Polaris Inc.

Good morning, and welcome to the Polaris first quarter 2026 earnings conference call. All participants will be in listen-only mode. Should you need assistance, please signal a conference specialist by pressing the star key followed by zero. After today's presentation, there will be an opportunity to ask questions. To ask a question, you may press star, then one on your telephone keypad. To withdraw your question, please press star, then two. Please note, this event is being recorded. I would now like to turn the conference over to J.C. Weigelt, Vice President, Investor Relations. Please go ahead.

Thank you, Gary, and good morning or afternoon, everyone. I'm J.C. Weigelt, Vice President of Investor Relations at Polaris. Thank you for joining us for our 2026 First Quarter Earnings Call. We will reference a slide presentation today, which is accessible on our website at ir.polaris.com. Joining me on the call today are Mike Speetson, our Chief Executive Officer, and Bob Mack, our Chief Financial Officer. Both have prepared remarks summarizing our 2026 first quarter results, as well as our expectations for the remainder of 2026. Then we'll take your questions. During the call, we will be discussing various topics which should be considered forward-looking for the purpose of the Private Securities Litigation Reform Act of 1995. Actual results could differ materially from those projections in the forward-looking statements. You can refer to our 2025 10-K and our other filings at the SEC for additional details regarding risks and uncertainties. All references to 2026 first quarter actual results and future period guidance are for our continuing operations and are reported on an adjusted non-GAAP basis unless otherwise noted. Please refer to our Reg G reconciliation schedules at the end of the presentation for the GAAP to non-GAAP adjustments. Before I turn the call over to Mike, I'd like to recognize the upcoming retirement of Peggy James on May 1st. Peggy has been an integral part of the Polaris investor relations team for more than 20 years. and her contributions over that time have been tremendous. We will miss her experience and steady presence on the team and wish her all the best in retirement, likely spending more time with her grandchildren, more time on the golf course, and enjoying more snowmobiling. Now, I'll turn the call over to Mike Speetson. Go ahead, Mike.

Thanks, J.C. Good morning, everyone, and thank you for your interest in Polaris. We delivered a strong start to the year with our first quarter results reflecting strong fundamental performance across the business. I'm proud to say our team did an excellent job focusing on what we could control, executing commercially, driving operational efficiencies, advancing our tariff mitigation plans, and optimizing our portfolio. Results exceeded our expectations during the quarter, with reported sales up 8% or up 14% organically, excluding Indian Motorcycle and its related impacts. And we delivered adjusted EPS of 13 cents, which was well above our expectations. An EPS excluding Indian would have been 26 cents. First quarter sales were driven by double-digit growth in our power sports segment, led by our utility ranger line, our fast-growing commercial business, and snowmobiles. PG&A also had another great quarter, bolstered by strong performance in utility and 14% growth in snowmobile accessories, parts, and apparel, as ridership remained strong. Across our portfolio, North American retail grew 1%, with ORV up 3%. Both measures exclude youth vehicles. We ended the quarter with share gains in both ORV and snow, as well as with Godfrey pontoons. Dealer inventory levels remain healthy, reflecting strong operational alignment across our manufacturing plants, shipment plans, and retail channels. Our margins, even with 240 basis points of headwind from tariffs, were able to improve gross margins by 389 basis points. This was higher than our initial expectations due to a better mix within ORV and Marine, more favorable net pricing, as well as improved operational efficiencies. Adjusted EBITDA margins increased 277 basis points with strong operational performance partially offset by the timing of certain operating expenses moving into the first quarter. This resulted in an adjusted EPS of 13 cents well above our original expectations. Overall, it was a strong start to the year, and we believe the actions we have taken to refocus Polaris are creating a stronger foundation for the future, advancing our focus on leadership in power sports, localizing and strengthening our operating footprint, and positioning Polaris to deliver higher earnings power and stronger returns over time. Digging deeper into retail, North American ORV retail was up 3% and we gained share for the fourth consecutive quarter. While retail within the recreational category continues to be challenged down high single digits this quarter, we are seeing strong growth in our utility business, which speaks to the strength and diversification of our product portfolio. Utility ORV, which now makes up 70% of ORV revenue, grew at a high single digit rate as the industry continues to grow. While the growth in utility remains broad-based across our product portfolio, we did see an uptick in demand for vehicles used to move equipment and people across large data center construction projects that can span hundreds or even thousands of acres. As these build-outs continue to expand, we see this as a secular tailwind for the business and believe we are well positioned to continue gaining share and supporting that demand. The monthly cadence of retail performance in the quarter started out strong in January and February. given a constructive consumer backdrop. However, this was followed by a decline starting in mid-March, which correlated with increased geopolitical tensions and rising oil prices. Interestingly, we are now seeing retail performance return to growth in April, with positive metrics across all categories, excluding youth, where we continue to build back inventory. For snowmobiles, the 25-26 season delivered retail growth of 25%, driven by early season snowfall in the flatlands. Conditions varied later in the season, but many mountain areas experienced lower snowfall with some seeing close to the low snowfall levels on record. Despite this, we gained multiple points of share due to our strategic promotional activity to help dealers move non-current inventory and innovation in the wide track and sport utility segment. Turning to marine, first quarter retail was down low double digits according to the latest SSI report, which is not a complete data set with important states yet to report. The first quarter represents about 10% of annual retail, and therefore we don't extrapolate these results to the rest of the year. Importantly, boat show activity was up year over year for both brands, and there remains strong excitement around our premium offerings at both Bennington and Godfrey. Before moving on, I want to touch on our product portfolio, something that can be hard to fully appreciate through a 10 or 20 dealer survey. Simply put, this is the strongest portfolio I've seen in my nearly 11 years at Polaris. Our broad ORV lineup delivers on distinct customer needs, whether it be for a work vehicle to find their next adventure or to have an unmatched day on the dunes. Our category-defining utility vehicle, the Ranger XD1500, sets the bar for capability, while the Polaris Expedition offers the industry's only adventure vehicle. And for customers looking for uncompromised performance in the wide-open category, The Razor Pro-R has continued to define what's possible with victories at Dakar, King of the Hammers Desert Race, and our recent wins at the San Felipe 250, demonstrating the vehicle's leadership. The innovation at the top carries down across the lineup. We've talked about the success of the Ranger 500, which delivers exceptional value to customers and continues turning at dealers at unprecedented levels. In the recent launch of the new Ranger 1000 Cab and Ranger XP 1000 Cab, which strengthens our offering in the latest and fastest growing full cab utility category. In fact, we are seeing strong double-digit utility side-by-side retail growth in April on the heels of this launch. In our seasonal business, we launched our model year 27 snowmobile lineup in February, which featured the expansion of our rec utility sleds and the new 9R VR1 Dynamics. Originally launched on our Razor lineup, Dynamics technology was later introduced on our snow portfolio in 2025, and it remains the industry's only snow system with full foreshock control. This year, a third of snow checked orders included Dynamics. In Marine, we continue to set the standard for innovation and quality with the newly redesigned Bennington QX and the Godfrey Sandpan. which was named Boating Magazine's Pontoon of the Year, and the Hurricane Sundeck 3200 won the Innovation Award at the Miami Boat Show. It's easy to focus on individual products, but what truly differentiates Polaris is the strength of our entire portfolio. We're the global leader in power sports, and we operate like it, living the riding experience and constantly working to make it better. And while it's still early, I'll say this. I have not been this excited about what we have yet to come. Dealer inventory continues to be in a good place as we've taken a thoughtful approach in pacing our shipments in line with current demand. Our dealer inventory levels are healthy across our major categories. With some help from Mother Nature this last season, we made significant progress on snowmobile inventory and it ended the quarter down over 50% from a year ago. We exit the snowmobile season with dealer inventory healthier than it's been in many years. So whether you look at our inventory on a day sales basis, which remains near 100 days, or on a current to non-current mix, which skews positively to more currents, our inventory at dealers is in a good spot. We remain committed to the alignment of build, ship, and retail as we partner with dealers to provide them with the right mix and quantity of vehicles to succeed. I'm now going to turn it over to Bob to provide you with more details on the financials.