Malibu Boats (MBUU) Q4 FY26 earnings call: guidance and Q&A

What are the revenue, EBITDA, and unit production expectations for SacStore in FY27, specifically regarding Fort Pierce capacity?

SacStore is guided to grow revenue in the low-to-mid teens off a $180M pro forma FY26 base, ramping adjusted EBITDA margin toward 10%-11% after a softer Q1. The Fort Pierce facility can produce upwards of 200-plus units annually without incremental capex.

“I think what we've said, Craig, in the past is that we could do upwards of 200-plus units out of that facility without any incremental CapEx investment.”

asked by Craig Kennison · answered by David Black

What retail market assumptions underpin the FY27 guide, and why did SacStore see input cost pressures that legacy brands managed to offset?

Retail powerboat demand is assumed flat to down in FY27, with softer H1 comps stabilizing by year-end. Wholesale and retail volumes will be roughly matched. Legacy business offset input costs via mature centralized sourcing, which is now being integrated into SacStore.

“Yes, we're expecting the market to be flat to down next year... Obviously, one of the work streams that we are focused on on the integration side of things is the sourcing components as it relates to SAC Store...”

asked by Joseph Altobello · answered by David Black

What drove Cobalt's volume increase, and what was the split between volume leverage and centralized sourcing in Q4 gross margin expansion?

Cobalt benefited from strong market share gains and retail demand along with easier prior-year production cuts. Management estimated the Q4 margin improvement was roughly split half-and-half between volume absorption and centralized procurement savings.

“Yes, I mean, as you think about it, for the quarter, I would say it's about half and half, right, as you think about the breakout...”

asked by Michael Albanese · answered by David Black

How far along is the dealer penetration of MBI Acceptance, and what is the long-term roadmap for legacy brands in Europe via SacStore?

MBI Acceptance is implemented across 30%-40% of the dealer network, particularly targeting lower price-point brands. International retail is historically under 5% of legacy sales; Malibu aims to leverage SacStore's European network first via exports and potentially European manufacturing long term.

“Where we sit today, international retail for us and shipments are below 5% historically... and now with Saksdoor... let's try sell boats that are manufactured in the states internationally at a higher pace than 5%.”

asked by Noah Zatzkin · answered by Steven Menneto

What is the priority ranking for capital allocation, and what input cost inflation assumption is embedded in the FY27 EBITDA outlook?

Priorities remain balanced: internal reinvestment, debt paydown from free cash flow, opportunistic share repurchases, and highly disciplined M&A. FY27 guidance assumes low-to-mid single-digit input cost inflation.

“Right now, embedded, we're in that low to mid-single-digit range from an input cost perspective.”

asked by Jaime Katz · answered by David Black

Was the SacStore EBITDA margin drop caused by unexpected expense at Fort Pierce, and when will profitability metrics be quantified?

The margin headwind was due to deliberate acceleration of the timeline rather than budget overruns. Pilot boats are currently in production, and standard work and cost optimization metrics will be detailed once lines are fully operational.

“Yes, no, it's just more earlier. We're speeding up the process, right? And so, you know, we're taking the position that we need to invest now because there's enough demand out there that we want to be able to capture.”

asked by Gerrick Johnson · answered by David Black