#1LCI INDUSTRIES INVESTOR PRESENTATION August 2023#2FORWARD-LOOKING STATEMENTS This presentation contains certain "forward-looking statements" with respect to our financial condition, results of operations, business strategies, operating efficiencies or synergies, competitive position, growth opportunities, acquisitions, plans and objectives of management, markets for the Company's common stock, the impact of legal proceedings, and other matters. Statements in this presentation that are not historical facts are "forward-looking statements" for the purpose of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended, and involve a number of risks and uncertainties. Forward-looking statements, including, without limitation, those relating to the Company's future business prospects, net sales, expenses and income (loss), capital expenditures, tax rate, cash flow, financial condition, liquidity, covenant compliance, retail and wholesale demand, integration of acquisitions, R&D investments, commodity prices and industry trends, whenever they occur in this presentation are necessarily estimates reflecting the best judgment of the Company's senior management at the time such statements were made. There are a number of factors, many of which are beyond the Company's control, which could cause actual results and events to differ materially from those described in the forward-looking statements. These factors include, in addition to other matters described in this presentation, the impacts of COVID-19, or other future pandemics, and the Russia-Ukraine war, and heightened tensions between China and Taiwan on the global economy and on the Company's customers, suppliers, employees, business and cash flows, pricing pressures due to domestic and foreign competition, costs and availability of, and tariffs on, raw materials (particularly steel and aluminum) and other components, seasonality and cyclicality in the industries to which we sell our products, availability of credit for financing the retail and wholesale purchase of products for which we sell our components, inventory levels of retail dealers and manufacturers, availability of transportation for products for which we sell our components, the financial condition of our customers, the financial condition of retail dealers of products for which we sell our components, retention and concentration of significant customers, the costs, pace of and successful integration of acquisitions and other growth initiatives, availability and costs of production facilities and labor, team member benefits, team member retention, realization and impact of expansion plans, efficiency improvements and cost reductions, the disruption of business resulting from natural disasters or other unforeseen events, the successful entry into new markets, the costs of compliance with environmental laws, laws of foreign jurisdictions in which we operate, other operational and financial risks related to conducting business internationally, and increased governmental regulation and oversight, information technology performance and security, the ability to protect intellectual property, warranty and product liability claims or product recalls, interest rates, oil and gasoline prices and availability, the impact of international, national and regional economic conditions and consumer confidence on the retail sale of products for which we sell our components, and other risks and uncertainties discussed more fully under the caption "Risk Factors" in the Company's Annual Report on Form 10-K for the year ended December 31, 2022, and in the Company's subsequent filings with the Securities and Exchange Commission, including the Company's Quarterly Reports on the 10-Q. Readers of this presentation are cautioned not to place undue reliance on these forward-looking statements, since there can be no assurance that these forward-looking statements will prove to be accurate. The Company disclaims any obligation or undertaking to update forward-looking statements to reflect circumstances or events that occur after the date the forward-looking statements are made, except as required by law. This presentation includes certain non-GAAP financial measures, such as EBITDA, net debt to EBITDA leverage, and free cash flow. These non-GAAP financial measures should not be considered a substitute for the comparable GAAP financial measures. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP financial measure are included in the Appendix to this presentation. This presentation also includes certain forward-looking non-GAAP financial measures, such as forward-looking targets for net debt to EBITDA leverage. The Company is unable to provide a reconciliation of forward-looking non-GAAP financial measures to their most directly comparable GAAP financial measures because the Company is unable to provide, without unreasonable effort, a meaningful or accurate calculation or estimation of amounts that would be necessary for the reconciliation due to the complexity and inherent difficulty in forecasting and quantifying future amounts or when they may occur. Such unavailable information could be significant to future results. LCI INDUSTRIES 2#3LCIAT A GLANCE A leading supplier of highly engineered components primarily to the OEMs of RVs, buses, trailers, trucks, boats, trains, manufactured housing, and their related aftermarkets LIPPERT A FAMILY OF BRANDS TO ENABLE YOUR LIFESTYLE RV MARINE AUTOMOTIVE WHENEVER, WHEREVER, WE MAKE YOUR EXPERIENCE BETTER | lippert.com CURT Key Metrics Net Sales Diluted EPS EBITDA* Operating Margin Content per Towable RV Unit (LTM) * See the Appendix to this presentation for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. Q2 2023 $1,015M $1.31 $88M 5.4% $5,487 YOY Q2 Change (34)% (78)% (65)% (880) BPS +2% Full Year 2022 $5,207M $15.48 $682M 10.6% $6,090 (LCI INDUSTRIES 3#4LCIAT A GLANCE Over the last three decades, LCI has strategically diversified operations into the RV adjacent market, aftermarket and marine industry; leaning into outdoor lifestyle movement 2012 - Present 1994 Manufactured Housing 1994 - 2012 Manufactured Housing RV Expansion Chassis & Windows Furniture & Appliances Slide-Outs Stabilization & Leveling RV Equestrian Trailer & Components * See the Appendix to this presentation for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. Caravan Manufactured Housing Marine Residential Windows International Expansion Bus Windows Railway Cargo Trailers Aftermarket Marine LCI INDUSTRIES 4#5LCI OVERVIEW Industry-Leading Brands and Core Competencies LIPPERT Taylor Made & CURT 7 Core Competencies Metal Fabrication & Welding Lamination Glass Fabrication Cut & Sew Power & Motion Systems Electronics Plastics Forming Applicable Across a Number of Customer Segments Recreational Vehicle Marine Transit & School Bus Equestrian & Cargo Trailers Heavy & Light Trucking Housing & Building Products Other (e.g. Rail and Industrials) OEMS Aftermarket (LCI INDUSTRIES 5#6LCI OVERVIEW Since LCI was founded, we have always focused on the following: Experienced leadership team with substantial industry knowledge y Building the best teams with the best leaders Developing lasting customer relationships Building and delivering innovative products Diversifying and expanding our product segments Centralized base in Indiana keeps leadership close with team members, supporting cohesive culture 100,000+ retail customer interactions each month through best-in-class support team Unmatched customer and market share retention over last 25 years Industry-leading content growth due to demand for innovative offerings Creating critical products with unique features sought out by customers Successfully executed 75+ acquisitions to expand competitive footprint Focus on double digit growth in non-RV OEM markets year-to-date (LCI INDUSTRIES 6#7KEY STRATEGIC OPPORTUNITIES i Our long-term growth is guided by execution against four strategic pillars: INNOVATION AS A CULTURE E QUALITY LEADERSHIP & CULTURE CUSTOMER EXPERIENCE (LCI INDUSTRIES 7#8LEADERSHIP & CULTURE We strive to drive superior returns to all of our teams...our PEOPLE, our CUSTOMERS and our SHAREHOLDERS Striving to Lead • A passion to win, coupled with a robust growth strategy, drives us to be a leader in every market we enter Curren 10 LA CLAPET in • Strong cultural underpinning has helped reduce turnover, improve safety and service, and drive better efficiency, each supporting our continued outperformance Fostering Leadership and Leveraging our Culture to Grow • Our workforce is our largest engine for growth, and we are focused on empowering our leadership and equipping the next generation of leaders within LCI to drive our business forward • Our Leadership Development Team is committed to cultivating stronger leaders and a healthier culture, serving as trainers, coaches, and trusted advisors throughout the LCI organization (LCI INDUSTRIES 8#9INNOVATION AS A CULTURE Constant innovation continues to drive content expansion Lewmar® Electric Powered Shallow Water Anchor D FURRION CLIPPERT Furrion® 18K Chill Cube Air Conditioner ABS (Anti-Lock Braking System) Solera® 3000 Off-Grid Series Solar awning CURT .... CURT® Enhanced Pin Box Solutions ܫܐܐ 14 CERT YOU CANIE WAYSSH One Control® Auto featuring True Course ™ Basecamp Towable & Motorized Leveling System SureShade® Forward Facing Power Bimini 2023 marks more innovative product introductions than any year in the last 10 years Independent Suspension New Window Designs and Integrated Shades 9#10LEADER IN CUSTOMER EXPERIENCE EAA thopodes SHOUTS LIPPERT SCOUTS OLIVMY Ask a Tech Improving the Customer Experience for all • Proven, always-on listening methodology connecting end user feedback to the Lippert team to create meaningful and desired improvements to products, processes, and services • Engaged with all Customers via Care Center forecasting nearly 2 million interactions by end of year Leveraging feedback to improve • 27k members in our online communities, Scouts and Captains • Engaging directly with end users through Brand Ambassadors + Partners, as well as attending non-traditional RV events to reach more RVers' voices ● • Annual satisfaction studies completed to inform services and program roadmaps Providing support wherever, whenever Care Center dedicated to providing 24/7 support on technical needs, parts ordering, and product information ● • Launched RV Owner School in 2022 to teach RVers practical, hands-on knowledge for use + maintenance ● • Rich library of videos + documentation for every product, use, and installation LCI INDUSTRIES 10#11DEDICATION TO QUALITY 177 Committed to delivering high-quality products, supported by ongoing focus on operational improvements BOC Reputation for safe and reliable products enabling continued market share growth • Quality of our products leads to strong customer relationships, helping us win new business and increase our market share Focus on automation to maintain quality while supporting profitability ● • Continuing to invest in high return areas such as automation, driving product quality at scale and long-term margin expansion Leveraging external industry knowledge to improve our teams, drive improvement • Adding experienced team members in key areas of quality, continuous improvement, and automation LCI INDUSTRIES 11#12ESG FOCUS AREAS Driving long-term value creation through progress on ESG initiatives. Commitment to Sustainability Data monitoring and clean energy investment Disclosure of Scope 1 and 2 greenhouse gas emissions and detailed data on energy consumption, waste management and recycling ● ● ● 734,169 KWh of energy generated through solar in 2022; projected to grow to 4,380 MWh per year following completion of solar projects at 4 additional sites during 2023 Development of supporting the use of clean energy, such as the EV towable RV chassis, Li-Series electric bike, portable solar panel and solar batteries Social & Community Involvement Strive to create meaningful change and inspire a culture of giving • 675,000+ hours of community service within LCI communities since 2017 • $1.8 million+ in donations to support community needs • Community Impact Grants: $50,000 to non-profits for mental health and leadership for at-risk youth ages K-12 ALA Environmental, Health & Safety Addressing top priorities of our stakeholders • Completed a materiality assessment to identify ESG priorities for our top stakeholders: team member health & safety and product safety ranked the highest • Achieved zero fatality rate in 2022 and reduced Significant Injury and Fatality (SIF) Exposures by 50% ● Two locations certified with Environmental Management System (EMS) and 17 certified with Quality Management System (QMS); plans to expand both certifications through 2023 Corporate Governance Robust oversight on major ESG topics The Board of Directors enhanced oversight procedures to monitor topics such as cybersecurity, enterprise risk management, diversity and sustainability ● • Commitment to best corporate governance practices such as Board independence, separation of CEO and Chair roles, and Board diversity LCI INDUSTRIES 12#13D OUR BUSINESS#14RV OEM Growth Drivers & Trends Key Drivers Growth within the outdoor lifestyle continuously fuels long term outlook • North American RV OEM revenues down 61% YTD through June 2023 vs the same period in the prior year driven by softened demand, partially offset by increased content ● Content per Wholesale Unit • Travel trailer and fifth-wheel RV content of $5,487 for Q2 2023 • Focus on innovation has supported LCI's continued market share expansion • Increase of 2% over the comparable prior year period Organic Growth Expectations • Current 2023 forecast of 290 - 310k wholesale units $3,200M $2,400M $1,600M $800M $OM 250,000 200,000 150,000 100,000 50,000 0 Q319 2018 Q419 Q120 Retail North American RV OEM N RV Wholesale/Retail/Inventory Change Q220 2019 Q320 Q420 Q121 Net Sales ANDCHAN Wholesale 2020 Q221 - Q321 Q421 Q122 2021 Inventory Q222 G Q322 Q422 Q123 Q223 2022 Linear (Inventory) 80,000 60,000 40,000 20,000 (20,000) (40,000) (60,000) (80,000) LCI INDUSTRIES 14#15MARINE OEM Growth Drivers & Trends Key Drivers Benefits from secular tailwinds within the outdoor recreation space • Focused on continued innovation in the marine markets with products anchor system, thrusters, windshields, seating and biminis. ● • Building out our Captain's customer support group, boasting 2,000+ group members Content per Wholesale Unit Content per power boat of $1,457 for Q2 2023 Decline of 17% over the comparable prior year period driven by pricing and product mix ● $500M $400M $300M $200M $100M $OM 2018 North American Marine OEM 2019 47% CAGR 2020 Net Sales 2021 2022 LCI INDUSTRIES 15#16AFTERMARKET Growth Drivers & Trends Key Drivers Represents one of the strongest value drivers for LCI due to long runway for growth, counter-cyclicality, strong margin profile, and premium brands. Innovation driving ongoing portfolio expansion through sophisticated products, catering to the new generation of RV enthusiasts ● Poised to benefit from the record number of RVs on road entering service and repair cycle • Focus on customer experience leading towards innovative offerings through one-on-one engagement as we leverage customer feedback to drive improvements Organic Growth Expectations Estimated to be double the size of the new RV market each year with higher margins Our aftermarket business will continue to provide diversification growth opportunities as it approaches the $1 billion mark ● ● Growth in OEM units drives opportunities for Aftermarket segment 2022 NA AM Net Sales 7% 11% 32% Marine Other 50% Towing & Truck Accessories RV $1,000M $800M $600M $400M $200M $OM 39% CAGR 2018 2019 2020 2021 2022 NA Aftermarket Net Sales LCI INDUSTRIES 16#17INTERNATIONAL BUSINESS & OTHER ADJACENCIES Growth Drivers & Trends Key Drivers • International: $700M $600M $500M $400M O · Inventories are replenishing as supply chain $300M constraints ease, enabling European $200M customers to begin meeting pent-up demand $100M $OM O • Leveraging popular European products for introduction in North American markets, including pop top units and B-vans • Adjacencies: ● O • Building Products: Consists primarily of components for the manufactured and modular housing markets • Transportation Products: Consists primarily O of components for automotive, heavy truck, school bus, and commercial vehicle industries Organic Growth Expectations International Markets are forecasting sales growth over their 2022 results based on industry projections, pricing realization, and customer feedback *Excludes North American OEM Marine net sales 54% CAGR 2018 2019 2020 2021 2022 International Net Sales $700M $600M $500M $400M $300M $200M $100M SOM 16% CAGR 2018 2019 2020 2021 2022 NA OEM Adjacent Industries Net Sales* LCI INDUSTRIES 17#18FINANCIAL OVERVIEW Diversification and content expansion enabling market share gains and strong cash generation $6,000M $4,000M $2,000M $OM $20 $16 $12 $8 $4 $0 $2,148 2017 $5.24 2017 Sales Trend ($M) 21% CAGR $2,476 2018 $5.83 2018 $2,371 2019 $2,796 Diluted EPS $5.84 2020 20% CAGR 2019 $6.27 2020 $4,473 2021 $11.32 2021 $5,207 2022 $15.48 2022 $800M $600M $400M $200M $OM $500M $250M $OM $(250)M $269 2017 $68 2017 * See the Appendix to this presentation for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. $266 2018 $37 EBITDA* ($M) 18% CAGR 2018 $276 2019 Free Cash Flow* ($M) $211 $321 2019 2020 $174 2020 $511 2021 -$210 2021 $682 2022 $472 2022 LCI INDUSTRIES 18#19Q2 2023 FINANCIAL PERFORMANCE (in thousands) (in thousands) Consolidated Net Sales $1,536,150 Second Quarter 2022 $154,530 $1,014,639 Second Quarter 2022 Second Quarter Consolidated Net Income 2023 $33,426 Second Quarter 2023 (in thousands) 14.2% Operating Margin Second Quarter 2022 $250,696 EBITDA* Second Quarter 2022 * Additional information regarding EBITDA, as well as reconciliation of this non-GAAP financial measure to the most directly comparable GAAP financial measure, is provided in the Appendix. 5.4% Second Quarter 2023 $88,224 Second Quarter 2023 (LCI INDUSTRIES 19#20EXPANDING ADDRESSABLE MARKETS Unlocking value through diversification: RV OEM Marine OEM Aftermarket International and Adjacent 2022 Net Sales (¹) $2,800 $493 $825 $1,089 Additional LCI Current Market Market Opportunity (¹) Share $1,500 $475 $5,450 $3,800 -59% -47% -13% ~22% $11 billion in combined growth opportunity through various markets as we expand our footprint and diversify offerings (1) Amounts in millions. "Market Opportunity" amounts represent Management's estimate of the size of the addressable market based on current products and pricing as of Q223, excluding the Company's current net sales to those markets. RV OEM market opportunity is based on estimated annual wholesale production of 400,000 units. "LCI Current Market Share" percentages are based on Management's estimates as of June 30, 2023. LCI INDUSTRIES 20#21GROWTH STRATEGY Prioritizing ample liquidity and investments back into the company Balanced Capital Allocation Strategy • Reduce leverage Investment in the business, with focus on automation projects Execute strategic acquisitions and divestitures • Return capital to shareholders ● Leveraging Strengths to Win Market Share • Continue to innovate, bringing new and useful offerings to the space • Focusing on content per unit growth in all groups • Unlocking cross-selling opportunities through new acquisitions ៥០០០ 000 Continue Execution of our Diversification Strategy BUY Lessen the impact from RV down cycles by further expanding market share in our Non-RV OEM channel to increase stability ● • Continue to expand offerings in our various markets through innovations and acquisitions LCI INDUSTRIES 21#22FINANCIAL OVERVIEW Strong Balance Sheet & Financial Flexibility Cash and Cash Equivalents Remaining Availability under Revolving Credit Facility Net Debt/EBITDA (TTM)* Cash Provided by Operating Activities (YTD) Second Quarter 2023 $22M $270M 3.4x $274M Second Quarter 2022 $55M $287M 1.3x $348 M URVEYOR LIGENGS Healthy balance sheet with ample liquidity enables execution of strategic priorities * See the Appendix to this presentation for reconciliation of non-GAAP financial measures to the most directly comparable GAAP financial measures. LCI INDUSTRIES 22#23FINANCIAL OVERVIEW Capital Deployment Strategy Historical Use of Cash CapEx Dividends 20% 60% 20% Acquisitions Cash Priorities Reduce leverage Disciplined reinvestment to drive growth Acquisitions that align to strategy and financial targets. Return capital to shareholders Attractive dividend yield Opportunistic share repurchases Target net debt / EBITDA leverage of 1.5x Future Use of Cash CapEx Acquisitions Dividends Repurchases LCI INDUSTRIES 23#24FINANCIAL OVERVIEW Acquisition Strategy Over 50 acquisitions in the last 20 years • Majority of last 20 acquisitions focused outside of North American RV industry Looking for: • Great leadership ● • Product innovation • Consistency with our core. manufacturing disciplines. • Niche markets • Favorable competitive landscape Typical synergies to improve EBITDA turns 2x • Purchasing power • Cross-selling opportunities ● • Capital infusion to drive growth (in millions) $6,000 $5,000 $4,000 $3,000 $2,000 $1,000 2018 Revenue Profile 19.2% Organic CAGR 2019 Organic Revenue 2020 2021 Acquired Revenue 2022 Recent Acquisitions RANCH HAND Veada POLYPLASTIC 54 S CIESSE RAIL inter Tauplor Made FURRION WAY SCHAUDT CHALLENGER DOOR CURT LEWMAR SUN SHADE CARE > 15:37:42 S GIRARD SYSTEMS LCI's acquisition strategy has driven significant, long-term revenue growth and further diversified the business LCI INDUSTRIES 24#25매 D APPENDIX#26APPENDIX Consolidated Financials ($ in millions except per share data) Net Sales % of Sales Net Income $ 1,679 $ 2,148 Operating Profit $ 201 $ 214 $ 199 $ Diluted EPS Cash Dividends (per share) $ 2016 $ 2017 12.0% 10.0% 2018 $ 5.20 $ 5.24 $ $ 2,476 $ 2,371 $ 2,796 $ 8.0% 130 $ 133 $ 149 $ 2019 5.83 $ 200 $ 8.4% 147 $ 2020 1.40 $ 2.05 $ 2.35 $ 2.55 $ 223 $ 8.0% 158 $ 5.84 $ 6.27 $ 2.80 $ 2021 4,473 398 8.9% 288 2022 $ 5,207 $ 553 10.6% $ 395 3.45 $ 11.32 $ 15.48 4.05 (LCI INDUSTRIES 26#27APPENDIX Balance Sheet ($ in millions) Cash & Equivalents $ Accounts Receivable Inventory Other Assets Total Assets Accounts Payable Total Debt* Other Liabilities Total Liabilities Total Equity $ $ SA $ $ 2016 86 $ 57 189 455 787 $ 51 $ 50 136 237 $ 550 $ 2017 26 $ 82 275 563 946 $ 79 $ 50 164 293 $ 653 $ 2018 *Debt increase in 2019, 2020, and 2021 due to funding recent acquisitions and liquidity for COVID-19 shutdowns. 15 $ 122 341 766 1,244 $ 78 $ 294 166 538 $ 706 $ 2019 35 $ 200 394 1,234 1,863 $ 99 $ 631 332 1,062 $ 801 $ 2020 52 $ 269 494 1,483 2,298 $ 185 $ 738 467 1,390 $ 908 $ 2021 63 $ 320 1,096 1,809 3,288 $ 282 $ 1,303 610 2,195 $ 1,093 $ 2022 47 214 1,030 1,956 3,247 144 1,119 603 1,866 1,381 LCI INDUSTRIES 27#28APPENDIX Reconciliation of Non-GAAP Measures EBITDA ($ in thousands) Net Income Interest Expense, Net Provision for Income Taxes Depreciation and Amortization EBITDA Three Months Ended June 30, 2023 $33,426 10,249 11,499 33,050 2022 6,191 58,068 2017 31,907 $ 154,530 $ 132,884 $ 148,551 $ 146,509 $ 158,440 1,437 79,960 2018 54,727 6,436 43,801 Year Ended December 31, 67,526 2019 8,796 44,905 75,358 2020 $ 88,224 $ 250,696 $ 269,008 $ 266,314 $275,568 13,453 51,041 97,980 2021 $287,739 $ 394,974 16,366 94,305 112,320 $320,914 $ 510,730 2022 EBITDA is a non-GAAP performance measure included to illustrate and improve comparability of its results from period to period. EBITDA is defined as net income before interest expense, provision for income taxes, and depreciation and amortization expense. The Company considers this non-GAAP measure in evaluating and managing the Company's operations and believes that discussion of results adjusted for these items is meaningful to investors because it provides a useful analysis of ongoing underlying operating trends. The adjusted measures are not in accordance with, nor are they a substitute for, GAAP measures, and they may not be comparable to similarly titled measures used by other companies. 27,573 130,481 129,212 $682,240 LCI INDUSTRIES 28#29APPENDIX Reconciliation of Non-GAAP Measures Leverage ratio (net debt to EBITDA) ($ in millions) Long-term Indebtedness Current Portion of Long-Term Debt Total Debt Less: Cash and Cash Equivalents Net Debt Net Income, as reported GAAP Add back: Interest Expense, Net Income Taxes Depreciation and Amortization EBITDA Net Debt to EBITDA Ratio Total Debt to Net Income Ratio $ $ SA $ the Twelve Months Ended June 30, 2022 As of and June 30, 2023 916 28 944 22 922 85 36 19 131 271 3.4 x 11.1 x $ $ $ GA $ 1,102 21 1,123 55 1,068 496 23 172 125 816 1.3 x 2.3 x The Leverage Ratio (or Net Debt to EBITDA ratio) is a non-GAAP measure of the use of debt. The Leverage Ratio is calculated by dividing the total of long-term indebtedness, plus current portion of long-term debt, less cash and cash equivalents, by EBITDA. EBITDA, which is also a non-GAAP financial measure, is defined as the trailing twelve months earnings before interest, taxes, depreciation, and amortization. The Company uses the Leverage Ratio (or Net Debt to EBITDA ratio) as a metric to assess liquidity and the flexibility of its balance sheet. Consistent with other liquidity metrics, the Company monitors the Leverage Ratio as a measure to etermine the appropriate level debt the Company believes is optimal to operate its business, and accordingly, to quantify debt capacity available for strategic capital allocation and deployment through investments in the business (capital expenditures, acquisitions, and strategic investments) and for returning capital to the shareholders (dividends and share repurchases). The priorities for capital allocation and deployment will change as circumstances dictate for the business, and the Leverage Ratio can be significantly impacted by the amount and timing of large expenditures requiring debt financing, as well as changes in profitability. The Leverage Ratio is a non-GAAP measure and should not be considered an alternative to cash flows provided by operating activities as a measure of liquidity. The Company's calculation of the Leverage Ratio may differ from similar calculations used by other companies, and therefore, comparability may be limited. The GAAP measure of Total Debt to Net Income ratio is calculated by dividing total debt by net income. LCI INDUSTRIES 29#30APPENDIX Reconciliation of Non-GAAP Measures Free cash flow ($ in millions) Net Cash Flows Provided by (Used in) Operating $ Activities Less: Capital Expenditures Free Cash Flow $ 2017 2018 155.1 $ 156.6 $ 87.2 67.9 $ 119.8 36.8 $ 2019 269.5 $ 231.4 $ 58.2 2020 211.3 $ 57.3 174.1 $ 2021 (111.6) $ 98.5 (210.1) $ Free cash flow is a non-GAAP measure of liquidity, calculated by subtracting capital expenditures from net cash flows provided by operating activities. The Company considers free cash flow to be a profitability and liquidity measure that provides useful information to management and investors about the amount of cash generated by the business after necessary capital expenditures. A limitation of the utility of free cash flow as a measure of the Company's financial performance and liquidity is that it does not represent the total increase or decrease in the Company's cash balance for the period. In addition, it is important to note that other companies, including companies in the same industry, may not use free cash flow, may calculate free cash flow in a different manner than the Company does, or may use other financial measures to evaluate their performance, all of which could reduce the usefulness of free cash flow as a comparative measure. A reconciliation of free cash flow to net cash flows provided by operating activities, the most directly comparable financial measure calculated and presented in accordance with GAAP, is provided above. 2022 602.5 130.6 471.9 LCI INDUSTRIES 30#31APPENDIX TOTAL Dec-21 Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Month Wholesale Units (3) 40,497 53,351 0% 16% 53,773 11% 64.778 19% 57,192 10% 50,529 3% 44,942 -11% 29.647 -33% 33,783 -36% 28,333 -48% 32,652 -44% 24,445 -50% 19,907 -51% 20.405 -62% 24,903 -54% 31,869 -51% 31.216 -45% 30,919 -39% 24,095 46% LCI Industries Industry Statistics Summary TOTAL RECREATIONAL VEHICLES (RV) YTD LTM 600,240 39% 600,240 53.351 16% 607,661 107,124 14% 613,148 171,902 16% 623,635 229,094 14% 629,014 279,623 12% 630,302 324,565 8% 624,538 354.212 3% 609.648 387,995 -2% 590,612 416.328 -8% 563,931 448,980 -12% 538.612 473,425 -15% 513,922 493,332 -18% 493,332 20.405 -62% 460,386 45,308 -58% 431,516 77,177 -55% 398,607 108.393 -53% 372,631 139,312 -50% 353,021 163,407 -50% 332,174 Month 24,400 -14% 28,178 -13% 33.302 -12% 48.827 -18% 47,023 -27% 50,405 -27% 49,575 -28% 44,098 -24% 41,847 -13% 35,184 -16% 29,380 -19% 22.705 -21% 17,521 -28% 21,260 -25% 25.867 -22% 37.182 -24% 38.247 -19% 43,893 -13% 40,741 -18% (3) Wholesale published by the Recreational Vehicle Industry Association (RVIA). (4) Retail provided by Statistical Surveys, Inc. Amounts typically revised in subsequent months as states complete reporting of registrations. LTM Retail Units (4) YTD 569,748 9% 569,748 28,178 -13% 565,468 61,480 -13% 560,721 110,307 -15% 549.670 157,330 -19% 532,292 207,735 -21% 513,849 257,310 -23% 494,777 301,408 -23% 480,964 343,255 -22% 474.490 378.439 -21% 467.908 407.819 -21% 460,941 430,524 -21% 454.924 448,045 -21% 448,045 21,260 -25% 441,127 47,127 -23% 433,692 84.309 -24% 422.047 122.556 -22% 413,271 166,449 -20% 406,759 207,190 -19% 397,925 Dealer Inventory Impact YTD 30,492 55,665 76,136 92,087 102,256 102,380 97,747 83,296 75,232 68.381 71,653 73,393 75,779 74,924 73,960 68.647 61,616 48,642 31,996 Month 16,097 25.173 20,471 15.951 10,169 124 (4,633) (14,451) (8,064) (6,851) 3,272 1,740 2,386 (855) (964) (5,313) (7,031) (12,974) (16,646) LTM 53,616 67,770 76,136 78.615 78,547 84,258 92,213 97.369 89,305 100,395 117,041 118,781 116,669 102,566 101,602 74.665 67.634 34,247 1,504 LCI INDUSTRIES 31