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2025 ANNUAL REPORT
2 2025 ANNUAL REPORT | LCI INDUSTRIES
Table of Contents 4-5 TO OUR SHAREHOLDERS 6-7 FINANCIAL DATA 8-9 CORPORATE INFORMATION 1-88 2025 FORM 10-K 2025 ANNUAL REPORT | LCI INDUSTRIES 3
To Our Shareholders Jason D. Lippert President and Chief Executive Of cer DRIVING GROWTH AND SHAREHOLDER VALUE BY LEVERAGING OUR CORE STRENGTHS TO CAPTURE OPPORTUNITIES IN EXPANDING MARKETS The year 2025 brought its share of twists and turns, yet our team proved more than up to the challenge. We profitably grew the business by overcoming obstacles most notably the implementation of higher tariffs and continued macro volatility. Thanks to the remarkable efforts of the men and women of LCI Industries, we expanded our market share, grew revenues by double digits to more than $4 billion, enhanced our operating profit margin by 100 basis points, and increased earnings per share by more than 30% over the course of the year. As a leading global manufacturer of sophisticated products and customized solutions, LCI serves and helps shape the growth of the RV, transportation, marine, housing, and related aftermarket industries. In 2025, we delivered exceptional performance by leveraging our longstanding competitive strengths, including strong innovation capabilities that solve complex customer challenges, operational excellence built on decades of manufacturing expertise, and a durable competitive position that supports LCI s continued success in the marketplace. 4 2025 ANNUAL REPORT | LCI INDUSTRIES Most notably, we continue to expand our leadership position across multiple end markets while capitalizing on attractive aftermarket repair, replacement, and upgrade opportunities that provide sustainable, high-margin revenue streams. We deliver specialized, small-batch solutions with cost advantages typically associated with mass production, and we manufacture critical components and system solutions with flexibility and agility, often with little lead time. Over time, we have built a broad and differentiated product ecosystem across numerous categories, which we deploy across our end markets while delivering the speed, efficiency, safety, and quality that our customers expect. Beyond the advantages of our scale, our close proximity to customers provides a significant strategic benefit. Based in Elkhart County, Indiana, we operate 40 factories and employ more than 7,000 of our talented team members in the same community as numerous RV, bus, and boat manufacturers. This geographic concentration creates additional operational efficiencies and strengthens customer relationships in ways that are difficult to replicate. As we enter 2026, our installed content has expanded substantially, including 67% growth in RV content since 2020. Building on our strong OEM relationships, we anticipate further growth fueled by newly launched RV innovations, which are already achieving an annualized run rate of $225 million. RV aftermarket opportunities represent a strong tailwind for growth. Over the years, LCI has placed $20 billion of replaceable parts into OEM products, and with 1.5 million RVs entering the repair and replacement cycle over the next one to three years, we are well positioned to capture a significant share of this market. Similarly, on the marine side, rising consumer demand for innovative solutions is driving a meaningful upgrade and replacement cycle. Expanding our market share across multiple end markets represents another compelling growth opportunity. This is supported by our expanding product lineups, extensive bundling opportunities, and, of course, our deep customer relationships, which enable robust cross-selling. Our customers increasingly see LCI as their go-to partner for comprehensive solutions rather than individual components.
Our acquisition flywheel is another key driver of growth. We have a long history of disciplined, accretive acquisitions, strengthened by our position as a leading supplier across nearly every market we serve. This market leadership position enables us to pursue strategic acquisition opportunities. By integrating acquired companies, we can leverage our customer relationships to expand the reach of new products, accelerating growth and creating immediate value. Over time, acquisitions diversify our business, enhance earnings power, and strengthen our competitive moat, providing multiple pathways to profitable growth. Equally important to our multifaceted revenue growth initiatives is our relentless focus on enhancing profitability. We have concentrated on reducing costs and improving margins most notably by lowering overhead, increasing efficiency, and consolidating or closing facilities. Looking ahead, key drivers for achieving operating margins above 10% include higher volumes, an improved product mix, additional G&A reductions, further facility consolidations, divestitures of lowmargin businesses, and continued automation. These initiatives are not one-time improvements; they are sustainable competitive advantages that compound over time. A core element of our strategy is maintaining a strong balance sheet while thoughtfully returning excess capital to shareholders. We closed 2025 with a conservative net-debt-toEBITDA ratio of 1.8x and successfully extended our debt maturities, giving us additional financial flexibility to pursue strategic growth opportunities. Nearly $300 million in free cash flow further strengthened our balance sheet, enabling reinvestment in growth, pursuit of attractive acquisitions, dividend payments, and $129 million returned to shareholders through share repurchases. This balanced capital allocation approach allows us to fund growth while rewarding our shareholders. Our outstanding team now 12,000 strong is another critical driver of success. From master innovators developing complex solutions to skilled sales professionals building strong relationships with customers, consumers, and dealers, our culture of excellence fuels retention, efficiency, quality, and safety. Our people are our greatest asset, and their dedication positions us for continued long-term success. In closing, we deeply appreciate the trust and support of our customers, partners, and shareholders. With multiple top-line growth drivers, a clear path to improved margins, and a strong balance sheet providing strategic flexibility, LCI Industries is well positioned to deliver meaningful returns and create long-term value for shareholders in 2026 and beyond. JASON D. LIPPERT President and Chief Executive Officer 2025 ANNUAL REPORT | LCI INDUSTRIES 5
 • shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/12/2006 LCII Stockholder Letter
 • stockholder letter icon 4/6/2023 LCII Stockholder Letter
 • stockholder letter icon 4/4/2024 LCII Stockholder Letter
 • stockholder letter icon 3/28/2025 LCII Stockholder Letter
 • stockholder letter icon More "Auto Parts" Category Stockholder Letters
 • Benford's Law Stocks icon LCII Benford's Law Stock Score = 81


LCII Shareholder/Stockholder Letter Transcript:

2025 ANNUAL REPORT

2
2025 ANNUAL REPORT | LCI INDUSTRIES

Table of Contents
4-5 TO OUR SHAREHOLDERS
6-7 FINANCIAL DATA
8-9 CORPORATE INFORMATION
1-88 2025 FORM 10-K
2025 ANNUAL REPORT | LCI INDUSTRIES
3

To Our Shareholders
Jason D. Lippert
President and Chief Executive Of   cer
DRIVING GROWTH AND SHAREHOLDER VALUE BY LEVERAGING OUR CORE
STRENGTHS TO CAPTURE OPPORTUNITIES IN EXPANDING MARKETS
The year 2025 brought its share of
twists and turns, yet our team proved
more than up to the challenge. We
profitably grew the business by
overcoming obstacles   most notably
the implementation of higher tariffs and
continued macro volatility. Thanks to
the remarkable efforts of the men and
women of LCI Industries, we expanded
our market share, grew revenues by
double digits to more than $4 billion,
enhanced our operating profit margin
by 100 basis points, and increased
earnings per share by more than 30%
over the course of the year.
As a leading global manufacturer
of sophisticated products and
customized solutions, LCI serves and
helps shape the growth of the RV,
transportation, marine, housing, and
related aftermarket industries. In 2025,
we delivered exceptional performance
by leveraging our longstanding
competitive strengths, including
strong innovation capabilities that
solve complex customer challenges,
operational excellence built on
decades of manufacturing expertise,
and a durable competitive position that
supports LCI   s continued success in
the marketplace.
4
2025 ANNUAL REPORT | LCI INDUSTRIES
Most notably, we continue to
expand our leadership position
across multiple end markets while
capitalizing on attractive aftermarket
repair, replacement, and upgrade
opportunities that provide sustainable,
high-margin revenue streams. We
deliver specialized, small-batch
solutions with cost advantages
typically associated with mass
production, and we manufacture
critical components and system
solutions with flexibility and agility,
often with little lead time. Over time,
we have built a broad and
differentiated product ecosystem
across numerous categories, which we
deploy across our end markets while
delivering the speed, efficiency, safety,
and quality that our customers expect.
Beyond the advantages of our scale,
our close proximity to customers
provides a significant strategic
benefit. Based in Elkhart County,
Indiana, we operate 40 factories
and employ more than 7,000 of
our talented team members in the
same community as numerous RV,
bus, and boat manufacturers. This
geographic concentration creates
additional operational efficiencies and
strengthens customer relationships in
ways that are difficult to replicate.
As we enter 2026, our installed
content has expanded substantially,
including 67% growth in RV content
since 2020. Building on our strong
OEM relationships, we anticipate
further growth fueled by newly
launched RV innovations, which are
already achieving an annualized run
rate of $225 million.
RV aftermarket opportunities
represent a strong tailwind for growth.
Over the years, LCI has placed $20
billion of replaceable parts into OEM
products, and with 1.5 million RVs
entering the repair and replacement
cycle over the next one to three years,
we are well positioned to capture
a significant share of this market.
Similarly, on the marine side, rising
consumer demand for innovative
solutions is driving a meaningful
upgrade and replacement cycle.
Expanding our market share across
multiple end markets represents
another compelling growth
opportunity. This is supported by
our expanding product lineups,
extensive bundling opportunities,
and, of course, our deep customer
relationships, which enable robust
cross-selling. Our customers
increasingly see LCI as their go-to
partner for comprehensive solutions
rather than individual components.

Our    acquisition flywheel    is another
key driver of growth. We have a
long history of disciplined, accretive
acquisitions, strengthened by our
position as a leading supplier across
nearly every market we serve. This
market leadership position enables
us to pursue strategic acquisition
opportunities. By integrating acquired
companies, we can leverage our
customer relationships to expand the
reach of new products, accelerating
growth and creating immediate value.
Over time, acquisitions diversify our
business, enhance earnings power,
and strengthen our competitive
moat, providing multiple pathways to
profitable growth.
Equally important to our multifaceted revenue growth initiatives is
our relentless focus on enhancing
profitability. We have concentrated
on reducing costs and improving
margins   most notably by lowering
overhead, increasing efficiency, and
consolidating or closing facilities.
Looking ahead, key drivers for
achieving operating margins above
10% include higher volumes, an
improved product mix, additional
G&A reductions, further facility
consolidations, divestitures of lowmargin businesses, and continued
automation. These initiatives are not
one-time improvements; they are
sustainable competitive advantages
that compound over time.
A core element of our strategy is
maintaining a strong balance sheet
while thoughtfully returning excess
capital to shareholders. We closed
2025 with a conservative net-debt-toEBITDA ratio of 1.8x and successfully
extended our debt maturities, giving
us additional financial flexibility to
pursue strategic growth opportunities.
Nearly $300 million in free cash flow
further strengthened our balance
sheet, enabling reinvestment
in growth, pursuit of attractive
acquisitions, dividend payments, and
$129 million returned to shareholders
through share repurchases. This
balanced capital allocation approach
allows us to fund growth while
rewarding our shareholders.
Our outstanding team   now 12,000
strong   is another critical driver of
success. From master innovators
developing complex solutions to
skilled sales professionals building
strong relationships with customers,
consumers, and dealers, our
culture of excellence fuels retention,
efficiency, quality, and safety. Our
people are our greatest asset, and
their dedication positions us for
continued long-term success.
In closing, we deeply appreciate the
trust and support of our customers,
partners, and shareholders. With
multiple top-line growth drivers, a
clear path to improved margins, and
a strong balance sheet providing
strategic flexibility, LCI Industries is
well positioned to deliver meaningful
returns and create long-term value for
shareholders in 2026 and beyond.
JASON D. LIPPERT
President and Chief Executive Officer
2025 ANNUAL REPORT | LCI INDUSTRIES
5


shareholder letter icon 3/27/2026 Letter Continued (Full PDF)
 

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