Brunswick Corporation (Colombie-Britannique): Business Model Canvas [Jan-2025 Mise à jour]

Plongez dans le plan stratégique de Brunswick Corporation, une puissance de l'innovation marine et du fitness qui a magistralement conçu une toile de modèle commercial transformant des expériences récréatives dans le monde. De la fabrication de bateaux de pointe aux équipements de fitness de précision, l'approche complète de Brunswick révèle une stratégie dynamique qui intègre de manière transparente les prouesses technologiques, les partenariats mondiaux et les solutions centrées sur le consommateur. Découvrez comment ce leader de l'industrie navigue sur des paysages de marché complexes, offrant une valeur exceptionnelle dans les domaines marins et du bien-être grâce à un cadre commercial méticuleusement conçu qui établit de nouvelles normes dans la technologie récréative et l'engagement client.

Brunswick Corporation (BC) - Modèle commercial: partenariats clés

Alliances stratégiques avec les fabricants d'équipements marins

Brunswick Corporation entretient des partenariats stratégiques avec plusieurs fabricants de matériel maritime clés:

Partenaire	Détails du partenariat	Année établie
Mercure Marine	Développement technologique de moteur marin propriétaire	Filiale possédée depuis 1961
Navico	Électronique marine et intégration des systèmes de navigation	Acquis en 2011
Garmin	Collaboration GPS et technologie de navigation maritime	Partenariat en cours depuis 2015

Partenariats avec des marchands de bateaux et des distributeurs dans le monde entier

Brunswick maintient un vaste réseau mondial de concessionnaires:

• Plus de 4 500 concessionnaires de bateaux dans le monde
• Présence dans 75 pays
• Le réseau de concessionnaire couvre les régions d'Amérique du Nord, d'Europe, d'Asie-Pacifique

Région	Nombre de concessionnaires	Couverture du marché
Amérique du Nord	2 800 concessionnaires	62% du réseau de concessionnaires mondiaux
Europe	1 100 concessionnaires	24% du réseau de concessionnaires mondiaux
Asie-Pacifique	600 concessionnaires	14% du réseau de concessionnaires mondiaux

Collaboration avec la technologie marine et les entreprises d'innovation

Brunswick investit dans des partenariats technologiques:

• Collaboration de recherche avec le MIT Sea Grant
• Partenariat technologique avec FLIR Systems for Marine Sensing Technologies
• Alliance de l'innovation avec les développeurs de logiciels marins

Coentreprises sur les marchés des équipements marins et de fitness récréatifs

Investissements de coentreprise de Brunswick:

Coentreprise	Valeur d'investissement	Domaine de mise au point
Fitness de la vie	85 millions de dollars d'investissement	Technologie des équipements de fitness
Johnson à l'extérieur	Accord de partage de technologie stratégique	Équipement récréatif marin

Brunswick Corporation (BC) - Modèle d'entreprise: activités clés

Conception et fabrication de bateaux marins

Brunswick Corporation a produit 116 600 produits marins en 2022. La société exploite des installations de fabrication aux États-Unis, y compris des emplacements au Tennessee, en Floride et au Wisconsin.

Usine de fabrication	Emplacement	Ligne de produit primaire
Merrick Marine Center	Knoxville, Tennessee	Boston Whalers Boats
Plante de Reynosa	Mexique	Moteurs marins de mercure
Installation de Fond du Lac	Wisconsin	Mercure Marine Manufacturing

Production et innovation des équipements de fitness

Le segment de fitness de Brunswick a généré 516,8 millions de dollars de revenus en 2022. La société produit du matériel d'exercice sous des marques comme Nautilus et Bowflex.

• Volume de production de l'équipement de fitness annuel: environ 750 000 unités
• Investissement de recherche et développement dans la technologie du fitness: 22,3 millions de dollars en 2022

Recherche et développement des technologies marines

Brunswick a investi 146,4 millions de dollars en recherche et développement Au cours de l'exercice 2022, avec un accent significatif sur l'innovation technologique maritime.

Zone de focus R&D	Montant d'investissement	Développement technologique clé
Propulsion marine	62,1 millions de dollars	Technologies de moteur électrique et hybride
Systèmes de navigation numérique	34,5 millions de dollars	Électronique marine avancée

Marketing et ventes de produits marins récréatifs

Le segment marin de Brunswick généré 5,2 milliards de dollars de revenus En 2022, avec une stratégie marketing mondiale ciblant les amateurs de navigation récréative.

• Nombre de réseaux de concessionnaires de produits marins: 2 800+ concessionnaires mondiaux
• Canaux de marketing: plates-formes numériques, salons commerciaux marins, engagement direct des consommateurs

Services mondiaux de distribution et de support client

Brunswick maintient un réseau de distribution mondial complet dans 89 pays, avec 12 centres de distribution primaires dans le monde.

Région	Nombre de centres de distribution	Volume de distribution annuel
Amérique du Nord	6	78 500 unités marines
Europe	3	22 300 unités marines
Asie-Pacifique	3	15 800 unités marines

Brunswick Corporation (BC) - Modèle d'entreprise: Ressources clés

Installations de fabrication avancées

Brunswick Corporation exploite plusieurs installations de fabrication à travers les États-Unis, avec des emplacements clés dans:

Emplacement	Type d'installation	Production primaire
Merritt Island, Floride	Fabrication maritime	Boston Whalers Boats
Stillwater, Oklahoma	Production de moteurs marins	Moteurs marins de mercure
Mettawa, Illinois	Siège social	Gestion stratégique

Portefeuille de propriété intellectuelle

Brunswick Corporation détient 387 brevets actifs En 2023, avec des domaines de mise au point clés, notamment:

• Technologies de propulsion marine
• Innovations de conception de bateaux
• Systèmes de navigation maritime
• Mécanismes d'équipement de fitness

Équipes d'ingénierie et de conception qualifiées

Travail total d'ingénierie: 1 245 professionnels À travers les divisions marines et de fitness, avec une expérience moyenne de 12,7 ans.

Division	Personnel d'ingénierie	Investissement en R&D (2023)
Technologies marines	782	87,3 millions de dollars
Équipement de fitness	463	42,6 millions de dollars

Réseau de distribution mondial

Brunswick maintient une infrastructure de distribution complète:

• 3 200 lieux de concessionnaires mondial
• Présence dans plus de 75 pays
• Réseau couvrant les segments de produits marins et de fitness

Réputation de la marque

Mesures de valeur de la marque de Brunswick:

Marque	Reconnaissance du marché	Part de marché mondial
Mercure Marine	82% de reconnaissance de l'industrie maritime	35,6% du marché mondial des moteurs marins
Boston Whaler	76% de reconnaissance de segment de bateau premium	22,4% du marché des bateaux haut de gamme

Brunswick Corporation (BC) - Modèle d'entreprise: propositions de valeur

Navires marins récréatifs de haute qualité

Brunswick Corporation produit des navires marins sur plusieurs marques avec un positionnement spécifique du marché:

Marque	Type de navire	Volume de production annuel	Fourchette de prix moyenne
Boston Whaler	Bateaux de pêche offshore	12 500 unités	$75,000 - $250,000
Bayliner	Bateaux récréatifs	8 700 unités	$30,000 - $125,000
Rayon de mer	Bateaux sportifs de luxe	6 300 unités	$100,000 - $500,000

Solutions d'équipement marin et de fitness innovantes

La stratégie d'innovation de Brunswick se concentre sur les progrès technologiques:

• Systèmes de propulsion marine Mercury avec intégration numérique
• Technologies avancées de navigation en bateau
• Électronique marine connectée

Expérience client et fiabilité des produits premium

Brunswick maintient des mesures de satisfaction client élevées:

Métrique	Performance
Taux de satisfaction client	87.5%
Taux de réclamation de garantie	2.3%
Taux de rendement des produits	1.7%

Gamme complète de bateaux et de technologies marines

Brunswick propose diverses catégories de produits marins:

• Bateaux de pêche
• Bateaux récréatifs
• Solutions marines commerciales
• Moteurs marins et systèmes de propulsion

Fitness et lignes de produits marins axées sur les performances

Le segment de fitness de Brunswick comprend:

Marque	Catégorie de produits	Revenus annuels
Fitness de la vie	Équipement de fitness commercial	850 millions de dollars
Force de marteau	Formation en force professionnelle	275 millions de dollars

Brunswick Corporation (BC) - Modèle d'entreprise: relations clients

Ventes directes via les réseaux de concessionnaires

Brunswick Corporation opère par le biais de plus de 1 300 concessionnaires marins à travers l'Amérique du Nord. En 2022, la société a déclaré 5,9 milliards de dollars de revenus du segment marin. Les ventes de réseaux de concessionnaires représentaient environ 78% des transactions totales de produits maritimes.

Métriques du réseau de concessionnaires	2022 données
Total des concessionnaires	1,300+
Revenus de segments marins	5,9 milliards de dollars
Pourcentage de ventes de réseaux de concessionnaire	78%

Plateformes de support client en ligne

Brunswick maintient les plateformes de support client numérique sur plusieurs marques, notamment Mercury Marine et Boston Whaler. La société a investi 47 millions de dollars dans les infrastructures numériques en 2022.

• Assistance technique en ligne 24/7
• Systèmes d'enregistrement des produits numériques
• Portail de gestion des réclamations de garantie

Services de consultation de produits personnalisés

Brunswick propose des services de consultation spécialisés à travers les segments marins et de fitness, avec des représentants des ventes dédiés gérant les interactions clients de grande valeur.

Catégorie de service de consultation	Volume annuel d'engagement
Consultations de produits marins	12,500+
Consultations sur l'équipement de fitness	8,700+

Programmes de fidélité et de garantie de la clientèle

Brunswick offre une couverture de garantie complète entre les gammes de produits. En 2022, les dépenses de garantie ont totalisé 213 millions de dollars, ce qui représente 3,6% des revenus totaux.

• Garantie limitée de Mercury Marine à 3 ans
• Plans de protection étendue de la marque de bateau
• Support technique à vie de l'équipement de fitness

Engagement à travers les communautés marines et de fitness

Brunswick engage activement les clients via des plateformes de communauté numérique et physique, avec plus de 250 000 membres de la communauté active dans les segments marins et de fitness.

Canaux de fiançailles communautaires	Couper les membres
Forums marins en ligne	175,000
Plateformes communautaires de fitness	75,000

Brunswick Corporation (BC) - Modèle d'entreprise: canaux

Concessionnaires de matériel de bateau et de marine autorisé

Brunswick Corporation opère par le biais de plus de 1 300 marchands marins autorisés à travers l'Amérique du Nord. En 2023, ces concessionnaires représentaient 78% du réseau de distribution de produits marins de l'entreprise.

Type de concessionnaire	Nombre de concessionnaires	Couverture géographique
Marchands de bateaux	890	États-Unis
Marchands d'équipements marins	410	Amérique du Nord

Plates-formes de vente en ligne directes

Les canaux de vente numériques de Brunswick ont ​​généré 247 millions de dollars de revenus en 2023, ce qui représente 12% du total des ventes de produits marins.

• Site officiel de produit marine Brunswick
• Mercure Marine en ligne
• Plates-formes de commerce électronique spécifiques à la marque de bateau

Magasins de vente au détail de produits marins et de sport

Les produits Brunswick sont disponibles dans 425 emplacements de vente au détail de marines et de sport spécialisés aux États-Unis et au Canada.

Canal de vente au détail	Nombre de magasins	Ventes annuelles moyennes par magasin
Bass Pro Shops	175	$385,000
Marin occidental	250	$275,000

Salons commerciaux et événements de l'industrie maritime

Brunswick participe à 18 salons majeurs de l'industrie maritime chaque année, avec un investissement marketing estimé à 3,2 millions de dollars en 2023.

• Salon nautique international de Miami
• Salon nautique international de Fort Lauderdale
• Salon nautique de New York

Canaux de marketing numérique et de commerce électronique

Le budget de marketing numérique de Brunswick a atteint 12,5 millions de dollars en 2023, en mettant l'accent sur la publicité en ligne ciblée et l'engagement des médias sociaux.

Canal numérique	Adeptes / abonnés	Taux d'engagement
Instagram	215,000	4.3%
Facebook	345,000	3.7%

Brunswick Corporation (BC) - Modèle d'entreprise: segments de clientèle

Antactifs de navigation récréative

Taille du marché: 87,9 millions d'Américains participent à la navigation de plaisance récréative en 2022.

Caractéristiques du segment	Données de population
Total des plaisanciers	87,9 millions
Propriété moyenne des bateaux	11,88 millions de bateaux
Achats de bateaux annuels	272 000 nouveaux bateaux vendus en 2022

Professionnels de l'industrie maritime professionnel

Total de la main-d'œuvre de l'industrie maritime: 649 000 employés aux États-Unis.

• Professionnels de la pêche commerciale
• Chercheur marin
• Travailleurs des transports maritimes
• Techniciens d'équipement marin

Consommateurs de fitness et de bien-être

Revenu du segment de fitness de Brunswick: 497,3 millions de dollars en 2022.

Métriques du segment du fitness	Valeur
Revenus totaux	497,3 millions de dollars
Part de marché dans l'équipement de fitness	8.2%

Acheteurs d'équipements marins

Taille du marché des équipements marins: 16,5 milliards de dollars en 2022.

• Acheteurs d'équipements marins commerciaux
• Acheteurs de l'équipement marin récréatif
• Aachat d'équipement maritime du gouvernement

Consommateurs de produits marins haut de gamme

Valeur marchande du bateau de luxe: 8,3 milliards de dollars dans le monde en 2022.

Segment marin de luxe	Statistiques
Valeur marchande mondiale	8,3 milliards de dollars
Prix ​​moyen du bateau de luxe	250 000 $ - 1,5 million de dollars
Ventes de bateaux de luxe annuels	3 750 unités

Brunswick Corporation (BC) - Modèle d'entreprise: Structure des coûts

Frais de fabrication et de production

Les frais de fabrication et de production de Brunswick Corporation pour l'exercice 2022 ont totalisé 1 987 300 000 $. La société exploite plusieurs installations de fabrication à travers les États-Unis, avec des principaux emplacements de production au Tennessee, au Missouri et en Arizona.

Catégorie de fabrication	Coût annuel (USD)
Production de moteurs marins	$762,500,000
Fabrication de bateaux	$589,300,000
Production d'équipements de fitness	$435,500,000

Investissements de recherche et développement

Brunswick Corporation a investi 258 700 000 $ en recherche et développement pour l'exercice 2022, représentant 4,7% du total des revenus de l'entreprise.

• R&D de la technologie marine: 112 500 000 $
• Innovation de conception de bateaux: 86 200 000 $
• Développement de la technologie du moteur: 60 000 000 $

Coûts opérationnels de marketing et de vente

Les frais de marketing et de vente de Brunswick Corporation en 2022 se sont élevés à 412 600 000 $.

Canal de marketing	Dépenses annuelles (USD)
Marketing numérique	$87,300,000
Participation des salons commerciaux	$45,200,000
Publicité traditionnelle	$68,500,000

Gestion de la chaîne d'approvisionnement et de la distribution

La chaîne d'approvisionnement et les coûts de distribution pour Brunswick Corporation en 2022 étaient de 345 900 000 $.

• Logistique et transport: 156 700 000 $
• Opérations d'entrepôt: 98 300 000 $
• Gestion des stocks: 90 900 000 $

Global Workforce and Talent Acquisition

Les dépenses totales de la main-d'œuvre et des talents pour Brunswick Corporation en 2022 ont atteint 624 500 000 $.

Catégorie de dépenses de main-d'œuvre	Coût annuel (USD)
Salaires et salaires	$489,700,000
Avantages sociaux	$87,300,000
Recrutement et formation	$47,500,000

Brunswick Corporation (BC) - Modèle d'entreprise: Strots de revenus

Ventes de bateaux marins

En 2022, Brunswick Corporation a déclaré des revenus de vente de bateaux marins de 6,24 milliards de dollars. Le segment marin de l'entreprise comprend des marques comme Boston Whaler, Bayliner, Sea Ray et Mastercraft.

Marque	Contribution des revenus (2022)
Boston Whaler	1,42 milliard de dollars
Rayon de mer	1,15 milliard de dollars
Bayliner	870 millions de dollars

Ventes d'équipements de fitness

Le segment de fitness de Brunswick a généré 521 millions de dollars de revenus en 2022 par le biais de marques comme Life Fitness et Hammer Strength.

Marque de fitness	2022 ventes
Fitness de la vie	378 millions de dollars
Force de marteau	143 millions de dollars

Pièces et accessoires de rechange

Brunswick a généré 412 millions de dollars à partir des ventes de pièces et d'accessoires de rechange en 2022.

• Pièces marines: 276 millions de dollars
• Pièces d'équipement de fitness: 136 millions de dollars

Contrats de service et de maintenance

Les revenus de service et de maintenance ont totalisé 287 millions de dollars en 2022.

Catégorie de service	Revenu
Contrats de services marins	198 millions de dollars
Entretien des équipements de fitness	89 millions de dollars

Licence et partenariats de la technologie maritime

Les licences technologiques et les partenariats ont généré 64 millions de dollars de revenus pour Brunswick en 2022.

• Licence de technologie de navigation maritime: 42 millions de dollars
• Partenariats technologiques stratégiques: 22 millions de dollars

Brunswick Corporation (BC) - Canvas Business Model: Value Propositions

Integrated, high-performance marine propulsion systems (Mercury Marine)

Mercury Marine continues to solidify its market leadership, securing a new record outboard share of 61% of all outboard engines displayed at the 2025 Fort Lauderdale International Boat Show, and an even higher 76% share of engines in the on-water portion of that show. Mercury Marine, which is part of the Propulsion segment, reported net sales of $535.4M for the third quarter of 2025. Mercury's outboard engine lineup gained over 300 basis points of U.S. retail share in outboards over 300 horsepower in the second quarter of 2025. Furthermore, at early-season trade shows in early 2025, Mercury Marine maintained dominance in Europe with a 55% share of outboards across the Dusseldorf Boat Show, and held nearly 50% share of outboards on display in New York. The overall Propulsion segment sales grew over the prior year in the third quarter of 2025. The company is focused on vertical integration, exemplified by the debut of the SIMRAD AutoCaptain autonomous piloting system, designed in collaboration with Mercury Marine and the Brunswick Boat Group.

Premium and core boat brands known for quality and reliability (Boston Whaler, Sea Ray)

The boat segment delivered growth in both revenue and adjusted operating margin over the third quarter of 2024. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6%, with revenue increasing 15% compared with the 2024 Show. The company confirmed its full-year 2025 net sales guidance to be approximately $5.2 billion. The boat business saw revenue growth in the third quarter of 2025, with premium brands performing well. The Boat segment reported net sales of $360.2M for the third quarter ended September 27, 2025. The company is executing a strategic rationalization of its fiberglass boat manufacturing footprint to consolidate production and reduce fixed costs.

Simplified, safer boating through 'Boating Intelligence' and autonomous docking systems

Technological integration is a clear value driver, highlighted by the recent debut of the SIMRAD AutoCaptain autonomous boating system at the IBEX trade show. This system was successfully demonstrated in maneuvering and docking scenarios to many interested original equipment manufacturers (OEMs) and media representatives in late 2025. Technology from Navico Group, which includes brands like Simrad, was featured in over 80% of displayed boats at the Dusseldorf Boat Show in early 2025. The Navico Group segment reported net sales of $186.9M in the third quarter of 2025, showing modest sales growth led by marine electronics product lines.

Affordable, flexible access to boating via the Freedom Boat Club shared model

The Freedom Boat Club (FBC) model provides a recurring revenue stream that cushions against new-build market volatility. FBC surpassed 600,000 member boating trips in 2024, marking the second consecutive year achieving this milestone across its 400+ locations in North America, Europe, and Australia. As of the 2023 annual report, Freedom Boat Club had nearly 60,000 memberships. The recurring revenue businesses, which include FBC sales, contributed nearly 60% of the company's second-quarter 2025 adjusted operating earnings. The company is continuing its expansion, having grown from 170 locations in 2019 to over 415 locations by late 2024 through organic growth and acquisitions.

Comprehensive aftermarket support and recurring revenue parts business

The aftermarket and recurring revenue streams are a profitable pillar for Brunswick Corporation. Sales of accessories and spare parts rose 8% in the third quarter of 2025, driven by aftermarket sales and distribution channel performance. The Engine Parts & Accessories segment posted net sales of $363.7M in the third quarter of 2025. The company's focus on these businesses is evident as recurring revenue segments contributed nearly 60% of the second-quarter 2025 adjusted operating earnings. Brunswick Corporation has an increased full-year 2025 free cash flow guidance to greater than $425 million, supported by these stable revenue sources.

Here's the quick math on the segment breakdown for the third quarter of 2025:

Segment	Net Sales (Q3 2025)
Propulsion	$535.4M
Engine Parts & Accessories	$363.7M
Boat segment	$360.2M
Navico Group	$186.9M

What this estimate hides is that total consolidated revenue for the third quarter of 2025 was $1.360B, representing a 6.8% increase from the third quarter of 2024. The full-year 2025 net sales forecast remains approximately $5.2 billion.

You're looking at a company that is clearly prioritizing its high-margin, recurring revenue businesses to stabilize performance in a volatile new-build market. Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Customer Relationships

Dedicated dealer support and training for complex products

• Dealer network contributed to Mercury Marine achieving 55% outboard share for engines of 150hp+ at the Dusseldorf Boat Show 2025.
• Dealer network contributed to Mercury Marine achieving 61% outboard share at the 2025 Fort Lauderdale International Boat Show.

Personalized digital engagement via connected boat technologies

• Navico Group technology was featured in over 80% of displayed boats at the Dusseldorf Boat Show 2025.
• The company launched its 'Boating Intelligence' initiative at the 2025 Consumer Electronics Show (CES) to enhance its ACES (Autonomous, Connected, Electrified, and Shared) strategy.
• The SIMRAD AutoCaptain autonomous boating system was demonstrated at the 2025 IBEX trade show.

Subscription-based, high-touch service model for Freedom Boat Club members

The Freedom Boat Club model contributes significantly to Brunswick Corporation's recurring revenue base, which accounted for almost 60% of adjusted operating income in Q1 2025. The company has a stated goal for recurring revenue businesses to exceed 50% of total company earnings by 2025. Freedom Boat Club expanded its global reach, including signing its first Middle East franchisee in Dubai. In Q2 2025, Freedom Boat Club contributed approximately 12% of the Boat segment sales.

Metric	Value	Period/Context
Memberships (Historical Benchmark)	Over 50,000	As of June 2022
Global Locations (Historical Benchmark)	360	As of June 2022

Transactional sales for parts and accessories (P&A) aftermarket

The Engine Parts & Accessories segment is a key recurring revenue pillar. Sales in this area saw growth in Q3 2025, rising by 8% over the quarter, driven by aftermarket sales.

Segment	Net Sales Amount	Period
Engine Parts & Accessories	$363.7M	Third Quarter 2025
Engine Parts & Accessories Sales Growth	1% increase	Second Quarter 2025 vs. prior year
Navico Group Net Sales	$186.9M	Third Quarter 2025

Brand loyalty programs for premium boat owners (Boston Whaler, Sea Ray)

Demand for premium products showed relative strength later in the 2025 season. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6%, with revenue increasing 15% compared to the 2024 Show.

• Sea Ray Boats surpassed its 2024 record unit sales total by more than 20% at the Dusseldorf Boat Show 2025.

Brunswick Corporation (BC) - Canvas Business Model: Channels

You're looking at how Brunswick Corporation moves its products and services to the customer base as of late 2025. It's a multi-pronged approach, blending traditional dealer networks with significant recurring revenue streams and direct sales efforts.

Global network of independent marine dealers and distributors

Brunswick Corporation supports its boat sales through a vast network, though the exact number of independent marine dealers isn't explicitly stated in the latest reports. The health of this channel is reflected in wholesale shipment performance. For instance, in the second quarter of 2025, U.S. wholesale shipments were down 11% compared to the prior year, resulting in an 11% reduction in U.S. pipelines, or over 1,200 fewer units versus last year, as the company managed inventory levels.

Direct-to-consumer model through Freedom Boat Club and Boateka (used boats)

The shared-access and used boat businesses are a major channel focus, providing recurring revenue stability. Freedom Boat Club, the boat-sharing network, had over 440 locations worldwide as of the third quarter of 2025. This recurring revenue model is strategically important; in the first quarter of 2025, recurring revenue segments, including Freedom Boat Club sales, accounted for almost 60% of adjusted operating income. For context on its scale relative to the whole, Freedom Boat Club accounted for around 11% of total sales in the first quarter of 2025.

• Freedom Boat Club locations worldwide: over 440 as of Q3 2025.
• Recurring revenue contribution to adjusted operating income (Q1 2025): almost 60%.
• Freedom Boat Club share of total sales (Q1 2025): around 11%.

Wholesale shipments to Original Equipment Manufacturers (OEMs) for propulsion sales

For the Mercury Marine propulsion business, the OEM channel remains critical. In the third quarter of 2025, the Propulsion division reported a 10% increase in sales, which was explicitly driven by stable demand from OEMs. Shipments to U.S. OEM customers in the second quarter of 2025 were reported as outpacing expectations despite overall market conditions.

Digital platforms and marine trade shows (e.g., Fort Lauderdale International Boat Show)

Trade shows serve as key physical channels for showcasing new products and securing dealer/OEM interest. The 2025 Fort Lauderdale International Boat Show showed strong performance for premium brands. At that event, combined unit sales for Boston Whaler, Sea Ray, and Navan were up 6% and revenue increased 15% compared with the 2024 Show. Mercury Marine demonstrated strong market penetration at this show:

Metric	2025 FLIBS Result
Mercury Outboard Share (All Engines)	61%
Mercury Outboard Share (On-Water Portion)	76%

Earlier in the year, at the Dusseldorf Boat Show, Sea Ray Boats achieved record unit sales, surpassing the 2024 record by more than 20 percent. Mercury Marine also secured a 55 percent share of outboards across the Dusseldorf show.

Retail distribution for Parts & Accessories via Land 'N' Sea

The Parts & Accessories segment utilizes distribution channels like Land 'N' Sea to reach the aftermarket. This channel proved resilient; in the third quarter of 2025, Accessories and spare parts sales rose by 8%, supported by distribution channel performance. The Engine Parts & Accessories segment recorded net sales of $363.7M in the third quarter of 2025. Specifically, the distribution business within that segment saw sales up 4% compared to the second quarter of 2024.

Here's a quick look at some key segment sales figures that flow through these channels in Q3 2025:

Segment	Q3 2025 Net Sales
Propulsion Net Sales	$535.4M
Engine Parts & Accessories Net Sales	$363.7M
Navico Group Segment Net Sales	$186.9M
Boat Segment Net Sales	$360.2M

Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Customer Segments

You're looking at the diverse groups Brunswick Corporation serves, which is key to understanding their $\$5.2$ billion full-year 2025 net sales guidance. The customer base is split between direct consumers, members of their shared-access model, and business partners like other manufacturers.

The financial results from the third quarter of 2025 show how these segments translate to revenue. Total consolidated net sales for Q3 2025 were $\$1,360.2$ million.

Here's a breakdown of the net sales by segment in Q3 2025, which directly reflects the revenue generated from these customer groups:

Segment	Q3 2025 Net Sales (Millions USD)	Relevant Customer Segments
Propulsion	$\$535.4$	Commercial operators (via engine sales), Independent service centers (via parts/repairs)
Engine Parts & Accessories	$\$363.7$	Independent service centers, Boat OEMs (for parts/accessories)
Navico Group	$\$186.9$	Boat OEMs (for electronics integration), High-net-worth individuals (via aftermarket electronics)
Boat	$\$360.2$	Recreational boaters, High-net-worth individuals

The recreational boater segment is served both through direct boat sales and the Freedom Boat Club (FBC) model. FBC, which had over 400+ locations across North America, Europe, and Australia as of early 2025, is a significant part of the recurring revenue base. In the first quarter of 2025, Freedom Boat Club sales accounted for around 11% of Brunswick Corporation's total sales.

For high-net-worth individuals and general recreational boaters purchasing new vessels, the performance of premium brands is a key indicator. At the 2025 Fort Lauderdale International Boat Show, combined unit sales for premium brands like Boston Whaler, Sea Ray, and Navan were up 6% compared to the 2024 Show.

The customer segment comprising commercial operators and other boat OEMs is heavily served by the Propulsion and Navico Group segments. Mercury Marine, a key part of the Propulsion segment, is a dominant supplier. As of Q3 2025 results, Mercury had consolidated a market share of almost 50% in outboard motors in the United States. Furthermore, strong demand from U.S. OEMs contributed to the Propulsion segment seeing a 7% increase in sales in the second quarter of 2025.

The customer base also includes independent marine service centers and other boat OEMs who purchase components. The Engine Parts & Accessories segment, which serves these entities, posted net sales of $\$363.7$ million in Q3 2025.

The overall customer engagement is supported by the ACES strategy (autonomy, connectivity, electrification, and shared access), which aims to elevate the user experience across these varied groups.

• Recreational boaters: Served by the Boat segment and FBC.
• High-net-worth individuals: Target for premium, large boat models.
• Commercial operators/Government agencies: Engine and electronics purchasers.
• Boat-share members: Access through the FBC model.
• Independent marine service centers/other OEMs: Buyers of Mercury engines and Navico electronics.

The company confirmed its 2025 full-year guidance for as-adjusted diluted EPS of approximately $\$3.25.

Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Cost Structure

You're looking at the core costs driving Brunswick Corporation's operations through the first three quarters of 2025. The structure is heavily weighted toward making and selling high-value marine products, plus significant investment in future technology.

The most significant cost component is the Cost of Goods Sold (COGS) tied to manufacturing engines, parts, and boats. While the exact COGS figure isn't explicitly broken out in the latest releases, we see the scale of the business through sales. For the second quarter of 2025, consolidated net sales hit $1,447.0 million, and total net sales for the first half of 2025 reached $2,808.9 million. This high volume of physical goods production means COGS is naturally the largest cost block. Furthermore, cost pressures remain, with management noting that less than 5% of COGS was potentially subject to new tariff expenses of $20 million to $30 million for 2025, on top of $30 million in Section 301 tariffs already factored in.

Investment in the future, particularly around ACES (Advanced Connected, Electric, Autonomous, Shared) and electrification, requires a high Research & Development (R&D) spend. Honestly, the absolute R&D dollar amount for the first half of 2025 isn't detailed in the recent summaries, but we do know that Research and development expense decreased in the first half of 2025 versus the same period in 2024. This suggests a shift in focus or perhaps the completion of certain large projects, but the strategic commitment to these areas remains a key cost driver.

Capital expenditures (CapEx) for 2025 totaled $82.6 million in the first half. This investment supports the ongoing operational base, including the manufacturing footprint improvements mentioned later.

Selling, General, and Administrative (SG&A) expenses cover the overhead of running a global enterprise, including marketing the many brands and supporting the Freedom Boat Club operations. For the three months ended June 28, 2025, SG&A was $216.6 million. For the first six months of 2025, these expenses totaled $424.6 million.

Costs associated with strategic manufacturing rationalization and restructuring are a necessary, though non-recurring, part of optimizing the cost structure. For the three months ended June 28, 2025, total restructuring, exit, and impairment charges recorded were $8.0 million. For the first six months of 2025, these charges amounted to $9.1 million, which is a reduction from the $21.4 million recorded in the first six months of 2024. These costs reflect actions like the announced strategic rationalization of the fiberglass boat manufacturing footprint, which involves exiting facilities in Reynosa, Mexico, and Flagler Beach, Florida, by mid-2026 to consolidate production.

Here's a quick look at the reported period costs:

Cost Category	Period Ended June 28, 2025 (3 Months)	Period Ended June 28, 2025 (6 Months)
Selling, General, and Administrative Expense	$216.6 million	$424.6 million
Restructuring, Exit and Impairment Charges (Total)	$8.0 million	$9.1 million
Restructuring, Exit and Impairment Charges (Prior Year 6 Months)	N/A	$21.4 million (vs. June 29, 2024)

The breakdown of the three-month restructuring charge was:

• Employee termination and other benefits: $7.2 million total
• Asset-related: $0.4 million
• Professional fees: $0.4 million

The company is actively managing these costs while maintaining liquidity, reporting $1.3 billion in liquidity at the end of Q2 2025. Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Revenue Streams

You're looking at how Brunswick Corporation brings in the money, and as of late 2025, the picture is anchored by a clear revenue guidance, even with some market softness.

Brunswick Corporation confirmed its full-year 2025 net sales guidance is approximately $5.2 billion. This top-line expectation reflects a balanced portfolio that relies on both large transactional sales and more predictable, recurring streams.

The Sale of Marine Propulsion products (Mercury engines) remains a cornerstone. This segment, which includes outboards, sterndrive, and related controls and propellers, is a major driver. For instance, in the third quarter of 2025, Propulsion segment net sales hit $535.4 million. To give you a sense of competitive strength, Mercury Outboard Engine Share gained over 300 basis points in U.S. retail share for engines over 300 horsepower in the second quarter of 2025.

Next up is the Sale of Boats (Sea Ray, Boston Whaler, Lund). This is the traditional, high-ticket revenue source. In the third quarter of 2025, the Boat segment recorded net sales of $360.2 million. Honestly, premium brands are holding up better than some of the value categories, but the company is actively managing field inventory.

You can't ignore the Recurring revenue from Engine Parts & Accessories and Navico Group aftermarket sales. This is where the business shows its resilience against volatile new-build markets. In the third quarter of 2025 alone, Engine Parts & Accessories segment net sales were $363.7 million, and Navico Group segment net sales were $186.9 million. To be fair, these recurring activities are strategically important; in the third quarter of 2025, recurring revenue activities accounted for over 60% of the Group's adjusted operating income.

The Subscription and membership fees from Freedom Boat Club represent the high-growth recurring model. This segment continues to expand its footprint, which directly translates to membership revenue. As of the third quarter of 2025, Freedom Boat Club operates a network of over 440 locations worldwide. This model is designed to lock in customers and provide a steady revenue base.

Here's a quick look at how the major revenue components stacked up in the third quarter of 2025, based on reported segment net sales:

Revenue Source	Q3 2025 Net Sales (Millions USD)
Propulsion	$535.4
Engine Parts & Accessories	$363.7
Boat Segment	$360.2
Navico Group	$186.9

The performance across these streams in recent quarters shows some clear trends you should track:

• Propulsion segment sales grew 7% in Q2 2025, driven by U.S. OEM orders.
• Engine parts and accessories sales increased 1% year-over-year in Q2 2025.
• Navico Group segment sales saw a 4% decrease in Q2 2025.
• Boat segment sales declined 7% in Q2 2025 due to cautious dealer ordering.

Finance: draft 13-week cash view by Friday.