Company Overview - BRP Inc is a leader in the powersports industry with a diverse product portfolio that includes Ski-Doo snowmobiles, Sea-Doo watercrafts, and Can-Am off-road vehicles [1] Investment Philosophy - The investment approach focuses on value and deep value, emphasizing a concentrated portfolio in key companies with thorough industry research [1] - The importance of understanding qualitative aspects of a company and tying them into a supportive valuation is highlighted [1] Educational Background - The educational background includes a specialization in Accounting and a minor in Economics from Wilfrid Laurier University in Ontario, Canada [1] - The current pursuit of a CPA designation indicates a commitment to professional development in finance [1] Professional Role - The company operates in a large Financial Services firm in Toronto, Canada, in a non-investment risk-related role [1] Goals and Interests - The goal of writing on Seeking Alpha is to obtain second opinions on investment ideas and inspire readers to think differently about investing [1] - There is an interest in studying past examples of successful and unsuccessful deep value investments to understand effective strategies [1]

Core Insights - BRP's design team has been awarded the title "Red Dot: Design Team of the Year 2025," recognizing their continuous excellence in innovation and design [1][2] - The award highlights the team's user-centric design philosophy and their commitment to developing market-shaping products that enhance BRP's growth [1][3] - BRP has received a total of 56 Red Dot awards over the years, showcasing their strong design culture and industry leadership [1] Company Overview - BRP Inc. is a global leader in powersports products, propulsion systems, and boats, with over 80 years of experience [3] - The company reported annual sales of CA$7.8 billion and employs approximately 16,500 people as of January 31, 2025 [3] - BRP's product portfolio includes well-known brands such as Ski-Doo, Lynx, Sea-Doo, Can-Am, and Rotax, and the company is committed to developing electric models for its existing product lines [3]

Core Viewpoint - BRP Inc. will hold its first quarter FY2026 financial results conference call and Annual and Special Meeting of Shareholders on May 29, 2025, providing insights into the company's performance and future direction [1][2]. Financial Results Conference Call - The conference call for the first quarter FY2026 will take place at 9 a.m. EDT, where the CEO and CFO will present the results and answer analysts' questions [2]. - A press release detailing the financial results will be distributed on May 29 at approximately 6 a.m. EDT [3]. Annual and Special Meeting of Shareholders - The Annual and Special Meeting will be a virtual event, allowing all shareholders to participate regardless of location [4]. - The meeting is scheduled for 11 a.m. EDT on May 29, 2025, and will be accessible via webcast [5]. - Registered shareholders are encouraged to vote their shares in advance and can submit questions via email before the meeting [7]. Company Overview - BRP Inc. is a global leader in powersports products, with a diverse portfolio including Ski-Doo, Sea-Doo, and Can-Am brands, and reported annual sales of CA$7.8 billion as of January 31, 2025 [10]. - The company employs approximately 16,500 people and is committed to developing electric models for its product lines [10].

Financial Performance - Total revenues for the three months ended March 31, 2025, were $413.4 million, an increase of 8.6% compared to $380.4 million for the same period in 2024[17] - Net income attributable to Baldwin for the three months ended March 31, 2025, was $13.9 million, a decrease of 35.5% from $21.6 million in the prior year[17] - Operating income increased to $56.0 million for the three months ended March 31, 2025, compared to $34.3 million for the same period in 2024, reflecting a growth of 63.5%[17] - Commissions and fees revenue rose to $410.5 million, up 8.6% from $378.1 million year-over-year[17] - Basic earnings per share for the three months ended March 31, 2025, were $0.21, down from $0.35 in the same period of 2024[17] - The company reported a comprehensive income of $24.9 million for the three months ended March 31, 2025, compared to $39.1 million in the prior year, a decline of 36.4%[17] - Net income for the three months ended March 31, 2025, was $24,898,000, compared to $39,100,000 for the same period in 2024, representing a decrease of approximately 36.3%[23] Assets and Liabilities - Total current assets as of March 31, 2025, were $1,055.8 million, compared to $1,026.5 million at the end of 2024, representing a growth of 2.9%[15] - Total liabilities decreased to $2,500.3 million as of March 31, 2025, from $2,525.9 million at the end of 2024, a reduction of 1.0%[15] - The total stockholders' equity attributable to Baldwin increased to $619.6 million as of March 31, 2025, from $583.2 million at the end of 2024, an increase of 6.2%[15] - The company’s long-term debt, less current portion, increased to $1,495.9 million as of March 31, 2025, compared to $1,398.1 million at the end of 2024, reflecting a rise of 7.0%[15] - Total assets as of March 31, 2025, amounted to $3.55 billion, up from $3.53 billion as of December 31, 2024, showing a slight increase of 0.6%[116] Cash Flow and Expenditures - Cash flows from operating activities resulted in a net cash used of $63,983,000 for the three months ended March 31, 2025, compared to a net cash provided of $3,007,000 in 2024[23] - Total cash and cash equivalents at the end of the period was $299,061,000, down from $234,317,000 at the end of the same period in 2024[23] - Capital expenditures for the three months ended March 31, 2025, were $8,933,000, compared to $8,146,000 in 2024, indicating an increase of approximately 9.7%[23] - Capital expenditures for the three months ended March 31, 2025, totaled $8.9 million, compared to $8.1 million in the same period of 2024, reflecting an increase of 9.8%[116] Revenue Streams - Commission revenue for the three months ended March 31, 2025, was $338.9 million, up from $322.4 million in 2024, with direct bill revenue contributing $208.9 million and agency bill revenue contributing $130.0 million[67] - Profit-sharing revenue increased to $24.3 million in Q1 2025 from $20.7 million in Q1 2024, reflecting improved underwriting results[67] - Assumed premium earned was $4.3 million in Q1 2025, indicating the company's entry into the Captive insurance market[67] - The company recognized $24.9 million in revenue during Q1 2025 related to contract liabilities from December 31, 2024[68] Contingent Liabilities and Fair Value - The company reported a change in fair value of contingent consideration of $8,061,000 for the three months ended March 31, 2025, down from $12,676,000 in 2024, reflecting a decrease of approximately 36.5%[23] - The fair value of contingent earnout liabilities decreased from $145.6 million at the beginning of the period to $48.2 million at the end of the period for the three months ended March 31, 2025[97] - The company recorded a net increase in the estimated fair value of contingent earnout liabilities of $8.1 million for the three months ended March 31, 2025, compared to $12.7 million for the same period in 2024[94] - The maximum estimated exposure to contingent earnout liabilities is assessed to be $102.9 million as of March 31, 2025[94] Interest and Debt Management - The company paid $13,787,000 in interest during the three months ended March 31, 2025, down from $27,857,000 in 2024, reflecting a decrease of approximately 50.5%[25] - The Company’s long-term debt included $933.5 million under the 2025 Term Loans with an interest rate of 7.32% as of March 31, 2025, compared to $835.8 million under the 2024 Term Loans at 7.61%[75] - An increase of 100 basis points on the term SOFR rate would increase the annual interest expense under the 2024 Credit Facility by $9.3 million[225] Miscellaneous - The company has a remaining commitment to donate $3.4 million to the University of South Florida through October 2028[100] - The company completed a partnership with MultiStrat Group on April 1, 2025, involving upfront consideration of $12.8 million in cash and equity, aimed at enhancing reinsurance capabilities[124]

Exhibit 99.1 THE BALDWIN GROUP ANNOUNCES FIRST QUARTER 2025 RESULTS — Total Revenue Growth of 9% to $413.4 Million; Organic Revenue Growth of 10% — (1) — Net Income of $24.9 Million and Diluted Earnings Per Share of $0.20; Adjusted Diluted EPS Growth of 16% to $0.65 — (2) Baldwin will host a webcast and conference call to discuss first quarter 2025 results today at 5:00 PM ET. A live webcast and a slide presentation of the conference call will be available on Baldwin's investor relations website at ir.baldw ...

Core Viewpoint - BRP Inc. is holding its annual and special meeting of shareholders on May 29, 2025, which will be conducted virtually, allowing equal participation for all shareholders regardless of location [1][2]. Group 1: Meeting Details - The meeting will take place at 11:00 a.m. EDT and will be accessible via live webcast [1]. - Registered shareholders and proxy holders are encouraged to vote in advance or participate virtually during the meeting [2]. - Voting results will be announced after the meeting and reported on SEDAR+ [2]. Group 2: Participation Instructions - Shareholders can join the meeting online using a control number and password, while guests can listen but cannot vote or ask questions [3]. - Questions can be submitted in advance via email or during the meeting through the online platform [4]. Group 3: Company Overview - BRP Inc. is a global leader in powersports products, with a portfolio that includes brands like Ski-Doo, Sea-Doo, and Can-Am [5]. - The company reported annual sales of CA$7.8 billion and employs approximately 16,500 people as of January 31, 2025 [5]. - BRP is committed to responsible growth and is developing electric models for its existing product lines [5].

BRP Inc. (DOOO) came out with quarterly earnings of $0.69 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $1.81 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 11.29%. A quarter ago, it was expected that this company would post earnings of $0.50 per share when it actually produced earnings of $0.85, delivering a surprise of 70%.Over the last four quarters, the company has surpas ...

Group 1 - Bombardier Recreational Products (BRP) and Polaris have experienced significant declines in their share prices over the past two years due to various factors, including a pullback in consumer demand [1] - The decline in share prices indicates a potential mispricing in the market, suggesting that there may be investment opportunities for those who evaluate businesses beyond just stock tickers [1] Group 2 - The article emphasizes the importance of understanding businesses fundamentally and highlights the author's investment philosophy, which is influenced by renowned investors like Warren Buffet and Charlie Munger [1]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2024 or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________ Commission File Number: 001-39095 The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter) Delaware 61-193722 ...

EXHIBIT 99.1 THE BALDWIN GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2024 RESULTS - Fourth Quarter 2024 Total Revenue Growth of 16%; Organic Revenue Growth of 19% - (1) - Full Year 2024 Total Revenue Growth of 14%; Organic Revenue Growth of 17% - - Fourth Quarter 2024 Net Loss of $34.8 Million and Diluted Loss Per Share of $0.31; Adjusted Diluted EPS Growth of 93% to $0.27 - (2) - Fourth Quarter 2024 Adjusted EBITDA Growth of 38% and Pro Forma Adjusted EBITDA Growth of 42% Year-Over-Year to $63.2 Million; ...