Financial Analysis

Acquisitions 2024 Acquisition On September 12, 2024, the Company acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida. The acquisition enhances Freedom Boat Club's presence in Florida and provides an opportunity to leverage synergies across Brunswick's portfolio of brands. The acquisition is included as part of the Company's Boat segment. The Company paid net cash consideration of $31.3 million for the acquisition. The opening balance sheet includes $26.9 million of goodwill and $5.2 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with the acquisition were not material to the Company's consolidated results of operations. The acquisition is not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisition, and pro forma results for prior periods are not presented. Purchase accounting is final for this acquisition. 2023 Acquisitions During the fourth quarter of 2023, the Company acquired additional Freedom Boat Club franchise operations and territories in the Southeast United States. These acquisitions should unlock operational efficiencies while providing members with additional boating destinations, as the Company plans for co …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

"Commitments and Contingencies Repurchase Obligations The Company has entered into arrangements with third party lenders in which it has agreed, in the event of a customer or franchisee default, to repurchase from the third party lender those Brunswick products repossessed from the customer or franchisee. These arrangements are typically subject to a maximum repurchase amount. The single year and maximum potential cash payments the Company could be required to make to repurchase collateral as of December 31, 2025 and December 31, 2024 were $85.9 million and $79.8 million, respectively. Included within these repurchase amounts are amounts related to BAC, as discussed in Note 8 Financing Joint Venture . The Companys risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Accruals for potential losses related to repurchase exposure were not material in any period presented. The Companys repurchase accrual represents the expected losses that could result from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers. The Company has recorded its estimated net liability associated with losses from these repurchase obligations on its Consolidated Balance Sheets based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Year Ended December 31, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,370.6 $ 862.6 $ 467.8 $ 1,224.2 $ 3,925.2 Europe 331.5 120.2 219.1 111.1 781.9 Asia-Pacific 175.3 103.0 74.0 25.3 377.6 Canada 77.6 79.2 16.8 144.1 317.7 Rest-of-World 222.2 52.5 22.7 20.5 317.9 Segment Eliminations (269.1) (7.4) (79.9) (1.1) (357.5) Total $ 1,908.1 $ 1,210.1 $ 720.5 $ 1,524.1 $ 5,362.8 Major Product Lines Outboard Engines $ 1,703.7 $ $ $ $ 1,703.7 Controls, Rigging, and Propellers 342.8 342.8 Sterndrive Engines 130.7 130.7 Distribution 717.0 717.0 Products 500.5 500.5 Electronic Solutions 398.1 398.1 Power Solutions 276.7 276.7 Performance Solutions 125.6 125.6 Aluminum Freshwater Boats 575.7 575.7 Recreational Fiberglass Boats 456.3 456.3 Saltwater Fishing Boats 333.2 333.2 Business Acceleration 208.9 208.9 Boat Eliminations/Other (48.9) (48.9) Segment Eliminations (269.1) (7.4) (79.9) (1.1) (357.5) Total $ 1,908.1 $ 1,210.1 $ 720.5 $ 1,524.1 $ 5,362.8 Year Ended December 31, 2024 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,328.1 $ 812.1 $ 474.1 $ 1,247.3 $ 3,861.6 Europe 313.5 115.3 216.9 112.9 758.6 Asia-Pacific 163.7 100.6 72.8 23.7 360.8 Canada 64.0 78.8 14.1 136.8 293.7 Rest-of-World 204. …

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Stock Plans and Management Compensation On May 3, 2023, the Company's shareholders approved the Brunswick Corporation 2023 Stock Incentive Plan (Plan), which replaced the Company's 2014 Stock Incentive Plan. Under the Plan, the Company may grant stock options, stock appreciation rights (SARs), non-vested stock units, performance awards, and other share-based or cash-based awards to executives, other employees, non-employee directors and persons expected to become officers with shares from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, in addition to: (i) the forfeiture of past awards; or (ii) shares delivered to or withheld by the Company to pay the withholding taxes related to awards. As of December 31, 2025, 2.7 million shares remained available for grant. Share grant amounts, fair values and fair value assumptions reflect all outstanding awards for both continuing and discontinued operations. Non-Vested Stock Units The Company grants both stock-settled and cash-settled non-vested stock units to key employees as determined by management and the Human Resources and Compensation Committee of the Board of Directors. Non-vested stock units typically vest in three equal annual installments on the first through third anniversaries of the grant date. Non-vested stock units are eligible for dividends, which are reinvested, and are non-voting. All non-vested units have restrictions on the sale or transfer of such awards durin …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable. Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities. Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments. Level 3 - Unobservable inputs for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: Fair Value (in millions) F …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Goodwill and Other Intangibles Changes in the Company's goodwill by segment during the periods ended December 31, 2025 and 2024 are summarized below: (in millions) Propulsion Engine P&A Navico Group Boat Total December 31, 2023 $ 54.1 $ 233.0 $ 599.7 $ 143.9 $ 1,030.7 Acquisitions 26.7 26.7 Impairments (80.0) (80.0) Adjustments (3.3) (0.4) (6.3) (1.3) (11.3) December 31, 2024 $ 50.8 $ 232.6 $ 513.4 $ 169.3 $ 966.1 Impairments (305.8) (305.8) Adjustments 3.2 0.6 16.0 1.1 20.9 December 31, 2025 $ 54.0 $ 233.2 $ 223.6 $ 170.4 $ 681.2 See Note 4 Acquisitions for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition adjustments during the year ended December 31, 2025 also include $0.2 million of purchase accounting adjustments from the 2024 Freedom Boat Club acquisition. Adjustments during the year ended December 31, 2024 also include $1.6 million of purchase accounting adjustments from the 2023 Fliteboard and Freedom Boat Club Acquisitions, primarily related to income taxes. The Company tests goodwill for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the carrying value of a reporting unit may exceed its fair value. With the 2025 marine retail selling season substantially complete, and a new organizational structure in place for Navico …

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Income Taxes The sources of (Loss) earnings before income taxes were as follows: (in millions) 2025 2024 2023 United States $ (271.9) $ 89.9 $ 364.4 Foreign 136.2 113.4 264.5 (Loss) earnings before income taxes $ (135.7) $ 203.3 $ 628.9 Income tax expense from continuing operations: (in millions) 2025 2024 2023 Current tax expense: U.S. Federal $ 21.7 $ 20.2 $ 88.7 State and local 4.2 7.8 17.3 Foreign 56.1 41.6 73.9 Total current 82.0 69.6 179.9 Deferred tax (benefit) expense: U.S. Federal (60.6) (13.1) 17.2 State and local (14.9) 11.7 10.2 Foreign (6.3) (14.2) (11.0) Total deferred (81.8) (15.6) 16.4 Income tax provision $ 0.2 $ 54.0 $ 196.3 Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2025, and 2024 are summarized in the table below: (in millions) 2025 2024 Deferred tax assets: Loss carryforwards $ 59.9 $ 60.5 Tax credit carryforwards 57.4 53.0 Deferred revenue 39.8 40.2 Product warranties 36.3 34.4 Sales incentives and discounts 31.0 30.3 Operating lease liabilities 30.4 30.1 Compensation and benefits 21.7 3.3 Interest expense 19.3 33.5 Other 99.8 92.2 Gross deferred tax assets 395.6 377.5 Valuation allowance (74.8) (75.1) Deferred tax assets 320.8 302.4 Deferred tax liabilities: Operating lease assets (28.6) (28.3) State and local income taxes (24.1) (22.6) Depreciation and amortization (3.0) (54.3) Other (3.1) (10.1) Deferred tax liabilities (58.8) (115.3) Total net deferred tax assets $ 262.0 $ 187.1 As of …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Note 20 Leases The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's consolidated financial statements. The Company determines if an arrangement is a lease at lease inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred. Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company wil …

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Recently Adopted Accounting Standards Segment Reporting: In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280) Improvements to Reportable Segment Disclosures , which adds new disclosure requirements related to significant segment expenses regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss, other segment items that constitute the difference between segment revenues less significant segment expenses and the measure of profit or loss, disclosure of the CODMs title and position as well as an explanation of how the CODM uses the reported measures and expanded interim disclosures. ASU 2023-07 is effective for financial statements for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance in ASU 2023-07 for the year ended December 31, 2024. See Note 5 Segment Information for further information. Income Taxes : In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures . Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Postretirement Benefits The Company has defined contribution plans and makes contributions including matching and annual discretionary contributions which are based on various percentages of compensation and in some instances, are based on the amount of the employees' contributions to the plans. The expense related to the defined contribution plans was $45.5 million in 2025, $31.9 million in 2024 and $47.0 million in 2023. The Company also maintains a nonqualified pension plan and an other postretirement benefit plan. The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $14.5 million and $15.4 million as of December 31, 2025 and 2024, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $17.7 million and $18.6 million as of December 31, 2025 and 2024, respectively. The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $4.5 million and $10.8 million as of December 31, 2025 and 2024, respectively. Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2025, 2024, and 2023.

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Restructuring, Exit and Impairment Activities The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2025, 2024 and 2023. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate. The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2025 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies, as well as asset-related impairments. The Company also incurred charges related to the rationalization of its manufacturing footprint, including the decision in the third quarter of 2025 to rationalize our fiberglass boat manufacturing footprint and exit our facilities in Reynosa, Mexico and Flagler Beach, Florida and consolidate product …

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Revenue Recognition The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors: Year Ended December 31, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,370.6 $ 862.6 $ 467.8 $ 1,224.2 $ 3,925.2 Europe 331.5 120.2 219.1 111.1 781.9 Asia-Pacific 175.3 103.0 74.0 25.3 377.6 Canada 77.6 79.2 16.8 144.1 317.7 Rest-of-World 222.2 52.5 22.7 20.5 317.9 Segment Eliminations (269.1) (7.4) (79.9) (1.1) (357.5) Total $ 1,908.1 $ 1,210.1 $ 720.5 $ 1,524.1 $ 5,362.8 Major Product Lines Outboard Engines $ 1,703.7 $ $ $ $ 1,703.7 Controls, Rigging, and Propellers 342.8 342.8 Sterndrive Engines 130.7 130.7 Distribution 717.0 717.0 Products 500.5 500.5 Electronic Solutions 398.1 398.1 Power Solutions 276.7 276.7 Performance Solutions 125.6 125.6 Aluminum Freshwater Boats 575.7 575.7 Recreational Fiberglass Boats 456.3 456.3 Saltwater Fishing Boats 333.2 333.2 Business Acceleration 208.9 208.9 Boat Eliminations/Other (48.9) (48.9) Segment Eliminations (269.1) (7.4) (79.9) (1.1) (357.5) Total $ 1,908.1 $ 1,210.1 $ 720.5 $ 1,524.1 $ 5,362.8 Year Ended December 31, 2024 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,328.1 $ 812.1 $ 474.1 $ 1,247.3 $ 3,861.6 Europe 313.5 115.3 216.9 112.9 758.6 Asia-Pacific 163.7 100.6 72.8 23.7 360.8 Canada 64.0 78.8 14.1 136.8 293. …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Information The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following: Propulsion . The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator and Fliteboard brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe and Asia-Pacific. Engine P&A. The Engine P&A segment manufactures, markets, supplies and distributes products for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Company-branded products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver and Seachoice brands. The Engine P&A segment also includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA and Payne's …

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Treasury Stock The Company has executed share repurchases against authorizations approved by the Board of Directors. In 2025, the Company rep urchase d $80.0 million of stock under these authorizations and as of December 31, 2025, the remaining authorization was $341.5 million. Treasury stock activity for the years ended December 31, 2025, 2024 and 2023 was as follows: (Shares in thousands) 2025 2024 2023 Balance as of January 1 36,551 34,311 31,173 Compensation plans and other (247) (212) (298) Share repurchases 1,345 2,452 3,436 Balance as of December 31 37,649 36,551 34,311

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Acquisitions 2024 Acquisition On September 12, 2024, the Company acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida. The acquisition enhances Freedom Boat Club's presence in Florida and provides an opportunity to leverage synergies across Brunswick's portfolio of brands. The acquisition is included as part of the Company's Boat segment. The Company paid net cash consideration of $31.3 million for the acquisition. The opening balance sheet includes $26.9 million of goodwill and $5.2 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with the acquisition were not material to the Company's consolidated results of operations. The acquisition is not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisition, and pro forma results for prior periods are not presented. Purchase accounting is final for this acquisition.

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Commitments and Contingencies Product Warranties The following activity related to product warranty liabilities was recorded in Accrued expenses during the nine months ended September 27, 2025 and September 28, 2024: (in millions) September 27, 2025 September 28, 2024 Balance at beginning of period $ 152.8 $ 157.6 Payments (69.8) (78.0) Provisions/additions for contracts issued/sold 84.3 59.0 Aggregate changes for preexisting warranties (6.9) 10.6 Foreign currency translation 2.6 Other (2.2) (3.0) Balance at end of period $ 160.8 $ 146.2 Extended Product Warranties The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the nine months ended September 27, 2025 and September 28, 2024: (in millions) September 27, 2025 September 28, 2024 Balance at beginning of period $ 136.6 $ 127.2 Extended warranty contracts sold 35.9 34.5 Revenue recognized on existing extended warranty contracts (25.1) (22.8) Foreign currency translation 0.3 (0.2) Other (0.1) (0.2) Balance at end of period $ 147.6 $ 138.5 …

CommitmentsAndContingenciesDisclosureTextBlock · excerpt; the full note is in the filing

Debt The following table provides the changes in the Company's debt for the nine months ended September 27, 2025: (in millions) Short-term debt and current maturities of long-term debt Long-term debt Total Balance as of December 31, 2024 $ 242.8 $ 2,097.8 $ 2,340.6 Proceeds from issuances of debt (A) 292.6 292.6 Repayments of debt (B) (445.7) (1.4) (447.1) Reclassification of long-term debt 2.2 (2.2) Other 3.9 3.2 7.1 Balance as of September 27, 2025 $ 95.8 $ 2,097.4 $ 2,193.2 (A) During 2025, the Company had short-term borrowings and repayments under its unsecured commercial paper program and borrowings outstanding of $90.0 million as of September 27, 2025. (B) During 2025, the Company made the remaining principal repayments, totaling $125.0 million of its 6.625% Senior Notes due 2049. As of September 27, 2025, Brunswick was in compliance with the financial covenants associated with its debt. 2049 Notes During the fourth quarter of 2024, the Company issued an irrevocable notice of redemption to the holders of its 6.625% Senior Notes due 2049 (2049 Notes). The 2049 Notes were redeemed in the first quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal amount of $125.0 million plus accrued interest of $2.1 million in accordance with the redemption provision of the 2049 Notes. The Company recognized a loss on early extinguishment of debt of $3.7 million related to unamortized issuance costs. The Company financed the retirement of the 2049 Notes …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended September 27, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 342.6 $ 257.7 $ 108.6 $ 292.4 $ 1,001.3 Europe 70.1 35.7 48.3 23.2 177.3 Asia-Pacific 43.6 27.4 20.1 6.7 97.8 Canada 22.7 30.8 4.1 33.5 91.1 Rest-of-World 56.4 12.1 5.8 4.4 78.7 Segment Eliminations (63.4) (1.8) (20.6) (0.2) (86.0) Total $ 472.0 $ 361.9 $ 166.3 $ 360.0 $ 1,360.2 Three Months Ended September 28, 2024 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 308.1 $ 235.9 $ 106.3 $ 290.2 $ 940.5 Europe 70.9 31.2 48.6 19.3 170.0 Asia-Pacific 38.3 27.6 18.9 4.3 89.1 Canada 20.0 28.6 3.0 25.2 76.8 Rest-of-World 48.6 12.8 7.3 6.3 75.0 Segment Eliminations (58.8) (1.4) (17.9) (78.1) Total $ 427.1 $ 334.7 $ 166.2 $ 345.3 $ 1,273.3 Nine Months Ended September 27, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,017.2 $ 685.1 $ 347.5 $ 918.7 $ 2,968.5 Europe 253.3 94.0 166.0 85.4 598.7 Asia-Pacific 131.9 75.2 53.5 14.5 275.1 Canada 57.6 65.5 13.1 104.3 240.5 Rest-of-World 160.6 37.0 17.3 15.0 229.9 Segment Eliminations (209.9) (6.1) (66.9) (0.8) (283.7) Total $ 1,410.7 $ 950.7 $ 530.5 $ 1,137.1 $ 4,029.0 Nine Months Ended September 28, 2024 (in millions) Pr …

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Fair Value Measurements The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis: Fair Value (in millions) Fair Value Level September 27, 2025 December 31, 2024 September 28, 2024 Cash equivalents 1 $ 0.3 $ 12.3 $ 12.1 Short-term investments in marketable securities 1 0.8 0.8 0.8 Restricted cash 1 17.9 16.9 16.8 Derivative assets 2 13.4 22.1 3.1 Derivative liabilities 2 58.2 9.4 18.7 Deferred compensation 1 1.0 1.0 1.3 Deferred compensation 2 21.4 19.2 18.4 Liabilities measured at net asset value 15.3 14.3 14.7 Fair Value of Other Financial Instruments. The carrying values of the Company's short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. The fair value of the Company's long-term debt, including current maturities, and short-term debt is determined using Level 1 and Level 2 inputs described in Note 6 to Notes to Consolidated Financial Statements in the 2024 Form 10-K. The fair value and carrying value of long-term debt, including current maturities, and short term debt as of September 27, 2025, December 31, 2024, and September 28, 2024 was as follows:

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Goodwill and Other Intangibles Changes in the Company's goodwill during the nine months ended September 27, 2025 and September 28, 2024, by segment, are summarized below: (in millions) Propulsion Engine P&A Navico Group Boat Total December 31, 2024 $ 50.8 $ 232.6 $ 513.4 $ 169.3 $ 966.1 Impairments (305.8) (305.8) Adjustments 2.8 0.6 15.1 0.8 19.3 September 27, 2025 $ 53.6 $ 233.2 $ 222.7 $ 170.1 $ 679.6 December 31, 2023 $ 54.1 $ 233.0 $ 599.7 $ 143.9 $ 1,030.7 Acquisitions 28.2 28.2 Adjustments (0.1) 1.9 (1.0) 0.8 September 28, 2024 $ 54.0 $ 233.0 $ 601.6 $ 171.1 $ 1,059.7 The Company tests goodwill for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the carrying value of a reporting unit may exceed its fair value. With the 2025 marine retail selling season substantially complete, and a new organizational structure in place for Navico Group during the third quarter of 2025, the Company assessed the current economic and trade environment impact on future results and performed a third quarter goodwill impairment assessment of the Navico Group reporting unit and determined the carrying value exceeded its fair value. We calculate the fair value of our reporting units considering both the income approach and the guideline public company method. As a result of the impairment test, the Company recorded an $305.8 million impairment charge during the three months ended September 27, 2025 …

GoodwillAndIntangibleAssetsDisclosureTextBlock · excerpt; the full note is in the filing

Income Taxes Th e effective tax rate, which is calculated as the Income tax (benefit) provision as a percentage of (Loss) earnings before income taxes, for the three months ended September 27, 2025 and September 28, 2024 was 12.0% and 32.3%, respectively. Th e effective tax rate for the three months ended September 27, 2025 was lower than the same period in the prior year, primarily due to lower pretax income and the discrete income tax benefit recorded for the impairment of goodwill and trademark intangible assets related to our Navico Group segment. The effective tax rate for the nine months ended September 27, 2025 and September 28, 2024 was 5.2% and 23.8%, respectively. Th e effective tax rate for the nine months ended September 27, 2025 was lower than the same period in the prior year, primarily due to lower pretax income and the discrete income tax benefit recorded for the impairment of goodwill and trademark intangible assets related to our Navico Group segment. On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (the Act), was signed into law. The Act includes tax reform provisions affecting business. Key tax-related provisions include an elective deduction for domestic research and development expenses and a reinstatement of elective 100% first-year bonus depreciation. Certain changes adopted in the act will not take effect until 2026, such as the modifications to the international tax framework. We continue to monitor the impact of the Act …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Recently Issued Accounting Standards Income Statement : In November 2024, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40) . This guidance requires disclosures about significant expense categories, including, but not limited to, inventory purchases, employee compensation, depreciation, amortization, and selling expenses. ASU 2024-03 is effective for financial statements for annual periods beginning after December 15, 2026. We are currently evaluating the impact of adopting this guidance on the consolidated financial statements. Income Taxes : In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures . Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. We are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

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Restructuring, Exit, and Impairment Activities During the three and nine months ended September 27, 2025 and September 28, 2024, the Company recorded restructuring charges related to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies. The Company also incurred charges related to the rationalization of its manufacturing footprint, including the decision in the third quarter of 2025 to rationalize our fiberglass boat manufacturing footprint and exit our facilities in Reynosa, Mexico and Flagler Beach, Florida and consolidate production from those facilities into existing U.S. facilities. The following table is a summary of these expenses for the three months ended September 27, 2025: (in millions) Propulsion Engine P&A Navico Group Boat Corporate Total Restructuring, exit, and impairment activities: Employee termination and other benefits (A) $ $ $ 1.5 $ 6.9 $ 0.2 $ 8.6 Asset-related (B) 322.8 0.9 323.7 Professional fees 0.6 0.6 Total restructuring, exit, and impairment charges $ $ $ 324.3 $ 8.4 $ 0.2 $ 332.9 Total cash payments for restructuring, exit and impairment charges (C) $ 0.3 $ 0.1 $ 1.8 $ 0.4 $ 0.2 $ 2.8 Accrued charges at end of the period (D) $ 0.5 $ 0.1 $ 3.3 $ 8.0 $ 0.3 $ 12.2 (A) Includes $0.9 million of benefit associated with pension plan adjustments included within Other expense, net in the Condensed Consolidated Statements of Comprehensive Income during the three mont …

RestructuringAndRelatedActivitiesDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Recognition The following tables present the Company's revenue in categories that depict how the nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factors: Three Months Ended September 27, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 342.6 $ 257.7 $ 108.6 $ 292.4 $ 1,001.3 Europe 70.1 35.7 48.3 23.2 177.3 Asia-Pacific 43.6 27.4 20.1 6.7 97.8 Canada 22.7 30.8 4.1 33.5 91.1 Rest-of-World 56.4 12.1 5.8 4.4 78.7 Segment Eliminations (63.4) (1.8) (20.6) (0.2) (86.0) Total $ 472.0 $ 361.9 $ 166.3 $ 360.0 $ 1,360.2 Three Months Ended September 28, 2024 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 308.1 $ 235.9 $ 106.3 $ 290.2 $ 940.5 Europe 70.9 31.2 48.6 19.3 170.0 Asia-Pacific 38.3 27.6 18.9 4.3 89.1 Canada 20.0 28.6 3.0 25.2 76.8 Rest-of-World 48.6 12.8 7.3 6.3 75.0 Segment Eliminations (58.8) (1.4) (17.9) (78.1) Total $ 427.1 $ 334.7 $ 166.2 $ 345.3 $ 1,273.3 Nine Months Ended September 27, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Total Geographic Markets United States $ 1,017.2 $ 685.1 $ 347.5 $ 918.7 $ 2,968.5 Europe 253.3 94.0 166.0 85.4 598.7 Asia-Pacific 131.9 75.2 53.5 14.5 275.1 Canada 57.6 65.5 13.1 104.3 240.5 Rest-of-World 160.6 37.0 17.3 15.0 229.9 Segment Eliminations (209.9) (6.1) (66.9) (0.8) (283.7) Total $ 1,410.7 $ 950.7 $ 530.5 $ 1,137.1 $ 4,029.0 Nine Months Ended September 28, 2 …

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Segment Information Information about the operations of Brunswick's reportable and geographic segments is set forth below: Three Months Ended September 27, 2025 (in millions) Propulsion Engine P&A Navico Group Boat Corporate/Other Total Net sales (A) $ 472.2 $ 361.9 $ 166.3 $ 359.8 $ $ 1,360.2 Cost of sales (B) 359.0 248.5 103.5 307.0 1,018.0 Operating expenses (C) 68.1 31.0 391.7 56.1 37.5 584.4 Operating earnings $ 45.1 $ 82.4 $ (328.9) $ (3.3) $ (37.5) $ (242.2) (A) Net sales include $63.4 million, $1.8 million, $20.6 million, and $0.2 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively. (B) Includes $8.6 million of Cost of sales related Restructuring, exit, and impairment charges. (C) Includes $215.8 million of Selling, general, and administrative expense, $43.4 million of Research and development expense and $325.2 million of Restructuring, exit, and impairment charges. Three Months Ended September 28, 2024 (in millions) Propulsion Engine P&A Navico Group Boat Corporate/Other Total Net sales (A) $ 427.1 $ 334.7 $ 166.2 $ 345.3 $ $ 1,273.3 Cost of sales (B) 316.4 221.8 111.7 295.3 945.2 Operating expenses (C) 60.6 26.6 63.2 50.1 29.2 229.7 Operating earnings $ 50.1 $ 86.3 $ (8.7) $ (0.1) $ (29.2) $ 98.4 (A) Net sales include $58.8 million, $1.4 million, and $17.9 million of segment eliminations for the Propulsion, Engine P&A, and Navico Group reportable segments, respectively. (B) Includes …

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Note 14 Subsequent Events On July 4, 2025, tax legislation commonly referred to as the One Big Beautiful Bill Act (the Act) was enacted. The Act included multiple business tax provisions with different effective dates and new elections related to the timing of certain tax deductions. We are currently analyzing the interaction of these changes, how they may impact Brunswick's tax provision and the elections available to Brunswick under the new law. At this time, we do not anticipate that the Act will have a material effect on the Company's financial statements. …

SubsequentEventsTextBlock · excerpt; the full note is in the filing