Sources: AMD, IDN, FT, Reuters, PSB, MPN, BDN, MCN, AP, Bloomberg, MSNW, Electrek, electricmotorcycles. news, RideApart. com, Motor1. com, Cycle World, motorbikewriter. com

Europe ' s largest motorcycle rally, the( 40th) annual Biker Fest International( an AMD Approved Custom Bike Show event) will be staged at its traditional Lignano Sabbiadoro( Udine, Italy) seaside resort from May 14 to 17. Last year recorded a massive 265,000 attendee count over the course of the weekend- making it not only the biggest motorcycle rally in Europe, but also the third largest event of this kind in the world- only after the legendary U. S. rallies of Sturgis and Daytona; www. bikerfest. it

SEMA and PRI announced that they were mourning the loss of Founder and Industry Icon Ed ' Isky ' Iskenderian- an industry titan and legendary engine builder- known globally as " The Camfather " and the first President( a role equivalent to today ' s Chairman) of the Specialty Equipment Market Association( SEMA). He has passed away at the age of 104 and was the last surviving founding member of the group that established SEMA in 1963. At its inception, SEMA was an all-volunteer organization; Iskenderian and his fellow founders took on the task of organizing the industry in addition to running their own burgeoning businesses. " This selfless dedication transformed a hobby into a professional, $ 52bn global industry."

Polaris Inc.( NYSE: PII) announced a two percent increase in its regular quarterly cash dividend, raising the payout to $ 0.68 per share. This increase represents the 31st consecutive year of Polaris increasing its dividend effective with the 2026 first quarter dividend. The first quarter dividend will be payable on March 16, 2026 to shareholders of record at the close of business on March 2, 2026.

On the move again! INTERMOT, The German motorcycle industry show staged at Cologne for the IVM( the motorcycle industry trade association in Germany) has announced another change of date. Having decided to move from September to December and from biennial to annual, effective 2027 the show will take place in February each year( February 12-14 in 2027). For several years INTERMOT served as the host event for The AMD World Championship of Custom Bike Building. It ' s a shame that Koelnmesse didn ' t take that exact same advice seriously- about timing and frequency- when we here at AMD first offered it to them in 2011. The second weekend of February has always been an open date and in European terms an ideal mainstream market ' season starter '; www. intermot-cologne. com

<<< Continued from cover

" positive " reaction to the 2026 model line-up. However, he did state that for the time being he and his team remain " hyper focussed on inventory levels " with the focus squarely on 2025 Touring inventory in the first instance. For Q4, at 25,287 units, global retail motorcycle sales were down only 1 % vs. prior year. HDMC global motorcycle shipments of 13,515, down 4 % vs. prior year with revenue for the quarter down 10 % vs. prior year at $ 379m. As CFO Jonathan Root ' s presentation moved into the detail about HDMC ' s performance, the more apparent it became that the capital income generated by the sale of 9.8 % equity in Harley-Davidson Financial Servies( to KKK and Pimco), the more the transition of the HDFS balance sheet

and ongoing business operations into one that is " capital lite " and " derisked " has had a significantly positive impact on the overall HDI Q4 and TY 2025 reported performance. The " refreshed debt structure contributed significantly to the reduction in HDFS debt from $ 6.1bn at the end of Q2 2025 to $ 2.7bn at the end of the year. The HDFS transaction facilitated a dividend from HDFS to HDI of $ 1bn in Q4 ' 25. HDFS operating income was reported at $ 490m, with record-high earnings driven by the HDFS transaction." For the record, following publication of these results, Harley ' s present Market Cap was languishing at less than $ 2.5bn and the share price was hovering close to its 12-month low at around the $ 20.00 mark. For 2026, Harley says it expects inventory management to be largely balanced with HDMC global motorcycle retail sales and wholesale shipments of between 130,000 to 135,000 units, generating operating income of between a $ 40m loss to a $ 10m profit. The forecast is for HDFS operating income of $ 45 to $ 60m and a

Harley-Davidson, Inc. Consolidated Financial Results

LiveWire operating loss of $ 70 to $ 80m- pretty much the same as the $ 75m operating loss reported for FY 2025. FY 2025 results highlights- In the fourth quarter, global motorcycle shipments at HDMC decreased 4 % from a year ago. HDMC revenue was down 10 %, due to net pricing and incentive spend and lower volumes. Gross profit came in at a loss of $ 30m compared to a loss of $ 3m in the prior year period, due to increased tariff costs and net pricing and incentive spend. Operating expenses totaled $ 230m, which was $ 19m higher compared to prior year, primarily due to higher marketing expense. Operating loss was $ 260m in the fourth quarter compared to an operating loss of $ 214m in the prior year period. For the full year, global motorcycle shipments decreased 16 % from the prior year. HDMC revenue was down 13 %, due primarily to lower wholesale volumes. Gross margin was lower by 3.8 points in 2025 compared to 2024, driven by incremental tariffs, negative operating leverage and lower volumes. Operating expenses were $ 895m, $ 18m higher than a year ago. Operating loss was $ 29m for the full year 2025 compared to operating income of $ 278m in the prior year. In the fourth quarter, global retail sales of new motorcycles were down 1 % versus the prior year. In North America, retail sales increased by 5 %, driven by strength in the Touring category. In EMEA, retail sales declined by 24 %, driven by weakness across the region. The 1 % decline in APAC was an improvement from the first half of

Harley-Davidson Motor Company( HDMC)

2025, with continued weakness in China. Latin America sales increased by 10 %, where both Brazil and Mexico were positive. For the full year 2025, global retail sales of new motorcycles were down 12 % versus prior year. In North America, retail sales were down 13 % for the full year, driven by weakness in the Touring category in the first half of the year, as customer traffic declined and affordability became more of a focus. EMEA retail sales declined by 11 % for the full year, driven by weakness across all countries. APAC retail sales declined by 15 %, with the most significant weakness experienced within non-

Continues on page 10 >>>

8 AMERICAN MOTORCYCLE DEALER- MARCH 2026 www. AMDmag. com