Financial Performance - BRP Inc. reported quarterly earnings of 67 cents per share, exceeding the analyst consensus estimate of 33 cents per share [1] - The company achieved quarterly sales of $1.374 billion, surpassing the analyst consensus estimate of $1.310 billion [1] Management Commentary - José Boisjoli, President and CEO of BRP, expressed satisfaction with the second-quarter results, noting they were better than expected in the current macroeconomic context [2] - The company recently held a successful dealer event, unveiling numerous industry-leading products and experiencing a strong upswing in dealer sentiment [2] - Boisjoli highlighted that the timing of new product introductions coincided well with healthier inventory levels [2] Stock Performance - Following the earnings announcement, BRP shares rose by 5.2%, trading at $66.27 [2] Analyst Ratings and Price Targets - CIBC analyst Mark Petrie upgraded BRP from Neutral to Outperformer and raised the price target from C$66 to C$100 [5] - Scotiabank analyst Jonathan Goldman maintained the stock with a Sector Perform rating and increased the price target from C$67 to C$98 [5]

Financial Data and Key Metrics Changes - The company reported revenue of $1.9 billion, a 4% increase year-over-year, primarily driven by stronger ORV shipments, offset by lower personal watercraft deliveries [6][22] - Normalized EBITDA was $213 million, and normalized EPS was $0.92, which included approximately $0.35 from tax credits recorded in the quarter [6][22] - Free cash flow from continuing operations reached $100 million, with over $270 million in cash at the end of the quarter, indicating strong financial flexibility [22] Business Line Data and Key Metrics Changes - North American powersports retail decreased by 11%, with Canada showing a 4% growth driven by ORV, while the U.S. experienced a 15% decline [7][8] - Year-round product revenue increased by 13% to $1.1 billion, driven by higher ORV shipments following last year's inventory reduction plan [15] - Seasonal product revenues decreased by 13% to $470 million, mainly due to a planned reduction in personal watercraft shipments [18] Market Data and Key Metrics Changes - Retail in Latin America grew by 22%, led by strong ORV performance, while Asia Pacific saw a 5% increase, marking the first growth in two years [8][9] - EMEA experienced a 13% decline in retail, consistent with industry trends [8] - The overall global industry trend showed slight improvement compared to previous quarters [9] Company Strategy and Development Direction - The company is focused on maintaining operational efficiency and managing shipments to improve network inventory positions [21][25] - A definitive agreement for the sale of Manitou was announced, expected to close in the coming weeks [6] - The introduction of new products, including the Can Am Defender, is aimed at capturing market share and enhancing dealer profitability [11][29] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, citing improved visibility on expected deliveries and a strong product lineup [25][29] - The macroeconomic environment remains uncertain, but the company is well-positioned to capitalize on market opportunities [25][29] - The guidance for revenues is set between $8.15 billion and $8.3 billion, with normalized EBITDA expected to be between $1.04 billion and $1.09 billion [27] Other Important Information - The company has successfully reduced dealer inventory by 20% year-over-year, positioning itself to better align wholesale with retail [23][24] - The tariff impact for the year is estimated at $90 million, reflecting increased tariffs on steel, aluminum, and copper [27][50] - Management emphasized the importance of innovation and technology in sustaining profitable growth [30] Q&A Session Summary Question: What are the tariff scenarios being contemplated? - Management is in constant dialogue with Canadian and Mexican authorities regarding tariff regulations and believes they can adapt to any changes [33][36] Question: Can you elaborate on the current versus non-current inventory situation? - The company noted that most OEMs are cautious with shipments, and they are encouraged by the improved inventory ratios [41][44] Question: What is the outlook for retail sales in the second half? - Management expects retail to improve in the second half, particularly in ORV, driven by new product introductions and a cleaner inventory environment [46][70] Question: How does the company plan to mitigate tariff exposure? - Mitigation efforts include sourcing adjustments and production shifts to minimize tariff impacts [37][50] Question: What is the expected revenue profile outlook? - The company anticipates a recovery in revenue as inventory aligns with retail, with a potential tailwind of $400 million to $500 million from destocking [53][102] Question: What are the expectations for EPS growth in the coming years? - Management believes the company has the capacity to grow EPS significantly, depending on industry dynamics and macroeconomic conditions [97][99]

Financial Data and Key Metrics Changes - The company reported revenue of $1.9 billion, a 4% increase year-over-year, primarily driven by stronger ORV shipments, offset by lower personal watercraft deliveries [20][4] - Normalized EBITDA was $213 million, and normalized EPS was $0.92, which included approximately $0.35 from tax credits recorded in the quarter [20][4] - Free cash flow from continuing operations reached $100 million, with over $270 million in cash at the end of the quarter, indicating a solid balance sheet [20][4] Business Line Data and Key Metrics Changes - North American powersports retail decreased by 11%, with Canada showing a 4% growth driven by ORV, while the U.S. experienced a 15% decline [5][6] - Year-round product revenue increased by 13% to $1.1 billion, driven by higher ORV shipments following last year's inventory reduction plan [13] - Seasonal product revenues decreased by 13% to $470 million, mainly due to a planned reduction in personal watercraft shipments [16] Market Data and Key Metrics Changes - Retail in Latin America grew by 22%, led by strong performance in ORV, while Asia Pacific saw a 5% increase, marking the first growth in two years [6] - EMEA experienced a 13% decline in retail, consistent with industry trends [6] - The overall global industry trend showed slight improvement compared to previous quarters [7] Company Strategy and Development Direction - The company announced a definitive agreement for the sale of Manitou, expected to close soon, indicating strategic divestment [4] - The introduction of new products, including the new generation Can Am Defender and expanded electric vehicle offerings, is aimed at gaining market share [9][11] - The company is focused on operational efficiency and managing shipments to improve network inventory positions [19][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the second half of the year, citing improved visibility on expected deliveries and a strong reception for new products [23][24] - The macroeconomic environment remains uncertain, but the company is well-positioned to capture demand upside when market conditions improve [23][24] - Management highlighted the importance of adapting to tariff situations and maintaining competitive pricing strategies [34][36] Other Important Information - The company is experiencing a 20% year-over-year reduction in network inventory, which is expected to enhance competitiveness and protect brand value [21][22] - The guidance for fiscal year 2026 includes revenues of $8.15 billion to $8.3 billion, normalized EBITDA of $1.04 billion to $1.09 billion, and normalized EPS of $4.25 to $4.75 [25][26] Q&A Session Summary Question: What are the tariff scenarios that you're contemplating? - Management indicated that they are closely monitoring the USMCA and are prepared to adapt to any regulatory changes [33][34] Question: Can you shed light on your plans to mitigate the tariff exposure? - The company is actively working on sourcing strategies and production adjustments to minimize tariff impacts [36][37] Question: What does the retail outlook look like for the second half? - Management expects retail to improve in the second half, particularly in ORV, as inventory levels are cleaner and new products are introduced [46][68] Question: How do you see the revenue profile outlook with the alignment of wholesale and retail? - Management noted that destocking has had a significant revenue impact, but they anticipate a recovery as inventory levels normalize [52][53] Question: What are the expectations for margins going forward? - The company expects to see margin improvements due to reduced promotional activity and better inventory management [60][61] Question: What are the factors driving the discrepancy in retail sales between Canada and the U.S.? - Management attributed the differences to macroeconomic conditions, including inflation and consumer confidence in the U.S. compared to Canada [110][112]

Financial Performance - Revenues increased by 4% to CA$1,888 million in FY26 Q2 compared to CA$1,811 million in FY25 Q2 [13] - Normalized EBITDA decreased by 9% to CA$213 million in FY26 Q2 [16] - Normalized diluted earnings per share decreased by 10% to CA$0.92 in FY26 Q2 [16] - Free cash flow generation increased by 54% to CA$99 million in FY26 Q2 [16] - Net income increased by 36% to CA$57 million, with diluted earnings per share at CA$0.79 [16] Retail Sales and Market Dynamics - North American Powersports retail sales declined by 11% in FY26 Q2, mainly due to softer trends in PWC and 3WV [16] - North American network inventory is down by 20% [16] - Year-Round Products revenues were up 13%, with revenues reaching CA$1,114 million in FY26 Q2 compared to CA$985 million in FY25 Q2 [37] - Seasonal Products revenues decreased by 13%, with revenues of CA$470 million [46] Guidance and Outlook - The company estimates a tariff impact of approximately CA$90 million for FY26 [65] - The company expects total revenues between CA$8,150 million and CA$8,300 million for FY26 [64] - The company expects net income between CA$430 million and CA$470 million for FY26 [64]

Exhibit 99.2 BRP INC. MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE- AND SIX-MONTH PERIODS ENDED JULY 31, 2025 BRP Inc. Management's Discussion and Analysis 2 Basis of Presentation The following MD&A provides information concerning financial position and results of operations of BRP Inc. (the "Company" or "BRP") for the second quarter of the fiscal year ending January 31, 2026. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements for the three- ...

Core Insights - BRP Inc. reported a solid second-quarter performance with revenues of CAD 1,888.2 million, a 4.3% increase year-over-year, and a net income of CAD 57.1 million, reflecting a 36.0% increase compared to the previous year [8][21][23]. Financial Performance - Revenues for the three-month period ended July 31, 2025, were CAD 1,888.2 million, up from CAD 1,811.1 million in the same period last year [6][13]. - Gross profit decreased slightly to CAD 397.7 million, with a gross profit margin of 21.1%, down from 22.0% [6][18]. - Normalized EBITDA fell to CAD 213.2 million, a decrease of 9.2% from CAD 234.9 million [6][20]. - Net income increased to CAD 57.1 million, compared to CAD 42.0 million in the previous year [6][21]. - Diluted earnings per share rose to CAD 0.79, an increase of CAD 0.24 per share year-over-year [6][8]. Segment Performance - Year-Round Products revenues increased by CAD 128.8 million, or 13.1%, to CAD 1,113.8 million [16]. - Seasonal Products revenues decreased by CAD 72.1 million, or 13.3%, to CAD 469.7 million [16]. - Revenues from PA&A and OEM Engines increased by CAD 20.4 million, or 7.2%, to CAD 304.7 million [16]. Market Outlook - The company anticipates a solid second half of the fiscal year, supported by a comprehensive product portfolio and improved inventory levels [4][3]. - Full-year revenue guidance is set between CAD 8.1 billion and CAD 8.3 billion, with normalized diluted earnings per share expected between CAD 4.25 and CAD 4.75 [8][9]. Cash Flow and Capital Expenditures - Consolidated net cash flows from operating activities totaled CAD 373.1 million for the six-month period ended July 31, 2025, compared to CAD 232.0 million in the previous year [28]. - The company invested CAD 119.1 million in capital expenditures for new product introductions and software modernization [29]. Dividend Declaration - The Board of Directors declared a quarterly dividend of CAD 0.215 per share, payable on October 14, 2025 [30].

Company Overview - BRP Inc. is a global leader in powersports products, propulsion systems, and boats, with over 80 years of experience [4] - The company reported annual sales of CA$7.8 billion from over 130 countries and employs approximately 16,500 people as of January 31, 2025 [4] Upcoming Financial Results - BRP Inc. will hold its second quarter FY26 financial results conference call on August 29, 2025, at 9 am (EDT) [1] - The press release for the financial results will be distributed on Canadian and American newswires at approximately 6 a.m. (EDT) on the same day [2] Conference Call Details - Analysts can join the conference call via telephone at 1 800 717-1738 (toll-free in North America) using event code 50511 [2] - The call will be accessible via a live webcast and an archived recording will be available two hours after the event for 30 days [3]

Core Viewpoint - Momentum investing focuses on "buying high and selling higher," contrasting with traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Strategy - Momentum investing can be risky as stocks may lose momentum if future growth does not justify high valuations [1] - A safer approach involves investing in bargain stocks that exhibit recent price momentum [2] Group 2: BRP Inc. (DOOO) Performance - BRP Inc. (DOOO) has shown a four-week price change of 8.8%, indicating growing investor interest [3] - Over the past 12 weeks, DOOO's stock gained 57.1%, demonstrating its ability to deliver positive returns over a longer timeframe [4] - DOOO has a beta of 1.24, suggesting it moves 24% higher than the market in either direction [4] Group 3: Valuation and Earnings Estimates - DOOO has a Momentum Score of B, indicating a favorable time to invest [5] - The stock has a Zacks Rank 2 (Buy) due to upward trends in earnings estimate revisions, which attract more investors [6] - DOOO is trading at a Price-to-Sales ratio of 0.74, meaning investors pay 74 cents for each dollar of sales, indicating a reasonable valuation [6] Group 4: Additional Investment Opportunities - Besides DOOO, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [7] - Zacks offers over 45 Premium Screens to help identify potential winning stock picks based on various investing styles [8]

Group 1 - BRP Inc. is currently ranked 16 in the Zacks Sector Rank for the Auto-Tires-Trucks group, which consists of 96 companies [2] - The Zacks Rank for BRP Inc. is 2 (Buy), indicating a favorable outlook based on earnings estimate revisions [3] - Over the past 90 days, the Zacks Consensus Estimate for BRP Inc.'s full-year earnings has increased by 9.8%, reflecting improved analyst sentiment [4] Group 2 - BRP Inc. has achieved a year-to-date return of approximately 13.9%, significantly outperforming the Auto-Tires-Trucks sector average return of -9.4% [4] - In comparison, Ferrari, another stock in the sector, has a year-to-date return of 11% and a Zacks Rank of 1 (Strong Buy) [5] - BRP Inc. is part of the Automotive - Original Equipment industry, which includes 50 companies, and this industry has an average gain of 7.8% this year [6] Group 3 - Investors should continue to monitor BRP Inc. and Ferrari for potential sustained strong performance in the Auto-Tires-Trucks sector [7]

Core Insights - Sea-Doo is enhancing customer experience through innovative technology and continuous product improvements aimed at fostering community engagement [1][2][3] Product Innovations - The 2026 Sea-Doo models will feature a 10.25'' Touchscreen Display with smart connectivity functions, enhancing user experience with driving stats, navigation, and music integration [2] - The Switch family of pontoon boats will now offer a 300 hp Rotax 1630 ACE engine and a 60% larger fuel tank for extended fun on the water [3] - New ergonomic features such as a tilting handlebar and depth finder access on the dash display will be available across all Switch models [3] Enhanced Features - The Switch Cruise and Sport models will include a new Tech Package with corner tables, speakers, and the 10.25'' Touchscreen Display for an improved on-water experience [4] - Rear corner doors on the Switch Cruise models will facilitate easier access to the swim platform, enhancing usability for families [5] - The introduction of a new Switch Fish Compact model with 170 hp will cater to fishing enthusiasts in a smaller package [6] Accessories and Customization - A variety of new accessories for the Sea-Doo Switch will enhance the on-water experience, including a BBQ Table, Pop-Up Changing Room, and a LinQ Rear Floating Mat Holder [7] Company Overview - BRP Inc. is a global leader in powersports products with annual sales of CA$7.8 billion and a workforce of approximately 16,500 employees [10]