Slide 1: Q4 2024 Earnings Conference Call
Q4 2024 Earnings Conference Call JANUARY 30, 2025
Slide 2: Forward-Looking Statements
BRUNSWICK 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 abou
Slide 3: Use of Non-GAAP Financial Information and Constant Currency Reporting
BRUNSWICK 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 ca
Slide 4: Business Overview – Dave Foulkes, CEO
BRUNSWICK CORPORATION – EARNINGS RELEASE 01 Business Overview – Dave Foulkes, CEO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 4
Slide 5: Full Year 2024 Highlights
BRUNSWICK CORPORATION – EARNINGS RELEASE $5.2B $4.57 1 $284M Net Sales Adjusted EPS Free Cash Flow1 (-18% vs. 2023) (-48% vs. 2023) Full Year 2024 Full year finishes slightly ahead of recent expectations despite complex environment +110bps $200M 36.8 Mercury U.S. Outboard Engine Share Repurchases U.
Slide 6: Segments continue to execute despite challenging marine market dynamics
BRUNSWICK CORPORATION – EARNINGS RELEASE Segments continue to execute despite challenging marine market dynamics Propulsion Engine Parts Navico Group Boat1 & Accessories2 • Strong full year U.S. outboard retail • Full year adjusted segment operating • Well positioned new products supporting • 2024 f
Slide 7: External, Customer and Consumer Conditions
BRUNSWICK CORPORATION – EARNINGS RELEASE External, Customer and Consumer Conditions External Landscape Dealer Sentiment OEM Environment Consumer Health • Fed Funds Rate down 100bps since • Overall sentiment improvement but • Marine OEM production rates • Consumer spending remained September with oth
Slide 8: U.S. Industry Retail Units and Pipeline
BRUNSWICK CORPORATION – EARNINGS RELEASE U.S. Industry Retail 2024 U.S. Industry Retail U.S. Brunswick Wholesale & Retail Units and Pipeline Change vs. 2023 YOY Change Ending Q4 2024 Wholesale Retail 10% • Full year U.S. outboard engine Q4 FY Q4 FY industry retail down 8%; 0% Mercury outperforming w
Slide 9: 2025 Adjusted EPS Bridge
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Adjusted EPS Bridge Full year guidance of between $3.50 to $5.00 per share reflects higher volume and cost reductions offset by compensation reset and external factors • Significant Cost $1.25 Reductions Underway: Structural Cost $0.25 Optimization $(1
Slide 10: Financial Overview – Ryan Gwillim, CFO
BRUNSWICK CORPORATION – EARNINGS RELEASE 02 Financial Overview – Ryan Gwillim, CFO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 10
Slide 11: Overview of Fourth Quarter 2024 Adjusted Results
BRUNSWICK CORPORATION – EARNINGS RELEASE Overview of Fourth Net Sales ($M) Operating Earnings1 ($M) Operating Margin1 % Quarter 2024 $1,362 160 $142 20.00% Adjusted Results 18.00% 140 $1,155 16.00% 120 14.00% (15%) 100 12.00% 80 10.00% Despite persistently 60 10.4% $47 8.00% challenging wholesale
Slide 12: Overview of Full Year 2024 Adjusted Results
BRUNSWICK CORPORATION – EARNINGS RELEASE Overview of Full Year Net Sales ($M) Operating Earnings1($M) 2024 Adjusted $6,401 Operating Margin1 % 1000 $869 Results 19.00% $5,237 900 800 17.00% 700 (18%) 15.00% 600 $495 13.00% 13.6% 500 FY results slightly ahead of 400 11.00% recent guidance in the fa
Slide 13: Propulsion Segment – Q4'24 Performance
BRUNSWICK CORPORATION – EARNINGS RELEASE Propulsion Segment – Q4’24 Performance 1 YTD and Q4 outboard engine share gains continue despite planned lower wholesale engine shipments Adjusted Operating Q4’24 Net Sales Margin of % Change vs. Q4’23 5.6% $452.1 (24%) $353.4 NM2 vs. Q4’23 (25%) (GAAP Operat
Slide 14: Engine P&A Segment – Q4'24 Performance
BRUNSWICK CORPORATION – EARNINGS RELEASE Engine P&A Segment – Q4’24 Performance 1 Strong Products performance and operational efficiencies drive full-year earnings improvement Q4’24 Net Sales Adjusted Operating % Change vs. Q4’23 Margin of 11.2% $226.2 Down 70bps vs. Q4’23 (5%) (GAAP Operating Margi
Slide 15: Navico Group Segment – Q4'24 Performance
BRUNSWICK CORPORATION – EARNINGS RELEASE Navico Group Segment – Q4’24 Performance 1 Sales growth in Aftermarket business and continued new product acceleration highlight stable quarter Adjusted Operating Margin of 6.6% Q4’24 Navico Group Net Sales Down 90 bps vs. Q4’23 (GAAP Operating Margin of -44.
Slide 16: Boat Segment – Q4'24 Performance
BRUNSWICK CORPORATION – EARNINGS RELEASE Boat Segment – Q4’24 Performance 1 Steady performance consistent with expectations, year-end pipeline inventory in healthy condition Q4’24 Net Sales Adjusted Operating Margin of % Change vs. Q4’23 $348.3 (18%) 3.2% Down 270 bps vs. Q4’23 (GAAP Operating Margi
Slide 17: 2024 FY Capital Strategy Update
BRUNSWICK CORPORATION – EARNINGS RELEASE $284M $85M Free Cash Flow1 Net Working Capital Usage 2024 FY Capital $287M $200M Strategy Update Cash and Marketable Securities Share Repurchases We successfully executed our capital strategy, $112M $167M ending the year with strong cash and liquidity Dividen
Slide 18: 2025 Guidance
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 $5.2B to $5.6B 7.5% to 9.0% Revenue Operating Margin $3.50 to $5.00 $350M+ EPS Free Cash Flow $1 to $1.2B $0.15 to $0.25 Q1 Revenue Q1 EPS 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVE
Slide 19: 2025 Guidance: P&L and Cash Flow Assumptions
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 P&L and Cash Flow Assumptions Key Takeaways — Primarily fixed long-term debt structure has minimized impact of rising rates $30M to $40M $30M to $40M Debt diversification provides flexibility to Net Tariff Impact Negative Currency leverage
Slide 20: Wrap-Up – Dave Foulkes, CEO
BRUNSWICK CORPORATION – EARNINGS RELEASE 03 Wrap-Up Dave Foulkes, CEO ©2025 ©2025BRUNSW BRUNSWICK ICKCO. CO.CONFIDENTIAL CONFIDENTIALAND ANDALL ALLRIGHTS RIGHTSRESERVED. RESERVED. 2020
Slide 21: 2025 Boat Shows
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Exhibit 2025 Boat Shows Encouraging start to Domestic and International Boat Shows Dusseldorf New York Toronto Minneapolis ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 21
Slide 22: Cutting-Edge Products, Synergies, and Business Innovation
BRUNSWICK CORPORATION – EARNINGS RELEASE Cutting-Edge Products, Synergies, and Business Innovation Recon Trolling New Product New Freedom Locations in Motor New Zealand and Madrid TSUNAMI SDX 270 Surf Vessel V20/V20i ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 22
Slide 23: Brunswick Surpasses 100 Awards for the 3rd Consecutive Year
BRUNSWICK CORPORATION – EARNINGS RELEASE Brunswick Surpasses 100 Awards for the 3rd Consecutive Year ~15% of Awards are National Awards (Forbes, Newsweek etc.) ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 23
Slide 24: Thank You + Q&A
BRUNSWICK CORPORATION – EARNINGS RELEASE THANK YOU + Q&A JOIN US FOR MIAMI BOAT SHOW OUR EVENT FEBRUARY 13, 2025 Miami Beach Convention Center Contact Pam Eriksen for details pamela.eriksen@brunswick.com ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 24
Slide 25: Appendix
BRUNSWICK CORPORATION – EARNINGS RELEASE Appendix ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 25
Slide 26: 2025 Outlook Segment Guide
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Outlook Segment Guide1 Propulsion Engine P&A Navico Group Boat Net Sales Guide2 $2.0 to $1.1 to $0.8 to $1.5 to $2.2B $1.2B $0.9B $1.7B Operating Margin Low ~20% Mid to High Mid Guide Double Digit Percent Single Digit Percent Single Digit Percent 1EACH O
Slide 27: 2025 Outlook – Capital Strategy and Other Assumptions
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Outlook – Capital Strategy and Other Assumptions Debt Retirement Average Diluted Effective Tax Rate Net Interest Expense Shares Outstanding As Adjusted1 ~$125M ~66.0M ~$115M ~22% 1 TAX PROVISION, AS ADJUSTED FOR SPECIAL TAX ITEMS ©2025 BRUNSW ICK CO. CON
Slide 28: Q4 2024 Revenue Mix & Growth Rates
BRUNSWICK CORPORATION – EARNINGS RELEASE Geographical Revenue Mix Canada, 5% Europe, 13% Q4 2024 Revenue Revenue YoY U.S. -16% Asia Pacific, Mix1 & Growth Rates U.S., Europe -11% 8% 68% Asia Pacific -11% Canada -12% Rest-of- Q4’24 and FY global sales declined 15.1 and 18.7%, respectfully, on a Res
Slide 29: Net Sales – Q4 2024
BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – Q4 2024 Net Sales decreased by $207.0 million, or 15 percent Segments Q4 2024 Q4 2023 % Change Propulsion $452.1 $590.7 (24%) Engine Parts & Accessories 226.2 237.7 (5%) NET Navico Group 195.1 196.2 (1%) SALES Boat Segment Eliminations 348.3 (66.8
Slide 30: Net Sales – Full Year 2024
BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – Full Year 2024 Net Sales decreased by $1,164.3 million, or 18% Segments FY 2024 FY 2023 % Change Propulsion $2,074.2 $2,763.8 (25%) Engine Parts & Accessories 1,160.8 1,199.8 (3%) NET Navico Group 800.2 914.7 (13%) SALES Boat Segment Eliminations
Slide 31: GAAP to Non-GAAP Reconciliations – Q4 2024
BRUNSWICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Q4 2024 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) Q4 2024 Q4 2023 Q4 2024 Q4 2023 GAAP ($55.7) $108.3 ($1.07) $1.03 Restructuring, ex
Slide 32: GAAP to Non-GAAP Reconciliations – Full Year 2024
BRUNSWICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Full Year 2024 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) FY 2024 FY 2023 FY 2024 FY 2023 GAAP $311.6 $734.9 $2.21 $6.13 Restructuring
Slide 33: GAAP to Non-GAAP Reconciliations – Full Year 2024: Operating Expenses
BRUNSWICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Full Year 2024 Operating Expenses Operating Expenses (in millions) FY 2024 FY 2023 Selling, general and administrative expense $747.9 $812.2 Research and development expense 169.6 185.2 1 Restructuring, exit and impairment c
Slide 34: Tax Rate
BRUNSWICK CORPORATION – EARNINGS RELEASE Tax Rate Q4 2024 Q4 2023 Effective Tax Rate - GAAP Q4 Effective Tax Rate - As Adjusted 1 17.3% 11.0% 17.2% 16.0% FY 2024 FY 2023 FY Effective Tax Rate - GAAP Effective Tax Rate - As Adjusted 2 26.6% 21.0% 31.2% 20.8% (1) TAX PROVISION, AS ADJUSTED, EXCLUDES $
Slide 35: Free Cash Flow
BRUNSWICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q4 2024 Q4 2023 Net cash provided by operating activities from continuing operations $312.0 $287.1 Net cash (used for) provided by: Q4 Capital expenditures Proceeds from sale of property, plant, equipment (30.3) 6.8 (56.2) 4.2 Eff