BRP Inc (DOO) 2026 Q3 法說會逐字稿

Good morning ladies and gentlemen. Welcome to the BRP Inc's FY26 third quarter results conference call. For participants who use the telephone line, it is recommended to turn off the sound on your device. I would now like to turn the meeting over to Mr. Philippe Deschenes. Please go ahead, Mr. Deschenes.

女士們、先生們，早安。歡迎參加 BRP 公司 2026 財年第三季業績電話會議。對於使用電話線路的參與者，建議關閉設備上的聲音。現在我將會議交給菲利普·德舍納先生主持。請繼續，德謝納先生。

Thank you, [Joel]. Good morning and welcome to BRP's conference call for the third quarter of fiscal '26. Joining me this morning are Jose Boisjoli, President and Chief Executive Officer, and Sebastien Martel, Chief Financial Officer.

謝謝你，[喬爾]早安，歡迎參加BRP公司2026財年第三季電話會議。今天早上和我一起接受採訪的有總裁兼執行長 Jose Boisjoli 和財務長 Sebastien Martel。

Before we move to the prepared remarks, I would like to remind everyone that certain forward-looking statements will be made during the call and that the actual result could differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risk and uncertainty, and I invite you to consult BRP's MD&A for a complete list of these.

在正式發言之前，我想提醒大家，本次電話會議中會做出一些前瞻性陳述，實際結果可能與這些陳述中暗示的結果有所不同。前瞻性資訊基於某些假設，並存在風險和不確定性，請查閱 BRP 的管理層討論與分析 (MD&A) 以獲取完整的清單。

Also, during the call, reference will be made to supporting slide, and you can find the presentation on our website at brp.com under the Investor Relations section. So with that, I'll turn the call over to Jose.

此外，電話會議期間會提及相關投影片，您可以在我們網站 brp.com 的「投資者關係」部分找到簡報。那麼，接下來我將把電話交給何塞。

Thank you, Philippe. Good morning, everyone, and thank you for joining us. We are pleased with our third quarter financial result, which came in ahead of expectations. While we continue operating in a dynamic macroeconomic environment, our teams remain focused on discipline execution, and our hard work paid off.

謝謝你，菲利普。各位早安，感謝各位的參與。我們對第三季的財務業績感到滿意，該業績超出了預期。儘管我們繼續在動態的宏觀經濟環境中運營，但我們的團隊始終專注於嚴謹的執行，我們的努力也得到了回報。

We also gained market share in ORV fuelled by the success of our newly introduced models, notably the Can-Am Defender HD 11. Let's turn to slide 4 for key financial highlight. We ended the quarter with revenue of $2.3 billion normalized an EBITDA of $326 million normalized EPS of $1.59 and free cash flow of $320 million all significant increase over last year.

憑藉新推出的車型（尤其是 Can-Am Defender HD 11）的成功，我們在 ORV 市場也獲得了市場份額。讓我們翻到第 4 張投影片，了解重要的財務亮點。本季末，經調整後的營收為 23 億美元，EBITDA 為 3.26 億美元，經調整後的每股盈餘為 1.59 美元，自由現金流為 3.2 億美元，均較去年同期大幅成長。

On the back of this solid performance, we are increasing our guidance and are now expecting to deliver approximately $5 of normalized EPS for the year. Moving on to slide 5 for global industry trends. In North America, our retail sales decreased by 4% or 1%, excluding snowmobiles, in line with the market.

鑑於這一穩健的業績表現，我們提高了業績預期，目前預計全年正常化每股收益約為 5 美元。接下來請看第5張投影片，了解全球產業趨勢。在北美，我們的零售額下降了 4% 或 1%（不包括雪地摩托車），與市場情況一致。

Our retail in Canada was flat, excluding snowmobile, with a solid performance in the side-by-side category. In the US we're down 3% in line with our plan and we expect the trend to improve in Q4. In international markets, Latin America continued to experience solid momentum, with retail up 13%, led by a strong ORV performance in Mexico and by our highly engaged and growing dealer network.

我們在加拿大的零售額持平（不包括雪地摩托車），但並排式全地形車類別表現穩健。在美國，我們的銷售額下降了 3%，符合我們的計劃，我們預計第四季度趨勢將有所改善。在國際市場方面，拉丁美洲繼續保持強勁的成長勢頭，零售額增長了 13%，這主要得益於墨西哥 ORV 的強勁表​​現以及我們積極參與且不斷增長的經銷商網絡。

Demand remained generally soft in EME with retail down 4%, while Asia Pacific, our retail decreased 11%. Global industry trends have remained mostly consistent with previous quarters. In general, demand remains stronger for high-end products compared to entry level. We view this favourably, as we have introduced several new high-end models this year that are well received.

歐洲、中東和非洲地區的需求整體疲軟，零售額下降 4%，而亞太地區的零售額則下降了 11%。全球行業趨勢與前幾季基本保持一致。整體而言，高階產品的需求仍然強於入門級產品。我們對此表示歡迎，因為我們今年推出了幾款新的高階機型，這些機型都受到了好評。

Turning to slide 6 for a look at our retail performance by product line in North America. As anticipated, we have lost market share in all product lines except ORV, due to the industry dynamic in the low volume period of the retail season. That said, the highlight of the quarter was the strong reception of our 2026 ORV lineup, which drove market share gain for both side by side and ETV, despite continued promotional activity from other OEMs.

請翻到第 6 張投影片，了解我們在北美各產品線的零售業表現。如預期的那樣，由於零售淡季期間的行業動態，除ORV產品線外，我們在所有產品線上的市佔率均有所下降。儘管如此，本季的亮點是我們 2026 年 ORV 產品線的強勁反響，儘管其他 OEM 廠商持續開展促銷活動，但該產品線仍然推動了並排式車輛和 ETV 市場份額的成長。

As you can see on slide 7, the momentum created by the new generation of the Defender, the Outlander backcountry four by four and six by six, and enhancements to our Maverick lineup led to a record month of October at retail for both side-by-side NDTV.

正如您在幻燈片 7 中看到的那樣，新一代 Defender、Outlander 越野四輪傳動車和六輪驅動車以及 Maverick 系列的改進所帶來的勢頭，使得並排式 NDTV 的零售額在 10 月份創下了紀錄。

Our new model captured consumer attention and earned rave reviews from media representatives, who tried them. The coverage highlighted our product as the market benchmark in the industry. Building on this momentum, we've launched additional ORV models at the end of November, namely the Defender cab HD10, the most affordable HVAC equipped side by side in the industry.

我們的新車型吸引了消費者的關注，並獲得了試用過的媒體代表的一致好評。報告強調我們的產品是業界市場標竿。乘坐這股勢頭，我們在 11 月底推出了更多 ORV 車型，即 Defender 駕駛室 HD10，這是業內最經濟實惠的配備 HVAC 的並排式車輛。

Now let's turn to slide 8 for a more detailed look at year-round products. Revenue were up 22% to $1.3 billion driven by higher RV shipments following new product launches. At retail side by side, what's up, high single-digit outpacing the industry. In fact, we delivered our strongest third quarter ever at retail for a side by side.

現在讓我們翻到第 8 張投影片，更詳細地了解全年供應的產品。受新產品發布後房車出貨量增加的推動，營收成長 22% 至 13 億美元。零售業並排銷售，情況如何？增速接近行業平均水平，達到個位數。事實上，我們實現了零售業務有史以來最強勁的第三季業績。

We continue to strongly outperform in current unit, gaining 4% of market share in the utility category. In ETV retail was down mid-single-digit, outperforming the industry, which was down high single-digit. In current unit we've gained double-digit market share points driven by our Outlander platform and newly introduced models.

我們在當前業務領域繼續保持強勁的業績，在公用事業類別中獲得了 4% 的市場份額。ETV 零售額下降了個位數中段，優於行業整體的個位數高段下降。在當前市場，憑藉我們的歐藍德平台和新推出的車型，我們獲得了兩位數的市佔率成長。

As for three-wheel vehicles, we closed the 2025 season lagging the industry. We continue to experience softer retail for our entry level Ryker lineup, which is consistent with overall market trends. This said, our high-end Spyder lineup performed better, allowing us to remain number one in the three-wheel vehicle business with a market share over 50%.

至於三輪車，我們在 2025 年賽季結束時落後於行業平均值。我們的入門級 Ryker 系列產品零售持續疲軟，這與整體市場趨勢一致。儘管如此，我們的高端 Spyder 系列表現更佳，使我們得以在三輪車行業保持第一的位置，市佔率超過 50%。

Turning to seasonal products on slide 9. Revenue was down 2% to $606 million mainly due to a planned reduction of snowmobile shipments to right-size network inventory. Looking at retail, the snowmobile industry saw a very high level of discounted non-current units from other OEMs.

請參閱第 9 張投影片，以了解當季產品。營收下降 2% 至 6.06 億美元，主要原因是計劃減少雪地摩托車出貨量以調整網路庫存規模。從零售業來看，雪地摩托車產業出現了大量來自其他 OEM 廠商的折扣促銷的非當季產品。

In fact, about two third of units' retail during the quarter were non-current, a level we have not seen for many years. As expected, we lag the industry given our lower non-current inventory and strong retail performance at the end of last season. This dynamic should continue throughout the winter.

事實上，該季度約有三分之二的單位零售額為非當期銷售額，這是我們多年來從未見過的水平。正如預期的那樣，由於我們的非當期庫存較低，且上個季度末零售業績強勁，我們落後於行業平均水平。這種趨勢應該會持續整個冬季。

However, we underperform in current unit as a result of the overall strength of our lineup and elevated level of pre-sold unit. Turning to on-water product trend remained relatively soft in North America, for the season ended in September. Personal watercraft sales were down 1%, slightly lagging the industry, but we maintained our number one position in North America.

然而，由於我們產品線的整體實力和較高的預售量，我們目前的銷售表現不佳。北美地區水上產品的消費趨勢仍然相對疲軟，該消費季已於 9 月結束。個人水上摩托車銷量下降了 1%，略低於行業平均水平，但我們仍然保持了在北美的領先地位。

As for Pontoon, retail was down mid-20% as the industry is still going through a correction period. We had a better quarter in counter-seasonal market which are entering their peak retail season with CU retail up mid-single-digits in both Asia Pacific and Latin America.

至於浮筒船，零售額下降了20%左右，因為該行業仍在經歷調整期。我們在反季節市場取得了更好的業績，這些市場正進入零售旺季，亞太地區和拉丁美洲的CU零售額均實現了中等個位數的成長。

Moving to slide 10 for parts, accessories and apparel and OEM engine. Revenue were up 18% to 379 million due to a higher volume of parts and accessory sales as dealer replenish their inventory. The increase in parts and oil sales show that consumers are riding our product, which is positive. While higher accessory sales reflect the success of our new product in production.

接下來請看第 10 張投影片，內容包括零件、配件、服裝和 OEM 引擎。由於經銷商補充庫存，零件和配件的銷量增加，導致收入成長 18%，達到 3.79 億。零件和機油銷售的成長表明消費者正在使用我們的產品，這是一個積極的信號。配件銷售量的提升反映了我們新產品在生產上的成功。

The revenue increase is also due to a more favorable mix of OEM engine sales. Before turning the call over to Sebastian, I want to give you an update on the sales of our marine business. In Q3 we've closed the cells of many. As for Telwater in Australia, the transaction remains subject to regulatory approvals. The process is taking longer than initially anticipated, and we expect a decision over the coming weeks.

營收成長也得益於OEM引擎銷售組合的最佳化。在將電話轉給塞巴斯蒂安之前，我想向您報告我們船舶業務的銷售情況。第三季我們關閉了許多細胞。至於澳洲的Telwater，該交易仍需獲得監管部門的批准。這個過程比最初預期的要長，我們預計將在未來幾週內做出決定。

With that, I turned the call over to Sebastian.

說完，我把電話轉給了賽巴斯蒂安。

Thank you, Jose, and good morning, everyone. Thanks to our team's disciplined execution, continued focus on operational efficiency, and the strong reception of our newly introduced models, we delivered a solid Q3 with retail and financial results above expectations.

謝謝你，何塞，大家早安。由於我們團隊的嚴謹執行、對營運效率的持續關注以及新推出的車型廣受歡迎，我們第三季的零售和財務業績都超出預期，表現穩健。

Now looking at the numbers, revenues increased 14% to $2.3 billion driven by stronger ORV shipments partly offset by lower snowmobile deliveries. Gross profit reached $541 million representing a margin of 24.1%, up 210 basis points, mainly driven by better capacity utilization, cost improvement initiatives, lower sales programs, and favorable pricing.

現在來看數據，營收成長了 14%，達到 23 億美元，這主要得益於 ORV 出貨量的增加，但部分被雪地摩托車出貨量的下降所抵消。毛利達到 5.41 億美元，毛利率為 24.1%，成長 210 個基點，主要得益於產能利用率提高、成本改善措施、銷售計畫減少以及有利的定價。

These gains were partly offset by the impact of tariffs, the return of variable compensation, and unfavorable foreign exchange rate variations. Normalized EBITDA grew 21% to $326 million and our normalized earnings per share rose 33% to [$2.59].

這些收益部分被關稅的影響、浮動補償的回歸以及不利的匯率波動所抵銷。經調整後的 EBITDA 成長 21% 至 3.26 億美元，經調整後的每股盈餘成長 33% 至[2.59 美元]

Free cash flow from continuing operations was $320 million and we closed the quarter with $250 million of cash on hand. Also during the quarter, we seized the opportunity to further strengthen our balance sheet by extending the maturity of a portion of our long-term debt, lowering the average interest rate of our term facility.

持續經營產生的自由現金流為 3.2 億美元，季末我們手上現金為 2.5 億美元。本季度，我們也抓住機會，透過延長部分長期債務的到期日，進一步加強了我們的資產負債表，降低了定期貸款的平均利率。

And repaying about USD200 million of debt. These actions are expected to generate financing cost savings of about $10 million in fiscal '26 and $30 million annually from fiscal '27 onwards. Given our solid balance sheet and robust free cash flow generation, we are well positioned to enhance the return of capital to shareholders by reactivating our share buyback program.

並償還約2億美元的債務。預計這些措施將在 2026 財年節省約 1,000 萬美元的融資成本，並從 2027 財年開始每年節省 3,000 萬美元。鑑於我們穩健的資產負債表和強勁的自由現金流，我們完全有能力透過重新啟動股票回購計畫來提高股東的資本回報。

Accordingly, we have renewed our NCIB allowing us to repurchase up to 3.1 million shares over the next 12 months. Now turning to slide 13 for an update on our network inventory. We maintain a disciplined approach to network inventory management throughout the quarter, ending Q3 with inventory down 17% versus last year and down 6% below pre-COVID levels.

因此，我們已續簽了正常市場發行人回購計劃，讓我們在未來 12 個月內回購至多 310 萬股股票。現在請看第 13 張投影片，了解我們網路資產的最新情況。整個季度我們都保持著嚴謹的網路庫存管理方法，第三季末庫存比去年同期下降了 17%，比新冠疫情前的水準下降了 6%。

Importantly, we have made strong progress in key areas of focus with three-wheel, personal watercraft, switch, and snowmobile, all showing strong double-digit reductions. Meanwhile, our ORV network inventory remains healthy, down 8% year over year, with SSV sequentially declining from Q2 levels, notably driven by our solid retail performance.

重要的是，我們在重點領域取得了顯著進展，包括三輪車、個人水上摩托車、雙輪摩托車和雪地摩托車，所有這些領域的降幅均達到兩位數。同時，我們的 ORV 網路庫存依然健康，年減 8%，SSV 較第二季水準較上季下降，這主要得益於我們穩健的零售業績。

This positions our dealers with significant capacity to take on our newly introduced products as we ramp up production. Looking ahead, aside from snowmobiles for which the season is still unfolding, the right sizing of our network inventory is largely complete. This will allow us to better align wholesale with retail moving forward. With a robust product lineup and healthy network inventory levels, we believe we are best positioned in the industry to capture demand upside while market conditions improve.

隨著我們提高產量，這將使我們的經銷商擁有強大的銷售能力，能夠迅速銷售我們新推出的產品。展望未來，除了雪地摩托車（其銷售季仍在進行中）之外，我們網路庫存的合理規模已基本完成。這將使我們能夠更好地協調批發和零售業務。憑藉強大的產品陣容和健康的庫存水平，我們相信，在市場狀況改善之際，我們處於業內最佳位置，能夠抓住需求成長的機會。

With this, let's turn to slide 14 for an update on fiscal '26. As I mentioned earlier, we are pleased with our execution and results so far this year. Assuming macroeconomic conditions and tariffs remain stable, we have good visibility on dealer orders for the rest of the year, positioning us to deliver revenues at the higher end of our initial guidance ranges.

接下來，讓我們翻到第 14 張投影片，了解 2026 財年的最新情況。正如我之前提到的，我們對今年迄今為止的執行情況和結果感到滿意。假設宏觀經濟狀況和關稅保持穩定，我們對今年剩餘時間的經銷商訂單有良好的預期，這使我們能夠實現最初預期範圍的較高收入。

Additionally, with the continued tight management of our expenses, efficiency gains we are generating across the organization, and the benefits of our recent debt transaction, we now expect to deliver better normalized EBITDA and normalized EPS than previously anticipated. As such, we now expect to deliver about $8.3 billion of revenue, $1.1 billion of normalized EBITDA, and about $5 of normalized DPS for the year.

此外，由於我們持續嚴格控制支出，提高了整個組織的效率，並受益於我們最近的債務交易，我們現在預計能夠實現比之前預期更好的正常化 EBITDA 和正常化 EPS。因此，我們現在預計全年營收將達到約 83 億美元，調整後 EBITDA 將達到 11 億美元，調整後每股股息將達到約 5 美元。

Looking ahead with our successful product introductions, lean network inventory levels, and improving dealer sentiments, we expect to carry our strong momentum into fiscal '27, positioning us to deliver double-digit normalized DPS growth, while having the financial flexibility to enhance return of capital to shareholders. On that, I turn the call over to Philippe.

展望未來，憑藉我們成功的產品推出、精簡的網路庫存水準以及不斷改善的經銷商信心，我們預計將把強勁勢頭延續到 2027 財年，使我們能夠實現兩位數的正常化每股收益增長，同時擁有財務靈活性，以提高股東的資本回報。於是，我把電話轉給了菲利普。

Thank you, Sebastian. Before closing my remark, I would like to talk about our fourth Yellow Day held on November 20. As an organization, we are committed to making a positive social impact. I was pleased to see a growing number of employees, dealers, and ambassadors worldwide actively engaging with our cause to ride out intimidation. It is rewarding to know that we are making a real difference.

謝謝你，賽巴斯蒂安。在結束發言之前，我想談談我們於11月20日舉行的第四屆「黃色日」。作為一家機構，我們致力於產生正面的社會影響。我很高興地看到，世界各地越來越多的員工、經銷商和大使積極參與到我們的事業中來，共同對抗恐嚇。知道我們正在做出真正的貢獻，這令人感到欣慰。

In conclusion, I am proud of our accomplishments so far this year. Our strong Q3 performance has resulted in higher guidance for fiscal '26. In the short-term, all our teams are aligned internally and focused on delivering against our new M28 strategic plan to capture our full power sport potential.

總之，我對我們今年迄今所取得的成就感到自豪。我們第三季強勁的業績表現促使我們提高了 2026 財年的業績預期。短期內，我們所有團隊內部都保持一致，專注於實現我們新的 M28 策略計劃，以充分發揮我們在動力運動方面的潛力。

As part of this plan, we introduced a financial objective of $9.5 billion in revenue and $8 in normalized EPS by the end of fiscal '28. We are confident in our ability to reach these objectives. Looking ahead, we are best, we are the best position we have to benefit from an industry rebound, given our lean inventory position, engaged dealer network, and strong lineup.

作為該計劃的一部分，我們提出了在 2028 財年末實現 95 億美元收入和 8 美元正常化每股收益的財務目標。我們有信心實現這些目標。展望未來，我們處於最佳狀態，憑藉我們精簡的庫存、積極的經銷商網絡和強大的產品陣容，我們擁有從行業復甦中獲益的最佳優勢。

We had the most product introduction for model year '26 and we will not stop here. Our goal is to consistently wow consumers with innovative products and unbeatable experience. With the solid foundation we have built over time, we can create a bright future for BRP and drive long-term profitability.

我們在 2026 年推出了最多的新產品，但我們不會就此止步。我們的目標是不斷以創新產品和無與倫比的體驗讓消費者感到驚訝。憑藉我們多年來建立的堅實基礎，我們可以為 BRP 創造美好的未來，並推動長期獲利。

Lastly, about the nomination of the new CEO, the process is ongoing and the Board is still targeting the end of January. I will work closely with the executive team to ensure a smooth transition for my successor. I am proud of what BRP has become. We have built a strong organization, and I have no doubt that we are the best, who OEM in the industry.

最後，關於新任執行長的提名，該過程仍在進行中，董事會仍計劃在1月底前完成。我將與管理團隊緊密合作，確保順利過渡到我的繼任者。我為BRP所取得的成就感到自豪。我們已經建立了一個強大的組織，我毫不懷疑我們是業界最好的OEM廠商。

This is my last earning call. It was a pleasure working with all of you. On that, I turned the call over to the operator for questions.

這是我最後一次財報電話會議。與各位共事非常愉快。於是，我把電話轉給了接線生，以便回答問題。

(Operator Instructions) James Hardiman, Citigroup.

（操作說明）James Hardiman，花旗集團。

Hi, this is Sean Wagner on for James Hardiman. You gained share in the quarter and ORV despite once again calling out the high levels of non-current inventory and elevated promotions from the other OEMs. I guess, I'm just wondering if you can give any color on how things looked if we split up, split it up into current versus non-current, and if you have any thoughts on sort of how that looks in the fourth quarter.

大家好，我是肖恩·瓦格納，為您報道詹姆斯·哈迪曼。儘管再次指出其他 OEM 廠商存在大量非當期庫存和促銷活動，但你們在本季度仍獲得了市場份額和 ORV 值。我想問的是，如果我們把業務拆分成當前業務和非當前業務，您能否具體說明一下情況，以及您對第四季度的情況有什麼看法。

I think you mentioned that should, that should continue through the winter, but I guess maybe. Do you see that sort of normalizing or maybe even improving next year.

我想你之前提到過，這種情況應該會持續到冬天，但我想也許不會。你認為明年這種情況會趨於正常，甚至有所改善嗎？

Good morning. As we came out of the club with great engagement from the dealers. The dealers were extremely -- and the media were extremely pleased with the ETV lineup and also the side-by-side lineup, notably the HD11. The review is very good, and we start production and shipment.

早安.我們離開俱樂部時，經銷商都非常熱情。經銷商們對 ETV 系列產品以及並排電視系列（尤其是 HD11）非常滿意，媒體也是如此。評價非常好，我們開始生產和發貨。

Beginning of Q3 and we had the benefit mainly in the second half of Q3 to have a very good retail because the product was at the dealership and they were selling every day. Then obviously, like I said in my remark, we've gained in the current, we've lost in non-current, which was unplanned.

第三季初，我們主要受益於第三季下半年的良好零售業績，因為產品已在經銷商處銷售，而且他們每天都在銷售。很顯然，就像我在演講中說的那樣，我們在當前領域有所收穫，但在非當前領域有所損失，這是計劃之外的。

But this is basically what I can see. The momentum for side by side is very strong, and it was our highest quarter ever at the term of retail. Now for November, obviously I cannot go into detail. We have our numbers, but we don't have any industry data. But I can say that again, the retail is quite positive. The HD11 and the ETV backcountry series of the four by four and six by six are extremely well received.

但我基本上只能看到這些。並排式零售業務的成長勢頭非常強勁，這是我們零售業務有史以來業績最好的一個季度。至於十一月份的情況，我顯然不能透露詳情。我們有自己的數據，但我們沒有任何產業數據。但我可以再次肯定地說，零售業情況相當樂觀。HD11 和 ETV 的四輪傳動車和六驅車系列越野車都廣受好評。

Then off-road we are very happy with the trend in October, but also the trend in one month in November. On the snow side, obviously we're benefiting from an early snowfall in many regions, and right now the momentum is improving. And this is basically what I can see on what happened on off road and our situation in November, but overall, we are very happy with our position in the industry.

然後，越野方面，我們對 10 月的趨勢非常滿意，對 11 月的趨勢也非常滿意。雪情方面，顯然許多地區都迎來了早雪，目前降雪勢頭正在增強。以上就是我所看到的 11 月越野賽場上發生的事情以及我們目前的狀況，但總的來說，我們對自身在業界的地位非常滿意。

Okay, that's very helpful, I guess. Just following up on that, to your point, there's -- you've had a great start to model year '26, it sounds like for ORVs through November, your fiscal '28 targets assumed low single-digit growth and side by side has your thinking changed at all there of the potential for that segment, or is this kind of still in line with your expectations, or is it just too early to say?

好的，這很有幫助。就您剛才提到的問題，您2026年的車型年開局不錯，聽起來截至11月，ORV（越野車）的銷售情況良好。您2028財年的目標假設成長率為個位數低段，那麼您對該細分市場的潛力是否有所改變？或者這仍然符合您的預期？還是現在下結論還太早？

No, obviously we introduced them '28 about two months ago then, but as you remember, we reached close to 30% in a few years. We've lost market share in the last 18 months because of our desire to reduce the inventory, and we had less current than the competition. But as we said when we introduced the M28, the plan is to go back to 30% by the end of fiscal year '28.

不，顯然我們大約兩個月前推出了“28”，但正如你所知，我們在幾年內就達到了近 30% 的市場份額。在過去 18 個月裡，由於我們想要減少庫存，我們的市佔率有所下降，而且我們的流動庫存也比競爭對手少。但正如我們在推出 M28 時所說，計劃在 2028 財年末恢復到 30%。

Mark Petrie, CIBC.

Mark Petrie，加拿大帝國商業銀行。

Yeah, thanks. And first, just let me repeat my congratulations to you, Jose. It's been a pleasure working with you over the last decade plus and wish you all the best in your next chapter. Obviously, product innovation is a key short-term variable, but I want to hear your comments or if you could just expand on your comments so far about dealer appetite to invest in their business and sort of step up inventory levels just given macro conditions and uncertainty.

嗯，謝謝。首先，請允許我再次向你表示祝賀，何塞。過去十多年來與您共事非常愉快，並祝福您在人生的下一個階段一切順利。顯然，產品創新是一個關鍵的短期變量，但我想聽聽您的意見，或者如果您能就經銷商在宏觀環境和不確定性下投資業務和提高庫存水平的意願，進一步闡述一下您目前的觀點，那就太好了。

Yeah, good morning, Mark. Obviously, when we went to club in in August, we were -- we couldn't ask for it to be in a better position because we had invested in reducing network inventory, and now we were coming with great product. And so when dealers are sitting down and looking at their business, obviously they are more willing to take on the new models, the new innovation, and that's what we're seeing from dealer orders. The reception is good.

早上好，馬克。顯然，當我們八月去俱樂部時，我們的處境已經非常好了，因為我們已經投資減少了網路庫存，現在我們帶來了很棒的產品。因此，當經銷商坐下來審視他們的業務時，他們顯然更願意接受新車型、新創新，而這正是我們從經銷商訂單中看到的。信號很好。

Dealers are obviously always concerned with the macroeconomic. Have we reached the trough, some speculate that we are, but obviously as we see rates come down, as we see inventories being leaned by all the OEMs. The level of appetite from dealers is also increasing to take on more inventory, especially of the new stuff, so we're in a very good position and couldn't ask for a better outlook on in terms of dealer engagement.

交易員顯然始終關注宏觀經濟情勢。我們是否已經觸底？有人猜測我們已經觸底，但顯然，隨著利率下降，隨著所有汽車製造商都在減少庫存，情況正在好轉。經銷商對進貨的需求也在不斷增長，尤其是對新貨的需求，因此我們處於非常有利的地位，在經銷商參與方面，前景一片光明。

Okay, thanks. And if I could follow-up on that topic, at the Investor Day, I think you talked about some OpEx, being allocated, notwithstanding your [lien] initiative, some OpEx being allocated to support dealer engagement, hoping you could just talk more about those plans and the timing of that and how you see that affecting your business.

好的，謝謝。如果我能夠在這個主題上繼續探討，在投資者日上，我認為您談到了一些營運支出，儘管您有[留置權]計劃，但仍有一些營運支出被分配用於支持經銷商合作，我希望您能更多地談談這些計劃、時間安排以及您認為這將如何影響您的業務。

Like we said, we intend to be the best, obviously, with our -- we have the best product lineup, but also we want to be the best experience and thus include our dealers. And we will invest to better support our dealers in terms of parts and accessories, training them and also leading them with all the leads we get from the website. And this is part of the plan. But like we said, we are full throttle with the M28 plan right now. The plan have been cascaded down.

正如我們所說，我們的目標是做到最好，這顯而易見——我們擁有最好的產品陣容，但我們也希望提供最好的體驗，因此也包括我們的經銷商。我們將加大投入，在零件和配件方面更好地支援我們的經銷商，對他們進行培訓，並引導他們利用我們從網站獲得的所有銷售線索。這是計劃的一部分。但正如我們所說，我們現在正全力推進 M28 計畫。該計劃已逐級下達。

And also, we will increase the number of dealers. We had an objective of 30 dealers addition net this year, and we already have achieved that number, then it's quite positive. And the team is not stopping because we have achieved our number for this year that they are already working on next year achievement. But what I want to say is what you saw in [Valcourt] with the M28, everything is in motion, and we're very happy where we are.

此外，我們還將增加經銷商數量。我們今年的目標是淨增加 30 家經銷商，我們已經實現了這個目標，這相當令人鼓舞。而且，團隊並沒有因為今年的目標已經實現而停下腳步，他們已經在為明年的目標而努力了。但我想說的是，正如你們在瓦爾庫爾看到的M28一樣，一切都在向前發展，我們對目前的狀況非常滿意。

Robin Farley, UBS.

羅賓法利，瑞銀集團。

Great, thank you. Just thinking about your commentary on ORV and you mentioned that other OEMs have elevated inventory still and promos and non-current, it seems like yourselves and some of the larger. OEMs and even CF [Motor] have felt good about their inventory position for a while.

太好了，謝謝。我一直在思考您對 ORV 的評論，您提到其他 OEM 廠商仍然有大量庫存，而且促銷活動​​和產品已經過時，看起來你們和一些規模較大的廠商也是如此。一段時間以來，OEM廠商甚至CF（汽車）都對他們的庫存狀況感到滿意。

So isn't it fair to think that at this point the only other OEMs out there with this, kind of excess non-current and being promotional at this point that's got to be a fairly small percent of what's out there, I guess I'm just curious on your thoughts on why that would be, if it's a sort of a single-digit percent of product out there is that still pressuring things overall and how much longer do you think at the rate that you're seeing that sell through do you expect this to continue? Thanks.

所以，目前市場上只有少數其他OEM廠商擁有這種過剩的非當季產品，而且這些產品目前還在進行促銷，這難道不是比較合理的嗎？我想問您，如果只有個位數百分比的產品，這是否仍然會對整體市場造成壓力？您認為以目前的銷售速度，這種情況還能持續多久？謝謝。

Well, good morning, Robin. We expect in Q4 to still be a noncurrent market. Obviously, we just transitioned into a new model year. And so as OEMs introduce new models, dealers are selling through their noncurrent. Obviously, Q3 is a being noncurrent quarter where the bulk of the retail is not current, Q4 as well. But we've seen OEMs being still promotional, even on model year '26 products, we saw OEMs for side-by-side already advertising discounts.

早安，羅賓。我們預計第四季市場仍將處於非流動性狀態。顯然，我們剛剛進入了新的車型年。因此，隨著汽車製造商推出新車型，經銷商正在銷售他們的非現款車型。顯然，第三季是非當季季度，大部分零售商品都不是當季商品，第四季也是如此。但我們看到，即使是 2026 年款的車型，OEM 廠商仍然在進行促銷活動，我們看到並排式車型的 OEM 廠商已經在宣傳折扣了。

So our view is that this environment will be here for maybe another few quarters, and that obviously impacts the profitability of everybody's business. From a consumer point of view, the high-end products are suing well, but the lower-end models, the more entry-level models, traffic is lighter, and therefore, we see some OEMs pushing harder on discounts.

因此，我們認為這種環境可能會持續幾個季度，這顯然會影響到每個人的獲利能力。從消費者的角度來看，高階產品銷售情況良好，但低階車型，尤其是入門車型，銷量較差，因此我們看到一些汽車製造商加大了折扣力度。

That's helpful. Thank you. And maybe just as a follow-up, do you have a view on sort of where the industry may shake out for ORV retail in the next 12 months, kind of based on everything you're seeing.

那很有幫助。謝謝。或許可以接著問一個問題，根據你目前所看到的一切，你認為未來 12 個月 ORV 零售業的格局會如何改變？

Yeah, our going in assumption for next year is a flat industry, and if I look year-to-date, the industry is down 1%, so we could call it flattish. So our base case for next year is for the industry to remain where it is.

是的，我們對明年的預期是行業將保持平穩，而從今年迄今為止的情況來看，行業下降了 1%，所以我們可以稱之為基本平穩。因此，我們對明年行業現狀的基本預期是保持不變。

Benoit Poirier, Desjardins.

貝努瓦·波瓦里耶，德斯雅爾丹。

Yes, thank you very much and congrats, Jose. It's been a pleasure working with you over the years.

是的，非常感謝，也恭喜你，何塞。這些年來與您共事非常愉快。

Thank you,

謝謝你，

Yeah, and maybe first question for Sebastian, when I look at the working cap you've benefited from a strong working capital release in the quarter. Just wondering if this was more of a one-time item and pack and how we should we expect working capital to play in the coming quarters.

是的，或許第一個問題要問塞巴斯蒂安，從我查看的營運資本來看，你們本季受益於強勁的營運資本釋放。我只是想知道這是否只是一次性項目或組合，以及我們應該如何預期營運資金在未來幾季會如何運作。

Yeah, obviously we're really happy with our free cash flow generation year-to-date. We're at about $650 million for the first three quarters of the year. My outlook for the year will probably end about, let's say $650 million to $700 million free cash flow generation.

是的，顯然我們對今年迄今的自由現金流產生非常滿意。今年前三個季度，我們的營收約為 6.5 億美元。我預計今年的自由現金流最終可能在 6.5 億美元到 7 億美元左右。

Working capital has been a big focus of the organization, especially of COVID, where we did build up some safety stock, et cetera. Now with better visibility on the supply chain, obviously everyone has been hands on this element, and we see the benefits to date.

營運資金一直是本組織的重點領域，尤其是在新冠疫情期間，我們確實建立了一些安全庫存等等。現在供應鏈的透明度更高了，顯然每個人都積極參與這個環節中來，到目前為止，我們已經看到了成效。

So I'm expecting overall for the full year, maybe a slight tailwind on overall working cap, but obviously very happy with the work that the team is doing in freeing up some cash by reducing our investments in the working cap.

所以我預計全年整體而言，可能會在整體營運上限方面略有利好，但顯然我對團隊透過減少營運上限方面的投資來釋放一些現金所做的工作非常滿意。

Okay, thanks. And this morning there are some headlines about the fact that Trump could decide to withdraw from the USMCA. Obviously you're very well positioned right now, but just wondering any actions that you can take to mitigate the risk and how do you deal with with this uncertainty.

好的，謝謝。今天早上有一些新聞標題提到，川普可能會決定退出美墨加協定。顯然，您目前處於非常有利的地位，但我只是想知道您可以採取哪些措施來降低風險，以及您如何應對這種不確定性。

As we said, Benoit, we're very involved in following the negotiation and even giving our point of view or giving data on our situation with industry association, but also with some government, and the progress of reanalysing and trying to renew the USMCA is ongoing.

正如我們所說，貝努瓦，我們非常積極地參與到談判中，甚至向行業協會以及一些政府部門表達我們的觀點或提供有關我們情況的數據，重新分析和嘗試更新美墨加協定的工作正在進行中。

We're not reacting to news every day because it will be too painful, and we're just focusing to better support the industry and the government with data and our point of view on different things, and we will see what the outcome will be, but so far the people are working hard to renew it with minimum changes.

我們不會每天都對新聞做出反應，因為這太痛苦了。我們只是專注於用數據和我們對不同事情的看法來更好地支持產業和政府，我們會看看結果如何，但到目前為止，人們正在努力以最小的改變來更新它。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Good morning. Thanks for taking my question. Seb, I wanted to follow-up on your response to Robin. When you talked about flat retail for the year, were you talking about calendar '26?

早安.謝謝您回答我的問題。Seb，我想就你對 Robin 的回覆做個後續說明。您之前提到全年零售額持平，是指2026年嗎？

Yes, calendar '26.

是的，日曆'26。

Thank you for clarifying. And then you were also talking about the low-end consumer still struggling relative to the more affluent consumer. Yeah, do you have an assessment of the rate sensitivity of that low-end consumer and the impact of, meaningfully lower rates next year?

謝謝你的澄清。然後你也談到了低端消費者相對於較富裕的消費者仍然處境艱難的問題。是的，您是否評估過低端消費者對利率的敏感度，以及明年利率大幅下降的影響？

Yeah, it's obviously difficult to triangulate how a movement of let's say 25 basis points and rate will impact consumers, but what I can tell you is if I look at Canada versus the US rates are probably about 175 basis points lower in Canada than the US and we've seen good demand and good better retail in Canada. So certainly, as rates will come down in the US, we do hope that we'll see the same impact that it had on Canadian demand.

是的，要準確評估例如 25 個基點的利率變動會對消費者產生什麼影響顯然很困難，但我可以告訴你的是，如果我比較加拿大和美國，加拿大的利率可能比美國低 175 個基點左右，而且我們看到加拿大的需求良好，零售業也發展得更好。因此，隨著美國利率的下降，我們當然希望能夠看到它對加拿大需求的同樣影響。

Thanks. And finally, just it sounds like HD 11 has done really well and dealers are selling through that quickly. I'm curious how quickly are you getting retail signals such that you can adjust production to make sure you have the right inventory because we do hear that, we'd love more HD11, but we've got too many of the other units that are turning more slowly. I'm curious if you've, upgraded your ability to process those signals.

謝謝。最後，聽起來 HD 11 的銷售量非常好，經銷商很快就能賣光。我很好奇你們多久才能收到零售訊號，以便調整生產，確保庫存充足，因為我們確實聽過這樣的回饋：我們想要更多的 HD11，但我們有太多其他週轉速度較慢的機型。我很好奇你是否提升了處理這些訊號的能力。

Yeah, to give you a sense, we're still producing the old platform and the new one, but in Q3 we produce about three quarter of the new one, and one quarter of the old one. Then we're definitely transitioning fast. We're taking order every month, Craig, as and right now, beginning of December, we're taking deliveries. We're taking orders for what will be delivered in February.

是的，舉個例子，我們仍在生產舊平台和新平台，但在第三季度，我們大約四分之三的產量是新平台，四分之一是舊平台。那我們肯定是在快速轉型。克雷格，我們每個月都接受訂單，現在，12月初，我們正在收貨。我們正在接受二月份發貨的訂單。

Then we have quite a good ability to adjust to the most popular model at retail, and we're very confident with it's a fast turnover. The dealer received the unit, the [PDI], and it don't stay on the floor very often, and we could not be happier of the reception of the new defender. Great, thank you.

這樣一來，我們就有相當好的能力來適應零售業最受歡迎的模式，而且我們非常有信心它能快速週轉。經銷商收到了這輛車，也就是[PDI]，它很少會停放在展廳裡，我們對這輛新衛士的受歡迎程度感到無比高興。太好了，謝謝。

Martin Landry, Stifel.

Martin Landry，Stifel。

Hi, good morning. I would like to focus a little bit on snowmobiles, wondering if you can just refresh or remind us, what's your inventory level versus your comfort level in terms of snowmobiles right now?

您好，早安。我想重點談談雪地摩托車，不知道您能否簡單介紹一下，您目前的雪地摩托車庫存水準和您的舒適度相比如何？

Then just to give you a sense, we finished last season, last spring with about 60% market share in North America. I'm talking and 30% of the inventory, the non-current inventory, and obviously we're planning to lose market share this year because.

再舉個例子，上個賽季，也就是去年春天，我們在北美市場的市佔率約為 60%。我說的是庫存的 30%，也就是非流動庫存，顯然我們今年計劃失去市場份額，因為。

This unbalanced current non-current ratio from Aura, but this was all planned, all included in our guidance. What is good right now in the northeast, including Quebec, the snow is quite good in Upper Peninsula, in the West Canada, US, it's a bit patchy, and in Scandinavia it's good.

Aura 目前的非電流比率不平衡，但這都是計劃好的，都包含在我們的指導方針中。目前東北部（包括魁北克）的雪況不錯，上密西根半島的雪況也很好；加拿大西部和美國的雪況則不太均勻；斯堪的納維亞半島的雪況也不錯。

Then overall, it's a good start of the season. We gain market share in the current, and we have a lot of pre-sold units. We've a loss in the non-current as planned, and it will be a year of correction, and this was all planned.

總的來說，這是一個不錯的賽季開局。我們在當前市場中獲得了市場份額，並且預售量很大。正如計劃的那樣，我們在非流動資產方面出現了虧損，這將是調整的一年，而這一切都在計劃之中。

Okay, so can we expect you to have fully cleared your older models by the end of the snowmobile season?

好的，那麼我們能否預期您在雪地摩托車賽季結束前徹底清理所有舊車型？

We were a bit on the high side, but we were in relatively good shape at the end of the season '25, and we still need to deplete some of that inventory to be at -- I would say normal level, but we believe that, and partially with the good snow, we believe that all of this should be for us realigned at the end of the season '26.

我們的庫存有點高，但在 2025 賽季末，我們的狀況還不錯，我們仍然需要消耗一些庫存才能達到——我可以說是正常水平，但我們相信，再加上良好的降雪，我們相信這一切在 2026 賽季末應該會得到調整。

Joe Altobello, Raymond James.

Joe Altobello，Raymond James。

Thank you. Good morning. Want to go back to the promotional environment. I think in your press release you mentioned that you saw favorable variations in your sales programs, but this morning you're talking about, you're still very elevated levels of promotion, in the industry. So is it that the industry is still very promotional, but you guys were a little bit lower in terms of sales programs versus last year?

謝謝。早安.想回到推廣環境。我認為你在新聞稿中提到，你的銷售計劃出現了一些有利的變化，但今天早上你又說，你們的促銷水平在業內仍然非常高。所以，雖然整個產業仍然非常注重促銷，但你們的銷售推廣活動比去年有所減少嗎？

Yeah, well, if you recall last year, Joe, we wanted to address, inventory in the network and the non-current inventory as well and so we did put a lot of dollars last year to work, in order to flush that inventory, which we were able to do.

是的，喬，如果你還記得去年的情況，我們想要解決網路中的庫存以及非當期庫存的問題，所以我們去年投入了大量資金來清理這些庫存，而我們也成功地做到了這一點。

And so this year we're probably trending about let's say 70 basis points to 80 basis points lower in terms of retail promotion, versus, last year. So that's the main reason, but nonetheless, I mean there's still some high levels of promotions that are being advertised out there in the market.

因此，今年零售促銷力度可能會比去年下降 70 到 80 個基點。所以這是主要原因，但儘管如此，我的意思是市場上仍然有一些高額的促銷活動在進行。

Got it. Okay. And in terms of fiscal '27, you mentioned that wholesale and retail should be largely in alignment, and I think Seb in the past you said that just lapping this year's destocking, probably gives you $400 million to $500 million of revenue. Is that still the case? And should we think about that as a base and then later on whatever assumptions we have on pricing and market share gains.

知道了。好的。至於 2027 財年，您提到批發和零售應該基本上保持一致，我想 Seb 過去曾說過，僅扣除今年的去庫存，可能就能帶來 4 億至 5 億美元的收入。現在情況仍然如此嗎？我們是否應該以此為基礎，然後再根據我們對定價和市佔率成長的任何假設來考慮呢？

Yeah, obviously we are in the in the middle of our planning for next year, but it's certainly too early to provide a detailed guidance to all of you, and as you mentioned, there's some elements we already know. And that should serve as your best case for your models for next year.

是的，我們顯然正在製定明年的計劃，但現在要向大家提供詳細的指導還為時過早，而且正如您所提到的，我們已經知道一些情況。這應該可以作為你明年模型的最佳論點。

The big tailwind is the element that you mentioned. They're just the right sizing of the inventory that is behind us last year and this year. And so that is a tailwind of about $400 million to $500 million of revenue and probably roughly about [$250 million] of ETS.

你提到的那個因素就是強勁的順風。它們的庫存規模正好與我們去年和今年的庫存規模相當。因此，這將帶來約 4 億至 5 億美元的收入成長，以及約 2.5 億美元的 ETS 收入成長。

Obviously, there are some headwinds. We're transitioning the production of Riker to Vietnam, and so with that transition there'll be less Riker deliveries next year. So that's one of the headwinds. Some of the cost drivers as well, depreciate, depreciating expense will go up probably about $30 million next year. And I'm also expecting my tax rate to go up to historical levels, call it 25% to 26%.

顯然，這其中存在一些不利因素。我們將Riker的生產轉移到越南，因此，隨著這項轉變，明年Riker的交付量將會減少。這是其中一個不利因素。一些成本驅動因素，例如折舊，明年折舊費用可能會增加約 3000 萬美元。而且我還預計我的稅率將上升到歷史最高水平，大概在 25​​% 到 26% 之間。

So if you factor these elements in your in your base case, Joe, you'll probably end up in an EPS probably up in the mid to high teen percentages for next year and probably inhibit the margin ballpark 14%. But again this is a base case and obviously over the next few months, we'll see how the business trends. Snowmobile season is an important business for us, and so if the snow sticks maybe we'll be -- it'll be good.

所以，喬，如果你把這些因素考慮在你的基本假設中，你明年的每股盈餘可能會成長十幾個百分點，利潤率可能會抑制在 14% 左右。但這只是基本情況，顯然在接下來的幾個月裡，我們將觀察業務發展趨勢。雪地摩托車季對我們來說是一項重要的生意，所以如果雪能積住，也許我們——那就太好了。

The macro environment is also evolving every day, as Benoit mentioned this morning, we have new data on tariffs. We'll see how that unfolds, and obviously there's a competition as well. Are, how are other OEMs going to behave? Are they going to be more aggressive in terms of putting units in the industry and also discounting.

正如貝努瓦今天早上提到的那樣，宏觀環境也在日新月異，我們有關於關稅的新數據。我們拭目以待，看看事情會如何發展，顯然，這其中也存在著競爭。其他OEM廠商會如何因應？他們是否會在向市場投放產品和提供折扣方面採取更積極的策略？

So obviously there's a lot of variables that we're monitoring in order for us to make an educated guess on the industry, but again with still a few months to go before we issue guidance. We'll be able to give you the full download in March, but again, we're optimistic, especially with a strong lineup that we have in all of the product categories.

顯然，我們正在監測很多變量，以便對行業做出合理的預測，但距離我們發布指導意見還有幾個月的時間。我們將在三月提供完整下載，但我們仍然保持樂觀，尤其是在我們所有產品類別中都擁有強大的產品陣容的情況下。

Brian Morrison, TD Cowan.

布萊恩·莫里森，TD·考恩。

Yeah, thanks very much. And Jose, it's certainly been a pleasure working together all these years. I want to go back to the inventory, and you've done a very good job explaining ORV and snowmobiles. Can you just maybe let us know how CD sits as we enter into the season? And with respect to ORVs, how is the initial reception been with respect to the discounting of your entry-level product line?

是的，非常感謝。何塞，這些年來和你一起工作真的非常愉快。我想回到庫存清單部分，你對越野車和雪地摩托車的講解非常到位。能否告知我們CD在賽季開始前的狀態如何？至於越野車，你們入門級產品線的折扣促銷活動最初的市場反應如何？

Yeah, I'll take on the first question. Personal watercraft. If you look at slide 13 on the deck, personal watercraft is actually down 22% versus last year. So obviously very happy with where we sit, as I've shared with you in the past, other OEMs do have more inventory, in the network, and so, we believe it'll be a similar, I guess a similar dynamic than we see in snowmobile for the next season. With some non-current units impacting overall market share performance.

好的，我來回答第一個問題。個人水上摩托車。如果你看一下甲板上的第 13 張幻燈片，你會發現個人水上摩托車的銷量實際上比去年下降了 22%。顯然，我們對目前的狀況非常滿意。正如我之前和你們分享過的，其他 OEM 廠商在銷售網絡中擁有更多的庫存，因此，我們相信下個季度的情況會和雪地摩托車的情況類似。部分非當期產品影響了整體市佔表現。

But from a current point of view, the lineup we have is obviously very strong, and the orders that we got from the dealers, at our club in August also provide us a good outlook for next year. So we were sitting in a very good position, much better than where we were last year. And on the entry level products, what was the overall reception?

但從目前的角度來看，我們的產品陣容顯然非常強大，而且我們在8月從經銷商收到的訂單也讓我們對明年充滿信心。所以，我們當時的處境非常好，比去年好很多。入門級產品的整體反應如何？

Yeah, basically, consumer trend, no big change since the beginning of the year. Just to give you some statistics, new trend in Q3 was 21%, about in line with the pre-COVID level, and premium sells better than value, just to give you a sense.

是的，基本上，消費趨勢方面，自年初以來沒有太大變化。給你一些統計數據，第三季的新趨勢為 21%，與新冠疫情前的水平大致持平，而且高端產品比平價產品賣得更好，僅供參考。

On side by side, our premium unit was up mid-double-digit when this is the industry, by the way, the premium was up mid-double-digit when the value was down low double-digit. And for the utility selling better upload double-digit when [Rexport] was down mid-single-digit and you can see the trend don't change.

同時，我們的優質產品價格上漲了兩位數中段，而產業整體價格卻下跌了兩位數低點。而且，當 [Rexport] 下降到個位數時，公用事業公司的上傳量卻實現了兩位數的成長，你可以看到這種趨勢並沒有改變。

Our household customer household income of our customer high at USD175,000 and the same trend continues. The beauty of all this, it's, obviously we don't like when we talk about Spark Riker, our entry level product, but overall, our lineups are more high-end than low end, and it's very good for us.

我們家庭客戶的家庭收入高達 175,000 美元，而且這一趨勢仍在繼續。這一切的美妙之處在於，我們當然不喜歡談論我們的入門級產品 Spark Riker，但總的來說，我們的產品線高端產品多於低端產品，這對我們來說非常好。

Right, Seb, one follow-up question if I can. You renewed your NCIB here this morning. I wonder if you can just reiterate what your target leverage is and if you expect to be active with the NCIB in the near term.

好的，塞巴斯蒂安，如果可以的話，我還有一個後續問題。您今天早上在這裡續保了您的NCIB（無索賠折扣保險）。我想請您重申您的目標槓桿率是多少，以及您是否預計在短期內積極參與正常市場發行人收購計劃（NCIB）。

Yeah, our target leverage for the end of the year, probably in the range of 2x net debt-to-EBITDA. We've always said we're -- our overall target is between 1 time and 2 times. So we're really happy with how the business has progressed and the refinancing that we did last -- just a few months ago with the repayment of USD200 million of debt and also the repricing where it provides us a big tailwind of $0.30 next year.

是的，我們年底的目標槓桿率可能在淨債務與 EBITDA 的 2 倍左右。我們一直都說——我們的總體目標是1到2倍。所以我們對公司的發展以及幾個月前進行的再融資感到非常滿意——我們償還了 2 億美元的債務，並且重新定價，這將為我們明年帶來 0.30 美元的巨大利好。

So I couldn't ask for better results from our treasurer and our legal team, really happy with the outcome. On the NCIB, we've been on the sideline now being more cautious over the last 15 months, waiting to see where the overall economy is going to go trade, et cetera. Now that we are seeing our leverage come down, we're strong free cash flow generation. Our intention is to be active on the NCIB in the next few weeks.

因此，我對我們的財務主管和法律團隊的表現非常滿意，不能要求更好的結果了。關於 NCIB，過去 15 個月以來，我們一直持觀望態度，等待觀察整體經濟、貿易等的走向。現在我們的槓桿率下降了，自由現金流也變得強勁。我們計劃在接下來的幾週內積極參與 NCIB 活動。

Sabahat Khan, RBC Capital Markets

Sabahat Khan，加拿大皇家銀行資本市場

Great, thanks and good morning. I guess just some of the directional comments you gave on calendar '26, something around the 14% type base case rate with the margin. Just curious, based on your current visibility, what sort of production levels are you at?

太好了，謝謝，早安。我猜想，您在 2026 年日曆上給出的一些方向性評論，大概是關於 14% 左右的基本情況利率以及利潤率。我只是好奇，根據你目前掌握的信息，你的生產水準如何？

Just trying to think, and operating leverage is obviously a potential part of the story going forward. So just, are you back to something resembling normal production or whereabout will your factory? Before the next year based on (multiple speaker).

我只是在思考，而經營槓桿顯然是未來發展的潛在因素。所以，你們的生產是否已經恢復正常，還是說你們的工廠會如何運作？在下一年之前，根據（多人發言）

So we'll still be below average asset utilization rates you know I talked about a tailwind of say $400 to $500 million of revenue and so it still would bring us in the probably low 70 asset utilization.

所以，我們的資產利用率仍然會低於平均值。你知道，我之前提到過，有 4 億到 5 億美元的收入成長，但這仍然會使我們的資產利用率保持在 70% 左右。

Great. And then you know the tariff impact to the dollar amount in the in the calendar release here, I'm sorry, in the presentation, can you just talk about, the tariffs might evolve, but is this more the idea that look, anything additional might just have to be sort of worked through via efficiencies, or is pricing on the table as well depending on how tariffs evolve. Thanks very much.

偉大的。然後，您也知道關稅對美元金額的影響，這在日曆發布會上有所體現，抱歉，是在簡報中。您能否談談關稅可能會發生變化，但這種想法是否更傾向於認為，任何額外的影響都只能透過提高效率來解決，還是說價格也會根據關稅的變化而調整？非常感謝。

It really all depends. It's tough to speculate. It'll depend on the materiality, on what components it impacts, on the flexibility we have with suppliers to relocate parts, et cetera. But what I can say is that our teams, our custom brokers are getting smarter, more sophisticated, we have now more granular data that allows us to be a lot more targeted, when we do file custom declaration forms.

這真的要看情況而定。很難推測。這取決於材料的性質、它影響哪些部件、我們與供應商在重新安置零件方面的靈活性等等。但我可以肯定的是，我們的團隊，我們的報關員，正變得越來越聰明、越來越老練，我們現在擁有更精細的數據，這使我們能夠在提交報關單時更有針對性。

And so that headwind that we have this year is expected to be actually very similar next year as well because of the better processes we have and better collaboration we have with the various partners. But again, we'll monitor and we'll act accordingly as we usually do. We've always been very proactive in adapting to new situations.

因此，由於我們擁有更好的流程以及與各個合作夥伴更好的協作，因此預計我們今年遇到的不利因素明年也會非常相似。但是，我們會像往常一樣密切關注並採取相應行動。我們一直以來都非常積極主動地適應新情況。

Luke Hannan, Canaccord Genuity.

盧克·漢南，Canaccord Genuity。

Thanks. Good morning. I wanted to follow-up on that last line of questioning. So just to be absolutely clear, if we went back to last quarter, I think that the gross headwind that you were expecting for fiscal '27 was in the neighborhood of $120million to $130 million, so it should now be closer to $100, pardon me, $90 million when it comes to the gross tariff headwind.

謝謝。早安.我想就最後一個問題做進一步的探討。為了說清楚，如果我們回顧上個季度，我認為您預計 2027 財年的毛不利因素約為 1.2 億美元至 1.3 億美元，因此現在毛關稅不利因素應該接近 1 億美元，抱歉，是 9000 萬美元。

Yeah, that's correct, as I mentioned again, we -- the teams obviously is a huge focus of us, and we worked on finding ways to reduce the overall exposure, and it's a very positive outcome and so my expectation is that we should be flattish next year.

是的，沒錯，正如我再次提到的，我們——團隊顯然是我們工作的重點，我們努力尋找降低整體風險的方法，這是一個非常積極的結果，所以我預計明年我們的業績應該會比較平穩。

Got it. very helpful, thanks. And then some for my follow-up here, the higher level, when we think about the bridge between the new raise guidance that you just put out there and then the mission 2028 target of $8 of EPS, and then we also factor in the mid to high 10s EPS growth.

明白了，很有幫助，謝謝。接下來，我想補充一點，從更高的層面來說，當我們考慮您剛剛發布的新的增資指導與 2028 年每股收益 8 美元的目標之間的橋樑時，我們還要考慮到每股收益增長 10% 到 10% 的中高段位。

Roughly speaking, that we should expect for next year. It does imply more contribution, I suppose, during the year of fiscal '28 as well. Can you just help us think from a high level what should be the bigger drivers of EPS growth during 2027, fiscal '27 versus 26?

粗略估計，這就是我們明年應該看到的。我想，這也意味著在 2028 財年需要做出更多貢獻。您能否從宏觀層面幫助我們思考一下，在 2027 財年（2027 財年與 2026 財年相比），哪些因素應該成為每股盈餘成長的主要驅動力？

Well, for next year I gave you, well, are you talking calendar or you're talking fiscal year. So I gave you the fiscal details. So the drivers obviously are in the base case is mainly the tailwind coming from retail equal wholesale.

嗯，關於明年我給了你們……嗯，你們說的是日曆年還是財政年度？所以我把財務細節都告訴你了。因此，很明顯，基本情況下的主要驅動因素是零售和批發相等所帶來的順風。

But then when you look at '28, obviously there's a lot of elements, the market share gains from the ORV business, the dealer network expansion, all of that will be drivers of growth in '28. So the base case for '27 remains as I highlighted, and the drivers between '26 and '27, but '28. Obviously, there's the product introductions that we'll be doing and the focus on the dealer experience and the dealer network.

但展望 2028 年，顯然有許多因素，例如 ORV 業務的市佔率成長、經銷商網路的擴張，所有這些都將成為 2028 年成長的驅動力。因此，2027 年的基本情況仍然如我所強調的那樣，2026 年和 2027 年之間的驅動因素，以及 2028 年的情況。顯然，我們將推出新產品，並專注於經銷商體驗和經銷商網路。

Xian Siew, BNP Pariba.

Xian Siew，法國巴黎銀行。

Thanks guys, could you talk maybe a little bit about how retail and market share gains, evolved over the quarter? It sounded like maybe the first couple months of the quarter were a little bit more promotional and maybe, there's some acceleration in October and into November. And if that's the case, I guess like with the exit rate improving, does that give you kind of more confidence in potential market share gains in the next year or so?

謝謝各位，能否簡單談談本季零售額和市佔率成長的情況？聽起來，本季的前幾個月可能更專注於促銷活動，而到了 10 月和 11 月，可能會加速成長。如果情況真是如此，我想隨著退出率的提高，這是否會讓您對未來一年左右的潛在市場份額成長更有信心？

I mean, I don't -- we don't want to be to start to split quarters because it will be complicated, but we were talking more about off-road. Basically, we introduced very good novelty for about year '26, and those products was introduced in August at the club.

我的意思是，我不想——我們不想開始分割季度，因為這會很複雜，但我們更多是在談論越野。基本上，我們在 2026 年左右推出了非常好的新產品，這些產品在 8 月在俱樂部推出。

We started production the day after, and basically the time that you produce, you ship the dealer PDI transportation dealer PDI. That's why our second half of Q3 in terms of retail for off-road was stronger than the first half, because the new model hit the ground at the dealership when they had low inventory.

第二天我們就開始生產了，基本上生產出來之後，我們就把經銷商 PDI 運輸經銷商 PDI 出貨。這就是為什麼我們第三季下半年越野車零售業績比上半年強勁的原因，因為新車型在經銷商庫存較低的時候上市。

That it's more a timing of the new model hitting the dealership. What I'm happy with is in November, the trend continues, and this is promising for the remaining of the fiscal year.

這更多取決於新車型何時到店銷售。令我欣慰的是，11 月這一趨勢仍在繼續，這對本財年剩餘時間來說是一個好兆頭。

Okay, very helpful, and then maybe I'll -- on the utilization rate, I think you mentioned like in the 70% next year. Can you maybe just remind us this year what is the utilization rate and how, like, that we can kind of calibrate, as utilization steps up, how we think about margin benefits.

好的，很有幫助。關於利用率，我想你有提到明年大概會達到 70%。您能否提醒我們今年的利用率是多少，以及隨著利用率的提高，我們如何調整對利潤收益的考量？

Yeah, we're in the average of a 65% utilization rate this year.

是的，我們今年的平均利用率在 65% 左右。

Cameron Doerksen, National Bank.

卡梅倫·多爾克森，國家銀行。

Yeah, thanks, good morning and let me, echo my congratulations to Jose. I'm sure you're looking forward to the end of January. Wanted to come back to the, I guess the snowmobile market, discussion. So if you and the industry end this season with a very healthy, dealer inventories and we have a pretty decent snow season.

是的，謝謝，早安，也請容許我向何塞表示祝賀。我相信你一定很期待一月底的到來。我想回到關於雪地摩托車市場的討論。所以，如果本季結束時，您和整個行業都能擁有非常健康的經銷商庫存，而且我們還能迎來一個相當不錯的雪季。

It's off to a decent start so far, it feels like this could be a very nice tailwind for you in fiscal 2027. I'm just wondering if that's potential upside to kind of that $400 to $500 million dollar revenue, from the alignment of retail and wholesale, or is that kind of incorporated into that assumption?

目前來看，開局不錯，感覺這可能會在 2027 財年給你帶來很大的助力。我只是想知道，零售和批發業務的結合是否能為 4 億至 5 億美元的收入帶來潛在的成長，還是說這已經包含在先前的假設中了？

No, obviously if we have a, again it's super good season, we have a lot of enthusiast customers in the snowmobile industry and so if you have a lot of snow and people get a lot of riding in, we obviously have, we'll have great product news next year as well. You can expect strong customer orders in the spring.

不，顯然，如果今年雪況非常好，我們在雪地摩托車行業有很多狂熱的客戶，所以如果雪很多，人們可以騎很多雪，那麼我們明年顯然也會有很棒的產品消息。預計春季客戶訂單量將十分強勁。

And that obviously is going to be a good tailwind for the back half of fiscal year '27. So, but we always like to plan snowmobile conservatively because it's very dependent on snowfall. And so again, every inch of snow is more units that get retailed, so we'll take it.

顯然，這將對 2027 財年下半年的發展起到良好的推動作用。所以，我們總是喜歡保守地規劃雪地摩托車之旅，因為它很大程度取決於降雪量。所以，每一吋的雪都意味著更多的商品可以零售，所以我們樂見其成。

Okay, no, that's good. That's helpful. And Seb, just to, I guess just a clarification, I guess on the remaining, marine sale that the Telwater, I think, Jose, you mentioned hopefully coming in the next few weeks, just what's the cash inflow? I mean, I think the number, it looks like it's probably something like $200 million that you would expect from that. I have I got that right? And if not, what is the expected cash inflow from that?

好的，這樣挺好。那很有幫助。塞布，我只是想澄清一下，關於剩餘的海洋資產出售，特爾沃特，我想，何塞，你提到過，希望在接下來的幾週內能夠完成，那麼現金流入是多少？我的意思是，我認為這個數字，看起來大概在 2 億美元左右，這符合預期。我理解對嗎？如果不是，預計由此產生多少現金流入？

Well, obviously we have a good offer from Yamaha for that asset. In the ballpark it's around that amount of expected cash and flow from the proceeds. That is expected.

顯然，雅馬哈已經為我們那項資產提出了不錯的報價。大致來說，預期現金流量和收益額就在這個金額左右。這是意料之中的事。

Okay, so --

好的，所以--

It that that would come in in Q4 assuming that the regulator approves it.

如果監管機構批准，那麼這筆款項將在第四季度到位。

Yes, it would come into Q4 or early, yeah.

是的，應該會在第四季或更早的時候推出。

Jamie Katz, Morningstar.

Jamie Katz，晨星公司。

Good morning, guys. I have just a quick one on, CapEx. I know it was shifted down a little bit. Were there any particular investments, that we should be aware were sort of either pushed out or delayed? And then should we be thinking of CapEx as a percentage of sales still around that like 4.5% level longer-term?

各位早安。我這裡簡單提一下資本支出。我知道它被稍微下移了一點。是否有一些特定的投資項目被推遲或延期，我們應該注意到這一點？那麼，從長遠來看，我們是否應該將資本支出佔銷售額的百分比維持在 4.5% 左右？

Yeah, nothing special to call out for this year. Obviously we are diligent in our CapEx spend and the teams know that if we push a project out, it doesn't mean that they lose it. And so everyone's being responsible and how they deploy CapEx.

是的，今年沒什麼特別值得一提的。顯然，我們在資本支出方面非常謹慎，團隊也知道，如果我們推遲一個項目，並不意味著他們就會失去這個項目。因此，每個人都在負責任地部署資本支出。

And for next year, probably in the range of let's say $420 million is a fair number in terms of CapEx and for the out years as well. As you might know, we've invested quite a bit in the last few years in capacity and so we don't necessarily need to build any more capacity out for our plans. That's the good news and most of the investments are around product and technology.

至於明年，資本支出可能在 4.2 億美元左右，這是一個合理的數字，未來幾年也是如此。正如您可能知道的，過去幾年我們在產能方面投入了相當多的資金，因此我們並不一定需要為我們的計劃建立更多的產能。這是好消息，而且大部分投資都集中在產品和技術方面。

Okay, and then I don't know, that this was called out, but for new to brand consumers, is there anything noteworthy on what is. Getting them to convert sales into promotions, innovation, financing deals, some mix of that all, just curious what's motivating consumers the most right now.

好的，然後我不知道，雖然這一點被提及了，但對於品牌的新消費者來說，有什麼值得注意的地方嗎？讓他們將銷售轉化為促銷、創新、融資交易，或是這些因素的某種組合，只是好奇現在什麼最能激勵消費者。

I'd say innovation is what's motivating customers the most, obviously with products that have been out there in the market for quite a bit of time, discounts can drive consumers, but for new to BRP, obviously when they see the innovation that we have on most of the product line, on all the lineup, that is what's driving the conversion from other brands.

我認為創新是激勵顧客的最大動力。當然，對於已經上市一段時間的產品來說，折扣可以吸引消費者，但對於 BRP 的新客戶來說，當他們看到我們大部分產品線、所有產品陣容中的創新時，這才是促使他們從其他品牌轉向 BRP 的原因。

[Ellie Latt], BMO Capital Markets.

[Ellie Latt]，BMO資本市場。

Thank you. Two for me. I just wanted to follow up on the potential sale of Yamaha and what you would potentially do with those proceeds, the $200 million? And then just kind of in the same vein, you mentioned $210 million of debt reduction. Could you tell us where your debt stood where your total debt stood at the end of the quarter?

謝謝。我兩個。我只是想了解雅馬哈可能出售的消息，以及您會如何處理這筆2億美元的收益？然後，你又以類似的方式提到了削減 2.1 億美元的債務。請問您能否告知我們您本季末的債務情況，即您的總債務是多少？

Yeah. Well, our capital deployment priorities are not changing. The first one is to invest in the business and that will remain. Then the other capital deployment priority is obviously modestly increase our dividend, and then any excess free cash flow, when the shares trade below what the implied value is, we like to return capital to shareholders. So the good news is we have flexibility.

是的。我們的資本部署重點不會改變。第一件事就是投資企業，這一點將始終不變。那麼，另一個資本部署優先事項顯然是適度提高股息，然後，當股價低於隱含價值時，任何多餘的自由現金流，我們都樂於將資本返還給股東。所以好消息是我們有一定的彈性。

I feel that our cap structure is adequate today with the refinancing that we did just a few months ago. The overall debt stands at USD1.7 billion today. And so overall leverage is very comfortable, and I don't feel that we need to reduce the overall debt level.

我認為，經過幾個月前的再融資，我們目前的資本結構是足夠的。目前總債務為17億美元。因此，整體槓桿率非常理想，我認為我們沒有必要降低整體債務水準。

So just as a follow, you had mentioned during the call, I think that if you correct me if I'm mistaken, but I think you said your long-term guidance was 1 times to 2 times.

所以，作為後續，您在通話中提到過，如果我沒記錯的話，您說過您的長期指導是 1 到 2 倍。

1.5 times to 2 times leverage.

槓桿倍數為1.5倍至2倍。

(Operator Instructions) Jonathan Goldman, Scotiabank.

（操作說明）喬納森‧戈德曼，加拿大豐業銀行。

Hi, good morning and thanks for taking my questions. Most of them have been asked, but maybe just to clarify one to begin with. I'm sorry if I missed this, but Seb, did you talk about the base case for next year, including share gains?

您好，早安，感謝您回答我的問題。大部分問題都已經被問過了，但或許應該先澄清一個問題。如果我錯過了，我很抱歉，Seb，你有沒有談到明年的基本預期，包括市場份額的成長？

Well, again, our plan, if you look at the M28 target, we said modest share gains in the ORV segment. So yeah, it does factor a bit of share gains next year, but it would be a modest impact.

嗯，再說一遍，我們的計劃，如果你看一下 M28 目標，我們說過在 ORV 領域實現適度的市佔率成長。所以，是的，這確實考慮到了明年市場份額的一些增長，但影響不大。

Okay. Perfect, thanks for that. And then on the gross margin, I believe, Seb, on the last call, you said you could possibly see a tailwind next year in the 50 bps range. Given where the inventory is in the industry right now and your comments about promo still being somewhat elevated, how are you thinking about potential gross margin expansion next year?

好的。太好了，謝謝。至於毛利率，我相信，Seb，你在上次電話會議上說過，明年可能會有 50 個基點的利多因素。鑑於目前行業內的庫存狀況，以及您關於促銷力度仍然偏高的評論，您如何看待明年毛利率的潛在增長？

Well, the big driver of gross margin, obviously, is some of the volume that we're going to be bringing back from just matching retail with wholesale. The other element is obviously cost initiatives that we have in all of the -- all of our plans, all of our product lines.

顯然，毛利率的主要驅動因素是我們透過將零售與批發匹配而帶回的部分銷量。另一個顯而易見的因素是我們所有計劃、所有產品線中的成本控制措施。

And so from asset utilization and cost efficiency, that should drive margins up. We are expecting as well to continue investing in the business or in the marketing. So I do not expect a huge operational leverage coming from OpEx, maybe 50 bps, which could bring us to a 14% EBITDA margin on the base case.

因此，從資產利用率和成本效益的角度來看，這應該會推高利潤率。我們也計劃繼續投資於業務或行銷。因此，我不認為營運支出會帶來巨大的營運槓桿效應，可能只有 50 個基點，這在基本情況下可能會使我們的 EBITDA 利潤率達到 14%。

There are no further questions at this time. I will now turn the call over to Mr. Deschenes for closing remarks.

目前沒有其他問題了。現在我將把電話交給德謝納先生，請他作總結發言。

Thank you, Joel, and thanks, everyone, for joining us this morning and for your interest in BRP. We look forward to speaking with you again for our Q4 earnings in March. Thanks again, everyone, and have a good day.

謝謝喬爾，也謝謝大家今天早上加入我們，謝謝你們對BRP的關注。我們期待在三月與您再次溝通，討論我們的第四季業績。再次感謝大家，祝大家今天過得愉快。

Ladies and gentlemen, this concludes your conference call for today. We thank you for participating and ask that you please disconnect your lines.

女士們、先生們，今天的電話會議到此結束。感謝您的參與，請您斷開線路。