BC Q2 2025 Earnings Presentation

Page 1

Q2 2025 Earnings Conference Call JULY 24, 2025

Page 2

©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. Steve Weiland - Senior Vice President & Deputy CFO Brunswick Corporation, 26125 N. Riverwoods, Mettawa, IL 60045 Phone: +1-847-383-0867 Email: stephen.weiland@brunswick.com

Page 3

©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.

Page 4

Page 5

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 5 Q2 2025 Strong second quarter performance driven by outstanding execution in a challenging market BRUNSWICK CORPORATION – EARNINGS RELEASE Adjusted1 EPS (-36% vs. Q2 2024) $1.16 Share Repurchases $18M 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES. Net Sales (+0.2% vs. Q2 2024) $1.4B Free Cash Flow1 (+$119M vs. Q2 2024) $288M  Sales increased over Q2 2024, stable earnings excluding tariffs and variable comp. reinstatement  Record Q2 and first-half free cash flow  Boat and engine pipeline inventories remain extremely healthy  Boat pipeline vs. Q2 2024:  U.S. boat pipeline down ~1,200 units  Global boat pipeline down ~2,300 units

Page 6

6 BRUNSWICK CORPORATION – EARNINGS RELEASE 2Q Performance Highlights the Value of the Combined Portfolio ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED.  Marine and RV OEM performance sequentially improved vs. Q1  Executed further manufacturing footprint rationalization and operational improvements  Fast-paced sequence of new product introductions continued with launch of new Lowrance Ghost X trolling motor  Multiple new model launches with strong retail and sequential market share gains for key brands  Significant rationalization of value model line up given tight conditions  Dealer inventories remain healthy  Freedom Boat Club reached 433 global locations with first Middle- East location opening this season Navico Group Boat1Engine Parts & Accessories Propulsion  Sales growth driven by strong outboard performance in Q2  Outperformed the market in higher horsepower categories  New 425hp and 350hp launched in July  Share growth in Canada  YTD sales and operating margins remained steady versus prior year despite slow start to the boating season  R12 U.S. distribution share increased more than 180bps YoY 1BOAT SEGMENT INCLUDES BUSINESS ACCELERATION.

Page 7

BRUNSWICK CORPORATION – EARNINGS RELEASE External, Customer, and Consumer Conditions  Marine OEM production rates up vs. 2H 2024, but hesitancy remains given soft consumer sentiment  Heavier incentives in some product categories to maximize sales in balance of main selling season ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED.  Total potential FY incremental enterprise tariff exposure of $55- $70M  Tariff mitigation efforts outpacing expectations – migration of supply-base, inventory staging, and facility optimization  Tariffs on Japanese imports impacting Mercury engine competitors External Landscape Tariffs Dealer & Customer Sentiment OEM Environment  U.S. Fed continues to hold rates steady with potential for cuts in 2H 2025  Marine retail interest rate environment remains stable  U.S. Dollar weakness driving foreign exchange tailwinds  One Big Beautiful Bill Act expected to be net positive for Brunswick  Long-term dealer outlook has improved throughout the quarter, with the near-term focus remaining on converting sales and managing inventory  Early-quarter poor weather across the U.S. was retail headwind  Value/entry categories remain most challenged 7

Page 8

Industry Retail ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 8 BRUNSWICK CORPORATION – EARNINGS RELEASE Engines Q2 U.S. outboard engine industry retail down 6%, but on R12 basis, Mercury gained: • 140bps of share for 150hp and above; and • 30bps of share overall Boats SSI May YTD U.S. boat industry retail down 11%, with Brunswick slightly better June – July MTD internal retail has improved since May, down ~MSD% Brunswick has gained overall boat unit retail share YTD SOURCE: STATISTICAL SURVEYS, INC.: PRELIMINARY DATA IS SHOWN ON A COMPARATIVE BASIS USING STATES REPORTING TO DATE AS OF MAY 2025, APPROXIMATELY 67.15% OF THE U.S. BOAT MARKET, COAST GUARD DATA. Global Brunswick 1H Boat Retail by Segment YoY Change ~MSD% FLAT ~20% Premium Core Value >90% of Current Boat Group Gross Margin July retail continues to accelerate for Brunswick boats, Mercury engines, and P&A

Page 9

Strong Cash Flow Generation Profile ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 9 Highest Q4 through Q2 FCF1 in 25 years $ in Millions ~$522M FCF over last 3 quarters YTD 2025 Free Cash Flow1 +$279M vs. prior year $244M 1SEE THE APPENDIX TO THIS PRESENTATION, TODAY’S FORM 8-K, AND PREVIOUSLY FILED FORM 8-KS FOR RECONCILIATIONS TO GAAP FIGURES. BRUNSWICK CORPORATION – EARNINGS RELEASE Investment Grade Credit Rating $1.3B of liquidity, with full access to undrawn facility Free Cash Flow1 generated from 2021-2025YTD $1.5B Updated 2025 Debt Reduction Target +$50M from Q1 Guidance $175M $278 -$44 $288 Q4 2024 Q1 2025 Q2 2025

Page 10

Page 11

Overview of Second Quarter 2025 Adjusted Results  Higher sales vs. Q2 2024  Stable adjusted operating earnings and margins, heavily impacted by tariffs, variable comp. reinstatement, and absorption  $288M of free cash flow, a Brunswick record for any Q2 BRUNSWICK CORPORATION – EARNINGS RELEASE ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 11 $1,444 $1,447 2024 2025 Net Sales ($M) Diluted EPS1 $1.80 $1.16 2024 2025 Operating Earnings1 ($M) Operating Margin1 % Free Cash Flow1 ($M) $181 $126 12.5% 8.7% 0.00 % 2.00 % 4.00 % 6.00 % 8.00 % 10.0 0% 12.0 0% 14.0 0% 16.0 0% 18.0 0% 20.0 0% 0 20 40 60 80 100 120 140 160 180 200 2024 2025 0.2% (36%) $170 $288 2024 2025 70% 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.

Page 12

Overview of 2025 Year-to-Date Adjusted Results  Slight sales decline, as anticipated, due to lower 1H production vs. 2024  Record 1H free cash flow of $244M BRUNSWICK CORPORATION – EARNINGS RELEASE ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 12 $2,809 $2,669 2024 2025 Net Sales ($M) Diluted EPS1 $3.14 $1.72 2024 2025 Operating Earnings1 ($M) Operating Margin1 % Free Cash Flow1 ($M) $322 $198 11.5% 7.4% 0.00 % 2.00 % 4.00 % 6.00 % 8.00 % 10.0 0% 12.0 0% 14.0 0% 16.0 0% 18.0 0% 20.0 0% 0 50 100 150 200 250 300 350 2024 2025 (5%) (45%) $(35) $244 2024 2025 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.

Page 13

Propulsion Segment – Q2’25 Performance1 Adjusted Operating Margin of 11.3% Down 420 bps vs. Q2’24 Adjusted Operating Earnings of $67.3M Down 22% vs. Q2’24 $468.0 $36.3 $93.9 $598.2 Outboard Engines Sterndrive Engines Controls, Rigging and Propellers Total Propulsion Q2’25 Net Sales % Change vs. Q2’24 6% (7%) 7% Strong Outboard Engines performance drove sales growth compared to Q2 2024 11% 13 BRUNSWICK CORPORATION – EARNINGS RELEASE ($ in millions) ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. (GAAP Operating Margin of 11% down 430 bps vs. Q2’24) (GAAP Operating Earnings of $65.8M down 23% vs. Q2’24) 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.

Page 14

Engine P&A Segment – Q2’25 Performance1 $135.1 $202.7 $337.8 Products Distribution Total Engine P&A Q2’25 Net Sales % Change vs. Q2’24 (4%) 4% 1% Steady performance for the quarter despite unfavorable weather in U.S. to start boating season 21.3% Down 130 bps vs. Q2’24 $72.1M Down 5% vs. Q2’24 BRUNSWICK CORPORATION – EARNINGS RELEASE ($ in millions) ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 14 (GAAP Operating Margin of 21.2% down 130 bps vs. Q2’24) (GAAP Operating Earnings of $71.7M down 5% vs. Q2’24) Adjusted Operating Margin of Adjusted Operating Earnings of 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.

Page 15

Navico Group Segment – Q2’25 Performance1 5.3% Down 210 bps vs. Q2’24 (GAAP Operating Margin of –3.8% down 240 bps vs. Q2’24) Q2’25 Navico Group Net Sales $202.3M Down 4% vs. Q2’24 $10.8M Down 31% vs. Q2’24 (GAAP Operating Earnings of -$7.6M down NM2 vs. Q2’24) Continued steady aftermarket sales and strong new product momentum, with OEM and Specialty channels improving BRUNSWICK CORPORATION – EARNINGS RELEASE ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 15 Adjusted Operating Margin of Adjusted Operating Earnings of 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY’S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES. 2 NM = NOT MEANINGFUL

Page 16

Boat Segment – Q2’25 Performance1 3.3% Down 290 bps vs. Q2’24 $13.2M Down 51% vs. Q2’24 $151.0 $123.7 $92.7 $54.4 $405.6 Aluminum Freshwater Recreational Fiberglass Saltwater Fishing Business Acceleration Total Boat Q2’25 Net Sales % Change vs. Q2’24 2% (7%) (7%) (16%) (0%) 1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY'S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.. 2TOTAL BOAT NET SALES INCLUDES $16.2M OF BOAT ELIMINATIONS. Steady performance consistent with expectations, pipeline inventory remains healthy (GAAP Operating Margin of 2.7% down 300 bps vs. Q2’24) (GAAP Operating Earnings of $11.1M down 55% vs. Q2’24) BRUNSWICK CORPORATION – EARNINGS RELEASE ($ in millions) 2 ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 16 Adjusted Operating Margin of Adjusted Operating Earnings of

Page 17

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 17 % of 2025 COGS2 Estimated 2025 Impact, Net of Mitigation China ~5% $20 – 30M3,4 Mexico ~10% <$5M Canada <5% <$5M ROW <10% <$20M Section 232 <5% <$10M 1ASSUMES RATES IN EFFECT AS OF JULY 23 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 could see an incremental $55 - $70M4 headwind from tariffs in 2025 2025 Tariff Update1 ~70% of enterprise COGS are sourced from the United States BRUNSWICK CORPORATION – EARNINGS RELEASE

Page 18

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 18 BRUNSWICK CORPORATION – EARNINGS RELEASE 2025 Guidance1 Revenue ~$5.2B ~$3.25 ~7.0% $400M+ $1.1B to $1.3B $0.75 to $0.90 Operating Margin EPS Free Cash Flow Q3 Revenue Q3 EPS 1EACH ON AN “AS ADJUSTED” BASIS WHERE APPLICABLE. Previously: $5.0B to $5.4B Previously: 6.5% to 8.0% Previously: $2.50 to $4.00 Previously: $350M+

Page 19

Page 20

Cutting-Edge Products, Synergies, and Business Innovation 20 BRUNSWICK CORPORATION – EARNINGS RELEASE AutoTrack for Simrad HALO Sunliner Dubai Freedom Franchise V10 425hp Verado ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. Protector R Edition SDX 230

Page 21

Page 22

Page 23

Page 24

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 24 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 ~$2.0B Previously: $1.9 to $2.0B $1.1 - $1.2B No Change ~$0.8B No Change ~$1.5B Previously: $1.5 to $1.6B High Single Digit Percent No Change ~20% No Change Mid to High Single Digit Percent No Change Mid Single Digit Percent No Change Net Sales Guide2 Operating Margin Guide

Page 25

2025 Outlook – Capital Strategy and Other Assumptions ©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 25 BRUNSWICK CORPORATION – EARNINGS RELEASE Debt Retirement ~$175M Average Diluted Shares Outstanding ~66M Net Interest Expense Net Working Capital Generation ~$110M ~$100M Capital Expenditures ~$150M Share Repurchases $80M+ Previously: ~$80M Depreciation Currency Impact ~$225M Flat to Slightly Negative Previously: $0 - $15M negative impact Previously: ~$125M

Page 26

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – Q2 2025 Net Sales increased by $3.1 million, or 0.2 percent SALES BY REGION 26 NET SALES (in millions) Segments Q2 2025 Q2 2024 % Change Propulsion $598.2 $558.0 7% Engine Parts & Accessories 337.8 336.1 1% Navico Group 202.3 210.1 (4%) Boat 405.6 434.2 (7%) Segment Eliminations (96.9) (94.5) 3% Total $1,447.0 $1,443.9 0% Region Q2 2025 % of Sales % Change Constant Currency Ex Acquisitions % Change United States 67% 0% 0% Europe 15% 1% (4%) Asia-P acific 7% 6% 7% Canada 5% (5%) (5%) Rest-of-World 6% (3%) 0% Total International 33% 0% (1%) Consolidated 0% (1%)

Page 27

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Net Sales – YTD 2025 Net Sales decreased by $140.1 million, or 5 percent SALES BY REGION 27 NET SALES (in millions) Segments YTD 2025 YTD 2024 % Change Propulsion $1,085.2 $1,136.2 (5%) Engine Parts & Accessories 593.1 598.5 (1%) Navico Group 410.5 421.0 (3%) Boat 777.7 859.9 (10%) Segment Eliminations (197.7) (206.7) (4%) Total $2,668.8 $2,808.9 (5%) Region YTD 2025 % of Sales % Change Constant Currency Ex Acquisitions % Change United States 67% (5%) (6%) Europe 15% (4%) (5%) Asia-P acific 7% (1%) 1% Canada 5% (5%) (3%) Rest-of-World 6% (9%) (4%) Total International 33% (5%) (3%) Consolidated (5%) (5%)

Page 28

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. GAAP to Non-GAAP Reconciliations– Q2 2025 28 BRUNSWICK CORPORATION – EARNINGS RELEASE Operating Earnings and 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 and impairment charges 8.0 7.9 0.09 0.09 Purchase accounting amortization 14.7 14.5 0.17 0.16 Acquisition, integration, and IT related costs — 0.1 — — As Adjusted $126.0 $180.8 $1.16 $1.80 GAAP operating margin 7.1% 11.0% Adjusted operating margin 8.7% 12.5% Operating Earnings Diluted Earnings per Share

Page 29

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. GAAP to Non-GAAP Reconciliations– YTD 2025 29 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 $159.6 $268.9 $1.21 $2.54 Restructuring, exit and impairment charges 9.1 21.4 0.10 0.24 Purchase accounting amortization 29.3 29.3 0.34 0.33 Acquisition, integration, and IT related costs 0.1 2.4 — 0.03 IT security incident costs — 0.3 — — Special tax items — — 0.03 — Loss on early extinguishment of debt — — 0.04 — As Adjusted $198.1 $322.3 $1.72 $3.14 GAAP operating margin 6.0% 9.6% Adjusted operating margin 7.4% 11.5% Operating Earnings Diluted Earnings per Share

Page 30

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Tax Rate 30 2025 outlook for the adjusted effective tax rate slightly lower at ~21% Q2 YTD YTD 2025 YTD 2024 Effective Tax Rate - GAAP 22.8% 21.1% Effective Tax Rate - As Adjusted 1 21.7% 21.6% Q2 2025 Q2 2024 Effective Tax Rate - GAAP 20.8% 20.9% Effective Tax Rate - As Adjusted 1 21.5% 21.6% (1) TAX PROVISION, AS ADJUSTED, EXCLUDES $0.3 MILLION AND $0.1 MILLION OF NET PROVISIONS FOR SPECIAL TAX ITEMS FOR Q2 2025 AND Q2 2024, RESPECTIVELY AND $2.1 MILLION AND $0.2 MILLION OF NET PROVISION FOR SPECIAL TAX ITEMS FOR YTD 2025 AND 2024, RESPECTIVELY.

Page 31

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Free Cash Flow 31 Q2 YTD (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: Capital expenditures (44.9) (47.1) Proceeds from sale of property, plant, equipment 3.4 3.1 Effect of exchange rate changes 6.9 (2.3) Free Cash Flow $287.9 $169.4 (in millions) YTD 2025 YTD 2024 Net cash provided by operating activities from continuing operations $309.1 $67.6 Net cash (used for) provided by: Capital expenditures (82.6) (101.1) Proceeds from sale of property, plant, equipment 6.8 5.4 Effect of exchange rate changes 10.2 (7.0) Free Cash Flow $243.5 ($35.1)

Page 32

©2025 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. BRUNSWICK CORPORATION – EARNINGS RELEASE Free Cash Flow 32 (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 6.8 3.4 Effect of exchange rate changes (10.8) 3.3 Free Cash Flow $277.7 ($44.4)

Slides