Harley-Davidson Delivers Third Quarter Financial Results

MILWAUKEE, Nov. 4, 2025 /PRNewswire/ -- Harley-Davidson, Inc. ("Harley-Davidson," "HDI," or the "Company") (NYSE: HOG) today reported third quarter 2025 results.

"Our Q3 results demonstrate the positive impact of the HDFS transaction and reinforce the strategic value HDFS brings to Harley-Davidson's overall business model. While retail sales remain challenged, I'm truly energized by what I've experienced across the Company, in dealerships, and with the broader rider community. While there is a lot of work ahead of us, our success begins with our dealers - when they thrive, Harley-Davidson thrives. Going forward you can expect an intensified focus on the key drivers of sustainable growth: strong and profitable dealerships, growing the powerful connection riders have with our brand, locally relevant marketing, and capital-efficient growth," said Artie Starrs, President and Chief Executive Officer.

Commenting on the HDFS transaction, Jonathan Root, Chief Financial Officer said: "The completion of the HDFS transaction with KKR and PIMCO marks a transformative milestone for Harley-Davidson. We are unlocking significant value while transforming Harley-Davidson Financial Services into a capital-light, de-risked business. This transaction releases over $1.2 billion in discretionary cash and sets the foundation for higher returns and sustained growth. Importantly, Harley-Davidson retains full control and majority ownership of HDFS - ensuring no change for our dealers or customers, which we believe continues to drive long-term value creation."

Third Quarter 2025 Highlights and Results

HDFS Transaction Update – Strategic Partnership with KKR and PIMCO Unlocks Significant Discretionary Cash

1) Back Book Sale: Sale of approximately $6 billion of existing HDFS loan receivables

2) Forward Flow Agreement: Sale of future HDFS loan originations

3) Sale of Equity Interests: Sale of a 9.8% common equity interest in HDFS to KKR and PIMCO

Third Quarter 2025 Results

Harley-Davidson, Inc. Consolidated Financial Results

$ in millions (except EPS)

3rd quarter

2025

2024

Change

Revenue

$1,341

$1,151

17 %

Operating Income

$475

$106

349 %

Net Income Attributable to HDI

$377

$119

217 %

Diluted EPS

$3.10

$0.91

241 %

Consolidated revenue in the third quarter was up 17 percent versus prior year, driven primarily by a revenue increase of 23 percent at HDMC.

Consolidated operating income in the third quarter was $475 million versus $106 million in the prior year period. The increase was primarily driven by HDFS operating income, which was favorably impacted by the HDFS transaction. As a result of the transaction, HDFS realized a benefit in the provision for credit losses in the third quarter related to the reversal of a portion of its retail allowance for credit losses, triggered by the held-for-sale classification of its retail finance receivables as held for sale. At HDMC, operating income was down 2 percent. LiveWire segment operating loss improved by $8 million, which was 30 percent lower than the prior year's loss.

Harley-Davidson Motor Company (HDMC) – Results

$ in millions

3rd quarter

2025

2024

Change

Motorcycle Shipments (thousands)

36.5

27.5

33 %

Revenue

$1,074

$876

23 %

Motorcycles

$822

$616

34 %

Parts & Accessories

$167

$174

-4 %

Apparel

$56

1 %

Licensing

42 %

Other

$23

$27

-14 %

Gross Margin

26.4 %

30.1 %

-3.7 pts.

Operating Income

$54

$55

-2 %

Operating Margin

5.0 %

6.3 %

-1.3 pts.

Third quarter HDMC Revenue was up 23 percent driven primarily by an increase in wholesale shipments, where net global pricing was flat and product mix and foreign currency were slightly favorable.

Motorcycles revenue was up 34 percent, driven by global motorcycle shipments increasing 33 percent versus prior year. Parts & Accessories revenue was down 4 percent and Apparel revenue was up 1 percent.

Third quarter HDMC gross margin was down 3.7 points versus prior year, due to unfavorable operating leverage, the cost of new or increased tariffs implemented this year, and unfavorable foreign currency impacts. These factors were partially offset by the favorable impact of net pricing and mix. Third quarter operating income margin was down 1.3 points due to the factors above, while operating expense was $20 million higher than a year ago.

Harley-Davidson Retail Motorcycle Sales

Motorcycles (thousands)

3rd quarter

2025

2024

Change

North America

23.5

24.6

-5 %

EMEA

5.0

6.1

-17 %

Asia Pacific

4.7

4.8

-3 %

Latin America

0.8

0.7

16 %

Worldwide Total

34.0

36.2

-6 %

Global retail motorcycle sales in the third quarter were down 6 percent versus the prior year, reflecting continued soft demand amid unfavorable consumer confidence, high relative interest rates, and inflation concerns. North America retail performance was down 5 percent. International retail performance was down 9 percent, where EMEA was weaker than the APAC region, and Latin America experienced modest growth.

Harley-Davidson Financial Services (HDFS) – Results

$ in millions

3rd quarter

2025

2024

Change

Revenue

$261

$269

-3 %

Operating Income

$439

$77

472 %

HDFS' operating income increased by $362 million in the third quarter or 472 percent versus prior year driven by the impact of HDFS transaction. The increase was primarily due to a lower provision for credit losses and higher other income, partially offset by lower net interest income and higher operating expenses. The increase in other income includes a $27 million gain on the sale of residual interests in securitized finance receivables.

The provision for credit loss expense was favorable primarily due to the reversal of the allowance for credit losses on held-for-sale retail finance receivables, which resulted in a $301 million benefit in Q3 '25 compared with an expense of $58 million recorded in the provision for credit losses in Q3 '24. Total finance receivables at the end of Q3 '25 were $6.0 billion, a decline of 24 percent versus prior year, primarily due to the HDFS transaction. The $6.0 billion of quarter end finance receivables included $4.1 billion of finance receivables classified as held-for-sale. The held-for-sale finance receivables were sold in October as part of the HDFS transaction.

LiveWire – Results

$ in millions

3rd quarter

2025

2024

Change

Electric Motorcycle Unit Sales

184

86 %

Revenue

16 %

Operating Loss

($18)

($26)

30 %

LiveWire revenue for the third quarter increased by 16 percent versus prior year due to increased unit sales of electric motorcycles and electric bike units, partially offset by impacts from electric motorcycle pricing and incentives during the quarter. LiveWire's operating loss of $18 million, $8 million less than a year ago, was in line with our expectations.

Harley-Davidson, Inc. Other Results – September YTD Results

2025 Financial Outlook

On May 1, 2025, due to the uncertain global tariff situation and overall macroeconomic conditions, the Company withdrew its full year 2025 financial outlook that had been provided on February 5, 2025. Given that the global tariff and business outlook remains uncertain, especially for discretionary product purchases, the Company continues to withhold its full year HDMC 2025 financial outlook.

For LiveWire, the Company is updating its previously issued guidance related to Operating Loss to $72-$77 million. Its total net use of cash remains $50-$60 million.

Announces $200 million Accelerated Share Repurchase (ASR) Agreement

Today, Harley-Davidson announced its plans to enter into an ASR agreement with Goldman Sachs to repurchase $200 million of shares of the Company's common stock. This announcement is part of the previously announced plan to repurchase $1 billion in shares by the end of 2026.

The Company expects the transactions under the ASR agreement to be completed by no later than the first quarter of 2026.

Company Background

Harley-Davidson, Inc. is the parent company of Harley-Davidson Motor Company and Harley-Davidson Financial Services. Our vision: Building our legend and leading our industry through innovation, evolution and emotion. Our mission: More than building machines, we stand for the timeless pursuit of adventure. Freedom for the soul. Our ambition is to maintain our place as the most desirable motorcycle brand in the world. Since 1903, Harley-Davidson has defined motorcycle culture by delivering a motorcycle lifestyle with distinctive and customizable motorcycles, experiences, motorcycle accessories, riding gear and apparel. Harley-Davidson Financial Services provides financing, insurance and other programs to help get riders on the road. Harley-Davidson also has a controlling interest in LiveWire Group, Inc., the first publicly traded all-electric motorcycle company in the United States. LiveWire is the future in the making for the pursuit of urban adventure and beyond. Drawing on its DNA as an agile disruptor from the lineage of Harley-Davidson and capitalizing on a decade of learnings in the EV sector, LiveWire's ambition is to be the most desirable electric motorcycle brand in the world. Learn more at harley-davidson.com and livewire.com.

Webcast

Harley-Davidson will discuss its financial results, the HDFS transaction, and outlook on an audio webcast at 8:00 a.m. CT today. The webcast login and supporting slides can be accessed at http://investor.harley-davidson.com/news-and-events/events-and-presentations. The audio replay will be available by approximately 10:00 a.m. CT.

Cautionary Note Regarding Forward-Looking Statements

The Company intends that certain matters discussed in this press release are "forward-looking statements" intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such by reference to this footnote or because the context of the statement will include words such as the Company "believes," "anticipates," "expects," "plans," "projects," "may," "will," "estimates," "targets," "intends," "forecasts," "seeks," "sees," "should," "feels," "commits," "assumes," "envisions," or words of similar meaning. Similarly, statements that describe or refer to future expectations, future plans, strategies, objectives, outlooks, targets, guidance, commitments or goals are also forward-looking statements. Such forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially, unfavorably or favorably, from those anticipated as of the date of this press release. Certain of such risks and uncertainties are described below. Shareholders, potential investors, and other readers are urged to consider these factors in evaluating the forward-looking statements and are cautioned not to place undue reliance on such forward-looking statements. The forward-looking statements included in this press release are only made as of the date of this press release, and the Company disclaims any obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.

Important factors that could affect future results and cause those results to differ materially from those expressed in the forward-looking statements include, among others, the Company's ability to: (a) execute its business plans and strategies; (b) manage supply chain and logistics issues, including without limitation quality issues, unexpected interruptions or price increases caused by supplier volatility, raw material shortages, inflation, war or other hostilities, including the conflict in Ukraine, or natural disasters and longer shipping times and increased logistics costs; (c) manage and predict the impact that new, reinstated or adjusted tariffs may have on the Company's ability to sell products domestically and internationally, and the cost of raw materials and components, including tariffs recently imposed or that may be imposed by the U.S. on foreign goods or rebalancing or other tariffs recently imposed or that may be imposed by foreign countries on U.S. goods; (d) accurately analyze, predict and react to changing market conditions, interest rates, and geopolitical environments, and successfully adjust to shifting global consumer needs and interests; (e) accurately predict the margins of its segments in light of, among other things, tariffs, rebalancing trade measures, inflation, foreign currency exchange rates, the cost associated with product development initiatives and the Company's complex global supply chain; (f) maintain and enhance the value of the Harley-Davidson brand, including detecting and mitigating or remediating the impact of activist collective actions, such as calls for boycotts and other brand-damaging behaviors that could harm the Company's brand or business; (g) manage through changes in general economic and business conditions, including changing capital, credit and retail markets, and the changing domestic and international political environments, including as a result of the conflict in Ukraine; (h) successfully access the capital and/or credit markets on terms that are acceptable to the Company and within its expectations; (i) successfully carry out its global manufacturing and assembly operations; (j) develop and introduce products, services and experiences on a timely basis that the market accepts, that enable the Company to generate desired sales levels and that provide the desired financial returns, including successfully implementing and executing plans to strengthen and grow its leadership position in Grand American Touring, large Cruiser and Trike, and grow its complementary businesses; (k) perform in a manner that enables the Company to benefit from market opportunities while competing against existing and new competitors; (l) manage the impact that prices for and supply of used motorcycles may have on its business, including on retail sales of new motorcycles; (m) prevent, detect and remediate any issues with its motorcycles, or any issues associated with the manufacturing processes to avoid delays in new model launches, recall campaigns, regulatory agency investigations, increased warranty costs or litigation and adverse effects on its reputation and brand strength, and carry out any product programs or recalls within expected costs and timing; (n) successfully manage and reduce costs throughout the business; (o) continue to develop the capabilities of its distributors and dealers, effectively implement changes relating to its dealers and distribution methods, including the Company's dealer footprint, and manage the risks that its dealers may have difficulty obtaining capital and managing through changing economic conditions and consumer demand; (p) realize the expected business benefits from LiveWire operating as a separate public company, which may be affected by, among other things: (i) the ability of LiveWire to execute its plans to develop, produce, market and sell its electric vehicles; (ii) the demand for and consumer willingness to adopt two- and three-wheeled electric vehicles; and (iii) other risks and uncertainties indicated in documents filed with the SEC by the Company or LiveWire Group, Inc., including those risks and uncertainties noted in Risk Factors under Item 1.A of LiveWire Group Inc.'s most recent Annual Report on Form 10-K and applicable updates under Item 1.A of the LiveWire Group, Inc.'s Quarterly Report on Form 10-Q, Current Reports on Form 8-K and other filings with the SEC; (q) manage the quality and regulatory non-compliance issues relating to the brake hose assemblies provided to the Company by Proterial Cable America, Inc. in a manner that avoids future quality or non-compliance issues and additional costs or recall expenses that are material; (r) maintain a productive relationship with Hero MotoCorp as a distributor and licensee of the Harley-Davidson brand name; (s) successfully maintain or achieve a manner in which to sell motorcycles in Europe, China, and the Company's Association of Southeast Asian Nations (ASEAN) countries that does not subject its motorcycles to incremental tariffs; (t) manage its Thailand corporate and manufacturing operation in a manner that allows the Company to avail itself of preferential free trade agreements and duty rates, and sufficiently lower prices of its motorcycles in certain markets; (u) retain and attract talented employees and leadership and qualified and experienced independent directors for its Board of Directors, eliminate personnel duplication, inefficiencies and complexity throughout the organization, and successfully complete transitions of executives; (v) accurately estimate and adjust to fluctuations in foreign currency exchange rates, interest rates and commodity prices; (w) manage the credit quality, the loan servicing and collection activities, and the recovery rates of Harley-Davidson Financial Services' loan portfolio; (x) prevent a ransomware attack or cybersecurity incidents and data privacy breaches and respond to related evolving regulatory requirements; (y) adjust to tax reform, healthcare inflation and reform and pension reform, and successfully estimate the impact of any such reform on the Company's business; (z) manage through the effects inconsistent and unpredictable weather patterns may have on retail sales of motorcycles; (aa) implement and manage enterprise-wide information technology systems, including systems at its manufacturing facilities; (bb) manage changes, prepare for, and respond to evolving requirements in legislative and regulatory environments related to its products, services and operations, including increased environmental, safety, emissions or other regulations; (cc) manage its exposure to product liability claims in a manner that avoids or successfully mitigates the impact of substantial jury verdicts and manage exposure in commercial or contractual disputes; (dd) continue to manage the relationships and agreements that the Company has with its labor unions to help drive long-term competitiveness; (ee) close third-party investment(s) in HDFS by KKR and PIMCO in a manner consistent with the Company's objectives and that does not adversely affect its business; (ff) manage risks related to outsourced functions and use of artificial intelligence; (gg) achieve anticipated results with respect to the Company's preowned motorcycle program, Harley-Davidson Certified, the Company's H-D1 Marketplace, and Apparel and Licensing; (hh) optimize capital allocation in light of the Company's capital allocation priorities; (ii) manage the Company's share repurchase strategy; and (jj) manage issues related to climate change and related regulations.

The Company's ability to sell its motorcycles and related products and services and to meet its financial expectations also depends on the ability of the Company's dealers to sell its motorcycles and related products and services to retail customers. The Company depends on the capability and financial capacity of its dealers to develop and implement effective retail sales plans to create demand for the motorcycles and related products and services they purchase from the Company. In addition, the Company's dealers and distributors may experience difficulties in operating their businesses and selling Harley-Davidson motorcycles and related products and services as a result of weather, economic conditions, or other factors.

HDFS' retail credit losses will continue to change over time due to changing consumer credit behavior, macroeconomic conditions including the impact of inflation, and Harley-Davidson Financial Services, Inc.'s efforts to increase prudently structured loan approvals to sub-prime borrowers. In addition, Harley-Davidson Financial Services, Inc.'s efforts to adjust underwriting criteria based on market and economic conditions, and actions that Harley-Davidson has taken and could take that impact motorcycle values, may impact Harley-Davidson Financial Services, Inc.'s retail credit losses.

The Company's operations, demand for its products, and its liquidity could be adversely impacted by changes in tariffs, inflation, work stoppages, facility closures, strikes, natural causes, widespread infectious disease, terrorism, war or other hostilities, including the conflict in Ukraine, or other factors. Refer to Risk Factors under Item 1.A of the Company's Annual Report on Form 10-K for the year ended December 31, 2024 filed with the SEC on February 26, 2025 and applicable updates under Item 1.A of the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2025 filed with the SEC on August 06, 2025 for a discussion of additional risk factors and a more complete discussion of some of the cautionary statements noted above.

### (HOG-Earnings)

Harley-Davidson, Inc.

Condensed Consolidated Statements of Operations

(In thousands, except per share amounts)

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

2025

2024

HDMC revenue

$ 1,073,959

$ 876,405

$ 3,199,113

$ 3,701,417

Gross profit

283,110

263,813

897,059

1,158,010

Selling, administrative and engineering expense

228,991

208,676

665,352

666,522

Operating income from HDMC

54,119

55,137

231,707

491,488

LiveWire revenue

5,563

4,808

14,318

15,958

Gross loss

(2,271)

(1,180)

(3,889)

(6,907)

Selling, administrative and engineering expense

15,910

24,905

52,752

76,587

Operating loss from Livewire

(18,181)

(26,085)

(56,641)

(83,494)

HDFS revenue

261,188

269,482

763,587

781,818

HDFS expense

(177,632)

192,738

190,958

579,836

Operating income from HDFS

438,820

76,744

572,629

201,982

Operating income

474,758

105,796

747,695

609,976

Other income, net

14,706

18,408

45,456

54,851

Investment income

12,267

16,450

32,158

45,665

Interest expense

(10,182)

(7,707)

(25,564)

(23,066)

Income before income taxes

491,549

132,947

799,745

687,426

Income tax provision

116,384

16,980

188,036

123,821

Net income

$ 375,165

$ 115,967

$ 611,709

$ 563,605

Less: Loss attributable to noncontrolling interests

2,201

3,073

6,332

8,644

Net income attributable to Harley-Davidson, Inc.

$ 377,366

$ 119,040

$ 618,041

$ 572,249

Earnings per share:

Basic

$ 3.13

$ 0.92

$ 5.07

$ 4.30

Diluted

$ 3.10

$ 0.91

$ 5.03

$ 4.27

Weighted-average shares:

Basic

120,614

130,078

122,015

133,187

Diluted

121,676

130,963

122,855

133,985

Cash dividends per share:

$ 0.1800

$ 0.1725

$ 0.5400

$ 0.5175

LiveWire results presented in the Company's financial statements represent the LiveWire reportable segment as determined in accordance with Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) 280 Segment Reporting which may differ from LiveWire Group, Inc. results.

Harley-Davidson, Inc.

Condensed Consolidated Balance Sheets

(In thousands)

(Unaudited)

September 30,

December 31,

September 30,

2025

2024

ASSETS

Current assets:

Cash and cash equivalents

$1,775,038

1,589,608

2,243,910

Accounts receivable, net

305,010

234,315

307,701

Finance receivables held for sale, net

4,080,885

Finance receivables held for investment, net

1,221,348

2,031,496

2,300,551

Inventories, net

512,186

745,793

681,864

Restricted cash

51,530

135,661

147,910

Other current assets

297,444

259,764

208,000

8,243,441

4,996,637

5,889,936

Finance receivables held for investment, net

662,201

5,256,798

5,499,836

Other long-term assets

1,660,742

1,628,144

1,636,887

$10,566,384

$ 11,881,579

$ 13,026,659

LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:

Accounts payable and accrued liabilities

$971,411

$ 892,678

$ 931,971

Short-term deposits, net

292,667

173,099

178,638

Short-term debt

684,741

640,204

497,373

Current portion of long-term debt, net

1,329,244

1,851,513

2,561,535

3,278,063

3,557,494

4,169,517

Long-term debt, net

3,147,836

4,468,665

4,739,507

Other long-term liabilities

579,106

696,920

692,523

Shareholders' equity

3,561,379

3,158,500

3,425,112

$10,566,384

$ 11,881,579

$ 13,026,659

Harley-Davidson, Inc.

Condensed Consolidated Statements of Cash Flows

(In thousands)

(Unaudited)

Nine months ended

September 30,

2025

2024

Net cash provided by operating activities

$ 416,903

$ 930,655

Cash flows from investing activities:

Capital expenditures

(102,090)

(140,424)

Finance receivables held for investment, net

172,037

(345,588)

Proceeds from sale of securitization beneficial interests, net

125,369

Collection from retained securitization beneficial interests

9,353

Other investing activities

808

(165)

Net cash provided (used) by investing activities

205,477

(486,177)

Cash flows from financing activities:

Proceeds from issuance of medium-term notes

647,088

495,856

Repayments of medium-term notes

(700,000)

Proceeds from term loan

448,013

Repayment of senior unsecured notes

(450,000)

Proceeds from securitization debt

497,790

1,145,211

Repayments of securitization debt

(718,034)

(782,161)

Net increase (decrease) in unsecured commercial paper

44,938

(387,392)

Borrowings of asset-backed commercial paper

155,000

366,171

Repayments of asset-backed commercial paper

(217,554)

(195,709)

Net increase in deposits

3,312

100,737

Dividends paid

(66,288)

(69,454)

Repurchase of common stock

(193,209)

(359,810)

Other financing activities

1,269

Net cash (used) provided by financing activities

(547,675)

313,460

Effect of exchange rate changes on cash, cash equivalents and restricted cash

11,009

198

Net increase in cash, cash equivalents and restricted cash

$ 85,714

$ 758,136

Cash, cash equivalents and restricted cash:

Cash, cash equivalents and restricted cash, beginning of period

$ 1,740,854

$ 1,648,811

Net increase in cash, cash equivalents and restricted cash

85,714

758,136

Cash, cash equivalents and restricted cash, end of period

$ 1,826,568

$ 2,406,947

Reconciliation of cash, cash equivalents and restricted cash on the Consolidated balance

sheets to the Consolidated statements of cash flows:

Cash and cash equivalents

$ 1,775,038

$ 2,243,910

Restricted cash

51,530

147,910

Restricted cash included in Other long-term assets

15,127

Cash, cash equivalents and restricted cash per the Consolidated statements of cash flows

$ 1,826,568

$ 2,406,947

HDMC Revenue and Motorcycle Shipment Data

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

2025

2024

HDMC REVENUE (in thousands)

Motorcycles

$ 821,864

$ 615,628

$ 2,463,793

$ 2,905,861

Parts and accessories

167,252

174,301

497,558

534,359

Apparel

56,052

55,688

168,614

183,192

Licensing

5,547

3,897

14,549

18,312

Other

23,244

26,891

54,599

59,693

$ 1,073,959

$ 876,405

$ 3,199,113

$ 3,701,417

HDMC U.S. MOTORCYCLE SHIPMENTS

25,662

15,850

72,263

89,761

HDMC WORLDWIDE MOTORCYCLE SHIPMENTS

Grand American Touring (a)

22,035

15,493

63,793

80,194

Cruiser

10,551

9,610

35,521

39,711

Sport and Lightweight

2,628

1,770

7,924

10,827

Adventure Touring

1,310

647

3,724

4,120

36,524

27,520

110,962

134,852

(a) Includes Trike

LiveWire Motorcycle Shipments

184

272

374

HDMC Gross Profit

(Unaudited)

The estimated impact of significant factors affecting the comparability of gross profit from the third quarter of 2024 to the third quarter of 2025

were as follows (in millions):

Three months

ended

Nine months

ended

2024 gross profit

$ 264

$ 1,158

Volume

(189)

Price and sales incentives

Foreign currency exchange rates and hedging

(6)

Shipment mix

Raw material prices

Manufacturing and other costs

(37)

(152)

(261)

2025 gross profit

$ 283

$ 897

HDFS Finance Receivables Allowance for Credit Losses

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

2025

2024

Balance, beginning of period

$ 399,293

$ 393,517

$ 401,183

$ 381,966

Provision for credit losses

(301,499)

57,977

(198,427)

175,017

Charge-offs, net of recoveries

(35,148)

(51,582)

(140,110)

(157,071)

Sale of Residual Interest in Securitizations

(75,547)

Balance, end of period

$ (12,901)

$ 399,912

$ (12,901)

$ 399,912

Worldwide Retail Sales of Harley-Davidson Motorcycles (a)

(Unaudited)

Three months ended

Nine months ended

September 30,

2025

2024

2025

2024

United States

21,779

22,726

67,690

80,710

Canada

1,683

1,847

5,595

6,186

Total North America

23,462

24,573

73,285

86,896

EMEA

5,033

6,054

17,829

19,333

Asia Pacific

4,667

4,832

13,996

17,188

Latin America

822

707

2,138

2,152

Total worldwide retail sales

33,984

36,166

107,248

125,569

(a) Data source for retail sales figures shown above is new sales warranty and registration information provided by dealers and compiled by the Company. The Company must rely on information that its dealers supply concerning new retail sales, and the Company does not regularly verify the information that its dealers supply. This information is subject to revision.

SOURCE Harley-Davidson, Inc.