Aug 27, 2026 earnings call — Saxdor integration and fiscal 2026 results
Net sales rose 42.7% to $295.5 million in Q4, with adjusted EBITDA up 72.7% to $33.9 million.
Revenue $0.3B (est $0.3B) · EPS $0.92 (est $0.78) · Next-quarter revenue outlook $0.3B–$0.3B
Key quotes
"The integration is progressing well in these first 4 months, and our early experience continues to reinforce the thesis we laid out when we announced the transaction."
"This is a direct result of the MBI Advantage operating framework, which is the operational excellence, central sourcing and channel discipline we've been building into this company over the past year."
"For the payment-sensitive buyer who has been slower to return, we continued rolling out MBI Acceptance, giving our dealers financing and extended service tools to help close sales."
Analyst Q&A 8
How Saxdor affects fiscal 2027 revenue, EBITDA
Q (Craig Kennison · Baird): Analyst asked how a full year of Saxdor affects fiscal 2027 revenue and adjusted EBITDA guidance, and what Fort Pierce unit capacity is when fully ramped.
A: Management expects Saxdor to drive revenue growth in the low teens and to work toward a 10% to 11% EBITDA range. They said Q1 will be weighted down by investments, and legacy brands are expected to grow low single-digit to mid-single-digit. They also said the Saxdor base this year is $180 million pro forma and Fort Pierce can do 200-plus units without extra CapEx.
"Yes. So if you look at our year this year for Saxdor, we're looking at a $180 million number on a full year pro forma basis." — David Black (CFO)
Legacy retail growth and input costs
Q (Joseph Altobello · Raymond James): Analyst asked what retail growth is assumed for legacy brands in the guidance and why Saxdor saw input cost pressure while legacy did not.
A: Management said they expect the market to be flat to down next year, with a softer first half and a flattish back half. They said legacy growth assumptions are low single-digit to mid-single-digit and some of the upside will come from ASPs and destocking. On input costs, they noted some pressure was seen in legacy but centralized sourcing offset much of it, and sourcing integration for Saxdor will be a focus with benefits later in the year.
"We're expecting the market to be flat to down next year." — David Black (CFO)
Why Cobalt volumes rose; margin drivers
Q (Michael Albanese · StoneX): Analyst asked whether Cobalt's 19% volume increase was due to comping prior production cuts or from MBI initiatives, and asked to split margin improvement between absorption and sourcing.
A: Management said they had reduced production in the prior year to manage dealer inventory, so part of the volume gain reflects that and continued retail demand for the brand. For margins, they said roughly half the improvement was volume absorption and half came from centralized sourcing and procurement benefits running through inventory.
"I think, obviously, we did take production down in the prior year as we are managing through dealer inventory." — David Black (CFO)
Saxdor plant changes and dealer inventory health
Q (Gregory Miller · TRUIST): Analyst asked if any plant operations changed in Finland or Poland after due diligence, and asked for more detail on dealer inventory trends and where pockets have firmed.
A: Management said they have not made planned changes and are still manufacturing in Poland and Larsmo, and they have added 460 production and are running pilot boats at Fort Pierce. On inventory, they said overall dealer inventories have decreased year-over-year and aged inventory is in one of the best spots seen recently, so there is not much that needs to be cleared by promotions.
"We're still manufacturing in Poland and in Larsmo." — Steven Menneto (CEO)
Wholesale-retail alignment and S&M step down
Q (Anna Glaessgen · B. Riley): Analyst asked whether wholesale and retail will be aligned in fiscal 2027 given restocking pockets, and why selling and marketing fell in Q4 despite rising sales and whether Saxdor drove that.
A: Management said they expect some market softness in the first half, and by year-end retail and wholesale should be more aligned as the year progresses. They explained the Q4 drop in selling and marketing came from leverage on incremental store revenue plus lower compensation and program expenses. They said the Q4 S&M run rate is relatively consistent and should carry forward.
"I think the run rate that you see kind of in that Q4 is a relatively consistent one that you would expect to see carry forward as we move along." — David Black (CFO)
MBI financing uptake and Europe expansion plans
Q (Noah Zatzkin · KeyBanc Capital): Analyst asked for anecdotes on MBI Acceptance uptake and what percent of dealers use it, and also how the company thinks about growing legacy brands in Europe.
A: Management said the financing program has momentum, dealers are using it to retail boats, and it is still only 9 months old. They said they are signing dealers but are not at 100% yet and are "probably 1/3 of the way to 40% of the way there" on dealer sign-ups. On Europe, they said international shipments historically are below 5% and with Saxdor they plan to increase international sales and potentially consider local European manufacturing far down the line if volumes justify it.
"So we're not at 100% of the dealer base across all of our brands." — Steven Menneto (CEO)
Capital priorities and input cost assumption
Q (Jaime Katz · Morningstar): Analyst asked the order of capital allocation priorities between buybacks, debt paydown, and M&A, and what input cost inflation percentage is assumed in guidance.
A: Management said priorities remain investing in the business, paying down debt with free cash flow, opportunistic share repurchases where intrinsic value supports it, and disciplined M&A. They noted they completed a large acquisition, refinanced debt, and repurchased 1.2 million shares this year. For input costs, they said they have embedded a low to mid-single-digit assumption.
"Right now, embedded, we're in that low to mid-single-digit range from an input cost perspective." — David Black (CFO)
Why Saxdor margins lower; Fort Pierce metrics; dealer optimization
Q (Gerrick Johnson · Seaport Research Partners): Analyst asked whether Saxdor's lower EBITDA margins were due to higher or earlier Fort Pierce build-out costs, if there are metrics on speed to market or per-boat profit from Fort Pierce, and what optimizing the dealer network means.
A: Management said the margin impact is a timing issue: they are accelerating investment now to capture demand. They said Fort Pierce is very early, they are running pilot boats and setting up standard work, so they do not yet have dialed-in numbers on costs or advantages. On dealer optimization, they said it means giving dealers tools and support such as co-op programs, financing, and marketing changes to help retail sell more boats.
"Until that's all completed, we won't really have dialed in numbers on what the costs are and the advantages." — Steven Menneto (CEO)