# EDGAR Filing Document

**Accession Number:** 0000014930
**File Stem:** 0000014930-26-000027
**Filing Date:** 2026-2
**Character Count:** 565188
**Document Hash:** a59b7556221b1e7ee29b73968d72a8b0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000014930-26-000027.hdr.sgml**: 20260213

**ACCESSION NUMBER**: 0000014930-26-000027

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 128

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260213

**DATE AS OF CHANGE**: 20260213

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** BRUNSWICK CORP
- **CENTRAL INDEX KEY:** 0000014930
- **STANDARD INDUSTRIAL CLASSIFICATION:** ENGINES & TURBINES [3510]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 360848180
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-01043
- **FILM NUMBER:** 26630289

**BUSINESS ADDRESS:**
- **STREET 1:** 26125 N. RIVERWOODS BLVD. SUITE 500
- **CITY:** METTAWA
- **STATE:** IL
- **ZIP:** 60045-3420
- **BUSINESS PHONE:** 8477354700

**MAIL ADDRESS:**
- **STREET 1:** 26125 N. RIVERWOODS BLVD. SUITE 500
- **CITY:** METTAWA
- **STATE:** IL
- **ZIP:** 60045-3420

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** BRUNSWICK BALKE COLLENDER CO
- **DATE OF NAME CHANGE:** 19660919

?xml version='1.0' encoding='ASCII'? bcorp-20251231

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-K** 

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended **December 31, 2025**

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 1-1043**![Brunswick Logo_Midnight Blue (1).jpg](bcorp-20251231_g1.jpg)

**Brunswick Corporation** 

**(Exact name of registrant as specified in its charter)**

---

| | |
|:---|:---|
| **Delaware** | **36-0848180** |
| **(State or other jurisdiction of incorporation or organization)** | **(I.R.S. Employer Identification No.)** |

---

**26125 N. Riverwoods Blvd., Suite 500, Mettawa, IL 60045-3420** 

**(Address of principal executive offices, including zip code)**

**(847) 735-4700** 

**(Registrant's telephone number, including area code)**

**Securities registered pursuant to Section 12(b) of the Act:**

---

| | | |
|:---|:---|:---|
| **Title of Each Class** | **Trading Symbol(s)** | **Name of Each Exchange on Which Registered** |
| Common stock, par value $0.75 per share | BC | *New York Stock Exchange,* |
| Common stock, par value $0.75 per share | BC | *NYSE Texas, Inc.* |
| 6.375% Senior Notes due 2049 | BC-C | *New York Stock Exchange* |

---

**Securities registered pursuant to Section 12(g) of the Act:** None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☒ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. Yes ☐ No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. □&nbsp;&nbsp;&nbsp;&nbsp;

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☒

As of June 28, 2025, the last business day of the registrant's most recently completed second fiscal quarter, the aggregate market value of the voting stock of the registrant held by non-affiliates was $3,592,036,127. Such number excludes stock beneficially owned by executive officers and directors. This does not constitute an admission that they are affiliates.

The number of shares of Common Stock ($0.75 par value) of the registrant outstanding as of February 10, 2026 was 64,850,982.

**DOCUMENTS INCORPORATED BY REFERENCE**

**Part III of this Report on Form 10-K incorporates by reference certain information that will be set forth in the Company's definitive Proxy Statement for the Annual Meeting of Shareholders scheduled to be held on May 6, 2026.**

------

**BRUNSWICK CORPORATION**

**INDEX TO ANNUAL REPORT ON FORM 10-K**

**December 31, 2025** 

**TABLE OF CONTENTS**

---

| | | |
|:---|:---|:---|
| **PART I** | **PART I** | **<u>Page</u>** |
| <u>[Item 1.](#iad672748c7e64818b500cab0f3c1fd16_16)</u> | <u>[Business](#iad672748c7e64818b500cab0f3c1fd16_16)</u> | <u>[1](#iad672748c7e64818b500cab0f3c1fd16_16)</u> |
| <u>[Item 1A.](#iad672748c7e64818b500cab0f3c1fd16_19)</u> | <u>[Risk Factors](#iad672748c7e64818b500cab0f3c1fd16_19)</u> | <u>[12](#iad672748c7e64818b500cab0f3c1fd16_19)</u> |
| <u>[Item 1B.](#iad672748c7e64818b500cab0f3c1fd16_22)</u> | <u>[Unresolved Staff Comments](#iad672748c7e64818b500cab0f3c1fd16_22)</u> | <u>[23](#iad672748c7e64818b500cab0f3c1fd16_22)</u> |
| <u>[Item 1C.](#iad672748c7e64818b500cab0f3c1fd16_25)</u> | <u>[Cybersecurity](#iad672748c7e64818b500cab0f3c1fd16_25)</u> | <u>[23](#iad672748c7e64818b500cab0f3c1fd16_25)</u> |
| <u>[Item 2.](#iad672748c7e64818b500cab0f3c1fd16_28)</u> | <u>[Properties](#iad672748c7e64818b500cab0f3c1fd16_28)</u> | <u>[25](#iad672748c7e64818b500cab0f3c1fd16_28)</u> |
| <u>[Item 3.](#iad672748c7e64818b500cab0f3c1fd16_31)</u> | <u>[Legal Proceedings](#iad672748c7e64818b500cab0f3c1fd16_31)</u> | <u>[25](#iad672748c7e64818b500cab0f3c1fd16_31)</u> |
| <u>[Item 4.](#iad672748c7e64818b500cab0f3c1fd16_34)</u> | <u>[Mine Safety Disclosures](#iad672748c7e64818b500cab0f3c1fd16_34)</u> | <u>[25](#iad672748c7e64818b500cab0f3c1fd16_34)</u> |
| **PART II** |  |  |
| <u>[Item 5.](#iad672748c7e64818b500cab0f3c1fd16_43)</u> | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#iad672748c7e64818b500cab0f3c1fd16_43)</u> | <u>[28](#iad672748c7e64818b500cab0f3c1fd16_43)</u> |
| <u>[Item 6.](#iad672748c7e64818b500cab0f3c1fd16_46)</u> | <u>[Reserved](#iad672748c7e64818b500cab0f3c1fd16_46)</u> | <u>[29](#iad672748c7e64818b500cab0f3c1fd16_46)</u> |
| <u>[Item 7.](#iad672748c7e64818b500cab0f3c1fd16_49)</u> | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#iad672748c7e64818b500cab0f3c1fd16_49)</u> | <u>[29](#iad672748c7e64818b500cab0f3c1fd16_49)</u> |
| <u>[Item 7A.](#iad672748c7e64818b500cab0f3c1fd16_106)</u> | <u>[Quantitative and Qualitative Disclosures About Market Risk](#iad672748c7e64818b500cab0f3c1fd16_106)</u> | <u>[41](#iad672748c7e64818b500cab0f3c1fd16_106)</u> |
| <u>[Item 8.](#iad672748c7e64818b500cab0f3c1fd16_109)</u> | <u>[Financial Statements and Supplementary Data](#iad672748c7e64818b500cab0f3c1fd16_109)</u> | <u>[42](#iad672748c7e64818b500cab0f3c1fd16_109)</u> |
| <u>[Item 9.](#iad672748c7e64818b500cab0f3c1fd16_112)</u> | <u>[Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](#iad672748c7e64818b500cab0f3c1fd16_112)</u> | <u>[42](#iad672748c7e64818b500cab0f3c1fd16_112)</u> |
| <u>[Item 9A.](#iad672748c7e64818b500cab0f3c1fd16_115)</u> | <u>[Controls and Procedures](#iad672748c7e64818b500cab0f3c1fd16_115)</u> | <u>[42](#iad672748c7e64818b500cab0f3c1fd16_115)</u> |
| <u>[Item 9B.](#iad672748c7e64818b500cab0f3c1fd16_118)</u> | <u>[Other Information](#iad672748c7e64818b500cab0f3c1fd16_118)</u> | <u>[42](#iad672748c7e64818b500cab0f3c1fd16_118)</u> |
| <u>[Item 9C.](#iad672748c7e64818b500cab0f3c1fd16_121)</u> | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#iad672748c7e64818b500cab0f3c1fd16_121)</u> | <u>[43](#iad672748c7e64818b500cab0f3c1fd16_121)</u> |
| **PART III** |  |  |
| <u>[Item 10.](#iad672748c7e64818b500cab0f3c1fd16_127)</u> | <u>[Directors, Executive Officers and Corporate Governance](#iad672748c7e64818b500cab0f3c1fd16_127)</u> | <u>[44](#iad672748c7e64818b500cab0f3c1fd16_127)</u> |
| <u>[Item 11.](#iad672748c7e64818b500cab0f3c1fd16_130)</u> | <u>[Executive Compensation](#iad672748c7e64818b500cab0f3c1fd16_130)</u> | <u>[44](#iad672748c7e64818b500cab0f3c1fd16_130)</u> |
| <u>[Item 12.](#iad672748c7e64818b500cab0f3c1fd16_133)</u> | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholders Matters](#iad672748c7e64818b500cab0f3c1fd16_133)</u> | <u>[44](#iad672748c7e64818b500cab0f3c1fd16_133)</u> |
| <u>[Item 13.](#iad672748c7e64818b500cab0f3c1fd16_136)</u> | <u>[Certain Relationships and Related Transactions, and Director Independence](#iad672748c7e64818b500cab0f3c1fd16_136)</u> | <u>[44](#iad672748c7e64818b500cab0f3c1fd16_136)</u> |
| <u>[Item 14.](#iad672748c7e64818b500cab0f3c1fd16_139)</u> | <u>[Principal Accounting Fees and Services](#iad672748c7e64818b500cab0f3c1fd16_139)</u> | <u>[44](#iad672748c7e64818b500cab0f3c1fd16_139)</u> |
| **PART IV** |  |  |
| <u>[Item 15.](#iad672748c7e64818b500cab0f3c1fd16_145)</u> | <u>[Exhibits and Financial Statement Schedules](#iad672748c7e64818b500cab0f3c1fd16_145)</u> | <u>[45](#iad672748c7e64818b500cab0f3c1fd16_145)</u> |
| <u>[Item 16.](#iad672748c7e64818b500cab0f3c1fd16_307)</u> | <u>[Form 10-K Summary](#iad672748c7e64818b500cab0f3c1fd16_307)</u> | <u>[96](#iad672748c7e64818b500cab0f3c1fd16_307)</u> |

---

------

**Forward-Looking Statements**

Certain statements in this Annual Report on Form 10-K 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," "anticipate," "project," "position," "intend," "target," "plan," "seek," "estimate," "believe," "predict," "outlook," "will," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are not guarantees of future performance and involve certain risks and uncertainties that may cause actual results to differ materially from expectations as of the date of this Annual Report on Form 10-K. These risks include, but are not limited to, those set forth under Item 1A of this Annual Report on Form 10-K. Forward-looking statements speak only as of the date on which they are made and Brunswick does not undertake any obligation to update them to reflect events or circumstances after the date of this Annual Report.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

**PART I**

**Item 1. Business**

References to "we," "us," "our," the "Company," "Brunswick," and "Brunswick Corporation" refer to Brunswick Corporation and its consolidated subsidiaries unless the context specifically states or implies otherwise.

Our strategy is focused on:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Enhancing our unique, cycle resistant portfolio of industry-leading brands across multiple marine categories;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Understanding and addressing the changing needs and behaviors of global boating participants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in innovative, global product leadership and leveraging our leading brands to meet consumer needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Providing customers industry-leading quality and customer support;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Delivering distinctive, elevated ownership and shared-access experiences that expand boating participation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being the partner of choice to our customers by offering integrated technical and business solutions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Engaging consumers with the richest, most intuitive digital experiences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Leading the industry in innovative technologies, including artificial intelligence and Autonomy, Connectivity, Electrification, and Shared-Access (ACES) applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unlocking unique and profound enterprise synergies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Investing in increasing global business resiliency through supply chain and operations improvements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being an acknowledged marine industry leader in sustainability; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Being an employer of choice through our clear purpose and culture of inclusiveness.

These strategies support our aim to create exceptional experiences, expand participation in recreational boating, deliver industry-transforming technology, and leverage our leading businesses to grow earnings and enhance shareholder value across an array of market conditions. Our integrated business strategy is supported by a balanced capital strategy that includes critical investments in furthering our market leadership position through product and technology innovation, while also managing debt levels and maturities, maintaining strong cash and liquidity positions, and continuing to return capital to shareholders through dividends and moderate share repurchases.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

Key brands associated with each of our segments are listed below.

![USE 26_403500_BRN_CB_ChartforLegal_RF-2.jpg](bcorp-20251231_g2.jpg)

Refer to **Note 5 – Segment Information** in the Notes to Consolidated Financial Statements for additional information regarding our segments.

**Propulsion Segment**

The Propulsion segment, which we believe is a world leader in the manufacturing and sale of recreational marine engines and propulsion systems, had net sales of $2,177.2 million in 2025. The Propulsion segment designs, manufactures, and sells engines, controls, rigging, and propellers globally to over 900 boat builders (both independent and Brunswick's Boat segment) and a network of more than 9,000 marine dealers and distributors, specialty marine retailers, marine service centers, and various local, state, and federal governmental agencies. White River Marine Group, LLC (including Tracker and Ranger Boats) and Brunswick Boat Group are significant customers.

Propulsion segment engines are designed for use in recreational, commercial, and racing applications. Mercury designs and sells four-stroke outboard engine models ranging from 2.5 to 600 horsepower; Mercury Marine and Mercury Racing manufacture gas and diesel inboard and sterndrive engine models ranging from 115 to 1,550 horsepower. Mercury Marine also manufactures two-stroke, non-DFI (direct fuel injection) engines for certain markets outside the United States and Avator™ electric propulsion systems in models ranging from 7.5e to 110e. The Propulsion segment also includes Fliteboard premium electric eFoil systems.

**Engine P&A Segment**

The Engine Parts & Accessories (Engine P&A) segment had net sales of $1,217.5 million in 2025. Engine P&A sells products such as engine parts and consumables including oils and lubricants, electrical products, boat parts and systems, and also includes our marine parts and accessories distribution businesses.

Engine P&A products are designed for and sold mostly to aftermarket retailers, dealers, distributors, and original equipment manufacturers (OEMs) (including Brunswick Boat segment brands) for both marine and non-marine markets. The Engine P&A distribution businesses are leading distributors of Brunswick and third party marine parts and accessories throughout North America, Europe, and Asia-Pacific, offering same-day or next-day delivery service to a broad array of marine service facilities.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

**Navico Group Segment**

The Navico Group segment, which had net sales of $800.4 million in 2025, designs, develops, manufactures, and markets products and systems for the recreational and commercial marine, RV, specialty vehicle, mobile, and industrial markets, as well as aftermarket channels. Navico Group creates connected ecosystems encompassing marine electronics, electrification and power components, and digital switching components. Navico Group sells its products to aftermarket distributors and retailers as well as OEMs. White River Marine Group, LLC, Brunswick's Engine P&A distribution businesses, and Brunswick Boat Group are significant customers.

**Boat Segment**

The Boat segment consists of the Brunswick Boat Group (Boat Group), which manufactures and distributes recreational boats, and the Business Acceleration business. We believe that the Boat segment, which had net sales of $1,525.2 million during 2025, is a world leader in the manufacture and sale of recreational boats. The Boat segment manages Brunswick's boat brands, evaluates and optimizes the Boat segment's boat portfolio and strategy, promotes recreational boating services and activities to enhance the consumer experience and dealer profitability, including through its Business Acceleration initiatives, and speeds the introduction of new technologies into boat manufacturing and design processes.

The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats typically incorporate a significant volume of parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat Group sells its products through a global network of more than 1,300 dealers and distributors, with some operating in more than one location and some carrying more than one of our boat brands. The Boat Group's largest dealer, MarineMax, Inc., is a significant external customer that carries a number of the Boat Group's product lines and has multiple locations.

Included within the Boat segment is the Business Acceleration business, which is dedicated to developing emerging and disruptive business models, focusing on services and subscriptions, and engaging the next generation of diverse boaters. Business Acceleration businesses accounted for 14 percent of Boat segment net sales in 2025.

Business Acceleration's Freedom Boat Club (FBC) is the world's largest boat club network. FBC operates in approximately 440 locations across the U.S., Canada, Australia, New Zealand, and Europe, and has over 60,000 memberships. Members pay an upfront initiation fee and ongoing monthly dues in exchange for gaining shared access to their local club's diverse fleet of boats and reciprocal privileges at all other FBC locations. Business Acceleration also operates a variety of other businesses, including dealer and retail financing; retail extended warranty and insurance businesses; Boateka, a certified pre-owned boat platform; and other marine services businesses.

**Financing Services**

Through our Brunswick Financial Services Corporation subsidiary, we own a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). Under the terms of the joint venture agreement (JV Agreement), BAC provides secured wholesale inventory floor plan financing to our boat and engine dealers as well as FBC franchisees. A subsidiary of Wells Fargo & Company owns the remaining 51 percent.

The JV Agreement contains a financial covenant that conforms to the maximum leverage ratio test in the Credit Facility described in **Note 14 – Debt** in the Notes to Consolidated Financial Statements. The JV Agreement contains provisions allowing for the renewal of the JV Agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the JV Agreement at the end of its term. Refer to **Note 8 – Financing Joint Venture** in the Notes to Consolidated Financial Statements for more information about our financial services offered through BAC.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

Many dealers secure floor plan financing from BAC, and, to a lesser extent, from other third party financing companies, enabling them to stock product in advance of the peak selling season and providing stable channels for our products. Brunswick provides risk mitigation to BAC and other finance companies in the form of inventory repurchase commitments, under which we are obligated to repurchase inventory in the event of a dealer's default. This risk mitigation is reflected in our estimate of repurchase liabilities. Our business units, along with BAC, maintain active credit operations to manage this financial exposure, and we continually seek opportunities to sustain and improve the financial health of our various distribution channel partners. Refer to **Note 11 – Commitments and Contingencies** in the Notes to Consolidated Financial Statements for further discussion of these arrangements.

In addition to floor plan financing, Business Acceleration's financial services business provides extended service contracts and related programs through Brunswick Product Protection; risk management and insurance support through a wholly owned captive insurance, Brunswick Strategic Insurance Group; and a digital retail finance solution, Brunswick Finance. Brunswick Finance aims to simplify the consumer's purchase process from the pre-qualification application through underwriting, finalizing agreements, and e-signing for loans.

**Distribution**

We utilize independent distributors, dealers, and retailers (Dealers) for the majority of our boat sales, sales of parts and accessories, and some sales of marine engines. We have over 20,000 active Dealers serving our business segments worldwide. Our Dealers typically carry one or more product categories and are independent companies or proprietors that range in size from small, family-owned businesses to a large, publicly traded corporation with substantial revenues and multiple locations. Some Dealers sell our products exclusively, while a majority also carry competitor and complementary products. We partner with our Dealer network to improve quality, service, distribution, and delivery of parts and accessories to enhance the boating customer's experience.

Besides our network of independent Dealers, we sell parts and accessories to boat builders and operate our own wholesale parts and accessories distribution companies, which are leading distributors of marine parts and accessories with a network of warehouses located throughout the markets they serve, offering same or next-day delivery to a broad array of marine service facilities and Dealers. In addition, we operate a boat dealer in the Southeastern U.S. with four locations selling boats and parts and accessories.

**Technology and Innovation**

We believe Brunswick is uniquely positioned to define the future of the global marine industry. We are continuously and consistently innovating the future of recreational boating through frequent releases of new products, features, and functions; delivering intuitive and seamless solutions; advancing artificial intelligence-enabled approaches; and growing service, connectivity, autonomy, and alternative participation capabilities and businesses. To support our goal, we have established cross-functional and cross-business investments and initiatives, and hire leaders with strong technology experience.

In 2025, Navico Group's Simrad brand announced the launch of the Simrad AutoCaptain™ Autonomous Boating System, a revolutionary advancement in marine technology featuring full auto-docking capabilities, including docking, undocking, and short distance maneuvering. Simrad also unveiled the groundbreaking AutoTrack™ feature for the HALO 2000 and HALO 3000 radar systems, with the ability to automatically detect, track, and prioritize moving vessels and other targets, significantly enhancing situational awareness and on-water safety.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

Highlights of other 2025 innovative products and awards include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mercury Racing unveiled its latest R-Series outboard expansion – new 300R and 200R outboards with a 15-inch HD (Heavy Duty) midsection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Lund Boats unveiled its all-new Heavy Gauge series, a rugged, purpose-built line of aluminum fishing boats engineered to perform in the most demanding conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Bayliner introduced its latest innovation, the all-new C21, which won the Moteur Boat of the Year Award in the under 7-meter category, and the Best of Boats Award in the Best for Beginners category.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Sea Ray SDX 270 Surf won a prestigious European Powerboat of the Year 2026 award.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Freedom Boat Club's Mobile App officially launched on the Google Play Store, expanding access to Android users across North America.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Boating Industry Magazine awarded the 2025 Top Product Award to these Brunswick products:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Sea Ray SDX 250 Outboard

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Simrad Recon trolling motor

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Boston Whaler 330 Vantage

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Mercury Marine 75e and 110e Avator electric outboards, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Navan S30.

**International Operations**

Non-U.S. sales are set forth in **Note 2 – Revenue Recognition** and **Note 5 – Segment Information** in the Notes to Consolidated Financial Statements and are also included in the table below, which details our non-U.S. sales by region:

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| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **2025** | **2024** | **2023** |
| Europe | $**762.4** | $744.4 | $837.3 |
| Canada | **295.2** | 275.2 | 373.0 |
| Asia-Pacific | **374.1** | 357.1 | 410.0 |
| Rest-of-World | **316.7** | 312.8 | 331.3 |
| Total | $**1748.4** | $**1689.5** | $**1951.6** |
| Total International Sales as a Percentage of Net Sales | **33%** | 32% | 30% |

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We transact a portion of our sales in non-U.S. markets in local currencies, while a meaningful portion of our product costs are denominated in U.S. dollars as a result of our U.S. manufacturing operations. As a result, the strengthening or weakening of the U.S. dollar affects the financial results of our non-U.S. operations.

Propulsion non-U.S. sales comprised approximately 45 percent of our non-U.S. sales in 2025. Engine P&A non-U.S. sales comprised approximately 20 percent of our non-U.S. sales in 2025. Navico Group non-U.S. sales comprised approximately 18 percent of our non-U.S. sales in 2025. Boat non-U.S. sales comprised approximately 17 percent of our non-U.S. sales in 2025.

**Raw Materials and Supplies**

From a global supplier base that includes a significant number of U.S. suppliers, we purchase a wide variety of raw materials, parts, and components, including commodities such as aluminum, copper, resins, oil, and steel, as well as finished components such as boat windshields. The cost and availability of these inputs are subject to fluctuations driven by market conditions, inflation, tariffs, and other global economic and trade dynamics. In 2025, our operations experienced intermittent supply-chain uncertainty and disruptions, which, in some cases, affected pricing, lead times, and availability.

Our global procurement teams actively manage these risks by working to secure adequate supply, leverage purchasing scale across our divisions, improve cost efficiencies, and mitigate the impact of tariffs and other trade-related costs. These mitigation efforts may include supplier diversification, sourcing adjustments, pricing actions, and contractual approaches designed to reduce or share tariff exposure where practicable. In addition, we

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seek to mitigate commodity price risk on certain raw material purchases through the use of fixed-price contracts or derivative instruments intended to reduce our exposure to changes in commodity prices.

**Intellectual Property**

We own intellectual property, including patents, trademarks, and trade secrets, related to our current and future products and production methods, in the U.S. and certain other countries. By law, patents have a limited term, so our patents expire over time. Our trademarks and trade secrets have potentially indefinite lives. We consider our collection of intellectual property to be a valuable asset that is important to our competitive position. As of December 31, 2025, we own more than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 1,200 active U.S. patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 500 pending U.S. patent applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 750 active foreign patents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 200 pending foreign patent applications;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 360 U.S. registered trademarks; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 2,000 foreign registered trademarks.

We invest substantial resources in acquiring, maintaining, and defending our intellectual property rights, and we expect to continue to do so. When feasible, we seek patent protection on products and production methods that are under development, and in areas of possible future development. We require employees who will develop intellectual property, or who have access to intellectual property, to sign confidentiality and intellectual property assignment agreements. We invest in physical and IT security programs to prevent theft and inadvertent disclosure of trade secrets. In addition to "Brunswick," our primary trademarks include Mercury Marine, Boston Whaler, Lund, and Sea Ray.

**Market and Competitive Conditions**

Demand for our products is typically seasonal, with sales generally highest in the second quarter of the calendar year. Strong competition exists in most of our product groups, but no single enterprise competes with us in all product groups. In each product area, competitors range in size from large, highly-diversified companies to small, single-product businesses. We also indirectly compete with businesses that offer alternative leisure products or activities. The following summarizes our competitive position in each segment:

*Propulsion.* The marine engine market is highly competitive among several major international companies, including outboard engine manufacturers based in Japan and several smaller companies. Our competitive advantage is a function of product features, technology, quality and durability, breadth of product line, performance, distribution, and manufacturing capabilities, along with effective promotion, after-sales service, and distribution.

*Engine P&A.* The marine parts and accessories market is highly competitive and fragmented. Our competitive advantage in this market includes our product breadth and quality, proprietary parts and technology, global distribution network, extensive portfolio of recognized brands, sales team, delivery timing, and service.

*Navico Group.* Navico Group competes in the marine, RV, and specialty vehicle parts and accessories markets, which are also highly competitive and fragmented. Our competitive advantage in these markets includes our extensive portfolio of recognized brands, proprietary technology, integrated solutions, product quality, sales team, and service offering.

*Boat.* Although there are many boat manufacturers, few manufacturers compete in the breadth of categories or geographies in which our Boat segment competes. We compete on the bases of product features, technology, quality, brand strength, dealer service, pricing, performance, value, durability, and styling, along with effective promotion and distribution. In addition, Freedom Boat Club competes on number and quality of locations, pricing, and service.

**Climate Change and Environmental Compliance**

Our customers rely on clean air and water to enjoy our products and services. We are committed to practices and policies designed to help protect the environment and the well-being of our employees, customers, and the public. We strive to improve energy efficiency, reduce the cost of energy, and minimize the carbon emissions of our

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operations, supply chain, and product portfolio with environmental sustainability efforts integrated into our business strategy and operations. We seek to comply with applicable environmental regulatory and industry regulations and standards.

Sustainability accomplishments for 2025 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Activation of two additional on-site solar arrays, for a total of 11 facilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Completion of a heat recovery and reuse system at a Mercury Marine facility in Fond du Lac, Wisconsin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Attainment of zero waste-to-landfill status at Navico Group facilities in Wisconsin and the United Kingdom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Implementation of wood alternatives that include recycled plastic in Lund and Thunder Jet brand boats;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Execution of a project to streamline distribution logistics for Navico Group products sold in Asia; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Transition to digital product manuals for the Princecraft brand.

For more information on our sustainability strategy, programming, data, recognitions, and goals, we refer you to our annual Sustainability Report (which is not incorporated by reference herein), available on our website at https://www.brunswick.com/corporate-responsibility/sustainability.

For further information, refer to Section 1A, Risk Factors, for a discussion of risks related to environmental compliance and to **Note 11 – Commitments and Contingencies** in the Notes to Consolidated Financial Statements for a description of certain environmental proceedings.

**Human Capital Resources**

Brunswick is dedicated to creating an inspiring and welcoming work environment that attracts, develops, and retains top talent. We designed our Employee Value Proposition (EVP) to reflect the shared values that allow our employees to continue to transform the marine industry. The EVP is built around five key behaviors:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Innovative: Encourages creativity and problem-solving

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Driven: Focuses on achieving goals and continuous improvement

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exceptional: Strives for excellence in all endeavors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Authentic: Promotes genuine care and respect for one another

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• United: Emphasizes collaboration and teamwork

We thoughtfully incorporate the EVP into various aspects of our business, and the EVP serves as a cultural anchor behind our purpose and strategy.

**Employee Information**

As of December 31, 2025, we employed approximately 14,000 employees, 95 percent of whom were full-time. Our employee base is approximately 60 percent hourly and 40 percent salaried. Temporary and contingent employees (including interns and co-ops) and contractors accounted for approximately 600 additional workers.

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![26_389469_BRN_CB_PRI_10KCharts_EmploymentPieCharts_2025-Demographics.jpg](bcorp-20251231_g3.jpg)

Approximately 1,800 of our U.S. employees belong to labor unions and approximately 1,000 additional employees are members of international unions or work councils. We believe that our relationships with employees, unions, and work councils remain stable.

**Health and Safety**

Employee health and safety are top priorities. We seek to proactively identify and address potential safety risks in our business and operations. Our goal is to achieve zero work-related incidents and injuries. We maintain a Safety Management System (SMS) to formally address safety risks throughout the workplace and use our SMS to manage potential work-related hazards that pose a risk of high consequence of potential injury. Implementing processes and systems that meet our SMS criteria is designed to result in less frequent and less severe work-related incidents and injuries, while meeting or exceeding applicable regulatory requirements.

Our recordable and lost-time incident rates\* from 2023 to 2025, recorded as of December 31, 2025, are as follows:

![Updated 26_389469_BRN_CB_PRI_10KCharts_EmploymentPieCharts_2025-TRIRandLTIR.jpg](bcorp-20251231_g4.jpg)

\*Recordable Rate is the rate of injuries involving treatment beyond first aid per 100 employees; Lost-Time Incident Rate is the rate of injuries per 100 employees in which an employee was not able to work at least one day.

Our global recordable incident rate is considerably lower than the benchmarks of the U.S. Bureau of Labor Statistics for similar businesses and operations. Additionally, we reported no occupational fatalities in 2025.

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**Compensation and Benefits**

Our compensation philosophy is to encourage performance that creates sustainable, long-term shareholder value; motivates achievement of financial and strategic goals; attracts, retains, and motivates talent; and reinforces our pay-for-performance culture. We are committed, and strive to ensure, that employees are paid equitably for their work, regardless of their gender, race/ethnicity, or age.

We offer market-competitive salaries and wages including incentive bonus opportunities for managers and senior individual contributors, an equity incentive program for director-level positions and above, and a discretionary retirement contribution dependent on Company performance. We also provide a range of benefits (varying by country) that includes paid time off, healthcare coverage, wellness initiatives, and financial savings and protection programs.

**Learning and Development**

We support career advancement and create a rewarding environment for employees to learn, grow, and perform at their best. We provide opportunities for continuous learning and development, skill building, mentoring, and tuition reimbursement. We recognize the challenges of competing for top talent, particularly in technical fields, and strive to offer our employees career-specific tools, skilled apprenticeship programs, and robust on-the-job training opportunities. Our technical career tracks provide development for engineers and technology personnel who will shape our future ACES initiatives. We also incentivize innovation through a long-established inventor recognition award program.

Our employee development activities include a standard annual performance feedback and management process that engages employees at every stage to continue their professional growth. We also prioritize succession planning to foster internal promotion to key positions, ensuring a strong pipeline of talent to meet future business needs.

**Engagement, Inclusion, and Belonging**

During 2025, Brunswick again completed a global employee engagement survey, in which approximately 79 percent of employees participated. Insights from the survey will be used to develop action plans at the manager, facility, division, and corporate level to further enhance employee satisfaction and positive connections to Brunswick.

We view inclusion and belonging as strategic business initiatives. Three of our Executive Officers are female. We maintain five employee resource groups (ERGs): Women on Water, Brunswick Black Professionals Network, Asians and Pacific Islanders in Marine, Organization for Hispanic/Latinos for Leadership and Advancement, and Brunswick Veterans Network. These ERGs are self-organized, open to all employees, and focused on cultivating a sense of belonging and inclusion at Brunswick. Each ERG strives to support all of our employees by deepening engagement, unifying and connecting communities, and fostering individual growth.

**Ethics and Human Rights**

We believe our strong compliance culture plays a central role in our success. The *Integrity Playbook*, Brunswick's code of conduct, serves as the foundation of our Ethics Program. In 2025, 97 percent of our active global salaried population completed our annual code of conduct training. In addition, we maintain a global ethics hotline for anyone to ask questions or raise concerns, including anonymously, and we forbid retaliation for good faith reports.

We are committed to upholding human rights in all respects of our operations, as set forth in our global Human Rights Policy, *Integrity Playbook*, and Supplier Code of Conduct. We prohibit all forms of child labor and forced, bonded, or indentured labor, and human trafficking in our operations and supply chain.

Please see our Sustainability Report (which is not incorporated by reference herein), available on our website, for additional information about our human capital management programs.

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**Available Information**

Brunswick maintains an Internet website at http://www.brunswick.com that includes links to our Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and any amendments to those reports, and Proxy Statements (SEC Filings). The SEC Filings are available without charge as soon as reasonably practicable following the time that they are filed with, or furnished to, the SEC. Shareholders and other interested parties may request email notification of the posting of these documents through the Investors section of our website. Brunswick's SEC Filings are also available on the SEC's website at http://www.sec.gov.

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**Item 1A. Risk Factors**

Our operations and financial results are subject to certain risks and uncertainties, including those described below, which could adversely affect our business, financial condition, results of operations, cash flows, and the trading price of our common stock.

**RISKS RELATED TO ECONOMIC AND MARKET CONDITIONS**

***Worldwide economic conditions significantly affect our industries and businesses, and economic decline can materially impact our financial results.***

In times of economic uncertainty or recession, consumers tend to have less discretionary income and defer significant spending on non-essential items, which may adversely affect our financial performance. Economic uncertainty caused by international conflicts or tensions, the risk of inflation, and the macroeconomic environment may lead to unfavorable business outcomes. We continue to enhance our portfolio with new and/or expanded technologies, business models, services, and solutions that are less susceptible to economic cycles, but a portion of our business remains cyclical and sensitive to consumer spending on new engines, boats, and associated parts and accessories.

Deterioration in general economic conditions that in turn diminishes consumer confidence or discretionary income may reduce our sales, or we may decide to lower pricing for our products, thus adversely affecting our financial results, including increasing the potential for future impairment charges. Further, most of our products are recreational, and consumers' limited discretionary income may be diverted to other activities that occupy their time, such as other forms of recreational, religious, cultural, or community activities. We cannot predict the strength of global economies or the timing of economic recoveries, either worldwide or in the specific markets in which we compete.

***Changes to trade policy, tariffs, and import/export regulations may have a material adverse effect on our business, financial condition, and results of operations.***

All our businesses are affected by global trade policy. We have been, and continue to be, subject to meaningful tariffs, such as China Section 301 investigation tariffs, Section 232 tariffs on steel and aluminum, and recent tariffs imposed under the International Emergency Economic Powers Act. U.S. trade actions have also prompted retaliatory measures by other countries, including tariffs on U.S.-origin goods, which can reduce the competitiveness of our products in certain international markets. There may be no opportunity for exclusions from such tariffs, or we may not be granted exclusions. In addition to having to pay the tariffs, the volatile trade policy environment may lead to declining consumer confidence, inflation, lower economic expectations, and ultimately reduced demand for our products and services. This may result in a material adverse effect on our business, financial condition and results of operations as well as future asset impairments.

While we continue to attempt to mitigate or avoid some of these increased costs and disruptions, our ability to do so may be limited by operational and supply chain constraints, especially in the short term. In addition, our ability to recover cost increases through price adjustments may be limited by competitive pressures, customer acceptance, and contractual limitations. As a result, these changes could have a material adverse effect on our business, financial condition, and results of operations.

***Fiscal and monetary policy changes may negatively impact worldwide economic and credit conditions and adversely affect our industries, businesses, and financial condition.***

Fiscal and monetary policy could have a material adverse impact on worldwide economic conditions, the financial markets, and availability of credit and, consequently, may negatively affect our industries, businesses, and overall financial condition. Customers often finance purchases of our products, particularly boats, and as interest rates rise, the cost of financing the purchase also increases. If credit conditions worsen, become unavailable to customers, or if interest rates remain elevated and adversely affect the ability of customers to finance potential purchases at acceptable terms and interest rates or at all, it could result in a decrease in sales or delay improvement in sales.

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***Adverse capital market conditions could have a negative impact on our financial results.***

We may rely on short-term capital markets to meet our working capital requirements, fund capital expenditures or pay dividends, and we maintain short-term borrowing facilities that can be used to meet these capital requirements. In addition, over the long term, we may determine that it is necessary to access the capital markets to refinance existing long-term indebtedness or to raise capital for other initiatives. Adverse economic and capital market conditions, market volatility, and regulatory uncertainty could negatively affect our ability to access capital markets or increase the cost to do so, which could adversely impact our business, financial results, and competitive position.

***Changes in currency exchange rates can adversely affect our results.***

Some of our sales are denominated in a currency other than the U.S. dollar. Consequently, a strong U.S. dollar may adversely affect reported revenues and our profitability. We have hedging programs in place to reduce our risk to currency fluctuations; however, we cannot hedge against all currency risks, especially over the long term. We maintain a portion of our cost structure in currencies other than the U.S. dollar, which partially mitigates the impact of a strengthening U.S. dollar. This includes boats manufactured in Europe and Canada, and smaller outboard engines either manufactured in China or purchased from our joint venture in Japan. We also continue to evaluate the supply chain and cost structure for opportunities to further mitigate foreign currency risks.

We sell products manufactured in the U.S. into certain international markets, including Europe, Canada, Latin America and Asia-Pacific in U.S. dollars. Demand for our products in these markets may be diminished by a strong U.S. dollar, or we may need to lower prices to remain competitive. Some of our competitors with cost positions based outside the U.S., including Asian-based outboard engine manufacturers and European-based large fiberglass boat manufacturers, may have an improved cost position due to a strengthening U.S. dollar, which could result in pricing pressures on our products. Although these factors have existed for several years, we do not believe they have had a material adverse effect on our competitive position to date.

***Our profitability may suffer as a result of competitive pricing and other pressures.***

The introduction of lower-priced alternative products or services by other companies can hurt our competitive position in all of our businesses. We are constantly subject to competitive pressures in which predominantly international manufacturers may pursue a strategy of aggressive pricing, particularly during periods when their local currency weakens versus the U.S. dollar. Such pricing pressure may limit our ability to increase prices for our products in response to raw material and other cost increases and negatively affect our profit margins.

In addition, our independent boat builder customers may react negatively to potential competition for their products from Brunswick's own boat brands, which can lead them to purchase marine engines, boat systems, parts and accessories, and marine engine supplies from competing manufacturers and may negatively affect demand for our products.

***Higher energy and fuel costs can affect our results.***

Higher energy and fuel costs increase operating expenses at our manufacturing facilities and the cost of shipping products to customers. In addition, increases in energy costs can adversely affect the pricing and availability of petroleum-based raw materials such as resins and foam that are used in many of our marine products. Higher fuel prices may also have an adverse effect on demand for our parts and accessories businesses, as they increase the cost of boat ownership and possibly affect product use.

**RISKS RELATED TO OUR BUSINESS AND OPERATIONS**

***Failure to successfully manage our manufacturing footprint could affect our operating and financial results.***

Over the past several years, we have made decisions to close certain manufacturing and distribution facilities while also choosing to make strategic capital investments in other facilities to enhance efficiency and support long-term growth. For example, in 2025, we announced the decision to close our Reynosa, Mexico facility, transitioning production to two high-performing U.S.-based manufacturing centers, as well as the Flagler Beach, Florida facility, consolidating production in our Edgewater, Florida operations. While these moves are designed to reduce fixed

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costs and unlock greater productivity and efficiency while maintaining flexibility for future growth, they also pose certain risks.

Decreasing or ceasing production at a facility, moving production to a different plant, or expanding capacity at an existing facility all involve risks, including difficulties initiating production within the cost and timeframe estimated, supplying product to customers when expected, integrating new products, and attracting and retaining skilled workers. If we fail to meet these objectives, it could adversely affect our ability to meet customer demand for products and increase the cost of production versus projections, both of which could result in a significant adverse impact on operating and financial results. Additionally, plant consolidation or expansion can result in manufacturing inefficiencies, additional expenses, including higher wages or severance costs, and cost inefficiencies, which could negatively impact financial results.

We must carefully manage our capital improvement projects, expansions, efficiency enhancements, and any consolidation or decrease in capacity utilization to ensure the projects meet cost targets, comply with applicable environmental, safety, and other regulations, uphold high-quality workmanship, and meet our business goals. Failure to do so could materially and adversely affect our business, financial condition, and results of operations.

***Loss of key customers could harm our business.***

In each segment, we have important relationships with key customers, including White River Marine Group, LLC for the Propulsion and Navico Group segments and MarineMax, Inc. for the Boat segment. From time to time, contracts with these customers come up for renewal. We cannot be certain we will renew such contracts, or renew them on favorable terms. If we lose a key customer, or a significant portion of its business, we could be adversely affected. In addition, certain customers could try to negotiate more favorable pricing of our products, which could depress earnings. In an effort to mitigate the risk associated with reliance on key customer accounts, we continually monitor these relationships and maintain a complete and competitive product lineup.

***A material portion of our revenue is derived from international sources, which creates additional uncertainty.***

We intend to continue to expand our international operations and customer base as part of our growth strategy. Sales outside the United States, especially in emerging markets, are subject to various risks, including government embargoes or foreign trade restrictions, foreign currency effects, tariffs, customs duties, inflation, difficulties in enforcing agreements and collecting receivables through foreign legal systems, compliance with international laws, treaties, and regulations, changes in regulatory environments, disruptions in distribution, dependence on foreign personnel and unions, economic and social instability, and public health crises. In addition, there may be tax inefficiencies in repatriating cash from non-U.S. subsidiaries, or changes to tax laws that affect cash repatriation.

Instability, including, but not limited to, political events, civil unrest, or an increase in criminal activity in locations where we maintain a significant presence, could adversely impact our manufacturing and business operations. Decreased stability poses a risk of business interruption and delays in shipments of materials, components, and finished goods, as well as a risk of decreased local retail demand for our products.

In addition, political and economic uncertainty and shifts pose risks of volatility in other global markets, which could affect our operations and financial results. Changes in domestic or foreign trade, manufacturing, or other policies may create negative sentiment about the U.S. among non-U.S. customers, employees, or prospective employees, which could adversely affect our business, sales, hiring, and employee retention. If we continue to expand our business globally, our success will depend, in part, on our ability to anticipate and effectively manage these and other risks, which could materially impact international operations or the business as a whole.

***Our financial results may be adversely affected by our third party suppliers' increased costs or inability to meet required production levels due to increased demand or disruption of supply of raw materials, parts, and product components.***

We rely on third parties to supply raw materials used in the manufacturing process, including oil, aluminum, copper, steel, and resins, as well as product parts and components. The prices for these raw materials, parts, and components fluctuate depending on market conditions and, in some instances, commodity prices or trade policies, including tariffs. Substantial increases in the prices of raw materials, parts, and components increase our operating

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costs, and could reduce our profitability if we are unable to recoup the increased costs through higher product prices, improved operating efficiencies, or hedging programs. Similarly, if a critical supplier were to close its operations, cease manufacturing, or otherwise fail to deliver an essential component necessary to our manufacturing operations, that could detrimentally affect our ability to manufacture and sell our products, resulting in an interruption in business operations and/or a loss of sales.

In addition, some components used in our manufacturing processes, including certain engine components, furniture, upholstery, and boat windshields, are available from a sole supplier or a limited number of suppliers. Operational and financial difficulties that these or other suppliers may face in the future could adversely affect their ability to supply us with the parts and components we need, which could significantly disrupt our operations. It may be difficult to find a replacement supplier for a limited or sole source raw material, part, or component without significant delay or on commercially reasonable terms. In addition, an uncorrected defect or supplier's variation in a raw material, part, or component, either unknown to us or incompatible with our manufacturing process, could jeopardize our ability to manufacture products.

Some additional supply risks that could disrupt our operations, impair our ability to deliver products to customers, and negatively affect our financial results include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial pressures on our suppliers due to global tariff regimes, a weakening economy, or unfavorable conditions in other end markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• supplier manufacturing constraints and investment requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deterioration of our relationships with suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• events such as natural disasters, power outages, or labor strikes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity events that affect supplier systems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruption at major global ports and shipping hubs; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an outbreak of disease or facility closures due to a public health threat.

These risks are exacerbated in the case of single-source suppliers, and the exclusive supplier of a key component could potentially exert significant bargaining power over price, quality, warranty claims, or other terms.

We experienced supply shortages and increases in costs to certain materials in 2025. We continue to address these issues by identifying alternative suppliers for key materials and components, working to secure adequate inventories of critical supplies, and continually monitoring the capabilities of our supplier base. In the future, however, we may experience shortages, delayed delivery, and/or increased prices for key materials, parts, and supplies that are essential to our manufacturing operations.

***Adverse weather conditions and climate change events can have a negative effect on revenues.***

Changes in seasonal weather conditions can have a significant effect on our operating and financial results. Sales of our marine products are typically stronger just before and during spring and summer, and favorable weather during these months generally has a positive effect on consumer demand. Conversely, unseasonably cool weather, excessive rainfall, or drought conditions during these periods can reduce or change the timing of demand. Our revenues could be negatively affected if our sales were to fall below expected seasonal levels during these periods. Climate change could have an impact on longer-term natural weather trends, resulting in environmental changes including, but not limited to, increases in severe weather; changing sea levels; changes in sea, land, and air temperatures; poor water conditions; and reduced access to water, which could disrupt or negatively affect our business.

***Catastrophic events, including natural and environmental disasters, acts of terrorism, or civil unrest, could have a negative effect on our operations and financial results.***

Hurricanes, floods, earthquakes, storms, wildfires, and catastrophic natural or environmental disasters, as well as acts of terrorism, violence, or civil unrest, could disrupt our distribution channel, operations, or supply chain and decrease consumer demand. If a catastrophic event takes place in one of our major markets, our sales could be diminished or our assets could be damaged. Additionally, if such an event occurs at or near our business locations, manufacturing facilities, or key supplier facilities, business operations and/or operating systems could be interrupted. We could be uniquely affected by weather-related catastrophic events, the severity of which may increase as a result of climate change, due to the location of certain of our boat facilities in coastal Florida, the size of the manufacturing operation in Fond du Lac, Wisconsin, and FBC locations on waterfronts.

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***Our ability to remain competitive depends on successfully introducing new products, experiences, and services that meet customer expectations.***

We believe that our customers look for and expect quality, innovation, and advanced features when evaluating and making purchasing decisions about products and services in the marketplace. Our ability to remain competitive and meet our growth objectives may be adversely affected by difficulties or delays in product development, such as an inability to develop viable new products or customer solutions, gain market acceptance of new products, generate sufficient capital to fund new product development, or obtain adequate intellectual property protection for new products. Competitors may adopt new technologies and technological advancements, such as using artificial intelligence and machine learning to pursue new products, services, and approaches more quickly, successfully and effectively. To meet ever-changing consumer demands, timing of market entry, pricing of new products, and satisfying customers are all critical. As a result, we may not be able to introduce new products that are necessary to remain competitive in all markets that we serve. Furthermore, we must continue to meet or exceed customers' expectations regarding product quality, experiences, and after-sales service or our operating results could suffer.

***We have a fixed cost base that can affect our profitability if demand decreases.***

The fixed cost levels of operating production facilities can put pressure on profit margins when sales and production decline. We have maintained discipline over our fixed cost base, and improvements in gross margin can help mitigate the risks related to a fixed cost base. However, our profitability is dependent, in part, on our ability to absorb fixed costs over an increasing number of products sold and shipped. Decreased demand or the need to reduce inventories can lower our production levels and impact our ability to absorb fixed costs, consequently materially affecting our results.

***Actual or potential public health emergencies, epidemics, or pandemics could have a material adverse effect on our business, results of operations, or financial condition.***

The impact of actual or potential public health emergencies, epidemics, or pandemics on the Company, our suppliers, dealers, and customers, and the general economy could be wide-ranging and significant, depending on the nature of the issue, governmental actions taken in response, and the public reaction. The impact of such events could include employee illness, quarantines, cancellation of events and travel, shutdowns, reduction in economic activity, and supply chain interruptions, which could cause significant disruptions to global economies and financial markets. In addition, these events could result in future volatility in demand, positively or negatively, for one or more of our products and have a negative effect on our business, financial condition, and results of operations.

***Some of our operations are conducted by joint ventures that are not operated solely for our benefit.***

We share ownership and management responsibilities with jointly owned companies such as BAC and Tohatsu Marine Corporation. These joint ventures may not have the same goals, strategies, priorities, or resources as we do because they are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. If our interests are not aligned, it could negatively impact our sales or financial results.

**RISKS RELATED TO OUR STRATEGIC PLANS**

***Failure to execute our strategic plan and growth initiatives could have a material adverse effect on our business and financial condition.***

Our ability to continue generating strong cash flow and profits depends partly on the sustained successful execution of our strategic plan and growth initiatives, including optimizing our business and product portfolio, continuing to successfully integrate acquisitions, and improving operating efficiency. To address risks associated with our plan and growth initiatives, we have established processes to regularly review, manage, and modify our plans, and we believe we have appropriate oversight to monitor initiatives and their impact. However, our strategic plan and growth initiatives may require significant investment and management attention, which could result in the diversion of these resources from the core business and other business issues and opportunities. Additionally, any strategic plan is subject to certain risks, including market conditions, customer acceptance, competition, the ability to manufacture products on schedule and to specification, the supply chain, and/or the ability to attract and retain qualified management and other personnel. There is no assurance that we will be able to develop and successfully implement our strategic plan and growth initiatives in a manner that fully achieves our strategic objectives.

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***Our business and operations are dependent on the expertise of our key contributors, our successful implementation of succession plans, and our ability to attract and retain management employees and skilled labor.***

The talents and efforts of our employees, particularly key managers, are vital to our success. Our management team has significant industry experience and would be difficult to replace. We may be unable to retain them or to attract other highly qualified employees. Failure to hire, develop, and retain highly qualified employee talent and to develop and implement an adequate succession plan for the management team could disrupt our operations and adversely affect our business and future success. We perform an annual review of management succession plans with the Board of Directors, including reviewing executive officer and other important positions to substantially mitigate the risk associated with key contributor transitions, but we cannot ensure that all transitions will be implemented successfully.

Our ability to continue to execute our growth strategy could potentially be adversely affected by the effectiveness of organizational changes. Any disruption or uncertainty resulting from such changes could have a material adverse impact on our business, results of operations, and financial condition.

Much of our future success depends on, among other factors, our ability to attract and retain skilled labor. If we are not successful in these efforts, we may be unable to meet our operating goals and plans, which may impact our financial results. We continually invest in automation and improve our efficiency, but availability and retention of skilled hourly workers remains critical to our operations. In order to manage this risk, we regularly monitor and make improvements to wages and benefit programs, as well as develop and improve recruiting, training, and safety programs to attract and retain an experienced and skilled workforce.

***The inability to successfully integrate acquisitions could negatively impact financial results.***

Our strategic acquisitions pose risks, such as our ability to project and evaluate market demand; maximize potential synergies and cost savings; make accurate accounting estimates; and achieve anticipated business objectives. Acquisitions present integration risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions in core, adjacent, or acquired businesses that could make it more difficult to maintain business and operational relationships, including customer and supplier relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that the expected synergies and value creation will not be realized or will not be realized within the expected time period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the possibility that we will incur unexpected costs and liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management attention; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties recruiting and retaining employees.

If we fail to timely and successfully integrate acquired businesses into existing operations, we may see higher costs, lost sales, or otherwise diminished earnings and financial results.

***There can be no assurance that strategic divestitures or restructurings will provide business benefits.***

As part of our strategy, we continuously evaluate our portfolio of businesses to further maximize shareholder value. We have previously, and may in the future, make changes to our portfolio which may be material. Divestitures involve risks, including difficulties in the separation of operations, services, products, and personnel, disruption in our operations or businesses, finding a suitable purchaser, the diversion of management's attention from our other businesses, the potential loss of key employees, adverse effects on relationships with our dealer or supplier partners or their businesses, the erosion of employee morale or customer confidence, and the retention of contingent liabilities related to the divested business. If we do not successfully manage the risks associated with divestitures, our business, financial condition, and results of operations could be adversely affected as the potential strategic benefits may not be realized or may take longer to realize than expected.

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***An inability to identify and complete targeted acquisitions could negatively impact financial results.***

Our growth initiatives include making strategic acquisitions when appropriate, which depend on the availability of suitable targets at acceptable terms and our ability to complete the transactions. In managing our acquisition strategy, we conduct rigorous due diligence, involve various functions, and continually review target acquisitions, all of which we believe mitigates some of our acquisition risks. However, we cannot assure that suitable acquisitions will be identified or consummated or that, if consummated, they will be successful. Acquisitions include a number of risks, including our ability to project and evaluate market demand, identify and realize potential synergies and cost savings, and make accurate financial forecasts, as well as diversion of management attention during the pursuit of acquisitions. Uncertainties exist in assessing the value, risks, profitability, and liabilities associated with certain businesses or assets, negotiating acceptable terms, obtaining financing on acceptable terms, and receiving any necessary regulatory approvals. As we continue to grow, in part, through acquisitions, our success depends on our ability to anticipate and effectively manage these risks. Our failure to successfully do so could have a material adverse effect on our financial condition and results of operations.

**RISKS RELATED TO OUR DEALERS, DISTRIBUTORS, AND FRANCHISEES**

***Our financial results could be adversely affected if we are unable to maintain effective distribution.***

We rely on third-party dealers and distributors to sell most of our products. Maintaining a reliable network of dealers is essential to our success. We face competition from other manufacturers in attracting and retaining distributors and independent boat dealers. In addition, dealers or distributors could decide to reduce their level of inventory of our products. A significant deterioration in the number or effectiveness of our dealers and distributors, and their inventory levels of our products, could have a material adverse effect on our financial results.

Although at present we believe dealer health to be generally favorable, continued weakening demand for marine products could hurt our dealers' financial performance. In particular, reduced cash flow from decreases in sales and tightening credit markets could impair dealers' ability to fund operations. Inability to fund operations can force dealers to cease business, and we may be unable to obtain alternate distribution in the vacated market. An inability to obtain alternate distribution could unfavorably affect our net sales through reduced market presence. If economic conditions deteriorate, we anticipate that dealer failures or voluntary market exits would increase, especially if overall retail demand materially further declines.

***Dealer or distributor inability to secure adequate access to capital could adversely affect our sales.***

Our dealers require adequate liquidity to finance their operations, including purchasing our products. Dealers are subject to numerous risks and uncertainties that could unfavorably affect their liquidity positions, including, among other things, continued access to adequate financing sources on a timely basis on reasonable terms. These financing sources are vital to our ability to sell products through our distribution network, particularly to boat and engine dealers. Entities affiliated with Wells Fargo & Company, including BAC, our 49 percent owned joint venture, finance a significant portion of our boat and engine sales to dealers through floor plan financing to marine dealers.

Many factors continue to influence the availability and terms of financing that our dealer floor plan financing providers offer, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• their ability to access certain capital markets, such as the securitization and the commercial paper markets, and to fund their operations in a cost effective manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the performance of their overall credit portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• their willingness to accept the risks associated with lending to marine dealers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall creditworthiness of those dealers; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the overall aging and level of pipeline inventories.

Our sales could be adversely affected if financing terms change unfavorably or if BAC were to be terminated. This could require dealers to find alternative sources of financing, including our direct financing to dealers, which could require additional capital to fund the associated receivables.

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***Inventory reductions by major dealers, retailers, and independent boat builders driven by weaker demand for our products could adversely affect our financial results.***

If demand for recreational boats declines with a weakening economy, if demand for our products declines, or if new product introductions are expected to replace existing products, our dealers, retailers, and other distributors could decide to reduce the number of units they hold. In the future, customers may have fewer hybrid or flexible work opportunities, which could reduce their available recreational time or willingness to purchase our products. These factors and recent economic headwinds could weaken demand for marine products and result in sustained lower dealer stocking levels. These actions could result in wholesale sales reductions in excess of retail sales reductions and would likely result in lower production levels of certain products, potentially causing lower rates of absorption of fixed costs in our manufacturing facilities and lower margins. While we have processes in place to help manage dealer inventories at appropriate levels, potential inventory reductions remain a risk to our future sales and results of operations.

***We may be required to repurchase inventory or accounts of certain dealers.***

We have agreements with certain third-party finance companies to provide financing to our customers, enabling them to purchase our products. In connection with these agreements, we may either have obligations to repurchase our products from the finance company or have recourse obligations. These obligations may be triggered if our dealers default on their payment or other obligations to the finance companies.

Our maximum contingent obligation to repurchase inventory and our maximum contingent recourse obligations on customer receivables are less than the total balances of dealer financings outstanding under these programs, because our obligations under certain of these arrangements are subject to caps or are limited based on the age of product. Our risk related to these arrangements is partially mitigated by the proceeds we receive on the resale of repurchased product to other dealers, or by recoveries on receivables purchased under the recourse obligations.

Our inventory repurchase obligations relate mainly to the inventory floor plan credit facilities of our boat and engine dealers. Our actual historical repurchase experience related to these arrangements has been substantially less than our maximum contractual obligations. If dealers default on their obligations, file for bankruptcy, or cease operations, we could incur losses associated with the repurchase of our products. In addition, our net sales and earnings may be unfavorably affected due to reduced market coverage and an associated decline in sales.

Future declines in marine industry demand could cause an increase in repurchase activity, or could require us to incur losses in excess of established reserves. In addition, our cash flow and loss experience could be adversely affected if repurchased inventory is not successfully distributed to other dealers in a timely manner, or if the recovery rate on the resale of the product declines. The finance companies could require changes in repurchase or recourse terms that would result in an increase in our contractual contingent obligations.

***The franchise business model of Freedom Boat Club presents risks.***

Our franchisees are an integral part of the FBC business and its growth strategies. We may be unable to successfully implement our growth strategies if our franchisees do not participate in the implementation of those strategies or if we are unable to attract a sufficient number of qualified franchisees. While our franchisees are required to comply with franchise and related agreements, our franchisees are independent and manage their boat clubs as independent businesses, responsible for day-to-day operations of their boat clubs. If these franchisees fail to maintain or act in accordance with applicable brand standards; experience service, safety, or other operational problems, including any data breach involving club member information; or project a brand image inconsistent with ours, our image and reputation could suffer, which in turn could hurt our business and operating results.

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**RISKS RELATED TO CYBERSECURITY AND TECHNOLOGY**

***Our business operations could be negatively impacted by a system outage caused by a breach of our information technology systems or operational technology systems.***

We manage our global business operations through a variety of information technology (IT) and operational technology (OT) systems which we regularly enhance to increase efficiency and security. We depend on these systems for commercial transactions, customer interactions, manufacturing, branding, employee tracking, and other applications. Some of the systems are based on legacy technology and operate with a minimal level of available support, and acquisitions using other systems have added to the complexity of our IT and OT infrastructure. New system implementations across the enterprise also pose risks of outages or disruptions, which could affect our suppliers, commercial operations, and customers. We continue to upgrade, streamline, and integrate these systems and have invested in strategies to prevent a failure or breach but, like those of other companies, our systems are susceptible to outages due to natural disasters, power loss, computer viruses, security breaches, hardware or software vulnerabilities, disruptions, and similar events.

In June 2023, Brunswick disclosed an IT security incident that impacted some systems and global facilities. We activated our response protocols, which included pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. However, if a similar event occurred, and if legacy systems or other key systems were to fail or if our IT systems were unable to communicate effectively, this could result in missed or delayed sales or lost opportunities for cost-reduction or efficient cash management.

We exchange information with many trading partners across all aspects of our commercial operations through our IT systems. A breakdown, outage, malicious intrusion, breach, ransom attack, or other disruption of communications could result in erroneous or fraudulent transactions, disclosure of confidential information, loss of reputation and confidence, and may also result in legal claims or proceedings, penalties, and remediation costs. We have numerous e-commerce and e-marketing portals and our systems may contain personal information of customers or employees; therefore, we must continue to be diligent in protecting against malicious cyber attacks. We have been the target of attempted cyber attacks and other security threats and we may be subject to future breaches of our IT and OT systems. We have programs in place that are intended to detect, contain, and respond to data security incidents and that provide at least annual employee awareness training regarding phishing, malware, and other cyber risks. However, because the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently and may be difficult to detect, we may be unable to anticipate these techniques or implement adequate preventive measures. Moreover, the rapid evolution and increased adoption of artificial intelligence technologies may intensify our cybersecurity risks. If our security measures are breached or fail, unauthorized persons may be able to obtain access to or acquire personal or other confidential data and/or disrupt our IT and OT systems. Depending on the nature of the information or systems compromised, we may also have obligations to notify consumers and/or employees about the incident, and we may need to provide some form of remedy, such as a subscription to a credit monitoring service, for the individuals affected by the incident. For example, we provided certain affected individuals credit monitoring as a result of the IT security incident in June 2023. This or future events could negatively affect our relationships with customers or trading partners, lead to potential claims against us, and damage our image and reputation.

***We rely on third parties for computing, storage, processing, and similar services. Any disruption of or interference with our use of these third-party services could have an adverse effect on our business, financial condition, and operating results.***

Most of our business systems reside on third-party outsourced cloud infrastructure providers. We are therefore vulnerable to service interruptions experienced by these providers and could experience interruptions, delays, or outages in service availability in the future due to a variety of factors, including infrastructure changes, human, hardware or software errors, cyber-attacks, hosting disruptions, and capacity constraints. While we have mitigation and service redundancy plans in place, outages and/or capacity constraints could still arise from a number of causes such as technical failures, natural disasters, fraud, or internal or third-party security attacks on us or our third-party providers, which could negatively impact our ability to manufacture and/or operate our business.

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***We collect, store, process, share, and use personal information, and rely on third parties that are not directly under our control to do so as well, which subjects us to legal obligations, laws and regulations related to security and privacy, and any actual or perceived failure to meet those obligations could harm our business.***

We are subject to various data protection and privacy laws and regulations in the countries where we operate because we collect, store, process, share, and use personal information, and we rely on third parties that are not directly under our control to do so as well. For example, we are subject to the General Data Protection Regulation (GDPR) in the European Union (EU) and the California Consumer Privacy Act (CCPA). Although we have implemented plans to comply with these laws, privacy authorities and private litigants are active in pursuing investigations and litigation, and these and future laws and regulations could impose even greater compliance burdens and risks with respect to privacy and data security. The EU (through the GDPR), all fifty U.S. states, and a growing number of legislative and regulatory bodies elsewhere in the world have adopted data breach notification requirements in the event of unauthorized access to or acquisition of certain types of personal information. These breach notification laws continue to evolve and may be inconsistent from one jurisdiction to another. Complying with these obligations could cause us to incur substantial costs, require significant management time and attention, and increase negative publicity surrounding any incident that compromises personal information.

**RISKS RELATED TO OUR INTELLECTUAL PROPERTY**

***Our success depends upon the continued strength of our brands.***

We believe that our brands, particularly including Mercury Marine, Boston Whaler, Lund, and Sea Ray, significantly contribute to our success, and that maintaining and enhancing these brands is important to expanding our customer base. A failure to adequately promote, protect, and strengthen our brands could adversely affect our business and results of operations. Further, in connection with the divestiture of the bowling and billiards businesses, we licensed certain trademarks and service marks, including use of the name "Brunswick," to the acquiring companies. Our reputation may be adversely affected by the purchasers' inappropriate use of the marks or of the name Brunswick, including potential negative publicity, loss of confidence, or other damage to our image due to this licensed use.

***Either inadequate intellectual property protection that could allow others to use our technologies and impair our ability to compete or the failure to successfully defend against patent infringement claims could have a material adverse effect on our financial condition and results of operations.***

We regard much of the technology underlying our products as proprietary. We rely on a combination of patents, trademark, copyright, and trade secret laws; employee and third-party non-disclosure agreements; and other contracts to establish and protect our technology and other intellectual property rights. However, we remain subject to risks, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the steps we take to protect our proprietary technology may be inadequate to prevent misappropriation of our technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• third parties may independently develop similar technology;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• agreements containing protections may be breached or terminated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may not have adequate remedies for breaches;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• existing patent, trademark, copyright, and trade secret laws may afford limited protection;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a third party could copy or otherwise obtain and use our products or technology without authorization; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• we may be required to litigate to enforce our intellectual property rights, and we may not be successful.

Policing unauthorized use of our intellectual property is difficult, particularly outside the U.S., and litigating intellectual property claims may result in substantial cost and divert management's attention.

In addition, we may be required to defend our products against patent or other intellectual property infringement claims or litigation. Besides defense expenses and costs, we may not prevail in such cases, forcing us to seek licenses or royalty arrangements from third parties, which we may not be able to obtain on reasonable terms, or subjecting us to an order or requirement to stop manufacturing, using, selling, or distributing products that included challenged intellectual property, which could harm our business and financial results.

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**RISKS RELATED TO OUR REGULATORY, ACCOUNTING, LEGAL, AND TAX ENVIRONMENT**

***An impairment in the carrying value of goodwill, trade names, and other long-lived assets could negatively affect our consolidated results of operations and net worth.***

Goodwill and indefinite-lived intangible assets, such as our trade names, are recorded at fair value at the time of acquisition and are not amortized, but are reviewed for impairment at least annually or more frequently if impairment indicators arise. In evaluating the potential for impairment of goodwill and trade names, we make assumptions regarding future operating performance, business trends, and market and economic conditions. Such analyses further require us to make certain assumptions about sales, operating margins, growth rates, and discount rates. Uncertainties are inherent in evaluating and applying these factors to the assessment of goodwill and trade name recoverability. We could be required to evaluate the recoverability of goodwill or trade names prior to the annual assessment if we experience business disruptions, unexpected significant declines in operating results, a divestiture of a significant component of our business, or declines in market capitalization.

We also continually evaluate whether events or circumstances have occurred that indicate the remaining estimated useful lives of our definite-lived intangible assets and other long-lived assets may warrant revision or whether the remaining balance of such assets may not be recoverable. We use an estimate of the related undiscounted cash flow over the remaining life of the asset in measuring whether the asset is recoverable.

We recorded $322.5 million in impairment charges for Navico Group associated with an impairment of the Navico Group reporting unit's goodwill and trade names during the year ended December 31, 2025. As of December 31, 2025, the balance of total goodwill and indefinite lived intangible assets for the enterprise was $976.4 million, which represents approximately 18 percent of total assets. If the future operating performance of either the Company or individual operating segments is not sufficient, we could be required to record additional non-cash impairment charges. Impairment charges could substantially affect our reported earnings in the periods such charges are recorded. In addition, impairment charges could indicate a reduction in business value which could limit our ability to obtain adequate financing in the future.

***We manufacture and sell products that create exposure to potential claims and litigation.***

Our manufacturing operations and the products we produce could result in product quality, warranty, personal injury, property damage, and other claims. The adoption of new technologies, such as artificial intelligence or autonomous products, may result in new or enhanced regulations, litigation, or liability. To manage these risks, we have established a global, enterprise-wide program charged with the responsibility for reviewing, addressing, and reporting on product integrity issues. Historically, the resolution of such claims has not had a materially adverse effect on our business, and we maintain what we believe to be adequate insurance coverage to mitigate a portion of these risks. However, we may experience material losses in the future, incur significant costs to defend claims or issue product recalls, experience claims in excess of our insurance coverage or that are not covered by insurance, or be subjected to fines or penalties. Our reputation may be adversely affected by such claims, whether or not successful, including potential negative publicity about our products, and such claims could divert the efforts of our personnel, even if we are successful in defending them. We record accruals for known potential liabilities, but there is the possibility that actual losses may exceed these accruals and therefore negatively impact earnings.

***Compliance with environmental, health, safety, zoning, and other laws and regulations may increase costs and reduce demand for our products.***

We are subject to federal, state, local, and foreign laws and regulations, including product safety, environmental, health and safety, and other regulations. While we believe that we maintain the requisite licenses and permits and that we are in material compliance with applicable laws and regulations, a failure to satisfy these and other regulatory requirements could result in fines or penalties, and compliance could increase the cost of operations. The adoption of additional laws, rules, and regulations, including stricter emissions standards or limitations on the use of internal combustion engines, could increase our manufacturing costs, require additional product development investment, increase consumer pricing, and reduce consumer demand for our products or boat club operations.

Environmental restrictions, boat plant emission restrictions, and permitting and zoning requirements can limit production capacity, access to water for boating (or certain types of boats or propulsion) and marinas, and storage space. While future requirements, including any imposed on recreational boating, are not expected to be unduly restrictive, they may deter potential customers, thereby reducing our sales. Furthermore, regulations allowing the

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sale of fuel containing higher levels of ethanol for automobiles, which is not appropriate or intended for use in marine engines, may nonetheless result in increased warranty, service costs, customer dissatisfaction with products, and other claims against us if boaters mistakenly use this fuel in marine engines, causing damage to and the degradation of components in their marine engines. Many of our customers use our products for fishing and related recreational activities. Regulatory or commercial policies and practices impacting access to water, including availability of slip locations and/or the ability to transfer boats among different waterways, access to fisheries, or the ability to fish in some areas could negatively affect demand for our products. As we evolve our product electrification strategy, we are potentially subject to emerging regulations and requirements under the European Union Battery Directive or other similar regulations regarding transportation, storage, handling, and use of batteries and the components used in battery manufacturing. These requirements, if adopted, could increase our costs, potentially reducing consumer demand for our products.

Our manufacturing processes involve the use, handling, storage, and contracting for recycling or disposal of hazardous or toxic substances or wastes. Accordingly, we are subject to regulations regarding these substances, and the misuse or mishandling of such substances could expose us to liabilities, including claims for property, personal injury, or natural resources damages, or fines. We are also subject to laws requiring the cleanup of contaminated property, including cleanup efforts currently underway. If a release of hazardous substances occurs at or from one of our current or former properties or another location where we have disposed of hazardous materials, we may be held liable for the contamination, regardless of knowledge or whether we were at fault, and the amount of such liability could be material.

We anticipate that increased global regulation relating to climate change, such as climate disclosure requirements, will require us to comply or potentially face market access limitations or other penalties, including fines. Our products are subject to increasingly stringent regulations regarding chemical and material composition, and we are subject to extended producer responsibility laws and regulations requiring manufacturers to be responsible for collection, recovery, and recycling of wastes from certain products. These requirements could increase our costs or could result in fines, suspension of production, the need to alter manufacturing processes, and legal liability, and could negatively affect our competitive position.

Additionally, we are subject to laws governing our relationships with employees, including, but not limited to, employment obligations as a federal contractor and employee wage, hour, and benefits issues, such as health care benefits. Compliance with these rules and regulations, and compliance with any changes to current regulations, could increase the cost of our operations.

***Changes in income tax laws or enforcement could have a material adverse impact on our financial results.***

Our provision for income taxes and cash tax liability may be adversely impacted by changes in tax laws and interpretations in the U.S. or in other countries in which we operate. H.R. 1 (the Act), enacted on July 4, 2025, included multiple changes to business tax and international tax provisions that apply to us. We continue to monitor the impact of the Act and to evaluate the different elections that are available with respect to the timing of deductions. The Act did not have a material impact on the our financial statements for the year ended December 31, 2025. It is possible that future interpretations or additional tax law changes could have a material impact on our tax rate. In addition, many non-U.S. jurisdictions are implementing local legislation based upon the Organization for Economic Co-operation and Development's (OECD) base erosion and profit shifting project. On January 5, 2026, the OECD announced that the Inclusive Framework on Base Erosion and Profit Shifting agreed to a new package of administrative guidance for the global minimum tax rules. We do not expect this package (often referred to as the side-by-side agreement) will have a material impact on our tax provision, and we will continue to evaluate our obligations under these rules as local country legislation continues to evolve. Future changes could negatively impact our tax provision, cash flows, and/or tax-related balance sheet amounts, including our deferred tax asset values, and increase the complexity, burden, and cost of tax compliance.

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**RISKS RELATED TO OUR COMMON STOCK**

***The timing and amount of our share repurchases are subject to a number of uncertainties.***

The Board of Directors has authorized our discretionary repurchase of outstanding common stock, to be systematically completed in the open market or through privately negotiated transactions. In 2025, we repurchased $80.0 million of shares, and we plan to continue share repurchases in 2026 and beyond. The amount and timing of share repurchases are based on a variety of factors. Important considerations that could cause us to limit, suspend, or delay future stock repurchases include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable market and economic conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the trading price of our common stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the nature and magnitude of other investment opportunities available to us from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of cash; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• additional taxes imposed on share repurchases.

Delaying, limiting, or suspending our stock repurchase program may negatively affect performance versus earnings per share targets, and ultimately our stock price.

***Certain activist shareholder actions could cause us to incur expense and hinder execution of our strategy.***

We may at times be subject to certain divisive activist shareholder tactics, which can take many forms. Some shareholder activism, including potential proxy contests, could result in substantial costs, such as legal fees and expenses, and divert management's and our Board's attention and resources from our businesses and strategic plans. Additionally, public shareholder activism could give rise to perceived uncertainties as to our future, adversely affect our relationships with dealers, distributors, or customers, make it more difficult to attract and retain qualified personnel, and cause our stock price to fluctuate based on temporary or speculative market perceptions or other factors that do not necessarily reflect the underlying fundamentals and prospects of our business. These risks could adversely affect our business and operating results.

**Item 1B. Unresolved Staff Comments**

None.

**Item 1C. Cybersecurity**

Brunswick's leadership recognizes the importance of information security and managing cybersecurity risks across the enterprise. We manage our global business operations through a variety of systems for commercial transactions, customer interactions, manufacturing, branding, employee tracking, and other applications. Systems based on legacy technology, sometimes added through acquisitions or hosted by third parties, and/or that contain personal information of customers or employees, present risks of erroneous or fraudulent transactions, disclosure of personal, sensitive, and confidential information, loss of reputation and confidence, potential impacts on our operations, and may result in legal claims or proceedings, penalties, and remediation costs.

Brunswick's cybersecurity risk management program is managed by a dedicated cybersecurity team. The team is led by the Chief Information Security Officer (CISO), who reports directly to the Chief Executive Officer (CEO), and has over 20 years of experience in information security, cybersecurity, and IT risk management. Brunswick's CISO holds a BBA, majoring in Accounting and Management Information Systems, and an MBA in Strategy and General Management. The CISO is supported by a leadership team with backgrounds in cybersecurity, risk management, and other related capabilities.

Brunswick's cybersecurity risk management program leverages the National Institute of Standards and Technology (NIST) Cybersecurity Framework as guidance and partners with the Office of the Chief Information Officer (CIO) to execute the program. The team regularly assesses the threat landscape to manage risks through a layered cybersecurity strategy based on prevention, detection, and containment, including processes for escalating information about threats or cyber incidents to management and the Board of Directors. We have other policies and procedures that directly or indirectly relate to cybersecurity, including those related to remote access monitoring, encryption, antivirus protection, multifactor authentication, confidential information, artificial intelligence, and the use of the internet, email, and wireless devices. We also engage third parties in connection with the assessment of our

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cybersecurity risk management processes against the NIST framework. We actively engage with key vendors, industry participants, and law enforcement communities as part of our continuing efforts to evaluate and improve our program. Internally, our employees are a key part of our program: Brunswick enables a culture in which security is everyone's responsibility. Employees are trained through various methods throughout the year, including annual security training.

Our regular interactions with third party vendors and suppliers pose a potential cybersecurity risk that could adversely impact our business or employees. We conduct information security assessments before onboarding. In addition, we require providers to meet appropriate security requirements, controls, and responsibilities, and include additional security and privacy addenda to our contracts where applicable. We also make cybersecurity education and awareness materials available to our suppliers.

Brunswick's Board of Directors (the Board) and its committees are actively engaged in managing cybersecurity risk and overseeing our information security programs. The Audit and Finance Committee (the Committee) is primarily responsible for oversight of our information technology and information security/cybersecurity programs. The Committee includes directors with expertise in technology, audit, finance, and compliance, equipping them to effectively oversee the program. The CISO typically updates the Committee at each of its regularly scheduled meetings. These reports include updates on our information security/cybersecurity programs and key performance indicators, assessment of the program, emerging risks, policies, procedures, training, and risk mitigation strategies. The CIO and CISO also provide the Board with information technology and cybersecurity reports on at least an annual basis and with greater frequency as necessary. In addition, the Board oversees Brunswick's long-standing enterprise risk management (ERM) process, which regularly identifies, assesses, and mitigates enterprise and emerging risks, including cyber risks.

In 2025, Brunswick did not identify any cyber events or risks from cybersecurity threats that could be considered material, individually or in the aggregate.

Notwithstanding our program, we may not be successful in preventing or mitigating a cybersecurity incident that could have a material adverse effect on us. For further information, refer to Section 1A, Risk Factors for a discussion of risks related to cybersecurity and technology.

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**Item 2. Properties**

We operate manufacturing plants, distribution warehouses, sales and engineering offices, and product test sites around the world. Research and development facilities are primarily located at manufacturing sites. We believe our facilities are suitable and adequate for our current needs and are well maintained and in good operating condition. Most plants and warehouses are of modern, single-story construction, providing efficient manufacturing and distribution operations. We believe our manufacturing facilities have the capacity, or we are investing to increase capacity, to meet current and anticipated demand. Our principal properties are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Segment** | **Location** | **Primary Use** | **Ownership** |
| All Segments | Mettawa, IL (US) | Corporate headquarters | Leased |
| Propulsion and Engine P&A | Fond du Lac, WI (US) | Manufacturing and office | Owned |
| Propulsion, Engine P&A and Boat | Petit-Rechain, Belgium | Distribution and office | Owned |
| Propulsion and Engine P&A | Juarez, Mexico | Light assembly and distribution | Owned/Leased |
| Engine P&A | Brownsburg, IN (US) | Distribution | Leased |
| Navico Group | Lowell, MI (US) | Manufacturing and office | Leased |
| Navico Group | Menomonee Falls, WI (US) | Light assembly, distribution, office | Leased |
| Navico Group | Ensenada, Mexico | Manufacturing and distribution | Owned |
| Navico Group | Amsterdam, Netherlands | Engineering, distribution, office | Leased |
| Boat | Edgewater, FL (US) | Manufacturing | Owned |
| Boat | Merritt Island, FL (US) | Manufacturing | Owned |
| Boat | Fort Wayne, IN (US) | Manufacturing | Owned |
| Boat | New York Mills, MN (US) | Manufacturing | Owned |
| Boat | Knoxville, TN (US) | Office | Leased |
| Boat | Vonore, TN (US) | Manufacturing | Owned |
| Boat | Princeville, Quebec, Canada | Manufacturing | Owned |
| Boat | Vila Nova de Cerveira, Portugal | Manufacturing | Owned |

---

**Item 3. Legal Proceedings**

Refer to **Note 11 – Commitments and Contingencies** in the Notes to Consolidated Financial Statements for information about any material legal proceedings.

**Item 4. Mine Safety Disclosures**

Not applicable.

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**Information About Our Executive Officers**

Brunswick's Executive Officers are listed in the following table:

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| | | | |
|:---|:---|:---|:---|
| **Officer Name** | **Present Position** | **First Became an Executive Officer** | **Age** |
| David M. Foulkes | Chairman and Chief Executive Officer | 2019 | 64 |
| Ryan M. Gwillim | Executive Vice President and Chief Financial and Strategy Officer | 2020 | 46 |
| John G. Buelow | Executive Vice President and President — Mercury Marine | 2023 | 55 |
| Christopher F. Dekker | Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer | 2014 | 57 |
| Aine L. Denari | Executive Vice President and President — Navico Group and Chief Technology Officer | 2020 | 53 |
| Brenna D. Preisser | Executive Vice President and President — Brunswick Boat Group | 2016 | 48 |
| Jill M. Wrobel | Executive Vice President and Chief Human Resources Officer | 2021 | 45 |
| Randall S. Altman | Senior Vice President and Controller | 2019 | 54 |

---

The executive officers named above have been appointed to serve until their successors are chosen and qualified or until the executive officer's earlier resignation or removal.

David M. Foulkes was named Chief Executive Officer of Brunswick in 2019 and appointed Chairman of the Board of Directors in March 2025. Mr. Foulkes served as Chief Technology Officer and President, Brunswick Marine Consumer Solutions from May 2018 to 2019, as Vice President and Brunswick Chief Technology Officer from 2014 to 2018, as Vice President of Product Development and Engineering, Mercury Marine, from 2010 to 2018 and as President of Mercury Racing from 2012 to 2018. Previously, Mr. Foulkes held positions of increasing responsibility at Mercury Marine from the start of his employment in 2007.

Ryan M. Gwillim has served as Executive Vice President and Chief Financial Officer of Brunswick since June 2020. Mr. Gwillim assumed additional responsibility as Chief Strategy Officer in November 2023. Previously, he served as Vice President – Finance and Treasurer from 2019 to 2020, and Vice President – Investor Relations from 2017 to 2019. Mr. Gwillim held positions of increasing responsibility within the Brunswick Legal Department since his employment began in 2011.

John G. Buelow was named Executive Vice President and President – Mercury Marine in February 2023. He previously served as Vice President of Global Operations, Mercury Marine, from June 2018 to February 2023, and as Vice President Category Management, Mercury Marine, from 2016 to 2018. Prior to 2016, Mr. Buelow served in a variety of positions of increasing responsibility at Mercury Marine since he was hired in 2004.

Christopher F. Dekker has served as Executive Vice President, General Counsel, Secretary, and Chief Compliance Officer since 2014. Prior to his appointment, Mr. Dekker served as Brunswick's Associate General Counsel, with responsibilities for litigation, employment, and compliance matters, from the start of his employment with Brunswick in 2010.

Aine L. Denari was named Executive Vice President and President – Navico Group and Chief Technology Officer in August 2024. She had served as Executive Vice President and President – Brunswick Boat Group since October 2020. Prior to joining Brunswick, Ms. Denari worked at ZF AG as Senior Vice President and General Manager, Global Electronics ADAS (Advanced Driver Assistance Systems) from 2017 to 2020, as Senior Vice President, Planning and Business Development from 2015 to 2017, and as Vice President, Business Development and Product Planning from 2014 to 2017. Ms. Denari previously served in a variety of executive positions within the automotive industry, and in leadership positions at major global consulting firms.

Brenna D. Preisser has served in her role as Executive Vice President and President – Brunswick Boat Group since August 2024. She previously served as Executive Vice President and President – Business Acceleration since 2020. She held the role of Chief Human Resources Officer from 2016 to 2021. Ms. Preisser has served in a variety of roles of increasing responsibility since she started with Brunswick in 2004.

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Jill M. Wrobel was named Executive Vice President and Chief Human Resources Officer in December 2021. Ms. Wrobel was named Brunswick's Vice President, Enterprise Human Resources and Transformation Leader in December 2020 when she joined Brunswick from Walgreens Boots Alliance, Inc., an integrated global pharmacy, healthcare and retail leader. Ms. Wrobel served as Group Vice President, Global HR Business Strategy and HR M&A Integration during 2020, Vice President, Global HRBP Development, Digital and HR M&A Integration from 2018 to 2019, and Vice President HR Mergers & Acquisitions and Rite Aid HR Lead from 2016 to 2018. Prior to Walgreens Boots Alliance, Inc., Ms. Wrobel worked in a variety of human resources and leadership roles at Walgreens and PricewaterhouseCoopers LLP.

Randall S. Altman was named Brunswick's Senior Vice President and Controller in 2022 and served as Vice President and Controller since June 2019. Previously, he served as Vice President – Treasurer from 2013 to 2019. Mr. Altman has held a series of roles of increasing responsibility within Brunswick since he joined Brunswick in 2003.

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**PART II**

**Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities**

Brunswick's common stock is traded on the New York Stock Exchange and NYSE Texas, Inc under the symbol "BC". As of February 10, 2026, there were 5,756 shareholders of record of our common stock.

We expect to continue to pay quarterly dividends at the discretion of the Board of Directors, subject to continued capital availability and a determination that cash dividends continue to be in the best interest of our shareholders. Our dividend and share repurchase policies may be affected by, among other things, our views on future liquidity, potential future capital requirements and restrictions contained in certain credit agreements.

***Performance Graph***

**Comparison of Cumulative Total Shareholder Return among Brunswick, S&P 400 Index and S&P 400 Global Industry Classification Standard (GICS) Consumer Discretionary Index**

![925](bcorp-20251231_g5.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **2020** | **2021** | **2022** | **2023** | **2024** | **2025** |
| Brunswick | 100.00 | 171.03 | 126.14 | 172.04 | 117.40 | 138.09 |
| S&P 400 GICS Consumer Discretionary Index | 100.00 | 166.06 | 131.16 | 164.06 | 178.04 | 169.21 |
| S&P 400 Index | 100.00 | 139.66 | 121.63 | 142.84 | 161.02 | 174.98 |

---

The basis of comparison is a $100 investment made on December 31, 2020 in each of: (i) Brunswick, (ii) the S&P 400 GICS Consumer Discretionary Index and (iii) the S&P 400 Index. All dividends are assumed to be reinvested. The S&P 400 GICS Consumer Discretionary Index encompasses industries including household durable goods, textiles and apparel and leisure equipment. Brunswick believes the companies included in this index provide the most representative sample of enterprises that are in primary lines of business that are similar to ours.

***Issuer Purchases of Equity Securities***

On both July 19, 2022 and January 30, 2024, our Board of Directors approved $500.0 million increases to our outstanding share repurchase authorization. During 2025, we repurchased $80.0 million of stock and as of December 31, 2025, the remaining authorization under the share repurchase program was $341.5 million.

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During the three months ended December 31, 2025, we repurchased the following shares of common stock:

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| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of Shares Purchased** | **Weighted Average Price Paid per Share** | **Total Number of Shares Purchased as Part of Publicly Announced Program** | **Maximum Amount of Dollars that May Yet Be Used to Purchase Shares Under the Program** |
| September 28 to October 25 | 72222 | $63.61 | 72222 |  |
| October 26 to November 22 | 70199 | 65.50 | 70199 |  |
| November 23 to December 31 | 81109 | 71.60 | 81109 |  |
| Total | 223530 | $67.10 | 223530 | $341466795 |

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**Item 6. Reserved**

**Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations**

Certain statements in Management's Discussion and Analysis of Financial Condition and Results of Operations of Brunswick Corporation (the Company, we, us, our) are forward-looking statements. Forward-looking statements are based on current expectations, estimates, and projections about our business and by their nature address matters that are, to different degrees, uncertain. Actual results may differ materially from expectations and projections as of the date of this filing due to various risks and uncertainties. For additional information regarding forward-looking statements, refer to ***Forward-Looking Statements*** above.

Certain statements in Management's Discussion and Analysis are based on non-GAAP financial measures. GAAP refers to generally accepted accounting principles in the United States. A "non-GAAP financial measure" is a numerical measure of a registrant's historical or future financial performance, financial position or cash flows that excludes amounts, or is subject to adjustments that have the effect of excluding amounts, that are included in the most directly comparable measure calculated and presented in accordance with GAAP in the consolidated statements of operations, balance sheets or statements of cash flows of the issuer; or includes amounts, or is subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented. For example, the discussion of our cash flows includes an analysis of free cash flows and total liquidity; the discussion of our net sales includes net sales on a constant currency basis; the discussion of our net sales includes net sales excluding acquisitions; and the discussion of our earnings includes a presentation of operating earnings and operating margin excluding restructuring, exit and impairment charges, purchase accounting amortization, acquisition, integration, and IT related costs, IT security incident costs and other applicable charges and of diluted earnings per common share, as adjusted. Non-GAAP financial measures do not include operating and statistical measures.

We include non-GAAP financial measures in Management's Discussion and Analysis as management believes these measures and the information they provide are useful to investors because they permit investors to view our performance using the same tools that management uses to evaluate our ongoing business performance. In order to better align our reported results with the internal metrics management uses to evaluate business performance as well as to provide better comparisons to prior periods and peer data, non-GAAP measures exclude the impact of purchase accounting amortization related to acquisitions, among other adjustments.

We do not provide forward-looking guidance for certain financial measures on a GAAP basis because we are unable to predict certain items contained in the GAAP measures without unreasonable effort. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments.

For a discussion of Brunswick's consolidated results of operations for the year ended December 31, 2024 compared to the year ended December 31, 2023, refer to Part II, Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" in our 2024 Annual Report on Form 10-K filed with the Securities and Exchange Commission on February 14, 2025.

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**IT Security Incident**

In June 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. Please refer to **Note 1 – Significant Accounting Policies** in the Notes to the Consolidated Financial Statements for further details.

**Acquisitions**

On September 12, 2024, we acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida for net cash consideration of $31.3 million. Refer to **Note 4 – Acquisitions** in the Notes to the Consolidated Financial Statements for further information.

**Matters Affecting Comparability**

*Changes in Foreign Currency Rates.* Percentage changes in net sales expressed in constant currency reflect the impact that changes in currency exchange rates had on comparisons of net sales. To determine this information, net sales transacted in currencies other than the U.S. dollar have been translated to U.S. dollars using the average exchange rates that were in effect during the comparative period. The percentage change in net sales expressed on a constant currency basis better reflects the changes in the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. Approximately 26 percent of our annual net sales are transacted in a currency other than the U.S. dollar. Our most material exposures include sales in Euros, Canadian dollars, Australian dollars and Brazilian real.

The table below summarizes the impact of changes in currency exchange rates and also the impact of acquisitions on our net sales:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net Sales** | **Net Sales** | **2025 vs. 2024** | **2025 vs. 2024** | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | **GAAP** | **Currency Impact** | **Acquisition Impact** |
| Propulsion | $**2177.2** | $2074.2 | 5.0% | 0.3% | —% |
| Engine P&A | **1217.5** | 1160.8 | 4.9% | 0.1% | —% |
| Navico Group | **800.4** | 800.2 | —% | 0.9% | —% |
| Boat | **1525.2** | 1553.5 | (1.8)% | 0.2% | 0.5% |
| Segment Eliminations | **(357.5)** | (351.6) | (1.7)% | —% | —% |
| &nbsp;&nbsp;&nbsp;Total | $**5362.8** | $5237.1 | 2.4% | 0.3% | 0.2% |

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**Results of Operations**

**Consolidated**

The following table sets forth certain amounts, ratios and relationships calculated from the Consolidated Statements of Operations for 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions, except per share data)** | **2025** | **2024** | $**%** |
| **Net sales** | $**5362.8** | $5237.1 | 2.4% |
| Cost of sales | **4030.6** | 3886.3 | 3.7% |
| Gross margin <sup>(A)</sup> | **1332.2** | 1350.8 | (1.4)% |
| Selling, general and administrative expense | **851.1** | 747.9 | 13.8% |
| Research and development expense | **168.7** | 169.6 | (0.5)% |
| Restructuring, exit and impairment charges | **353.1** | 121.7 | NM |
| &nbsp;&nbsp;**Operating (loss) earnings** | **(40.7)** | 311.6 | NM |
| Equity earnings | **7.0** | 8.6 | (18.6)% |
| Other (expense) income, net | **(1.6)** | 9.0 | NM |
| &nbsp;&nbsp;**(Loss) earnings before interest and income taxes** | **(35.3)** | 329.2 | NM |
| Interest expense | **(111.7)** | (126.6) | 11.8% |
| Interest income | **7.2** | 13.4 | (46.3)% |
| Gain (loss) on early extinguishment of debt | **4.1** | (12.7) | NM |
| &nbsp;&nbsp;**(Loss) earnings before income taxes** | **(135.7)** | 203.3 | NM |
| Income tax provision | **0.2** | 54.0 | (99.6)% |
| &nbsp;&nbsp;**Net (loss) earnings from continuing operations** | **(135.9)** | 149.3 | NM |
| &nbsp;&nbsp;**Net (loss) from discontinued operations, net of tax** | **(1.4)** | (19.2) | (92.7)% |
| &nbsp;&nbsp;**Net (loss) earnings** | **(137.3)** | 130.1 | NM |
| Diluted (loss) earnings per common share from continuing operations  | $**(2.06)** | $2.21 | NM |
| **Expressed as a percentage of Net sales:** |  |  |  |
| Gross margin <sup>(A)</sup> | **24.8%** | 25.8% | (100) bps |
| Selling, general and administrative expense | **15.9%** | 14.3% | 160 bps |
| Research and development expense | **3.1%** | 3.2% | (10) bps |
| Restructuring, exit and impairment charges | **6.6%** | 2.3% | 430 bps |
| Operating margin | **(0.8)%** | 5.9% | (670) bps |

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NM = not meaningful

bps = basis points

(A)Gross margin is defined as Net sales less Cost of sales as presented in the Consolidated Statements of Operations.

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The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Operating (loss) Earnings** | **Operating (loss) Earnings** | **Diluted (Loss) Earnings Per Share** | **Diluted (Loss) Earnings Per Share** |
| **(in millions, except per share data)** | **2025** | **2024** | **2025** | **2024** |
| GAAP | $**(40.7)** | $311.6 | $**(2.06)** | $2.21 |
| Restructuring, exit and impairment charges | **353.1** | 121.7 | **5.03** | 1.41 |
| Purchase accounting amortization | **58.6** | 58.5 | **0.84** | 0.68 |
| Acquisition, integration, and IT related costs | **0.1** | 3.6 | **—** | 0.04 |
| Special tax items <sup>(A)</sup> |  |  | **(0.48)** | 0.19 |
| (Gain) loss on early extinguishment of debt |  |  | **(0.06)** | 0.15 |
| Release of dissolved entity foreign currency translation |  |  |  | 0.01 |
| Gain on sale of business |  |  |  | (0.12) |
| As Adjusted | $**371.1** | $495.4 | $**3.27** | $4.57 |
| GAAP operating margin | **(0.8)%** | 5.9% |  |  |
| Adjusted operating margin | **6.9%** | 9.5% |  |  |

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(A) Special tax items during the year ended December 31, 2025 primarily relates to the discrete income tax benefit associated with goodwill impairment and 2024 tax return to provision adjustments. Special tax items during the year ended December 31, 2024 primarily relate to the discrete income tax expense recorded associated with an increase in the state valuation allowance and the discrete income tax benefit associated with goodwill impairment.

**2025 vs. 2024** 

Net sales increased 2.4 percent during 2025 when compared with 2024. The components of the consolidated net sales change were as follows:

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| | |
|:---|:---|
| | **Percent change in net sales compared to the prior year** |
| | **2025** |
| Volume | **(0.8)%** |
| Product Mix and Price | **2.7%** |
| Acquisitions | **0.3%** |
| Currency | **0.2%** |
|  | **2.4%** |

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Sales in 2025 increased compared to the prior year resulting from improved second-half market conditions and resulting stronger wholesale orders together with strong P&A and after market performance that helped overcome the impacts of the challenging first-half retail environment. Refer to the Propulsion, Engine P&A, Navico Group and Boat segments for further details on the drivers of net sales changes.

Gross margin decreased 100 basis points in 2025 when compared with 2024 driven by material inflation including tariffs (250 bps), partially offset by an increase in sales (120 bps), favorable currency exchange-rate fluctuations (20 bps), and higher absorption (10 bps).

Selling, general and administrative expenses as a percentage of net sales increased 160 basis points during 2025 when compared with the same prior year period, primarily due to the reinstatement of variable compensation (194 bps), which was partially offset by higher sales (34 bps). Research and development expense remained flat during 2025 versus 2024.

During 2025, we recorded restructuring, exit and impairment charges of $353.1 million compared with $121.7 million in 2024. Restructuring, exit and impairment charges include $322.5 million and $85.0 million of Navico Group impairments in 2025 and 2024 respectively. We estimate that the restructuring actions executed in 2025 will result in approximately $16.0 million of annualized cost savings. See **Note 3 – Restructuring, Exit and Impairment Activities** in the Notes to Consolidated Financial Statements for further details.

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We recognized Equity earnings (loss) of $7.0 million and $8.6 million in 2025 and 2024, respectively, which were mainly related to our marine and technology-related joint ventures. Refer to **Note 1 – Significant Accounting Policies** in the Notes to Consolidated Financial Statements for further information.

We recognized $(1.6) million and $9.0 million in 2025 and 2024, respectively, in Other (loss) income, net. Other (loss) income, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other postretirement benefit costs as well as the gain on sale of one of our businesses in 2024.

Net interest expense decreased in 2025 compared with 2024 due to a decrease in average daily debt outstanding, which was driven by early extinguishment of debt. We recognized a gain on early extinguishment of debt related to the tender offer slightly offset by a loss on early extinguishment of debt related to 2048 Notes and 2049 Notes. Refer to **Note 14 – Debt** in the Notes to Consolidated Financial Statements.

We recognized an income tax provision of $0.2 million and $54.0 million in 2025 and 2024, respectively. For the year ended December 31, 2025 the effective income tax rate differed from the statutory federal income tax rate of 21%, primarily due to the impact of the goodwill and intangible asset impairments. The effective tax rate, which is calculated as the income tax provision as a percentage of earnings before income taxes, was (0.2) percent and 26.6 percent for 2025 and 2024, respectively. See **Note 10 – Income Taxes** in the Notes to Consolidated Financial Statements for a reconciliation of our effective tax rate and statutory Federal income tax rate.

Due to the factors described in the preceding paragraphs, Operating (loss) earnings, Net (loss) earnings from continuing operations, and Diluted (loss) earnings per common share from continuing operations decreased during 2025. Diluted (loss) earnings per common share from continuing operations benefited from common stock repurchases in both years.

**Segments**

We have four reportable segments: Propulsion, Engine P&A, Navico Group, and Boat. Refer to **Note 5 – Segment Information** in the Notes to Consolidated Financial Statements for details on the segment operations.

**Propulsion Segment**

The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | $**%** |
| Net sales | $**2177.2** | $2074.2 | 5.0% |
| GAAP operating earnings | $**193.0** | $242.6 | (20.4)% |
| Restructuring, exit and impairment charges | **1.2** | 9.6 | (87.5)% |
| Purchase accounting amortization | **1.2** | 1.5 | (20.0)% |
| Acquisition, integration, and IT related costs | **0.1** | 1.5 | (93.3)% |
| Adjusted operating earnings | $**195.5** | $255.2 | (23.4)% |
| GAAP operating margin | **8.9%** | 11.7% | (280) bps |
| Adjusted operating margin | **9.0%** | 12.3% | (330) bps |

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bps = basis points

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**2025 vs. 2024** 

Propulsion segment's net sales increased 5 percent in 2025 versus prior year due to pricing actions and strong OEM orders. The components of the Propulsion segment's net sales change were as follows:

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| | |
|:---|:---|
| | **Percent change in net sales compared to the prior year** |
| | **2025** |
| Volume | **0.3%** |
| Product Mix and Price | **4.4%** |
| Currency | **0.3%** |
|  | **5.0%** |

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International sales were 37 percent of the Propulsion segment's net sales in 2025. International sales increased 8 percent year-over-year on a GAAP basis and 8 percent on a constant currency basis.

Propulsion segment's operating earnings decreased versus the prior year, primarily due to the impact of incremental tariffs and reinstatement of variable compensation slightly offset by increased sales and higher absorption.

**Engine P&A Segment**

The following table sets forth Engine P&A segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2025 and 2024:

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| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | $**%** |
| Net sales | $**1217.5** | $1160.8 | 4.9% |
| GAAP operating earnings | $**220.3** | $219.9 | 0.2% |
| Restructuring, exit and impairment charges | **0.4** | 4.8 | (91.7)% |
| Adjusted operating earnings | $**220.7** | $224.7 | (1.8)% |
| GAAP operating margin | **18.1%** | 18.9% | (80) bps |
| Adjusted operating margin | **18.1%** | 19.4% | (130) bps |

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NM = not meaningful

bps = basis points

**2025 vs. 2024** 

Engine P&A segment's net sales increased 4.9 percent in 2025 versus the prior year reflecting strong boater participation and continued share gains in our distribution business line. The components of the Engine P&A segment's net sales change were as follows:

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| | |
|:---|:---|
| | **Percent change in net sales compared to the prior year** |
| | **2025** |
| Volume | **4.3%** |
| Product Mix and Price | **0.5%** |
| Currency | **0.1%** |
|  | **4.9%** |

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International sales were 29 percent of the Engine P&A segment's net sales in 2025. International sales increased 2 percent year-over-year on a GAAP basis and increased 1 percent on a constant currency basis.

Engine P&A segment's operating earnings increased slightly versus prior year primarily due to increased sales, which were partially offset by the reinstatement of variable compensation and tariffs.

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**Navico Group Segment**

The following table sets forth Navico Group segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | $**%** |
| Net sales | $**800.4** | $800.2 | 0.0% |
| GAAP operating loss | $**(339.6)** | $(100.6) | NM |
| Restructuring, exit and impairment charges | **334.5** | 98.6 | NM |
| Purchase accounting amortization | **53.0** | 53.0 | NM |
| Acquisition, integration, and IT related costs | **—** | 1.7 | NM |
| Adjusted operating earnings | $**47.9** | $52.7 | (9.1)% |
| GAAP operating margin | **(42.4)%** | (12.6)% | NM |
| Adjusted operating margin | **6.0%** | 6.6% | (60) bps |

---

NM = not meaningful

bps = basis points

**2025 vs. 2024** 

Navico Group segment's net sales were flat in 2025 versus the prior year. The components of the Navico Group segment's net sales change were as follows:

---

| | |
|:---|:---|
| | **Percent change in net sales compared to the prior year** |
| | **2025** |
| Volume | **(3.3)%** |
| Product Mix and Price | **2.4%** |
| Currency | **0.9%** |
|  | **— %** |

---

International sales were 42 percent of the Navico Group segment's net sales in 2025. International sales increased 2 percent year-over-year on a GAAP and slight decrease on a constant currency basis.

Navico Group segment's operating loss increased versus the prior year primarily due to the impact of non-cash, intangible asset impairment charges along with the impact of tariffs and reinstatement of variable compensation.

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**Boat Segment**

The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | $**%** |
| Net sales | $**1525.2** | $1553.5 | (1.8)% |
| GAAP operating earnings | $**32.2** | $63.3 | (49.1)% |
| Restructuring, exit and impairment charges | **16.4** | 6.3 | NM |
| Purchase accounting amortization | **4.4** | 4.0 | 10.0% |
| Acquisition, integration, and IT related costs | **—** | 0.4 | (100.0)% |
| Adjusted operating earnings | $**53.0** | $74.0 | (28.4)% |
| GAAP operating margin | **2.1%** | 4.1% | (200) bps |
| Adjusted operating margin | **3.5%** | 4.8% | (130) bps |

---

NM = not meaningful

bps = basis points

**2025 vs. 2024** 

Boat segment's net sales slightly decreased in 2025 versus the prior year as second half growth only partially offset first half cautious wholesale ordering patterns. The components of the Boat segment's net sales change were as follows:

---

| | |
|:---|:---|
| | **Percent change in net sales compared to the prior year** |
| | **2025** |
| Volume | **(4.6)%** |
| Product Mix and Price | **2.1%** |
| Acquisitions | **0.5%** |
| Currency | **0.2%** |
|  | **(1.8)%** |

---

International sales were 20 percent of the Boat segment's net sales in 2025. International sales decreased 2 percent year-over-year on a GAAP basis and 3 percent on a constant currency basis.

Boat segment operating earnings decreased versus the prior year due to the lower volume, impact of tariffs, and reinstatement of variable compensation.

**Corporate/Other**

The following table sets forth Corporate/Other results and a reconciliation to our non-GAAP measure of adjusted operating loss for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
| | | | **2025 vs. 2024** |
| **(in millions)** | **2025** | **2024** | $**%** |
| GAAP operating loss | $**(146.6)** | $(113.6) | (29.0)% |
| Restructuring, exit and impairment charges | **0.6** | 2.4 | (75.0)% |
| Adjusted operating loss | $**(146.0)** | $(111.2) | 31.3% |

---

Corporate operating loss increased compared with 2024 driven by higher variable compensation costs slightly offset by lower restructuring charges compared to prior year.

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**Cash Flow, Liquidity and Capital Resources**

The following table sets forth data from our Consolidated Statements of Cash Flows for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Net cash provided by operating activities | $**562.1** | $431.4 |
| Net cash used for investing activities | **(141.6)** | (168.9) |
| Net cash used for financing activities | **(441.2)** | (442.7) |
| Effect of exchange rate changes | **9.7** | (12.8) |
| Net decrease in Cash and cash equivalents and Restricted cash | **(11.0)** | (193.0) |
| Cash and cash equivalents and Restricted cash at beginning of period | **285.9** | 478.9 |
| Cash and cash equivalents and Restricted cash at end of period | $**274.9** | $285.9 |

---

The following table sets forth an analysis of free cash flow for the years ended December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Net cash provided by operating activities of continuing operations | $**585.7** | $449.5 |
| Net cash (used for) provided by: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Capital expenditures | **(165.8)** | (167.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Proceeds from the sale of property, plant and equipment | **12.6** | 15.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Plus: Effect of exchange rate changes on cash and cash equivalents | **9.7** | (12.8) |
| Total free cash flow <sup>(A)</sup> | $**442.2** | $284.3 |

---

(A) We define "Free cash flow" as cash flow from operating and investing activities of continuing operations (excluding cash provided by or used for acquisitions, investments, purchases or sales/maturities of marketable securities and other investing activities, net of tax) and the effect of exchange rate changes on cash and cash equivalents. Free cash flow is not intended as an alternative measure of cash flow from operations, as determined in accordance with GAAP in the United States. We use this financial measure both in presenting results to shareholders and the investment community and in our internal evaluation and management of our businesses. We believe that this financial measure and the information it provides are useful to investors because it permits investors to view our performance using the same tool that we use to gauge progress in achieving our goals. We believe that the non-GAAP financial measure "Free cash flow" is also useful to investors because it is an indication of cash flow that may be available to fund investments in future growth initiatives.

Our major sources of funds for capital investments, acquisitions, share repurchase programs and dividend payments are cash generated from operating activities, available cash and marketable securities balances, divestitures and borrowings. We evaluate potential acquisitions, divestitures and joint ventures in the ordinary course of business.

**2025 Cash Flow**

Net cash provided by operating activities of continuing operations in 2025 totaled $585.7 million versus $449.5 million in 2024. The primary drivers of Net cash provided by operating activities of continuing operations in 2025 were net earnings, net of non-cash items, and working capital. Net inventory decreased $114.3 million primarily due to lower production. Accounts and notes receivable increased $73.4 million primarily due to increased sales and timing of collections. Accounts payable decreased $26.1 million, primarily due to lower purchasing resulting from reduced production. Accrued expenses increased $96.8 million, primarily driven by an increase in accrued variable compensation.

Net cash used for investing activities was $141.6 million, which included $165.8 million of capital expenditures, and $12.6 million of proceeds from sales of property, plant and equipment. Our capital spending was focused on investments in new products and technologies.

Net cash used for financing activities was $441.2 million, which included $412.6 million of payments of long-term debt including current maturities, $80.0 million of common stock repurchases, $112.6 million of cash dividends paid to common shareholders, partially offset by $173.1 million of proceeds from issuances of short-term debt. Refer to **Note 14 – Debt** in the Notes to Consolidated Financial Statements for further details on our debt activity during the year ended December 31, 2025.

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**Liquidity and Capital Resources**

We view our highly liquid assets as of December 31, 2025 and 2024 as:

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| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Cash and cash equivalents, at cost, which approximates fair value | $**256.8** | $269.0 |
| Short-term investments in marketable securities | **0.8** | 0.8 |
| Total cash, cash equivalents and marketable securities | $**257.6** | $269.8 |

---

The following table sets forth an analysis of Total liquidity as of December 31, 2025 and 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Cash, cash equivalents and marketable securities | $**257.6** | $269.8 |
| Amounts available under lending facilities<sup>(A)</sup> | **994.0** | 997.0 |
| Total liquidity <sup>(B)</sup> | $**1251.6** | $1266.8 |

---

(A) See **Note 14 – Debt** in the Notes to Consolidated Financial Statements for further details on our lending facilities.

(B) We define Total liquidity as Cash and cash equivalents and Short-term investments in marketable securities as presented in the Consolidated Balance Sheets, plus amounts available for borrowing under our lending facilities. Total liquidity is not intended as an alternative measure to Cash and cash equivalents and Short-term investments in marketable securities as determined in accordance with GAAP in the United States. We use this financial measure both in presenting our results to shareholders and the investment community and in our internal evaluation and management of our businesses. We believe that this financial measure and the information it provides are useful to investors because it permits investors to view our performance using the same metric that we use to gauge progress in achieving our goals. We believe that the non-GAAP financial measure "Total liquidity" is also useful to investors because it is an indication of our available highly liquid assets and immediate sources of financing.

Cash, cash equivalents and marketable securities totaled $257.6 million as of December 31, 2025, a decrease of $12.2 million from $269.8 million as of December 31, 2024. Total debt as of December 31, 2025 and December 31, 2024 was $2,102.2 million and $2,340.6 million, respectively. Our debt-to-capitalization ratio was 56 percent and 55 percent as of December 31, 2025 and December 31, 2024, respectively.

There were no borrowings under the Revolving Credit Agreement (Credit Facility) during 2025. Available borrowing capacity under the Credit Facility as of December 31, 2025 totaled $994.0 million, net of $6.0 million of letters of credit outstanding. During 2025, the maximum amount utilized under our unsecured commercial paper program (CP Program) was $445.5 and as of December 31, 2025, we had $290.0 million of borrowings outstanding under the CP Program.

There were no borrowings under the Credit Facility during 2024. Available borrowing capacity under the Credit Facility as of December 31, 2024 totaled $997.0 million, net of $3.0 million of letters of credit outstanding. During 2024, the maximum amount utilized under our CP Program was $280.0 million.

The level of borrowing capacity under our Credit Facility and CP Program is limited by both a leverage and interest coverage test. These covenants also pertain to termination provisions included in our wholesale financing joint venture arrangements with Wells Fargo Commercial Distribution Finance. Based on our anticipated earnings generation throughout the year, we expect to maintain sufficient cushion against the existing debt covenants. As of December 31, 2025, we were in compliance with the financial covenants in the Credit Facility and CP Program.

We believe that we have adequate sources of liquidity to meet our short-term and long-term needs.

***2026 Capital Strategy***

We anticipate executing a thoughtful capital strategy in 2026 with planned debt reductions of approximately $160 million, capital expenditures of approximately $200 million, and $50 million of share repurchases, which could increase in the event cash generation outpaces initial expectations.

***Financial Services***

Refer to **Note 8 – Financing Joint Venture** in the Notes to Consolidated Financial Statements for more information about our financial services.

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***Off-Balance Sheet Arrangements***

*Guarantees.* We have reserves to cover potential losses associated with guarantees and repurchase obligations based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant. See **Note 11 – Commitments and Contingencies** in the Notes to Consolidated Financial Statements for a description of these arrangements.

***Contractual Obligations***

The following table sets forth a summary of our contractual cash obligations as of December 31, 2025:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| **(in millions)** | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| **Contractual Obligations** | | | | | |
| Debt <sup>(A)</sup> | $**2120.8** | $295.4 | $7.7 | $402.7 | $1415.0 |
| Interest payments on long-term debt | **886.0** | 80.3 | 160.6 | 124.2 | 520.9 |
| Operating leases <sup>(B)</sup> | **239.8** | 38.8 | 61.4 | 44.2 | 95.4 |
| Purchase obligations <sup>(C)</sup> | **107.9** | 107.6 | 0.2 | 0.1 |  |
| Deferred management compensation <sup>(D)</sup> | **38.5** | 5.0 | 6.0 | 6.0 | 21.5 |
| Other long-term liabilities <sup>(E)</sup> | **139.8** | 1.7 | 82.2 | 45.7 | 10.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total contractual obligations | $**3532.8** | $528.8 | $318.1 | $622.9 | $2063.0 |

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(A)&nbsp;&nbsp;&nbsp;&nbsp;See **Note 14 – Debt** in the Notes to Consolidated Financial Statements for additional information on our debt. "Debt" refers to future cash principal payments. Debt also includes our finance leases as discussed in **Note 20 – Leases** in the Notes to Consolidated Financial Statements.

(B)&nbsp;&nbsp;&nbsp;&nbsp;See **Note 20 – Leases** in the Notes to Consolidated Financial Statements for additional information.

(C)&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations represent agreements with suppliers and vendors as part of the normal course of business.

(D)&nbsp;&nbsp;&nbsp;&nbsp;Amounts primarily represent long-term deferred compensation plans.

(E)&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities primarily include long-term warranty contracts, future projected payments related to our nonqualified pension plans.

**Legal Proceedings**

See **Note 11 – Commitments and Contingencies** in the Notes to Consolidated Financial Statements.

**Critical Accounting Estimates**

The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States requires management to make certain estimates and assumptions that affect the amount of reported assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and revenues and expenses during the periods reported. Actual results may differ from those estimates. If current estimates for the cost of resolving any specific matters are later determined to be inadequate, results of operations could be adversely affected in the period in which additional provisions are required. We have discussed the development and selection of the critical accounting policies with the Audit and Finance Committee of the Board of Directors and believe the following are the most critical accounting policies that could have an effect on our reported results.

*Revenue Recognition and Sales Incentives.* Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods (engines, parts and accessories, and boats) is transferred to the customer. We exercise judgment and consider the timing of right to payment, transfer of risk and rewards, transfer of title, transfer of physical possession, and customer acceptance when determining when control transfers to the customer. We recognize revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period.

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Revenue is measured as the amount of consideration expected to be entitled to in exchange for transferring goods or providing services. We have excluded sales, value add, and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. We exercise judgment when determining the transaction price, including the estimate of discounts, which is partly based on estimates of customer sales volumes. These estimates are subject to uncertainty as historical discount experience and sales volumes may not be consistent with future activity. We have elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, we have not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

See **Note 2 – Revenue Recognition** in the Notes to Consolidated Financial Statements for more information.

*Warranty Reserves.* We record an estimated liability for product warranties at the time revenue is recognized. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. We exercise judgment when determining the appropriate historical periods to project claim rates and expected costs per claim. Further, these estimates are subject to uncertainty as historical warranty experience may not be consistent with future warranty claims. We adjust our liability for specific warranty matters when they become known and the exposure can be estimated. Our warranty liabilities are affected by product failure rates as well as material usage and labor costs incurred in correcting a product failure. If actual costs differ from estimated costs, we must make a revision to the warranty liability, which could have an adverse impact on our results of operations and cash flows.

*Goodwill.* Goodwill results from the excess of purchase price over the net assets of businesses acquired. We review goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, we may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of our reporting units are "more likely than not" to exceed their carrying values. In performing this qualitative analysis, we consider various factors, including the effect of market or industry changes and the reporting units' actual results compared with projected results. We exercise judgment when evaluating the impact of market and industry changes and when comparing actual results to projected results.

If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, we perform a quantitative assessment which begins by measuring the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment is recorded equal to the carrying value of the reporting unit less its fair value, not to exceed the carrying value of goodwill.

We calculate the fair value of our reporting units considering both the income approach and the guideline public company method, a form of the market approach. The income approach calculates the fair value of the reporting unit using a discounted cash flow approach utilizing a Gordon Growth model. Internally forecasted future cash flows, which we believe reasonably approximates market participant assumptions, are discounted using a weighted average cost of capital (Discount Rate) developed for each reporting unit. The Discount Rate is developed using market observable inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit's forecasted performance. We exercise judgment when forecasting future cash flows including the performance of the underlying market in which the reporting unit operates as well as the impact of specific initiatives. We exercise judgment when determining the level of risk associated with achieving the forecasted future cash flows. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast, our results of operations could be materially adversely affected. Fair value under the guideline public company method is determined for each reporting unit by applying market multiples for comparable public companies to the unit's current and forecasted financial results. We exercise judgment when determining the comparable public companies and market multiples. The key uncertainties in these calculations are the assumptions used in determining the reporting unit's forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples.

We recorded a $305.8 million and $80.0 million impairment of the Navico Group reporting unit's goodwill in 2025 and 2024, respectively.

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*Other Intangible Assets.* Our primary other intangible assets are customer relationships, trade names, and developed technology acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. Customer relationships, trade names, and developed technology are valued using the income approach. The fair value of customer relationships is measured using the multi-period excess earnings method (MPEEM). The fair value of trade names and developed technology are measured using a relief-from-royalty (RFR) approach, which assumes the value of the trade name or technology is the discounted amount of cash flows that would be paid to third parties had we not owned the trade name or technology and instead licensed the trade name or technology from another company. Higher royalty rates are assigned to premium brands within the marketplace based on name recognition and profitability, while other brands receive lower royalty rates. We exercise judgment when selecting the royalty rates and evaluating profitability. The basis for future sales projections for both the RFR and MPEEM are internal revenue forecasts which we believe represent reasonable market participant assumptions. We exercise judgment when forecasting revenue including the performance of the underlying market in which the intangible asset operates as well as the impact of specific initiatives. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset. We exercise judgment when determining the level of risk associated with achieving the forecasted revenue. For MPEEM calculations, we exercise judgment in determining the customer attrition rate, which is generally based on historical experience. These estimates are subject to uncertainty as actual results may differ from our forecast. If actual results differ from the forecast including higher than anticipated customer attrition, our results of operations could be materially adversely affected.

The key uncertainties in the RFR and MPEEM calculations, as applicable, are: the selection of an appropriate royalty rate, assumptions used in developing internal revenue growth and expense forecasts, assumed customer attrition rates, as well as the perceived risk associated with those forecasts in determining the Discount Rate and risk premium.

The costs of amortizable intangible assets are recognized over their expected useful lives, typically between three and fifteen years, using the straight-line method. Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount. An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. We recorded impairment charges of $16.7 million during the year ended December 31, 2025 related to various Navico trade names. We recorded impairment charges of $5.0 million during the year ended December 31, 2024 related to the Navico trade name. We recorded impairment charges of $16.6 million during the year ended December 31, 2023, including a $13.0 million impairment of the Navico trade name.

Refer to **Note 4 – Acquisitions** and **Note 9 – Goodwill and Other Intangibles** in the Notes to Consolidated Financial Statements for more information.

***Recent Accounting Pronouncements***

See **Note 1 – Significant Accounting Policies** in the Notes to Consolidated Financial Statements for the recent accounting pronouncements that have been adopted during the year ended December 31, 2025, or will be adopted in future periods.

**Item 7A. Quantitative and Qualitative Disclosures About Market Risk**

We are exposed to market risk from changes in foreign currency exchange rates, commodity prices and interest rates. We enter into various hedging transactions to mitigate certain risks in accordance with guidelines established by our management. We do not use financial instruments for trading or speculative purposes.

We use foreign currency forward and option contracts to manage foreign exchange rate exposure related to anticipated transactions, and assets and liabilities that are subject to risk from foreign currency rate changes. Our principal currency exposures mainly relate to the Euro, Canadian dollar, Australian dollar, and the Brazilian Real. We hedge certain anticipated transactions with financial instruments whose maturity date, along with the realized gain or loss, occurs on or near the execution of the anticipated transaction. We manage foreign currency exposure of certain assets or liabilities through the use of derivative financial instruments such that the gain or loss on the derivative financial instrument offsets the loss or gain recognized on the underlying asset or liability, respectively.

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We use fixed-to-floating interest rate swaps to convert a portion of our long-term debt from fixed-to-floating rate debt. An interest rate swap is entered into with the expectation that the change in the fair value of the interest rate swap will offset the change in the fair value of the debt instrument attributable to changes in the benchmark interest rate. Each period, the change in the fair value of the interest rate swap asset or liability is recorded as a change in the fair value of the corresponding debt instrument.

The following analyses provide quantitative information regarding our exposure to foreign currency exchange rate risk and interest rate risk as it relates to our derivative financial instruments. We use a model to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk that assumes instantaneous, parallel shifts in exchange rates. For options and instruments with nonlinear returns, models appropriate to the instrument are utilized to determine the impact of market shifts. There are certain shortcomings inherent in the sensitivity analyses presented, primarily due to the assumption that exchange rates change in a parallel fashion.

The estimated reduction in fair market value that we would incur on our derivative financial instruments from a 10 percent adverse change in quoted foreign currency rates are $81.4 million and $69.3 million for the years 2025 and 2024, respectively.

**Item 8. Financial Statements and Supplementary Data**

See Index to Financial Statements and Financial Statement Schedule on page <u>[52](#iad672748c7e64818b500cab0f3c1fd16_148)</u>.

**Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure**

None.

**Item 9A. Controls and Procedures** 

**Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures**

Under the supervision and with the participation of our management, including the Chief Executive Officer and the Chief Financial Officer of the Company (our principal executive officer and principal financial officer, respectively), we have evaluated our disclosure controls and procedures (as defined in Securities Exchange Act Rules 13a -15(e) and 15d -15(e)) as of the end of the period covered by this Annual Report on Form 10-K. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that our disclosure controls and procedures are effective.

**Management's Report on Internal Control Over Financial Reporting**

Pursuant to Section 404 of the Sarbanes-Oxley Act of 2002, we included a report of management's assessment of the effectiveness of its internal control over financial reporting as part of this Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Management's report is included in our 2025 Financial Statements under the captions entitled "Report of Management on Internal Control Over Financial Reporting" and is incorporated herein by reference.

**Changes in Internal Control Over Financial Reporting**

There were no changes in our internal control over financial reporting during the quarter ended December 31, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**Item 9B. Other Information**

*Securities Trading Plans of Executive Officers and Directors*

Rule 10b5-1 under the Exchange Act provides an affirmative defense that enables pre-arranged transactions in securities in a manner that avoids concerns about initiating transactions at a future date while possibly in possession of material nonpublic information. Our Insider Trading and Unauthorized Disclosures Policy permits our officers and directors to enter into trading plans designed to comply with Rule 10b5-1.

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During the quarterly period ended December 31, 2025, Director Nancy E. Cooper adopted a Rule 10b5-1 trading arrangement, dated October 29, 2025, providing for the sale each quarter of 35 percent of net shares of her director compensation paid in common stock. The duration of the trading arrangement is from the selling start date, February 19, 2026, through November 9, 2026, or earlier if all transactions under the trading arrangement are completed prior to that date. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). None of our officers (as defined in Rule 16a-1(f) under the Exchange Act) or any other directors adopted or terminated a Rule 10b5-1 trading plan or adopted or terminated a non-Rule 10b5-1 trading arrangement (as defined in Item 408(c) of Regulation S-K) during the quarterly period.

**Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections**

Not Applicable.

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**PART III**

**Item 10. Directors, Executive Officers and Corporate Governance**

Information pursuant to this Item with respect to our Directors, our Audit and Finance Committee, and our code of ethics is incorporated by reference from the discussion under the headings Proposal 1: Election of Directors, Corporate Governance, and Governance Policies and Practices in our Proxy Statement for the Annual Meeting of Shareholders to be held on May 6, 2026 (Proxy Statement). The information required by Item 408(b) of Regulation S-K regarding insider trading policies and procedures is incorporated by reference from the discussion under the heading Governance Policies and Practices (Insider Trading Policy) in the Proxy Statement.

The information required by Item 401 of Regulation S-K regarding executive officers is included under "Information about our Executive Officers" following Item 4 in Part I of this Annual Report.

**Item 11. Executive Compensation**

Information pursuant to this Item with respect to compensation paid to our Directors is incorporated by reference from the discussion under the heading Director Compensation in the Proxy Statement. Information pursuant to this Item with respect to executive compensation is incorporated by reference from the discussion under the heading Executive Compensation in the Proxy Statement.

**Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters**

Information pursuant to this Item with respect to our securities owned by our Directors and certain officers, by our Directors and officers as a group, and by the persons known to us to own beneficially more than 5 percent of our outstanding voting securities is incorporated by reference from the discussion under the heading Stock Held by Directors, Executive Officers, and Principal Shareholders in the Proxy Statement. Information pursuant to this Item with respect to securities authorized for issuance under our equity compensation plans is hereby incorporated by reference from the discussion under the heading Equity Compensation Plan Information in the Proxy Statement.

**Item 13. Certain Relationships and Related Transactions, and Director Independence**

Information pursuant to this Item with respect to certain relationships and related transactions is incorporated by reference from the discussion under the headings Proposal 1: Election of Directors, Corporate Governance, and Governance Policies and Practices in the Proxy Statement.

**Item 14. Principal Accounting Fees and Services**

Information pursuant to this Item with respect to fees for professional services rendered by our independent registered public accounting firm and the Audit and Finance Committee's policy on pre-approval of audit and permissible non-audit services of our independent registered public accounting firm is incorporated by reference from the discussion in the Proxy Statement under the heading Audit-Related Matters.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

**PART IV**

**Item 15. Exhibits and Financial Statement Schedules**

The financial statements and schedule filed as part of this Annual Report on Form 10-K are listed in the accompanying Index to Financial Statements and Financial Statement Schedule on page <u>[47](#iad672748c7e64818b500cab0f3c1fd16_148)</u>. The exhibits filed as a part of this Annual Report are listed in the Exhibit Index below.<br>

---

| | |
|:---|:---|
| **<u>Exhibit No.</u>** | **<u>Description</u>** |
| 3.1 | <u>[Amended and Restated Certificate of Incorporation of the Company, dated May 3, 2023,](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)[(incorp](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)[orated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)[Exhibit 3.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended April 1, 2023](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493023000112/bc20230401ex31.htm)</u> |
| 3.2 | Certificate of Designation, Preferences and Rights of Series A Junior Participating Preferred Stock, (incorporated by reference to Exhibit 3.2 to the Company's Annual Report on Form 10-K for 1995). |
| 3.3 | <u>[Amended By-Laws of the Company](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[(incorporate](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[d by refer](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[ence to](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[Exhibit 3.1 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[on December 6, 2022](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493022000176/bc20221298-kex31.htm)</u> |
| 4.1 | <u>[Description of the Company's Securities Registered Pursuant to Section 12 of the Exchange Act.](bc20251231ex41.htm)</u> |
| 4.2 | <u>[Indenture, dated as of October 3, 2018, between the Company and U.S. Bank National Association, as Trustee](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)[Exhibit 4.1 to the Company's Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)[on October 3, 2018](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036118040031/s002408x6_ex4-1.htm)</u> |
| 4.3 | <u>[Second Supplemental Indenture, dated as of December 3, 2018, between the Company and U.S. Bank National Association, as Trustee](https://www.sec.gov/Archives/edgar/data/14930/000114036118044410/s002548x6_ex4-2.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036118044410/s002548x6_ex4-2.htm)[Exhibit 4.2 to the Company's Current Report on Form 8-K filed on December 3, 2018](https://www.sec.gov/Archives/edgar/data/14930/000114036118044410/s002548x6_ex4-2.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036118044410/s002548x6_ex4-2.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036118044410/s002548x6_ex4-2.htm)</u> |
| 4.4 | <u>[Third Supplemental Indenture, dated as of March 4, 2019, between the Company and U.S. Bank National Association, as Trustee](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[Exhibit 4.2 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[on March 4, 2019](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036119004358/s002693x5_ex4-2.htm)</u> |
| 4.5 | <u>[Fourth Supplemental Indenture, dated as of August 18, 2021, between the Company and U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)[Exhibit 4.2 to the Company's Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)[on August 18, 2021](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)[)](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)[.](https://www.sec.gov/Archives/edgar/data/0000014930/000114036121028734/ny20000122x6_ex4-2.htm)</u> |
| 4.6 | <u>[Fifth Supplemental Indenture, dated as of March 29, 2022, between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[Exhibit 4.2 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[on March 29, 2022](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036122011664/ny20003472x4_ex4-2.htm)</u> |
| 4.7 | <u>[Sixth Supplemental Indenture, dated as of March 18, 2024, between the Company and U.S. Bank Trust Company, National Association, as successor in interest to U.S. Bank National Association, as trustee](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[E](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[xhibit 4.2 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[on](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[March 18, 2024](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036124013951/ny20024037x4_ex4-2.htm)</u> |
| 4.8 | <u>[Form of Global Note for the 6.375% Senior Notes due 204](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[9](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[Exhibit 4.3 to the Form 8-A filed](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[on March 4, 2019](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036119004362/s002693x4_ex4-3.htm)</u> |
| 4.9 | The Company's agreement to furnish additional debt instruments upon request by the Securities and Exchange Commission (incorporated by reference to Exhibit 4.10 to the Company's Annual Report on Form 10-K for 1980). |
| 10.1 | &nbsp;&nbsp;&nbsp;&nbsp;<br><u>[Amended and Restated Credit Agreement, dated as of October 11, 2024, among Brunswick Corporation, the subsidiary borrowers party thereto, the lenders party thereto and JPMorgan Chase Bank, N.A., as administrative agent](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[Exhibit 10.1 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[on October 11, 2024](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000095015724001406/ex10-1.htm)</u> |
| 10.2 | <u>[Form of Dealer Agreement between Brunswick Corporation and the Dealer party thereto](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[Exhibit 10.1 to the Company's Current Report on Form 8-K](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[filed](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[on December 19, 2019](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000114036119022921/ex10_1.htm)</u> |
| 10.3\* | <u>[Terms and Conditions of Employment Agreement for David M. Foulkes, effective January 1, 2019](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[(incorporated](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[Exhibit 10.1 to the Company's Current Report on Form 8-K filed](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[on December 10, 2018](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493018000179/foulkestermsandconditionse.htm)</u> |
| 10.4\* | <u>[Form of Officer Terms and Conditions of Employment](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex104.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex104.htm)[Exhibit 10.4 to the Company's Annual Report on Form 10-K for 2024](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex104.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex104.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex104.htm)</u> |
| 10.5\* | <u>[Form of Non-Employee Director Indemnification Agreement](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[(incorporated by refe](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[r](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[ence to](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[Exhibit 10.5 to the Company's Annual Report on Form 10-K for 2006](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493007000052/exhibit10_5.htm)</u> |
| 10.6\* | <u>[Brunswick Corporation 2005 Elective Deferred Compensation Plan as amended and restated effective January 1, 2013](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex102.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex102.htm)[Exhibit 10.2 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex102.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex102.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex102.htm)</u> |
| 10.7\* | <u>[Brunswick Restoration Plan, as amended and restated effective January 1, 2013](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex101.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex101.htm)[Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 30, 2012](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex101.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex101.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493012000073/bc20120630ex101.htm)</u> |
| 10.8\* | &nbsp;&nbsp;&nbsp;&nbsp;<br><u>[Brunswick Corporation 2023 Stock Incentive Plan](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[(incorporated by reference to](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[an appendix to the Definitive Proxy Statement on Schedule 14A](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[filed](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[on March 23, 2023](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[)](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)[.](https://www.sec.gov/ix?doc=/Archives/edgar/data/0000014930/000114036123013246/ny20006555x2_def14a.htm)</u> |
| 10.9\* | <u>[Brunswick Corporation 2014 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/14930/000001493014000106/exhibit101-2014bcsip.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493014000106/exhibit101-2014bcsip.htm)[Exhibit 10.1 to the Company's Quarterly Report on Form 10-Q for the quarter ended June 28, 2014](https://www.sec.gov/Archives/edgar/data/14930/000001493014000106/exhibit101-2014bcsip.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493014000106/exhibit101-2014bcsip.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493014000106/exhibit101-2014bcsip.htm)</u> |

---

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

---

| | |
|:---|:---|
| 10.10\* | <u>[Brunswick Corporation 2005 Automatic Deferred Compensation Plan as amended and restated effective January 1, 2018](https://www.sec.gov/Archives/edgar/data/14930/000001493019000072/bcorp20190330ex109.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493019000072/bcorp20190330ex109.htm)[Exhibit 10.9 to the Company's Quarterly Report on Form 10-Q for the quarter ended March 30, 2019](https://www.sec.gov/Archives/edgar/data/14930/000001493019000072/bcorp20190330ex109.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493019000072/bcorp20190330ex109.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493019000072/bcorp20190330ex109.htm)</u> |
| 10.11\* | <u>[2026 Brunswick Performance Plan (BPP) Summary Terms and Conditions.](bc20251231ex1011.htm)</u> |
| 10.12\* | <u>[2026 Performance Share Award Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan--TSR Participants.](bc20251231ex1012.htm)</u> |
| 10.13\* | <u>[2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan.](bc20251231ex1013.htm)</u> |
| 10.14\* | <u>[2025 Brunswick Performance Plan (BPP) Summary Terms and Conditions](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)[Exhibit 10.11 to the Company's Annual Report on Form 10-K for](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)[2024](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1011.htm)</u> |
| 10.15\* | <u>[2025 Performance Share Award Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan --TSR Participants](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)[(incorporated by](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)[reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)[Exhibit 10.12 to the Company's Annual Report on Form 10-K for 2024](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1012.htm)</u> |
| 10.16\* | <u>[2025 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1013ex.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1013ex.htm)[Exhibit 10.13 to the Company's Annual Report on Form 10-K for 2024](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1013ex.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1013ex.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493025000025/bc20241231ex1013ex.htm)</u> |
| 10.17\* | <u>[2024 Performance Share Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)[(incorporated](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)[by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)[Exhibit 10.12 to the Company's Annual Report on Form 10-K for 2023](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1012.htm)</u> |
| 10.18\* | <u>[2024 Stock-Settled Restricted Stock Unit Grant Terms and Conditions Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1013.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1013.htm)[Exhibit 10.13 to the Company's Annual Report on Form 10-K for 2023](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1013.htm)[)](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1013.htm)[.](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex1013.htm)</u> |
| 19.1 | <u>[Brunswick Insider Trading and Unauthorized Disclosures Policy.](bc20251231ex191.htm)</u> |
| 21.1 | <u>[Subsidiaries of the Company.](bc20251231ex211.htm)</u> |
| 23.1 | <u>[Consent of Independent Registered Public Accounting Firm.](bc20251231ex231.htm)</u> |
| 24.1 | <u>[Power of Attorney.](bc20251231ex241poa.htm)</u> |
| 31.1 | <u>[Certification of Chief Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bc20251231ex311.htm)</u> |
| 31.2 | <u>[Certification of Chief Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.](bc20251231ex312.htm)</u> |
| 32.1\*\* | <u>[Certification of Chief Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](bc20251231ex321.htm)</u> |
| 32.2\*\* | <u>[Certification of Chief Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.](bc20251231ex322.htm)</u> |
| 97.1 | <u>[Brunswick Corporation Compensation Recoupment Policy](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex971.htm)[(incorporated by reference to](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex971.htm)[Exhibit 97.1 to the Company's Annual Report on Form 10-K for 2023](https://www.sec.gov/Archives/edgar/data/14930/000001493024000054/bc20231231ex971.htm)</u>). |
| 101.INS | Inline XBRL Instance Document. |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document. |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| 104.1 | Cover Page Interactive Data File, formatted in Inline XBRL, is contained in Exhibit 101. |

---

\* Management contract or compensatory plan or arrangement.

\*\* Furnished herewith.

Unless otherwise indicated, exhibits are filed herewith.

------

<u>[**Table of Contents**](#iad672748c7e64818b500cab0f3c1fd16_7)</u>

**Index to Financial Statements and Financial Statement Schedule**

**Brunswick Corporation**

---

| | |
|:---|:---|
| | **<u>Page</u>** |
| **Financial Statements:** | |
| <u>[Report of Management on Internal Control over Financial Reporting](#iad672748c7e64818b500cab0f3c1fd16_151)</u> | <u>[48](#iad672748c7e64818b500cab0f3c1fd16_151)</u> |
| <u>[Report of Independent Registered Public Accounting Firm on Internal Control over Financial Reporting](#iad672748c7e64818b500cab0f3c1fd16_154)</u> | <u>[49](#iad672748c7e64818b500cab0f3c1fd16_154)</u> |
| <u>[Report of Independent Registered Public Accounting Firm (PCAOB ID No](#iad672748c7e64818b500cab0f3c1fd16_157)</u><u>34)</u> | <u>[50](#iad672748c7e64818b500cab0f3c1fd16_157)</u> |
| <u>[Consolidated Statements of Operations for the Years Ended December 31, 202](#iad672748c7e64818b500cab0f3c1fd16_160)[5](#iad672748c7e64818b500cab0f3c1fd16_160)[, 202](#iad672748c7e64818b500cab0f3c1fd16_160)[4](#iad672748c7e64818b500cab0f3c1fd16_160)[and 202](#iad672748c7e64818b500cab0f3c1fd16_160)[3](#iad672748c7e64818b500cab0f3c1fd16_160)</u> | <u>[52](#iad672748c7e64818b500cab0f3c1fd16_160)</u> |
| <u>[Consolidated Statements of Comprehensive Income for the Years Ended December 31, 2025, 2024 and 2023](#iad672748c7e64818b500cab0f3c1fd16_163)</u> | <u>[53](#iad672748c7e64818b500cab0f3c1fd16_163)</u> |
| <u>[Consolidated Balance Sheets as of December 31, 2025 and 2024](#iad672748c7e64818b500cab0f3c1fd16_169)</u> | <u>[54](#iad672748c7e64818b500cab0f3c1fd16_169)</u> |
| <u>[Consolidated Statements of Cash Flows for the Years Ended December 31, 2025, 2024 and 2023](#iad672748c7e64818b500cab0f3c1fd16_175)</u> | <u>[56](#iad672748c7e64818b500cab0f3c1fd16_175)</u> |
| <u>[Consolidated Statements of Shareholders' Equity for the Years Ended December 31, 2025, 2024 and 2023](#iad672748c7e64818b500cab0f3c1fd16_178)</u> | <u>[57](#iad672748c7e64818b500cab0f3c1fd16_178)</u> |
| <u>[Notes to Consolidated Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_187)</u> | <u>[58](#iad672748c7e64818b500cab0f3c1fd16_187)</u> |
| **Financial Statement Schedule:** |  |
| <u>[Schedule II - Valuation and Qualifying Accounts](#iad672748c7e64818b500cab0f3c1fd16_304)</u> | <u>[96](#iad672748c7e64818b500cab0f3c1fd16_304)</u> |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**REPORT OF MANAGEMENT ON INTERNAL CONTROL OVER FINANCIAL REPORTING** 

The Company's management is responsible for the preparation, integrity, and objectivity of the financial statements and other financial information presented in this Annual Report. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States and reflect the effects of certain estimates and judgments made by management.

The Company's management is also responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Securities Exchange Act Rule 13a-15(f). Under the supervision and with the participation of the Company's management, including the Chief Executive Officer and the Chief Financial Officer, the Company conducted an evaluation of the effectiveness of its internal control over financial reporting based on the framework in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework).

Based on the Company's evaluation under the framework in Internal Control - Integrated Framework, management concluded that internal control over financial reporting was effective as of December 31, 2025.

The effectiveness of internal control over financial reporting as of December 31, 2025 has been audited by Deloitte & Touche LLP, an independent registered public accounting firm, as stated in its attestation report, which is included herein.

Brunswick Corporation

Mettawa, Illinois

February 13, 2026

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the shareholders and the Board of Directors of Brunswick Corporation

**Opinion on Internal Control over Financial Reporting**

We have audited the internal control over financial reporting of Brunswick Corporation and subsidiaries (the "Company") as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by COSO.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated financial statements as of and for the year ended December 31, 2025, of the Company and our report dated February 13, 2026, expressed an unqualified opinion on those financial statements.

**Basis for Opinion** 

The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Report of Management on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.

**Definition and Limitations of Internal Control over Financial Reporting**

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

<u>/s/ DELOITTE & TOUCHE LLP</u>

Chicago, Illinois

February 13, 2026

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the shareholders and the Board of Directors of Brunswick Corporation

**Opinion on the Financial Statements**

We have audited the accompanying consolidated balance sheets of Brunswick Corporation and subsidiaries (the "Company") as of December 31, 2025 and 2024, the related consolidated statements of operations, comprehensive income, shareholders' equity, and cash flows, for each of the three years in the period ended December 31, 2025, and the related notes and the schedule listed in the Index at Item 15 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control — Integrated Framework (2013)* issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 13, 2026, expressed an unqualified opinion on the Company's internal control over financial reporting.

**Basis for Opinion**

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

**Critical Audit Matter**

The critical audit matter communicated below is a matter arising from the current-period audit of the financial statements that was communicated or required to be communicated to the audit and finance committee and that (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

**Navico Reporting Unit Goodwill Impairment – Refer to Notes 1 and 9 to the financial statements**

*Critical Audit Matter Description*

The Company's evaluation of goodwill is performed at least annually by comparing the fair value of each respective reporting unit to its carrying value.

The Company estimates the fair value of its reporting units using a discounted cash flow approach and guideline public company method approach, a form of the market approach. The fair value determination required management to make significant estimates and assumptions related to business and valuation assumptions including revenue growth rates, profitability margins, and the discount rate. Changes in these assumptions could have a significant impact on either the fair value, the amount of any impairment charge, or both. The goodwill balance recorded as of December 31, 2025 was $681.2 million. Of this amount, $223.6 million relates to the Navico

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

Group reporting unit. Impairment charges for the Navico Group reporting unit for the year ended December 31, 2025 were $305.8 million.

We identified management's estimate of the fair value of the Navico Group reporting unit goodwill as a critical audit matter because of the significant judgements made by management to estimate fair value. This required a high degree of auditor judgement and an increased extent of effort, including the need to involve our fair value specialists, when performing audit procedures to evaluate the reasonableness of management's projected future cash flows and the selection of valuation assumptions.

*How the Critical Audit Matter Was Addressed in the Audit*

Our audit procedures related to the projected future cash flows and selection of valuation assumptions for goodwill included the following, among others:

• We tested the effectiveness of controls over management's determination of the fair value of the reporting unit, including those over the projected future cash flows and selection of revenue growth, profitability margin, and discount rate assumptions.

• We evaluated management's ability to accurately forecast future revenues and profitability margins by comparing actual results to management's historical forecasts.

• We evaluated the reasonableness of management's forecast by comparing to historical results, internal communications to management and certain industry and market trends.

• With the assistance of our fair value specialists, we evaluated the reasonableness of the valuation assumptions including the discount rate and developed a range of independent estimates and compared those to the valuation assumptions selected by management.

• We tested the source information underlying the determination of the valuation assumptions as well as the mathematical accuracy of the calculation.

<u>/s/ DELOITTE & TOUCHE LLP</u>

Chicago, Illinois

February 13, 2026

We have served as the Company's auditor since 2014.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Consolidated Statements of Operations**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31** | **For the Years Ended December 31** | **For the Years Ended December 31** |
| **(in millions, except per share data)** | **2025** | **2024** | **2023** |
| **Net sales** | $**5362.8** | $5237.1 | $6401.4 |
| Cost of sales | **4030.6** | 3886.3 | 4614.4 |
| Selling, general and administrative expense | **851.1** | 747.9 | 812.2 |
| Research and development expense | **168.7** | 169.6 | 185.2 |
| Restructuring, exit and impairment charges | **353.1** | 121.7 | 54.7 |
| &nbsp;&nbsp;&nbsp;**Operating (loss) earnings** | **(40.7)** | 311.6 | 734.9 |
| Equity earnings (loss) | **7.0** | 8.6 | (11.4) |
| Other (loss) income, net | **(1.6)** | 9.0 | 7.6 |
| &nbsp;&nbsp;&nbsp;**(Loss) earnings before interest and income taxes** | **(35.3)** | 329.2 | 731.1 |
| Interest expense | **(111.7)** | (126.6) | (112.4) |
| Interest income | **7.2** | 13.4 | 10.2 |
| Gain (loss) on early extinguishment of debt | **4.1** | (12.7) |  |
| &nbsp;&nbsp;&nbsp;**(Loss) earnings before income taxes** | **(135.7)** | 203.3 | 628.9 |
| Income tax provision | **0.2** | 54.0 | 196.3 |
| &nbsp;&nbsp;&nbsp;**Net (loss) earnings from continuing operations** | **(135.9)** | 149.3 | 432.6 |
| &nbsp;&nbsp;&nbsp;**Net loss from discontinued operations, net of tax** | **(1.4)** | (19.2) | (12.2) |
| &nbsp;&nbsp;&nbsp;**Net (loss) earnings** | $**(137.3)** | $130.1 | $420.4 |
| **Earnings per common share:** |  |  |  |
| &nbsp;&nbsp;&nbsp;Basic |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (Loss) earnings from continuing operations | $**(2.06)** | $2.22 | $6.16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations | **(0.02)** | (0.28) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) earnings** | $**(2.08)** | $1.94 | $5.99 |
| &nbsp;&nbsp;&nbsp;Diluted |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Loss) earnings from continuing operations | $**(2.06)** | $2.21 | $6.13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss from discontinued operations | **(0.02)** | (0.28) | (0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net (loss) earnings** | $**(2.08)** | $1.93 | $5.96 |
| **Weighted average shares used for computation of:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic (loss) earnings per common share | **65.9** | 67.2 | 70.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted (loss) earnings per common share | **65.9** | 67.4 | 70.5 |

---

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Consolidated Statements of Comprehensive Income**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31** | **For the Years Ended December 31** | **For the Years Ended December 31** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Net (loss) earnings** | $**(137.3)** | $130.1 | $420.4 |
| Other comprehensive income (loss), net of tax: |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net foreign currency translation <sup>(A)</sup> | **72.3** | (47.4) | 21.8 |
| &nbsp;&nbsp;&nbsp;Defined benefit plans: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial gains (losses) <sup>(A)</sup> | **1.3** | 3.1 | (4.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of prior service credits <sup>(B)</sup> | **(0.4)** | (0.5) | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of net actuarial (gains) losses <sup>(B)</sup> | **(0.1)** | (0.5) | 2.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net defined benefit plans | **0.8** | 2.1 | (5.1) |
| &nbsp;&nbsp;&nbsp;Derivatives: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net deferred (losses) gains on derivatives <sup>(A)</sup> | **(39.1)** | 19.0 | (3.3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gains) losses reclassified into Net earnings <sup>(B)</sup> | **(3.3)** | (1.4) | (9.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net activity for derivatives | **(42.4)** | 17.6 | (12.9) |
| &nbsp;&nbsp;&nbsp;**Other comprehensive income (loss)** | **30.7** | (27.7) | 3.8 |
| &nbsp;&nbsp;&nbsp;**Comprehensive (loss) income** | $**(106.6)** | $102.4 | $424.2 |

---

(A) The tax effects for the year ended December 31, 2025 were $(10.3) million for foreign currency translation, $(0.7) million for net actuarial gains arising during the period and $12.6 million for derivatives. The tax effects for the year ended December 31, 2024 were $8.9 million for foreign currency translation, $(0.5) million for net actuarial gains arising during the period and $(6.3) million for derivatives. The tax effects for the year ended December 31, 2023 were $(2.3) million for foreign currency translation, $1.3 million for net actuarial losses arising during the period and $0.6 million for derivatives.

(B) See **Note 17 – Comprehensive Income (Loss)** for the tax effects for the years ended December 31, 2025, December 31, 2024 and December 31, 2023.

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Consolidated Balance Sheets**

---

| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| **(in millions)** | **2025** | **2024** |
| **Assets** |  |  |
| **Current assets** |  |  |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents, at cost, which approximates fair value | $**256.8** | $269.0 |
| &nbsp;&nbsp;&nbsp;Restricted cash | **18.1** | 16.9 |
| &nbsp;&nbsp;&nbsp;Short-term investments in marketable securities | **0.8** | 0.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash and short-term investments in marketable securities | **275.7** | 286.7 |
| &nbsp;&nbsp;&nbsp;Accounts and notes receivable, less allowances of $10.6 and $10.3 | **522.8** | 429.0 |
| &nbsp;&nbsp;&nbsp;Inventories |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finished goods | **767.4** | 846.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Work-in-process | **146.9** | 148.1 |
| &nbsp;&nbsp;&nbsp;&nbsp;Raw materials | **278.0** | 307.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net inventories | **1192.3** | 1302.6 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other | **72.5** | 95.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current assets** | **2063.3** | 2113.8 |
| **Property** |  |  |
| &nbsp;&nbsp;&nbsp;Land | **43.8** | 44.0 |
| &nbsp;&nbsp;&nbsp;Buildings and improvements | **681.5** | 642.1 |
| &nbsp;&nbsp;&nbsp;Equipment | **1597.1** | 1544.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total land, buildings and improvements and equipment | **2322.4** | 2230.8 |
| &nbsp;&nbsp;&nbsp;Accumulated depreciation | **(1291.1)** | (1186.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net land, buildings and improvements and equipment | **1031.3** | 1043.9 |
| &nbsp;&nbsp;&nbsp;Unamortized product tooling costs | **176.5** | 207.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Net property** | **1207.8** | 1251.5 |
| **Other assets** |  |  |
| &nbsp;&nbsp;&nbsp;Goodwill | **681.2** | 966.1 |
| &nbsp;&nbsp;&nbsp;Other intangibles, net | **854.8** | 918.3 |
| &nbsp;&nbsp;&nbsp;Equity investments | **34.4** | 35.0 |
| &nbsp;&nbsp;&nbsp;Deferred income tax asset | **272.2** | 197.5 |
| &nbsp;&nbsp;&nbsp;Operating lease assets | **170.2** | 161.8 |
| &nbsp;&nbsp;&nbsp;Other long-term assets | **28.3** | 33.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Other assets** | **2041.1** | 2312.4 |
| **Total assets** | $**5312.2** | $5677.7 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

---

| | | |
|:---|:---|:---|
| | **As of December 31** | **As of December 31** |
| **(in millions)** | **2025** | **2024** |
| **Liabilities and shareholders' equity** |  |  |
| **Current liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Short-term debt and current maturities of long-term debt | $**295.4** | $242.8 |
| &nbsp;&nbsp;&nbsp;Accounts payable | **374.9** | 393.4 |
| &nbsp;&nbsp;&nbsp;Accrued expenses | **758.4** | 643.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Current liabilities** | **1428.7** | 1279.9 |
| **Long-term liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;Debt | **1806.8** | 2097.8 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities | **151.7** | 145.1 |
| &nbsp;&nbsp;&nbsp;Deferred income tax liability | **10.2** | 10.4 |
| &nbsp;&nbsp;&nbsp;Postretirement benefits | **37.9** | 46.4 |
| &nbsp;&nbsp;&nbsp;Other long-term liabilities | **251.3** | 205.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Long-term liabilities** | **2257.9** | 2505.5 |
| **Shareholders' equity** |  |  |
| Common stock; authorized: 200,000,000 shares, $0.75 par value; issued: 102,538,000 shares; outstanding: 64,889,000 and 65,987,000 shares | **76.9** | 76.9 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | **426.8** | 401.8 |
| &nbsp;&nbsp;&nbsp;Retained earnings | **3364.8** | 3614.7 |
| &nbsp;&nbsp;&nbsp;Treasury stock, at cost: 37,649,000 and 36,551,000 shares | **(2220.2)** | (2147.7) |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation | **(24.6)** | (96.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit plans: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prior service credits | **(8.4)** | (7.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net actuarial gains (losses) | **11.8** | 10.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized investment gains (losses) | **0.2** | 0.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrealized gains (losses) on derivatives | **(1.7)** | 40.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss, net of tax | **(22.7)** | (53.4) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Shareholders' equity** | **1625.6** | 1892.3 |
| **Total liabilities and shareholders' equity** | $**5312.2** | $5677.7 |

---

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Consolidated Statements of Cash Flows**

---

| | | | |
|:---|:---|:---|:---|
| | **For the Years Ended December 31** | **For the Years Ended December 31** | **For the Years Ended December 31** |
| **(in millions)** | **2025** | **2024** | **2023** |
| **Cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net (loss) earnings | $**(137.3)** | $130.1 | $420.4 |
| &nbsp;&nbsp;&nbsp;Less: net loss from discontinued operations, net of tax | **(1.4)** | (19.2) | (12.2) |
| &nbsp;&nbsp;&nbsp;Net (loss) earnings from continuing operations | **(135.9)** | 149.3 | 432.6 |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization | **292.5** | 288.8 | 272.9 |
| &nbsp;&nbsp;&nbsp;Stock compensation expense | **38.7** | 23.4 | 22.4 |
| &nbsp;&nbsp;&nbsp;Asset impairment charges | **323.2** | 91.7 | 19.5 |
| &nbsp;&nbsp;&nbsp;Deferred income taxes | **(81.8)** | (15.6) | 16.4 |
| &nbsp;&nbsp;&nbsp;Impairment of equity method investment | **—** |  | 19.2 |
| &nbsp;&nbsp;&nbsp;Changes in certain current assets and current liabilities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in accounts and notes receivable | **(73.4)** | 45.0 | 54.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in inventory | **114.3** | 112.8 | 0.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in prepaid expenses and other, excluding income taxes | **8.4** | 5.8 | 23.3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in accounts payable | **(26.1)** | (144.2) | (86.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in accrued expenses | **96.8** | (104.0) | (22.8) |
| &nbsp;&nbsp;&nbsp;Extended warranty contracts and other deferred revenue | **9.3** | 9.5 | 14.6 |
| &nbsp;&nbsp;&nbsp;Income taxes | **37.3** | (26.5) | (2.4) |
| &nbsp;&nbsp;&nbsp;Other, net | **(17.6)** | 13.5 | (19.6) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities of continuing operations** | **585.7** | 449.5 | 745.2 |
| &nbsp;&nbsp;&nbsp;**Net cash used for operating activities of discontinued operations** | **(23.6)** | (18.1) | (11.6) |
| &nbsp;&nbsp;&nbsp;**Net cash provided by operating activities** | **562.1** | 431.4 | 733.6 |
| **Cash flows from investing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Capital expenditures | **(165.8)** | (167.4) | (289.3) |
| &nbsp;&nbsp;&nbsp;Purchases of marketable securities | **—** | (80.9) |  |
| &nbsp;&nbsp;&nbsp;Sales or maturities of marketable securities | **—** | 82.1 | 3.8 |
| &nbsp;&nbsp;&nbsp;Investments | **6.5** | 2.9 | (4.6) |
| &nbsp;&nbsp;&nbsp;Acquisition of businesses, net of cash acquired | **(0.2)** | (31.8) | (103.6) |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of property, plant and equipment | **12.6** | 15.0 | 14.8 |
| &nbsp;&nbsp;&nbsp;Proceeds from the sale of business | **0.4** | 9.5 |  |
| &nbsp;&nbsp;&nbsp;Cross currency swap settlements | **4.9** | 1.7 |  |
| &nbsp;&nbsp;&nbsp;**Net cash used for investing activities** | **(141.6)** | (168.9) | (378.9) |
| **Cash flows from financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;Net proceeds (payments) of short-term debt | **173.1** | 113.7 | (3.9) |
| &nbsp;&nbsp;&nbsp;Net proceeds from issuances of long-term debt | **—** | 396.9 |  |
| &nbsp;&nbsp;&nbsp;Payments of long-term debt including current maturities | **(412.6)** | (613.2) | (82.3) |
| &nbsp;&nbsp;&nbsp;Net premium paid on early extinguishment of debt | **—** | (12.5) |  |
| &nbsp;&nbsp;&nbsp;Common stock repurchases | **(80.0)** | (200.0) | (275.0) |
| &nbsp;&nbsp;&nbsp;Cash dividends paid | **(112.6)** | (112.3) | (112.0) |
| &nbsp;&nbsp;&nbsp;Tax withholding associated with shares issued for share-based compensation | **(7.4)** | (9.3) | (13.8) |
| &nbsp;&nbsp;&nbsp;Other, net | **(1.7)** | (6.0) |  |
| &nbsp;&nbsp;&nbsp;**Net cash used for financing activities** | **(441.2)** | (442.7) | (487.0) |
| Effect of exchange rate changes | **9.7** | (12.8) | 2.7 |
| Net decrease in Cash and cash equivalents and Restricted cash | **(11.0)** | (193.0) | (129.6) |
| Cash and cash equivalents and Restricted cash at beginning of period | **285.9** | 478.9 | 608.5 |
| **Cash and cash equivalents and Restricted cash at end of period** | **274.9** | 285.9 | 478.9 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Restricted cash | **18.1** | 16.9 | 11.1 |
| **Cash and cash equivalents at end of period** | $**256.8** | $269.0 | $467.8 |
| **Supplemental cash flow disclosures:** |  |  |  |
| Interest paid | $**115.0** | $140.2 | $117.2 |

---

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Consolidated Statements of Shareholders' Equity**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions, except per share data)** | **Common Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Treasury Stock** | **Accumulated other comprehensive loss, net of tax** | **Total** |
| **Balance, December 31, 2022** | $76.9 | $391.3 | $3288.5 | $(1684.9) | $(29.5) | $2042.3 |
| Net earnings |  |  | 420.4 |  |  | 420.4 |
| Other comprehensive income |  |  |  |  | 3.8 | 3.8 |
| Dividends ($1.60 per common share) |  |  | (112.0) |  |  | (112.0) |
| Compensation plans and other |  | 0.7 |  | 9.7 |  | 10.4 |
| Common stock repurchases |  |  |  | (277.5) |  | (277.5) |
| **Balance, December 31, 2023** | 76.9 | 392.0 | 3596.9 | (1952.7) | (25.7) | 2087.4 |
| Net earnings |  |  | 130.1 |  |  | 130.1 |
| Other comprehensive loss |  |  |  |  | (27.7) | (27.7) |
| Dividends ($1.68 per common share) |  |  | (112.3) |  |  | (112.3) |
| Compensation plans and other |  | 9.8 |  | 6.8 |  | 16.6 |
| Common stock repurchases |  |  |  | (201.8) |  | (201.8) |
| **Balance, December 31, 2024** | 76.9 | 401.8 | 3614.7 | (2147.7) | (53.4) | 1892.3 |
| Net loss |  |  | (137.3) |  |  | (137.3) |
| Other comprehensive income |  |  |  |  | 30.7 | 30.7 |
| Dividends ($1.72 per common share) |  |  | (112.6) |  |  | (112.6) |
| Compensation plans and other |  | 25.0 |  | 8.2 |  | 33.2 |
| Common stock repurchases |  |  |  | (80.7) |  | (80.7) |
| **Balance, December 31, 2025** | $**76.9** | $**426.8** | $**3364.8** | $**(2220.2)** | $**(22.7)** | $**1625.6** |

---

The Notes to Consolidated Financial Statements are an integral part of these consolidated statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 1 – Significant Accounting Policies** 

*Basis of Presentation.* The Company has prepared its consolidated financial statements pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Certain previously reported amounts have been reclassified to conform with current period presentation. Brunswick's results reflect continuing operations only, unless otherwise noted.

*Principles of Consolidation.* Brunswick's consolidated financial statements include the accounts of all majority owned and controlled domestic and foreign subsidiaries. Intercompany balances and transactions have been eliminated.

*Use of Estimates.* The preparation of the consolidated financial statements in accordance with accounting principles generally accepted in the United States (GAAP) requires management to make certain estimates. Actual results could differ materially from those estimates. These estimates affect:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reported amounts of revenues and expenses during the reporting periods;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The reported amounts of assets and liabilities at the date of the financial statements; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The disclosure of contingent assets and liabilities at the date of the financial statements.

Estimates in these consolidated financial statements include, but are not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Allowances for doubtful accounts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Inventory valuation reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Variable consideration related to recorded revenue;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves related to repurchase and recourse obligations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warranty related reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Losses on litigation and other contingencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Environmental reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Insurance reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuation of goodwill and other intangible assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairments of long-lived assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Reserves related to restructuring, exit and impairment activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Postretirement benefit liabilities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Valuation allowances on deferred tax assets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Income tax reserves.

*Revenue Recognition.* Revenue is recognized as performance obligations under the terms of contracts with customers are satisfied; this occurs when control of promised goods is transferred to the customer. The Company recognizes revenue related to the sale of extended warranty contracts that extend the coverage period beyond the standard warranty period over the life of the extended warranty period. The Company recognizes revenue related to the upfront membership dues from its Freedom Boat Club business over the estimated membership life.

Revenue is measured as the amount of consideration the Company expects to be entitled to in exchange for transferring goods or providing services. The Company has excluded sales, value add and other taxes collected concurrent with revenue-producing activities from the determination of the transaction price for all contracts. The Company has elected to account for shipping and handling activities that occur after the customer has obtained control of a good as a fulfillment activity. For all contracts with customers, the Company has not adjusted the promised amount of consideration for the effects of a significant financing component as the period between the transfer of the promised goods and the customer's payment is expected to be one year or less.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

For product sales, the Company transfers control and recognizes revenue at the time the product ships from a manufacturing or distribution facility ("free on board shipping point"), or at the time the product arrives at the customer's facility ("free on board destination"). When the shipping terms are "free on board shipping point", the customer obtains control and is able to direct the use of, and obtain substantially all of the benefits from, the products at the time the products are shipped. For shipments provided under "free on board destination", control transfers to the customer upon delivery. Payment terms vary but are generally due within 30 days of transferring control. For the Company's Boat and Propulsion segments, most product sales to dealers are wholesale financed through the Company's joint venture, Brunswick Acceptance Company, LLC (BAC), or other lending institutions, and payment is typically due in the month of shipment. For further information on the BAC joint venture, refer to **Note 8 – Financing Joint Venture**. In addition, periodically the Company may require the customer to provide upfront cash deposits in advance of performance.

The Company also sells separately priced, extended warranty contracts that extend the coverage period beyond the standard warranty period. When determining an appropriate allocation of the transaction price to the extended warranty performance obligation, the Company uses an observable price to determine the stand-alone selling price. Extended warranties typically range from an additional 1 to 3 years. The Company receives payment at the inception of the contract and recognizes revenue over the extended warranty coverage period. This time-elapsed method is used to measure progress because the Company, on average, satisfies its performance obligation evenly over the warranty period.

See **Note 2 – Revenue Recognition** for more information.

*Advertising Costs.* The Company records advertising and promotion costs in Selling, general and administrative expense in the Consolidated Statements of Operations in the period when the advertising first takes place. Advertising and promotion costs were $27.6 million, $27.3 million and $28.5 million for the years ended December 31, 2025, 2024 and 2023, respectively.

*Foreign Currency.* The functional currency for the majority of Brunswick's operations is the U.S. dollar. All assets and liabilities of operations with a functional currency other than the U.S. dollar are translated at period-end currency exchange rates. The resulting translation adjustments are recorded in Accumulated other comprehensive loss. Revenues and expenses of operations with a functional currency other than the U.S. dollar are translated at the average exchange rates for the period. Transaction gains and losses resulting from changes in foreign currency exchange rates are recorded in either Cost of sales or Other (loss) income, net in the Consolidated Statements of Operations.

*Share-Based Compensation.* The Company records amounts for all share-based compensation, including non-vested stock awards and performance-based share awards, over the vesting period in the Consolidated Statements of Operations based upon their fair values at the date of the grant. Share-based compensation costs are included in Selling, general and administrative expense in the Consolidated Statements of Operations. See **Note 16 – Stock Plans and Management Compensation** for a description of the Company's accounting for share-based compensation plans.

*Research and Development*. Research and development costs are expensed as incurred.

*Cash and Cash Equivalents.* The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. These investments include, but are not limited to, investments in money market funds, bank deposits, federal government and agency debt securities and commercial paper.

*Restricted Cash.* Restricted Cash is primarily related to cash deposited in a trust that is pledged as collateral against certain workers' compensation-related obligations. Refer to **Note 11 – Commitments and Contingencies** for more information.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

*Investments in Marketable Securities*. The Company classifies investments in debt securities that are not considered to be cash equivalents as Short-term investments in marketable securities as discussed in **Note 7 - Investments**. Short-term investments in marketable securities have a stated maturity of twelve months or less from the balance sheet date. These securities are considered as available-for-sale and are reported at fair value. Unrealized gains and losses on these debt securities are recorded net of tax as a component of Accumulated other comprehensive loss in Unrealized investment gains (losses) within Shareholders' equity. Declines in market value from the original cost deemed to be "other-than-temporary" are charged to Other (expense) income, net, in the Consolidated Statements of Operations in the period in which the loss occurs. The Company considers both the duration and extent of which a decline in value has occurred in its determination of whether a decline in value has been "other-than-temporary." Realized gains and losses are calculated based on the specific identification method and are included in Other (expense) income, net in the Consolidated Statements of Operations.

*Accounts and Notes Receivable and Allowance for Doubtful Accounts.* The Company carries its accounts and notes receivable at their face amounts less an allowance for doubtful accounts. On a regular basis, the Company records an allowance for uncollectible receivables based upon known bad debt risks and past loss history, customer payment practices and economic conditions. Actual collection experience may differ from the current estimate of net receivables. A change to the allowance for doubtful accounts may be required if a future event or other change in circumstances results in a change in the estimate of the ultimate collectability of a specific account.

*Inventories.* Inventories are valued at the lower of cost or net realizable value, with net realizable value equal to the estimated selling price less the estimated costs to transact. Approximately 53 percent and 51 percent of the Company's inventories were determined by the first-in, first-out method (FIFO) as of December 31, 2025 and December 31, 2024, respectively. Inventories valued at the last-in, first-out method (LIFO) had LIFO reserves of $257.3 million and $212.4 million as of December 31, 2025 and 2024, respectively. Inventory cost includes material, labor and manufacturing overhead. During 2025 and 2024, reductions in inventory quantities resulted in a liquidation of applicable LIFO inventory quantities carried at lower cost in prior years. The decrease in cost of sales as a result of this LIFO liquidation was $21.3 million for the year ended December 31, 2025. The decrease in cost of sales as a result of this LIFO liquidation was not material for the year ended December 31, 2024.

*Property.* Property, including major improvements and product tooling costs, is recorded at cost. Product tooling costs principally comprise the cost to acquire and construct various long-lived molds, dies and other tooling the Company uses in its manufacturing processes. Design and prototype development costs associated with product tooling are expensed as incurred. Maintenance and repair costs are also expensed as incurred. The following table presents the Company's estimated useful lives by asset category: Depreciation is recorded over the estimated service lives of the related assets, principally using the straight-line method as follows:

---

| | | |
|:---|:---|:---|
| **Asset Category** | **Depreciation Method** | **Estimated Useful Life** |
| Buildings and improvements | Straight-line | 5 to 40 years |
| Equipment | Straight-line | 2 to 20 years |
| Product tooling costs | Straight-line | Shorter of tooling life or product life (up to 8 years) |

---

The Company capitalizes interest on qualifying assets during the construction period. Capitalized interest is not material in any period presented. The Company presents capital expenditures on a cash basis within the Consolidated Statements of Cash Flows. There were $20.3 million and $18.7 million of unpaid capital expenditures within Accounts payable as of December 31, 2025 and 2024, respectively. The Company includes gains and losses recognized on the sale and disposal of property in either Cost of sales, Selling, general and administrative expenses or Restructuring, exit and impairment charges as appropriate. The amount of gains and losses related to the sale of property were not material in any period presented.

*Goodwill.* Goodwill results from the excess of purchase price over the net assets of businesses acquired. The Company reviews goodwill for impairment annually and whenever events or changes in circumstances indicate that the fair value of a reporting unit may be below its carrying value. As part of the annual test, the Company may perform a qualitative, rather than quantitative, assessment to determine whether the fair values of its reporting units are "more likely than not" to exceed their carrying values. In performing this qualitative analysis, the Company considers various factors, including the effect of market or industry changes and the reporting units' actual results compared to projected results.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

If the fair value of a reporting unit does not meet the "more likely than not" criteria discussed above, the Company performs a quantitative assessment, which begins by measuring the fair value of the reporting unit. If the carrying value of the reporting unit exceeds its fair value, a goodwill impairment is recorded equal to the carrying value of the reporting unit less its fair value, not to exceed the carrying value of goodwill.

The Company calculates the fair value of its reporting units considering both the income approach and the guideline public company method, a form of the market approach. The income approach calculates the fair value of the reporting unit using a discounted cash flow approach utilizing a Gordon Growth model. Internally forecasted future cash flows, which the Company believes reasonably approximate market participant assumptions, are discounted using a weighted average cost of capital (Discount Rate) developed for each reporting unit. The Discount Rate is developed using market observable inputs, as well as considering whether or not there is a measure of risk related to the specific reporting unit's forecasted performance. Fair value under the guideline public company method is determined for each reporting unit by applying market multiples for comparable public companies to the reporting unit's current and forecasted financial results. The key uncertainties in these calculations are the assumptions used in determining the reporting unit's forecasted future performance, including revenue growth and operating margins, as well as the perceived risk associated with those forecasts in determining the Discount Rate, along with selecting representative market multiples.

The Company recorded a $305.8 million and $80.0 million impairment of the Navico Group reporting unit's goodwill during the years ended December 31, 2025 and 2024, respectively, recognized in Restructuring exit and impairment charges in the Consolidated Statements of Operations. The Company did not record any goodwill impairments in 2023.

*Other intangible assets.* The Company's primary other intangible assets are customer relationships, trade names, and developed technology acquired in business combinations. Intangible assets are initially valued using a methodology commensurate with the intended use of the asset. Customer relationships, trade names and developed technology are valued using the income approach. The fair value of customer relationships is measured using the multi-period excess earnings method (MPEEM). The fair value of trade names and developed technology are measured using a relief-from-royalty (RFR) approach, which assumes the value of the trade name or technology is the discounted amount of cash flows that would be paid to third parties had the Company not owned the trade name or technology and instead licensed the trade name or technology from another company. Higher royalty rates are assigned to premium brands within the marketplace based on name recognition and profitability, while other brands receive lower royalty rates. The basis for future sales projections for both the RFR and MPEEM are internal revenue forecasts which the Company believes represent reasonable market participant assumptions. The future cash flows are discounted using an applicable Discount Rate as well as any potential risk premium to reflect the inherent risk of holding a standalone intangible asset.

The key uncertainties in the RFR and MPEEM calculations, as applicable, are: the selection of an appropriate royalty rate, assumptions used in developing internal revenue growth and expense forecasts, assumed customer attrition rates, as well as the perceived risk associated with those forecasts in determining the Discount Rate and risk premium.

The costs of amortizable intangible assets are recognized over their expected useful lives, typically between three and fifteen years, using the straight-line method. Trade names are indefinite lived intangible assets and therefore not subject to amortization.The following table presents the estimated useful lives by asset category:

---

| | | |
|:---|:---|:---|
| **Asset Category** | **Amortization Method** | **Estimated Useful Life** |
| Customer relationships | Straight-line | 3 –15 years |
| Developed technology | Straight-line | 3 –15 years |
| Other | Straight-line | 3 –15 years |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

Intangible assets that are subject to amortization are evaluated for impairment using a process similar to that used to evaluate long-lived assets described below. Intangible assets not subject to amortization are assessed for impairment at least annually and whenever events or changes in circumstances indicate that it is more likely than not that an asset may be impaired. The impairment test for indefinite-lived intangible assets consists of a comparison of the fair value of the intangible asset with its carrying amount.

An impairment loss is recognized for the amount by which the carrying value exceeds the fair value of the asset. The Company recorded $16.7 million of intangible asset impairment charges in 2025 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations, related to various Navico Group trade names. The Company recorded $5.0 million of intangible asset impairment charges in 2024 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations, related to an impairment of the Navico trade name. The Company recorded $16.6 million of intangible asset impairment charges in 2023 recognized in Restructuring, exit and impairment charges in the Consolidated Statements of Operations, including a $13.0 million impairment of the Navico trade name and a $3.0 million impairment associated with the Garelick trade name.

Refer to **Note 4 – Acquisitions** and **Note 9 – Goodwill and Other Intangibles** in the Notes to Consolidated Financial Statements for more information.

*Equity Investments.* For investments in which the Company owns or controls from 20 percent to 50 percent of the voting shares, the Company uses the equity method of accounting. The Company's share of net earnings or losses from equity method investments is included in the Consolidated Statements of Operations. The Company carries other investments, for which the Company does not have the ability to exercise significant influence, at fair value, with changes in fair value recognized in net income. For equity investments that do not have a readily determinable fair value, the Company measures the investment at cost less impairment, plus or minus observable equity price changes. The Company periodically evaluates the carrying value of its investments. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in TN-BC Holdings LLC (the Joint Venture), as a result of a reduction in value of certain of the Joint Venture's underlying investments. See **Note 7 - Investments** for further details about the Company's evaluation of the fair value of its investments.

*Derivatives.* The Company uses derivative financial instruments to manage its risk associated with movements in foreign currency exchange rates, interest rates and commodity prices. These instruments are used in accordance with guidelines established by the Company's management and are not used for trading or speculative purposes. The Company records all derivatives on the Consolidated Balance Sheets at fair value. See **Note 12 – Financial Instruments** for further discussion.

*Software Development Costs for Internal Use.* The Company expenses all software development and implementation costs incurred until the Company has determined that the software will result in probable future economic benefit and management has committed to funding the project. Once this is determined, external direct costs of material and services, payroll-related costs of employees working on the project and related interest costs incurred during the application development stage are capitalized. These capitalized costs are amortized over three to seven years and are presented in Other long-term assets on the Consolidated Balance Sheets. All other related costs, including training costs and costs to re-engineer business processes, are expensed as incurred.

*Long-Lived Assets.* The Company continually evaluates whether events and circumstances have occurred that indicate the remaining estimated useful lives of its definite-lived intangible assets and other long-lived assets may warrant revision or that the remaining balance of such assets may not be recoverable. Once an impairment indicator is identified, the Company tests for recoverability of the related asset group using an estimate of undiscounted cash flows over the asset group's remaining life. If an asset group's carrying value is not recoverable, the Company records an impairment loss based on the excess of the carrying value of the asset group over the long-lived asset group's fair value. Fair value is determined using observable inputs, including the use of appraisals from independent third parties, when available, and, when observable inputs are not available, based on the Company's assumptions of the data that market participants would use in pricing the asset, based on the best information available in the circumstances. Specifically, the Company uses discounted cash flows to determine the fair value of the asset when observable inputs are unavailable. Long-lived asset impairment charges were not material in any period presented.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

*Other Long-Term Assets.* Other long-term assets consists mainly of capitalized financing costs and deposits.

*IT Security Incident.* In 2023, the Company experienced an IT security incident that impacted some of its systems and global facilities. The Company activated its response protocols, including pausing operations in some locations, engaging leading security experts and coordinating with relevant law enforcement agencies. Normal global business operations resumed over the course of nine days following the incident. While we were able to quickly restore our operations, the incident resulted in disruption to sales as well as non-recurring costs. We are attempting to recover a portion of the lost operating earnings from lost sales and non-recurring costs from our insurance carriers. Non-recurring costs include labor while plants were idle, IT related costs and costs for legal, consulting and other professional services directly related to this incident. The Company incurred non-recurring costs related to the IT security incident of $10.1 million during the year ended December 31, 2023. Non-recurring costs related to the IT security incident incurred in 2025 and 2024 were not material. A portion of the non-recurring costs are included in Cost of sales and a portion in Selling, general and administrative expense in the Consolidated Statements of Operations.

*Recently Adopted Accounting Standards*

<u>Segment Reporting:</u> In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, *Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures*, which adds new disclosure requirements related to significant segment expenses regularly provided to the chief operating decision maker (CODM) and included in each reported measure of segment profit or loss, other segment items that constitute the difference between segment revenues less significant segment expenses and the measure of profit or loss, disclosure of the CODMs title and position as well as an explanation of how the CODM uses the reported measures and expanded interim disclosures. ASU 2023-07 is effective for financial statements for annual periods beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company adopted the guidance in ASU 2023-07 for the year ended December 31, 2024. See **Note 5 – Segment Information** for further information.

<u>Income Taxes</u>: In December 2023, the FASB issued ASU 2023-09, *Income Taxes (Topic 740) — Improvements to Income Tax Disclosures*. Under this ASU, entities must disclose, on an annual basis, specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitative threshold. In addition, ASU 2023-09 requires entities to disclose additional information about income taxes paid. ASU 2023-09 is effective for financial statements for annual periods beginning after December 15, 2024. The Company adopted the guidance in ASU 2023-09 for the year ended December 31, 2025. For further information, refer to **Note 10 – Income Taxes.**

*Recently Issued Accounting Standards*

<u>Income Statement</u>: In November 2024, the FASB issued ASU 2024-03, *Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40)*. This guidance requires disclosures about significant expense categories, including but not limited to, inventory purchases, employee compensation, depreciation, amortization, and selling expenses. ASU 2024-03 is effective for financial statements for annual periods beginning after December 15, 2026. We are currently evaluating the impact of adopting this guidance on the consolidated financial statements.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 2 – Revenue Recognition** 

&nbsp;&nbsp;&nbsp;&nbsp;

The following tables present the Company's revenue in categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** | **Year Ended December 31, 2025** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Total** |
| **Geographic Markets** | | | | | |
| &nbsp;&nbsp;&nbsp;United States | $**1370.6** | $**862.6** | $**467.8** | $**1224.2** | $**3925.2** |
| &nbsp;&nbsp;&nbsp;Europe | **331.5** | **120.2** | **219.1** | **111.1** | **781.9** |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | **175.3** | **103.0** | **74.0** | **25.3** | **377.6** |
| &nbsp;&nbsp;&nbsp;Canada | **77.6** | **79.2** | **16.8** | **144.1** | **317.7** |
| &nbsp;&nbsp;&nbsp;Rest-of-World | **222.2** | **52.5** | **22.7** | **20.5** | **317.9** |
| Segment Eliminations | **(269.1)** | **(7.4)** | **(79.9)** | **(1.1)** | **(357.5)** |
| **Total** | $**1908.1** | $**1210.1** | $**720.5** | $**1524.1** | $**5362.8** |
| **Major Product Lines** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outboard Engines | $**1703.7** | $**—** | $**—** | $**—** | $**1703.7** |
| &nbsp;&nbsp;&nbsp;Controls, Rigging, and Propellers | **342.8** | **—** | **—** | **—** | **342.8** |
| &nbsp;&nbsp;&nbsp;Sterndrive Engines | **130.7** | **—** | **—** | **—** | **130.7** |
| &nbsp;&nbsp;&nbsp;Distribution | **—** | **717.0** | **—** | **—** | **717.0** |
| &nbsp;&nbsp;&nbsp;Products | **—** | **500.5** | **—** | **—** | **500.5** |
| &nbsp;&nbsp;&nbsp;Electronic Solutions | **—** | **—** | **398.1** | **—** | **398.1** |
| &nbsp;&nbsp;&nbsp;Power Solutions | **—** | **—** | **276.7** | **—** | **276.7** |
| &nbsp;&nbsp;&nbsp;Performance Solutions | **—** | **—** | **125.6** | **—** | **125.6** |
| &nbsp;&nbsp;&nbsp;Aluminum Freshwater Boats | **—** | **—** | **—** | **575.7** | **575.7** |
| &nbsp;&nbsp;&nbsp;Recreational Fiberglass Boats | **—** | **—** | **—** | **456.3** | **456.3** |
| &nbsp;&nbsp;&nbsp;Saltwater Fishing Boats | **—** | **—** | **—** | **333.2** | **333.2** |
| &nbsp;&nbsp;&nbsp;Business Acceleration | **—** | **—** | **—** | **208.9** | **208.9** |
| &nbsp;&nbsp;&nbsp;Boat Eliminations/Other | **—** | **—** | **—** | **(48.9)** | **(48.9)** |
| Segment Eliminations | **(269.1)** | **(7.4)** | **(79.9)** | **(1.1)** | **(357.5)** |
| **Total** | $**1908.1** | $**1210.1** | $**720.5** | $**1524.1** | $**5362.8** |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** | **Year Ended December 31, 2024** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Total** |
| **Geographic Markets** | | | | | |
| &nbsp;&nbsp;&nbsp;United States | $1328.1 | $812.1 | $474.1 | $1247.3 | $3861.6 |
| &nbsp;&nbsp;&nbsp;Europe | 313.5 | 115.3 | 216.9 | 112.9 | 758.6 |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | 163.7 | 100.6 | 72.8 | 23.7 | 360.8 |
| &nbsp;&nbsp;&nbsp;Canada | 64.0 | 78.8 | 14.1 | 136.8 | 293.7 |
| &nbsp;&nbsp;&nbsp;Rest-of-World | 204.9 | 54.0 | 22.3 | 32.8 | 314.0 |
| Segment Eliminations | (265.2) | (6.3) | (80.1) |  | (351.6) |
| **Total** | $1809.0 | $1154.5 | $720.1 | $1553.5 | $5237.1 |
| **Major Product Lines** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outboard Engines | $1600.5 | $— | $— | $— | $1600.5 |
| &nbsp;&nbsp;&nbsp;Controls, Rigging, and Propellers | 343.9 |  |  |  | 343.9 |
| &nbsp;&nbsp;&nbsp;Sterndrive Engines | 129.8 |  |  |  | 129.8 |
| &nbsp;&nbsp;&nbsp;Distribution |  | 657.1 |  |  | 657.1 |
| &nbsp;&nbsp;&nbsp;Products |  | 503.7 |  |  | 503.7 |
| &nbsp;&nbsp;&nbsp;Electronic Solutions |  |  | 370.9 |  | 370.9 |
| &nbsp;&nbsp;&nbsp;Power Solutions |  |  | 298.2 |  | 298.2 |
| &nbsp;&nbsp;&nbsp;Performance Solutions |  |  | 131.1 |  | 131.1 |
| &nbsp;&nbsp;&nbsp;Aluminum Freshwater Boats |  |  |  | 551.2 | 551.2 |
| &nbsp;&nbsp;&nbsp;Recreational Fiberglass Boats |  |  |  | 439.7 | 439.7 |
| &nbsp;&nbsp;&nbsp;Saltwater Fishing Boats |  |  |  | 395.7 | 395.7 |
| &nbsp;&nbsp;&nbsp;Business Acceleration |  |  |  | 199.2 | 199.2 |
| &nbsp;&nbsp;&nbsp;Boat Eliminations/Other |  |  |  | (32.3) | (32.3) |
| Segment Eliminations | (265.2) | (6.3) | (80.1) |  | (351.6) |
| **Total** | $1809.0 | $1154.5 | $720.1 | $1553.5 | $5237.1 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** | **Year Ended December 31, 2023** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Total** |
| **Geographic Markets** | | | | | |
| &nbsp;&nbsp;&nbsp;United States | $1881.7 | $852.6 | $573.0 | $1548.8 | $4856.1 |
| &nbsp;&nbsp;&nbsp;Europe | 367.0 | 108.7 | 221.2 | 162.9 | 859.8 |
| &nbsp;&nbsp;&nbsp;Asia-Pacific | 201.7 | 103.2 | 79.6 | 32.0 | 416.5 |
| &nbsp;&nbsp;&nbsp;Canada | 93.1 | 83.2 | 19.4 | 206.8 | 402.5 |
| &nbsp;&nbsp;&nbsp;Rest-of-World | 220.3 | 52.1 | 21.5 | 38.9 | 332.8 |
| Segment Eliminations | (357.3) | (7.1) | (101.2) | (0.7) | (466.3) |
| **Total** | $2406.5 | $1192.7 | $813.5 | $1988.7 | $6401.4 |
| **Major Product Lines** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Outboard Engines | $2198.9 | $— | $— | $— | $2198.9 |
| &nbsp;&nbsp;&nbsp;Controls, Rigging, and Propellers | 391.6 |  |  |  | 391.6 |
| &nbsp;&nbsp;&nbsp;Sterndrive Engines | 173.3 |  |  |  | 173.3 |
| &nbsp;&nbsp;&nbsp;Distribution |  | 691.8 |  |  | 691.8 |
| &nbsp;&nbsp;&nbsp;Products |  | 508.0 |  |  | 508.0 |
| &nbsp;&nbsp;&nbsp;Electronic Solutions |  |  | 421.0 |  | 421.0 |
| &nbsp;&nbsp;&nbsp;Power Solutions |  |  | 326.5 |  | 326.5 |
| &nbsp;&nbsp;&nbsp;Performance Solutions |  |  | 167.2 |  | 167.2 |
| &nbsp;&nbsp;&nbsp;Aluminum Freshwater Boats |  |  |  | 726.0 | 726.0 |
| &nbsp;&nbsp;&nbsp;Recreational Fiberglass Boats |  |  |  | 643.0 | 643.0 |
| &nbsp;&nbsp;&nbsp;Saltwater Fishing Boats |  |  |  | 472.8 | 472.8 |
| &nbsp;&nbsp;&nbsp;Business Acceleration |  |  |  | 167.6 | 167.6 |
| &nbsp;&nbsp;&nbsp;Boat Eliminations/Other |  |  |  | (20.0) | (20.0) |
| Segment Eliminations | (357.3) | (7.1) | (101.2) | (0.7) | (466.3) |
| **Total** | $2406.5 | $1192.7 | $813.5 | $1988.7 | $6401.4 |

---

During 2025, Navico group realigned its business unit structure to align product portfolios and management structure. During the third quarter of 2025, the Company changed the presentation of major product lines for the Navico Group segment to disaggregate the previous Navico Group product line into Electronic Solutions, Power Solutions, and Performance Solutions to conform to Navico Group's new organizational structure. Prior period amounts have been reclassified to conform to the current period presentation.

As of January 1, 2025, $191.2 million of contract liabilities associated with extended warranties, deferred revenue and customer deposits were reported in Accrued expenses and Other Long-term liabilities, of which $64.5 million of this amount was recognized as revenue during year ended December 31, 2025. As of December 31, 2025, total contract liabilities were $194.0 million. The total amount of the transaction price allocated to unsatisfied performance obligations as of December 31, 2025 is $188.5 million for contracts greater than one year, which primarily relates to extended warranties. The Company expects to recognize approximately $60.2 million of this amount in 2026 and $128.3 million thereafter. Contract assets as of January 1, 2025 and December 31, 2025 were not material. In addition, costs to obtain and fulfill contracts during the period were not material.

**Note 3 – Restructuring, Exit and Impairment Activities** 

The Company has announced and implemented a number of initiatives designed to improve its cost structure, general operating efficiencies and its utilization of production capacity. These initiatives resulted in the recognition of restructuring, exit and impairment charges in the Consolidated Statements of Operations during 2025, 2024 and 2023. Restructuring, exit and impairment costs include employee termination and other benefits, inventory adjustments to lower of cost or net realizable value, costs to retain and relocate employees, consulting costs, consolidation of manufacturing footprint, facility shutdown costs, and asset disposition and impairment actions. The Company recognizes the expense in the accounting period when it has committed to or incurred the cost, as appropriate.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The following table is a summary of the net expense associated with the restructuring, exit and impairment activities. Restructuring, exit and impairment charges in 2025 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies, as well as asset-related impairments. The Company also incurred charges related to the rationalization of its manufacturing footprint, including the decision in the third quarter of 2025 to rationalize our fiberglass boat manufacturing footprint and exit our facilities in Reynosa, Mexico and Flagler Beach, Florida and consolidate production from those facilities into existing U.S. facilities. Restructuring, exit and impairment charges in 2024 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies as well as asset-related impairments. Restructuring, exit and impairment charges in 2023 relate to headcount reductions and related costs associated with streamlining the enterprise-wide cost structure and improving operating efficiencies as well as asset-related impairments.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Corporate** | **Total** |
| Restructuring, exit, and impairment activities: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee termination and other benefits | $1.2 | $0.4 | $8 | $13.4 | $0.6 | $23.6 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-related <sup>(A)</sup> |  |  | 325.9 | 1.1 |  | 327.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  |  | 0.6 | 1.0 |  | 1.6 |
| Total 2025 restructuring, exit, and impairment charges | $**1.2** | $**0.4** | $**334.5** | $**15.5** | $**0.6** | $**352.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee termination and other benefits | $9.6 | $4.8 | $7 | $6.2 | $2.4 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-related <sup>(B)</sup> |  |  | 91.6 | 0.1 |  | 91.7 |
| Total 2024 restructuring, exit, and impairment charges | $9.6 | $4.8 | $98.6 | $6.3 | $2.4 | $121.7 |
| &nbsp;&nbsp;&nbsp;&nbsp;Employee termination and other benefits | $2.7 | $3.3 | $11.6 | $10.5 | $2.8 | $30.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Asset-related <sup>(C)</sup> |  |  | 18.9 |  |  | 18.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;Professional fees |  |  |  |  | 4.9 | 4.9 |
| Total 2023 restructuring, exit, and impairment charges | $2.7 | $3.3 | $30.5 | $10.5 | $7.7 | $54.7 |

---

(A) Includes impairment charges of $322.5 million associated with an impairment of the Navico Group reporting unit's goodwill and trade names during the year ended December 31, 2025.

(B) Includes impairment charges of $85.0 million associated with an impairment of the Navico Group reporting unit's goodwill and the Navico trade name during the year ended December 31, 2024.

(C) Includes impairment charges of $13.0 million associated with an impairment of the Navico trade name during the year ended December 31, 2023.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The following tables summarize the change in accrued restructuring, exit and impairment charges within Accrued expenses in the Consolidated Balance Sheets for the years ended December 31, 2025, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Corporate** | **Total** |
| **Accrued Charges as of December 31, 2022** | $— | $— | $4.1 | $— | $— | $4.1 |
| Total Charges | 2.7 | 3.3 | 30.5 | 10.5 | 7.7 | 54.7 |
| Non-Cash Charges |  |  | (18.9) | 1.2 |  | (17.7) |
| Payments <sup>(A)</sup> | (1.5) | (2.6) | (10.6) | (10.0) | (7.1) | (31.8) |
| **Accrued Charges as of December 31, 2023** | $1.2 | $0.7 | $5.1 | $1.7 | $0.6 | $9.3 |
| Total Charges | 9.6 | 4.8 | 98.6 | 6.3 | 2.4 | 121.7 |
| Non-Cash Charges |  |  | (91.6) | 0.3 |  | (91.3) |
| Payments <sup>(A)</sup> | (9.4) | (4.8) | (10.6) | (6.3) | (2.1) | (33.2) |
| **Accrued Charges as of December 31, 2024** | $1.4 | $0.7 | $1.5 | $2.0 | $0.9 | $6.5 |
| Total Charges | 1.2 | 0.4 | 334.5 | 15.5 | 0.6 | 352.2 |
| Non-Cash Charges |  |  | (325.9) | (1.1) |  | (327.0) |
| Payments <sup>(A)</sup> | (2.1) | (1.0) | (7.2) | (5.9) | (1.2) | (17.4) |
| **Accrued Charges as of December 31, 2025** <sup>(B)</sup> | $**0.5** | $**0.1** | $**2.9** | $**10.5** | $**0.3** | $**14.3** |

---

(A) Cash payments may include payments related to prior period charges.

(B) The accrued charges as of December 31, 2025 are expected to be paid in the next twelve months.

Reductions in demand for the Company's products, further refinement of its product portfolio, further opportunities to reduce costs or the cost of integrating future acquisitions may result in additional restructuring, exit and impairment charges in future periods.

**Note 4 – Acquisitions** 

*2024 Acquisition*

On September 12, 2024, the Company acquired additional Freedom Boat Club franchise operations and territories in Southeast Florida. The acquisition enhances Freedom Boat Club's presence in Florida and provides an opportunity to leverage synergies across Brunswick's portfolio of brands. The acquisition is included as part of the Company's Boat segment.

The Company paid net cash consideration of $31.3 million for the acquisition. The opening balance sheet includes $26.9 million of goodwill and $5.2 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with the acquisition were not material to the Company's consolidated results of operations. The acquisition is not material to the Company's net sales, results of operations, or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisition, and pro forma results for prior periods are not presented. Purchase accounting is final for this acquisition.

*2023 Acquisitions*

During the fourth quarter of 2023, the Company acquired additional Freedom Boat Club franchise operations and territories in the Southeast United States. These acquisitions should unlock operational efficiencies while providing members with additional boating destinations, as the Company plans for continued expansion across the Southeast Coastal region. These acquisitions are included as part of the Company's Boat segment.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The Company paid net cash consideration of $16.0 million for these acquisitions. The opening balance sheets include $12.9 million of goodwill and $3.3 million of customer relationships. The amount assigned to customer relationships will be amortized over the estimated useful life of 10 years. Transaction costs associated with these acquisitions were not material to the Company's consolidated results of operations.

On September 1, 2023, the Company acquired all of the issued and outstanding shares of Fliteboard Pty Ltd (Fliteboard) for $88.3 million net cash consideration. Fliteboard is a leader in eFoiling technology, which combines advanced hydrofoils and electric propulsion on the water. The acquisition of Fliteboard allows the Company to enter the emerging electric-foiling surfboard market and presents the opportunity for technological, manufacturing, commercial and consumer synergies with our existing portfolio. Fliteboard is included as part of the Company's Propulsion segment.

The opening balance sheet includes $38.0 million of goodwill, $20.7 million of trade names, $8.4 million of customer relationships, and $7.1 million of developed technology. The amounts assigned to customer relationships and developed technology will be amortized over the estimated useful lives of 15 years and 10 years, respectively. Transaction costs associated with the acquisition were not material to the Company's consolidated results of operations.

These 2023 acquisitions are not material to the Company's net sales, results of operations or total assets during any period presented. Accordingly, the Company's consolidated results of operations do not differ materially from historical performance as a result of the acquisitions, and pro forma results for prior periods are not presented. Purchase accounting is final for these acquisitions.

**Note 5 – Segment Information** 

The Company's segments are defined by management's reporting structure and operating activities. The Company's reportable segments are the following:

*Propulsion*. The Propulsion segment manufactures and markets a full range of outboard, sterndrive, and inboard engines, as well as propulsion-related controls, rigging, and propellers. These products are principally sold directly to boat builders, including Brunswick's Boat segment, and through marine retail dealers worldwide. The Propulsion segment primarily markets under the Mercury, Mercury MerCruiser, Mariner, Mercury Racing, Mercury Diesel, Avator and Fliteboard brands. The segment's engine manufacturing plants are located mainly in the United States and China, along with a joint venture in Japan, with sales mainly to markets in the Americas, Europe and Asia-Pacific.

*Engine P&A.* The Engine P&A segment manufactures, markets, supplies and distributes products for both marine and non-marine markets. These products are designed for and sold mostly to aftermarket retailers, distributors, and distribution businesses, as well as original equipment manufacturers (including Brunswick brands). Company-branded products include consumables, such as engine oils and lubricants, and are sold under the Mercury, Mercury Precision Parts, Quicksilver and Seachoice brands. The Engine P&A segment also includes distribution businesses such as Land 'N' Sea, Kellogg Marine Supply, Lankhorst Taselaar, BLA and Payne's Marine Group, which distribute third party and Company products. These businesses are leading distributors of marine parts and accessories throughout North America, Europe and Asia-Pacific. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

*Navico Group.* The Navico Group segment designs, develops, manufactures, and markets products and systems for the marine, RV, specialty vehicle, mobile and industrial markets, as well as aftermarket channels. Navico Group's brand portfolio includes the Ancor, Attwood, B&G, BEP, Blue Sea Systems, C-MAP, CZone, Lenco, Lowrance, Marinco, Mastervolt, MotorGuide, Progressive Industries, ProMariner, Simrad and Whale brand names. These brands span multiple categories, including marine electronics, sensors, control systems, instruments, power systems and general accessories. The segment's manufacturing and distribution facilities are primarily located in North America, Europe, Australia and New Zealand.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

*Boat.* The Boat segment designs, manufactures, and markets the following boat brands and products: Sea Ray sport boats and cruisers; Bayliner sport cruisers, runabouts, and Heyday wake boats; Boston Whaler fiberglass offshore boats; Lund fiberglass fishing boats; Crestliner, Harris, Lowe, Lund, and Princecraft aluminum fishing, utility, pontoon boats, and deck boats; Navan premium exploration boats; and Thunder Jet and Lund heavy-gauge aluminum boats. The Boat segment also includes Brunswick boat brands based in Europe and Asia-Pacific, which include Quicksilver, Rayglass (including Protector and Legend) and Uttern. The Boat segment procures substantially all of its engines from Brunswick's Propulsion segment, and boats typically incorporate a significant volume of parts and accessories supplied by the Engine P&A and Navico Group segments. The Boat segment's products are manufactured mainly in the United States, Europe, Mexico and Canada and sold through a global network of dealer and distributor locations, primarily in North America and Europe.

The Boat segment also includes Business Acceleration which, through innovative service models, shared-access solutions, including the Freedom Boat Club business acquired in 2019, dealer services and emerging technology, aims to provide exceptional experiences to attract a wide range of customers to the marine industry and shape the future of boating.

Brunswick Corporation's chief operating decision maker (CODM) is the Chief Executive Officer. The CODM uses operating earnings to allocate resources (including employees, property, and financial or capital resources) for each segment predominantly in the annual budget and forecasting process. The CODM considers forecast-to-actual variances when making decisions about allocating capital and personnel to the segments. The CODM also uses segment operating earnings for evaluating product pricing and cost structure, to assess the performance of each segment by comparing the results with one another, and in the compensation of certain employees. Segment operating earnings do not include the expenses of corporate administration, impairments or gains on the sale of equity investments, earnings from unconsolidated affiliates, other expenses and income of a non-operating nature, transaction financing charges, interest expense and income or provisions or benefits for income taxes.

Corporate/Other results include items such as corporate staff and administrative costs, investments in technology solutions, business development and other growth-related expenses, including IT enhancements. Corporate/Other total assets consist of mainly cash, cash equivalents and investments in short-term marketable securities, restricted cash, income tax balances and investments in unconsolidated affiliates.

Segment eliminations adjust for sales between the Company's reportable segments and primarily relate to the sale of engines and parts and accessories to various boat brands, which are consummated at established arm's length transfer prices as the intersegment pricing for these engines and parts and accessories are based upon and consistent with selling prices to third-party customers.

Information about the operations of Brunswick's reportable and geographic segments is set forth below:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** | **For the Year Ended December 31, 2025** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Corporate/Other** | **Total** |
| Net sales <sup>(A)</sup> | $**1908.1** | $**1210.1** | $**720.5** | $**1524.1** | $**—** | $**5362.8** |
| Cost of sales <sup>(B)</sup> | **1449.1** | **870.1** | **461.0** | **1269.6** | **—** | **4049.8** |
| Operating expenses <sup>(C)</sup> | **266.0** | **119.7** | **599.1** | **222.3** | **146.6** | **1353.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) earnings | $**193.0** | $**220.3** | $**(339.6)** | $**32.2** | $**(146.6)** | $**(40.7)** |

---

(A) Net sales includes $269.1 million, $7.4 million, $79.9 million and $1.1 million of segment eliminations for the Propulsion, Engine P&A , Navico Group and Boat reportable segments, respectively.

(B) Includes $19.2 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $851.1 million of Selling, general and administrative expense, $168.7 million of Research and development expense and $333.9 million of Restructuring, exit, and impairment charges.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Corporate/Other** | **Total** |
| Net sales <sup>(A)</sup> | $1809.0 | $1154.5 | $720.1 | $1553.5 | $— | $5237.1 |
| Cost of sales <sup>(B)</sup> | 1315.0 | 826.3 | 471.5 | 1288.2 |  | 3901.0 |
| Operating expenses <sup>(C)</sup> | 251.4 | 108.3 | 349.2 | 202.0 | 113.6 | 1024.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) earnings | $242.6 | $219.9 | $(100.6) | $63.3 | $(113.6) | $311.6 |

---

(A) Net sales includes $265.2 million, $6.3 million, and $80.1 million of segment eliminations for the Propulsion, Engine P&A, and Navico Group reportable segments, respectively.

(B) Includes $14.7 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $747.9 million of Selling, general and administrative expense, $169.6 million of Research and development expense and $107.0 million of Restructuring, exit, and impairment charges.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Corporate/Other** | **Total** |
| Net sales <sup>(A)</sup> | $2406.5 | $1192.7 | $813.5 | $1988.7 | $— | $6401.4 |
| Cost of sales <sup>(B)</sup> | 1643.2 | 856.9 | 512.6 | 1612.6 |  | 4625.3 |
| Operating expenses <sup>(C)</sup> | 268.6 | 118.4 | 295.7 | 220.5 | 138.0 | 1041.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating (loss) earnings | $494.7 | $217.4 | $5.2 | $155.6 | $(138.0) | $734.9 |

---

(A) Net Sales includes $357.3 million, $7.1 million, $101.2 million, and $0.7 million of segment eliminations for the Propulsion, Engine P&A, Navico Group and Boat reportable segments, respectively.

(B) Includes $10.9 million of Cost of sales related Restructuring, exit, and impairment charges.

(C) Includes $812.2 million of Selling, general and administrative expense, $185.2 million of Research and development expense and $43.8 million of Restructuring, exit, and impairment charges.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Depreciation** | **Depreciation** | **Depreciation** | **Amortization** | **Amortization** | **Amortization** |
| **(in millions)** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Propulsion | $**122.9** | $127.0 | $124.3 | $**7.4** | $8.7 | $4.7 |
| Engine P&A | **16.6** | 16.9 | 15.2 | **1.0** | 0.9 | 0.7 |
| Navico Group | **11.9** | 12.3 | 12.3 | **59.4** | 55.9 | 55.7 |
| Boat | **57.9** | 52.8 | 49.0 | **6.0** | 5.8 | 5.0 |
| Corporate/Other | **4.8** | 5.0 | 3.5 | **4.6** | 3.5 | 2.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**214.1** | $214.0 | $204.3 | $**78.4** | $74.8 | $68.6 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Total assets** | **Total assets** | **Capital expenditures** | **Capital expenditures** | **Capital expenditures** | **Research and development expense** | **Research and development expense** | **Research and development expense** |
| **(in millions)** | **2025** | **2024** | **2025** | **2024** | **2023** | **2025** | **2024** | **2023** |
| Propulsion | $**1381.0** | $1507.3 | $**77.6** | $81.4 | $157.1 | $**87.7** | $88.2 | $99.6 |
| Engine P&A | **861.3** | 803.5 | **14.9** | 8.4 | 17.9 | **0.9** | 1.3 | 1.4 |
| Navico Group | **1524.4** | 1877.6 | **14.0** | 21.8 | 26.3 | **47.1** | 46.6 | 48.0 |
| Boat | **893.9** | 868.3 | **52.4** | 47.3 | 72.3 | **28.8** | 25.2 | 26.9 |
| Corporate/Other | **651.6** | 621.0 | **6.9** | 8.5 | 15.7 | **4.2** | 8.3 | 9.3 |
| Total | $**5312.2** | $5677.7 | $**165.8** | $167.4 | $289.3 | $**168.7** | $169.6 | $185.2 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Net sales** | **Net sales** | **Net sales** | **Net property** | **Net property** |
| **(in millions)** | **2025** | **2024** | **2023** | **2025** | **2024** |
| United States | $**3614.4** | $3547.6 | $4449.8 | $**1097.9** | $1146.3 |
| International | **1748.4** | 1689.5 | 1951.6 | **109.9** | 105.2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $**5362.8** | $5237.1 | $6401.4 | $**1207.8** | $1251.5 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 6 – Fair Value Measurements** 

Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. There is a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1 - Quoted prices in active markets for identical assets or liabilities. These are typically obtained from real-time quotes for transactions in active exchange markets involving identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2 - Inputs, other than quoted prices included within Level 1, which are observable for the asset or liability, either directly or indirectly. These are typically obtained from readily available pricing sources for comparable instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3 - Unobservable inputs for which there is little or no market activity for the asset or liability. These inputs reflect the reporting entity's own assumptions of the data that market participants would use in pricing the asset or liability, based on the best information available in the circumstances.

The following table summarizes the Company's financial assets and liabilities measured at fair value on a recurring basis:

---

| | | | |
|:---|:---|:---|:---|
| | | **Fair Value** | **Fair Value** |
| **(in millions)** | **Fair Value Level** | **December 31, 2025** | **December 31, 2024** |
| Cash equivalents | 1 | $**0.4** | $12.3 |
| Short-term investments in marketable securities | 1 | **0.8** | 0.8 |
| Restricted cash | 1 | **18.1** | 16.9 |
| Derivative assets | 2 | **13.3** | 22.1 |
| Derivative liabilities | 2 | **58.2** | 9.4 |
| Deferred compensation | 1 | **1.1** | 1.0 |
| Deferred compensation | 2 | **22.6** | 19.2 |
| Liabilities measured at net asset value |  | **15.6** | 14.3 |

---

*Fair Value of Other Financial Instruments.* The carrying values of the Company's short-term financial instruments, including cash and cash equivalents and accounts and notes receivable, approximate their fair values because of the short maturity of these instruments. The fair value of the Company's long-term debt, including current maturities, and short-term debt was determined using Level 1 and Level 2 inputs described above. The fair value and carrying value of long-term debt, including current maturities, and short term debt as of December 31, 2025 and December 31, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **December 31, 2025** | **December 31, 2024** |
| Fair Value | $**2004.9** | $2161.3 |
| Carrying Value | **2118.0** | 2370.2 |

---

Refer to **Note 12 – Financial Instruments** for additional information related to the fair value of derivative assets and liabilities by class.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 7 - Investments** 

*Investments in Marketable Securities*

The Company may invest a portion of its cash reserves in marketable debt securities. These investments are reported in Short-term investments in marketable securities on the Consolidated Balance Sheets.

The following is a summary of the fair values, which were equal to the amortized costs, of the Company's available-for-sale securities, all due in one year or less, as of December 31, 2025 and 2024.

---

| | | |
|:---|:---|:---|
| **(in millions)** | **December 31, 2025** | **December 31, 2024** |
| U.S. Treasury Bills | $**0.8** | $0.8 |

---

The Company had no maturities of available-for-sale securities in 2025. The Company had $82.1 million and $3.8 million of maturities of available-for-sale securities in 2024, and 2023, respectively.

*Equity Investments*

The Company has certain unconsolidated international and domestic affiliates that are accounted for using the equity method. The equity method is applied in situations in which the Company has the ability to exercise significant influence, but not control, over the investees. Management reviews equity investments for impairment whenever indicators are present, suggesting that the carrying value of an investment is not recoverable. The following items are examples of impairment indicators: significant, sustained declines in an investee's revenue, earnings, and cash flow trends; adverse market conditions of the investee's industry or geographic area; the investee's inability to execute its operating plan; the investee's inability to continue operations measured by several items, including liquidity; and other factors. Once an impairment indicator is identified, management uses considerable judgment to determine if the decline in value is other-than-temporary. If the decline in value is determined to be other-than-temporary, then the equity investment is written down to its estimated fair value. Such a write down could negatively impact reported results of operations.

The Company has a 50 percent interest in TN-BC Holdings LLC (the Joint Venture), which is a joint venture accounted for as an equity method investment, between the Company and TechNexus Holdings LLC formed in 2017. During the year ended December 31, 2023, the Company recorded an impairment charge of $19.2 million due to a decline in the fair value of its investment in the Joint Venture, as a result of a reduction in value of certain of the Joint Venture's underlying investments. The impairment charge is included in Equity earnings (loss) in the Consolidated Statements of Operations.

The Company has a 50 percent interest in a Japanese manufacturing company, Tohatsu Marine Corporation (TMC), which is accounted for as an equity method investment. The Company purchases engines from TMC, which are sold mostly in international markets. The Company reported a net amount payable to TMC of $15.5 million and $14.4 million as of December 31, 2025 and December 31, 2024, respectively, within Accounts payable in the Consolidated Balance Sheets. Purchases from TMC were $99.6 million, $79.6 million and $80.2 million in 2025, 2024, and 2023, respectively.

Refer to **Note 8 – Financing Joint Venture** for more details on the Company's Brunswick Acceptance Company, LLC joint venture.

**Note 8 – Financing Joint Venture** 

The Company, through its Brunswick Financial Services Corporation (BFS) subsidiary, owns a 49 percent interest in a joint venture, Brunswick Acceptance Company, LLC (BAC). CDF Joint Ventures, LLC, a subsidiary of Wells Fargo and Company, owns the remaining 51 percent.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

In December 2024, the parties entered into an amended and restated joint venture agreement (JV Agreement) to extend the term of their financial services through December 31, 2030. The JV Agreement contains a financial covenant that conforms to the maximum net leverage ratio test in the Credit Facility described in **Note 14 – Debt**. The JV Agreement contains provisions allowing for the renewal of the agreement or the purchase of the other party's interest in the joint venture at the end of its term. Alternatively, either partner may terminate the agreement at the end of its term.

BAC is funded in part through a $1.0 billion secured borrowing facility from Wells Fargo Commercial Distribution Finance, LLC (WFCDF), which is in place through the term of the joint venture, and with equity contributions from both partners. BAC also may sell a portion of its receivables to a securitization facility, the Wells Fargo Dealer Floorplan Master Note Trust, which is arranged by Wells Fargo. The sales of these receivables meet the requirements of a "true sale" and are therefore not retained on the financial statements of BAC. Neither the Company nor any of its subsidiaries guarantee the indebtedness of BAC. In addition, BAC is not responsible for any continuing servicing costs or obligations with respect to the securitized receivables.

The Company considers BFS's investment in BAC as an investment in a variable interest entity of which the Company is not the primary beneficiary. As a result, the Company accounts for BFS's investment in BAC under the equity method and records it as a component of Equity investments in its Consolidated Balance Sheets. The Company records BFS's share of income or loss in BAC based on its ownership percentage in the joint venture in Equity earnings (loss) in its Consolidated Statements of Operations. BFS's equity investment is adjusted monthly to maintain a 49 percent interest in accordance with the capital provisions of the JV Agreement. The Company funds its investment in BAC through cash contributions and reinvested earnings. BFS's total investment in BAC as of December 31, 2025 and December 31, 2024 was $23.2 million and $24.0 million, respectively.

The Company's maximum loss exposure relating to BAC is detailed as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **December 31,<br>2025** | **December 31,<br>2024** |
| Investment | $**23.2** | $24.0 |
| Repurchase and recourse obligations <sup>(A)</sup> | **50.5** | 52.6 |
| Liabilities <sup>(B)</sup> | **(1.3)** | (1.5) |
| Total maximum loss exposure | $**72.4** | $75.1 |

---

(A)Repurchase and recourse obligations are off-balance sheet obligations provided by the Company for the Propulsion, Engine P&A, Navico Group and Boat segments, respectively, and are included within the Maximum Potential Obligations disclosed in **Note 11 – Commitments and Contingencies**. Repurchase and recourse obligations include a North American repurchase agreement with WFCDF and could be reduced by repurchase activity occurring under other similar agreements with WFCDF and affiliates. The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Amounts above exclude any potential recoveries from the value of the repurchased product.

(B)Represents accrued amounts for potential losses related to recourse exposure and the Company's expected losses on obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of these products to alternative dealers.

BFS recorded income related to the operations of BAC of $6.9 million, $8.0 million and $8.6 million in Equity earnings (loss) in the Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023, respectively.

*Cash Flows*

BFS reported cash flows from operating activities of $6.6 million, $8.7 million and $8.2 million within Other, net on the Consolidated Statements of Cash Flows in 2025, 2024 and 2023, respectively.

In 2025, BFS reported net cash flows from investing activities within Investments on the Consolidated Statements of Cash Flows. Such cash flows for 2025 were $1.1 million, consisting of $7.6 million of cash received and $(6.5) million of cash contributions; in 2024 were $2.5 million, consisting of $8.7 million of cash received and $(6.2) million of cash contributions; and in 2023 were $(6.4) million, consisting of $7.2 million of cash received and $(13.6) million of cash contributions.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 9 – Goodwill and Other Intangibles** 

Changes in the Company's goodwill by segment during the periods ended December 31, 2025 and 2024 are summarized below:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **(in millions)** | **Propulsion** | **Engine P&A** | **Navico Group** | **Boat** | **Total** |
| **December 31, 2023** | $**54.1** | $**233.0** | $**599.7** | $**143.9** | $**1030.7** |
| Acquisitions |  |  |  | 26.7 | 26.7 |
| Impairments |  |  | (80.0) |  | (80.0) |
| Adjustments | (3.3) | (0.4) | (6.3) | (1.3) | (11.3) |
| **December 31, 2024** | $**50.8** | $**232.6** | $**513.4** | $**169.3** | $**966.1** |
| Impairments |  |  | (305.8) |  | (305.8) |
| Adjustments | 3.2 | 0.6 | 16.0 | 1.1 | 20.9 |
| **December 31, 2025** | $**54.0** | $**233.2** | $**223.6** | $**170.4** | $**681.2** |

---

See **Note 4 – Acquisitions** for further details on the Company's acquisitions. Adjustments in both periods include the effect of foreign currency translation on goodwill denominated in currencies other than the U.S. dollar. In addition adjustments during the year ended December 31, 2025 also include $0.2 million of purchase accounting adjustments from the 2024 Freedom Boat Club acquisition. Adjustments during the year ended December 31, 2024 also include $1.6 million of purchase accounting adjustments from the 2023 Fliteboard and Freedom Boat Club Acquisitions, primarily related to income taxes.

The Company tests goodwill for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the carrying value of a reporting unit may exceed its fair value. With the 2025 marine retail selling season substantially complete, and a new organizational structure in place for Navico Group during the third quarter of 2025, the Company assessed the current economic and trade environment impact on future results and performed a third quarter goodwill impairment assessment of the Navico Group reporting unit and determined the carrying value exceeded its fair value. We calculate the fair value of our reporting units considering both the income approach and the guideline public company method. As a result of the impairment test, the Company recorded an $305.8 million impairment of the Navico Group reporting unit's goodwill during the year ended December 31, 2025. Following the impairment charge, the Navico Group reporting unit has goodwill assigned to it of $223.6 million as of December 31, 2025 and its fair value approximates its carrying value. The accumulated impairment loss on Goodwill was $385.8 million and $80.0 million as of December 31, 2025 and December 31, 2024, respectively.

The Company's intangible assets, included within Other intangibles, net on the Consolidated Balance Sheets as of December 31, 2025 and 2024, are summarized by intangible asset type below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **2025** | **2025** | **2024** | **2024** |
| **(in millions)** | **Gross Amount** | **Accumulated Amortization** | **Gross Amount** | **Accumulated Amortization** |
| Intangible assets: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Customer relationships <sup>(A)</sup> | $**908.1** | $**(518.1)** | $909.4 | $(473.5) |
| &nbsp;&nbsp;&nbsp;&nbsp;Trade names | **295.2** | **—** | 304.2 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Developed technology <sup>(A)</sup> | **167.4** | **(47.1)** | 166.8 | (35.6) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other <sup>(A)</sup> | **138.0** | **(88.7)** | 113.7 | (66.7) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total | $**1508.7** | $**(653.9)** | $1494.1 | $(575.8) |

---

(A) The weighted average remaining amortization period for Customer relationships, Developed technology and Other intangibles assets was 8.4, 10.6, and 2.6, respectively, as of December 31, 2025.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

Other intangible assets primarily consist of software, patents and franchise agreements. Gross and related accumulated amortization amounts include adjustments related to the impact of foreign currency translation. See **Note 4 – Acquisitions** for further details on intangibles acquired during 2024. Aggregate amortization expense for intangibles was $78.4 million, $74.8 million and $68.6 million for the years ended December 31, 2025, 2024 and 2023, respectively. The following table is the estimated future amortization expense for intangible assets:

---

| | |
|:---|:---|
| **(in millions)** | |
| 2026 | $**78.4** |
| 2027 | **78.4** |
| 2028 | **77.3** |
| 2029 | **76.6** |
| 2030 | **76.6** |
| Thereafter | **172.3** |

---

The Company tests its intangible assets for impairment during the fourth quarter of each year, or whenever a change in events and circumstances (triggering event) occurs that indicates the fair value of intangible assets may be below their carrying values. The Company recorded impairment charges of $16.7 million during the year ended December 31, 2025 related to various Navico Group intangible assets. The Company recorded $5.0 million of impairment charges during the year ended December 31, 2024 related to the Navico trade name as a result of unfavorable movements in the underlying inputs impacting the discount rate. The Company recorded $16.6 million of impairment charges during the year ended December 31, 2023, including a $13.0 million impairment of its Navico trade name as a result of declines in forecasted revenues primarily driven by macroeconomic factors and a decline in market conditions and a $3.0 million impairment associated with the decision to no longer go to market under the Garelick trade name.

**Note 10 – Income Taxes**

The sources of (Loss) earnings before income taxes were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **2025** | **2024** | **2023** |
| United States | $**(271.9)** | $89.9 | $364.4 |
| Foreign | **136.2** | 113.4 | 264.5 |
| **(Loss) earnings before income taxes** | $**(135.7)** | $203.3 | $628.9 |

---

Income tax expense from continuing operations:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **2025** | **2024** | **2023** |
| Current tax expense: |  |  |  |
| U.S. Federal | $**21.7** | $20.2 | $88.7 |
| State and local | **4.2** | 7.8 | 17.3 |
| Foreign | **56.1** | 41.6 | 73.9 |
| Total current | **82.0** | 69.6 | 179.9 |
| Deferred tax (benefit) expense: |  |  |  |
| U.S. Federal | **(60.6)** | (13.1) | 17.2 |
| State and local | **(14.9)** | 11.7 | 10.2 |
| Foreign | **(6.3)** | (14.2) | (11.0) |
| Total deferred | **(81.8)** | (15.6) | 16.4 |
| Income tax provision | $**0.2** | $54.0 | $196.3 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

Temporary differences and carryforwards giving rise to deferred tax assets and liabilities as of December 31, 2025, and 2024 are summarized in the table below:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| **Deferred tax assets:** |  |  |
| Loss carryforwards | $**59.9** | $60.5 |
| Tax credit carryforwards | **57.4** | 53.0 |
| Deferred revenue | **39.8** | 40.2 |
| Product warranties | **36.3** | 34.4 |
| Sales incentives and discounts | **31.0** | 30.3 |
| Operating lease liabilities | **30.4** | 30.1 |
| Compensation and benefits | **21.7** | 3.3 |
| Interest expense | **19.3** | 33.5 |
| Other | **99.8** | 92.2 |
| &nbsp;&nbsp;Gross deferred tax assets | **395.6** | 377.5 |
| Valuation allowance | **(74.8)** | (75.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Deferred tax assets** | **320.8** | 302.4 |
| **Deferred tax liabilities:** |  |  |
| Operating lease assets | **(28.6)** | (28.3) |
| State and local income taxes | **(24.1)** | (22.6) |
| Depreciation and amortization | **(3.0)** | (54.3) |
| Other | **(3.1)** | (10.1) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Deferred tax liabilities** | **(58.8)** | (115.3) |
| **Total net deferred tax assets** | $**262.0** | $187.1 |

---

As of December 31, 2025, the Company had a total valuation allowance against its deferred tax assets of $74.8 million. The remaining realizable value of deferred tax assets as of December 31, 2025 was determined by evaluating the potential to recover the value of these assets through the utilization of tax loss and credit carrybacks, the reversal of existing taxable temporary differences and carryforwards, certain tax planning strategies and future taxable income exclusive of reversing temporary differences and carryforwards. As of December 31, 2025, the Company retained valuation allowance reserves of $54.0 million against deferred tax assets in the U.S. primarily related to state tax credits that are subject to restrictive rules for future utilization, various state operating loss carryforwards, and non-amortizable intangibles and valuation allowances of $20.8 million for deferred tax assets related to foreign jurisdictions, primarily Luxembourg.

As of December 31, 2025, the tax benefit of loss carryforwards totaling $60.0 million was available to reduce future tax liabilities. This deferred tax asset was comprised of $0.8 million for the tax benefit of federal net operating loss (NOL) carryforwards, $20.5 million for the tax benefit of state NOL carryforwards and $38.7 million for the tax benefit of foreign NOL carryforwards. NOL carryforwards of $38.0 million expire at various intervals between the years 2026 and 2045, while $22.0 million have an unlimited life.

As of December 31, 2025, tax credit carryforwards totaling $57.4 million were available to reduce future tax liabilities. This deferred tax asset was comprised of $3.9 million related to federal tax credits, $51.5 million of various state tax credits related to research and development, capital investment and job incentives and $2.0 million related to foreign tax credits. Tax credit carryforwards of $55.4 million expire at various intervals between the years 2026 and 2040, while $2.0 million have an unlimited life.

No deferred income taxes have been provided as of December 31, 2025 or 2024 on the applicable undistributed earnings of the non-U.S. subsidiaries where the indefinite reinvestment assertion has been applied. If at some future date these earnings cease to be indefinitely reinvested and are repatriated, the Company may be subject to additional U.S. income taxes and foreign withholding and other taxes on such amounts. Remittances from foreign

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

subsidiaries are generally not subject to U.S. income taxation. These remittances are either excluded from U.S. taxable income as earnings that have already been subjected to taxation or in the alternative are subject to a 100 percent foreign dividends received deduction. The Company continues to provide deferred taxes, primarily related to foreign withholding taxes, on the undistributed net earnings of foreign subsidiaries and unconsolidated affiliates that are not deemed to be indefinitely reinvested in operations outside the United States, although such amounts were immaterial as of December 31, 2025, and 2024. We have not provided for deferred taxes on the outside basis differences in our investments in our foreign subsidiaries. A determination of the unrecognized deferred taxes related to these outside basis differences is not practicable.

The balance of gross unrecognized tax benefits and related activity were not material in any period presented.

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for 2025, 2024, and 2023 annual reporting periods:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **2025** | **2024** | **2023** |
| Balance as of January 1 | $**5.2** | $8.4 | $7.5 |
| Gross increases - tax positions prior periods | **2.9** | 0.3 | 0.9 |
| Gross decreases - tax positions prior periods | **(0.4)** | (0.1) |  |
| Decreases - settlements with taxing authorities | **—** | (0.1) |  |
| Reductions - lapse of statute of limitations | **(0.4)** | (3.3) |  |
| Balance as of December 31 | $**7.3** | $5.2 | $8.4 |

---

The Company is regularly audited by federal, state and foreign tax authorities. The Internal Revenue Service (IRS) has completed its field examination and has issued its Revenue Agents Report through the 2014 tax year and all open issues have been resolved. The Company is currently open to tax examinations by the IRS for the 2022 through 2024 tax years. The Company is open to state and local tax audits in major tax jurisdictions dating back to the 2017 taxable year. The Company is no longer subject to income tax examinations by any major foreign tax jurisdiction for years prior to 2015.

The Company has evaluated the effects of the Global Anti-Base Erosion Model Rules set forth by the Organization for Economic Co-operation and Development (OECD), referred to as "Pillar Two", which establishes a global minimum corporate tax rate of 15 percent. The Company has determined that Pillar Two legislation has been enacted in one or more of the jurisdictions in which we operate and the Company is within the scope of the legislation. The Company assessed such enacted legislation, and, as applicable, the transitional safe harbor provisions of Pillar Two, and concluded that the tax effects are not material to the Company's consolidated financial statements.

On July 4, 2025, H.R.1, commonly referred to as the One Big Beautiful Bill Act (the Act), was signed into law. The Act includes tax reform provisions affecting business. Key tax-related provisions include an elective deduction for domestic research and development expenses and a reinstatement of elective 100% first year bonus depreciation. Certain changes adopted in the act will not take effect until 2026, such as the modifications to the international tax framework. We continue to monitor the impact of the Act and to evaluate the different elections that are available with respect to the timing of deductions. The Act did not have a material impact on the Company's financial statements for the year ended December 31, 2025.

The table below provides the updated requirements of ASU 2023-09 for 2025 on a prospective basis. See **Note 1– Significant Accounting Polices** for additional details on the adoptions of ASU 2023-09.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The effective income tax rate for the year ended December 31, 2025 differs from the statutory federal income tax rate as follows:

---

| | |
|:---|:---|
| | **For the Year Ended December 31, 2025** |
| **(in millions, except percentages)** | $**%** |
| U.S. federal statutory rate | **21.0%** |
| **Tax credits** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research credits | **5.5%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **0.1%** |
| **Nontaxable or nondeductible items** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Goodwill amortization/asset impairment | **(19.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Executive compensation | **(2.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock incentive compensation | **(1.3)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **(1.2)%** |
| **Effect of cross-border tax laws** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign derived intangible income (FDII) deduction, net of provision to return | **4.1%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign dividends/deemed income inclusions, net of credits | **3.4%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision to return - BEAT tax liability | **(1.8)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **1.0%** |
| **Valuation allowance** | **(0.9)%** |
| **Other adjustments** | **(0.6)%** |
| **Enactment of new tax laws** | **0.0%** |
| **Domestic state and local income taxes, net of federal income tax effect** <sup>(A)</sup> | **7.0%** |
| **Foreign tax effects** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | **(1.1)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Germany | **(1.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Luxembourg - withholding taxes and other | **(2.1)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico - non-taxable or non-deductible items <sup>(B)</sup> | **(1.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway - provision to return and other | **(2.0)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Singapore - withholding taxes and other | **(2.3)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other jurisdictions | **(4.1)%** |
| **Worldwide changes in unrecognized tax benefits** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium | **(1.2)%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **0.1%** |
| Income tax provision | **(0.2)%** |

---

(A) For the year ended December 31, 2025, Minnesota and Wisconsin make up the majority of the effect of the state and local income taxes. The tax effect in this category was related to state valuation allowance of $(4.6) million (3.4%), state tax credits of $(2.6) million (1.9%), and other state and local income taxes of $(2.3) million (1.7%).

(B) For the year ended December 31, 2025, the tax effect in this category was related to compensation adjustments $(4.0) million (2.9%), non-U.S. income tax $2.2 million ((1.6)%), other non-deductibles $1.7 million ((1.3)%), tax rate differential $2.3 million ((1.7)%), and other non-taxable items $(0.6) million (0.4%).

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

As previously disclosed for the year ended December 31, 2024 and 2023, prior to the adoption of ASU 2023-09, the effective tax rate is attributable to the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2024** | **2023** |
| U.S. federal statutory rate | $42.7 | $132.1 |
| State and local income taxes, net of federal income tax effect | 4.2 | 13.3 |
| Deferred tax asset valuation allowance | 5.0 | 17.8 |
| Change in estimates related to prior years and prior years amended tax return filings | 3.4 | 1.8 |
| Federal and state tax credits | (10.2) | (15.2) |
| Taxes related to foreign income, net of credits | 2.6 | (4.5) |
| Deferred tax reassessment | 7.3 | 2.5 |
| Tax reserve reassessment | (3.4) | 0.8 |
| Asset impairment | 6.8 | **—** |
| FDII deduction | (8.7) | (16.6) |
| Intercompany sales of intellectual property rights |  | 53.1 |
| Nondeductible loss on intercompany sale |  | 6.9 |
| Other | 4.3 | 4.3 |
| Income tax provision | $54.0 | $196.3 |
| &nbsp;&nbsp;&nbsp;Effective tax rate | 26.6% | 31.2% |

---

For the year ended December 31, 2025, the Company recorded $2.7 million of income tax benefit related to a decrease in its valuation allowance on deferred tax assets and $26.0 million of income tax benefit related to the impairment of the Navico Group reporting unit's goodwill. The valuation allowance decrease is primarily due to certain federal tax credits, state credits and NOLs that may not be realized in future years.

For the year ended December 31, 2024, the Company recorded $5.0 million of income tax expense related to an increase in its valuation allowance on deferred tax assets and $6.8 million of income tax expense related to the impairment of the Navico Group reporting unit's goodwill. The valuation allowance increase is primarily due to certain federal tax credits, state credits and NOLs that may not be realized in future years.

The following supplemental schedule of cash paid for income taxes, net of refunds:

---

| | |
|:---|:---|
| **(in millions)** | **2025** |
| Cash paid during the period for income taxes: |  |
| U.S. Federal | $**3.7** |
| U.S. state and local | **0.1** |
| Foreign |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Norway | **10.2** |
| &nbsp;&nbsp;&nbsp;&nbsp;China | **9.5** |
| &nbsp;&nbsp;&nbsp;&nbsp;Belgium | **5.7** |
| &nbsp;&nbsp;&nbsp;&nbsp;Mexico | **5.4** |
| &nbsp;&nbsp;&nbsp;&nbsp;Canada | **2.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | **10.8** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total cash paid during the period for income taxes | $**48.2** |

---

Cash paid for income taxes, prior to the adoption of ASU 2023-09, was $93.5 million and $175.4 million for the years ended December 31, 2024 and 2023, respectively.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 11 – Commitments and Contingencies** 

*Repurchase Obligations*

The Company has entered into arrangements with third party lenders in which it has agreed, in the event of a customer or franchisee default, to repurchase from the third party lender those Brunswick products repossessed from the customer or franchisee. These arrangements are typically subject to a maximum repurchase amount. The single year and maximum potential cash payments the Company could be required to make to repurchase collateral as of December 31, 2025 and December 31, 2024 were $85.9 million and $79.8 million, respectively. Included within these repurchase amounts are amounts related to BAC, as discussed in **Note 8 – Financing Joint Venture**.

The Company's risk under these repurchase arrangements is partially mitigated by the value of the products repurchased as part of the transaction. Accruals for potential losses related to repurchase exposure were not material in any period presented. The Company's repurchase accrual represents the expected losses that could result from obligations to repurchase products, after giving effect to proceeds anticipated to be received from the resale of those products to alternative dealers.

The Company has recorded its estimated net liability associated with losses from these repurchase obligations on its Consolidated Balance Sheets based on historical experience and current facts and circumstances. Historical cash requirements and losses associated with these obligations have not been significant, but could increase if dealer defaults exceed current expectations.

*Recourse Guarantees*

The Company has also entered into guarantees of indebtedness of third parties, primarily in connection with customer financing programs. Under these arrangements, the Company has guaranteed customer obligations to the financial institutions in the event of customer default, generally subject to a maximum amount that is less than the total outstanding obligations. The Company has also extended guarantees to third parties that have purchased customer receivables from Brunswick and, in certain instances, has guaranteed secured term financing of its customers. Potential payments in connection with these customer financing arrangements generally extend over several years. The single year and maximum potential cash obligations associated with these customer financing arrangements as of December 31, 2025 and December 31, 2024 were $9.7 million and $10.3 million, respectively. Accruals for potential losses related to recourse guarantees were not material in any period presented.

In certain instances, upon repurchase of the receivable or note, the Company receives rights to the collateral securing the financing. The Company's risk under these arrangements is partially mitigated by the value of the collateral that secures the financing.

*Receivable Factoring*

The Company has accounts receivable sale arrangements with third parties which are included in the guarantee arrangements discussed above. The Company treats the sale of receivables in which the Company retains an interest as a secured obligation as the transfers of the receivables under these arrangements do not meet the requirements of a "true sale." The current portion of receivables recorded in Accounts and notes receivable and liabilities recorded in Accrued expenses were not material in any period presented. As of December 31, 2025 and 2024, the Company did not have any long-term receivables related to these arrangements.

*Letters of Credit, Surety Bonds and Other Arrangements*

Financial institutions have issued standby letters of credit and surety bonds conditionally guaranteeing obligations on behalf of the Company totaling $6.3 million and $62.2 million, respectively, as of December 31, 2025. A large portion of these standby letters of credit and surety bonds are related to the Company's self-insured workers' compensation program as required by its insurance companies and various state agencies. The Company has recorded reserves to cover the anticipated liabilities associated with these programs. Under certain circumstances, such as an event of default under the Company's revolving credit facility, or, in the case of surety bonds, a ratings downgrade, the Company could be required to post collateral to support the outstanding letters of credit and surety

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

bonds. The Company was not required to post letters of credit as collateral against surety bonds as of December 31, 2025.

The Company has a collateral trust arrangement with insurance carriers and a trustee bank. The trust is owned by the Company, but the assets are pledged as collateral against workers' compensation related obligations in lieu of other forms of collateral including letters of credit. In connection with this arrangement, the Company had $11.3 million and $10.0 million of cash in the trust as of December 31, 2025 and December 31, 2024, respectively, which was classified as Restricted cash in the Company's Consolidated Balance Sheets.

*Product Warranties*

The Company records a liability for product warranties at the time of the related product sale. The liability is estimated using historical warranty experience, projected claim rates and expected costs per claim. The Company adjusts its liability for specific warranty matters when they become known and the exposure can be estimated. Product failure rates as well as material usage and labor costs incurred in correcting a product failure affect the Company's warranty liabilities. If actual costs differ from estimated costs, the Company must make a revision to the warranty liability. Changes in the Company's warranty liabilities resulting from the Company's experience and adjustments related to changes in estimates are included as aggregate changes for preexisting warranties presented in the table below.

The following activity related to product warranty liabilities was recorded in Accrued expenses during the years ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Balance at beginning of period | $**152.8** | $157.6 |
| Payments | **(96.9)** | (102.3) |
| Provisions/additions for contracts issued/sold | **113.6** | 83.0 |
| Aggregate changes for preexisting warranties | **(9.7)** | 16.6 |
| Foreign currency translation | **2.9** | (2.0) |
| Other | **(0.5)** | (0.1) |
| Balance at end of period | $**162.2** | $152.8 |

---

*Extended Product Warranties*

End users of the Company's products may purchase a contract from the Company that extends product warranty beyond the standard period. For certain extended warranty contracts in which the Company retains the warranty or administration obligation, a deferred revenue liability is recorded based on the aggregate sales price for contracts sold. The liability is reduced and revenue is recognized on a straight-line basis over the contract period during which corresponding costs are expected to be incurred.

The following activity related to deferred revenue for extended product warranty contracts was recorded in Accrued expenses and Other long-term liabilities during the years ended December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Balance at beginning of period | $**136.6** | $127.2 |
| Extended warranty contracts sold | **43.2** | 41.4 |
| Revenue recognized on existing extended warranty contracts | **(34.0)** | (31.1) |
| Foreign currency translation | **0.4** | (0.7) |
| Other | **(0.2)** | (0.2) |
| Balance at end of period | $**146.0** | $136.6 |

---

*Legal*

The Company accrues for litigation exposure when it is probable that future costs will be incurred and such costs can be reasonably estimated. Adjustments to estimates are recorded in the period they are identified. Management does not believe that there is a reasonable possibility that a material loss exceeding the amounts already

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

recognized for the Company's litigation claims and matters, if any, has been incurred. In light of existing accruals, the Company's litigation claims, when finally resolved, are not expected, in the opinion of management, to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

*Environmental*

The Company is involved in certain legal and administrative proceedings under the Comprehensive Environmental Response, Compensation, and Liability Act of 1980 and other federal and state legislation governing the generation and disposal of certain hazardous wastes. These proceedings, which involve both on- and off-site waste disposal or other contamination, in many instances seek compensation or remedial action from the Company as a waste generator under Superfund legislation, which authorizes action regardless of fault, legality of original disposition or ownership of a disposal site. The Company has established accruals based on a range of cost estimates for all known claims.

The environmental remediation and clean-up projects in which the Company is involved have an aggregate estimated range of exposure of approximately $13.7 million to $37.4 million as of December 31, 2025. As of December 31, 2025 and 2024, the Company had accruals for environmental liabilities of $13.7 million and $14.1 million, respectively, which were recorded within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets. Environmental provisions recorded were not material in any period presented.

The Company accrues for environmental remediation-related activities for which commitments or clean-up plans have been developed and for which costs can be reasonably estimated. All accrued amounts are generally determined in consultation with third party experts on an undiscounted basis and do not consider recoveries from third parties until such recoveries are realized. In light of existing accruals, the Company's environmental claims, when finally resolved, are not expected to have a material adverse effect on the Company's consolidated financial position, results of operations or cash flows.

**Note 12 – Financial Instruments** 

The Company operates globally with manufacturing and sales facilities around the world, and therefore, is subject to both financial and market risk. The Company utilizes normal operating and financing activities, along with derivative financial instruments, to minimize these risks.

*Derivative Financial Instruments.* The Company uses derivative financial instruments to manage its risks associated with movements in foreign currency exchange rates and interest rates. Derivative instruments are not used for trading or speculative purposes. The Company formally documents its hedge relationships, including identification of the hedging instruments and the hedged items, as well as its risk management objectives and strategies for undertaking the hedge transaction. This process includes linking derivatives that are designated as hedges to specific forecasted transactions. The Company also assesses, both at the hedge's inception and monthly thereafter, whether the derivatives used in hedging transactions are highly effective in offsetting the changes in the anticipated cash flows of the hedged item. If the hedging relationship ceases to be highly effective, or it becomes probable that a forecasted transaction is no longer expected to occur, the Company discontinues hedge accounting prospectively and immediately recognizes the gains and losses associated with those hedges. There were no material adjustments as a result of ineffectiveness to the results of operations for the years ended December 31, 2025, 2024 and 2023. The fair value of derivative financial instruments is determined through market-based valuations and may not be representative of the actual gains or losses that will be recorded when these instruments mature due to future fluctuations in the markets in which they are traded. The effects of derivative financial instruments are not expected to be material to the Company's financial position or results of operations when considered together with the underlying exposure being hedged. Use of derivative financial instruments exposes the Company to credit-risk with its counterparties when the fair value of a derivative contract is an asset. The Company mitigates this risk by entering into derivative contracts with highly rated counterparties. The maximum amount of loss due to counterparty credit-risk is limited to the asset value of derivative financial instruments.

*Cash Flow Hedges.* The Company enters into certain derivative instruments that are designated and qualify as cash flow hedges. The Company executes both forward and option contracts, based on forecasted transactions, to manage foreign currency exchange exposure mainly related to inventory purchase and sales transactions.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

A cash flow hedge requires that as changes in the fair value of derivatives occur, the portion of the change deemed to be effective is recorded temporarily in Accumulated other comprehensive loss and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2025, the term of derivative instruments hedging forecasted transactions ranged up to 24 months.

*Other Hedging Activity.* The Company has entered into certain foreign currency forward contracts that have not been designated as a hedge for accounting purposes. These contracts are used to manage foreign currency exposure related to changes in the value of assets or liabilities caused by changes in foreign exchange rates. The change in the fair value of the foreign currency derivative contract and the corresponding change in the fair value of the asset or liability of the Company are both recorded through earnings, each period as incurred.

*Cross-Currency Swaps.* The Company regularly enters into cross-currency swaps to hedge Euro and Yuan currency exposures of the net investment in certain foreign subsidiaries. The cross-currency swaps are designated as net investment hedges, with the amount of gain or loss associated with the change in fair value of these instruments deferred within Accumulated other comprehensive loss and recognized upon termination of the respective investment. During 2025, the company entered into $500.0 million of cross-currency swap contracts and settled $400.0 million of cross-currency swap contracts previously entered into, resulting in a deferred gain of $4.9 million within Accumulated other comprehensive loss. During 2024, the company entered into $450.0 million of cross-currency swap contracts and settled $300.0 million of cross-currency swap contracts previously entered into, resulting in a deferred gain of $1.7 million within Accumulated other comprehensive loss.

*Commodity Price.* The Company uses commodity swaps to hedge anticipated purchases of aluminum and copper. The amount of gain or loss associated with the change in fair value of these instruments is deferred in Accumulated other comprehensive loss and recognized in Cost of sales in the same period or periods during which the hedged transaction affects earnings.

*Foreign Currency Derivatives.* The Company enters into forward and option contracts to manage foreign exchange exposure related to forecasted transactions and assets and liabilities that are subject to risk from foreign currency rate changes. These exposures include: product costs; revenues and expenses; associated receivables and payables; intercompany obligations and receivables and other related cash flows.

*Interest-Rate Derivatives.* The Company previously entered into forward-starting interest rate swaps and treasury-lock swaps to hedge interest rate risk associated with debt issuances. There were no forward-starting interest rate swaps or treasury-lock swaps outstanding as of December 31, 2025 and December 31, 2024.

The following table summarizes the notional values of the Company's derivative instruments as of December 31, 2025 and December 31, 2024:

---

| | | |
|:---|:---|:---|
| | **Notional Value** | **Notional Value** |
| **(in millions)**<br>**Instruments** | **December 31, 2025** | **December 31, 2024** |
| Cross-currency swaps | $**500.0** | $400.0 |
| Commodity contracts <sup>(A)(B)</sup> | **38.5** | 26.9 |
| Foreign exchange contracts <sup>(B)(C)</sup> | **706.1** | 571.2 |

---

(A) Commodity contracts outstanding as of December 31, 2025 mature through 2027.

(B) The amount of gain or loss that is expected to be reclassified from Accumulated other comprehensive income (loss) to earnings in the next twelve months is immaterial.

(C) Forward contracts outstanding as of December 31, 2025 mature through 2027 and mainly relate to the Euro, Australian dollar, Mexican peso and Norwegian krone.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

As of December 31, 2025 and December 31, 2024, the fair values of the Company's derivative instruments were:

---

| | | |
|:---|:---|:---|
| | **Fair Value** | **Fair Value** |
| **(in millions)**<br>**Asset Derivatives** | **December 31, 2025** | **December 31, 2024** |
| **Derivatives Designated as Cash Flow Hedges** | | |
| Foreign exchange contracts | $**4.8** | $13.2 |
| Commodity contracts | **7.9** | 0.8 |
| Total | $**12.7** | $14.0 |
| **Derivatives Designated as Net Investment Hedges** |  |  |
| Cross-currency swaps | $**—** | $5.1 |
| **Other Hedging Activity** |  |  |
| Foreign exchange contracts | $**0.6** | $3.0 |
| **Liability Derivatives** |  |  |
| **Derivatives Designated as Cash Flow Hedges** |  |  |
| Foreign exchange contracts | $**11.9** | $5.8 |
| Commodity contracts | **0.1** | 0.4 |
| Total | $**12.0** | $6.2 |
| **Derivatives Designated as Net Investment Hedges** |  |  |
| Cross-currency swaps | $**45.5** | $— |
| **Other Hedging Activity** |  |  |
| Foreign exchange contracts | $**0.7** | $3.2 |

---

As of December 31, 2025 and December 31, 2024, asset derivatives are included within Prepaid expenses and other and Other long-term assets, and liability derivatives are included within Accrued expenses and Other long-term liabilities in the Consolidated Balance Sheets.

The effect of derivative instruments on the Consolidated Statements of Operations for the years ended December 31, 2025 and December 31, 2024 is as shown in the tables below.

The amount of gain (loss) on derivatives recognized in Accumulated other comprehensive loss was as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)**<br>**Derivatives Designated as Cash Flow Hedging Instruments** | **December 31, 2025** | **December 31, 2024** |
| Foreign exchange contracts | $**(19.6)** | $13.8 |
| Commodity contracts | **13.6** | (0.3) |
| Total | $**(6.0)** | $13.5 |
| **Derivatives Designated as Net Investment Hedging Instruments** |  |  |
| Cross-currency swaps | $**(45.6)** | $11.8 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The amount of gain (loss) reclassified from Accumulated other comprehensive loss into earnings was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**<br>**Derivatives Designated as Cash Flow Hedging Instruments** | **Location of Gain (Loss)** | **December 31, 2025** | **December 31, 2024** |
| Interest-rate contracts | Interest expense | $**0.1** | $0.1 |
| Foreign exchange contracts | Cost of sales | **(0.9)** | 2.9 |
| Commodity contracts | Cost of sales | **5.3** | (1.0) |
| Total |  | $**4.5** | $2.0 |

---

The amount of gain (loss) on derivatives recognized directly into earnings was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)**<br>**Other Hedging Activity** | **Location of Gain (Loss)** | **December 31, 2025** | **December 31, 2024** |
| Foreign exchange contracts | Cost of sales | $**(13.2)** | $7.7 |
| Foreign exchange contracts | Other income (expense), net | **7.2** | (6.1) |
| Total |  | $**(6.0)** | $1.6 |

---

**Note 13 – Accrued Expenses** 

Accrued Expenses as of December 31, 2025 and 2024 were as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Compensation and benefit plans | $**202.6** | $95.2 |
| Sales incentives and discounts | **164.2** | 162.7 |
| Product warranties | **162.2** | 152.8 |
| Deferred revenue and customer deposits | **75.9** | 72.9 |
| Current operating lease liabilities | **28.9** | 26.0 |
| Interest | **23.1** | 29.0 |
| Product Liability | **14.2** | 20.8 |
| Insurance reserves | **13.2** | 12.2 |
| Derivatives | **12.7** | 9.4 |
| Environmental reserves | **5.6** | 5.8 |
| Real property, personal property and other non-income taxes | **3.5** | 6.4 |
| Legal fees | **1.8** | 14.7 |
| Other | **50.5** | 35.8 |
| Total accrued expenses | $**758.4** | $643.7 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 14 – Debt** 

The following table provides the changes in the Company's debt for the year ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Short-term debt and current maturities of long-term debt** | **Long-term debt** | **Total** |
| Balance as of December 31, 2024 | $242.8 | $2097.8 | $**2340.6** |
| Proceeds from issuances of debt <sup>(A)</sup> | 173.1 |  | **173.1** |
| Repayments of debt <sup>(A)(B)(C)(D)(E)</sup> | (410.7) | (1.9) | **(412.6)** |
| Reclassification of long-term debt | 294.2 | (294.2) | **—** |
| Other | (4.0) | 5.1 | **1.1** |
| **Balance as of December 31, 2025** | $**295.4** | $**1806.8** | $**2102.2** |

---

(A) During 2025, the Company had short-term borrowings and repayments under its unsecured commercial paper program and borrowings outstanding of $290.0 million as of December 31, 2025.

(B) During 2025, the Company made the remaining principal repayments, totaling $125.0 million of its 6.625% Senior Notes due 2049.

(C) During 2025, the Company made the remaining principal repayments, totaling $185.0 million of its 6.5% Senior Notes due 2048.

(D) During 2025, the Company repaid $15.0 million of its 6.375% Senior Notes due 2049.

(E) During 2025, the Company repaid $100.0 million of its 5.100% Senior Notes due 2052.

Long-term debt as of December 31, 2025 and December 31, 2024 consisted of the following:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Senior Notes, 2.4% due 2031 | $**550.0** | $550.0 |
| Senior Notes, 4.400% due 2032 | **450.0** | 450.0 |
| Senior Notes, 5.850% due 2029 | **400.0** | 400.0 |
| Senior Notes, 6.375% due 2049 | **215.0** | 230.0 |
| Senior Notes, 5.100% due 2052 | **200.0** | 300.0 |
| Senior Notes, 6.500% due 2048 | **—** | 185.0 |
| Senior Notes, 6.625% due 2049 | **—** | 125.0 |
| Short-term Unsecured Commercial Paper | **290.0** | 115.0 |
| Other debt | **15.8** | 19.0 |
| Total debt, excluding unamortized discount and issuance costs | **2120.8** | 2374.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unamortized discount and issuance costs | **(18.6)** | (33.4) |
| &nbsp;&nbsp;&nbsp;&nbsp; Short-term debt and current maturities of long-term debt | **(295.4)** | (242.8) |
| Total long-term debt | $**1806.8** | $2097.8 |

---

Debt issuance costs paid in 2024 were $3.1 million.There were no debt issuance costs paid during the years ended December 31, 2025 or 2023. Debt issuance costs are reported in Net proceeds from issuances of long-term debt within cash flows from financing activities on the Consolidated Statements of Cash Flows.

Scheduled maturities as of December 31, 2025 consisted of the following:

---

| | |
|:---|:---|
| **(in millions)** | |
| 2026 | $**295.4** |
| 2027 | **4.3** |
| 2028 | **3.4** |
| 2029 | **401.9** |
| 2030 | **0.8** |
| Thereafter | **1415.0** |
| &nbsp;&nbsp;&nbsp;&nbsp;Total debt, excluding unamortized discount and issuance costs | $**2120.8** |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

*Activity*

*2048 and 6.375% 2049 Notes*

During the fourth quarter of 2025, the Company issued a notice of full redemption to the holders of its 6.500% Senior Notes due 2048 (2048 Notes) and a notice of partial redemption to the holders of its 6.375% Senior Notes due 2049 (2049 Notes). The 2048 Notes were redeemed in the fourth quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal amount of $185.0 million plus accrued interest of $1.5 million. $15.0 million of the 2049 Notes were redeemed in the fourth quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal plus accrued interest of $0.1 million. The Company recognized a loss on early extinguishment of debt of $7.0 million related to unamortized issuance costs for the 2048 Notes and 2049 Notes recorded as a component of Gain (loss) on early extinguishment of debt in the Company's Consolidated Statements of Operations. The Company financed the full retirement of the 2048 Notes and partial retirement of the 2049 Notes using commercial paper borrowings.

*Tender Offer*

In November 2025, the Company commenced a tender offer to purchase for cash an aggregate principal amount of up to $100.0 million of its 5.100% Senior Notes due 2052 (2052 Notes). The tender offers expired on December 11, 2025. At the expiration date, the Company repurchased an aggregate principal amount of $100.0 million for $83.2 million of outstanding 2052 notes. This amount excludes outstanding securities tendered pursuant to the guaranteed delivery procedures described in the tender offer documents, which remain subject to the holders' performance of the delivery requirements under such procedures. The Company recognized a gain on early extinguishment of debt of $14.8 million related to the tender offers, which was recorded as a component of Gain (loss) on early extinguishment of debt in the Company's Consolidated Statements of Operations.

*6.625% 2049 Notes*

During the fourth quarter of 2024, the Company issued an irrevocable notice of redemption to the holders of its 6.625% Senior Notes due 2049 (the Notes). The Notes were redeemed in the first quarter of 2025 at a redemption price equal to 100 percent of the outstanding principal amount of $125.0 million plus accrued interest of $2.1 million in accordance with the redemption provision of the Notes. The Company recognized a loss on early extinguishment of debt of $3.7 million related to unamortized issuance costs, which was recorded as a component of Gain (loss) on early extinguishment of debt in the Company's Consolidated Statements of Operations. The Company financed the retirement of the Notes using commercial paper borrowings.

*2027 Notes*

During the fourth quarter of 2024, the Company issued an irrevocable notice of redemption to the holders of its 7.125% Notes due 2027 (2027 Notes). The 2027 Notes were redeemed at a redemption price equal to 100 percent of the outstanding principal amount of $160.7 million plus accrued interest of $3.5 million and a make-whole redemption premium of $12.5 million in accordance with the redemption provision of the 2027 Notes. The Company recognized a loss on early extinguishment of debt which included the make-whole redemption premium of $12.5 million plus an immaterial amount of unamortized issuance costs, which was recorded as a component of Gain (loss) on early extinguishment of debt in the Company's Consolidated Statements of Operations. The Company financed the retirement of the 2027 Notes using commercial paper borrowings.

*2024 Notes*

During the third quarter of 2024, the Company made the remaining principal repayments, totaling $450.0 million, of its 0.850% Senior Notes due 2024 (2024 Notes). The 2024 Notes were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the notes.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

*2029 Notes*

In March 2024, the Company issued an aggregate principal amount of $400.0 million of 5.850% Senior Notes due 2029 (2029 Notes) in a public offering, which resulted in aggregate net proceeds to the Company of $396.9 million. The Company intends to use the net proceeds from the sale of the 2029 Notes for general corporate purposes, which may include the repayment, repurchase or redemption of certain of its outstanding securities.

The 2029 Notes bear interest at a rate of 5.850% per year. Interest on the 2029 Notes is payable semiannually in arrears on March 18 and September 18 of each year, and the first interest payment date was September 18, 2024. The 2029 Notes will mature on March 18, 2029.

The Company may, at its option, redeem the 2029 Notes, in whole or in part, at any time and from time to time prior to maturity. If the Company elects to redeem any (or all) of the 2029 Notes at any time prior to February 18, 2029 (the date that is one month prior to the maturity of the 2029 Notes), it will pay a "make-whole" redemption price set forth in the Sixth Supplemental Indenture dated as of March 18, 2024 (Sixth Supplemental Indenture) to the Indenture dated as of October 3, 2018. On or after February 18, 2029, the Company may, at its option, redeem the 2029 Notes, in whole or in part at any time and from time to time, at a redemption price equal to 100 percent of the principal amount thereof. In addition to the redemption price, the Company will pay accrued and unpaid interest, if any.

If the Company experiences a change of control triggering event with respect to the 2029 Notes, as defined in the Sixth Supplemental Indenture, each holder of the 2029 Notes may require the Company to repurchase some or all of its 2029 Notes at a price equal to 101 percent of their principal amount, plus accrued and unpaid interest.

*Debentures*

During 2023, the Company made the remaining principal repayments, totaling $79.7 million, of its 2023 Debentures. The debentures were repaid at 100 percent of the principal amount plus accrued interest in accordance with the provisions of the debentures.

*Credit Facility*

The Company maintains a Revolving Credit Agreement (Credit Facility). In the fourth quarter of 2024, the Company amended its Credit Facility with certain wholly-owned subsidiaries of the Company as subsidiary borrowers and lenders as parties, and JPMorgan Chase Bank, N.A. as administrative agent. This amends and restates the Credit Facility, dated as of March 21, 2011, as amended and restated through March 31, 2022. The amended Credit Facility increased the revolving commitments to $1.0 billion, with the capacity to add up to $250.0 million of additional revolving commitments, and amended the Credit Facility in certain respects, including, among other things, extending the maturity date to October 11, 2029, with up to two one-year extensions available.

The Company currently pays a credit facility fee of 15 basis points per annum. The facility fee per annum will be within a range of 10 to 25 basis points based on the Company's credit rating. Under the terms of the Credit Facility, the Company has two borrowing options: borrowing at a rate tied to adjusted Secured Overnight Financing Rate (SOFR) rate plus 10 basis points plus a spread of 110 basis points or a base rate plus a margin of 10 basis points. The rates are determined by the Company's credit ratings, with spreads ranging from 90 to 150 basis points for SOFR rate borrowings and 0 to 50 basis points for base rate borrowings. The Company is required to maintain compliance with two financial covenants included in the Credit Facility: a minimum interest coverage ratio and a maximum net leverage ratio. The minimum interest coverage ratio, as defined in the agreement, is not permitted to be less than 3.00 to 1.00. The maximum net leverage ratio, as defined in the agreement, is not permitted to be more than 3.75 to 1.00 but allows for a 12-month increase to 4.25 to 1.00 following the consummation of a Qualified Acquisition (as such term is defined in the Amended Credit Facility). As of December 31, 2025, the Company was in compliance with the financial covenants in the Credit Facility.

During 2025, there were no borrowings under the Credit Facility, and available borrowing capacity as of December 31, 2025 totaled $994.0 million, net of $6.0 million of letters of credit outstanding under the Credit Facility.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

During 2024, there were no borrowings under the Credit Facility, and available borrowing capacity as of December 31, 2024 totaled $997.0 million, net of $3.0 million of letters of credit outstanding under the Credit Facility.

*Commercial Paper*

In December 2019, the Company entered into an unsecured commercial paper program (CP Program) pursuant to which the Company may issue short-term, unsecured commercial paper notes (CP Notes). During 2024, the Company increased the size of its CP Program to permit the issuance of CP Notes in an aggregate principal amount not to exceed $1.0 billion at any time outstanding. The CP Program previously allowed the Company to issue CP Notes in an aggregate principal amount not to exceed $500.0 million at any time outstanding. Amounts available under the CP Program may be borrowed, repaid and re-borrowed from time to time with the aggregate principal amount of CP Notes outstanding under the CP Program at any time not exceeding the lower of $1.0 billion or the available borrowing amount under the Credit Facility. The net proceeds of the issuances of the CP Notes are expected to be used for general corporate purposes. The maturities of the CP Notes will vary but may not exceed 397 days from the date of issue. The CP Notes will be sold under customary terms in the commercial paper market and will be issued at a discount to par or alternatively, will be issued at par and bear varying interest rates on a fixed or floating basis. During 2025, borrowings under the CP Program totaled $1.1 billion. As of December 31, 2025, the Company had $290.0 million of borrowings outstanding under the CP Program with a weighted average interest rate of 4.27%. During 2025, the maximum amount utilized under the CP Program was $445.5 million. During 2024, borrowings under the CP Program totaled $915.0 million. As of December 31, 2024, the Company had $115.0 million of borrowings outstanding under the CP Program with a weighted average interest rate of 5.01%. During 2024, the maximum amount utilized under the CP Program was $280.0 million.

*General Provisions*

The table below summarizes the general provisions of these long-term debt instruments.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Senior Notes Due 2029** | **Senior Notes Due 2031** | **Senior Notes Due 2032** | **Senior Notes Due 2049** | **Senior Notes Due 2052** |
| **Coupon Rate** | 5.850% | 2.400% | 4.400% | 6.375% | 5.100% |
| **Maturity Date** | 3/18/2029 | 8/18/2031 | 9/15/2032 | 4/15/2049 | 4/1/2052 |
| **Interest Payment Frequency** | Semi-Annually | Semi-Annually | Semi-Annually | Quarterly | Semi-Annually |
| **Callable** | No | No | No | Yes | No |
| Price Callable at: | N/A | N/A | N/A | Par | N/A |
| Callable as of: | N/A | N/A | N/A | 4/15/2024 | N/A |
| **Redeemable** <sup>(A)</sup> | Yes | Yes | Yes | No | Yes |
| Redeemable at: | Make-Whole Premium | Make-Whole Premium | Make-Whole Premium | N/A | Make-Whole Premium |
| Redeemable until: | 1-month prior to Maturity | 3-months prior to Maturity | 3-months prior to Maturity | N/A | 6-months prior to Maturity |
| **Change of Control** <sup>(B)</sup> | Yes | Yes | Yes | Yes | Yes |

---

(A) If the Company elects to redeem the debt instrument, it will pay a "make-whole" redemption price set forth in the respective indenture.

(B) If the Company experiences a change of control, subject to certain circumstances, the Company may be required to repurchase some or all of the notes for an amount equal to 101 percent of the outstanding principal plus any accrued and unpaid interest.

**Note 15 – Postretirement Benefits** 

The Company has defined contribution plans and makes contributions including matching and annual discretionary contributions which are based on various percentages of compensation and in some instances, are based on the amount of the employees' contributions to the plans. The expense related to the defined contribution plans was $45.5 million in 2025, $31.9 million in 2024 and $47.0 million in 2023.

The Company also maintains a nonqualified pension plan and an other postretirement benefit plan. The funded status of the nonqualified pension plan includes projected and accumulated benefit obligations of $14.5 million and $15.4 million as of December 31, 2025 and 2024, respectively. The other postretirement plan is frozen. The funded status of the other postretirement benefit plan includes projected and accumulated benefit obligations of $17.7 million and $18.6 million as of December 31, 2025 and 2024, respectively.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

The Company's foreign pension and other postretirement plans are not significant, individually or in the aggregate. The projected benefit obligation, net of plan assets for the Company's foreign pension plans, was $4.5 million and $10.8 million as of December 31, 2025 and 2024, respectively.

Activity impacting the Consolidated Statements of Operations and Consolidated Statements of Cash Flows related to these plans was immaterial in 2025, 2024, and 2023.

**Note 16 – Stock Plans and Management Compensation** 

On May 3, 2023, the Company's shareholders approved the Brunswick Corporation 2023 Stock Incentive Plan (Plan), which replaced the Company's 2014 Stock Incentive Plan. Under the Plan, the Company may grant stock options, stock appreciation rights (SARs), non-vested stock units, performance awards, and other share-based or cash-based awards to executives, other employees, non-employee directors and persons expected to become officers with shares from treasury shares and from authorized, but unissued, shares of common stock initially available for grant, in addition to: (i) the forfeiture of past awards; or (ii) shares delivered to or withheld by the Company to pay the withholding taxes related to awards. As of December 31, 2025, 2.7 million shares remained available for grant.

Share grant amounts, fair values and fair value assumptions reflect all outstanding awards for both continuing and discontinued operations.

*Non-Vested Stock Units*

The Company grants both stock-settled and cash-settled non-vested stock units to key employees as determined by management and the Human Resources and Compensation Committee of the Board of Directors. Non-vested stock units typically vest in three equal annual installments on the first through third anniversaries of the grant date. Non-vested stock units are eligible for dividends, which are reinvested, and are non-voting. All non-vested units have restrictions on the sale or transfer of such awards during the vesting period.

Generally, grants of non-vested stock units are forfeited if employment is terminated prior to vesting. Non-vested stock units vest pro rata over one year if (i) the grantee has attained the age of 62, as long as the grantee also has a minimum of three years of continuous service from his or her most recent hire date, or (ii) the grantee's age plus total years of service equals 70 or more.

The Company recognizes the cost of non-vested stock units on a straight-line basis over the requisite service period. Additionally, cash-settled, non-vested stock units are recorded as a liability on the balance sheet and adjusted to fair value each reporting period through stock compensation expense. During the years ended December 31, 2025, 2024 and 2023, the Company charged $29.8 million, $23.3 million and $20.4 million, respectively, to compensation expense for non-vested stock units. The related income tax benefit recognized in 2025, 2024 and 2023 was $7.3 million, $5.7 million and $5.0 million, respectively. The fair value of shares vested during 2025, 2024 and 2023 was $21.0 million, $10.9 million and $24.5 million, respectively.

The weighted average price per non-vested stock unit at grant date was $64.83, $87.16 and $88.00 for units granted in 2025, 2024 and 2023, respectively. Non-vested stock unit activity for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **(in thousands, except grant date fair value)** | **Non-vested Stock Unit Activity** | **Weighted Average Grant Date Fair <br>Value ($)** |
| Unvested as of January 1, 2025 | 722 | 88.97 |
| Awarded | 522 | 64.83 |
| Forfeited | (58) | 74.85 |
| Vested | (283) | 90.95 |
| Unvested as of December 31, 2025 | 903 | 75.31 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

As of December 31, 2025, there was $20.6 million of total unrecognized compensation cost related to non-vested share-based compensation arrangements. The Company expects this expense to be recognized over a weighted average period of 1.5 years.

*Performance Awards*

In 2025, 2024 and 2023, the Company granted performance shares to certain officers and senior leaders. Performance share awards are based on three performance measures: a cash flow return on investment (CFROI) measure, an operating margin (OM) measure and a total shareholder return (TSR) modifier. Performance shares are earned based on a three-year performance period commencing at the beginning of the calendar year of each grant. The performance shares earned are then subject to a TSR modifier based on Brunswick's stock return measured against stock returns of a predefined comparator group over a three-year performance period. Additionally, in 2025, 2024 and 2023, the Company granted 21,870, 33,610 and 36,170 performance shares, respectively, to certain officers and certain senior leaders based on the respective measures and performance periods described above but excluding a TSR modifier.

The fair values of the senior leaders' performance share award grants with a TSR modifier at the grant date in 2025, 2024 and 2023 were $62.01, $85.52 and $88.47, respectively, which were estimated using the Monte Carlo valuation model, and incorporated the following assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | **2025** | **2024** | **2023** |
| Risk-free interest rate | **4.3%** | 4.3% | 4.3% |
| Dividend yield | **2.7%** | 1.9% | 1.8% |
| Volatility factor | **40.4%** | 40.5% | 49.8% |
| Expected life of award | **2.9 years** | 2.9 years | 2.9 years |

---

The fair value of certain officers' and certain senior managers' performance awards granted based solely on the CFROI and OM performance factors was $60.16, $83.39 and $83.97, which was equal to the stock price on the date of grant in 2025, 2024 and 2023, respectively, less the present value of dividend payments over the vesting period.

The Company recorded compensation expense related to performance awards of $8.9 million, $0.0 million and $2.1 million in 2025, 2024 and 2023, respectively. The related income tax benefit recognized in 2025, 2024 and 2023 was $2.2 million, $0.0 million and $0.5 million, respectively. The fair value of awards vested during 2025, 2024 and 2023 was $1.9 million, $7.5 million and $16.2 million, respectively.

Performance award activity for the year ended December 31, 2025 was as follows:

---

| | | |
|:---|:---|:---|
| **(in thousands, except grant date fair value)** | **Performance Awards** | **Weighted Average Grant Date Fair Value ($)** |
| Performance awards, unvested at January 1 | 259 | 83.09 |
| Awarded | 185 | 61.79 |
| Forfeited | (100) | 87.74 |
| Vested and earned | (25) | 66.46 |
| Performance awards, unvested at December 31 | 319 | 70.62 |

---

As of December 31, 2025, the Company had $3.5 million of total unrecognized compensation expense related to performance awards. The Company expects this expense to be recognized over a weighted average period of 1.6 years.

*Director Awards*

The Company issues stock awards to non-employee directors in accordance with the terms and conditions determined by the Nominating and Corporate Governance Committee of the Board of Directors. A portion of each director's annual fee is paid in Brunswick common stock, the receipt of which may be deferred until a director retires

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

from the Board of Directors. Each director may elect to have the remaining portion paid in cash, in Brunswick common stock distributed at the time of the award, or in deferred Brunswick common stock units with a 20 percent premium.

**Note 17 – Comprehensive Income (Loss)** 

The following table presents reclassification adjustments out of Accumulated other comprehensive loss during the years ended December 31, 2025, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | | | | |
| **Details about Accumulated other comprehensive loss components** | **2025** | **2024** | **2023** | **Affected line item in the statement where net income is presented** |
| Amortization of defined benefit items: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service credits | $**0.6** | $0.7 | $4.3 | Other (loss) income, net |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial gains (losses) | **0.1** | 0.7 | (2.2) | Other (loss) income, net |
|  | **0.7** | 1.4 | 2.1 | (Loss) earnings before income taxes |
|  | **(0.2)** | (0.4) | (1.0) | Income tax provision |
|  | $**0.5** | $1.0 | $1.1 | Net (loss) earnings from continuing operations |
| Amount of gain (loss) reclassified into earnings on derivative contracts: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest rate contracts | $**0.1** | $0.1 | $(0.1) | Interest expense |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | **(0.9)** | 2.9 | 16.8 | Cost of sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | **5.3** | (1.0) | (3.1) | Cost of sales |
|  | **4.5** | 2.0 | 13.6 | (Loss) earnings before income taxes |
|  | **(1.2)** | (0.6) | (4.0) | Income tax provision |
|  | $**3.3** | $1.4 | $9.6 | Net (loss) earnings from continuing operations |

---

**Note 18 –Earnings (Loss) per Common Share**

Basic (loss) earnings per common share is calculated by dividing Net (loss) earnings by the weighted average outstanding shares, which includes vested, unissued equity awards during the period. Diluted (loss) earnings per common share is calculated similarly, except that the calculation includes the dilutive effect of share-based compensation awards, unless the inclusion of such award would have an anti-dilutive effect. Diluted loss per common share for the year ended 2025 excludes the impact of all non-vested stock and performance awards as their inclusion is anti-dilutive.

There were 133,155, 5,336 and 1,180 share awards not included in the computation of diluted earnings per share for the years ended December 31, 2025, 2024, and 2023, respectively, because their inclusion was anti-dilutive.

Refer to the Consolidated Statements of Operations for both Basic and Diluted earnings per common share for the years ended December 31 2025, 2024 and 2023.

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

**Note 19 – Treasury Stock** 

The Company has executed share repurchases against authorizations approved by the Board of Directors. In 2025, the Company repurchased $80.0 million of stock under these authorizations and as of December 31, 2025, the remaining authorization was $341.5 million.

Treasury stock activity for the years ended December 31, 2025, 2024 and 2023 was as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(Shares in thousands)** | **2025** | **2024** | **2023** |
| Balance as of January 1 | **36551** | 34311 | 31173 |
| Compensation plans and other | **(247)** | (212) | (298) |
| Share repurchases | **1345** | 2452 | 3436 |
| Balance as of December 31 | **37649** | 36551 | 34311 |

---

**Note 20 – Leases** 

The Company has operating lease agreements for offices, branches, factories, distribution and service facilities and certain personal property. Leases with an initial lease term of 12 months or less are not recorded on the balance sheet. Finance leases are not material to the Company's consolidated financial statements.

The Company determines if an arrangement is a lease at lease inception. Operating lease assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of the Company's lease contracts do not include an implicit rate, the Company uses its incremental borrowing rate, based on information available at commencement date, in determining the present value of future payments. The incremental borrowing rate is estimated to approximate the interest rate on a collateralized basis with similar terms and payments, and in economic environments where the leased asset is located. The operating lease asset also includes any initial direct costs and lease payments made prior to lease commencement and excludes lease incentives incurred.

Several leases include one or more options to renew, with renewal terms that can extend the lease term from one to five years or more. The exercise of lease renewal options is at our sole discretion. The Company's lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Certain of our lease agreements include rental payments that vary based on changes in volume activity, storage activity or changes in the Consumer Price Index or other indices. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants.

Operating lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company has certain lease agreements that contain both lease and non-lease components, which it has elected to account for as a single lease component for all asset classes.

A summary of the Company's lease assets and lease liabilities as of December 31, 2025 and December 31, 2024 is as follows:

---

| | | | |
|:---|:---|:---|:---|
| **(in millions)** | **Classification** | **2025** | **2024** |
| **Lease Assets** |  |  |  |
| Operating lease assets | Operating lease assets | $**170.2** | $161.8 |
| **Lease Liabilities** |  |  |  |
| Current operating lease liabilities | Accrued expenses | **28.9** | 26.0 |
| Non-current operating lease liabilities | Operating lease liabilities | **151.7** | 145.1 |
| &nbsp;&nbsp;&nbsp;Total lease liabilities |  | $**180.6** | $171.1 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Notes to Consolidated Financial Statements**

A summary of the Company's total lease cost for the years ended December 31, 2025, December 31, 2024 and December 31, 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **(in millions)** | **Classification** | **2025** | **2024** | **2023** |
| Operating lease cost | Selling, general and administrative expense | $**18.1** | $17.7 | $20.1 |
|  | Cost of sales | **44.5** | 45.4 | 39.3 |
| Variable lease cost | Selling, general and administrative expense | **1.0** | 0.8 | 1.6 |
|  | Cost of sales | **6.7** | 6.3 | 6.2 |
| Total lease cost <sup>(A)</sup> |  | $**70.3** | $70.2 | $67.2 |
| **Other Information:** |  |  |  |  |
| Cash paid for amounts included in the measurement of operating lease liabilities | Cash paid for amounts included in the measurement of operating lease liabilities | $**37.5** | $39.3 | $30.0 |

---

(A) Includes total short-term lease cost which is immaterial.

The Company's maturity analysis of its operating lease liabilities as of December 31, 2025 is as follows:

---

| | |
|:---|:---|
| **(in millions)** | |
| 2026 | $38.8 |
| 2027 | 32.6 |
| 2028 | 28.8 |
| 2029 | 24.6 |
| 2030 | 19.6 |
| Thereafter | 95.4 |
| &nbsp;&nbsp;&nbsp;Total lease payments | 239.8 |
| Less: Imputed interest | (59.2) |
| &nbsp;&nbsp;&nbsp;Present value of lease liabilities | $180.6 |

---

The total weighted-average discount rate and remaining lease term for the Company's operating leases were 6.5 percent and 6.5 years, respectively, as of December 31, 2025. Total operating lease payments reflected in operating cash flows were $37.5 million for the year ended December 31, 2025.

**Note 21 – Supplier Finance Program Obligations**

Under our supplier finance program, the Company agrees to pay Bank of America (the Bank) the stated amount of confirmed invoices from our suppliers on the original invoice payment due date. Our suppliers may request payment from the Bank at a date earlier than the payment due date stated on the original invoice in exchange for a fee in the form of a discounted invoice amount. The Company or the Bank may terminate the agreement upon at least 90 days' notice. The supplier invoices that have been confirmed as valid under the program require payment ranging from 60 to 120 days from the invoice date, consistent with the terms of the original invoice. The Company does not pay the Bank any service fees or subscription fees under the program. In addition, the Company does not pledge any assets as security or provide other forms of guarantees for the committed payment to the Bank. As of December 31, 2025 and 2024, the Company had $6.2 million and $8.2 million confirmed invoices under the supplier finance program, respectively, which were included in Accounts payable on the Consolidated Balance Sheets. The roll-forward of the Company's outstanding obligations confirmed as valid under its supplier finance program for the years ended December 31, 2025 and December 31, 2024 is as follows:

---

| | | |
|:---|:---|:---|
| **(in millions)** | **2025** | **2024** |
| Confirmed obligations outstanding at the beginning of the year | $**8.2** | $11.6 |
| Invoices confirmed during the year | **53.8** | 58.4 |
| Confirmed invoices paid during the year | **(55.8)** | (61.8) |
| Confirmed obligations outstanding at the end of the year | $**6.2** | $8.2 |

---

------

<u>[Index to Financial Statements](#iad672748c7e64818b500cab0f3c1fd16_148)</u>

**BRUNSWICK CORPORATION**

**Schedule II - Valuation and Qualifying Accounts**

**(in millions)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Allowances for**<br>**Losses on Receivables** | **Balance at<br>Beginning<br>of Year** | **Charges to<br>Profit and Loss** | **Write-offs** | **Recoveries** | **Other** | <br>**Balance at**<br>**End of Year** |
| 2025 | $10.3 | $2.4 | $(3.3) | $0.1 | $1.1 | $10.6 |
| 2024 | 10.8 | 3.0 | (3.8) | 0.2 | 0.1 | 10.3 |
| 2023 | 10.2 | 3.2 | (4.2) | 1.4 | 0.2 | 10.8 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Deferred Tax Asset**<br>**Valuation Allowance** | **Balance at<br>Beginning<br>of Year** | <br>**Charges to**<br>**Profit and** <br>**Loss** <sup>(A)</sup> | **Write-offs** | **Recoveries** | **Other** <sup>(B)</sup> | <br>**Balance at**<br>**End of Year** |
| 2025 | $75.1 | $(2.7) | $— | $— | $2.4 | $74.8 |
| 2024 | 71.3 | 5.0 |  |  | (1.2) | 75.1 |
| 2023 | 52.8 | 17.8 |  |  | 0.7 | 71.3 |

---

(A) For the year ended December 31, 2025, the deferred tax asset valuation benefit primarily relates to the reassessment of certain state tax credits. For the year ended December 31, 2024, the deferred tax asset valuation expense primarily relates to reassessments of certain federal losses, state tax credits, and NOL's. For the year ended December 31, 2023, the deferred tax asset valuation expense activity primarily relates to reassessments of certain federal tax credits, impairment of certain investments, and state tax credits and NOL's.

(B) For the years ended December 31, 2025, December 31, 2024 and December 31, 2023 the activity primarily relates to currency translation of foreign balances.

**Item 16. Form 10-K Summary**

None.

------

**SIGNATURES**

**Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.**

---

| | | |
|:---|:---|:---|
| | **BRUNSWICK CORPORATION** | **BRUNSWICK CORPORATION** |
| February 13, 2026 | By: | /S/ RANDALL S. ALTMAN |
|  |  | Randall S. Altman |
|  |  | Senior Vice President and Controller |

---

**Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.**

---

| | | |
|:---|:---|:---|
| February 13, 2026 | By: | /S/ DAVID M. FOULKES |
|  |  | David M. Foulkes |
|  |  | Chief Executive Officer and Chairman of the Board |
|  |  | (Principal Executive Officer) |

---

---

| | | |
|:---|:---|:---|
| February 13, 2026 | By: | /S/ RYAN M. GWILLIM |
|  |  | Ryan M. Gwillim |
|  |  | Executive Vice President and Chief Financial and Strategy Officer |
|  |  | (Principal Financial Officer) |

---

---

| | | |
|:---|:---|:---|
| February 13, 2026 | By: | /S/ RANDALL S. ALTMAN |
|  |  | Randall S. Altman |
|  |  | Senior Vice President and Controller |
|  |  | (Principal Accounting Officer) |

---

This report has been signed by the following directors, constituting the remainder of the Board of Directors, by Ryan M. Gwillim, as Attorney-in-Fact.

---

| |
|:---|
| Nancy E. Cooper |
| David C. Everitt |
| Reginald Fils-Aimé |
| Lauren Patricia Flaherty |
| Joseph W. McClanathan |
| David V. Singer |
| J. Steven Whisler |
| Roger J. Wood |
| MaryAnn Wright |

---

---

| | | |
|:---|:---|:---|
| February 13, 2026 | By: | /S/ RYAN M. GWILLIM |
|  |  | Ryan M. Gwillim |
|  |  | Attorney-in-Fact |

---

## Exhibit 4.1

**Exhibit 4.1**

**DESCRIPTION OF THE COMPANY'S SECURITIES REGISTERED PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

The following is a brief description of the common stock, $0.75 par value per share (our "Common Stock"), of Brunswick Corporation (the "Company"), and one series of debt securities, which are the Company's two classes of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (the "Exchange Act").

The following description of our Common Stock and debt securities and of certain provisions of Delaware law are summaries, do not purport to be complete, and are subject to and qualified in their entirety by reference to our amended and restated certificate of incorporation, as subsequently amended from time to time (our "Amended and Restated Certificate of Incorporation") and our amended and restated by-laws, as subsequently amended from time to time (our "By-laws"), each of which is an exhibit to the Annual Report on Form 10-K to which this description is an exhibit and are incorporated herein by reference. Please also refer to the applicable provisions of the Delaware General Corporation Law ("DGCL") for additional information.

Under our Amended and Restated Certificate of Incorporation, the Company is currently authorized to issue up to 200,000,000 shares of our Common Stock and 12,500,000 shares of preferred stock, $0.75 par value per share (our "Preferred Stock"). On February 5, 1996, our board of directors designated 150,000 shares of our Preferred Stock as Series A Junior Participating Preferred Stock, but no shares of our Preferred Stock have been issued.

**<u>Description of Our Common Stock</u>**

**Stock Exchange Listing**

Our Common Stock is listed on the New York Stock Exchange and NYSE Texas, Inc. under the symbol "BC."

**Common Stock Characteristics**

*Dividend Rights.* Subject to the dividend rights of the holders of any outstanding Preferred Stock, the holders of shares of our Common Stock are entitled to receive dividends out of assets legally available therefor at such times and in such amounts as our board of directors may from time to time declare.

*Rights Upon Liquidation.* Upon liquidation, dissolution, distribution of assets or winding up of the Company, the holders of shares of our Common Stock are entitled to share ratably in our remaining assets of whatever kind available for distribution to shareholders, after distribution in full of the preferential amounts, if any, to be distributed to the holders of any outstanding Preferred Stock.

*Conversion and Preemptive Rights; Sinking Fund or Redemption Provisions.* Holders of shares of our Common Stock have no conversion, preemptive, or similar rights. There are no sinking fund or redemption provisions applicable to our Common Stock.

*Voting Rights.* Each holder of our Common Stock is entitled to one vote for each share of Common Stock held by such stockholder on all matters voted upon by our stockholders. Our Amended and Restated Certificate of Incorporation does not provide for cumulative voting in the election of directors. Article Eleventh of our Amended and Restated Certificate of Incorporation (relating to our board of directors) may only be amended by the affirmative vote of holders of eighty percent (80%) of the outstanding shares of our Common Stock entitled to vote in the elections of our directors. Additionally, the articles of our Amended and Restated Certificate of Incorporation described below in the paragraphs "*Elimination of Stockholder Action by Written Consent*" and "*Interested Party Transactions*," may only be modified by a vote of greater than a majority of our outstanding Common Stock. Our By-laws may be amended only by the affirmative vote of holders of two-thirds of the outstanding shares of our Common Stock entitled to vote in the elections of our directors.

------

**Exhibit 4.1**

*Declassified Board*. Pursuant to our Amended and Restated Certificate of Incorporation, the Company has a fully declassified board. At each annual meeting of the stockholders, directors are elected for a term expiring at the next annual meeting of the stockholders, with each director holding office until his or her successor is duly elected and qualified or until the earlier of such director's resignation, removal or death.

**Limitations on Rights of Holders of Our Common Stock: Blank Check Preferred Stock**

The rights of holders of shares of our Common Stock may be materially limited or qualified by the rights of holders of shares of our Preferred Stock that we may issue in the future. Our Amended and Restated Certificate of Incorporation authorizes our board of directors, without further shareholder action, to provide for the issuance of up to 12,500,000 shares of Preferred Stock, in one or more series, and to fix the designations, relative rights, preferences and limitations, including the dividend rate, redemption and sinking fund provisions, and liquidation preferences, which rights and preferences may be greater than the rights of our Common Stock.

It is not possible to state the actual effect of the issuance of any shares of Preferred Stock upon the rights of holders of our Common Stock until our board of directors determines the specific rights of the holders of such Preferred Stock. However, the particular terms of any series of our Preferred Stock that we offer may include: (i) the designation and liquidation preference per share of the Preferred Stock and the number of shares comprising such series; (ii) the dividend rate, the dates on which dividends will be payable, whether dividends shall be cumulative and, if so, the date from which dividends will begin to accumulate; (iii) any redemption or sinking fund provisions of the Preferred Stock; (iv) any conversion or exchange provisions of the Preferred Stock; (v) the voting rights, if any, of the Preferred Stock; and (vi) any additional dividend, liquidation, redemption, sinking fund and other rights, preferences, privileges, limitations and restrictions of the Preferred Stock.

**Anti-Takeover Provisions**

Certain provisions in our Amended and Restated Certificate of Incorporation, our By-laws, and the DGCL may have the effect of delaying, deferring, or preventing a change of control of the Company or may operate only with respect to extraordinary corporate transactions involving the Company. For example, certain provisions may have the effect of encouraging persons considering unsolicited tender offers or other unilateral takeover proposals to negotiate with our board of directors rather than pursue non-negotiated takeover attempts.

*Section 203 of the DGCL.* The Company is subject to the provisions of Section 203 of the DGCL regulating corporate takeovers. Section 203 prevents certain Delaware corporations, including those whose securities are listed on a national securities exchange, such as the New York Stock Exchange, from engaging, under certain circumstances, in a "business combination" (as defined therein), which includes, among other things, a merger or sale of more than ten percent (10%) of the corporation's assets, with any interested stockholder for three years following the date that the stockholder became an interested stockholder. An interested stockholder is a stockholder who acquired 15% or more of the corporation's outstanding voting stock or an affiliate or associate of such person.

*Advance Notice Requirement.* Our By-laws set forth advance notice procedures with regard to shareholder nomination of persons for election to our board of directors, whether for inclusion in the Company's proxy statement for the annual shareholder meeting or not, or other business to be considered at meetings of shareholders. The advance notice requirement does not give our board of directors any power to approve or disapprove shareholder director nominations or proposals but may have the effect of precluding the consideration of certain business at a meeting if the proper notice procedures are not followed.

*Special Stockholder Meetings.* Under our By-laws only the Chairman of the Board and the Secretary, at the written request of a majority of our directors, can call special meetings of the stockholders.

*Elimination of Stockholder Action by Written Consent.* Our Amended and Restated Certificate of Incorporation eliminates the right of stockholders to act by written consent without a meeting. This provision may be amended only by the affirmative vote of the holders of eighty percent (80%) of the shares of our Common Stock entitled to vote in the elections of our directors.

------

**Exhibit 4.1**

*Interested Party Transactions*. Our Amended and Restated Certificate of Incorporation contains provisions requiring, with some exceptions, any merger, consolidation, disposition of assets, or similar business combination with a person who owns five percent (5%) or more of the outstanding shares of our Common Stock entitled to vote in elections of our directors to be approved by the affirmative vote of the holders of two-thirds (2/3) of the outstanding shares of our Common Stock entitled to vote in elections of directors which are not beneficially owned by such person. The Amended and Restated Certificate of Incorporation also requires, with some exceptions, that two independent experts conclude that the terms of any such merger, consolidation, disposition of assets or similar business combination are fair to unaffiliated stockholders and that the opinion of these experts be included in a proxy statement mailed to stockholders. Each of the foregoing provisions may be amended only by the affirmative vote of the holders of two-thirds (2/3) of the outstanding shares of our Common Stock entitled to vote in the elections of our directors, excluding any shares held by a person who owns five percent (5%) or more of the outstanding shares.

*Blank Check Preferred Stock.* Our Preferred Stock could be deemed to have an anti-takeover effect because the Company could issue shares of our Preferred Stock if facing a hostile takeover situation. The shares of our Preferred Stock could be issued to purchasers sympathetic with our management or others in such a way as to render more difficult or to discourage a merger, tender offer, proxy contest, the assumption of control by a holder of a large block of our securities or the removal of incumbent management.

**<u>Description of Our Debt Securities</u>**

**6.375% Senior Notes due 2049**

The Company previously filed a registration statement on Form S-3 (Registration No. 333- 213509), filed with the SEC with an effective date of September 6, 2016 and covers the issuance of the Company's 6.375% Senior Notes due 2049 (the "Notes"). The Notes are governed by a base indenture, dated October 3, 2018, between the Company and U.S. Bank National Association, as trustee ("Trustee"), as supplemented by the applicable supplemental indenture governing the Notes (as so supplemented, the "Indenture"). This summary is subject to and qualified in its entirety by reference to all of the provisions of the Indenture and the Notes, including definitions of certain defined terms used in the Indenture and the Notes.

**General**

The Notes will mature on April 15, 2049 and bear interest at a rate of 6.375% per year.

The Notes are listed on the New York Stock Exchange under the symbol "BC-C". We have no obligation to maintain such listings, and we may delist any series of the Notes at any time.

The Notes will be issued only in registered form and in minimum denominations of $25.00 and integral multiples of $25.00 in excess thereof.

The Trustee will initially act as our paying agent for the Notes. The Notes will be payable at the corporate trust office of the Trustee, or an office or agency maintained by us for such purpose, in the continental United States. We will pay principal of, premium, if any, and interest on, the Notes in global form registered in the name of or held by The Depository Trust Company ("<u>DTC</u>") or its nominee in immediately available funds to DTC or its nominee, as the case may be, as the registered holder of such global note.

We may, without the consent of the holders of the Notes, issue an unlimited principal amount of Additional Notes. We will only be permitted to issue such Additional Notes if, at the time of such issuance, we are in compliance with the covenants contained in the Indenture. Any Additional Notes will be part of the same issue as one or more series of the Notes and will vote on all matters with the holders of such series of the Notes.

**Interest**

------

**Exhibit 4.1**

We pay interest on the Notes quarterly in arrears on January 15, April 15, July 15 and October 15. We will make each interest payment to the holders of record at the close of business on the immediately preceding January 1, April 1, July 1, and October 1.

Interest on the Notes accrues from the date of original issuance or, if interest has already been paid, from the date it was most recently paid. Interest is computed on the basis of a 360-day year comprised of twelve 30-day months.

If an interest payment date for the Notes falls on a day that is not a business day, the interest payment date will be postponed to the next succeeding business day. If the maturity date of the Notes falls on a day that is not a business day, we will pay principal and accrued and unpaid interest on the Notes on the next business day. No interest on that payment will accrue from and after the maturity date.

**Ranking**

The Notes:

•  are unsecured unsubordinated obligations;

•  rank equally and ratably with all our existing and future unsecured unsubordinated indebtedness;

•  are senior to any future subordinated indebtedness of the Company;

•  are effectively subordinated to any secured indebtedness of the Company to the extent of the assets securing such indebtedness; and

•  are structurally subordinated to all existing and future indebtedness and other liabilities of our subsidiaries, including trade payables and any borrowings by a subsidiary under the Credit Facilities (as defined below).

Our subsidiaries are distinct legal entities that have no obligation to pay any amounts pursuant to, or to make funds available for our payment obligations in respect of, the Notes, whether by dividends, distributions, loans, or otherwise.

Although our obligations under the Credit Facilities (as defined and described in "Description of Other Indebtedness" section in the applicable prospectus supplement for each series of the Notes) currently are not guaranteed by any of our subsidiaries, if any of our subsidiaries guarantees specified indebtedness, certain of our domestic subsidiaries may be required to guarantee our obligations under the Term Loan Facilities. In addition, certain of our subsidiaries are permitted to borrow directly under the Revolving Facility. The obligations of any such subsidiary borrowing would be guaranteed by us, and any such subsidiary borrowing would be structurally senior to the Notes.

**Optional Redemption**

The Notes are not redeemable at our option prior to April 15, 2024. On or after April 15, 2024, we may, at our option, redeem the Notes, at any time or from time to time, either in whole or in part, at a redemption price equal to 100% of the principal amount to be redeemed plus accrued and unpaid interest to, but excluding, the redemption date. If the optional redemption date is on or after an interest record date but on or prior to the related interest payment date, then any accrued and unpaid interest will be paid on the redemption date to the Person in whose name the note is registered at the close of business on such record date, and no additional interest will be payable to holders whose Notes will be subject to redemption.

We will provide notice of any redemption in the manner provided in the Indenture at least 30 days but not more than 60 days before the redemption date to each holder of the Notes to be redeemed. The notice of redemption to each holder will specify, among other items, the redemption price (or the method for determination thereof). Notice of any redemption of Notes in connection with a corporate transaction (including any equity offering, an incurrence of indebtedness or a change of control) may, at our discretion, be given prior to the completion thereof, and any such redemption may, at our discretion, be subject to one or more conditions precedent, including, but not

------

**Exhibit 4.1**

limited to, completion of the related transaction. If such redemption is so subject to satisfaction of one or more conditions precedent, such notice shall describe each such condition and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date. If any such condition precedent has not been satisfied, we will provide written notice to the Trustee prior to the close of business two business days prior to the redemption date. Upon receipt of such notice, the notice of redemption shall be rescinded, and the redemption of the Notes shall not occur. Upon receipt, the Trustee shall provide such notice to each holder of the Notes in the same manner in which the notice of redemption was given.

Unless we default in payment of the redemption price, on and after the redemption date, interest will cease to accrue on the Notes or portions of the Notes called for redemption.

If fewer than all of the Notes are to be redeemed at any time, the particular Notes to be redeemed shall be selected by the Trustee, from the outstanding Notes not previously called for redemption, in accordance with the applicable rules and procedures of the depositary, in the case of global notes, or, otherwise, by such method as the Trustee shall deem fair and appropriate (subject in each case to any applicable stock exchange rules).

If any Note is to be redeemed in part only, the notice of redemption that relates to that Note must state the portion of the principal amount thereof to be redeemed. A new note in principal amount equal to the unredeemed portion of the original Note will be issued (or transferred through a book-entry system) in the name of the holder thereof upon cancelation of the original Note. No Notes of $25.00 or less will be redeemed in part.

**Mandatory Redemption; Offers to Purchase; Open Market Purchases**

We are not required to make any mandatory redemption or sinking fund payments with respect to the Notes. However, under certain circumstances, we may be required to offer to purchase Notes as described under "-Certain Covenants-Offer to Repurchase Notes Upon Change of Control Triggering Event". We or our affiliates may at any time and from time to time purchase Notes in the open market or otherwise.

**Certain Covenants**

The Indenture contains covenants, certain of which are described below. Certain defined terms used in these covenants are set forth under "-Certain Definitions".

*Limitation on Liens*

We will not, and will not permit any of our Restricted Subsidiaries to, create, incur, or suffer to exist any Lien (other than Permitted Liens) upon any Principal Property or any shares of Capital Stock of any of our Restricted Subsidiaries, which Lien secures any Indebtedness, without making effective provisions whereby the Notes (together with, at our option, any other Indebtedness of ours or any of our Subsidiaries ranking equally in right of payment with the Notes) shall be secured by a Lien on such Principal Property or shares of Capital Stock, equally and ratably with (or prior to) such other Lien.

Any Lien created for the benefit of holders of the Notes pursuant to this covenant shall be deemed automatically and unconditionally released and discharged upon the release and discharge of each of the Liens described above.

*Limitation on Sale and Leaseback Transactions*

We will not, and will not permit any of our Restricted Subsidiaries to, enter into a Sale and Leaseback Transaction, other than any such Sale and Leaseback Transaction (a) involving a lease for a term of not more than three years (or which may be terminated by us or the applicable Restricted Subsidiary within a period of not more than three years), (b) involving a lease executed by the time of, or within 270 days after the latest of, the acquisition, the completion of construction or improvement or the commencement of commercial operation of the applicable Principal Property or (c) between us and one of our Restricted Subsidiaries or between Restricted Subsidiaries,

------

**Exhibit 4.1**

unless either (i) we or such Restricted Subsidiary would be permitted, pursuant to the covenant described under "-Limitation on Liens", to incur a Lien on the Principal Property subject to such Sale and Leaseback Transaction securing Indebtedness in an amount equal to the Attributable Debt of such Sale and Leaseback Transaction without equally and ratably securing the Notes, or (ii) we or a Restricted Subsidiary, within 270 days of entering into such Sale and Leaseback Transaction, apply an amount equal to the fair market value of the Principal Property leased pursuant to such Sale and Leaseback Transaction at the time of entering into such Sale and Leaseback Transaction, as determined in good faith by our board of directors (which determination shall be conclusive) to either (A) the retirement (other than any mandatory retirement) of Funded Debt, which Funded Debt, in the case of us, is not subordinate and junior in right of payment to the prior payment of the Notes, or (B) the purchase, construction, development, expansion or improvement of other comparable property.

*Consolidation, Merger or Sale of Assets*

We will not consolidate with or merge into any other Person or sell, transfer or lease our properties and assets substantially as an entirety to any Person, nor may any other Person consolidate with or merge into us unless (a) the Person, if other than us, formed by or resulting from any such consolidation or merger or the Person which shall have purchased or received the transfer of, or which leases, our properties and assets substantially as an entirety, shall be a corporation, limited liability company or limited partnership organized and existing under the laws of the United States, or any state or territory thereof or the District of Columbia (and if such Person is not a corporation, a co-obligor of the Notes is a corporation organized and existing under such laws) and shall expressly assume, by a supplemental indenture, the payment of the principal of, premium, and interest, in each case if any, on all the Notes and the performance and observance of the covenants of the Indenture and (b) immediately thereafter no event of default and no event which after notice or lapse of time, or both, would become an event of default shall have happened and be continuing. Notwithstanding clause (b) of the immediately preceding sentence, the terms of the Indenture do not prohibit us from merging with any of our affiliates solely for the purpose of reincorporating ourselves in another jurisdiction to realize tax or other benefits.

In the case of any such consolidation, merger, sale or transfer, in a transaction in which there is a successor entity, the successor entity will succeed to, and be substituted for, us under the Indenture and, subject to the terms of the Indenture, we will be released from the obligation to pay principal and interest on the Notes and all obligations under the Indenture; however, in the case of a lease of our properties and assets substantially as an entirety, the predecessor entity will not be released from its obligation to pay principal of and interest on the Notes.

*Offer to Repurchase Notes Upon Change of Control Triggering Event*

If a Change of Control Triggering Event occurs, unless we have exercised our option to redeem the Notes as described under "-Optional Redemption" above, each holder of the Notes will have the right to require us to purchase all or a portion of such holder's Notes pursuant to the Change of Control Offer at the Change of Control Purchase Price, subject to the rights of holders of the Notes on the relevant record date to receive interest due on the relevant interest payment date.

Within 30 days following any Change of Control Triggering Event, or at our option, prior to any Change of Control but after public announcement of the pending Change of Control, we will be required to give notice to each holder of the Notes, with a copy to the Trustee. The notice will govern the terms of the Change of Control Offer and will describe, among other things, the transaction that constitutes or may constitute the Change of Control Triggering Event and the Change of Control Payment Date. If the notice is given prior to the date of consummation of the Change of Control, the notice will state that the Change of Control Offer is conditioned on the Change of Control occurring on or prior to the Change of Control Payment Date.

Holders of the Notes electing to have Notes purchased pursuant to a Change of Control Offer will be required to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) surrender their Notes to the paying agent on the address specified in the notice, with the form entitled "Option of Holder to Elect Purchase" on the reverse of the Note completed; or

------

**Exhibit 4.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) transfer their Notes to the paying agent by book-entry transfer pursuant to the applicable procedures of the paying agent, prior to the close of business on the third business day prior to the Change of Control Payment Date.

We will not be required to make a Change of Control Offer upon the occurrence of a Change of Control Triggering Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by us and the third party purchases all Notes properly tendered and not withdrawn under its offer.

We will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder, to the extent those laws and regulations are applicable, in connection with the repurchase of the Notes as a result of a Change of Control. To the extent that the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, we will comply with those securities laws and regulations and will not be deemed to have breached our obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict.

Our ability to repurchase Notes pursuant to the Change of Control Offer may be limited by a number of factors. Certain events that may constitute a change of control under our and our subsidiaries' Indebtedness could cause a default under the agreements related to such Indebtedness but may not constitute a Change of Control Triggering Event under the Indenture. Our and our subsidiaries' future Indebtedness may also contain prohibitions of certain events that would constitute a Change of Control Triggering Event or require such Indebtedness to be repurchased upon a Change of Control Triggering Event. Moreover, the exercise by the holders of their right to require us to repurchase the Notes could cause a default under such Indebtedness, even if a Change of Control Triggering Event itself does not, due to the financial effect of such repurchase on us. Finally, our ability to pay cash to the holders upon a repurchase may be limited by our then existing financial resources. We may not have sufficient funds when necessary to make any required repurchases.

The definition of Change of Control includes a phrase relating to the direct or indirect sale, lease, transfer, conveyance or other disposition of "all or substantially all" of our properties or assets and those of our subsidiaries taken as a whole. Although there is a limited body of case law interpreting the phrase "substantially all", there is no precise established definition of the phrase under applicable law. Accordingly, the ability of a holder of Notes to require us to repurchase the Notes as a result of a sale, lease, transfer, conveyance or other disposition of less than all of our assets and the assets of our subsidiaries, taken as a whole, to another person or group may be uncertain.

The provisions under the Indenture relating to our obligation to make an offer to repurchase the Notes as a result of a Change of Control Triggering Event may be waived or modified with the written consent of the holders of a majority in principal amount of each series of the Notes.

**Certain Definitions**

Set forth below is a summary of certain of the defined terms used in the Indenture. Reference is made to the Indenture for the definition of all terms used herein for which no definition is provided.

"<u>Attributable Debt</u>" means, with respect to any Sale and Leaseback Transaction at any particular time, the lesser of: (a) the fair market value of the Principal Property subject to such lease and (b) the present value, discounted at the rate of interest set forth or implicit in the terms of such lease (or, if not practicable to determine such rate, the weighted average interest rate per annum borne by the securities issued under the Indenture and then outstanding), compounded semi-annually, of the obligation of the lessee for rental payments, calculated in accordance with GAAP for capitalized leases, due during the remaining term of such lease. Such rental payments shall not include amounts payable by the lessee for maintenance and repairs, insurance, taxes, assessments and similar charges. In the case of any lease which is terminable by the lessee upon the payment of a penalty, such rental payments shall be the lesser of (x) the net amount determined assuming termination upon the first date such lease may be terminated (in which case the net amount shall also include the amount of the penalty, but shall not include any rent that would be required to be paid under such lease subsequent to the first date upon which it may be so terminated) or (y) the net amount determined assuming no such termination.

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**Exhibit 4.1**

"<u>Capitalized Lease Obligation</u>" means an obligation that is required to be classified and accounted for as a capitalized lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation at the time any determination thereof is to be made as determined in accordance with GAAP, and the stated maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty.

"<u>Change of Control</u>" means the occurrence of any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of our assets and the assets of our subsidiaries, taken as a whole, to any "person" (as that term is used in Section 13(d)(3) of the Exchange Act), other than Brunswick or one of our subsidiaries;

(b) we become aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act, proxy, vote, written notice or otherwise) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any "person"(as that term is used in Section 13(d)(3) of the Exchange Act), becomes the ultimate "beneficial owner"(as defined in Rule 13d-3 under the Exchange Act), of more than 50% of our outstanding Voting Stock;

(c) we consolidate with, or merge with or into, any person, or any person consolidates with, or merges with or into, us, in any such event pursuant to a transaction in which any of our outstanding Voting Stock or the Voting Stock of such other person is converted into or exchanged for cash, securities or other property, other than any such transaction where the shares of our Voting Stock outstanding immediately prior to such transaction constitute, or are converted into or exchanged for, a majority of the Voting Stock of the surviving person or any direct or indirect parent company of the surviving person immediately after giving effect to such transaction; or

(d) the adoption of a plan relating to our liquidation or dissolution.

"<u>Change of Control Triggering Event</u>" means the Notes cease to be rated Investment Grade by at least two of the three Rating Agencies on any date during the period (the "<u>Trigger Period</u>") commencing 60 days prior to the first public announcement of the Change of Control or our intention to effect a Change of Control and ending 60 days following consummation of such Change of Control, which Trigger Period will be extended following consummation of a Change of Control for so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change. Unless at least two of the three Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the Notes will be deemed to have ceased to be rated Investment Grade by at least two of the three Rating Agencies during that Trigger Period. Notwithstanding the foregoing, no Change of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until such Change of Control has actually been consummated.

"<u>Consolidated Current Liabilities</u>" means the aggregate of the current liabilities of us and our Restricted Subsidiaries appearing on the most recent available consolidated balance sheet of us and our Restricted Subsidiaries, all in accordance with GAAP; *provided*, *however*, that in no event shall Consolidated Current Liabilities include (x) any obligation of us and our Restricted Subsidiaries issued under a revolving credit or similar agreement if the obligation issued under such agreement matures by its terms within 12 months from the date thereof but by the terms of such agreement such obligation may be renewed or extended or the amount thereof reborrowed or refunded at the option of us or any of our Restricted Subsidiaries for a term in excess of 12 months from the date of determination or (y) current maturities of long-term debt and obligations under capital leases.

"<u>Consolidated Net Tangible Assets</u>" means Consolidated Tangible Assets after deduction of Consolidated Current Liabilities. For purposes of calculating Consolidated Net Tangible Assets, investments, acquisitions, mergers, consolidations, dispositions, amalgamations and increases in ownership of Restricted Subsidiaries, and any

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**Exhibit 4.1**

incurrence or discharge of liabilities, subsequent to the date of the most recent available consolidated balance sheet and on or prior to the date of determination, will be given pro forma effect as if they had occurred at the end of such fiscal quarter. For purposes of this definition, whenever pro forma effect is given to a transaction or other event, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of us.

"<u>Consolidated Tangible Assets</u>" means the aggregate of all assets of us and our Restricted Subsidiaries (including the value of all existing Sale and Leaseback Transactions, and any assets resulting from the capitalization of other long-term lease obligations in accordance with GAAP) appearing on the most recent available consolidated balance sheet of us and our Restricted Subsidiaries at their net book values, after deducting related depreciation, amortization and other valuation reserves and excluding patent and trademark rights, goodwill, unamortized discounts and expenses and any other intangible items, all in accordance with GAAP.

"<u>Customer Finance Program Obligations</u>" means inventory repurchase and recourse obligations, including any obligation of us or any Restricted Subsidiary to repurchase products of us and our Restricted Subsidiaries or to purchase or repurchase receivables created in connection with the sale of products or related services of us and our Restricted Subsidiaries under any customer finance program, in each case incurred in the ordinary course of business.

"<u>Funded Debt</u>" of any Person means any Indebtedness created, issued, incurred, assumed or guaranteed by such Person, whether secured or unsecured, maturing more than one year after the date of determination thereof or which may by its terms be reborrowed, refunded, renewed or extended to a time more than 12 months after the date of determination thereof.

"<u>Hedging Obligations</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and interest rate collar agreements;

(b) other agreements or arrangements designed to manage interest rates or interest rate risk;

(c) other agreements or arrangements designed to protect against fluctuations in currency exchange rates or commodity prices; and

(d) other agreements or arrangements designed to protect against fluctuations in equity prices.

"<u>Indebtedness</u>" means, with respect to any Person on any date of determination (without duplication):

(a) the principal of and premium (if any) in respect of indebtedness of such Person for borrowed money;

(b) the principal of and premium (if any) in respect of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

(c) Capitalized Lease Obligations and all Attributable Debt of such Person (whether or not such items would appear on the balance sheet of such Person);

(d) the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; *provided*, *however*, that the amount of such Indebtedness shall be the lesser of (i) the fair market value of such asset at such date of determination, as determined in good faith by the Company (which determination shall be conclusive), and (ii) the amount of such Indebtedness of such other Persons;

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**Exhibit 4.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) the principal component of Indebtedness of other Persons to the extent guaranteed by such Person (whether or not such items would appear on the balance sheet of the guarantor or obligor); *provided*, *however*, that Standard Securitization Undertakings shall not constitute a guarantee; and

(f) to the extent not otherwise included in this definition, investments by us or any Restricted Subsidiary in a Securitization Special Purpose Entity or any investment or borrowing by a Securitization Special Purpose Entity in or from any other Person, in each case, as part of, pursuant to or in connection with a Qualified Securitization Transaction, including contributions of Securitization Assets to a Securitization Special Purpose Entity, the retention of interests in Securitization Assets contributed, sold, conveyed, transferred or otherwise disposed of to a Securitization Special Purpose Entity and investments of funds held in accounts permitted or required by the arrangements governing such Qualified Securitization Transaction or any related Indebtedness.

The term "Indebtedness" shall not include Customer Finance Program Obligations.

"<u>Investment Grade</u>" means a rating equal to or higher than Baa3 (or the equivalent) by Moody's; a rating equal to or higher than BBB- (or the equivalent) by S&P; a rating equal to or higher than BBB- (or the equivalent) by Fitch; and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by us.

"<u>Issue Date</u>" means, with respect to any series of securities, the first date on which securities of such series are issued under the Indenture.

"<u>Lien</u>" means any mortgage, lien (statutory or otherwise), pledge, hypothecation, charge, security interest, preference, priority or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement; *provided*, *however*, that in no event shall an operating lease be deemed to constitute a Lien.

"<u>Permitted Liens</u>", with respect to any Person, means:

:

(a) Liens securing Indebtedness (including Capitalized Lease Obligations) incurred to finance the construction, purchase, replacement or lease of, or repairs, improvements or additions to, property (whether through the direct purchase of assets or property or the Capital Stock of any Person owning such assets or property) of such Person (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and distributions therefrom); *provided*, *however*, that the Lien may not extend to any other assets or property owned by such Person or any of its Subsidiaries at the time the Lien is incurred (other than assets and property affixed or appurtenant thereto or pursuant to customary after-acquired property clauses), and the Indebtedness (other than any interest thereon) secured by the Lien may not be incurred more than 270 days after the later of the acquisition, completion of construction, replacement, repair, improvement, addition or commencement of full operation of the assets or property subject to the Lien;

(b) Liens on assets, property or shares of Capital Stock (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and distributions therefrom) of another Person at the time such other Person becomes a Restricted Subsidiary of such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person becomes such a Restricted Subsidiary); *provided*, *however*, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto or pursuant to customary after-acquired property clauses);

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**Exhibit 4.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Liens on assets or property (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and distributions therefrom) at the time such Person or any of its Restricted Subsidiaries acquires the assets or property, including any acquisition by means of a merger or consolidation with or into such Person or a Restricted Subsidiary of such Person (other than a Lien incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions pursuant to which such Person or any of its Restricted Subsidiaries acquired such assets or property); *provided*, *however*, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto or pursuant to customary after-acquired property clauses);

(d) Liens on the property of us or any of our Restricted Subsidiaries in favor or at the request of the United States or any State or territory thereof, or any department, agency or instrumentality or political subdivision of the United States or any State or territory thereof (including Liens to secure indebtedness of the pollution control or industrial revenue bond type), in order to permit us or a Restricted Subsidiary to perform any contract or subcontract made by it with or at the request of any of the foregoing, or to secure partial, progress, advance or other payments pursuant to any tender, bid, contract, regulation or statute, or to secure any Indebtedness incurred for the purpose of financing all or any part of the purchase price or the cost of constructing or improving the property subject to such Liens;

(e) Liens securing Indebtedness or other obligations of a Restricted Subsidiary owing to us or another Restricted Subsidiary;

(f) Liens existing on the Issue Date;

(g) Liens to secure any extension, renewal, refinancing or replacement (or successive extensions, renewals, refinancings or replacements) in whole or in part of Indebtedness secured by any Lien permitted by clauses (a) through (f) above or clause (l) below; *provided*, *however*, that (i) such new Lien shall be limited to all or part of the same property and assets that secured the original Lien (plus additions, improvements, accessions and replacements and customary deposits in connection therewith and proceeds, products and distributions therefrom) and (ii) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (A) the outstanding principal amount of the Indebtedness so secured at the time of such extension, renewal, refinancing or replacement, and (B) an amount necessary to pay any fees, commissions, discounts and expenses, including premiums, related to such refinancing, refunding, extension, renewal or replacement;

(h) Liens under industrial revenue, municipal, economic development or similar tax-advantaged financings (including bonds and loan agreements);

(i) Liens securing Hedging Obligations so long as the related Indebtedness is, and is permitted to be under the Indenture, secured by a Lien on the same property securing such Hedging Obligation;

(j) any interest or title of a lessor under any operating lease;

(k) any Lien on shares of Capital Stock of any Securitization Special Purpose Entity, Liens on assets transferred to a Securitization Special Purpose Entity or on assets of a Securitization Special Purpose Entity and Standard Securitization Undertakings, in any case incurred as part of, pursuant to or in connection with a Qualified Securitization Transaction; and

(l) in addition to Liens (and related Indebtedness) permitted under clauses (a) through (k) of this definition, Liens securing Indebtedness (including Attributable Debt in respect of Sale and Leaseback Transactions) in an aggregate principal amount (together with the aggregate principal amount of all outstanding refinancing Indebtedness incurred pursuant to clause (g) above in respect of Indebtedness initially incurred pursuant to this clause (l)) at any one time outstanding not to exceed 15.0% of Consolidated Net Tangible Assets (measured, for purposes of this clause (l), solely at the time of the incurrence of the Indebtedness secured by such a Lien).

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**Exhibit 4.1**

"<u>Principal Property</u>" means any manufacturing facility of us or any Restricted Subsidiary, whether now owned or hereafter acquired, other than any property which, in the opinion of the board of directors, is not of material importance to the business conducted by us and our Restricted Subsidiaries as a whole.

"<u>Qualified Securitization Transaction</u>" means any transaction or series of transactions entered into by us or any Restricted Subsidiary pursuant to which we or such Restricted Subsidiary contribute, sell, convey, grant a security interest in or otherwise transfer to a Securitization Special Purpose Entity, and such Securitization Special Purpose Entity contributes, sells, conveys, grants a security interest in or otherwise transfers to one or more other Persons, any Securitization Assets (whether now existing or arising in the future) or any beneficial or participation interests therein.

"<u>Rating Agencies</u>" means:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) each of Moody's Investors Service, Inc., a subsidiary of Moody's Corporation, and its successors ("<u>Moody's</u>"), Fitch Ratings, Inc., and its successors ("<u>Fitch</u>"), and S&P Global Ratings, a division of S&P Global Inc., and its successors ("<u>S&P</u>"); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) if any of the Rating Agencies ceases to provide rating services to issuers or investors, and no Change of Control Triggering Event has occurred or is occurring, a "nationally recognized statistical rating organization" as defined in Section 3(a)(62) of the Exchange Act that is selected by us as a replacement for Moody's, S&P, Fitch or all of them, as the case may be.

"<u>Restricted Subsidiary</u>" means any Subsidiary of the Company, (a) substantially all the property of which is located, or substantially all the business of which is carried on, within the United States and (b) that owns any Principal Property.

"<u>Sale and Leaseback Transaction</u>" means the sale or transfer of any Principal Property owned or leased by the Company or any Restricted Subsidiary of the Company to any Person that leases back such Principal Property to the Company or a Restricted Subsidiary.

"<u>Securitization Assets</u>" means (a) all receivables, inventory or royalty or other revenue streams contributed, sold, conveyed, granted or otherwise transferred as part of, pursuant to or in connection with asset securitization transactions by us or any Restricted Subsidiary pursuant to agreements, instruments and other documents relating to any Qualified Securitization Transaction, (b) all assets related to such receivables, inventory or royalty or other revenue streams, including rights arising under the contracts governing or related to such receivables, inventory or royalty or other revenue streams, rights in respect of collateral and Liens securing such receivables, inventory or royalty or other revenue streams and all contracts and contractual and other rights, guarantees and other credit support in respect of such receivables, inventory or royalty or other revenue streams, any proceeds of such receivables, inventory or royalty or other revenue streams and any lockboxes or accounts in which such proceeds are deposited, spread accounts and other similar accounts (and any amounts on deposit therein) established as part of, pursuant to or in connection with a Qualified Securitization Transaction, any warranty, indemnity, repurchase, dilution and other claim, arising out of the agreements, instruments and other documents relating to such Qualified Securitization Transaction and other assets that are transferred or in respect of which security interests are granted in connection with asset securitizations involving similar assets, and (c) all collections (including recoveries) and other proceeds of the assets described in the foregoing clauses (a) and (b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;"<u>Securitization Special Purpose Entity</u>" means a Person (including, without limitation, a Restricted Subsidiary) created in connection with the transactions contemplated by a Qualified Securitization Transaction, which Person engages in no business or activities other than in connection with the acquisition, disposition and financing of Securitization Assets and any business or activities incidental or related thereto and holds no assets other than Securitization Assets and other assets incidental or related to such Qualified Securitization Transaction.

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**Exhibit 4.1**

"<u>Standard Securitization Undertakings</u>" means all representations, warranties, covenants, indemnities, performance guarantees and servicing obligations entered into by us or any Subsidiary (other than a Securitization Special Purpose Entity) that, taken as a whole, are customary in connection with a Qualified Securitization Transaction.

**Events of Default**

The Indenture defines the following as events of default with respect to the Notes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

•  a default in payment of any interest installment due on the Notes, and continuance of such default for a period of 30 days;

•  a default in payment of principal or premium, if any, on any of the Notes;

•  a default in performance of any other covenant applicable to the Notes for 90 days after notice to us by the Trustee, or to us and the Trustee by the holders of at least 25% in aggregate principal amount of the outstanding securities of such series;

•  default by us or any Restricted Subsidiary under any Indebtedness for money borrowed of us or any Restricted Subsidiary having an aggregate principal amount equal to $110.0 million, whether such Indebtedness now exists or shall hereafter be created, which default shall constitute a failure to pay any portion of the principal of such Indebtedness when due and payable after the expiration of any applicable grace period with respect thereto or shall have resulted in such Indebtedness becoming or being declared due and payable prior to the date on which it would otherwise have become due and payable; *provided*, *however*, that such acceleration shall not have been rescinded or annulled within 10 days after written notice is given to us by the Trustee or to the Company and the Trustee by holders of at least 25% of the outstanding principal amount of the Notes as provided in the Indenture; *provided* further that prior to any declaration of the acceleration of the Notes as provided in the Indenture, an event of default under this clause will be remedied, cured or waived without further action on the part of either the Trustee or any of the holders if the default under such other Indebtedness is remedied, cured or waived; or

•  certain events of our bankruptcy, insolvency, and reorganization.

If an event of default, other than events relating to our bankruptcy, insolvency and reorganization, occurs and is continuing, the Trustee or the holders of at least 25% of the aggregate principal amount of the outstanding Notes may declare the principal of all the Notes to be due and payable immediately. If an event of default relating to our bankruptcy, insolvency and reorganization occurs and is continuing, the principal, premium, if any, and accrued but unpaid interest on all outstanding Notes shall automatically, and without any declaration or other action on the part of the Trustee or any holder, become immediately due and payable. Prior to any declaration accelerating the maturity of any Notes (and, subject to conditions, after a declaration accelerating the maturity of any Notes but before any judgment or decree for the payment of the moneys due shall have been obtained or entered), the holders of a majority of the aggregate principal amount of the outstanding Notes may waive such default, except a default in the payment of principal of, or premium, if any, or interest on the Notes.

The Indenture contains a provision entitling the Trustee, subject to the duty of the Trustee during any event of default to act with the required standard of care, to be indemnified by holders of the Notes before proceeding to exercise any right or power under the Indenture at the request of such holders. The Indenture also provides that the holders of a majority of the aggregate principal amount of the Notes may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee with respect to the Notes, subject to certain exceptions.

The Indenture contains a covenant requiring us to file annually with the Trustee a certificate of no default or a certificate specifying any default that exists.

**Modification of the Indenture**

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**Exhibit 4.1**

The Indenture permits us and the Trustee, without the consent of the holders of the Notes, to execute supplemental indentures for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

•  to provide for a successor to us in accordance with the Indenture;

•  to make any change that would provide any additional rights or benefits to the holders of the Notes;

•  to cure any ambiguity or to correct or supplement any provision in the Indenture or in any supplemental indenture that is defective or inconsistent with the Indenture or any supplemental indenture, or to make such other provisions in regard to matters or questions arising under the Indenture as shall not adversely affect the holders of the Notes in any material respect;

•  to provide for a successor Trustee;

•  to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act;

•  to conform the text of the Indenture or the terms of the Notes to the "Description of the Notes" section in the applicable prospectus supplement for each series of the Notes; and

•  to make certain other changes specified in the Indenture.

The Indenture contains provisions permitting us and the Trustee, with the consent of the holders of at least a majority of the aggregate principal amount of the outstanding Notes (including consents obtained in connection with a tender offer or exchange offer for the Notes), to execute supplemental indentures adding any provisions to or changing or eliminating any of the provisions of the Indenture or modifying the rights of the holders of the Notes, except that no such supplemental indenture may:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

•  extend the fixed maturity of the Notes;

•  reduce the rate or extend the time of payment of any interest on the Notes;

•  reduce the principal amount of or any premium on the Notes;

•  change the currency of payment of the Notes;

•  waive a default or event of default in the payment of principal of or any premium or interest on the Notes issued under the Indenture (except a rescission of acceleration of the Notes by the holders of at least a majority in aggregate principal amount of the Notes then outstanding with respect to a nonpayment default and a waiver of the payment default that resulted from such acceleration);

•  reduce the amount payable upon the redemption of any note or accelerate the time at which such note may be redeemable as described above under "-Optional Redemption"(it being understood that the provisions described above under "-Certain Covenants-Offer to Repurchase Notes Upon Change of Control Triggering Event" and the related definitions are not subject to this clause); or

•  impair the rights of the holder of the Notes to institute suit for the enforcement of any payment of principal, premium or interest, if any, on the Notes, in each case without the consent of the holder of each Note so affected. Further, no such supplemental indenture may reduce the aforesaid percentage of Notes, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of all outstanding Notes.

**Satisfaction and Discharge; Legal Defeasance and Covenant Defeasance**

The Indenture provides that we, at our option, will be discharged from any and all obligations in respect of the Notes (except for certain obligations such as obligations to (a) register the transfer or exchange of securities, (b) replace stolen, lost or mutilated securities; and (c) maintain paying agencies) if at any time, we (i) have paid or caused to be paid the principal of and premium, if any, and interest on the Notes as and when the same shall have become due and payable, (ii) we have delivered to the Trustee for cancelation all of the Notes theretofore authenticated (other than any Notes which have been destroyed, lost or stolen and which have been replaced or paid) or (iii) (x) all such Notes not theretofore delivered to the Trustee for cancelation have become due and payable, or

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**Exhibit 4.1**

are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption and (y) we irrevocably deposit with the Trustee, in trust, cash or government securities that are sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bankers, without consideration of any reinvestment of interest, to pay the principal of, or interest and premium, if any, on the outstanding Notes issued thereunder on the dates such installments of interest or principal are due.

We may, at our option and at any time, elect to have all of our obligations discharged with respect to the Notes and the Indenture ("legal defeasance") except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

•  the rights of holders to receive payments in respect of the principal of, or interest or premium, if any, on the Notes when such payments are due from the trust referred to below;

•  our obligations to (a) register the transfer or exchange of securities, (b) replace stolen, lost or mutilated securities; and (c) maintain paying agencies;

•  the rights, powers, trusts, duties and immunities of the Trustee, and our obligations in connection therewith; and

•  the legal defeasance provisions of the Indenture.

We may, at our option and at any time, elect to have our obligations terminated with respect to the Notes under various covenants applicable to the Notes, including those described under "-Certain Covenants-Limitation on Liens", "-Certain Covenants-Limitation on Sale and Leaseback Transactions", "-Certain Covenants-Consolidation, Merger or Sale of Assets", "-Certain Covenants-Offer to Repurchase Notes Upon Change of Control Triggering Event" and the operation of the event of default in connection with such failure to comply with such covenants and the cross-acceleration event of default described in the fourth bullet under "-Events of Default" ("covenant defeasance").

We may exercise our legal defeasance option notwithstanding our prior exercise of our covenant defeasance option.

In order to exercise either legal defeasance or covenant defeasance under the Indenture:

•  we must irrevocably deposit with the Trustee, in trust, for the benefit of the holders, cash or government securities that are sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bankers, without consideration of any reinvestment of interest, to pay the principal of, premium, if any, and interest on the outstanding Notes on the stated dates for the payment thereof or on the applicable redemption date;

•  in the case of legal defeasance, we have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, (a) we have received from, or there has been published by, the IRS a ruling or (b) since the date of the Indenture, there has been a change in the applicable U.S. federal income tax law, in either case to the effect that the holders and beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such legal defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such legal defeasance had not occurred;

•  in the case of covenant defeasance, we have delivered to the Trustee an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the holders and beneficial owners of the Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred;

•  no event of default and no event which after notice or lapse of time, or both, would become an event of default has occurred and is continuing on the date of such deposit (other than an event of default or event which after notice or lapse of time, or both, would become an event of default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings);

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**Exhibit 4.1**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

•  such legal defeasance or covenant defeasance will not constitute an event of default or an event which after notice or lapse of time, or both, would become an event of default under the Indenture (other than an event of default or event which after notice or lapse of time, or both, would become an event of default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings) or result in a breach or violation of, or constitute a default under any material agreement or instrument (other than the Indenture) to which we or any of our Restricted Subsidiaries is a party or is bound; and

•  we must deliver to the Trustee an Officers' Certificate and an Opinion of Counsel (which Opinion of Counsel may be subject to customary assumptions and exclusions), each stating that all conditions precedent relating to the legal defeasance or the covenant defeasance have been complied with.

**Concerning the Trustee**

The Trustee under the Indenture is U.S. Bank National Association. In the ordinary course of business, we may borrow money from, and maintain other banking relationships with, the Trustee and its affiliates. Neither the Trustee nor any paying agent shall be responsible for monitoring our rating status, making any request upon any Rating Agency, or determining whether any rating event has occurred.

## Exhibit 10.11

![brunswicklogo_midnightbluea.jpg](brunswicklogo_midnightbluea.jpg)

**2026 Brunswick Performance Plan (BPP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.11**

**Summary Terms and Conditions**

---

| | |
|:---|:---|
| Purpose | Reward achievement of annual goals |
| Eligibility | Officers of the Company as approved by the Board of Directors |
| Performance Period | 2026 fiscal year |
| Performance Measures | &nbsp;&nbsp;&nbsp;&nbsp;Bonuses are based 100% on achievement against the following financial measures as of the end of the performance period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Enterprise-level Officers,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 75% based on Earnings Per Share ("EPS" (ex. items)), and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 25% based on overall Brunswick Free Cash Flow ("FCF"),<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• For Presidents of Mercury, Navico Group, Boat Group and Business Acceleration,<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 50% based on EPS (ex. items),<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ 25% based on overall Brunswick FCF, and for the following:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ President, Mercury Marine<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 25% Mercury Earnings Before Interest and Taxes ("EBIT")<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ President, Navico Group<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 25% Navico Group EBIT<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ President, Boat Group<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 25% Boat Group EBIT<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ President, Business Acceleration<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ 25% Business Acceleration EBIT<br>FCF is consistent with external reporting definition.<br>FCF, EPS (ex. items) and EBIT (ex. items) from continuing operations results for the year will be adjusted for: • Restructuring, exit, integration, and impairment costs (including debt issuance and extinguishment costs) and associated savings - variance from budget;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Acquisition/sale of "strategic" assets (e.g., transformational or material acquisitions) not contemplated in the budget;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Impact of any "unusual in nature" or "infrequently occurring" charges or impacts related to changes in accounting principles;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring);<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Impact of change in tax/tariff law or statutory rates – variance from budget; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Unusual tax items (i.e., FIN 48, Discrete Tax Items, Valuation Allowance Reversals, etc.).<br>Performance results may be adjusted, as appropriate, for extraordinary or unanticipated items not directly related to Company operations or not reasonably within<br>the control of Company management.<br>The Committee will determine the applicable performance goals and the bonuses payable upon attainment of such goals, which determinations shall be conclusive and binding on all interested parties. |

---

------

![brunswicklogo_midnightbluea.jpg](brunswicklogo_midnightbluea.jpg)

**2026 Brunswick Performance Plan (BPP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.11**

**Summary Terms and Conditions**

---

| | |
|:---|:---|
| Funding Review and Approval | The following steps will be taken to review and approve funding:<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CFO will review performance to evaluate required accruals;<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• CEO will review performance at end of performance period and recommend bonuses to the Committee as appropriate; and<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Committee will review and approve bonuses as deemed appropriate. |
| Individual Awards | Individual awards will be determined on a discretionary basis using overall approved funding, evaluation of individual performance for the performance period, target incentives as a percentage of salary and covered salary (actual paid for year). In no case shall an award exceed 200% of an individual's target incentive opportunity.<br>Individuals must be employed at the end of the performance period to be eligible for an award, with ultimate payout at the discretion of the Committee. Those employees whose employment terminates due to death, permanent and total disability, or as a result of restructuring activities or plant shutdown will be eligible to receive individual awards solely at the discretion of the CEO and Executive Vice President and Chief Human Resources Officer. In addition, if an employee retires later than June 30th of the performance period and after either the sum of the employee's age and years of continuous service from his or her latest hire date equals 70 or more or the employee's age is 62 or more, provided that for purposes of age 62, participant must have at least 3 years of continuous service from their latest hire date, then, subject to prior approval by the Executive Vice President and Chief Human Resources Officer or, in the case of the Corporation's executive officers, the Committee, in its sole discretion, such employee may be eligible for a prorated payout, based on the number of days of employment in the performance period completed prior to the date of retirement. Any awards payable in the event of termination due to death, permanent disability, as a result of restructuring activities or plant shutdown, or retirement shall be subject to the achievement of the applicable performance conditions and shall be paid as specified under "Timing and Form of Award Payments." |
| Timing and Form of Award Payments | In 2027, after financial results are confirmed and appropriate approvals are obtained; provided, however, that any such award shall be paid to U.S.-based employees (including any U.S.-based former employees who are eligible for payment following their termination of employment as described under "Individual Awards" above) by no later than March 15, 2027. Payment may be made in cash, shares of Brunswick common stock granted under the Brunswick Corporation 2023 Stock Incentive Plan, a combination of cash or stock, or an alternate form of equity, as determined by the Committee. All amounts payable under the BPP shall be subject to all applicable taxes and withholdings. |

---

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![brunswicklogo_midnightbluea.jpg](brunswicklogo_midnightbluea.jpg)

**2026 Brunswick Performance Plan (BPP)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.11**

**Summary Terms and Conditions**

---

| | |
|:---|:---|
| Claw Back | The Committee will evaluate the facts and circumstances of any restatement of earnings due to fraud or intentional misconduct that results in material noncompliance with any financial reporting requirement and, in its sole discretion, may require the repayment of all or a portion of bonus awards from individual(s) responsible for the restatement and others assigned to salary grade 21 and above, including senior executives, as deemed appropriate by the Committee. In addition, bonus awards shall be subject to forfeiture, recovery by Brunswick or other action pursuant to any other clawback or recoupment policy which Brunswick may adopt from time to time, including without limitation the Brunswick Corporation Compensation Recoupment Policy. |
| Additional Terms & Conditions | Payment of any bonus is in the sole discretion of the Committee. The Committee of the Board administers this plan. The Committee may interpret this plan, and adopt, amend and rescind administrative guidelines and other rules with respect to this plan as deemed appropriate. The Committee may modify, revise, discontinue, cancel or terminate this plan or any payments associated with this plan at any time, without notice. The BPP will be governed by the laws of the State of Illinois, without regard to the conflict of law provisions of any jurisdiction.<br>To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the employee owes to Brunswick or any affiliate thereof without the consent of the employee (or his or her beneficiary, in the event of the employee's death).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The opportunity to receive a bonus hereunder does not guarantee any person the right to or expectation of any future bonus opportunities under the BPP or any future incentive plan adopted by Brunswick. |

---

Nothing contained in these materials constitutes or is intended to create a promise of an individual incentive award or a contract of continued employment. Employment is at-will and may be terminated by either the employee or Brunswick for any reason at any time.

## Exhibit 10.12

![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Purpose | To provide incentives to (i) support the execution of Brunswick Corporation's business strategies and (ii) more closely align the interests of the award recipient with those of Brunswick Corporation's stockholders. Any capitalized terms used but not defined herein shall have the meaning given to such terms in the Plan. |
| Grant Date | __________, 2026 |
| Performance Shares | Shares of Brunswick Corporation ("Brunswick") common stock ("Common Stock") where the number of shares of Common Stock delivered is based on attainment of Performance Criteria set forth herein. Shares of Common Stock subject to this Grant shall be referred to herein as "Performance Shares." |
| Target Award | [_______] is the target number of Performance Shares with respect to which the Performance Criteria set forth below shall apply. |
| Performance Period | For purposes of these Terms and Conditions, "Performance Period" shall mean the three-year performance period commencing January 1, 2026 and ending December 31, 2028. |
| Performance Criteria | •&nbsp;&nbsp;&nbsp;&nbsp;CFROI: 75% of the Performance Shares shall be earned, if at all, based on the three-year average of Brunswick's annual CFROI, as defined in Appendix A attached hereto, with payout between 0% and 200% of such percentage of the target number of Performance Shares, based solely on CFROI performance over the Performance Period, as set forth in Appendix A attached hereto. <br>•&nbsp;&nbsp;&nbsp;&nbsp;Operating Margin: 25% of the Performance Shares shall be earned, if at all, based on the three-year average of Brunswick's annual Operating Margin, as defined in Appendix A attached hereto, with payout between 0% and 200% of such percentage of the target number of Performance Shares, based solely on Operating Margin performance over the Performance Period, as set forth in Appendix A attached hereto. |
| Performance Criteria, Continued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;TSR Modifier: Performance Shares calculated based on CFROI and Operating Margin performance (the "CFROI/OM Earned Award") shall be subject to a +/- 20% modifier for Brunswick's TSR Performance against TSR Comparator Group. <br>o&nbsp;&nbsp;&nbsp;&nbsp;If Brunswick's TSR Performance is equal to or below the 25th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period, then the CFROI/OM Earned Award shall be reduced by 20%. <br>o&nbsp;&nbsp;&nbsp;&nbsp;If Brunswick's TSR Performance is equal to or greater than the 75th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period, then the CFROI/OM Earned Award shall be increased by 20%; provided that in no event shall the number of Performance Shares that become payable exceed 200% of the target number of Performance Shares. <br>o&nbsp;&nbsp;&nbsp;&nbsp;The CFROI/OM Earned Award shall not be modified for Brunswick's TSR Performance between the 25th and 75th percentile of the TSR Performance of the TSR Comparator Group over the Performance Period. Notwithstanding the foregoing, no TSR modification shall apply if the CFROI/OM Earned Award is zero, in which case the final payout shall be zero.<br>o&nbsp;&nbsp;&nbsp;&nbsp;See Appendix A attached hereto for the definitions of "TSR Performance" and "TSR Comparator Group."<br>•&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the level of performance achieved, the number of shares of Common Stock delivered pursuant to the "Timing of Distribution" discussed below shall not exceed the number of shares having a Fair Market Value, as of the date of distribution, equal to 400% of the target dollar value of the award as of the Grant Date, as set forth in the award notice given to the Grantee in connection with the award. |

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Vesting Upon Death, Permanent Disability or Retirement (as defined below) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of a termination of employment (other than for Cause (as defined below)) on or after the first anniversary of the beginning of the Performance Period and prior to a Change in Control due to (i) death, (ii) Permanent Disability (as defined below) or (iii) Retirement (as defined below), then the Grantee or his or her estate or personal representative shall receive the award, calculated as if the Grantee had remained employed throughout the entire Performance Period and based on actual CFROI, Operating Margin and TSR Performance. The Performance Shares shall be distributed to the Grantee in accordance with the terms of this award under "Timing of Distribution."<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• In the case of a termination of employment (other than for Cause) prior to the first anniversary of the beginning of the Performance Period and prior to a Change in Control due to (i) death, (ii) Permanent Disability or (iii) Retirement, a pro-rata portion of the award will be distributed to the Grantee or his or her estate or personal representative in accordance with the terms of this award under "Timing of Distribution." For purposes of the foregoing sentence, a "pro-rata portion" will mean the product of (x) the number of Performance Shares that would otherwise be paid out at the end of the Performance Period based on actual CFROI, Operating Margin and TSR Performance and (y) a fraction, the numerator of which is the number of days that have elapsed since the beginning of the Performance Period through the date of termination of the Grantee's employment, and the denominator of which is 365. All remaining Performance Shares shall be forfeited.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Performance Shares shall be forfeited in their entirety upon any termination for Cause, even if the Grantee would otherwise be eligible for Retirement. |
| Prorated Vesting Upon Involuntary Termination Without Cause | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the Grantee's employment is terminated by Brunswick for a reason other than Cause or Permanent Disability, and the Grantee is not eligible for Retirement, then a pro-rata portion of the award will be vested as of the date of such termination of employment and will be distributed following the end of the Performance Period, subject to certification in writing of Brunswick's attainment of the Performance Criteria, as described under "Timing of Distribution." For purposes of the foregoing sentence, a "pro-rata portion" will mean the product of (x) the number of Performance Shares that would otherwise be paid out at the end of the Performance Period based on actual CFROI, Operating Margin and TSR Performance and (y) a fraction, the numerator of which is the number of days that have elapsed since the beginning of the Performance Period through the date of termination of the Grantee's employment, and the denominator of which is 1,095. All remaining Performance Shares shall be forfeited. |
| Other Terminations of Employment | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Performance Shares shall be forfeited in their entirety in the event the Grantee's employment terminates prior to the end of the Performance Period and prior to a Change in Control for a reason other than death, Permanent Disability, Retirement or a termination by Brunswick for a reason other than Cause. |

---

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Change in Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;In the event of a Change in Control prior to the end of the Performance Period, the Performance Criteria shall be deemed to be achieved at target (and the remainder of the award shall be forfeited) and: <br>o&nbsp;&nbsp;&nbsp;&nbsp;If the award is effectively assumed or continued by the surviving or acquiring corporation and the Grantee remains continuously employed through the last day of the Performance Period, then the Performance Shares shall be distributed to Grantee in accordance with the terms of the award under "Timing of Distribution," provided that: <br>&nbsp;&nbsp;&nbsp;&nbsp;In the event of Grantee's termination of employment (other than for Cause) (i) due to death or Permanent Disability, (ii) Retirement, or (iii) by Brunswick without Cause or by the Grantee for Good Reason (as defined below), the vested portion of the award shall be distributed to the Grantee or his or her estate or personal representative within thirty (30) days following Grantee's death or termination of employment (or, in the case of termination due to death, Permanent Disability or Retirement that had occurred prior to the Change in Control, within 30 days following the Change in Control to the extent permitted by Internal Revenue Code Section 409A); provided, however, that if the award is considered "nonqualified deferred compensation" and (x) the Change in Control was not a "change in control event" within the meaning of Internal Revenue Code Section 409A or (y) the termination of employment occurred more than two years following the occurrence of such "change in control event," then the vested portion of the award shall be distributed to Grantee in accordance with the terms of this award under "Timing of Distribution." <br>o&nbsp;&nbsp;&nbsp;&nbsp;If the award is not effectively assumed or continued by the surviving or acquiring corporation, then the vested portion of the award shall be distributed within thirty (30) days of such Change in Control; provided, however, if the award is considered "nonqualified deferred compensation" within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and the Change in Control was not a "change in control event" within the meaning of Internal Revenue Code Section 409A or to the extent distribution would be impermissible under Internal Revenue Code Section 409A, then the vested portion of the award shall be distributed to Grantee in accordance with the terms of this award under "Timing of Distribution." <br>•&nbsp;&nbsp;&nbsp;&nbsp;Determinations as to whether the award has been effectively assumed or continued by the surviving or acquiring corporation shall be made by the Human Resources and Compensation Committee, as constituted prior to the Change in Control. <br>•&nbsp;&nbsp;&nbsp;&nbsp;The Performance Shares shall be forfeited in their entirety upon any termination for Cause, even if the Grantee would otherwise be eligible for Retirement. |

---

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Timing of Distribution | Except as otherwise provided for herein, shares of Common Stock shall be delivered to the Grantee in settlement of the award within sixty (60) days after the end of the Performance Period, subject to certification in writing of Brunswick's attainment of the Performance Criteria. <br>If Grantee is a "specified employee" (as such term is defined under Internal Revenue Code Section 409A) as of the date of Grantee's "separation from service" (as such term is defined under Internal Revenue Code Section 409A), then to the extent any amount to be distributed in connection with the settlement of the award is payable upon the Grantee's "separation from service" and constitutes the payment of nonqualified deferred compensation, within the meaning of Internal Revenue Code Section 409A, the distribution will not be made before six (6) months after separation from service (or, if earlier, death).<br>In all cases, fractional shares shall be rounded down to the nearest whole share. |

---

---

| | |
|:---|:---|
| Tax Withholding | Tax withholding liability (to meet required FICA, Federal, state, and local withholding) must be paid via share reduction upon distribution. |
| Form of Distribution | Shares will be credited to an account established for the benefit of the Grantee with the Company's administrative agent. |
| Definitions | "Cause" shall mean the Grantee's:<br>a)&nbsp;&nbsp;&nbsp;&nbsp;conviction of a crime, including by a plea of guilty or nolo contendere, involving theft, fraud, perjury, or moral turpitude;<br>b)&nbsp;&nbsp;&nbsp;&nbsp;intentional or grossly negligent disclosure of confidential or trade secret information of the Company or a Related Company to anyone not entitled to such information;<br>c)&nbsp;&nbsp;&nbsp;&nbsp;willful omission or dereliction of any statutory or common law duty of loyalty to the Company or a Related Company;<br>d)&nbsp;&nbsp;&nbsp;&nbsp;a willful and material violation of the Company's Code of Conduct or any other written Company policy; or<br>e)&nbsp;&nbsp;&nbsp;&nbsp;repeated failure to carry out the material components of the Grantee's duties despite specific written notice to do so by the Chief Executive Officer, other than any such failure as a result of incapacity due to physical or mental illness. |

---

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Definitions, Continued | "Good Reason" shall have the meaning set forth in the employment agreement, if any, between the Grantee and Brunswick as in effect on the Grant Date, provided that if the Grantee is not a party to an employment agreement that contains such definition, then Good Reason means the occurrence of any of the following events without the Grantee's express written consent: (a) a material breach by Brunswick of any provision of this agreement; (b) Brunswick's failure to pay any portion of Grantee's compensation when due or to include Grantee in any bonus or incentive plan that applies to similarly situated employees of Brunswick; (c) Brunswick's failure to provide, or continue to provide, Grantee with either the perquisites or employee health and welfare benefits (including, without limitation, life insurance, medical, dental, vision, long-term disability and similar benefits), generally provided to similarly situated employees of Brunswick; (d) a Reduction in Authority or Responsibility of the Grantee (as defined below); (e) a Reduction in Compensation (as defined below); or (f) a Business Relocation Beyond a Reasonable Commuting Distance (as defined below; <u>provided, however</u>, that the occurrence of any such condition shall not constitute Good Reason unless (x) the Grantee provides written notice to Brunswick of the existence of such condition not later than sixty (60) days after the Grantee knows or reasonably should know of the existence of such condition, (y) Brunswick fails to remedy such condition within thirty (30) days after receipt of such notice and (z) Grantee resigns due to the existence of such condition within sixty (60) days after the expiration of the remedial period described in clause (y) hereof.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;Whether a Reduction in Authority or Responsibility of the Grantee has occurred shall be determined in accordance with the criteria set forth below in the definition of Reduction in Authority or Responsibility; provided, however, that (A) a change in the Grantee's reporting relationship to another employee who is within the same reporting level (as that term is used in Brunswick's Delegation of Authority Policy or any successor policy); or (B) a reduction in the Grantee's business unit's budget or a reduction in the Grantee's business unit's head count or number of direct reports, by themselves, shall not constitute Good Reason.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;"Reduction in Authority or Responsibility" shall mean the assignment to the Grantee of any duties that are materially inconsistent in any respect with the Grantee's position (which may include status, offices, titles, and reporting requirements), authority, duties, or responsibilities as in effect immediately prior to such assignment. It is intended by this definition that a Change in Control by itself, absent a Reduction in Authority or Responsibility as described above, will not constitute Good Reason.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;"Reduction in Compensation" shall mean (i) a reduction in the Grantee's total annual compensation (defined as the sum of the Grantee's base salary and target annual bonus) for any calendar or fiscal year, as applicable, to an amount that is less than the Grantee's total annual compensation in effect immediately prior to such reduction, (ii) the elimination of any Brunswick incentive compensation plan in which Grantee is a participant without the adoption of a substantially comparable replacement plan, or (iii) the failure to provide the Grantee with equity compensation opportunities or long-term cash incentive compensation opportunities that have a value that is substantially comparable to the value of the equity compensation opportunities provided to the Grantee immediately prior to the Change in Control. |

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Definitions, Continued | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•&nbsp;&nbsp;&nbsp;&nbsp;"Business Relocation Beyond a Reasonable Commuting Distance" shall mean that, as a result of either a relocation of Brunswick or a reassignment of the Grantee, a change occurs in the Grantee's principal work location to a location that (i) is more than fifty (50) highway miles from the Grantee's principal work location immediately prior to the relocation, and (ii) increases the Grantee's commuting distance in highway mileage.<br>"Permanent Disability" means the Grantee is unable to return to work following the end of the Salary Continuation period for a leave of absence due to medical illness. <br>"Retirement" shall mean that the Grantee's employment terminates for a reason other than Cause on or after the date on which either (i) the Grantee has either attained age 62, provided that for purposes of age 62, the participant must have at least three years of continuous service from his or her latest hire date or (ii) the sum of the Grantee's age plus years of continuous service from his or her latest hire date equals seventy (70) or more. Notwithstanding anything to the contrary in these terms and conditions, for purposes of applying the favorable Retirement vesting terms set forth herein to grants made to residents of the United Kingdom or the European Union, the Grantee shall be deemed to be eligible for Retirement if, and only if, the Grantee has attained the retirement date specified in the retirement plan in which such Grantee participates. |
| Additional Terms and Conditions | This award is subject to the terms of the Plan. The Plan and these Terms and Conditions together constitute the entire agreement of the parties with respect to the subject matter specifically addressed herein. To the extent any provision herein conflicts with the Plan, the Plan shall govern. The Human Resources and Compensation Committee of the Board administers the Plan. The Committee may interpret the Plan and adopt, amend and rescind administrative guidelines and other rules as deemed appropriate. Committee determinations are conclusive and binding on all interested parties. <br>This award and any shares delivered pursuant to this award are subject to forfeiture, recovery by Brunswick or other action pursuant to any clawback or recoupment policy that Brunswick may adopt from time to time, including without limitation the Brunswick Corporation Compensation Recoupment Policy. <br>To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the Grantee owes to Brunswick or any affiliate thereof without the consent of the Grantee (or his or her beneficiary, in the event of the Grantee's death).<br>The grant of this award does not guarantee the Grantee the right to or expectation of any future awards under the Plan or any future incentive plan adopted by Brunswick, and the value of the Performance Shares is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or other similar employee benefit.<br>The Plan may be amended, suspended or terminated at any time. The Plan, these Terms and Conditions, and the Performance Shares will be governed by the laws of the State of Illinois, without regard to the conflict-of-law provisions of any jurisdiction. |

---

------

![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

\* \* \* \* \*

Nothing contained in these Terms and Conditions or the Plan constitutes or is intended to create a contract of continued employment. Employment is at will and may be terminated by either the employee or Brunswick (including affiliates) for any reason at any time.

For questions and or a copy of the Prospectus, please contact: *Ed Dabrowski* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brunswick Corporation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*26125 N. Riverwoods Blvd.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Suite 500*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mettawa, Illinois 60045*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*847-735-4082*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ed.dabrowski @brunswick.com*

Additionally, certain other publicly-filed documents, including Brunswick's latest Annual Report on Form 10-K and Proxy Statement filed with the Securities and Exchange Commission ("SEC") pursuant to the Securities Exchange Act of 1934, as amended, constitute part of the prospectus covering securities that have been registered under the Securities Act. Brunswick's latest Form 10-K, Proxy Statement and other filings are available on the Brunswick web page at <u>https://www.brunswick.com/investors/sec-filings</u> or the SEC web site at <u>https://www.sec.gov</u>. In addition, a copy of the Form 10-K, Proxy Statement and other publicly-filed documents will also be provided, without charge, upon written request to the contact above.

------

![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

**2026 Performance Share Grant**

**Appendix A – Performance Criteria**

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Annual Cash Flow Return on Investment (CFROI): Applicable to 75% of Performance Shares**<br>CFROI defined as Adjusted Free Cash Flow divided by Operating Capital Employed. <br>Adjusted Free Cash Flow is defined as Free Cash Flow consistent with the external reporting definition excluding the impact of cash tax payments or refunds.<br>Operating Capital Employed is defined as total assets less current liabilities excluding cash, debt, tax balances and lease assets and liabilities related to ASC 842. Operating Capital Employed will be calculated on a two point basis.<br>Adjusted Free Cash Flow and Operating Capital Employed will be adjusted for the following variances from plan:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition/sale of "strategic" assets (e.g., transformational or material acquisitions) not contemplated in the plan; <br>&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring, integration, and exit activities; <br>&nbsp;&nbsp;&nbsp;&nbsp;• Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring);<br>&nbsp;&nbsp;&nbsp;&nbsp;• Impact of change in accounting standards; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• Executive deferred compensation payouts not included in plan.<br>Performance results may be adjusted, as appropriate, for extraordinary events or unanticipated items not directly related to Company operations or not reasonably within the control of Company management. | | **Payout as a % of Target**<sup>1</sup> | **2026-2028 Average** |
|  | Threshold | —% |  |
|  | Target | 100% |  |
|  | Maximum | 200% |  |

---

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | | | |
|:---|:---|:---|:---|
| **Annual Operating Margin: Applicable to 25% of Performance Shares**<br>Operating Margin defined as Operating Earnings (ex. items) divided by Sales.<br>Operating Earnings and Sales are consistent with reporting definitions.<br>Operating Earnings (on an ex. items basis) and Sales will be adjusted for the following variances from plan:<br>&nbsp;&nbsp;&nbsp;&nbsp;• Acquisition/sale of "strategic" assets (e.g., transformational or material acquisitions) not contemplated in the plan;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Restructuring, exit, integration and impairment activities;<br>&nbsp;&nbsp;&nbsp;&nbsp;• Impact of any "unusual in nature" or "infrequently occurring" charges or impacts related to changes in accounting principles; and<br>&nbsp;&nbsp;&nbsp;&nbsp;• Impact of unplanned financing arrangements (including debt issuance, off-balance sheet leasing and factoring)<br>Performance results may be adjusted, as appropriate, for extraordinary events or unanticipated items not<br>directly related to Company operations or not<br>reasonably within the control of Company<br>management. | | **Payout as a % of Target**<sup>1</sup> | **2026-2028 Average** |
|  | Threshold | —% |  |
|  | Target | 100% |  |
|  | Maximum | 200% |  |

---

<sup>(1)</sup> If performance is either (1) between the threshold and low end of the target range for the metrics above, or (2) between the high end of the target range and the maximum level for either of the metrics above, then the payout as

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![brunswicklogo_midnightblue.jpg](brunswicklogo_midnightblue.jpg)

**2026 Performance Share Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.12**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

a percentage of the applicable target shall be interpolated appropriately. For each metric, there is no payout below threshold and no interpolation within the target range.

The following definitions shall apply for purpose of applying the TSR modifier:

"Average Stock Price" means the average of the closing transaction prices of a share of common stock of a company, as reported on the principal national stock exchange on which such common stock is traded, for the twenty (20) business days immediately preceding the date for which the Average Stock Price is being determined.

"TSR Comparator Group" means the S&P 400 Consumer Discretionary index group. For purposes of determining TSR Performance with respect to the Performance Period, the companies included in the S&P 400 Consumer Discretionary index group shall be determined at the beginning of the Performance Period, excluding those entities that are bankrupt, listed on the pink sheets or not listed at all. Should a company within the TSR Comparator Group become bankrupt after the start of the Performance Period, it shall be assigned a TSR of negative one hundred percent (-100%). Companies emerging from bankruptcy shall not be tracked for purposes of the current Performance Period. If two companies within the TSR Comparator Group merge, only the surviving entity shall be counted. Should a company within the TSR Comparator Group merge with a company outside of the TSR Comparator Group or cease to be publicly traded for any other reason (including going private), then that entity shall be excluded from the final calculation and the percentile ranking shall be determined against the remaining comparators.

"TSR Performance" means a company's cumulative total shareholder return as measured by dividing (A) the sum of (i) the cumulative amount of dividends for the Performance Period, assuming dividend reinvestment, and (ii) the increase or decrease in the Average Stock Price from the first day of the Performance Period to the last day of the Performance Period, by (B) the Average Stock Price determined as of the first day of the Performance Period.

## Exhibit 10.13

![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Purpose | To encourage retention of key managers so as to support the execution of business strategies in order to encourage and reward the creation of sustainable, long-term shareholder value and achieve future goals. Any capitalized terms used but not defined herein shall have the meaning given to such terms in the Plan. |
| Restricted Stock Units | Restricted Stock Units valued on the same basis as Brunswick Corporation ("Brunswick") common stock where one unit equals one share. Dividend equivalents will be reinvested in additional Restricted Stock Units, which will be subject to the same vesting conditions applicable to (and settled at the same time as) the underlying Restricted Stock Units. There are no voting rights or any other rights as a stockholder attached to Restricted Stock Units. |
| Grant Date | ____________, 2026 |
| Award | ____________ Restricted Stock Units. |
| Normal Vesting | Restricted Stock Units will vest and be distributed after the Grant Date in accordance with the following schedule, subject to the Grantee's continued employment through such date: <br>**Date Percentage Vested** One-Year Anniversary of the Grant Date 33% Two-Year Anniversary of the Grant Date 33% Three-Year Anniversary of the Grant Date 34% The Restricted Stock Units shall become vested in three equal installments on the first through third anniversaries of the Grant Date, subject to the continuous employment of the Grantee with the Company until the applicable vesting date. |
| Vesting Upon Retirement (as defined below) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon a termination of employment due to Retirement (as defined below) on or after the first anniversary of the Grant Date, and prior to a Change in Control (as defined in the Plan), all of the award will become fully vested as of the date of Retirement and be distributed according to the schedule above.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Upon a termination of employment due to Retirement prior to the first anniversary of the Grant Date, and prior to a Change in Control, a pro-rata portion of the award will be vested as of the date of Retirement and be distributed according to the schedule above. For purposes of the foregoing sentence, a "pro-rata portion" will mean the product of (i) the number of restricted stock units awarded under this Award and (ii) a fraction, the numerator of which is the number of days that have elapsed since January 1 of the year of grant through the date of termination of the Grantee's employment, provided such number does not exceed 365, and the denominator of which is 365.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The award shall be forfeited in its entirety upon a termination for Cause, even if the Grantee would otherwise be eligible for Retirement. |

---

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![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Prorated Vesting Upon Involuntary Termination Without Cause | If the Grantee's employment is terminated by Brunswick for a reason other than Cause or Permanent Disability, and the Grantee is not eligible for Retirement, then a pro-rata portion of the award will be vested as of the date of such termination of employment and be distributed on the next scheduled distribution date. For purposes of the foregoing sentence, a "pro-rata portion" will mean the product of (i) the number of Restricted Stock Units awarded that would have vested on the next scheduled vesting date and (ii) a fraction, the numerator of which is the number of days that have elapsed since the prior vesting date (or, if there was no prior vesting date, the Grant Date) through the date of termination of the Grantee's employment, and the denominator of which is 365. |
| Vesting Upon Death or Permanent Disability | In the case of a termination of employment due to death or a Permanent Disability, the award will become fully vested and distributed as of the date of such death or Permanent Disability. |
| Vesting Upon Termination After Change in Control | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the award is effectively assumed or continued by the surviving or acquiring corporation in a Change in Control and (i) the Grantee's employment terminates due to Retirement (and not for Cause or due to Permanent Disability), (ii) Brunswick terminates the Grantee's employment without Cause or (iii) the Grantee resigns for Good Reason (as defined below), then in each case all of the award will be vested and distributed as of the date of such termination of employment; provided, however, that if the award is considered "nonqualified deferred compensation" within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and (A) the Change in Control was not a "change in control event" within the meaning of Internal Revenue Code Section 409A or (B) the termination of employment occurred more than two (2) years following the occurrence of the "change in control event," then the vested award shall be distributed on the Normal Vesting dates set forth above.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If the award is not effectively assumed or continued by the surviving or acquiring corporation in a Change in Control, the award shall vest in full and be distributed as of the date of the Change in Control; provided, however, that if the award is considered "nonqualified deferred compensation" within the meaning of Internal Revenue Code Section 409A with respect to the Grantee and the Change in Control was not a "change in control event" within the meaning of Internal Revenue Code Section 409A or to the extent distribution would be impermissible under Internal Revenue Code Section 409A, then the vested award shall be distributed on the Normal Vesting dates set forth above.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Determinations as to whether the award has been effectively assumed or continued by the surviving or acquiring corporation shall be made by the Human Resources and Compensation Committee, as constituted prior to the Change in Control.  |
| Forfeiture Upon Termination | Except as otherwise provided herein, Restricted Stock Units will be forfeited upon a termination of employment prior to vesting.<br>The Restricted Stock Units shall be forfeited in their entirety upon any termination for Cause. |

---

------

![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Timing and Form of Distribution | Upon distribution, shares will be credited to an account established for the benefit of the Participant with the Company's administrative agent.<br>Distributions will occur as soon as practicable, but no later than thirty (30) days after the distribution date provided above, except that if the Grantee is a "specified employee" (as such term is defined under Internal Revenue Code Section 409A) as of the date of his or her "separation from service" (as such term is defined under Internal Revenue Code Section 409A), then to the extent any amount to be distributed in connection with the settlement of the award is payable upon the Grantee's "separation from service" and constitutes the payment of nonqualified deferred compensation, within the meaning of Internal Revenue Code Section 409A, the distribution will not be made before six (6) months after separation from service (or, if earlier, death). |
| Tax Withholding | For those becoming eligible for Retirement or whose employment is terminated by Brunswick for a reason other than Cause or Permanent Disability prior to the year of a scheduled distribution, tax withholding liability to meet required FICA must be paid i) via payroll or participant check by the end of the year of becoming eligible for Retirement or terminating employment, as the case may be, or ii) at the Company's discretion, collected during the first calendar quarter of the next year. Subsequent Federal, state and local income tax withholding must be paid via share reduction upon distribution.<br>For all others, tax withholding liability (to meet required FICA, Federal, state, and local withholding) must be paid via share reduction upon distribution. |
| Definitions | "Cause" shall mean the Grantee's: a)&nbsp;&nbsp;&nbsp;&nbsp;Conviction of a crime, including by a plea of guilty or nolo contendere, involving theft, fraud, perjury, or moral turpitude;<br>b)&nbsp;&nbsp;&nbsp;&nbsp;Intentional or grossly negligent disclosure of confidential or trade secret information of the Company or a Related Company to anyone not entitled to such information;<br>c)&nbsp;&nbsp;&nbsp;&nbsp;Willful omission or dereliction of any statutory or common law duty of loyalty to the Company or a Related Company;<br>d)&nbsp;&nbsp;&nbsp;&nbsp;A willful and material violation of the Company's Code of Conduct or any other written Company policy; or<br>e)&nbsp;&nbsp;&nbsp;&nbsp;Repeated failure to carry out the material components of the Grantee's duties despite specific written notice to do so by the Chief Executive Officer, other than any such failure as a result of incapacity due to physical or mental illness. |

---

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![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Definitions Continued | ""Good Reason" shall have the meaning set forth in the employment agreement, if any, between the Grantee and Brunswick as in effect on the Grant Date, provided that if the Grantee is not a party to an employment agreement that contains such definition, then Good Reason means the occurrence of any of the following events without the Grantee's express written consent: (a) a material breach by Brunswick of any provision of this Agreement; (b) Brunswick's failure to pay any portion of the Grantee's compensation when due or to include the Grantee in any bonus or incentive plan that applies to similarly situated employees of Brunswick; (c) Brunswick's failure to provide, or continue to provide, the Grantee with either the perquisites or employee health and welfare benefits (including, without limitation, life insurance, medical, dental, vision, long-term disability and similar benefits), generally provided to similarly situated employees of Brunswick; (d) a Reduction in Authority or Responsibility of the Grantee (as defined below); (e) a Reduction in Compensation (as defined below); and (f) a Business Relocation Beyond a Reasonable Commuting Distance (as defined below); provided, however, that the occurrence of any such condition shall not constitute Good Reason unless (x) the Grantee provides written notice to Brunswick of the existence of such condition not later than sixty (60) days after the Grantee knows or reasonably should know of the existence of such condition, (y) Brunswick fails to remedy such condition within thirty (30) days after receipt of such notice and (z) the Grantee resigns due to the existence of such condition within sixty (60) days after the expiration of the remedial period described in clause (y) hereof. For purposes of this definition:<br>•&nbsp;&nbsp;&nbsp;&nbsp;Whether a Reduction in Authority or Responsibility of the Grantee has occurred shall be determined in accordance with the criteria set forth below in the definition of Reduction in Authority or Responsibility; provided, however, that (A) a change in the Grantee's reporting relationship to another employee who is within the same reporting level (as that term is used in Brunswick's Delegation of Authority Policy or any successor policy); or (B) a reduction in the Grantee's business unit's budget or a reduction in the Grantee's business unit's head count or number of direct reports, by themselves, shall not constitute Good Reason.<br>•&nbsp;&nbsp;&nbsp;&nbsp;"Reduction in Authority or Responsibility" shall mean the assignment to the Grantee of any duties that are materially inconsistent in any respect with the Grantee's position (which may include status, offices, titles, and reporting requirements), authority, duties, or responsibilities as in effect immediately prior to such assignment. It is intended by this definition that a Change in Control by itself, absent a Reduction in Authority or Responsibility as described above, will not constitute Good Reason.<br>•&nbsp;&nbsp;&nbsp;&nbsp;"Reduction in Compensation" shall mean (i) a reduction in the Grantee's total annual compensation (defined as the sum of the Grantee's base salary and target annual bonus) for any calendar or fiscal year, as applicable, to an amount that is less than the Grantee's total annual compensation in effect immediately prior to such reduction, (ii) the elimination of any Brunswick incentive compensation plan in which the Grantee is a participant without the adoption of a substantially comparable replacement plan, or (iii) the failure to provide the Grantee with equity compensation opportunities or long-term cash incentive compensation opportunities that have a value that is substantially comparable to the value of the equity compensation opportunities provided to the Grantee immediately prior to the Change in Control. |

---

------

![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

---

| | |
|:---|:---|
| Definitions Continued | •&nbsp;&nbsp;&nbsp;&nbsp;"Business Relocation Beyond a Reasonable Commuting Distance" shall mean that, as a result of either a relocation of Brunswick or a reassignment of the Grantee, a change occurs in the Grantee's principal work location to a location that (i) is more than fifty (50) highway miles from the Grantee's principal work location immediately prior to the relocation, and (ii) increases the Grantee's commuting distance in highway mileage.<br>"Permanent Disability" means the Grantee is unable to return to work following the end of the Salary Continuation period for a leave of absence due to medical illness.<br>"Retirement" shall mean that the Grantee's employment terminates for a reason other than Cause on or after the date on which either (i) the Grantee has either attained age 62, provided that for purposes of age 62, the participant must have at least three (3) years of continuous service from his or her latest hire date or (ii) the sum of the Grantee's age plus years of continuous service from his or her latest hire date equals (seventy) 70 or more. Notwithstanding anything to the contrary in these terms and conditions, for purposes of applying the favorable Retirement vesting terms set forth herein to grants made to residents of the United Kingdom or the European Union, the Grantee shall be deemed to be eligible for Retirement if, and only if, the Grantee has attained the retirement date specified in the retirement plan in which such Grantee participates. |
| Additional Terms and Conditions | This award is subject to the terms of the Plan. The Plan and these Terms and Conditions together constitute the entire agreement of the parties with respect to the subject matter specifically addressed herein. To the extent any provision herein conflicts with the Plan, the Plan shall govern. The Human Resources and Compensation Committee of the Board administers the Plan. The Committee may interpret the Plan and adopt, amend and rescind administrative guidelines and other rules as deemed appropriate. Committee determinations are conclusive and binding on all interested parties. <br>This award and any shares delivered pursuant to this award are subject to forfeiture, recovery by Brunswick or other action pursuant to any clawback or recoupment policy which Brunswick may adopt from time to time, including without limitation, the Brunswick Corporation Compensation Recoupment Policy.<br>To the extent permitted by applicable law, Brunswick shall have the right to offset from any amount distributable hereunder any amount that the Grantee owes to Brunswick or any affiliate thereof without the consent of the Grantee (or his or her beneficiary, in the event of the Grantee's death).<br>The grant of this award does not guarantee the Grantee the right to or expectation of any future awards under the Plan or any future incentive plan adopted by Brunswick, and the value of the Restricted Stock Units is not part of his or her normal or expected compensation for purposes of calculating any severance, retirement, welfare, insurance or other similar employee benefit.<br>The Plan may be amended, suspended or terminated at any time. The Plan, these Terms and Conditions, and the Restricted Stock Units will be governed by the laws of the State of Illinois, without regard to the conflict of law provisions of any jurisdiction. |

---

\* \* \* \* \*

Nothing contained in these Terms and Conditions or the Plan constitutes or is intended to create a contract of continued employment. Employment is at-will and may be terminated by either the employee or Brunswick (including affiliates) for any reason at any time.

------

![brunswicklogo_midnightblue1.jpg](brunswicklogo_midnightblue1.jpg)

**2026 Stock-Settled Restricted Stock Unit Grant Terms and Conditions&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exhibit 10.13**

**Pursuant to the Brunswick Corporation 2023 Stock Incentive Plan (the "Plan")**

For questions and or a copy of the Prospectus, please contact: *Ed Dabrowski,* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Brunswick Corporation*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*26125 N. Riverwoods Blvd.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Suite 500*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Mettawa, Illinois 60045*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*847-735-4082*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*ed.dabrowski@brunswick.com*

Additionally, certain other publicly-filed documents, including Brunswick's latest Annual Report on Form 10-K and Proxy Statement filed with the Securities and Exchange Commission ("SEC") pursuant to the Securities Exchange Act of 1934, as amended, constitute part of the prospectus covering securities that have been registered under the Securities Act. Brunswick's latest Form 10-K, Proxy Statement and other filings are available on the Brunswick web page at <u>https://www.brunswick.com/investors/sec-filings</u> or the SEC web site at <u>https://www.sec.gov</u>. In addition, a copy of the Form 10-K, Proxy Statement and other publicly-filed documents will also be provided, without charge, upon written request to the contact above.

## Exhibit 19.1

![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

**INSIDER TRADING AND UNAUTHORIZED DISCLOSURES POLICY**

**<u>Purpose</u>**

This Policy sets forth Brunswick's expectations regarding trading in Brunswick stock, gifting Brunswick stock, and unauthorized disclosure of material corporate information. This Policy covers important matters. Illegal insider trading can result in jail sentences and civil penalties, including triple damages, and violation of this Policy may also result in disciplinary action, up to and including termination of employment.

**<u>Applicability</u>**

This Policy is applicable to all Brunswick Employees and Directors, as well as Family Members. Certain provisions apply only to Officers, Directors, and Key Employees, as defined below.

**<u>Fundamental Principles</u>**

You may not trade or gift Brunswick stock (or the stock of another company as specified in this Policy) if you know Material Undisclosed Information (as defined below) related to Brunswick or such other company, unless under a Rule 10b5-1 plan, as further explained below.

You may not trade or gift Brunswick stock during a Blackout Period (as defined below) that applies to you, unless under a Rule 10b5-1 plan, as further explained below.

In addition, you are prohibited from giving "tips" on Material Undisclosed Information, which would include directly or indirectly disclosing such information to any other person, including Family Members, which could then subject such persons (and yourself) to insider trading liability.

**<u>Definitions</u>**

*Directors:* Members of Brunswick's Board of Directors and their Family Members.

*Eligible Individuals:* Directors, Officers, and Key Employees.

*Employees:* Full and part-time Brunswick employees and their Family Members.

*Family Members*: Includes a person's spouse, parents, children, siblings, mothers and fathers-in-law, sons and daughters-in-law, brothers and sisters-in-law and anyone who shares such person's home.

*Key Employees:* Brunswick Employees who, as a regular part of their jobs, routinely have knowledge of or access to Material Undisclosed Information concerning Brunswick. The Office of the General Counsel will designate certain Employees as Key Employees based on job responsibilities and may notify them of their status and periodic Blackout Period restrictions as described below.

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![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

*Material Information*: Any information that could reasonably affect the market price of Brunswick stock (or the securities of another company as specified in this Policy) or that a reasonable investor is likely to consider important in deciding to buy, sell, or hold Brunswick stock (or the securities of another company as specified in this Policy). Material Information can be positive or negative. Some examples of Material Information could include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant acquisitions, divestitures, or mergers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• tender offers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• earnings, earnings guidance, or changes in earnings estimates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial liquidity problems;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• key personnel changes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• major transactions with other companies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• stock splits or other similar transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant data breaches, loss of personal information, or other cyber events;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• significant business decisions, disruption, or consequences of actual or potential public health emergencies, epidemics, or pandemics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negotiation, execution, or loss of significant contracts.

In general, information should be considered material if there is any doubt as to whether or not it is material.

*Material Undisclosed Information*: Material Information about Brunswick (or another company as specified in this Policy) that has not been broadly disclosed to and absorbed by the investment community for at least one full business day after the information is released (such as by a press release or Securities and Exchange Commission ("SEC") filing). As used in this Policy, a "business day" means a day on which the New York Stock Exchange ("NYSE") is open for trading.

*Minimum Cooling Off Period:* For all Eligible Individuals, the Minimum Cooling Off Period shall be that prescribed by Rule 10b5-1. For Directors and Officers this means the later of: 90 days after the plan's adoption date or two business days after filing of Form 10-K or Form 10-Q for the quarter during which the plan was adopted (not to exceed 120 days after the plan's adoption date). For all other Eligible Individuals this shall mean 30 days after the plan's adoption date.

*Officers*: Employees identified as Executive Officers in Brunswick's most recent Annual Report on Form 10-K and anyone the Office of the General Counsel designates as an Executive Officer.

*You*: All Directors and Employees as defined by this Policy.

**<u>Policy</u>** 

**<u>No Transactions While in Possession of Material Undisclosed Information</u>**

You may not: (a) directly or indirectly purchase, sell, or gift Brunswick stock when you know Material Undisclosed Information about the Company, including through entities you control, such as other companies, trusts, or foundations; (b) disclose Material Undisclosed Information about Brunswick to anyone outside the Company, including Family Members or other

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![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

Brunswick Employees; or (c) recommend the purchase or sale of Brunswick stock to anyone when you are aware of Material Undisclosed Information about the Company. Trading that is not in compliance with the foregoing or is otherwise contrary to applicable rules and regulations is against the Company's Policy.

You may not buy, sell, or gift Brunswick stock until a full business day has passed following the release of Material Information, or as otherwise directed, to allow shareholders and the investing public time to receive and act on Material Information disclosed. For example:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Brunswick issues a press release containing Material Information at 6:00 p.m. on a Thursday, and the NYSE is open for trading on Friday, you may not trade in Brunswick stock until Monday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Brunswick issues a press release containing Material Information at 7:00 a.m. on a Thursday, and the NYSE is open for trading on Thursday, you may not trade in Brunswick stock until Friday.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• If Brunswick issues a press release containing Material Information at 6:00 p.m. on a Friday, and the NYSE is open for trading on Monday, you may not trade in Brunswick stock until Tuesday.

In addition, if, in the course of working for or providing services to Brunswick, you learn of Material Undisclosed Information about any other company with which Brunswick does business (including any customer, supplier, alliance partner, or other company with which Brunswick may have a contractual relationship or be negotiating a transaction) or any other company that may be impacted by Brunswick's business or pending transactions (such as competitors or industry participants), you may not: (a) trade in, or make a gift of, that company's securities as long as such information remains material and until such information has been publicly disclosed and absorbed by the market; (b) disclose such Material Undisclosed Information to anyone outside of Brunswick; or (c) recommend the purchase or sale of such other company's securities to anyone so long as such information remains material and until such information has been publicly disclosed and absorbed by the market (at least one full business day after the day on which the information is released).

These prohibitions also apply to Family Members, and to anyone else whose relationship with Brunswick gives him or her access to Material Undisclosed Information.

**<u>No Trading by Directors, Officers, or Key Employees During Blackout Periods</u>**

<u>Earnings Blackout Period</u>. Brunswick typically releases its earnings results approximately four weeks after the close of each calendar quarter. The period immediately preceding an earnings release is generally considered a time during which Directors, Officers, and Key Employees are more likely to be in possession of Material Undisclosed Information. To avoid the risk of non-compliance with securities laws, Directors, Officers, and Key Employees (as well as Family Members) may not purchase, sell, or gift Brunswick stock during the period immediately preceding Brunswick's earnings release. This period (the "Earnings Blackout Period") will commence at the close of business on the fifteenth of March, June, September, and December (or

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![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

the closest business day preceding the fifteenth), and will continue until a full business day has passed following the public disclosure of the next earnings release.

<u>Other Blackout Periods</u>. From time to time the Office of the General Counsel may impose other blackout periods (together with the Earnings Blackout Periods, "Blackout Periods") in anticipation of the release of potentially Material Information (for example, interim earnings guidance) or as the result of the occurrence of a potentially material event (for example, negotiation of a major transaction). Such Blackout Periods will continue so long as the information or event remains material and until the information or event has been publicly disclosed and absorbed by the market (at least one business day after the day on which the information is released). Directors and Employees who are advised of the Blackout Period by the Office of the General Counsel (as well as Family Members) may not trade in, or make a gift of, Brunswick stock during that Blackout Period. The existence of the Blackout Period will not be announced, other than to those who are aware of the Material Undisclosed Information or event giving rise to it and who are therefore subject to it. If any Director or Officer who is not advised of the Blackout Period requests that the Office of the General Counsel approve a trade or gift of Brunswick stock during the Blackout Period, the Office of the General Counsel will not approve the trade and will inform the Director or Officer of the existence of the Blackout Period, without disclosing the reason for it. Anyone made aware of a Blackout Period may not disclose its existence to anyone else.

The absence of a specified Blackout Period does not obviate the need to follow all other restrictions in this Policy. For example, trading in, or making a gift of, Brunswick stock when you are aware of Material Undisclosed Information about the Company is prohibited, regardless of your position or the existence of a prescribed Blackout Period.

**<u>No Trading by Any Director or Officer Without Pre-Approval From the Office of the General Counsel</u>**

Directors and Officers (as well as Family Members) must receive pre-approval from the Office of the General Counsel before buying, selling, or gifting Brunswick stock, regardless of whether or not a Blackout Period is in effect. Directors or Officers must submit requests for pre-approval to the Office of the General Counsel at least two days prior to the proposed transaction. Pre-approval of a transaction does not constitute a recommendation by Brunswick or any of its Employees or agents that the Director or Officer engage in the transaction. If pre-approval is denied, the Director or Officer must keep that denial confidential and may not complete the transaction. Any pre-approval is valid for five business days, after which the Director or Officer must again request pre-approval for the proposed transaction. Regardless of having received pre-approval, if Material Undisclosed Information comes to the Director or Officer's attention after the pre-approval but before the trade, s/he may not make the trade.

**<u>10b5-1 Plans and Other Stock Trading Plans</u>**

SEC Rule 10b5-1 was designed to establish an affirmative defense for insiders from liability for transactions pursuant to a previously established written trading plan. Under a properly established Rule 10b5-1 plan, transactions in Brunswick stock may take place at any time, including during Blackout Periods and when one possesses Material Undisclosed Information.

------

![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

Transactions under a pre-approved Rule 10b5-1 plan that specifies the dates, prices, and amounts of the contemplated trades or establishes a formula for determining such dates, prices, and amounts do not require further approval by the Office of the General Counsel at the time of each trade and are not subject to this Policy's trading restrictions. Note, however, that trades made pursuant to Rule 10b5-1 plans must still be reported to the Office of the General Counsel within one business day of any such transaction.

<u>Company Pre-Approval.</u> Eligible Individuals may enter into Rule 10b5-1 plans in accordance with this Policy if pre-approved in writing by the Office of the General Counsel at least five business days prior to entering into the plan. Any Rule 10b5-1 plan must fully comply with the requirements of Rule 10b5-1. Although the Office of the General Counsel will review all Rule 10b5-1 plans in connection with the pre-approval, compliance of a Rule 10b5-1 plan with the terms of Rule 10b5-1 and the execution of transactions pursuant to such plan are the sole responsibility of the Eligible Individuals initiating such plan.

<u>Certifications.</u> Anyone entering into a Rule 10b5-1 plan must certify, upon adoption of the plan, that he/she is not aware of any Material Undisclosed Information and that the plan is adopted in good faith and not part of any plan or scheme to evade any provision of applicable law.

<u>Commencement of Transactions ("Cooling Off" Periods).</u> No sales can be made pursuant to an Eligible Individual's Rule 10b5-1 plan until the Minimum Cooling Off Period is complete. The Office of the General Counsel may require a longer "cooling off" period under certain circumstances.

<u>Modifications.</u> Any modification of a Rule 10b5-1 plan constitutes the adoption of a new plan for purposes of calculating the Minimum Cooling Off Period. A modified plan must meet the Rule 10b5-1 requirements of a newly adopted plan, as if adopted on the date of modification.

<u>Termination of Plan.</u> An Eligible Individual should enter into a Rule 10b5-1 plan with the expectation that it will not be terminated prior to its stated term. Written consent of the Office of the General Counsel is required to terminate a Rule 10b5-1 plan before its term expires. An Eligible Individual who terminates a Rule 10b5-1 plan will be subject to Rule 10b5-1 limitations before entering into a new trading plan.

<u>Restrictions.</u> Eligible Individuals may not enter into or modify a Rule 10b5-1 trading plan when they are in possession of Material Undisclosed Information about the Company or during any Blackout Period. Trading plans that are not entered into pursuant to Rule 10b5-1 and reviewed and pre-approved by the Office of the General Counsel shall not be considered to be Rule 10b5-1 plans for purposes of this Policy. Eligible Individuals may enter into only one Rule 10b5-1 plan at a time, unless an exception is approved by the Office of the General Counsel. If such Rule 10b5-1 plan is a single-trade plan, it must be the sole single-trade plan based on relevant SEC rules for such Eligible Individual within any consecutive 12-month period. Eligible Individuals with Rule 10b5-1 plans may trade Company stock outside of their trading plans only with prior written approval from the office of the General Counsel, except that payment or automatic reinvestment of dividends relating to existing shares held by Eligible Individuals and release or granting of shares pursuant to the Company's Stock Incentive Plan (or similar plan) do not require prior written approval. Eligible Individuals must act in good faith with respect to the Rule 10b5-1 plan for the entire duration of the plan.

------

![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

<u>Disclosure.</u> The adoption, modification, or termination of a Director's or Officer's Rule 10b5-1 plan shall be disclosed by the Company consistent with the requirements of the SEC.

**<u>Trading by Directors and Officers During Any Six-Month Period</u>**

Directors and Officers who purchase and sell, or sell and purchase, Brunswick stock within any six-month period in instances in which there may be "short-swing profit" may incur liability under Section 16 of the Securities Exchange Act. An analysis of short-swing profit in this instance is detailed and fact specific. Directors and Officers should consult the Office of the General Counsel if such transactions are contemplated.

**<u>No Selective Disclosure of Material Undisclosed Information</u>**

SEC Regulation FD requires Brunswick to avoid selective disclosure of Material Undisclosed Information about the Company. Brunswick has established procedures for releasing Material Information in a manner that is designed to achieve broad public dissemination of the information immediately upon release. Accordingly, you may not disclose Material Undisclosed Information to anyone outside of the Company (including Family Members and friends) other than in accordance with the Company's established procedures. In addition, you may not discuss confidential or proprietary information about the Company or its business on social media sites or any other similar internet-based forum.

**<u>Transactions Under Company Plans</u>**

<u>Options Granted by Company</u>. You may exercise stock options (i.e., purchase the shares and hold them) granted by the Company at any time regardless of whether there is a Blackout Period in effect or you are aware of Material Undisclosed Information. However, any sale of stock as part of a cashless exercise of an option or sale of the shares received upon exercise of the options may be sold only in accordance with this Policy.

<u>401(k) and Restoration Plans</u>. This Policy does not apply to purchases of Brunswick stock in the Company's 401(k) plans (the Brunswick Retirement Savings Plan and the Brunswick Rewards Plan) or the Brunswick Restoration Plan resulting from periodic contributions of money to the plans pursuant to pre-existing payroll deduction elections. The restrictions of this Policy, however, do apply to certain elections under the 401(k) plans, including: (a) an election to increase or decrease the percentage of periodic contributions that will be allocated to the Brunswick stock fund; (b) an election to make an intra-plan transfer of an existing account balance into or out of the Brunswick stock fund; (c) an election to borrow money against a 401(k) plan account if the loan will result in a liquidation of some or all of the Brunswick stock fund balance; and (d) an election to pre-pay a plan loan if the pre-payment will result in an allocation of loan proceeds to the Brunswick stock fund.

<u>Direct Stock Purchase and Dividend Reinvestment Plan</u>. This Policy does not apply to purchases of Brunswick stock through pre-existing periodic contributions by eligible Employees, or reinvestment of dividends paid on Brunswick stock, as part of the Direct Stock Purchase and Dividend Reinvestment Plan. The Policy does apply, however, to an election to participate in the plan, a change in contribution amount, to sales of Brunswick stock purchased pursuant to the

------

![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

plan, and to the reinvestment of dividends outside of the Direct Stock Purchase and Dividend Reinvestment Plan.

**<u>No Hedging Transactions</u>**

You may not engage in hedging or monetization transactions or similar arrangements with respect to Brunswick stock, including the purchase or sale of puts, calls, or options on Brunswick stock (other than options granted by Brunswick), or the use of any other derivative instruments to hedge or offset any decrease in the market value of Brunswick stock.

**<u>No Margin Purchases</u>**

You may not purchase Brunswick stock on margin.

**<u>No Short Sales</u>**

You may not sell Brunswick stock short or "against the box" (i.e., sell the stock if you do not own the stock or, if owning it, you do not deliver it against such sale within 20 days).

**<u>No Pledges</u>**

You may not pledge Brunswick stock as collateral for a loan, in part because that stock may be sold without your consent by the lender in foreclosure if you default. If such a sale occurred when you were aware of Material Undisclosed Information, it could, under certain circumstances, be considered unlawful insider trading.

**<u>Post-Termination Transactions</u>**

If you are aware of Material Undisclosed Information at the time you cease to be a Director or Brunswick Employee, you may not trade in Brunswick stock as long as that information remains material or until that information has been publicly disclosed and absorbed by the market (generally one full business day after the information is released).

In all other respects, this Policy will cease to apply upon the expiration of any applicable Blackout Period in effect at the time your service as a Director or your Brunswick employment ends.

**<u>Reporting</u>**

If you have reason to believe that Material Undisclosed Information has been inappropriately disclosed, or that this Policy has otherwise been violated, report it to the Office of the General Counsel immediately.

**<u>Company Assistance</u>**

Any questions about this Policy or its application to any proposed transaction should be directed to the Office of the General Counsel. Ultimately, however, the responsibility for adhering to this Policy and avoiding unlawful transactions rests with each individual. Violations of this Policy may result in discipline, up to and including termination of employment.

------

![image.jpg](image.jpg)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 19.1**

**<u>Exceptions:</u>**

N/A

**<u>Related Documents:</u>**

 *Ethics in Action: Brunswick's Integrity Playbook*

**<u>Policy Owner:</u>**

Executive Vice President, General Counsel, Secretary and Chief Compliance Officer

**Who to Contact:**

Vice President and Deputy General Counsel

**<u>Date of Latest Modification:</u>**

July 2025

## Exhibit 21.1

**Subsidiaries of the Company**

The following is a list of directly or indirectly wholly-owned subsidiaries of Brunswick Corporation, omitting some subsidiaries which, considered in the aggregate, would not constitute a significant subsidiary.

---

| | |
|:---|:---|
| **Subsidiary** | **Place of Incorporation** |
| Attwood Corporation | Delaware |
| Aus Holdco Pty Limited | Australia |
| Boateka, Inc. | Delaware |
| Boston Whaler, Inc. | Delaware |
| Brunswick Boat Club Holdings, LLC | Delaware |
| Brunswick Boat Club Holdings Iberia, S.L.U. | Spain |
| Brunswick Commercial & Government Products, Inc. | Delaware |
| Brunswick Compañías de México, S.A. de C.V. | Mexico |
| Brunswick EMEA Holding B.V. | Netherlands |
| Brunswick Family Boat Co. Inc. | Delaware |
| Brunswick Financial Services Corporation | Delaware |
| Brunswick GmbH | Germany |
| Brunswick International Group S.a.r.l. | Luxembourg |
| Brunswick International Limited | Delaware |
| Brunswick Leisure Boat Company, LLC | Indiana |
| Brunswick Luxembourg Finance S.a.r.l. | Luxembourg |
| Brunswick Marine - EMEA Operations, LDA | Portugal |
| Brunswick Marine in EMEA, LLC | Delaware |
| Brunswick Marine in France, S.a.r.l. | France |
| Brunswick Marine in Italia S.p.A. | Italy |
| Brunswick Marine in Poland Sp. z o.o | Poland |
| Brunswick Marine in Sweden AB | Sweden |
| Brunswick Marine Sales Corporation | Delaware |
| Brunswick Netherlands B.V. | Netherlands |
| Brunswick Product Protection Corporation | Delaware |
| Brunswick Product Protection Corporation of Florida | Delaware |
| Brunswick Singapore Holdings Pte. Ltd. | Singapore |
| Brunswick Strategic Insurance Group, LLC | Vermont |
| Brunswick Trading (Suzhou) Co., Ltd. | China |
| C-MAP Italy S.r.l. | Italy |
| Club De Navegacion Freedom España SL | Spain |
| Electronica Lowrance de Mexico, S.A. de C.V. | Mexico |
| Fliteboard Europe B.V. | Netherlands |
| Fliteboard Pty Limited | Australia |
| Fliteboard USA, LLC | New York |
| Freedom Boat Club, LLC | Florida |
| Freedom Boat Club UK, Limited | England and Wales |
| Freedom Franchise Systems, LLC | Florida |
| Freedom Marine Sales, LLC | Florida |
| Freedom Outdoor Delaware, LLC | Delaware |
| J&R Marine Holdings, LLC | Georgia |
| Land 'N' Sea Corporation | Delaware |
| Land 'N' Sea Distributing, Inc. | Florida |
| Lankhorst Taselaar B.V. | Netherlands |
| Lenco Marine Solutions, LLC | Florida |
| Lund Boat Company | Delaware |
| Marine Power International Limited | Delaware |
| Mercury Marine do Brasil Industria e Comercio Ltda | Brazil |
| Mercury Marine Singapore Pte Ltd | Singapore |
| Mercury Marine Technology Suzhou Company Ltd. | China |
| Mercury Marine ULC | Canada |
| Munster Simms Engineering Limited | Northern Ireland |
| Nanna U.S. Bidco, LLC | Delaware |
| Navico Group APAC Limited | New Zealand |
| Navico Australia Pty Limited | Australia |
| Navico Forli S.r.l. | Italy |

---

------

---

| | |
|:---|:---|
| Navico France | France |
| Navico GmbH | Germany |
| Navico Group Americas, LLC | Delaware |
| Navico Group AS | Norway |
| Navico Group EMEA B.V. | Netherlands |
| Navico Holding AS | Norway |
| Navico, Inc. | Delaware |
| Navico Marine Electronics, S.L. | Spain |
| Navico Norway AS | Norway |
| Navico RBU Italia S.R.L. | Italy |
| Navico (Suzhou) Trading Co., Ltd. | China |
| Navico Sweden AB | Sweden |
| Navico UK Limited | United Kingdom |
| Princecraft Boats Inc. / Bateaux Princecraft Inc. | Canada |
| Productos Marine de Mexico, S.A. de C.V. | Mexico |
| Rayglass Sales and Marketing Limited | New Zealand |
| Sea Ray Boats, Inc | Florida |
| Servicios Acme de Mexico, S. de RL. de C.V. | Mexico |
| Thunder Jet Boats, Inc. | Delaware |

---

## Exhibit 23.1

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation by reference in Registration Statement Nos. 333-112877, 333-112878, 333-112880, 333-195837, and 333-271695 on Form S-8 of our reports dated February 13, 2026, relating to the financial statements of Brunswick Corporation and the effectiveness of Brunswick Corporation's internal control over financial reporting appearing in this Annual Report on Form 10-K for the year ended December 31, 2025.

<u>/s/ DELOITTE & TOUCHE LLP</u>

Chicago, Illinois

February 13, 2026

## Exhibit 24.1

**POWER OF ATTORNEY** 

The undersigned directors and officers of Brunswick Corporation, a Delaware corporation (the "Corporation"), do hereby nominate, constitute, and appoint David M. Foulkes, Ryan M. Gwillim, and Christopher F. Dekker, and each of them individually, the true and lawful attorney or attorneys of the undersigned, with power to act with or without the other and with full power of substitution and resubstitution, to execute in the name and on behalf of the undersigned as directors and officers of the Corporation, the Annual Report of the Corporation on Form 10-K for the fiscal year ended December 31, 2025, and any and all amendments thereto; and each of the undersigned hereby ratifies and approves all that said attorneys or any of them shall do or cause to be done by virtue hereof.

IN WITNESS WHEREOF, each of the undersigned has executed this Power of Attorney effective as of February 11, 2026.

---

| | |
|:---|:---|
| <u>Capacity</u> | <u>Signature</u> |
| Chairman of the Board and Chief Executive Officer (Principal Executive Officer) | <u>/S/ DAVID M. FOULKES</u><br>David M. Foulkes |
| Director | <u>/S/ NANCY E. COOPER</u><br>Nancy E. Cooper |
| Director | <u>/S/ DAVID C. EVERITT</u><br>David C. Everitt |
| Director | <u>/S/ REGINALD FILS-AIME</u><br>Reginald Fils-Aime |
| Director | <u>/S/ LAUREN PATRICIA FLAHERTY</u><br>Lauren Patricia Flaherty |
| Director | <u>/S/ JOSEPH W. MCCLANATHAN</u><br>Joseph W. McClanathan |
| Director | <u>/S/ DAVID V. SINGER</u><br>David V. Singer |
| Director | <u>/S/ J. STEVEN WHISLER</u><br>J. Steven Whisler |
| Director | <u>/S/ ROGER J. WOOD</u><br>Roger J. Wood |
| Director | <u>/S/ MARYANN WRIGHT</u><br>MaryAnn Wright |

---

## Exhibit 31.1

**Exhibit 31.1**

**Certification Pursuant to**

**Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Amended**

I, David M. Foulkes, certify that:

1. I have reviewed this Annual Report on Form 10-K of Brunswick Corporation;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| | **BRUNSWICK CORPORATION** | **BRUNSWICK CORPORATION** |
| February 13, 2026 | By: | <u>/s/ DAVID M. FOULKES</u> |
|  |  | David M. Foulkes |
|  |  | Chief Executive Officer |

---

## Exhibit 31.2

**Exhibit 31.2**

**Certification Pursuant to**

**Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Amended**

I, Ryan M. Gwillim, certify that:

1.&nbsp;&nbsp;&nbsp;&nbsp;I have reviewed this Annual Report on Form 10-K of Brunswick Corporation;

2.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.&nbsp;&nbsp;&nbsp;&nbsp;Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and we have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c)evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d)disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5.&nbsp;&nbsp;&nbsp;&nbsp;The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a)all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| | **BRUNSWICK CORPORATION** | **BRUNSWICK CORPORATION** |
| February 13, 2026 | By: | <u>/s/ RYAN M. GWILLIM</u> |
|  |  | Ryan M. Gwillim |
|  |  | Executive Vice President and Chief Financial and Strategy Officer |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

## Exhibit 32.1

**Exhibit 32.1**

**Certification Pursuant to Section 1350 of Chapter 63**

**of Title 18 of the United States Code**

I, David M. Foulkes, Chief Executive Officer of Brunswick Corporation, certify that: (i) Brunswick Corporation's Annual Report on Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in Brunswick Corporation's Annual Report on Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of Brunswick Corporation.

---

| | | |
|:---|:---|:---|
| | **BRUNSWICK CORPORATION** | **BRUNSWICK CORPORATION** |
| February 13, 2026 | By: | <u>/s/ DAVID M. FOULKES</u> |
|  |  | David M. Foulkes |
|  |  | Chief Executive Officer |

---

## Exhibit 32.2

**Exhibit 32.2**

**Certification Pursuant to Section 1350 of Chapter 63**

**of Title 18 of the United States Code**

I, Ryan M. Gwillim, Chief Financial Officer of Brunswick Corporation, certify that: (i) Brunswick Corporation's Annual Report on Form 10-K for the year ended December 31, 2025 fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and (ii) the information contained in Brunswick Corporation's Annual Report on Form 10-K for the year ended December 31, 2025 fairly presents, in all material respects, the financial condition and results of operations of Brunswick Corporation.

---

| | | |
|:---|:---|:---|
| | **BRUNSWICK CORPORATION** | **BRUNSWICK CORPORATION** |
| February 13, 2026 | By: | <u>/s/ RYAN M. GWILLIM</u> |
|  |  | Ryan M. Gwillim |
|  |  | Executive Vice President and Chief Financial and Strategy Officer |

---

<br>