BRP Inc (DOOO) 2025 Q4 法說會逐字稿

Good morning, ladies and gentlemen, and welcome to the BRP Inc. fiscal-year 2025 fourth-quarter results conference call. (Operator Instructions)

女士們、先生們，早安，歡迎參加 BRP Inc. 2025 財年第四季業績電話會議。（操作員指示）

I would now like to turn the meeting over to Mr. Philippe Deschenes. Please go ahead, sir.

現在我想將會議交給菲利普·德斯切納先生。先生，請繼續。

Thank you, Sylvie. Good morning, and welcome to BRP's conference call for the fourth quarter of fiscal year '25. Joining me this morning are Jose Boisjoli, President and Chief Executive Officer; and Sebastien Martel, Chief Financial Officer.

謝謝你，西爾維。早上好，歡迎參加 BRP 25 財年第四季電話會議。今天早上與我一起出席的還有總裁兼執行長 Jose Boisjoli；以及財務長 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 differ from those implied in these statements. The forward-looking information is based on certain assumptions and is subject to risks and uncertainties and I invite you to consult BRP's MD&A for complete list of these.

在我們進入準備好的發言之前，我想提醒大家，電話會議期間將會做出某些前瞻性的陳述，而實際情況與這些陳述中暗示的有所不同。前瞻性資訊是基於某些假設，並受風險和不確定性的影響，我邀請您查閱 BRP 的 MD&A 以獲取完整的清單。

Also during the call, reference will be major to sporting side and you can see the presentation on our website at brp.com under the Investor Relations section. And as a reminder, note that following the announcement of the initiation of the sales process for our Marine businesses, these businesses are now presented as discontinued operations. Therefore, all periods presented in this release reflect continuing operation unless otherwise noted.

此外，在電話會議中，我們將重點討論體育方面的問題，您可以在我們網站 brp.com 的「投資者關係」部分查看該簡報。需要提醒的是，在宣布啟動我們的海洋業務銷售流程後，這些業務現在被視為已停止營運。因此，除非另有說明，本新聞稿中出現的所有期間均反映持續經營情況。

So with that, I'll turn the call over to Jose.

因此，我將把電話轉給何塞。

Thank you, Philippe. Good morning, everyone, and thank you for joining us. Although fiscal '25 brought its share of challenges, I am proud of our team's agility and dedication. We have always been known to be leaders and this year was no different. In light of a difficult macroeconomic environment, softer industry, and continued pressure on consumer demand, we were the first OEM to proactively reduce production and shipments.

謝謝你，菲利普。大家早安，感謝大家的收看。儘管 25 財年帶來了許多挑戰，但我對我們團隊的敏捷性和奉獻感到自豪。我們一直以領導者的身份而聞名，今年也不例外。面對嚴峻的宏觀經濟環境、疲軟的產業情勢以及持續的消費需求壓力，我們是第一家主動減少產量和出貨量的汽車廠商。

Throughout the year, we remain focused on the disciplined execution of our inventory reduction plan to support our dealers and protect the value of our brands. As expected, this resulted in short-term market share losses.

全年我們始終專注於嚴格執行庫存減少計劃，以支持我們的經銷商並保護我們品牌的價值。正如預期的那樣，這導致了短期市場份額的損失。

We have also continued positioning the business for long-term success. We have introduced several new models, enter new segments and further improve operational efficiency by achieving over $200 million in lean savings for the year. Also, as you know, we have decided to sell our Marine business. The process is currently following its course. We will update you in due time.

我們也將繼續為企業的長期成功做好準備。我們推出了幾種新車型，進入了新的領域，並透過全年實現超過 2 億美元的精益節約進一步提高了營運效率。另外，如您所知，我們已決定出售我們的海洋業務。目前該進程正在順利進行中。我們將及時向您更新資訊。

Our strategy is to double down on our Powersports leadership position. We will focus our effort and investment on our core activities and capitalize on attractive long-term growth opportunities.

我們的策略是加倍鞏固我們的動力運動領導地位。我們將把精力和投資集中在我們的核心活動上，並利用有吸引力的長期成長機會。

Now let's turn to slide five for key financial highlights. We ended the year with $7.8 billion in revenue, normalized EBITDA of $1 billion, a normalized EPS of $4.68, all within our revised guidance range. We also achieved one of our key objectives by significantly reducing network inventory level, as you can see on slide 6.

現在讓我們翻到第五張投影片來了解主要的財務亮點。我們今年的營收為 78 億美元，標準化 EBITDA 為 10 億美元，標準化 EPS 為 4.68 美元，均在我們修訂後的指導範圍內。正如您在投影片 6 中看到的那樣，我們還透過大幅降低網路庫存水準實現了我們的一個關鍵目標。

Inventory was down 13% at the end of the year -- are down 18% when excluding snowmobile, which saw softer than anticipated retail in the third quarter. With better snow condition in February, snowmobile retail has improved, bringing our total North American powersport inventory reduction to 18%, in line with our objective of 15% to 20%. This solid performance shows our commitment to protecting our dealer value proposition and put us in a favorable position to capture market opportunity and the industry rebound.

年底庫存下降了 13%——若不包括雪地摩托車，則下降了 18%，因為雪地摩托車第三季的零售量低於預期。由於 2 月雪況好轉，雪地摩托車零售量有所改善，使我們在北美的動力運動產品總庫存減少了 18%，符合我們 15% 至 20% 的目標。這一穩健的業績表明我們致力於保護經銷商的價值主張，並使我們處於有利地位，以抓住市場機會和行業反彈。

Let's turn to slide 7 for an update on the global powersport market. The fourth quarter was consistent with the trend observed earlier in the year. In North America, our powersports retail was down 21%, essentially in line with our expectations. Excluding snowmobile, it was down 11%.

讓我們翻到第 7 張投影片來了解全球動力運動市場的最新情況。第四季與今年稍早觀察到的趨勢一致。在北美，我們的動力運動零售額下降了 21%，基本上符合我們的預期。不包括雪地摩托車，則下降了 11%。

From an international perspective, we continue to see softer demand in EMEA and Asia Pacific, with retail down 11% and 10%, respectively. Latin America continued to outperform other regions with retail up 16%, driven by sustained momentum in ORV and personal watercraft.

從國際角度來看，我們看到歐洲、中東和非洲地區以及亞太地區的需求持續疲軟，零售額分別下降了 11% 和 10%。拉丁美洲的表現持續優於其他地區，零售額成長 16%，這得益於越野車和個人水上摩托車的持續成長勢頭。

Turning to slide 8, for a look at our North American retail performance by product line. ORV performed as expected during the quarter, with our retail lagging the industry as we were less competitive in noncurrent unit due to our leaner inventory position.

翻到第 8 張投影片，看看我們以產品線劃分的北美零售業績。ORV 在本季的表現符合預期，但由於庫存狀況較差，我們在非流動單位方面的競爭力較弱，因此我們的零售量落後於該行業。

Meanwhile, snowmobile retail was softer than anticipated, because of delayed arrival of snowfall. Retail peak later in the season, with February and March better than planned, which should meet the shortfall for the season. As for 3-wheel, personal watercraft, and pontoon, Q4 was the off-season, and there are no major trend to highlight as volume were small.

同時，由於降雪延遲，雪地摩托車零售業比預期要疲軟。零售高峰出現在本季後期，二月和三月的銷售量好於計劃，應該可以彌補本季的缺口。至於三輪車、個人水上摩托車和浮橋，第四季是淡季，由於銷售量較小，沒有出現值得關注的重大趨勢。

Let me go back to ORV on slide 9. As you can see, the dynamic we've discussed last quarter continued in Q4 with the industry essentially being driven by discounted non-current unit. Since we significantly reduced our network inventory, we had lower availability of non-current units and we're less competitive in that market.

讓我回到第 9 張投影片上的 ORV。正如您所看到的，我們上個季度討論的動態在第四季度繼續延續，該行業基本上受到折扣非流動單位的推動。由於我們大幅減少了網路庫存，非現有設備的可用性降低，我們在該市場上的競爭力下降。

However, we've gained further share in current unit, which give us confidence that we will regain momentum when the inventory position of other OEMs normalize. Before reviewing quarterly results by product line, let's turn to slide 10 to take a step back and look at our progress made over the past few years. We became the number-one OEM in powersport in North America, and we are a much stronger company than five years ago.

然而，我們在目前單位的份額已經進一步增加，這讓我們有信心，當其他 OEM 的庫存狀況恢復正常時，我們將重新獲得動力。在以產品線回顧季度業績之前，讓我們先翻到第 10 張投影片，回顧一下過去幾年我們所取得的進展。我們已成為北美動力運動領域第一大原始設備製造商，而且與五年前相比，我們的實力更加強大。

In fact, we have gained 6 points of market share versus pre-COVID. Our ambitious ORV strategy paid off, leading to market share gains of 11 points in side-by-side and 4 points in ATV. We even extended our leadership position in personal watercraft and snowmobile with a gain of 2 and 9 points respectively.

事實上，與疫情之前相比，我們的市佔率增加了 6 個百分點。我們雄心勃勃的 ORV 策略獲得了成功，使我們在並排式車輛市場的份額增加了 11 個百分點，在 ATV 市場的份額增加了 4 個百分點。我們甚至在個人水上摩托車和雪地摩托車領域擴大了領先地位，分別增加了 2 分和 9 分。

The only area where we lost some ground is in 3-wheel vehicle as we face a tough comparable with pre-COVID being the first season of the [rye curve]. Even if fiscal '25 was a more difficult year, we continue applying the same formula that delivered these results. We pushed technology and introduced several key models across all our product lines to wow our consumers.

我們唯一有所損失的領域是三輪車，因為我們面臨著與疫情前第一季相比的嚴峻考驗。[黑麥曲線]。即使 25 財年是更艱難的一年，我們仍會繼續採用實現這些結果的相同公式。我們推動技術進步，並在所有產品線上推出了幾款關鍵型號，以令消費者驚嘆。

We grew our addressable market with the launch of the Can-Am electric motorcycle, we expanded the rollout of our modular design with the introduction of the new high CC ATV platform, and we stay true to our performance and innovation heritage, winning on the race track and being recognized by the industry with 17 design awards. With our momentum, we strongly believe that we are well positioned to benefit from a market rebound.

我們透過推出 Can-Am 電動摩托車擴大了目標市場，透過推出新的高 CC ATV 平台擴大了模組化設計的推廣，我們始終堅持性能和創新的傳統，在賽道上獲勝並獲得 17 項設計獎項，得到業界的認可。憑藉我們的發展勢頭，我們堅信我們已做好準備從市場反彈中獲益。

Now let's turn to slide 11 for a more detailed look at year-round products. Fourth-quarter revenue were down 17% to $1.1 billion, primarily due to the reduced shipment to rightsize our network inventory. At retail, Can-Am side-by-side was down about 10% due to the noncurrent unit dynamic compared to the industry, which was down low-single digit. Still fiscal '25 was our second best year ever at retail.

現在讓我們翻到第 11 張投影片來更詳細地了解全年產品。第四季營收下降 17% 至 11 億美元，主要原因是為調整網路庫存而減少了出貨量。在零售方面，由於單位動態變化不大，Can-Am 並排式卡車的銷售量與行業相比下降了約 10%，而行業銷售量則下降了低個位數。25 財年仍然是我們零售業史上第二好的一年。

We continue to experience strong demand for our high-end Defender cab gaining about 2 point of market share this year in the utilities segment.

我們的高端 Defender 駕駛艙繼續受到強勁需求，今年在公用事業領域的市佔率增加了約 2 個百分點。

ETV retail was also down about 10% for the same reason as side-by-side. However, we are well positioned with our new Outlander platform and gained over 2 points of market share in the mid-CC category in fiscal '25.

由於與並排式電視相同的原因，ETV 零售量也下降了約 10%。然而，憑藉新的 Outlander 平台，我們佔據了有利地位，並在 25 財年中型 CC 類別中獲得了超過 2 個百分點的市場份額。

This platform was also introduced last August across our high CC model, a significant upgrade in ATV. Looking at 3-wheel vehicle retail, was down about 30%, very early in the season. We remain optimistic about the upcoming season, given the positive response to the recently introduced Can-Am Canyon, which tapped into the growing adventure touring market.

去年 8 月，我們的高 CC 車型也推出了該平台，這是 ATV 的重大升級。從三輪車零售來看，在本季初期，銷量下降了約 30%。鑑於最近推出的 Can-Am Canyon 賽事獲得了積極的反響，我們對即將到來的賽季仍然持樂觀態度，該賽事打入了不斷增長的探險旅遊市場。

Turning to seasonal product on slide 12. Revenue were down 29% to $678 million, primarily reflecting reduced shipment. In counter-seasonal market, it was peak season for personal watercraft and Ski-Doo had a low teen percent decline in APAC, slightly outperforming the market that was down mid-teen percent.

前往投影片 12 上的季節性產品。營收下降 29% 至 6.78 億美元，主要原因是出貨量減少。在反季節市場中，正值個人水上摩托車的旺季，Ski-Doo 在亞太地區的銷售量下降了百分之十幾，略高於下降百分之十幾的市場。

Meanwhile, we continue to grow in Latin America, with retail up low single-digit percentage. As for North America, we are in the off season, but early indication from boat shows suggests more stable industry conditions compared to last year.

同時，我們在拉丁美洲持續成長，零售額成長率低於個位數。至於北美，我們正處於淡季，但船展的早期跡象表明，與去年相比，產業狀況更加穩定。

For snowmobile, retail was down low 30% in the quarter. When the season began, we had proportionately less non-current unit than our competitors, resulting in market share loss in North America as of the end of January.

對於雪地摩托車而言，本季零售額下降了 30% 左右。當季節開始時，我們的非流通股數量比例低於競爭對手，導致截至 1 月底我們在北美的市佔率有所損失。

In Scandinavia, we gained market share with retail down high single-digit percentage compared to an industry that was down low 20%. We introduced our new model 2026 in mid-February, and we are currently in the booking process. We strengthened our lineup by expanding the REV Gen 5 platform to additional model, having new features and providing better connectivity.

在斯堪的納維亞半島，我們的市場份額有所增加，但零售額下降了高個位數百分比，而整個行業的零售額下降了 20% 以下。我們在二月中旬推出了新款 2026 型，目前正在接受預訂。我們透過將 REV Gen 5 平台擴展到更多型號、增加新功能並提供更好的連接性來增強我們的產品線。

As this year was also challenging, we remain cautious with our upcoming production schedule to tightly manage inventory. Our new model, coupled with the fact that some players are exiting industry put us in a very good position to gain further share.

由於今年也充滿挑戰，我們對即將到來的生產計劃保持謹慎，以嚴格管理庫存。我們的新模式，加上一些參與者退出該行業的事實，使我們處於非常有利的地位，可以進一步獲得市場份額。

Moving on slide 13 for parts, accessories, and apparel and OEM engines. Revenue were down 1% to $293 million, primarily due to lower shipment of PA&A given softer industry trend. From a product standpoint, our ORV part business maintained its momentum, driven by ongoing usage of our growing vehicle fleet while accessory sales have been softer in line with retail.

前往第 13 張投影片，查看零件、配件、服裝和 OEM 引擎。營收下降 1% 至 2.93 億美元，主要原因是產業趨勢疲軟導致 PA&A 出貨量下降。從產品角度來看，我們的 ORV 零件業務保持了良好的發展勢頭，這得益於我們不斷增長的車隊的持續使用，而配件銷售則隨著零售量的下降而有所疲軟。

With that, I turn the call over to Sebastien.

說完，我把電話轉給了賽巴斯蒂安。

Thank you, Jose, and good morning, everyone. We completed fiscal '25 with another quarter of tight execution against our plan to deliver on our network inventory reduction target, all the while meeting our revised guidance for the year.

謝謝你，何塞，大家早安。我們完成了 25 財年，又一個季度嚴格執行了我們的計劃，實現了網路庫存減少目標，同時滿足了我們對今年的修訂指導。

Looking at the numbers for Q4. Revenues were down 20% to $2.1 billion, primarily due to the lower shipments and higher sales program. We generated $429 million in gross profit, representing a margin of 20.5%, down from last year, primarily due to the less efficient use of our assets given the lower production volumes, higher sales programs, and an unfavorable model mix. These were partly offset by favorable pricing.

查看第四季的數據。收入下降 20% 至 21 億美元，主要原因是出貨量下降和銷售計劃增加。我們的毛利為 4.29 億美元，利潤率為 20.5%，比去年有所下降，這主要是由於產量較低、銷售計劃較高以及車型組合不利導致我們的資產使用效率較低。這些損失被優惠的定價部分抵銷。

Our normalized EBITDA ended at $240 million and our normalized earnings per share at $0.98. From a cash flow perspective, we ended the year generating over $450 million of free cash flow from continuing operations, allowing us to sustain attractive returns of capital to our shareholders with $62 million in dividend payments and $215 million in share repurchases. From a balance sheet perspective, we closed fiscal '25 with $180 million of cash in a comfortable net leverage ratio of 2.6 times, providing us with the balance sheet flexibility as we navigate uncertain environment.

我們的標準化 EBITDA 最終達到 2.4 億美元，標準化每股盈餘達到 0.98 美元。從現金流角度來看，我們在年底從持續經營中產生了超過 4.5 億美元的自由現金流，這使我們能夠透過 6,200 萬美元的股息支付和 2.15 億美元的股票回購為股東帶來可觀的資本回報。從資產負債表的角度來看，我們在 25 財年結束時擁有 1.8 億美元現金，淨槓桿率為 2.6 倍，這為我們應對不確定的環境提供了資產負債表彈性。

All in all, while fiscal '25 was a challenging year from an industry dynamics perspective, I am pleased with our team's constant focus on the tight management of our expenses and cash generation, and their ability to unlock efficiencies throughout the business. It is these efforts that allow us to deliver results at the upper end of our revised guidance.

總而言之，雖然從行業動態角度來看，25 財年是充滿挑戰的一年，但我很高興看到我們的團隊始終專注於嚴格管理我們的費用和現金產生，並有能力提高整個業務的效率。正是這些努力使我們能夠取得修訂後的指導方針的上限成果。

Now turning to fiscal '26, starting with an update on the current tariff situation on slide 16. Like many North American companies, we have optimized our manufacturing footprint, supply chain over the years based on the free trade agreements between Canada, United States, and Mexico. As such, we currently have in the supply chain across all three countries. And consequently, the ongoing tariff disputes are impacting our business, our suppliers, and our customers. So far, this is a situation for BRP.

現在轉向 26 財年，首先從投影片 16 上的當前關稅狀況更新開始。與許多北美公司一樣，多年來我們根據加拿大、美國和墨西哥之間的自由貿易協定優化了我們的製造足跡和供應鏈。因此，我們目前已擁有覆蓋這三個國家的供應鏈。因此，持續的關稅爭端正在影響我們的業務、供應商和客戶。到目前為止，BRP 的情況就是這樣。

All of our vehicles produced in Canada and Mexico are US- and CA-compliant and are currently exempt from the 25% tariffs levied by the United States on these countries. We have limited exposure to imports from China into the US or from imports from US to Canada. And while we are impacted by US tariffs on steel and aluminum, the cost is relatively small as the exposure is mostly limited to our P&A business.

我們在加拿大和墨西哥生產的所有車輛均符合美國和加拿大的標準，目前免徵美國對這些國家徵收的 25% 關稅。我們對從中國進口到美國的商品以及從美國進口到加拿大的商品的接觸有限。雖然我們受到美國鋼鐵和鋁關稅的影響，但由於影響主要限於我們的P&A業務，因此成本相對較小。

So with what we know today, the tariffs that are currently in effect would have an estimated impact about $40 million on our business if they stay as is throughout the year. But as you all know, the situation remains very fluid, and we are continuously refining our assessment of the potential cost of these tariffs on our business. especially as it relates to potential impacts on our Tier 2 and Tier 3 suppliers.

因此，根據我們今天所了解的情況，如果目前實施的關稅全年保持不變，預計會對我們的業務造成約 4000 萬美元的影響。但眾所周知，情況仍然非常不穩定，我們正在不斷改進對這些關稅對我們業務的潛在成本的評估。尤其是因為它對我們的二級和三級供應商有潛在影響。

This brings us to the discussion about what to expect for FY26 on slide 17. As we already mentioned, with the disciplined execution of our plan throughout the past year, we started fiscal '26 in a stronger position, notably with leaner inventory levels, a cost structure that was rightsized for the current industry environment, and a greater focus on our core powersports business.

這引出了我們在第 17 張投影片上對 FY26 預期的討論。正如我們已經提到的，透過在過去一年中嚴格執行我們的計劃，我們在 26 財年開始時處於更有利的地位，特別是庫存水平更精簡，成本結構適合當前的行業環境，並且更加專注於我們的核心動力運動業務。

With that, we were well positioned to deliver some top-line growth, driven by improved ORV shipments with wholesales more closely matching retail, new product introduction, and partly offset by lower shipments of personal watercraft and snowmobiles to bring back our network inventory to a more normalized levels.

憑藉這一點，我們處於有利地位，可以實現一些營收成長，這得益於 ORV 出貨量的提高，批發量與零售量更加緊密地匹配，新產品的推出，而個人水上摩托車和雪地摩托車的出貨量下降則部分抵消了這一增長，從而使我們的網路庫存恢復到更正常的水平。

And we were poised to deliver some improvements in EBITDA margin driven by the increased shipments and lower sales program given that we are operating with leaner network inventory levels and a more efficient overhead structure following the optimizations we did in fiscal '25. These elements would be partly offset by a return of variable compensation and unfavorable foreign exchange variation.

由於我們在 25 財年進行了優化，現在網路庫存水準更加精簡，間接費用結構更加高效，因此，在出貨量增加和銷售計劃降低的推動下，我們的 EBITDA 利潤率有望有所提高。這些因素將被浮動薪酬的回報和不利的外匯變動部分抵銷。

Accounting for higher depreciation, financing costs and tax rate, our plan called for about $4.50 to $5 of normalized EPS for the year with tougher comparables in the first half of the year, notably expecting Q1 EPS to be about 70% on a continuing operation basis.

考慮到更高的折舊、融資成本和稅率，我們的計劃要求全年每股收益約為 4.50 至 5 美元，上半年的可比性更為嚴格，特別是預計第一季每股收益在持續經營基礎上約為 70%。

However, since the beginning of the year, with the ongoing tariff disputes and changing geopolitical dynamics, our operating and demand environment has become much less predictable. While we expect to be able to manage through the currently implemented tariffs, several more tariffs have been announced by different governments and we lack the necessary visibility as to the timing, nature, and extend the potential changes to trade regulations to fully assess the potential impact on our business.

然而，自今年年初以來，隨著關稅爭端的持續和地緣政治動態的變化，我們的經營和需求環境變得更加難以預測。雖然我們預計能夠應對目前實施的關稅，但不同政府已經宣布了更多關稅，我們缺乏對貿易法規潛在變化的時間、性質和範圍的必要了解，無法充分評估其對我們業務的潛在影響。

More importantly, we are seeing the uncertainty created by the situation starting to impact the economy and the consumer confidence, which makes it very difficult for us to properly forecast our industries and the demand for our products with the level of confidence we require.

更重要的是，我們看到情況造成的不確定性開始影響經濟和消費者信心，這使得我們很難以所需的信心水平正確預測我們的行業和對我們產品的需求。

In this context, we believe it would be inappropriate to issue guidance today, and we will therefore refrain from doing so. Still, we remain focused on tightly managing our business and making sure that we remain agile to rapidly adapt to any change in operating environment, all the while continuing to position our business to create long-term value for our shareholders. We look forward to returning to a more stable and predictable environment, enabling us to provide you with a clearer outlook for fiscal year '26.

在此背景下，我們認為今天發布指導意見並不合適，因此我們將避免這樣做。儘管如此，我們仍然專注於嚴格管理我們的業務，並確保我們保持敏捷以快速適應營運環境的任何變化，同時繼續定位我們的業務，為股東創造長期價值。我們期待恢復到一個更穩定和可預測的環境，這使我們能夠為您提供 26 財年更清晰的前景。

On that, I will turn the call over to Jose.

關於這一點，我將把電話轉給何塞。

Thank you, Sebastien. Fiscal '25 was a challenging year for the powersports industry. I am proud that we were the first OEM to reduce network inventory and more importantly, that we have achieved our initial objective. We have also outpaced the off-road market and current unit, which speaks highly about the appeal of our lineups.

謝謝你，賽巴斯蒂安。25 財年對於動力運動產業來說是充滿挑戰的一年。我很自豪我們是第一家減少網路庫存的OEM，更重要的是，我們已經實現了我們的初步目標。我們也超越了越野市場和現有單位，這充分說明了我們產品線的吸引力。

We finished the year on plan, despite uncertainty created by the threat of tarriff, which has further impacted consumer sentiment and market demand. We are used to dealing with changing trade roles and we have always succeeded in adapting to new tariffs.

儘管關稅威脅帶來了不確定性，進一步影響了消費者情緒和市場需求，但我們仍按計劃完成了今年的業績。我們習慣於應對不斷變化的貿易角色，我們總是能夠成功適應新的關稅。

However, if we have to deal with significant changes in regulation, such as a 25% tariff, we will need enough time to adjust our plan accordingly. For now, we are closely monitoring the situation and proactively implementing short-term mitigation measures. As we enter fiscal '26, we are encouraged by our solid market position.

然而，如果我們必須應對監管方面的重大變化，例如 25% 的關稅，我們將需要足夠的時間來相應地調整我們的計劃。目前，我們正在密切監測局勢並積極實施短期緩解措施。當我們進入26財年時，我們因穩固的市場地位而受到鼓舞。

From now on, doubling down on powersport will solidify our leadership while our strong product pipeline and passion for innovation will continue to set us apart. Our goal is to consistently wow consumers with market-shaping product and I can tell you that in fiscal '26, consumer won't be disappointed.

從現在開始，加倍投入動力運動將鞏固我們的領導地位，而我們強大的產品線和對創新的熱情將繼續使我們脫穎而出。我們的目標是不斷用塑造市場的產品讓消費者驚嘆，我可以告訴你，在 26 財年，消費者不會失望。

On that note, I turn the call over to the operator for questions.

就此而言，我將電話轉給接線員以回答問題。

(Operator Instructions) Sabahat Khan, RBC Capital Markets.

（操作員指示）Sabahat Khan，RBC Capital Markets。

Great. And thanks for the initial commentary on fiscal 2026. And as you think about your inventory that you outlined, what industry inventory backdrop and competitive pricing, et cetera are you taking into account when contemplating a situation where you could grow revenue potentially and margins? Do you feel the industry inventory broadly is in a good shape? Just reviews on the peers in the industry on that perspective.

偉大的。感謝您對 2026 財年的初步評論。當您考慮您列出的庫存時，在考慮可能增加收入和利潤的情況時，您會考慮哪些行業庫存背景和競爭性定價等？您是否認為產業庫存整體狀況良好？只是從這個角度對業內同行進行評估。

Well, if I go back 12 months, I think the industry expected a better outlook. And so that's why we are in a situation today where some OEM level a lot more inventory than we have. We proactively, as you might remember, beginning of last year, decided to reduce production and shipments to really manage the inventory levels.

嗯，如果回顧 12 個月，我認為產業預期前景會更好。這就是為什麼我們今天處於這樣的境地：一些 OEM 的庫存水準比我們高得多。您可能還記得，從去年年初開始，我們就主動決定減少產量和出貨量，以真正管理庫存水準。

And so for sure, we are starting the year in a much better position. However, not all of the OEMs are in a similar situation, and we're seeing higher noncurrent inventory from other OEMs. And so the expectation is that we would have another Q1 where noncurrent inventory would be in play from a market share perspective and that we were looking for more normalized levels of inventory starting in the back half of Q2 and into the second half of next year.

因此可以肯定的是，我們以更好的狀態開始新的一年。然而，並非所有 OEM 都處於類似情況，我們看到其他 OEM 的非現有庫存較高。因此，我們預計，從市場份額的角度來看，第一季非現有庫存將發揮作用，並且我們希望從第二季後半段到明年下半年，庫存水準將更加正常化。

Obviously, if the industry is softer, it will take a bit more time for other OEMs to liquidate that inventory and come out with more normalized levels. That may mean that we might see a bit more incentives in the second quarter and the second half of next year, but that's certainly something that we're used in navigating through and we'll adjust accordingly.

顯然，如果行業疲軟，其他 OEM 廠商將需要更多時間來清算庫存並達到更正常的水平。這可能意味著我們可能會在第二季和明年下半年看到更多的激勵措施，但這肯定是我們已經習慣的事情，我們會做出相應的調整。

And we believe that the things we did of rightsizing our inventory earlier was the right thing to do or and also for the business.

我們相信，我們之前調整庫存規模的做法是正確的，對企業也是如此。

Okay. Great. And then just the second one on your expectations for =production, CapEx, et cetera. Is that a bit more fluid at this point in the year? Just trying to get an understanding of this maybe benefited from a bit of inventory cleanup on the free cash flow side.

好的。偉大的。然後第二個是關於您對生產、資本支出等的期望。今年這個時候情況會變得更加不穩定嗎？只是想了解這一點，也許可以從自由現金流方面的一些庫存清理中受益。

Just your thoughts on how CapEx and/or cash flow could trend through the year. Thank you.

這只是您對資本支出和/或現金流全年趨勢的看法。謝謝。

Yeah. Well, what -- again, at the start of the year, we were expecting good solid free cash flow generation with, I guess, the elements I highlighted in my prepared remarks. Working capital is certainly something that we continue managing digilently, and it could be a minor tailwind for us. And from a CapEx perspective, ballpark, we should be slightly higher than where we were last year, again, with what we see to date.

是的。好吧，再說一次，在年初，我們預計會產生良好且穩定的自由現金流，我想，這些因素是我在準備好的發言中強調的。營運資金當然是我們持續努力管理的，它對我們來說可能是一個小小的順風。從資本支出的角度來看，大致而言，根據我們目前看到的情況，我們應該比去年的水平略高一些。

Most of that increase is actually coming from foreign exchange, US and euro rates are quite high compared to last year, and that's what's driving the CapEx variation. But again, we're nimble, we're flexible. And if things are more challenging, we'll obviously adapt our plans, but we remain very much aware of the situation.

大部分成長實際上來自外匯，與去年相比，美元和歐元的匯率相當高，這就是推動資本支出變化的原因。但同樣，我們很敏捷，很靈活。如果情況變得更具挑戰性，我們顯然會調整計劃，但我們仍然非常清楚情況。

Joe Altobello, Raymond James.

喬·阿爾托貝洛、雷蒙·詹姆斯。

I want to go back to the network inventory situation for a second. You mentioned in your slide deck that you think shipments in retail should be in better alignment here in fiscal '26. But would you still expect to take inventory out of the channel? It does sound like RV is in good shape, but PWC and snow probably a little bit heavy.

我想稍微回顧一下網路庫存狀況。您在投影片中提到，您認為 26 財年的零售出貨量應該會更協調。但您仍希望將庫存從渠道中撤出嗎？聽起來 RV 狀況良好，但 PWC 和雪可能有點重。

Good morning. Like you said, I think RV, we have reached our level and we are very comfortable with what we have. On watercraft, everything is in line to achieve. Obviously, if the retail is on plan to achieve a good level of entry at the end of the model year, the existing material season that end in the fall.

早安.就像你說的，我認為 RV，我們已經達到了我們的水平，我們對我們所擁有的感到非常滿意。在船上，一切都井然有序。顯然，如果零售計劃在車型年末達到良好的進入水平，那麼現有的材料季節將在秋季結束。

And on this, we were cautious on production to make sure that we would end up in good shape. And on snowmobile, to be honest, February and March was good retail better than what typically we do because of the late snow, then it will be lower than last year, but still too high, and we are cautious on how many snow we will produce in model year this fiscal year to make sure we hand the inventory in good shape next year.

對此，我們在生產上非常謹慎，以確保最終能夠取得良好的效果。至於雪地摩托車，說實話，由於降雪較晚，二月和三月的零售情況比往年要好，雖然今年的銷量會低於去年，但仍然過高，而且我們對本財年車型的降雪量持謹慎態度，以確保明年能夠以良好的狀態交付庫存。

Then overall, we have very good progress in all product line. Watercraft is on plan. Snowmobile is behind because of the late snow.

整體而言，我們所有產品線都取得了非常好的進展。船隻正在計劃中。由於降雪較晚，雪地摩托車落後了。

Got it. Okay. Helpful. And just to go back to a comment you made earlier said about the $4.50 to $5 outlook for '26. Correct me if I'm wrong, but it sounds like that was more of your assumption three months ago since then obviously situation of -- and so the $40 million you mentioned earlier is sort of incremental to that and then maybe some demand impact.

知道了。好的。很有幫助。回到您之前關於 26 年 4.50 美元至 5 美元前景的評論。如果我錯了，請糾正我，但這聽起來更像是你三個月前的假設，從那時起顯然情況就是這樣 - 所以你之前提到的 4000 萬美元對此是一種增量，然後可能會對需求產生一些影響。

Is that how we should think about that number?

我們應該這樣看待這個數字嗎？

Yeah, that's how you should think of it. And as you mentioned and you made, obviously, since the beginning of the year, obviously, consumer demand has also softened and that would have obviously impacted any guidance that we -- if we would have issued any guidance today. So it does not include the $40 million headwind and obviously, does not include the softness in expected consumer demand.

是的，你應該這麼想。正如您所提到的，顯然，自今年年初以來，消費者需求顯然也有所減弱，這顯然會影響我們的任何指導——如果我們今天發布任何指導的話。因此，它不包括 4000 萬美元的逆風，顯然也不包括預期消費者需求的疲軟。

And maybe if I can add if I can add on, Sebastien. And this is a measure we want to complete. Basically, we -- our plan in H2 was very well executed, and we're on plan all second half of the year, and we were on plan for fiscal year '26 before the tariff situation. Then this is basically a message we want to make sure that the investor understand.

也許我可以補充一下，賽巴斯蒂安。這是我們想要完成的措施。基本上，我們下半年的計劃執行得非常好，整個下半年我們都在按照計劃進行，在關稅情況出現之前，26財年的計劃也都在按照計劃進行。那麼這基本上就是我們希望確保投資者理解的訊息。

Craig Kennison, Baird.

克雷格·肯尼森，貝爾德。

Just to follow up on the non-current inventory situation across the industry. Will that be an overhang in fiscal '26? And would you therefore expect to continue to lose share until that is complete?

只是為了跟進整個行業的非當前庫存情況。這是否會對 26 財年造成影響？那麼，您是否預計在完成此目標之前，市佔率將繼續下降？

Good morning, Craig. I mean, right now, if we look at the -- some OEMs still have too much inventory I give you an example in ORV. And again, this is coming from [CD data]. It's a tool to manage in and out at dealer level. But on ORV, I mean, some OEMs still have 50% of non-current inventory at this time of the year, which is too high.

早安，克雷格。我的意思是，現在，如果我們看一下——一些 OEM 仍然有太多庫存，我給你一個 ORV 的例子。再次強調，這是[CD數據]。這是經銷商層級進出的管理工具。但就 ORV 而言，我的意思是，一些 OEM 在每年的這個時候仍然有 50% 的非現有庫存，這個比例太高了。

Then we believe like Sebastien said, that this -- if the retail hold this we normalize at the end of Q1 or early Q2, but we feel confident for the second half of the year.

然後我們相信，就像塞巴斯蒂安所說的那樣，如果零售業保持這種狀態，我們將在第一季末或第二季初實現正常化，但我們對今年下半年充滿信心。

And to your question, Craig, yes. So market share challenges in the first half of the year are expected on our front.

對於你的問題，克雷格，答案是肯定的。因此，我們預計上半年的市場份額將面臨挑戰。

And then with respect to the $200 million in cost savings that you have identified, how will that impact the income statement as you think about fiscal '26 and beyond? Is that something where you'd give price back to consumer or will some of that flow to the bottom line?

那麼，關於您所確定的 2 億美元成本節約，當您考慮 26 財年及以後的損益表時，這將如何影響？您是否會將價格返還給消費者，還是將其中一部分回流到利潤中？

Well, obviously, we're operating in an environment where production is not at the level where we want it to be where the industries are softer and so it's not something that automatically flow through as price reduction. We want to generate profitability. We wanted to raise free cash flow. So that's something that we will try to protect as much as possible.

嗯，顯然，我們所處的環境中的生產水平還沒有達到我們想要的水平，行業比較疲軟，所以降價不會自動帶來影響。我們希望實現盈利。我們希望提高自由現金流。所以我們會盡力保護它。

But again, we'll remain flexible based on what the industry dynamics are and what the promotional environment is to make sure that our products remain competitive for the consumers for the dealers as well and that we're able to win the market share battle as well and for the innovation that we have.

但同樣，我們將根據行業動態和促銷環境保持靈活性，以確保我們的產品對消費者和經銷商都保持競爭力，並且我們能夠贏得市場份額之戰以及我們的創新。

Martin Landry, Stifel.

馬丁·蘭德里 (Martin Landry)，Stifel。

Lots of headwinds and lots of parts. But if we focus on retail demand, I'd like to understand a little bit how you view the industry at retail in North America evolved this year?

有很多阻力和很多部分。但如果我們專注於零售需求，我想了解您如何看待今年北美零售業的發展？

Good morning. If you look at some -- obviously, some consumer highlight, basically, new entrants right now are at the same level than pre-COVID. And retail on the high-end product is quite good. It's touching more the entry-level product or recreational product.

早安.如果你看一下——顯然，一些消費者的亮點，基本上，目前的新進入者與 COVID 之前的水平相同。高端產品的零售情況相當不錯。它更多地涉及入門級產品或娛樂產品。

Then I'll give you an example, in some product lines like the -- all our intra-level product, that's part the [Ryker] and the switch are down about 30%. On the other hand, the Defender cab is up, then this is basically what we see.

然後我給你舉個例子，在一些產品線中，像是我們所有的內部產品，也就是 [Ryker] 和交換器的部分，下降了約 30%。另一方面，如果 Defender 的駕駛室向上，那麼這基本上就是我們所看到的。

Same trend than what we've told you in Q3 and Q4 -- in Q3, sorry. But this is the dynamic that we see. The inflation, the high interest rates are affecting more the customer for entry-level product and the high end is doing quite well. Obviously, because of our noncurrent position, we're losing some share in the [non-current]. But on the other hand, we're very happy of the momentum we have in the current category.

與我們在第三季和第四季告訴您的趨勢相同 - 抱歉，是在第三季。但這就是我們所看到的動態。通貨膨脹、高利率對入門級產品的客戶影響較大，而高階產品的表現則相當不錯。顯然，由於我們目前的處境，我們正在失去一些市場份額[非當前]。但另一方面，我們對當前類別中的勢頭感到非常高興。

But your statement Martin is as you mentioned, the situation is obviously evolving, and it's tough to read. And that's the reason why today, it's difficult for us to have a evaluation of what the true industry demand is and provide guidance. I'm looking at the February numbers. The retail is choppy. I'm looking at ORV retail down in the mid-teens for there are industry in February only.

但馬丁，正如你提到的那樣，你的聲明是，情況顯然在不斷變化，而且很難解讀。這就是為什麼今天我們很難評估真正的產業需求並提供指導。我正在查看二月份的數據。零售業不穩定。我看到 ORV 零售額下降到了十幾歲左右，因為只有二月才有行業。

And so how is that going to trend going forward? And again, it's very difficult to call.

那麼未來的趨勢會如何呢？再次強調，這非常難以打電話。

Okay. And just a follow-up to that. You're seeing that high-end products are selling well and value or entry price products are a little soft. So does that mean when you talk about your potential for top-line growth, does that mean from volume-price standpoint, volumes could be down year-over-year and price up?

好的。這只是對此的後續行動。您會發現高端產品銷售良好，而價值或入門價產品則有些疲軟。那麼，這是否意味著，當您談論營業收入成長潛力時，從銷售價格的角度來看，銷售量可能會比去年同期下降，而價格可能會上漲？

Potentially, yes. Again, based on today, the difficulty in forecasting the industry, that is a potential scenario.

是的，有可能。再次，基於今天預測行業的難度，這是一個潛在的情況。

Robin Farley, UBS.

瑞銀的羅賓法利。

Great. Just trying to address a little bit more. I know you mentioned that previously, you would have guided to the $4.50 to $5 range both for the $40 million headwind from tariffs and retail softening. Can you quantify what you -- I guess, what that $4.50 to $5 would have assumed what in industry retail overall and for RV? And maybe you sort of aren't ready to quantify where you see that now, but just wanting to think about how your retail expectation has changed?

偉大的。只是想解決更多一點的問題。我知道您之前提到過，對於關稅和零售疲軟帶來的 4000 萬美元逆風，您會將價格控制在 4.50 美元至 5 美元的範圍內。您能否量化一下——我猜，4.50 美元到 5 美元對於整個行業零售和 RV 來說意味著什麼？也許您還沒準備好量化您現在所看到的情況，只是想想您的零售預期發生了怎樣的變化？

Yeah. The assumption assumed a relatively flat industry outlook. But obviously, we were lapping a year where we did a significant inventory correction in special RV. And so we would have had retail matching wholesale in fiscal '26, which I've provided for, obviously, volume growth on our end and also new product introductions, which are expected to be very well received from the consumers. So that was the -- our initial assumption at the start of the year before all of this take place.

是的。此假設認為產業前景相對平穩。但顯然，我們在這一年對特殊 RV 進行了重大庫存調整。因此，我們在 26 財年將實現零售額與批發額的匹配，這顯然是為了實現我們的銷售成長以及新產品的推出，預計這些新產品將受到消費者的熱烈歡迎。所以，這就是我們在年初這一切發生之前的最初假設。

And now your assumption would be for industry retail to be --

現在你的假設是行業零售--

The assumption is no guidance. It's difficult to call. It's been choppy and obviously, with the uncertainty created by all of this, the consumers are holding back. You could've expected consumers to buy these goods because if there is tariffscoming on, there's going to be surcharges that are going to be applied.

該假設沒有任何指導意義。打電話很困難。市場一直動盪不安，顯然，由於這一切造成的不確定性，消費者正在猶豫不決。你可以預料到消費者會購買這些商品，因為一旦徵收關稅，就會產生附加費。

And so technically, these goods are more affordable today than they might be in six months. But again, that uncertainty is a bigger overhang than the potential opportunity of buying a product with no tariffs today. So it's a lot about how the consumer is feeling.

因此從技術上講，這些商品現在的價格比六個月後更便宜。但同樣，這種不確定性比今天購買無關稅產品的潛在機會更為嚴重。所以很大程度取決於消費者的感受。

And then just for my follow-up, you mentioned you've taken some mitigating actions. Is there some amount of inventory that you've manufactured that you have across the border are able to get across by April 2, so that you could continue to have inventory go to dealers without tariffs for some period of time. I don't know if you can quantify any days sales outstanding or thinking about what amount of inventory you've maybe been able to move in anticipation of potential further tariff action?

然後，為了我的後續問題，您提到您已經採取了一些緩解措施。你們生產的跨境庫存中是否有一定數量能夠在 4 月 2 日之前運出，以便你們能夠在一段時間內繼續以無關稅的方式向經銷商提供庫存。我不知道您是否可以量化未清庫存天數，或者考慮一下在預期可能採取進一步關稅行動的情況下您可能能夠轉移多少庫存？

Yeah. When all this tariff discussion started back in December last year, we even rented some warehouse in the United States to give us additional capacity. And right now, every product that is produced to be shipped to the United States even if -- it's too early to ship them to the dealers, we cross the borders and our warehouse that we have in US are always full. We're maximizing everything we can for product, but also for parts and accessories.

是的。當去年 12 月開始討論關稅問題時，我們甚至在美國租了一些倉庫來增加產能。現在，即使生產出來的每件產品都要運往美國，現在運送給經銷商還為時過早，我們也要跨越邊境，而且我們在美國的倉庫也總是滿的。我們正在盡最大努力提高產品，同時也提高零件和配件的品質。

Then this is what we're doing right now. And it's difficult for us to quantify, but I would say we probably have a month of inventory altogether. That is the other side of the border.

這就是我們現在正在做的事情。雖然我們很難量化，但我想說我們總共可能有一個月的庫存。那是邊界的另一邊。

And also, we need to remember that our dealers also have inventory in their yards. And so if something would be announced, we don't necessarily need the knee-jerk. We can see how things will evolve. And as we've seen in the past, things sometimes change after a few days.

而且，我們還需要記住，我們的經銷商在他們的院子裡也有庫存。因此，如果有任何消息要宣布，我們不一定需要做出下意識的反應。我們可以看到事情將如何發展。正如我們過去所見，情況有時會在幾天後發生變化。

And so we're not forced to ship units every day, and that's, I think, a positive thing about our business that we can see where things are going to trend towards before making more midterm to long-term decisions.

因此，我們不必每天發貨，我認為這對我們的業務來說是一件好事，我們可以在做出更多中期或長期決策之前了解事情的發展趨勢。

James Hardiman, Citi Group.

花旗集團的詹姆斯哈迪曼。

This is Sean Wagner on for James. Just kind of -- you touched on February retail trends. Is there any color you can give on March month-to-date retail trends?

這是肖恩·瓦格納 (Sean Wagner) 代替詹姆斯上場。只是—您提到了二月的零售趨勢。您能透露一下三月迄今的零售趨勢嗎？

We're seeing the same elements. Retail is still softer than what we would have expected three months ago. So again, there's still the uncertainty around what's going to happen on April 2. And I think that is influencing consumer behavior.

我們看到了相同的元素。零售業仍然比我們三個月前的預期要疲軟。所以，4 月 2 日會發生什麼事仍然存在不確定性。我認為這正在影響消費者行為。

Okay. That's fair. And I guess if we take the incremental $40 million of tariff costs as sort of a base case scenario, are you even considering what the size of worst-case scenario might be? Or I guess, excluding tariffs, you had about 50 bps of improvement in OpEx year-over-year in your last till flooding the incremental $40 million what you would be targeting? Or were there other moving parts since your last report that maybe change that thinking?

好的。這很公平。我想，如果我們將增加的 4000 萬美元關稅成本作為基本情況，您是否考慮過最壞情況的規模會是多少？或者我猜，不包括關稅，您上次的營運支出同比提高了約 50 個基點，從而達到了您所設定的 4000 萬美元增量目標？或者自您上次報告以來，是否存在其他可能改變這種想法的變化因素？

Well, again, we've -- the situation obviously is always changing. We try to be -- we obviously follow it closely. And today, what I can tell you is what we know today is $40 million. Obviously, I'm wondering if I can give you an appreciation of what it could mean for BRP. And obviously, the US market is a big market for us. 60% of our revenues come from the US. And most of what we sell to the US originates from either Mexico or Canada.

嗯，再說一次，情況顯然總是在改變。我們盡力——我們顯然會密切關注它。今天，我可以告訴你們的是，我們今天知道的數字是 4000 萬美元。顯然，我想知道我是否可以讓您了解這對 BRP 意味著什麼。顯然，美國市場對我們來說是一個龐大的市場。我們60%的收入來自美國。我們向美國銷售的大部分產品都來自墨西哥或加拿大。

And so it could have a sizable impact if tariffs were imposed on all goods crossing the border. But as we've always said, I mean our supply chain and the supply chain of many, many industries have been optimized over the last 25 years, leveraging these three trade agreements. So if you were to do a dramatic shift overnight, it would be extremely disruptful for a lot of companies and the economy and so for us, that is not a scenario which we believe is viable in the long term.

因此，如果對所有跨境商品徵收關稅，可能會產生相當大的影響。但正如我們一直所說的那樣，我們的供應鏈以及許多行業的供應鏈在過去 25 年裡都透過這三項貿易協定得到了優化。因此，如果一夜之間發生巨大轉變，將會對許多公司和經濟造成極大的破壞，因此對我們來說，我們認為這種情況從長遠來看是不可行的。

Can there be changes to the USMCA agreement? I think, yeah, that's a very likely probability and it's scheduled to be renegotiated in a little over 12 months. So maybe that is where we go. And as they've done during the last time when there were changes to the USMCA agreement, there was a transition period that was put in place to allow companies to adjust.

USMCA 協議可以修改嗎？我認為，是的，這是非常有可能的，並且計劃在 12 個月多一點的時間內重新進行談判。所以也許這就是我們要去的地方。正如上次 USMCA 協議修改時所做的那樣，他們設立了一個過渡期，以便企業進行調整。

And we've always been flexible and adapted our operations to make sure that we leverage the new rules as they come in place. So that's how we see it.

我們始終保持靈活性並調整我們的運營，以確保我們能夠利用新規則。這就是我們的看法。

Xian Siew, BNP Paribas.

法國巴黎銀行的 Xian Siew。

On the current versus non-current inventory mix, helpful that you mentioned, what you think some of the competitors are at. But could you maybe give us a sense of how your inventory mixes current versus non-current and how that compares to maybe pre-COVID, FY20?

關於目前與非當前庫存組合，您提到的一些競爭對手的情況很有幫助。但是，您能否讓我們了解一下您的庫存是如何混合現有庫存和非現有庫存的，以及與 COVID 之前的 20 財年相比如何？

Yeah. When I look at where we were on January and if I look at just ORV, only a third of my inventory was non-current and so the rest was current, which obviously is very good compared to what the numbers Boisjoli mentioned to you. And I would say it's pretty much in line, even better than when we were pre-COVID. We actually purposefully reduced inventory and so that has the benefit of reducing noncurrent inventory.

是的。當我查看 1 月份的情況時，如果我只查看 ORV，就會發現只有三分之一的庫存是非當前的，其餘的都是當前的，與 Boisjoli 向您提到的數字相比，這顯然非常好。我想說，情況基本上符合預期，甚至比新冠疫情前還要好。我們實際上有意減少了庫存，這有利於減少非現有庫存。

So that's where we are for noncurrent only and for seasonal business, we're a bit higher because we've just ended the season and snowmobile was a tougher season versus the season we had versus pre-COVID. So trending a bit higher on snowmobile, but in a very good position on ORV with 30% of our inventory being non-current.

這就是我們現在的非經常性業務和季節性業務的情況，我們的水平要高一些，因為我們剛剛結束了這個季節，與疫情之前的季節相比，雪地摩托車季節更加艱難。因此，雪地摩托車的趨勢略高，但 ORV 的趨勢非常好，我們的庫存中有 30% 是非當前的。

Okay. Very helpful. And then on snow, it sounds like you're planning some reduction in shipments. Maybe could you help us think about how big of an impact that could be to the top line? Or maybe remind us how big snow is within your seasonal?

好的。非常有幫助。關於降雪，聽起來您計劃減少一些發貨量。也許您可以幫助我們思考這對營業額會有多大的影響？或者也許提醒我們您所在季節的雪有多大？

Yeah. I'd say snow business is probably going to be similar to the snow season we had last year. And so fiscal year '25 for us was not a good snow season from a wholesale perspective because we reduced shipments off a tough season. So the expectation for next year is we'll have similar deliveries as we had in fiscal year '25, correcting inventory on the average.

是的。我想說雪生意可能跟去年的雪季類似。因此，從批發角度來看，25 財年對我們來說不是一個好的雪季，因為我們在艱難的季節減少了出貨量。因此，我們預計明年的交付量將與 25 財年類似，平均庫存將得到修正。

Jonathan Goldman, Scotiabank.

加拿大豐業銀行的喬納森‧戈德曼。

I just wanted to circle back to some of the slides you provided the potential for top-line growth and potential for margin improvement. On the top-line growth, you talked about better alignment of retail and wholesale and ROV and destocking and you discussed earlier, potential for share shifts. So what would be the underlying assumptions that would drive the top-line growth?

我只是想回到您提供的一些幻燈片中，關於營業額成長的潛力和利潤率提高的潛力。關於營業收入成長，您談到了零售和批發、ROV 和去庫存的更好協調，並且您之前還討論了份額轉移的可能性。那麼，推動營業額成長的基本假設是什麼呢？

Well, the underlying assumption that would allow top-line growth is -- the first one is ORV deliveries where wholesale et cetera aligned with retail, we did a significant adjustment to inventory, 19% reduction in ROV and inventory reduction this year. Obviously, that means that you're shipping much less into the network than you're retailing. So that's the number one.

嗯，實現營收成長的基本假設是——第一個是 ORV 交付，批發等與零售保持一致，我們對庫存進行了重大調整，今年 ROV 減少了 19%，庫存也減少了。顯然，這意味著您運送到網路的數量比零售的數量要少得多。這就是第一點。

The other element, which is not on slide 16, but it's the introduction of new products this year which we believe will -- in the back half of the year, which will drive wholesale deliveries and new revenue, because the dealers and the consumers will want these products in the showroom and in their yards. And that would be somewhat offset by the adjustment of inventory for seasonal business.

另一個因素不在第 16 張投影片上，而是今年推出的新產品，我們相信這將在下半年推動批發交付和新收入，因為經銷商和消費者都希望在展廳和院子裡看到這些產品。而這在一定程度上會因季節性業務的庫存調整而被抵銷。

There's also a pricing increase, obviously, and we believe that the overall promotional environment will be better for us in '26 than it would have been in '25 because of less non-current inventory that we need to deplete.

顯然，價格也會上漲，我們相信，由於我們需要消耗的非現有庫存減少，26 年的整體促銷環境將比 25 年更好。

Okay. But just circling back maybe on the pricing discussion, the margin improvement driven by lower sales programs, given the consumer headwinds you've called out of the aggressive promo from other OEMs that maybe weren't as proactive destocking noncurrents. Why would industry or your promo be down or even flat this year?

好的。但是，回到定價討論，考慮到您所說的消費者逆風，利潤率的提高是由較低的銷售計劃推動的，而其他原始設備製造商的積極促銷可能並不像您那樣積極主動地去庫存。為什麼今年業界或您的促銷活動會下滑甚至持平？

Well, the -- there's two things. One is we have less noncurrent inventory to liquidate. So that means you don't necessarily need to have the same level of promotion on your non-core inventory. Yes, OEMs would need to liquidate the non-current inventory, and that's why we said we would expect to lose market share in the first half of the year.

嗯，有兩件事。一是我們需要清算的非流動庫存減少了。這意味著您不一定需要對非核心庫存進行相同程度的促銷。是的，OEM 需要清算非流動庫存，這就是我們說預計上半年會失去市場份額的原因。

And then in the back half of the year, once the OEM in the industry has corrected their inventory situation, we'd be operating in a more normal environment in the back half of the year. But again, these were the assumptions that we had at the beginning of the year. And so we'll see how the industry is trending, and we'll adapt accordingly.

然後在下半年，一旦行業中的 OEM 糾正了他們的庫存狀況，我們將在下半年在更正常的環境中運作。但同樣，這些都是我們年初做出的假設。因此，我們將觀察行業趨勢，並做出相應調整。

Cameron Doerksen, National Bank Financial.

卡梅倫‧多爾克森 (Cameron Doerksen)，國家銀行金融。

Just a question, I guess, on the supply chain. I mean you mentioned the $40 million, I guess, tariff impact so far. I presume that most of that is related to the steel aluminum tariffs. Maybe there's a little bit of China exposure there. I'm just wondering if just on that portion of what we announced so far, are there anything you can -- is there anything you can do to adjust your supply chain to mitigate that over time?

我想這只是一個關於供應鏈的問題。我的意思是，您提到了迄今為止 4000 萬美元的關稅影響。我推測大部分與鋼鐵鋁關稅有關。那裡可能存在一些有關中國的曝光。我只是想知道，就我們目前宣布的這部分內容而言，您是否可以採取任何措施——是否可以採取任何措施來調整您的供應鏈，以隨著時間的推移緩解這種情況？

Yes, for sure. We've been dealing with tariff all our life, and we are used to adapt to roles. What is difficult this time is the role are not clear and they're changing all the time. And there is no lead time. Then the point is we need clear role, stability and lead time, and we'll -- we've done that a lot of time and we will adapt going forward.

是的，當然。我們一生都在與關稅打交道，我們已經習慣了適應角色。這次的困難是角色不明確，而且一直在改變。並且沒有交貨時間。那麼重點是我們需要明確的角色、穩定性和前置時間，而且我們已經做了很多次了，我們將在未來進行調整。

Right now, the $40 million is an estimation. I think we can work on it to reduce, but we don't know if there is another rule that will happen in a month. Then this is the difficulty. The $40 million is our best estimate at this point with what we know. And obviously, we'll continue to work on ways to mitigate it.

目前，4000 萬美元只是一個估計值。我認為我們可以努力減少這種情況，但我們不知道一個月後是否會有另一條規則出台。那麼這就是困難所在。根據我們目前所知，4000 萬美元是我們的最佳估計。顯然，我們將繼續努力尋找緩解這一問題的方法。

Okay. Fair enough, a lot of uncertainty out there. And just for a follow-up, just on the, I guess, the dealer inventory finance, I know you've been providing a fair amount of support there for the dealers on that front. Now that the deal inventory, at least for your products is down to a more normalized level. How do you expect that, that financing support is going to trend over the next 12 months?

好的。公平地說，存在著許多不確定性。只是為了後續問題，我想，就經銷商庫存融資而言，我知道您在這方面為經銷商提供了相當多的支持。現在，至少對於您的產品而言，交易庫存已降至更正常的水平。您預計未來 12 個月的融資支援趨勢如何？

Well, there's -- for us they'll obviously be a positive when I look at what we've invested in fiscal year '25 versus pre-COVID plan financing was about 1.6% of our revenues compared to 1% in fiscal year '20. And today, what I see in my [pick-me] floor plan to be relatively as a percentage of revenue similar to what we had in fiscal year '20.

嗯，對我們來說，當我查看我們在 25 財年的投資情況時，這顯然是積極的，而新冠疫情之前，計劃融資約占我們收入的 1.6%，而 20 財年為 1%。今天，我在我的[挑選]平面圖上看到的佔收入的百分比與我們 20 財年的水平相對相似。

Obviously, the leaner inventory will certainly help and the more rapid liquidation from the dealers as well without leaner inventory is another factor.

顯然，精簡庫存肯定會有所幫助，而經銷商在沒有精簡庫存的情況下更快地清算庫存也是另一個因素。

Luke Hannan, Canaccord Genuity.

盧克漢南 (Luke Hannan)，Canaccord Genuity。

I wanted to follow up on the earlier line of questioning on the staging of inventory. I know that, that was in response to the discussion around the tariff uncertainty and perhaps moving inventory around in advance of these tariffs being imposed.

我想繼續回答之前關於庫存分階段的問題。我知道，這是對有關關稅不確定性的討論的回應，也許是在徵收關稅之前轉移庫存。

But I wonder if the experience that the dealers have had over the course of the last several years now has given any thought and perhaps yourselves, any thought as to, I guess, helping to stage inventory a little bit more thoughtfully, we'll call it moving forward as to make sure there's less inventory on their lots going forward, less of a burden from a floor plan perspective.

但我想知道，過去幾年經銷商的經驗是否已經給了我們任何想法，也許你們自己也想過，幫助更周到地安排庫存，我們稱之為向前邁進，以確保今後他們的地段庫存更少，從平面圖的角度來看負擔更少。

Curious to know if you've had any discussions there and what your thoughts are absent, of course, it's going on with tariffs.

我很好奇，想知道你們是否在那裡進行過任何討論，以及你們的想法中缺少什麼，當然，這是與關稅有關的。

Obviously, with the high interest rate that we had in the last few years, a dealer are extremely sensitive to inventory. And that's why on the year-round product off-road, particularly where we take order every month for what will be shipped in three months. It's a discussion that is a lot more detail with dealers than it used to be.

顯然，由於過去幾年利率較高，經銷商對庫存極為敏感。這就是為什麼我們全年都會生產越野產品，特別是我們每個月都會接受將在三個月內發貨的訂單。與經銷商的討論比以前更詳細。

Then for sure and when the seasonal product like we're doing the booking right now in snowmobile for production that will happen this spring and summer, it will be for sure discussion with the dealer. And the dealer don't -- typically don't -- they make less profit selling noncurrent and obviously, the high interest rate, then they are extremely cautious about what they will order.

那麼可以肯定的是，當季節性產品（例如我們現在預訂的雪地摩托車將於今年春季和夏季生產）時，肯定會與經銷商進行討論。而經銷商通常不會透過出售非活期債券賺取較少的利潤，而且顯然利率很高，因此他們對訂購的東西非常謹慎。

And I think overall, this is -- this will be healthy for the industry mid- to long-term.

我認為總體而言，這對於中長期行業來說是健康的。

Okay. And then for my follow-up here. Jose, you mentioned that the early read from the boat shows was showing more stable industry conditions. Just curious what data points are you looking at there? Is it registrations primarily? Or is there other information that's informing that?

好的。然後我在這裡進行後續跟進。何塞，您提到，船展的早期數據顯示產業狀況更加穩定。只是好奇您在那裡查看什麼數據點？主要是指註冊嗎？或者有其他資訊可以說明這一點嗎？

Yeah. Boat show, it's always difficult to get statistics from boat show because customers go to the boat show, dealer meet them. And it's very difficult to get what is signed at the boat show or what will be signed in the following weeks. But what we're hearing from dealers last year -- last year, dealers -- boat show were very good in certain area and bad in other areas. This year, it was more consistent across North America.

是的。船展，從船展取得統計數據總是很困難，因為客戶會去船展，經銷商會見他們。並且很難知道在船展上簽署了什麼協議或在接下來的幾週內將簽署什麼協議。但我們從去年經銷商那裡聽說——去年，經銷商——船展在某些地區非常好，在其他地區則很糟糕。今年，北美各地的情況更加一致。

Then what we're hearing, the dealers are quite happy with the boat show booking or the boat show sales. And even right now, we are on tour, on off-road and the tendency, the interest for the product is there. Then like we've said many times, we feel good about the beginning of the year, and I think a lot of customers are on the expense. We think to better understand what will happen with the tariff and the global economy.

我們聽到的是，經銷商對船展預訂或船展銷售非常滿意。即使是現在，我們也在巡迴演出、越野，而且趨勢是，對產品的興趣仍然存在。就像我們多次說過的那樣，我們對今年年初感到很滿意，而且我認為很多顧客都為此付出了代價。我們想更了解關稅和全球經濟將會發生什麼。

Jamie Katz, Morningstar.

晨星公司的傑米‧卡茨 (Jamie Katz)。

I want to frame profit growth in a different way. Are you -- do you guys have a level of sales where you really start to see the absorption pickup and lend to operating margin expansion? Is it something like low single-digit growth, mid-single-digit growth? Can you just put a size around that for us?

我想用不同的方式來建構利潤成長。你們的銷售水準是否真的開始看到吸收率的回升並有助於營業利潤率的擴大？是低個位數成長還是中等個位數成長？您能為我們確定一下尺寸嗎？

Well, this year, fiscal '25, we were operating our plans probably at, let's say, 55% utilization, which is obviously suboptimal. Every unit med is contributing -- we'll call it, direct margin or call it, revenue minus variable costs to the bottom line. And so they're all extremely profitable. And so any volume increase is beneficial for us and more than what you're currently reporting at a profit margin or gross margin. So that's the obvious set of our business.

嗯，今年，也就是 25 財年，我們的計畫執行率大概是 55%，這顯然不是最理想的。每個單位的醫療都在為底線做出貢獻——我們稱之為直接利潤，或稱之為收入減去變動成本。因此它們都利潤豐厚。因此，任何銷量的成長對我們來說都是有利的，而且比您目前報告的利潤率或毛利率還要高。這就是我們業務的明顯特徵。

Yes, there's certain level of fixed costs. We still can be profitable even running with 55% asset utilization. But as we increase every percentage point of asset utilization is exponentials of revenue growth that we could get.

是的，有一定程度的固定成本。即使資產利用率為55%，我們仍然可以獲利。但隨著我們資產利用率的每一個百分點的提高，我們的收入成長都是指數級的。

So anything positive would be good is what it sounds like?

那麼，任何正面的事情都是好的，對嗎？

Yes.

是的。

And then you talk a little bit about how you guys are thinking about your capital allocation priorities this year and where that spend is going to? Thanks.

然後可以稍微談談你們如何考慮今年的資本配置重點以及這些支出將用於何處嗎？謝謝。

Well, the number-one priority continues to be the product, the innovation. This is what fuels demand, fuels interest in the consumer, fuel engagement. And so that's why we're continuing to invest. And we have an exciting year of product introductions coming up. And we'll continue focusing on that and protecting this.

嗯，首要任務仍然是產品和創新。這就是刺激需求、刺激消費者興趣、刺激參與的原因。這就是我們繼續投資的原因。我們即將迎來令人興奮的產品發布年。我們將繼續關注這一點並保護這一點。

The other LIC, we want to distribute capital to shareholders with the dividend. And so we're modestly increasing the dividend this year. We still have $3.3 million of shares that we can buy back under the NCIB program. And so that is certainly an opportunity that we would like to tap in. But obviously, you'll understand here in context we prefer protecting the flexibility of our balance sheet.

另一家 LIC，我們希望透過股利向股東分配資本。因此，我們今年將適度增加股利。我們仍有價值 330 萬美元的股票可以根據 NCIB 計劃回購。所以這無疑是我們想要利用的一個機會。但顯然，你會明白，在這種情況下，我們更願意保護資產負債表的彈性。

And so we'll be holding back on buybacks until we have a better read as to where tariffs will go and where the economy is going to land.

因此，我們將暫停回購，直到我們更了解關稅走向和經濟走向。

Tristan Thomas-Martin, BMO.

特里斯坦·托馬斯·馬丁，BMO。

I may have missed this, but just on the $40 million tariff impact, was that COGS or somewhere else income statement?

我可能錯過了這一點，但僅就 4000 萬美元的關稅影響而言，那是 COGS 還是其他地方的損益表？

It will be in the COGS.

它將包含在 COGS 中。

Okay. Awesome. And then just how are you thinking about affordability? I mean you called out entry level being -- still being soft. One of your competitors is hinting at much cheaper kind of off-road vehicle products coming later in this year.

好的。驚人的。那麼，您如何看待可負擔性問題？我的意思是，你所說的入門級仍然很軟弱。您的一位競爭對手暗示將在今年稍後推出價格低得多的越野車產品。

So how are you thinking about ASP? And where do you think they need to go to bring back entry-level net?

那麼您對 ASP 有何看法？您認為他們需要去哪裡才能恢復入門級網路？

As you know, the price have increased quite a lot during the COVID years, but I'll give you an example of last year, Model year 25 ORV that we introduced last August. Basically, we didn't increase our pricing ORV even side by side, modest increase of 1% watercraft entry wheel.

如您所知，在 COVID 期間價格上漲了很多，但我給您舉個去年的例子，即我們去年 8 月推出的 25 款 ORV。基本上，我們沒有提高 ORV 的定價，甚至沒有並排提高 1% 的水上摩托車入門輪的定價。

But what is important, we still try to protect our entry-level product in each product category. Then on watercraft and on snow, we have some model below $7,000. The Ryker is still below $10,000. Some side-by-side vehicle are below $15,000. And the switch is still -- the base switch is still at $23,000 -- $24,000.

但重要的是，我們仍然盡力保護我們每個產品類別中的入門級產品。然後在船舶和雪地上，我們有一些低於 7,000 美元的型號。Ryker 的價格仍低於 10,000 美元。一些並排車輛的價格低於 15,000 美元。並且轉換價格仍然為 - 基本轉換價格仍為 23,000 美元 - 24,000 美元。

Then the point is we -- now we -- pre-COVID, the price crease was about 1% per year. That was the average for the last two years. We had price increase higher than typical during the COVID year. But now we are back to normal, and we're making effort to protect the entry-level models that -- for new customers.

那麼重點是，在新冠疫情之前，價格每年上漲約 1%。這是過去兩年的平均值。在疫情期間，我們的價格漲幅高於正常水準。但現在我們已經恢復正常，我們正在努力保護針對新客戶的入門車型。

Okay. And then if I could maybe sneak one more in there. Just how are the underlying retail rates to the consumer looking year-over-year?

好的。然後我是否可以再偷偷地放進去一個。與去年同期相比，消費者的基本零售價格究竟如何？

The retail what? Sorry, Tristan?

零售什麼？抱歉，特里斯坦？

Retail financing rates for the consumer.

消費者的零售融資利率。

Well, similar in the US. Very similar to where we were 12 months ago. No big changes, no changes in terms of acceptance, credit scores, penetration, et cetera. Very consistent.

嗯，美國的情況也類似。與我們 12 個月前的情況非常相似。沒有太大的變化，在接受度、信用評分、滲透率等方面都沒有變化。非常一致。

Michael Kypreos, Desjardins Capital Markets.

Michael Kypreos，Desjardins 資本市場。

I was just wondering if you had any update on the Marine sale and anything else in the business that you might be considering divesting?

我只是想知道您是否有關於海軍陸戰隊出售以及您可能考慮剝離的其他業務的最新消息？

Yeah, the process is still ongoing. And obviously, we cannot say much about the topic. The only thing I would say is, like we said, we're still targeting to end the process end of Q1, beginning of Q2, and overall, we are on plan.

是的，這個過程仍在進行中。顯然，我們不能對這個主題發表太多評論。我唯一想說的是，就像我們所說的那樣，我們仍然計劃在第一季末、第二季初完成該流程，總的來說，我們正在按計劃進行。

Perfect. I appreciate it. And maybe I was just curious if you had performed any internal scenarios on the cost of potentially having to build or acquire a manufacturing facility or exposure in the US.

完美的。我很感激。也許我只是好奇，您是否對在美國建造或收購製造工廠或風險敞口的潛在成本進行任何內部模擬。

But for sure, our current footprint, like we explained this morning, is optimized to meet the USMC role that is there. We're very happy with our manufacturing facility in Canada because it's close to R&D, close to the center of expertise for BRP. We like Mexico because the culture, the ability of labor, the proximity to the US market. We have some factory in US that were mainly forming because of transportation costs.

但可以肯定的是，正如我們今天早上所解釋的那樣，我們目前的足跡已經過優化，以滿足美國海軍陸戰隊在那裡的角色。我們對位於加拿大的製造工廠非常滿意，因為它靠近研發中心，靠近 BRP 的專業技術中心。我們喜歡墨西哥，因為那裡的文化、勞動能力以及靠近美國市場。我們在美國有一些工廠，主要是因為運輸成本而建立的。

At the end of the day, like I said before, when the rule are clear, there is a stable environment and we have enough fleet time to adapt, we will adapt. We've always done it. And will be what is right for the customers, the employees and the shareholders. But again, we need to have clear rules, stable environment, and with some lead time, we'll be able to adapt.

最終，就像我之前說的，當規則明確、環境穩定並且我們有足夠的時間適應時，我們就會適應。我們一直都是這麼做的。並且將為客戶、員工和股東提供正確的服務。但同樣，我們需要有明確的規則、穩定的環境，經過一些準備時間，我們就能適應。

And at this time, we have no more questions. I will turn the call to Mr. Deschenes to close the meeting.

目前，我們沒有其他問題。我將請德斯凱內斯先生結束會議。

Thank you, Sylvie, and thanks, everyone, for joining us this morning and for your interest in BRP. We look forward to speaking with you again on May 29, for Q1 earnings call. Thanks again, everyone, and have a good day.

謝謝你，西爾維，也謝謝大家今天早上加入我們並對 BRP 感興趣。我們期待在 5 月 29 日第一季財報電話會議上再次與您交談。再次感謝大家，祝福大家有愉快的一天。

Thank you, sir. Ladies and gentlemen, this does indeed conclude your conference call for today. Once again, thank you for attending. And at this time, we ask that you please disconnect your lines.

謝謝您，先生。女士們、先生們，今天的電話會議到此結束。再次感謝大家的出席。此時，我們請求您斷開線路。