8-K

UNITED STATESSECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549


FORM 8-K

CURRENT REPORTPursuant to Section 13 OR 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): January 29, 2013


POLARIS INDUSTRIES INC.
(Exact name of Registrant as specified in its charter)

Minnesota	1-11411	41-1790959
(State of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

2100 Highway 55
Medina, Minnesota 55340
(Address of principal executive offices)
(Zip Code)

(763) 542-0500
(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

⃞ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

⃞ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

⃞ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

⃞ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02       Results of Operations and Financial Condition.

On January 29, 2013, Polaris Industries Inc. (the “Company”) issued a press release announcing the Company’s fourth quarter and full year 2012 financial results for the reporting period ended December 31, 2012.  On January 29, 2013, the Company also hosted its quarterly earnings conference call, which was accessible to the public.  A recording of the conference call will be available through the end of the business day on February 5, 2013 by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 for international calls; the conference ID is #48223930.  A link to conference call recording will also be posted on the Company’s website at www.polaris.com/irhome.

A copy of the Company’s press release is furnished as Exhibit 99.1 attached hereto and a copy of the presentation materials discussed during the conference call is being furnished as Exhibit 99.2 to this Current Report on Form 8-K.  

Item 7.01       Regulation FD Disclosure.

The disclosures set forth in Item 2.02 above are hereby incorporated by reference into this Item 7.01.

Item 9.01       Financial Statements and Exhibits.

(d) Exhibits.

99.1	Press Release dated January 29, 2013 of Polaris Industries Inc.
99.2	Presentation materials dated January 29, 2013 of Polaris Industries Inc.

The information contained in this Current Report is furnished and not deemed to be filed for purposes of Section 18 of the Securities and Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section.  The information in this Current Report shall not be incorporated by reference into any filing or other document pursuant to the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such filing or document.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date:	January 29, 2013
		POLARIS INDUSTRIES INC.
		/s/ Michael W. Malone
		Michael W. Malone
		Vice President – Finance and Chief Financial Officer of Polaris Industries Inc.

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press Release dated January 29, 2013 of Polaris Industries Inc.
99.2	Presentation materials dated January 29, 2013 of Polaris Industries Inc.

EX-99.1

Exhibit 99.1

CONTACT:
Polaris Industries Inc.
Richard Edwards, 763-542-0500

Polaris Reports Record 2012 Fourth Quarter and Full Year Results; Fourth Quarter EPS Increased 38% to $1.24 with Sales Growth of 15%

Fourth Quarter Highlights:

• Net income increased 38% to $88.1 million, or $1.24 per diluted share, with sales increasing 15% to $900.6 million, both fourth quarter records.
• Off-Road Vehicle sales increased 22%, On-Road Vehicle sales increased 36% and PG&A sales increased 17% during the 2012 fourth quarter.
• North American retail sales remained strong, increasing 13% in the fourth quarter compared to a year ago.
• Gross profit margins expanded 210 basis points to 28.2% in the fourth quarter due to manufacturing realignment savings, lower product costs and higher selling prices.

Full Year Highlights:

• Full year 2012 net income increased 37% to a record $312.3 million, or $4.40 per diluted share, with record sales of $3.2 billion, an increase of 21% from full year 2011.
• Full year 2012 gross profit margins improved 90 basis points compared to full year 2011.
• All product lines increased sales and retail market share for the full year 2012.

MINNEAPOLIS--(BUSINESS WIRE)--January 29, 2013--Polaris Industries Inc. (NYSE: PII) reported record fourth quarter net income of $1.24 per diluted share for the quarter ended December 31, 2012, up 38 percent from the prior year’s fourth quarter net income of $0.90 per diluted share. Reported net income was $88.1 million for the fourth quarter of 2012, up 38 percent from the previous fourth quarter’s net income of $63.9 million. Sales for the fourth quarter 2012 totaled a record $900.6 million, an increase of 15 percent over last year’s fourth quarter sales of $782.0 million.

For the full year ended December 31, 2012, Polaris reported record net income of $4.40 per diluted share, a 38% increase compared to $3.20 per diluted share for the year ended December 31, 2011. Reported net income was $312.3 million for the full year 2012, up 37 percent from the previous year’s net income of $227.6 million. Sales for the full year 2012 totaled a record $3,209.8 million, an increase of 21 percent compared to sales of $2,656.9 million for the full year 2011.

“Our outstanding fourth quarter results concluded another successful year for Polaris, from both financial and strategic perspectives. In 2012, Polaris exceeded $3 billion in sales for the first time and operational improvements drove net income margin above 9.7%, even as we continued to invest in numerous diversification and growth opportunities,” commented Scott Wine, Polaris’ Chief Executive Officer.

“We expect 2013 to be another year of profitable growth and margin expansion, although we remain wary of the fragility of the global economy, particularly in Europe, where we project our business will be down slightly. Our product development and investment activity will remain high, as indicated by our decision to approve the construction of a new European plant that will provide significant future cost reduction and growth opportunities. Our aggressive posture will be balanced by consistent and prudent evaluation and preparation for risks that may arise. Operational flexibility and aggressive cost control are core strengths of Polaris, and we will leverage our excellence in executing those disciplines to overcome any obstacles to continued profitable growth.”

“Our strong performance in 2012 once again afforded us the opportunity to invest in key growth initiatives. Perhaps most exciting is the progress we made in support of the much anticipated Indian Motorcycle resurgence, which justifies and requires an unprecedented level of resources and investments. From designing and developing an all new engine and bikes, to building the team, distribution network and launch plans, we are executing a plan that will ensure we give Indian the best possible introduction to the market later this year.”

“Between the Indian launch and the much anticipated release of our jointly developed product with Bobcat, 2013 will be an exciting year for new vehicles. We are also enthusiastic about the potential KLIM, which we acquired in the fourth quarter, brings to our PG&A offering, providing both additional growth opportunities and attractive margin characteristics through its strong apparel brand. I believe our Polaris team is the best in Powersports, and together we will build on the strong finish to 2012 and play to win- again! - in 2013.”

2013 Business Outlook
Wine continued, “Disciplined execution of a set of well-defined strategic goals has guided us through several successful years, and we expect 2013 to be no different. We anticipate another record year, though we are keenly aware of the uncertainty surrounding the overall U.S. and European economic environment and increasing competitive pressure, most notably in our core Off-Road Vehicles business. We are prepared with countermeasures if economic conditions worsen and we are confident that our unparalleled product line of RANGER and RZR products, bolstered by a robust multi-year product pipeline of new ATV and side-by-side products, will emphatically answer these competitive threats, continuing our solid growth and market share gains. However, we cannot realize the promise of these products unless we efficiently bring them to market. Between the Max Velocity Program for Off-Road Vehicles and the Retail Flow Management process we are implementing for motorcycles, we foresee logistics becoming another vehicle driving us towards our sales and earnings goals.”

Full year 2013 earnings are expected to be in the range of $4.85 to $5.05 per diluted share, which represents an increase of 10 to 15 percent compared to full year 2012 earnings. Net income for full year 2013 is also expected to increase in the range of 10 to 15 percent over full year 2012. Sales for full year 2013 are expected to increase seven to ten percent over full year 2012 sales, with sales increases projected in Off-Road Vehicles, On-Road Vehicles and PG&A.

Fourth Quarter Performance Summary (in thousands except per share data)
	Three Months ended December 31,							Twelve Months ended December 31,
Product line sales	2012			2011			Change	2012			2011			Change
Off-Road Vehicles	$	567,103		$	465,768		22%	$	2,225,833		$	1,822,334		22%
Snowmobiles		154,563			169,181		(9%)		282,968			280,046		1%
On-Road Vehicles		47,383			34,879		36%		240,172			146,328		64%
Parts, Garments & Accessories		131,598			112,141		17%		460,809			408,241		13%
Total Sales	$	900,647		$	781,969		+15%	$	3,209,782		$	2,656,949		+21%
Gross profit	$	253,800		$	204,308		+24%	$	925,297		$	740,583		+25%
Gross profit as a % of sales		28.2	%		26.1	%	+210 bpts		28.8	%		27.9	%	+90 bpts
Operating expenses	$	129,218		$	118,131		+9%	$	480,792		$	414,751		+16%
Operating expenses as a % of sales		14.3	%		15.1	%	-80 bpts		15.0	%		15.6	%	-60 bpts
Operating Income	$	134,877		$	93,130		+45%	$	478,425		$	349,924		+37%
Operating Income as a % of sales		15.0	%		11.9	%	+310 bpts		14.9	%		13.2	%	+170 bpts
Net Income	$	88,064		$	63,899		+38%	$	312,310		$	227,575		+37%
Net income as a % of sales		9.8	%		8.2	%	+160 bpts		9.7	%		8.6	%	+110 bpts
Diluted Net Income per share	$	1.24		$	0.90		+38%	$	4.40		$	3.20		+38%

Off-Road Vehicle (“ORV”) sales increased 22 percent from the fourth quarter 2011 to $567.1 million. This increase reflects continued North American market share gains for both ATVs and side-by-side vehicles as we continue to expand upon our industry leading ORV market share position. Polaris North American ORV unit retail sales were up mid-teens percent from the fourth quarter last year, with consumer purchases of side-by-side vehicles climbing more than 20 percent, and ATV retail sales up high-single digits percent. The Company estimates North American industry ORV retail sales in the fourth quarter 2012 rose mid-single digits percent from the fourth quarter of 2011. While our international businesses continued to gain market share, sales of ORVs outside of North America decreased nine percent in the fourth quarter, primarily due to weaker demand in Europe. For the full year 2012, Polaris ORV sales increased 22 percent compared to that of the prior year.

Snowmobile sales decreased nine percent to $154.6 million for the fourth quarter of 2012 as compared to $169.2 million for the fourth quarter of 2011. This decrease is due to the Company’s decision to escalate early season snowmobile shipments into the 2012 third quarter so as to better coincide with the start of the consumer retail snowmobile selling period. Polaris season-to-date market share through December 2012 has increased in an industry that is down less than five percent season-to-date in North America. Sales of snowmobiles outside of North America, principally in the Scandinavian region and in Russia, increased 15 percent in the fourth quarter of 2012 as compared to a year ago. For the full year 2012, sales of Polaris snowmobiles increased one percent compared to the prior year.

Sales of the On-Road Vehicles division, comprised primarily of Victory motorcycles but also including Indian motorcycles and our GEM and Goupil electric vehicles, increased 36 percent in the 2012 fourth quarter to $47.4 million. Consumer demand for Victory motorcycles was strong in each of our global markets, as we continued to gain market share and expand distribution in these areas. Fourth quarter and full year North American industry heavyweight cruiser and touring motorcycle retail sales were up slightly over 2011. Victory North American consumer unit retail sales increased in the fourth quarter and increased over ten times the industry percentage growth rate for the full year 2012. Sales of On-Road Vehicles to customers outside of North America increased over 50 percent during the 2012 fourth quarter. For the full year 2012, Polaris On-Road Vehicle sales increased 64 percent compared to the prior year.

Parts, Garments, and Accessories (“PG&A”) sales increased 17 percent during the fourth quarter 2012 compared to the same period last year. All product lines and product categories experienced increased sales. Sales of PG&A to customers outside of North America increased 16 percent during the 2012 fourth quarter compared to the same period last year. During the fourth quarter, the Company acquired KLIM, a privately owned, Rigby, Idaho-based company which designs, develops and distributes industry-leading KLIM brand of technical riding gear for both snowmobiles and motorcycles. For the full year 2012, Polaris PG&A sales increased 13 percent compared to the prior year.

International sales totaled $138.9 million for the 2012 fourth quarter, up six percent over the same period in 2011. The rise in fourth quarter sales resulted from a 19 percent combined increase in sales to customers in the Asia/Pacific and Latin American regions, along with higher sales of snowmobiles and Victory motorcycles and incremental sales from the Goupil acquisition. This was largely offset by lower ORV sales, primarily in Europe, due to sluggish economic conditions.

Gross profit for the fourth quarter of 2012 was 28.2 percent of sales, a 210 basis point increase over the fourth quarter 2011. Gross profit dollars increased 24 percent to $253.8 million for the fourth quarter of 2012, compared to $204.3 million for the fourth quarter of 2011. The increase in both the gross profit percentage and gross profit dollars is primarily due to cost savings from product cost reduction efforts, production efficiencies on increased volumes, higher selling prices and ongoing cost saving from the manufacturing realignment project, partially offset by higher sales promotions. For the full year 2012, gross profit as a percentage of sales increased 90 basis points to 28.8 percent.

Operating expenses for the fourth quarter of 2012 increased nine percent to $129.2 million, compared to $118.1 million during the fourth quarter of 2011. Operating expenses as a percentage of sales decreased to 14.3 percent of sales versus 15.1 percent of sales during the fourth quarter 2011. Operating expenses in absolute dollars for the fourth quarter of 2012 increased primarily due to higher selling and marketing expenses as we prepare for the Indian motorcycle launch and implement the new go-to-market program for motorcycles and ongoing infrastructure investments for growth initiatives. For the 2012 full year, operating expenses, as a percent of sales, decreased 60 basis points to 15.0 percent.

Income from financial services increased 48 percent to $10.3 million during fourth quarter 2012 as compared to $7.0 million in the fourth quarter of 2011. These results were primarily a consequence of increased profitability generated from retail credit portfolios with Sheffield, GE, and Capital One, and higher income from dealer inventory financing through the Polaris Acceptance joint venture. For the 2012 full year, income from financial services was $33.9 million, a 41 percent increase compared to $24.1 million for the full year 2011.

Non-operating other income was $1.2 million in the fourth quarter of 2012, compared to $4.6 million in the fourth quarter of 2011. The decrease in profitability resulted from foreign currency exchange rate movements and the corresponding effects on foreign currency transactions related to the Company’s foreign subsidiaries. For the 2012 full year, non-operating other income was $7.5 million as compared to $0.7 million for the full year 2011.

The Income tax provision for the fourth quarter 2012 was recorded at a rate of 34.5 percent of pretax income compared to 33.8 percent of pretax income for the fourth quarter 2011. For the 2012 full year, the income tax provision was recorded at a rate of 34.9 percent of pretax income compared to 34.3 percent for the full year 2011. The income tax provision rate is higher in the 2012 periods due to the renewal of the federal research and development income tax credit being deferred into calendar year 2013 by the U.S. Congress.

Financial Position and Cash Flow
Net cash provided by operating activities increased 38 percent to $416.1 million for the year-to-date period ended December 31, 2012 compared to $302.5 million for the same period in 2011. The increase in net cash provided by operating activities for the 2012 period was due primarily to the increase in net income and improved working capital. Total debt at the 2012 year end was $107.2 million, and the Company’s debt-to-total capital ratio was 13 percent at December 31, 2012, compared to 18 percent at the same period in 2011. Cash and cash equivalents were $417.0 million at December 31, 2012, an increase of 28 percent compared to $325.3 million for the same period in 2011.

Conference Call and Webcast Presentation
Today at 9:00 AM (CT) Polaris Industries Inc. will host a conference call and webcast to discuss Polaris’ 2012 fourth quarter earnings results released this morning. The call will be hosted by Scott Wine, CEO, Bennett Morgan, President and COO, and Mike Malone, Vice President―Finance and CFO. A slide presentation and link to the audio webcast will be posted on the Investor Relations page of the Polaris web site at www.polaris.com/irhome.

To listen to the conference call by phone, dial 877-706-7543 in the U.S. and Canada, or 973-200-3967 internationally. The Conference ID is # 48223930.

A replay of the conference call will be available approximately two hours after the call for a one-week period by accessing the same link on our website, or by dialing 855-859-2056 in the U.S. and Canada, or 404-537-3406 internationally.

About Polaris
Polaris is a recognized leader in the powersports industry with annual 2012 sales of $3.2 billion. Polaris designs, engineers, manufactures and markets innovative, high quality off-road vehicles, including all-terrain vehicles (ATVs) and the Polaris RANGER^® and RZR^® side-by-side vehicles, snowmobiles, motorcycles and on-road electric/hybrid powered vehicles.

Polaris is among the global sales leaders for both snowmobiles and off-road vehicles and has established a presence in the heavyweight cruiser and touring motorcycle market with the Victory and Indian motorcycle brands. Additionally, Polaris continues to invest in the global on-road small electric/hybrid powered vehicle industry with Global Electric Motorcars (GEM), Goupil Industrie SA, and internally developed vehicles. Polaris enhances the riding experience with a complete line of Pure Polaris and KLIM branded apparel and Polaris accessories and parts.

Polaris Industries Inc. trades on the New York Stock Exchange under the symbol “PII”, and the Company is included in the S&P Mid-Cap 400 stock price index.

Information about the complete line of Polaris products, apparel and vehicle accessories are available from authorized Polaris dealers or anytime at www.polaris.com.

Except for historical information contained herein, the matters set forth in this news release, including management’s expectations regarding 2013 sales, shipments, net income, net income per share, manufacturing realignment projects transition costs and savings in logistical and production costs, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as the Company’s ability to successfully implement its manufacturing operations realignment initiatives, product offerings, promotional activities and pricing strategies by competitors; acquisition integration costs; warranty expenses; impact of changes in Polaris stock price on incentive compensation plan costs; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in documents filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements.

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF INCOME
(In Thousands, Except Per Share Data)
(Unaudited)
	For Three Months						For Twelve Months
	Ended December 31,						Ended December 31,
	2012			2011			2012			2011
Sales	$	900,647		$	781,969		$	3,209,782		$	2,656,949
Cost of sales		646,847			577,661			2,284,485			1,916,366
Gross profit		253,800			204,308			925,297			740,583
Operating expenses
Selling and marketing		57,468			48,985			210,367			178,725
Research and development		33,327			31,383			127,361			105,631
General and administrative		38,423			37,763			143,064			130,395
Total operating expenses		129,218			118,131			480,792			414,751
Income from financial services		10,295			6,953			33,920			24,092
Operating income		134,877			93,130			478,425			349,924
Non-operating expense (income):
Interest expense		1,489			1,221			5,932			3,987
Equity in loss of other affiliates		179			-			179			-
Other income, net		(1,173	)		(4,610	)		(7,529	)		(689	)
Income before income taxes		134,382			96,519			479,843			346,626
Provision for income taxes		46,318			32,620			167,533			119,051
Net Income	$	88,064		$	63,899		$	312,310		$	227,575
Basic net income per share	$	1.27		$	0.93		$	4.54		$	3.31
Diluted net income per share	$	1.24		$	0.90		$	4.40		$	3.20
Weighted average shares outstanding:
Basic		69,112			68,885			68,849			68,792
Diluted		71,152			71,062			71,005			71,057

POLARIS INDUSTRIES INC.
CONSOLIDATED BALANCE SHEETS
(In Thousands)
(Unaudited)
Subject to Reclassification	December 31, 2012		December 31, 2011
Assets
Current Assets:
Cash and cash equivalents	$	417,015	$	325,336
Trade receivables, net		119,769		115,302
Inventories, net		344,996		298,042
Prepaid expenses and other		34,039		33,969
Income taxes receivable		15,730		24,723
Deferred tax assets		86,292		77,665
Total current assets		1,017,841		875,037
Property and equipment, net		253,369		213,778
Investment in finance affiliate		56,988		42,251
Investment in other affiliates		12,817		5,000
Deferred tax assets		22,389		10,601
Goodwill and other intangible assets, net		107,216		77,718
Other long-term assets		15,872		3,639
Total Assets	$	1,486,492	$	1,228,024
Liabilities and Shareholders’ Equity
Current Liabilities:
Current portion of capitalized lease obligations	$	2,887	$	2,653
Accounts payable		169,036		146,743
Accrued expenses:
Compensation		139,140		165,347
Warranties		47,723		44,355
Sales promotions and incentives		107,008		81,228
Dealer holdback		86,733		76,512
Other		73,529		68,856
Income taxes payable		4,973		639
Total current liabilities		631,029		586,333
Long-term income taxes payable		7,063		7,837
Capital lease obligations		4,292		4,600
Long-term debt		100,000		100,000
Other long-term liabilities		53,578		29,198
Total liabilities		795,962		727,968
Shareholders’ Equity:
Total shareholders’ equity		690,530		500,056
Total Liabilities and Shareholders’ Equity	$	1,486,492	$	1,228,024

POLARIS INDUSTRIES INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In Thousands)
(Unaudited)
Subject to Reclassification	For the Year
	Ended December 31,
	2012			2011
Operating Activities:
Net income	$	312,310		$	227,575
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		70,580			66,390
Noncash compensation		35,420			20,548
Noncash income from financial services		(3,899	)		(4,444	)
Noncash expense from other affiliates		179			133
Deferred income taxes		(20,281	)		(16,946	)
Tax effect of share-based compensation exercises		(29,892	)		(23,120	)
Changes in current operating items:
Trade receivables		2,413			(23,115	)
Inventories		(36,029	)		(49,973	)
Accounts payable		21,371			27,232
Accrued expenses		39,269			80,668
Income taxes payable/receivable		42,500			(1,343	)
Prepaid expenses and others, net		(17,826	)		(1,075	)
Net cash provided by operating activities		416,115			302,530
Investing Activities:
Purchase of property and equipment		(103,083	)		(84,484	)
Investment in finance affiliate, net		(10,838	)		(638	)
Investment in other affiliates		(7,996	)		(5,000	)
Proceeds from sale of investments		-			876
Acquisition of businesses, net of cash acquired		(41,135	)		(51,899	)
Net cash used for investing activities		(163,052	)		(141,145	)
Financing Activities:
Borrowings under senior notes/capital lease obligations		2,437			100,000
Repayments under credit agreement/capital lease obligations		(7,478	)		(202,333	)
Repurchase and retirement of common shares		(127,524	)		(132,372	)
Cash dividends to shareholders		(101,534	)		(61,585	)
Tax effect of proceeds from share-based compensation exercises		29,892			23,120
Proceeds from stock issuances under employee plans		41,690			45,654
Net cash used for financing activities		(162,517	)		(227,516	)
Impact of currency translation on cash balances		1,133			(2,460	)
Net decrease in cash and cash equivalents		91,679			(68,591	)
Cash and cash equivalents at beginning of period		325,336			393,927
Cash and cash equivalents at end of period	$	417,015		$	325,336

EX-99.2

Exhibit 99.2F

Results January 29, 2013 POLARIS INDUSTRIES INC.

Except for historical information contained herein, the matters set forth in this document, including but not limited to management’s expectations regarding 2013 sales, shipments, margins, net income, cash flow, and manufacturing realignment project transition costs and savings, are forward-looking statements that involve certain risks and uncertainties that could cause actual results to differ materially from those forward-looking statements. Potential risks and uncertainties include such factors as product offerings, promotional activities and pricing strategies by competitors; manufacturing realignment transition costs; acquisition integration costs; warranty expenses; impact of changes in Polaris stock prices on incentive compensation; foreign currency exchange rate fluctuations; environmental and product safety regulatory activity; effects of weather; commodity costs; uninsured product liability claims; uncertainty in the retail and wholesale credit markets; changes in tax policy and overall economic conditions, including inflation, consumer confidence and spending and relationships with dealers and suppliers. Investors are also directed to consider other risks and uncertainties discussed in our 2011 annual report and Form 10-K filed by the Company with the Securities and Exchange Commission. The Company does not undertake any duty to any person to provide updates to its forward-looking statements. The data source for retail sales figures included in this presentation is registration information provided by Polaris dealers in North America and compiled by the Company or Company estimates. The Company must rely on information that its dealers supply concerning retail sales, and other retail sales data sources and this information is subject to revision. 2 Q4-2012

Scott Wine, CEO Fourth Quarter & Full Year 2012 Earnings Results January 29, 2013 POLARIS INDUSTRIES INC.

$63.9 $88.1 Q4 2011 Q4 2012 +38% Q4 2012 Sales and Net Income Record 4th Quarter Sales and Net Income ORV Sales remained strong +22%; On-Road up 36%; PG&A up 17% International Sales up 6% EMEA growth remained slow , Asia Pacific / Latin America +19% growth Earnings per Share up 38% to record $1.24 Gross Profit Margin up 210 bps Operating Income increased 45% to $134.9M Net Income Margin up 160 bps to 9.8% 4 Q4-2012 $782.0 Q4 2011 Q4 2012 +15% $900.6 Record Fourth Quarter Sales, Net Income & EPS Q4 Net Income (in millions) Q4 Sales (in millions)

Consistently Outstanding Results 2012 Financial Metrics METRIC 2012 Actual (millions) Variance to 2011 Sales $3,210 +21% Gross Profit % 28.8% +90 bps Operating Income $478.4 +37% Operating Income % 14.9% +170 bps Net Income $312.3 $37% Net Income % 9.7% +110 bps EPS $4.40 38% Operating Cash Flow $416.1 +38% Shareholder Return 53% +7% 5 Q4-2012

North American Retail Sales growth and market share gains expected to continue PG&A growth accelerating faster than overall company International Sales projected to increase slightly EMEA down slightly; APLA growth remains strong Net Income projected up 10% to 15% On-going margin improvement expected from Monterrey; offsetting European plant expansion costs Net Income Margin projected to be near long term goal of 10% 6 Q4-2012 $3,210 2012 Actual FY 2013 Guidance $4.40 2012 Actual FY 2013 Guidance Diluted EPS Total Company Sales (in millions) Up 7% to 10% $3,440 to $3,540 Up 10% to 15% $4.85 to $5.05

New European Manufacturing Current Manufacturing Footprint European Facility 325,000 SF Weld, paint & assembly for ATV and SxS Expected to break ground in 1H of 2013; begin production 2H of 2014 Advantages / Justification North America plants capacity constrained Cost down opportunities; manufacturing / logistics Build product specific to EMEA customer needs Improved customer service / response Reduce Polaris’ factory inventory Cost to Complete Estimated total cost to complete ~$50 million (Operating and Capital, combined) ~$8 to $10 million start-up P&L costs in 2013 Annualized savings $20+ million at maturity Roseau, Minnesota 750,000 sq ft Snow, ATV, SxS Spirit Lake/Milford, Iowa 400,000 sq ft SxS, Motorcycles, GEM, Bobcat Monterrey, Mexico 425,000 sq ft SxS, Engines Osceola, Wisconsin 100,000 sq ft Engines Bourran, France 100,000 sq ft Goupil Vehicles 7 Q4-2012

Best in Powersports PLUS 5-8% annual organic growth SxS remain clear #1 in market share ATVs #1 in N.A. market share – 1st time ever PG&A adds quality KLIM apparel line Growth through Adjacencies $1B - $2B from acquisitions and new markets Indian bike development solidly on plan Bobcat project on track for 1H 2013 launch Polaris Defense BD efforts solid Global Market Leadership >33% of Polaris revenue International sales up 9% EMEA +5% in tough market; APLA +21% ORV gained share again; On-Road sales up >100% Operations is Competitive Advantage Op Ex drives > 200 bps operating margin Improvement Operating Income Margin up 170 bps Productivity, Lead Times, Availability improving Monterrey plant savings on plan Strong Financial Performance Sustainable, profitable growth Net income margin 10.0% Sales up 21% Net Income up 37% / EPS up 38% Net Income Margin to 9.7% 8 Q4-2012 3-5 Year Objectives Full Year 2012 Progress

Bennett Morgan President & COO Fourth Quarter & Full Year 2012 Earnings Results January 29, 2012 POLARIS INDUSTRIES INC.

10 Q4-2012 N.A. Powersports Market Share (units) N.A. Retail Sales by Quarter 13% 19% 15% 11% 17% 17% 10% 13% Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12 Q3-12 Q4-12 Snow ORV Victory TOTAL Polaris Q4 N.A. retail sales up 13%; Full Year up 14%, demand remains strong Continue to gain market share in every business Remain clear #1 in N.A. Powersports N.A. Powersports Industry showed growth in 2012 Core ATV industry increased for the 1st time since 2004 Motorcycle industry increased for the 1st time since 2006 2005 2006 2007 2008 2009 2010 2011 2012 (Using Total Motorcycle Industry)

11 Q4-2012 N.A. Sales vs. Dealer Inventory Dealer Inventory Units 2006 2007 2008 2009 2010 2011 2012 LEAN initiatives improving delivery and inventory quality New Retail Flow Management (RFM) “pull” order process progressing well for motorcycles MVP order response and visibility enhancements for ORV dealers improving retail velocity and customer satisfaction N.A. dealer inventories up 25% from 2011 for the right reasons: ORV Dealer Inventory up 26% to reduce stock-outs and improve mix of products Motorcycles dealer inventory up 43%; new RFM implementation; 50 new dealer adds Snowmobile inventory up 16% due to previous season-ending inventory $1,644 $1,313 $1,685 $2,233 $2,749 2008 2009 2010 2011 2012 Units in Inventory N.A. Sales in Millions N.A. Sales - TTM N.A. Dealer Inventory

12 Q4-2012 #1 in ORV - Expanding share in SxS and ATVs, again ATVs #1 in market share in North America; retail up high single digits % for Q4 and FY 2012 SxS retail up over 20% in Q4 and FY 2012 New RZR XP900 Jagged X sold out of initial allotment within 24 hours New MY’13 products selling briskly: RANGER 900 XP, RANGER 800 EFI Mid-size and Scrambler 850 SxS SxS ATV ATV Q4 2011 Q4 2012 N.A. ORV Industry Polaris Sales ($ in millions) 2012 Estimate 2013 Projection SxS SxS ATV ATV FY 2012 FY 2013 Guidance Up high single digits% +22% $567.1 +22% $2,226 $465.8 RZR® XP 900 H.O. Jagged X Up mid single digits% Modest % Increase Q4 and Full Year 2012 2013 Objectives Win competitive battle - grow market share, again Drive industry-leading innovation in products, distribution and manufacturing Improved customer fulfillment and speed-tomarket through LEAN Improve quality and industry-leading Net Promoter scores

13 Q4-2012 Q4 & FY 2012 challenging revenue year due to US budget environment; sales flattish vs. 2011 #1 in Ultra Light Military Vehicles Solid multi-year contracts in place TACOM $54 million National Guard $67 million SOCOM ATV $16 million Penetrating new markets in 2013: Armor & NPTs Full year 2012 Bobcat retail sales up upper-single digits on lower shipments Dealer inventories remain lean National Accounts business choppy but improving Successfully launch co-developed product into Bobcat and Polaris dealer channels in 1H 2013 Strategic Alliance 2011 Actual 2012 Actual 2013 Expectations Sales 2011 Actual 2012 Actual 2013 Expectations Sales MRZR 2 Bobcat 3200 4x2 UTV

Polaris Industry Down <5% Down low single digits % Q4 2011 Q4 2012 FY 2012 FY 2013 Guidance 14 Q4-2012 Industry down <5% STD but month of December stronger due to improving snow conditions Snow N.A. market share up STD for Polaris 800 Pro RMK “Snowmobile of the Year” Dealer inventory remains elevated but manageable. Solid mix of current vs. non-current at dealers Quality continues to improve – NPS scores up STD 2012-13 N.A. Snowmobile Retail Sales Polaris Sales (in millions) MY’13 600 Indy Down single digits % -9% $154.6 +1% $283.0 $169.2 2013 Objectives Q4 and Full Year 2012 World class Quality – improve NPS Drive market share growth – strong #2 & gaining Strong new product innovation to attack market segment opportunities

2012 2013 Projection Up low single digits % Up slightly 15 Q4-2012 Victory N.A. retail increased in Q4, grew 10 times industry rate for FY 2012 Victory gained share again in 2012, clear #2 in heavyweight segment Gained share in cruisers, baggers and touring International unit retail sales up significantly and gaining share Introduced MY’13 Limited Edition 15th Anniversary Cross Country Touring model N.A. Motorcycle Industry 1400cc+ Polaris Total On-Road Sales (in millions) FY 2012 FY 2013 Guidance Q4 2011 Q4 2012 Up 25% - 35% +36% $47.4 +64% $240.2 $34.9 Q4 and Full Year 2012 2013 Objectives MY’13 Victory 15th Anniversary Edition Successfully re-launch Indian motorcycles – product, distribution and brand Increase Victory motorcycles share and profitability Implement and master RFM with minimal disruptions Continue Victory expansion outside N.A.; Launch Indian motorcycles internationally Expand PGA per unit penetration through broader apparel and accessories

16 Q4-2012 January 2013 MY’13 Indian Chief Vintage FE (Final Edition) December 2012 March 2013 Product Launch mid to late summer 2013 MY ‘14 Indian engine sound MY ‘14 completely new Indian engine to be unveiled MY 2014 Indian Motorcycles re-launched Indian experience truck iPhone/Android Indian Rides App available Indian Dealer sign-up ongoing

17 Q4-2012 Goupil Q4 Revenue up double digits percent; best order performance since Q4 2009 Added over 150 dealers in 2012 Expect 2013 revenue to grow double digits, again 2013 focus on growing B2B customers; cost reductions; quality 2012 revenue up double digits percent (proforma) Expect 2013 revenue to grow double digits, again in spite of European economic headwinds 2013 Objectives: Successfully launch G5 Hybrid Cost reductions / productivity improvements Expand sales outside France to grow faster GEM 2012 Actual 2013 Expectations Sales GEM eL XD Goupil G5 Hybrid 2012 Actual 2013 Expectations Sales

FY 2012 FY 2013 Guidance  18 Q4-2012 Polaris PG&A Sales ($ in millions) 2013 Objectives Q4 and Full Year 2012 Record Q4 sales; up 17% vs. 2011; up 13% for FY 2012 2012 ORV growth up 24% vs. Q4 2011 On-Road up 8% vs. Q4 2011 International up 16% from Q4 2011 All categories and regions increased sales vs. Q4 and full year 2011 Acquired KLIM in December 2012 Increased distribution center productivity 7% in 2012 Launched 250+ new MY ‘13 accessory products; 900XP cab system has been very successful 49% Parts 47% Apparel 4% Q4 2011 Q4 2012 +17% $131.6 +13% $460.8 $112.1 Up about 20% Accessories ORV 73% On-Road 8% Snow 13% Other 6% Add N.A. distribution center to support growth/reduce costs Maximize KLIM acquisition; grow total apparel portfolio Accelerate accessory $ / Unit growth through integrated product planning Improve margins through operational excellence FY 2012 Sales by Category FY 2012 Sales by Product Line

Q4-2012 Polaris Apparel Center of Excellence KLIM Overview Market leader in design, development and distribution of premium technical riding gear for snowmobile, off-road and adventure touring motorcycles FY 2012 Sales approaching $30 million, primarily in N.A. (5-Yr CAGR over 20%) 850 dealers in U.S. 55+ employees 50,000 sq. ft. facility in Rigby, Idaho Rigby, Idaho will become Polaris Center of Excellence for Apparel design & development KLIM will operate as a stand-alone business Founder and current CEO will continue to oversee KLIM operations Each brand’s products will be handled by distinct, dedicated brand teams in Rigby Accelerates growth of our highly profitable PG&A business Complimentary Skills KLIM: Strong apparel design capabilities Polaris: Scale, infrastructure, higher visibility Both: relentless innovation Leverage Strong Brands Polaris, Victory, Indian, KLIM Accretive to operating income in 2013 KLIM Product Lines Strategic Fit Snowmobile Apparel Motorcycle Apparel 19

Global Market Leadership 20 Q4-2012 Polaris Sales (in millions) 2013 Objectives Global Market Gaining Share in Challenging Economic Environment ORV 55% Snow 14% On-Road 14% PG&A 17% Grow share in EMEA on lower expected sales due to continued tough economic conditions Begin construction of new Europe manufacturing plant Grow APLA double digits. Double BIC sales Continue to grow Victory; successfully launch MY’14 Indian motorcycles Grow Goupil; improve costs, efficiency, quality Eicher – Polaris JV project and team on track for CY 2014 launch Q4 2011 Q4 2012 FY 2012 FY 2013 Guidance Up Slightly +6% $138.9 +9% $460.6 $131.1 Sales up 6% in Q4; Currency impact was flat On-Road / Victory sales up over 50% in Q4 EMEA up Q4 and FY 2012, but growth slowed due to broader economy; EMEA motorcycle & ORV industries remain weak Increased motorcycle & ORV market share – remain clear leader in Europe ORVs APLA up +19% in Q4 and +21% FY 2012 Eicher – India JV project in process & on track Europe 67% LatAm 7% Asia 4% Aus/NZ 15% ME/Africa 7% FY 2012 Sales by Geography FY 2012 Sales by Product

Gross margins increased 210 bps in Q4 2012 Higher volume, product cost reductions, pricing and manufacturing realignment savings Net income margin increased 160 bps to 9.8% for Q4 2012 Commodity and currency pressures stabilized Productivity continued to improve; +6% in 2012 Monterrey production and quality on plan & profitable; 2013 full year savings remains on plan Investing incremental $100M in capital: plant capacity, quality and capability across the globe in 2013 Inventory turns flat; factory inventory up 16% due to higher demand, product mix and delivery improvement initiatives 21 Q4-2012 27.9% +90 bps 28.8% 26.1% +210 bps 28.2% Q4 2011 Q4 2012 FY 2011 FY 2012 FY 2013 Guidance FY 2011 Gross Margin Operating Expense Financial Services Income Taxes Other Income/Expense FY 2012 8.6% +0.9% +0.6% +0.2 -0.7% +0.1% 9.7% FY 2012 Net Income as a Percent of Sales Gross Margins Increase Up to +40 bps

Mike Malone V.P. Finance & CFO Fourth Quarter & Full Year 2012 Earnings Results January 29, 2013 POLARIS INDUSTRIES INC.

Continued Strong Financial Performance 2013 Full Year Guidance METRIC GUIDANCE Product Line Sales Off-Road Vehicles Up high single digits % On-Road Vehicles Up 25% to 35% Snowmobiles Down single digits % PG&A Up about 20% International Up slightly Total Company Sales Up 7% to 10% Gross Margins Expand up to 40 bps Operating Expenses About flat as a percent of sales Income Taxes 33.5% to 34.0% of pretax income Net Income Up 10% to 15% EPS, Diluted $4.85 - $5.05 (+10% to 15%) Share Count Approximately flat Change vs 2012 Increased Decreased Flat 23 Q4-2012

METRIC Actual Q4 2012 Actual Full Year 2012 Full Year Guidance 2013 Prior Period 26.1% 27.9% 28.8% Production volume adjustments Product cost reduction efforts Commodity costs Currency rates Higher selling prices Product mix Mfg. realignment projects, net Warranty costs Tooling amortization Sales promotional costs Current period 28.2% 28.8% Up to 29.2% Change +210 bps +90 bps Up to 40 bps Improvement to gross profit margin % Impairment to gross profit margin % Neutral to gross profit margin % 24 Q4-2012

Financial Position Remains Healthy Balance Sheet and Liquidity Profile $ In millions (except per share and interest rate data) Full Year 2012 Fav / (UnFav) 2011 2013 Full Year Guidance Cash $417.0 $91.7 Decrease if acquisitions completed Debt $107.2 $0.1 Unchanged Credit Facility $350.0 Flat Unchanged Factory Inventory $345.0 ($47.0) Increase similar % with sales Capital Expenditures $103.1 ($18.6) About $200 million Depreciation & Amortization $70.6 ($4.2) Increase from 2012 Operating cash flow $416.1 $113.6 Increase modestly from 2012 Dividend $1.48 per share $0.58 per share Increase over 2012 Return on Invested Capital 44% +2% Decrease slightly Polaris Acceptance Receivables $767.2 ($198.8) About flat Retail Credit – Approval Rate YTD – Penetration Rate YTD 60% 34% -1% Flat Stable 25 Q4-2012

Scott Wine, CEO Fourth Quarter & Full Year 2012 Earnings Results January 29, 2013 POLARIS INDUSTRIES INC.

Debt, Tax & Policy Decisions Inhibit Growth in U.S. & Europe Global economies remain fragile; Powersports markets slightly better ORV Competition Increases: Polaris Stays on Offense / Expands Share 15 Years of Victory: Driving Growth, Strengthening the Brand Indian Resurgence: Beautiful Bikes, Iconic Brand, Long Awaited Choice PG&A Accelerates Growth & Profitability, Klim Contributes Faster Growth in Small Vehicles, Military and Commercial Vehicles EMEA Down Slightly Despite Share Gains; APLA Growth Continues Monterrey Savings $30M+ in 2013, European Factory Investment Begins LEAN Momentum Builds to Reduce Inventory, Costs, and Time-to-Market 27 Q4-2012

28 Q4-2012 Thank you Q & A