마스터크래프트 보트 홀딩스(MCFT) 2026 회계연도 4분기 실적 발표회: EBITDA 성장 및 전환 전망

주요 내용

• 마스터크래프트 보트 홀딩스는 샤파랄과 로발로의 6주간 실적 기여분을 포함해 2026 회계연도 4분기 연결 순매출이 전년 동기 대비 63.4% 증가한 1억 2,990만 달러를 기록했다고 발표했습니다.
• 4분기 조정 EBITDA는 114.9% 증가한 2,050만 달러를 기록했습니다. 기존 사업 조정 EBITDA 마진은 프리미엄 X-시리즈 판매량, 엄격한 가격 정책, 할인율 축소 및 고정비 분산 효과 개선에 힘입어 730bp 확장된 19.3%를 기록했습니다.
• 2026 회계연도 연결 순매출은 22.8% 증가한 3억 4,890만 달러, 조정 EBITDA는 87.1% 증가한 4,560만 달러를 기록했습니다. 조정 희석 EPS는 1.76달러로, 2025 회계연도의 0.92달러와 비교됩니다.
• GAAP 기준 실적에는 크레스트 무형자산에 대한 1,010만 달러의 비현금성 감액손실과 인수 관련 회계 및 거래 비용이 반영되면서, 700만 달러(희석주당 0.35달러)의 4분기 계속영업손실이 포함되었습니다.
• 경영진은 2026년 7월부터 12월까지의 경과 기간 동안 소매 시장이 약 5%에서 10% 감소할 것으로 예상하고 있습니다. 회사는 도매 생산을 소매 수요에 맞추고 샤파랄 및 로발로 물량을 4분기 마감 수준 근처로 유지하고 있습니다.
• 6개월간의 경과 기간에 대해 경영진은 순매출 2억 8,700만~2억 9,100만 달러, 조정 EBITDA 2,900만~3,200만 달러, 조정 EPS 0.66~0.76달러의 실적 가이던스를 제시했습니다.

주요 재무 데이터

사업 및 영업 실적

마스터크래프트의 프리미엄 X-시리즈가 주요 성장 동력이었습니다. 판매량 증가, 유리한 제품 믹스, 엄격한 가격 정책 및 할인 축소가 매출과 마진 확대를 모두 뒷받침했습니다. 신형 X-시리즈 3개 모델 모두 9월 분기 중 본격 양산에 들어갈 예정입니다.

경영진에 따르면, 스키/웨이크 카테고리 및 전체 모터보트 시장의 하락세에도 불구하고 2026 회계연도 마스터크래프트의 소매 판매는 한 자릿수 초반의 증가율을 기록했습니다. 로발로는 스포츠 피싱 카테고리의 모멘텀에 힘입어 한 자릿수 후반의 소매 성장을 달성했습니다.

기존 사업의 딜러 재고는 전년 대비 약 30% 감소하며 한 해를 마감했으며, 재고회전율은 팬데믹 이전 수준을 상회했습니다. 샤파랄과 로발로 역시 재고 감소와 회전율 상승으로 한 해를 마무리했습니다. 경영진은 판촉 강도가 건전해졌으며 프리미엄 고객의 관심도 지속되고 있다고 밝혔습니다.

레크리에이션 및 스포츠 피싱 부문은 6주간의 인수 소유 기간 동안 3,330만 달러의 매출과 180만 달러의 조정 EBITDA를 창출했습니다. 경영진은 매수회계 효과, 계절적 요인 및 계획된 투자로 인해 초기 수익성이 해당 부문의 장기적인 수익 잠재력을 대변하지는 않는다고 설명했습니다.

회사는 딜러 관계, 제조, 조달 및 제품 기술 전반에서 통합 기회를 모색하고 있습니다. 샤파랄의 디자인 및 레이아웃 역량과 마스터크래프트의 웨이크 및 서프 전문성을 결합하는 동안 샤파랄 서프(Chaparral Surf) 플랫폼의 생산을 일시 중단했습니다.

경영진 가이던스

마스터크래프트는 회계연도 말일을 12월로 변경합니다. 현재 가이던스는 경영진이 계절적 비수기로 설명한 2026년 7월부터 12월까지의 6개월 경과 기간을 대상으로 합니다.

이 전망은 소매 시장 수요가 약 5%에서 10% 감소할 것으로 가정합니다. 경영진은 생산 규율을 유지하고, 도매 출하량을 소매 수요에 맞추며, 샤파랄과 로발로의 출하량 및 평균 판매 가격을 4분기 마감 수준 근처로 유지할 계획입니다.

리스크 및 점검 사항

• 경영진은 소매 시장의 회복 시점이 지연되었으며, 특히 보급형 폰툰 및 러너바웃 카테고리에서 압박이 크다고 밝혔습니다.
• 고금리, 인플레이션 및 경제적 불확실성이 실속형 소비자에게 계속 부담을 주고 있는 반면, 프리미엄 및 핵심 고객은 상대적으로 견조한 모습을 유지하고 있습니다.
• 회사는 폰툰 카테고리의 현재 상황을 반영해 특정 크레스트 무형자산과 관련하여 1,010만 달러의 비현금성 감액손실을 인식했습니다.
• 매수회계 적용으로 보고된 샤파랄 및 로발로의 수익성이 감소했습니다. 해당 6주 기간에는 260만 달러의 재고 평가증액 비용과 110만 달러의 감가상각비가 포함되었습니다.
• 회사가 플랫폼의 기술과 고객 경험을 향상시키는 동안 샤파랄 서프 생산이 일시 중단되었습니다.

애널리스트 Q&A 하이라이트

경영진은 6주간의 소유 기간 동안 샤파랄과 로발로의 보고된 매출총이익률이 0.9%였으나, 재고 평가증액을 제외하면 약 9%였을 것이라고 말했습니다. 조정 EBITDA 마진은 약 5.5%였으며, 경영진은 시너지 효과가 진전되고 초기 브랜드 투자가 흡수될 때까지 마진이 이 수준 근처를 유지할 것으로 예상합니다.

경과 기간 동안 샤파랄과 로발로의 물량은 4분기 런레이트 근처를 유지할 것으로 예상됩니다. 경영진은 이 접근 방식이 시장이 더욱 악화되지 않는 한 추가적인 유통 채널 재고 감축을 추진하기보다는 도매 출하량을 소매 수요에 맞추기 위한 것이라고 강조했습니다.

마린 프로덕츠(Marine Products)와의 인수 결합과 관련해 경영진은 초기 가정과의 주요 차이점이 소매 회복 지연이라고 설명했습니다. 확대된 전체 잠재시장(TAM), 더 다양한 가격대, 그리고 잠재적인 딜러, 운영 및 조달 시너지 효과에 힘입어 전략적 타당성에 대한 확신은 더욱 커졌습니다.

회사는 일부 딜러가 이미 확장된 5개 브랜드 포트폴리오의 브랜드를 추가한 것을 확인했습니다. 통합 팀은 또한 공장 간 제조 관행을 공유하고 구매 시너지를 평가하고 있습니다.

실적 발표 컨퍼런스 콜 전문

전체 실적 발표 컨퍼런스 콜 녹취록

경영진 발표

Operator

Thank you for standing by and welcome to the MasterCraft Boat Holdings, Inc. Fiscal Fourth Quarter and Full Year 2026 Earnings Conference Call. Please be advised that today's call is being recorded.

[Operator Instructions]

I will now hand the conference over to Alec Harmon, Senior Director, Strategy and Investor Relations. Please go ahead.

Alec Harmon

Thank you, Rebecca, and welcome, everyone. Thank you for joining us today as we discuss the fiscal fourth quarter and full year 2026 performance of MasterCraft Boat Holdings. As a reminder, today's call is being webcast live and will also be archived on our website for future listening.

With me on this morning's call is Brad Nelson, Chief Executive Officer, and Scott Kent, Chief Financial Officer. Brad will begin with an overview of our operational performance. After that, Scott will discuss our financial performance. Brad will then offer some closing remarks before we open the call for questions.

Before we begin, we would like to remind participants that the information contained in this call is current only as of today, September 10, 2026. The company assumes no obligation to update any statements, including forward-looking statements. Statements that are not historical facts are forward-looking statements and subject to the safe harbor disclaimer in today's press release.

Additionally, on this conference call, we will discuss non-GAAP measures that include or exclude items not indicative of our ongoing operations. For each non-GAAP measure, we will also provide the most directly comparable GAAP measure in today's press release, which will include a reconciliation of these non-GAAP measures to our GAAP results.

Before turning to our results, I would like to provide some important context for the quarter and year. On May 15, we completed our combination with Marine Products Corporation, welcoming the Chaparral and Robalo brands to the MasterCraft Boat Holdings or MCBH family. As a result, our fourth quarter and full year results include a partial 6-week contribution from these brands. To help frame the underlying performance of our business and for comparative purposes, we will speak to our full year results on both a total combined company basis and on a legacy basis.

In connection with the combination, we have also realigned our reportable segments. Our former MasterCraft segment is now our Performance and Wake segment. Our former Pontoon segment is now our Leisure segment, and the newly combined Chaparral and Robalo brands are reported within our Recreation and Sport Fishing segment.

As a reminder, unless otherwise noted, the following commentary is made on a continuing operations basis, and all references to specific quarters and periods will be on a fiscal basis. Because we are changing to a December fiscal year-end, today's outlook will cover the 6-month transition period from July 2026 through December 2026, which Scott will discuss in greater detail later in the call. With that, I will turn the call over to Brad.

Bradley Nelson

Thank you, Alec, and good morning, everyone. Fiscal 2026 was a defining year for MasterCraft Boat Holdings. Strong execution across our legacy business drove results to significantly outperform expectations despite a challenging macroeconomic and retail environment. We grew net sales, expanded adjusted EBITDA nearly 80%, a margin improvement of more than 500 basis points year-over-year, and completed the transformational combination with Chaparral and Robalo.

These results reflect the durability of our foundation and our disciplined execution against the priorities we established at the beginning of the year, which were aligning production with demand, strengthening dealer health, improving operational efficiency, and delivering differentiated innovation that resonates with dealers and consumers. Those actions positioned us to outperform the broader market while building an even stronger foundation for the future.

On a legacy basis, fiscal 2026 net sales were $315.6 million, and adjusted EBITDA was $43.8 million. These results exceeded the increased guidance we issued last quarter and demonstrate the earnings power of our legacy business in a challenging market. The MasterCraft brand was at the center of that success. Strong retail performance and the successful rollout of the next-generation X-Series drove favorable premium mix, strengthened brand momentum, and improved profitability. This more than offset lower industry volumes and served as a primary driver of growth across our business.

Including the initial contribution from Chaparral and Robalo, total company net sales were $348.9 million, up 22.8% year-over-year, and adjusted EBITDA was $45.6 million, up 87.1% year-over-year.

Turning to the fourth quarter. Our performance was particularly encouraging given the difficult prior year comparison, which benefited from the launch of the ultra-premium XStar. Against that backdrop, our legacy business delivered 21.5% year-over-year net sales growth and expanded adjusted EBITDA margin 730 basis points to 19.3% from 12.0% in the prior year period. These results reflect the strength of MasterCraft's premium product portfolio, continued momentum across the lineup, healthy dealer inventories, and disciplined cost management.

Including the 6-week contribution from Chaparral and Robalo, total company fourth quarter net sales were $129.9 million, up 63.4% year-over-year. And adjusted EBITDA was $20.5 million, up 114.9% year-over-year. The new Recreation and Sport Fishing segment contributed $33.3 million of revenue and $1.8 million of adjusted EBITDA during the abbreviated 6-week window of ownership. We do not believe the segment's initial reported profitability is representative of its underlying earnings power or long-term potential. Scott will provide additional detail on these items shortly.

On a consolidated basis, a key reason for our outperformance was disciplined channel management. Dealer health remains a significant competitive advantage for MCBH. Field inventory in our legacy business finished the year down approximately 30% year-over-year with turns improving to better than pre-pandemic levels. Chaparral and Robalo also ended the year with lower inventory levels and higher turns.

The broader retail environment remained mixed throughout the year. Premium and core customers remained relatively resilient, while value-oriented customers faced pressure from higher interest rates, inflation, and broader economic uncertainty. Even in that environment, our differentiated products, disciplined execution, and strong dealer health enabled us to outperform the broader market.

MasterCraft's retail performance is a clear example of that dynamic. Entering the year, we expected category retail to decline 5% to 10%, with the market finishing slightly lower than our estimated range. We significantly outperformed that expectation with MasterCraft retail finishing up low-single digits and outperforming both the ski/wake category and the broader powerboat market.

In our Recreation and Sport Fishing segment, Robalo was another standout performer, delivering retail growth in the high-single digits and continuing to benefit from strong product momentum within the attractive sport fishing category. Together, MasterCraft and Robalo helped MCBH outperform a broader powerboat industry that declined mid- to high-single digits.

Looking ahead, we continue to plan prudently and currently expect retail market demand to be down approximately 5% to 10% over the next 6 months following current calendar year-to-date trends. As we evaluate conditions across the portfolio, retail dynamics remain challenged across marine categories, especially within the entry-level pontoon and runabout markets. Consistent with our disciplined approach to channel management, we continue to expect to align wholesale production with retail demand. That assumption is incorporated into the guidance Scott will discuss later in the call.

Alongside pipeline management and dealer health, differentiated innovation continues to be one of our most important competitive advantages. Within MasterCraft, the X-Series continued to gain momentum throughout the year. With the reintroduction of the X23 alongside the X22 and X24, and building on the success of the XStar, dealer and consumer response has been outstanding. The X-Series drove significant revenue and profitability growth throughout both the fourth quarter and full year, and we believe this product expansion has further strengthened our leadership position in the premium ski/wake category.

Within Leisure, we improved segment profitability this year through disciplined cost management and operational efficiencies. Looking ahead to the new model year, we have responded directly to dealer feedback by improving performance across the lineup through meaningful enhancements in both speed, design, and handling.

We also introduced the new Crest Conquest SE Tritoon and announced an industry-first integration of Apple CarPlay and Android Auto with on-water navigation directly from the factory. These initiatives improve the ownership experience and provide consumers with compelling reasons to choose our brands.

Within our newly acquired brands, we are encouraged by the product and innovation road maps alongside the strength of the existing portfolio. Chaparral recently introduced the all-new SSX4 OB, expanding the brand's premium outboard bowrider offering. Separately, our sterndrive lineup now features the new E-Z Step, an innovative water entry design that received a 2026 NMMA Innovation Award.

Robalo continues to build momentum in the dual console category with products such as the R277 and new R237, both filling strategic white space and expanding Robalo's ability to attract incremental customers.

As we deepen our understanding of these newly acquired businesses, our approach is clear: protect what makes each brand strong in its market, invest behind the products and categories where we see the greatest opportunity to create value, and use the scale and capabilities of MCBH to accelerate that value creation.

One early example of how we are creating value across the portfolio is the Chaparral Surf platform. We have temporarily paused production in these models while we enhance the technology and overall customer experience. By combining Chaparral's strength in ride, design, and layout with MasterCraft's deep wake and surf expertise, we believe we can deliver an even stronger product offering for consumers and dealers. This is an early example of how we intend to leverage the capabilities of the combined company to drive product innovation and long-term value creation.

Since closing the transaction, we've spent significant time with the Chaparral and Robalo teams, dealers, and products. Our conviction in the long-term opportunities created by the combination has only increased. These are strong brands with talented teams, loyal customers, and attractive market positions.

Our integration and synergy efforts are underway with structured work streams in place. In the near term, we are prioritizing and investing in attractive opportunities to enhance innovation, expand dealer relationships with our robust product set, share technologies, and leverage manufacturing and sourcing best practices.

Our capital allocation priorities remain unchanged: maintain a strong balance sheet, invest in innovation and growth, which includes synergy work, returning capital to shareholders through share repurchases, and maintaining a disciplined approach to M&A. Overall, we executed well in a challenging market, delivered results that exceeded expectations, expanded profitability, and completed a transformational acquisition that strengthens the future of MCBH. With that, I'll turn the call over to Scott.

Scott Kent

Thanks, Brad, and good morning, everyone. Fiscal 2026 was a strong year -- was a year of strong execution and meaningful transformation for our company. I'll start by reviewing our fourth quarter and full year results, then provide additional details regarding the impact of the Marine Products acquisition, and finish with our outlook for the 6-month transition period.

For the fourth quarter, legacy net sales were $96.6 million, an increase of $17.1 million or 21.5% compared to the prior year period. The increase was driven by higher volumes of our premium X-Series models, disciplined pricing, and lower discounts. Including $33.3 million of net sales from Chaparral and Robalo during the 6-week ownership period, consolidated fourth quarter net sales were $129.9 million, an increase of $50.4 million or 63.4% compared to the prior year period.

These same factors impacting net sales also supported strong margin performance across our legacy business. Gross margins expanded approximately 690 basis points to 30%, driven by improved fixed cost absorption on higher unit volumes, lower discounts, and strong operating execution. Including Chaparral and Robalo, consolidated gross margin declined 60 basis points compared to the prior year period, primarily reflecting purchase accounting impact associated with the Marine Products combination.

As part of our year-end -- year-end impairment assessment, we recorded a non-cash impairment charge of $10.1 million in our Leisure segment related to certain Crest brand intangible assets. This charge reflects current conditions within the pontoon category, is excluded from our adjusted results, has no impact on our liquidity or cash flows. We continue to view pontoons as an attractive long-term category and remain focused on strengthening the segment through disciplined inventory management, targeted product innovation, and improved execution as retail and market conditions stabilize.

The non-cash impairment charge, together with acquisition-related purchase accounting impact and transaction costs, resulted in a GAAP net loss for the quarter. Loss from continuing operations was $7 million or a loss of $0.35 per diluted share compared to income from continuing operations of $5.5 million or $0.33 per diluted share in the prior year period. Due to the extent of the one-time acquisition-related and non-cash items affecting GAAP results this quarter, we believe our adjusted results better reflect the underlying strength and operating performance of the business, which I will cover now.

On a legacy basis, adjusted EBITDA for the quarter was $18.6 million, an increase of $9.1 million or 95.6% compared to the prior year period. Adjusted EBITDA margin expanded 730 basis points to 19.3%, up from 12% a year ago, reflecting strong performance across our legacy businesses. In the partial period contribution -- including the partial period contribution from Chaparral and Robalo, consolidated adjusted EBITDA was $20.5 million with an adjusted EBITDA margin of 15.8%. Consolidated adjusted net income was $13.5 million or $0.67 per diluted share compared to $6.6 million or $0.40 per diluted share a year ago.

Turning to the full year. Legacy net sales were $315.6 million, up $31.4 million or 11% compared to fiscal 2025. Including the impact of the Chaparral and Robalo businesses, net sales were $348.9 million, an increase of $64.7 million or 22.8%. Profitability also improved meaningfully for the year. Legacy gross margins expanded 520 basis points to 25.2%, supported by the same operating drivers that benefited our fourth quarter results.

Including Chaparral and Robalo, consolidated gross margin was 22.9%, an increase of 290 basis points compared to fiscal 2025, despite the purchase accounting impacts related to Marine Products combination. Legacy adjusted EBITDA increased 79.6%, up $43.8 million compared to $24.4 million in fiscal 2025, with margins expanding 530 basis points to 13.9%, up from 8.6% in the prior year. Including the partial period contribution from Chaparral and Robalo, consolidated adjusted EBITDA increased 87.1% to $45.6 million. Consolidated adjusted net income was $30.2 million or $1.76 per diluted share compared to $15.1 million or $0.92 per diluted share in the prior year.

Turning to the balance sheet. We remain disciplined and continue to generate cash through a transformational year. We generated $22.3 million of free cash flow for the year after funding $8.1 million of capital expenditures and absorbing transaction-related costs associated with the Marine Products combination. We ended the year with $43.9 million in cash, no debt outstanding, and full availability under our $75 million revolving credit facility.

Before discussing the consolidated outlook, I want to highlight a few items related to the Chaparral and Robalo acquisition, including the impact of purchase accounting. In the fourth quarter, we reported $2.8 million for a step-up in inventory value, of which $2.6 million was recognized as cost of sales expense in Q4 with the remainder being recognized in Q1.

Q4 intangible amortization expense was $2.9 million, including $2.6 million for a short-lived backlog intangible that fully amortized in fiscal year '26. We expect amortization to normalize at approximately $0.6 million per quarter. Depreciation included in the gross margin was $1.1 million in Q4 and is expected to normalize at approximately $2.7 million per quarter.

A couple of items of note on Chaparral and Robalo volumes versus our prior market recovery and growth assumptions. Due to delayed retail recovery, we are moderating production levels to align wholesale and retail demand, which will result in holding shipments and average selling prices near our Q4 exit rate. Additionally, as Brad mentioned, we have also temporarily paused production of the Chaparral Surf Series to further enhance the platform. While timing of market recovery is delayed, our confidence in the long-term opportunity is grounded in our proven ability to create value through strong execution and meaningful product innovation.

Now turning to our consolidated results or consolidated outlook. As Alec mentioned earlier, we are transitioning our fiscal year to align with calendar year. And today, we are providing guidance for the 6-month transition period covering July through December 2026. This guidance reflects the combined company, including Chaparral and Robalo, and covers a seasonally low volume period for our business.

For the upcoming September quarter, we expect net sales of approximately $147 million, adjusted EBITDA of approximately $16 million, and adjusted earnings per share of approximately $0.40. For the 6-month transition period, we expect net sales of between $287 million and $291 million, adjusted EBITDA between $29 million and $32 million, and adjusted earnings per share between $0.66 and $0.76. We expect capital expenditures of approximately $9 million in the period.

These results reflect strong growth from our legacy brands despite our expectations that the retail environment will decline approximately 5% to 10%. Our ability to grow in a down market reflects consistent execution against proven core strategies. The MasterCraft X-Series is a clear example of this strategy in action. During the first quarter of the prior year, we paused X-Series production to support dealer sell-through of outgoing models and facilitate a disciplined transition to the next-generation lineup.

In the upcoming September quarter, all 3 new X-Series models will be in full production. While this production timing creates an unusual year-over-year comparison, it also positions us with a complete premium product lineup and strong momentum entering the transition period. Looking ahead, we will continue to evaluate market conditions, dealer inventory levels, and product launch timing as we closely align wholesale production with retail demand and focus on executing our strategic priorities.

We have the balance sheet and cash flows to invest not only in the synergy opportunities created by the acquisition, but also in our ongoing focus on new differentiated products that will continue -- that will continue to win in the marketplace. We remain confident in the strength of our portfolio, the long-term earnings power of the combined company, and our ability to create value despite challenging market conditions. With that, I'll turn it back to Brad for closing remarks.

Bradley Nelson

Thanks, Scott. We executed well and delivered results that exceeded our expectations while expanding profitability and broadening our growth platform. What gives me confidence is that these results were earned, not market-driven. Our teams executed with discipline, remained focused on the fundamentals, and consistently delivered against our priorities. As a result, we strengthened dealer health, gained retail share, and expanded our platform for future growth.

There is real energy and excitement across the organization as we enter our next chapter as a larger, more diversified company. With our 5 brands, we now have a broader portfolio spanning attractive recreational boating categories, expanded reach across inland and coastal markets, and greater opportunity to serve dealers and customers with differentiated products and a wider range of price points.

The macroeconomic and retail environment remains challenging. However, our long-term view and execution-minded focus has not changed. We believe our portfolio of leading brands, established dealer network, strong balance sheet, and flexible operating model position us well to navigate near-term uncertainty, drive growth, and create value as market conditions stabilize.

I want to thank our team members, dealer partners, suppliers, and shareholders for their support this year. And once again, welcome the Chaparral and Robalo teams to the company. We are excited about what we are building together, and we remain confident in the long-term value creation potential of MCBH. Operator, you may now open the line for questions.

Operator

[Operator Instructions]

Your first question comes from Craig Kennison with Baird.

질의응답

Craig Kennison

Regarding your guidance for the next 6-month stub period, could you help us unpack the contribution of Chaparral and Robalo to those results?

Scott Kent

Sure. So I guess I'll start by reminding you, we are kind of at a low point in the market, and this is also our low season as we go into the next 6-month stub period. But as you think about the results for the 6-week period of Chaparral and Robalo, just keep in mind, they are impacted by purchase accounting items in that 6-week period, most of which is the inventory step-up, which was $2.6 million.

So our public gross margins in the K are going to show 0.9% for the gross margins for the Chaparral and Robalo business for that 6-week ownership period. Those margins would actually be 9% without the inventory step-up. The margins are also impacted by higher depreciation as we wrote up all of our fixed assets in the purchase accounting process.

So the depreciation in that 6-week period was $1.1 million, and that will obviously have an ongoing impact in the future as well. But we approximate $2.7 million on a go-forward quarterly basis for what the depreciation will run for the Chaparral and Robalo businesses.

Now all of that ultimately led to an adjusted EBITDA, which excludes both the depreciation as well as the inventory step-up that came in at about 5.5% for that 6-week period.

As we look forward into that business, I think you can think of the margins, at least for the adjusted EBITDA are going to be somewhere in that same range on a go-forward basis until we get through some of our synergies and some of the initial investments we're putting into the brands.

Craig Kennison

That's very helpful. Just thinking about the revenue contribution over the next 6 months embedded in your guidance for those 2 brands, how should we think about that?

Scott Kent

So as I was trying to say in my sort of prepared remarks, we're keeping the volumes fairly flat, the run rate volume fairly flat and how we exited Q4 for that business as well. Just keep in mind that it was 6 weeks' worth of activity in that fourth quarter period for us, but the run rate of that should continue into the 6-month or 6-month transition period as well.

Bradley Nelson

Craig, which also really aligns production and wholesale with retail generally.

Craig Kennison

Got it. That makes sense. And maybe, Brad, if I could just ask you, curious, any early surprises or challenges associated with the Marine Products? I'm sure there are many surprises as you dig in deeper?

Bradley Nelson

Not many. I mean the only thing that's really changed from our early assumptions is the retail environment and recovery of the retail environment has just been pushed out some here as we continue to bounce at the low part of the market. But in general, on the fundamentals of the business from an addressable market perspective that more than doubles our participation with a wide range of price points now with a larger platform for product channel and even operational leverage, we've been really thrilled with that.

We've got active synergy plans in place that we're excited, accelerating value creation there. But in general, our conviction and confidence around this has only increased.

Operator

Your next question comes from Noah Zatzkin with KeyBanc Capital Markets.

Noah Zatzkin

I guess, first, just kind of on the industry retail commentary. What did you kind of see play out through the quarter? And maybe what are you seeing now? Any kind of change in retail performance for you guys or the broader industry as things progressed?

Scott Kent

As I think we mentioned, the 5% to 10% we're sort of assuming for the industry across really all of our segments was really a reflection of kind of the current calendar year trend that's been going on across our segments. Some are a little better, some are a little worse in that 5% to 10% range. But we're just assuming that, that sort of continues through the rest of the season.

Keep in mind, the rest of the 6-month period is the low point of retail. So it's harder on a calendar year basis to catch up much. So we still believe in the quarter as well as for the calendar year, we'll still be in that 5% to 10% range.

Noah Zatzkin

Got it. Very helpful. And then maybe just now kind of exiting selling season, just any comments on what you're seeing in terms of inventory positions kind of across the industry and how you're feeling?

Scott Kent

I do think that over the last 2 years, the entire industry has been trying to bring down inventory levels coming out of the kind of COVID highs of retail. That certainly has continued. I think the entire industry is healthier than it used to be, and we're certainly in that way -- in that as well.

So I think as we kind of mentioned, the legacy brands for our pipeline are down about 20% or 30% on the legacy side and about 20%, including our new Chaparral and Robalo brands. So we think we've done what we need to do to bring down inventories. And as we've kind of tried to say, as you think forward, we're going to do a lot better trying to align wholesale to retail and not really focus on trying to get any further pipeline reductions unless the market just continues to go down, and we have to follow the market. So...

Bradley Nelson

Also, Noah, just to build on that a little bit, on the positive front, as Scott mentioned, dealer inventory is clean. Promotional intensity is healthier than it's been. Premium customers remain engaged in our brands and boating participation supports the long term.

So although we're managing relatively conservatively today through this period with retail recovery delay, when that broadens, we're prepared for upside there. So that delayed retail recovery is really a timing issue in our view, not a change in any long-term fundamentals in the marine space.

Operator

Your next question comes from Gregory Miller with Truist Securities.

Gregory Miller

You mentioned a number of items that you're working on in the Recreation and Sport Fishing segment, innovation, dealer relations and manufacturing. I thought to focus on dealer relations, and I'm just curious what changes you're working and implementing post acquisition.

Bradley Nelson

Well, across the board, as we accelerate value creation of a larger group here with presence with 5 brands in all these categories, first of all, let me just say we're protecting what makes our brands special. And that includes Chaparral, Robalo, keeping them strong while we use scale and process and cross-company expertise to drive even more value.

So with synergy plans in general as it relates to dealers, you can imagine with that added scale, product diversity, brand leverage, there's all kinds of discussions happening. We've already seen successes of dealers picking up new brands within our portfolios, of which there are also numerous other discussions ongoing as that unfolds. Every one of those conversations creates value opportunity for the future. It's one of our core synergy items that we're deeply engaged in right now today, and that will continue to unfold over time.

Gregory Miller

Okay. And I think you may have addressed this a little bit in the call already, but from a manufacturing or plant operations context, have you made any changes to the Georgia plant since you finished acquisition?

Bradley Nelson

Well, the teams are working together on all kinds of best practice sharing, and that goes in all directions. It's not just MasterCraft injection into the Georgia facility. There's best practices there that we're applying in reverse. There's a handful of high-priority operational items at play there. We have structured integration and synergy teams very disciplined working through that. And in time, that will prove out as we look at -- and that also includes purchasing synergies as well on the sourcing side.

Operator

There are no further questions at this time. This concludes today's call. Thank you for attending. You may now disconnect.