Malibu Boats sees strong Q4 as Saxdor adds $61m in sales

Malibu Boats has announced its financial results for the fourth quarter and fiscal year ended 30 June, 2026.

“We delivered a strong finish to the year, driven by better than expected net sales, disciplined cost management, dealer network optimisation, and the successful integration of Saxdor in our first four months with the business,” says Steve Menneto, president and chief executive officer, demonstrating the power of the company’s strategic execution.

The company’s strong finish to fiscal 2026 showed fourth-quarter net sales up 42.7 per cent to $295.5 million and unit volume rising 19.2 per cent to 1,456 units. Gross profit increased 59.4 per cent to $52.2 million, while adjusted EBITDA rose 72.7 per cent to $33.9 million. The figures provide an important read on the US recreational boat market, suggesting that dealer inventory levels and wholesale activity are beginning to improve in parts of the market, although Malibu says macro-economic disruption continues to pressure payment buyers (installments).

Full-year numbers present more cautious picture

The full-year numbers present a more cautious picture. Fiscal 2026 net sales increased 13.3 per cent to $914.6 million, but unit volume rose just 0.9 per cent to 4,944 units. Net income fell 88.8 per cent to $1.7 million and adjusted EBITDA decreased 1.1 per cent to $73.9 million. The contrast between the strong fourth quarter and the more subdued full-year performance points to an industry that may be moving towards stabilisation rather than having entered a broad-based recovery.

Saxdor was an important contributor to the headline growth. Acquired by Malibu on 2 March, 2026, the Finnish boatbuilder contributed $84.3 million in net sales and 246 units during the four months included in fiscal 2026. In the fourth quarter alone, Saxdor generated $61.2 million in revenue from 180 units. Malibu says the integration is progressing well, with the first domestically-built Saxdor boats expected to be completed at its Fort Pierce, Florida facility in the first half of fiscal 2027.

Saxdor benefits multi-faceted

The acquisition of Saxdor gives the US-listed group a much stronger direct presence in the European market. The company’s using Saxdor to expand its presence in the premium adventure dayboat market, while bringing the brand further into its US manufacturing operation. For the global leisure marine industry, the move highlights how major manufacturers are responding to uneven demand through consolidation, broader product portfolios and greater geographic reach.

Looking ahead, Malibu is forecasting fiscal 2027 net sales of between $1.08 and $1.12 billion, with adjusted EBITDA of between $101 and $109 million.

“We also invested meaningfully in innovation as our Model Year 2026 lineup added eleven new models across the portfolio that brought new features as well as value to our product line,” Menneto continues.

“While we’re seeing early signs of stabilisation across the industry, we are contending with macro disruptions that continue to pressure the payment buyer, which presents a near-term headwind to an inflection in the cycle. That said, we like how we’re positioned relative to the industry heading into fiscal 2027 and expect to build on the momentum we established, while remaining intentional about our outlook until we see more durable evidence of a broader recovery.”

Fourth quarter fiscal 2026 highlights compared to fourth quarter fiscal 2025

• Net sales increased 42.7 per cent to $295.5 million
• Unit volume increased 19.2 per cent to 1,456 units
• Gross profit increased 59.4 per cent to $52.2 million
• General and administrative expenses increased to $31.8 million
• GAAP net income increased 53.7 per cent to $7.4 million
• GAAP net income available to Class A Common Stock per share (diluted) increased 54.2 per cent to $0.37 per share
• Adjusted EBITDA increased 72.7 per cent to $33.9 million
• Adjusted net income per share increased 119.0 per cent to $0.92 per share on a weighted average share count of 19.7 million shares of Class A Common Stock
• Cash flows provided by operating activities increased 28.1 per cent to $27.0 million
• Free cash flow increased 19.3 per cent to $17.0 million

Fiscal year 2026 highlights compared to fiscal year 2025

• Net sales increased 13.3 per cent to $914.6 million
• Unit volume increased 0.9 per cent to 4,944 units
• Gross profit increased 1.7 to $146.5 million
• General and administrative expenses increased to $105.1 million
• GAAP net income decreased 88.8 per cent to $1.7 million
• GAAP net income available to Class A Common Stock per share (diluted) decreased 88.2 per cent to $0.09 per share
• Adjusted EBITDA decreased 1.1 per cent to $73.9 million
• Adjusted net income per share decreased 3.8 per cent to $1.52 on a weighted average share count of 19.3 million shares of Class A Common Stock
• Cash flows provided by operating activities increased 19.5 per cent to $67.5 million
• Free cash flow increased 48.3 per cent to $43.2 million

Confidence in business underpinned

“We closed the year with a strong balance sheet and began our new fiscal year with the completion of our credit agreement refinancing, which extends our maturity through 2031 and gives us added liquidity and flexibility,” says David Black, chief financial officer of Malibu Boats.

“Our leverage remains well below our stated maximum target, even after financing the Saxdor acquisition. While we chose to pause our open market purchases during our lender negotiations, the board authorised a new $70 million share repurchase program for fiscal 2027 in June, and we closed our refinancing in July, underscoring our confidence in the business and our commitment to returning capital to shareholders. With that flexibility now in place, we remain opportunistic on capital allocation and are well positioned to keep investing in the business as we move through fiscal 2027.”

Malibu Boats is one of the larger US recreational boat manufacturers and its performance provides a useful read-through for the wider US market. The 42.7 per cent increase in quarterly sales and 19.2 per cent rise in unit volume suggest that dealer inventory and wholesale activity are beginning to improve in parts of the market, although the full-year numbers remain more subdued. The contrast between a 13.3 per cent rise in annual sales and just 0.9 per cent unit growth also highlights the importance of model mix and pricing in supporting revenues while underlying demand remains uneven.