LCI Industries 2025年度报告

Table of Contents 4-5TO OUR SHAREHOLDERS6-7FINANCIAL DATA8-9CORPORATE INFORMATION1-88 2025 FORM 10-K To Our Shareholders Jason D. LippertPresident and Chief Executive Officer DRIVING GROWTH AND SHAREHOLDER VALUE BY LEVERAGING OUR CORESTRENGTHS TO CAPTURE OPPORTUNITIES IN EXPANDING MARKETS The year 2025 brought its share oftwists and turns, yet our team provedmore than up to the challenge. Weprofitably grew the business byovercoming obstacles—most notablythe implementation of higher tariffs andcontinued macro volatility. Thanks tothe remarkable efforts of the men andwomen of LCI Industries, we expandedour market share, grew revenues bydouble digits to more than $4 billion,enhanced our operating profit marginby 100 basis points, and increasedearnings per share by more than 30%over the course of the year. Most notably, we continue toexpand our leadership positionacross multiple end markets whilecapitalizing on attractive aftermarketrepair, replacement, and upgradeopportunities that provide sustainable,high-margin revenue streams. Wedeliver specialized, small-batchsolutions with cost advantagestypically associated with massproduction, and we manufacturecritical components and systemsolutions with flexibility and agility,often with little lead time. Over time,we have built a broad anddifferentiated product ecosystemacross numerous categories, which wedeploy across our end markets whiledelivering the speed, efficiency, safety,and quality that our customers expect. As we enter 2026, our installedcontent has expanded substantially,including 67% growth in RV contentsince 2020. Building on our strongOEM relationships, we anticipatefurther growth fueled by newlylaunched RV innovations, which arealready achieving an annualized runrate of $225 million. RV aftermarket opportunitiesrepresent a strong tailwind for growth.Over the years, LCI has placed $20billion of replaceable parts into OEMproducts, and with 1.5 million RVsentering the repair and replacementcycle over the next one to three years,we are well positioned to capturea significant share of this market.Similarly, on the marine side, risingconsumer demand for innovativesolutions is driving a meaningfulupgrade and replacement cycle. As a leading global manufacturerof sophisticated products andcustomized solutions, LCI serves andhelps shape the growth of the RV,transportation, marine, housing, andrelated aftermarket industries. In 2025,we delivered exceptional performanceby leveraging our longstandingcompetitive strengths, includingstrong innovation capabilities thatsolve complex customer challenges,operational excellence built ondecades of manufacturing expertise,and a durable competitive position thatsupports LCI’s continued success inthe marketplace. Beyond the advantages of our scale,our close proximity to customersprovides a significant strategicbenefit. Based in Elkhart County,Indiana, we operate 40 factoriesand employ more than 7,000 ofour talented team members in thesame community as numerous RV,bus, and boat manufacturers. Thisgeographic concentration createsadditional operational efficiencies andstrengthens customer relationships inways that are difficult to replicate. Expanding our market share acrossmultiple end markets representsanother compelling growthopportunity. This is supported byour expanding product lineups,extensive bundling opportunities,and, of course, our deep customerrelationships, which enable robustcross-selling. Our customersincreasingly see LCI as their go-topartner for comprehensive solutionsrather than individual components. Our “acquisition flywheel” is anotherkey driver of growth. We have along history of disciplined, accretiveacquisitions, strengthened by ourposition as a leading supplier acrossnearly every market we serve. Thismarket leadership position enablesus to pursue strategic acquisitionopportunities. By integrating acquiredcompanies, we can leverage ourcustomer relationships to expand thereach of new products, acceleratinggrowth and creating immediate value.Over time, acquisitions diversify ourbusiness, enhance earnings power,and strengthen our competitivemoat, providing multiple pathways toprofitable growth. Our outstanding team—now 12,000strong—is another critical driver ofsuccess. From master innovatorsdeveloping complex solutions toskilled sales professionals buildingstrong relationships with customers,consumers, and dealers, ourculture of excellence fuels retention,efficiency, quality, and safety. Ourpeople are our greatest asset, andtheir dedication positions us forcontinued long-term success. G&A reductions, further facilityconsolidations, divestitures of low-margin businesses, and continuedautomation. These initiatives are notone-time improvements; they aresustainable competitive advantagesthat compound over time. A core element of our strategy ismaintaining a strong balance sheetwhile thoughtfully returning excesscapital to shareholders. We closed2025 with a conservative net-debt-to-EBITDA ratio of