutions and landing gear to the RV, utility trailer, and equine trailer markets. The purchase price was approximately $10.1 million, subject to customary adjustments related to working capital. The results of the acquired business will be included in both the OEM and Aftermarket Segments.
Acquisitions Completed During the Nine Months Ended September 30, 2025
Freedman Seating Company
In April 2025, the Company acquired substantially all of the business assets of Freedman Seating Company, a manufacturer of transportation seating solutions to the bus, rail, marine, delivery truck, and specialty and commercial vehicle markets. The total fair value of consideration was approximately $79.4 million. The Company paid $68.6 million in cash
14

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
consideration at closing, and paid $0.8 million in August 2025 to true up net working capital. The Company also assumed $10.0 million of the seller's debt related to new market tax credits. The results of the acquired business have been included in the Condensed Consolidated Statements of Income since the acquisition date, primarily in the OEM Segment. The Company is in the process of determining the fair value of the assets acquired and liabilities assumed for the opening balance sheet, including the fair value of the debt assumed and intangible assets. As this acquisition is not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented. The acquisition of this business was preliminarily recorded as of the acquisition date as follows (in thousands):

Cash consideration | $ | 69,361 |
Debt assumed | 10,000 |
Total consideration | $ | 79,361 |
Customer relationships | $ | 25,600 |
Other identifiable intangible assets | 8,700 |
Net tangible assets | 25,366 |
Total fair value of net assets acquired | $ | 59,666 |
Goodwill (tax deductible) | $ | 19,695 |

The customer relationships intangible asset is being amortized over its estimated useful life of 10 years. The consideration given was greater than the fair value of the net assets acquired, resulting in goodwill, because the Company anticipates the attainment of synergies and an increase in the markets for the acquired products.
Other Acquisitions in 2025
During the nine months ended September 30, 2025, the Company completed two other acquisitions totaling $33.7 million of cash purchase consideration, plus holdback payments of $0.5 million to be paid over the year following the closing of the applicable acquisition and contingent consideration payable if annual thresholds are met through 2027 for up to a maximum of $2.0 million. The preliminary purchase price allocations resulted in $3.2 million of goodwill (tax deductible) and $8.5 million of acquired identifiable intangible assets. As these acquisitions are not considered to have a material impact on the Company's financial statements, pro forma results of operations and other disclosures are not presented.
Goodwill
Changes in the carrying amount of goodwill by reportable segment were as follows:

(In thousands) | OEM Segment |  | Aftermarket Segment |  | Total
Net balance – December 31, 2024 | $ | 418,220 |  |  | $ | 167,553 |  |  | $ | 585,773 |
Acquisitions | 22,878 |  |  | — |  |  | 22,878 |
Foreign currency translation | 10,763 |  |  | 1,142 |  |  | 11,905 |
Net balance – September 30, 2025 | $ | 451,861 |  |  | $ | 168,695 |  |  | $ | 620,556 |

Goodwill represents the excess of the total consideration given in an acquisition of a business over the fair value of the net tangible and identifiable intangible assets acquired. Goodwill is not amortized, but instead is tested at the reporting unit level for impairment annually in November, or more frequently if certain circumstances indicate a possible impairment may exist.
15

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Other Intangible Assets
Other intangible assets consisted of the following at September 30, 2025:

(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 550,508 |  |  | $ | 256,922 |  |  | $ | 293,586 |  |  | 6 | to | 20
Patents | 94,035 |  |  | 58,139 |  |  | 35,896 |  |  | 3 | to | 20
Trade names (finite life) | 107,269 |  |  | 34,270 |  |  | 72,999 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 4,874 |  |  | 4,638 |  |  | 236 |  |  | 3 | to | 6
Other | 609 |  |  | 362 |  |  | 247 |  |  | 2 | to | 12
Other intangible assets | $ | 764,727 |  |  | $ | 354,331 |  |  | $ | 410,396 |  |  |  |  |

Other intangible assets consisted of the following at December 31, 2024:

(In thousands) | Gross Cost |  | Accumulated Amortization |  | Net Balance |  | Estimated Useful Life in Years
Customer relationships | $ | 508,945 |  |  | $ | 228,332 |  |  | $ | 280,613 |  |  | 6 | to | 20
Patents | 111,934 |  |  | 74,010 |  |  | 37,924 |  |  | 3 | to | 20
Trade names (finite life) | 95,879 |  |  | 30,524 |  |  | 65,355 |  |  | 3 | to | 20
Trade names (indefinite life) | 7,432 |  |  | — |  |  | 7,432 |  |  | Indefinite
Non-compete agreements | 5,154 |  |  | 4,732 |  |  | 422 |  |  | 3 | to | 6
Other | 609 |  |  | 337 |  |  | 272 |  |  | 2 | to | 12
Other intangible assets | $ | 729,953 |  |  | $ | 337,935 |  |  | $ | 392,018 |  |  |  |  |

5. INVENTORIES
Inventories are stated at the lower of cost (first-in, first-out (FIFO) method) or net realizable value. Cost includes material, labor, and overhead. Inventories consisted of the following at:

| September 30, |  | December 31,
(In thousands) | 2025 |  |  |  | 2024
Raw materials | $ | 448,570 |  |  |  |  | $ | 427,585 |
Work in process | 41,989 |  |  |  |  | 44,435 |
Finished goods | 250,720 |  |  |  |  | 264,584 |
Inventories, net | $ | 741,279 |  |  |  |  | $ | 736,604 |

At September 30, 2025 and December 31, 2024, the Company had recorded inventory obsolescence reserves of $80.3 million and $77.7 million, respectively.
16

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
6. FIXED ASSETS
Fixed assets consisted of the following at:

| September 30, |  | December 31,
(In thousands) | 2025 |  |  |  | 2024
Fixed assets, at cost | $ | 986,273 |  |  |  |  | $ | 960,219 |
Less accumulated depreciation and amortization | 555,768 |  |  |  |  | 527,491 |
Fixed assets, net | $ | 430,505 |  |  |  |  | $ | 432,728 |

7. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES
Accrued expenses and other current liabilities consisted of the following at:

| September 30, |  | December 31,
(In thousands) | 2025 |  |  |  | 2024
Employee compensation and benefits | $ | 85,608 |  |  |  |  | $ | 70,107 |
Current portion of accrued warranty | 43,935 |  |  |  |  | 40,735 |
Customer rebates | 26,187 |  |  |  |  | 21,707 |
Other | 71,775 |  |  |  |  | 52,726 |
Accrued expenses and other current liabilities | $ | 227,505 |  |  |  |  | $ | 185,275 |

Estimated costs related to product warranties are accrued at the time products are sold. In estimating its future warranty obligations, the Company considers various factors, including the Company's historical warranty costs, warranty claim lag, and sales. The following table provides a reconciliation of the activity related to the Company's accrued warranty, including both the current and long-term portions, for the nine months ended September 30:

(In thousands) | 2025 |  | 2024 |  |
Balance at beginning of period | $ | 65,485 |  |  | $ | 71,578 |  |  |
Provision for warranty expense issued during the period | 33,665 |  |  | 31,208 |  |  |
Provision for warranty expense for preexisting warranties | 13,914 |  |  | 8,684 |  |  |
Warranty costs paid | (38,459) |  |  | (44,817) |  |  |
Balance at end of period | 74,605 |  |  | 66,653 |  |  |
Less long-term portion | (30,670) |  |  | (24,080) |  |  |
Current portion of accrued warranty at end of period | $ | 43,935 |  |  | $ | 42,573 |  |  |

17

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
8. LONG-TERM INDEBTEDNESS
Long-term debt consisted of the following at:

| September 30, |  | December 31,
(In thousands) | 2025 |  |  |  | 2024
2030 Convertible Notes | $ | 460,000 |  |  |  |  | $ | — |
2026 Convertible Notes | 92,000 |  |  |  |  | 460,000 |
Term Loan | 398,003 |  |  |  |  | 280,000 |
Revolving Credit Loan | — |  |  |  |  | 19,263 |
Other | 11,547 |  |  |  |  | 1,588 |
Unamortized deferred financing fees | (13,718) |  |  |  |  | (3,598) |
| 947,832 |  |  |  |  | 757,253 |
Less current portion | (3,665) |  |  |  |  | (423) |
Long-term indebtedness | $ | 944,167 |  |  |  |  | $ | 756,830 |

Credit Agreement
The Company and certain of its subsidiaries are party to a credit agreement dated March 25, 2025 with JPMorgan Chase, N.A., as a lender and administrative agent, and other bank lenders, which was amended by an Amendment No. 1 dated September 26, 2025 ("Amendment No. 1" and the credit agreement as amended, the "Credit Agreement"). The Credit Agreement provides for a $600.0 million revolving credit facility (of which up to $50.0 million is available for the issuance of letters of credit (the "LC Facility") and up to $400.0 million is available in approved foreign currencies). The Credit Agreement also provides for term loans (the "Term Loans") to the Company in an aggregate principal amount of $400.0 million. The maturity date of the Term Loans is March 25, 2032 and the maturity date of the revolving credit facility is March 25, 2030 or, if earlier, the date that is 91 days prior to the scheduled maturity date of any 2030 Convertible Notes outstanding at any such time or the date on which the revolving commitments are reduced to zero or otherwise terminated. The Term Loans are required to be repaid in equal $1.0 million quarterly installments, which commenced on June 30, 2025. The Credit Agreement also permits the Company to request incremental loans under the Credit Agreement and certain other incremental equivalent debt in an aggregate incremental amount equal to the sum of (A) up to the greater of (i) $371.0 million and (ii) an amount equal to 100% of EBITDA for the most recently ended four consecutive fiscal quarters for which financial statements have been delivered pursuant to the Credit Agreement (the “Fixed Incremental Amount”), (B) the amount of any voluntary prepayments of any term loans, incremental equivalent debt or permanent reductions of the revolving commitments as in effect as of the date of the Credit Agreement (which amount shall replenish, but not exceed, the Fixed Incremental Amount), and (C) an unlimited additional amount of additional debt that meets certain requirements set forth in the Credit Agreement, including limitations on any incremental facility that is secured on a pari passu basis or junior basis with the debt under the Credit Agreement, in each case subject to the willingness of the lenders to fund such increase and other customary conditions as further set forth in the Credit Agreement.
Borrowings under the Credit Agreement in U.S. dollars are designated from time to time by the Company to bear interest at either (i) a base rate plus an applicable margin which (a) for borrowings under the revolving credit facility, ranges from 0.25 percent to 1.00 percent depending on the Company's total net leverage ratio (0.50 percent would have been applicable at September 30, 2025 if the Company had elected base rate loans for any revolving credit facility borrowings) and (b) for Term Loans, was 1.50 percent prior to Amendment No. 1 and is 1.25 percent following Amendment No. 1 or (ii) a term Secured Overnight Financing Rate ("SOFR") for an interest period selected by the Company plus an applicable margin, which (a) for borrowings under the revolving credit facility ranges from 1.25 percent to 2.00 percent (1.50 percent would have been applicable at September 30, 2025 if the Company had elected term benchmark loans for any revolving credit facility borrowings) depending on the Company’s total net leverage ratio and (b) for any Term Loans, was 2.50 percent prior to Amendment No. 1 and is 2.25 percent following Amendment No. 1. Foreign currency borrowings bear interest at an index rate available in such currencies plus the same additional interest margins applicable to term SOFR benchmark loans under the revolving credit facility based on the Company's total net leverage ratio. At September 30, 2025, the Company had $4.8 million in issued, but undrawn, standby letters of credit under the LC Facility. A commitment fee ranging from 0.175 percent to 0.275 percent (0.200 percent was applicable at September 30, 2025) depending on the Company's total net leverage ratio accrues on the actual daily amount that the revolving commitment exceeds the revolving credit exposure.
18

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Pursuant to the Credit Agreement, the Company shall not permit its net leverage ratio to exceed certain limits, shall maintain a minimum interest coverage ratio, and must comply with certain other covenants. At September 30, 2025, the Company was in compliance with all financial covenants. The maximum net leverage ratio covenant limits the amount of consolidated outstanding indebtedness that the Company may incur on a trailing twelve-month EBITDA. Availability under the Company’s revolving credit facility was $595.2 million at September 30, 2025. The Company believes the availability under the revolving credit facility under the Credit Agreement, along with its cash flows from operations, are adequate to finance the Company's anticipated cash requirements for the next twelve months.
At September 30, 2025, the fair value of the Company's floating rate long-term debt under the Credit Agreement approximates the carrying value, as estimated using quoted market prices and discounted future cash flows based on similar borrowing arrangements.
In March 2025, the Company used a portion of the proceeds of the Term Loans to repay the remaining outstanding principal of the term loan under the previous credit agreement of $280.0 million, and the previous credit agreement was terminated. The Company recognized a loss on extinguishment of debt related to the previous term loan of $1.9 million during the nine months ended September 30, 2025. As described above, in September 2025, the Company entered into Amendment No. 1 to reprice the Term Loans, resulting in a reduction in the applicable margins. The Company recognized a loss on extinguishment of debt related to this repricing amendment of $0.8 million during the nine months ended September 30, 2025.
Convertible Notes
2030 Convertible Notes
On March 14, 2025, the Company issued $460.0 million in aggregate principal amount of 2030 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.0 million after deducting the initial purchasers’ discounts and offering expenses payable by the Company. The 2030 Convertible Notes bear interest at a coupon rate of 3.000 percent per annum, payable semiannually in arrears on March 1 and September 1 of each year, beginning on September 1, 2025. The 2030 Convertible Notes will mature on March 1, 2030, unless earlier converted, redeemed, or repurchased, in accordance with their terms.
As of September 30, 2025, the conversion rate of the 2030 Convertible Notes was 8.5745 shares of the Company’s common stock per $1,000 principal amount of the 2030 Convertible Notes. The conversion rate of the 2030 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2030 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2030 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.
Prior to the close of business on the business day immediately preceding November 1, 2029, the 2030 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2030 Notes Indenture. On or after November 1, 2029, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2030 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2030 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2030 Convertible Notes being converted.
The Company may not redeem the 2030 Convertible Notes prior to March 6, 2028, except in the event of a Cleanup Redemption (as defined below). Beginning on March 6, 2028, the Company may redeem for cash all or any portion of the 2030 Convertible Notes, at the Company's option, if (i) the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption and (ii) the Liquidity Conditions (as defined in the 2030 Notes Indenture) are met at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. In addition, the Company may redeem for cash all, but not less than all, of the 2030 Convertible Notes at any time at a redemption price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding the redemption date if (i) the amount of the 2030 Convertible Notes that remains outstanding is less than 25 percent
19

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
of the aggregate principal amount of the 2030 Convertible Notes initially issued under the 2030 Notes Indenture and (ii) the Liquidity Conditions are met (such redemption, a “Cleanup Redemption”). Upon the occurrence of a fundamental change (as defined in the 2030 Notes Indenture), subject to certain conditions and a limited exception, holders of the 2030 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2030 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2030 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2030 Convertible Notes to, but excluding, the fundamental change repurchase date (as defined in the 2030 Notes Indenture).
The 2030 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2030 Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2030 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2030 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2030 Convertible Notes to be due and payable.
The 2030 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2030 Convertible Notes of $472.7 million at September 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.
2026 Convertible Notes
On May 13, 2021, the Company issued $460.0 million in aggregate principal amount of 2026 Convertible Notes in a private placement to certain qualified institutional buyers, resulting in net proceeds to the Company of approximately $447.8 million after deducting the initial purchasers' discounts and offering expenses payable by the Company. The 2026 Convertible Notes bear interest at a coupon rate of 1.125 percent per annum, payable semiannually in arrears on May 15 and November 15 of each year, beginning on November 15, 2021. The 2026 Convertible Notes will mature on May 15, 2026, unless earlier converted, redeemed, or repurchased, in accordance with their terms.
As of September 30, 2025, the conversion rate of the 2026 Convertible Notes was 6.2482 shares of the Company's common stock per $1,000 principal amount of the 2026 Convertible Notes. The conversion rate of the 2026 Convertible Notes is subject to further adjustment upon the occurrence of certain specified events. In addition, upon the occurrence of a make-whole fundamental change (as defined in the 2026 Notes Indenture) or upon a notice of redemption, the Company will, in certain circumstances, increase the conversion rate for a holder that elects to convert its 2026 Convertible Notes in connection with such make-whole fundamental change or notice of redemption, as the case may be.
Prior to the close of business on the business day immediately preceding January 15, 2026, the 2026 Convertible Notes are convertible at the option of the holders only under certain circumstances as set forth in the 2026 Notes Indenture. On or after January 15, 2026, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their 2026 Convertible Notes at any time. Upon conversion, the Company will pay cash up to the aggregate principal amount of the 2026 Convertible Notes to be converted and pay or deliver, as the case may be, cash, shares of the Company's common stock, or a combination of cash and shares of the Company's common stock, at the Company's election, in respect of the remainder, if any, of the Company's conversion obligation in excess of the aggregate principal amount of the 2026 Convertible Notes being converted.
Beginning on May 20, 2024, the Company may redeem for cash all or any portion of the 2026 Convertible Notes, at the Company's option, if the last reported sale price of the Company's common stock has been at least 130 percent of the conversion price then in effect for at least 20 trading days (whether or not consecutive) during any 30 consecutive trading day period (including the last trading day of such period) ending on, and including, the trading day immediately preceding the date on which the Company provides notice of redemption at a redemption price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. Upon the occurrence of a fundamental change (as defined in the 2026 Notes Indenture), subject to certain conditions, holders of the 2026 Convertible Notes may require the Company to repurchase for cash all or any portion of their 2026 Convertible Notes in principal amounts of $1,000 or an integral multiple thereof at a repurchase price equal to 100 percent of the principal amount of the 2026 Convertible Notes to be repurchased, plus accrued and unpaid interest on such 2026 Convertible Notes to, but not including, the fundamental change repurchase date (as defined in the 2026 Notes Indenture).
20

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The 2026 Convertible Notes are senior unsecured obligations and rank senior in right of payment to all of the Company's indebtedness that is expressly subordinated in right of payment to the 2026 Convertible Notes, equal in right of payment with all the Company's liabilities that are not so subordinated, effectively junior to any of the Company's secured indebtedness to the extent of the value of the assets securing such indebtedness, and structurally junior to all indebtedness and other liabilities (including trade payables) of the Company's subsidiaries. The 2026 Notes Indenture contains customary terms and covenants, including that upon certain events of default occurring and continuing, either the named trustee or the holders of at least 25 percent of the aggregate principal amount of the outstanding 2026 Convertible Notes may declare 100 percent of the principal of, and accrued and unpaid interest, if any, on all the outstanding 2026 Convertible Notes to be due and payable.
The 2026 Convertible Notes are not registered securities nor listed on any securities exchange but may be actively traded by qualified institutional buyers. The fair value of the 2026 Convertible Notes of $90.0 million at September 30, 2025 was estimated using Level 1 inputs, as it is based on quoted prices for these instruments in active markets.
On March 14, 2025, the Company settled certain separate, privately negotiated transactions (the "2026 Convertible Note Repurchases") with certain holders of the 2026 Convertible Notes to repurchase $368.0 million aggregate principal amount of the 2026 Convertible Notes using $370.3 million of the net proceeds received from the issuance of the 2030 Convertible Notes. In connection with the 2026 Convertible Note Repurchases, the Company recorded a loss on extinguishment of debt of $6.2 million. Concurrently with the 2026 Convertible Note Repurchases, the Company entered into agreements to terminate a proportionate amount of the 2026 Warrants and the 2026 Convertible Note Hedge Transactions, which resulted in net proceeds to the Company of $1.4 million.
9. LEASES
The Company leases certain manufacturing and warehouse facilities, administrative office space, semi-tractors, trailers, forklifts, and other equipment through operating leases with unrelated third parties. The components of lease expense were as follows:

| Three Months Ended September 30, |  | Nine Months Ended September 30, |  |
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024 |  |  |  |
Operating lease expense | $ | 17,819 |  |  | $ | 16,267 |  |  | $ | 52,444 |  |  | $ | 48,117 |  |  |  |  |
Short-term lease expense | 705 |  |  | 845 |  |  | 2,278 |  |  | 2,796 |  |  |  |  |
Variable lease expense | 952 |  |  | 976 |  |  | 2,895 |  |  | 3,139 |  |  |  |  |
Total lease expense | $ | 19,476 |  |  | $ | 18,088 |  |  | $ | 57,617 |  |  | $ | 54,052 |  |  |  |  |

10. COMMITMENTS AND CONTINGENCIES
Holdback Payments and Contingent Consideration
From time to time, the Company finances a portion of its business combinations with deferred acquisition payments ("holdback payments") and/or contingent earnout provisions. Holdback payments are accrued at their discounted present value. As required, the liability for contingent consideration is measured at fair value quarterly, considering actual sales of the acquired products, updated sales projections, and the updated market participant weighted average cost of capital. Depending upon the weighted average costs of capital and future sales of the products which are subject to contingent consideration, the Company could record adjustments in future periods. Holdback payment and contingent consideration balances were not material at September 30, 2025.
Product Recalls
From time to time, the Company cooperates with, and assists its customers on, their product recalls and inquiries, and occasionally receives inquiries directly from the National Highway Traffic Safety Administration regarding reported incidents involving the Company’s products. As a result, the Company has incurred expenses associated with product recalls from time to time and may incur expenditures for future investigations or product recalls. Product recall reserves were not material at September 30, 2025.
21

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
Environmental
The Company's operations are subject to certain Federal, state, and local regulatory requirements relating to the use, storage, discharge, and disposal of hazardous materials used during the manufacturing processes. Although the Company believes its operations have been consistent with prevailing industry standards and are in substantial compliance with applicable environmental laws and regulations, one or more of the Company’s current or former operating sites, or adjacent sites owned by third-parties, have been affected, and may in the future be affected, by releases of hazardous materials. As a result, the Company may incur expenditures for future investigation and remediation of these sites, including in conjunction with voluntary remediation programs or third-party claims. Environmental reserves were not material at September 30, 2025.
Litigation
In the normal course of business, the Company is subject to proceedings, lawsuits, regulatory agency inquiries, and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, management believes that, after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2025, would not be material to the Company's financial position or results of operations.
11. STOCKHOLDERS' EQUITY
The following table summarizes information about shares of the Company's common stock at:

| September 30, |  | December 31,
(In thousands) | 2025 |  |  |  | 2024
Common stock authorized | 75,000 |  |  |  |  | 75,000 |
Common stock issued | 28,905 |  |  |  |  | 28,804 |
Treasury stock | 4,707 |  |  |  |  | 3,341 |
Common stock outstanding | 24,198 |  |  |  |  | 25,463 |

The table below summarizes the regular quarterly dividends declared and paid during the periods ended September 30, 2025 and December 31, 2024:

(In thousands, except per share data) | Per Share |  | Record Date |  | Payment Date |  | Total Paid
First Quarter 2024 | $ | 1.05 |  |  | 03/08/24 |  | 03/22/24 |  | $ | 26,721 |
Second Quarter 2024 | 1.05 |  |  | 05/31/24 |  | 06/14/24 |  | 26,734 |
Third Quarter 2024 | 1.05 |  |  | 08/30/24 |  | 09/13/24 |  | 26,736 |
Fourth Quarter 2024 | 1.15 |  |  | 11/29/24 |  | 12/13/24 |  | 29,280 |
Total 2024 | $ | 4.30 |  |  |  |  |  |  | $ | 109,471 |
First Quarter 2025 | $ | 1.15 |  |  | 03/07/25 |  | 03/21/25 |  | $ | 29,352 |
Second Quarter 2025 | 1.15 |  |  | 05/30/25 |  | 06/13/25 |  | 29,036 |
Third Quarter 2025 | 1.15 |  |  | 08/29/25 |  | 09/12/25 |  | 27,827 |
Total 2025 | $ | 3.45 |  |  |  |  |  |  | $ | 86,215 |

Deferred and Restricted Stock Units
The LCI Industries 2018 Omnibus Incentive Plan (the "2018 Plan") provides for the grant or issuance of stock units, including those that have deferral periods, such as deferred stock units ("DSUs"), and those with time-based vesting provisions, such as restricted stock units ("RSUs"), to directors, employees, and other eligible persons. Recipients of DSUs and RSUs are entitled to receive shares at the end of a specified vesting or deferral period. Holders of DSUs and RSUs receive dividend equivalents based on dividends granted to holders of the common stock, which dividend equivalents are payable in additional
22

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
DSUs and RSUs, and are subject to the same vesting criteria as the original grant. DSUs vest (i) ratably over the service period, (ii) at a specified future date, or (iii) for certain officers, based on achievement of specified performance conditions. RSUs vest (i) ratably over the service period or (ii) at a specified future date. In addition, DSUs are issued in lieu of certain cash compensation. Transactions in DSUs and RSUs under the 2018 Plan are summarized as follows:

| Number of Shares |  | Weighted Average Price
Outstanding at December 31, 2024 | 301,477 |  |  | $ | 119.84 |
Issued | 1,076 |  |  | 90.31 |
Granted | 166,460 |  |  | 102.30 |
Dividend equivalents | 12,146 |  |  | 91.83 |
Forfeited | (5,031) |  |  | 114.39 |
Vested | (152,400) |  |  | 118.77 |
Outstanding at September 30, 2025 | 323,728 |  |  | $ | 110.75 |

Performance Stock Units
The 2018 Plan provides for performance stock units ("PSUs") that vest at a specific future date based on achievement of specified performance conditions. Transactions in PSUs under the 2018 Plan are summarized as follows:

| Number of Shares |  | Weighted Average Price
Outstanding at December 31, 2024 | 245,878 |  |  | $ | 120.26 |
Granted | 79,688 |  |  | 103.49
Dividend equivalents | 9,455 |  |  | 91.89
Forfeited | (76,651) |  |  | 122.07
Outstanding at September 30, 2025 | 258,370 |  |  | $ | 114.33 |

Stock Repurchase Programs
In May 2022, the Company's Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") granting the Company authority to repurchase up to $200.0 million of the Company's common stock over a three-year period, which ended on May 19, 2025. The timing of stock repurchases, and the number of shares, were dependent upon market conditions and other factors. Share repurchases could be made in the open market and/or in privately negotiated transactions in accordance with applicable securities laws. The stock repurchase program was subject to modification, suspension, or termination at any time by the Board of Directors. In March 2025, the Company purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million, including excise tax, under the 2022 Share Repurchase Program. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were purchased under the 2022 Share Repurchase Program in the nine months ended September 30, 2024.
In May 2025, the Company's Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of the Company's common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases, and the number of shares, will depend upon market conditions and other factors. Share repurchases, if any, will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Securities Act of 1934, as amended (the "Exchange Act"), and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods. The stock repurchase program may be modified, suspended, or terminated at any time by the Board of Directors.
On June 11, 2025, the Company entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of common stock (excluding excise tax), subject to certain parameters. Under this Rule 10b5-1 trading plan, the Company purchased 1,057,667 shares at a weighted average price of $94.55 per share totaling $101.0 million, including excise tax, during the nine months ended September 30, 2025. As of September 30, 2025, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.
23

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
12. SEGMENT REPORTING
The Company has two reportable segments, the OEM Segment and the Aftermarket Segment. Intersegment sales are insignificant.
The OEM Segment, which accounted for 77 percent and 76 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively, manufactures and distributes a broad array of highly engineered components for the leading OEMs in the recreation and transportation markets, consisting of RVs and adjacent industries, including boats; buses; trailers used to haul boats, livestock, equipment, and other cargo; trucks; trains; manufactured homes; and modular housing. Approximately 54 percent of the Company's OEM Segment net sales for the nine months ended September 30, 2025 were of components for travel trailer and fifth-wheel RVs.
The Aftermarket Segment, which accounted for 23 percent and 24 percent of consolidated net sales for the nine months ended September 30, 2025 and 2024, respectively, supplies engineered components to the related aftermarket channels of the recreation and transportation markets, primarily to retail dealers, wholesale distributors, and service centers, as well as directly to retail customers via the Internet. The Aftermarket Segment also includes biminis, covers, buoys, and fenders to the marine industry, towing products, truck accessories, appliances, air conditioners, televisions, sound systems, tankless water heaters, and the sale of replacement glass and awnings to fulfill insurance claims.
The Company's chief operating decision maker ("CODM") is its President and Chief Executive Officer. The decisions concerning the allocation of the Company's resources are made by the CODM with oversight by the Board of Directors. The CODM evaluates the performance of each segment and makes decisions concerning the allocation of resources based upon segment operating profit, generally defined as income before interest expense and income taxes. Segment assets are not reviewed by the CODM and therefore are not disclosed below. Management of debt is a corporate function. The accounting policies of the OEM and Aftermarket Segments are the same as those described in Note 2 of the Notes to Consolidated Financial Statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
The following tables present the Company's revenues disaggregated by segment and geography based on the billing address of the Company's customers:

| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(In thousands) | U.S. (a) |  | Int’l (b) |  | Total |  | U.S. (a) |  | Int’l (b) |  | Total
OEM Segment: |  |  |  |  |  |  |  |  |  |  |
RV OEMs: |  |  |  |  |  |  |  |  |  |  |
Travel trailers and fifth-wheels | $ | 408,650 |  |  | $ | 3,822 |  |  | $ | 412,472 |  |  | $ | 363,746 |  |  | $ | 5,466 |  |  | $ | 369,212 |
Motorhomes | 36,949 |  |  | 20,686 |  |  | 57,635 |  |  | 30,749 |  |  | 22,051 |  |  | 52,800 |
Adjacent Industries OEMs | 275,216 |  |  | 44,700 |  |  | 319,916 |  |  | 219,200 |  |  | 43,249 |  |  | 262,449 |
Total OEM Segment net sales | 720,815 |  |  | 69,208 |  |  | 790,023 |  |  | 613,695 |  |  | 70,766 |  |  | 684,461 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 225,036 |  |  | 21,418 |  |  | 246,454 |  |  | 211,490 |  |  | 19,546 |  |  | 231,036 |
Total net sales | $ | 945,851 |  |  | $ | 90,626 |  |  | $ | 1,036,477 |  |  | $ | 825,185 |  |  | $ | 90,312 |  |  | $ | 915,497 |

24

LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)

| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(In thousands) | U.S. (a) |  | Int’l (b) |  | Total |  | U.S. (a) |  | Int’l (b) |  | Total
OEM Segment: |  |  |  |  |  |  |  |  |  |  |
RV OEMs: |  |  |  |  |  |  |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,312,208 |  |  | $ | 13,384 |  |  | $ | 1,325,592 |  |  | $ | 1,162,855 |  |  | $ | 23,469 |  |  | $ | 1,186,324 |
Motorhomes | 109,652 |  |  | 68,963 |  |  | 178,615 |  |  | 103,642 |  |  | 81,616 |  |  | 185,258 |
Adjacent Industries OEMs | 806,696 |  |  | 142,234 |  |  | 948,930 |  |  | 722,491 |  |  | 144,824 |  |  | 867,315 |
Total OEM Segment net sales | 2,228,556 |  |  | 224,581 |  |  | 2,453,137 |  |  | 1,988,988 |  |  | 249,909 |  |  | 2,238,897 |
Aftermarket Segment: |  |  |  |  |  |  |  |  |  |  |
Total Aftermarket Segment net sales | 668,051 |  |  | 68,129 |  |  | 736,180 |  |  | 636,410 |  |  | 62,763 |  |  | 699,173 |
Total net sales | $ | 2,896,607 |  |  | $ | 292,710 |  |  | $ | 3,189,317 |  |  | $ | 2,625,398 |  |  | $ | 312,672 |  |  | $ | 2,938,070 |

(a) Net sales to customers in the United States of America
(b) Net sales to customers domiciled in countries outside of the United States of America
Corporate expenses are allocated between the segments based upon net sales. Accretion related to contingent consideration and other non-segment items are included in the segment to which they relate. Information relating to segments follows:

| Three Months Ended September 30, 2025 |  | Three Months Ended September 30, 2024
(In thousands) | OEM |  | Aftermarket |  | Total |  | OEM |  | Aftermarket |  | Total
Net sales to external customers | $ | 790,023 |  |  | $ | 246,454 |  |  | $ | 1,036,477 |  |  | $ | 684,461 |  |  | $ | 231,036 |  |  | $ | 915,497 |
Cost of sales | 626,190 |  |  | 157,674 |  |  | 783,864 |  |  | 551,922 |  |  | 143,617 |  |  | 695,539 |
Gross profit | 163,833 |  |  | 88,780 |  |  | 252,613 |  |  | 132,539 |  |  | 87,419 |  |  | 219,958 |
Selling, general and administrative expenses | 120,263 |  |  | 56,911 |  |  | 177,174 |  |  | 110,714 |  |  | 55,356 |  |  | 166,070 |
Operating profit | $ | 43,570 |  |  | $ | 31,869 |  |  | $ | 75,439 |  |  | $ | 21,825 |  |  | $ | 32,063 |  |  | $ | 53,888 |
| Nine Months Ended September 30, 2025 |  | Nine Months Ended September 30, 2024
(In thousands) | OEM |  | Aftermarket |  | Total |  | OEM |  | Aftermarket |  | Total
Net sales to external customers | $ | 2,453,137 |  |  | $ | 736,180 |  |  | $ | 3,189,317 |  |  | $ | 2,238,897 |  |  | $ | 699,173 |  |  | $ | 2,938,070 |
Cost of sales | 1,938,092 |  |  | 476,842 |  |  | 2,414,934 |  |  | 1,789,236 |  |  | 438,525 |  |  | 2,227,761 |
Gross profit | 515,045 |  |  | 259,338 |  |  | 774,383 |  |  | 449,661 |  |  | 260,648 |  |  | 710,309 |
Selling, general and administrative expenses | 357,818 |  |  | 172,005 |  |  | 529,823 |  |  | 344,438 |  |  | 163,768 |  |  | 508,206 |
Operating profit | $ | 157,227 |  |  | $ | 87,333 |  |  | $ | 244,560 |  |  | $ | 105,223 |  |  | $ | 96,880 |  |  | $ | 202,103 |

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LCI INDUSTRIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
The following table presents the Company's revenue disaggregated by product:

| Three Months Ended September 30, |  | Nine Months Ended September 30,
(In thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
OEM Segment: |  |  |  |  |  |  |
Chassis, chassis parts, and slide-out mechanisms | $ | 215,888 |  |  | $ | 196,175 |  |  | $ | 689,350 |  |  | $ | 638,248 |
Windows and doors | 219,342 |  |  | 203,735 |  |  | 674,114 |  |  | 650,314 |
Furniture and mattresses | 136,937 |  |  | 98,072 |  |  | 381,026 |  |  | 314,241 |
Axles, ABS, and suspension solutions | 72,093 |  |  | 68,750 |  |  | 254,621 |  |  | 243,319 |
Appliances | 75,067 |  |  | 59,325 |  |  | 240,158 |  |  | 199,941 |
Other | 70,696 |  |  | 58,404 |  |  | 213,868 |  |  | 192,834 |
Total OEM Segment net sales | 790,023 |  |  | 684,461 |  |  | 2,453,137 |  |  | 2,238,897 |
Total Aftermarket Segment net sales | 246,454 |  |  | 231,036 |  |  | 736,180 |  |  | 699,173 |
Total net sales | $ | 1,036,477 |  |  | $ | 915,497 |  |  | $ | 3,189,317 |  |  | $ | 2,938,070 |

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LCI INDUSTRIES
ITEM 2 – MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with the Company's Condensed Consolidated Financial Statements and Notes thereto included in Item 1 of Part I of this report, as well as the Company's Annual Report on Form 10-K for the year ended December 31, 2024.
LCI Industries ("LCII" and collectively with its subsidiaries, the "Company," the "Registrant," "we," "us," or "our"), through its wholly-owned subsidiary, Lippert Components, Inc. and its subsidiaries (collectively, "Lippert Components," "LCI," or "Lippert"), is a global leader in supplying engineered components to the outdoor recreation, transportation, and building products industries. In addition to serving original equipment manufacturers ("OEMs"), we also cater to aftermarket needs, selling through retail dealers, wholesale distributors, and service centers, as well as directly to consumers online.
Our diverse portfolio of innovative and high-quality products includes:
•Chassis & Suspension Solutions: Steel chassis, axles, anti-lock braking systems ("ABS"), suspension systems, and stabilizer/leveling systems (manual, electric, and hydraulic)
•Outdoor Living Systems: Awnings, slide-out mechanisms, and accessories
•Windows, Doors & Steps: Vinyl, aluminum, and frameless windows; entry, luggage, patio, and ramp doors; and electric and manual entry steps
•Interior & Appliance Solutions: Thermoformed bath and kitchen products, furniture, mattresses, tankless water heaters, air conditioners, appliances, electronic components, televisions, and sound systems
•Towing & Truck Accessories: Hitches, pin boxes, grill guards, towing electrical, and towing and truck accessories
At September 30, 2025, we operated over 100 manufacturing and distribution facilities located throughout North America and Europe, supporting key industries such as recreational vehicles ("RVs"), marine products, utility trailers, transportation, and residential and commercial construction industries. Our core manufacturing competencies include:

•Metal fabrication and welding | •Power and motion systems
•Lamination | •Electronics
•Glass fabrication | •Plastics forming
•Cut and sew |

We operate in two primary segments: OEM and Aftermarket. Together, these segments leverage our manufacturing competencies, leadership expertise, customer relationships, and market insights to drive efficiencies and innovation that enable us to maintain a leadership position in the RV market while continuing to expand in adjacent industries and aftermarket channels. Intersegment sales are insignificant. See Note 12 of the Notes to Condensed Consolidated Financial Statements for further information regarding our segments.
OEM Segment: Our OEM Segment services leading OEMs in recreation, transportation, and housing markets. Our strategically located manufacturing and distribution facilities across North America and Europe provide efficient service to OEMs. Key markets served by our OEM Segment include RVs and Adjacent Industries.
Aftermarket Segment: Our Aftermarket Segment enhances the product lifecycle for the recreation and transportation markets by offering discretionary accessories, replacement parts, and upgrades. This approach drives additional revenue, deepens customer engagement, and leverages our OEM expertise. Products are sold through retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer sales through online platforms.
Diversification Strategy: Over the past several years, we have diversified our portfolio beyond the RV OEM market into marine, building products, transportation, international, and aftermarket sectors. Leveraging our manufacturing competencies in other industries can accelerate profitable growth and help to mitigate seasonal and cyclical market risk. For example, within our Aftermarket Segment, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain sales within this segment to be counter-seasonal.
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
Most industries where we sell products, or where our products are used, historically have been seasonal and are generally at the highest levels when the weather is moderate. Accordingly, our sales and profits have generally been the highest in the second quarter and lowest in the fourth quarter. However, because of fluctuations in dealer inventories, the impact of international, national, and regional economic conditions, consumer confidence on retail sales of RVs and other products for which we sell our components, the timing of dealer orders, and the impact of severe weather conditions on the timing of industry-wide shipments from time to time, current and future seasonal industry trends have been, and may in the future be, different than in prior years. Additionally, many of the optional upgrades and non-critical replacement parts for RVs are purchased outside the normal product selling season, thereby causing certain Aftermarket Segment sales to be counter-seasonal.
Negative conditions in the general economy in the United States or abroad, including conditions resulting from financial and credit market fluctuations, elevated inflation and interest rates, changes in economic policy, trade uncertainty, including changes in tariffs, sanctions, international treaties, and other trade restrictions, geopolitical tensions, armed conflicts, natural disasters, or global public health crises, have negatively impacted, and could continue to negatively impact, the Company’s business, liquidity, financial condition, and results of operations.
We were able to fully mitigate the impact of tariffs in the third quarter of 2025 through a combination of materials sourcing strategies and targeted sales price increases.
INDUSTRY BACKGROUND
OEM Segment - North American Recreational Vehicle Industry: RVs are designed as temporary living quarters for recreational, camping, travel, or seasonal use. They can be either motorized, such as motorhomes, or towable, including travel trailers, fifth-wheel trailers, folding camping trailers, and truck campers. The RV industry generally follows a predictable annual sales cycle that starts after the annual fall "Open House" in Elkhart, Indiana:
•October - March: Dealers build inventory, leading wholesale shipments to historically outpace retail sales.
•April - September: Retail sales typically exceed wholesale shipments, driven by spring and summer demand.
According to the Recreation Vehicle Industry Association ("RVIA"), industry-wide wholesale shipments from the United States of travel trailer and fifth-wheel RVs, our primary RV market, increased 4 percent to 233,500 units in the first nine months of 2025, compared to the same period in 2024. Retail demand for travel trailer and fifth-wheel RVs of 252,200 units in the first nine months of 2025 was consistent with retail demand of 252,300 units in the same period in 2024. Retail registration data is often revised upward in subsequent months due to reporting delays.
While we track our OEM Segment RV sales against wholesale shipment statistics, the health of the RV industry is ultimately determined by retail demand. The table below highlights trends in wholesale shipments, retail sales, and dealer inventory adjustments for travel trailers and fifth-wheel RVs, as reported by Statistical Surveys, Inc. ("Statistical Surveys").

|  |  |  |  |  |  |  |  | Estimated
| Wholesale |  | Retail |  | Unit Impact on
| Units |  | Change |  | Units |  | Change |  | Dealer Inventories
Quarter ended September 30, 2025 | 65,700 |  |  | (4)% |  | 88,900 |  |  | 1% |  | (23,200)
Quarter ended June 30, 2025 | 81,400 |  |  | (1)% |  | 100,700 |  |  | 2% |  | (19,300)
Quarter ended March 31, 2025 | 86,400 |  |  | 18% |  | 62,600 |  |  | (4)% |  | 23,800
Quarter ended December 31, 2024 | 67,700 |  |  | 7% |  | 55,400 |  |  | 3% |  | 12,300
Twelve months ended September 30, 2025 | 301,200 |  |  | 5% |  | 307,600 |  |  | 1% |  | (6,400)

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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)

|  |  |  |  |  |  |  |  | Estimated
| Wholesale |  | Retail |  | Unit Impact on
| Units |  | Change |  | Units |  | Change |  | Dealer Inventories
Quarter ended September 30, 2024 | 68,500 |  |  | 11% |  | 87,800 |  |  | (5)% |  | (19,300)
Quarter ended June 30, 2024 | 82,000 |  |  | 15% |  | 99,100 |  |  | (9)% |  | (17,100)
Quarter ended March 31, 2024 | 73,400 |  |  | 17% |  | 65,400 |  |  | (9)% |  | 8,000
Quarter ended December 31, 2023 | 63,400 |  |  | 2% |  | 53,700 |  |  | (9)% |  | 9,700
Twelve months ended September 30, 2024 | 287,300 |  |  | 11% |  | 306,000 |  |  | (8)% |  | (18,700)

According to the RVIA, industry-wide wholesale shipments of motorhome RVs in the first nine months of 2025 increased 3 percent to 27,600 units compared to the first nine months of 2024. Retail demand for motorhome RVs in the first nine months of 2025 decreased 7 percent to 29,700 units compared to the same period of 2024. Retail demand has declined from post-pandemic elevated levels, primarily driven by inflation and higher interest rates impacting retail consumer discretionary spending.
OEM Segment - Adjacent Industries: Our expertise in RV components extends to adjacent industries, including boats, buses, trailers, trucks, trains, manufactured homes, and modular housing. These adjacent industries offer significant growth opportunities, including by helping us leverage our established relationships with OEMs that often operate in multiple sectors. While the potential content per unit we may supply to adjacent industries varies across these markets, and is different than RVs, they represent meaningful diversification opportunities.
Aftermarket Segment: Our Aftermarket Segment enhances the product lifecycle for the recreation and transportation markets by offering discretionary accessories, replacement parts, and upgrades through various channels, including retail dealers, wholesale distributors, and service centers, as well as direct-to-consumer platforms. These products support recreation and transportation markets, addressing both routine maintenance needs and customer-driven enhancements.
We also provide comprehensive customer support through multiple customer care centers, offering rapid responses to inquiries related to technical support, product delivery, and critical repair, designed to minimize consumer downtime. Dedicated teams deliver product, technical, and installation training, as well as marketing assistance, to enhance customer engagement and satisfaction.
Aftermarket offerings span a diverse product portfolio, including:
•Marine Products: Biminis, covers, buoys, and fenders.
•Recreation and Transportation Accessories: Towing products, truck accessories, replacement glass, and awnings.
•Core Systems: Appliances, air conditioners, televisions, sound systems, and tankless water heaters.
Aftermarket sales are influenced by seasonal trends, with many non-critical upgrades and replacement parts purchased outside peak selling periods, creating certain counter-seasonal demand.
The U.S. RV ownership base, which reached a record 8.1 million households in 2025 according to the RVIA, drives robust demand for aftermarket products. Owners seek to enhance and maintain their units, replacing components that experience normal wear and tear. This vibrant and growing market represents a key driver of our Aftermarket Segment’s performance.
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ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
RESULTS OF OPERATIONS
Consolidated Highlights
•Consolidated net sales in the third quarter of 2025 were $1,036.5 million, an increase of 13.2 percent, from $915.5 million in the same period of 2024. The increase was primarily due to sales price increases related to material costs, sales from acquired businesses, and higher North American RV sales driven by market share gains and an increased mix of higher content fifth-wheel units. Net sales from acquisitions completed in the twelve months ended September 30, 2025, primarily Freedman Seating and Trans/Air Manufacturing, contributed approximately $41.9 million in the third quarter of 2025.
•Net income for the third quarter of 2025 was $62.5 million, or $2.55 per diluted share, compared to net income of $35.6 million, or $1.39 per diluted share, for the same period of 2024. Net income for the third quarter of 2025 includes the gain on sale of real estate of $19.7 million, from the sale of two facilities as part of our footprint optimization efforts.
•Consolidated operating profit during the third quarter of 2025 was $75.4 million, compared to $53.9 million in the same period of 2024. Operating profit margin was 7.3 percent in the third quarter of 2025 compared to 5.9 percent in the same period of 2024. The increase was primarily due to reduced costs from materials sourcing strategies and leveraging of fixed expenses over higher North American RV sales volumes related to market share gains and increased mix of higher content fifth-wheel units.
•Tariff mitigation strategy of diversifying our supply chain, with help from vendors and other sourcing strategies, enabled us to minimize the impact of pricing to our customers as well as support profitability.
•In the third quarter of 2025, we returned an aggregate of $90.0 million to shareholders, including through share repurchases of $62.2 million and a quarterly dividend of $1.15 per share, aggregating $27.8 million.
OEM Segment - Third Quarter
Net sales of the OEM Segment in the third quarter of 2025 increased by $105.6 million, compared to the same period of 2024. Net sales of components to OEMs were to the following markets for the three months ended September 30:

(In thousands) | 2025 |  | 2024 |  | Change
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 412,472 |  |  | $ | 369,212 |  |  | 12 | %
Motorhomes | 57,635 |  |  | 52,800 |  |  | 9 | %
Adjacent Industries OEMs | 319,916 |  |  | 262,449 |  |  | 22 | %
Total OEM Segment net sales | $ | 790,023 |  |  | $ | 684,461 |  |  | 15 | %

According to the RVIA, industry-wide wholesale unit shipments for the three months ended September 30 were:

| 2025 |  | 2024 |  | Change
Travel trailer and fifth-wheels | 65,700 |  |  | 68,500 |  |  | (4) | %
Motorhomes | 8,900 |  |  | 7,700 |  |  | 16 | %

The trend in our average product content per RV produced is an indicator of our overall market share of components for new RVs. Our average product content per type of RV, calculated based upon our net sales of components to domestic RV OEMs for the different types of RVs produced for the twelve months ended September 30, divided by the industry-wide wholesale shipments of the different product mix of RVs for the same period, was:

Content per: | 2025 |  | 2024 |  | Change
Travel trailer and fifth-wheel | $ | 5,431 |  |  | $ | 5,147 |  |  | 6 | %
Motorhome | $ | 3,839 |  |  | $ | 3,768 |  |  | 2 | %

Our average product content per type of RV excludes international sales and sales to the Aftermarket Segment and Adjacent Industries. Content per RV is impacted by changes in selling prices for our products, market share gains, changes in unit mix and acquisitions. For the twelve months ended September 30, 2025, travel trailer and fifth-wheel RV content increased
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
5.5 percent year-over year due to market share gains, an increase in RV mix toward higher content fifth-wheel units, and sales price increases related to material costs, partially offset by shipments exceeding units produced.
Our increase in net sales to RV OEMs during the third quarter of 2025 was primarily driven by sales price increases related to materials costs, an increase in RV sales mix toward higher content fifth-wheel units, market share gains and an increase in North American motorhome RV unit shipments, partially offset by volume decreases in the European RV market.
Our increase in net sales to OEMs in Adjacent Industries during the third quarter of 2025 was primarily due to sales from acquired businesses and higher sales to North American utility trailer and marine OEMs.
Operating profit of the OEM Segment was $43.6 million in the third quarter of 2025, an increase of $21.7 million compared to the same period of 2024. The operating profit margin of the OEM Segment increased to 5.5 percent in the third quarter of 2025, compared to 3.2 percent for the same period of 2024, and was positively impacted by:
•Increases in selling prices for targeted products primarily related to increased material costs, which positively impacted operating profit by $32.1 million compared to the same period in 2024.
•Reduced costs from materials sourcing strategies, which increased operating profit by $10.8 million compared to the same period in 2024.
•The impact of fixed costs spread over increased sales, which increased operating profit by $3.8 million related to fixed production overhead costs and $3.6 million related to fixed selling, general, and administrative costs.
•Increases in production labor efficiencies, which positively impacted operating profit by $2.7 million compared to the same period in 2024.
Partially offset by:
•Higher material costs related to tariffs and higher steel, aluminum and freight costs, which negatively impacted operating profit by $30.2 million compared to the same period in 2024.
Amortization expense on intangible assets for the OEM Segment was $9.9 million in the third quarter of 2025, compared to $10.0 million in the same period of 2024. Depreciation expense on fixed assets for the OEM Segment was $12.0 million in the third quarter of 2025, compared to $13.3 million in the same period of 2024.
OEM Segment – Year to Date
Net sales of the OEM Segment in the first nine months of 2025 increased by $214.2 million, compared to the same period of 2024. Net sales of components to OEMs were to the following markets for the nine months ended September 30:

(In thousands) | 2025 |  | 2024 |  | Change
RV OEMs: |  |  |  |  |
Travel trailers and fifth-wheels | $ | 1,325,592 |  |  | $ | 1,186,324 |  |  | 12 | %
Motorhomes | 178,615 |  |  | 185,258 |  |  | (4) | %
Adjacent Industries OEMs | 948,930 |  |  | 867,315 |  |  | 9 | %
Total OEM Segment net sales | $ | 2,453,137 |  |  | $ | 2,238,897 |  |  | 10 | %

According to the RVIA, industry-wide wholesale unit shipments for the nine months ended September 30 were:

| 2025 |  | 2024 |  | Change
Travel trailer and fifth-wheel RVs | 233,500 |  |  | 223,900 |  |  | 4 | %
Motorhomes | 27,600 |  |  | 26,900 |  |  | 3 | %

Our increase in net sales to RV OEMs during the first nine months of 2025 was primarily driven by a 4.3 percent increase in North American wholesale shipments, sales price increases related to materials costs, an increase in RV sales mix toward higher content fifth-wheel units and market share gains, partially offset by volume decreases in the European RV market.
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
Our increase in net sales to OEMs in Adjacent Industries during the first nine months of 2025 was primarily due to sales from acquired businesses and higher sales to North American utility trailer OEMs.
Operating profit of the OEM Segment was $157.2 million in the first nine months of 2025, an increase of $52.0 million compared to the same period of 2024. The operating profit margin of the OEM Segment increased to 6.4 percent in the first nine months of 2025, compared to 4.7 percent for the same period in 2024, and was positively impacted by:
•Increases in selling prices primarily related to increased material costs, which positively impacted operating profit by $40.5 million compared to the same period in 2024.
•Reduced costs from materials sourcing strategies, which increased operating profit by $31.3 million compared to the same period in 2024.
•The impact of fixed costs spread over increased sales, which increased operating profit by $10.1 million related to fixed production overhead costs and $9.0 million related to fixed selling, general, and administrative costs.
•Increases in production labor efficiencies, which positively impacted operating profit by $10.1 million compared to the same period in 2024.
Partially offset by:
•Higher material costs related to tariffs and higher freight costs, which negatively impacted operating profit by $40.5 million compared to the same period in 2024.
•Changes in product sales mix toward lower margin products, which negatively impacted operating profit by $4.4 million compared to the same period in 2024.
Amortization expense on intangible assets for the OEM Segment was $28.7 million in the first nine months of 2025, compared to $30.4 million in the same period of 2024. Depreciation expense on fixed assets for the OEM Segment was $36.5 million in the first nine months of 2025, compared to $41.0 million in the same period of 2024.
Aftermarket Segment - Third Quarter
Net sales of the Aftermarket Segment in the third quarter of 2025 increased by $15.4 million, compared to the same period of 2024. Net sales of components in the Aftermarket Segment were as follows for the three months ended September 30:

(In thousands) | 2025 |  | 2024 |  | Change
Total Aftermarket Segment net sales | $ | 246,454 |  |  | $ | 231,036 |  |  | 7 | %

Our net sales of the Aftermarket Segment for the third quarter of 2025 increased compared to the same period in 2024, primarily driven by product innovations, increased demand for our upgrade and service parts as more units enter the upgrade and repair cycle, and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket.
Operating profit of the Aftermarket Segment was $31.9 million in the third quarter of 2025, a decrease of $0.2 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 12.9 percent in the third quarter of 2025, compared to 13.9 percent in the same period in 2024, and was negatively impacted by:
•Higher material costs related to tariffs and higher steel, aluminum and freight costs, which negatively impacted operating profit by $9.5 million compared to the same period in 2024.
•Decreases in automotive aftermarket production volumes in response to lower retail volumes, which led to reduced utilization of fixed production overhead costs, negatively impacting operating profit by $1.4 million compared to the same period in 2024.
•Investments in capacity, distribution and logistics technology to support continued growth in the Aftermarket Segment, which negatively impacted operating profit by $1.3 million compared to the same period of 2024.
32

LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
Partially offset by:
•Increases in selling prices for targeted products primarily related to increased material costs, which positively impacted operating profit by $8.9 million compared to the same period in 2024.
•Reduced costs from materials sourcing strategies, which increased operating profit by $1.8 million compared to the same period in 2024.
Amortization expense on intangible assets for the Aftermarket Segment was $3.9 million in the third quarter of 2025, consistent with the same period of 2024. Depreciation expense on fixed assets for the Aftermarket Segment was $4.7 million in the third quarter of 2025, compared to $4.1 million in the same period of 2024.
Aftermarket Segment – Year to Date
Net sales of the Aftermarket Segment in the first nine months of 2025 increased by $37.0 million, compared to the same period of 2024. Net sales of components in the Aftermarket Segment were as follows for the nine months ended September 30:

(In thousands) | 2025 |  | 2024 |  | Change
Total Aftermarket Segment net sales | $ | 736,180 |  |  | $ | 699,173 |  |  | 5 | %

Net sales of the Aftermarket Segment increased during the first nine months of 2025, primarily driven by product innovations and the expanding Camping World relationship within the RV aftermarket, partially offset by lower volumes within the automotive aftermarket.
Operating profit of the Aftermarket Segment was $87.3 million in the first nine months of 2025, a decrease of $9.5 million compared to the same period of 2024. The operating profit margin of the Aftermarket Segment was 11.9 percent in the first nine months of 2025, compared to 13.9 percent in the same period in 2024, and was negatively impacted by:
•Higher material costs related to tariffs and higher freight costs which negatively impacted operating profit by $14.2 million compared to the same period in 2024.
•Increases in sales mix toward lower margin products, which negatively impacted operating profit by $6.5 million compared to the same period in 2024.
•Investments in capacity, distribution and logistics technology to support continued growth in the Aftermarket Segment, which negatively impacted operating profit by $3.2 million compared to the same period of 2024.
•Decreases in automotive aftermarket production volumes in response to lower retail volumes, which led to reduced utilization of fixed production overhead costs, negatively impacting operating profit by $2.9 million compared to the same period in 2024.
•Increases in customer promotions and rebates, which negatively impacted operating profit by $1.1 million compared to the same period in 2024.
Partially offset by:
•Increases in selling prices for targeted products primarily related to increased material costs, which positively impacted operating profit by $10.4 million compared to the same period in 2024.
•Reduced costs from materials sourcing strategies, which increased operating profit by $6.2 million compared to the same period in 2024.
Amortization expense on intangible assets for the Aftermarket Segment was $11.5 million in the first nine months of 2025, compared to $11.7 million in the same period of 2024. Depreciation expense on fixed assets for the Aftermarket Segment was $13.7 million in the first nine months of 2025, compared to $12.9 million in the same period of 2024.
Interest Expense
Interest expense, net was $26.0 million for the nine months ended September 30, 2025, compared to $23.8 million in the same period of 2024. The increase in net interest expense was primarily due to interest on the 2030 Convertible Notes and higher interest rates on our adjustable rate debt, including the Term Loans (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements) and revolving credit facility. The increase was partially offset by reduced borrowings
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
outstanding on the revolving credit facility and interest income of $5.3 million earned on investments in money market mutual funds for the nine months ended September 30, 2025, compared to $2.8 million in the same period of 2024.
In September 2025, we amended the Credit Agreement (as defined in Note 8 of the Notes to Condensed Consolidated Financial Statements) to reprice the Term Loans, resulting in a quarter point reduction in the applicable margin on our Term Loan borrowings. On a go-foward basis, this reduction in effective interest rates is expected to save approximately $1.0 million in cash interest expense annually based on the outstanding Term Loan principal amount at September 30, 2025.
See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.
Loss on Extinguishment of Debt
In the nine months ended September 30, 2025, we recorded an $8.9 million loss on extinguishment of debt, consisting of $6.2 million in connection with the repurchase of a portion of our 2026 Convertible Notes, $1.9 million related to the repayment of our previous term loan, and $0.8 million related to the repricing amendment for our Term Loans.
Gain on Sale of Real Estate
As part of our footprint optimization efforts, we sold two owned real estate locations during the third quarter of 2025 for combined net cash proceeds of $22.7 million. The sales resulted in a total net gain on the sale of real estate of $19.7 million for the three and nine months ended September 30, 2025.
Income Taxes
The effective tax rate for the nine months ended September 30, 2025 and 2024 was 26.1 percent and 25.2 percent, respectively. The effective tax rate for the nine months ended September 30, 2025 differed from the Federal statutory rate primarily due to state taxes, foreign taxes, and non-deductible expenses, partially offset by Federal and Indiana research and development credits. The increase in the effective tax rate for the nine months ended September 30, 2025 as compared to the same period in 2024 was primarily due to discrete tax expenses related to tax deficiencies on stock-based compensation.
On July 4, 2025, the "One Big Beautiful Bill Act" (the "Act") was enacted in the U.S. The Act includes significant provisions, such as the permanent extension of certain expiring provisions of the Tax Cuts and Jobs Act, modifications to the international tax framework, and the restoration of favorable tax treatment for certain business provisions. The legislation has multiple effective dates, with certain provisions effective in 2025 and others implemented through 2027. While we expect certain provisions of the Act to change the timing of cash tax payments in the current year and future periods, we do not expect the legislation to have a material impact on our consolidated financial statements.
LIQUIDITY AND CAPITAL RESOURCES
Cash Flows
We maintain a level of cash and liquidity sufficient to allow us to meet our cash needs in the short term. Over the long term, we manage our cash and capital structure to maximize shareholder return, maintain our financial condition, and maintain flexibility for our future strategic investments. We continuously assess our capital requirements, working capital needs, debt and leverage levels, debt and lease maturity schedules, capital expenditure requirements, dividends, future investments or acquisitions, and potential share repurchases. We believe our operating cash flows, credit facilities, as well as any potential future borrowings, will be sufficient to fund our future payments and long-term initiatives.
As of September 30, 2025, we had $199.7 million in cash and cash equivalents, and $595.2 million of availability under our revolving credit facility under the Credit Agreement. We also have the ability to request an increase to the revolving and/or incremental term loan facilities by up to an additional $371.0 million in the aggregate upon approval of the lenders providing any such increase and the satisfaction of certain other conditions. See Note 8 of the Notes to Condensed Consolidated Financial Statements for a description of our credit facilities.
We believe the availability under the revolving credit facility under the Credit Agreement, along with our cash flows from operations, are adequate to finance our anticipated cash requirements for the next twelve months.
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
The Condensed Consolidated Statements of Cash Flows reflect the following for the nine months ended September 30:

(In thousands) | 2025 |  | 2024
Net cash flows provided by operating activities | $ | 252,104 |  |  | $ | 263,688 |
Net cash flows used in investing activities | (121,636) |  |  | (50,566) |
Net cash flows used in financing activities | (96,216) |  |  | (117,188) |
Effect of exchange rate changes on cash and cash equivalents | (287) |  |  | (907) |
Net increase in cash and cash equivalents | $ | 33,965 |  |  | $ | 95,027 |

Cash Flows from Operating Activities
Net cash flows provided by operating activities were $252.1 million in the first nine months of 2025, compared to $263.7 million in the first nine months of 2024. The decrease in net cash flows provided by operating activities was primarily due to the net change in assets and liabilities, net of acquired businesses, as it used $39.2 million more cash in the first nine months of 2025 compared to the same period in 2024, partially offset by an increase in net income of $36.2 million. The primary use of cash in net assets was the increase of $145.8 million in accounts receivable due to seasonally higher sales in the first nine months of 2025.
Depreciation and amortization was $90.4 million in the first nine months of 2025, and is expected to be approximately $115 to $125 million for the full year 2025. Non-cash stock-based compensation expense in the first nine months of 2025 was $16.9 million. Non-cash stock-based compensation expense is expected to be approximately $21 to $24 million for the full year 2025.
Cash Flows from Investing Activities
Cash flows used in investing activities of $121.6 million in the first nine months of 2025 were primarily comprised of $103.0 million for the acquisitions of businesses and $38.1 million for capital expenditures, partially offset by proceeds from the sale of real estate of $22.7 million. Cash flows used in investing activities of $50.6 million in the first nine months of 2024 were primarily comprised of $31.4 million for capital expenditures and $20.0 million for the acquisition of a business.
Our capital expenditures are primarily for replacement and growth. Over the long term, based on our historical capital expenditures, the replacement portion has averaged approximately one to two percent of net sales, while the growth portion has averaged approximately two to three percent of net sales. However, there are many factors that can impact the actual spending compared to these historical averages. We estimate full year 2025 capital expenditures of $45 to $55 million, including investments in automation and lean projects, which we expect to fund with cash flows from operations or periodic borrowings under the revolving credit facility.
Capital expenditures and acquisitions of businesses in the first nine months of 2025 were funded by cash on hand and borrowings under our revolving credit facility. Capital expenditures and any acquisitions in the remainder of fiscal year 2025 are expected to be funded primarily from cash generated from operations, as well as periodic borrowings under our revolving credit facility.
Cash Flows from Financing Activities
Cash flows used in financing activities of $96.2 million in the first nine months of 2025 were primarily comprised of the following:
•payments of $368.9 million for the repurchase of a portion of our 2026 Convertible Notes,
•debt repayments of $301.8 million under our revolving credit facility, Term Loans, and other borrowings,
•payments for the repurchase of common stock of $128.6 million,
•payments of quarterly dividends of $86.2 million,
•payments of $67.6 million for the purchase of convertible note hedge contracts, and
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
•cash outflows of $5.2 million related to vesting of stock-based awards, net of shares tendered for payment of taxes,
Partially offset by:
•net proceeds from the issuance of our 2030 Convertible Notes of $448.5 million,
•proceeds from Term Loan borrowings of $391.0 million, and
•proceeds from the issuance of warrants of $27.6 million.
Cash flows used in financing activities of $117.2 million in the first nine months of 2024 were primarily comprised of payments of quarterly dividends of $80.2 million, net debt repayments of $27.9 million under our revolving credit facility, Term Loans, and other borrowings, and cash outflows of $9.1 million related to vesting of stock-based awards, net of shares tendered for payment of taxes.
The Credit Agreement includes both financial and non-financial covenants. The covenants dictate we shall not permit our net leverage ratio to exceed certain limits, shall maintain a minimum debt service coverage ratio, and must meet certain other financial requirements. At September 30, 2025, we were in compliance with all financial covenants.
We have paid regular quarterly dividends since 2016. Future dividend policy with respect to our common stock will be determined by our Board of Directors in light of our prevailing financial needs, earnings, and other relevant factors, including any limitations in our debt agreements, such as maintenance of certain financial ratios.
In May 2022, our Board of Directors authorized a stock repurchase program (the "2022 Share Repurchase Program") for the purchase of up to $200.0 million of our common stock over a three-year period, which ended on May 19, 2025. Under this stock repurchase program, we purchased 308,898 shares at a weighted average price of $91.47 per share, totaling $28.4 million including excise tax during March 2025, using approximately $28.3 million of the net proceeds from the offering of the 2030 Convertible Notes. Following such repurchase, no additional shares were purchased under the 2022 Share Repurchase Program prior to its expiration on May 19, 2025. No shares were repurchased during the nine months ended September 30, 2024.
In May 2025, our Board of Directors authorized a new stock repurchase program (the "2025 Share Repurchase Program") for the purchase of up to $300.0 million of our common stock over a three-year period ending on May 15, 2028. On June 11, 2025, we entered into a Rule 10b5-1 trading plan under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 to repurchase up to $100.0 million of our common stock excluding excise tax, subject to certain parameters. Under this 10b5-1 trading plan, we purchased 1,057,667 shares at a weighted average price of $94.55 per share totaling $101.0 million, including excise tax during the nine months ended September 30, 2025. As of September 30, 2025, there was $200.0 million remaining for the repurchase of shares under the 2025 Share Repurchase Program.
CORPORATE GOVERNANCE
We are in compliance with the corporate governance requirements of the Securities and Exchange Commission (the “SEC”) and the New York Stock Exchange. Our governance documents, committee charters, and key practices have been posted to the “Investors” section of our website (www.lci1.com) and are updated periodically. The website also contains, or provides direct links to, all SEC filings, press releases and investor presentations. We have also established a Whistleblower Policy, which includes a toll-free hotline (800-461-9330) to report complaints about our accounting, internal controls, auditing matters or other concerns. The Whistleblower Policy and procedure for complaints can be found on our website (www.lci1.com).
CONTINGENCIES
Information required by this item is included in Note 10 of the Notes to Condensed Consolidated Financial Statements and is incorporated herein by reference.
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
RAW MATERIALS INFLATION
The prices of key raw materials, consisting primarily of steel and aluminum, and components used by us which are made from these raw materials, are influenced by demand and other factors specific to these commodities, including tariffs for materials sourced internationally. The prices for steel consumed in certain of our manufactured components were lower and the prices for aluminum consumed in certain of our manufactured components were higher during the first nine months of 2025 compared to the same period of 2024. While the prices for steel consumed in certain of our manufactured components were lower year-over-year, commodity prices for both steel and aluminum generally have been increasing during the first nine months of 2025, and are expected to remain elevated through the remainder of 2025. However, prices of these commodities have historically been volatile and there can be no assurances of future prices. Please see "Results of Operations" above for additional information regarding the impact of raw material costs on our results of operations for the first nine months of 2025.
NEW ACCOUNTING PRONOUNCEMENTS
Information required by this item is included in Note 2 of the Notes to Condensed Consolidated Financial Statements.
CRITICAL ACCOUNTING ESTIMATES
Our Condensed Consolidated Financial Statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which requires certain estimates and assumptions to be made that affect amounts and disclosures reported in those financial statements and the related accompanying notes. Actual results could differ from these estimates and assumptions.
For a discussion of our critical accounting estimates, refer to Management's Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2024. There have been no material changes to our critical accounting estimates as described in that Annual Report.
FORWARD-LOOKING STATEMENTS
This Form 10-Q contains certain "forward-looking statements" with respect to our financial condition, results of operations, profitability, margins, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this Form 10-Q that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties.
Forward-looking statements, including, without limitation, those relating to the Company's production levels, future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices, addressable markets, and industry trends, whenever they occur in this Form 10-Q, are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company’s control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this Form 10-Q, the impacts of costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, future pandemics, geopolitical tensions, armed conflicts, or natural disasters on the global economy and on the Company's customers, suppliers, team members, business and cash flows, pricing pressures due to domestic and foreign competition, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of, and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices, and availability, the impact of international, national and
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LCI INDUSTRIES
ITEM 2 – MANAGEMENT’S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS
(Continued)
regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, and in the Company's subsequent filings with the SEC, including the Company's Quarterly Reports on Form 10-Q. Readers of this report are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law.
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LCI INDUSTRIES
ITEM 3 – QUANTITATIVE AND QUALITATIVE
DISCLOSURES ABOUT MARKET RISK
We are exposed to market risk related to changes in short-term interest rates on our variable rate debt. Depending on the interest rate option selected as further described in Note 8 of the Notes to Condensed Consolidated Financial Statements, interest is charged based on an indexed rate plus an applicable margin. Assuming a hypothetical increase of 0.25 percent in the indexed interest rate (which approximates a six percent increase of the weighted-average interest rate on our borrowings as of September 30, 2025), our results of operations would not be materially affected.
We are also exposed to changes in the prices of raw materials, specifically steel and aluminum. We have, from time to time, entered into derivative instruments for the purpose of managing a portion of the exposures associated with fluctuations in steel and aluminum prices. While these derivative instruments are subject to fluctuations in value, these fluctuations are generally offset by the changes in fair value of the underlying exposures. We had no outstanding derivative instruments on commodities at September 30, 2025 and December 31, 2024.
We have historically been able to obtain sales price increases to partially offset the majority of raw material cost increases. However, there can be no assurance future cost increases, if any, can be partially or fully passed on to customers, or that the timing of such sales price increases will match raw material cost increases. Our tariff mitigation strategy of diversifying our supply chain, with help from our vendors and other sourcing strategies, enabled us to minimize the impact of pricing to our customers as well as support profitability in the third quarter.
Additional information required by this item is included under the caption "Raw Materials Inflation" in the Management's Discussion and Analysis of Financial Condition and Results of Operations section of this report.
ITEM 4 – CONTROLS AND PROCEDURES
a.Evaluation of Disclosure Controls and Procedures
We maintain disclosure controls and procedures that are designed to ensure that information required to be disclosed in our reports under the Exchange Act is (i) recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure, in accordance with the definition of "disclosure controls and procedures" in Rule 13a-15(e) under the Exchange Act. In designing and evaluating the disclosure controls and procedures, management recognized that any controls and procedures, no matter how well designed and operated, cannot provide absolute assurance of achieving the desired control objectives. Management included in its evaluation the cost-benefit relationship of possible controls and procedures. We continually evaluate our disclosure controls and procedures to determine if changes are appropriate based upon changes in our operations or the business environment in which we operate.
As of the end of the period covered by this Form 10-Q, we performed an evaluation, under the supervision and with the participation of our management, including our principal executive officer and our principal financial officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on the foregoing, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were effective as of September 30, 2025.
b.Changes in Internal Control over Financial Reporting
There were no changes in our internal control over financial reporting during the quarter ended September 30, 2025, which have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
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LCI INDUSTRIES
PART II – OTHER INFORMATION
ITEM 1 – LEGAL PROCEEDINGS
In the normal course of business, we are subject to proceedings, lawsuits, regulatory agency inquiries and other claims. All such matters are subject to uncertainties and outcomes that are not predictable with assurance. While these matters could materially affect operating results when resolved in future periods, it is management’s opinion that after final disposition, including anticipated insurance recoveries in certain cases, any monetary liability or financial impact to the Company beyond that provided in the Condensed Consolidated Balance Sheet as of September 30, 2025, would not be material to our financial position or results of operations.
ITEM 1A – RISK FACTORS
There have been no material changes to the matters discussed in Part I, Item 1A – Risk Factors in our Annual Report on Form 10-K as filed with the SEC on February 21, 2025, except that the following risk factor is added:
Changing conditions and uncertainty over global tariffs, or the financial impact of tariffs and resulting consequences, may negatively affect our business, operating results, and financial condition.
Changes in U.S. domestic and global tariff frameworks have increased our costs of sourcing goods and resulted in additional risks to our supply chain. The U.S. government has imposed significant tariffs impacting a wide variety of goods across multiple countries and indicated that additional tariffs may be imposed in the near future. In response, some countries have announced or imposed tariffs on goods made in the U.S. These actions could negatively impact demand for our products or increase the cost to manufacture our products, which could have a material adverse effect on our business, financial condition, results of operations and cash flow.
Political tensions and uncertainty as a result of trade policies could reduce trade volume, investment, technological exchange, and other economic activities between major international economies, resulting in a material adverse effect on global economic conditions and the stability of global financial markets, which could in turn have a material adverse impact on our business, financial condition, and results of operations.
ITEM 2 – UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities

Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) |  | Approximate Dollar Value of Shares that May Yet be Purchased under the Plans or Programs (in millions)
July 1, 2025 - July 31, 2025 (2) |  | 582,132 |  |  | $ | 97.97 |  |  | 582,132 |  |  | $ | 204.9 |
August 1, 2025 - August 31, 2025 (2) |  | 51,403 |  |  | $ | 95.00 |  |  | 51,403 |  |  | $ | 200.0 |
September 1, 2025 - September 30, 2025 |  | — |  |  | $ | — |  |  | — |  |  | $ | 200.0 |
Total |  | 633,535 |  |  | $ | 97.73 |  |  |  |  |

(1) On May 15, 2025, we announced that our Board of Directors authorized a stock repurchase program (the "2025 Share Repurchase Program") for up to $300.0 million of our common stock over a three-year period ending on May 15, 2028. The timing of stock repurchases and the number of shares will depend upon market conditions and other factors. Share repurchases will be made in privately negotiated and/or open market transactions, such as in compliance with Rule 10b-18 of the Exchange Act and/or pursuant to a trading plan in accordance with Rule 10b5-1 of the Exchange Act, or a combination of methods.
40

(2) Includes shares repurchased under a Rule 10b5-1 trading plan adopted by the Company for repurchases under the 2025 Share Repurchase Program for the period between June 13, 2025 and August 1, 2025 for up to $100.0 million of common stock, subject to certain parameters.
See Note 11 - Stockholders' Equity of the Notes to Condensed Consolidated Financial Statements (Part I, Item 1 of this Form 10-Q) for further discussion regarding share repurchases.
ITEM 5 - OTHER INFORMATION
During the three months ended September 30, 2025, none of our directors or officers (as defined in Rule 16a-1(f) of the Exchange Act) adopted or terminated any contract, instruction, or written plan for the purchase or sale of our securities that was intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) of the Exchange Act or any non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K).
ITEM 6 – EXHIBITS
a) Exhibits as required by Item 601 of Regulation S-K:

1 | 3.1 | Amended and Restated Certificate of Incorporation of LCI Industries, conformed version that includes all amendments through May 16, 2024 (incorporated by reference to Exhibit 3.3 included in the Registrant's Form 10-Q filed on August 6, 2024).
2 | 3.2 | Amended and Restated Bylaws of LCI Industries, effective March 9, 2023 (incorporated by reference to Exhibit 3.2 included in the Registrant's Form 10-Q filed on May 9, 2023).
3 | 10.1 | Amendment No. 1 to Credit Agreement dated as of September 26, 2025, by and among LCI Industries, Lippert Components, Inc., LCI Industries B.V., each other Subsidiary of the Company listed on the signature pages thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent (incorporated by reference to Exhibit 10.1 included in the Registrant's Form 8-K filed on September 29, 2025).
4 | 31.1 | Certification of Chief Executive Officer required by Rule 13a-14(a).
5 | 31.2 | Certification of Chief Financial Officer required by Rule 13a-14(a).
6 | 32.1 | Certification of Chief Executive Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
7 | 32.2 | Certification of Chief Financial Officer required by Rule 13a-14(b) and Section 1350 Chapter 63 of Title 18 of the United States Code.
8 | 101 | The following information from the Registrant’s Quarterly Report on Form 10-Q for the quarter ended September 30, 2025, formatted in Inline XBRL: (i) Condensed Consolidated Statements of Income; (ii) Condensed Consolidated Statements of Comprehensive Income; (iii) Condensed Consolidated Balance Sheets; (iv) Condensed Consolidated Statements of Cash Flows; (v) Condensed Consolidated Statements of Stockholders’ Equity; (vi) Notes to Condensed Consolidated Financial Statements; and (vii) information in Part II, Item 5.
9 | 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).

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LCI INDUSTRIES
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

LCI INDUSTRIES
Registrant
By | /s/ Lillian D. Etzkorn
Lillian D. Etzkorn
Chief Financial Officer
October 30, 2025

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