Slide 1: Q3 2025 Earnings Conference Call
Q3 2025 Earnings Conference Call OCTOBER 23, 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 – David Foulkes, CEO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 4
Slide 5: Q3 2025 Highlights
BRUNSW ICK CORPORATION – EARNINGS RELEASE Sales increased for all segments over Q3 2024 $1.4B $0.97 Exceptional Q3 and YTD free cash flow Boat and engine pipeline Net Sales Adjusted1 EPS inventories remain (+7% vs. Q3 2024) (-17% vs. Q3 2024) extremely healthy and at Q3 2025 record low levels
Slide 6: Q3 2025 – Sales Growth Across all Segments
BRUNSW ICK CORPORATION – EARNINGS RELEASE Q3 2025 – Sales Growth Across all Segments Propulsion Engine P&A Navico Group Boat1 Stable R12 U.S. outboard market Favorable U.S. weather Aftermarket remained strong in Announced fiberglass share and second-highest (49.4%) extending boating season,
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 cut rates by 25bps in Total potential FY incremental Long-term dealer outlook has Continued Mercury wholesale September with a
Slide 8: Industry Retail
BRUNSW ICK CORPORATION – EARNINGS RELEASE Industry Retail Global Brunswick Q3 Boat Retail Flat Overall Engines Compared to Prior Year September YTD U.S. outboard engine industry retail down slightly, but on R12 basis, Mercury >90% of Current Boat Group Gross Margin share remained stable Q3 share
Slide 9: Strategic Consolidation of Fiberglass Boat Manufacturing Operations
BRUNSW ICK CORPORATION – EARNINGS RELEASE Strategic Consolidation of Fiberglass Boat Manufacturing Operations Improving Boat Group profitability by reducing fixed costs and increasing productivity while maintaining the capacity and flexibility for future growth Closing Reynosa, MX fiberglass facil
Slide 10: Another Quarter of Exceptional Free Cash Flow Generation
BRUNSW ICK CORPORATION – EARNINGS RELEASE Another Quarter of Exceptional Free Cash Flow Generation Second Highest Q4-Q3 FCF1 in 25 years $ in Millions $355M $1.6B ~$635M FCF over last 4 quarters YTD 2025 Free Cash Flow1 Free Cash Flow1 generated +$348M vs. prior year from 2021-2025YTD $288 $278 $200
Slide 11: Financial Overview
BRUNSW ICK CORPORATION – EARNINGS RELEASE 02 Financial Overview – Ryan Gwillim, CFO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 11
Slide 12: Overview of Third Quarter 2025 Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of Third Net Sales ($M) Operating Earnings1 ($M) Quarter 2025 Operating Margin1 % $126 Adjusted Results $1,360 140 20.0 0% $1,273 120 $106 18.0 0% 16.0 0% 100 14.0 0% +7% 80 12.0 0% 10.0 0% 9.9% 60 Sales growth in each segment vs. 8.00 % 7.8% 6.00
Slide 13: Overview of 2025 Year-to-Date Adjusted Results
BRUNSW ICK CORPORATION – EARNINGS RELEASE Overview of 2025 Net Sales ($M) Operating Earnings1 ($M) Year-to-Date Adjusted Operating Margin1 % $448 Results 500 20.0 0% $4,082 $4,029 450 400 18.0 0% 16.0 0% 350 $305 14.0 0% (1%) 300 12.0 0% 11.0% 250 10.0 0% Slight YTD sales decline, as 200 8.00 % 7.
Slide 14: 2025 Q3 Adjusted EPS Bridge
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Q3 Adjusted EPS Bridge1 $1.17 Strong operating performance in all $0.97 segments Earnings growth absent the impacts of variable compensation reinstatement and incremental tariffs Sales volume and production levels help to offset earnings headwinds
Slide 15: Propulsion Segment – Q3'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Propulsion Segment – Q3’25 Performance1 Sales growth in all categories benefiting from stable OEM build rates and strong market share Adjusted Operating Q3’25 Net Sales Margin of % Change vs. Q3’24 8.5% $535.4 10% $413.4 Down 250 bps vs. Q3’24 11% (GAAP Oper
Slide 16: Engine P&A Segment – Q3'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Engine P&A Segment – Q3’25 Performance1 Strong boating participation and distribution market share gains driving sales growth Q3’25 Net Sales Adjusted Operating % Change vs. Q3’24 Margin of $363.7 22.7% Down 320 bps vs. Q3’24 8% (GAAP Operating Margin of 22.
Slide 17: Navico Group Segment – Q3'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Navico Group Segment – Q3’25 Performance1 Sales growth and steady earnings reflecting new products, aftermarket exposure, and focused improvement efforts Adjusted Operating Margin of 4.7% Q3’25 Navico Group Net Sales Down 20 bps vs. Q3’24 (GAAP Operating Mar
Slide 18: Boat Segment – Q3'25 Performance
BRUNSW ICK CORPORATION – EARNINGS RELEASE Boat Segment – Q3’25 Performance1 Sales and Adjusted Operating Earnings growth stemming from improved retail performance and healthy dealer pipelines Q3’25 Net Sales Adjusted Operating $360.2 Margin of % Change vs. Q3’24 4% 2.0% Up 80 bps vs. Q3’24 (GAAP Ope
Slide 19: 2025 Guidance
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 ~$5.2B ~7.0% Revenue Operating Margin ~$3.25 $425M+ Diluted EPS Free Cash Flow Previously: $400M+ ~$200M $80M+ Debt Retirement Share Repurchases Previously: ~$175M 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE. ©2025 BRUNSW ICK CO. CONFIDEN
Slide 20: Wrap-Up
BRUNSW ICK CORPORATION – EARNINGS RELEASE 03 Wrap-Up David Foulkes, CEO ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 20
Slide 21: Cutting-Edge Products, Synergies, and Business Innovation
BRUNSW ICK CORPORATION – EARNINGS RELEASE Cutting-Edge Products, Synergies, and Business Innovation TBD 2025 Moteur Boat OEM FLITELab* Awards Apps/Connectivity Explorer Lineup Ghost X Trolling Christchurch, New Zealand Motor Franchise ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 21
Slide 22: SIMRAD AutoCaptain – World-Leading Autonomous Boating Solution
BRUNSW ICK CORPORATION – EARNINGS RELEASE SIMRAD AutoCaptain – World-Leading Autonomous Boating Solution Features at Launch System Integration • Autodocking / undocking • Navico Group: stereo cameras, processor, user interface, • Close quarter maneuvering autonomy software • Stabilizes vessel at the
Slide 23: Initial Thoughts on 2026
BRUNSW ICK CORPORATION – EARNINGS RELEASE Initial Thoughts on 20261 First look at 2026 and subject to change as we finalize annual strategic planning Key Assumptions U.S. retail boat market flat Mid-to-High Modest price increases, share gains, to slightly up Single-Digit Percent and slight improve
Slide 24: Thank You Questions & Answers
Thank You Questions & Answers ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 24
Slide 25: Appendix
BRUNSW ICK CORPORATION – EARNINGS RELEASE Appendix ©2025 BRUNSW ICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 25
Slide 26: Tariff Update
BRUNSW ICK CORPORATION – EARNINGS RELEASE Tariff Update1 Actively working mitigation efforts across the enterprise Estimated 2025 % of 2025 Impact, Net of • ~70% of enterprise COGS are COGS2 Mitigation sourced from the United States China <5% $20 - $30M3,4 • Actively working to further reduce Mexico
Slide 27: 2025 Outlook Segment Guide
BRUNSW ICK CORPORATION – EARNINGS RELEASE 2025 Outlook Segment Guide1 Propulsion Engine P&A Navico Group Boat Net Sales Guide2 ~$2.1B ~$1.2B ~$0.8B ~$1.5B Previously: ~$2.0B Previously: ~1.1 - $1.2B Operating Margin High ~18% Mid Mid Guide Single-Digit Percent Single-Digit Percent Single-Digit Perce
Slide 28: 2025 Outlook – Capital Strategy and Other Assumptions
BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Outlook – Capital Strategy and Other Assumptions Average Diluted Net Working Capital Shares Outstanding Net Interest Expense Generation ~66M ~$110M ~$125M Previously: ~$100M Capital Expenditures Depreciation Currency Impact Flat to Slightly ~$150M ~$225M
Slide 29: Net Sales – Q3 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – Q3 2025 Net Sales increased by $86.9 million, or 7 percent Segments Q3 2025 Q3 2024 % Change Propulsion $535.4 $485.9 10% Engine Parts & Accessories 363.7 336.1 8% NET Navico Group 186.9 184.1 2% SALES Boat Segment Eliminations 360.2 (86.0) 345.3
Slide 30: GAAP to Non-GAAP Reconciliations – Q3 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE GAAP to Non-GAAP Reconciliations – Q3 2025 Operating Earnings and Diluted Earnings per Share Operating Earnings Diluted Earnings per Share (in millions, except per share data) Q3 2025 Q3 2024 Q3 2025 Q3 2024 GAAP ($242.2) $98.4 ($3.57) $0.71 Restructuring, e
Slide 31: Net Sales – YTD 2025
BRUNSW ICK CORPORATION – EARNINGS RELEASE Net Sales – YTD 2025 Net Sales decreased by $53.2 million, or 1 percent Segments YTD 2025 YTD 2024 % Change Propulsion $1,620.6 $1,622.1 (0%) NET Engine Parts & Accessories Navico Group 956.8 597.4 934.6 605.1 2% (1%) SALES Boat 1,137.9 1,205.2 (6%) (in mill
Slide 32: 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 ($82.6) $367.3 ($2.34) $3.26 Restructuri
Slide 33: Tax Rate
BRUNSW ICK CORPORATION – EARNINGS RELEASE Tax Rate Q3 2025 Q3 2024 Q3 Effective Tax Rate - GAAP Effective Tax Rate - As Adjusted 1 12.0% 21.6% 32.3% 21.1% YTD 2025 YTD 2024 YTD Effective Tax Rate - GAAP 5.2% 23.8% 1 Effective Tax Rate - As Adjusted 21.7% 21.4% (1) TAX PROVISION, AS ADJUSTED, EXCLUDE
Slide 34: Free Cash Flow
BRUNSW ICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q3 2025 Q3 2024 Net cash used for operating activities from continuing operations $142.0 $69.9 Net cash (used for) provided by: Q3 Capital expenditures (33.9) (36.0) Proceeds from sale of property, plant, equipment 2.0 2.8 Effect
Slide 35: Free Cash Flow
BRUNSW ICK CORPORATION – EARNINGS RELEASE Free Cash Flow (in millions) Q4 2024 Q1 2025 Q2 2025 Net cash used for operating activities from continuing operations $312.0 ($13.4) $322.5 Net cash (used for) provided by: Capital expenditures (30.3) (37.7) (44.9) Proceeds from sale of property, plant, equ