Business Description

Polaris Inc., formerly known as Polaris Industries Inc., a Delaware corporation, was formed in 1994 and is the successor to Polaris Industries Partners LP. The terms “Polaris,” the “Company,” “we,” “us,” and “our” as used herein refer to the business and operations of Polaris Inc., its subsidiaries and its predecessors, which began doing business in 1954. We design, engineer, manufacture and market powersports vehicles which include: off-road vehicles (“ORV”), including all-terrain vehicles (“ATV”) and side-by-side vehicles; military and commercial ORVs; snowmobiles; moto-roadsters; quadricycles; and boats. We also design and manufacture or source parts, garments and accessories (“PG&A”), which includes aftermarket accessories and apparel. Our products are sold online and through dealers and distributors principally located in the United States, Canada, Western Europe, Australia, and Mexico. Business Segments We operate in three business segments; Off Road, On Road, and Marine. Our products are sold through a network of approximately 2,400 independent dealers in North America. Internationally, products are sold through 25 subsidiaries to over 1,500 independent international dealers and 70 independent distributors that serve over 90 countries outside of North America. A majority of our dealers and distributors are multi-line and also carry competitor products; however, some dealers carry our full line of products and, while relatively consistent, the actual number of dealers carrying our products can vary from time to time. Off Road: The Off Road segment primarily consists of ORVs and snowmobiles. ORVs are four-wheel vehicles designed for off-road use and traversing a wide variety of terrain, including dunes, trails, and mud. The vehicles can be multi-passenger or single passenger, are used for recreation in sports such as fishing and hunting and for trail and dune riding, and for utility purposes on farms, ranches, and construction sites. The ORV industry is comprised of ATVs and side-by-side vehicles. Internationally, ATVs and side-by-sides are sold primarily in Western Europe, Australia, and Mexico by similar manufacturers as in North America. Estimated North America and worldwide ORV industry retail sales are summarized as follows: Twelve months ended December 31, Estimated* Approximate Industry Sales (in units) 2025 2024 2023 North America ATV retail sales 255,000 265,000 270,000 North America side-by-side retail sales 525,000 510,000 550,000 North America ORV retail sales 780,000 775,000 820,000 Worldwide ATV retail sales 395,000 390,000 370,000 Worldwide side-by-side retail sales 575,000 555,000 595,000 Worldwide ORV retail sales 970,000 945,000 965,000 *Estimates are unaudited and based on internally-generated management estimates, including estimates based on extrapolations from third-party surveys of the industries in which we compete. See Market and Industry Data section for additional information. The side-by-side market has been consistently strong over the past several years primarily due to continued innovation by manufacturers. In 2025, we continued to be the North America market share leader in off-road vehicles. Our ORV lineup includes the RZR sport side-by-side, the RANGER utility side-by-side, the GENERAL crossover side-by-side, the Polaris XPEDITION adventure side-by-side and the Sportsman ATV. The full line spans 90 models, including two-, four- and six-wheel drive general purpose and recreational vehicles. In many of our segments, we offer youth, value, mid-size, premium and extreme-performance vehicles, which come in both single passenger and multi-passenger seating arrangements. Key 2025 ORV product introductions and upgrades included the RANGER 500 mid-size utility vehicle, a new value offering, as well as updates within the RANGER XD 1500, including two new trim levels, Mountaineer and Texas Edition. In the RZR portfolio, we introduced a redesigned RZR XP and a new 72-inch wide RZR XP S. In addition, we added the largest screen on the market, a 10.4-inch touchscreen, to our popular RZR Pro R models. We sell our ORVs directly to a network of approximately 1,300 dealers in North America and 1,000 international dealers. Many of our ORV dealers and distributors are also authorized snowmobile dealers. We produce and deliver our 3 Table of Contents products throughout the year based on dealer, distributor, and customer orders.…