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Q4 2025 Investor Meetings Brunswick Corporation Executive Summary
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 2 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 about Brunswick’s business and by their nature address matters that are, to different degrees, uncertain. Words such as “may,” “could,” “should,” “expect,” "anticipate," "project," "position," “intend,” “target,” “plan,” “seek,” “estimate,” “believe,” “predict,” “outlook,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this presentation. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; changes in currency exchange rates; fiscal and monetary policy changes; adverse capital market conditions; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership, and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; risks associated with joint ventures that do not operate solely for our benefit; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions. Additional risk factors are included in the Company’s Annual Report on Form 10-K for 2024 and subsequent quarterly reports on Form 10-Q. Forward-looking 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 presentation. Stephen Weiland - Senior Vice President & Deputy CFO Brunswick Corporation, 26125 N. Riverwoods, Mettawa, IL 60045 Phone: +1-847-383-0867 Email: stephen.weiland@brunswick.com
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 3 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 cash flows that exclude amounts, or are subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the statements of operations, balance sheets, or statements of cash flows of the registrant; or include amounts, or are subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. Brunswick has used certain non-GAAP financial measures that are included in this presentation for several years, both in presenting its results to shareholders and the investment community and in its internal evaluation and management of its businesses. Brunswick’s management believes that these measures and the information that they provide are useful to investors because they permit investors to view Brunswick’s performance using the same tools that Brunswick uses and to better evaluate Brunswick’s ongoing business performance. In addition, in order to better align Brunswick's reported results with the internal metrics used by the Company's management to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments. For additional information and reconciliations of GAAP to non-GAAP measures, please see Brunswick's Current Report on Form 8-K filed with the Securities and Exchange Commission on July 24, 2025, which is available at www.brunswick.com, and the Appendix to this presentation. Brunswick does not provide forward-looking guidance for certain financial measures on a GAAP basis because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments. For purposes of comparison, 2025 net sales growth is also shown using 2024 exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. We refer to this as "constant currency" reporting.
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 4 About — Brunswick 800+ patents since 2017 3 out most recognizable U.S. boat brands of 4 ~60k Freedom Boat Club Memberships Globally BRUNSWICK CORPORATION ~50% of U.S. recreational boats are powered by Mercury Marine engines
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 5 Enhancing & Expanding Brunswick Leadership increase in revenue ## On Pace for 100+ Awards for the 4th Consecutive Year 100+ Products to be Launched in 2025 3rd Consecutive Year US based COGS 80% US focused Investment 85%
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Leading Supplier — Integrated marine electronics, power management, connectivity and other technical sub-systems ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 6 World Leader — Outboard, sterndrive and high- performance marine propulsion systems and technologies World’s Largest — Supplier of captive marine parts and accessories and world’s largest marine distributor 18 Market-Leading — Global boat brands, serving all major segments of the high- volume recreational boat market Eco-system of — Synergistic marine service and shared access businesses, including the world’s largest boat club Boat | $1.6B1Navico Group | $0.8B1Engine Parts & Accessories | $1.2B1Propulsion | $2.1B1 Reportable Segments ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 61 All revenue figures are FY 2024, and exclude the impact of segment eliminations Navico GroupPropulsion Boat Group Engine Parts & Accessories Business Acceleration
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7 BRUNSWICK CORPORATION – EARNINGS RELEASE Q3 2025 – Sales Growth Across all Segments ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. Aftermarket remained strong in the quarter ahead of the pivotal Q4 e-commerce/holiday season Sales to Marine OEMs grew vs. PY , most notably in the Premium Fiberglass segment Launched industry-leading autonomous boating solution – Simrad AutoCaptain Intangible asset impairment Announced fiberglass manufacturing footprint consolidation to reduce fixed costs Flat Q3 retail, improved from 1H Exceptionally healthy dealer pipelines – fresh inventory at low levels Grew Freedom Boat Club to ~440 global locations Navico Group Boat1Engine P&APropulsion Stable R12 U.S. outboard market share and second-highest (49.4%) on record for the quarter Mercury outboard share at EU Shows: o Cannes: 67% o Genoa: 60% with no single competitor above 20% Favorable U.S. weather extending boating season, reversing a slow start Land ‘N’ Sea continues to outperform the industry with YTD distribution share up 140bps YoY 1BOAT SEGMENT INCLUDES BUSINESS ACCELERATION.
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This data is internal to Brunswick. Propulsion Controls & Rigging Racing ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 8 PRODUCT LEADERSHIP | HISTORIC VIEW Major Releases **Intellectual Property represents 2024 metrics. 2018 2019 2020 2021 2022 2023 2024 2025 8 12 8 11 11 17 22 14 Intellectual Property** 142 Disclosures | 111 Patents filed 79 Patents granted | 110 Inventors Design Thinking 423+ Employees trained 78 Team projectsLeading with purpose-built innovation
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In New ZealandCanada Aluminum Fish & PontoonPremium Aluminum Fish 11’-40’ Runabout and Deck I/O Rec Fiberglass in Spain, Germany, and the UK Premium Saltwater Fish We hold the Position #1 11’-50' Outboard Saltwater Fish & Source: U.S. market data from SSI, 2024 fully consolidated. Other markets from local available information sources. ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 9 U.S. & Canada Outboard and Sterndrive Share, Europe Outboard Share Global High Performance & Racing Engines, Drives & Propellers Global Recreational Marine P&A Distribution Largest Boat Club Globally 9 & & &
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 10 BRUNSWICK CORPORATION – EARNINGS RELEASE A Global Leader in Marine Recreation & Technology CN 6% US 68% AP 7% EU 13% ROW 6% World Headquarters Mettawa, IL USA Headquartered in Mettawa, IL, a northern suburb of Chicago, Brunswick is present in 26 countries with sales in 170 countries around the world. 25Q3 Revenue Mix
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This data is internal to Brunswick. Exposed to Economic Cycles 11 6,000,000 6,500,000 7,000,000 Boating Participation excl <16ft - 50,000 100,000 150,000 200,000 250,000 U.S. New Powerboat Industry Retail Unit Registrations New Boat Purchases are Remains Consistent Boating Participation **Consumer Pulse Survey n=265 | January ‘25 >90% Expect to remain owners in 5+ years** ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. Boat Market Demand & Participation Retail unit sales well below normalized 30-year replacement rate With retail boat market near historic lows, Brunswick well-poised for a recovery
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Brunswick Leadership Position and Competitive Advantage ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 12 Focused growth initiatives with improved efficiency advance our market leadership position Strategy Working — Outperforming Peers Continue to Pursue Growth — Adapt to Changing Landscape Execution, Efficiency and Enterprise Leverage • Portfolio and business model working • Mix of recurring, less-cyclical, and higher-margin businesses enhance profitability and cash flow • Many brands winning in market • Leveraging enterprise synergies • Continuing to advance leadership talent • Product leadership and share gains at higher margins • Rapid technology commercialization • Increasing brand affinity/loyalty with exceptional quality, service and experiences • Expanding businesses into new geographies and channels • Systematically controlling expenses, capital, and COGS while mitigating external risks • Right-sizing internal and channel inventories for cashflow and market conditions • Investing in digital go-to-market assets • Deploying AI for operating efficiency • Commitment to investment-grade ratings with an established history of achieving leverage targets • Continued strong Free Cash generation • Prioritizing debt reduction • Balanced approach to shareholder returns Strong Financial Profile – Investment Grade Committed
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Cutting-Edge Products, Synergies, and Business Innovation 13 BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Moteur Boat Awards OEM Apps/Connectivity Explorer Lineup Ghost X Trolling Motor ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. Christchurch, New Zealand Franchise TBD FLITELab*
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BRUNSWICK CORPORATION – EARNINGS RELEASE SIMRAD AutoCaptain – World-Leading Autonomous Boating Solution 14©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. Features at Launch • Autodocking / undocking • Close quarter maneuvering • Stabilizes vessel at the dock • Platform for more software upgradeable features Docking Made Easy • Fully-autonomous • Counters wind and current • 360° awareness – continuously assesses and adapts to surroundings System Integration • Navico Group: stereo cameras, processor, user interface, autonomy software • Mercury Marine: propulsion control system • Boat Grp.: hardware integration Media/OEM Response • Launched and demonstrated at IBEX Trade Show • Multiple OEMs and media representatives rode onboard • Clearly the most advanced and capable system available
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Financial Profile ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 15 BRUNSWICK CORPORATION
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 16 Q3 2025 Across-the-board strong segment performance, outperforming the industry BRUNSWICK CORPORATION – EARNINGS RELEASE Adjusted1 EPS (-17% vs. Q3 2024) $0.97 Brunswick Q3 Boat Retail Flat YoY 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES. Net Sales (+7% vs. Q3 2024) $1.4B Free Cash Flow1 (+$69M vs. Q3 2024) $111M Sales increased for all segments over Q3 2024 Exceptional Q3 and YTD free cash flow Boat and engine pipeline inventories remain extremely healthy and at record low levels Boat pipeline vs. Q3 2024: U.S. boat pipeline down ~1.200 units Global boat pipeline down ~2,200 units
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 17 BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 Revenue ~$5.2B ~$3.25 ~7.0% $425M+ ~$200M $80M+ Operating Margin Diluted EPS Free Cash Flow Debt Retirement Share Repurchases 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE. Previously: ~$175M Previously: $400M+
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18 Initial Thoughts on 20261 ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. First look at 2026 and subject to change as we finalize annual strategic planning BRUNSWICK CORPORATION – EARNINGS RELEASE Revenue Growth Mid-to-High Single-Digit Percent 25%+ 125%+ Diluted EPS Growth Free Cash Flow Conversion 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE. Key Assumptions U.S. retail boat market flat to slightly up Relative macro-economic stability No material changes in tariff environment Operating leverage pull through of increased revenue and higher production benefiting absorption Modest price increases, share gains, and slight improvement in discounting Full year incremental tariff materially offset with continued mitigation Continued strong FCF generation
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 19 Shareholder Return 13 Consecutive years of Dividend increases $1.6B of Share Repurchases (since 2019) of Net Income returned to Shareholders (since 2019) ~70%
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BRUNSWICK CORPORATION ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 20 Appendix
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 21 % of 2025 COGS2 Estimated 2025 Impact, Net of Mitigation • ~70% of enterprise COGS are sourced from the United States • Actively working to further reduce China exposure • ~85% of tariff exposure in Mercury – best positioned for pricing mitigation with Japan tariffs a potential tailwind for Mercury propulsion sales China <5% $20 - $30M3,4 Mexico ~10% ~$5M Canada <5% ~$5M ROW <10% ~$20M Section 232 <5% ~$20M 1ASSUMES RATES IN EFFECT AS OF OCTOBER 17 TO CONTINUE FOR REMAINDER OF 2025. 2% OF COGS REPRESENTS ONLY U.S. IMPORTS APPLICABLE TO THAT JURISDICTION OR TARIFF CATEGORY. 3INCLUDES RETALIATORY TARIFFS CURRENTLY IN EFFECT. 4DOES NOT INCLUDE $30 - $40M OF SECTION 301 CHINA TARIFFS WHICH WERE INCLUDED IN JANUARY GUIDANCE. Net of offsets, we are updating our estimate to an incremental ~$75M4 2025 tariff impact Tariff Update1 Actively working mitigation efforts across the enterprise BRUNSWICK CORPORATION – EARNINGS RELEASE
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 22 BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Outlook Segment Guide1 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE, VERSUS COMPARABLE PRIOR YEAR. 2SEGMENT NET SALES GUIDANCE FIGURES ARE EXCLUSIVE OF SEGMENT ELIMINATIONS. Propulsion Engine P&A Navico Group Boat ~$2.1B Previously: ~$2.0B ~$1.2B Previously: ~1.1 - $1.2B ~$0.8B ~$1.5B High Single-Digit Percent ~18% Previously: ~20% Mid Single-Digit Percent Mid Single-Digit Percent Net Sales Guide2 Operating Margin Guide
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2025 Outlook – Capital Strategy and Other Assumptions ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 23 BRUNSWICK CORPORATION – EARNINGS RELEASE Average Diluted Shares Outstanding ~66M Net Interest Expense Net Working Capital Generation ~$110M ~$125M Previously: ~$100M Capital Expenditures ~$150M Depreciation Currency Impact ~$225M Flat to Slightly Negative
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – Q3 2025 Net Sales increased by $86.9 million, or 7 percent SALES BY REGION 24 NET SALES (in millions) Segments Q3 2025 Q3 2024 % Change Propulsion $535.4 $485.9 10% Engine Parts & Accessories 363.7 336.1 8% Navico Group 186.9 184.1 2% Boat 360.2 345.3 4% Segment Eliminations (86.0) (78.1) 10% Total $1,360.2 $1,273.3 7% Region Q3 2025 % of Sales % Change Constant Currency Ex Acquisitions % Change United States 68% 7% 7% Europe 13% 3% (3%) Asia-P acific 7% 9% 11% Canada 6% 17% 18% Rest-of-World 6% 4% 3% Total International 32% 7% 5% Consolidated 100% 7% 6%
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. GAAP to Non-GAAP Reconciliations– Q3 2025 25 BRUNSWICK CORPORATION – EARNINGS RELEASE Operating Earnings and 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, exit and impairment charges 333.8 12.2 4.88 0.13 Purchase accounting amortization 14.8 14.5 0.31 0.17 Acquisition, integration, and IT related costs — 0.9 — 0.01 IT security incident costs — (0.1) — — Special tax items — — (0.66) 0.14 Loss on early extinguishment of debt — — 0.01 — Release of dissolved entity foreign currency translation — — — 0.01 As Adjusted $106.4 $125.9 $0.97 $1.17 GAAP operating margin (17.8%) 7.7% Adjusted operating margin 7.8% 9.9% Operating Earnings Diluted Earnings per Share
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – YTD 2025 Net Sales decreased by $53.2 million, or 1 percent SALES BY REGION 26 NET SALES (in millions) Segments YTD 2025 YTD 2024 % Change Propulsion $1,620.6 $1,622.1 (0%) Engine Parts & Accessories 956.8 934.6 2% Navico Group 597.4 605.1 (1%) Boat 1,137.9 1,205.2 (6%) Segment Eliminations (283.7) (284.8) (0%) Total $4,029.0 $4,082.2 (1%) Region YTD 2025 % of Sales % Change Constant Currency Ex Acquisitions % Change United States 68% (1%) (2%) Europe 14% (2%) (5%) Asia-P acific 6% 3% 5% Canada 6% 2% 4% Rest-of-World 6% (5%) (2%) Total International 32% (1%) (1%) Consolidated 100% (1%) (2%)
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. GAAP to Non-GAAP Reconciliations– YTD 2025 27 BRUNSWICK CORPORATION – EARNINGS RELEASE Operating Earnings and 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 Restructuring, exit and impairment charges 342.9 33.6 4.96 0.37 Purchase accounting amortization 44.1 43.8 0.64 0.49 Acquisition, integration, and IT related costs 0.1 3.3 — 0.04 IT security incident costs — 0.2 — — Special tax items — — (0.62) 0.14 Loss on early extinguishment of debt — — 0.05 — Release of dissolved entity foreign currency translation — — — 0.01 As Adjusted $304.5 $448.2 $2.69 $4.31 GAAP operating margin (2.1%) 9.0% Adjusted operating margin 7.6% 11.0% Operating Earnings Diluted Earnings per Share
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Tax Rate 28 2025 outlook for the adjusted effective tax rate slightly lower at ~21% Q3 YTD Q3 2025 Q3 2024 Effective Tax Rate - GAAP 12.0% 32.3% Effective Tax Rate - As Adjusted 1 21.6% 21.1% YTD 2025 YTD 2024 Effective Tax Rate - GAAP 5.2% 23.8% Effective Tax Rate - As Adjusted 1 21.7% 21.4% (1) TAX PROVISION, AS ADJUSTED, EXCLUDES $(36.5) MILLION AND $9.0 MILLION OF NET PROVISIONS FOR SPECIAL TAX ITEMS FOR Q3 2025 AND Q3 2024, RESPECTIVELY AND $(34.4) MILLION AND $9.2 MILLION OF NET PROVISION FOR SPECIAL TAX ITEMS FOR YTD 2025 AND 2024, RESPECTIVELY.
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Free Cash Flow 29 Q3 YTD (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: Capital expenditures (33.9) (36.0) Proceeds from sale of property, plant, equipment 2.0 2.8 Effect of exchange rate changes 1.0 5.0 Free Cash Flow $111.1 $41.7 (in millions) YTD 2025 YTD 2024 Net cash provided by operating activities from continuing operations $451.1 $137.5 Net cash (used for) provided by: Capital expenditures (116.5) (137.1) Proceeds from sale of property, plant, equipment 8.8 8.2 Effect of exchange rate changes 11.2 (2.0) Free Cash Flow $354.6 $6.6
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©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Free Cash Flow 30 (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, equipment 6.8 3.4 3.4 Effect of exchange rate changes (10.8) 3.3 6.9 Free Cash Flow $277.7 ($44.4) $287.9