PATRICK INDUSTRIES INC (PATK) Business

ITEM 1.    BUSINESS

Unless the context otherwise requires, the terms “Company,” “Patrick,” “we,” “our,” or “us” refer to Patrick Industries, Inc. and its subsidiaries.

Company Overview

Patrick is a leading component solutions provider for the recreational vehicle ("RV"), marine, powersports, manufactured housing ("MH") and various industrial markets – including single and multi-family housing, hospitality, institutional and commercial markets.

The Company operates through a nationwide network that includes, as of December 31, 2025, approximately 191 manufacturing plants and 50 warehouse and distribution facilities located in 25 states, with a small presence in Mexico, China and Canada. The Company operates within two reportable segments, Manufacturing and Distribution, through a nationwide network of manufacturing and distribution centers for its products, thereby reducing in-transit delivery time and cost to the regional manufacturing footprint of its customers. The Manufacturing and Distribution segments accounted for 74% and 26%, respectively, of the Company’s consolidated net sales for the year ended December, 31, 2025. Financial information about these operating segments is included in Note 17 "Segment Information" of the Notes to Consolidated Financial Statements included in this Annual Report on Form 10-K (the "Form 10-K") and incorporated herein by reference.

The Company’s capital allocation strategy is to optimally manage and utilize its resources and leverage its platform of operating brands to continue to grow, reinvest in its business, and return capital to shareholders. Through strategic acquisitions, expansion both geographically and into new product lines and investment in infrastructure and capital expenditures, Patrick seeks to ensure that its operating network contains capacity, technology and innovative thought processes to support anticipated growth needs, effectively respond to changes in market conditions, inventory and sales levels, and successfully integrate manufacturing, distribution and administrative functions.

Over the last three years, we have executed on a number of new product initiatives and completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired. These product initiatives and acquisitions directly complement our core competencies and existing products, expand our presence in our primary end markets, and position us to opportunistically enter into adjacent end markets or product categories.

Patrick believes that returning capital to shareholders is an important part of its capital allocation strategy, and during 2025 we returned $87 million to shareholders through our regular quarterly dividend and opportunistic share repurchases.

The Company was incorporated in 1959 in Indiana. The Company's principal executive and administrative offices are located at 107 West Franklin Street, Elkhart, Indiana 46516 and the telephone number is (574) 294-7511; Internet website address: www.patrickind.com. Information on our website is not incorporated in this Annual Report on Form 10-K.

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Major Product Lines

Patrick manufactures and distributes a variety of products within its reportable segments including:

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Primary Markets

Patrick manufactures and distributes its products for five primary end markets. Our operating facilities generally are strategically located in proximity to the customers they serve. The Company’s net sales by end market are as follows:

Recreational Vehicles

The Company’s RV products are sold primarily to major RV original equipment manufacturers ("OEMs"), smaller OEMs, and to a lesser extent, manufacturers in adjacent industries. The principal types of recreational vehicles include (1) towables: conventional travel trailers, fifth wheels, folding camping trailers, and truck campers; and (2) motorized: class A (large motor homes), class B (van campers), and class C (small-to-mid size motor homes). The RV market is largely concentrated among Thor Industries, Inc. (“Thor”), Forest River, Inc. (“Forest River”) and Winnebago Industries, Inc. ("Winnebago"), which together accounted for approximately 86% of retail market share for towables and 85% for motorized units for 2025 according to Company estimates based on data from Statistical Surveys, Inc. ("SSI").

We believe there has been substantial growth over the past several years in the consumer’s affinity for the Outdoor Enthusiast lifestyle. As more people see the benefits of enjoying the outdoors with families and friends, there should be a positive impact on long-term demand in the RV market. Following a dealer inventory restocking in the first half of 2024, OEMs reduced production levels slightly in the second half of the year as dealers actively managed inventory levels as retail demand softened. In 2025, dealer inventory dynamics continued to normalize, with inventory reductions moderating as dealer inventory levels moved closer to targeted levels. OEMs demonstrated operating discipline during this period to support a balanced inventory channel for the long-term health and stability of the industry. Our analysis suggests that dealer inventory levels are currently below historical norms and will need to be replenished when retail demand recovers. Our strategy in the RV end market continues to be centered around our goal of providing best-in-class customer service and a growing portfolio of products to OEMs through our full solutions model, helping our customers innovate and build quality units across the spectrum of feature and price.

We estimate that our mix of RV revenues related to towable units and motorized units is consistent with the overall RV industry production mix. In 2025, according to the Recreation Vehicle Industry Association ("RVIA"), towable and motorized unit shipments represented approximately 89% and 11%, respectively, of total RV industry wholesale unit shipments with wholesale unit shipments increasing 2% in the towable sector and 3% in the motorized sector in 2025 compared to the prior year.

Recreational vehicle purchases are generally consumer discretionary income purchases, and therefore, any situation which causes concerns related to discretionary income may have a negative impact on the RV market. The Company believes that industry-wide retail sales and the related production levels of RVs will continue to be dependent on the overall strength of the economy, consumer confidence levels, equity securities market trends, fluctuations in dealer inventories, the level of disposable income, and other demographic trends.

Demographic and ownership trends continue to support favorable market growth for the long term in the RV market, as interest in outdoor and nature-based tourism activities remains structurally elevated following the normalization of travel patterns after the COVID-19 pandemic. Based on data from the 2025 Kampgrounds of America, Inc. ("KOA") North American Camping and Outdoor Hospitality Report, utilizing surveys of North American leisure travelers, camping participation peaked in 2022 and declined modestly thereafter, but remains above pre-pandemic levels. Approximately 11 million more households camped in 2024 compared to 2019, indicating a higher participation base relative to pre-pandemic periods. Additionally, according to the 2025 KOA report, approximately 18% of camping households reported annual household income of over $100,000, which is consistent with pre-pandemic levels. While this percentage represents a decline from the COVID-19 pandemic-era peak, the absolute number of camping households in this earnings group has grown

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substantially due to the increase in camping households during this period. Although down from the pandemic-era peak, RV participation remains substantial, with nearly 10 million households reporting at least one RV trip in 2024.

Detailed narrative information about the Company’s sales to the RV industry is included in Item 7. “Management’s Discussion and Analysis of Financial Condition and Results of Operations” (the "MD&A") of this Form 10-K.

Marine

We believe that the marine market reflects the active, outdoor enthusiast-based, family-oriented lifestyle, similar to our RV and powersports end markets, and the Company has increased its focus and expanded its presence in this market through recent acquisitions. Consumer demand in the marine market is generally driven by the popularity of the recreational and leisure lifestyle and by economic conditions. The powerboat sector, which is our primary marine market, continued to experience a down cycle in 2024, particularly in our ski/wake and pontoon categories, where we maintain a significant market presence. OEM production declined in 2024 as concerns relating to elevated interest rates, inflation, and overall economic uncertainties dampened retail demand and led marine dealers to reduce inventory levels. In 2025, industry data indicates that the overall powerboat market remained below 2024 levels, and demand in the pontoon and ski/wake categories declined compared to 2024 as dealers continued to manage inventory levels to better align with current retail demand. Despite challenging conditions across the marine market, we remain optimistic about the long-term outlook including within the high value, premium segment of the marine industry that we serve.

According to the National Marine Manufacturers Association (“NMMA”), per its 2024 U.S. Recreational Boating Statistical Abstract (the "Abstract"), total U.S. retail expenditures on boats, engines, accessories, and related costs fell 2.6% to $55.62 billion in 2024 compared to 2023. Based on data from the Abstract, we estimate that the average age of pre-owned powerboats sold during 2024 was approximately 23 years compared to an average useful life of 30 years.

The Company’s sales to the marine industry are primarily focused on the powerboat sector of the market which is comprised of four main categories: fiberglass, aluminum fishing, pontoon and ski & wake. Based on current available data per SSI through December 2025, within the powerboat sector for 2025, fiberglass units accounted for approximately 33% of retail unit sales, aluminum 31%, pontoon 31% and ski & wake 5%. In addition, according to Company estimates based on SSI, marine powerboat retail unit shipments decreased approximately 8% in 2025 compared to 2024, while marine wholesale unit shipments, according to Company estimates based on NMMA data, decreased approximately 4% in 2025 compared to 2024.

Detailed narrative information about the Company’s sales to the marine industry is included in the MD&A of this Form 10-K.

Powersports

Through acquisitions completed in recent years, the Company entered the powersports end market. Powersports is a category of motorsports which includes vehicles such as motorcycles, all-terrain vehicles ("ATVs"), side-by-sides, snowmobiles, scooters, golf carts and other personal transportation vehicles, and other related categories.

Our powersports business is primarily focused on the utility and premium segments of the side-by-side market, which have been outperforming the more discretionary recreational segment. We also participate in the motorcycle and golf cart segments of the market. OEMs and dealers are actively managing field inventory levels to align with retail demand and in an effort to update units held in dealer inventories. We believe that our portfolio of brands and products is well-positioned to benefit from future market growth. As OEMs and dealers continue to manage their businesses to better align with current retail demand, we are focused on supporting OEMs by developing new products and solutions that deliver value aligned with consumer needs.

Detailed narrative information about the Company’s sales to the powersports industry is included in the MD&A of this Form 10-K.

Manufactured Housing

The Company’s products for this market are sold primarily to major manufacturers of manufactured homes, other OEMs, and to a lesser extent, manufacturers in adjacent industries. In the aggregate, the top three manufacturers, Clayton Homes, Inc., Champion Homes, Inc. and Cavco Industries, Inc., combined to produce approximately 86% of MH market retail unit shipments in 2025 per SSI.

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According to data from the Manufactured Housing Institute, MH industry wholesale unit shipments decreased to approximately 102,700 units in 2025 compared to approximately 103,300 units in 2024. The Company believes there is growth potential for this market in the long term driven by pent-up demand for affordable housing, multi-family housing capacity, demand for lower-cost rental options, increased affordability and quality, new home pricing, and investments from developers and real estate investment trusts. We continue to expand our product offerings to meet the evolving needs of our OEM customers.

Factors that may favorably impact demand in this industry include jobs growth, consumer confidence, favorable changes in financing regulations, a narrowing in the difference between interest rates on MH loans and mortgages on traditional residential "stick-built" housing, and any improvement in conditions in the asset-backed securities markets for manufactured housing loans.

We believe that MH units offer a cost-effective housing solution in a time when high home prices coupled with elevated mortgage interest rates have negatively impacted housing affordability.

Detailed narrative information about the Company’s sales to the MH industry is included in the MD&A of this Form 10-K.

Industrial Markets

The Company's industrial net sales in 2025 are associated with both the U.S. residential housing market and non-housing market categories. Demand for our products is influenced by levels of new residential housing construction and existing home remodeling activity. Patrick's sales to the industrial market generally lag new housing starts by four to six months as our industrial products are generally among the last components installed into new unit construction and will vary based on differences in regional economic prospects.

Many of Patrick's core manufacturing products are also utilized in the kitchen cabinet, high-rise, office and household furniture, hospitality, and fixtures and commercial furnishings markets. These markets are generally categorized by a more performance-than-price driven customer base and provide an opportunity for the Company to diversify its customer base. Additionally, we believe that other residential and commercial segments have been less vulnerable to import competition, and therefore, provide opportunities for increased sales penetration and market share gains. In 2025, combined new housing starts decreased 2% compared to the prior year, reflecting a decrease in single-family housing starts of 7%, partially offset by an increase in multifamily housing starts of 12%. Despite some interest rate relief in 2025, housing affordability continued to be an issue as housing prices and mortgage rates remained elevated compared to prior years.

Detailed narrative information about the Company’s sales to the industrial markets is included in the MD&A of this Form 10-K.

Strategic Acquisitions

The Company is focused on driving growth in its primary markets through the acquisition of companies with strong management teams having a strategic fit with Patrick’s core values, business model and customer presence, as well as additional product lines, facilities, or other assets to complement or expand its existing businesses. The Company may explore strategic acquisition opportunities that are not directly linked to the five primary markets it serves in order to further leverage its core competencies in manufacturing and distribution, diversify its end market exposure and presence, and expand its footprint outside of its core Midwest markets.

During 2025, the Company completed acquisitions for aggregate cash consideration of approximately $117 million, net of cash acquired. Over the last three years, the Company has completed acquisitions for aggregate cash consideration of approximately $560 million, net of cash acquired. See Note 3 "Acquisitions" of the Notes to Consolidated Financial Statements included elsewhere in this Form 10-K for further discussion of acquisitions completed by the Company in 2025, 2024 and 2023.

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Competition

The RV, marine, powersports, MH and industrial markets are highly competitive, both among manufacturers and the suppliers of various components. The barriers to entry for each industry are generally low and include compliance with industry standards, codes and safety requirements, and the initial capital investment required to establish manufacturing operations. In addition, the Company competes with manufacturers of manufactured homes with vertically integrated operations. Across the Company’s range of products and services, competition exists primarily on price, product features and innovation, timely and reliable delivery, quality and customer service. Several competitors compete with Patrick in each product line on a regional and local basis. However, in order for a competitor to compete with Patrick on a national basis, the Company believes that a substantial capital commitment and investment in personnel and facilities would be required.

Capacity and Plant Expansions

Patrick has the ability to fulfill demand for certain products in excess of capacity at certain facilities by shifting production to other facilities. Purchases of property, plant, and equipment for 2025 consisted of $83 million of investments which were primarily used to provide more advanced manufacturing automation and replace and upgrade production equipment. Management regularly monitors capacity at its facilities and reallocates existing resources where needed to maintain production efficiencies throughout all of its operations and capitalize on commercial and industrial synergies in key regions to support profitable growth, grow its customer base, and expand its geographical product reach outside its core Midwest market.

Branding

New product development is a key component of the Company’s efforts to grow its market share and revenue base, adapt to changing market conditions, and proactively address customer demand. The Company has expanded its product and service offerings with the integration of new and innovative product lines into its operations that bring additional value to customers and create additional scale advantages.

The Studio

The Company's Design/Innovation Center and Showroom, The Studio, is located in Elkhart, Indiana. The Studio presents the latest design trends and products in the markets served by Patrick and provides a creative environment for customers to design products and enhance their brand. The 45,000 square foot facility includes a 25,000 square foot showroom devoted to the display of products, capabilities and services offered by each of Patrick’s business units, in addition to offices and conference rooms. The Company’s specialized team of designers, engineers and graphic artists works with RV, marine, powersports, MH and industrial customers to meet their creative design and product needs, including creating new styles and utilizing new colors, patterns, products, and materials for panels and mouldings, cabinet doors, furniture, lighting and other products. In addition, The Studio supports operations through product development, 3D CAD illustration, 3D printing, photography and marketing. As part of The Studio, the Company recently introduced The Experience, a new design and visualization service for customers across its end markets. The Experience leverages virtual reality, advanced product scanning, and a large-scale LED display to allow customers to walk through and modify life-size virtual renderings of RV, marine, powersports products in real time, reducing the need for physical prototypes and enhancing collaboration throughout the design process.

Marine Studio

The Company's Marine Studio, located in Sarasota, Florida, is a comprehensive marine studio showroom, design and engineering center, which provides engineering and integrated design solutions for our marine customers. The 14,000 square foot facility includes a showroom that displays the Company's marine products as well as the marine design and engineering capabilities and services offered by our marine businesses.

Operating Brands

Through its operating brands, the Company provides customers with specific product knowledge, expertise and support that are tailored to their needs. The Company strives to be the supplier of choice for its customers by elevating the customer purchasing experience with expert product line managers, and support staff and strategic partnerships for each operating brand, which help drive efficiency and maximize value for its customers.

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The Company’s research and development efforts are intended to maintain leadership positions in core products and provide the Company with a competitive edge as it seeks additional business with new and existing customers. The Company also works with technology development partners, including customers, to develop technological capabilities and new products and applications.

Marketing and Distribution

As of December 31, 2025, the Company had approximately 4,500 active customers. Its revenues from the RV market include sales to two major manufacturers of RVs that each account for over 10% of the Company's net sales, Forest River and Thor. Both Forest River and Thor have multiple businesses and brands that operate independently under the parent company and these multiple businesses and brands generally purchase our products independently from one another. The Company’s sales to the various businesses of Forest River and Thor, on a combined basis, accounted for 28%, 29% and 29% of our consolidated net sales, for the years ended December 31, 2025, 2024 and 2023, respectively.

The Company generally maintains supplies of various commodity products in its warehouses to ensure that it has product on hand for its distribution customers. The Company purchases a majority of its distribution segment products in railcar, container, or truckload quantities, which are warehoused prior to their sale to customers. Approximately 11%, 9% and 9% of the Company's distribution segment’s sales were from products shipped directly from the suppliers to Patrick customers in 2025, 2024 and 2023, respectively. Typically, there is a two to four-week period between Patrick receiving a purchase order and the delivery of products to its warehouses or customers and, as a result, the Company has no material backlog of orders. However, this timing can fluctuate depending on overall market factors and end market we serve. In periods of declining market conditions, customer order rates can decline, resulting in less efficient logistics planning and fulfillment and thus increasing delivery costs due to increased numbers of shipments with fewer products in each shipment.

Raw Materials

Patrick has arrangements with certain suppliers that provide for exclusivity in certain geographic areas, pricing structures and rebate agreements among other terms.

Raw materials are primarily commodity products, such as lauan, gypsum, particleboard and other softwood and hardwood lumber products, aluminum, copper, plastic resin, fiberglass and overlays, among others which are available from many suppliers. Our customers do not maintain long-term supply contracts, and therefore, the Company bears the risk of accurate forecasting of customer orders. Our sales in the short-term could be negatively impacted in the event any unforeseen negative circumstances were to affect our major suppliers. In addition, demand changes in certain market sectors can result in fluctuating costs of certain more commodity-oriented raw materials and other products that are utilized and distributed.

We believe that, as of December 31, 2025, the Company’s inventory levels are appropriately balanced with expected OEM production, and we will continue to manage inventory based on anticipated customer needs. Additionally, the Company continually explores alternative sources of raw materials and components, both domestically and from outside the U.S. Alternate sources of supply are available for all of its material purchases.

Regulation and Environmental Quality

The Company’s operations are subject to environmental laws and regulations administered by federal, state, and local regulatory authorities including requirements relating to air, water, land and noise pollution. Additionally, these requirements regulate the Company's use, storage, discharge and disposal of hazardous chemicals used or generated during specific manufacturing processes.

Select products are subject to various legally binding or voluntary standards. For example, the composite wood substrate materials that Patrick utilizes in the production process in the RV marketplace have been certified as to compliance with applicable emission standards developed by the California Air Resources Board (“CARB”). All suppliers and manufacturers of composite wood materials are required to comply with the current CARB regulations.

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The Company is certified to sell Forestry Stewardship Council (“FSC”) materials to its customers at certain of its manufacturing branches. The FSC certification provides a link between responsible production and consumption of materials from the world’s forests and assists the Company’s customers in making socially and environmentally responsible buying decisions on the products they purchase. Upholstered products and mattresses provided by the Company for RVs must comply with Federal Motor Vehicle Safety Standards regulated by the National Highway Traffic Safety Administration regarding flammability.

Select raw materials and components are subject to tariffs and other import duties. Changes in U.S. trade policy, including the imposition or expansion of tariffs and potential retaliatory measures, could increase our input costs; however, the Company has implemented measures designed to mitigate such impacts. We are also subject to governmental regulations relating to importation activities, including enforcement actions by U.S. Customs and Border Protection (“CBP”), such as withhold release orders.

The Company also produces and provides products for manufactured homes that must comply with performance and construction regulations promulgated by the U.S. Department of Housing and Urban Development.

For additional information on the Company's efforts for sustainability and environmental quality, please see our 2025 Responsibility & Sustainability Report under "ESG" on the "Investors" section of our website. Information on our website is not incorporated in this Annual Report on Form 10-K.

Seasonality

Manufacturing operations in the RV, marine, powersports and MH industries historically have been seasonal and at their highest levels when the weather is moderate. Accordingly, the Company’s sales and profits had generally been the highest in the second quarter and lowest in the fourth quarter. Seasonal industry trends in the past several years have included the impact related to the addition of major RV manufacturer open houses for dealers in the August-September timeframe, marine dealer open houses held in the fall and boat shows in the December-February timeframe, resulting in dealers delaying certain restocking purchases until new product lines are introduced at these shows. In addition, recent seasonal industry trends have been, and future trends may be, different than in prior years due to volatile economic conditions, interest rates, access to financing, cost of fuel, national and regional economic conditions and consumer confidence on retail sales of RVs, powersports and marine units and other products for which the Company sells its components, as well as fluctuations in RV, powersports and marine dealer inventories, increased volatility in demand from RV, marine and powersports dealers, the timing of dealer orders, and from time to time, the impact of severe weather conditions on the timing of industry-wide wholesale shipments.

Human Capital Management

Our people are the heart of our business, and we allocate substantial resources to foster the well-being, success and growth of our team members in an inclusive and diverse environment which we believe is fundamental to our values and our service to our customers. As of December 31, 2025, our team members totaled approximately 10,000, of which 80% are hourly team members who serve our customers by producing and distributing products in our RV, marine, powersports, MH and industrial end markets, and 20% who are salaried employees who manage the resources, capital allocations, business decisions, and customer relationships of our end markets.

The majority of our team members work in our facilities to produce or distribute products for our customers. Our investment in human capital resources focuses on this environment to ensure their well-being and success. Our primary commitment to our team members in the production environment is to their safety, well-being and progress, and in this regard our human capital management programs focus on the following, in addition to our health care insurance and other employment benefits:

•Free assistance programs available to all team members and their families to address mental health and other matters which arise, which we believe are essential during periods of uncertainty;

•Tuition reimbursement programs available to all team members as they pursue educational opportunities;

•Leadership programs available to all employees that are designed to foster leadership and communication skills to advance team members to the next stage of their careers;

•Job safety analysis, which identifies risks unique to each production environment, training and empowering our team members to mitigate risks and develop workplace best practices;

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•Occupational Safety and Health Administration ("OSHA") preparedness, which involves site specific training development to educate and enable our team members to work safely and effectively;

•Industrial hygiene audits and testing, ensuring that our team members work in healthy environments with respect to air quality and noise reduction;

•Machine guarding and work area audits, which identify mechanical and non-mechanical improvements in the safety and well-being of the production environment;

•Train-the-trainer programs, which foster best-practice operational techniques for our team members to advance their capabilities to operate our facilities in the safest and most effective manner;

•Site-specific training development, which tailors customized training and consulting to the unique needs of the production environment;

•Ergonomic assessments for all team members, which accommodate each individual to work in the most effective and comfortable manner;

•Community involvement initiatives, such as our participation in Boys & Girls Clubs of America and Care Camps, which provides our team members opportunities to give back to the communities in which we do business.

Our success is dependent on our ability to hire, retain, and engage highly qualified team members who serve our customers. In this regard, we aspire to be a merit-based organization that is inclusive and diverse, building a culture where our team members feel they belong. Our leadership development programs bring a diverse and energetic source of talent to lead the future of our organization, and our recruitment efforts strive to foster an inclusive culture that we believe strengthens our organization and our ability to serve our customers.

The organization is built on our six core foundational values of being BETTER Together:

•Balance - We work to build a healthy work environment that encourages excellence, happiness, and peace in both our work and our home life.

•Excellence - We strive to meet the highest possible standards of achievement in our work and our relationships.

•Trust - We do what we say we will do every time - and communicate with all stakeholders if a commitment evolves.

•Teamwork - We challenge, encourage, equip, empower, and inspire the individuals we work with.

•Empowerment - We give our team the information, tools, and trust they need to grow as leaders and achieve results.

•Respect - We treat our teammates and partners with the utmost honor and dignity.

For additional information on the Company's human capital management, please see our 2025 Responsibility & Sustainability Report under "ESG" on the "Investors" section of our website. Information on our website is not incorporated in this Annual Report on Form 10-K.

Executive Officers of the Company

The following table sets forth our executive officers as of January 1, 2026:

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Andy L. Nemeth, who was appointed as Chairman of the Board in May 2024, has been the Chief Executive Officer of the Company since January 2020 and served as President of the Company from January 2016 to July 2021. Mr. Nemeth was Executive Vice President of Finance and Chief Financial Officer from May 2004 to December 2015, and Secretary-Treasurer from 2002 to 2015. Prior to that, Mr. Nemeth was Vice President of Finance and Chief Financial Officer from 2003 to 2004. Mr. Nemeth has over 34 years of RV, marine, manufactured housing and industrial experience in various financial and managerial capacities. Director since 2006.

Jeffrey M. Rodino was named President of the Company in October 2025 after serving as President – RV from January 2024 to September 2025. Prior to serving as Patrick’s President – RV, Mr. Rodino was President of the Company from July 2021 to January 2024. Mr. Rodino served as Chief Sales Officer of the Company from September 2016 to July 2021. Prior to that, he was the Executive Vice President of Sales from December 2011 to July 2021, Chief Operating Officer of the Company from March 2013 to September 2016, and Vice President of Sales for the Midwest from August 2009 to December 2011. Mr. Rodino has over 32 years of experience in serving the RV, marine, manufactured housing and industrial markets.

Charles R. Roeder was named President – RV in October 2025 after serving as the Executive Vice President of Sales and Chief Sales Officer from January 2024 to October 2025. Prior to that, Mr. Roeder served as Senior Vice President of RV Operations since 2020. Mr. Roeder was Group Vice President of Operations of the Company’s Metals group in 2019. He joined the Company as a Business Unit Director upon Patrick’s acquisition of Indiana Transport in 2017. Mr. Roeder has 20 years of experience in the RV industry and co-founded Indiana Transport in December 2009.

Hugo E. Gonzalez was appointed President – Powersports and Housing in December 2025, Executive Vice President – Operations in January 2024 and Chief Operating Officer in May 2024. Prior to that, Mr. Gonzalez served as Senior Vice President of RV Operations for the Company from July 2021 to January 2024, Group Vice President of Operations from February 2020 to June 2021, and Business Unit Director from February 2017 to January 2020. He joined the Company in 2007 and has over 19 years of experience serving the RV, manufactured housing, and marine markets.

Jacob R. Petkovich was named President – Marine in May 2025. Mr. Petkovich served as Executive Vice President of Finance, Chief Financial Officer, Treasurer and Principal Accounting Officer of the Company from November 2020 to May 2023. From May 2023 to May 2025, Mr. Petkovich served as Chief Financial Officer of Indicor, LLP. Prior to joining Patrick, Mr. Petkovich served as Managing Director in the Leveraged Finance Group of Wells Fargo Securities and predecessor Wachovia Securities from 2004 to 2020, serving in various senior leadership roles. Mr. Petkovich has over 30 years of leadership experience, including Patrick, investment banking, and as an Airborne Ranger Infantry Officer in the United States Army.

Andrew C. Roeder was appointed Executive Vice President – Finance, Chief Financial Officer and Treasurer of the Company in March 2024. Prior to joining Patrick, Mr. Roeder served as Chief Financial Officer of the Marine segment of Polaris, Inc. from 2018 to 2024. Prior to his role at Polaris, Inc. he was the CFO of Bennington Marine from 2016 to 2018, and the Director of Financial Planning & Analysis for Bennington from 2014 to 2015. Mr. Roeder has over 11 years of experience serving the marine industry in various leadership capacities. On January 5, 2026, the Company announced that Mr. Roeder notified the Company of his decision to resign from the Company as an officer and employee effective February 20, 2026, to pursue interests outside the Company.

Matthew S. Filer joined the Company as Senior Vice President of Finance in November 2022 and was elected Chief Accounting Officer in May 2024. Mr. Filer served as Interim Executive Vice President – Finance, Chief Financial Officer and Treasurer from May 2023 to March 2024. Prior to his role at Patrick, Mr. Filer was with Caterpillar Inc. from 2007 to 2021, serving in a series of progressive global leadership roles which culminated in his appointment as Chief Financial Officer for divisions within Caterpillar’s Resource Industries segment. With over 30 years of experience with prior organizations that include Honeywell and Raytheon, Mr. Filer has extensive industry knowledge across multiple disciplines such as rail, mining, industrial, and defense. In alignment with the Company’s executive succession plan, Mr. Filer has been appointed to serve as the Company’s Executive Vice President of Finance, Chief Financial Officer and Treasurer effective February 20, 2026, upon Andrew C. Roeder’s resignation from the Company.

Joel D. Duthie joined the Company as General Counsel in November 2020 and was appointed Executive Vice President, Chief Legal Officer and Secretary in May 2021. Prior to joining Patrick, Mr. Duthie was a partner with Barnes & Thornburg LLP, and practiced law at the firm from 2000 to 2002 and 2007 to 2020. As a corporate lawyer, Mr. Duthie focused on mergers and acquisitions, supply chain management and commercial contract counseling. Mr. Duthie served as an assistant general counsel for a privately-held manufacturer of flow control products from 2002 to 2006.

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Stacey L. Amundson was appointed Executive Vice President and Chief Human Resources Officer in May 2022. Prior to joining Patrick in February 2022, Ms. Amundson served in a temporary capacity with Kerry Foods with a focus on providing HR leadership in the transformation of its North America operations model. Prior to this role, Ms. Amundson was with Spectrum Brands, Inc. from 2005 to 2018, holding a series of key human resources leadership roles, including Senior Vice President, Human Resources (CHRO) from 2010 to 2018. With over 30 years of experience in multiple industries, Ms. Amundson has led the human resource function with specialties in talent management, executive compensation, M&A, integrations, shared services, and large-scale organizational transformations.

Website Access to Company Reports

We make available free of charge through our website, www.patrickind.com, our Annual Report on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and all amendments to those reports as soon as reasonably practicable after such material is electronically filed with or furnished to the SEC. The charters of our Audit, Compensation, and Corporate Governance and Nominations Committees, our Corporate Governance Guidelines and our Code of Ethics and Business Conduct are also available on the “Governance” portion of our website. Our website and the information contained therein or incorporated therein are not intended to be incorporated into this Annual Report on Form 10-K.