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- **Revenue Beat**: $1.9B Q2 revenue (+4% YoY), driven by ORV and EV growth.
- **New Product Success**: Can-Am Defender launch boosts ORV market share; Outlander electric gains traction in China.
- **Tariff Challenge**: $90M FY26 impact, partially mitigated by pricing and supply chain shifts.
- **H2 Guidance Confidence**: $8.15-8.3B revenue, 22-31% EBITDA growth, backed by lean inventory and dealer demand.
- **Long-Term Vision**: 17% EBITDA margin target; utility SSVs (2/3 of industry) key to sustained growth.

**【CEO Summary Section】**
- Q2 revenue of $1.9 billion, up 4% YoY, driven by ORV shipments and electric vehicle (EV) momentum.
- North American Powersport retail down 11%, but Canada outperformed with 4% growth in ORV, offsetting U.S. decline.
- Global industry trends improved, with Latin America up 22% and China's Asia Pacific market growing 5%.
- Launched new Can-Am Defender, Outlander electric, and other models, positioning for H2 market share gains.
- Sold Manitou division, expected to close soon, reducing non-core distractions.

**【CFO Financial Commentary】**
- Normalized EBITDA of $213 million, EPS of $0.92, and free cash flow of $100 million.
- Network inventory reduced 20% YoY, dealers' credit line usage at 60%, healthy for new product uptake.
- Tariff impact estimated at $90 million for FY26, partially mitigated by pricing adjustments.
- H2 guidance: Revenue $8.15-8.3 billion, EBITDA $1.04-1.09 billion, EPS $4.25-4.75, driven by new product launches and lean inventory.

**【Q&A Highlights】**
- **Tariffs & Trade Policy**: 2/3 of content sourced from North America under USMCA compliance; $90M tariff impact includes steel/aluminum on 2/3 of vehicles. Mitigation strategies include supplier diversification and assembly in Mexico/Canada.
- **Inventory Management**: Dealer inventory at pre-COVID levels, except snowmobile. H2 shipments aligned with retail trends, reducing destocking headwinds.
- **Retail Trends**: Q2 ORV retail improved sequentially, with August momentum. H2 expects similar trends, driven by new Defender and EV launches.
- **Margin Outlook**: 22-31% EBITDA growth in H2, margin >14%, vs. 10.5% in H1. Promotions reduced by 75-100bps, with potential further margin gains in FY27.
- **Long-Term Growth**: Targeting 17% EBITDA margin, achievable with industry recovery. New products like Defender and Outlander electric positioned for market share gains.

BRP Inc. (DOOO) Q2 2026 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

DOOO

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