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

• The Honda of recreational powersports and marine vehicles.

• Like Harley-Davidson, but for snowmobiles, jet skis, and ATVs too.

• Imagine a vehicle manufacturer like Ford or General Motors, but solely focused on 'fun' vehicles like snowmobiles, jet skis, and ATVs.

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• All-Terrain Vehicles (ATVs): Off-road vehicles designed for diverse terrains and utility or recreational purposes.
• Side-by-Side Vehicles (SxS): Multi-passenger utility or sport vehicles primarily used for off-road recreation and work.
• Three-Wheeled Vehicles: Unique on-road or off-road vehicles that combine motorcycle and car features for distinct riding experiences.
• Snowmobiles: Motorized vehicles specifically engineered for travel over snow and ice.
• Personal Watercraft (PWC): Small recreational watercraft designed for one or more riders to operate on water.
• Engines: Propulsion systems manufactured for various applications including marine vessels, karts, motorcycles, and recreational aircraft.
• Parts, Accessories, and Apparel: Complementary products sold to enhance the functionality, performance, or appearance of vehicles, alongside rider gear.

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BRP Inc. (DOO) sells its products primarily to other companies.

Based on the provided background information, BRP's major customers are categorized as:

• Independent dealers
• Distributors
• Original equipment manufacturers (OEMs)

The provided background information does not list the specific names of these customer companies or their public symbols.

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Denis Le Vot, President and Chief Executive Officer

Denis Le Vot was appointed President and Chief Executive Officer of BRP Inc. effective February 1, 2026. He brings a successful 30-year career in the automotive industry to BRP, having previously served as Executive Vice-President, Chief Executive Officer of the Dacia Brand at Renault Group. He is recognized as a dynamic leader with a proven track record in various key executive roles across different countries, driving international growth. His expertise includes managing global dealer networks, brand building, and enhancing customer experience.

Sébastien Martel, Chief Financial Officer

Sébastien Martel has served as the Chief Financial Officer of BRP since 2014. Prior to this role, he was the Senior Vice-President, Strategy and Business Development, starting in 2011. Mr. Martel joined BRP in 2004 as Director, Financial Information, and later became Vice-President, Finance. Before his tenure at BRP, he worked at Lazard Frères in New York. He holds a bachelor's degree in Finance from HEC Montréal.

Sandy Scullion, President, Powersports and Marine

Sandy Scullion was appointed President, Powersports and Marine in January 2024. In this role, he oversees the profit and loss responsibility for both businesses, with direct oversight of global retail and services. Mr. Scullion has over 30 years of experience at BRP, demonstrating a deep understanding of the business and the global market.

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

Patrick Dussault was appointed Executive Vice-President, Global Manufacturing Operations, Powersports and Marine in January 2024, joining BRP's Executive Leadership Team. He has been with BRP for over 25 years, holding key roles in manufacturing operations and procurement. Mr. Dussault is credited with instigating and implementing BRP's innovative and agile manufacturing strategy and successfully leading the establishment of new manufacturing sites. He previously led the manufacturing operations for Powersports.

Anne-Marie LaBerge, Senior Vice-President, Global Brands & Communication

Anne-Marie LaBerge joined BRP in October 2016 as Senior Vice-President, Global Brands & Communication. Since her arrival, she has focused on building long-lasting relationships with global communities and shifting the company's brand focus to promote the riding experience. Before joining BRP, Ms. LaBerge spent two decades in various marketing positions at Telus.

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Key Risks

• Economic Uncertainty and Weak Discretionary Consumer Spending: BRP's business is highly sensitive to economic conditions and consumer confidence, as its products are largely discretionary purchases. High interest rates, the risk of recession, and a return to pre-pandemic demand levels have led to softening consumer demand, declining retail sales, and elevated dealer inventories, making big-ticket powersports purchases less attractive. This also encompasses the inherent cyclicality of the powersports industry and seasonality, where external economic and environmental factors directly influence demand for recreational products.
• Tariff Volatility and Geopolitical/Trade Risks: The company is exposed to significant risks related to international trade policies, particularly concerning the United States-Mexico-Canada Agreement (USMCA) and potential tariffs. Given that a substantial portion of BRP's revenue originates from the U.S. and its production facilities are primarily located in Mexico and Canada, trade uncertainties and tariff escalations can lead to higher input costs and impact profitability.
• Supply Chain and Input Cost Pressures: BRP is susceptible to increased input costs for raw materials and components, which can be exacerbated by global supply chain disruptions and geopolitical factors. These higher costs can put significant pressure on the company's margins if they cannot be fully offset by pricing adjustments or efficiencies.

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The emergence of a widespread "access over ownership" model, driven by sharing economy platforms, poses a clear emerging threat. Similar to how Netflix disrupted Blockbuster by offering access to content without ownership, or Uber challenged traditional taxi services by providing on-demand access to transportation, a robust sharing economy for recreational vehicles could reduce demand for new unit sales of BRP's products. If consumers increasingly opt to rent or subscribe to powersports vehicles (such as ATVs, side-by-sides, snowmobiles, and personal watercraft) for intermittent use, rather than purchasing and maintaining them, BRP's core business model of manufacturing and selling units through dealers could be significantly impacted. While rental and boat club models currently exist, a more integrated, app-based, and scalable sharing platform could emerge to challenge traditional ownership, particularly among demographics that prioritize flexibility and access over outright possession of high-value, often seasonally used assets.

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For BRP Inc. (symbol: DOO), the addressable markets for its main products and services are as follows:

• All-Terrain Vehicles (ATVs) and Side-by-Side Vehicles (UTVs): The global ATV and UTV market was valued at approximately USD 11.95 billion in 2024 and is projected to reach USD 21.60 billion by 2033. North America is a dominant region, with its ATV and UTV market estimated at USD 10.96 billion in 2025, projected to grow to USD 16.95 billion by 2031.
• 3-Wheeled Vehicles: Null
• Snowmobiles: The global snowmobile market size was estimated at USD 1.87 billion in 2025 and is projected to reach USD 2.46 billion in 2030. North America represents the largest snowmobile market globally, accounting for the majority of the market share. In 2022, the North America snowmobile market generated approximately USD 570 million in revenue.
• Personal Watercraft (PWC): The global personal watercraft market is estimated to be valued at USD 3.03 billion in 2025 and is expected to reach USD 4.83 billion by 2032. North America dominates this market, with an estimated market share of 40.3% in 2025. The U.S. is the largest market globally for personal watercraft.
• Jet Boats: The global jet boats market was valued at USD 2.07 billion in 2023 and is expected to grow to USD 3.10 billion by 2032. North America is the leading market for jet boats, accounting for approximately 45% of the global market share.
• Outboard Engines: The global outboard engines market size was estimated at USD 11.17 billion in 2024 and is predicted to increase to approximately USD 19.04 billion by 2034. The U.S. outboard engines market was valued at USD 4.52 billion in 2024 and is anticipated to reach around USD 7.71 billion by 2033. North America held the largest market share globally for outboard engines in 2024.
• Parts, Accessories, and Apparel (Powersports and Marine): Null

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Here are 3-5 expected drivers of future revenue growth for BRP (symbol: DOO) over the next 2-3 years:

1. New Product Launches and Electrification Initiatives: BRP is heavily investing in innovation and new product development, particularly in electric vehicles. The company's roadmap includes the launch of electric Can-Am motorcycles (Origin and Pulse) in 2024 and new electric snowmobile models (Ski-Doo Expedition Electric and Lynx Adventure Electric) for 2025. BRP aims to have at least one electric model in each product line by the end of 2026, with a long-term goal for 50% of units sold to be electric by 2035. These new offerings are expected to drive sales and expand market share.
2. Strategic Focus on High-Margin Powersports and Parts, Accessories, and Apparel (PA&A) Segments: BRP has strategically divested its marine businesses (excluding Sea-Doo personal watercraft) to concentrate on its higher-margin Powersports segment. The company is also expanding into new product categories within powersports, such as motorcycles, and strengthening its presence in year-round offerings like side-by-side vehicles (SSVs) and all-terrain vehicles (ATVs). The lucrative Parts, Accessories, and Apparel (PA&A) business also provides a steady income stream with higher profit margins, further contributing to revenue growth.
3. Geographical Expansion and Increased Global Market Share: BRP is actively pursuing market expansion by establishing new offices and strengthening its presence in key international markets. This includes focusing on regions such as Brazil, Finland, the Middle East, and Asia, particularly China, to increase its global market share.
4. Optimized Inventory Management and Strong Dealer Network to Capitalize on Market Rebound: BRP has proactively managed dealer inventory levels, implementing a strategy to reduce production and dealer network inventory. This lean inventory position, coupled with a solid dealer network, is expected to protect brand value and dealer profitability, positioning the company favorably for a market rebound and enabling it to deliver solid growth.

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Capital Allocation Decisions (Last 3-5 Years)

Share Repurchases

• BRP regularly renews its Normal Course Issuer Bid (NCIB) to purchase subordinate voting shares for cancellation, typically authorizing the repurchase of up to 10% of its public float annually.
• Under the NCIB expiring in December 2024, BRP purchased 3,231,999 subordinate voting shares at a volume-weighted average price of $90.76.
• For the NCIB expiring in December 2023, BRP purchased 3,519,398 subordinate voting shares at a volume-weighted average price of $104.31.

Share Issuance

• In December 2025, a principal shareholder, Bain Capital Integral Investors II, L.P., sold 1,850,000 subordinate voting shares in a secondary offering for C$185,000,000; BRP Inc. did not receive any proceeds from this offering.

Outbound Investments

• In October 2022, BRP completed the acquisition of substantially all the assets related to the powersports business of Kongsberg Inc. in Shawinigan, Quebec (KA Shawinigan), to gain expertise in mechatronics and bolster its electrification plan.
• In 2022, BRP also acquired Pinion and GWM.
• As part of a strategic refocus, BRP signed deals in April 2025 to sell the bulk of its boat business, including Alumacraft and Manitou assets.

Capital Expenditures

• Capital expenditures were approximately $425.5 million in fiscal year 2025 (ended January 31, 2025), primarily focused on introducing new products and modernizing software infrastructure.
• For fiscal year 2026 (ending January 31, 2026), expected capital expenditures are around $380 million.
• BRP announced a five-year plan in March 2021 to invest $300 million in product development, specialized equipment, infrastructure, production tooling, and facilities to electrify its product lines by the end of 2026.