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 below. 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; 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, Supplier bankruptcy expenses and other applicable charges, and of diluted earnings per common share, As Adjusted. Supplier bankruptcy expenses include additional expenses incurred, in excess of normal inventory costs, to purchase inventory from a key supplier that filed for bankruptcy. 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 efforts. These items may include restructuring, exit and impairment costs, special tax items, acquisition-related costs, and certain other unusual adjustments. Known Trends or Uncertainties We continue to monitor macroeconomic trends and uncertainties such as recently implemented tariffs along with the potential for new or modified tariffs, and related impacts to consumers, any or all of which could have a material impact on our business, financial condition and results of operations. On February 20, 2026, the U.S. Supreme Court ruled that tariffs imposed under the International Emergency Economic Powers Act ("IEEPA") were not authorized by the statute. The Company was previously subject to such tariffs under IEEPA. During the three months ended July 4, 2026, the Company submitted claims within the Consolidated Administration and Processing of Entries ("CAPE") system for processing tariff refunds and were subsequently accepted during the quarter totaling $34.3 million. These accepted claims for the recovery of IEEPA tariffs were deemed probable under the loss recovery model as of July 4, 2026. The Company recognized a reduction in Cost of sales of $30.4 million within the Condensed Consolidated Statements of Comprehensive Income. Additionally, $3.9 million of that tariff receivable is a reduction to inventory for certain tariff costs that were still capitalized within inventory. As of July 4, 2026, the total $30.9 million outstanding IEEPA tariff receivables are reflected within Prepaid expenses and other on the Condensed Consolidated Balance Sheets. Although the Company has assessed the recovery of these previously paid IEEPA tariffs is probable based on currently available information, the timing of cash receipts remains dependent upon the processing of refund claims by the CBP and U.S. Department of Treasury. During the quarter ended July 4, 2026, the Company did not recognize a tariff refund receivable for those claims that were not accepted within the CAPE system or not yet submitted. In total, the Company expects to receive $60 million - $70 million of total IEEPA tariff refunds. 22 Table of Contents Overview Net sales increased 7.7% during the second quarter of 2026 compared with the second quarter of 2025. Sales growth reflected steady OEM orders, continued strong P&A and aftermarket performance driven by healthy boating participation, pricing taken in previous periods, and improved mix. Adjusted operating earnings and margins increased as the benefits of the higher sales, favorable mix, and strong operating execution, in addition to IEEPA refunds, more than offset inflationary pressures, increased variable compensation, incremental tariffs, and accelerated product development investment. The Propulsion segment delivered sales growth resulting primarily from healthy OEM orders, steady market share, and pricing actions taken in recent quarters. Strong boater participation and continued distribution gains drove higher sales and margin for Engine P&A segment. Navico Group segment reported sales growth over the prior year quarter as growth across all business lines was supported by improving OEM demand, steady aftermarket performance, and improved operational efficiency. Finally, Boat segment grew both sales and margin, benefiting from increased focus on premium and core brands, pricing actions, operational efficiencies, and continued growth in Freedom Boat Club. Freedom Boat Club increased trips and improved same store sales. Our international net sales increased 11 percent on a GAAP basis and increased 7 percent on a constant currency basis in the second quarter. Operating earnings in the second quarter of 2026 were $129.4 million and $150.1 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the second quarter of 2025 of $103.3 million and $126.0 million on a GAAP and As Adjusted basis, respectively. Adjusted operating earnings increased due to increased sales, favorable mix, pricing, improved absorption, disciplined cost management and IEEPA refunds more than offsetting the impact of incremental tariffs implemented after the first quarter of 2025, variable compensation, and accelerated product development investment. Operating earnings in the first half of 2026 were $179.7 million and $232.7 million on a GAAP and As Adjusted basis, respectively. This compares to operating earnings during the first half of 2025 of $159.6 million and $198.1 million on a GAAP and As Adjusted basis, respectively. Operating earnings were up versus the first half of 2025 due to increased sales and the same factors described above. 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 25 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 on our net sales: Three Months Ended Six Months Ended Net Sales 2026 vs. 2025 Net Sales 2026 vs. 2025 (in millions) July 4, 2026 June 28, 2025 GAAP Currency Impact July 4, 2026 June 28, 2025 GAAP Currency Impact Propulsion $ 644.0 $ 598.2 7.7 % 1.8 % $ 1,215.3 $ 1,085.2 12.0 % 2.6 % Engine P&A 367.9 337.8 8.9 % 0.9 % 657.7 593.1 10.9 % 1.7 % Navico Group 215.8 202.3 6.7 % 1.4 % 439.3 410.5 7.0 % 2.7 % Boat 424.4 405.6 4.6 % 0.3 % 819.1 777.7 5.3 % 0.7 % Segment Eliminations (94.3) (96.9) 2.7 % 0.2 % (195.5) (197.7) 1.1 % 0.5 % Total $ 1,557.8 $ 1,447.0 7.7 % 1.3 % $ 2,935.9 $ 2,668.8 10.0 % 2.0 % 23 Table of Contents Results of Operations Consolidated The following table sets forth certain amounts, ratios, and relationships calculated from the Condensed Consolidated Statements of Comprehensive Income for the three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 (in millions, except per share data) July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change Net sales $ 1,557.8 $ 1,447.0 $ 110.8 7.7% $ 2,935.9 $ 2,668.8 $ 267.1 10.0% Cost of sales 1,120.0 1,077.3 42.7 4.0% 2,154.5 1,995.2 159.3 8.0% Gross margin(A) 437.8 369.7 68.1 18.4% 781.4 673.6 107.8 16.0% Selling, general, and administrative expense 251.0 216.6 34.4 15.9% 493.2 424.6 68.6 16.2% Research and development expense 50.4 41.8 8.6 20.6% 96.7 80.3 16.4 20.4% Restructuring, exit, and impairment charges 7.0 8.0 (1.0) (12.5)% 11.8 9.1 2.7 29.7% Operating earnings 129.4 103.3 26.1 25.3% 179.7 159.6 20.1 12.6% Equity earnings 1.7 1.7 — —% 3.3 3.9 (0.6) (15.4)% Other expense, net (1.1) (1.4) 0.3 (21.4)% (2.7) (0.1) (2.6) NM Earnings before interest and income taxes 130.0 103.6 26.4 25.5% 180.3 163.4 16.9 10.3% Interest expense (24.8) (30.0) 5.2 (17.3)% (49.4) (59.7) 10.3 (17.3)% Interest income 1.2 1.7 (0.5) (29.4)% 2.4 3.4 (1.0) (29.4)% Loss on early extinguishment of debt — — — NM — (3.7) 3.7 NM Earnings before income taxes 106.4 75.3 31.1 41.3% 133.3 103.4 29.9 28.9% Income tax (benefit) provision (1.8) 15.7 (17.5) NM 4.1 23.6 (19.5) (82.6)% Net earnings from continuing operations 108.2 59.6 48.6 81.5% 129.2 79.8 49.4 61.9% Net earnings (loss) from discontinued operations, net of tax 1.6 (0.3) 1.9 NM 1.6 (0.3) 1.9 NM Net earnings $ 109.8 $ 59.3 $ 50.5 85.2% $ 130.8 $ 79.5 $ 51.3 64.5% Diluted earnings per common share from continuing operations $ 1.66 $ 0.90 $ 0.76 84.4% $ 1.97 $ 1.21 $ 0.76 62.8% Expressed as a percentage of Net sales: Gross margin (A) 28.1 % 25.5 % 260 bps 26.6 % 25.2 % 140 bps Selling, general, and administrative expense 16.1 % 15.0 % 110 bps 16.8 % 15.9 % 90 bps Research and development expense 3.2 % 2.9 % 30 bps 3.3 % 3.0 % 30 bps Restructuring, exit, and impairment charges 0.4 % 0.6 % (20) bps 0.4 % 0.3 % 10 bps Operating margin 8.3 % 7.1 % 120 bps 6.1 % 6.0 % 10 bps NM = not meaningful bps = basis points (A)Gross margin is defined as Net sales less Cost of sales as presented in the Condensed Consolidated Statements of Comprehensive Income. 24 Table of Contents The following is a reconciliation of our non-GAAP measures, adjusted operating earnings and adjusted diluted earnings per common share from continuing operations for the three and six months ended July 4, 2026 when compared with the same prior year comparative period: Three Months Ended Six Months Ended Operating Earnings Diluted Earnings Per Share Operating Earnings Diluted Earnings Per Share (in millions, except per share data) July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 July 4, 2026 June 28, 2025 GAAP $ 129.4 $ 103.3 $ 1.66 $ 0.90 $ 179.7 $ 159.6 $ 1.97 $ 1.21 Purchase accounting amortization 14.4 14.7 0.18 0.17 28.9 29.3 0.35 0.34 Restructuring, exit, and impairment charges 7.0 8.0 0.11 0.09 11.8 9.1 0.18 0.10 Supplier bankruptcy expense 0.8 — 0.01 — 11.2 — 0.14 — Acquisition, integration, and IT related costs 0.2 — — — 0.6 0.1 0.01 — (Gain)/loss on sale of assets (1.7) — (0.02) — 0.5 — 0.01 — Special tax items — — (0.38) — — — (0.39) 0.03 Loss on early extinguishment of debt — — — — — — — 0.04 As Adjusted $ 150.1 $ 126.0 $ 1.56 $ 1.16 $ 232.7 $ 198.1 $ 2.27 $ 1.72 GAAP operating margin 8.3 % 7.1 % 6.1 % 6.0 % Adjusted operating margin 9.6 % 8.7 % 7.9 % 7.4 % Net sales increased 7.7% during the second quarter of 2026 compared with the same prior year period. The components of the consolidated net sales change were as follows: Percent change in net sales compared to the prior comparative period July 4, 2026 Three Months Ended Six Months Ended Volume 1.4 % 3.8 % Product Mix and Price 5.0 % 4.2 % Currency 1.3 % 2.0 % 7.7 % 10.0 % Gross margin increased 260 bps in the second quarter of 2026 when compared to the same prior year period, driven by increased sales (380 bps), IEEPA refunds (200 bps), lower absorption (40 bps), and favorable foreign currency exchange rate fluctuations (30 bps) offset by material inflation (195 bps), labor costs (130 bps), impact of incremental tariffs (65 bps). Gross margin increased 140 bps in the first half of 2026 when compared to the same prior year period, driven by increased sales (370 bps), IEEPA refunds (105 bps), and foreign currency exchange rate fluctuations (50 bps), partially offset by material inflation (150 bps), incremental tariffs (145 bps), and labor costs (90 bps). Selling, general and administrative expense as a percentage of net sales increased 110 basis points during the second quarter of 2026 compared with the same prior year period due to increased spending in support of growth and operational initiatives. Research and development expense increased in the second quarter of 2026 versus the same period in 2025 due to accelerated, strategic investments in new products. Selling, general and administrative expense as a percentage of net sales increased 90 basis points during the first half of 2026 when compared with the same prior year period due to increased spending in support of growth and operational initiatives and increased variable compensation. Research and development expense increased in the first half of 2026 versus the same period in 2025. We recorded Restructuring, exit and impairment charges of $7.0 million and $11.8 million during the three and six months ended July 4, 2026, respectively. We recorded Restructuring, exit and impairment charges of $8.0 million and $9.1 million during the three and six months ended June 28, 2025, respectively. First quarter 2026 actions are not expected to result in material annualized cost savings. Refer to Note 3 – Restructuring, Exit, and Impairment Activities in the Notes to Condensed Consolidated Financial Statements for further information. 25 Table of Contents We recorded Equity earnings of $1.7 million and $3.3 million in the three and six months ended July 4, 2026, respectively, which were primarily related to our marine and technology-related joint ventures. This compares with Equity earnings of $1.7 million and $3.9 million in the three and six months ended June 28, 2025, respectively. We recognized $(1.1) million and $(2.7) million of Other expense, net in the three and six months ended July 4, 2026, respectively. This compares with $(1.4) million and $(0.1) million of Other expense, net in the three and six months ended June 28, 2025, respectively. Other expense, net primarily includes remeasurement gains and losses resulting from changes in foreign currency rates and other post-retirement benefit costs. Net interest expense decreased for the three and six months ended July 4, 2026 when compared with the same prior year period due to lower average debt outstanding resulting from debt repayments. Refer to Note 11 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 – Debt in the Notes to Consolidated Financial Statements in the 2025 Form 10-K. We recognized an Income tax (benefit) provision for the three and six months ended July 4, 2026 of $(1.8) million and $4.1 million compared to $15.7 million and $23.6 million for the three and six months ended June 28, 2025, respectively. The effective tax rate, which is calculated as the Income tax provision as a percentage of Earnings before income taxes, was (1.7)% and 3.1% compared to 20.8% and 22.8% for the three and six months ended July 4, 2026 and June 28, 2025, respectively. The three and six months ended July 4, 2026 includes the discrete impact of a state tax law change that extends the carryforward period for R&D tax credits, which resulted in the reversal of a previously recognized valuation allowance position. This resulted in a $24.6 million benefit recorded in Income tax (benefit) provision. Due to the factors described in the preceding paragraphs, Net earnings from continuing operations and Diluted earnings per common share from continuing operations increased during the three and six months ended July 4, 2026 compared with the same prior year period. Propulsion Segment The following table sets forth Propulsion segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 (in millions) July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change Net sales $ 644.0 $ 598.2 $ 45.8 7.7% $ 1,215.3 $ 1,085.2 $ 130.1 12.0% GAAP operating earnings $ 71.2 $ 65.8 $ 5.4 8.2% $ 105.6 $ 111.9 $ (6.3) (5.6)% Supplier bankruptcy expense 0.6 — 0.6 NM 8.2 — 8.2 NM Purchase accounting amortization 0.3 0.3 — NM 0.6 0.6 — NM Restructuring, exit and impairment charges — 1.2 (1.2) NM — 1.2 (1.2) NM Acquisition, integration, and IT related costs — — — NM — 0.1 (0.1) NM Adjusted operating earnings $ 72.1 $ 67.3 $ 4.8 7.1% $ 114.4 $ 113.8 $ 0.6 0.5% GAAP operating margin 11.1 % 11.0 % 10 bps 8.7 % 10.3 % (160) bps Adjusted operating margin 11.2 % 11.3 % (10) bps 9.4 % 10.5 % (110) bps NM = not meaningful bps = basis points Propulsion segment's net sales increased in the second quarter of 2026 compared to the second quarter of 2025, primarily driven by healthy OEM orders, steady market share and pricing actions taken in recent quarters. Propulsion segment's net sales increased in the first half of 2026 versus 2025, driven by steady OEM demand and pricing actions. 26 Table of Contents The components of the Propulsion segment's net sales change were as follows: Percent change in net sales compared to the prior comparative period July 4, 2026 Three Months Ended Six Months Ended Volume 4.7 % 8.3 % Product Mix and Price 1.2 % 1.1 % Currency 1.8 % 2.6 % 7.7 % 12.0 % International sales were 40 percent of the Propulsion segment's net sales in the second quarter of 2026 and increased 14 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased 9 percent. International sales were 39 percent of Propulsion segment's net sales in the first half of 2026 and increased 17 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 10 percent. Propulsion segment's operating earnings in the second quarter of 2026 increased when compared to the second quarter of 2025 due to higher sales, IEEPA tariff refunds, and favorable absorption offset elevated material and labor inflation, including variable compensation, incremental tariffs, and accelerated product development investment. Operating earnings for the first half of 2026 increased due to the same factors listed above. 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 three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 (in millions) July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change Net sales $ 367.9 $ 337.8 $ 30.1 8.9% $ 657.7 $ 593.1 $ 64.6 10.9% GAAP operating earnings $ 85.6 $ 71.7 $ 13.9 19.4% $ 131.2 $ 110.8 $ 20.4 18.4% Supplier bankruptcy expense 0.2 — 0.2 NM 3.0 — 3.0 NM Restructuring, exit, and impairment charges — 0.4 (0.4) NM — 0.4 (0.4) NM Adjusted operating earnings $ 85.8 $ 72.1 $ 13.7 19.0% $ 134.2 $ 111.2 $ 23.0 20.7% GAAP operating margin 23.3 % 21.2 % 210 bps 19.9 % 18.7 % 120 bps Adjusted operating margin 23.3 % 21.3 % 200 bps 20.4 % 18.7 % 170 bps NM = not meaningful bps = basis points Engine P&A segment's net sales increased in the second quarter of 2026 compared to the second quarter of 2025, due to strong boater participation, resulting in demand for parts and accessories together with past pricing actions. Engine P&A increased in the first half of 2026 compared to 2025 due to the same factors described above. The components of the Engine P&A segment's net sales change were as follows: Percent change in net sales compared to the prior comparative period July 4, 2026 Three Months Ended Six Months Ended Volume 3.3 % 4.6 % Product Mix and Price 4.7 % 4.6 % Currency 0.9 % 1.7 % 8.9 % 10.9 % 27 Table of Contents International sales were 27 percent of the Engine P&A segment's net sales in the second quarter of 2026 and increased 10 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased 6 percent from the prior year. International sales were 28 percent of Engine P&A segment's net sales in the first half of 2026 and increased 13 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 7 percent. Engine P&A segment's operating earnings in the second quarter of 2026 increased compared to the second quarter of 2025, due to higher sales and IEEPA refunds, offset by variable compensation. Operating earnings for the first half of 2026 increased due to the same factors listed above. 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 three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 (in millions) July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change Net sales $ 215.8 $ 202.3 $ 13.5 6.7% $ 439.3 $ 410.5 $ 28.8 7.0% GAAP operating earnings (loss) $ 13.2 $ (7.6) $ 20.8 NM $ 18.3 $ (10.4) $ 28.7 NM Purchase accounting amortization 13.0 13.3 (0.3) (2.3)% 26.1 26.5 (0.4) (1.5)% Restructuring, exit, and impairment charges — 5.1 (5.1) NM 0.2 5.9 (5.7) (96.6)% Adjusted operating earnings $ 26.2 $ 10.8 $ 15.4 NM $ 44.6 $ 22.0 $ 22.6 NM GAAP operating margin 6.1 % (3.8) % 990 bps 4.2 % (2.5) % 670 bps Adjusted operating margin 12.1 % 5.3 % 680 bps 10.2 % 5.4 % 480 bps NM = not meaningful bps = basis points Navico Group segment's net sales increased in the second quarter of 2026 compared to the second quarter of 2025, as sales increased across all business lines, supported by increased OEM demand from new products, share gains, sustained boating participation supporting the aftermarket, and pricing. Navico Group segment's net sales increased in the first half of 2026 versus prior year due to the same factors described above. The components of the Navico Group segment's net sales change were as follows: Percent change in net sales compared to the prior comparative period July 4, 2026 Three Months Ended Six Months Ended Volume 2.3 % 0.6 % Product Mix and Price 3.0 % 3.7 % Currency 1.4 % 2.7 % 6.7 % 7.0 % International sales were 41 percent of the Navico Group segment's net sales in the second quarter of 2026 and increased 1 percent from the prior year on a GAAP basis. On a constant currency basis, international sales decreased 2 percent. International sales were 43 percent of Navico Group segment's net sales in the first half of 2026 and increased 9 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 3 percent. Navico Group segment's operating earnings in the second quarter of 2026 increased when compared to the second quarter of 2025 reflecting IEEPA refunds and higher sales. 28 Table of Contents Operating earnings for the first half of 2026 increased due to the same factors listed above. Boat Segment The following table sets forth Boat segment results and a reconciliation to our non-GAAP measure of adjusted operating earnings for the three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 (in millions) July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change Net sales $ 424.4 $ 405.6 $ 18.8 4.6% $ 819.1 $ 777.7 $ 41.4 5.3% GAAP operating earnings $ 15.3 $ 11.1 $ 4.2 37.8% $ 21.8 $ 18.8 $ 3.0 16.0% Restructuring, exit, and impairment charges 4.2 1.0 3.2 NM 8.8 1.3 7.5 NM Purchase accounting amortization 1.1 1.1 — NM 2.2 2.2 — NM Acquisition, integration, and IT related costs 0.2 — 0.2 NM 0.6 — 0.6 NM (Gain) loss on sale of assets (1.7) — (1.7) NM 0.5 — 0.5 NM Adjusted operating earnings $ 19.1 $ 13.2 $ 5.9 44.7% $ 33.9 $ 22.3 $ 11.6 52.0% GAAP operating margin 3.6 % 2.7 % 90 bps 2.7 % 2.4 % 30 bps Adjusted operating margin 4.5 % 3.3 % 120 bps 4.1 % 2.9 % 120 bps NM = not meaningful bps = basis points Boat segment's net sales increased in the second quarter of 2026 compared to the second quarter of 2025, driven by a beneficial mix of premium models, improved pricing and discounting, and growth in Freedom Boat Club. Boat segment's net sales increased in the first half of 2026 versus the first half of 2025 due to the same factors described above. The components of the Boat segment's net sales change were as follows: Percent change in net sales compared to the prior comparative period July 4, 2026 Three Months Ended Six Months Ended Volume (5.7) % (2.6) % Product Mix and Price 10.0 % 7.2 % Currency 0.3 % 0.7 % 4.6 % 5.3 % International sales were 21 percent of the Boat segment's net sales in the second quarter of 2026 and increased 16 percent from the prior year on a GAAP basis. On a constant currency basis, international sales increased by 14 percent. International sales were 22 percent of Boat segment's net sales in the first half of 2026 and increased 18 percent from prior year on a GAAP basis. On a constant currency basis, international sales increased 14 percent. Boat segment's operating earnings in the second quarter of 2026 increased when compared to the second quarter of 2025, reflecting higher sales, the flow-through of pricing and lower discounts, and operational efficiencies focused on cost removal. Boat segment's operating earnings for the first half of 2026 increased due to the same factors listed above. 29 Table of Contents Corporate/Other The following table sets forth Corporate/Other results for the three and six months ended: Three Months Ended 2026 vs. 2025 Six Months Ended 2026 vs. 2025 July 4, 2026 June 28, 2025 $ Change % Change July 4, 2026 June 28, 2025 $ Change % Change GAAP operating loss $ (55.9) $ (37.7) $ (18.2) (48.3)% $ (97.2) $ (71.5) $ (25.7) (35.9)% Restructuring, exit, and impairment charges 2.8 0.3 2.5 NM 2.8 0.3 2.5 NM Adjusted operating loss $ (53.1) $ (37.4) $ (15.7) (42.0)% $ (94.4) $ (71.2) $ (23.2) (32.6)% NM = not meaningful Corporate operating loss in the second quarter of 2026 increased compared to the second quarter of 2025 driven by increased spending in support of growth and operational initiatives and increased variable compensation. Corporate operating loss for the first half of 2026 increased due to the same factors listed above. Financing Joint Venture Details of our Financing Joint Venture are outlined in the 2025 Form 10-K. There have been no material changes in our Financing Joint Venture since December 31, 2025. Off-Balance Sheet Arrangements and Contractual Obligations Our off-balance sheet arrangements and contractual obligations as of December 31, 2025 are detailed in the 2025 Form 10-K. There have been no material changes in these arrangements and obligations outside the ordinary course of business since December 31, 2025. Environmental Regulation There were no material changes in our environmental regulatory requirements since the filing of our 2025 Form 10-K. Critical Accounting Policies There were no material changes in our critical accounting policies since the filing of our 2025 Form 10-K. As discussed in the 2025 Form 10-K, the preparation of the consolidated financial statements in conformity with GAAP requires management to make certain estimates and assumptions that affect the amount of reported assets and liabilities and disclosure of contingent assets and liabilities as of the date of the consolidated financial statements, and revenues and expenses during the periods reported. Actual results may differ from those estimates. Recent Accounting Pronouncements Recent accounting pronouncements that have been adopted during the six months ended July 4, 2026, or will be adopted in future periods, are included in Note 1 – Significant Accounting Policies in the Notes to Condensed Consolidated Financial Statements. 30 Table of Contents Forward-Looking Statements Certain statements in this Quarterly Report on Form 10-Q 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 report. These risks include, but are not limited to: the effect of adverse general economic conditions, including rising interest rates, and the amount of disposable income consumers have available for discretionary spending; changes to trade policy and tariffs, including retaliatory tariffs; fiscal and monetary policy changes; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; adverse capital market conditions; changes in currency exchange rates; competitive pricing pressures; higher energy and fuel costs; managing our manufacturing footprint and operations; loss of key customers; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; adverse weather conditions, climate change events and other catastrophic event risks; our ability to develop new and innovative products and services at a competitive price; absorbing fixed costs in production; our ability to meet demand in a rapidly changing environment; public health emergencies or pandemics; our ability to successfully implement our strategic plan and growth initiatives; attracting and retaining skilled labor, implementing succession plans for key leadership and executing organizational and leadership changes; our ability to integrate acquisitions and the risk for associated disruption to our business; the risk that restructuring or strategic divestitures will not provide business benefits; our ability to identify and complete targeted acquisitions; maintaining effective distribution; dealer and customer ability to access adequate financing; inventory reductions by dealers, retailers, or independent boat builders; requirements for us to repurchase inventory; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which have affected and could further affect manufacturing and business operations and could result in lost or stolen information and associated remediation costs; our ability to protect our brands and intellectual property; an impairment to the value of goodwill and other assets; product liability, warranty, and other claims risks; legal, environmental, and other regulatory compliance, including increased costs, fines, and reputational risks; risks associated with joint ventures that do not operate solely for our benefit; changes in income tax legislation or enforcement; managing our share repurchases; and risks associated with certain divisive shareholder activist actions. Additional risk factors are included in the 2025 Form 10-K and may be further updated in our filings with the SEC. 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 Quarterly Report on Form 10-Q. 31 Table of Contents Cash Flow, Liquidity and Capital Resources The following table sets forth data from our Condensed Consolidated Statements of Cash Flows for the six months ended: (in millions) July 4, 2026 June 28, 2025 Net cash provided by operating activities $ 249.7 $ 288.8 Net cash used for investing activities (117.2) (70.0) Net cash used for financing activities (107.1) (181.0) Effect of exchange rate changes (1.4) 10.2 Net increase in Cash and cash equivalents and Restricted cash 24.0 48.0 Cash and cash equivalents and Restricted cash at beginning of period 274.9 285.9 Cash and cash equivalents and Restricted cash at end of period $ 298.9 $ 333.9 The following table sets forth an analysis of free cash flow for the six months ended: (in millions) July 4, 2026 June 28, 2025 Net cash provided by operating activities of continuing operations $ 251.5 $ 309.1 Net cash (used for) provided by: Add: Capital expenditures (98.6) (82.6) Add: Proceeds from the sale of property, plant, and equipment 9.2 6.8 Add: Effect of exchange rate changes on cash and cash equivalents (1.4) 10.2 Total free cash flow (A) $ 160.7 $ 243.5 (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 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 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. 2026 Cash Flow Net cash provided by operating activities of continuing operations in the six months ended July 4, 2026 totaled $251.5 million compared to $309.1 million in the six months ended June 28, 2025. The decrease is primarily due to changes in working capital. Working capital is defined as Accounts and notes receivable, Inventories and Prepaid expenses and other, net of Accounts payable and Accrued expenses as presented in the Condensed Consolidated Balance Sheets, excluding the impact of acquisitions and non-cash adjustments. Accounts and notes receivable increased $42.9 million, due to timing of collections, Accounts payable increased $93.0 million, due to timing of payments, inventory increased $48.1 million due to increased production, and Accrued expenses increased $0.5 million. Net cash used for investing activities was $117.2 million and primarily related to $98.6 million of capital expenditures and $28.2 million related to the acquisition of another Freedom Boat Club franchise operation and territory. Our capital spending was focused on investments in new products and technologies. Net cash used for financing activities was $107.1 million and primarily related to dividends paid to common shareholders and common stock repurchases. 32 Table of Contents Liquidity and Capital Resources We view our highly liquid assets as of July 4, 2026, December 31, 2025 and June 28, 2025 as: (in millions) July 4, 2026 December 31, 2025 June 28, 2025 Cash and cash equivalents $ 288.1 $ 256.8 $ 315.7 Short-term investments in marketable securities 0.8 0.8 0.8 Total cash, cash equivalents, and marketable securities $ 288.9 $ 257.6 $ 316.5 The following table sets forth an analysis of total liquidity as of July 4, 2026, December 31, 2025 and June 28, 2025: (in millions) July 4, 2026 December 31, 2025 June 28, 2025 Cash, cash equivalents and marketable securities $ 288.9 $ 257.6 $ 316.5 Amounts available under lending facility (A) 983.9 994.0 997.0 Total liquidity (B) $ 1,272.8 $ 1,251.6 $ 1,313.5 (A) See Note 11 – Debt in the Notes to Condensed Consolidated Financial Statements for further details on our lending facility. (B) We define Total liquidity as Cash and cash equivalents and Short-term investments in marketable securities as presented in the Condensed 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 $288.9 million as of July 4, 2026, an increase of $31.3 million from $257.6 million as of December 31, 2025, and a decrease of $27.6 million from $316.5 million as of June 28, 2025. Total debt as of July 4, 2026, December 31, 2025 and June 28, 2025 was $2,100.9 million, $2,102.2 million and $2,274.1 million, respectively. Our debt-to-capitalization ratio was approximately 56 percent as of July 4, 2026 compared to 56 percent as of December 31, 2025 and 54 percent as of June 28, 2025. There were no borrowings under the Revolving Credit Agreement (Credit Facility) during the six months ended July 4, 2026 and we did not have any borrowings outstanding as of July 4, 2026. Available borrowing capacity under the Credit Facility as of July 4, 2026 totaled $983.9 million, net of $16.1 million of letters of credit outstanding. During the six months ended July 4, 2026, the maximum amount utilized under the CP Program was $540.0 million, and as of July 4, 2026, the Company had $290.0 million of borrowings outstanding under the CP Program. Refer to Note 11 – Debt in the Notes to Condensed Consolidated Financial Statements and Note 14 - Debt in the Notes to Consolidated Financial Statements in the 2025 Form 10-K, for further details. The levels of borrowing capacity under our Credit Facility and CP Program are 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. As of July 4, 2026, Brunswick was in compliance with the financial covenants associated with its debt and based on our anticipated earnings generation throughout the year, we expect to maintain sufficient cushion against the existing debt covenants. 2026 Capital Strategy The Company anticipates at least $160 million of debt reduction, $200 million of capital expenditures, and share repurchases of at least $50 million for the year. 33 Table of Contents