Brunswick : Earnings Presentation with Script FY 2022

02/02/2023

Q4 and Full Year 2022 Earnings

Conference Call

FEBRUARY 2, 2023

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02/02/2023

BRUNSWICK CORPORATION - EARNINGS RELEASE

Forward-Looking Statements

Certain statements in this presentation 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," 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 presentation. These risks include, but are not limited to: the effect of adverse general economic conditions, including the amount of disposable income consumers have available for discretionary spending; fiscal and monetary policy concerns; adverse capital market conditions; changes in currency exchange rates; higher energy and fuel costs; competitive pricing pressures; interest-rate risk related to our debt; the coronavirus (COVID-19) pandemic and the emergence of variant strains; actual or anticipated increases in costs, disruptions of supply, or defects in raw materials, parts, or components we purchase from third parties, including as a result of pressures due to the pandemic; supplier manufacturing constraints, increased demand for shipping carriers, and transportation disruptions; managing our manufacturing footprint; adverse weather conditions, climate change events and other catastrophic event risks; international business risks, geopolitical tensions or conflicts, sanctions, embargoes, or other regulations; our ability to develop new and innovative products and services at a competitive price; our ability to meet demand in a rapidly changing environment; loss of key customers; absorbing fixed costs in production; risks associated with joint ventures that do not operate solely for our benefit; our ability to integrate acquisitions, including Navico, and the risk for associated disruption to our business; the risk that unexpected costs will be incurred in connection with the Navico transaction or the possibility that the expected synergies and value creation from the transaction will not be realized or will not be realized within the expected time period; 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 identify, complete, and integrate targeted acquisitions; the risk that strategic divestitures will not provide business benefits; maintaining effective distribution; risks related to dealers and customers being able to access adequate financing; requirements for us to repurchase inventory; inventory reductions by dealers, retailers, or independent boat builders; risks related to the Freedom Boat Club franchise business model; outages, breaches, or other cybersecurity events regarding our technology systems, which could 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; changes to U.S. trade policy and tariffs; any 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; 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 Company's Annual Report on Form 10-K for 2021 and in subsequent Quarterly Reports on Form 10-Q.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 presentation.

Neha Clark - Senior Vice President Enterprise Finance

Brunswick Corporation, 26125 N. Riverwoods, Mettawa, IL 60045

Phone: [phone]

Email: [e-mail]

©2023 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 2

Good morning and thank you for joining us. With me on the call this morning are Dave Foulkes, Brunswick's CEO, and Ryan Gwillim, CFO. Before we begin with our prepared remarks, I would like to remind everyone that during this call our comments will include certain forward‐looking statements about future results. Please keep in mind that our actual results could differ materially from these expectations. For details on these factors to consider, please refer to our recent SEC filings and today's press release. All of these documents are available on our website at Brunswick.com.

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02/02/2023

BRUNSWICK CORPORATION - EARNINGS RELEASE

Use of Non-GAAP Financial Information and Constant Currency Reporting

In this presentation, Brunswick uses certain non-GAAP financial measures, which are numerical measures of a registrant's historical or future financial performance, financial position or cash flows that exclude amounts, or are 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 statements of operations, balance sheets or statements of cash flows of the registrant; or include amounts, or are subject to adjustments that have the effect of including amounts, that are excluded from the most directly comparable measure so calculated and presented.

Brunswick has used certain non-GAAP financial measures that are included in this presentation for several years, both in presenting its results to shareholders and the investment community and in its internal evaluation and management of its businesses. Brunswick's management believes that these measures and the information they provide are useful to investors because they permit investors to view Brunswick's performance using the same tools that Brunswick uses and to better evaluate Brunswick's ongoing business performance. In addition, in order to better align Brunswick's reported results with the internal metrics used by the Company's management 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.

For additional information and reconciliations of GAAP to non-GAAP measures, please see Brunswick's Current Report on Form 8-K issued on February 2, 2023, which is available at www.brunswick.com, and the Appendix to this presentation.

Brunswick does not provide forward-looking guidance for certain financial measures on a GAAP basis because it is 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.

For purposes of comparison, 2022 net sales growth is also shown using 2021 exchange rates for the comparative period to enhance the visibility of the underlying business trends, excluding the impact of translation arising from foreign currency exchange rate fluctuations. We refer to this as "constant currency" reporting.

©2023 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 3

During our presentation, we will be referring to certain non‐GAAP financial information. Reconciliations of GAAP to non‐GAAP financial measures are provided in the appendix to this presentation and the reconciliation sections of the unaudited consolidated financial statements accompanying today's results. I will now turn the call over to Dave.

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02/02/2023

BRUNSWICK CORPORATION - EARNINGS RELEASE

01

Business

Overview -

Dave Foulkes,

CEO

©2023 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 4

Thanks Neha, and good morning everyone.

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02/02/2023

BRUNSWICK CORPORATION - EARNINGS RELEASE

Brunswick

Delivers

Record

Performance

Full Year 2022

…we are confident that16we will.5%continue to lead the marine industry in growth and innovation…

- DavidNetFoulkes,SalesJanuaryGrowthEarnings Call

($6.8B Net Sales)

$450M

Share Repurchases

$10.03		15.4%
Adjusted1 EPS		Adjusted1 Operating
(up 21% vs. 2021)		Margin
		(up 20 bps vs. 2021)

	18k		10.2%
	Year-End Global Pipeline		Boat Segment Adjusted1
	Units		Operating Margin
	(5,670 units lower than 2019)		(up 110 bps vs. 2021)
	(down 5.7k vs. 2019)

1SEE THE APPENDIX TO THIS PRESENTATION AND TODAY'S FORM 8-K FOR RECONCILIATIONS TO GAAP FIGURES.

©2023 BRUNSWICK CO. CONFIDENTIAL AND ALL RIGHTS RESERVED. 5

We concluded 2022 by delivering record performance of six point eight billion dollars in net sales and almost one point zero five billion of adjusted operating earnings for the full year, continuing our exceptional history of strong operating performance and cost control in a challenging macro‐economic environment. Our full year adjusted earnings per share of ten dollars and three cents highlights the strength of our businesses and leaders, and the robustness of our portfolio and earnings profile.

All our divisions contributed to the strong performance, with our boat segment exceeding ten percent full‐year adjusted operating margins for the first time in company history, and the propulsion and parts and accessories segments delivering exceptional top‐line and operating earnings growth versus prior year.

Boat field inventory levels are recovering but global units exiting the fourth quarter were more than five thousand units lower versus the same time in 2019 and there is no indication of material wholesale cancellations. Our boat and engine production levels finished above prior year despite some continuing supply chain challenges.

As the overall market and sector dislocation continued, we executed ninety million dollars of share repurchases in the fourth quarter, bringing our full‐year share repurchases to four hundred and fifty million dollars.

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