6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of June, 2023

Commission File Number: 001-38648

BRP INC.

(Translation of registrant’s name into English)

726 Saint-Joseph Street

Valcourt, Quebec, Canada

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☐ Form 40-F ☒

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):   

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):   

EXHIBIT INDEX

Exhibit     No.	Description
99.1	Press release of BRP Inc., on quarterly results, dated June 1, 2023
99.2	Annual Review of BRP Inc., dated June 1, 2023

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	BRP Inc.
By:	/s/ Sébastien Martel
Name:	Sébastien Martel
Title:	Chief Financial Officer

Date: June 1, 2023

EX-99.1

Exhibit 99.1

PRESS RELEASE For immediate distribution

BRP REPORTS FISCAL YEAR 2024 FIRST QUARTER RESULTS

Highlights

• Revenues of $2,429 million, up 34% compared to the same period last year, a record for a first quarter in the Company’s history;

• Normalized EBITDA ^[1] of $377 million, up 39% compared to the same period last year;

• North American Powersports retail sales grew by 3% compared to the same period last year, once again outperforming the industry driven by market share gains in SSV and PWC;

• Normalized earnings per share – diluted ^[1] of $2.38, an increase of $0.72 per share or 43% and diluted earnings per share of $1.92, an increase of $0.46 per share, or 32%, compared to the same period last year; and

• Reaffirming full year-end guidance of revenues up 9% to 12% compared to Fiscal 2023, and Normalized earnings per share – diluted ^[1] between $12.25 and $12.75.

Valcourt, Quebec, June 1, 2023 – BRP Inc. (TSX:DOO; NASDAQ:DOOO) today reported its financial results for the three-month period ended April 30, 2023. All financial information is in Canadian dollars unless otherwise noted. The complete financial results are available on SEDAR and EDGAR as well as in the section Quarterly Reports of BRP’s website.

“Fiscal 2024 is off to a good start for BRP. We delivered a solid first-quarter performance with record revenue for that period and a 43% increase in Normalized EPS – diluted ^[1][2]. Once again, we outpaced the North American Powersports industry thanks to sustained consumer demand for our strong and well diversified product portfolio,” said José Boisjoli, President and CEO of BRP.

“We recently celebrated our 10^th anniversary as a publicly traded company, and we are proud of our achievements over that period. Our revenues tripled, Normalized EPS – diluted ^{[1] [2]} grew eightfold and our Powersports market share almost doubled. Moreover, we created significant value for shareholders with a 368% share price appreciation as of the anniversary date ^[3], and $2.7 billion in capital distributions through dividends and share repurchases ^[4].”

“Driven by a regular flow of new product introductions, and with many others in their early stage of growth, the future is very promising for BRP. Over the short term, our focus is on executing and optimizing efficiencies, and we remain on pace to deliver on our financial guidance for this year,” concluded Mr. Boisjoli.

[1] See “Non-IFRS Measures” section of this press release

[2] Earnings per share is defined as “EPS”

[3] Share price increase calculated between Initial Public Offering and May 19, 2023 on the TSX (DOO)

[4] Calculated between Initial Public Offering and April 30, 2023

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Financial Highlights	Three-month periods ended
(in millions of Canadian dollars, except per   share data and margin)		April 30, 2023	April 30, 2022
Revenues		$2,429.4	$1,809.3
Gross Profit		623.5	454.4
Gross Profit (%)		25.7%	25.1%
Normalized EBITDA [1]		377.1	272.1
Net income		154.5	121.0
Normalized net income [1]		192.0	137.1
Earnings per share – diluted [2]		1.92	1.46
Normalized earnings per share – diluted [1]		2.38	1.66
Weighted average number of shares – diluted		80,411,463	82,701,016

FISCAL YEAR 2024 UPDATED GUIDANCE & OUTLOOK

The FY24 guidance has been updated as follows:

Financial Metric	FY23		FY24 Guidance [6] vs FY23
Revenues			(vs. Previous Guidance)
Year-Round Products		$4,827.1	Up 16% to 19%
Seasonal Products		3,440.3	Down 2% to Up 1% (previously ‘’Down 4% to Flat”)
Powersports PA&A and OEM Engines		1,276.4	Up 3% to 7%
Marine		489.6	Up 35% to 40% (previously ‘’Up 45% to 50%”)
Total Company Revenues		10,033.4	Up 9% to 12%
Normalized EBITDA [1]		1,706.3	Up 9% to 13%
Effective Tax Rate [1][5]		24.4%	24.5% to 25.5%
Normalized Earnings per Share – Diluted [1] [2]		$12.05	$12.25 to $12.75 (Up 2% to 6%)
Net income		865.4	~$940M to $980M

Other assumptions for FY24 Guidance

•   Depreciation Expenses:	~$385M (previously ~$375M)
•   Net Financing Costs Adjusted:	~$180M
•   Weighted average number of shares – diluted:	~79.8M shares (previously ~80.5M)
•   Capital Expenditures:	~$750M to $800M

[1] See “Non-IFRS Measures” section of this press release

[2] Earnings per share is defined as “EPS”

[5] Effective tax rate based on Normalized Earnings before Normalized Income Tax.

[6] Please refer to the “Caution Concerning Forward-Looking Statements” and “Key assumptions” sections of this press release for a summary of important risk factors that could affect the above guidance and of the assumptions underlying this Fiscal Year 2024 guidance.

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FIRST QUARTER RESULTS

Strong deliveries, aided by improvements in the supply chain and inflationary environment, allowed the Company to deliver a solid first quarter, outperforming the results of the first quarter of Fiscal 2023. The demand for our products continued to be healthy, as evidenced by the increase of 3% in the Company’s North American retail sales for Powersports Products during the first quarter of Fiscal 2024 compared to the same period last year.

The increase in revenues for the three-month period ended April 30, 2023 compared to the first quarter of Fiscal 2023 is mainly explained by high deliveries of units for the upcoming retail season. During that period, we experienced strong PWC, Sea-Doo pontoon, and SSV retail sales. The supply chain has gradually returned to a more stable level, resulting in production efficiencies and an increase in gross profit margin compared to the same period last year.

Revenues

Revenues increased by $620.1 million, or 34.3%, to $2,429.4 million for the three-month period ended April 30, 2023, compared to $1,809.3 million for the corresponding period ended April 30, 2022. The increase in revenue was primarily due to a higher wholesale volume of SSV, PWC, 3WV as well as a favourable product mix and favourable pricing across all product lines, partially offset by higher sales programs. The increase includes a favourable foreign exchange rate variation of $94.8 million.

• Year-Round Products ^[7] (55% of Q1-24 revenues): Revenues from Year-Round Products increased by $398.9 million, or 42.7%, to $1,333.3 million for the three-month period ended April 30, 2023, compared to $934.4 million for the corresponding period ended April 30, 2022. The increase was primarily attributable to a higher volume of SSV and 3WV sold due to additional capacity and due to supply chain issues experienced in the prior year that impacted product availability, as well as favourable pricing and product mix across all product lines, which was partially offset by higher sales programs. The increase includes a favourable foreign exchange rate variation of $63 million.

• Seasonal Products ^[7] (28% of Q1-24 revenues): Revenues from Seasonal Products increased by $283.2 million, or 69.3%, to $691.9 million for the three-month period ended April 30, 2023, compared to $408.7 million for the corresponding period ended April 30, 2022. The increase was primarily attributable to a higher volume of PWC sold, driven by strong market demand and due to supply chain issues experienced in the prior year which impacted product availability, as well as increased deliveries of the Sea-Doo pontoon. The increase was also attributable to favourable pricing across all product lines, partially offset by higher sales programs. The increase includes a favourable foreign exchange rate variation of $16 million.

• Powersports PA&A and OEM Engines ^[7] (12% of Q1-24 revenues): Revenues from Powersports PA&A and OEM Engines decreased by $58.7 million, or 17.1%, to $284.9 million for the three-month period ended April 30, 2023, compared to $343.6 million for the corresponding period ended April 30, 2022. The decrease in revenues was mainly attributable to a lower volume of sales. The decrease in sales volume was mainly attributable to higher sales of snowmobile PA&A last year driven by late unit deliveries in the season, and lower dealer orders. The decrease includes a favourable foreign exchange rate variation of $11 million.

• Marine ^[7] (5% of Q1-24 revenues): Revenues from the Marine segment decreased by $9.9 million, or 7.5%, to $122.3 million for the three-month period ended April 30, 2023, compared to $132.2 million for the corresponding period ended April 30, 2022. The decrease in revenues from the Marine segment was mainly due to a lower volume of boats and PA&A sold as a result of supply chain disruptions and a longer production ramp-up related to the introduction of new products. The decrease was partially offset by a favourable product mix of boats sold, as well as higher pricing and a favourable foreign exchange rate variation of $5 million.

[7] The inter-segment transactions are included in the analysis.

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North American Retail Sales

The Company’s North American retail sales for Powersports Products increased by 3% for the three-month period ended April 30, 2023 compared to the three-month period ended April 30, 2022. The increase was mainly driven by an increase in the sales of PWC and SSV.

• Year-Round Products: retail sales decreased on a percentage basis in the low-single digits compared to the three-month period ended April 30, 2022. In comparison, the Year-Round Products industry recorded a decrease on a percentage basis in the high-single digits over the same period.

• Seasonal Products: retail sales increased on a percentage basis in the mid-single digits compared to the three-month period ended April 30, 2022, when excluding pontoons. In comparison, the Seasonal Products industry recorded an increase on a percentage basis in the mid-single digits over the same period.

Marine Products retail sales decreased by 39% compared to the three-month period ended April 30, 2022, as a result of lower product availability.

Gross profit

Gross profit increased by $169.1 million, or 37.2%, to $623.5 million for the three-month period ended April 30, 2023, compared to $454.4 million for the corresponding period ended April 30, 2022. Gross profit margin percentage increased by 60 basis points to 25.7% from 25.1% for the three-month period ended April 30, 2022. The increase in gross profit was the result of a favourable volume of SSV, 3WV, and PWC sold along with favourable pricing, a decrease in logistics costs due to more efficiencies in the supply chain, and favourable product mix across product lines. The increase was partially offset by higher materials and labour costs due to inflation, as well as higher sales programs. The increase in gross profit margin percentage was the result of favourable product mix of PWC and 3WV, favourable pricing across all product lines and higher production efficiency coming from an improved supply chain, partially offset by higher sales programs.

Operating expenses

Operating expenses increased by $86.8 million, or 34.1%, to $341.6 million for the three-month period ended April 30, 2023, compared to $254.8 million for the three-month period ended April 30, 2022. The increase in operating expenses was mainly attributable to an increase in R&D expenses to support future growth, higher G&A expenses mainly related to the modernization of the Company’s software infrastructure and higher selling and marketing expenses mainly attributable to continued product investments. The increase in operating expenses includes an unfavourable foreign exchange rate variation of $14 million.

Normalized EBITDA ^[1]

Normalized EBITDA ^[1] increased by $105.0 million, or 38.6%, to $377.1 million for the three-month period ended April 30, 2023, compared to $272.1 million for the three-month period ended April 30, 2022. The increase was primarily due to higher gross profit partially offset by higher operating expenses, mostly in R&D, and selling and marketing.

Net Income

Net income increased by $33.5 million, or 27.7%, to $154.5 million for the three-month period ended April 30, 2023, compared to the $121.0 million for the three-month period ended April 30, 2022. The increase was primarily due to a higher operating income and lower income tax expense, partially offset by an increase in financing costs and an unfavourable impact of the foreign exchange rate variation on the U.S. denominated long-term debt.

[1] See “Non-IFRS Measures” section of the press release.

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LIQUIDITY AND CAPITAL RESOURCES

The Company generated net cash flows from operating activities totaling $258.8 million for the three-month period ended April 30, 2023 compared to a usage of $333.1 million for the three-month period ended April 30, 2022. The increase was mainly due to an improvement in the changes in working capital and lower income taxes paid.

The Company invested $117.8 million of its liquidity in capital expenditures to add production capacity and modernize the Company’s software infrastructure to support future growth and also returned $63.8 million to its shareholders through quarterly dividend payouts and its share repurchase programs.

Dividend

On May 31, 2023, the Company’s Board of Directors declared a quarterly dividend of $0.18 per share for holders of its multiple voting shares and subordinate voting shares. The dividend will be paid on July 14, 2023 to shareholders of record at the close of business on June 30, 2023.

CONFERENCE CALL AND WEBCAST PRESENTATION

Today at 9 a.m. EDT, BRP Inc. will host a conference call and webcast to discuss its FY24 first quarter results. The call will be hosted by José Boisjoli, President and CEO, and Sébastien Martel, CFO. To listen to the conference call by phone (event number 53112848), please dial 1 (888) 396-8049 (toll-free in North America). Click here for International numbers.

The Company’s first quarter FY24 webcast presentation is posted in the Quarterly Reports section of BRP’s website.

About BRP

BRP Inc. is a global leader in the world of powersports products, propulsion systems and boats built on over 80 years of ingenuity and intensive consumer focus. Through its portfolio of industry-leading and distinctive brands featuring Ski-Doo and Lynx snowmobiles, Sea-Doo watercraft and pontoons, Can-Am on and off-road vehicles, Alumacraft and Quintrex boats, Manitou pontoons and Rotax marine propulsion systems as well as Rotax engines for karts and recreational aircraft, BRP unlocks exhilarating adventures and provides access to experiences across different playgrounds. The Company completes its lines of products with a dedicated parts, accessories and apparel portfolio to fully optimize the riding experience. Committed to growing responsibly, BRP is developing electric models for its existing product lines and exploring new low voltage and human assisted product categories. Headquartered in Quebec, Canada, BRP has annual sales of CA$10 billion from over 130 countries and a global workforce of close to 23,000 driven, resourceful people.

www.brp.com

@BRPNews

Ski-Doo, Lynx, Sea-Doo, Can-Am, Rotax, Alumacraft, Manitou, Quintrex, Stacer, Savage, and the BRP logo are trademarks of Bombardier Recreational Products Inc. or its affiliates. All other trademarks are the property of their respective owners.

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CAUTION CONCERNING FORWARD-LOOKING STATEMENTS

Certain statements in this press release, including, but not limited to, statements relating to the Company’s Fiscal Year 2024, including financial guidance and outlook and where it stands with respect to it, and related assumptions of the Company (including revenues, Normalized EBITDA, Effective Tax Rate, Normalized earnings per share, net income, depreciation expense, net financing costs adjusted, weighted average of the number of shares diluted and capital expenditures), statements relating to , statements relating to the declaration and payment of dividends, statements about the Company’s current and future plans, and other statements about the Company’s prospects, expectations, anticipations, estimates and intentions, results, levels of activity, performance, objectives, targets, goals or achievements, priorities and strategies, financial position, market position, including its ability to gain additional market share, capabilities, competitive strengths, beliefs, the prospects and trends of the industries in which the Company operates, the expected sustained demand for the Company’s products and services and sustainable growth, research and product development activities, including the expectation of regular flow of new product introductions, their projected design, characteristics, capacity or performance, expected scheduled entry to market and the anticipated impact of such product introductions, expected financial requirements and the availability of capital resources and liquidities or any other future events or developments and other statements that are not historical facts constitute forward-looking statements within the meaning of Canadian and United States securities laws. The words “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” or “potential” or the negative or other variations of these words or other comparable words or phrases, are intended to identify forward-looking statements.

Forward-looking statements are presented for the purpose of assisting readers in understanding certain key elements of the Company’s current objectives, goals, targets, strategic priorities, expectations and plans, and in obtaining a better understanding of the Company’s business and anticipated operating environment. Readers are cautioned that such information may not be appropriate for other purposes; readers should not place undue reliance on forward-looking statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific, as further described below.

Many factors could cause the Company’s actual results, level of activity, performance or achievements or future events or developments to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, the following factors, which are discussed in greater detail under the heading “Risk Factors” of its Annual Information Form: the impact of adverse economic conditions including in the context of recent significant increases of interest and inflation rates; any decline in social acceptability of the Company and its products, including in connection with the broader adoption of electrical or low-emission products; fluctuations in foreign currency exchange rates; high levels of indebtedness; any unavailability of additional capital; any supply problems, termination or interruption of supply arrangements or increases in the cost of materials, including as a result of the military conflict between Russia and Ukraine; the inability to attract, hire and retain key employees, including members of the Company’s management team or employees who possess specialized market knowledge and technical skills; any failure of information technology systems, security breach or cyber-attack, or difficulties with the implementation of new systems, including the Company’s new ERP; the Company’s reliance on international sales and operations; the Company’s inability to successfully execute its growth strategy; unfavourable weather conditions and climate change more generally; the Company’s seasonal nature of its business and some of its products; the Company’s reliance on a network of independent dealers and distributors; any inability of dealers and distributors to secure adequate access to capital; any inability to comply with product safety, health, environmental and noise pollution laws; the Company’s large fixed cost base; any failure to compete effectively against competitors or any failure to meet consumers’ evolving expectations; any failure to maintain an effective system of internal control over financial reporting and to produce accurate and timely financial statements; any inability to maintain and enhance the Company’s reputation and brands; any significant product liability claim; any significant product repair and/or replacement due to product warranty claims or product recalls; any failure to carry proper insurance coverage; the Company’s inability to successfully manage inventory levels; any intellectual property infringement and litigation; the Company’s inability to successfully execute its manufacturing strategy or to

Page 7

meet customer demand as a result of manufacturing capacity constraints; increased freight and shipping costs or disruptions in transportation and shipping infrastructure; any failure to comply with covenants in financing and other material agreements; any changes in tax laws and unanticipated tax liabilities; any impairment in the carrying value of goodwill and trademarks; any deterioration in relationships with employees; pension plan liabilities; natural disasters; volatility in the market price for the Subordinate Voting Shares; the Company’s conduct of business through subsidiaries; the significant influence of Beaudier Group and Bain Capital; and future sales of Subordinate Voting Shares by Beaudier Group, Bain Capital, directors, officers or senior management of the Company. These factors are not intended to represent a complete list of the factors that could affect the Company; however, these factors should be considered carefully. Unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release and the Company has no intention and undertakes no obligation to update or revise any forward-looking statements to reflect future events, changes in circumstances, or changes in beliefs, unless required by applicable securities regulations. In the event that the Company does update any forward-looking statements contained in this press release, no inference should be made that the Company will make additional updates with respect to that statement, related matters or any other forward-looking statement. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

KEY ASSUMPTIONS

The Company made a number of economic, market and operational assumptions in preparing and making certain forward-looking statements contained in this press release, including the following: reasonable industry growth ranging from slightly down to slightly up, that is based on the assumption that supply chain disruptions continue to improve; market share will remain constant or moderately increase; stable global and North American economic conditions, a limited impact from the military conflict between Russia and Ukraine and the COVID-19 pandemic; main currencies in which the Company operates will remain at near current levels; inflation is expected to remain elevated from strong demand, supply shortages and high energy prices, and is expected to gradually decline as central banks gradually increase interest rates; there will be no significant changes in tax laws or free trade arrangements or treaties applicable to the Company; the Company’s margins, will remain at current levels; the supply base will remain able to support product development and planned production rates on commercially acceptable terms in a timely manner; no new trade barriers will be imposed amongst jurisdictions in which the Company carries operations; the absence of unusually adverse weather conditions, especially in peak seasons. The Company cautions that its assumptions may not materialize and that global economic and political conditions, combined with one or more of the risks and uncertainties discussed herein, may render such assumptions, although believed reasonable at the time they were made, inaccurate. Such forward-looking statements are not guarantees of future performance and involve known and unknown risks, uncertainties and other factors which may cause the actual results or performance of the Company or the industry to be materially different from the outlook or any future results or performance implied by such statements.

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NON-IFRS MEASURES

This press release makes reference to certain non-IFRS measures. These measures are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement those IFRS measures by providing further understanding of the Company’s results of operations from management’s perspective. Accordingly, they should not be considered in isolation nor as a substitute for analysis of the Company’s financial information reported under IFRS. The Company uses non-IFRS measures including the following:

Non-IFRS measures	Definition	Reason for use
Normalized EBITDA	Net income before financing costs, financing income, income tax expense (recovery), depreciation expense and normalized elements	Assist investors in determining the financial performance of the Company’s operating activities on a consistent basis by excluding certain non-cash elements such as depreciation expense, impairment charge, foreign exchange gain or loss on the Company’s long-term debt denominated in U.S. dollars and foreign exchange gain or loss on certain of the Company’s lease liabilities. Other elements, such as restructuring and wind-down costs, non-recurring gain or loss and acquisition related costs, may be excluded from net income in the determination of Normalized EBITDA as they are considered not being reflective of the operational performance of the Company.
Normalized net income	Net income before normalized elements adjusted to reflect the tax effect on these elements	In addition to the financial performance of operating activities, these measures consider the impact of investing activities, financing activities and income taxes on the Company’s financial results.
Normalized income tax expense	Income tax expense adjusted to reflect the tax effect on normalized elements and to normalize specific tax elements
Normalized effective tax rate	Based on Normalized net income before Normalized income tax expense
Normalized earnings per share – basic & diluted	Calculated respectively by dividing the Normalized net income by the weighted average number of shares – basic and the weighted average number of shares – diluted

The Company believes non-IFRS measures are important supplemental measures of financial performance because they eliminate items that have less bearing on the Company’s financial performance and thus highlight trends in its core business that may not otherwise be apparent when relying solely on IFRS measures. The Company also believes that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of companies, many of which present similar metrics when reporting their results. Management also uses non-IFRS measures in order to facilitate financial performance comparisons from period to period, prepare annual operating budgets, assess the Company’s ability to meet its future debt service, capital expenditure and working capital requirements and also as a component in the determination of the short-term incentive compensation for the Company’s employees. Because other companies may calculate these non-IFRS measures differently than the Company does, these metrics are not comparable to similarly titled measures reported by other companies.

The Company refers the reader to the tables below for the reconciliations of the non-IFRS measures presented by the Company to the most directly comparable IFRS measure.

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Reconciliation Tables

The following tables present the reconciliation of non-IFRS measures compared to their respective IFRS measures:

	Three-month periods ended
(in millions of Canadian dollars)		April 30, 2023		April 30, 2022
Net income		$154.5		$121.0
Normalized elements
Foreign exchange loss on long-term debt and lease liabilities		43.8		16.1
Gain on NCIB [2]		—		(1.8	)
Costs related to business combinations [3]		4.9		1.1
Other elements		0.2		1.3
Income tax adjustment [1] [4]		(11.4	)	(0.6	)
Normalized net income [1]		192.0		137.1
Normalized income tax expense [1]		52.6		49.3
Financing costs adjusted [1]		44.1		16.5
Financing income adjusted [1]		(1.5	)	(1.0	)
Depreciation expense adjusted [1]		89.9		70.2
Normalized EBITDA [1]		$377.1		$272.1

^[1] See “Non-IFRS Measures” section.

^[2] Normal Course Issuer Bid

^[3] Transaction costs and depreciation of intangible assets related to business combinations.

^[4] Income tax adjustment is related to the income tax on Normalized elements subject to tax and for which income tax has been recognized and to the adjustment related to the impact of foreign currency translation from Mexican operations.

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	Three-month periods ended
(in millions of Canadian dollars, except per share data)	April 30, 2023		April 30, 2022
Depreciation expense reconciliation
Depreciation expense	$92.4		$71.3
Depreciation of intangible assets related to business combinations	2.5		1.1
Depreciation expense adjusted	$89.9		$70.2
Income tax expense reconciliation
Income tax expense	$41.2		$48.7
Income tax adjustment [2]	(11.4	)	(0.6	)
Normalized income tax expense [1]	$52.6		$49.3
Financing costs reconciliation
Financing costs	$44.3		$16.5
Transaction costs on long-term debt	0.2		—
Financing costs adjusted	$44.1		$16.5
Financing income reconciliation
Financing income	$(1.5	)	$(2.8	)
Gain on NCIB [3]	—		(1.8	)
Financing income adjusted	$(1.5	)	$(1.0	)
Normalized EPS - basic [1] calculation
Normalized net income [1]	$192.0		$137.1
Non-controlling interests	0.3		0.1
Weighted average number of shares - basic	78,856,822		81,075,819
Normalized EPS - basic [1]	$2.43		$1.69
Normalized EPS - diluted [1] calculation
Normalized net income [1]	$192.0		$137.1
Non-controlling interests	0.3		0.1
Weighted average number of shares - diluted	80,411,463		82,701,016
Normalized EPS - diluted [1]	$2.38		$1.66

^[1] See “Non-IFRS Measures” section.

^[2] Income tax adjustment is related to the income tax on Normalized elements subject to tax and for which income tax has been recognized.

^[3] Normal Course Issuer Bid

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For media enquiries:	For investor relations:
Mélanie Montplaisir	Philippe Deschênes
Media Relations	Investor Relations
media@brp.com	Tel.: 450.532.6462
	philippe.deschenes@brp.com

EX-99.2

Exhibit 99.2

EXPLORATION BEYOND BOUNDARIES ASPIRATIONS EXPECTATIONS CONVENTIONS 2023 ANNUAL REVIEW For the year ended January 31, 2023

OUR PEOPLE ARE INFORMED OPTIMISTS WHO SEE THE WORLD AS ONE BIG OPPORTUNITY, WITH NO BOUNDARIES TO THE ROAD OR THEIR AMBITIONS. As navigators, they always find a way to overcome any barrier. This mentality allows them to naturally lead, which is displayed in both work and play. WE EXIST TO CREATE NEW WAYS TO MOVE PEOPLE, SO THAT EXPERIENCES ARE MEASURED IN EMOTION RATHER THAN DISTANCE. WE REIMAGINE THE WAY YOU ACCESS YOUR WORLD.

BY ADVENTURE DESIGN OUR BRAND PROMISE EMBODIES WHAT WE DO AND WHY WE DO IT. IT SPEAKS TO OUR UNIQUE HERITAGE OF INGENUITY AND EXCELLENCE BEHIND OUR PRODUCTS AND THE UNFORGETTABLE EXPERIENCES THEY DELIVER. IT IS ABOUT THE MACHINES WE BUILD AND THE EMOTIONS THEY PROVIDE. A COMMITMENT TO ALWAYS OBSESS ABOUT CREATING THE VERY BEST EXPERIENCE FOR OUR RIDERS, WITHOUT COMPROMISE. BRP I 2023 ANNUAL REVIEW I 1

PASSION TO KEEP MOVING Passion informs everything we do and is an integral part of OUR every value we have. If it’s not done with passion, it’s not BRP. IT’S PASSION YOU CAN FEEL. VALUES DRIVE TO DELIVER OUR COMMITMENTS THEY MAKE OUR CULTURE We say what we do. We do what we say. No excuses. Only sheer UNIQUE, INFORM HOW WE ACT, determination. Relentless drive and love of the ride push us ahead. AND DRIVE WHAT WE MAKE. WHILE WE LIVE FOR THE RIDE, WE ALWAYS ARRIVE AT DESTINATION. INGENUITY TO DEFY CONVENTIONS We’re not afraid to see things differently. Constant curiosity makes us the first to uncover new solutions. We question. We innovate. We progress. RELENTLESSLY. TRUST TO BUILD STRONG PARTNERSHIPS We take care of our people like family. We act with integrity. People can count on us like we count on them. IT’S THAT SIMPLE. BRP I 2023 ANNUAL REVIEW I 2

BEYOND Letter to shareholders for the year ended January 31, 2023 – José Boisjoli FY23 WAS OUR BEST YEAR EVER. ON EVERY FRONT. BRP’S OUTSTANDING PERFORMANCE REFLECTS THE STRENGTH, RESILIENCE AND AGILITY OF THE ENTIRE ORGANIZATION AND OF ITS STAKEHOLDERS. THE RELENTLESS WORK OF OUR DEDICATED EMPLOYEES COMBINED WITH THEIR ABILITY TO OVERCOME CHALLENGES YIELDED RECORD FINANCIAL RESULTS. These accomplishments were accompanied by robust consumer demand for our products, while the strength of our dealer network allowed us to significantly outpace the industry and gain additional share in the North American Powersports market. Driven by innovation and strong brands, we are well positioned to sustain sustainable growth. DELIVERING RECORD FINANCIAL RESULTS In FY23, revenues increased 31.2% to exceed the $10 billion mark for the first time in our history. Profitability remained robust with diluted earnings per share (EPS) reaching $10.67 and normalized diluted EPS1 reaching $12.05, surpassing the higher end of our guidance range. BEYOND 1 See “Non-IFRS Measures” section on page 29. BRP I 2023 ANNUAL REVIEW I 3

OUR PERFORMANCE WAS DRIVEN These results were even more impressive considering the challenges we encountered during the year. In the first half, supply chain issues impacted component availability. However, our strategy to produce units that were missing a few components and retrofitted when components BY STRONG CONSUMER DEMAND were available, either at our plants or by dealers, paid off. With improvements in the second half, this initiative allowed us to rapidly convert units to retail, enabling BRP to significantly FOR OUR LINEUPS, REFLECTING outpace the industry. Additionally, a cybersecurity incident forced temporary production halts in all of our facilities during the summer, but our teams’ prompt reaction limited its THE STRENGTH OF OUR BRANDS impact and lost production had been mostly recaptured by year-end. BECOMING THE #1 POWERSPORTS OEM IN NORTH AMERICA AND FORGING AHEAD AND OUR ABILITY TO MAINTAIN WITH OUR MARINE STRATEGY Our performance was also driven by strong consumer demand for our lineups, reflecting the SOLID MOMENTUM IN DEALERS’ strength of our brands and our ability to maintain solid momentum in dealers’ showrooms. We recorded a 6% increase in our North American Powersports retail sales, concluding FY23 SHOWROOMS. with a market share of nearly 35%. This represents an exceptional 5 percentage point gain over the previous year, with strong results across the portfolio and important gains in off-road, supported by additional production capacity at our Juarez 3 facility. Early in FY23, we also became the leading Powersports OEM in terms of average retail units per dealer in North America, a position further strengthened by year-end. I am very proud of this accomplishment, as becoming the #1 OEM was one of our main objectives when BRP became a standalone organization 20 years ago. Our Marine Group had a few setbacks in FY23 leading to a slight revenue decrease compared to the previous fiscal year. While our retail performance was impacted, primarily due to supply chain factors, we remain positive about our outlook for that business, and we announced the construction of a new facility in Mexico to meet anticipated demand growth. EXPANDING OUR PRODUCT PORTFOLIO AND MAKING STRIDES IN EV Innovation is at the core of our DNA. We are known for pushing the boundaries of technology and for developing market-shaping products. FY23 was no exception. We invested over $365 million in research and development, and introduced countless product innovations to gain further traction in our key markets. For snowmobiles, we unveiled our new cutting-edge REV Gen5 platform for Ski-Doo and Radien2 platform for Lynx. Can-Am also brought fun to the entire family with new youth all-terrain vehicles (ATV), as well as a suite of updates to its on-road and off-road lineups. Early in FY24, we announced an all-new platform for the Outlander mid-cc ATV, our most significant upgrade in almost 10 years, which should allow us to gain more share in a category that represents over 50% of the market. On the water, we introduced the Sea-Doo Explorer Pro, specifically intended for longer excursions, and brought PWC performance to a whole new level with the Sea-Doo RXP-X Apex 300. BRP I 2023 ANNUAL REVIEW I 4

On the Marine side, we shook up the boating industry by introducing game-changing Manitou Looking ahead, we will continue to progress on our strategic initiatives while keeping a close pontoons, as well as Alumacraft and Quintrex boats, all equipped with the ground-breaking eye on the uncertain macroeconomic picture. We have proven our ability to adapt, execute Rotax S outboard engine with Stealth technology. These models, which continue to win and outperform the industry in many environments, and our strong fundamentals are media and industry recognition, are expected to be key factors in achieving our target of positioning us well to deliver another solid year in FY24. We anticipate that our investments $1B in Marine sales by FY25. in innovation and R&D will lead to further market share gains in the Marine and Powersports We also made great strides in our technological transition. In this regard, two years ago, we industry, more particularly in side-by-side vehicles (SSV). Moreover, we have multiple pledged to invest $300 million over five years to electrify each of our existing product lines. new products in their early stage of growth and a solid pipeline of product introductions We delivered on this promise in FY23 by launching a new electric powerpack for karts and, for the year. early in FY24, the Ski-Doo Grand Touring and Lynx Adventure electric snowmobiles. We Over the mid-term, we remain on pace to deliver on our M25 objectives of reaching also unveiled new product categories with the upcoming launch of the Can-Am Origin and $12.0-12.5 billion in revenues and $13.50-$14.50 of normalized diluted EPS1. Can-Am Pulse, the first two models of an all-electric motorcycle lineup, and the Sea-Doo This is just the beginning. Innovation has always been at the centre of our success and we Rise hydrofoil board, expanding our addressable markets. will continue leveraging that strength to support future expansion. Driven by considerable Leveraging our momentum, we reinforced our expertise and expanded our EV capabilities opportunities to expand our addressable markets, we are well positioned to maintain our by completing three strategic acquisitions: Great Wall Motor Austria GmbH specialized in growth trajectory beyond FY25. the development of e-drive systems and transmissions; an 80% stake in Germany-based In closing, I want to thank the key contributors to our success. This includes all BRP Pinion GmbH, a pioneer in the design, development and assembly of compact gearbox employees whose dedication, resilience and constant efforts are second-to-none. I also technology for traditional and electric bicycles; finally, the Canadian powersports operations acknowledge the strong support of our dealers and suppliers who help us get to market the of Kongsberg Inc., a leading player in the development and manufacturing of electronic industry-leading products that forge our reputation, and our consumers for their loyalty. and mechatronic products. Finally, I am grateful to our Board members for their wise counsel and to our shareholders Shortly after these acquisitions, we announced the creation of our new Low-Voltage and for their confidence in our ability to create value. Human-Assisted “LVHA” Group with the goal to develop new markets and untapped product categories such as urban mobility and services. MAINTAINING A SOLID FINANCIAL POSITION AND CREATING VALUE FOR SHAREHOLDERS Driven by a strong cash flow generation, we ended the year in a solid financial position with over $200 million of cash and cash equivalents. Our robust balance sheet provides ample flexibility to further invest in the business and return capital to shareholders. In FY23, we returned more than $356 million through share buybacks and dividends. JOSÉ BOISJOLI Showing confidence in our future, we recently increased the quarterly dividend by 12.5% President and CEO to $0.18 per share. LOOKING BEYOND WITH CONVICTION I am very proud of our team’s achievements in FY23. On top of delivering exceptional results, we took our corporate purpose to new heights with the launch of our Corporate Social Responsibility CSR25 plan and made meaningful progress on our goals to reduce our carbon footprint and have a positive impact in our communities. In this regard, BRP adopted a global collective cause and, so far, we have invested about $2 million into our RIDE OUT INTIMIDATION program as we believe inclusivity starts where intimidation ends. 1 See “Non-IFRS Measures” section on page 29. BRP I 2023 ANNUAL REVIEW I 5

AN EXTENSIVE COMPANY GLOBAL DISTRIBUTION NETWORK 2,950+ DEALERS OVERVIEW WORLDWIDE (As of January 31, 2023) 130+ COUNTRIES WHERE OUR PRODUCTS ARE AVAILABLE TSX DOO NASDAQ DOO0 A STAND-ALONE 2003 COMPANY SINCE $10B ANNUAL SALES CLOSE TO 23,000 DRIVEN, RESOURCEFUL EMPLOYEES WORLDWIDE Manufacturing sites* Distributor Network Dealership Network * For purposes of this report, “manufacturing site” does not include the Spruce Pine, St-John’s and Shawinigan facilities. BRP I 2023 ANNUAL REVIEW I 6

8 ICONIC BRANDS ^® BRP I 2023 ANNUAL REVIEW I 7

REVENUE BASE BY CATEGORY REVENUE BASE BY GEOGRAPHY FINANCIAL At 31/01/23 At 31/01/23 48% 34% 60% 24% HIGHLIGHTS 13% 5% 16% Fiscal Year 2023 YEAR-ROUND PRODUCTS UNITED STATES SEASONAL PRODUCTS INTERNATIONAL POWERSPORTS PA&A AND OEM ENGINES CANADA MARINE GROUP TOTAL REVENUES NET INCOME NORMALIZED EBITDA1 NORMALIZED EARNINGS EARNINGS PER SHARE CA$ millions / At 31/01 CA$ millions / At 31/01 CA$ millions / At 31/01 PER SHARE – DILUTED1 – DILUTED CAGR* 17.6% CAGR* 39.7% CAGR* 27.0% CA$ / At 31/01 CA$ / At 31/01 CAGR* 40.4% CAGR* 47.1% 19 5,244 19 227.3 19 655.9 19 3.10 19 2.28 20 6,053 20 370.6 20 804.4 20 3.83 20 3.96 21 5,953 21 362.9 21 999.0 21 5.39 21 4.10 22 7,648 22 794.6 22 1,462.1 22 9.92 22 9.31 23 10,033 23 865.4 23 1,706.3 23 12.05 23 10.67 SHARE PRICE DOO PERFORMANCE2 DOO MONTHLY CLOSING PRICE IN CA$ OVER THE LAST YEARS IN CA$ 283.37 269.64 214.82 BRP 111.03 100.00 96.52 172.42 90.84 JANUARY 2023 FEBRUARY 2022 S&P/TSX Y 100.00 98.62 109.90 110.02 133.90 131.80 MARCH APRIL M AY JUNE JUL AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER 2018 2019 2020 2021 2022 2023 1 See Non-IFRS measures section on p. 29. 2 Illustrates the cumulative return on a $100 investment in the Subordinate Voting Shares, with dividend reinvestments, compared to the cumulative return on the S&P/TSX Composite Index for the five-year period commencing on February 1, 2018 and ending on January 31, 2023, being the last trading day of Fiscal 2023. * Compound Annual Growth Rate since January 31, 2019. BRP I 2023 ANNUAL REVIEW I 8

OUR RECENT ACQUISITIONS FY19 FY20 FY23 ALUMACRAFT BOAT CO. TELWATER PTY, LTD (QUINTREX) GREAT WALL MOTOR AUSTRIA GmbH Creation of BRP’s Marine Group and acquisition of Acquisition of 80% of the outstanding shares of Telwater Pty, Ltd, Acquisition of Great Wall Motor Austria GmbH (renamed BRP-Rotax Alumacraft Boat Co., the premier private North American Australia’s leading manufacturer of aluminum boats and trailers. Vienna), a subsidiary of Great Wall Motor based in Baoding, China. manufacturer of aluminum fishing boats, based in St. Peter, Telwater’s addition to the Marine Group is another step in helping This leading EV R&D centre located in Kottingbrunn, Austria, Minnesota. BRP aims to leverage the acquisition of this iconic create a strong offering and foundation to expand into new specializes in e-drive systems and transmissions, and employs highly brand to transform the marine business with its world-renowned markets, with the objective of transforming the marine industry skilled individuals. With this acquisition, BRP reinforces its EV technical expertise, design prowess and ingenuity. and boating experience. Through this acquisition, BRP bolstered expertise required to deploy its ambitious electrification strategy for its portfolio with market-leading brands such as Quintrex, Stacer, existing product lines and upcoming product introductions. TRITON INDUSTRIES, INC. (MANITOU) Savage and Yellowfin Plate. In FY22, the Company completed Acquisition of Triton Industries, Inc., the leading North the repurchase of the remaining 20% non-controlling interest PINION GmbH American manufacturer of premium luxury and performance in Telwater Pty, Ltd. Acquisition of an 80% stake in Pinion GmbH, a pioneer in pontoon boats under the Manitou brand. This addition to gearbox technology for traditional and electric bicycles based in BRP’s Marine Group further solidifies the Company’s position Denkendorf, Germany. This strategic acquisition enables BRP to in the marine industry thanks to Manitou’s high-quality leverage Pinion’s unique, state-of-the-art technology in order to spur pontoons and recognized technology that have driven its the development of new electric human-assisted products and growth and success as one of the preeminent pontoon expand its addressable market. manufacturers in the U.S. SHAWINIGAN OPERATIONS OF KONGSBERG INC. Acquisition of substantially all the assets related to Kongsberg Inc.’s powersports business in Shawinigan, Quebec (renamed BRP Megatech), a leading player in electronic and mechatronic product development and manufacturing. With this acquisition, which supports BRP’s electrification plan, the Company gains further expertise in mechatronics and bolsters its innovation capabilities. BRP I 2023 ANNUAL REVIEW I 9

OUR PRODUCT LINES

MARKET INDICATORS POWERSPORTS 4,827.1 MILLION CA$ GLOBAL SALES FOR THE YEAR YEAR-ROUND ENDED ON JANUARY 31, 2023 PRODUCTS +39.2% GLOBAL SALES VS FY22 Our year-round products are for people who embrace challenges and take every road life offers them. In 2022, Can-Am made bold moves to inspire even more people to break free and be fearless, and to provide the vehicles they need to do so. BRP I 2023 ANNUAL REVIEW I 11

OPENING THE ROAD TO EVERYONE, EVERYWHERE – DRIVING IT HOME – CAN-AM OFF-ROAD CAN-AM ON-ROAD CAN-AM ALL-TERRAIN VEHICLES (ATVs) AND SIDE-BY-SIDE VEHICLES (SSVs) CAN-AM THREE-WHEEL VEHICLES (3WV) ENABLE MORE PEOPLE TO HAVE HAD THE FASTEST-GROWING MARKET SHARE IN THE CATEGORY EXPERIENCE THE THRILL OF THE OPEN ROAD. NEW ENTRANTS MAKE IN NORTH AMERICA EVERY YEAR SINCE 2015. THE BRAND IS THE MARKET UP 65% OF CAN-AM 3WV OWNERS THIS YEAR. WITH POWERFUL PROGRAMS LEADER IN ATVs IN CANADA AND, IN THE USA, IN THE ATV TOP REC-UTE DESIGNED TO INCREASE THE ACCESSIBILITY OF ON-ROAD RIDING FOR SEGMENT, AND THE SSV REC-SPORT 64’’ HIGH HP SEGMENT. PEOPLE FROM ALL WALKS OF LIFE, THE CAN-AM BRAND GAINED MARKET SHARE IN NORTH AMERICA IN 2022. This outstanding momentum is sustained by efforts to spread the word to more people around the world with authentic storytelling showcasing people from all walks of life, high profile ambassadors, strong presence at high visibility sporting events and media activations. The Rider Education Program added 100 new schools and increased course completions Additionally, activating regional plans gained incredible traction in key states such as Utah, by 18%, compared to 2021. The Can-Am Women of On-Road community grew by 41%, where we doubled Can-Am brand awareness in the last year (up 38 percentage points). now boasting over 17,000 active members. The group is cited as the second source of influence, behind advertising, by women buying a 3WV. According to IHS Motorcycle Can-Am won every major race it entered in 2022, including the Dakar Rally, for the fifth Dashboard, to date, nearly 40% of Can-Am Ryker owners identify as female, and close to consecutive year, the King of the Hammers, the Vegas to Reno Race, and the Baja 400. 50% identify as visible minorities, both well outperforming motorcycle industry averages. This winning streak helped maintain high levels of brand trust and consideration this year in North America, as racing is highly correlated to brand awareness and, in turn, sales. At In 2022, Can-Am was the first BRP brand to reveal soon-to-debut electric vehicles, the end of 2022, the new Red Bull Can-Am Factory Team, composed of drivers that have reclaiming its motorcycle heritage, while appealing to new generations and electric-led global FIA (Fédération Internationale de l’Automobile) racing events, was announced vehicle enthusiasts. A teaser in March and the two prototypes of the Can-Am Origin with a full competition calendar for 2023. and Can-Am Pulse unveiled in August repared the ground for the introduction of electric two-wheel motorcycles (2WV). This new product line is expected to generate To maintain and expand the relevance of the brand, all new youth ATV models were half a billion dollars annually by 2030. introduced along with many line-up improvements both on ATV and SSV products. Support was increased for the Red Bull Off-Road Junior Team, for the next generation of racers. Also, new ambassadors from different parts of the globe and more diverse backgrounds were recruited to diversify our campaigns. BRP I 2023 ANNUAL REVIEW I 12

MARKET INDICATORS POWERSPORTS 3,440.3 MILLION CA$ GLOBAL SALES FOR THE YEAR SEASONAL ENDED ON JANUARY 31, 2023 PRODUCTS +36.3% GLOBAL SALES VS FY22 Our snowmobiles and personal watercraft (PWC) were the first of their kind. Today, they remain at the forefront of our strategy, enabling ever more people to embark on exceptional adventures. Whether winning new hearts or conquering new territories, these iconic brands contribute to our pursuit of something even bigger. BRP I 2023 ANNUAL REVIEW I 13

A NEW GENERATION OF SNOWMOBILES FOR A DRAWING ON A STRONG HERITAGE TO FUEL A BRIGHT FUTURE NEW GENERATION OF RIDERS EXPANDING FROM EUROPE TO NORTH AMERICA IN 2021, LYNX IN 2022, SKI-DOO FOCUSED ON ENABLING EVERY RIDER TO TRULY CONTINUED TO GROW ITS TRIBE ON BOTH SIDES OF THE ATLANTIC, EXPERIENCE THAT SKI-DOO FEELING, AND PROMOTING A RANGE OF AND REINFORCED ITS LEADING POSITION IN EUROPE, BY PUTTING ADVENTURES, MOMENTS AND SNOWMOBILES. ITS 55-YEAR NORDIC HERITAGE ON FULL DISPLAY IN 2022. Ski-Doo REV, the platform that enabled the brand’s market share to soar and to become The brand introduced new, rugged models, and provided insider views of the snowmobiles the leader in the snowmobile industry, celebrated its 20th anniversary with the launch and their capabilities, with a growing roster of brand ambassadors and masters. of its fifth generation. The REV Gen5, a further major evolution in the riding experience, The In Search of SISU content franchise reinforces the unique brand value of the received immediate approval from the dealer network, and is set to keep Ski-Doo untranslatable Finnish concept of sisu – a combination of inner strength, determination, riders excited. perseverance, and sustained courage in the face of challenges – that is familiar to Lynx For new entrants to the sport and riders of smaller stature, the mid-sized Ski-Doo Neo riders. This Masterclass series shows riders how to make the most of their snowmobiles models are exceptionally easy to use. For young riders, the Ski-Doo MXZ 120 and 200 in all conditions. provide a first taste of snowmobiling freedom. Both models, launched in 2022, make it Enticing them to search for their own sisu, the brand launched the Shredder models, easier for the whole family to hit the trails and enjoy snow fun together. tailor-made for deep snow and built on the new lightweight Radien2 platform; and the To keep this growing community engaged and entice even more new entrants, a new Lynx Rave 120 and 200 junior snowmobiles, made for the next generation of Lynx adventurers. content series promotes epic snowmobile adventures, and celebrates the generational Celebrating a continuing legend, a limited edition Commander GLX 5900 came out in Europe, snowmobile family bond, as well as giving tips and tricks. These efforts to broaden access marking the iconic model’s 40th anniversary. Occupying the #3 position globally in FY23, to snowmobiling combined with relentless product innovation resulted in a new record- Lynx maintained its leadership position in Europe, while having strenghtened its foothold high market share and volume of spring 2022 orders. In FY23, Ski-Doo remained the in North America. #1 brand in the world.

MORE WAYS FOR EVERYONE TO HAVE FUN ON THE WATER IN RECENT YEARS, SEA-DOO HAS BEEN PUSHING THE BOUNDARIES OF INGENUITY TO ENABLE WATER-LOVERS EVERYWHERE TO FIND A SPECIFIC PWC OR PONTOON TO MEET THEIR NEEDS. Redefining the PWC market beyond recreation and touring, and introducing new possibilities for the whole family, the brand is enabling more people across the globe to discover water adventures. After anglers in 2018, with the FishPro lineup, the brand targeted adventurers embarking on expeditions in 2022. The Sea-Doo Explorer Pro has the cargo capacity, stability, ergonomics, and engine capability to range far and wide. Additionally, recreational riders looking for high-end performance were treated to the Sea-Doo RXP-X 300 APEX, blending exclusive aesthetic upgrades with improved handling, thanks to an industry-first steering damper. The Sea-Doo Switch, launched in 2021 for families and friends to enjoy a range of water activities together, is proving the fastest-growing pontoon brand in the industry, and was named “Boat of the Year” by Boating Magazine in 2022. With the upcoming launch of Sea-Doo Rise, a one-of-a-kind electric hydrofoil board, the brand is more than ever synonymous with all kinds of fun on the water. This continued innovation attracted many new entrants to the category – close to 50% of 2022 Sea-Doo buyers – and enabled Sea-Doo to remain the #1 PWC brand worldwide. BRP I 2023 ANNUAL REVIEW I 15

MARKET INDICATORS POWERSPORTS 1,276.4 MILLION CA$ GLOBAL SALES FOR THE YEAR PA&A AND ENDED ON JANUARY 31, 2023 OEM ENGINES +11.6% GLOBAL SALES VS FY22 BRP parts, accessories and apparel (PA&A) and Rotax engines for karts and recreational aircraft extend the reach of our brands beyond our core products. In 2022, each of these product lines used recent successes to spring further forward. BRP I 2023 ANNUAL REVIEW I 16

PARTS, ACCESSORIES AND APPAREL (PA&A) OEM ENGINES TOWARDS A TOTAL BRP EXPERIENCE ENABLING NEW GENERATIONS OF ADVENTURERS PA&A LIFT THE BRANDS’ STRATEGIC EFFORTS TO DELIVER AN OUTSTANDING ROTAX AIRCRAFT AND KART ENGINES ENABLE A BRP ADVENTURE FOR RIDING AND BOATING EXPERIENCE. THOUSANDS OF AVAILABLE ITEMS KEEP AUDIENCES OUTSIDE OUR POWERSPORTS AND MARINE MARKETS. MORE PRODUCTS RUNNING SMOOTHLY, MAKE DRIVERS AND PASSENGERS COMFORTABLE THAN 80% OF AIRCRAFT MANUFACTURERS IN THE LIGHT SPORT AND AND PROTECTED, ENABLE EVERYTHING NEEDED FOR AN ADVENTURE TO BE ULTRALIGHT AIRCRAFT MARKET USE ROTAX ENGINES, AND BRP IS ONE STOWED SAFELY AND CONVENIENTLY, AND JUST MAKE IT EVEN MORE FUN. OF THE WORLD’S LARGEST PISTON AIRCRAFT ENGINE PRODUCERS. With market research fuelling product development, the Apparel team can anticipate Rotax kart engines are sold in over 70 countries and more than 120,000 Rotax MAX customer needs and influence demand. In FY23, apparel sales (in dollars) were the engines have been bought since 1997, for kart racers around the globe. highest ever, with the introduction of two new helmets and a range of deep snow gear In FY23, the brand took customer service to new altitudes. The introduction of “Rotax Care”, for snowmobilers, a new three-wheel vehicle gear collection inspired by streetwear, but a warranty that provides best-in-class service coverage for Rotax 4-stroke aircraft engines, CE-certified, for urban on-road riders and a line of branded life jackets for every budget set a new standard. The “We Fly Rotax. We Fly High.” program for flight schools, that and need, in the colours of our PWCs for Sea-Doo riders. includes fleet management, “Rotax Care” extended warranty, global support, priority service The expansion of the “Customize your own” option for online ordering continued to drive and discounts on parts and certified training supports the prosperity of flight school sales of accessories. Strong retail SSV growth also contributed to higher sales, including of businesses worldwide. high-end audio systems, track kits and plows, and over 75 new accessories were launched Following the success of the Rotax E20, a second electric powertrain, the Rotax E10, to complement the Ski-Doo REV Gen5 platform, inciting customers to enhance their was added to the lineup of sustainable kart engines, paving the way for carbon-neutral experience. In FY23, PA&A revenues continued on a steady upward curve, to register their kart-racing. Designed with future champions in mind, it runs on one battery for children strongest year to date. just starting out, as well as two batteries for older racers who use the same kart. BRP I 2023 ANNUAL REVIEW I 17

MARKET INDICATORS MARINE GROUP 489.6 MILLION CA$ GLOBAL SALES FOR THE YEAR ENDED ON JANUARY 31, 2023 Our Marine Group teams have been laying the groundwork since 2018 to reinvent the boating experience. Increasing and modernizing production capacity, optimizing the distribution network, and digitalizing the dealer and -4.5% customer experience have all preceded our FY23 big splash: the launch of fully redesigned Manitou, Alumacraft and Quintrex models, with the GLOBAL SALES integrated new Rotax S outboard engine, featuring Stealth technology – VS FY22 another world first. BRP I 2023 ANNUAL REVIEW I 18

BREAKING OUT OF THE SEA OF SAMENESS MANITOU HAS BEEN STANDING OUT IN THE PONTOON INDUSTRY FOR CLOSE TO FOUR DECADES, DISTINGUISHING ITSELF WITH OUTSTANDING PRODUCTS, INNOVATION AND OVER 20 YEARS OF CUSTOMER SATISFACTION AWARDS. IN FY23, MANITOU INTRODUCED A NEW GENERATION OF PONTOONS, DESIGNED TO RISE ABOVE IN EVERY WAY AND ELEVATE THE ON-WATER EXPERIENCE TO A WHOLE NEW LEVEL. The Manitou Cruise and Explore models break away from the sea of sameness and feature a timeless and modern design, a revolutionary onboard experience, and the totally new Rotax S, the world’s first outboard engine featuring Stealth technology. A bold, easy-to-maintain, automotive-inspired exterior, with a distinctive bow; a forward-leaning Sport Bimini; and a modern, functional helm design elevate Manitou in an aspirational way. The sleek MAX Deck platform, with 38 square feet of additional deck enabled by the Rotax S outboard engine, combines with flexible layout selections and seating configurations to provide more space, comfort and possibilities for recreation. The launch of the new models included a teaser campaign, a spectacular debut at Club BRP, virtual media reveal and roundtable, in-person media introduction and demo event, collaboration with a diversified roster of influencers, as well as a physical presence at key boat shows. As a testament to their potential, the new generation of Manitou pontoons and the new and groundbreaking Rotax S outboard engine have received prestigious recognitions from the Marine Industry, including the Metstrade Boat Builders Award for Innovative On-Board Design Solution, the National Marine Manufacturers Association (NMMA) Innovation Awards in the pontoon boat category and in the outboard engine category, as well as the Boating Magazine Marine Power Innovation Award. BRP I 2023 ANNUAL REVIEW I 19

NEW BOATS THAT CELEBRATE THE OUTDOORS LEVELLING UP FOR FUTURE SUCCESS BUILDING ON DECADES OF CRAFTSMANSHIP AND EXPERTISE AS ONE OF BUILDING ON THE #1 RANKING OF QUINTREX IN AUSTRALIA, THE VERY FIRST ALUMINUM BOAT BRANDS IN NORTH AMERICA, ALUMACRAFT AS WELL AS THE RENOWN OF SISTER BRANDS STACER AND UNDERSTANDS ITS CUSTOMERS AND THEIR NEEDS. TO ENABLE THE YELLOWFIN PLATE, THE MARINE GROUP TEAMS HAVE BEEN CURRENT AND NEW GENERATIONS OF BOATERS AND FISHING ENTHUSIASTS FOCUSING ON REINVIGORATING THE AUSTRALIAN BRANDS IN TO EXPERIENCE BOATING LIKE NEVER BEFORE, ALUMACRAFT ANNOUNCED SIMILAR WAYS TO THOSE FROM NORTH AMERICA. THE COMPLETE REDESIGN OF ITS MULTISPECIES FISHING AND RECREATION LARGE-V MODELS. The all new Quintrex Freestyler X, with the fully integrated Rotax S outboard engine, brought customers a completely new Quintrex boating experience to appeal to a wider base of families in Australia. With an elevated fit and finish, the boat also has the MAX Deck Available for the 2024 boating season, the new generation of Alumacraft Trophy and platform across the transom, enabling even greater versatility and more usable space to Alumacraft Competitor models will both offer an eye-catching and more modern look; enjoy recreation activities at the stern. FY23 also saw the implementation of Quintrex’s unparalleled versatility for people looking for more than just a fishing boat; and 25 square new visual brand identity as well as major improvements to the consumer experience feet more usable space, for every need, with the optional MAX Deck. The ground-breaking throughout the purchase process. Thanks to dealership signage upgrades and dealership new Rotax S, the world’s first outboard engine featuring Stealth technology, will be the website redesigns, buyers can now find products and information more easily. key, not only to this additional space, but also to the smooth, quiet and efficient handling the boats provide. The success of Quintrex value-added option packages last year, which simplified the buying experience for customers while creating greater value for BRP and our dealer network, also prompted the extension of the concept to Stacer, including “Special Edition” models with the most requested options. Previous years’ investments in manufacturing capacity, combined with continuing solid demand throughout the year in the Australian market, led to strong retail sales with a record year in terms of revenues in FY23, and maintained market leadership. BRP I 2023 ANNUAL REVIEW I 20

ADVANCING ON OUR CSR25 COMMITMENT In April 2022, BRP embarked on an exciting new chapter of its corporate social ENVIRONMENT Reduce the carbon footprint of our responsibility (CSR) journey with the launch of CSR25, a program designed to strengthen operations and products to protect our playgrounds. our business resilience and propel BRP to the forefront of corporate citizenship. With full backing from BRP’s Board and Senior Management, we established Environment, SOCIAL Create positive social value that enhances the Social and Governance (ESG) pillars within our business strategy and set ambitious daily lives of our employees, dealers, and consumers wherever targets and goals. they work, give, and play. In 2022, we further laid the foundation for success by integrating our ESG pillars into our core processes and action plans, helping us identify and manage risks and Adopt the right governance to continue opportunities that are relevant to our business. ESG pillars are led by members of the G O V E R N A N C E Management Committee, who are mobilizing the appropriate BRP teams to achieve to make sound strategic decisions, maintain high ethical the identified goals and targets. standards, and conduct our operations in a sustainable manner. OUR CSR25 FRAMEWORK BRP I 2023 ANNUAL REVIEW I 21

TRANSFORMING FOR A LOW-CARBON FUTURE BRP exists to create innovative ways to move people on trails, roads, water, and snow. By practicing wise environmental stewardship, we are helping to ensure that the pure enjoyment of OUR the ride is available on every playground for years to come. Doing our part to protect and preserve the environment also enables us to continue to deliver long-term value to our stakeholders. TARGETS To that end, in 2022, we announced ambitious goals as part of our CSR25 program: • To reduce emissions and energy consumption in operations. FACILITIES BY 2030 • To find new ways to reuse and recycle materials, from parts to packaging. Make our facilities carbon neutral. • To achieve our goal of zero waste to landfill across operations. Achieve zero waste to landfill. We also announced bold targets to help address climate change and management of material and waste flows, two of the most pressing global challenges of our time. PRODUCTS BY 2035 While we progressed toward our goals and targets, 2022 was a year of intensive data gathering and analysis to give us insight into the key drivers of our environmental impact and carbon footprint. Have 50% of our units sold as electric. Launch new internal combustion engine (ICE) models that emit less CO than their predecessors. SUSTAINABLE PRODUCT STRATEGY 2 In 2022, we announced our CSR25 electric vehicles (EV) and internal combustion engine (ICE) targets: By 2035 SUPPLY CHAIN BY 2035 • Have 50% of our units sold as electric. Reduce CO emissions from our supply chain by 25%. 2 • Launch new ICE models that emit less CO than their predecessors. 2 To deliver on our EV commitments, we completed multiple strategic acquisitions: • GREAT WALL MOTOR AUSTRIA GmbH (renamed BRP-ROTAX VIENNA), specialist in e-drive systems and transmissions. • PINION GmbH, German innovator in gearbox technology, spurring development of EVs in the urban mobility space. • SHAWINIGAN OPERATIONS OF KONGSBERG INC. (renamed BRP MEGATECH), to extend our electronic and mechatronic expertise. BRP I 2023 ANNUAL REVIEW I 22

We broke ground at Queretaro, Mexico, and Gunskirchen, EMBRACING A GLOBAL CAUSE: RIDE OUT INTIMIDATION Austria, on new and expanded EV manufacturing and R&D In 2022, we launched our global corporate cause under the banner of RIDE OUT INTIMIDATION. facilities, reinforcing our expertise and building our production Through this program, BRP takes a firm stand against intimidation, which is a key social capacity to meet the demand for EVs. We also created the challenge that affects almost everyone. Low-Voltage and Human-Assisted (LVHA) Group, a business unit focused on new product categories. The LVHA Group At BRP, we believe inclusivity starts where intimidation ends. As an employer, a corporate positions BRP to tap into new markets and attract new citizen, and a strong presence in multiple communities around the world, we will inspire generations of riders. and contribute to behaviour change. In 2022, we announced innovative EV and ICE products: Today, BRP is partnering with three reputable and impactful organizations to put a stop to intimidation and bullying, for good: Born This Way, Ditch the Label, and Fondation Jasmin Roy • CAN-AM ORIGIN AND CAN-AM PULSE — our first Sophie Desmarais, to name a few. To that end, we invested nearly CA$2M in communities all-electric motorcycles. • ROTAX S OUTBOARD ENGINE with energy-efficient this year to ride out intimidation. Stealth technology. On Unesco Stand Up to Bullying Day, our employees took to social media in a tidal wave of support for our cause by wearing yellow to show our communities that they care. BRP • ROTAX E10 E-POWERTRAIN for both professional and pledged donations of CA$10 per participating employee. Thousands of employees rallied recreational karting racers of all ages. • SEA-DOO RISE — an all-electric hydrofoil board. together to raise awareness for the cause by sharing their photos and personal stories on social media. With this overwhelming response from our employees, we donated to anti- • SKI-DOO GRAND TOURING ELECTRIC AND LYNX intimidation organizations in Canada, Mexico, USA, Australia and Sweden in order to ADVENTURE ELECTRIC — our first electric snowmobiles support initiatives that aim to end bullying in their regions. (announced in February 2023). BRP I 2023 ANNUAL REVIEW I 23

CHAMPIONING THE RESPONSIBLE RIDER MINDSET CULTIVATING DIVERSITY, EQUITY & INCLUSION When we launched the Responsible Rider program in 2022, we envisioned an industry To foster an even more inclusive culture in which everyone feels they belong, BRP has that excels at welcoming newcomers, building a more caring community, and generating embarked on a diversity, equity, and inclusion (DE&I) journey. Our DE&I Strategic Framework positive experiences. provides the foundation for establishing priorities, defining measures, and setting targets. At BRP, we believe there is an opportunity for everyone in the powersports and boating We have created a DE&I Council composed of employees from diverse backgrounds and communities to come together and rethink how we approach safety, riding etiquette, and workplaces, and led by two senior executives who will implement a strong action plan. We the environment, our three program pillars. Realizing our vision would ensure that powersports are implementing data strategies to help us measure our progress, and specific DE&I employee and boating have a long and healthy future. resource groups (ERGs) are also being formed to help us remove barriers and reach targets. To make responsible riding a reality for all, we are empowering representatives, dealers, In November 2022, we launched the Global Women ERG, BRP’s first-ever ERG, to support partners, trainers, employees, and riders, with the tools they need. These efforts are backed and empower women at BRP, help build awareness and foster inclusion. by our strong Responsible Rider program and partnership strategy. We began in 2022 with LAUNCH OF A NEW CODE OF ETHICS a three-year investment of nearly CA$1.5M on education, rider content, training, and awareness. In December 2022, we released a new version of our Code of Ethics entitled Driven by Integrity. New themes were included: data privacy, global trade compliance, relationship with third parties, product quality and safety, human rights, and community engagement. Filled with real-life examples, this completely overhauled, interactive document is easy to navigate and available in different languages to make it easier to understand. TWO NEW POLICIES In 2022, we also launched two new policies: • Conflict of Interest – to help BRP employees identify, avoid and disclose situations of real or perceived conflicts of interest. • Gifts and Hospitality – to provide clear guidance on the requirements to be met in relation to the giving and receiving of business courtesies involving BRP employees. BRP I 2023 ANNUAL REVIEW I 24

CSR PERFORMANCE CDP 31% OF OUR MANUFACTURING SITES ACHIEVED THE GOAL SCORE CLIMATE CHANGE OF ZERO WASTE TO LANDFILL* DISCLOSURE: B- *at least 90% of waste generated was diverted from landfill 25% WOMEN ON THE BOARD CA$ 5.6M DONATED IN 2022 TO SUPPORT OF DIRECTORS OUR COMMUNITIES 23% WOMEN IN SENIOR 0.9 OVERALL TOTAL RECORDABLE MANAGEMENT INCIDENTS RATE (TRIR) still on course to reach our 2025 goal of zero incidents and zero impact 31% WOMEN IN FACTORY TO LEARN MORE ABOUT OUR LATEST CSR PERFORMANCE, PLEASE CONSULT OUR CSR REPORT IN THE CSR SECTION OF BRP.COM BRP I 2023 ANNUAL REVIEW I 25

SECTION FINANCIAL BRP I 2023 ANNUAL REVIEW I 26

RECONCILIATION TABLE FISCAL YEAR 2023 The following table presents the reconciliation of Net income to TWELVE-MONTH PERIODS ENDED Normalized net income1 and Normalized EBITDA1. (in million of Canadian dollars) January 31, 2023 January 31, 2022 January 31, 2021 January 31, 2020 January 31, 2019 Net income 865.4 794.6 362.9 370.6 227.3 Foreign exchange (gain) loss on long-term debt and lease liabilities 92.4 (13.3) (121.8) 10.4 69.8 Cybersecurity incident costs2 25.5 -(Gain) loss on NCIB (1.8) 21.3 (12.2) -Past service costs3 4.3 -Impairment charge4 177.1 -Costs related to business combinations5 8.3 9.9 5.9 6.5 3.9 Evinrude outboard engine wind-down6 0.4 96.1 -Loss on disposal of property, plant & equipment and lease termination7 (8.7) (12.7) -COVID-19 pandemic impact8 10.6 -Transaction costs on long-term debt9 1.0 44.3 12.7 8.9 Other elements10 (3.2) 3.8 4.1 (37.4) 2.5 Income tax adjustment1,11 (15.2) (5.8) (45.7) 8.3 (3.8) Normalized net income1 976.7 846.5 477.0 358.4 308.6 Normalized income tax expense1 315.7 287.9 167.1 126.8 105.4 Financing costs adjusted1 113.9 63.4 107.3 90.9 68.0 Financing income adjusted1 (4.2) (3.8) (7.6) (2.2) (2.2) Depreciation expense adjusted1 304.2 268.1 255.2 230.5 176.1 Normalized EBITDA1 1,706.3 1,462.1 999.0 804.4 655.9 Weighted average number of shares – diluted 80,946,102 85,259,520 88,604,984 93,813,984 99,588,888 Normalized earnings per share – diluted1 12.05 9.92 5.39 3.83 3.10 1 See “Non-IFRS Measures” section. 2 During Fiscal 2023, the Company incurred costs related to a cybersecurity incident. These costs are mainly comprised of recovery costs, idle costs such as direct labor during shutdown period, etc. 3 Effective December 31, 2022, BRP approved an ad-hoc adjustment to be granted to retirees and surviving spouses of the Pension Plan for Employees of BRP (Canada) who retired prior to 2017. The impact of this ad-hoc increase is recognized as a past service cost during the year ended January 31, 2023. 4 During the twelve-month period ended January 31, 2021, the Company recorded an impairment charge of $177.1 million related to its Marine segment. 5 Transaction costs and depreciation of intangible assets related to business combinations. 6 The Company incurred costs related to the wind-down of the outboard engine production such as, but not limited to, idle costs and other exit costs. 7 During Fiscal 2022, the Company acquired its two leased facilities in Mexico. The derecognition of related right-of-use assets and corresponding lease liabilities generated a $8.7 million gain on lease termination. 8 Incremental costs associated with the COVID-19 pandemic such as, but not limited to, labour cost related to furloughs. 9 During Fiscal 2022, the Company incurred a prepayment premium of $15.1 million and derecognized unamortized transaction costs of $29.2 million related to the full repayment of its outstanding U.S. $597.0 million Term Loan B-2. 10 Other elements include gain on litigation for Fiscal 2021, insurance recovery on destroyed equipment related to the Juarez 2 fire recorded in Fiscal 2023 and costs associated with restructuring and reorganization activities to gain flexibility and improve efficiency which are mainly composed of severance costs and retention salaries. 11 Income tax adjustment is related to the income tax on Normalized elements subject to tax and for which income tax has been recognized, adjustment related to the impact of foreign currency translation from Mexican operations, as well as the unrecognized tax benefits related to Evinrude outboard engine wind-down in Fiscal 2021. BRP I 2023 ANNUAL REVIEW I 27

INFORMATION FOR INVESTORS STOCK EXCHANGE INFORMATION FISCAL YEAR 2024 TENTATIVE EARNINGS CALENDAR INFORMATION REQUESTS FOR MORE INFORMATION BRP Inc. subordinate voting shares are traded on the Toronto First Quarter: June 01, 2023 Analysts, shareholders and interested investment To view the Company’s Annual Review and related Stock Exchange under the symbol “DOO’’ and on the Nasdaq Second Quarter: September 07, 2023 professionals may direct their business-related inquiries to: financial information, to learn more about the products, Global Select Market under the symbol “DOOO’’. Third Quarter: November 30, 2023 Investor Relations Department: BRP Inc., 726 St-Joseph to download product brochures or to find dealer locations, Fourth Quarter: To be advised Street, Valcourt, Quebec, Canada J0E 2L0, please visit the Company’s website at brp.com. RESEARCH COVERAGE1 T +1 450 532-2211, ir@brp.com 1Analyst coverage known to the Company as of April 1, 2023. ARC Independent Research • BMO Capital Markets Equity ISSUED AND OUTSTANDING SHARES Research • Canaccord Genuity • CIBC Capital Markets • SHAREHOLDER SERVICES Citigroup • D.A. Davidson • Desjardins Securities • As of April 19, 2023, there were 36,283,821 Subordinate © BRP 2023. All rights reserved. ®, ™ and the BRP logo are Voting Shares and 42,384,200 Multiple Voting Shares For shareholder-related services, including estate change trademarks of BRP or its affiliates. † All other trademarks are Edgewater Research Company • Exane BNP Paribas • issued and outstanding, and no preferred shares were of name or address, stock, transfers, settlement, lost stock the property of their respective owners. Please ride responsibly. Morningstar • National Bank Financial • Northcoast issued and outstanding. certificates and duplicate mailings, please contact the The information contained in this Annual Review was established Research • Raymond James & Associates • RBC Capital transfer agent at: Computershare Investor Services Inc.: as of May 2, 2023. Legal deposit Bibliothèque nationale du Markets • Robert W. Baird & Co. • Scotia Global Equity 100 University Ave., 8th Floor, Toronto, Ontario, Canada Québec 2023. Research • Stifel Canada • TD Securities Equity Research • ANNUAL SHAREHOLDERS’ MEETING UBS Securities • Wolfe Research M5J 2Y1, T +1 800 564-6253, This meeting will be held at 11:00 a.m. (Eastern time) www-us.computershare.com/Investor on June 1, 2023, via live webcast. FORWARD-LOOKING STATEMENTS statements contained herein. Forward-looking statements, by their very nature, involve inherent risks and uncertainties and are based on a number of assumptions, both general and specific. Certain statements in this Annual Review, including, but not limited to, statements relating to our The Company cautions that its assumptions may not materialize and that global economic and Fiscal 2024, statements relating to its 5-year plan referred to as “M25” or “Mission 25”, statements political conditions, combined with one or more of the risks and uncertainties discussed in the relating to investments in the electrification of its product lines and its expected impact on Company’s Annual Information Form, may render such assumptions, although believed reasonable consumer experience and industry growth, statements relating to its intention to launch new at the time they were made, inaccurate. Such forward-looking statements are not guarantees of electric product lines, statements relating to the Corporate Social Responsibility CSR25 plan, future performance and involve known and unknown risks, uncertainties and other factors which its expected impact and the Company’s progress in relation to it, and other statements about may cause the actual results or performance of the Company or the industry to be materially the Company’s prospects, expectations, anticipations, estimates and intentions, results, levels of different from the outlook or any future results or performance implied by such statements. activity, performance, objectives, targets, goals, achievements, priorities and strategies, financial position, market position, including its ability to continue to gain additional market share, capabilities, In addition, many factors could cause the Company’s actual results, level of activity, performance competitive strengths and beliefs, the prospects and trends of the industries in which the Company or achievements or future events or developments to differ materially from those expressed or operates, the Company’s expectation for continued robust consumer demand for its products and implied by the forward-looking statements, including, without limitation, the following factors, services and sustained growth, including on the marine side, research and product development which are discussed in greater detail under the heading “Risk Factors” of its Annual Information activities, including projected design, characteristics, capacity or performance of future products Form: the impact of adverse economic conditions including in the context of recent significant and their expected scheduled entry to market, the availability of capital resources and liquidities, increases of interest and inflation rates; any decline in social acceptability of the Company and its or any other future events or developments and other statements that are not historical facts products, including in connection with the broader adoption of electrical or low-emission products; constitute forward-looking statements within the meaning of applicable securities laws. The words fluctuations in foreign currency exchange rates; high levels of indebtedness; any unavailability of “may”, “will”, “would”, “should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, additional capital; any supply problems, termination or interruption of supply arrangements or “indications”, “anticipates”, “believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” increases in the cost of materials, including as a result of the military conflict between Russia and or “potential” or the negative or other variations of these words or other comparable words or Ukraine; the inability to attract, hire and retain key employees, including members of the Company’s phrases, are intended to identify forward-looking statements. management team or employees who possess specialized market knowledge and technical skills; any failure of information technology systems, security breach or cyber-attack, or difficulties with Forward-looking statements are presented for the purpose of assisting readers in understanding the implementation of new systems, including the Company’s new ERP; the Company’s reliance certain key elements of the Company’s current objectives, goals, targets, strategic priorities, on international sales and operations; the Company’s inability to successfully execute its growth expectations and plans, and in obtaining a better understanding of the Company’s business and strategy; unfavourable weather conditions and climate change more generally; the seasonal nature anticipated operating environment. Readers are cautioned that such information may not be of the Company’s business and some of its products; the Company’s reliance on a network of appropriate for other purposes; readers should not place undue reliance on forward-looking BRP I 2023 ANNUAL REVIEW I 28

independent dealers and distributors; any inability of dealers and distributors to secure adequate NON-IFRS MEASURES access to capital; any inability to comply with product safety, health, environmental and noise The Company’s financial statements, available under the Company’s profiles on SEDAR at pollution laws; the Company’s large fixed cost base; any failure to compete effectively against www.sedar.com and on EDGAR at www.sec.gov, have been prepared in accordance with competitors or any failure to meet consumers’ evolving expectations; any failure to maintain an International Financial Reporting Standards (“IFRS”). effective system of internal control over financial reporting and to produce accurate and timely financial statements; any inability to maintain and enhance the Company’s reputation and brands; This Annual Review makes reference to certain non-IFRS financial measures. These measures any significant product liability claim; any significant product repair and/or replacement due to are not recognized measures under IFRS, do not have a standardized meaning prescribed by IFRS product warranty claims or product recalls; any failure to carry proper insurance coverage; the and are therefore unlikely to be comparable to similar measures presented by other companies. Company’s inability to successfully manage inventory levels; any intellectual property infringement Rather, these measures are provided as additional information to complement IFRS measures and litigation; the Company’s inability to successfully execute its manufacturing strategy or to by providing further understanding of the Company’s results of operations from management’s meet customer demand as a result of manufacturing capacity constraints; increased freight and perspective. Accordingly, they should not be considered in isolation nor as a substitute for shipping costs or disruptions in transportation and shipping infrastructure; any failure to comply analysis of the Company’s financial information reported under IFRS. with covenants in financing and other material agreements; any changes in tax laws and unanticipated The Company believes non-IFRS measures are important supplemental measures of financial tax liabilities; any impairment in the carrying value of goodwill and trademarks; any deterioration performance because they eliminate items that have less bearing on the Company’s financial in relationships with employees; pension plan liabilities; natural disasters; volatility in the market performance and thus highlight trends in its core business that may not otherwise be apparent price for the Subordinate Voting Shares; the Company’s conduct of business through subsidiaries; when relying solely on IFRS measures. The Company also believes that securities analysts, investors the significant influence of Beaudier Inc., 4338618 Canada Inc., and Bain Capital Integral and other interested parties frequently use non-IFRS measures in the evaluation of companies, Investors II, L.P.; and future sales of Subordinate Voting Shares by Beaudier Group, Bain Capital, many of which present similar metrics when reporting their results. Management also uses non-IFRS directors, officers or senior management of the Company. These factors are not intended to measures in order to facilitate financial performance comparisons from period to period, prepare represent a complete list of the factors that could affect the Company; however, these factors annual operating budgets, assess the Company’s ability to meet its future debt service, capital should be considered carefully. expenditure and working capital requirements and also as a component in the determination of Unless otherwise stated, the forward-looking statements contained in this Annual Review are the short-term incentive compensation for the Company’s employees. Because other companies made as of the date of this Annual Review and the Company has no intention and undertakes no may calculate these non-IFRS measures differently than the Company does, these metrics are obligation to update or revise any forward-looking statements, including to reflect future events, not comparable to similarly titled measures reported by other companies. “Normalized EBITDA” changes in circumstances, or changes in beliefs, unless required by applicable securities regulations. is defined as net income before financing costs, financing income, income tax expense (recovery), In the event that the Company does update any forward-looking statements contained in this depreciation expense and normalized elements as described in the 2023 MD&A (as defined below), Annual Review, no inference should be made that the Company will make additional updates such as restructuring and wind-down costs, non-recurring gain or loss and acquisition-related costs. with respect to that statement, related matters or any other forward-looking statement. The “Normalized net income” is defined as net income before normalized elements as described in the forward-looking statements contained in this Annual Review are expressly qualified by this 2023 MD&A, such as foreign exchange gain on long-term debt and lease liabilities and transaction cautionary statement. costs, and adjusted to reflect the tax effect on these elements. The Company refers the reader to the “Non-IFRS Measures” and “Selected Consolidated Financial Information” sections of the KEY ASSUMPTIONS Company’s management’s discussion and analysis for Fiscal 2023 dated March 23, 2023 (the “2023 MD&A”), which are incorporated by reference herein, for definitions and reconciliations of The Company made a number of economic, market and operational assumptions in preparing and Normalized EBITDA and Normalized net income presented by the Company to the most directly making certain forward-looking statements contained in this Annual Review, including the following: comparable IFRS measure. The Company’s 2023 MD&A is available under the Company’s profiles reasonable industry growth ranging from slightly down to slightly up, that is based on the assumption on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. that supply chain disruptions continue to improve; market share will remain constant or moderately increase; stable global and North American economic conditions; a limited impact from the military conflict between Russia and Ukraine and the COVID-19 pandemic; main currencies in which the Company operates will remain at near current levels; inflation is expected to remain elevated from strong demand, supply shortages and high energy prices, and is expected to gradually decline as central banks gradually increase interest rates; there will be no significant changes in tax laws or free trade arrangements or treaties applicable to the Company; the Company’s margins will remain at current levels; the supply base will remain able to support product development and planned production rates on commercially acceptable terms in a timely manner; no new trade barriers will be imposed amongst jurisdictions in which the Company carries operations; the absence of unusually adverse weather conditions, especially in peak seasons. BRP cautions that its assumptions may not materialize, and that global economic and political conditions, combined with one or more of the risks and uncertainties discussed under the heading “Risk Factors” of its Annual Information Form, may render such assumptions, although believed reasonable at the time they were made, subject to greater uncertainty. BRP I 2023 ANNUAL REVIEW I 29

CORPORA T E H E A D Q U A R T E R S 726 Saint-Joseph Street Valcourt, Quebec J0E 2L0 Canada BRPnews linkedin.com/company/brp facebook.com/brpinfo youtube.com/user/communicationsBRP BRP.COM