CAVCO INDUSTRIES, INC.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

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Cavco Industries, Inc.

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Dear Fellow Stockholders:

As Chairman of the Board of Directors of Cavco Industries, Inc., it is my privilege to address you with an update on Cavco’s financial progress, achievements, and outlook. On behalf of the entire Board, Cavco thanks you for your continued support and interest in the Company. We believe your investment in Cavco has helped position the Company for continued growth and success as we pursue our mission of providing innovative housing solutions and creating long-term value for our stockholders.

As your Board, we support the management team in achieving sustainable stockholder value by executing against a clear and focused strategy supported by prudent risk management, sound corporate governance, an executive compensation program aligned with the interests of our stockholders, and a focused approach to corporate responsibility. The Board would like to highlight a few areas of particular significance for the Company this past fiscal year:

•Financial Performance: The Company achieved record annual net revenue of approximately $2.2 billion and sold a record number of homes during fiscal year 2026. Further, the Company increased both its income before income taxes by 15.9% and diluted earnings per share by 15.8%, reflecting the continued strength of our operating model and disciplined execution across the business.

•Health and Safety: Employee safety remains a top priority and the Board is very proud of our safety record. Through our “Safety Now” initiative and continued investments in training and safety awareness, the Company has reduced its total recordable incident rate ("TRIR") by 47% over the last five years and achieved a calendar year 2025 TRIR of 4.82, which was 7% better than the industry average. Additionally, nearly 80% of our production facilities performed better than the industry average TRIR over the last year, reflecting our commitment to creating a safer workplace for our people.

•Strategic Growth and Capital Allocation: During fiscal year 2026, the Company completed the acquisition of American Homestar Corporation, the largest acquisition in Cavco’s more than 60-year history, while continuing to execute a disciplined capital allocation strategy. The Company repurchased approximately $160 million of its common stock during the year, broke ground on a new state-of-the-art manufacturing facility in Arizona, and maintained more than $230 million of cash and cash equivalents at fiscal year end. These actions position the Company to pursue future growth opportunities while continuing to enhance long-term stockholder value.

As the Company moves forward, we remain focused on our strategic objectives and our commitment to sustainable growth of long-term stockholder value. We recognize the challenges that lie ahead, including evolving market conditions, interest rate dynamics, and housing affordability challenges. However, the Board and management see great opportunities and we are confident in the Company's ability to navigate these challenges and capitalize on opportunities that support our mission of expanding access to exceptional and affordable housing.

The attached Notice of the 2026 Annual Meeting of Stockholders and Definitive Proxy Statement provides all the requisite information concerning the business to be conducted at the upcoming annual meeting. It also describes how the Board operates, gives information about the director candidates, and provides other pertinent information. The Board thanks you for your continued confidence and we appreciate the opportunity to serve Cavco on your behalf.

Notice of

2026 Annual Meeting of Stockholders of

Cavco Industries, Inc.

Meeting Information

Cavco Industries, Inc. 2026 Proxy Statement

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