Core Viewpoint - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation. Group 1: Investment Philosophy - The investment strategy revolves around generating great returns by identifying mispriced securities [1] - The methodology is flexible, not confined to traditional value, dividend, or growth investing, but considers all prospects of a stock to assess risk-to-reward [1] Group 2: Market Focus - The investment focus includes markets in the US, Canada, and Europe, indicating a broad geographical scope for potential opportunities [1]

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology allows for flexibility beyond traditional investment categories such as value, dividend, or growth investing, considering all prospects of a stock to assess risk-to-reward [1].

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Core Viewpoint - Brunswick Corporation reported fourth-quarter earnings that slightly exceeded expectations, with revenue significantly surpassing forecasts, yet shares fell more than 5% intraday [1][2]. Financial Performance - The company posted adjusted earnings per share of $0.58, narrowly beating the consensus estimate of $0.57 [1]. - Revenue totaled $1.33 billion, roughly 10% above analyst expectations of $1.21 billion [1]. Stock Market Reaction - Despite the top-line outperformance, the stock reaction indicated that investors had already priced in the stronger results [2]. Long-term Financial Outlook - Brunswick projected earnings per share between $3.80 and $4.40, with the midpoint of $4.10 modestly below the analyst consensus of $4.19 [2]. - Revenue was expected to range from $5.6 billion to $5.8 billion, with the midpoint exceeding consensus expectations of $5.54 billion [2]. Management's Perspective - Management's outlook reflected confidence in revenue growth while maintaining a more cautious stance on earnings over the longer term [3].

Financial Data and Key Metrics Changes - Brunswick finished 2025 with net sales of $5.4 billion, up 2% year-over-year, marking the first full-year net sales growth in three years [4][15] - Adjusted earnings per share (EPS) for the year was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, up 56% year-over-year [4][17] - The company reported a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [15] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories, driven by strong OEM orders [17][19] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished 2025 down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][10] - Dealer inventories remained low, with a high percentage of recent model year products, supporting a favorable retail environment [4][10] - Brunswick's market share in the U.S. outboard segment remained stable at approximately 47%, with gains in higher horsepower engines [11] Company Strategy and Development Direction - Brunswick plans to continue driving operational efficiencies and is encouraged by the strong reception of new products, with a focus on ultra-high horsepower engines [23][89] - The company aims for revenue growth in 2026, projecting net sales between $5.6 billion and $5.8 billion, with adjusted operating margins between 7.5% and 8% [24] - Brunswick's strategy includes significant investments in new product development and technology, alongside returning capital to shareholders [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by falling interest rates and strong retail demand [5][8] - The company anticipates a flat to slightly up U.S. retail boat market, with expectations for wholesale sales to closely match retail [23][24] - Management noted that tariff mitigation actions successfully offset over half of the gross dollar exposure, with expectations of further incremental tariff costs in 2026 [9][28] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [13] - The company plans to retire approximately $160 million of debt in 2026, contributing to a net debt leverage target of 2.5x or lower [29] - Brunswick received multiple awards for its products and innovations at recent trade shows, highlighting its commitment to quality and technology [31][35] Q&A Session Summary Question: What was the retail performance in the fourth quarter? - Management indicated that retail performance was flat, with continued strength in premium and core brands, which represent a significant portion of their portfolio [41] Question: What gives confidence for flat to up retail in 2026? - Management cited expected interest rate cuts and improving retail financing conditions as key factors supporting their outlook for 2026 [43][44] Question: How should we think about inventory levels for 2026? - Management expects pipeline units to be flat to slightly reduced, aiming to match wholesale and retail [46][48] Question: How is the company addressing competitive inventory levels? - Management noted solid ordering and a healthy pipeline, indicating no evidence of dealers holding back on orders [49] Question: What are the dynamics affecting retail sales and replacement rates? - Management highlighted a significant gap between new boat sales and replacement rates, suggesting a natural pull for retail sales [53] Question: How is the propulsion business performing with OEM customers? - Management reported strong performance and share gains in the propulsion segment, with new multi-year agreements with OEMs [61][62]

Financial Data and Key Metrics Changes - Brunswick finished 2025 with net sales of $5.4 billion, up 2% year-over-year, marking the first full-year sales growth in three years [4][15] - Adjusted earnings per share (EPS) for the year was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, a 56% increase year-over-year [4][17] - The company reported a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [15] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories [17][21] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished the year down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][10] - Dealer inventories remained low, with a high percentage of recent model year products, supporting a favorable retail environment [4][10] - Brunswick's market share in the U.S. outboard segment remained stable at approximately 47%, with gains in higher horsepower engines [11] Company Strategy and Development Direction - Brunswick plans to continue driving operational efficiencies and investing in new products, with a focus on maintaining a competitive edge in the market [23][31] - The company anticipates a flat to slightly up U.S. retail boat market in 2026, with expectations for improved wholesale sales to match retail [24][28] - Strategic actions include a focus on new product launches and maintaining strong relationships with OEMs, particularly in Europe [62] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by early season retail strength and falling interest rates [5][8] - The company noted that tariff mitigation actions successfully offset over half of the gross dollar exposure, with expectations for further incremental tariff costs in 2026 [9][28] - Management highlighted the importance of maintaining a strong balance sheet and financial flexibility to support growth initiatives [12][13] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [13] - The company plans to return capital to shareholders through dividends and share repurchases, with a slight dividend increase anticipated [30] - Brunswick received multiple awards for its products and innovations at recent trade shows, enhancing its brand reputation [35] Q&A Session Summary Question: Retail performance in Q4 and outlook for 2026 - Management indicated that retail performance was flat in Q4, with continued strength in premium and core brands, and expressed confidence in a flat to up retail market for 2026 due to anticipated interest rate cuts [39][41][43] Question: Inventory levels and wholesale vs retail dynamics - Management expects pipeline units to be flat to slightly reduced in 2026, aiming to match wholesale and retail [46][48] Question: Market share opportunities and competitive dynamics - Management believes Brunswick has a long-term structural advantage due to tariffs impacting competitors, with expectations for steady market share gains [88][90] Question: Tariff impacts and financial guidance - Management provided insights on the expected incremental tariff costs for 2026, estimating a $35-$45 million impact, primarily in Q1 [73][79]

Financial Data and Key Metrics Changes - Brunswick Corporation reported net sales of $5.4 billion for 2025, a 2% increase over the prior year, marking the first full-year net sales growth in three years [4] - Adjusted earnings per share (EPS) for 2025 was $3.27, impacted by tariff headwinds, with free cash flow generation reaching $442 million, a 56% increase year-over-year [4][18] - The company achieved a 41% increase in Q4 earnings compared to the prior year, driven by higher sales and operational improvements [16] Business Line Data and Key Metrics Changes - The propulsion segment saw a 23% increase in sales, with double-digit growth across all product categories, driven by strong OEM orders [18] - The aftermarket parts and accessories (P&A) business grew sales by 15% in Q4, marking the third consecutive quarter of growth [19] - The boat segment reported an 11% sales increase, with growth across premium, core, and value categories [22] Market Data and Key Metrics Changes - The U.S. retail boat market finished 2025 down approximately 9% in units, while Brunswick's global retail unit sales were down only 5% [3][11] - Mercury Marine maintained a leading U.S. retail outboard share of approximately 47%, gaining 70 basis points in the second half of the year [12] - Dealer inventories remained low, with Brunswick's pipelines down approximately 2,200 units from the previous year [12] Company Strategy and Development Direction - Brunswick plans to leverage improved market conditions in 2026, with expectations for a flat to slightly up U.S. retail boat market [23] - The company is focusing on operational efficiencies and new product introductions, including the Mercury 808 outboard engine concept [6][31] - Brunswick aims to continue returning capital to shareholders while investing in new products and technology [30] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in improved market conditions for 2026, supported by falling interest rates and strong retail demand [5][9] - The company anticipates further incremental tariff costs of approximately $35-$45 million in 2026, net of mitigation actions [10] - Management noted that the retail financing rates have decreased to around 7.5%, down from 9%-10% at the peak, which is expected to benefit consumer purchasing power [37][55] Other Important Information - Brunswick's liquidity at year-end was $1.3 billion, including access to an undrawn revolving credit facility [15] - The company plans to retire approximately $160 million of debt in 2026, contributing to a net debt leverage target of 2.5x or lower by year-end [29] - Brunswick received multiple awards for its products and innovations, including recognition at the Consumer Electronics Show [33] Q&A Session Summary Question: What was the retail performance in the fourth quarter? - Management indicated that retail performance was flat, with continued strength in premium and core brands, and some recovery in value products [36] Question: How should we think about inventory levels for 2026? - Management expects inventory levels to be flat to slightly reduced, aiming to match wholesale and retail [39] Question: What can you tell us about repeat buyer behavior and deferred trade-up cycles? - Management noted a significant gap between new boat sales and replacement rates, suggesting potential for increased retail demand as conditions normalize [42] Question: Can you discuss the growth in sales to OEM customers? - Management confirmed that Brunswick's boat brands are gaining share, with new multi-year agreements signed with major OEMs in Europe [46] Question: How much of a benefit could come from the potential elimination of IEEPA tariffs? - Management estimated a full-year impact of $20 million-$25 million from IEEPA tariffs, which would be beneficial if eliminated [54]

Q4 2025 Earnings Conference Call JANUARY 29, 2026 BRUNSWICK CORPORATION – EARNINGS RELEASE Forward-Looking Statements Certain statements in this presentation are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on current expectations, estimates, and projections about Brunswick's business and by their nature address matters that are, to different degrees, uncertain. Words such as "may," "could," "should," "expect," "anticipat ...

Brunswick (BC) came out with quarterly earnings of $0.58 per share, in line with the Zacks Consensus Estimate . This compares to earnings of $0.24 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of +0.50%. A quarter ago, it was expected that this boat and sporting goods company would post earnings of $0.84 per share when it actually produced earnings of $0.97, delivering a surprise of +15.48%.Over the last four quarters, the comp ...

Toronto, Ontario--(Newsfile Corp. - January 29, 2026) - Magna Terra Minerals Inc. (TSXV: MTT) (the "Company" or "Magna Terra") is pleased to announce that it has acquired the Oxford Project (the "Project"), located in northern New Brunswick, via an option agreement. The Project underlying the option agreement comprises 5 mineral claims totaling 3,400 hectares that are situated along and adjacent to the Rocky Brook-Millstream Fault System (Figure 1) within the greater Bathurst Mining Camp ("BMC").The Projec ...