What changed in this filing

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Item 1. Business

2026-08-27 compared with 2025-08-28 · 118 added, 100 removed, 309 unchanged (41% of the section changed)

Unless otherwise expressly indicated or the context otherwise requires, in this Annual Report on Form 10-K:

• We use the terms “Malibu Boats,” the “Company,” “we,” “us,” “our” or similar references to refer (1) prior to the consummation of our initial public offering, or "IPO" on February 5, 2014, to Malibu Boats Holdings, LLC, or the LLC, and its consolidated subsidiaries and (2) after our IPO, to Malibu Boats, Inc.

• We use the terms “Malibu Boats,” the “Company,” “MBI,” “we,” “us,” “our” or similar references to refer (1) prior to the consummation of our initial public offering, or "IPO" on February 5, 2014, to Malibu Boats Holdings, LLC (the “LLC”), and its consolidated subsidiaries and (2) after our IPO, to Malibu Boats, Inc.

and its consolidated subsidiaries;

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• References to “fiscal year” refer to the fiscal year of Malibu Boats, which ends on June 30 of each year;

• We refer to our Malibu branded boats as "Malibu", our Axis Wake Research branded boats as "Axis", our Pursuit branded boats as "Pursuit", our Maverick, Cobia, Pathfinder and Hewes branded boats as "Maverick Boat Group", and our Cobalt branded boats as "Cobalt";

• We use the term “recreational powerboat industry” to refer to our industry group, which includes performance sport boats, sterndrive and outboard boats;

• We use the term “performance sport boat category” to refer to the industry category, consisting primarily of fiberglass boats equipped with inboard propulsion and ranging from 19 feet to 26 feet in length, which we believe most closely corresponds to (1) the inboard ski/wakeboard category, as defined and tracked by the National Marine Manufacturers Association, or NMMA, and (2) the inboard ski boat category, as defined and tracked by Statistical Surveys, Inc., or SSI;

• We use the term “recreational powerboat industry” to refer to our industry group, which includes performance sport boats, sterndrive boats, outboard boats, and premium adventure dayboats;

• We use the term “performance sport boat category” to refer to the industry category, consisting primarily of fiberglass boats equipped with inboard propulsion and ranging from 19 feet to 26 feet in length, which we believe most closely corresponds to (1) the inboard ski/wakeboard category, as defined and tracked by the National Marine Manufacturers Association (the “NMMA”), and (2) the inboard ski boat category, as defined and tracked by Statistical Surveys, Inc., or SSI;

• We use the terms “sterndrive” and “outboard” to refer to the industry category, consisting primarily of sterndrive and outboard boats ranging from 20 feet to 40 feet, which most closely corresponds to the sterndrive and outboard categories, as defined and tracked by NMMA, and the sterndrive and outboard propulsion categories, as defined and tracked by SSI;

in some instances, we provide market information based on specific boat lengths or boat types within the sterndrive or outboard categories to reflect our performance in those specific markets in which we offer products;

we include "premium adventure dayboats" in the industry categories of "sterndrive" and "outboard", depending on the propulsion system used;

• References to certain market and industry data presented in this Form 10-K are determined as follows:

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Solely for convenience, trademarks and trade names referred to in this Form 10-K may appear without the ® or TM symbols, but such references are not intended to indicate, in any way, that we will not assert, to the fullest extent under applicable law, our rights or the right of the applicable licensor to these trademarks and trade names.

We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive and outboard boats under eight brands—Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes and Cobalt.

As of June 30, 2025, we are among the market leaders in the United States in the 24’-29’ segment of the sterndrive category through our Cobalt brand, we are among the market leaders in the United States in the performance sport boat category through our Malibu and Axis brands and we are among the market leaders in the fiberglass outboard fishing boat market with our Pursuit and Maverick Boat Group brands.

Our product portfolio of premium brands is used for a broad range of recreational boating activities including, among others, water sports such as water skiing,

wakeboarding and wake surfing, as well as general recreational boating and fishing.

We are a leading designer, manufacturer and marketer of a diverse range of recreational powerboats, including performance sport boats, sterndrive boats, outboard boats, and premium adventure dayboats under nine brands—Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, Cobalt, and Saxdor.

As of June 30, 2026, we are among the market leaders in the United States in the performance sport boat category through our Malibu and Axis brands, we are among the market leaders in the United States in the 20’- 40’ segment of the sterndrive category through our Cobalt brand, and we are among the market leaders in the fiberglass outboard fishing boat market with our Pursuit and Maverick Boat Group brands.

For our Saxdor brand,

we have multiple award-winning models making Saxdor a recognized brand in the premium adventure dayboat emerging market.

Our product portfolio of premium brands is used for a broad range of recreational boating activities including, among others, water sports such as water skiing, wakeboarding and wake surfing, as well as general recreational boating and fishing.

Our passion for consistent innovation, which has led to proprietary technology such as Surf Gate, has allowed us to expand the market for our products by introducing consumers to new and exciting recreational activities.

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Our Axis boats appeal to consumers who desire a more affordable performance sport boat product but still demand high performance, functional simplicity and the option to upgrade key features.

Our Cobalt boats consist of mid to large-sized luxury cruisers and bowriders that we believe offer the ultimate experience in comfort, performance and quality.

Our Pursuit boats expand our product offerings into the saltwater outboard fishing market and include center console, dual console and offshore models.

Our Maverick Boat Group family of boats, including Maverick, Cobia, Pathfinder and Hewes, are highly complementary to Pursuit and its saltwater outboard offerings with a focus in length segments under 30 feet.

Our Cobalt boats consist of mid to large-sized luxury cruisers and bowriders that we believe offer the ultimate experience in comfort, performance and quality.

Our Saxdor boats expand our product offerings into the premium adventure dayboat market, including boats with lengths over 40 feet.

Our boats are constructed of fiberglass, available in a range of sizes, hull designs, and propulsion systems (i.e., inboard, sterndrive and outboard).

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We sell our boats through a dealer network that we believe is among the strongest in the recreational powerboat industry.

As of June 30, 2025, our distribution channel consisted of over 325 dealer locations globally.

As of June 30, 2026, our distribution channel consisted of over 345 dealer locations globally across 68 countries.

Our dealer base is an important part of our consumers’ experience, our marketing efforts and our brands.

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The recreational powerboat industry, including the performance sport boat, sterndrive and outboard categories, is highly competitive for consumers and dealers.

Premium adventure dayboats are included in the sterndrive and outboard industry categories, depending on the propulsion system used.

Competition affects our ability to succeed in the markets we currently serve and new markets that we may enter in the future.

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During calendar year 2025, retail sales of new recreational powerboats in the United States totaled $14.6 billion.

Of the recreational powerboat categories defined and tracked by the NMMA, we serve three of the top four categories consisting of outboard, sterndrive and performance sport boat representing an addressable market of nearly $12.6 billion in retail sales through our Malibu, Axis, Pursuit, Maverick Boat Group brands and Cobalt brands.

Of the recreational powerboat categories defined and tracked by the NMMA, we serve three of the top four categories consisting of outboard, sterndrive and performance sport boat representing an addressable market of nearly $12.2 billion in retail sales through our Malibu, Axis, Pursuit, Maverick Boat Group, Cobalt and Saxdor brands.

The following table illustrates the size of our addressable market in units and retail sales for calendar year 2025:

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Our Products and Brands

We design, manufacture and sell recreational powerboats, including performance sport boats, sterndrive and outboard boats across eight brands:

Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, and Cobalt.

We believe that we deliver

superior performance for general recreational purposes with a significant focus on water sports, including wakeboarding, water skiing and wake surfing as well as general recreational boating and fishing.

In addition, we also offer various accessories and aftermarket parts.

We design, manufacture and sell recreational powerboats, including performance sport boats, sterndrive boats, outboard boats, and premium adventure dayboats across nine brands:

Malibu, Axis, Pursuit, Maverick, Cobia, Pathfinder, Hewes, Cobalt, and Saxdor.

We believe that we deliver superior performance for general recreational purposes with a significant focus on water sports, including wakeboarding, water skiing and wake surfing as well as general recreational boating and fishing.

In addition, we offer various accessories and aftermarket parts.

The following table provides an overview of our product offerings by brand as of June 30, 2026:

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Malibu Malibu 12 20'-26' $80-$300 Malibu targets consumers seeking a premium boating experience with our latest innovations in performance, comfort and convenience.

Across our three product lines, we offer a variety of products to customers from our Response Series tailored for high-performance water ski to highly customizable options in our Wakesetter series to our ultra premium models in the M Series.

Across Malibu's three product lines, we offer a variety of products to customers from our Response Series tailored for high-performance water ski to highly customizable options in our Wakesetter series to our ultra premium models in the M Series.

Axis 6 20’-25’ $80-$175 Axis was formed to target a younger demographic by providing a more affordably priced, high quality, entry-level boat with high performance, functional simplicity and the option to upgrade key features such as Surf Gate.

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Pathfinder 8 22'-27' $90-$350 Pathfinder provides the most versatile inshore fishing boat.

The product of bay boats provides for dedicated anglers to fish and do so with comfort, safety and proven technology.

Bay boats provide for dedicated anglers to fish and do so with comfort, safety and proven technology.

Maverick and Hewes 6 16'-21' $45-$125 Maverick and Hewes have been designed to tailor to shallow inshore flats anglers.

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Cobalt Cobalt 16 22’-35’ $75-$625 Cobalt is a premium luxury sterndrive and outboard boat manufacturer available in five product lines.

Our products tailor sterndrive from entry level to premium with options to expand some models with the patented Surf Gate, as well as our outboard series for increased saltwater use.

Cobalt's products tailor sterndrive from entry level to premium with options to expand some models with the patented Surf Gate, as well as our outboard series for increased saltwater use.

Saxdor Saxdor 9 26'-47' $130-$825 Saxdor is a premium adventure dayboat manufacturer available in five product lines.

Saxdor's products focus on overall comfort on the water including features such as entirely open or closed cabins maximizing comfort in all types of weather.

Innovative Features

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By employing precisely engineered and electronically controlled panels, Surf Gate alleviates this time-consuming and cumbersome process, allowing boaters to easily surf behind an evenly weighted boat without the need to wait for ballast changes.

We have also developed our patented Surf Band technology that allows the rider to remotely control the surf wave, shape, size and side.

We have also developed our patented Surf Band technology that allows the rider to remotely control the

surf wave, shape, size and side.

Some of our other notable innovations include the Malibu Monsoon Engine, Power Wedge III, G5 and the power actuated G10+ Tower, Electronic Dashboard Controls, Flip Down Swim Step, Tower Mister, Splash and Stow and Cobalt's TruWave Technology.

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Maverick Boat Group has introduced first of its kind "Hybrid" and "Open" Bay Boat designs in recent years.

Saxdor has developed the “MySaxdor” app, a proprietary digital platform designed to enhance the ownership experience.

The platform includes an embedded artificial intelligence assistant, “Co-skipper,” in addition to built-in features like after-sales service requests, trip tracking, status alerts, remote access, and monitoring.

We won the Boating Industry Magazine's "Top Product" award for the Pursuit S 358 Sport in 2022.

Malibu Trailers took the coveted NMMA Innovation Award at the Miami International Boat Show in 2022.

The Malibu Wakesetter 23 LSV has won Wakeworld “Readers Choice” Wakeboard and Wakesurf Boat of the Year five years running in 2024, 2023, 2022, 2021 and 2020.

configuration), sound system upgrades, bimini tops, boat covers and trailers which further increase the level of customization afforded to consumers.

The Malibu Wakesetter 23 LSV has won Wakeworld “Riders' Choice” Wakeboard and Wakesurf Boat of the Year six years running in 2025, 2024, 2023, 2022, 2021 and 2020.

Most recently, the Saxdor 460 GTC won the "Motoryacht 14-16m" category at the Yacht Style Awards in 2026.

We also offer an array of less technological but nonetheless value-added boat features such as gelcoat upgrades, upholstery upgrades, engine drivetrain enhancements (such as silent exhaust tips, propeller upgrades and closed cooling engine configuration), sound system upgrades, bimini tops, boat covers and trailers which further increase the level of customization afforded to consumers.

Our Dealer Network

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We believe our dealer network is the most extensive in the market.

North America

As of June 30, 2025, our dealer network consisted of over 300 dealer locations servicing markets strategically located throughout North America.

Our top ten dealers represented 62.4%, 42.8% and 40.4% of our net sales for fiscal year 2026, 2025 and 2024, respectively.

The top ten dealers for each of the Malibu, Saltwater Fishing and Cobalt segments represented approximately 50.9%, 66% and 53.9%, respectively, of net sales in fiscal year 2025.

The top ten dealers for each of the Malibu, Saltwater Fishing, Cobalt, and Saxdor segments represented approximately 49.1%, 80.8%, 57.5%, and 63.2%, respectively, of net sales in fiscal year 2026.

The top ten dealers for each segment are not the same across all segments.

Sales to our dealers under common control of OneWater Marine, Inc.

represented approximately 24.7%, 23.7% and 17.2% of consolidated net sales in fiscal years 2025, 2024 and 2023, respectively, including approximately 9.7%, 42.9% and 20.9% of consolidated sales in fiscal year 2025 for Malibu, Saltwater Fishing and Cobalt, respectively.

represented approximately 22.3%, 24.7% and 23.7% of consolidated net sales in fiscal years 2026, 2025 and 2024, respectively, including approximately 9.4%, 42.0%, 23.7%, and —% of consolidated sales in fiscal year 2026 for Malibu, Saltwater Fishing, Cobalt, and Saxdor, respectively.

With our acquisition of Saxdor in March 2026, we expect MarineMax Inc.

to represent more than 10% of sales contributed by Saxdor for fiscal year 2027.

We consistently review our distribution network to evaluate the financial health of our dealers, identify opportunities to expand our geographic footprint and improve our coverage of the market.

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We believe our outstanding dealer network allows us to distribute our products more efficiently than our competitors.

International (Outside of North America)

We have an extensive international distribution network for our Malibu, Axis, Pursuit, Maverick Boat Group and Cobalt brands.

As of June 30, 2025, our dealer network consisted of over 25 dealer locations servicing markets strategically located internationally.

As of June 30, 2026, our dealer network in the United States consisted of over 200 dealer locations servicing markets strategically located throughout the US.

International (Outside of US)

We also have an extensive international distribution network for our Malibu, Axis, Pursuit, Maverick Boat Group, Cobalt, and Saxdor brands.

We significantly increased our international dealer network with our acquisition of Saxdor in March 2026.

As of June 30, 2026, our dealer network outside of the United States consisted of over 100 dealer locations servicing markets strategically located internationally in 67 countries on 6 continents.

Dealer Management

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Floor Plan Financing

Our North American dealers often purchase boats through floor plan financing programs with third-party floor plan financing providers.

During fiscal year 2025, approximately 80% of our North American shipments were made pursuant to floor plan financing programs which our dealers participate in.

These programs allow dealers across our brands to establish lines of credit with third-party lenders to purchase inventory.

Our US dealers often purchase boats through floor plan financing programs with third-party floor plan financing providers.

During fiscal year 2026, approximately 80% of our US shipments were made pursuant to floor plan financing programs which our dealers participate in.

These programs allow dealers across our brands, other than Saxdor, to establish lines of credit with third-party lenders to purchase inventory.

Under these programs, a dealer draws on the floor plan financing facility upon the purchase of our boats and the lender pays the invoice price of the boats.

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Historically, the primary cost to us of a repurchase event has been margin loss on the resale of a repurchased unit but we have generally been able to resell repurchased boats at an amount that exceeds our cost.

We repurchased 22 units under our repurchase agreements during fiscal year 2025, including 19 units that were subject to our repurchase agreement with M&T Bank, the lender under the floor plan financing for Tommy's Boats, a former dealer that filed for bankruptcy protection in 2024.

During fiscal year 2026, we had no repurchases under our repurchase agreements.

In fiscal year 2025, we repurchased 22 units under our repurchase agreements, including 19 units that were subject to our repurchase agreement with M&T Bank, the lender under the floor plan financing for Tommy's Boats, a former dealer that filed for bankruptcy protection in 2024.

Of those 22 units, 20 of the units were subsequently resold during fiscal year 2025 above their cost.

For fiscal year 2024, we repurchased 17 boats under our repurchase agreements.

We had no repurchases under our repurchase agreements in fiscal year 2023.

Marketing and Sales

We believe that providing a high level of service to our dealers and end consumers is essential to maintaining our reputation.

Our sales personnel receive training on the latest Malibu, Axis, Pursuit, Maverick Boat Group and Cobalt products and technologies, as well as training on our competitors’ products and technologies, and attend trade shows to increase their market knowledge.

Our sales personnel receive training on the latest Malibu, Axis, Pursuit, Maverick Boat Group, Cobalt, and Saxdor products and technologies, as well as training on our competitors’ products and technologies, and attend trade shows to increase their market knowledge.

This training is then passed along to our dealers to ensure a consistent marketing message and leverage our marketing expenditures.

Malibu, Axis, Pursuit, Maverick Boat Group and Cobalt enjoy strong brand awareness, as evidenced by our substantial market share in their respective categories.

Our marketing strategy focuses on building brand awareness and loyalty in the performance sport boat market with Malibu and Axis brands and the outboard and sterndrive markets with Pursuit, Maverick Boat Group and Cobalt brands.

Malibu, Axis, Pursuit, Maverick Boat Group, Cobalt, and Saxdor enjoy strong brand awareness, as evidenced by our substantial market share in their respective categories.

Our marketing strategy focuses on building brand awareness and loyalty in the performance sport boat market with Malibu and Axis brands, the outboard and sterndrive markets with Pursuit, Maverick Boat Group and Cobalt brands, and the premium adventure dayboat market with Saxdor brands.

Activating the marketing strategy involves creating custom content to be utilized in outbound marketing campaigns and social media to engage owners and prospects.

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Product Development and Engineering

We are strategically and financially committed to innovation, as reflected in our dedicated product development and engineering teams located in Tennessee, Kansas, California, and Florida and evidenced by our track record of new product

introduction.

We are strategically and financially committed to innovation, as reflected in our dedicated product development and engineering teams located in Tennessee, Kansas, California, Florida, Poland, and Finland, and evidenced by our track record of new product introduction.

As of June 30, 2026, our product development and engineering team consisted of approximately 145 professionals.

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Manufacturing

We have eight manufacturing facilities located in four U.S.

states and Australia.

We have eleven manufacturing facilities located in four U.S.

states, Australia, Poland, and Finland.

We produce performance sport boats through our Malibu and Axis brands at our Tennessee and Australia manufacturing facilities;

we produce sterndrive and outboard boats through our Cobalt brand at our Kansas and Tennessee manufacturing facilities;

and we produce saltwater outboard boats under our Pursuit and Maverick Boat Group brands, as well as tooling parts, in Fort Pierce, Florida.

we produce saltwater outboard boats under our Pursuit and Maverick Boat Group brands, as well as tooling parts, in Fort Pierce, Florida;

and we produce premium adventure dayboats under our Saxdor brands in Poland and Finland.

We completed expansion projects at one of our Florida facilities (Maverick Boat Group) in fiscal year 2022 and at our other Florida facility (Pursuit Tooling) in fiscal year 2023.

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We adopted this vertical integration strategy for our engines to more directly control product path (design, innovation, calibration and integration) of our largest dollar procured part, to differentiate our product from our competitors, and to increase our ability to respond to ongoing changes in the marketplace.

We have an engine supply agreement with General Motors LLC ("General Motors") for the supply of engine blocks to use in our Malibu and Axis brand boats through model year 2026.

We have an engine supply agreement with General Motors LLC ("General Motors") for the supply of engine blocks to use in our Malibu and Axis brand boats through calendar year 2026 and we are currently negotiating an extension on the agreement beyond calendar year 2026.

Pursuant to our engine supply agreement with General Motors, General Motors will deliver engines to us as we submit purchase orders.

No minimum amount of engines is required to be ordered by us.

The engine supply agreement will expire at the end of production of model year 2026, unless terminated earlier by either party as permitted under the terms of the agreement, including by General Motors due to market conditions with at least eighteen (18) months’ advanced written notice.

The engine supply agreement will expire at the end of calendar year 2026, unless terminated earlier by either party as permitted under the terms of the agreement, including by General Motors due to market conditions with at least eighteen (18) months’ advanced written notice.

We also have a marketing agreement with Yamaha Motor Corporation, U.S.A., or Yamaha, that requires us to equip a significant percentage of our Pursuit, Cobalt and Maverick Boat Group branded boats that are pre-rigged for outboard motors with Yamaha outboard motors in exchange for certain incentives.

The agreement expires on June 30, 2029.

In addition, we obtain engines and sterndrive assemblies from Volvo for our Cobalt branded boats.

During fiscal year 2022, we experienced supply chain disruptions that we believe were driven by numerous factors, including labor shortages, ongoing domestic logistical constraints, and rising prices for our suppliers, in part due to inflationary pressures.

These supply chain disruptions continued into fiscal year 2023 and fiscal year 2024.

We believe that the systemic supply chain disruptions have been largely rectified during fiscal year 2025.

In addition, we obtain engines and sterndrive assemblies from Volvo for our Cobalt branded boats and from Mercury for certain models of Cobalt and Maverick branded boats.

Insurance and Product Warranties

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Cobia brand boats have (1) a limited warranty for a period of up to ten years on structural components such as the hull, deck and defects in the gelcoat surface of the hull bottom and (2) a bow-to-stern warranty of three years (excluding hull and deck structural components).

Saxdor brand boats have a

limited warranty for a period of up to two years or three-hundred running hours, whichever comes first, for structural components.

For each boat brand, there are certain materials, components or parts of the boat that are not covered by our warranty and certain components or parts that are separately warranted by the manufacturer or supplier (such as the engine).

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One of our growth strategies is to drive growth in our business through targeted acquisitions that add value while considering our existing brands and product portfolio.

We acquired Maverick Boat Group in December 2020, Pursuit in October 2018 and Cobalt in July 2017.

We acquired Saxdor in March 2026, Maverick Boat Group in December 2020, Pursuit in October 2018 and Cobalt in July 2017.

The primary objectives of our acquisitions are to expand our presence in new or adjacent categories, to expand into other product lines that may benefit from our operating strengths, and to increase the size of our addressable market.

When we identify potential acquisitions, we attempt to target companies with a leading market share, strong cash flows, and an experienced management team and workforce that provide a fit with our existing operations.

processes around product development, enhancement of our existing dealer distribution network, accelerated innovation, administrative cost savings, shared procurement, vertical integration and cross-selling opportunities.

After completing an acquisition, we focus on integrating the company with our existing business to provide additional value to the combined entity through cost savings and revenue synergies, such as the optimization of manufacturing operations, improved processes around product development, enhancement of our existing dealer distribution network, accelerated innovation, administrative cost savings, shared procurement, vertical integration and cross-selling opportunities.

Our most recent acquisition in Saxdor expanded our presence both globally and into the premium adventure dayboat category.

The category complements our current line of product offerings as well as increases the size of our addressable market.

Saxdor was acquired during the third quarter of fiscal year 2026 and is currently being integrated into our existing business.

Intellectual Property

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(ii) for our Saltwater Fishing Segment, Pursuit, Cobia, Maverick, and Redfisher;

and (iii) for our Cobalt segment, Cobalt and Splash & Stow.

(iii) for our Cobalt segment, Cobalt and Splash & Stow;

and (iv) for our Saxdor segment, Saxdor.

Our dealers experience seasonality in their business.

Retail demand for boats is seasonal, with a significant majority of sales occurring during peak boating season, which coincides with our first and fourth fiscal quarters.

Retail demand for boats is seasonal, with a significant majority of sales occurring during peak boating season, which coincides with our first and fourth fiscal quarters for Malibu, Saltwater Fishing, and Cobalt segments.

The seasonality for our Saxdor segment differs from our other three segments because the majority of its sales are in Europe.

European seasonality differs from the U.S.

due to the difference in weather patterns and accordingly, European markets experience a shorter peak sales window.

In order to minimize the impact of this seasonality on our business, we manage our manufacturing processes and structure dealer incentives to tie our annual volume rebates and discounts program to consistent ordering patterns, encouraging dealers to purchase our products throughout the year.

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Safety and Regulatory Matters

Our operations and products are subject to extensive environmental and health and safety regulation under various federal, commonwealth, state, and local statutes, ordinances, rules and regulations in the United States and Australia where we manufacture our boats, and in other foreign jurisdictions where we sell our products.

Our operations and products are subject to extensive environmental and health and safety regulation under various federal, commonwealth, state, and local statutes, ordinances, rules and regulations in the United States, Australia, and Europe where we manufacture our boats, and in other foreign jurisdictions where we sell our products.

We believe that we are in material compliance with those requirements.

However, we cannot be certain that costs and expenses required for us to comply with such requirements in the future, including for any new or modified regulatory requirements, or to address newly discovered environmental conditions, will not have a material adverse effect on our business, financial condition, operating results, or cash flow.

environmental conditions, will not have a material adverse effect on our business, financial condition, operating results, or cash flow.

The regulatory programs to which we are subject include the following:

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The handling, storage, release, treatment and recycling or disposal of these substances and wastes from our operations are regulated in Australia by the Australian Department of Climate Change, Energy, the Environment and Water, the New South Wales Environmental Protection Authority and other state and local authorities.

Our manufacturing facilities in Finland and Poland are subject to environmental permitting and emissions requirements established under European Union legislation and implemented by national environmental authorities.

These permits regulate emissions of volatile organic compounds, hazardous air pollutants, particulate matter, and other pollutants associated with fiberglass molding and coating operations.

Our facilities are required to monitor emissions, maintain records, and periodically demonstrate compliance with permit conditions.

Failure by us to properly handle, store, release, treat, recycle or dispose of our hazardous materials and wastes could result in liability for us, including fines, penalties, or obligations to investigate and remediate any contamination originating from our operations or facilities.

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Although capital expenditures related to compliance with environmental and safety laws are expected to increase, we do not currently anticipate any material expenditure will be required to continue to comply with existing OSHA environmental or safety regulations in connection with our existing manufacturing facilities.

At our New South Wales, Australia (“NSW”) facility, employee health and safety is regulated by SafeWork NSW, which also has requirements that limit the amount of certain emissions to which an employee may be exposed without the need for respiratory protection or upgraded plant ventilation.

In addition, SafeWork NSW provides licensing and registration for potentially dangerous work, investigates workplace incidents, and enforces work health and safety laws in NSW.

Our NSW facilities can be routinely inspected by SafeWork NSW.

At our New South Wales, Australia (“NSW”) facility, employee health and safety is regulated by SafeWork NSW.

At our Poland and Finland facilities, employee health and safety is regulated by State Labour Inspectorate (PIP) and Occupational

Safety and Health ("OSH") legislation, respectively, and related regulatory authorities.

Both international agencies have requirements that limit the amount of certain emissions to which an employee may be exposed without the need for respiratory protection or upgraded plant ventilation.

In addition, OSH and SafeWork NSW provide licensing and registration for potentially dangerous work, investigate workplace incidents, and enforce work health and safety laws in NSW as well as Finland.

Our facilities can be routinely inspected by their respective agencies.

We believe that our facilities comply in all material aspects with these requirements.

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As of June 30, 2026, we had approximately 3,000 employees worldwide.

None of our team members are party to a collective bargaining agreement.

We believe in working diligently to establish ourselves as an employer of choice.

Approximately 75 employees at our Larsmo, Finland facility are covered by a collective bargaining agreement.

We work diligently to establish ourselves as an employer of choice.

Talent Retention and Development

We recognize that employees are the heart of our organization and support them by offering a range of competitive pay, recognition and benefit programs.

We provide market-competitive pay and benefits to encourage performance that creates sustainable and long-term employment.

Additionally, we have numerous initiatives to support employee development,

including annual performance evaluations and supervisor training programs, along with training programs for new employees (and those who are internally promoted) to learn new skills in boat production, such as gel coat application and fiberglass repair.

We believe in internal promotion where possible and are committed to developing our current team members to become the next generation of leaders throughout the organization.

Approximately 88% of our production leaders are internal promotions.

We provide tuition assistance programs and take advantage of leadership development where possible.

We partner with several colleges and universities to hire students from across the country in our Engineering Internship Program and many come to work for us after attaining their degree.

We recognize that employees are central to our organization and support them through competitive compensation, recognition and benefits programs designed to encourage strong performance and long-term employment.

We also invest in employee development through annual performance evaluations, supervisor training, and programs that help new (and internally promoted) employees build boat production skills, including gel coat application and fiberglass repair.

We seek to promote from within wherever possible and are committed to developing current team members into the next generation of leaders across the organization.

Approximately 93% of our production leaders have been promoted internally.

We also offer tuition assistance and pursue leadership development opportunities where appropriate.

In addition, we partner with colleges and universities nationwide through our Engineering Internship Program, which helps us attract students who often join us after earning their degrees.

In fiscal year 2026, we expanded our employee development and recognition efforts through the release of our enterprise mentorship program and the launch of the PACESetter Award Program.

The mentorship program was designed to support knowledge sharing, leadership development and career growth by connecting employees with mentors across the organization.

The PACESetter Award Program reinforces our PACE Values by recognizing employees who demonstrate exceptional performance, leadership, teamwork, innovation, accountability and commitment to excellence.

The program includes monthly, quarterly and annual recognition opportunities, with nominations evaluated based on alignment with our PACE Values, the significance of employee contributions and the positive impact on our teams, customers and business.

Employee Well-Being

Safety is a core value of our organization and we are committed to fostering a culture where safety is a number one priority.

The success of our business depends, in part, upon the prevention of accidents, the reduction and/or prevention of occupational injuries and illnesses, and compliance with established safety and health policies and requirements.

Dependent upon job tasks, some personnel will be required to have OSHA training and/or documentation to satisfy job requirements.

Workplace safety is a fundamental organization-wide value, and we are committed to running an efficient program.

We remain focused on ensuring a safe workplace for our employees and will continue to work toward an injury-free workplace through the implementation of training and other safety initiatives.

Safety is a core organizational value, and we are committed to maintaining a workplace where safety is a top priority.

Our business success depends in part on preventing accidents, reducing occupational injuries and illnesses, and complying with established health and safety policies and requirements.

Depending on their job duties, certain employees are required to complete OSHA training or maintain related documentation.

We remain focused on promoting a safe workplace and continue to pursue an injury-free environment through employee training and other safety initiatives.

Culture and Values

Our mission statement is a formal summary of our core purpose and focus and clearly communicates who we are.

Our mission is to create the ultimate on-the-water lifestyle.

Our core values are the guiding principles that dictate how we make decisions and interact with each other daily.

We are committed to our core values of Safety, Integrity, People, Quality, Innovation, Customer Focus, and Continuous Improvement.

We design products that appeal to an expanding range of recreational boaters, fishermen and water sports enthusiasts whose passion for boating is a key component of their active lifestyle.

With our many awards and honors, we cultivate a culture of excellence and premier boat building.

We conducted our first annual engagement survey of all employees in 2023 and again in 2024 and 2025 as an opportunity to gather feedback from employees on their experience and overall satisfaction to identify areas for organizational improvement.

Outside of formal surveys, we encourage employees to continuously share any comments, questions or concerns with our leadership team, which are addressed as needed by our executive team.

We are committed to maintaining an employee-first culture.

We are dedicated to protecting the well-being of our employees and creating a healthy culture.

We promote an inclusive workforce and the opportunity for career growth for all employees.

We seek to hire the best-qualified individuals and do not discriminate on the basis of race, creed, color, religion, national origin, citizenship status, age, disability, marital status, sexual orientation, gender, gender identity and similar classification.

We value our team and are committed to treating all employees with dignity and respect.

Our mission of Delivering the Ultimate On the Water Experience defines who we are and guides our focus as an organization.

Our PACE Values – People Make Success Happen, Accountability & Integrity Always, Customer & Innovation Focus, and Excellence & Execution – serve as the foundation for how we make decisions, work together and serve our customers each day.

We design products for an expanding range of recreational boaters, fishermen and water sports enthusiasts

whose passion for boating is central to their active lifestyles.

Through our continued commitment to quality, innovation and craftsmanship, we foster a culture of excellence and premier boat building.

We are committed to maintaining an employee-first culture that supports employee well-being, promotes inclusion and provides opportunities for career growth.

We seek to hire the best-qualified individuals and do not discriminate based on race, creed, color, religion, national origin, citizenship status, age, disability, marital status, sexual orientation, gender, gender identity or similar classification.

We value our team members and are committed to treating all employees with dignity and respect.

Community Involvement

We continually strive to make an impact on our local communities and serve them with gratitude.

Each year, we partner with community organizations where our facilities are located and support local schools.

In Tennessee, we have partnered with Toys for Tots, Angel Tree and local food banks to help families within the community during the holiday season.

Our corporate sponsorship with the local Kiwanis Club has allowed us to give back to children with disabilities while also helping students prepare for the upcoming school year.

We partner with the local Family Resources center each year to assist local students with cold-weather clothing fund and participate in additional local school initiatives to promote manufacturing trade jobs.

In Kansas, we support our community through recreational leagues as well as donations to local foundations, events and school fundraisers, among other initiatives.

In Florida, we give back to our local communities through the Treasure Coast Food Bank, Pet Food Drive for the Humane Society, Ready to Work Boot Camp, Everglades Foundation, Recreational Fishing Alliance and Coastal Conservation Association.

Additionally, we are proud participants in and sponsors of the annual Making Strides Against Breast Cancer walk.

We are proud of our partnerships with these outstanding organizations, and of the funds raised by our employees for children and families in the communities within which we operate.

We are committed to making a positive impact in the communities where we live and work.

Each year, we partner with local organizations, schools and charitable programs near our facilities to support children, families, students and community initiatives.

Across all US locations, we participate in the Angel Tree program to provide holiday gifts to children in need.

In Tennessee, our partnerships include Toys for Tots, local food banks, and the Family Resource Center, supporting holiday assistance, children with disabilities, school readiness, cold-weather clothing needs and manufacturing trade awareness.

In Kansas, we support local recreational leagues, foundations, community events and school fundraisers.

In Florida, we support organizations and initiatives such as the Treasure Coast Food Bank, Humane Society pet food drives, Ready to Work Boot Camp, Coastal Conservation Association and the annual Making Strides Against Breast Cancer walk.

For our overseas divisions, we support local community initiatives, including local sports clubs in Finland.

We are proud of these partnerships and of the contributions made by our employees to support children and families in the communities where we operate.

Organizational Structure

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Malibu Boats, Inc., as sole managing member of the LLC, operates and controls all of the business and affairs and consolidates the financial results of the LLC.

The limited liability company agreement of the LLC provides that it may be amended, supplemented, waived or modified by the written consent of Malibu Boats, Inc., as managing member of the LLC, in its sole discretion without the approval of any other holder of LLC Units, except that no amendment may materially and adversely affect the rights of a holder of LLC Units, other than on a pro rata basis with other holders of LLC Units, without the consent of such holder (unless more than one holder is so affected, then the consent of a majority of such affected holders is required).

of LLC Units, other than on a pro rata basis with other holders of LLC Units, without the consent of such holder (unless more than one holder is so affected, then the consent of a majority of such affected holders is required).

Pursuant to the limited liability company agreement of the LLC, Malibu Boats, Inc.

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federal, state and local income tax rate prescribed for an individual or corporate resident in Los Angeles, California (taking into account the nondeductibility of certain expenses and the character of our income).

For purposes of determining the taxable income of the LLC, such determination will be made by generally disregarding any adjustment to the taxable income of any member of the LLC that arises under the tax basis adjustment rules of the Internal Revenue Code of 1986, as amended, or the Code and is attributable to the acquisition by such member of an interest in the LLC in a sale or exchange transaction.

the Internal Revenue Code of 1986, as amended, or the Code and is attributable to the acquisition by such member of an interest in the LLC in a sale or exchange transaction.

Exchanges and Other Transactions with Holders of LLC Units

for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or, at our option, except in the event of a change in control, for a cash payment equal to the market value of the Class A Common Stock.

In connection with our IPO and the recapitalization we completed in connection with our IPO, we entered into an exchange agreement with the pre-IPO owners of the LLC under which (subject to the terms of the exchange agreement) each pre-IPO owner (or its permitted transferee) has the right to exchange its LLC Units for shares of our Class A Common Stock on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends and reclassifications, or, at our option, except in the event of a change in control, for a cash payment equal to the market value of the Class A Common Stock.

The exchange agreement provides, however, that such exchanges must be for a minimum of the lesser of 1,000 LLC Units, all of the LLC Units held by the holder, or such amount as we determine to be acceptable.

22 unchanged sentences

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business