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1. Holley is like Nike for car enthusiasts.

2. Holley is like a specialized AutoZone or O'Reilly Auto Parts for high-performance and racing vehicle components.

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• Fuel Systems: Provides carburetors, electronic fuel injection (EFI) systems, fuel pumps, and related components designed to optimize engine fuel delivery and performance.
• Exhaust Systems: Offers headers, mufflers, and complete cat-back systems engineered to enhance exhaust flow, improve engine sound, and boost horsepower.
• Ignition Systems: Delivers spark plugs, ignition coils, distributors, and ignition control boxes that ensure precise engine timing and consistent spark delivery.
• Drivetrain and Transmission Components: Manufactures shifters, torque converters, and transmission components for improved power transfer, control, and durability in various vehicles.
• Engine Components and Accessories: Includes intake manifolds, valve covers, air filters, and cooling system parts that enhance engine efficiency, aesthetics, and overall performance.
• Nitrous Oxide Systems: Supplies performance-enhancing kits and components that inject nitrous oxide into an engine for a significant, temporary increase in power.

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Holley (symbol: HLLY) primarily sells its products through a broad network of independent distributors, dealers, and retailers. While no single customer accounts for more than 10% of its net sales, the following companies represent major distribution partners and are key to Holley's market reach:

• Keystone Automotive Operations (a subsidiary of LKQ Corporation - NYSE: LKQ)
• Turn 14 Distribution (privately held)
• Summit Racing Equipment (privately held)
• Jegs High Performance (privately held)

In addition to these wholesale distributors and retailers, Holley also utilizes major third-party e-commerce marketplaces as channels for sales, which act as significant B2B partners:

• Amazon (NASDAQ: AMZN)
• eBay (NASDAQ: EBAY)
• Walmart.com (NYSE: WMT)

Holley also engages in direct-to-consumer (DTC) sales through its own branded e-commerce websites (e.g., Holley.com, Flowmaster.com), serving individual automotive enthusiasts directly.

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Matthew Stevenson President and Chief Executive Officer

Matthew Stevenson joined Holley as President and Chief Executive Officer in June 2023. He has nearly 25 years of experience transforming organizations and leading growth and turnarounds of large industrial and consumer companies in both the private and public sectors. Most recently, he served as President and Chief Executive Officer at Blue Bird Corporation, where he led a comprehensive operational and financial turnaround of the company. Mr. Stevenson also helped found and serves on the board of a consumer home services company backed by Imperial Capital, a Toronto-based private equity firm. He gained experience in senior leadership roles with companies such as Daimler, Bridgestone, and Terminix.

Jesse Weaver Chief Financial Officer and Head of Information Technology

Jesse Weaver joined Holley as Chief Financial Officer in December 2022, bringing nearly 20 years of experience in finance, strategy, and data analytics. Most recently, he served as Senior Vice President of Finance at SmileDirectClub. Prior to that, he was Vice President of Financial Planning and Analysis at Dollar General. Before joining Dollar General, Mr. Weaver held multiple leadership positions in finance at Yum! Brands' U.S. Pizza Hut division. He also worked in M&A and capital advisory for a middle-market investment bank.

Vinod Nimmagadda Executive Vice President of Corporate Development & New Ventures

Vinod Nimmagadda joined Holley in 2021 as its Executive Vice President of Corporate Development & New Ventures. He has over eight years of finance and investment banking experience within the automotive aftermarket, having served as a Vice President within Jefferies Group LLC and in various other investment banking roles at Jefferies Group LLC. He was also an investment banking analyst within BB&T's investment banking division.

Patrick Pierce Chief Human Resources Officer

Patrick Pierce has served as Holley's Chief Human Resources Officer since August 2021. He possesses over 15 years of human resource experience across multiple industries, including industrial equipment, consumer packaged goods, and retail. Before joining Holley, Mr. Pierce held various leadership roles at Treehouse Foods, Inc., and human resource roles at Pepsi Bottling Group Inc. and Case New Holland.

Carly Kennedy EVP, General Counsel & Corporate Secretary

Carly Kennedy has served as Holley's EVP, General Counsel, and Corporate Secretary since April 2022. She has over 15 years of legal experience across multiple industries, including automotive manufacturing and consumer products.

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Key Risks to Holley (HLLY)

1. High Debt and Leverage: Holley carries a substantial debt load, characterized by an elevated net debt-to-EBITDA ratio and an inability to generate sufficient free cash flow for meaningful deleveraging. The company's credit facility leverage ratio has a thin margin of safety and could approach covenant limits with further weak financial quarters, posing a risk of financial distress.
2. Declining Revenue and Weak Financial Performance: Holley has experienced a decline in top-line revenue growth across recent quarters, with net sales trending down over the past three years. This is attributed to a challenging macroeconomic environment, including inflation and rising interest rates, which have reduced consumer discretionary spending on automotive aftermarket products, as well as distribution partners destocking inventory.
3. Operational Inefficiencies and M&A Integration Challenges: The company has faced issues with operational and working capital management, leading to volatile margins. There are concerns regarding Holley's ability to effectively integrate its numerous acquisitions and capture synergies, which has resulted in inefficiencies, excess costs, and inventory management problems. Additionally, an aggressive focus on the direct-to-consumer (DTC) channel has reportedly strained relationships with resellers and distributors, impacting overall sales.

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The clear emerging threats for Holley (HLLY) are:

• The accelerating global shift from internal combustion engine (ICE) vehicles to electric vehicles (EVs). As original equipment manufacturers (OEMs) increasingly transition their production to EVs and governments implement policies to phase out new ICE vehicle sales, the long-term market for Holley's core high-performance ICE aftermarket products is at risk of significant contraction. While a dedicated enthusiast market for ICE vehicles will likely persist for some time, the overall addressable market could diminish, potentially impacting future revenue streams and growth opportunities.
• Increasingly stringent environmental regulations and enforcement, particularly concerning vehicle emissions and aftermarket modifications. Regulatory bodies, such as the EPA and California Air Resources Board (CARB), are intensifying efforts to reduce emissions from all vehicles, including those with aftermarket performance parts. This trend could lead to restrictions on the sale and use of certain performance products, increased compliance costs for manufacturers like Holley, and potential legal risks, thereby limiting product development and market reach.

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Holley Inc. (HLLY) operates primarily within the performance automotive aftermarket and automotive restoration markets, offering a wide array of products for car and truck enthusiasts. Their main product categories include fuel injection systems, carburetors, fuel pumps, intake manifolds, exhaust systems, ignition systems, electronic control units, superchargers, internal engine components, and safety equipment.

The addressable markets for Holley's products and services are sized as follows:

• U.S. Automotive Aftermarket: The entire U.S. automotive aftermarket, including light, medium, and heavy-duty vehicles, is projected to be nearly $535 billion in 2024 and around $574 billion in 2026. Another report valued the U.S. automotive aftermarket industry at USD 203.34 billion in 2023, with a projection to reach USD 298.78 billion by 2033. Additionally, the U.S. automotive aftermarket size was estimated at USD 205.81 billion in 2022 and is expected to grow to USD 336.79 billion by 2034.
• Global Automotive Aftermarket: The global automotive aftermarket industry size was estimated at USD 468.91 billion in 2024 and is projected to reach USD 589.01 billion by 2030, growing at a CAGR of 3.8% from 2025 to 2030.
• Global Automotive Performance Parts Market: The automotive performance parts market is projected to grow from USD 367.0 billion in 2025 to USD 638.9 billion by 2035, at a CAGR of 5.7%.
• U.S. Automotive Restoration Market: The United States Automotive Restoration market was valued at more than USD 900 million in 2023. The global automotive restoration market was valued at USD 12.8 billion in 2024 and is projected to reach USD 19.7 billion by 2034. Another source states the global automotive restoration market is projected to grow from USD 5.66 billion in 2023 to USD 8.6 billion by 2032.

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Holley (HLLY) is expected to drive future revenue growth over the next 2-3 years through several key strategies:

1. Core Business Growth and Volume Increases: Holley has demonstrated consistent year-over-year growth in its core business net sales for three consecutive quarters, with volume increases being a primary contributor to its year-to-date growth in 2025. This momentum in its core operations is a significant driver for future revenue.
2. Strategic Pricing Adjustments and Discipline: The company's strategic pricing initiatives have played a role in its revenue growth and have been instrumental in improving gross margins. This disciplined approach to pricing is anticipated to continue contributing to top-line expansion.
3. New Product Innovation and Portfolio Management: Holley's focus on product innovation and effective portfolio management has directly generated revenue through key initiatives. These strategic efforts are expected to continue driving sales by introducing new offerings and optimizing its existing product lines.
4. Expansion in B2B and Direct-to-Consumer (DTC) Channels: Growth in both business-to-business (B2B) and direct-to-consumer (DTC) channels is a significant revenue driver. The DTC channel, in particular, has shown consistent growth for seven consecutive quarters, indicating successful commercial transformation efforts and a strong customer engagement strategy.

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Share Repurchases

• Holley's 5-Year Share Buyback Ratio was -0.10% as of June 2025, suggesting a net share issuance rather than significant repurchases.
• There is no indication of significant share repurchase programs or authorizations over the last 3-5 years.

Share Issuance

• As of November 4, 2025, Holley had 120,509,897 shares outstanding.
• In September 2025, a secondary offering of 14 million shares was priced at $2.75 per share, with the selling stockholder controlled by Sentinel Capital Partners.
• The number of shares outstanding has shown a net increase, from 118,343,604 as of August 4, 2023, to 120,509,897 as of November 4, 2025.

Inbound Investments

• Holley became a public company through a business combination with Empower Ltd. (a SPAC) on July 16, 2021, with Holley Intermediate Holdings, Inc. being the accounting acquirer.
• Sentinel Capital Partners, L.L.C. is a significant institutional shareholder, holding 20% of the shares outstanding.

Outbound Investments

• Holley acquired a Cataclean North American perpetual license for $23.80 million, with $16.66 million paid as of Q3 2025 and $7.14 million accrued.
• The company continues to evaluate opportunities for strategic acquisitions to expand its brand portfolio, enter new product categories, and increase its direct-to-consumer scale.

Capital Expenditures

• Holley's capital expenditures for the first nine months of 2025 were $9.953 million.
• The projected capital expenditures for the full year 2025 are estimated to be between $10 million and $14 million.
• Over the past five years, Holley's average capital expenditure was $9.66 million, with a maximum of $23.56 million reached by June 30, 2025.