Here are 1-2 brief analogies to describe Polaris:

• Like the Ford or GM of recreational power sports vehicles.
• Harley-Davidson for off-road and snow vehicles.

• Off-Road Vehicles (ORV): Manufactures All-Terrain Vehicles (ATVs) and Side-by-Sides (such as RANGER, RZR, and GENERAL) for recreational and utility use.
• Snowmobiles: Produces motorized vehicles designed for travel over snow and ice, catering to both recreational and utility segments.
• Motorcycles: Develops and sells premium motorcycles under the Indian Motorcycle brand and three-wheeled roadsters under the Slingshot brand.
• Electric Personal & Utility Vehicles: Provides electric vehicles for low-speed personal transport and commercial utility applications, including the GEM and Goupil brands.
• Parts, Garments & Accessories (PG&A): Offers a comprehensive range of branded and licensed parts, apparel, and accessories for its entire vehicle portfolio.

Polaris Inc. (PII) primarily sells its products to **individuals** through a global network of independent dealers and distributors. While dealers are the direct purchasers from Polaris, the company's ultimate customers, for whom its products are designed and marketed, are end-consumers.

Based on its product lines (Off-Road Vehicles, Snowmobiles, Motorcycles, Boats, and related parts, garments, and accessories), Polaris serves the following major categories of individual customers:

1. Recreational & Adventure Seekers: This broad category includes individuals who purchase Polaris's off-road vehicles (ATVs, side-by-sides like RZR and General), snowmobiles, motorcycles (Indian Motorcycle), and boats (Bennington, Godfrey, Hurricane) for leisure, sport, outdoor exploration, and thrill-seeking. They seek adventure, recreation, and fun in various outdoor environments.
2. Outdoor Work & Utility Professionals: These customers utilize Polaris's utility-focused off-road vehicles (like the RANGER line or PRO XD commercial vehicles) for practical applications in agriculture, ranching, hunting, property management, construction, and other vocational tasks where rugged, reliable off-road transport is required. This category also encompasses sales to government agencies and rental fleets, which often use the vehicles for work or commercial purposes.
3. Lifestyle & Enthusiast Riders: This segment includes customers drawn to specific brands and products for their performance, heritage, and associated lifestyle. Examples include passionate Indian Motorcycle riders who value the brand's history and unique riding experience, or enthusiasts of high-performance RZR vehicles seeking extreme off-road capabilities and a vibrant community.

• Zero Motorcycles (Private Company)
• Yamaha Motor Co. Ltd. (7272.T)
• Brunswick Corporation (BC)

Mike Speetzen Chief Executive Officer

Appointed CEO of Polaris in April 2021, having served as Interim CEO since January 2021. He joined Polaris in August 2015 as Executive Vice President and Chief Financial Officer. Prior to Polaris, Mr. Speetzen was Senior Vice President and Chief Financial Officer of Xylem, Inc. since 2011, a company formed from the spinoff of ITT Corporation's water businesses. He was also Executive Vice President and Chief Financial Officer for the StandardAero Company, which was owned by the private equity firm Dubai Aerospace Enterprise. Mr. Speetzen has experience with M&A activities and in taking a spinoff company public. He also held positions at Honeywell and General Electric.

Robert Mack Chief Financial Officer and Executive Vice President, Finance & Corporate Development

Appointed CFO and Executive Vice President of Finance & Corporate Development in April 2021, and served as Interim CFO since January 2021. Mr. Mack joined Polaris in April 2016 as Senior Vice President of Corporate Development and Strategy, and President of Adjacent Markets. Before Polaris, he was Vice President, Corporate Development for Ingersoll Rand plc, where he had global responsibility for acquisition and divestiture activities. He spent 20 years at Ingersoll Rand in various capacities, including sales, financial, M&A, and operational roles. He also served as President of Ingersoll Rand Energy Systems, which was acquired by FlexEnergy Inc. in 2010.

Victor M. Koelsch Chief Digital Officer; Chief Information Officer; Senior Vice President

Mr. Koelsch has been the Chief Information Officer since 2022 and Senior Vice President and Chief Digital Officer since 2021. Before joining Polaris, he served as President and Chief Executive Officer of Exide Technologies from June 2015 to December 2018. He also held various management positions at Michelin Group, including Executive Vice President for North America and Chief Operating Officer for Americas Commercial Tires Unit.

James P. Williams Senior Vice President and Chief Human Resources Officer

Mr. Williams joined Polaris in April 2011. Prior to his tenure at Polaris, he served as Vice President of Human Resources for Cooper Industries from 2006 to 2011, and for Danaher Corp. from 2005 to 2006. He also held several executive positions of increasing responsibility with Honeywell Inc. from 1995 to 2005, and various Human Resources roles with Monsanto and General Motors Corp.

Michael D. Dougherty President of On Road and International

Mr. Dougherty joined Polaris in 1998 as an International Sales Manager. He has since held numerous leadership positions within the company, including his most recent appointment in December 2019 as President of On-Road and International. Before this, he served as President – International since September 2015 and Vice President – Asia Pacific and Latin America since August 2011.

Polaris Inc. operates in several key markets, including off-road vehicles, snowmobiles, motorcycles, and boats. The addressable markets for these products vary by region:

• Off-Road Vehicles (ORVs): The global off-road vehicles market was valued at USD 21.9 billion in 2024 and is projected to reach USD 37.48 billion by 2034, with a compound annual growth rate (CAGR) of 4.40% from 2025 to 2034. North America held a significant share, with the U.S. off-road vehicles market estimated at USD 11.3 billion in 2024, predicted to reach USD 17.72 billion by 2034. North America accounted for 66% of the market share in 2024.
• Snowmobiles: The global snowmobile market size was valued at USD 1.80 billion in 2023 and is projected to grow to USD 3.35 billion by 2032, exhibiting a CAGR of 6.9% during the forecast period (2024-2032). North America dominated this market, holding a 78.88% share in 2023.
• Motorcycles: The global motorcycle market size was USD 71.92 billion in 2024 and is projected to grow to USD 119.09 billion by 2032. Asia-Pacific held the largest market share in the motorcycle industry, at 61.61% in 2024. The U.S. motorcycle market is projected to reach an estimated value of USD 8.76 billion by 2032.
• Boats: The global boats market size was valued at USD 32.47 billion in 2023 and is projected to reach USD 61.19 billion by 2032, with a CAGR of 7.5% during the forecast period. North America was the leading region, accounting for USD 16.58 billion in 2023 and holding a 51.06% share of the global market in the same year.

Polaris Inc. (PII) is expected to drive future revenue growth over the next two to three years through a combination of strategic initiatives and anticipated market improvements. Key drivers include:

1. Product Innovation and New Product Launches: Polaris is committed to "innovation and key strategic capital projects" to deliver "new category-defining products". The positive reception of recently launched products, such as the Polaris XPEDITION, which saw over 25% growth in the crossover category in Q3 2024, and the new RZR Pro lineup, indicates strong potential for future sales from innovative offerings. Analysts also expect newer products and services to catalyze improved top-line performance.
2. Expansion of Customer Base and Penetration of Growing Markets: The company has a long-term goal of "expanding Polaris powersports customers by 50 percent in the next ten years". This includes increasing access to powersports through "new business models and entryway experiences with Polaris Adventures and Polaris Adventures Select". Polaris is also well-positioned to capitalize on the rapidly growing adventure tourism market, which is projected to reach over $1 trillion by 2030. The overall powersports market itself is expected to grow from approximately $33.2 billion to $54.8 billion by 2032.
3. Strategic Focus and Targeted Investments in Core Powersports Segments: Following the sale of a majority stake in Indian Motorcycle, Polaris aims to "sharpen our focus on our core business, where we see the greatest potential for profitable growth across our portfolio". This strategic shift enables "targeted investments in Off-Road, Marine, and Snow segments," which are identified as higher-margin and higher-growth opportunities.
4. Operational Efficiencies and Optimized Dealer Inventory Levels: While efforts to reduce dealer inventory have temporarily impacted sales, this strategy is considered a "crucial step in the long-term collective success of Polaris and our dealers". The company has successfully reduced dealer inventory by 21% year-over-year, leading to healthier dealer inventory levels. Combined with ongoing "operational efficiency strategy," these improvements are expected to support stronger sales as market conditions stabilize and improve.
5. Anticipated Recovery in the Broader Powersports Market: Despite a currently challenging macroeconomic environment characterized by higher interest rates and lower discretionary spending, Polaris management expresses confidence that the company will "emerge stronger when the powersports market returns to growth". A general market recovery is anticipated to naturally boost demand across Polaris's product categories.

Share Repurchases

• Polaris repurchased $82.7 million in shares during 2024, $178.6 million in 2023, and $505 million in 2022.
• In October 2023, Polaris authorized a new share repurchase program of up to $1 billion. This was in addition to approximately $204 million remaining under a prior authorization from April 2021.
• The company aims to repurchase at least 10% of its outstanding shares of common stock before the end of 2026, viewing repurchases as a prudent source of capital allocation.

Share Issuance

• The number of outstanding shares for Polaris has shown a net decrease over the last few years, from 61 million in 2021 to 57 million as of November 2025, suggesting that repurchases have outweighed any issuances.

Outbound Investments

• Polaris includes acquisitions as part of its capital allocation strategy, alongside organic investment, dividend growth, and share repurchases.
• In 2024, Polaris recorded a $20.0 million impairment associated with a strategic investment.

Capital Expenditures

• Polaris's capital expenditures were $261.7 million in 2024, $412.6 million in 2023, and $306.6 million in 2022. The latest twelve months ending September 30, 2025, show capital expenditures of $187.2 million.
• Capital allocation prioritizes organic investment in growth opportunities, including testing electric prototypes across product platforms where electrification enhances the customer experience.
• The company's capital expenditures are primarily focused on maintaining and enhancing its property and equipment, a majority of which is located in North America.