Polaris Inc.

Please consider the factors discussed in Part I, Item 1A. “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024. Other than the supplemental risk factor provided below, there have been no material changes or additions to our risk factors discussed in such report which could materially affect the Company’s business, financial condition, or future results.

Our business may be adversely affected by trade matters, including tariffs.

The recent imposition by the United States of tariffs on goods imported to the United States, or countermeasures imposed in response to such tariffs, will likely increase the cost of goods for our products and may reduce our ability to sell our products globally, which may adversely affect our operating results and financial condition. The U.S. government recently announced a series of additional tariffs on goods imported into the United States, which prompted retaliatory tariffs from other countries. We currently procure components from China, which are utilized in our facilities in the United States and Mexico. A portion of our annual sales originate from products manufactured in our facilities in Mexico, and we sell our products globally. As a result of the U.S. tariffs, and potential tariff modifications or the imposition of tariffs or export controls by other countries, we anticipate increased supply chain challenges, commodity cost volatility, economic uncertainty, and economic pressures on customers and consumers as a result of the challenges of high inflation combined with the effects of increased tariffs. The ultimate impact of any tariffs will depend on various factors, including how long such tariffs remain in place, the ultimate levels of such tariffs and how other countries respond to the U.S. tariffs. While we are implementing measures to mitigate these potential impacts, our preliminary analysis indicates the announced tariffs and these other factors may have a material negative effect on our profitability for the remainder of fiscal 2025. However, we are continuing to evaluate these factors and their potential effects.