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Here are 1-3 brief analogies to describe BRP (DOO):

• The Honda or Yamaha of recreational vehicles.
• Essentially a General Motors or Ford focused exclusively on snowmobiles, personal watercraft, and ATVs.

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• Snowmobiles: BRP manufactures and sells snowmobiles under the Ski-Doo and Lynx brands for recreational and utility use.
• Personal Watercraft (PWC): The company produces and distributes personal watercraft, primarily recognized by its Sea-Doo brand.
• Off-Road Vehicles: This category includes All-Terrain Vehicles (ATVs) and Side-by-Side Vehicles (SSVs) designed for various terrains, offered under the Can-Am brand.
• 3-Wheel Vehicles: BRP designs and markets on-road three-wheeled motorcycles, known as Can-Am Spyder and Ryker.
• Boats: The company offers pontoon boats (Sea-Doo Switch), aluminum fishing boats (Alumacraft), and premium pontoon boats (Manitou) for marine recreation.
• Rotax Engines and Propulsion Systems: BRP designs and manufactures Rotax engines for its own vehicles and for third-party original equipment manufacturers, alongside marine propulsion systems.
• Parts, Accessories, and Apparel (PA&A): BRP provides a comprehensive range of branded parts, accessories, and riding apparel specifically designed for its various product lines.

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BRP (symbol: DOO) Major Customers

BRP (Bombardier Recreational Products) sells its products primarily to individuals through a global network of independent dealers. Therefore, its major customers are categorized as follows:

• Recreational Outdoor Enthusiasts: This is the largest customer segment, encompassing individuals who purchase BRP's snowmobiles (Ski-Doo), personal watercraft (Sea-Doo), ATVs and side-by-sides (Can-Am Off-Road), three-wheel vehicles (Can-Am On-Road), and boats (Alumacraft, Manitou, Quintrex) for leisure, sport, adventure, and family recreation. These customers seek excitement, exploration, and the enjoyment of outdoor activities.
• Utility and Commercial Users: This segment includes individuals or small businesses that utilize BRP's off-road vehicles (primarily Can-Am ATVs and side-by-sides) for work-related purposes. Common applications include farming, hunting, ranching, forestry, land management, and light commercial use, where durability, cargo capacity, and off-road capability are essential.
• Performance and Motorsport Aficionados: A specialized group within the recreational segment, these customers are driven by high performance, competitive sports, and advanced features. They often participate in racing, extreme sports, or simply demand the most powerful and technologically advanced models across BRP's product lines, such as high-performance Ski-Doo snowmobiles, Sea-Doo PWC, or Can-Am Maverick X3 models.

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José Boisjoli, Chair of the Board of Directors, President and Chief Executive Officer

Mr. Boisjoli joined Bombardier Recreational Products Inc. in 1989 and became President and CEO of BRP in December 2003 when it spun off as a standalone company. He previously led the Snowmobile and Watercraft division starting in 1998, and the ATV division from 2001. Before joining BRP, he worked for eight years in the pharmaceutical and road safety equipment industries. He served on the board of directors of McCain Foods Group Inc. from 2018 to 2022. Mr. Boisjoli holds a Bachelor of Engineering from the Université de Sherbrooke. He will retire from his role by the end of the fiscal year, as announced in May 2025.

Sébastien Martel, Chief Financial Officer

Mr. Martel was appointed Chief Financial Officer in May 2014. He joined BRP in 2004 and held various finance roles, including Senior Vice-President, Strategy and Business Development. He led BRP's initial public offering on the Toronto Stock Exchange in 2013, earning it the title of IPO of the year, and oversaw the company's NASDAQ listing in 2018. Prior to BRP, he was a senior manager in audit for public companies at Arthur Andersen LLP and Deloitte & Touche LLP. He is a CPA and holds degrees from McGill University. He also serves on the board of directors for TFI International.

Sandy Scullion, President, Powersports and Marine

Mr. Scullion was appointed President, Powersports and Marine in 2024, expanding his responsibilities to include the Marine Group. He previously served as Senior Vice-President, Global Retail and Services for the Powersports Group from 2016. With 30 years of experience at BRP, he joined the company in 1994 as a District Sales Manager. His career at BRP includes roles such as Vice-President of Parts, Accessories and Clothing and Global Distribution, and Vice-President and Regional Manager of BRP's Western Europe, Middle East and Africa region.

Bernard Guy, Executive Vice-President, Global Product Strategy, Powersports and Marine

Mr. Guy currently serves as Executive Vice-President, Global Product Strategy, Powersports and Marine, a role he refocused on in January 2024 after also serving as President, Marine Group. He has over 35 years of experience at BRP, encompassing leadership roles in engineering, procurement, strategy, product planning, sales, and marketing. He was initially named Executive Vice-President, Global Product Strategy in 2022.

Patrick Dussault, Executive Vice-President, Global Manufacturing Operations, Powersports and Marine

Mr. Dussault was named Executive Vice-President, Global Manufacturing Operations in 2024, overseeing manufacturing for both Powersports and Marine groups. He previously led Powersports manufacturing operations as Vice-President and General Manager since 2022. Having joined BRP in 1996, he has over 25 years of experience with the company, contributing to manufacturing operations and procurement, and implementing BRP's agile manufacturing strategy.

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The key risks to BRP's business include:

1. Macroeconomic Risks and Fluctuating Consumer Demand: BRP is significantly exposed to elevated macroeconomic risks, including potential recessions and higher interest rates, which make big-ticket recreational vehicle purchases more expensive due to increased financing costs. The company is also experiencing normalizing post-pandemic demand and softer industry demand across its Seasonal and Year-Round Products. High dealer inventories have led to reduced demand from dealers and a decrease in shipments. Additionally, ongoing global tariff disputes create economic uncertainty and negatively impact consumer demand.

2. High Debt Levels: BRP carries a high level of debt, which poses a substantial financial risk. The company's large debt load translates to significant annual interest expenses. Analysis suggests BRP's liabilities significantly outweigh its cash and near-term receivables, indicating a "mountain of leverage" relative to its market capitalization.

3. Regulatory and Competitive Pressures: BRP faces risks related to compliance pressures, particularly concerning emission standards and the slower pace of electrification within its product lines, which could lead to margin compression and erosion of market share. The company is also exposed to aggressive new competition. Furthermore, its overexposure to the North American market means that economic slowdowns, changes in regulations (such as environmental rules or high gasoline prices affecting ATV use), and shifts in consumer tastes in the region can disproportionately impact the business. Uncertainty surrounding the potential imposition of new duties, tariffs, and other trade restrictions also presents a risk.

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BRP (TSX: DOO) operates in various powersports and marine markets. The addressable markets for its main products and services are substantial globally and in key regions like North America.

Powersports (Overall Market, encompassing several BRP products)

• Global Powersports Market: The global powersports market was valued at approximately USD 59.6 billion in 2024 and is projected to reach USD 109.2 billion by 2034, with a Compound Annual Growth Rate (CAGR) of 6.7%. Another estimate places the market at USD 39.50 billion in 2023, with a projection to reach USD 59.28 billion by 2030, growing at a CAGR of 6.0%.
• North America Powersports Market: This region is a significant contributor to the global powersports market, exceeding USD 20 billion in 2023. It is projected to grow at a CAGR of 5.6% from 2024 to 2030. The U.S. alone generated USD 20.8 billion in revenue in 2024, representing 80.5% of the North American market.

Snowmobiles (Ski-Doo, Lynx)

• Global Snowmobile Market: The global snowmobile market was valued at USD 1.80 billion in 2023 and is projected to reach USD 3.35 billion by 2032, exhibiting a CAGR of 6.9%. In 2025, the market size is estimated at USD 1.87 billion, with a projection to reach USD 2.46 billion by 2030 at a CAGR of 5.63%.
• North America Snowmobile Market: North America dominated the snowmobile market with a share of 78.88% in 2023.

All-Terrain Vehicles (ATVs) and Side-by-Sides (Can-Am Off-Road)

• Global ATV and UTV Market: This market was valued at USD 10.42 billion in 2023 and is projected to reach USD 19.63 billion by 2031, growing at a CAGR of 8.41%. Another estimate pegs the market at USD 11.95 billion in 2024, expected to reach USD 21.60 billion by 2033 with a CAGR of 6.80%.
• North America ATV and UTV Market: North America held approximately 60.08% of the global market share in 2023, with a valuation of USD 6.26 billion.

Personal Watercraft (Sea-Doo)

• Global Personal Watercraft Market: The global personal watercraft market size was valued at USD 1.16 billion in 2024. It is projected to grow from USD 2.45 billion in 2024 to USD 3.34 billion in 2029, at a CAGR of 6.7%. Other projections indicate growth from USD 2.216.6 million in 2025 to USD 3,969.5 million by 2035, with a CAGR of 6.0%.
• North America Personal Watercraft Market: This region dominates the market with an estimated market share of 40.3% in 2025, representing approximately USD 1.28 billion in market value.

Three-Wheel Vehicles (Can-Am On-Road)

• Global Three-Wheeler Market: The global three-wheeler market was valued at USD 11.58 billion in 2024 and is projected to reach USD 23.57 billion by 2033, exhibiting a CAGR of 8.17%. Other sources suggest a market size of USD 13.93 billion in 2023, anticipated to exceed USD 39.48 billion by 2033, growing at a CAGR of 10.98%.
• Asia Pacific Three-Wheeler Market: This region dominated the market in 2024, holding over 64.4% of the market share, and is expected to retain its dominance. Europe is projected to register the highest CAGR during the forecast period.

Marine Products (Alumacraft, Manitou, Quintrex boats, Rotax marine propulsion systems)

• Global Marine Vessel Market: The overall global marine vessel market was valued at USD 152.38 billion in 2023 and is projected to grow to USD 247.96 billion by 2032, with a CAGR of 5.6%. Another report estimates the market at USD 112.02 billion in 2024, projected to reach USD 150.45 billion by 2033, at a CAGR of 3.6%.

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1. Successful New Product Introductions and Market Share Expansion in Core Powersports Segments

   BRP's strategy of continuous innovation, particularly with its Off-Road Vehicle (ORV) lineup, is a significant driver of future revenue. Recent examples, such as the success of the Can-Am Defender HD11 and the 2026 utility lineup, have already led to notable market share gains in the ORV segment. This momentum from newly introduced, high-demand products is expected to continue driving sales.

2. Optimized Inventory Levels and Strengthening Dealer Network

   The company proactively managed and reduced its network inventory, resulting in leaner stock levels and improved sentiment among its dealers. This healthier inventory position better equips dealers to stock and sell new products as demand stabilizes or increases, thereby facilitating improved retail performance and revenue growth.

3. Growth in Parts, Accessories, and Apparel (PA&A) and Enhanced Product Mix

   BRP has observed significant growth in its Parts, Accessories, and Apparel segment, with revenues increasing due to higher volumes as dealers replenish inventory and consumers continue to use their products. Additionally, a favorable product mix and strategic pricing initiatives are contributing to gross margin expansion and overall revenue growth.

4. Strategic Focus on Core Powersports Activities and "Mission 28" (M28) Plan

   BRP is divesting its marine business to sharpen its focus and investment on core powersports activities. This concentrated strategic direction is underpinned by the ambitious "Mission 28" (M28) plan, which targets achieving $9.5 billion in revenues and $8.00 in normalized earnings per share by the end of fiscal year 2028, signaling a clear roadmap for substantial growth.

5. Introduction of Electric Models

   BRP is committed to developing electric models across its existing product lines. This initiative positions the company to tap into emerging market segments, align with global sustainability trends, and diversify its product offerings, which is expected to contribute to revenue growth in the medium to long term as these new electric products are launched and gain market acceptance.

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Share Repurchases

• BRP Inc. announced the renewal of its normal course issuer bid (NCIB) on December 4, 2025, authorizing the repurchase of up to 3,131,256 subordinate voting shares, representing approximately 10% of the public float, between December 10, 2025, and December 9, 2026.
• Under the NCIB that expired on December 9, 2025, BRP did not purchase any subordinate voting shares through the Toronto Stock Exchange facilities as of December 2, 2025.
• For the fiscal year ended January 31, 2025, the company returned $277.0 million to shareholders through a combination of quarterly dividend payouts and share repurchase programs.

Share Issuance

• On September 8, 2025, Bain Capital Integral Investors II, L.P., a principal shareholder, sold 1,500,000 subordinate voting shares at C$90.71 per share in a secondary offering, resulting in total gross proceeds of C$136,065,000 to the selling shareholder. BRP did not receive any proceeds from this offering.
• On January 22, 2024, Bain Capital Integral Investors II completed a secondary offering, selling 2,000,000 subordinate voting shares at C$91.00 per share, with net proceeds going directly to the selling shareholder and BRP not receiving any proceeds.

Outbound Investments

• BRP completed six acquisitions, with peak activity in 2022, including the acquisition of KA Shawinigan in October 2022, a provider of electronic and mechatronic product development and manufacturing services, to support its electrification plan.
• The company is strategically divesting non-core boat businesses, such as Alumacraft and Telwater, to focus on its pure-play powersports segments.
• A $15 million investment was made to enhance the Palm Bay Design & Innovation Center, aimed at accelerating the development of electric and low-emission models.

Capital Expenditures

• For the fiscal year ended January 31, 2025, BRP invested $425.5 million in capital expenditures for new product introductions and the modernization of its software infrastructure.
• Capital expenditures for the six-month period ended July 31, 2024, amounted to $180.7 million, primarily focused on new product development and software infrastructure.
• Estimated capital expenditures for fiscal year 2025 are $426.4 million.