BRP Presents Its Fourth Quarter and Full-Year 2024 Results

Highlights for FY24 Q4

• Revenues of $2,691.8 million, a decrease of $384.5 million or 12.5% compared to the same period last year, which was a record fourth quarter;
• Net income of $188.2 million, a decrease of $176.9 million or 48.5% compared to the same period last year;
• Normalized EBITDA ^[1] of $404.5 million, a decrease of $123.5 million or 23.4% compared to the same period last year;
• Normalized diluted earnings per share ^[1] of $2.46, a decrease of $1.39 per share or 36.1% and diluted earnings per share of $2.46, a decrease of $2.08 per share, or 45.8%, compared to the same period last year;
• Continued outpacing the SSV industry with Can-Am retail sales increasing by more than 20% compared to the same period last year;
• The Company increased its quarterly dividend by 17% to $0.21.

Highlights for FY24

• Increased revenues by 3.3% compared to last year, reaching an all-time record high of $10,367.0 million;
• Net income of $744.5 million, a decrease of $120.9 million or 14.0% compared to last fiscal year;
• Reached revised FY24 guidance with Normalized diluted earnings per share ^[1] of $11.11, a decrease of $0.94 per share or 7.8%. Diluted earnings per share of $9.47;
• Continued to gain market share as North American Powersports retail sales increased by 8% compared to the same period last year, while the industry increased by 1%;
• Delivered record free cash flow of over a billion dollars, allowing for strong returns to shareholders with $501.8 million deployed for share repurchases and dividend payments.

Fiscal 2025 full-year guidance

• The Company is planning to maintain its growth in market share in the Powersports industry and to reduce its network inventory, leading to a revenue guidance in the range of $9.1 billion to $9.5 billion; and
• Normalized diluted earnings per share ^[1] expected in the range of $7.25 to $8.25.

VALCOURT, QUEBEC, CANADA – March 28, 2024 – (Motor Sports NewsWire) – BRP Inc. (TSX: DOO, NASDAQ: DOOO), today reported its financial results for the three-month and twelve-month periods ended January 31, 2024. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR+ and EDGAR as well as in the section Quarterly Reports of BRP’s website.

“Fiscal 2024 was marked by market share gains in the North American Powersports industry, successful product launches and continued progress on our strategic initiatives, leading to record revenues and free cash flow. Our…