#1ARIS POLARIS Third Quarter 2023 Earnings Presentation 900 October 24, 2023 8.10#2Safe Harbor & Non-GAAP Measures Except for historical information contained herein, the matters set forth in this presentation are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company's ability to successfully source necessary parts and materials on a timely basis; the ability of the Company to manufacture and deliver products to dealers to meet demand; the Company's ability to identify and meet optimal dealer inventory levels; the Company's ability to accurately forecast and sustain consumer demand; the Company's ability to mitigate increasing input costs through pricing or other measures; the Company's ability to successfully implement its manufacturing operations strategy and supply chain initiatives; product offerings, promotional activities and pricing strategies by competitors that make our products less attractive to consumers; the Company's ability to strategically invest in innovation and new products, including as compared to our competitors; economic conditions that impact consumer spending or consumer credit, including recessionary conditions and changes in interest rates; the severity and duration of the global pandemics and resulting impact on the Company's business, supply chain, and the global economy; disruptions in manufacturing facilities; product recalls and/or warranty expenses; product rework costs; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; freight and tariff costs (tariff relief or ability to mitigate tariffs); changes to international trade policies and agreements; uninsured product liability and class action claims (including claims seeking punitive damages) and other litigation expenses incurred due to the nature of the Company's business; uncertainty in the consumer retail and wholesale credit markets; performance of affiliate partners; changes in tax policy; relationships with dealers and suppliers; and the general overall global economic, social and political environment. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and Europe compiled by the Company or Company estimates and other industry data sources. The Company relies on information that its dealers or other third parties supply concerning retail sales, and other retail sales data sources related to Polaris and the powersports industry, and this information is subject to revision. Retail sales references to total Company retail sales includes only ORV, snowmobiles and motorcycles in North America unless otherwise noted. This presentation contains certain non-GAAP financial measures, consisting of "adjusted" sales, gross profit, income from continuing operations before income taxes, net income from continuing operations attributed to Polaris Inc., diluted EPS from continuing operations attributed to Polaris Inc., EPS from continuing operations attributed to Polaris Inc., EBITDA, EBITDA Margin, and free cash flow as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. Reconciliations of reported GAAP historic measures to adjusted non- GAAP measures are included in the financial schedules contained in this press release. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. POLARIS Q3'23 Earnings 10/24/23 | 2#3Third Quarter 2023 Overview Total Company Results* Q3'23 Drivers Y/Y Change • Share gains across all three businesses N.A. retail up 5% y/y 4% Sales $2,249M Adjusted Gross Profit Margin 22.6% 127 bps Adjusted EBITDA Margin 12.6% 110 bps . Adjusted EPS $2.71 17% 。 Utility ORV up double digits y/y; gained multiple share points 。 Recreational ORV down mid-single digits y/y; but gained share 。 Indian Motorcycle down low-teens; gained modest share 。 Marine continued to see softness Continue to see elevated manufacturing costs Adjusted gross profit and adjusted EBITDA margins down versus prior year 。 Unfavorable FX, mix and higher finance interest (floorplan costs) Lowering full-year guidance due to elevated manufacturing costs, unfavorable shipment mix and lower retail trends Share Gains in All 3 Segments | Lower Volume and Elevated Costs POLARIS *Please refer to the supporting schedules entitled "Non-GAAP Reconciliation" for reconciliations of adjusted or non-GAAP measures to the most directly comparable GAAP financial measures, which can be found in the appendix of this presentation and on our website at www.ir.polaris.com. Q3'23 Earnings 10/24/23 3#4Customer Demand Indicators . N.A. ORV Retail Trends Polaris ORV YTD retail up 4% y/y, down 8% versus 2019 • Cautious on Utility demand • • Recreation demand remains soft • Elevated promotions, although still below 2019 levels • • Strong interest in new vehicles and premium products . Retail trends have weakened Customer Trends and Insights Website build and quote leads up year-over-year Accessory retail dollars/unit up modestly year-over-year • Lending metrics pressured on some product lines • • Mixed short and long-term repurchase rates Healthy customer mix with ~70% new customers Recent industry retail trends also weak for On Road VILLE, TE NEY'S PEACOCKTAILE HONEY'S POLARIS Closely Watching Softer Retail Trends 70% Q3'23 Earnings 10/24/23 | 4#5Recent New Product Introductions • 2024 Polaris XPEDITION All-new, category defining, industry-first Adventure model for new customer type Largest ever accessory portfolio at launch (100+), including the all-new customizable Lock & Ride MAX cargo system Longest fuel range of 200+ miles with 114 HP engine ⚫ Available in 2-seat and 5-seat models • • ⚫ Currently shipping to dealers · • • • • 2024 Polaris RANGER XD First new category Extreme Duty Utility SxS Strongest, most capable and most comfortable RANGER Industry-first Steel Drive transmission with all-new Pro-Star 1500cc engine with 110 hp and 105 lb-ft of torque Massive 1,500 lb box capacity & 3,500 lb towing capacity Full line of over 70 new accessories featuring Lock & Ride MAX integration Expected to ship in November POLARIS Rider-Driven Innovation at a New Level Q3'23 Earnings 10/24/23 5#6North American Dealer Inventory and Seasonality (in units) N.A. ORV Historical Seasonality 2016-2019 AVERAGE RETAIL & DEALER INVENTORY N.A. ORV Dealer Inventory (in units) Q1'23 Retail Q1 POLARIS Q2'23 Retail Q2 Dealer Inventory Average Q3'23 Retail Q3 Q4 • Retail Average • 2017 2018 2019 2020 2021 2022 Q3 2023 Total Polaris Call-outs Q3 2023 dealer inventory was down ~10% vs 2019 and up ~85% vs 2022 • Dealer inventory remains at target levels • Flattish year-over-year shipment volume expected in Q4 Q4 retail is expected to be up year-over-year driven by Snow • Retail seasonality is returning but is not reflected in year-over- year comparisons Inventory Within Target Range Q3'23 Earnings 10/24/23 | 6#7Q3 2023 Financial Results Sales $2,341 . $25 $10 $2,249 ($127) Q3 2022 Volume Mix/ Net Price/ Cost FX Q3 2023 · Adjusted* EBITDA . $320 $9 $283 ($30) ($9) ($7) . Margin 13.7% Margin 12.6% Financial Highlights (Y/Y) Quarterly sales of $2.2B, down 4% 。 Lower shipment volumes and higher finance interest 。 International sales were down 3% Latin America contribution offset by EMEA and Asia Pacific 。 PG&A sales were up 12% Adjusted* EBITDA margin down 110 bps 。 Unfavorable FX and mix o Higher finance interest Adjusted* EPS of $2.71, down 17% Other items: 。 Effective tax rate of 16.6% Favorable R&D tax credits 。 Net interest expense of $33M Q3 2022 Volume Mix/ Net Price/ Operating Expenses FX Q3 2023 " Cost o Average outstanding diluted shares ~58M Down 4% year-over-year Margin Pressure Impacted by Lower Shipments and Unfavorable Finance Interest POLARIS *Please refer to the supporting schedules entitled "Non-GAAP Reconciliation" for reconciliations of adjusted or non-GAAP measures to the most directly comparable GAAP financial measures, which can be found in the appendix of this presentation and on our website at www.ir.polaris.com. Q3'23 Earnings 10/24/23 7#8Off Road Q3 Summary Sales: Q3 Results & Y/Y Change $1,844M • ↑ 6% PII Call-outs Demand metrics remained healthy for new and premium products • Gained share in ORV during the quarter Wholegoods ↑ 3% PG&A ✰ 15% North America ⇧ 6% International • ↑ 2% N.A. ORV retail up 5%, down 20% vs 2019 • Margin pressured by FX, finance interest and mix • Gross Profit Margin: 23.1% 265 bps Manufacturing costs remain elevated 12-month rolling average N.A. ORV market share up 1 point Retail Sales North America POLARIS International(1) INDUSTRY ORV 5% ✰ LOW-SINGLE DIGITS % POLARIS MID-TEENS % INDUSTRY HIGH-SINGLE DIGITS % Market Share: (N.A.) SxS ✰ MID-SINGLE DIGITS % ✰ Off-Road Vehicles ATV ✰ MID-SINGLE DIGITS % Snowmobiles SEASON RAMPING Share Gains Across Portfolio | Unfavorable Mix and Higher Finance Interest POLARIS (1) International retail data through Aug 2023 and based primarily on Europe Q3'23 Earnings 10/24/23 | 8#9On Road Q3 Summary Sales: Q3 Results & Y/Y Change $270M Wholegoods ⇓21% 19% • North America PG&A 6% 25% International 9% Gross Profit Margin: 21.3% ✰ 335 bps • • • PII Call-outs N.A. Indian Motorcycle gained share Indian Motorcycle N.A. retail was down low-teens % year- over-year о Market share is ~13%, N.A. #1 in Midsize Strongest motorcycle portfolio in our history Increased promotions from competition Gross profit margin expansion continued 12-month rolling average N.A. market share +1.5 points Retail Sales North America International(1) POLARIS INDUSTRY POLARIS Market Share: (N.A.) ✰ Indian Motorcycle Indian Motorcycle LOW-TEENS % MID-TEENS % HIGH-SINGLE DIGITS % INDUSTRY LOW-DOUBLE DIGITS % Share Gains and Margin Expansion Continue POLARIS (1) International retail data through Aug 2023 and based primarily on Europe Q3'23 Earnings 10/24/23 9#10Marine Q3 Summary Q3 Results & Y/Y Change Sales: $134M 48% • Gross Profit Margin: 18.1% ⇓338 bps • Market Share: (N.A.) BENNINGTON ✰ Marine(1) • • • PII Call-outs Year-to-date pontoon industry is down high-single digits percent Dealers seeing soft retail due to higher interest rates for consumers Dealers cautious on adding new inventory Bennington and Hurricane gained share Actively managing variable costs to protect margin 12-month rolling average pontoon market share flat(¹) Retail Sales(1) Pontoons Deck Boats POLARIS LOW-SINGLE DIGITS % North America INDUSTRY LOW-TWENTIES % LOW-SINGLE DIGITS % MID-TWENTIES % Share Gains Despite a Soft Marine Industry POLARIS (1) Retail and market share based on Aug 2023 SSI data, subject to change Q3'23 Earnings 10/24/23 | 10#11Financial Position Operating Cash Flow $ in millions $535 Up Significantly FY 2022 FY 2023 Expectations 2023 Capital Deployment Priorities $ in millions Adjusted* Free Cash Flow Up Significantly $199 FY 2022 FY 2023 Expectations Key Financial Metrics $ in millions #1 Priority - Organic Investment ~$400 million capital expenditures; 4% of sales on R&D Cash $295 #2 Priority - Dividends #3 Priority - Share Repurchase Repurchased 1.4 million shares for $159 million YTD Capex (YTD) $312 Dividend Aristocrat - 28 consecutive years of raising dividend Total Debt $2,210 Dividends (YTD) $111 Share Repurchases (YTD) $159 Repurchased 2.6 million shares for $286 million over the last 12 months ~$204 million remaining on share repurchase authorization Net Leverage Ratio 1.7x Continue to See Strong Cash Generation and Healthy Financial Position POLARIS *Please refer to the supporting schedules entitled "Non-GAAP Reconciliation" for reconciliations of adjusted or non-GAAP measures to the most directly comparable GAAP financial measures, which can be found in the appendix of this presentation. Q3'23 Earnings 10/24/23 11#12Full Year 2023 Guidance & Expectations Total Company Sales $ in Millions Segment Sales HIGH-SINGLE DIGITS % Unchanged . • Narrowed Off Road 3% to 5% $8.8B to $9.0B On Road FLAT Lowered . Relative to 2022 at $8.6B Marine • Adjusted* EPS Lowered 8% to 4% $9.60 to $10.00 MID-TWENTIES% Lowered Adjusted* Margins % of Sales Gross Profit Margin EBITDA Margin Lowered 40 to 70 bps Relative to 2022 at $10.40 Relative to 2022 at 22.8% Lowered 40 to 60 bps Relative to 2022 at 12.5% • • Q4 Outlook Assumptions Volume flattish year-over-year Retail growth driven by snowmobile shipments Higher finance interest and negative net price Year-over-year FX headwind to adjusted EBITDA of $15M to $20M Interest expense headwind of ~$5M Changes in assumption versus July call: Unfavorable mix Manufacturing costs remain elevated O Lower retail outlook Key Metric Operating Expense Interest Expense Tax Rate Diluted Shares Depreciation Key Metrics July Call FY 2023 Expectations Up 30 bps to 50 bps ~$125 million 22.0% to 22.5% 58 million Up ~15% Fin. Services Income Operating & Adj. FCF Capex Up ~50% Up significantly ~$400 million Updated FY 2023 Expectations Up ~50 bps Unchanged 19.5% to 20.0% Unchanged Unchanged Unchanged Unchanged Unchanged POLARIS Updated Full-Year Guidance Factors in Current Results and Q4 Trends *Please refer to the supporting schedules entitled "Non-GAAP Reconciliation" for reconciliations of adjusted or non-GAAP measures to the most directly comparable GAAP financial measures, and to the discussion regarding non-GAAP adjustments excluded from 2023 guidance, which can be found in the appendix of this presentation. Note: Figures for all periods reflect continuing operations Q3'23 Earnings 10/24/23 12#132024 Initial Thoughts • . Economic factors pressuring consumers resulting in continued retail softness Manage the business to align to consumer demand trends Positive contribution from Polaris XPEDITION and RANGER XD as well as continued innovation Dealer inventory at target levels Teams focusing on manufacturing efficiencies Margins improving Prioritize cash generation from lower working capital Focused on Share Gains and Driving Agile and Efficient Operations POLARIS Q3'23 Earnings 10/24/23 | 13#14• Closing Comments • Share gains across all three businesses; Strong demand for new premium products Retail trends weakened across the business in the third quarter · Expect industry full-year N.A. powersports retail to be flat relative to 2022 • Focused on improving production inefficiencies Committed to winning in a competitive environment by delivering high quality and innovative products while remaining agile and efficient Lowered full-year adjusted EPS guidance due to elevated manufacturing costs, unfavorable shipment mix and lower retail trends INDIAN POLARISL TUMBON W Powering Passion and Pioneering New Possibilities for All Those Who Play, Work and Think Outside POLARIS Q3'23 Earnings 10/24/23 | 14#15Hurricane Q & A POLARIS POLARIS#16Appendix Non-GAAP Reconciliations - Total Company ⚫ Non-GAAP Reconciliations - Net Income to Adjusted EBITDA • Non-GAAP Reconciliations - Segments / Cash Flow • 2023 Guidance Adjustments POLARIS ☑ Q3'23 Earnings 10/24/23 | 16#17Non-GAAP Reconciliations - Total Company Reconciliation of GAAP "Reported" Results to Non-GAAP "Adjusted" Results (In Millions, Except Per Share Data; Unaudited) Gross profit Three months ended September 30, 2023 2022 508.8 559.2 Nine months ended September 30, 2023 2022 Full Year 2022 1,483.0 1,386.5 Restructuring & realignment (3) Adjusted gross profit 508.8 559.2 1,483.0 0.2 1,386.7 1,959.5 0.2 1,959.7 Income from continuing operations before income taxes 181.7 241.6 499.6 514.7 761.4 Distributions from other affiliates (1) (0.7) - (0.7) (0.7) Acquisition-related costs (2) Restructuring & realignment (3) 0.7 0.7 0.9 1.2 1.4 5.5 6.2 4.4 4.5 13.3 14.3 18.8 0.4 1.4 5.4 2.5 188.1 248.0 520.4 536.3 Intangible amortization (4) Class action litigation expenses (5) Adjusted Income from continuing operations before income taxes Net income from continuing operations attributable to Polaris Inc. 151.7 190.4 399.4 406.3 602.9 Distributions from other affiliates (1) (0.7) ― (0.7) Acquisition-related costs (2) 0.5 0.5 - - Restructuring & realignment (3) 0.7 0.9 1.1 4.2 4.7 Intangible amortization (4) 3.4 3.5 10.1 10.9 14.3 Class action litigation expenses (5) 0.3 1.0 4.1 1.9 156.6 $ 195.1 $ 415.2 $ 422.6 $ 3.6 624.8 4.5 790.2 (0.7) Adjustments: (1) Represents distributions received related to an impaired investment held by the Company (2) Represents adjustments for integration and acquisition- related expenses (3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation costs (4) Represents amortization expense for acquisition-related intangible assets (5) Represents adjustments for certain class action litigation-related expenses (6) The Company used its estimated statutory tax rate of 23.8% for the non-GAAP adjustments in 2023 and 2022, except for non-deductible items Adjusted net income from continuing operations attributable to Polaris Inc. (6) Diluted EPS from continuing operations attributable to Polaris Inc. $ 2.62 $ 3.17 $ 6.90 $ 6.71 10.04 Distributions from other affiliates (1) (0.01) (0.01) (0.01) Acquisition-related costs (2) 0.01 0.01 Restructuring & realignment (3) 0.01 0.01 0.02 0.07 0.08 Intangible amortization (4) 0.06 0.06 0.17 0.18 0.24 Class action litigation expenses (5) 0.01 0.02 0.07 0.03 0.05 Adjusted EPS from continuing operations attributable to Polaris Inc. (6) $ 2.71 $ 3.25 $ 7.17 $ 6.98 $ 10.40 POLARIS Q3'23 Earnings 10/24/23 17#18Non-GAAP Reconciliations - Net Income to Adjusted EBITDA POLARIS Sales Reconciliation of Net Income to Adjusted EBITDA (In Millions, Unaudited) Three months ended September 30, 2023 2022 Nine months ended September 30, 2023 2022 Full Year 2022 2,248.9 2,340.6 6,645.2 6,184.9 8,589.0 Net income from continuing operations 151.5 190.7 399.4 406.8 603.4 Provision for income taxes 30.2 50.9 100.2 107.9 158.0 Interest expense 32.5 20.1 92.2 46.8 71.7 Depreciation 62.0 51.7 173.6 155.6 214.0 Intangible amortization (4) 4.4 4.5 13.3 14.3 18.8 Distributions from other affiliates (1) ― (0.7) - (0.7) (0.7) Acquisition-related costs (2) 0.7 0.7 Restructuring & realignment (3) 0.9 1.2 1.4 5.5 6.2 Class action litigation expenses (5) 0.4 1.4 5.4 2.5 4.5 Adjusted EBITDA 282.6 $ 319.8 786.2 $ 738.7 $ Adjusted EBITDA Margin 12.6 % 13.7 % 11.8 % 11.9 % 1,075.9 12.5 % Adjustments: (1) Represents distributions received related to an impaired investment held by the Company (2) Represents adjustments for integration and acquisition-related expenses (3) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation costs (4) Represents amortization expense for acquisition-related intangible assets (5) Represents adjustments for certain class action litigation-related expenses Q3'23 Earnings 10/24/23 18#19Non-GAAP Reconciliations - Segments / Cash Flow Reconciliation of GAAP Segment Gross Profit to Non-GAAP Segment Gross Profit (In Millions, Unaudited) Reconciliation of GAAP Operating Cash Flow to Non-GAAP Adjusted Free Cash Flow (In Millions, Unaudited) Three months ended September 30, 2023 2022 Nine months ended September 30, 2023 2022 Nine months ended September 30, 2023 2022 Full Year 2022 425.5 449.2 $ 1,122.6 $ 1,062.1 Net cash provided by operating activities of continuing operations 534.5 Off Road segment gross profit No adjustment Purchase of property and equipment Adjusted Off Road segment gross profit 425.5 449.2 1,122.6 On Road segment gross profit 1,062.1 Investment in finance affiliate, net Adjusted free cash flow 57.7 60.1 208.7 154.7 376.0 (311.7) 12.5 76.8 $ 139.4 (193.6) (0.8) (55.0) $ (306.6) (28.7) 199.2 No adjustment Adjusted On Road segment gross profit 57.7 60.1 208.7 154.7 Marine segment gross profit 24.3 55.9 143.3 169.0 No adjustment ― = Adjusted Marine segment gross profit 24.3 55.9 143.3 Corporate segment gross profit 1.3 (6.0) 8.4 0.7 Restructuring & realignment (1) - 0.2 Adjusted Corporate segment gross profit 1.3 (6.0) 8.4 0.9 Total gross profit 508.8 559.2 1,483.0 1,386.5 Total adjustments Adjusted total gross profit $ 508.8 $ 559.2 $ 1,483.0 $ 0.2 1,386.7 169.0 Key Definitions: This presentation contains certain GAAP financial measures which have been "adjusted" for certain revenues, expenses, gains and losses as described below and include "adjusted" sales, gross profit, income from continuing operations before income taxes, net income from continuing operations attributed to Polaris Inc., diluted EPS from contributing operations attributed to Polaris Inc., EPS from continuing operations attributed to Polaris Inc., EBITDA, EBITDA margin, and free cash flow (non- GAAP measures) as measures of our operating performance. Management believes these measures may be useful in performing meaningful comparisons of past and present operating results, to understand the performance of its ongoing operations and how management views the business. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP. Adjustments: (1) Represents adjustments for corporate restructuring, network realignment costs, and supply chain transformation POLARIS Q3'23 Earnings 10/24/23 19#202023 Guidance Adjustments 2023 adjusted guidance excludes the pre-tax effect of restructuring, network realignment and acquisition/integration costs of approximately $7 million, and approximately $10 million for class action litigation- related expenses. Intangible amortization of approximately $18 million related to all acquisitions has also been excluded. The Company has not provided reconciliations of guidance for adjusted diluted net income per share, in reliance on the unreasonable efforts exception provided under Item 10(e)(1)(i)(B) of Regulation S-K. The Company is unable, without unreasonable efforts, to forecast certain items required to develop meaningful comparable GAAP financial measures. These items include restructuring and realignment costs and acquisition integration costs that are difficult to predict in advance in order to include in a GAAP estimate. POLARIS Q3'23 Earnings 10/24/23 20