Leisure and Recreational Products Sector Outlook — September 2026

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CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LEISURE AND RECREATIONAL PRODUCTS

Leisure and Recreational Products: Three Value Profiles, Priced Far Apart

This report compares business models, earnings profiles and what buyers agreed to pay across the sector.

September 2026 · Prepared by NeuraCap AI · Confidential

Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E)

Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice

Sources & methodology

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1. 01

   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LEISURE AND RECREATIONAL PRODUCTS

   Cover slide introducing the Leisure and Recreational Products sector outlook dated September 2026.

   We open with the Leisure and Recreational Products sector, framed as of September 28, 2026, on a forward EV/EBITDA (CY2027E) basis. That's the same yardstick we'll use throughout, so every comparison you see is apples-to-apples.

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   CONSUMER DISCRETIONARY › CONSUMER DURABLES AND APPAREL › LEISURE AND RECREATIONAL PRODUCTS Leisure and Recreational Products: Three Value Profiles, Priced Far Apart This report compares business models, earnings profiles and what buyers agreed to pay across the sector. September 2026 · Prepared by NeuraCap AI · Confidential Market data as of 2026-09-28 · primary valuation basis EV / EBITDA (CY2027E) Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 1

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   CONTENTS

   What This Report Covers

   Table of contents listing the report's five sections plus appendix.

   We've built this report so the Bottom Line comes first — if you only have five minutes, section one carries the full argument. From there we walk through the landscape, valuation and situations, precedent transactions, and strategic implications in turn. So what: you can go as deep as you need and still leave with the headline.

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   CONTENTS What This Report Covers 01 The Bottom Line Value Splits Across Three Distinct Business Models 02 The Landscape Business Model Matters More than the Sector Label 03 Valuation & Situations The Premium End Reflects More than Near-Term Growth 04 Precedent Transactions Buyers Have Reached Across Brands, Products and Platforms 05 Strategic Implications Strengthen the Earnings Stream Beyond the Unit Sale 06 Appendix Comparables Detail, Methodology, Sources and Assumptions Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 2

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   01 · THE BOTTOM LINE

   Leisure and Recreational Products Split Across Manufacturers, Specialty Retail and Adjacent Models

   Summary page showing the sector splits into three value profiles priced differently on forward earnings.

   We find the sector splits into three value profiles — manufacturers, specialty retail and adjacent models — priced differently on forward earnings. Among the eight companies with a forward EV/EBITDA estimate, multiples range from 11.6x down to 4.1x, a spread we read as differing views of earnings durability rather than growth alone. Adjacent models carry the higher reading at 8.7x against 5.9x for motorized and towable RV manufacturers, and growth cohorts don't explain the gap either — the faster-growing four sit at 6.8x versus 7.7x for the slower four. Companies clearing both growth and margin bars trade at 8.4x against 6.7x for those clearing neither. So what: durability of earnings, not growth or sector label, is what the market is pricing here.

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   01 · THE BOTTOM LINE Leisure and Recreational Products Split Across Manufacturers, Specialty Retail and Adjacent Models The full story on one page · figures on EV / EBITDA (CY2027E), market data as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Qualitative characterisations are NeuraCap views. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 3 1 The Higher Forward Multiples Sit with Perceived Earnings Durability Among the 8 companies with a forward EV / EBITDA estimate, the premium and discount ends sit at 11.6x and 4.1x. Because a forward multiple already credits forecast growth, the remaining spread points to differing views of earnings durability. 2 Adjacent Models Hold the Higher Sector Reading Adjacent models sit at 8.7x, while motorized and towable RV manufacturers sit at 5.9x. The difference is consistent with greater value placed on brand, aftermarket, service and installation economics alongside the unit sale. 3 Faster Growth Does Not Carry the Higher Reading On the 8 companies with forward estimates, the 4 in the higher-growth group sit at 6.8x versus 7.7x for the other 4. Growth alone is not associated with a premium in this sample. 4 Balanced Economics Sit Higher in the Sample On the 8 companies with both inputs, the 3 clearing both growth and margin bars sit at 8.4x, while the 3 clearing neither sit at 6.7x. The contrast supports close attention to unit economics, attachment revenue and channel discipline. 7.5x Sector median EV/EBITDA CY2027E consensus · 8 rated of 11 companies 11.6x Premium end EV/EBITDA vs 4.1x at the discount end top quartile (n=2) against bottom quartile (n=2) on EV/EBITDA — the spread the report explains 11 Transactions with disclosed terms 45 recorded in this tier · 2 told as case studies, the full list in the appendix

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   SECTION 02

   02

   Divider introducing Section 02 on how business model shapes value.

   Before the landscape pages, it's worth resetting: business model matters more than the sector label. Unit exposure, channel economics and recurring attachment revenue create distinct value profiles, and that's what we unpack next.

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   SECTION 02 02 THE LANDSCAPE Business Model Matters More than the Sector Label Unit exposure, channel economics and recurring attachment revenue create distinct value profiles. 02 of 06 Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 4

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   02 · MARKET MAP

   Three Models Put Capital and Channel Risk in Different Places

   Market map grouping the approved companies into three business-model segments.

   We group the approved companies into three business models — manufacturers, specialty retailers and adjacent platforms — each carrying a different capital and channel risk profile. This isn't a labeling exercise: the median forward multiple attached to each group differs meaningfully, which we show next. So what: where a company sits on this map tells you as much about its valuation as its growth rate does.

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   02 · MARKET MAP Three Models Put Capital and Channel Risk in Different Places 11 approved companies grouped by business segment · median EV / EBITDA (CY2027E) per group · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Segment grouping follows the platform's classification; group medians on rated names only. "Why it matters" lines are NeuraCap views. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 5 MOTORIZED AND TOWABLE RV MANUFACTURERS 4 cos median 5.9x Thor Industries (THO) Winnebago (WGO) Malibu Boats (MBUU) MasterCraft Boat (MCFT) Unit demand, model-year cadence and channel inventory make earnings sensitive to the recreational cycle. POWERSPORTS AND OUTDOOR RECREATION SPECIALTY RETAIL 2 cos no rated names MarineMax (HZO) OneWater Marine (ONEW) Dealer floor plan, service absorption and finance and insurance attach shape the quality of retail earnings. ADJACENT MODELS 5 cos median 8.7x Camping World (CWH) YETI Holdings (YETI) Latham Group (SWIM) Sturm, Ruger & (RGR) Traeger (COOK) Brands, backyard leisure and other models broaden the value pool beyond financed unit sales.

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   02 · LANDSCAPE

   Adjacent Models Sit Above Unit-Cycle Manufacturers

   Segment-level view showing adjacent business models trade above unit-cycle manufacturers on median forward EV/EBITDA.

   Adjacent models — those built around services, installation or platforms beyond the unit sale — carry a median forward multiple of 8.7x, versus 5.9x for motorized and towable RV manufacturers. This gap is consistent with the market crediting recurring, aftermarket-linked earnings more than one-time unit sales. Full company-level detail behind these medians sits in the appendix. So what: the business model a company runs shapes its valuation ceiling as much as the products it sells.

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   02 · LANDSCAPE Adjacent Models Sit Above Unit-Cycle Manufacturers Segment view of the approved universe · EV / EBITDA (CY2027E) medians on rated names · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. "What they do / why it matters" is a NeuraCap view. Full company-level detail in the appendix and companion tables. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 6 Segment n Share of universe Median EV/EBITDA Names to know What they do — and why it matters Motorized and towable RV manufacturers 4 36% 5.9x Thor Industries, Inc. (THO) · Winnebago Industries, Inc. (WGO) · +2 more The cycle stays visible. This group represents 36% of the peer set and sits at 5.9x. Retail registrations, shipment-to-retail ratios and weeks of supply on dealer lots remain central to earnings durability. Powersports and outdoor recreation specialty retail 2 18% — MarineMax, Inc. (HZO) · OneWater Marine Inc. (ONEW) Retail economics need proof. This group represents 18% of the peer set and has no forward EV / EBITDA estimate. Dealer floor plan, service absorption and finance and insurance attach remain the key operating tests. Adjacent models 5 45% 8.7x Camping World Holdings, Inc. (CWH) · YETI Holdings, Inc. (YETI) · +3 more Broader earnings streams matter. This group represents 45% of the peer set and sits at 8.7x. Brand equity, installation, aftermarket and recurring attachment revenue can reduce reliance on a single unit cycle.

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   SECTION 03

   03

   Divider introducing Section 03 on public market valuation.

   Next we turn to public market valuation — forward EV/EBITDA that separates perceived earnings durability across the peer set. The following pages show where the premium and discount ends sit, and what's driving the difference.

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   SECTION 03 03 VALUATION & SITUATIONS The Premium End Reflects More than Near-Term Growth Forward EV / EBITDA separates perceived earnings durability across the peer set. 03 of 06 Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 7

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   03 · PUBLIC MARKET VALUATION

   The Premium End Spans Different Models but Shares a Durability Question

   Ranking of all rated companies by forward EV/EBITDA against a 7.5x sector median.

   We rank all eight rated companies by forward EV/EBITDA, with the sector median sitting at 7.5x. The premium end spans different business models, but each shares one thing: a market view that its earnings will hold up over time. Tier zones on this page are cut at the rated set's quartiles, so you can see exactly how each name compares to its peers. So what: it isn't one model that commands the premium — it's the durability story behind the number.

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   03 · PUBLIC MARKET VALUATION The Premium End Spans Different Models but Shares a Durability Question EV / EBITDA (CY2027E) · all 8 rated companies, sorted descending · sector median 7.5x · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). Tier zones are NeuraCap groupings cut at the rated set's quartiles; every multiple quoted on this page is a median on the same EV / EBITDA (CY2027E) basis. Panel commentary is a NeuraCap view. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 8 PREMIUM · median 11.6x CORE · median 7.5x DISCOUNT · median 4.1x Sector median 7.5x WHAT SEPARATES THE TWO ENDS The premium spans channels. Camping World Holdings, Inc. (CWH) and Traeger, Inc. (COOK) sit at a tier reading of 11.6x despite different operating models. Their position points to market confidence that extends beyond near-term growth. The discount holds manufacturers. Malibu Boats, Inc. (MBUU) and MasterCraft Boat Holdings, Inc. (MCFT) sit at a tier reading of 4.1x. Their position is consistent with caution around financed unit demand and channel normalization. Forward pricing tests durability. The ranking already reflects forecast earnings. The remaining separation therefore signals differing market views on how well earnings can hold through channel destocking, restocking and model-year changeover.

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   03 · VALUATION DRIVERS

   Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 8.5x Against 6.6x Below It

   Comparison of median forward EV/EBITDA between higher- and lower-margin cohorts, split at the 10% margin line.

   When we split the rated set at the 10% EBITDA-margin line, names above it carry a median 8.5x against 6.6x for names below. That's a wider gap than we see on revenue growth alone, suggesting the market is pricing margin discipline more than top-line momentum. This is an association we observe in the data, not a causal claim. So what: profitability looks like the stronger signal for where forward multiples land in this sector.

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   03 · VALUATION DRIVERS Profitability Separates the Two Ends: Names Above the 10% Margin Line Carry 8.5x Against 6.6x Below It Median EV / EBITDA (CY2027E) by revenue-growth cohort and by EBITDA-margin cohort (each split at its covered median) · rated names with estimates · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Cohort medians on rated names with the required estimates (faster n=4; slower n=4; higher-margin n=4; lower-margin n=4). Driver readings are NeuraCap views on the supplied data — association, not causation. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 9 EV/EBITDA, median per cohort · growth split at 6% · EBITDA-margin split at 10% The Growth Split Runs Against a Simple Premium Story On the 8 companies with forward estimates, the 4 in the higher-growth group sit at 6.8x, while the other 4 sit at 7.7x. The observed difference does not establish that slower growth causes higher valuation. Margin Quality Adds an Important Second Test Three of the 8 companies with both inputs clear the growth and margin bars. The pattern supports testing whether price, mix and cost structure can preserve earnings as unit demand changes. Attachment Revenue Can Improve the Earnings Mix Parts, garments and accessories, service, installation, and finance and insurance attach broaden the profit pool beyond a new unit sale. Their value depends on retention, installed-base activity and disciplined execution.

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    03 · SITUATION MAP

    The Market Separates Durable Growth from Growth That Still Needs Proof

    Two-by-two situation map cutting the rated set on EV/EBITDA versus the sector median and revenue growth versus the covered median.

    This map cuts the rated set two ways: forward EV/EBITDA against the 7.5x sector median, and revenue growth against the 6% covered median. It separates durable growth stories from growth the market hasn't yet rewarded with a premium multiple. These are observations about where each company sits today, not recommendations. So what: knowing which quadrant a company occupies frames the specific question its multiple raises.

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    03 · SITUATION MAP The Market Separates Durable Growth from Growth That Still Needs Proof Cut on EV / EBITDA vs the sector median (7.5x) (rows) and revenue growth vs the covered median (6%) (columns) · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Situation boundaries are the cohort's own medians (Directional, NeuraCap view). This page characterises situations; it does not recommend buying or selling any security. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 10 Higher Multiple, Higher Growth Above-median multiple · above-median revenue growth 2 names YETI Holdings, Inc. (YETI) · Latham Group, Inc. (SWIM) These companies pair above-range growth with an above-range forward multiple. The priority is preserving price, mix and cost discipline as volume changes. Higher Multiple, Lower Growth Above-median multiple · below-median revenue growth 2 names Camping World Holdings, Inc. (CWH) · Traeger, Inc. (COOK) These companies retain an above-range forward multiple despite lower growth. The market position is consistent with confidence in earnings durability or business-model quality. Lower Multiple, Higher Growth Below-median multiple · above-median revenue growth 2 names Malibu Boats, Inc. (MBUU) · MasterCraft Boat Holdings, Inc. (MCFT) These companies show higher growth without an above-range forward multiple. The key question is whether growth can translate into durable margins and cash generation. Lower Multiple, Lower Growth Below-median multiple · below-median revenue growth 2 names Thor Industries, Inc. (THO) · Winnebago Industries, Inc. (WGO) These companies sit below both reference lines. Channel inventory, product mix and fixed-cost absorption are the central operating questions.

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    03 · GROWTH VS PROFITABILITY

    Clearing Both Bars Aligns with a Higher Forward Reading

    Quadrant analysis of revenue growth versus EBITDA margin, with median forward EV/EBITDA per quadrant.

    Plotting revenue growth against EBITDA margin, the companies clearing both the 6% growth and 10% margin bars carry the highest median multiple in the set, at 8.4x. Those clearing neither bar sit lowest, at 6.7x. So what: balancing growth and profitability, not maximizing either alone, is what aligns with a higher forward reading in this sample.

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    03 · GROWTH VS PROFITABILITY Clearing Both Bars Aligns with a Higher Forward Reading Revenue growth (CY2027E, x-axis) vs EBITDA margin (CY2026E, y-axis) · 8 companies with both estimates · cuts at the covered medians (6% growth, 10% margin) · median EV/EBITDA per quadrant · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. Quadrant cuts are the covered set's medians. Quadrant medians on names with a meaningful EV/EBITDA (balanced n=3; margin-only n=1; growth-only n=1; neither n=3). Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 11 5% 10% 15% 20% 5% 10% 15% 20% MARGIN ONLY median 8.7x BALANCED median 8.4x NEITHER median 6.7x GROWTH ONLY median 5.1x COOK CWH THO WGO SWIM YETI MBUU MCFT x: revenue growth (CY2027E) · y: EBITDA margin (CY2026E) HOW TO READ THIS On the 8 companies with both inputs, Latham Group, Inc. (SWIM), YETI Holdings, Inc. (YETI) and MasterCraft Boat Holdings, Inc. (MCFT) clear both bars and sit at 8.4x. Traeger, Inc. (COOK) clears margin only; Malibu Boats, Inc. (MBUU) clears growth only. Camping World Holdings, Inc. (CWH), Thor Industries, Inc. (THO) and Winnebago Industries, Inc. (WGO) clear neither and sit at 6.7x; the map shows association, not causation. The neither median rests on 3 names and is lifted by CWH at 14.5x. Rule of 40 (revenue growth + EBITDA margin ≥ 40%): 0 of 8 names clear it.

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    03 · THE AGENDA

    Operating Models Differ in How Well Earnings Hold Through the Cycle

    NeuraCap view framing the questions an owner or acquirer should resolve on earnings durability through the cycle.

    Operating models in this sector differ in how well their earnings hold through the cycle, and that's the question we think owners and acquirers should be resolving now. This page frames it as an agenda, not a scorecard — observations to work through, not a ranked recommendation. So what: these are the questions worth asking before the next planning cycle, whichever side of the table you sit on.

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    03 · THE AGENDA Operating Models Differ in How Well Earnings Hold Through the Cycle NeuraCap view · framed as the questions an owner or acquirer should resolve · observations, not recommendations Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All content on this page is Directional — NeuraCap advisory judgment grounded in the cohort data shown earlier. It does not constitute investment advice. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 12 Deepen Revenue Beyond the Unit Sale Test where service, installation, storage, parts, garments and accessories can expand the earnings stream around the installed base. What changes the answer: The answer changes when attachment, retention and per-customer economics show sustained improvement. Reset Channel Inventory with Discipline Balance wholesale shipments against retail registrations and protect price through model-year changeover rather than pushing inventory into the channel. What changes the answer: The answer changes when weeks of supply and the shipment-to-retail ratio return to planned levels. Strengthen the Dealer Value Proposition Assess open points, dealer economics and support levels where network quality can improve territory coverage without weakening existing relationships. What changes the answer: The answer changes when dealer productivity, service capacity and local market coverage support expansion. Test Build Versus Buy by Adjacency Compare internal investment with acquisitions where brands, products or service capabilities can broaden the earnings mix. What changes the answer: The answer changes when integration risk and normalized earnings compare favorably with internal development.

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    SECTION 04

    04

    Divider introducing Section 04 on precedent transactions.

    Section four turns to what buyers have actually paid — precedent transactions spanning strategic adjacency, category expansion and whole-company acquisitions. We walk through the case studies next, then the full list in the appendix.

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    SECTION 04 04 PRECEDENT TRANSACTIONS Buyers Have Reached Across Brands, Products and Platforms Precedent transactions span strategic adjacency, category expansion and whole-company acquisitions. 04 of 06 Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 13

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    04 · DEAL CASE STUDIES

    Precedent Transactions Span Strategic Adjacency and Broader Platforms

    Two precedent transactions with disclosed terms presented as detailed case studies, with the full list in the appendix.

    We highlight two of the eleven precedent transactions with disclosed terms as case studies, each read against LTM financials at announcement. These deals span strategic adjacency and broader platform moves, showing buyers have reached beyond a single business model. The multiples here sit on a different basis than our public CY2027E comparisons, so we don't draw a direct spread between the two. So what: precedent pricing confirms strategic buyers value the same durability and adjacency themes we see in public markets.

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    04 · DEAL CASE STUDIES Precedent Transactions Span Strategic Adjacency and Broader Platforms 2 of 11 transactions with disclosed terms, told as case studies · multiples on LTM financials at announcement where disclosed · the complete list is in the appendix · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. "Why the deal happened" is a NeuraCap read of the recorded evidence. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 14 Feb-2016 $210M Helen of Troy Limited Helen of Troy Limited Adds Steel Technology, LLC EV / LTM revenue 0.7x EV / LTM EBITDA 8.8x WHY THE DEAL HAPPENED The transaction suggests Helen of Troy Limited saw strategic fit with Steel Technology, LLC. The combination points to buyer interest in adding an adjacent consumer-products business. HOW THE TARGET WAS VALUED The completed transaction valued Steel Technology, LLC at $210M, 0.7x EV / Revenue and 8.8x EV / EBITDA. The two multiples provide a direct bridge between revenue scale and earnings value. Feb-2026 $189M MasterCraft Boat Holdings, Inc. MasterCraft Boat Holdings, Inc. (MCFT) Adds Marine Products Corporation EV / LTM revenue 0.8x EV / LTM EBITDA n/a WHY THE DEAL HAPPENED The transaction suggests strategic adjacency between MasterCraft Boat Holdings, Inc. (MCFT) and Marine Products Corporation. The combination points to buyer interest in expanding within marine recreation. HOW THE TARGET WAS VALUED The completed transaction valued Marine Products Corporation at $189M and 0.8x EV / Revenue. It provides a recent revenue benchmark for a marine combination.

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    SECTION 05

    05

    Divider introducing Section 05 on strategic implications.

    The final analytical section asks what it takes to strengthen the earnings stream beyond the unit sale — mix, attachment revenue and channel discipline all shape how the market views durability. That's where we go next.

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    SECTION 05 05 STRATEGIC IMPLICATIONS Strengthen the Earnings Stream Beyond the Unit Sale Mix, attachment revenue and channel discipline shape how the market views durability. 05 of 06 Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 15

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    05 · STRATEGIC IMPLICATIONS

    Durable Earnings Require More than a Demand Recovery

    NeuraCap view on the questions this data raises for owners, management teams and buyers over the next twelve months.

    Durable earnings, in our view, require more than a cyclical demand recovery — they require deliberate work on mix, channel discipline and recurring revenue around the installed base. We frame this as a set of questions for owners, management teams and buyers alike, each grounded in the analysis already shown. So what: the next twelve months are less about waiting for demand to return and more about what a company does with the time it has now.

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    05 · STRATEGIC IMPLICATIONS Durable Earnings Require More than a Demand Recovery NeuraCap view · the questions this data puts on the table for the next twelve months Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. This page is Directional — NeuraCap views drawn from the analysis in this report. Observations, not recommendations. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 16 FOR OWNERS Know Which Earnings Deserve Durability Credit Separate profits tied to unit shipments from profits supported by service, installation, aftermarket and the installed base. The distinction sharpens decisions on mix, pricing and capital allocation. FOR MANAGEMENT TEAMS Protect Price While the Channel Normalizes Align production and purchasing with retail registrations, dealer inventory and model-year changeover. Discounting can clear units while weakening the reference price for the next cycle. FOR BUYERS Underwrite the Channel, Not Just Demand Test inventory age, dealer floor plan exposure, warranty obligations and seasonal working capital alongside normalized earnings. These factors shape how much of the earnings base can endure.

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    SECTION 06

    06

    Divider introducing Section 06, the full comparables universe, methodology and sources.

    We close with the full universe behind every figure in this report — the comparables detail, the valuation basis and the source for each underlying disclosure. Everything here traces back to a filing, a consensus estimate or a market price.

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    SECTION 06 06 APPENDIX The Full Universe, Methodology and Sources Comparables detail behind every figure in the body, the valuation basis, and where each underlying disclosure lives. 06 of 06 Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 17

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    06 · PUBLIC COMPARABLES (1 OF 1)

    Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier

    Full comparables table of the rated companies on forward EV/EBITDA, shaded above and below the sector median.

    This table carries all eight rated companies on forward EV/EBITDA, shaded teal above the 7.5x sector median and amber below it. Three companies in the universe carry no eligible multiple and are listed separately in the companion workbook. Every ticker here links back to its underlying source. So what: this is the full rated set behind every multiple quoted earlier in the deck.

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    06 · PUBLIC COMPARABLES (1 OF 1) Public Comparables on EV / EBITDA (CY2027E), Grouped by Valuation Tier Teal shading marks a EV/EBITDA above the sector median (7.5x); amber marks below · 8 rated companies; 3 not rated (no eligible EV/EBITDA) · tickers link to the underlying source · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. All 8 rated rows are in this appendix and in the companion workbook, which carries the complete field set. Names without an eligible multiple are listed in the companion workbook. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 18 Company Ticker Segment EV EV/EBITDA (CY2027E) Rev growth EBITDA margin Rule of 40 PREMIUM — ≥8.7x · median 11.6x · 2 companies Camping World Holdings, Inc. CWH Recreational vehicle dealership networks $4.6B 14.5x 5% 4% 9 Traeger, Inc. COOK Outdoor cooking and backyard living equipment $516M 8.7x 4% 13% 17 CORE — 6.2x–8.7x · median 7.5x · 4 companies YETI Holdings, Inc. YETI Diversified recreational durables brands $3.4B 8.7x 7% 18% 25 Latham Group, Inc. SWIM Residential pool structures and backyard leisure… $1.0B 8.4x 6% 19% 26 Thor Industries, Inc. THO Motorized and towable RV manufacturers $4.3B 6.7x 5% 6% 11 Winnebago Industries, Inc. WGO Motorized and towable RV manufacturers $1.2B 6.6x 6% 5% 12 DISCOUNT — <6.2x · median 4.1x · 2 companies Malibu Boats, Inc. MBUU Motorized and towable RV manufacturers $586M 5.1x 12% 8% 22 MasterCraft Boat Holdings, Inc. MCFT Motorized and towable RV manufacturers $239M 3.0x 23% 12% 36

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    06 · PRECEDENT TRANSACTIONS (1 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    First of two pages listing all precedent transactions with disclosed terms, newest first.

    Here we list all eleven precedent transactions with disclosed terms out of forty-five recorded, sorted newest first, with each deal value linked to its filing. Multiples shown are LTM at announcement, a different basis than our forward public comparisons, so no spread is implied. So what: this is the complete disclosed-terms record a client can trace deal by deal.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (1 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 19 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Feb-2026 MasterCraft Boat Holdings, Inc. → Marine Products Corporation $189M 0.8x n/a MasterCraft Boat Holdings, Inc. (MCFT) completed the acquisition of Marine Products Corporation at $189M and 0.8x EV / Revenue. The transaction provides a recent benchmark for a marine combination. Feb-2024 Bain Capital, LP → Snow Peak, Inc. n/a n/a 24.6x Bain Capital, LP announced the acquisition of Snow Peak, Inc. at 24.6x EV / EBITDA. The agreed multiple shows the range buyers may consider for a differentiated recreational brand. Nov-2022 Unusual Machines, Inc. → Rotor Riot, LLC and Fat Shark Holdings, Ltd. n/a 2.3x n/a Unusual Machines, Inc. announced the acquisition of Rotor Riot, LLC and Fat Shark Holdings, Ltd. at 2.3x EV / Revenue. The transaction suggests strategic interest in combining adjacent product categories. Sep-2021 Vista Outdoor → WAWGD, Inc. n/a n/a 11.0x Vista Outdoor announced the acquisition of WAWGD, Inc. at 11.0x EV / EBITDA. The agreed multiple provides a benchmark for an outdoor-products adjacency. Sep-2021 Dometic → Igloo n/a 16.7x 16.7x Dometic announced the acquisition of Igloo at 16.7x on both EV / Revenue and EV / EBITDA. The transaction shows a high agreed valuation for a consumer-products combination. Jan-2017 Callaway Golf Company → Ogio International n/a n/a 8.4x Callaway Golf Company announced the acquisition of Ogio International at 8.4x EV / EBITDA. The transaction provides a benchmark for adding an adjacent recreational brand. Feb-2016 Helen of Troy Limited → Steel Technology, LLC $210M 0.7x 8.8x Helen of Troy Limited completed the acquisition of Steel Technology, LLC for $210M at 0.7x EV / Revenue and 8.8x EV / EBITDA. The transaction provides both revenue and earnings benchmarks. Jan-2016 KKR & Co. Inc. → Jarden Corporation n/a n/a 24.5x KKR & Co. Inc. announced the acquisition of Jarden Corporation at 24.5x EV / EBITDA. The agreed multiple marks the upper end of the transaction record presented here. Dec-2015 Newell Rubbermaid Inc. (nka:Newell Brands Inc.) → Jarden Corp. n/a n/a 13.7x Newell Rubbermaid Inc. (nka:Newell Brands Inc.) announced the acquisition of Jarden Corp. at 13.7x EV / EBITDA. The transaction is associated with a higher agreed valuation for a broad consumer-products platform.

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    06 · PRECEDENT TRANSACTIONS (2 OF 2)

    All Precedent Transactions with Disclosed Terms, Newest First

    Second of two pages continuing the full list of disclosed-terms precedent transactions, newest first.

    This page continues the same list of eleven disclosed-terms transactions out of forty-five recorded, still sorted newest first and still linked to source filings. As before, these LTM-at-announcement multiples sit on a different basis than the forward public multiples used elsewhere in the deck. So what: together these two pages give the complete precedent record behind the case studies shown earlier.

    Everything on this page

    06 · PRECEDENT TRANSACTIONS (2 OF 2) All Precedent Transactions with Disclosed Terms, Newest First 11 transactions with disclosed terms in this tier (45 recorded) · multiples on LTM financials at announcement where disclosed · deal values link to the underlying filing · as of 2026-09-28 Source: NeuraCap analytics platform; market data and consensus estimates as of 2026-09-28; company disclosures via SEC EDGAR where linked. 52 precedent record(s) carry data-quality flags (deal value unit unresolved; divestiture roles reassigned; duplicate filings collapsed); figures are shown as recorded in the filing. 34 recorded transactions with neither a disclosed value nor a multiple are omitted from the precedent list and the case studies (kept in the companion workbook). Deal multiples are LTM at announcement (Definitive, from filings); they are not directly comparable to the CY2027E public basis and no spread is claimed. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 20 Date Transaction EV EV/LTM Rev EV/LTM EBITDA Why it matters Jul-2015 Vista Outdoor Inc. → CamelBak Products n/a n/a 12.5x Value shown as recorded in the filing; deal value unit unresolved. Sep-2013 Vista Outdoor → Bushnell Corporation n/a n/a 9.7x

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    06 · METHODOLOGY

    Sources, Assumptions and Data Quality

    Methodology page explaining sources, assumptions, and how data-quality exclusions were handled.

    This page documents how the report was built — the valuation basis, what was excluded and why, and where every underlying disclosure lives. Every figure in the deck links to the record it was taken from, or the appendix names its source directly. So what: this is where to look if you want to verify or extend any number in this report yourself.

    Everything on this page

    06 · METHODOLOGY Sources, Assumptions and Data Quality How this report was built, what was excluded, and where every underlying disclosure lives · as of 2026-09-28 Every figure in this report links to the record it was taken from. Where a figure has no link, the appendix names its source and the basis on which it was read. Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice 21 VALUATION BASIS Primary valuation basis: EV / EBITDA on CY2027E consensus (8 of 11 companies eligible; multiples failing the platform's plausibility gates are excluded, never plotted). EV / EBITDA on CY2027E is the lead convention: it is the sector-appropriate prior for Leisure and Recreational Products and it clears the coverage gate with 8 of 11 companies (73%). EV / Revenue, P / E are carried as a cross-check. The set earns: 8 of the 8 companies with a reported forward EBITDA carry a meaningful one, so the profit multiple leads and a revenue multiple would understate what the market is pricing. DATA QUALITY & EXCLUSIONS 8 records were excluded or quarantined by the platform's validation gates (unit errors, implausible ratios, ineligible securities and classification failures); the full ledger ships in the companion tables and never feeds a statistic in this report. DEFINITIVE VS DIRECTIONAL Definitive content is disclosed or consensus data passed through stated arithmetic. Directional content — tier boundaries, situation cuts, "why it matters" commentary, the agenda pages — is NeuraCap analyst judgment and is labeled as such where it appears. WHAT THIS REPORT IS NOT This report characterises a sector. It does not recommend buying, selling or holding any security, and no statement in it should be read as investment advice or a price target. WHERE THE DATA LIVES 622 registered source documents stand behind the figures in this report. Metric hyperlinks throughout the deck open the specific filing or data record; by publisher: sec.gov (621) · home.treasury.gov (1). The companion workbook beside this deck carries the complete source index.

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    In This Sample, Value Sits with Durable Earnings Beyond the Unit Sale.

    Closing slide restating that value sits with durable earnings beyond the unit sale.

    In this sample, value sits with durable earnings beyond the unit sale — that thread runs through the landscape, the valuation work and the precedent transactions alike. The companion tables carry the full universe, the exclusion ledger and the complete source index for any figure you want to trace further.

    Everything on this page

    In This Sample, Value Sits with Durable Earnings Beyond the Unit Sale. NeuraCap AI — Leisure and Recreational Products Coverage September 2026 · Prepared by NeuraCap AI · Confidential Leisure and Recreational Products Coverage | September 2026 | Confidential | Not investment advice Sources & methodology 22

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