Slide 1: Q4 2025 Earnings Conference Call
Q4 2025 Earnings Conference Call JANUARY 29, 2026
Slide 2: Forward-Looking Statements
BRUNSW ICK CORPORATION – EARNINGS RELEASE Forward-Looking Statements Certain statements in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections abo
Slide 3: Use of Non-GAAP Financial Information and Constant Currency Reporting
BRUNSW ICK CORPORATION – EARNINGS RELEASE Use of Non-GAAP Financial Information and Constant Currency Reporting In this presentation, Brunswick uses certain non-GAAP financial measures, which are numerical measures of a registrant’s historical or future financial performance, financial position, or
Slide 4: Business Overview – David Foulkes, CEO
BRUNSW ICK CORPORATION – EARNINGS RELEASE 01 Business Overview – David Foulkes, CEO ©2026 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 4
Slide 5: Full Year 2025 Highlights
BRUNSW ICK CORPORATION – EARNINGS RELEASE ✓ Q4 sales and adjusted earnings1 increased for all segments vs. Q4 2024 $5.4B $3.27 ✓ Outstanding 2025 free cash flow1, supporting shareholder capital return Net Sales Adjusted1 EPS while retiring ~$240M of (+2% vs. 2024) (-28% vs. 2024) debt Full Year 2025
Slide 6: Q4 2025 – All Segments Grew Sales for Second Consecutive Quarter
BRUNSW ICK CORPORATION – EARNINGS RELEASE Q4 2025 – All Segments Grew Sales for Second Consecutive Quarter Propulsion Engine P&A Navico Group Boat1 ✓ Showed Mercury ‘808’ concept at ✓ Favorable weather and strong ✓ Robust new product development ✓ 2H retail significantly improved CES, highlighting u
Slide 7: External, Customer, and Consumer Conditions
BRUNSW ICK CORPORATION – EARNINGS RELEASE External, Customer, and Consumer Conditions External Landscape Tariffs Dealer & Customer OEM Environment Sentiment ✓ U.S. Fed Funds rate reductions ✓ Total 2025 incremental net tariff ✓ Improved long-term dealer ✓ Continued Mercury wholesale benefitting whol
Slide 8: Industry Retail
BRUNSW ICK CORPORATION – EARNINGS RELEASE Industry Retail 2H Market Stabilization for Global Brunswick Boat Retail Boats units vs. prior year ✓ 2H internal retail acceleration vs. Q2; 2H flat to prior year 1H (-HSD%) 2H (Flat) FY (-MSD%) ✓ SSI 2025 U.S. boat industry retail units down 9% with Brunsw
Slide 9: Exceptional Free Cash Flow Performance Supporting Capital Strategy
BRUNSW ICK CORPORATION – EARNINGS RELEASE Exceptional Free Cash Flow1 Performance Supporting Capital Strategy ✓ Recently converted $300M of long-term debt into rate-advantaged commercial paper $442M $80M 2025 Shares Repurchased ✓ Net leverage of 3x, on path to 2x target ✓ 13th consecutive year of di
Slide 10: Financial Overview – Ryan Gwillim, CFO
BRUNSW ICK CORPORATION – EARNINGS RELEASE 02 Financial Overview – Ryan Gwillim, CFO ©2026 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 10
Slide 11: Overview of Fourth Quarter 2025 Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of Fourth Net Sales ($M) Operating Earnings1 ($M) Quarter 2025 Operating Margin1 % $67 Adjusted Results $1,334 70 8.00 % 7.00 % 60 $1,155 +16% 50 $47 6.00 % 5.00 % 40 5.0% ✓ Sales and earnings growth in 4.00 % 4.1% 30 3.00 % each segment vs. Q4 2024
Slide 12: Overview of Full-Year 2025 Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of Full-Year Net Sales ($M) Operating Earnings1 ($M) 2025 Adjusted Results Operating Margin1 % $5,363 600 20.0 0% $495 $5,237 18.0 0% +2% 500 16.0 0% 400 $371 14.0 0% 12.0 0% ✓ Sales exceeded guidance driven 300 10.0 0% 9.5% 8.00 % by a strong secon
Slide 13: Propulsion Segment – Q4'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Propulsion Segment – Q4’25 Performance1 Significant sales increases in all categories benefiting from strong OEM orders and market leadership Q4’25 Net Sales Adjusted Operating Margin of % Change vs. Q4’24 $556.6 $445.9 23% 6.5% Up 90 bps vs. Q4’24 26% (GAAP
Slide 14: Engine P&A Segment – Q4'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Engine P&A Segment – Q4’25 Performance1 Strong performance in each business, together with distribution market share gains, driving sales growth Q4’25 Net Sales Adjusted Operating Margin of % Change vs. Q4’24 10.4% Down 80 bps vs. Q4’24 $260.7 (GAAP Operatin
Slide 15: Navico Group Segment – Q4'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Navico Group Segment – Q4’25 Performance1 Sales and earnings increases reflect solid OEM orders, steady aftermarket performance, and operational improvements Adjusted Operating Margin of 8.4% Q4’25 Navico Group Net Sales Up 180 bps vs. Q4’24 (GAAP Operating
Slide 16: Boat Segment – Q4'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Boat Segment – Q4’25 Performance1 Sales and Adjusted Operating Earnings growth driven by stronger wholesale sales and lower discounting environment Q4’25 Net Sales Adjusted Operating Margin of % Change vs. Q4’24 $387.3 11% 6.1% Up 290 bps vs. Q4’24 (GAAP Ope
Slide 17: 2026 Guidance
2026 Guidance1 Key Assumptions Full year guidance reflects broad-based growth and ✓ Stable macro- strong operating leverage in a flat-to-slightly up market environment ✓ Flat-to-slightly up U.S. $5.6B to $5.8B 7.5% to 8.0% retail boat market Revenue Operating Margin ✓ Wholesale / retail alignment ✓
Slide 18: 2026 Adjusted EPS Midpoint Bridge
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2026 Adjusted EPS Midpoint Bridge1 $4.10 EPS guidance midpoint reflects 25% growth from 2025 $4.10 $3.27 FY 2025 Sales Cost Currency Strategic Incremental FY 2026 Reductions Opex Tariffs Guidance Midpoint 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FO
Slide 19: 2026 Guidance Capital Structure
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2026 Guidance1 Capital Structure P&L and Cash Flow Assumptions ✓ ~$240M debt retired in 2025 against $400M ’25/’26 target $35M to $45M $15M to $25M ✓ Attractive long-term debt profile with no maturities Incremental Net Positive Currency Tariff Impact Impact
Slide 20: Wrap-Up David Foulkes, CEO
BRUNSW ICK CORPORATION – EARNINGS RELEASE 03 Wrap-Up David Foulkes, CEO ©2026 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 20
Slide 21: Cutting-Edge Product Innovation Displayed at CES 2026
BRUNSW ICK CORPORATION – EARNINGS RELEASE Cutting-Edge Product Innovation Displayed at CES 2026 CES 2026 Mercury 808 Concept • Featured boats from 3 of • Ultra-high horsepower concept our industry-leading brands based on 600hp platform signaling future direction of • Showcased revolutionary outboard
Slide 22: Encouraging Recent Boat Show Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Encouraging Recent Boat Show Performance FLIBS Dusseldorf Award Recognition • Record 61% overall outboard • Global debut of Navan T30 model • Navan S30 – Motorboat of Year for Mercury share Best Weekender up to 40ft • Our premium fiberglass brands • Combined
Slide 23: Growing Awards Recognition
BRUNSW ICK CORPORATION – EARNINGS RELEASE Growing Awards Recognition 100+ Awards for the 4th Consecutive Year 6th Consecutive 3rd Consecutive 3rd Consecutive ~17% Of Brunswick’s 2025 Awards Represent National/Global Accolades 2nd Consecutive 2nd Consecutive 1st Year ©2026 BRUNSW ICK CO. CONFIDENTIAL
Slide 24: Thank You + Q&A Brunswick Investor Event
Thank You + Q&A Brunswick Investor Event The Convention Center at the Miami International Boat Show February 12, 2026 Experience Our Product and Engage with the Leadership Team Contact Pam Eriksen for details: pamela.eriksen@brunswick.com 2:00 – 3:30 PM EST 5:00 – 6:30 PM EST Guided Exhibit Tours Co
Slide 25: Appendix
BRUNSW ICK CORPORATION – EARNINGS RELEASE Appendix ©2026 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 25
Slide 26: 2026 Outlook - Segment Guide
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2026 Outlook - Segment Guide1 Propulsion Engine P&A Navico Group Boat Revenue Growth Mid-to-High Low-to-Mid Mid Mid-to-High Guide2 Single-Digit Percent Single-Digit Percent Single-Digit Percent Single-Digit Percent Operating Margin Flat-to-Up 30 ~20% Up 50+
Slide 27: 2026 Outlook – Capital Strategy and Other Assumptions
BRUNSWICK CORPORATION – EARNINGS RELEASE 2026 Outlook – Capital Strategy and Other Assumptions Average Diluted Effective Tax Rate Debt Retirement Shares Outstanding Net Interest Expense As Adjusted1 ~$160M ~65.5M ~$95M ~22% 1 TAX PROVISION, AS ADJUSTED FOR SPECIAL TAX ITEMS. ©2026 BRUNSW ICK CO. CON
Slide 28: Net Sales – Q4 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – Q4 2025 Net Sales increased by $178.9 million, or 16 percent Segments Q4 2025 Q4 2024 % Change Propulsion $556.6 $452.1 23% NET Engine Parts & Accessories Navico Group 260.7 203.0 226.2 195.1 15% 4% SALES Boat 387.3 348.3 11% Segment Eliminations
Slide 29: GAAP to Non-GAAP Reconciliations – Q4 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Q4 2025 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) Q4 2025 Q4 2024 Q4 2025 Q4 2024 GAAP $41.9 ($55.7) $0.28 ($1.07) Purchase accounti
Slide 30: GAAP to Non-GAAP Reconciliations – Q4 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Q4 2025 Operating Earnings By Segment Q4 2025 (in millions) Propulsion P&A Navico Boat Corporate Net sales $556.6 $260.7 $203.0 $387.3 GAAP operating earnings (loss) 36.0 27.1 (0.3) 16.7 (37.6) Purchase accounting amortizat
Slide 31: Net Sales – Full-Year 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – Full-Year 2025 Net Sales increased by $125.7 million, or 2 percent Segments FY 2025 FY 2024 % Change Propulsion $2,177.2 $2,074.2 5% Engine Parts & Accessories 1,217.5 1,160.8 5% NET Navico Group 800.4 800.2 0% SALES Boat 1,525.2 1,553.5 (2%) Seg
Slide 32: GAAP to Non-GAAP Reconciliations – Full-Year 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Full-Year 2025 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) FY 2025 FY 2024 FY 2025 FY 2024 GAAP ($40.7) $311.6 ($2.06) $2.21 Restructu
Slide 33: GAAP to Non-GAAP Reconciliations – Full-Year 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Full-Year 2025 Operating Earnings by Segment FY 2025 (in millions) Propulsion P&A Navico Boat Corporate Net sales $2,177.2 $1,217.5 $800.4 $1,525.2 GAAP operating earnings (loss) 193.0 220.3 (339.6) 32.2 (146.6) Purchase ac
Slide 34: Tax Rate
BRUNSW ICK CORPORATION – EARNINGS RELEASE Tax Rate Q4 2025 Q4 2024 Effective Tax Rate - GAAP Q4 Effective Tax Rate - As Adjusted 1 31.5% 13.8% 17.3% 11.0% FY 2025 FY 2024 Effective Tax Rate - GAAP (0.2%) 26.6% YTD Effective Tax Rate - As Adjusted 2 20.4% 21.0% (1) T AX PROVISION, AS ADJUST ED, EXCLU
Slide 35: Free Cash Flow
BRUNSW ICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q4 2025 Q4 2024 Net cash provided by operating activities from continuing operations $134.6 $312.0 Net cash (used for) provided by: Q4 Capital expenditures (49.3) (30.3) Proceeds from sale of property, plant, equipment 3.8 6.8 Ef