Brunswick Corporation (BC): Business Model Canvas [Dec-2025 Updated]

You're looking at how a powerhouse like Brunswick Corporation is navigating the choppy waters of modern manufacturing and leisure, and honestly, their Business Model Canvas for late 2025 is a fascinating read. It's not just about moving premium boats like Boston Whaler or selling Mercury engines; the real story is their dual focus: capturing recurring revenue through the 400+ Freedom Boat Club locations while pouring capital-like the $82.6 million spent in the first half of 2025-into ACES (Autonomy, Connectivity, Electrification, Shared Access) to secure their future. With full-year net sales guidance sitting around $5.2 billion, understanding how they manage their 60+ brands and vertically-integrated supply chain is defintely the key to seeing where their next decade of value creation lies, so check out the full, precise breakdown below.

Brunswick Corporation (BC) - Canvas Business Model: Key Partnerships

You're looking at the ecosystem that powers Brunswick Corporation (BC) beyond its own walls. These alliances are critical; they secure supply, drive innovation, and extend market reach. Honestly, without these partners, the ACES strategy-Autonomy, Connectivity, Electrification, and Shared Access-would just be a concept, not a reality.

Exclusive, Long-Term Supply Agreements with Global Boat Builders

Mercury Marine, Brunswick Corporation's propulsion division, locks in key OEM relationships through multi-year, exclusive deals. These agreements ensure volume for Mercury and guaranteed power for the partner brands, which is a big deal for product planning.

For instance, Mercury just renewed its exclusive outboard supply pacts in December 2025:

The strength of these relationships is visible at major events. At the 2025 Fort Lauderdale International Boat Show, Mercury Marine secured a record outboard share of 61% of all outboards displayed, and an even stronger 76% share of engines on the water portion of the show. That's market dominance through partnership.

Technology Collaborations for ACES Development

The ACES strategy relies heavily on external and internal tech collaborations to embed AI and autonomy. Brunswick showcased this evolution at the 2025 Consumer Electronics Show (CES) with its 'Boating Intelligence' initiative, which is the next phase of ACES.

Key technology demonstrations and collaborations include:

• The next evolution of autonomous docking system, demonstrated physically on a 40ft Boston Whaler 405 Conquest at CES 2025.
• The debut of the AI-powered co-captain via a 200-degree virtual boat helm simulator.
• Unveiling of the first Fliteboard eFoil immersive simulator.
• The SIMRAD AutoCaptain autonomous boating system demonstration at the 2025 Fort Lauderdale International Boat Show.

This focus on AI and autonomy is a strategic pivot, aiming to evolve boats from mere products to 'experiential partners.'

Global Network of Independent Marine Dealers and Distributors

Brunswick Corporation's reach is supported by a vast, established distribution network. While the exact number of independent dealers isn't explicitly stated for late 2025, we know the scale of the operation.

Here are some structural numbers related to the global footprint:

The company's Q3 2025 Total Consolidated Revenue was $1.360B, showing the scale these partnerships operate within. You defintely need to keep an eye on dealer inventory levels, as dealer caution impacted Q2 2025 boat segment sales by a 7% decline year-over-year.

Strategic Alliances for Financing, Insurance, and Extended Warranty Services

Brunswick Corporation integrates service and access through its dedicated businesses, which function as strategic alliances to support the final sale and ownership experience. These units are key to making ownership friction-less.

The service, digital, and shared-access businesses include:

• Freedom Boat Club (Shared Access)
• Boateka
• A range of financing businesses
• A range of insurance businesses
• A range of extended warranty businesses

The company's Q3 2025 Propulsion segment net sales were $535.4M, which is the core product moving through this dealer/financing channel.

University Research Partnerships

The Boating Intelligence Design Lab (BI DesignLab) at the University of Illinois Research Park is a crucial partnership for developing future tech. This lab focuses on AI talent and supporting product teams integrating AI into the next generation of products.

The BI DesignLab's focus areas include:

• Developing AI talent and capabilities.
• Supporting autonomous docking technology development.
• Advancing work on AI-powered virtual agents.
• Leveraging computer-generated imagery (CGI) and autonomy simulation.

This collaboration has yielded recognition; Brunswick won the "Best Technical Innovation" in the 2025 Research Park Intern Awards. Finance: draft 13-week cash view by Friday.

Brunswick Corporation (BC) - Canvas Business Model: Key Activities

You're looking at the core engine room of Brunswick Corporation's operations, the things they must do exceptionally well to keep the whole enterprise running and growing. These aren't just tasks; they are the levers for their financial performance.

Research and development (R&D) focused on ACES and 'Boating Intelligence'

Brunswick Corporation's R&D activity centers on building out the Advanced Connected Ecosystem for Boating (ACES) and embedding 'Boating Intelligence' across its portfolio. This involves significant investment in technology, particularly electrification initiatives. For context on overall reinvestment, in 2023, Brunswick reinvested about $474 million in its business through capital expenditure (capex) and research and development (R&D) spending.

Key R&D focus areas include:

• Electrification, with 25% of 2023 R&D spend directed here.
• Digital Services & Connectivity.
• Charging Solutions.

Manufacturing of marine engines, boats, and integrated electronic systems

This activity involves the complex process of building everything from Mercury Marine engines to Sea Ray and Boston Whaler boats, plus Navico Group electronics. The company is actively optimizing this footprint to improve efficiency. For instance, in Q2 2025, Brunswick reported consolidated net sales of $1,447.0 million. By Q3 2025, net sales grew to $1,360.2 million.

Global distribution and inventory management across 2,800+ dealers

Managing the flow of product to the dealer network is critical, especially given the cautious ordering environment seen in early 2025. The company's distribution business is a key strength. In the first half of 2025, the market-leading distribution business gained 180 basis points of market share in the U.S. Brunswick concluded 2024 with dealer inventory at 36.8 weeks on hand, reflecting balanced levels.

Managing the Freedom Boat Club franchise and corporate locations

This is a major driver for recurring revenue and new customer acquisition. As of March 2025, Freedom Boat Club operates at more than 400 locations across 35 U.S. states, Canada, Europe, Australia, and New Zealand. Franchise locations still account for more than 70 percent of all club locations. The club achieved over 600,000 annual member trips for the second consecutive year as of January 2025. The recurring revenue segments, including Freedom Boat Club, contributed almost 60% of adjusted operating income in Q1 2025.

Strategic cost control and manufacturing footprint optimization

Brunswick Corporation is actively streamlining its manufacturing base to reduce fixed costs and boost productivity. This is a direct activity to improve margins, which for Q2 2025 adjusted operating margin was 8.7%.

The September 2025 announcement detailed specific actions:

The company has a full-year 2025 net sales guidance between $5.2 billion and $5.6 billion, and the free cash flow guidance was increased to greater than $425 million. The restructuring charges related to this rationalization were recorded in the first half of 2025.

Brunswick Corporation (BC) - Canvas Business Model: Key Resources

You're looking at the core assets that power Brunswick Corporation's operations as of late 2025. These aren't just things they own; they are the durable advantages that let them execute their strategy across the marine ecosystem.

The foundation of the brand strength is its extensive collection of intellectual property and established names. Brunswick Corporation is home to a portfolio of 60+ industry-leading brands. You see this across their segments, with names like Mercury, Boston Whaler, Sea Ray, and Simrad being central to their market presence.

Protecting that innovation is key. While the prompt mentions a specific historical figure, the latest data shows a significant focus on global IP protection. As of February 14, 2025, the company reported 700 active foreign patents, alongside 230 pending foreign patent applications. Furthermore, specific technology areas are heavily protected; for instance, one report noted 98 registered patents for cutting-edge voice and sound recognition technology.

Brunswick Corporation relies heavily on its physical assets and operational setup. They maintain a vertically-integrated U.S. manufacturing and supply chain infrastructure. This structure is so central that management highlighted its importance for benefiting from industry recovery due to its operating leverage. In fact, the company is actively consolidating by exiting international facilities, like Reynosa, Mexico, and Flagler Beach, Florida, to focus production into its existing U.S. facilities.

The shared-access model is a massive physical and operational resource. The Global network of 400+ Freedom Boat Club locations underpins their ACES (Autonomy, Connectivity, Electrification, and Share Access) strategy. As of November 2025, Freedom Boat Club operates at more than 400 locations across 35 U.S. states, Canada, Spain, France, the United Kingdom, Denmark, Australia, New Zealand, and the United Arab Emirates.

Financial stability underpins all these investments. You can see the strength in their cash generation and leverage management. Here's a quick look at some key financial and operational metrics from the Q3 2025 reporting period:

This strong balance sheet allows for capital deployment, such as increasing the debt reduction target to $200 million for the year and completing $70 million of share repurchases year-to-date in Q3 2025. The S&P Global Ratings forecast for leverage in 2025 is in the 2.0x-2.5x range, which supports the view of a stable financial footing, even as the company manages cyclical market pressures.

The tangible and intangible assets Brunswick Corporation deploys include:

• Portfolio of 60+ industry-leading brands.
• Intellectual property, including 387 active patents (as of 2023) on marine technology.
• Vertically-integrated U.S. manufacturing and supply chain infrastructure.
• Global network of 400+ Freedom Boat Club locations.
• Strong balance sheet with forecasted 2025 leverage near 2.0x.

Finance: draft 13-week cash view by Friday.

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:

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.

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.

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:

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:

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:

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:

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:

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.