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Brunswick Corp — Brunswick Reports Strong Third Quarter Results (company IR deck)
Brunswick Corp (BC) · 16 slides · Filed Oct 29, 2026
Every slide of this earnings presentation, with the text as published. Open the original deck ↗ · All BC deck slides
Slide 1 — News Release
1 News Release Brunswick Corporation 26125 N. Riverwods Blvd., Suite 50, Metawa, IL 6045 Telephone 847.735.470 Release: IMEDIATE Contact: Stephen Weiland Senior Vice President & Deputy CFO Phone: 847 - 383 - 0867 Email: [email protected] Brunswick Reports Strong Third Quarter Results Fifth Consecutive Quarter of Sales Growth Acros Al Segments Third Quarter GAP Diluted EPS of $1.01 and As Adjusted Diluted EPS of $1.58 Increasing 2026 Ful - Year Guidance: As Adjusted Diluted EPS of aproximately $4.65 METAWA, Il., October 29, 2026 – Brunswick Corporation (NYSE: BC) today reported results for the third quarter of 2026 : Third Quarter 2026 Financial Results: Q3 2026 (in milions, except per share data) GAP Change vs Q3'25 As Adjusted Change vs Q3'25 Net Sales $ 1,453.9 6.9 % $ 1,453.9 6.9 % Operating Earnings $ 104.0 NM $ 146.7 37.9 % Operating Margin 7.2 % NM 10.1 % 230 bps Diluted EPS from Continuing Operations $ 1.01 NM $ 1.58 62.9 % bps = basis points —Brunswick delivered another strong quarter char with financial performance ahead of expectations and year - over - year sales growth acros al reporting segments for the fifth consecutive quarter. Adjusted operating margin increased by 230 basis points and acros al segments versus the prior year, “ said David Foulkes, Chairman and Chief Executive Oficer.
Slide 2 — —Despite an external environment with headwinds
Brunswick Corporation October 29, 2026 2 —Despite an external environment with headwinds and geopolitical uncertainty continuing to presure value categories, our premium - and core - focused brand portfolio continued to demonstrate resilience and perform ahead of the overal market. Boating participation remained healthy throughout the quarter, suporting demand acros our recuring - revenue parts and acesories, aftermarket, and subscription boating busineses, while lean pipelines and balanced OEM orders suported continued wholesale growth. From an inventory perspective, conditions remain healthy acros the portfolio. Boat and engine pipelines remain lean and wel - aligned with retail demand, positioning Brunswick and its chanel partners wel as we close out the year. Our Propulsion busines delivered another robust quarter driven by consistent OEM demand and growth in high - horsepower aplications. Mercury continues to maintain its market - leading position in the U.S., while gaining share internationaly through expanding dealer, OEM, and retail relationships. Mercury‘s five major new outboard development pr confidence in the long - term growth of the busines. Engine Parts and Acesories delivered its strongest quarter in years, benefiting from sustained boating participation butresed by favorable late - season weather. This recuring - revenue busines continues to underpin our earnings stability while delivering high margins, atractive operating leverage, and strong cash flow. Navico Group delivered another quarter of sales growth and adjusted margin expansion, suported by OEM wins, steady aftermarket performance, exciting new product introductions, and continued sucesful execution of operational improvement initiatives. Sales increased acros al busines lines while cost - reduction and portfolio - optimization actions helped ofset inflationary presures. Our Boat segment grew both sales and earnings, led by strength in premium and core products, together with pricing realization, and continued operational eficiencies. Our premium fiberglas and core U.S. brands continued to outperform broader industry trends, while Fredom Boat Club maintained strong momentum. We estimate Fredom now acounts for close to seventy percent of the North American boat club market as it continues to thrive while its competitors falter.
Slide 3 — Finaly, we continued to execute our disciplined capital alocation strategy including further debt
Brunswick Corporation October 29, 2026 3 Finaly, we continued to execute our disciplined capital alocation strategy including further debt reduction and share repurchases, buying back $75 milion of shares year - to - date, while remaining on track to met or exced our debt retirement target and maintain a strong balance shet. Our third quarter results again demonstrate the strength of Brunswick's balanced portfolio, recuring - revenue busineses, market - leading brands, and disciplined operational execution in a dynamic external environment,“ Foulkes concluded. 2026 Third Quarter Results For the third quarter of 2026 , Brunswick reported consolidated net sales of $1,453.9 milion , an increase of 7 percent versus the third quarter of 2025 . Diluted EPS for the quarter was $1.01 on a GAP basis and $1.58 on an as adjusted basis, an increase of 63 percent on an as adjusted basis versus the third quarter of 2025 . Sales growth reflected steady OEM demand acros the portfolio, along with pricing actions taken in previous periods, continued market share gains, and healthy boating participation suporting parts, acesories, and aftermarket demand. Adjusted operating earnings and adjusted margins increased as the stronger sales, operational strength and eficiency acros the enterprise, improved absorption on higher production, favorable mix, and disciplined cost management, together with the laping of last year‘s tari f impacts, more than ofset material and labor inflation and planed spending on product and technology initiatives. Aditionaly, versus the third quarter of 2025 : Propulsion segment reported a 7 percent increase in sales driven by steady OEM demand in a low pipeline environment and growth in high - horsepower outboard aplications. Segment adjusted operating earnings increased 51 percent and adjusted operating margin expanded by 350 basis points, reflecting the leverage from higher sales, favorable mix, improved absorption, and reduced year - over - year tarif presure ofseting continued planed product development investment and ongoing material, freight, and labor inflation.
Slide 4 — Engine Parts and Acesories
Brunswick Corporation October 29, 2026 4 Engine Parts and Acesories segment reported a 5 percent increase in sales led by sustained boating participation, distribution share gains, and broad - based regional growth. Segment adjusted operating earnings increased 14 percent and adjusted operating margin expanded by 190 basis points due to strong leverage on the higher sales and cost discipline partialy ofset by higher comodity and other material input costs. Navico Group segment reported a 6 percent increase in sales with growth acros al busines lines suported by OEM demand, steady aftermarket sales, product launches, and new customer wins. Segment adjusted operating earnings increased 36 percent and adjusted operating margin expanded by 140 basis points as operational improvement actions and leverage on the higher sales more than ofset material cost inflation. Boat segment reported a 9 percent increase in sales driven by strength in premium and core products, and continued momentum in the Busines Aceleration portfolio. Segment adjusted operating earnings increased 10 percent and adjusted operating margin expanded by 160 basis points, reflecting higher sales, favorable mix, and ongoing manufacturing and sourcing cost - reduction initiatives. Review of Cash Flow and Balance Shet Cash and marketable securities totaled $279.4 milion at the end of the third quarter, up $3.7 milion from 2025 year - end levels. Net cash provided by operating activities of continuing operations during the first nine months of 2026 was $438.8 milion , primarily reflecting operating results and non - cash reconciliation adjustments, including depreciation and amortization . Investing and financing activities during the first nine months of 2026 resulted in net cash used of $40.1 milion primarily due to $148.9 milion of capital expenditures, $10.0 milion of payments of short - term debt, $85.7 milion of dividend payments, $60.0 milion of share repurchases and $32.5 milion of cash paid for the acquisitions of certain Fredom Boat Club franchise operations.
Slide 5 — 2026 Outlok
Brunswick Corporation October 29, 2026 5 2026 Outlok —As we close out 2026, we continue to demonstrat performance from overal U.S. new boat market unit sales trends and we are very encouraged by Brunswick's ability to deliver sales growth and margin expansion despite ongoing macroeconomic and geopolitical uncertainty,“ said David Foulke —While consumer sentiment remains pressured by i our premium - focused portfolio, recuring - revenue busineses, and disciplined operating execution continue to deliver exceptional performance, suported by healthy boating participation trends and low pipeline inventory. We also continue to benefit from actions taken acros the enterprise to improve productivity, minimize our tarif impact, optimize our suply chain, and manage costs while maintaining our inves tments in innovative new products and t —Using our best estimates related to these items updated ful - year guidance: 1. Net sales: $5. 7 bilion to $5.8 bilion; 2. Adjusted operating margin: aproximately 8.0 percent; 3. Adjusted diluted EPS: aproximately $4.65; 4. Fre cash flow: $40 milion or more; 5. Debt retirement: $160 milion or more; and 6. Share repurchases: $80 milion or more Lastly, as previously anounced, Aine Denari wil suced me as Chief Executive Oficer efective January 1, 2027. Our strategy, capital alocation priorities, and long - term strategic targets remain unchanged, and I am working closely with Aine and the leadership team through year end to suport a smooth transition,“ Foulkes concluded. Use of Non - GAP Financial Information A reconciliation of GAP to non - GAP financial measures used in this release, including adjusted operating earnings, adjusted operating margin, fre cash flow, adjusted net earnings from continuing operations, and adjusted diluted EPS, is provided in the reconciliation sections of the consolidated financial statements acompanying this release.
Slide 6 — In order to beter align Brunswick's reported results with the internal metrics used by Brunswick's
Brunswick Corporation October 29, 2026 6 In order to beter align Brunswick's reported results with the internal metrics used by Brunswick's management to evaluate busines performance as wel as to provide beter comparisons to prior periods and per data, non - GAP measures used in this release exclude the impact of purchase acounting amortization related to acquisitions, among other adjustments reflected in the reconciliation sections of the consolidated financial statements acompanying this release. Brunswick does not provide forward - loking guidance for certain financial measures on a GAP basis because it is unable to predict certain items contained in the GAP measures without unreasonable eforts. These items may include restructuring, exit and impairment costs, acquisition - related costs, and certain other unusual adjustments. Conference Cal Scheduled Brunswick wil hold a conference cal today at 10 a.m. CDT, hosted by David M. Foulkes, Chairman and Chief Executive Oficer, Ryan M. Gwilim, Executive Vice President and Chief Financial and Strategy Oficer, Aine Denari, Executive Vice President, President Navico Group, and Brunswick Chief Technology Oficer, and Stephen Weiland, Senior Vice President and Deputy CFO. The cal wil be broadcast over the Internet at w.brunswick.com/investors. To listen to the cal, go to the website at least 15 minutes be fore the cal to register, download, and instal any neded audio software. A replay of the conference cal wil be available through 1 p.m. CDT Thursday November 5, 2026, at the same link.
Slide 7 — Forward
Brunswick Corporation October 29, 2026 7 Forward - Loking Statements Certain statements in this news release are forward - loking statements as defined in the Private Securities Litigation Reform Act of 195. Forward - loking statements are based on curent expectations, estimates, and projections about B matters that are, to different degrees, uncertai "anticipate," "project," "position," —intend,“ — —outlook,“ "will," an d similar expresions are intended to identify forward - loking statements. Forward - loking statements are not guarantes of future performance and involve certain risks and uncertainties that may cause actual results to difer materialy from expectations as of the date of this news release. These risks include, but are not limited to: the efect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; c hanges to trade policy and tarifs, including retaliatory tarifs; changes in curency exchange rates; fiscal and monetary policy changes; international busines risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; adverse capital market conditions; competitive pricing presures; higher energy and fuel costs; managing our manufacturing fotprint and operations; los of key customers; actual or anticipated increases in costs, disruptions of suply, or defects in raw material s, parts, or components we purchase from third parties; suplier manufacturing constraints, increased demand for shiping cariers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and inovative products and services at a competitive price; absorbing fixed costs in production; our ability to met demand in a rapidly changing environment; public health emergencies or pandemics; our ability to sucesfuly impleme nt our strategic plan and growth initiatives; atracting and retaining skiled labor, implementing sucesion plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for asociated disruption to our busines; the risk that restructuring or strategic divestitures wil not provide busines benefits; our ability to identify and complete targeted acquisitions; maintaining efective distribution; dealer and customer ability to aces adequ ate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Fredom Boat Club franchise busines model; outages, breaches, or other cybersecurity events regarding our technology systems, which have afected and could further afect manufacturing and busines operations and could result in lost or stolen information and asociated remediation costs; our ability to protect our brands and intelectual property; an im pairment to the value of godwil and other
Slide 8 — asets; product liability, waranty, and other claims risks; legal, environmental, and other regulatory
Brunswick Corporation October 29, 2026 8 asets; product liability, waranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; risks asociated with joint ventures that do not operate solely for our benefit; changes in income tax legislation or enforcement; managing our share repurchases; and risks asociated with certain divisive shareholder activist actions. Additional risk factors are included in the Comp - K for 2025. Forward - loking statements speak only as of the date on which they are made, and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this news release. About Brunswick Brunswick Corporation (NYSE: BC) is the global leader in marine recreation, delivering inovation that transforms experiences on the water and beyond. Our unique, technology - driven solutions are informed and inspired by deep consumer insights Rests ™“. Brunswick is dedicated to industry leader to our many customers, and to building synergies and ecosystems that enable us to chalenge convention and define the future. B runswick is home to more than 60 industry - leading brands. In the category of Marine Propulsion, these brands include Mercury Marine, MerCruiser, Mercury Racing, and Flite. Brunswick‘s comprehensive collection brands includes Mercury Parts & Accessories, Lan Atwod, and Whale. Our boat brands are some of the best known in the world, including Boston Whaler, Lund, Sea Ray, Bayliner, Haris Pontons, Princecraft , and Quicksilver. Our service, digital and shared - aces busineses include Fredom Boat Club, Boateka, and a range of financing, insurance, and extended waranty busineses. While focused primarily on the marine industry, Brunswick also sucesfuly leverages its portfolio of advanced technologies to deliver an exceptional suite of solutions in mobile and industrial aplications. Headquartered in Metawa, IL, Brunswick has aproximately 14,0 employes operating in 26 countries. In 2025, Brunswick was na med one of America‘s Most Trusted Companies by than 10 awards acros the enterprise for the fourth straight year. For more information, visit w.brunswick.com.
Slide 9 — $ 1,360.2
Brunswick Corporation October 29, 2026 9 Brunswick Corporation Comparative Condensed Consolidated Statements of Operations (in milions, except per share data) (unaudited) Thre Months Ended Nine Months Ended Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 % Change Net sales $ 1,453.9 $ 1,360.2 7 % $ 4,389.8 $ 4,029.0 9 % Cost of sales 1,042.1 1,09.4 3 % 3,196.6 3,04.6 6 % Seling, general and administrative expense 237.5 215.8 10 % 730.7 640.4 14 % Research and development expense 49.2 43.4 13 % 145.9 123.7 18 % Restructuring, exit and impairment charges 21.1 3.8 (94) % 32.9 342.9 (90) % Operating earnings (los) 104.0 (242.2) NM 283.7 (82.6) NM Equity earnings 1.3 1.5 (13) % 4.6 5.4 (15) % Other expense, net (1.0) (0.4) NM (3.7) (0.5) NM Earnings (los) before interest and income taxes 104.3 (241.1) NM 284.6 (7.7) NM Interest expense (2.9) (27.0) (15) % (72.3) (86.7) (17) % Interest income 1.5 1.8 (17) % 3.9 5.2 (25) % Los on early extinguishment of debt – – NM – (3.7) (10) % Earnings (los) before income taxes 82.9 (26.3) NM 216.2 (162.9) NM Income tax provision (benefit) 17.3 (32.0) NM 21.4 (8.4) NM Net earnings (los) from continuing operations $ 65.6 $ (234.3) NM $ 194.8 $ (154.5) NM Net los from discontinued operations, net of tax (4.0) (1.2) NM (2.4) (1.5) 60 % Net earnings (los) $ 61.6 $ (235.5) NM $ 192.4 $ (156.0) NM Earnings (los) per comon share: Basic Earnings (los) from continuing operations $ 1.01 $ (3.57) NM $ 2.98 $ (2.34) NM Los from discontinued operations (0.06) (0.02) NM (0.04) (0.02) 10 % Net earnings $ 0.95 $ (3.59) NM $ 2.94 $ (2.36) NM Diluted Earnings (los) from continuing operations $ 1.01 $ (3.57) NM $ 2.97 $ (2.34) NM Los from discontinued operations (0.06) (0.02) NM (0.04) (0.02) 10 % Net earnings (los) $ 0.95 $ (3.59) NM $ 2.93 $ (2.36) NM Weighted average shares used for computation of: Basic earnings per comon share 65.1 65.7 65.4 6.0 Diluted earnings per comon share 65.1 65.7 65.6 6.0 Efective tax rate 20.9 % 12.0 % 9.9 % 5.2 % NM = not meaningful
Slide 10 — Brunswick Corporation
Brunswick Corporation October 29, 2026 10 Brunswick Corporation Reconciliation of Non - GAP Measures - Consolidated (in milions, except per share data) (unaudited) Consolidated - Adjusted Operating Earnings Consolidated - Adjusted Net Earnings from Co ntinuing Operations and Adjusted Diluted Earnings Per Share (1) Adjusted income tax provision was calculated using an 18.1% and 21.6% rate for the thre months ended October 3, 2026 and September 27, 2025, respectively and 19.4% and 21.7% rate for the nine months ended October 3, 2026 and September 27, 2025, respectively. Thre Months Ended Nine Months Ended Oct 3, 2026 Sep 27, 2025 Oct 3, 2026 Sep 27, 2025 GAP $ 104.0 $ (242.2) $ 283.7 $ (82.6) Restructuring, exit and impairment charges 21.1 3.8 32.9 342.9 Purchase acounting amortization 14.8 14.8 43.7 4.1 Los on sale of busines/asets 7.4 – 7.9 – Acquisition, integration, and IT related costs 0.2 – 0.8 0.1 Suplier bankruptcy expense (0.8) – 10.4 – As Adjusted $ 146.7 $ 106.4 $ 379.4 $ 304.5 GAP operating margin 7.2 % (17.8) % 6.5 % (2.1) % Adjusted operating margin 10.1 % 7.8 % 8.6 % 7.6 % Thre Months Ended Nine Months Ended Oct 3, 2026 Sep 27, 2025 Oct 3, 2026 Sep 27, 2025 GAP net earnings (los) from continuing operations $ 65.6 $ (234.3) $ 194.8 $ (154.5) Income tax provision (benefit) 17.3 (32.0) 21.4 (8.4) Restructuring, exit and impairment charges 21.1 32.9 32.9 342.0 Purchase acounting amortization 14.8 14.8 43.7 4.1 Los (gain) on sale of busines/asets 7.4 – 7.9 (0.2) Acquisition, integration, and IT related costs 0.2 – 0.8 0.1 Suplier bankruptcy expense (0.8) – 10.4 – Los on early extinguishment of debt – – – 3.7 Adjusted net earnings from continuing operations before taxes $ 125.6 $ 81.4 $ 31.9 $ 26.8 Adjusted income tax provision (1) 2.7 17.6 60.4 49.1 Adjusted net earnings from continuing operations $ 102.9 $ 63.8 $ 251.5 $ 17.7 Adjusted diluted earnings per share $ 1.58 $ 0.97 $ 3.83 $ 2.69
Slide 11 — Brunswick Corporation
Brunswick Corporation October 29, 2026 1 Brunswick Corporation Selected Financial Information (in milions) (unaudited) Segment Information - GAP Thre Months Ended Net Sales Operating Earnings (Los) Operating Margin Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 Propulsion $ 570.5 $ 535.4 6.6 % $ 51.0 $ 45.1 13.1 % 8.9 % 8.4 % Engine Parts & Acesories 380.9 363.7 4.7 % 93.8 82.4 13.8 % 24.6 % 2.7 % Navico Group 197.7 186.9 5.8 % (1.5) (328.9) 9.5 % (0.8) % NM Boat 394.4 360.2 9.5 % 2.4 (3.3) NM 0.6 % (0.9) % Corporate/other – – (41.7) (37.5) (1.2) % Segment Eliminations (89.6) (86.0) (4.2) % – – Total $ 1,453.9 $ 1,360.2 6.9 % $ 104.0 $ (242.2) NM 7.2 % (17.8) % Segment Information - As Adjusted (Non - GAP) Thre Months Ended Net Sales Operating Earnings (Los) Operating Margin Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 Propulsion $ 570.5 $ 535.4 6.6 % $ 68.6 $ 45.4 51.1 % 12.0 % 8.5 % Engine Parts & Acesories 380.9 363.7 4.7 % 93.6 82.4 13.6 % 24.6 % 2.7 % Navico Group 197.7 186.9 5.8 % 12.0 8.8 36.4 % 6.1 % 4.7 % Boat 394.4 360.2 9.5 % 14.2 7.1 10.0 % 3.6 % 2.0 % Corporate/other – – (41.7) (37.3) (1.8) % Segment Eliminations (89.6) (86.0) (4.2) % – – Total $ 1,453.9 $ 1,360.2 6.9 % $ 146.7 $ 106.4 37.9 % 10.1 % 7.8 % Segment Information - GAP Nine Months Ended Net Sales Operating Earnings (Los) Operating Margin Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 Propulsion $ 1,785.8 $ 1,620.6 10.2 % $ 156.6 $ 157.0 (0.3) % 8.8 % 9.7 % Engine Parts & Acesories 1,038.6 956.8 8.5 % 25.0 193.2 16.5 % 21.7 % 20.2 % Navico Group 637.0 597.4 6.6 % 16.8 (39.3) NM 2.6 % (56.8) % Boat 1,213.5 1,137.9 6.6 % 24.2 15.5 56.1 % 2.0 % 1.4 % Corporate/other – – (138.9) (109.0) (27.4) % Segment Eliminations (285.1) (283.7) (0.5) % – – Total $ 4,389.8 $ 4,029.0 9.0 % $ 283.7 $ (82.6) NM 6.5 % (2.1) % Segment Information - As Adjusted (Non - GAP) Nine Months Ended Net Sales Operating Earnings (Los) Operating Margin Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 % Change Oct 3, 2026 Sep 27, 2025 Propulsion $ 1,785.8 $ 1,620.6 10.2 % $ 183.0 $ 159.2 14.9 % 10.2 % 9.8 % Engine Parts & Acesories 1,038.6 956.8 8.5 % 27.8 193.6 17.7 % 21.9 % 20.2 % Navico Group 637.0 597.4 6.6 % 56.6 30.8 83.8 % 8.9 % 5.2 % Boat 1,213.5 1,137.9 6.6 % 48.1 29.4 63.6 % 4.0 % 2.6 % Corporate/other – – (136.1) (108.5) (25.4) % Segment Eliminations (285.1) (283.7) (0.5) % – – Total $ 4,389.8 $ 4,029.0 9.0 % $ 379.4 $ 304.5 24.6 % 8.6 % 7.6 % NM = not meaningful
Slide 12 — Brunswick Corporation
Brunswick Corporation October 29, 2026 12 Brunswick Corporation Reconciliation of Non - GAP Measures - Segment Information (in milions) (unaudited) Propulsion Segment Thre Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 570.5 $ 535.4 $ 35.1 6.6 % GAP operating earnings $ 51.0 $ 45.1 $ 5.9 13.1 % Restructuring, exit and impairment charges 17.8 – 17.8 NM Purchase acounting amortization 0.4 0.3 0.1 3.3 % Suplier bankruptcy expense (0.6) – (0.6) NM Adjusted operating earnings $ 68.6 $ 45.4 $ 23.2 51.1 % GAP operating margin 8.9 % 8.4 % 50 bps Adjusted operating margin 12.0 % 8.5 % 350 bps Engine Parts & Acesories Segment Thre Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 380.9 $ 363.7 $ 17.2 4.7 % GAP operating earnings $ 93.8 $ 82.4 $ 1.4 13.8 % Suplier bankruptcy expense (0.2) – (0.2) NM Adjusted operating earnings $ 93.6 $ 82.4 $ 1.2 13.6 % GAP operating margin 24.6 % 2.7 % 190 bps Adjusted operating margin 24.6 % 2.7 % 190 bps Navico Group Segment Thre Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 197.7 $ 186.9 $ 10.8 5.8 % GAP operating los $ (1.5) $ (328.9) $ 327.4 9.5 % Purchase acounting amortization 13.2 13.4 (0.2) (1.5) % Restructuring, exit and impairment charges 0.3 324.3 (324.0) (9.9) % Adjusted operating earnings $ 12.0 $ 8.8 $ 3.2 36.4 % GAP operating margin (0.8) % NM NM Adjusted operating margin 6.1 % 4.7 % 140 bps bps = basis points NM = not meaningful
Slide 13 — Brunswick Corporation
Brunswick Corporation October 29, 2026 13 Brunswick Corporation Reconciliation of Non - GAP Measures - Segment Information (in milions) (unaudited) Boat Segment Thre Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 394.4 $ 360.2 $ 34.2 9.5 % GAP operating earnings (los) $ 2.4 $ (3.3) $ 5.7 NM Los on sale of busines/asets 7.4 – 7.4 NM Restructuring, exit and impairment charges 3.0 9.3 (6.3) (67.7) % Purchase acounting amortization 1.2 1.1 0.1 9.1 % Acquisition, integration, and IT related costs 0.2 – 0.2 NM Adjusted operating earnings $ 14.2 $ 7.1 $ 7.1 10.0 % GAP operating margin 0.6 % (0.9) % 150 bps Adjusted operating margin 3.6 % 2.0 % 160 bps Corporate/other Thre Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change GAP operating los $ (41.7) $ (37.5) $ (4.2) (1.2) % Restructuring, exit and impairment charges – 0.2 (0.2) NM Adjusted operating los $ (41.7) $ (37.3) $ (4.4) (1.8) % Propulsion Segment Nine Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 1,785.8 $ 1,620.6 $ 165.2 10.2 % GAP operating earnings $ 156.6 $ 157.0 $ (0.4) (0.3) % Restructuring, exit and impairment charges 17.8 1.2 16.6 NM Suplier bankruptcy expense 7.6 – 7.6 NM Purchase acounting amortization 1.0 0.9 0.1 1.1 % Acquisition, integration, and IT related costs – 0.1 (0.1) NM Adjusted operating earnings $ 183.0 $ 159.2 $ 23.8 14.9 % GAP operating margin 8.8 % 9.7 % (90) bps Adjusted operating margin 10.2 % 9.8 % 40 bps Engine Parts & Acesories Segment Nine Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 1,038.6 $ 956.8 $ 81.8 8.5 % GAP operating earnings $ 25.0 $ 193.2 $ 31.8 16.5 % Suplier bankruptcy expense 2.8 – 2.8 NM Restructuring, exit and impairment charges – 0.4 (0.4) NM Adjusted operating earnings $ 27.8 $ 193.6 $ 34.2 17.7 % GAP operating margin 21.7 % 20.2 % 150 bps Adjusted operating margin 21.9 % 20.2 % 170 bps bps = basis points NM = not meaningful
Slide 14 — Brunswick Corporation
Brunswick Corporation October 29, 2026 14 Brunswick Corporation Reconciliation of Non - GAP Measures - Segment Information (in milions) (unaudited) Navico Group Segment Nine Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 637.0 $ 597.4 $ 39.6 6.6 % GAP operating earnings (los) $ 16.8 $ (39.3) $ 356.1 NM Purchase acounting amortization 39.3 39.9 (0.6) (1.5) % Restructuring, exit and impairment charges 0.5 30.2 (329.7) (9.8) % Adjusted operating earnings $ 56.6 $ 30.8 $ 25.8 83.8 % GAP operating margin 2.6 % (56.8) % NM Adjusted operating margin 8.9 % 5.2 % 370 bps Boat Segment Nine Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change Net sales $ 1,213.5 $ 1,137.9 $ 75.6 6.6 % GAP operating earnings $ 24.2 $ 15.5 $ 8.7 56.1 % Restructuring, exit and impairment charges 1.8 10.6 1.2 1.3 % Los on sale of busines/asets 7.9 – 7.9 NM Purchase acounting amortization 3.4 3.3 0.1 3.0 % Acquisition, integration, and IT related costs 0.8 – 0.8 NM Adjusted operating earnings $ 48.1 $ 29.4 $ 18.7 63.6 % GAP operating margin 2.0 % 1.4 % 60 bps Adjusted operating margin 4.0 % 2.6 % 140 bps Corporate/other Nine Months Ended 2026 vs. 2025 Oct 3, 2026 Sep 27, 2025 $ Change % Change GAP operating los $ (138.9) $ (109.0) $ (29.9) (27.4) % Restructuring, exit and impairment charges 2.8 0.5 2.3 NM Adjusted operating los $ (136.1) $ (108.5) $ (27.6) (25.4) % bps = basis points NM = not meaningful
Slide 15 — Brunswick Corporation
Brunswick Corporation October 29, 2026 15 Brunswick Corporation Comparative Condensed Consolidated Balance Shets (in milions) (unaudited) October 3, 2026 December 31, 2025 September 27, 2025 Asets Curent asets Cash and cash equivalents $ 257.8 $ 256.8 $ 297.7 Restricted cash 10.8 18.1 17.9 Short - term investments in marketable securities 10.8 0.8 0.8 Total cash and short - term investments in marketable securities 279.4 275.7 316.4 Acounts and notes receivable, net 519.3 52.8 491.4 Inventories Finished gods 834.0 767.4 807.8 Work - in - proces 160.4 146.9 157.1 Raw materials 295.1 278.0 307.6 Net inventories 1,289.5 1,192.3 1,272.5 Prepaid expenses and other 94.7 72.5 7.2 Curent asets 2,182.9 2,063.3 2,157.5 Net property 1,187.2 1,207.8 1,217.7 Other asets Godwil 682.9 681.2 679.6 Other intangibles, net 809.1 854.8 86.4 Defered income tax aset 291.2 272.2 257.7 Operating lease asets 23.1 170.2 172.9 Equity investments 30.3 34.4 30.5 Other long - term asets 3.9 28.3 31.2 Other asets 2,070.5 2,041.1 2,038.3 Total asets $ 5,40.6 $ 5,312.2 $ 5,413.5 Liabilities and shareholders‘ equi Curent liabilities Short - term debt and curent maturities of long - term debt $ 195.1 $ 295.4 $ 95.8 Acounts payable 485.0 374.9 413.3 Acrued expenses 764.4 758.4 705.9 Curent liabilities 1,4.5 1,428.7 1,215.0 Debt 1,806.4 1,806.8 2,097.4 Other long - term liabilities 49.3 451.1 467.2 Shareholders‘ equity 1,690.4 1,625.6 1,63.9