MBUU · Malibu Boats, Inc.

Malibu Boats reported mixed third quarter fiscal 2026 results. Net sales increased 3.1% to $235.7 million, driven by $23.1 million from the newly acquired Saxdor segment and favorable model mix and price increases across existing segments. However, unit volume declined 12.4% to 1,253 units, reflecting lower wholesale shipments due to reduced retail activity across all legacy segments (Malibu, Saltwater Fishing, Cobalt). Gross profit fell 9.7% to $41.3 million, and gross margin contracted 250 basis points to 17.5%, primarily due to fixed cost deleveraging from lower volumes and higher per-unit labor and material costs. GAAP net loss was $2.4 million versus net income of $13.2 million in the prior year, impacted by $11.9 million increase in general and administrative expenses including acquisition-related costs. Adjusted EBITDA decreased 19.7% to $22.7 million, with margin down to 9.6%. The company completed the acquisition of Saxdor Yachts on March 2, 2026, for total consideration of approximately $137.2 million cash, 1.5 million shares, and potential earnout of $32.6 million. Saxdor contributed $23.1 million in revenue and 66 units in the partial quarter. Management highlighted strong reception of Saxdor's new 460 GTC model and improved performance at Pursuit and Maverick Boat Group brands. For fiscal 2026, the company guided combined net sales of $880-$886 million and Adjusted EBITDA of $72-$74 million. Legacy business net sales are expected to be down slightly versus fiscal 2025, an improvement from prior guidance. The company repurchased 492,794 shares for $13.1 million during the quarter at an average price of $26.24, offsetting dilution from the Saxdor equity issuance. Balance sheet remains solid with $50.2 million cash and $165 million debt.