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 ...

Core Viewpoint - Brunswick reported quarterly earnings of $0.58 per share, matching the Zacks Consensus Estimate, and showing a significant increase from $0.24 per share a year ago, indicating strong performance in the leisure and recreation products industry [1] Financial Performance - The company achieved revenues of $1.33 billion for the quarter ended December 2025, exceeding the Zacks Consensus Estimate by 8.78% and up from $1.15 billion in the same quarter last year [2] - Over the last four quarters, Brunswick has consistently surpassed consensus EPS estimates, achieving this four times [2] Stock Performance - Brunswick shares have increased approximately 13.4% since the beginning of the year, significantly outperforming the S&P 500's gain of 1.9% [3] - The stock's immediate price movement will largely depend on management's commentary during the earnings call [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $0.79 on revenues of $1.31 billion, and for the current fiscal year, it is $4.25 on revenues of $5.53 billion [7] - The estimate revisions trend for Brunswick was unfavorable prior to the earnings release, resulting in a Zacks Rank 4 (Sell) for the stock, indicating expected underperformance in the near future [6] Industry Context - The Leisure and Recreation Products industry is currently ranked in the top 40% of over 250 Zacks industries, suggesting a favorable outlook compared to the bottom 50% [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which can be tracked by investors [5]

Core Viewpoint - Magna Terra Minerals Inc. has acquired the Oxford Project in northern New Brunswick, which consists of 5 mineral claims totaling 3,400 hectares, enhancing its presence in an emerging gold district [1][3]. Acquisition Details - The acquisition was made through an option agreement, allowing the company to earn a 100% interest by making payments totaling $100,000 over four years, starting with an initial payment of $5,000 [12]. - The Optionor retains a 1.5% net smelter royalty on the sales of metals and minerals mined from the property, with the company having the option to purchase 0.5% of the NSR for $500,000 [12][13]. Project Highlights - The Oxford Project is located 7 kilometers from the Puma Exploration - Kinross Williams Brook gold project and is situated along a 14-kilometer section of the Rocky Brook-Millstream Fault [2][9]. - Previous exploration has revealed high-grade polymetallic mineralization, with grab samples showing up to 59.1 g/t Ag, 8.9% Zn, 5.16% Pb, and 2.71 g/t Au [2][9]. Geological Context - The project is centered on mid-Ordovician felsic volcanic rocks, known to host orogenic gold mineralization, and has seen exploration efforts since 2013 [6][11]. - Historical exploration has identified multiple targets, with significant mineralization discovered through trenching and sampling [7][8]. Future Plans - The technical team will compile historic data and plan a field program for spring/summer 2026 to further explore the project [4]. - The company aims to enhance shareholder value by acquiring early-stage precious and critical metal projects in under-explored regions [3]. Company Overview - Magna Terra Minerals Inc. focuses on precious and critical metals exploration, with projects in Atlantic Canada and Argentina, and aims to minimize shareholder dilution through strategic partnerships [18].

Financial Performance - Brunswick reported full-year net sales of $5,362.8 million, a 2.4% increase compared to FY 2024[3] - For Q4 2025, consolidated net sales reached $1,333.8 million, up 15.5% from $1,154.9 million in Q4 2024[4] - Full-year GAAP diluted EPS was $(2.06), while as adjusted diluted EPS was $3.27, reflecting a 28.4% decrease[3] - The company anticipates 2026 net sales between $5.6 billion and $5.8 billion, with adjusted diluted EPS guidance of $3.80 to $4.40[29] - Total net sales for the company rose by 15.5% to $1,333.8 million in Q4 2025 compared to $1,154.9 million in Q4 2024[40] - For the twelve months ended December 31, 2025, total net sales were $5,362.8 million, a 2.4% increase from $5,237.1 million in 2024[42] Segment Performance - The propulsion segment saw a 23% increase in sales in Q4 2025, driven by strong OEM orders[14] - The engine parts and accessories segment reported a 15% increase in sales, with distribution business sales up 22%[15] - The Propulsion segment saw a 23.1% increase in net sales to $556.6 million in Q4 2025, with an operating margin of 6.5%[39] - The Boat segment's net sales increased by 11.2% to $387.3 million in Q4 2025 from $348.3 million in Q4 2024[44] - Engine Parts & Accessories Segment net sales increased by 4.9% to $1,217.5 million in 2025 from $1,160.8 million in 2024[45] - The Engine Parts & Accessories segment reported a 15.3% increase in net sales to $260.7 million in Q4 2025 compared to $226.2 million in Q4 2024[43] - Boat Segment net sales decreased by 1.8% to $1,525.2 million in 2025 from $1,553.5 million in 2024, with GAAP operating earnings dropping by 49.1% to $32.2 million[45] Cash Flow and Liquidity - Brunswick's free cash flow for 2025 was $442 million, supporting investments in new products and technology[6] - Cash and cash equivalents at the end of the period were $256.8 million, down from $269.0 million in 2024, reflecting a net decrease of $11.1 million[48] - Free cash flow improved to $442.2 million in 2025, compared to $284.3 million in 2024, indicating stronger cash generation from operations[48] - Net cash provided by operating activities of continuing operations rose to $585.7 million in 2025 from $449.5 million in 2024, showing improved operational efficiency[48] Operating Earnings - Operating earnings for Q4 2025 were $41.9 million, a significant recovery from a loss of $55.7 million in Q4 2024[36] - The company achieved an adjusted operating margin of 5.0% for Q4 2025, compared to an adjusted operating margin of 4.1% in Q4 2024[38] - Adjusted operating earnings for the total company increased by 41.1% to $66.6 million in Q4 2025 from $47.2 million in Q4 2024[40] - Brunswick's total operating earnings for the twelve months ended December 31, 2025, were $371.1 million, compared to $495.4 million in 2024[38] Corporate Developments - Freedom Boat Club expanded to 442 global locations, with member trips increasing by 5% over 2024[11] - The company is focused on integrating acquisitions and enhancing its product offerings to drive future growth and innovation[35] Cost and Expenses - The cost of sales increased by 14% to $1,026.0 million in Q4 2025, compared to $901.7 million in Q4 2024[36] - Research and development expenses rose by 15% to $45.0 million in Q4 2025, while total R&D expenses for the twelve months ended December 31, 2025, were $168.7 million, a slight decrease of 1% from $169.6 million in 2024[36] Balance Sheet and Capitalization - Brunswick's cash and marketable securities totaled $275.7 million at the end of 2025, down $11.0 million from the previous year[18] - Total assets decreased to $5,312.2 million in 2025 from $5,677.7 million in 2024, primarily due to a reduction in goodwill and other intangibles[47] - The debt-to-capitalization rate increased to 56.4% in 2025 from 55.3% in 2024, indicating a higher leverage position[47] - Total current liabilities increased to $1,428.7 million in 2025 from $1,279.9 million in 2024, driven by higher accrued expenses and short-term debt[47] Earnings and Losses - The net earnings from continuing operations for Q4 2025 were $18.6 million, compared to a loss of $71.2 million in Q4 2024[36] - Brunswick's diluted earnings per share for Q4 2025 were $0.28, recovering from a loss of $1.07 per share in Q4 2024[37] - The Propulsion segment's adjusted operating earnings decreased by 23.4% to $195.5 million for the twelve months ended December 31, 2025, compared to $255.2 million in 2024[44] - Corporate/Other segment reported an adjusted operating loss of $37.5 million in Q4 2025, worsening by 36.9% from a loss of $27.4 million in Q4 2024[44] - Navico Group Segment reported a GAAP operating loss of $339.6 million in 2025, compared to a loss of $100.6 million in 2024, reflecting a significant increase in restructuring charges[45] - Corporate/Other segment GAAP operating loss widened to $146.6 million in 2025 from $113.6 million in 2024, marking a 29.0% increase[46]

Core Viewpoint - Brunswick Corporation has released its fourth quarter and full-year 2025 financial results, indicating a focus on innovation and leadership in the marine recreation industry [1]. Financial Results - The complete financial results press release is available on the company's website and will also be filed with the SEC [1]. - A conference call to discuss these results is scheduled for January 29, 2026, at 10 a.m. CT / 11 a.m. ET [2]. Conference Call Details - The conference call will be hosted by key executives including the CEO and CFO, with a presentation available during the call [2]. - Participants can access the call via telephone or through a webcast on the company's website [3][4]. Company Overview - Brunswick Corporation is a global leader in marine recreation, offering technology-driven solutions and a diverse portfolio of over 60 brands [5]. - The company focuses on innovation and consumer insights, aiming to redefine the future of the marine industry [5]. - Brunswick operates in 26 countries with approximately 14,000 employees and has received over 100 awards in 2025 [5].

Core Insights - Brunswick (BC) is expected to report quarterly earnings of $0.58 per share, reflecting a year-over-year increase of 141.7% [1] - Revenue projections stand at $1.23 billion, indicating a 6.2% increase from the same quarter last year [1] - The consensus EPS estimate has remained stable over the past 30 days, suggesting analysts have reassessed their initial projections [1][2] Revenue Estimates - 'Net Sales- Propulsion' is projected to reach $480.45 million, a year-over-year increase of 6.3% [4] - 'Net Sales- Engine Parts & Accessories' is estimated at $241.03 million, reflecting a 6.6% increase from the previous year [4] - 'Net Sales- Boat' is expected to be $374.84 million, indicating a 7.6% year-over-year change [4] - 'Net Sales- Navico Group' is forecasted at $200.79 million, showing a 2.9% increase compared to last year [5] Operating Earnings Estimates - 'Operating Earnings (Loss) As Adjusted- Propulsion' is anticipated to be $32.55 million, up from $25.40 million in the same quarter last year [5] - 'Operating Earnings (Loss) As Adjusted- Engine Parts & Accessories' is estimated at $22.48 million, down from $25.30 million reported last year [6] - 'Operating Earnings (Loss) As Adjusted- Navico Group' is projected to be $12.33 million, slightly lower than the $12.90 million reported in the previous year [6] - 'Operating Earnings (Loss) As Adjusted- Boat' is expected to reach $35.01 million, a significant increase from $11.00 million reported last year [7] Stock Performance - Brunswick shares have increased by 14.3% over the past month, outperforming the Zacks S&P 500 composite, which saw a 0.8% increase [7] - The company holds a Zacks Rank 4 (Sell), indicating expectations of underperformance relative to the overall market in the near future [7]

Core Insights - Brunswick Corporation showcased its leadership in the marine industry at the 2026 Düsseldorf Boat Show, achieving strong retail boat sales and receiving two prestigious awards [1][2] Company Performance - Brunswick's Mercury Marine accounted for over 50% of all outboard engines displayed at the show, nearly three times the number of its closest competitor, with a market share of over 70% for outboard engines of 300hp and above [4] - The company reported a 15% revenue increase from its premium fiberglass brands Boston Whaler, Sea Ray, and Navan compared to the 2025 Show, with Sea Ray winning the European Power Boat of the Year Award for the SDX 270 Surf and Navan receiving the MotorBoat Award for the S30 [4] Strategic Partnerships - Mercury Marine announced two exclusive five-year supply agreements with deAntonio Yachts and Technohull, and has initiated or renewed partnerships with over ten top European boat builders in the past year, indicating a strong long-term commercial position [4] Product Innovations - Brunswick introduced new products at the show, including the successful launch of the new T30 model by Navan, contributing to its sales momentum [4] - Navico Group expanded its European presence by launching B&G Nemesis and Active Target 2XL, securing new distribution partners and renewing key partnerships with top distributors and boat builders [4]

Core Viewpoint - Hertz Energy Inc. has acquired a comprehensive digital geological and technical database related to the historic Lake George Antimony Mine, aiming to enhance its bid for the mine and support future exploration efforts [1][3][16]. Acquisition of Database - The acquired database consolidates decades of historical exploration, mining, and technical work at the Lake George Antimony Mine, providing a modern foundation for future evaluations and exploration planning [9][10]. - It includes a fully integrated 3D geological and mine model, historical drill hole data, and supporting files from a 2014 historical mineral resource estimate [10][11][12]. Historical Context of Lake George Mine - The Lake George Antimony Mine was North America's largest primary antimony producer, operating from the 1870s until its closure in 1996 due to poor market conditions [2][4]. - The mine produced 20,220 tonnes of antimony from 1876 to 1990, with operations ceasing primarily due to declining prices rather than resource depletion [4][20]. Future Plans and Exploration - Hertz Energy plans to submit an aggressive bid to acquire the Lake George Antimony Mine when it is put up for tender by the Province of New Brunswick [3][17]. - The company will conduct a thorough review of the acquired database and execute an exploration program on its 100%-owned mineral claims surrounding the mine [17][21]. Strategic Importance of Antimony and Tungsten - Antimony and tungsten are designated as critical minerals in Canada, essential for various strategic and industrial applications [17][24]. - The global market for antimony is experiencing significant price increases due to supply constraints, particularly following China's export restrictions [26][27]. Project Overview - The Lake George Antimony-Tungsten-Gold Project encompasses approximately 2,104 hectares and is strategically located around the historical mine site [18][24]. - The project is positioned within a well-developed mining jurisdiction with excellent infrastructure, enhancing its potential for future exploration and development [24][31].

Core Insights - Magna Terra Minerals Inc. has acquired the Prospect Or's Dream Epithermal Gold Project in New Brunswick, comprising 29 mineral claims over 15,923 hectares along a 30-kilometre section of the Moose Lake Fault [1][5][13] Project Highlights - The project is in an emerging gold district, with early-stage prospecting revealing a minimum strike length of 7.2 kilometres of gold-bearing epithermal quartz veins [4][8] - Initial sampling has shown gold assays ranging from 1 ppb to 735 ppb, with 28 samples exceeding 100 ppb [7][8] - The geological setting includes volcanic and sedimentary rocks, with potential for significant precious metals deposits [10][11] Acquisition Details - The option agreement allows the company to earn a 100% interest by paying $10,000 in cash and issuing 141,000 common shares upon signing, with additional payments totaling $380,000 over four years [13][14] - The optionor retains a 2% net smelter royalty, with the company having the right to purchase 1% of the NSR for $1,000,000 [13] Future Plans - The technical team will compile historic data and plan a field program for spring/summer 2026 [6]

Core Viewpoint - Antimony Resources Corp. is advancing its exploration and development plans for the Bald Hill Antimony Project in New Brunswick, Canada, with a focus on high-grade stibnite-bearing antimony mineralization and a fully funded exploration program for 2026 [1][2][7]. Exploration Plans - The exploration program for the first half of 2026 includes 10,000 meters of definition drilling aimed at defining the Main Zone of mineralization to establish a Maiden Resource [2][7]. - The 2025 NI43-101 Technical Report estimates the potential quantity of the drilled area at 2.7 million tonnes with a grade between 3% and 4% antimony, translating to 80,000 to 106,000 tonnes of contained antimony [3]. New Discoveries - Fieldwork has identified two new unexplored zones of antimony-bearing stibnite mineralization: Bald Hill South and the Marcus Zone, which will be further explored through trenching and drilling in 2026 [5][6]. - The Marcus Zone was discovered during roadwork and is characterized by massive to semi-massive antimony-bearing stibnite [6][13]. Drilling and Resource Calculation - Over 13,800 meters of drilling has been completed on the property, enhancing the understanding of mineralization and establishing significant potential [7]. - The exploration plan includes an additional 5,000 meters of diamond drilling to extend known mineralization and investigate newly discovered areas [11]. Marketing Agreements - The company has entered into a marketing agreement with Apaton Finance GmbH to enhance corporate communications, producing content in both German and English for a fixed term of 1 month for 75,000 Euros [14]. - A media services contract with i2i Marketing Group, LLC, will provide various marketing services for a total consideration of US$250,000 over a 3-month term [15]. - A digital marketing agreement with BorsenBlick will support investor awareness with an initial budget of up to 105,000 Euros for a 2-month term [16]. Company Overview - Antimony Resources Corp. is focused exclusively on antimony exploration and development, aiming to become a significant North American producer of antimony [17].