Slide 1: Q2 2025 Earnings Conference Call
Q2 2025 Earnings Conference Call JULY 24, 2025
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
BRUNSW ICK CORPORATION – EARNINGS RELEASE 01 Business Overview – Dave Foulkes, CEO ©2025 BRUNSW ©2025 ICKICK BRUNSW CO.CO. CONFIDENTIAL AND CONFIDENTIAL ALLALL AND RIGHTS RESERVED. RIGHTS RESERVED. 44
Slide 5: $1.4B Net Sales Q2 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Sales increased over Q2 2024, stable earnings excluding tariffs and $1.4B $1.16 variable comp. reinstatement Record Q2 and first-half Net Sales Adjusted1 EPS free cash flow (+0.2% vs. Q2 2024) (-36% vs. Q2 2024) Q2 2025 Boat and engine pipeline invento
Slide 6: 2Q Performance Highlights the Value of the Combined Portfolio
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2Q Performance Highlights the Value of the Combined Portfolio Propulsion Engine Parts Navico Group Boat1 & Accessories Sales growth driven by strong Marine and RV OEM Multiple new model launches with outboard performance in Q2 YTD sales and operating
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 continues to hold rates Total potential FY incremental Long-term dealer outlook has Marine OEM production rates up steady with
Slide 8: Industry Retail
BRUNSW ICK CORPORATION – EARNINGS RELEASE Industry Retail Global Brunswick 1H Boat Retail by Segment Engines YoY Change Q2 U.S. outboard engine industry retail >90% of Current Boat down 6%, but on R12 basis, Mercury Group Gross Margin gained: FLAT • 140bps of share for 150hp and above; and • 30bps
Slide 9: Strong Cash Flow Generation Profile
BRUNSW ICK CORPORATION – EARNINGS RELEASE Strong Cash Flow Generation Profile Highest Q4 through Q2 FCF1 in 25 years $ in Millions $244M $1.5B ~$522M FCF over last 3 quarters YTD 2025 Free Cash Flow1 Free Cash Flow1 generated +$279M vs. prior year from 2021-2025YTD $278 $288 $175M Investment Grade -
Slide 10: Financial Overview
BRUNSW ICK CORPORATION – EARNINGS RELEASE 02 Financial Overview – Ryan Gwillim, CFO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 10
Slide 11: Overview of Second Quarter 2025 Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of Second Net Sales ($M) Operating Earnings1 ($M) Quarter 2025 $1,444 $1,447 Operating Margin1 % $181 Adjusted Results 200 20.0 0% 180 18.0 0% $126 160 16.0 0% 140 14.0 0% 0.2% 120 12.0 0% 100 12.5% 10.0 0% Higher sales vs. Q2 2024 80 8.00 % 60 8.
Slide 12: Overview of 2025 Year-to-Date Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of 2025 Net Sales ($M) Operating Earnings1 ($M) Year-to-Date Adjusted $2,809 Operating Margin1 % $322 Results $2,669 350 20.0 0% 18.0 0% 300 16.0 0% $198 250 14.0 0% (5%) 200 12.0 0% 11.5% 10.0 0% 150 Slight sales decline, as anticipated, 8.00 % 7
Slide 13: Propulsion Segment – Q2'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Propulsion Segment – Q2’25 Performance1 Strong Outboard Engines performance drove sales growth compared to Q2 2024 Adjusted Operating Q2’25 Net Sales $598.2 Margin of % Change vs. Q2’24 $468.0 7% 11.3% Down 420 bps vs. Q2’24 11% (GAAP Operating Margin of 11%
Slide 14: Engine P&A Segment – Q2'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Engine P&A Segment – Q2’25 Performance1 Steady performance for the quarter despite unfavorable weather in U.S. to start boating season Q2’25 Net Sales Adjusted Operating % Change vs. Q2’24 Margin of 21.3% $337.8 Down 130 bps vs. Q2’24 $202.7 1% (GAAP Operati
Slide 15: Navico Group Segment – Q2'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Navico Group Segment – Q2’25 Performance1 Continued steady aftermarket sales and strong new product momentum, with OEM and Specialty channels improving Adjusted Operating Margin of 5.3% Q2’25 Navico Group Net Sales Down 210 bps vs. Q2’24 (GAAP Operating Marg
Slide 16: Boat Segment – Q2'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Boat Segment – Q2’25 Performance1 Steady performance consistent with expectations, pipeline inventory remains healthy Q2’25 Net Sales Adjusted Operating Margin of % Change vs. Q2’24 $405.6 (7%) 3.3% Down 290 bps vs. Q2’24 (GAAP Operating Margin of 2.7% down
Slide 17: 2025 Tariff Update
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Tariff Update1 ~70% of enterprise COGS are sourced from the United States Estimated 2025 % of 2025 Impact, Net of COGS2 Mitigation China ~5% $20 – 30M3,4 Mexico ~10% <$5M Canada <5% <$5M ROW <10% <$20M Section 232 <5% <$10M Net of offsets, we could see
Slide 18: 2025 Guidance
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 ~$5.2B ~7.0% Revenue Operating Margin Previously: $5.0B to $5.4B Previously: 6.5% to 8.0% ~$3.25 $400M+ EPS Free Cash Flow Previously: $2.50 to $4.00 Previously: $350M+ $1.1B to $1.3B $0.75 to $0.90 Q3 Revenue Q3 EPS 1EACH ON AN “AS ADJUSTED”
Slide 19: Wrap-Up
BRUNSW ICK CORPORATION – EARNINGS RELEASE 03 Wrap-Up Dave Foulkes, CEO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 19
Slide 20: Cutting-Edge Products, Synergies, and Business Innovation
BRUNSW ICK CORPORATION – EARNINGS RELEASE Cutting-Edge Products, Synergies, and Business Innovation AutoTrack for Sunliner Dubai Freedom Franchise Simrad HALO Protector R Edition V10 425hp Verado SDX 230 ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 20
Slide 21: On Track to Earn 100+ Awards Again in 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE On Track to Earn 100+ Awards Again in 2025 Over 50 already secured through Q2 ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 21
Slide 22: Thank You Questions & Answers
Thank You Questions & Answers ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 22
Slide 23: Appendix
BRUNSW ICK CORPORATION – EARNINGS RELEASE Appendix ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 23
Slide 24: 2025 Outlook Segment Guide
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Outlook Segment Guide1 Propulsion Engine P&A Navico Group Boat Net Sales Guide2 ~$2.0B $1.1 - $1.2B ~$0.8B ~$1.5B Previously: $1.9 to $2.0B No Change No Change Previously: $1.5 to $1.6B High ~20% Mid to High Mid Single Digit Percent Single Digit Percent
Slide 25: 2025 Outlook – Capital Strategy and Other Assumptions
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Outlook – Capital Strategy and Other Assumptions Average Diluted Net Working Capital Debt Retirement Shares Outstanding Net Interest Expense Generation ~$175M ~66M ~$110M ~$100M Previously: ~$125M Capital Expenditures Share Repurchases Depreciation Curre
Slide 26: Net Sales – Q2 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – Q2 2025 Net Sales increased by $3.1 million, or 0.2 percent Segments Q2 2025 Q2 2024 % Change Propulsion $598.2 $558.0 7% Engine Parts & Accessories 337.8 336.1 1% NET Navico Group 202.3 210.1 (4%) SALES Boat Segment Eliminations 405.6 (96.9) 434
Slide 27: Net Sales – YTD 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – YTD 2025 Net Sales decreased by $140.1 million, or 5 percent Segments YTD 2025 YTD 2024 % Change Propulsion $1,085.2 $1,136.2 (5%) NET Engine Parts & Accessories 593.1 598.5 (1%) Navico Group 410.5 421.0 (3%) SALES Boat 777.7 859.9 (10%) (in mill
Slide 28: GAAP to Non-GAAP Reconciliations – Q2 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Q2 2025 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) Q2 2025 Q2 2024 Q2 2025 Q2 2024 GAAP $103.3 $158.3 $0.90 $1.55 Restructuring, exit
Slide 29: GAAP to Non-GAAP Reconciliations – YTD 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – YTD 2025 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) YTD 2025 YTD 2024 YTD 2025 YTD 2024 GAAP $159.6 $268.9 $1.21 $2.54 Restructuring,
Slide 30: Tax Rate
BRUNSW ICK CORPORATION – EARNINGS RELEASE Tax Rate Q2 2025 Q2 2024 Q2 Effective Tax Rate - GAAP Effective Tax Rate - As Adjusted 1 20.8% 21.5% 20.9% 21.6% YTD 2025 YTD 2024 Effective Tax Rate - GAAP 22.8% 21.1% YTD Effective Tax Rate - As Adjusted 1 21.7% 21.6% (1) TAX PROVISION, AS ADJUSTED, EXCLUD
Slide 31: Free Cash Flow
BRUNSW ICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q2 2025 Q2 2024 Net cash used for operating activities from continuing operations $322.5 $215.7 Net cash (used for) provided by: Q2 Capital expenditures (44.9) 3.4 (47.1) 3.1 Proceeds from sale of property, plant, equipment Effec
Slide 32: Free Cash Flow
BRUNSW ICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q4 2024 Q1 2025 Net cash provided by (used for) operating activities from continuing operations $312.0 ($13.4) Net cash (used for) provided by: Capital expenditures (30.3) (37.7) Proceeds from sale of property, plant, equipment 6