What changed in this filing

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Item 1. Business

2026-02-19 compared with 2025-02-20 · 104 added, 106 removed, 219 unchanged (49% of the section changed)

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Through strategic acquisitions, expansion both geographically and into new product lines and investment in infrastructure and capital expenditures, Patrick seeks to ensure that its operating network contains capacity, technology and innovative thought processes to support anticipated growth needs, effectively respond to changes in market conditions, inventory and sales levels, and successfully integrate manufacturing, distribution and administrative functions.

Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for approximately $696 million in total consideration that directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.

Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired.

These product initiatives and acquisitions directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.

Patrick believes that returning capital to shareholders is an important part of its capital allocation strategy, and during 2025 we returned $87 million to shareholders through our regular quarterly dividend and opportunistic share repurchases.

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Laminated products for furniture, shelving, walls and countertops Pre-finished wall and ceiling panels

Decorative vinyl, wrapped vinyl, paper laminated panels and vinyl printing Drywall and drywall finishing products

Laminated and decorative surface products, including laminated panels, decorative and wrapped vinyls, paper-laminated panels, and vinyl printing Drywall and drywall finishing products

Solid surface, granite and quartz countertops Interior and exterior lighting products

Fabricated aluminum products Wiring, electrical and plumbing products

Wrapped vinyl, paper and hardwood profile mouldings Transportation and logistics services

Electrical systems components including instrument and dash panels Electronics and audio systems components

Hardwood profile mouldings Transportation and logistics services

Electrical systems components including instrument, digital switching, dash panels, digital displays and gauges Electronics and audio systems components

Slide-out trim and fascia Cement siding

Cabinet products, doors, components and custom cabinetry Raw and processed lumber

Hardwood furniture Fiber reinforced polyester (“FRP”) products

Tooling for fiberglass boat manufacturers Fiber reinforced polyester (“FRP”) products

Fiberglass bath fixtures and tile systems Interior passage doors

Specialty bath and closet building products Roofing products

Boat towers, tops, trailers, and frames Laminate and ceramic flooring

Boat towers, tops, power bimini systems, trailers, frames and other engineered structural components Laminate and ceramic flooring

Softwoods lumber Shower doors

Interior passage doors Fireplaces and surrounds

Interior passage doors and baggage doors Fireplaces and surrounds

Wiring and wire harnesses Appliances

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RV painting Marine windshields

Thermoformed shower surrounds Other miscellaneous products

Fiberglass and plastic components including front and rear caps and marine helms

Thermoformed shower surrounds RV air conditioning units and furniture

Fiberglass and plastic components including front and rear caps and marine helms Other miscellaneous products

Polymer-based and other flooring

Air handling products

Marine hardware and accessories

Air handling products

Treated, untreated and laminated plywood

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Fender flares and rear panels

Composite panels

Other miscellaneous products

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Our operating facilities generally are strategically located in proximity to the customers they serve.

Previously, our sales to the powersports end market were included in the Company’s marine end market sales.

Effective with the first quarter of 2024, powersports net sales are being reported separately after the January 2024 acquisition of Sportech, LLC (“Sportech”), as disclosed in Note 2 "Revenue Recognition" of the Notes to Consolidated Financial Statements.

The Company’s net sales by end market are as follows:

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Recreational Vehicles

The Company’s RV products are sold primarily to major manufacturers of RVs, smaller original equipment manufacturers ("OEMs"), and to a lesser extent, manufacturers in adjacent industries.

The Company’s RV products are sold primarily to major RV original equipment manufacturers ("OEMs"), smaller OEMs, and to a lesser extent, manufacturers in adjacent industries.

The principal types of recreational vehicles include (1) towables:

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class A (large motor homes), class B (van campers), and class C (small-to-mid size motor homes).

The RV market is primarily dominated by Thor Industries, Inc.

The RV market is largely concentrated among Thor Industries, Inc.

(“Thor”), Forest River, Inc.

(“Forest River”) and Winnebago Industries, Inc.

("Winnebago") which combined held approximately 86% of retail market share for towables and 83% for motorized units for 2024 as reported per Statistical Surveys, Inc.

("Winnebago"), which together accounted for approximately 86% of retail market share for towables and 85% for motorized units for 2025 according to Company estimates based on data from Statistical Surveys, Inc.

We believe there has been substantial growth over the past several years in the consumer’s affinity for the Outdoor Enthusiast lifestyle.

As more people see the benefits of enjoying the outdoors with families and friends, there should be a positive impact on long-term demand in the RV market.

We also are optimistic about the near-term outlook for the RV market, which we believe bottomed in 2023 after a period of sharp declines in OEM production.

Following a dealer inventory restocking in the first half of 2024, OEMs reduced production slightly in the second half of 2024 as retail demand decreased, with dealers managing inventory levels and the OEMs demonstrating operating discipline to maintain a balanced inventory channel for the long-term health and stability of the industry.

Our analysis suggests that dealer inventory levels are currently well below historical norms and will need to be replenished when retail demand recovers.

Our strategy in the RV space continues to be centered around our goal of providing best-in-class customer service and a growing portfolio of products to OEMs through our full solutions model, therefore helping our customers innovate and build quality units across the spectrum of feature and price.

Following a dealer inventory restocking in the first half of 2024, OEMs reduced production levels slightly in the second half of the year as dealers actively managed inventory levels as retail demand softened.

In 2025, dealer inventory dynamics continued to normalize, with inventory reductions moderating as dealer inventory levels moved closer to targeted levels.

OEMs demonstrated operating discipline during this period to support a balanced inventory channel for the long-term health and stability of the industry.

Our analysis suggests that dealer inventory levels are currently below historical norms and will need to be replenished when retail demand recovers.

Our strategy in the RV end market continues to be centered around our goal of providing best-in-class customer service and a growing portfolio of products to OEMs through our full solutions model, helping our customers innovate and build quality units across the spectrum of feature and price.

We estimate that our mix of RV revenues related to towable units and motorized units is consistent with the overall RV industry production mix.

In 2024, according to the Recreation Vehicle Industry Association ("RVIA"), towable and motorized unit shipments represented approximately 90% and 10%, respectively, of total RV industry wholesale shipments with wholesale unit shipments increasing 12% in the towable sector and decreasing 24% in the motorized sector in 2024 compared to the prior year.

In 2025, according to the Recreation Vehicle Industry Association ("RVIA"), towable and motorized unit shipments represented approximately 89% and 11%, respectively, of total RV industry wholesale unit shipments with wholesale unit shipments increasing 2% in the towable sector and 3% in the motorized sector in 2025 compared to the prior year.

Recreational vehicle purchases are generally consumer discretionary income purchases, and therefore, any situation which causes concerns related to discretionary income may have a negative impact on the RV market.

The Company believes that industry-wide retail sales and the related production levels of RVs will continue to be dependent on the overall strength of the economy, consumer confidence levels, equity securities market trends, fluctuations in dealer inventories, the level of disposable income, and other demographic trends.

Demographic and ownership trends continue to point to favorable market growth for the long term in the RV market, as we believe that the shift toward outdoor, nature-based tourism activities has continued, despite the loss of many first time campers who had contributed to a significant increase in camping participation during the COVID-19 pandemic.

Demographic and ownership trends continue to support favorable market growth for the long term in the RV market, as interest in outdoor and nature-based tourism activities remains structurally elevated following the normalization of travel patterns after the COVID-19 pandemic.

Based on data from the 2025 Kampgrounds of America, Inc.

("KOA") North American Camping and Outdoor Hospitality Report, utilizing surveys of North American leisure travelers, camping remains popular, with annual camping households of 54 million in 2023 which, while a decrease from 58 million in 2022, is well above pre-pandemic levels of 39 million in 2018 and 42 million in 2019.

Younger campers (Millennials and GenZers) still represent an important camper demographic group despite a decrease in participation rates since the peak of the pandemic, with 48% of annual campers and 49% of new campers from these groups.

Additionally, according to the 2024 KOA report, 25% of 2023 camper households reported

household income of over $100,000.

While this percentage was down from 28% in 2022, these higher-income households still represented a significantly greater proportion of campers than before the COVID-19 pandemic.

Following a similar pattern as overall camping participation, 13.2 million households reported taking at least one RV trip in 2023, which was lower than in 2022 but well above pre-pandemic levels of 9.4 million in 2018 and 11.3 million in 2019.

("KOA") North American Camping and Outdoor Hospitality Report, utilizing surveys of North American leisure travelers, camping participation peaked in 2022 and declined modestly thereafter, but remains above pre-pandemic levels.

Approximately 11 million more households camped in 2024 compared to 2019, indicating a higher participation base relative to pre-pandemic periods.

Additionally, according to the 2025 KOA report, approximately 18% of camping households reported annual household income of over $100,000, which is consistent with pre-pandemic levels.

While this percentage represents a decline from the COVID-19 pandemic-era peak, the absolute number of camping households in this earnings group has grown

substantially due to the increase in camping households during this period.

Although down from the pandemic-era peak, RV participation remains substantial, with nearly 10 million households reporting at least one RV trip in 2024.

Detailed narrative information about the Company’s sales to the RV industry is included in Item 7.

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Consumer demand in the marine market is generally driven by the popularity of the recreational and leisure lifestyle and by economic conditions.

The powerboat sector, which is our primary marine market, has experienced a down cycle since mid-2023, resulting in continued softness particularly in our higher-engineered ski/wake and pontoon categories, where we maintain a significant market presence.

After a slight decrease in 2023, OEM production declined further in 2024 as concerns relating to elevated interest rates, inflation and overall economic uncertainties dampened retail demand and led marine dealers to reduce inventory levels.

The Company's marine revenue mix is slightly more concentrated toward higher dollar units, particularly the pontoon and ski and wake segments, which have seen more pronounced softness in market demand beginning in the second half of 2023 and throughout 2024 compared to the broader marine market.

We expect to continue to feel the effects of our revenue mix through the first half of 2025.

Despite short-term challenges, we remain optimistic about the long-term outlook including within the high value, premium segment of the marine industry that we serve.

The powerboat sector, which is our primary marine market, continued to experience a down cycle in 2024, particularly in our ski/wake and pontoon categories, where we maintain a significant market presence.

OEM production declined in 2024 as concerns relating to elevated interest rates, inflation, and overall economic uncertainties dampened retail demand and led marine dealers to reduce inventory levels.

In 2025, industry data indicates that the overall powerboat market remained below 2024 levels, and demand in the pontoon and ski/wake categories declined compared to 2024 as dealers continued to manage inventory levels to better align with current retail demand.

Despite challenging conditions across the marine market, we remain optimistic about the long-term outlook including within the high value, premium segment of the marine industry that we serve.

According to the National Marine Manufacturers Association (“NMMA”), per its 2024 U.S.

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fiberglass, aluminum fishing, pontoon and ski & wake.

Based on current available data per SSI through December 2024, within the powerboat sector for 2024, fiberglass units a ccounted for approximately 34% of retail unit sales, aluminum 29%, pontoon 32% and ski & wake 5%.

In addition, per SSI, marine powerboat retail unit shipments decreased approximately 8% in 2024 compared to 2023, while marine wholesale unit shipments, according to Company estimates based on NMMA data, decreased approximatel y 25% in 2024 compared to 2023.

Based on current available data per SSI through December 2025, within the powerboat sector for 2025, fiberglass units accounted for approximately 33% of retail unit sales, aluminum 31%, pontoon 31% and ski & wake 5%.

In addition, according to Company estimates based on SSI, marine powerboat retail unit shipments decreased approximately 8% in 2025 compared to 2024, while marine wholesale unit shipments, according to Company estimates based on NMMA data, decreased approximately 4% in 2025 compared to 2024.

Detailed narrative information about the Company’s sales to the marine industry is included in the MD&A of this Form 10-K.

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Powersports is a category of motorsports which includes vehicles such as motorcycles, all-terrain vehicles ("ATVs"), side-by-sides, snowmobiles, scooters, golf carts and other personal transportation vehicles, and other related categories.

Previously, our sales to the powersports end market were included in the Company’s marine end market sales.

Effective with the first quarter of 2024, powersports net sales are being reported separately after the January 2024 acquisition of Sportech, as disclosed in Note 2 "Revenue Recognition" of the Notes to Consolidated Financial Statements.

Our powersports business is primarily focused on the utility and premium segments of the side-by-side market, which have been outperforming the more discretionary recreational segment.

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We believe that our portfolio of brands and products is well-positioned to benefit from future market growth.

As OEMs and dealers continue to manage their businesses to better align with current retail demand, we are focused on supporting OEMs by developing new products and solutions that deliver value to consumers.

Detailed narrative information about the Company’s sales to the powersports industry is included in the MD&A of this Form 10-K.

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The Company’s products for this market are sold primarily to major manufacturers of manufactured homes, other OEMs, and to a lesser extent, manufacturers in adjacent industries.

In the aggregate, the top three manufacturers, Clayton Homes, Inc., Skyline Champion Corporation and Cavco Industries, Inc., combined to produce approximately 84% of MH market retail unit shipments in 2024 per SSI.

Wholesale unit shipments have increased in the MH industry to approximately 103,300 units in 2024 compared to approximately 89,200 units in 2023 .

The Company believes there is growth potential for this market in the long term driven by pent-up demand, multi-family housing capacity, demand for lower-cost rental options, increased affordability and quality, demographic trends such as increased first-time home buyers and urban-to-suburban relocations trends, new home pricing, and investments from developers and real estate investment trusts.

We continue to expand our product offerings to meet the evolving needs of our OEM customers, including energy efficient water heaters, furnaces, heating, ventilation, and air conditioning ("HVAC") duct systems and other products for OEMs seeking to exceed government sustainability guidelines on manufactured homes.

Factors that may favorably impact demand further in this industry include jobs growth, consumer confidence, favorable changes in financing regulations, a narrowing in the difference between interest rates on MH loans and mortgages on traditional residential "stick-built" housing, and any improvement in conditions in the asset-backed securities markets for manufactured housing loans.

In the aggregate, the top three manufacturers, Clayton Homes, Inc., Champion Homes, Inc.

and Cavco Industries, Inc., co mbined to produce approxima tely 86% of M H market retail unit shipments in 2025 per SSI.

According to data from the Manufactured Housing Institute, MH i ndustry wholesale unit shipments decreased to approximately 102,700 units in 2025 compared to approximately 103,300 units in 2024.

The Company believes there is growth potential for this market in the long term driven by pent-up demand for affordable housing, multi-family housing capacity, demand for lower-cost rental options, increased affordability and quality, new home pricing, and investments from developers and real estate investment trusts.

We continue to expand our product offerings to meet the evolving needs of our OEM customers.

Factors that may favorably impact demand in this industry include jobs growth, consumer confidence, favorable changes in financing regulations, a narrowing in the difference between interest rates on MH loans and mortgages on traditional residential "stick-built" housing, and any improvement in conditions in the asset-backed securities markets for manufactured housing loans.

We believe that MH units offer a cost-effective housing solution in a time when high home prices coupled with elevated mortgage interest rates have negatively impacted housing affordability.

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Industrial Markets

We estimate that approximately 75% to 85% of our industrial net sales in 2024 were associated with the U.S.

residential housing market.

We believe that there is a direct correlation between the demand for our products and new residential housing construction and existing home remodeling activities.

The Company's industrial net sales in 2025 are associated with both the U.S.

residential housing market and non-housing market categories.

Demand for our products is influenced by levels of new residential housing construction and existing home remodeling activity.

Patrick's sales to the industrial market generally lag new housing starts by four to six months as our industrial products are generally among the last components installed into new unit construction and will vary based on differences in regional economic prospects.

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Additionally, we believe that other residential and commercial segments have been less vulnerable to import competition, and therefore, provide opportunities for increased sales penetration and market share gains.

In 2024, new housing starts were down from 2023 by approximately 4%, with single family housing starts increasing approximately 6% and multifamily housing starts decreasing 25%.

In 2025, combined new housing starts decreased 2% compared to the prior year, reflecting a decrease in single-family housing starts of 7%, partially offset by an increase in multifamily housing starts of 12%.

Despite some interest rate relief in 2025, housing affordability continued to be an issue as housing prices and mortgage rates remained elevated compared to prior years.

Low inventory and high prices for existing homes for sale may provide support for our industrial market in 2025.

Detailed narrative information about the Company’s sales to the industrial markets is included in the MD&A of this Form 10-K.

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The Company may explore strategic acquisition opportunities that are not directly linked to the five primary markets it serves in order to further leverage its core competencies in manufacturing and distribution, diversify its end market exposure and presence, and expand its footprint outside of its core Midwest markets.

During 2024 , the Company completed acquisitions for approximately $418 million of total consideration and over the last three years has completed acquisitions for approximately $696 million of total consideration.

See Note 3 "Acquisitions" of

the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for further discussion of acquisitions completed by the Company in 2024, 2023 and 2022.

During 2025 , the Company completed acquisitions for aggregate cash consideration of approximately $117 million, net of cash acquired.

Over the last three years, the Company has completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired.

See Note 3 "Acquisitions" of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for further discussion of acquisitions completed by the Company in 2025, 2024 and 2023.

The RV, marine, powersports, MH and industrial markets are highly competitive, both among manufacturers and the suppliers of various components.

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The Company’s specialized team of designers, engineers and graphic artists works with RV, marine, powersports, MH and industrial customers to meet their creative design and product needs, including creating new styles and utilizing new colors, patterns, products, and materials for panels and mouldings, cabinet doors, furniture, lighting and other products.

Other services provided at The Studio include product development, 3D CAD illustration, 3D printing, photography and marketing.

In addition, The Studio supports operations through product development, 3D CAD illustration, 3D printing, photography and marketing.

As part of The Studio, the Company recently introduced The Experience, a new design and visualization service for customers across its end markets.

The Experience leverages virtual reality, advanced product scanning, and a large-scale LED display to allow customers to walk through and modify life-size virtual renderings of RV, marine, powersports products in real time, reducing the need for physical prototypes and enhancing collaboration throughout the design process.

Marine Studio

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The Company purchases a majority of its distribution segment products in railcar, container, or truckload quantities , which are warehoused prior to their sale t o customers.

Approximat ely 9% of the Company's distribution segment’s sales were from products shipped directly from the suppliers to Patrick customers in each of 2024, 2023 and 2022.

Approximately 11%, 9% and 9% of the Company's distribution segment’s sales were from products shipped directly from the suppliers to Patrick customers in 2025, 2024 and 2023, respectively.

Typically, there is a two to four-week period between Patrick receiving a purchase order and the delivery of products to its warehouses or customers and, as a result, the Company has no material backlog of orders.

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The FSC certification provides a link between responsible production and consumption of materials from the world’s forests and assists the Company’s customers in making socially and environmentally responsible buying decisions on the products they purchase.

Upholstered products and mattresses provided by the Company for RVs must

comply with Federal Motor Vehicle Safety Standards regulated by the National Highway Traffic Safety Administration regarding flammability.

Select raw materials are subject to tariffs and other import duties, although we have historically received benefits from duty-free imports on certain products from certain countries pursuant to the U.S.

Generalized System of Preferences ("GSP") program.

The current U.S.

administration’s trade policies may result in additional tariffs being imposed on certain products we import.

Additionally, we are subject to government regulations relating to importation activities, including related to U.S.

Customs and Border Protection ("CBP") withhold release orders.

Upholstered products and mattresses provided by the Company for RVs must comply with Federal Motor Vehicle Safety Standards regulated by the National Highway Traffic Safety Administration regarding flammability.

Select raw materials and components are subject to tariffs and other import duties.

Changes in U.S.

trade policy, including the imposition or expansion of tariffs and potential retaliatory measures, could increase our input costs;

however, the Company has implemented measures designed to mitigate such impacts.

We are also subject to governmental regulations relating to importation activities, including enforcement actions by U.S.

Customs and Border Protection (“CBP”), such as withhold release orders.

The Company also produces and provides products for manufactured homes that must comply with performance and construction regulations promulgated by the U.S.

Department of Housing and Urban Development.

For additional information on the Company's efforts for sustainability and environmental quality, please see our 2024 Responsibility & Sustainability Report under "ESG" on the "For Investors" section of our website.

For additional information on the Company's efforts for sustainability and environmental quality, please see our 2025 Responsibility & Sustainability Report under "ESG" on the "Investors" section of our website.

Information on our website is not incorporated in this Annual Report on Form 10-K.

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Accordingly, the Company’s sales and profits had generally been the highest in the second quarter and lowest in the fourth quarter.

Seasonal industry trends in the past several years have included the impact related to the addition of major RV manufacturer open houses for dealers in the August-September timeframe and marine open houses in the December-February timeframe, resulting in dealers delaying certain restocking purchases until new product lines are introduced at these shows.

In addition, recent seasonal industry trends have been, and future trends may be, different than in prior years due to volatile economic conditions, interest rates, access to financing, cost of fuel, national and regional economic conditions and consumer confidence on retail sales of RVs, powersports and marine units and other products for which the Company sells its components, as well as fluctuations in RV, powersports and marine dealer inventories, increased volatility in demand from RV, powersports and marine dealers, the timing of dealer orders, and from time to time, the impact of severe weather conditions on the timing of industry-wide wholesale shipments.

Seasonal industry trends in the past several years have included the impact related to the addition of major RV manufacturer open houses for dealers in the August-September timeframe, marine dealer open houses held in the fall and boat shows in the December-February timeframe, resulting in dealers delaying certain restocking purchases until new product lines are introduced at these shows.

In addition, recent seasonal industry trends have been, and future trends may be, different than in prior years due to volatile economic conditions, interest rates, access to financing, cost of fuel, national and regional economic conditions and consumer confidence on retail sales of RVs, powersports and marine units and other products for which the Company sells its components, as well as fluctuations in RV, powersports and marine dealer inventories, increased volatility in demand from RV, marine and powersports dealers, the timing of dealer orders, and from time to time, the impact of severe weather conditions on the timing of industry-wide wholesale shipments.

Human Capital Management

Our people are the heart of our business, and we allocate substantial resources to foster the well-being, success and growth of our team members in an inclusive and diverse environment which we believe is fundamental to our values and our service to our customers.

As of December 31, 2024, our team members totaled approximately 10,000, of which 80% are hourly team members who serve our customers by producing and distributing products in our RV, powersports, marine, MH and industrial end markets, and 20% who are salaried employees who manage the resources, capital allocations, business decisions, and customer relationships of our end markets.

As of December 31, 2025, our team members totaled approximately 10,000, of which 80% are hourly team members who serve our customers by producing and distributing products in our RV, marine, powersports, MH and industrial end markets, and 20% who are salaried employees who manage the resources, capital allocations, business decisions, and customer relationships of our end markets.

The majority of our team members work in our facilities to produce or distribute products for our customers.

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• Ergonomic assessments for all team members, which accommodate each individual to work in the most effective and comfortable manner;

• Community involvement initiatives, such as our participation in Military Makeover and Care Camps, which provides our team members opportunities to give back to the communities in which we do business.

• Community involvement initiatives, such as our participation in Boys & Girls Clubs of America and Care Camps, which provides our team members opportunities to give back to the communities in which we do business.

Our success is dependent on our ability to hire, retain, and engage highly qualified team members who serve our customers.

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• R espect - We treat our teammates and partners with the utmost honor and dignity.

For additional information on the Company's human capital management, please see our 2024 Responsibility & Sustainability Report under "ESG" on the "For Investors" section of our website.

For additional information on the Company's human capital management, please see our 2025 Responsibility & Sustainability Report under "ESG" on the "Investors" section of our website.

Information on our website is not incorporated in this Annual Report on Form 10-K.

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Nemeth Chairman and Chief Executive Officer 56

Rodino President - RV 54

Ellis President - Powersports, Technology & Housing 50

Reyenger President – Marine 76

Rodino President 55

Roeder President - RV 44

Gonzalez President - Powersports and Housing and Executive Vice President - Operations and Chief Operating Officer 45

Petkovich President - Marine 52

Roeder Executive Vice President - Finance, Chief Financial Officer, and Treasurer 49

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Amundson Executive Vice President - Human Resources and Chief Human Resources Officer 59

Roeder Executive Vice President - Sales and Chief Sales Officer 43

Gonzalez Executive Vice President - Operations and Chief Operating Officer 44

Nemeth, who was appointed as Chairman of the Board in May 2024, has been the Chief Executive Officer of the Company since January 2020 and served as President of the Company from January 2016 to July 2021.

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Nemeth was Vice President of Finance and Chief Financial Officer from 2003 to 2004.

Nemeth has over 33 years of RV, marine, powersports, manufactured housing and industrial experience in various financial and managerial capacities.

Nemeth has over 34 years of RV, marine, manufactured housing and industrial experience in various financial and managerial capacities.

Director since 2006.

Rodino was named President – RV in January 2024 after serving as President of the Company from July 2021 to January 2024.

Prior to serving as Patrick’s President, Mr.

Rodino was Chief Sales Officer of the Company from September 2016 to July 2021.

Rodino served as the Executive Vice President of Sales from December 2011 to July 2021 and as the Chief Operating Officer of the Company from March 2013 to September 2016.

Prior to that, he was Vice President of Sales for the Midwest from August 2009 to December 2011.

Rodino was named President of the Company in October 2025 after serving as President – RV from January 2024 to September 2025.

Prior to serving as Patrick’s President – RV, Mr.

Rodino was President of the Company from July 2021 to January 2024.

Rodino served as Chief Sales Officer of the Company from September 2016 to July 2021.

Prior to that, he was the Executive Vice President of Sales from December 2011 to July 2021, Chief Operating Officer of the Company from March 2013 to September 2016, and Vice President of Sales for the Midwest from August 2009 to December 2011.

Rodino has over 32 years of experience in serving the RV, marine, manufactured housing and industrial markets.

Ellis was named President – Powersports, Technology and Housing in January 2024 after serving as Executive Vice President of Operations and Chief Operating Officer of the Company since September 2016.

Ellis joined the Company as Vice President of Market Development in April 2016 and was elected an executive officer in September 2016.

Prior to his role at Patrick, Mr.

Ellis served as Vice President of Aftermarket Sales for the Dometic Group from 2015 to 2016.

Prior to his tenure at Dometic, Mr.

Ellis served as Vice President of Global Sales and Marketing from 2007 to 2015 at Atwood Mobile Products.

Ellis has over 28 years of experience serving the RV, marine, manufactured housing, powersports, industrial and automotive markets.

Reyenger was named President – Marine in January 2024 after serving as the Company’s Senior Vice President of Marine since 2020.

Reyenger joined the Company as a Business Unit Director upon Patrick’s acquisition of Marine Accessories Corporation in 2018 where he served as Chief Executive Officer.

Prior to joining Marine Accessories, Mr.

Reyenger served as Vice President of the Astro, Fisher, and Procraft brands at Marine Group, a division of Whitewater Marine Group, and President of Mako Marine International.

Reyenger has over 30 years of experience in the marine industry, including serving as Senior Vice President at Boston Whaler.

Roeder was named President – RV in October 2025 after serving as the Executive Vice President of Sales and Chief Sales Officer from January 2024 to October 2025.

Prior to that, Mr.

Roeder served as Senior Vice President of RV Operations since 2020.

Roeder was Group Vice President of Operations of the Company’s Metals group in 2019.

He joined the Company as a Business Unit Director upon Patrick’s acquisition of Indiana Transport in 2017.

Roeder has 20 years of experience in the RV industry and co-founded Indiana Transport in December 2009.

Gonzalez was appointed President – Powersports and Housing in December 2025, Executive Vice President – Operations in January 2024 and Chief Operating Officer in May 2024.

Prior to that, Mr.

Gonzalez served as Senior Vice President of RV Operations for the Company from July 2021 to January 2024, Group Vice President of Operations from February 2020 to June 2021, and Business Unit Director from February 2017 to January 2020.

He joined the Company in 2007 and has over 19 years of experience serving the RV, manufactured housing, and marine markets.

Petkovich was named President – Marine in May 2025.

Petkovich served as Executive Vice President of Finance, Chief Financial Officer, Treasurer and Principal Accounting Officer of the Company from November 2020 to May 2023.

From May 2023 to May 2025, Mr.

Petkovich served as Chief Financial Officer of Indicor, LLP.

Prior to joining Patrick, Mr.

Petkovich served as Managing Director in the Leveraged Finance Group of Wells Fargo Securities and predecessor Wachovia Securities from 2004 to 2020, serving in various senior leadership roles.

Petkovich has over 30 years of leadership experience, including Patrick, investment banking, and as an Airborne Ranger Infantry Officer in the United States Army.

Roeder was appointed Executive Vice President – Finance, Chief Financial Officer and Treasurer of the Company in March 2024.

Prior to joining Patrick, Mr.

Roeder served as Chief Financial Officer of Polaris Marine from 2018 to 2024.

Roeder served as Chief Financial Officer of the Marine segment of Polaris, Inc.

from 2018 to 2024.

Prior to his role at Polaris, Inc.

he was the Chief Financial Officer of Bennington Marine from 2016 to 2018, and the Director of Financial Planning & Analysis for Bennington from 2014 to 2015.

Roeder has over 10 years of experience serving the marine markets in various leadership capacities.

he was the CFO of Bennington Marine from 2016 to 2018, and the Director of Financial Planning & Analysis for Bennington from 2014 to 2015.

Roeder has over 11 years of experience serving the marine industry in various leadership capacities.

On January 5, 2026, the Company announced that Mr.

Roeder notified the Company of his decision to resign from the Company as an officer and employee effective February 20, 2026, to pursue interests outside the Company.

Filer joined the Company as Senior Vice President of Finance in November 2022 and was elected Chief Accounting Officer in May 2024.

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With over 30 years of experience with prior organizations that include Honeywell and Raytheon, Mr.

Filer has extensive industry knowledge across multiple manufacturing industries such as rail, mining, industrial and defense.

Filer has extensive industry knowledge across multiple disciplines such as rail, mining, industrial, and defense.

In alignment with the Company’s executive succession plan, Mr.

Filer has been appointed to serve as the Company’s Executive Vice President of Finance, Chief Financial Officer and Treasurer effective February 20, 2026, upon Andrew C.

Roeder’s resignation from the Company.

Duthie joined the Company as General Counsel in November 2020 and was appointed Executive Vice President, Chief Legal Officer and Secretary in May 2021.

6 unchanged sentences

Prior to joining Patrick in February 2022, Ms.

Amundson served in a temporary capacity with Kerry Foods with a focus on providing human resources leadership in the transformation of its North America operations model.

Amundson served in a temporary capacity with Kerry Foods with a focus on providing HR leadership in the transformation of its North America operations model.

Prior to this role, Ms.

Amundson was with Spectrum Brands, Inc.

from 2005 to 2018, holding a series of key human resources leadership roles, including Senior Vice President, Human Resources and Chief Human Resources Officer from 2010 to 2018.

from 2005 to 2018, holding a series of key human resources leadership roles, including Senior Vice President, Human Resources (CHRO) from 2010 to 2018.

With over 30 years of experience in multiple industries, Ms.

Amundson has led the human resource function with specialties in talent management, executive compensation, M&A, integrations, shared services, and large-scale organizational transformations.

Roeder was appointed Executive Vice President - Sales in January 2024 and elected Chief Sales Officer in May 2024.

Prior to that, Mr.

Roeder served as Senior Vice President of RV Operations since 2020.

Roeder was Group Vice President of Operations for the Company’s Metals group in 2019.

He joined the Company as a Business Unit Director in 2017 upon Patrick’s acquisition of Indiana Transport, which he co-founded 2009.

Roeder has 18 years of experience in the RV industry.

Gonzalez was appointed Executive Vice President - Operations in January 2024 and elected as Chief Operating Officer in May 2024.

Prior to that, Mr.

He joined the Company in 2006 and served in a series of progressive leadership roles.

Gonzalez has over 18 years of experience serving the RV, manufactured housing, industrial, and marine markets.

Website Access to Company Reports

3 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