EX-99.2
Exhibit 99.2 ADVENTURE ON 2024 ANNUAL AND CORPORATE SOCIAL
RESPONSIBILITY REPORT For the year ended January 31, 2024
OUR WE PEOPLE EXIST ARE INFORMED OPTIMISTS WHO SEE THE WORLD AS TO
CREATE NEW WAYS TO MOVE PEOPLE, SO ONE BIG OPPORTUNITY, WITH NO BOUNDARIES TO THAT EXPERIENCES ARE MEASURED IN EMOTION THE ROAD OR THEIR AMBITIONS. RATHER THAN DISTANCE. As navigators, they always find a way to overcome any We reimagine the way you
access your world. barrier. This mentality allows them to naturally lead, which is displayed in both work and play. th 2 Our values 10 BRP 20 anniversary 21 Powersports PA&A and 32 Transitioning to a low-carbon 61 GRI content index OEM Engines
future 3 Letter from the President and CEO 13 Our product lines 64 SASB disclosure 24 Marine Group 38 Nurturing stronger communities 6 Company overview 14 Powersports year-round products 65 TCFD disclosure 28 Progressing on our CSR25 54
Strengthening responsible 8 Financial highlights 17 Powersports seasonal products 68 Financial section, including commitments governance Forward-looking statements 9 CSR highlights 59 CSR performance summary
ADVENTURE BY 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. 1
OUR VALUES THEY MAKE OUR CULTURE UNIQUE, INFORM HOW WE ACT, AND DRIVE
WHAT WE MAKE. DRIVE TO DELIVER OUR COMMITMENTS INGENUITY TO DEFY CONVENTIONS We’re not afraid to see things differently. Constant We say what we do. We do what we say. No excuses. curiosity makes us the first to uncover new solutions. Only
sheer determination. Relentless drive and love of We question. We innovate. We progress. the ride push us ahead. WHILE WE LIVE FOR THE RIDE, RELENTLESSLY. WE ALWAYS ARRIVE AT DESTINATION. TRUST TO BUILD STRONG PASSION TO KEEP MOVING PARTNERSHIPS
Passion informs everything we do and is an integral part of every value we have. If We take care of our people like family. We act with it’s not done with passion, it’s not BRP. integrity. People can count on us like we count on them.
IT’S PASSION YOU CAN FEEL. IT’S THAT SIMPLE. 2
ADVENTURE ON 2-11 2-22 Letter to shareholders for the year ended January
31, 2024 – José Boisjoli In FY24, BRP delivered a solid performance despite a challenging macroeconomic environment. The year was marked by further market share gains, successful product launches and continued progress on our key
strategic initiatives. Leveraging our core strengths and those of our dealer network, we maintained our retail momentum in the North American Powersports market. Looking ahead, our brands’ solid reputation, combined with our passion for
innovation and drive to constantly push the boundaries of technology, should lead to further market share gains. 3
While we remain focused on delivering strong business results, our
commitment to be an industry-leading corporate citizen with a responsibility to address global environmental and social challenges, is also important. This is why we have decided to combine our Annual Report and our Corporate Social Responsibility
(“CSR”) Report in a single document, as they are strongly intertwined. SOLID FINANCIAL RESULTS AND CASH FLOW GENERATION Revenues increased 3% to $10.4 billion, a record high for BRP, while diluted EPS and THE RESILIENCE AND AGILITY 1
normalized diluted EPS reached $9.47 and $11.11, respectively. Like the rest of the industry, we experienced softening consumer demand in the second half of the year and, OF OUR ENTIRE ORGANIZATION as a result, we proactively decided to reduce our
shipments. The resilience and agility of our entire organization allowed us to adapt quickly and achieve healthy financial results. ALLOWED US TO ADAPT We delivered record free cash flow of over $1 billion, of which more than $500 million was
returned to shareholders. We repurchased about 6% of outstanding shares in FY24 while QUICKLY AND ACHIEVE our quarterly dividend payment was recently increased by 17%. HEALTHY FINANCIAL RESULTS. th In FY24, we celebrated BRP’s 20 anniversary.
I am very proud of the progress achieved 2 since we became a standalone company as you can see on page 10. During that period , our revenues more than quadrupled and our global market share tripled with now one out of every three powersports
products sold in the world carrying our logo. We also became a more diverse and inclusive organization, with more women on the Board of Directors and 3 in leadership positions, and continued progress on breaking barriers for our employees .
REINFORCED OUR POSITION AS THE #1 NORTH AMERICAN POWERSPORTS ORIGINAL EQUIPMENT MANUFACTURER (OEM) Driven by our innovative and diversified product portfolio, we outperformed the market with our North American Powersports retail sales increasing 8%
in FY24 compared to only 1% for the industry. We concluded the year with an additional two points of market share, recording gains in virtually all product categories. At the end of FY24, our retail stood 35% above pre-COVID levels, as opposed to
the industry which has been flat since then. In fact, we were the only Powersports OEM retailing more units per dealer than during the COVID period. th Our flagship Can-Am brand celebrated its 50 anniversary with an exceptional year in the 1 See
“Non-IFRS Measures” section on page 72. side-by-side vehicle category, growing retail at an impressive pace, and gaining significant 2 This information has been determined on the basis of internal market share, especially in the utility
segment. Our share reached 30% at year-end in calculations using the information reasonably available to BRP for the period of time during which the Company was private. North America, achieving this objective a year ahead of our plan. Our lineup
was enhanced 3 As shown by data captured since Fiscal Year 2020 for women on by the launch of the new Maverick R with an industry-leading 240 hp engine. It has already BRP’s Board of Directors and in leadership positions. made its mark by
winning prestigious races, which should further stimulate consumer interest. 4
In the all-terrain vehicles category, driven by the success of our new
mid-cc Outlander As for climate action, we were able to lower our global CO emissions by nearly 6% this 2 platform, we gained almost two share points for the year, surpassing the 20% mark for the year, and we plan to continue on that path through
strong action plans and conversion to first time ever in North America. Finally, our three-wheel vehicle offering benefitted from renewable energy sources. several technological enhancements, and we anticipate more success for our lineup given Above
all, I am very honored that our global cause to Ride Out Intimidation is mobilizing the the interest of new entrants in the category. entire BRP ecosystem, including our employees, dealers, suppliers and community partners. As for seasonal products,
Sea-Doo introduced the new generation of the iconic Spark, still We are passionate about creating a positive impact in our communities, and we are proud carrying its distinctive visual look, launched the RXP-X and RXT-X featuring the world’s
to have invested close to $8.4 million in nonprofit organizations worldwide in FY24. highest horsepower PWC engine, and bolstered the Switch family of pontoons with the STRENGTHENING THE ORGANIZATION TO SUSTAIN LONG-TERM GROWTH Cruise Limited model.
Near the end of the year, we made organizational changes to further improve our position for In snowmobile, unfavourable winter conditions affected the North American market, but long-term growth. The Powersports and Marine groups were combined
under one leadership Ski-Doo continued to outperform the industry and remained the leader globally. Lynx to ensure stronger alignment and focus, create synergies, and leverage functional expertise maintained its #1 position in Europe. The industry
is resilient, and we intend to continue from both businesses. It also further solidifies our dedication to driving profitable growth, introducing new technologies to our loyal and passionate customer base. As part of our while delivering a
compelling value proposition to our dealers and distributors. transition towards electrification, we launched in FY24 our first electric snowmobiles, the Ski-Doo Grand Touring Electric and the Lynx Adventure Electric, dedicated exclusively to
OUTLOOK our Uncharted Society certified experience outfitters and tour operators in North America With evolving market conditions, we proactively reduced production volumes to lower and Europe. In early FY25, we also unveiled two additional electric
snowmobiles designed network inventory, and adopted a prudent outlook for Marine. For these reasons, we expect for ski centers and resorts, which will also be available to consumers this coming winter. lower revenues and profitability in FY25
compared to FY24. FY24 was a difficult year for our Marine Group. A late spring delayed the start of the season, We are known to be agile, and we never hesitate to reprioritize our investments to find the and a supplier issue slowed down the ramp-up
of our new Manitou platform, hence limiting right balance between short-, mid-, and long-term perspectives. For example, although we product availability. With rising financing costs and softening consumer demand, dealers remain fully committed to
electrifying our product lineups, we have decided to delay certain are also more reluctant to take on inventory. As such, we are adopting a cautious approach electric vehicle introductions. Having said that, we are focused on the upcoming launch of
this year to preserve new product value and better manage network inventory. Still, our our Can-Am electric motorcycles at our dealer event in August, and the roll-out of our two new boats are well received by consumers and our long-term outlook
remains positive. new electric snowmobiles for model year 2025. GLOBAL AWARDS CONFIRM OUR LEADERSHIP IN INNOVATION In FY25, we expect to strengthen our position as the OEM of choice. Innovation is at Our lineups continue to stand out by winning
awards and recognitions around the world. the core of our DNA, and we will keep investing in R&D and pushing the boundaries of As a testament to our innovative and trend-setting designs, we closed out FY24 with technology. We strongly believe
that our extensive and diversified portfolio is a significant 12 international design awards, namely in the United States, Japan and Australia, spanning competitive advantage and what we have in the product pipeline is very exciting. multiple
product categories, as well as several other international prizes. Driven by robust business fundamentals and a proven capacity to adapt, execute and outperform the industry, we are in a solid position to sustain our leadership in FY25 and beyond.
CORPORATE SOCIAL RESPONSIBILITY PROGRESS AND ACHIEVEMENTS Beyond our business activities, we are also mindful about the well-being of society, and In closing, I thank all our stakeholders for their contribution in making us the #1 OEM and our
actions and decisions reflect our pledge to be a responsible organization. Since a leading corporate citizen in the industry. First, I acknowledge our employees for shaping launching our CSR25 program, we made important strides in creating a better
future for our journey and propelling our success. I am also grateful to our dealers, consumers and our employees, communities, and stakeholders. I invite you to read about our CSR progress partners for supporting our brands and social causes.
Finally, I thank my fellow Board starting on page 28. members for their judicious advice and our shareholders for their ongoing trust. Several of our initiatives in support of our commitment are aligned with the United Nations’ Sustainable
Development Goals. Namely, we are paving the way to create a more inclusive workplace. In FY24, we took our Diversity, Equity and Inclusion journey further through JOSÉ BOISJOLI learning initiatives such as training sessions on inclusive
leadership. President and CEO 5
COMPANY OVERVIEW 2-1 2-2 (As of January 31, 2024) AN EXTENSIVE GLOBAL
DISTRIBUTION NETWORK: A STAND-ALONE ANNUAL DRIVEN, RESOURCEFUL DEALERS COUNTRIES WHERE OUR TSX COMPANY SINCE SALES EMPLOYEES WORLDWIDE WORLDWIDE PRODUCTS ARE AVAILABLE DOO CLOSE NASDAQ TO 2003 $10.4B 20,000 2,800+ 130+ DOO0 Manufacturing sites*
Distributor Network Dealership Network * Does not include certain sites, including small sites where the products or services are only offered in a capacity as internal supplier to BRP, such as the St.Johns (United States) site where service parts
and wall painting and sequencing take place. 6
ICONIC BRANDS ® 88 7
REVENUE BASE BY CATEGORY REVENUE BASE BY GEOGRAPHY At 31/01/24 At
31/01/24 FINANCIAL 33% 24% 52% 60% 11% 4% 16% HIGHLIGHTS YEAR-ROUND PRODUCTS UNITED STATES 201-1 SEASONAL PRODUCTS INTERNATIONAL POWERSPORTS PA&A AND OEM ENGINES CANADA Fiscal Year 2024 MARINE GROUP 1 TOTAL REVENUES NET INCOME NORMALIZED EBITDA
NORMALIZED EARNINGS PER SHARE EARNINGS PER SHARE CA$ millions / At 31/01 CA$ millions / At 31/01 CA$ millions / At 31/01 1 – DILUTED – DILUTED CAGR* 14.4% CAGR* 19.1% CAGR* 20.6% CA$ / At 31/01 CA$ / At 31/01 CAGR* 30.5% CAGR* 24.4% 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 10,033 865.4 1,706.3 12.05 23 10.67 23 23 23 23 10,367 1,699.6 11.11 9.47 24 24 744.5 24 24 24 2 SHARE PRICE DOO
PERFORMANCE DOO MONTHLY CLOSING PRICE IN CA$ OVER THE LAST YEARS IN CA$ 283.41 299.91 230.78 100.00 180.13 224.71 118.23 BRP FEBRUARY 2023 S&P/TSX 84.84 JANUARY 2024 100.00 114.99 118.97 148.78 151.21 158.30 2019 2020 2021 2022 2023 2024 1 See
Non-IFRS measures section on p.72. 2 Illustrates the cumulative return on a $100 investment in the Subordinate Voting Shares, with dividend reinvestments, compared to the cumulative return on the S&P/ st TSX Composite Index for the five-year
period commencing on February 1 , 2019 and ending on January 31, 2024, being the last trading day of Fiscal 2024. 8 * Compound Annual Growth Rate since January 31, 2020. MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER
CSR HIGHLIGHTS GLOBAL ABSOLUTE CDP SCORE: CLIMATE CHANGE DISCLOSURE
GREENHOUSE GAS EMISSIONS* % REDUCTION *(GHG) Scope 1 and 2. 5.8 B- OVERALL DIVERSION RATE* % DONATED IN 2023 TO *Total amount of hazardous and 78 non-hazardous waste diverted SUPPORT OUR COMMUNITIES from landfills. CLOSE TO CA$ 8.4M % WOMEN ON THE
BOARD OF DIRECTORS 33 OVERALL TOTAL RECORDABLE INCIDENTS RATE (TRIR) still on course to reach our 2025 goal of zero incidents and zero impact % 30 WOMEN IN FACTORY 0.8 BRP Inc. reports its annual CSR performance beginning on p. 28. The CSR section
has been developed with reference to the Global Reporting Initiative (GRI), GRI 1. 9 In an effort to further showcase our initiatives, CSR stories have also been added to the brand content where appropriate.
Bombardier sells its Recreational Products division; BRP is officially
created! Launch of the Ski-Doo REV Entry into the side-by-side Launch of the platform vehicle market Sea-Doo Spark 2003 2010 2014 2007 2013 2018 Launch of industry-first three-wheel BRP’s initial public offering Creation of the Marine Can-Am
Spyder Group with the acquisition of Alumacraft Opening of the first manufacturing facility in Juarez, Mexico Acquisition of Manitou BRP lists its shares on the Nasdaq 10
Acquisition Launch of the Sea-Doo Launch of the Ski-Doo and of Telwater
Switch pontoon Lynx electric snowmobiles 2019 2021 2023 2020 2022 Launch of Uncharted Society Reveal of the Can-Am Origin and Can-Am Pulse electric motorcycles Acquisition of Great Wall Motor Austria (BRP-Rotax Vienna), Pinion GmbH, and the
powersports operations of Kongsberg Inc. (BRP Megatech) Reveal of the Sea-Doo Rise eFoil Launch of the Low-Voltage and Human-Assisted (LVHA) Group, a business unit focused on new product categories 11
CELEBRATING 20 YEARS OF ADVENTURES! Over the past 20 years, we have
traveled far and wide, exploring new territories and expanding This past year, BRP marked an important milestone in its history by our business. We have proven ourselves capable of changing the game, shifting paradigms, th celebrating its 20
anniversary. It was a unique opportunity to look creating experiences and inviting more of the world into our passions. Along the way, we back to everything that we have accomplished, and reiterate our made our own, bold decisions to diversify our
portfolio and propel our growth. We went from two profitable product lines to eight, covering all seasons, and more to come very soon. ambitions for the future. Sharing our story with our many different As the interest for BRP grows, so does our
presence, with three design and innovation centers audiences has been both uplifting and inspiring. Employees around as well as manufacturing facilities and offices now on all five continents. We have partnered the world joined in the celebrations
by organizing memorable local with the best dealers and distributors out there, bringing our products to adventurers in events. As for our dealers, we leveraged our existing communication 130 countries. We have become leaders. And never looked back.
channels to include them in our festivities and thank them for their Because we seek to make a positive difference in everything that we do, we are leading the way to make sure we protect our playgrounds, so that the next ride is as good as the
last. We loyalty. Many media representatives, investors and business partners made bold commitments to reduce our carbon footprint and explore new ways to enjoy the had the privilege of meeting with José Boisjoli, President and CEO, experiences
that we love. We are investing in new technologies, expertise and innovation to to hear all about BRP’s incredible adventure. electrify all of our adventures. We also care for our communities and chose to take a stand against intimidation,
inviting our employees, dealers, suppliers and passionate riders to join our movement. BRP’s story is one of passion. Its chapters are filled with innovation What has been driving our success over these past two decades? Our people. An
extraordinary and every page is another milestone on our journey. We felt it team of daring thinkers and exceptional go-getters, all driven by the same ambition to give appropriate, as we report on FY24’s key highlights in this document, our
customers the power to create their best memories. to summarize it here one more time, as a souvenir of our As we look to the future, we continue to power ahead and hold true to the values of passion, th 20 anniversary. drive, ingenuity, and trust
we live by. Adventure will always be our inspiration, our guiding star. On December 18, 2003, we bid farewell to our past to set out on our own adventure: we became a stand-alone company. We laid out our vision on that day. We would take our proven
ADVENTURE ON. success as pioneers on snow and water, and conquer new playgrounds. We would be leaders, not followers. 12
OUR PRODUCT LINES 13
MARKET POWERSPORTS INDICATORS YEAR-ROUND GLOBAL SALES FOR THE YEAR
ENDED ON JANUARY 31, 2024 PRODUCTS MILLION 5,339.4 CA$ With groundbreaking product lineups, our year-round vehicles GLOBAL SALES continue to deliver among the best experiences for riders. In VS FY23 th 2023, Can-Am’s 50 anniversary marked a
celebration of the people behind the brand that forged its DNA and constantly pushed the limits of what is possible. +10.6% 14
GETTING READY TO HIT THE ROAD WITH CAN-AM’S ALL-NEW ELECTRIC
MOTORCYCLES Building on its motorcycle legacy since 1973, Can-Am continues to innovate 50 years later. models have experienced positive momentum throughout the year. The brand recorded strong This past year, the team remained focused on creating a
stellar electric riding experience growth over the past five years, doubling its retail sales (in number of retailed units) and testing prototypes in all possible usage conditions. The Can-Am Origin and Pulse, the and gaining 18 points of market
share. Can-Am is, by far, the 3WV market leader in first two models in the all-electric motorcycle lineup unveiled in 2022, will be opening the North America. road to a new generation of riders and electric vehicle enthusiasts by the end of 2024. On
the product side, Can-Am enhanced the rider connectivity experience on all Can-Am Leading the Way with Can-Am’s Three-Wheel Vehicles Spyder F3 and RT models, with the launch of a new 10.25-inch colour touchscreen with Apple CarPlay, allowing
iPhone users to use it and all its compatible apps. In the past year, Can-Am continued to bring more people into riding by appealing to different audiences with its exciting lineup of three-wheel vehicles (3WVs). 65% of recent Can-Am continued to
increase its visibility with initiatives that brought the brand closer to Can-Am 3WV owners are new to the category, and 35% of recent Can-Am 3WV owners are riders, namely through its 30 ambassadors, participation in eight riding groups, and
multiple new to the On-Highway segment (3WVs or motorcycles). The brand is also welcoming more event sponsorships. The Can-Am Presents content series featuring real riders and riding women riders with close to 40% of Ryker owners identifying as
female. The success of communities generated over 4M views. Can-Am also teamed up with the Shoe Surgeon the Can-Am Women of On-Road program, which now has nearly 20K members, is proof of to reach new audiences through custom vehicles and Can-Am
Ryker-inspired riding shoes this. Ridership diversity is also strong with close to 40% of Can-Am 3WV owners identifying following themes of “inclusivity”, “heritage”, and “the love of the ride”, a strategy that as
visible minorities, a number that rises to almost 50% when considering Ryker brought significant media coverage, with over 1B impressions. The vehicles were used to owners specifically. help raise awareness and funds toward fighting intimidation,
our global corporate cause. In FY24, Can-Am retail sales for 3WVs were lower than the previous year in North America, These efforts resulted in Can-Am achieving a significant year-over-year increase in namely in the Ryker category since entry-level
buyers have been more hesitant to purchase brand recognition against both new entrants (+5 percentage points) and motorcyclists given the macroeconomic context. Meanwhile, the Can-Am Spyder F3 and RT higher-end (+11 percentage points), and gains in
brand consideration by both groups. EMPOWERING WOMEN TO HIT THE OPEN ROAD STORY Can-Am proudly acknowledged International Female Ride Day (IFRD), a celebration of women in powersports and those who choose to experience the thrill of the ride. The
Can-Am team took out over 100 women BRP employees and rode in solidarity of women empowerment and equality in an effort to democratize CSR the open road. In Southern California, Can-Am hosted a spectacular 150-mile media ride out of Temecula
Motorsports bringing together seven of the most influential women journalists on a fleet of Can-Am 3WVs. Joining the journalists on the ride were three community members from the Spyder Ryders of America who helped with safety. Can-Am’s
commitment to inclusivity aligns perfectly with the IFRD mission to inspire more women to join the community of riders. 15
GAINING MOMENTUM IN SIDE-BY-SIDE VEHICLES (SSVs) AND ALL-TERRAIN
VEHICLES (ATVs) FY24 was an exciting year for Can-Am, as BRP remained the fastest-growing off-road Its all-new Maverick R was unveiled, changing the landscape of the recreational SSV OEM (ATV and SSV categories combined) in North America, a trend it
has maintained category and taking the rider experience and performance to a whole new level. Touting an since 2015. Reflecting this sustained momentum, Can-Am ended FY24 in North America industry-leading 240 hp engine, dual clutch transmission and
unrivaled suspension travel, with a 2 percentage point market share gain in ATVs. The brand also recorded a very solid it is truly a race-ready SSV purpose-built for the most demanding riders. Speaking of increase in SSV retail sales, and captured a
3 percentage point market share gain compared performance, Can-Am won the 2023 Silver State 300 Best In The Desert race, making a to the prior year, achieving its 30% market share target for SSVs one year ahead of its plan. successful racing debut
for the Maverick R. Can-Am Factory Racer, Dustin Jones, made racing history: for the first time ever, a utility terrain vehicle (UTV) won a desert racing Can-Am remained the #1 player in ATVs in Canada, and the #2 player in SSVs in the overall,
beating every other vehicle on the course. Marketing engagement results for the United States. International momentum was strong with market share gains and localized Maverick R launch were among the highest in BRP’s history for a product
launch. brand activation in Asia Pacific and Latin America. Can-Am also claimed the #1 position in New Zealand in the SSV category. For model year 2024, Can-Am also launched totally new mid-cc Can-Am Outlander ATV recreational and utility models in
the value segment. The new lineup offers more performance, By combining global marketing campaigns designed to elevate the brand with localized comfort, storage and reliability, while also being the most innovative and price competitive efforts in
key focus markets, Can-Am continued its pursuit of becoming the most desirable Can-Am ATVs yet to market. The versatile Outlander 700 and 500 give riders everything brand in powersports. This strategy led to significant gains in brand recognition
across all they need for their next off-road adventure, while the Outlander PRO is built for the ones metrics, as well as all-time highs on brand familiarity, brand trust and active shoppers who have to get things done, with class-leading power,
towing and storage capabilities. visiting its website. This launch contributed to Can-Am ATVs surpassing for the first time ever the 20% market share mark in North America. JOINING FORCES TO PROTECT TRAILS STORY Can-Am’s passion for trail
adventures was always tied to making the off-road a better and safer place for all riders while contributing to environmental protection. That is why Can-Am joined forces with Tread Lightly!, a nonprofit organization whose mission is to protect
outdoor recreation areas by promoting ethical behavior. CSR In FY24, Can-Am has funded Tread Lightly! trail improvement projects throughout the United States, with the participation of some dealers. Can-Am also donated Can-Am Defender SSV units to
assist in future off-road trail maintenance projects. In Brazil, Can-Am collaborates with biO2 (in Portuguese only), a Brazilian company producing natural, vegan products to protect its biO2 Forest where they have been developing an environmental
recovery program, planting trees over the last two years. A Can-Am Defender is on loan to be used by the biO2 Forest operations team. In 2023, Can-Am donated 1,050 trees that were planted in an area called the Can-Am Forest, contributing to its
ongoing growth. 16
MARKET POWERSPORTS INDICATORS SEASONAL GLOBAL SALES FOR THE YEAR ENDED
ON JANUARY 31, 2024 PRODUCTS MILLION 3,410.7 CA$ Relentless innovation and a drive to create unforgettable GLOBAL SALES experiences on snow and on water has enabled us to deliver VS FY23 the most comprehensive lineup of snowmobiles and personal
watercraft (PWC) in the industry. Our brands continue to lead the market and blaze new trails. -0.9% 17
IGNITING A PASSION FOR WINTER In FY24, Ski-Doo outperformed the
industry, achieving incredible market share with a ride for everyone and every style, from hard-core enthusiasts to casual winter adventurers to fun for the whole family. The year was also one to remember with the launch of the first-ever electric
snowmobile model. Fueled by its deeply loyal rider base, Ski-Doo remained the #1 brand globally, and once The brand continues to offer the most complete model offering in the industry. Highlights again achieved a historic market share of close to
60% in North America. Despite a decrease of FY24 include the introduction of the MXZ X-RS, with Competition package, the ultimate in retail sales compared to last year due to challenging winter conditions, Ski-Doo delivered trail snowmobile equipped
with the Rotax 850 E-TEC Turbo R featuring an industry-first one of its strongest retail results in the past decade. FY24 performance was driven by water injection system, making it the most powerful 2-stroke engine on the market. The strong
pre-orders, with about 50% of North American yearly retail secured in the spring. fifth generation of the iconic REV platform was deployed on more models, including many The brand also held firm in its #1 position across all segments in the region.
with 4-stroke engine power. The deep snow crowd got a re-engineered Freeride model that established a new standard of handling for the most extreme maneuvers. This year also Ski-Doo continued to broaden its collaborations and ambassador network to
bring unique brought Ski-Doo’s first-ever electric model, the Grand Touring Electric, dedicated exclusively winter experiences to more people, across different lifestyles. FY24 was also a successful to Uncharted Society, BRP’s global
network of certified experience outfitters and tour year for Ski-Doo racers, who have won titles around the globe, showcasing their prowess on operators. Powered by proprietary Rotax E-Power technology, this snowmobile offers features,
high-performance sleds. power and range optimized for short distance guided snowmobile excursions. BUILDING A STRONGER SNOWMOBILE COMMUNITY STORY BRP’s heritage in championing snowmobiling dates back to the first groomed trail systems with the
original SnoPlan. Launched CSR three years ago, the Ski-Doo Snow P.A.S.S. program continues in that spirit by supporting the grassroots organizations that are passionate about improving trails and infrastructure for all snowmobilers across North
America. So far, Ski-Doo and its amazing dealer network have donated a total of $1.2M to help clubs with access issues, to build and maintain trails, and protect the riding spaces enjoyed by so many. With the support of outstanding dealers, the
program has made a significant impact in supporting those who are the backbone of the sport. 18
DEFYING THE IMPOSSIBLE Delivering an unforgettable Nordic ride and
sleds as tough as its riders, Lynx maintained its leadership position in Europe as the #1 brand in Scandinavia with about half of the market. It also continued growing its tribe in North America, and remained in the #3 position globally. Changing
dynamics in the competitive landscape should bring Lynx a new runway for growth in the coming years. Retail sales were stable year-over-year, with some variances between markets and stronger Lynx continued to take its riders to new levels with sleds
built to take on the toughest 2 growth coming from Sweden. Since its introduction in North America in FY22, Lynx has terrain. For FY24, Lynx expanded the Radien platform to trail, crossover and light utility delivered on its market ambitions, and is
well positioned to gain market share. Sustained segments, and added the RE package to its best-selling Commander, for ultimate performance marketing efforts have resulted in double-digit year-over-year growth in brand awareness, and versatility.
This year also brought the first-ever electric Lynx snowmobile, the Adventure and high single-digit growth in brand familiarity and consideration. Lynx is positioning itself Electric, designed and purpose-built exclusively for Uncharted Society,
clearing a new path as a youthful, cool and innovative brand in the market. to connect with unique winter landscapes in a serene way. 1 FY24 was also vibrant on the racing scene. Bringing the sisu vibes and his Lynx racing sled, Aki Pihlaja was
crowned the new Snowcross World Champion, finishing second and first in the final races of the Fédération Internationale de Motocyclisme (FIM) Snowcross World Championship in Norway, his first world championship win. 1 Finnish concept of
sisu: a combination of inner strength, determination, perseverance, and sustained courage in the face of challenges. LEADING THE WAY IN RESPONSIBLE RIDING STORY Lynx is uniting the snowmobile community to ensure safety is top of mind when riding.
During the 2024 International CSR Snowmobile Safety Week, the brand spread safety awareness messages to educate riders on safe and civil riding behavior in order to protect the social acceptability of the sport. Brand ambassadors created and shared
content with their communities, and reinforced the key pillars of BRP’s Responsible Rider program: Safety - get the gear, Environment - get the forecast, and Etiquette - get out of harm’s way. “Every action we take at Lynx is to
ensure our sport flourishes today and for future generations of riders,” said Jérémi Doyon-Roch, Director, Global Brand Strategy, Ski-Doo, Lynx and Sea-Doo. 19
REVVING UP THE WAVES Sea-Doo did it again in FY24. Not only did the
brand stay on top globally, it also drove the growth of the PWC and pontoon industries in North America. Over the past few years, Sea-Doo has enabled more people to discover water adventures by entering into new segments with fishing and adventure
PWC models. As a result, Sea-Doo achieved yet another record market share in the PWC category of over 65% in North America in FY24. The award-winning Sea-Doo Switch family of pontoon boats has made huge waves since ACE engine was awarded a Marine
Power Innovation (MPI) award from Boating Magazine being introduced with the fun, accessible and adaptive boating experience it brings to the for advancing PWC propulsion. Sea-Doo also introduced the new Switch Cruise Limited industry. After only
two years, the Switch is one of the top three pontoon brands in North with enhanced comfort and convenience as well as upgraded technologies. America, driving new entrants to the boating industry, which represent half of North Sea-Doo’s
relentless innovation led to outstanding industry recognition this year, with the American Switch buyers. Sea-Doo Explorer Pro taking home the 2023 Good Design USA, Good Design Japan, Good The new 2024 Sea-Doo lineup has it all, from industry-best
acceleration to elevated design Design Australia and Red Dot Awards, as well as the 2023 National Marine Manufacturers and refinements. Sea-Doo launched the next generation of the iconic Spark, a model that Association’s Innovation Award
(NMMA). In addition, it was named 2023 Watercraft of the single-handedly transformed the industry, featuring design enhancements to seating, storage, Year by Watercraft Journal. ergonomics and aesthetics. Adrenaline seekers were treated to the RXP-X
and RXT-X with Sea-Doo also set out to democratize hydrofoiling and is on a mission to be a key player in 325 hp, the fastest accelerating and highest horsepower PWC in the industry, going from this market. With the announced launch of the Sea-Doo
Rise, an electric hydrofoil board zero to 95.5 km/h (60 mp/h) in a mind-bending 3.4 seconds. In fact, this new Rotax 1630 (efoil) that enables riders to literally fly above water, the brand will continue evolving fun on the water. COMMITTED TO
MARINE CONSERVATION STORY To protect marine playgrounds and keep riders safe, Sea-Doo engages with strong and committed organizations. In North America, Sea-Doo works with Florida-based CSR 4Ocean, whose mission is to end the world’s marine
plastic crisis. 4Ocean uses the Sea-Doo Switch and Sea-Doo PWC to access hard-to-reach shallow waters and recover some of the millions of pounds of plastic and other debris they collect. In addition, BRP contributed to 4Ocean’s One Pound
Promise, where 4Ocean collects one pound of ocean plastic for every dollar donated to them. Sea-Doo also teamed up with the Coastal Conservation Association in Florida, one of the oldest and largest nonprofit organizations that protects the
state’s marine fisheries, habitat restoration and restocking efforts. The brand donated two FishPro PWCs, while Can-Am donated two Defender SSVs. Thanks to this collaboration, 20 Sea-Doo will play an active role in preserving the places where
people sail and introduce new users to the sport as PWC has the largest segment of new anglers.
MARKET POWERSPORTS INDICATORS PA&A AND OEM GLOBAL SALES FOR THE
YEAR ENDED ON JANUARY 31, 2024 ENGINES MILLION 1,184.6 CA$ BRP parts, accessories and apparel (PA&A) enhance the rider GLOBAL SALES experience across all product lines, generate additional revenues, VS FY23 and increase brand exposure. Rotax
engines for karts and recreational aircraft broaden our reach beyond our core brands with a leadership position, and the recent addition of Pinion gearboxes extends our -7.2% presence in sustainable mobility, a market with significant potential. In
FY24, important strides were made in each of these areas. 21
PA&A PINION GEARBOXES Elevating the experience Shaping sustainable
mobility Despite recording a decrease in wholesale sales compared to last year following a decision Driven by a passion to shape sustainable mobility, the German-based Pinion team, which to reduce network inventory levels, the PA&A business
generated over $1B in revenues for joined the BRP family in 2022, creates leading gearboxes that combine the best aspects the second year in a row, with high profit margins. Accessory sales were mainly driven by of automotive and bicycle technology
to deliver unparalleled performance and reliability. BRP’s proprietary LinQ ecosystem, now fully deployed across all Powersports brands, and Pinion provides its gearbox technology to over 100 international manufacturers of traditional soon
into the Marine brands. and electric bicycles, and contributed to BRP’s revenues for a first full fiscal year in FY24. PA&A continued to deliver relevant innovation to consumers while elevating their riding The Pinion team introduced a new
E-Drive system, the Motor.Gearbox.Unit (MGU), which and boating experience. FY24 saw the introduction of the industry-first SMART Accessory pairs a powerful electric motor with proven Pinion gearbox technology and electric shifting ecosystem as
launched on the 2024 Can-Am Maverick R SSV, accessories that react and of up to 12 gears in a compact package. This innovation is set to revolutionize the e-bike behave based on inputs from the rider and the vehicle’s on-board computer. For
snow lovers, experience, and has already racked up many prestigious awards, including the Gold award BRP launched the new Advex helmet designed to seamlessly integrate the revolutionary Vibe in the “Components” category at Eurobike 2023.
Communication System by BRP, making it easy for riders to chat with their crew, make a With the wind at its back, Pinion revenues more than doubled last year. And the course phone call or listen to music with quality audio. If installed in the Advex
Sport Radian helmet, has been set for further expected growth. Vibe offers, for the first time in the snowmobile industry, unlimited autonomy thanks to eLinQ, our innovative solution that powers the electrical visor and the communication system.
Marketing initiatives included a successful co-branded apparel collection that perfectly blended the “ALL-IN” spirit of Can-Am with Fasthouse’s passion for “speed, style and good times”. Ski-Doo and Kanuk, two iconic
names in winter sports, also collaborated for an exclusive limited-run collection of snowmobile apparel. INNOVATING TO PROMOTE RESPONSIBLE RIDING STORY This past winter, the Accessory team launched an industry-first snowmobile signaling system,
where a rider can indicate the presence of snowmobiles following behind CSR without removing their hands from the handlebar. With an integrated switch on the console, riders can access three colors and four modes to message approaching riders:
white, amber (riders behind), green (solo/last rider) and flashing amber (caution). These new LED signal lights for hand guards provide the opportunity to replace hand signals safely and in style. This game-changing product innovation is the next
logical evolution in BRP’s commitment to responsible riding. 22
LAUNCHING MORE EFFICIENT PROPULSION SYSTEMS More than 80% of aircraft
manufacturers in the light sport and ultralight aircraft market place their trust in Rotax engines. In FY24, as a testament to its commitment to create the most advanced propulsion systems for its customers, Rotax introduced the new Rotax 916 iS/c
with an unprecedented power-to-weight ratio. For the first time, a Rotax engine was launched in cooperation with an aircraft OEM, CubCrafters, joining Rotax’s growing roster of customers. The 916 iS/c provides the next evolution of the most
modern aviation engines, by responding the Rotax E20, a second electric powertrain, the Rotax E10, was added to the lineup of to unmet customer needs with more horsepower and improved fuel efficiency. Rotax can sustainable kart engines at the 2023
RMCGF as part of the new E10 e-Kart Cup for younger now seize new opportunities in the four-seat market segment with a perfectly mature drivers. With its E20 and E10 e-powertrains, Rotax is paving the way to carbon-neutral product and continue its
steady growth. kart racing, bringing the purest driving experience to the tracks. The brand’s e-karting strategy focuses on the pursuit of premium quality, constant performance improvement, Rotax also continued to run the karting show this
year, with the national and international exciting racing and development of clean technology for a wide range of racers. Thanks to Rotax MAX Challenge (RMC) events marking another year with growing starting grids. The Rotax’s demo tours, test
drives and races, electric karting is quickly gaining momentum. 2023 RMC Grand Finals (RMCGF), the highlight of the Rotax Racing season, took place in Bahrain in December and welcomed 384 drivers from 62 nations with their teams and Always focused
on reducing its CO emission footprint, Rotax also had 2-stroke Rotax karts 2 families for a week full of racing, sportsmanship and celebration. Following the success of successfully race with sustainable fuel this year. INSPIRING THE NEXT GENERATION
OF AVIATION EXPERTS STORY BRP-Rotax and the Regional Innovation Center jointly contribute in several initiatives to bring the exciting world of technology closer to young people. “Fascination CSR Aviation” is a summer workshop series
offered by Children’s University, an initiative of the Institute for Applied Environmental Education in Austria (IFAU), designed to introduce children to scientific topics and ignite their curiosity. Siegfried Heer, a long-time BRP employee
with over 15 years of workshop experience, emphasizes: “Sharing my flying expertise and instilling my passion for aviation in children is paramount to me. A definite highlight is that everyone has the opportunity to briefly control the
aircraft themselves from the co-pilot seat - an extraordinary experience, especially for those children who have never flown before.” The course takes participants on a journey to explore the fascinating technology behind aircraft and engines,
sparking interest and a thirst for knowledge. 23
® MARKET MARINE INDICATORS GROUP GLOBAL SALES FOR THE YEAR ENDED
ON JANUARY 31, 2024 MILLION Since 2018, BRP has been raising the bar for the ultimate 432.3 CA$ boating experience through its Manitou pontoons, and Alumacraft, Quintrex, Stacer and Yellowfin boats. An enhanced FY24 product GLOBAL SALES lineup and
multiple industry awards signal a clear commitment VS FY23 to innovation. Despite headwinds this year that led to a decrease in revenues, the Marine Group’s resilience resonated in the form of stabilized operations and improved marketing
metrics. In -11.7% Australia, our flagship brands continued to shine as the market leaders down under. 24
® CRAFTING BOATS FOR EVERY STYLE With over 75 years of
craftsmanship, Alumacraft is a pioneer in aluminum boat building in North America. Its teams understand that fishing is more than the satisfaction of a great catch, it’s a way of life. That’s why Alumacraft offers boats for every unique
boating and fishing style. As a strong and deep-rooted brand, Alumacraft was able to navigate a decline in retail sales fishing and powersports activities. Participating in boat shows, enhancing user experience in FY24 compared to last year due to
softening consumer demand in the boating industry. in digital channels and fine-tuning the user journey along with content updates successfully In the face of these challenges, the team remained dedicated to delivering high-quality contributed to
generating more leads and boosting digital metrics. boats, incorporating design technology for hassle-free experiences. Alumacraft’s fully redesigned multispecies fishing and recreation Large V models, which FY24 was packed with exciting
partnerships and content creations. The brand teamed up were unveiled to dealers in FY23, will be made available to consumers this coming with pro-angler ambassadors to create a “how-to” content series, collaborated on TV shows, summer.
With its modernized product lineup, Alumacraft remains focused on gaining and stepped up its game engaging with target outdoor audiences passionate about hunting, market share in North America. RAISING SAFETY AWARENESS AMONG ANGLERS STORY Alumacraft
believes its long-standing boating heritage comes with responsibility. The brand actively participated in Safety Awareness Month and Boating CSR Safety Week, leading the charge for BRP’s Responsible Rider program. In collaboration with brand
ambassadors, the Marketing and CSR teams created an authentic video series covering the three facets of Responsible Rider: boating etiquette, safety, and environmental awareness. Content included boating preparation, gear checklist, preparing for
severe weather and other useful tips. Additionally, the program was promoted through signage at boat shows and integrated into social media content and customer communications. 25
RISING ABOVE WITH TWICE THE POWER With over 40 years of history,
award-winning products, and innovative designs, Manitou has shaped the pontoon industry. On the heels of the launch of the completely redesigned Manitou pontoon last year, which was acclaimed by the industry for its timeless and modern design, the
brand had to navigate through a supply chain issue which led to a longer production ramp-up. The team was able to turn things around this year, and production for these new models is now running smoothly. In FY24, Manitou once again elevated the
on-water experience and set new standards, From strategic ambassador collaborations and distinctive boat show participations to a building on the success of Rotax S, the world’s first outboard engine featuring Stealth reinvented marketing
campaign designed to resonate with the brand’s core market, Manitou technology. The Marine team launched the new Manitou Explore MAX Dual Engine model reached new heights across different marketing metrics. The virtual reveal of
Manitou’s with double the horsepower thanks to dual Rotax S150 engines. It delivers the perfect novelties garnered media attention with the Manitou Explore 24’ MAX Dual Engine powered balance between speed, performance and six feet of
uninterrupted space at the stern on by Rotax S, named Boat of the Year in the pontoon category by Boating Magazine. This its MAX Deck in addition to the award-winning iDock piloting system for slow speed accolade stands as a testament of the
team’s dedication to providing consumers with an maneuvering and docking in confidence. unparalleled boating experience. The brand also optimized its digital user journey and content this year, resulting in a sharp increase in web visits and a
surge in overall With softening consumer demand impacting the entire boating industry, Manitou saw its impressions compared to the previous year. retail sales decline in FY24 in North America. Manitou seized every opportunity to continue
strengthening its market position through impactful marketing initiatives, while also developing With its new generation of pontoons expected to be a disruptive force, we believe Manitou new potential growth markets, namely by entering the
Australian market. is well positioned to weather current market conditions and gain market share from the competition. BOATING SAFELY WITH MANITOU STORY Manitou cares about providing safe on-water experiences for its customers. The brand took an
active role in Safety Awareness Month and Boating Safety Week, CSR championing BRP’s Responsible Rider program as boaters prepared to go out on the ocean, a lake or a river for boating season. In collaboration with a dealer owner, the
Marketing and CSR teams crafted three informative videos, emphasizing responsible behavior towards the environment, safety practices, and boating etiquette. The videos offered useful tips on reducing emissions by minimizing idling, ensuring safety
by respecting speed limits, and being mindful about waste disposal. This initiative was seamlessly woven into social media content and a customer newsletter, ensuring awareness and promotion of responsible boating practices. 26
TAKING BOATING TO THE NEXT LEVEL Quintrex, along with its sister brands
Stacer and Yellowfin, remained the leading brands in Australia in FY24, with over 60% market share. Not afraid to push boundaries, Quintrex continued to bring more innovation, technology and capabilities to its reinvigorated lineup. The year was one
to remember, with the first new Quintrex Freestyler X models being This year, Quintrex bolstered its marketing initiatives with influencer-driven content, distributed to dealers across Australia and retailed to consumers in the region. Powered by
adding a lifestyle component to its strategy. Quintrex also joined forces with Sea-Doo for the Rotax S, the Freestyler X combines a timeless, modern design with a unique onboard the first-ever multi-brand Sydney International Boat Show booth. It
marked the official experience appealing to a wider base of families in Australia. consumer introduction of the luxurious Freestyler X, which is poised to continue to differentiate the Quintrex brand from the competition. In FY24, Quintrex saw its
retail sales decline in line with the boating industry, but was able to maintain its market leadership despite the challenging macroeconomic environment. The team proactively adjusted production volumes to protect our dealer value proposition,
focused on continued factory optimization, and invested in improvements to maximize output. MAKING AN IMPACT WHERE IT COUNTS STORY As a leading Australian brand, Quintrex is proud to do its part and make an impact in its communities. The brand
donated a Quintrex Fishabout boat to CSR support the Cerebral Palsy Alliance, a ground-breaking, global center of expertise for cerebral palsy research, advocacy, intervention and assistive technology innovation. The organization held its annual
Grace Gala fundraising event to raise funds for the Research Foundation of Cerebral Palsy Alliance and the Grace Center for newborn care at the Children’s Hospital at Westmead. By offering a boat for the raffle, Quintrex contributed to the
total amount raised for the cause of over AU$1.2M (CA$1.1M). 27
BRP’S CSR JOURNEY PROGRESSING ON OUR CSR25 COMMITMENTS 2-22 3-3
As an organization built on passion, trust, ingenuity and drive, BRP is committed to creating a better future for its employees, communities and stakeholders. We seek to relentlessly put our hearts, our innovation and our determination into making
the world a better place. To this end, we are leveraging our sustainability efforts to position ourselves as an industry leader in corporate citizenship. With the launch of our CSR25 program in 2022, we have set aspirational goals around the
environmental, social and governance (ESG) matters, and identified key, ambitious targets to materialize them. In this report, we are proud to share our advancements, performance and progress on our CSR25 journey. 28
OUR GOALS ENVIRONMENT SOCIAL GOVERNANCE Reduce the carbon footprint of
Create positive social value that enhances the Adopt the right governance to continue to our operations and products to daily lives of our employees, dealers, and make sound strategic decisions, maintain protect our playgrounds. consumers wherever
they work, give, and play. high ethical standards, and conduct our operations in a sustainable manner. Everything we do at BRP aims at one thing: creating new ways to move By protecting our playgrounds, caring for our people and our people. We are
pioneers on snow, water, asphalt, dirt and in the air, communities, we are ensuring our riders will continue to enjoy obsessed with creating the adventures of tomorrow. We know that progress the thrill of the ride. We are also committed to doing our
part doesn’t come from standing still. to continue to create value for all our stakeholders. CORPORATE SOCIAL RESPONSIBILITY ENVIRONMENT SOCIAL GOVERNANCE OPERATIONS PRODUCTS COMMUNITY PEOPLE EMISSIONS IN IN-USE EMISSIONS DIVERSITY, PACKAGING
AND BATTERY-ELECTRIC COMMUNITY RESPONSIBLE H&S, SECURITY CORPORATE ETHICS & SUPPLY CHAIN AND AND END-OF-LIFE VOLUNTEERING EQUITY & TALENT LANDFILL WASTE VEHICLES ENGAGEMENT RIDER & WELLBEING GOVERNANCE COMPLIANCE MANUFACTURING
RECYCLABILITY INCLUSION 29
SUPPORTING THE UNITED NATIONS SUSTAINABLE DEVELOPMENT GOALS 2-23 We
believe corporations have a responsibility to address global environmental and social challenges. Recognizing the important role we play as a responsible corporate citizen, we have aligned several of our key initiatives with the United Nations (UN)
Sustainable Development Goals, also known as SDGs. We have analyzed our value chain to identify areas where BRP can have the greatest impact in advancing the 2030 agenda for Sustainable Development. As a result, our CSR25 program focuses on 5 of the
17 SDGs: GENDER DECENT REDUCED RESPONSIBLE CLIMATE 5 8 10 12 13 EQUALITY WORK AND INEQUALITIES CONSUMPTION ACTION ECONOMIC AND GROWTH PRODUCTION THROUGHOUT THIS REPORT, YOU WILL SEE REFERENCES TO ONE OR MORE OF THESE SDGs FOR SPECIFIC INITIATIVES.
30
OPPORTUNITIES TO CONTRIBUTE TO UN SDGs IN BRP’S VALUE CHAIN 2-23
INCREASING POSITIVE IMPACT BRP’s efforts to provide By promoting responsible riding GENDER DECENT REDUCED DECENT RESPONSIBLE 5 8 10 8 12 EQUALITY WORK AND INEQUALITIES WORK AND CONSUMPTION a safe and secure work through our Product Safety
Policy ECONOMIC ECONOMIC AND GROWTH GROWTH PRODUCTION environment through ongoing and Responsible Rider program, Health and Safety performance BRP supports SDG 12. measurement and targets The establishment of the BRP Diversity, Equity and Inclusion
align with SDG 8. (DE&I) Council and our progress toward enhanced gender equity, reduced inequalities and a more inclusive culture, support SDGs 5, 8, and 10. SUPPLY CHAIN OWN OPERATIONS PRODUCT USE AND DISPOSAL Our 2035 target to Our target to
achieve BRP’s investments in R&D to reduce CLIMATE CLIMATE RESPONSIBLE CLIMATE 13 13 12 13 ACTION ACTION CONSUMPTION ACTION reduce CO emissions carbon-neutral facilities the material carbon intensity of our AND 2 PRODUCTION from the BRP
supply by 2030 aligns with products, and design for recycling and chain by 25% aligns SDG 13. reuse, align with SDGs 12 and 13. with SDG 13. Our commitment to progress BRP's efforts to reduce The steps BRP is RESPONSIBLE DECENT RESPONSIBLE
RESPONSIBLE CLIMATE 12 8 12 12 13 CONSUMPTION WORK AND CONSUMPTION CONSUMPTION ACTION toward the target of zero energy consumption per taking to improve fuel AND ECONOMIC AND AND PRODUCTION GROWTH PRODUCTION PRODUCTION waste to landfill by 2030 unit
produced support economy and reduce supports SDG 12. SDGs 8 and 12. the in-use emissions from its vehicles align with SDGs 12 and 13. MINIMIZING NEGATIVE IMPACT 31
ENVIRONMENT TRANSITIONING TO A LOW-CARBON FUTURE 2-22 3-3 In the past
year, we have gained a much clearer picture of where our TO SUCCEED ON OUR AMBITIOUS AND emissions are coming from and thus implemented more specific and CHALLENGING CARBON REDUCTION JOURNEY, rigorous actions to contribute to our targets. Strong
collaboration between our Infrastructure and Asset Management teams, as well as our sites, is OUR TEAMS ARE PUTTING THEIR RENOWNED driving alignment on better energy efficiency of our buildings and our INGENUITY TO WORK BY IMPROVING OUR DESIGNS,
operations. On the product front, we have continued to leverage our ingenuity to reduce our environmental impact. Our teams, from Design and FINDING BETTER MATERIALS AND CAPTURING Procurement to Product Strategy and R&D, remain focused on
decreasing the carbon footprint of the product platforms and engines for both our ENERGY EFFICIENCIES IN OUR OPERATIONS, internal combustion vehicles and electric models. SUPPLY CHAIN AND PRODUCTS. - THOMAS UHR FACILITIES BY 2030 Chief Technology
Officer • Make our facilities carbon neutral. • Achieve zero waste to landfill. DECENT RESPONSIBLE CLIMATE 8 12 13 WORK AND CONSUMPTION ACTION ECONOMIC AND GROWTH PRODUCTION 32
TOWARD MORE SUSTAINABLE FACILITIES 2-22 203-1 306-2 with this intention
in mind. 2023 was the second year of gas at our Valcourt facility, in Canada. We improved our While we continue to increase our implementation of our action plans aligned with our 2030 environmental strategic maturity, realizing a number of
manufacturing footprint, we are developing carbon reduction and waste management targets. The data hyper energy-efficient and preventive maintenance projects strategies and implementing actions gathering process that started two years ago is bearing
fruit. that replaced end-of-life building and operational equipment With greater site maturity and engagement of our teams, with new low-emission alternatives across many sites. aimed at: including buy-in from site leaders, we made excellent Other
initiatives included in-depth building and equipment strides toward our objectives. audits of our Valcourt facilities and U.S. Marine sites, the • Reducing the carbon footprint of our buildings and connection of our Gunskirchen site in Austria
to district processes; Reducing our CO emissions heating, which is a cleaner source of energy, and the 2 • Prioritizing energy efficiency in equipment; completion of proof of concept for thermal storage for In 2023, we reduced our carbon
footprint by nearly 6% • Transitioning to renewable energy sources globally; building, heating and cooling in Mexico. compared to last year and have implemented projects that should enable us to exceed our global annual CO reduction •
Minimizing waste from our facilities and product 2 Our teams are also improving on setting global guidelines target of 14%. Thanks to these initiatives, we are expecting packaging; for new building projects and advancing on smart data an overall
reduction of 17% in FY25 compared to our measuring and equipment control. To ensure we grow • Finding new ways to reuse and recycle materials, 2022 baseline year. responsibly, we are developing proofs of concept of from parts to packaging.
future BRP sites, advanced electric fleet vehicles and Around the world, BRP teams are working on projects to impactful technologies. lower our carbon footprint and improve site efficiency. Our As we introduce new product lines and enter new
markets, Austria, Mexico and U.S. facilities began transitioning to we are more focused than ever on becoming more energy renewable electricity, and we committed to using renewable efficient, sustainable and cleaner, globally. Our teams are
committed to leading their site projects and operations 2023 CARBON FOOTPRINT Juarez 3, Mexico Valcourt, Canada REDUCTION PROJECTS electricity from renewables, natural gas from local biomethane plant, reducing global emissions by 7% reducing global
emissions by 1.7% and Transitioning to clean energy 100% and local emissions by 52%. 25% local emissions by 20%. This is BRP’s A major step forward in our carbon reduction journey was first-ever renewable natural gas pursuit. the signing of
renewable energy contracts across various sites globally. While these contracts carry a premium, Sturtevant, United States BRP Megatech, Canada we are pleased to invest in markets and businesses that supply these options. electricity from
renewables, natural gas from local biomethane reducing global emissions by 5% plant, reducing global emissions by 1% 100% and local emissions by 70%. 100% and emissions from building systems by 100%, making the building and processes fully carbon
neutral. 33 ENVIRONMENT
Optimizing energy at Juarez 2 Improving waste management at Juarez 1
2023 WASTE REDUCTION INITIATIVES To advance its CO emissions reduction strategy, our From designers and suppliers to on-site employees, 2 Throughout the year, our teams performed in-depth audits team at Juarez 2, Mexico has adopted governance and
everyone has a role to play in reducing the use of materials of office and manufacturing site waste. The first step was monitoring practices that create a new standard and pave and ensuring their proper disposal. The Juarez 1 team to identify the
types of material frequently sent to landfill the way for improvements at our other Mexico sites. An in Mexico made great strides in its waste management and the types of non-recyclable materials generated in our Energy and Building Management
System (EBMS) was practices putting significant efforts into proper waste inter-site shipping. That data will allow us to improve our installed to automate control of all equipment such as segregation. It developed mapping of waste generated by
diversion rate and to prioritize measures across all sites. heating, ventilation and air conditioning (HVAC), dust function and is working on specific guidelines. Plant We are also very pleased with the successful introduction collectors, air
compressors and lighting. This system is employees are receiving waste segregation training for of composting in our Valcourt, Canada site, which will expected to reduce energy consumption significantly guidance on the correct methods of waste
disposal. The become a playbook for future projects in our other locations. through smart programming and will allow energy site also secured new suppliers for recycling of aged lead We are proud to have brought compost collection where it managers
to connect sites into global dashboards to acid batteries. With almost 100% of batteries recycled is not offered by the municipality, and to have partnered monitor consumption live. Moreover, the site was able to achieved in 2023, this project
ensures a sound disposal with local enterprises to help them compost as well. As we reduce its lighting electrical consumption by 55% through option with minimum negative environmental impact. advance toward our waste reduction target, we are
encouraged the replacement of 95% of its fluorescent lighting fixtures by the progress being made. with LEDs, resulting in significant cost and consumption savings going forward. The team also conducted analysis to identify Reusable carts to ship
between the locations hazardous packaging materials as well as plastic and in Lansing metal containers in order to better segregate them Our sites share waste reduction strategies and achieve and reduce its non-recyclables by considerable economies
of scale. The Lansing, Michigan site leveraged proportions. By using advanced waste segregation a CA$400K investment made by the Juarez team last year methods in 2023, Juarez 1 was able to divert to develop carts that are returnable and reusable. By
using 45% of its waste from landfill and redirect to these carts to ship Manitou boat parts such as walls, Reducing emissions at Queretaro adequate facilities. extrusions and rub rails between its three locations, the Implementing building standards
and equipment guidelines Lansing team moved away from foam, cardboard and wood for energy optimization is enabling our Queretaro, Mexico as a packaging alternative. This project resulted in a 53% facility to reduce its emissions. With an investment
of only reduction in plant waste in 2023 and has helped to CA$2.4K, the site introduced a new measurement strategy migrate items to and from locations more effectively, for air compressors in the main building that allows it to saving time and
increasing ease of use. optimize compressor flow according to variable production demand. Shutting down a single 75 hp compressor resulted in an annual reduction of 348 MWH and savings of CA$64K per year. 34
EMBARKING ON A SUSTAINABLE JOURNEY WITH OUR SUPPLIERS 2-22 3-3 1 We are
concentrating our efforts on our Tier 1 suppliers Once again, the ingenuity of our people was at its best. One of the most impactful ways to reduce to determine our carbon emissions baseline and identify Ideas ranged from reducing the amount of
material used our environmental footprint is to ensure areas with the highest potential for carbon reduction of our to ensuring recyclability of the material, to increasing the that we are purchasing our goods from the products. A strong action plan
with a dedicated team has usage of recycled materials and optimizing our processes. been put in place to implement opportunities for more right supplier, in the right location, and that In order to further instill a carbon conscience within our
efficient and sustainable purchases. teams, training was provided to our buyers on how we can they are produced with the right materials One of our key initiatives was to dismantle all of our vehicles improve our carbon footprint. More than 200
employees and the right source of energy. Through to generate technical ideas toward reducing their carbon received this training and we are continuing our journey ongoing collaboration and deeper dialogue footprint. Hundreds of employees from our
Engineering, with more sessions to ensure continuous improvement. Quality and Design teams were invited to participate in with our suppliers, we are moving forward this exercise. This generated more than 1,000 ideas with concrete actions to create
value for prioritized according to key criteria: cost, CO reduction, 2 our stakeholders and make progress toward implementation timeline and feasibility to deploy in our product lines, on a global scale. our supply chain target. SUPPLY CHAIN BY 2035
Reduce CO emissions from our 2 supply chain by 25%. 1 Direct suppliers for the final product 35 ENVIRONMENT
SUSTAINABLE PRODUCT STRATEGY 203-2 At BRP, we believe that innovation,
performance and sustainability go hand in hand. We are focused on reducing emissions levels on our internal combustion engine (ICE) models, and on delivering on our commitment to offer electric models for each of our product lines. With the launch
of our electric snowmobiles in 2023, we have made further progress toward realizing this vision. MOVING TOWARD OUR EV TARGETS PRODUCTS BY 2035 In 2021, we pledged to invest CA$300M over five years to electrify each of our existing product lines.
Since then, our story of innovation has reached new heights with the reveal of market- • Have 50% of our units sold as electric. shaping electric products that will enhance consumer experience. As of today, BRP has • Launch new internal
combustion engine announced the launch of three electric products: snowmobile, motorcycle and hydrofoil board. The progressive roll-out of our electric vehicles (EV) is planned over the next few years. models that emit less CO than their 2
predecessors. EVOLVING ICE TECHNOLOGY TO LOWER EMISSIONS LEVELS WE ARE PROGRESSING WELL ON OUR JOURNEY TO In 2023, we focused our efforts on advancing CO reduction 2 ELECTRIFYING ALL OF OUR PRODUCT LINES, AND projects as well as refining the
baseline emissions of our fleet. A Global Product CO Reduction Steering Committee, 2 WE CAN RELY ON OUR DEDICATED EV TEAMS IN combining our Global R&D Group in Valcourt and our Rotax VARIOUS STRATEGIC LOCATIONS AROUND THE teams, was created to
support the Engineering teams in their technical decisions. This partnership has been positive WORLD TO LEAD THE WAY. so far, as the teams have already identified new technologies to help us achieve our ambitious targets. Overall, our teams continue
to work on increasing energy efficiencies and reducing energy demand to propel our vehicles by testing different materials and tires, reducing - BERNARD GUY weight and improving vehicle drag. Executive Vice-President, Global Product Strategy
36
Enhanced EV capabilities: As we remain fully committed In 2024, we plan
to open our first state-of-the-art electric With our acquisition of Germany-based Pinion, a pioneer to progressing in our electrification journey, we have vehicle manufacturing facility in Queretaro, Mexico where in gearbox technology, in 2022, we
welcomed a team of continued investing in strategically expanding our EV we already produce our Sea-Doo personal watercraft engineers, technicians, thinkers, and doers that brought a capacity and building our dedicated EV team. We created and
assemble our Rotax engines, and where we will be love of bicycles and a passion for sustainable mobility. We an EV R&D center in our hometown of Valcourt, Quebec, assembling our new Can-Am electric motorcycles. are now leveraging Pinion’s
unique technology in order to where we develop and test state-of-the-art battery packs as spur the development of new electric and human-assisted well as charging equipment. We have also expanded our products, and work toward achieving our target of
having TAPPING INTO THE FUTURE OF MOBILITY Rotax electric power unit development infrastructure in 50% of our units sold as electric by 2035. We won’t stop at improving our existing product lines. Gunskirchen, Austria with a new R&D
building where we We are also exploring new potential markets valued at over aim to have approximately 200 engineers and technicians. CA$70B globally, including urban mobility and services. The site features cutting-edge EV dedicated test benches In
2022, we created the Low-Voltage and Human-Assisted for components and system testing, and workshop areas (LVHA) Group, a business unit focused on new product for system and vehicle preparation and autopsy. categories that overlap recreational,
urban mobility and We have enhanced our EV low-voltage capabilities with the services, to tap into new opportunities, diversify our addition of skilled engineers integrated into our BRP-Rotax product lines and attract new generations of riders. Its
R&D Group. At BRP-Rotax Vienna, 60 experts in electric multi-disciplinary team of more than 50 professionals is drive systems and transmissions have been applying their entirely dedicated to developing new electric products and expertise on
future vehicles that will move people on snow, technologies to democratize how we move everyday in water, asphalt, dirt and in the air. various terrains. 37 ENVIRONMENT
SOCIAL NURTURING STRONGER COMMUNITIES 2-22 BRP’s social
commitment extends beyond our teams. It encompasses our communities, our riders and our partners, and unites all of us in building a more sustainable world. As part of our CSR25 program and our commitment to growing sustainably, we WE ARE DETERMINED
TO BE AN AGENT OF CHANGE IN THE aim to have a positive and lasting impact in the communities in which we operate COMMUNITIES IN WHICH WE OPERATE. 2023 WAS A TURNING and in the daily lives of our employees. Our connection to the places where we live,
work and play is deeply rooted. We are committed to building strong communities POINT IN OUR FIGHT AGAINST INTIMIDATION. WE HAVE that offer a safe and welcoming environment for our employees, riders and partners. PARTNERED WITH TRUSTED ORGANIZATIONS
AROUND THE We look to make a positive impact through effective programs, philanthropy and community service across our network. In 2023, our teams stepped up our community WORLD THAT SUPPORT INITIATIVES TO ACCELERATE CHANGE investment and engagement
in all BRP regions around the world. AND IGNITE SYNERGIES TO RIDE OUT INTIMIDATION. We are focusing on three areas to increase our impact: • Aiming to Ride Out Intimidation • Developing a Responsible Rider mindset • Strengthening
our impact in our local communities - JOSÉE PERREAULT Chief Marketing Officer OUR TARGET BY 2025 Reinvest 1% of our annual pre-tax GENDER DECENT REDUCED 5 8 10 EQUALITY WORK AND INEQUALITIES profits in community investment. ECONOMIC GROWTH
38
At BRP, our ambition is to stop intimidation WORLD ANTI-BULLYING FORUM
on a global scale. Launched in 2022 and based For the first time, BRP was the presenting partner of the World Anti-Bullying Forum (WABF). WABF 2023 convened over 600 leading researchers, practitioners, on three pillars (Kids in Schools, Workplaces
policymakers, educators and youth as part of an ongoing dialogue to prevent and Marginalized Communities), our Ride Out and end bullying around the world. At this event, we held our first Ride Out Intimidation program is truly moving the
Intimidation meeting where we brought together our partner organizations to October 25-27, 2023 I North Carolina, U.S.A. create synergies in our common quest to end intimidation for good. needle on a pressing social issue that touches POWERED BY
countless children and adults around the world. Embracing this global cause furthers our commitment QUÍTATE LAS ETIQUETAS to being the industry leader in corporate citizenship and promoting inclusivity. We are rallying our extensive network BRP
and Ditch the Label teamed up to bring the first digital anti-intimidation around this universal social challenge that affects almost platform to Mexico as well as to develop and distribute an anti-bullying everyone. By engaging with many reputable
and impactful school module to Mexican youth. This collaboration enabled Ditch the Label organizations around the world who aim to stop intimidation to expand its reach and carry out its mission in Mexico, where we have more and bullying for good,
we continue to honor our commitment. than 10,000 employees. With the launch of Quítate las Etiquetas for youth Since the launch of the program, we have partnered with over in Mexico, we are unleashing the power of our global presence in support
30 organizations supporting such initiatives. Our partners of our Ride Out Intimidation program, and amplifying our positive impact recognize the power of joining forces with an ally who is as in our community. passionate about social impact as they
are. With BRP’s support, our partners are able to reach even more people and have a meaningful impact in new communities. #BEKIND365 We furthered our partnership with the Born this Way Foundation to bring the evolution of the massively
successful #BeKind21 platform, which had sparked a global movement of kindness as the antidote to intimidation This year, we invested more than among millions. With #BeKind365, we aim to show that acts of kindness take on a life of their own and
snowball into the change that we want to see in the world every day of the year, leveraging the undeniable connection CA$3.8M between kindness and mental health. The platform provides us with a great tool to invite all our employees, dealers,
suppliers and passionate in communities to Ride Out Intimidation. riders, as well as their friends and family, to start their year-long journey of practicing kindness for themselves and their communities, a key commitment of our global cause. 39
SOCIAL
COMING TOGETHER TO END INTIMIDATION A key part of the Ride Out
Intimidation program is our stakeholder mobilization strategy, in which we actively solicit our network to help us make a difference. This means our close to 20,000 employees, our 2,800 dealers, our brand ambassadors, our partners and suppliers. In
order to focus our mobilization efforts and to maximize impact, we deployed two global initiatives which have become yearly milestones: Anti-Bullying Day in early May, and Stand Up to Bullying “Yellow” Day in November. 2023 made no
exception. MAY 4th ANTI-BULLYING DAY To raise greater awareness, we created an Every year on May 4, BRP chooses to demonstrate a clear and authentic Anti-Bullying Day video with the well-known commitment toward the anti-bullying movement in schools.
We created a influencer Vic Blends relaying our message. Resource Hub regrouping our partners’ expert resources and tailored tools such as our chatterbox game, which was designed to generate discussion This video generated between the children
and families of our employees and stakeholders. We mobilized our global network to share the Resource Hub that includes BRP’s Anti-Bullying Digital Toolkit in several languages. The initiative drove 1.5M VIEWS great waves of participation all
over the world, including in institutions outside of our immediate network, leading to more than 3M engagements which is a major boost for visibility of the on social media. cause and of the supported programs. 40
STAND UP TO BULLYING “YELLOW” DAY - FIGHTING AGAINST
INTIMIDATION PAINTING THE WORLD YELLOW FOR AWARENESS AND FUNDRAISING AROUND THE WORLD For the second year in a row, our “Yellow” Day mobilized BRP’s entire network on social media. Standing up to all forms of intimidation is a
global cause at BRP. On November 17, thousands of employees, dealers, riders, suppliers and community partners In 2023, our local teams came together to support organizations rallied together to raise awareness for the cause by wearing yellow and
sharing their photos and that aim to protect youth and provide them with a safe personal stories on social media. With this overwhelming response from our network, we donated environment around the world. CA$100K on this day alone to organizations
fighting bullying in Canada, Mexico, the United In Austria, we donated €51K to support two child protection States, Australia and Finland. centers, the Kinderschutzzentrum Tandem and Die MÖWE. The important work of these organizations
focuses on counselling, crisis intervention in all types of violence, and advocating for non- violence in education and relationships. In Belgium, BRP donated €17K for the annual fundraising campaign of the Flemish public broadcaster VRT,
known as De Warmste Week. This year's theme was aligned with our own commitment to anti-bullying, and supported projects related to cybersafety and mental health in children and teenagers. Looking to give back to organizations that support local
youth, our Finland team chose to donate to Girls’ House Rovaniemi. Aimed at girls, women and others aged 12-29, with a focus on gender diversity, the center offers recreational activities free of bullying and discrimination. 41
SOCIAL
ADVOCATING FOR RESPONSIBLE RIDING To ensure a sustainable future for
our powersports and and turn words into actions. Its mission is to better embed Through our partnership with the RideSafe Foundation, marine industries, our vision is to build a community that Responsible Rider in our daily business practices and we
have committed to educating young riders and their is welcoming, safe and respectful of others and of the decisions, and to ensure the program is fully embraced by families on how to be responsible riders. The RideSafe environment. As an industry
leader, promoting responsible everyone at BRP. The working group focuses on integrating Foundation is dedicated to decreasing powersport injuries riding behavior is one of our top priorities. We care about Responsible Rider into the customer
journey, from product and fatalities by promoting safety measures such as our riders and our playgrounds and we shout it loud and design to vehicle enjoyment. wearing helmets and obtaining certification. In September proud with our Responsible Rider
program. 2023, our support enabled the RideSafe Foundation to In addition, we produced several internal communications, visit 18 schools and provide more than 14,250 hours of Through this program, BRP is leading the way with trainings and videos to
raise awareness of the Responsible education to 6,500 children with 165 volunteers. Visits initiatives promoting safety, environmental stewardship Rider program and we are updating our guidelines to make included appearances by many athletes and
influencers and riding etiquette. Since the launch of the program, we sure our employees, brand ambassadors and influencers along with special activity books and gifts. have continued to drive it forward with concrete actions. are responsible riders
anytime they use BRP products. This involves developing partnerships both internally and Responsible Rider in action with BRP brands externally to make sure everyone does their part to protect Partnering with Responsible Rider champions The best way
to integrate our Responsible Rider mindset is the fun. In 2023, we have engaged our stakeholders in Our partner Tread Lightly! aims to protect and enhance staying close to our riders and incorporating activations into integrating Responsible Rider
into their daily operations, recreation access and opportunities by promoting outdoor our brand campaigns and events across the board. We make including our dealers and distributors. We have also ethics to foster individuals’ sense of good
stewardship. sure to prepare our riders before their trip, whether it is with announced long-term partnerships with two equally Through our partnership, we will offer Responsible Rider Uncharted Society educational materials or with riding
determined organizations: Tread Lightly! and the online interactive trainings to our rider, dealer and distributor schools like the Can-Am Rider Education Program (REP) RideSafe Foundation. audiences. Our aim is to leverage our dealer and
distributor in North America or the ÖAMTC in Austria. relationships to share the Responsible Rider mindset and Embedding Responsible Rider across the organization Finally, we are doing what we can to move the needle and raise awareness among
riders so they can adopt good riding In 2023, we formed the Responsible Rider Working Group, foster a more caring industry with initiatives such as Take behavior and stay safe. a cross-functional committee gathering senior leaders of the Pledge with
Ski-Doo to preserve access to our favorite key internal functions and divisions to define a strategy winter playgrounds or the Protect the Playground project with Sea-Doo, gathering several BRP teams (Marketing, Public Affairs, Commercial) to
protect PWC access to water in the EMEA region. 42
GIVING BACK TO LOCAL COMMUNITIES In 2023, BRP made a difference in its
COMMUNITIES by contributing close to CA$8.4M in community investment. SERVING COMMUNITIES WITH OUR VEHICLES Serving in times of crisis Unfortunately, 2023 saw many natural disasters affecting our communities, from earthquakes to hurricanes to
wildfires. In these difficult times, BRP Distributing essentials in remote places is there to support our communities. As our vehicles are the ideal tool for search and rescue teams on the ground, we have donated vehicles Aiming to build a positive
impact in one of our communities in to support aid efforts in Turkey, Syria, Morocco, Hawaii and Mexico. Brazil, we contributed R$6K to a project known as Missao nas Areias. The project was partly led by one of our local dealers, with the aim of
raising funds to distribute food, hygiene kits, toys and BRP contributed around other items to underprivileged families in different regions only accessible by trail systems. CA$230K including 10 vehicles in times of crisis. Serving fire protection
with Can-Am Defender Pro vehicles Several BRP manufacturing sites in Canada, the United States, Mexico, Finland and Austria now have a new ally when it comes to fighting fires. Indeed, BRP-Rotax technicians, members of our fire protection group in
Gunskirchen, Austria and colleagues from BRP Mexico jointly developed the special first-response vehicles Can-Am Defender and Defender Pro (known in Europe as Can-Am Traxter and Traxter Pro). Worldwide, 10 Can-Am Defender Pro vehicles are already
being used as prototype vehicles by fire protection groups at BRP sites. 43 SOCIAL
COMMUNITIES ARE AT THE ENSURING FOOD SECURITY AND HOLIDAY HEART OF OUR
PHILANTHROPY INITIATIVES CHEER FOR COMMUNITIES Beyond our global Ride Out Intimidation and Responsible Rider programs, we believe that In the past year, we committed time and resources to fight hunger in vulnerable we can have a direct impact on our
communities by addressing local needs. We are proud communities and bring joy to families during the holiday season. to partner with all our facilities around the world and local organizations to support them. Employees already play a key role in
driving these projects forward, supporting causes that have a local impact through their time and resources. The matching program for employee donations, launched in 2023 as part of our Donations and Sponsorships Policy, has further empowered our
teams to maximize their engagement in their community. IN LANSING, IN GUNSKIRCHEN, MICHIGAN, THE TEAMS IN QUEBEC, CANADA, AUSTRIA, THE CONTRIBUTED TO BRP DONATED BRP-ROTAX TEAM MICHIGAN’S FIGHT AGAINST DONATED CA$80K TO SEVERAL HUNGER, THE
GOBBLING FOOD BANKS €6K TO SUPPORT GRATITUDE FUNDRAISER OÖ TAFEL AND ANGEL TREE IN JUAREZ, MEXICO, IN ST. PETER, ST. PETER AND THREE NONPROFIT MINNESOTA, SPRUCE PINE LOCATIONS ORGANIZATION CAME TOGETHER 700 POUNDS OF FOOD BENEFITING WAS
DONATED TO SUPPORT MANKATO 117 CHILDREN WERE TOYS FOR TOTS BY EMPLOYEES SUPPORTED 44
BRP Megatech employees in Quebec raised money for Leucan’s event
“Leucan SUPPORTING HEALTH AND EDUCATION FOR THE NEXT GENERATION Ski Challenge”, supporting children with cancer and their families at all stages of At BRP, our commitment to health goes beyond our employees and embraces our communities.
Our the illness. They also supported the Roland-Bertrand Center, which promotes teams are also deeply committed to inspiring the next generation to discover the exciting world of individual autonomy and development through a professional
reintegration program, technology and other areas of learning. Here are just a few of our initiatives in these areas. pledging a CA$60K three-year commitment ending in 2026. Committing to improved health outcomes Empowering the next generation with
knowledge BRP’s employees in Canada renewed their long-standing commitment to the CHUS Foundation In Austria, BRP-Rotax and the Regional Innovations Center (RIC) support the to support research in pediatric oncology, thus allowing sick
children in the region to have access Gunskirchen Elementary School by funding the purchase of robotics technology to quality care close to home. The employee committee remitted CA$1M between January boxes, a hands-on learning solution used in
science, technology, engineering and 2019 and June 2023 along with more than 1,000 volunteering hours each year. Employees mathematics (STEM) classes to promote the development of digital competencies gathered to raise funds through sales of BRP
vehicles, parts and accessories, clothing and at an early age. By building constructions of varying levels of complexity using LEGO miscellaneous items from excess inventory and other sources. Education Spike robotics technology boxes, students gain
healthy self-confidence in their own abilities and develop their STEM skills. In Rovaniemi, Finland, employees volunteered a combined 1,000 HOURS to welcome students from local schools and kids with special needs from different BRP MEGATECH
organizations, giving them a glimpse into AT THE the professional world and supporting their “'LEUCAN SKI CHALLENGE” growth and learning. In Lansing, Michigan, our team welcomed BRP-ROTAX AND THE 60 WELDING RIC DEDICATED TO INTRODUCING
SCIENCE EDUCATION STUDENTS TO CHILDREN from local high schools to tour the plant and see how our Manitou boats are made. 45 SOCIAL
SHAPING A HEALTHY CULTURE OF SUCCESS 3-3 WE LOOK FOR PEOPLE WHO ARE
ALIGNED WITH BRP’S VALUES AND REINFORCE OUR COMPANY’S EXCEPTIONAL CULTURE. IT IS THIS COLLECTIVE DEDICATION AND THE CARING MINDSET OF OUR DIVERSE TEAM THAT MAKES BRP TRULY UNIQUE. - ANNE LE BRETON Executive Vice-President, People and
Culture BRP employees are the Company’s driving force. They have been powering our success for over 20 years, constantly pushing boundaries thanks to their passion, drive and ingenuity. It is the unwavering commitment of the people who have
been along for the ride that has shaped our journey. Our winning culture and our shared enthusiasm for our products continue to attract some of the best and brightest. At the heart of our identity, our corporate values make us unique, inform how we
act and drive what we make. 46
FOSTERING DIVERSITY, EQUITY AND INCLUSION Paving the way toward a more
inclusive BRP is an ongoing and belonging initiatives, getting us one step closer to a Journey features sessions facilitated by experts as well journey. Diversity, Equity and Inclusion (DE&I) is a core more inclusive workplace and helping us
focus our efforts as e-learning tools and resources on BRP’s new DE&I priority for us. With a strong commitment and a clear on the right areas. Learning Space. It also includes access to DE&I foundational roadmap, we are making great
progress as an organization. resources, and a deep-dive session on managing unconscious BRP’s Global Women ERG Not only did we build our DE&I foundations in the past bias. This was a great opportunity for our leaders to build 18 months,
but we also implemented many tangible BRP’s first-ever ERG, the Global Women Employee awareness and take the first steps toward effective inclusive actions that we are continuing to drive forward. Thanks to Resource Group, was activated this
past year. Engaging leadership. The deployment of the Learning Journey our employees’ commitment, we are definitely on the right more than 230 employees worldwide, our Global Women continues with our leaders across the world and will be track
to ensure we create and maintain a workplace where ERG continues to work on the deployment of its key rolled out to all BRP employees in 2024. each employee feels that they belong. initiatives and raising the voices of its members in Hiring with an
inclusive mindset contribution to a more inclusive BRP. Embedding DE&I into our practices We continue to work with our Talent Acquisition team The group defined a roadmap based on connecting through A diverse DE&I Council, composed of
representatives from to integrate more inclusive hiring practices in all steps women experiences, educating employees to empower different functions, varied regions and distinct cultures, of the recruitment process. A hiring toolkit for managers
women at BRP, and ensuring a supportive environment leads us on our journey. Its activities have a direct impact has been deployed to ensure consistent guidelines are through equitable policies and practices where women on our employees and our
Company’s culture. Chaired followed and that an inclusive mindset is part of the can thrive. by senior leaders, it is focused on four workstreams: process when considering candidates. Communications, Training, Talent Acquisition and Employee
Upcoming ERG Resource Groups (ERG). Since the Council was created in Next in our DE&I journey is the launch of our LGBTQ+ ERG. 2022, it has held 16 meetings up until the end of 2023. With co-leader applications opened at the end of 2023, We also
have integrated our DE&I intent into BRP’s new we look forward to the group’s activation during 2024. Code of Ethics and embedded it into our hiring practices. Fostering more inclusive behaviors We now send bi-monthly questions to
employees via our internal pulse survey, which has been upgraded to capture In 2023, BRP made another step toward inclusive insights and feedback on diversity, equity perception, behaviors. Starting with our executives, we embarked inclusion and
sense of belonging in the workplace, while on a new DE&I Learning Journey anchored to our beliefs preserving complete confidentiality. This enables us to and intent. Based on a blended approach, our Learning continuously develop and measure the
impact of our DE&I 47 SOCIAL
PUTTING HEALTH AND SAFETY FIRST 403-1 403-2 At BRP, the health and
safety (H&S) of our employees is a top priority. Our Global H&S organization ensures that governance, policies and processes are in place to promote a culture of health and safety across our network through prevention, training, risk
monitoring and other programs. AIMING TO REACH OUR SAFETY TARGET All our production facilities are working collectively and are deeply committed to achieving our Goal Zero 2025 target. To get there, the core of our strategy is based on risk
reduction initiatives, leadership and ownership from management at all levels of the organization. 48
IMPROVED GLOBAL HEALTH AND SAFETY PERFORMANCE The Total Recordable
Incident Rate (TRIR) is our key performance indicator (KPI) for safety at our facilities. IMPROVING CONTINUING our TRIR in a global performance of 0.8 to develop action plans to reduce top risks vs 0.9 in 2022 for most of our manufacturing
facilities. We remain and improve H&S governance on course to reach our 2025 target. We are taking steps this year to In 2023, we put emphasis on very high risks such as pedestrian-lift cohabitation, further improve our score. lock out tag out
(LOTO) and frequent risks such as hand injuries. PURSUING OPTIMIZING ISO 45001 certif ication the use of a standardized software for H&S management in some of our manufacturing facilities through action plans and featuring Incident Management,
Corrective and Preventive Actions (CAPA), Risk governance to share best practices and documentation, and track Assessment, Audit and Inspections, LOTO and Permitted Work critical modules. progress along the way. Many of our sites and divisions
maintained or improved their Also, as part of our commitment to ensuring the safety of all BRP TRIR score in 2023: employees, we have deployed a mass notification system to quickly alert them of potential threats or emergency situations, and to
inform them • Juarez 1-2-3 and Queretaro in Mexico on how to respond, no matter where they are. • Valcourt operations and BRP Megatech in Quebec, Canada • Sturtevant and Spruce Pine in the United States • Coomera in Australia
• Electric Vehicles Group • Global Procurement Group 49 SOCIAL
FINDING OUR WELLNESS BEAT At BRP, wellness is about finding your own
beat. In the past Our employees responded very favorably year, we focused on helping our employees find their peace with an active participation: of mind, the psychological dimension of well-being, with the launch of a wellness campaign. OVER 3.5K
Our Wellness Moments were filled with action-oriented conferences and REGISTRATIONS workshops, inspiring insights from our leaders and colleagues, useful wellness to 87 learning activities resources and tools, as well as a brand new well-being
challenge concept. Initiatives covered three main topics: CA$25K DONATION MANAGING Your Energy and Building Resilience for mental wellness programs in our communities NAVIGATING Stress and Workload (Canada, United States, Mexico, Europe, and APAC)
BALANCING Work and Personal Life AMBASSADORSHIP NPS-52 (net promoter score) 50
BRP’s commitment to wellness starts by example. Our leaders were
offered wellness training through our Learning Lab and Coaching Circle for managers and directors. Working through practical scenarios, participants focused on peer co-development to foster physiological wellness in their team and address
wellness-related challenges, while reinforcing that the leader’s own level of wellness is paramount. In addition, four members of our Management team now serve as well-being ambassadors, sharing their authentic wellness insights and personal
experiences. Their role is to encourage employees to take good care of themselves in the fast-paced reality of our work environments. To support these initiatives all year long, we created within the BRP Learning Hub a Wellness Learning section to
offer our employees extensive and easily accessible resources dedicated to mental health. 51 SOCIAL
TALENT 404-1 Our success depends upon our talented BRP employees
worldwide who are united in their commitment to delivering the best experience to our customers. That’s why our Talent Management team focuses on developing strategies that are based on HR best practices and tailored to our unique work
environment. LEADERSHIP INSIGHTS AND BRP LEARNING HUB MENTORSHIP EXPERIENCE BRP takes a thoughtful and inclusive approach to leadership development and learning at all levels. In 2023, the Mentorship is a powerful tool in talent development. number
of users for Leadership Insights, an expansive electronic library filled with motivational content, more than Since the creation of the BRP Mentorship Program doubled, showing our leaders’ dedication to personal growth. Leadership@BRP is a
four-month program taking our in 2018, our employees have had the opportunity to leaders through an enriching learning path covering multiple facets of leadership. BRP’s Learning Hub, whose active engage with knowledgeable and experienced
mentors learners grew 30% in 2023, is yet another tool for employees to fuel their development with quality content in to develop their talents, create strong relationships formats such as e-learning capsules and TED Talks. and simply be inspired.
Leadership Insights BRP Learning Hub Leadership@BRP 110 MENTEES 94 MENTORS In 2023, More than 5.8K HOURS since February 2023 of time spent 227 LEADERS 2K USERS have completed 90% OF their leadership 3.2K ACTIVE OVER 10K PIECES learning journey.
MENTEES LEARNERS of content accessed feel that their mentor (articles, podcasts, etc.) helped them accelerate 5.7K PIECES their development. OVER 1.7K HOURS of available interactive digital spent on learning activities content 52
ATTRACTING TOP TALENT ENABLING TALENT MOBILITY CREATING A POSITIVE
ENVIRONMENT FOR PLANT EMPLOYEES We have partnerships with several universities to help Air BRP program BRP remain at the forefront of attracting the best talent To better reflect the realities of a manufacturing environment, Air BRP is an employee
development program that gives and the next generation. These initiatives provide an our HR experts are redefining the plant employee experience. selected BRP employees the opportunity to work abroad interesting funnel for talent to support our
product strategy This starts with a focus on identifying and correcting the for three months, performing their role in a different regional such as EV products. They also allow us to leverage our risks at the source to offer a safe working
environment to all office in one of eight countries (Canada, United States, DE&I approach by supporting projects or associations of our employees and supporting our care mindset. It also Mexico, Finland, Switzerland, Australia, Austria and
Belgium). dedicated to supporting women studying engineering and means adapting our talent strategy to attract more women other STEM fields. The program enables employees to expand their professional to less traditional jobs such as assembly and
logistics. A network and build strong connections with colleagues wellness component is being integrated at the plant level Our partnership with the Université de Sherbrooke and worldwide. Providing an immersive and engaging learning and we are
setting metrics and measuring KPIs to ensure the Centre de technologies avancées (Advanced Technology experience, Air BRP contributes to employees enhancing employee happiness. In keeping with our commitment to Center) is a powerful lever for
talent acquisition. their skills while discovering different markets, challenges DE&I, we have also deployed inclusive workstations across Throughout the year, we identified various sponsorship and cultures. 2023 marked the return of Air BRP
after a a number of plants. These stations are designed to make the opportunities based on our talent needs and worked in two-year break due to the pandemic, and interest in the tools and equipment more accessible to our employees collaboration with
internal and external stakeholders. program was particularly high: regardless of height and strength levels. Family centers in Mexico to foster In the past year, we have employee well-being 86 APPLICATIONS invested close to For many years, in
Mexico, Family Centers have offered received from around the world our employees easy access to a range of services that CA$500K measurably enhance their quality of life. Thanks to their facility’s Family Center, employees at our four sites in
in support of higher education 14 EMPLOYEES Mexico can tap into a variety of free services to help them in the communities where take care of themselves and their families. These include will work from a different BRP we operate. medical
professionals, sports and recreational areas, legal site in 2024. advisory services, convenience stores, laundry services, tool rental, film and game rental, and much more. These centers are a true win-win and serve as a model for meeting the needs
of our local employee communities. 53 SOCIAL
GOVERNANCE STRENGTHENING RESPONSIBLE GOVERNANCE At BRP, we are
committed to undertaking our business activities with the highest level of integrity. In 2023, we continued to put in place effective structures, policies, standards, and communications to maintain the transparency and accountability required for
responsible governance. Our new CSR Steering Committee and CSR Coordinating Committee reinforce execution of our CSR25 program. FOLLOWING THE LAUNCH OF OUR NEW CODE OF ETHICS LAST YEAR, WE HAVE CONTINUED TO INVEST IN RESPONSIBLE GOVERNANCE WITH NEW
POLICIES, RESOURCES AND SPECIFIC TRAININGS. FOR EXAMPLE, OUR OVERHAULED SPEAK UP POLICY IS A POWERFUL TOOL TO PROMOTE AN ENVIRONMENT WHERE EMPLOYEES FEEL SAFE TO ASK QUESTIONS OR RAISE CONCERNS IN ANY SITUATION. - MARTIN LANGELIER Chief Legal
Officer and Corporate Services 54
CORPORATE GOVERNANCE BOARD OF DIRECTORS 2-9 2-10 2-12 2-13 2-14 It is
currently composed of twelve members, elected by BRP’s shareholders, of which seven are independent. BRP’s Board of Directors (Board) is responsible for supervising the management of the Company’s business 2023 Board Composition
2023 Board engagement and affairs. GENDER Reviewed each year, the mandate of the Board sets out its principal duties and responsibilities which 8 MALE 4 FEMALE 6 BOARD MEETINGS include ensuring that BRP’s activities are compliant with rules
and regulations. Through the committee ETHNICITY charters, it delegates certain of its duties and responsibilities to the following committees: 10 CAUCASIAN 2 OTHER 20 REGULAR COMMITTEE MEETINGS • Audit Committee TENURE • Human Resources
and Compensation Committee 6 0-5 YEARS 3 5-10 YEARS 3 >10 YEARS 98.7% BOARD ATTENDANCE • Nominating, Governance and Social Responsibility Committee AGE • Investment and Risk Committee You can find out more about our Board of Directors
3 50s 9 60s in our Management Proxy Circular. STRUCTURING EFFECTIVE CSR GOVERNANCE 404-1 Sound governance guides every aspect of our corporate • The Audit Committee is responsible for overseeing Specifically, a CSR Steering Committee composed
of sustainability strategy. BRP’s Board remains the primary the level of disclosure and ensuring it is sufficiently the executives owning the different ESG pillars of our steward of ESG matters. As such, a progress report on our rigorous and
in line with the disclosure standards for CSR25 framework meets on a quarterly basis to review CSR25 program, related targets and various ESG indicators our financial results. our progress and align on strategic plans. In addition, to is submitted
every quarter to our Board for its review. ensure smooth collaboration throughout our CSR journey, Further responsibilities have been delegated to two Board a CSR Coordinating Committee was also formed, bringing INTRODUCING NEW CSR COMMITTEES
committees: together leaders of key functions called upon to deliver In addition to the oversight by the Board and its committees, on CSR25 projects. • The Nominating, Governance and Social Responsibility in 2023 the Executive Management team,
along with the Committee is tasked with supervising KPIs developed as The CSR team also reports on our progress against our CSR team, established a comprehensive CSR governance part of the CSR25 program. CSR25 program targets to the Executive
Management team framework to engage with relevant stakeholders at all levels on a regular basis, as well as twice a year to the Nominating, of the organization. Governance and Social Responsibility Committee. 55 GOVERNANCE
ETHICS AND COMPLIANCE 2-15 2-16 2-23 2-24 2-26 205-1 BRP’s Ethics
and Compliance (E&C) team has responsibility over the design, implementation and operationalization of our E&C program which covers compliance-related policies, awareness, monitoring, reporting and other initiatives. real-life examples, this
interactive document, overhauled The team, which reports to the Chief Legal Officer and in 2022, is easy to navigate and available in different Corporate Services, is guided by BRP’s E&C Committee. languages. It is annually reviewed and
approved by the This body oversees the implementation of the E&C program, Nominating, Governance and Social Responsibility approves corporate policies and reviews quarterly reports Committee of the Board. on the program performance and ongoing
investigations, which are then presented to the Audit Committee of Our suppliers are also held to the same high standards the Board. of integrity through their adherence to our Supplier Code of Conduct. TAKING THE PULSE OF THE E&C PROGRAM
IMPLEMENTING CORPORATE POLICIES Awareness and understanding of our E&C program are key to ensuring its success. This year, we compared the Company policies, which provide guiding principles and level of knowledge of BRP’s employees with
respect to our rules, apply to the whole organization, and are issued to E&C program with a benchmark conducted by Ethisphere, support BRP’s values and objectives. Our teams respond a company that promotes best practices in corporate
ethics. to changing needs and environments by updating existing frameworks and creating new policies. In 2023, we worked Our analysis revealed that there is a good overall awareness on several policies but specifically on the following three of our
program, positioning us above the comparables in key policies: many aspects. It also highlighted the need to continue to conduct regular communication campaigns to ensure DATA PRIVACY employees know where to find E&C resources, understand 1
which sets the base to ensure the protection of how to use them and know how to report misconducts. personal information. ADHERING TO BRP’S CODE OF ETHICS: DONATIONS AND SPONSORSHIPS THE CORNERSTONE OF OUR E&C PROGRAM 2 to ensure BRP has a
uniform and consistent approach At BRP, we are committed to upholding the highest to donations and charitable sponsorships globally. standards of conduct in our operations and to do business fairly and with integrity. Each of BRP's directors,
officers, SPEAK UP employees and representatives must ensure that their 3 to encourage BRP employees to come forward and behavior is compliant with our Code of Ethics, which sets speak up when they suspect or witness a conduct out the standards of
ethical behavior we expect from each which could violate our Code of Ethics, our policies of them. or any applicable law. BRP’s Code of Ethics is the cornerstone of our E&C program and the first of many tools created to promote a culture
of We have also deployed the new People and Assets Security compliance and integrity. Structured around our “trust” Policy which establishes guidelines to ensure security is value, it addresses ethical conduct from our workplace to
always at the forefront of everyone’s actions. our communities and everywhere in between. Filled with 56
CREATING AWARENESS COMMUNICATING WITH OUR EMPLOYEES COMMITTING TO
PROTECT HUMAN RIGHTS In addition to our ongoing internal communications tools, Prioritizing human rights is integral to BRP’s commitment Training our employees we create awareness and engage our employees on a regular to responsible business
practices. From the boardroom to Our Code of Ethics and E&C policies are supported by basis using multiple channels: the production line, everyone at BRP has a responsibility different training tools: to protect the rights and dignity of every
individual across • “What would you do?” capsules: Topical capsules inserted our global footprint, including throughout our supply chain. • In February 2023, all our employees (except our in BRP’s monthly newsletter,
which either present real-life hourly-paid plant workers) proceeded with the annual E&C situations to employees or invite them to test their Beyond this global engagement, we renewed for the fourth Code of Ethics Training and Certification. This
mandatory knowledge on key policies. consecutive year our commitment to the Modern Slavery exercise is meant to reinforce our Company’s expectations Act in Australia. As a result of the recently adopted • Our Ethics and Compliance online
platform which provides and provide employees with a formal opportunity to Canadian Fighting Against Forced Labour and Child Labour access to our Code of Ethics, our E&C program, key declare any real or potential conflict of interest. in Supply
Chains Act, for the first time, we have submitted contacts and options for reporting E&C issues. It also a joint report on the steps taken to prevent and reduce hosts BRP’s company policy repository. forced labor or child labor risks
during FY24 in our operations and supply chain. We will continue to develop SPEAKING UP and expand upon our codes of practice, procedures, risk Completion rate on assessments, awareness training, and monitoring At BRP, we recognize that a culture of
integrity depends Code of Ethics Certification: frameworks that address issues of modern slavery. on every employee’s understanding that they can and should speak up when they witness conduct that is not consistent with our Code of Ethics or
policies. It also OF rests on them knowing that retaliation against anyone 99.9% EMPLOYEES who raises a business conduct concern in good faith or cooperates in an investigation will not be tolerated. Many options are available to employees for
asking questions and raising concerns, such as the Integrity Hotline managed • In fall 2023, close to 350 employees at the ‘manager’ by an independent third-party provider and available 24/7 level and up also completed mandatory
online training in multiple languages. sessions, reinforcing their understanding of their role in To this end, we updated our Speak Up Policy which answers the application of three key E&C policies: Speak Up, key questions such as what must be
reported, how to report Conflict of Interest and Gifts & Hospitality. and how investigations are conducted. 57 GOVERNANCE
ASSESSING AND MANAGING OUR MATERIAL IMPACT 2-23 2-26 3-1 3-2 REFINING
OUR APPROACH TO STAKEHOLDERS EXTERNAL CHARTERS, PRINCIPLES, AND OTHER INITIATIVES With respect to stakeholder identification, BRP adheres to the Global Reporting Initiative (GRI) definition of stakeholders, When we launched our CSR25 program, our
stated goal was under which a broad group of stakeholders may be identified to become our industry’s leader in corporate citizenship. Being as “individual or group that has an interest that is affected a leader in corporate citizenship
means adhering to globally or could be affected by the organization’s activities.” recognized and proven principles of responsible business. BRP has defined several stakeholder groups that are aligned United Nations Global Compact with
our CSR25 pillars, enabling us to focus on material aspects that are relevant to our organization. These categories To that end, BRP joined the United Nations (UN) Global ABOUT THE may encompass other specific stakeholders, and we Compact in January
2023. The UN Global Compact is the are continuing to refine our approach to stakeholder world’s largest corporate sustainability initiative, with the CSR SECTION identification and engagement. aim of driving awareness and concrete action in
support of the UN Sustainable Development Goals (SDGs). Based OF THIS REPORT Understanding our investors on CEO support and voluntary participation, it holds 2-3 2-5 companies accountable to aligning their business In May 2022, BRP interviewed
investors to understand strategy and operations with ten universal principles how they assess and use ESG information when making BRP Inc. has reported its CSR annual performance for of responsible business. investment decisions. This exercise
enabled us to identify FY24, from February 1, 2023 to January 31, 2024, unless the ESG factors that are material to BRP’s business and otherwise indicated, with reference to the Global Reporting CDP disclosure have the greatest potential
impact on Company value. Risk Initiative (GRI), GRI 1 Foundation standard 2021. factors we identified through this exercise include: BRP has been submitting reports to the CDP (formerly Carbon Disclosure Project) since Data included in this report
is subject to limited accuracy • Climate change 2015. For the 2023 CDP Climate Change and includes forward-looking information which is subject • Product security and safety Disclosure, we maintained a B- score. We to the cautionary
statement described on page 70 of this consider this an accomplishment, as the report. Further information on data uncertainties, including • Labor conditions CDP’s reporting requirements are becoming quantitative information, is
provided where appropriate. The ESG factors we identified in this exercise are increasingly complex and stringent The CSR section is currently not subject to external reflected in BRP’s CSR25 program. each year to encourage companies to
assurance, as efforts are being focused on further deepen their engagement in carbon implementing the CSR25 program. emissions reduction. PRECAUTIONARY PRINCIPLE In 2023, for the first time, BRP The precautionary principle denotes a duty to prevent
harm, completed the Ecovadis questionnaire when it is within our power to do so, even when all the FUTURE PERSPECTIVE as a supplier, which will allow evidence is not available. BRP adheres to the precautionary us to improve our sustainability
Heading into FY25, given the current context, we are expecting principle and is committed to conducting its business and journey, and contribute to headwinds in our plan to meet some of our CSR25 targets, but affairs with honesty, integrity and in
accordance with high further embedding CSR in we are deploying every effort to continue on our momentum ethical and legal standards, as per our Code of Ethics. our operations. across our three pillars: Environment, Social and Governance.
58
CSR PERFORMANCE SUMMARY 2-2 2-7 2-24 2-30 205-2 302-3 305-1 305-2 305-4
306-4 401-1 403-9 404-1 405-1 This table lists the performance indicators used to evaluate the environmental, social, and governance topics we monitor annually in an attempt to continuously improve our CSR performance. ENVIRONMENT SOCIAL FY24-FY23
FY24-FY23 TITLE UNIT FY22 FY23 FY24 VARIATION (%) TITLE UNIT FY22 FY23 FY24 VARIATION (%) 1 Global absolute greenhouse gas emissions Health and Safety Scope 1 (direct) tons CO e 35,991 43,343 42,567 -1.8 Work related fatalities Number 0 0 0 0 2 4
Scope 2 (indirect) tons CO e 40,556 49,642 45,010 -9.3 Global frequency rate TRIR 0.7 0.9 0.8 -11.1 2 Total tons CO e 76,547 92,985 87,577 -5.8 2 Employee profile - Total workforce Global greenhouse gas tons CO e/unit 0.186 0.198 0.194 -2.2 Total
employees as Number 19,871 22,808 19,553 -14.3 2 5 produced emissions intensity of January 31 Active workforce covered % 27.0 25.0 30.0 20.0 Energy consumption intensity kWh/unit produced 806 838 887 5.8 under collective bargaining agreement CDP
results 5 Climate change -- B- B- B- -- Women in the workforce Overall women in the workforce % -- -- 30.4 -- 2 Waste management Women on the Board % 25.0 25.0 33.3 33.2 Sites achieving zero waste % of sites 25.0 31.0 21.0 -32.3 to landfill Women on
the Management % 27.3 23.0 16.7 -27.5 Committee Overall quantity of waste tons 45,084 40,337 47,277 17.2 generated (hazardous and Women managers, directors % 23.5 23.9 25.1 5.0 non-hazardous) and vice-presidents 6 Overall diversion rate % diverted
from 71.0 69.0 78.1 13.2 Women employees – plants % 28.2 30.5 30.4 -0.3 landfill (hazardous and non-hazardous) 7 Women employees – offices % 31.3 29.1 30.4 4.5 Overall quantity of non- tons 41,584 36,758 41,180 12.0 New women employees %
29.3 34.8 35.9 3.2 hazardous waste generated Overall diversion rate – % diverted from 54.0 79.0 81.5 3.2 Average age of employees landfill non-hazardous waste Office employees Years 38.9 39.3 39.4 0.3 Overall quantity of hazardous tons 3,500
3,579 6,097 70.4 waste generated Plant employees Years 33.1 34.2 36.2 5.8 3 Overall diversion rate – % diverted from 83.6 82.2 55.4 -32.6 T otal hazardous waste generated at all the facilities represents less than 10% of total generated waste.
Hazardous 3 landfill waste is disposed of using authorized waste transportation and treatment companies. Disposal methods include fuel hazardous waste blend, secured landfills, waste incineration or recycling. 4 Follows the definition of the
Occupational Safety and Health Administration of the United States. 1 For FY24, the calculations cover 23 installations (manufacturing sites, test centers and distribution centers), which 5 From HR database covers 100% of workforce including part
time employees. represents 3 additional sites compared to previous years. 59 6 Based on “plant/blue collar” job level. 2 The calculations cover 19 installations (manufacturing sites, test centers and distribution centers). 7 Excluding
“plant/blue collar” job level.
CSR PERFORMANCE SUMMARY SOCIAL (CONTINUED) GOVERNANCE FY24-FY23
FY24-FY23 TITLE UNIT FY22 FY23 FY24 VARIATION (%) TITLE UNIT FY22 FY23 FY24 VARIATION (%) Representativity per generation Annual Code of Ethics Certification 10 Gen Z (1995-2012) % -- -- 19.4 -- Completion rate % 99.7 99.9 99.9 -- Millennials
(1980-1994) % -- -- 48.4 -- Communications and training on anti-corruption policies and procedures Gen X (1965-1979) % -- -- 28.3 -- Hours of training Number 4,647 6,886 7,483 8.7 Baby Boomers I (1942-1964) % -- -- 3.9 -- Time to close
investigations Average tenure by category Average days Number 66 43 41 -4.7 Office employees Years 7 7.8 7 -10.3 Plant employees Years 3.5 3.8 5.4 42.1 Turnover rate (voluntary) Professionals, % 8.4 8.7 6.6 -24.1 managers, directors, ESG RATINGS
vice-presidents and senior management 8 Internal promotion rate % 13.6 15.5 14.6 -5.8 Number of work stoppages and total days idle 13.1 BB C- Work stoppages Number 0 0 0 -- Days idle Number 0 0 0 -- 9 Community engagement and progression toward 1%
Donations In million 1.4 5.6 8.4 50.2 of $CAN % vs goal % 12.7* 41.0* 74.0 80.5 Employee engagement Average employee score Score out of 10 8 8.1 8.1 -- 8 eNPS -- 45 46 41 -- Includes vertical promotions managers and up, when there is a change of
level. 9 BRP has adopted the LBG Canada methodology to report on corporate donations. 10 All employees (except hourly-paid factory workers). * Corrections to prior years are due to typographical errors or changes in conversion metrics. 60
GRI CONTENT INDEX BRP has reported the information cited in this GRI
content index for Governance Location Comments the period from February 1, 2023 to January 31, 2024 with reference to the Statement of use GRI Standards. 2-9 Governance structure - Corporate governance and composition GRI 1 used GRI 1: Foundation
2021 2-10 Nomination and selection of - Corporate governance Please refer to Corporate Governance GRI Standard and Disclosure (available on BRP website at https://news.brp. the highest governance body com/corporate-governance). The organization and
Location Comments Please refer to Corporate Governance 2-11 Chair of the highest - Letter from the president its reporting practices (available on BRP website at https://news. and CEO governance body brp.com/corporate-governance). GRI 2: General
disclosure 2021 Please refer to Corporate Governance 2-12 Role of the highest - Corporate governance Please refer to Corporate Profile (available 2-1 Organizational details - Company overview (available on BRP website at https://news. governance
body on BRP website at https://news.brp.com/ brp.com/corporate-governance). in overseeing the investor-relations). management of impacts Please refer to Corporate Profile (available 2-2 Entitites included in - Company overview Each site is
responsible for CSR-related 2-13 Delegation of - Structuring effective on BRP website at https://news.brp.com/ - CSR performance summary the organization's activities and their respective monitoring. CSR governance investor-relations).
responsibility for sustainability reporting Consequently, local CSR leaders are our managing impacts contacts at the site level and provide BRP Inc. reports once a year on its CSR information about CSR projects. 2-3 Reporting period, - About the CSR
section annual performance. The current report of this report frequency, and contact The CEO and members of the Nominating, 2-14 Role of the highest - Structuring effective covers fiscal year 2024 (FY24), from - Information for investors point
Governance and Social Responsibility CSR governance February 1, 2023 to January 31, 2024, governance body in Committee, the Audit Committee and the unless otherwise indicated. For questions sustainability reporting Management Committee review and
approve about the report and its content, contact this report before it is release. us at csr@brp.com 2-15 Conflict of interest - Ethics and compliance The CEO and members of Management 2-5 External assurance - About the CSR section Committee review
and approve the Annual of this report 2-16 Communication of - Ethics and compliance and Corporate Social Responsibility Report critical concerns before its release. The CSR section is currently not subject to external assurance, 2-17 Collective
knowledge Please refer to BRP's FY24 Annual Information as efforts are being focused on further Form - section Directors and officers of the highest implementing the CSR25 program. (available on BRP website at https://news.brp. governance body
https://news.brp.com/financial-information com/financial-information ). 2-6 Activities, value chain and other business Please refer to BRP's FY24 Management 2-18 Evaluation of the performance relationships Proxy Circular - section Disclosure of of
the highest body Corporate Governance Practices (available Activities and workers Location Comments on BRP website at https://news.brp.com/ financial-information ) 2-7 Employees - CSR performance summary Please refer to BRP's FY24 Management Proxy
2-19 Remuneration policies Circular (available on BRP website at https:// news.brp.com/financial-information ) Please refer to BRP's FY24 Management Proxy 2-20 Process to determine remuneration Circular (available on BRP website at https://
news.brp.com/financial-information) 2-21 Annual total compensation ratio BRP considers this information to be confidential. 61
GRI CONTENT INDEX Strategy, policies Material topics Location Comments
Location Comments and practices GRI 3: Material topics 2021 2-22 Statement on sustainable - Letter from the President and CEO 3-1 Process to determine - Assessing and managing This exercice was done in 2021 - Transitioning to a low-carbon future
development strategy our material impact material topics - Nurturing stronger communities 3-2 List of material topics - Assessing and managing 2-23 Policy commitments - Supporting the United Nations our material impact Sustainable Development Goals
- Ethics and compliance 3-3 Management of - Progressing on our CSR25 - Assessing and managing commitments material topics our material impact - Transitioning to a low- carbon future 2-24 Embedding policy - Ethics and compliance - Shaping a healthy
culture - CSR performance summary commitments of success Each site is responsible for the 2-25 Processes to remediate Social and community implementation of corrective actions in negative impacts Location Comments response to environmental and
social commitment topics, in accordance with production GRI 201: Economic performance 2016 realities and local legal compliance requirements. 201-1 Direct economic value - Financial highlights - Financial section 2-26 Mechanisms for seeking - Ethics
and compliance generated and distributed advice and raising concerns GRI 203: Indirect economic impacts 2016 BRP has established an internal 2-27 Compliance with laws 203-1 Infrastructure investments - Toward more sustainable environmental and
health & safety and regulations facilities compliance audit program to assess and services supported the compliance level at all BRP sites. 203-2 Significant indirects Results of the compliance audits are - Sustainable product strategy
communicated to Management and the economic impacts Investments and Risks Committee of the Board annually. Energy management Location Comments BRP engages with several associations 2-28 Memberships associations GRI 302: Energy 2016 such as the
International Snowmobiles Manufacturers Association (ISMA), the 302-3 Energy intensity - CSR performance summary International Council of Marine Industry Association (ICOMIA/IMEC), the Personal Management of greenhouse Location Comments Watercraft
Industry Association (PWIA), gas emissions Recreational Off- highway Vehicles Association (ROHVA), among others, and GRI 305: Emissions 2016 actively promotes the creation of working committees on vehicles electrification, 305-1 Total direct
greenhouse - CSR performance summary alternative fuels, etc. gas emissions Stakeholder engagement Location Comments 305-2 Total indirect greenhouse - CSR performance summary gas emissions 2-29 Approach to stakeholder - Assessing and managing our
material impact engagement 305-4 GHG emissions intensity - CSR performance summary 2-30 Collective bargaining - CSR performance summary agreements 62
GRI CONTENT INDEX Effluents and waste Health and safety Location
Comments Location Comments management of our employees GRI 306: Waste 2020 403-9 Work-related fatalities - CSR performance summary Each site is responsible for defining its 306-2 Management of significant - T oward more sustainable priorities on
environmental topics in facilities waste-related impact accordance with production realities and local legal compliance requirements. Training and skills Location Comments Management of liquid effluents have not 306-4 Waste diverted from - CSR
performance summary development been identified as a material issue for BRP. disposal GRI 404: Training and education 2016 Employee engagement Location Comments 404-1 Average hours of training - Talent and retention - CSR performance summary per
year per employee GRI 401: Employment 2016 401-1 New employee hires and - CSR performance summary Each permanent employee agrees with 404-3 Percentage of employees employee turnover supervisor on performance objectives. receiving regular This
approach promotes dialogue between performance and career managers and employees and provides Health and safety (H&S) development reviews Location Comments periodic evaluation and feedback. of our employees Equity, diversity, and equality GRI
403: Occupational health and safety 2018 Location Comments of employment opportunities 403-1 Occupational health and - Putting health and safety first GRI 405: Diversity and equal opportunity safety management system 405-1 Diversity of governance -
CSR performance summary 403-2 Hazard identification, risk - Putting health and safety first bodies and employees assessment and incident investigation BRP considers this information 405-2 Ratio of basic salary and to be confidential. Health services
are available at all remuneration of women to men 403-3 Occupational health manufacturing sites. services Business ethics Location Comments 403-4 Worker participation, Each site is responsible for defining its GRI 205 : Anti-corruption 2016
priorities on H&S topics, in accordance consultation, and with production realities and local legal communication on 205-1 Operations assessed for - Ethics and compliance Code of Ethics and Anti-Corruption Policy compliance. H&S committees
comprised occupational health are available at: https://www.brp.com/en/ risks related to corruption of management and employees and safety our-company/ethics-compliance.html representatives are present in our manufacturing sites. 205-2 Communication
and training - CSR performance summary about anti-corruption Each site is responsible for defining its 403-5 Worker training on priorities on H&S topics, in accordance policies and procedures occupational health with production realities and
local legal and safety GRI 415: Public policy 2016 compliance. H&S committees comprised of management and employees Please refer to Corporate Responsibility 415-1 Public contributions representatives are present in our Governance (available on
BRP website at manufacturing sites. https://www.brp.com/en/corporate-social- responsibility/governance.html). Health services are available in all 403-6 Promotion of worker manufacturing sites. More specifically, in health our mexican facilities,
health care is also provided to our employees’ families. 63
SASB DISCLOSURE AUTOMOBILES* Topic Accounting metric Category Unit of
measure Code Response / comments Fuel economy & use- Sales-weighted average passenger Quantitative Mpg, L/km, gCO /km, km/L TR-AU-410a.1 The topic of passenger fleet fuel economy and its associated metrics were omitted based on 2 phase emissions
fleet fuel economy, by region the lack of applicability to BRP's business. Number of (1) zero emission Quantitative Number TR-AU-410a.2 Number of vehicles sold not material in comparison with total sales. vehicles (ZEV), (2) hybrid vehicles, and (3)
plug-in hybrid vehicles sold Discussion of strategy for Discussion and NA TR-AU-410a.3 Sustainable product strategy section of this report managing fleet fuel economy and Analysis emissions risks and opportunities Materials sourcing Description of
the management of Discussion and NA TR-AU-440a.1 FY24 Annual information form risks associated with the use of Analysis critical materials Material efficiency & Total amount of waste from Quantitative Metric tons (t), Percentage (%) TR-AU-440b.1
CSR Performance summary manufacturing, percentage recycling recycled Weight of end-of-life material Quantitative Metric tons (t), Percentage (%) TR-AU-440b.2 Information not currently compiled recovered, percentage recycled Average recyclability of
vehicles Quantitative Percentage (%) by sales-weighted TR-AU-440b.3 Information not currently compiled sold, by weight weight (metric tons) Product safety Percentage of vehicle models rated Quantitative Percentage (%) TR-AU-250a.1 NCAP- star ratings
do not apply to our vehicles. However, there are industry and mandatory by NCAP programs with an overall safety standards applicable to our products. BRP is monitoring the applicable standards 5-star safety rating, by region and applying processes
for compliance in our relevant markets. For example in the United States, standards are published by the Special Vehicle Institute of America (for ATVs), by the Recreational Off-Highway Vehicle Association (for SSVs) and the Snowmobile Safety and
Certification Committee (for Snowmobiles.) There are also Federal Regulations by the Consumer Product Safety Commission, the U.S. Coast Guard (for PWCs and Boats), as well as the National Highway Traffic Safety Administration (on-road products).
Outside the United States, there are also applicable regulations for example by Transport Canada, EU Recreational Craft Directive and many more. Number of safety-related defect Quantitative Number, Percentage (%) TR-AU-250a.2 BRP is not reporting
this number. However, BRP has processes in place to monitor issues complaints, percentage investigated from the field reported by consumers, dealers, regulatory authorities and any other involved stakeholders and apply corrective measures as
necessary. Number of vehicles recalled Quantitative Number TR-AU-250a.3 BRP reports safety recalls information on its website, under the section Product Safety as well as on every brand websites as applicable by product line and country. Labor
practices Percentage of active workforce covered Quantitative Percentage (%) TR-AU-310a.1 CSR performance summary under collective bargaining agreements (1) Number of work stoppages and Quantitative Number, Days idle TR-AU-310a.2 CSR performance
summary (2) total days idle * Although there is no powersport industry standard, BRP aims to align with the SASB reporting framework of automobiles industry . 64
TCFD DISCLOSURE GOVERNANCE Disclose the organization's governance
around Disclosure BRP climate-related risks and opportunities Describe the Board's oversight of climate-related The Board of Directors of the Company is the ultimate steward of ESG matters (including climate related matters such as greenhouse gases
emissions). As such, a progress report on the Company’s CSR25 Program, targets and various ESG indicators is submitted every quarter to the Board of Directors for its review. The Board of Directors also established risks and opportunities
clear lines of authority and oversight at the committee levels, as detailed below: - The Nominating, Governance and Social Responsibility Committee (NGSRC) has been delegated the authority to annually review and assess the Company’s policies
and practices with respect to its CSR25 Program and supervises key performance indicators (KPIs) developed as part of the CSR25 Program; and - The Audit Committee has been delegated the authority to oversee any CSR/ESG-related disclosure documents
and the controls in place to assess the adequacy and completeness of the financial information contained therein. Describe management’s role in assessing and In addition to the oversight by the Board and its committees, the Executive
Management team, along with the dedicated team of CSR professionals (the “CSR team”) established in Fiscal 2024 a comprehensive CSR governance framework which engages proactively and regularly with relevant stakeholders at all levels of
the organization. Specifically , a CSR managing climate-related risks and opportunities Steering Committee composed of executives with ownership over each pillar of the Company’s CSR25 framework meets on a quarterly basis to review progress
and align on strategic plans. In addition, to ensure smooth collaboration throughout the Company’s CSR journey, a Coordinating Committee was also formed, bringing together leaders of key functions delivering on CSR25 projects. The CSR team
also receives updates on the advancement of the work against the Company’s CSR25 Program’s priorities from the executives and internal working groups to whom such priorities are assigned, and it has the responsibility to report regularly
on such progress to the whole executive management team as well as twice a year to the NGSRC. BRP recognizes that responsible governance requires a commitment to transparency and accountability throughout its organization, as well as effective
structures, policies, standards, and communication. STRATEGY Disclose the actual and potential impacts of Disclosure BRP climate-related risks and opportunities on the organization’s business, strategy, and financial planning where such
information is material Describe the climate-related risks and opportunities At the end of 2021, BRP's Board of Directors approved the new CSR25 program. This program is aligned with the overall strategic 5-year planning process, and is revised on
an annual basis. The CSR25 program falls under the medium-term horizon. While projects and activities are planned on an annual basis, the overall plan will be reviewed at the end the organization has identified over the short, of 2025. BRP's
business risks can be found in the latest Management's Dicussion and Analysis (MD&A), and include climate change related risks. medium and long term 65
TCFD DISCLOSURE Describe the impact of climate-related risks Climate
change is receiving increasing attention worldwide. A perceived consensus among scientists, legislators and others regarding the impact of increased levels of greenhouse gases, including carbon dioxide, on climate change has led to significant
legislative and regulatory efforts to limit greenhouse gas emissions. Greenhouse gas regulations are likely to and opportunities on the organization’s business, require the Company to purchase allowances to offset the Company’s own
emissions or result in an overall increase in costs of raw materials or operating expenses, any of which could strategy and financial planning reduce competitiveness in a global economy or otherwise have a material adverse effect on the
Company’s business, results of operations or financial condition. Part of the Company’s strategy to address these risks includes the initiatives and targets detailed in the Company’s CSR25 Program as well as the Company’s
commitment to offer electric models in each of its product lines and to expand its product lines into low voltage and human assisted products, This strategy itself presents additional risks, including with respect to the Company’s ability to
ensure compliance with rules, laws and regulations applicable to the EV industry, as well as exposure to the increasing government enforcement actions and civil suits alleging “greenwashing”, which call for increased vigilance when it
comes to ESG reporting and communication. Describe the resilience of the organization's We developed our program during the course of 2021 and 2022, focusing on better reporting to communicate our targets and progress. We will revise our program and
roadmaps to achieve our targets annually and plan for using climate-related scenarios going forward. While there are challenges ahead, BRP is uniquely positioned to address them. Its geographic strategy, taking into consideration different scope,
diversified product portfolio, supply chain flexibility, leading brands and capital strenght, provides BRP resilience and agility to transition to a lower-carbon economy and climate-related scenarios, including a 2C or explore new growth
opportunities. lower scenario RISK MANAGEMENT Disclose how the organization identifies, asessess, Disclosure BRP and manages climate-related risks Describe the organization's processes for BRP operates manufacturing facilities in 7 countries:
Australia, Austria, Canada, Finland, Germany, Mexico and the United States of America. However, its products are sold worldwide. Therefore, we consider the global outlook when assessing our risks including climate change risks. identifying and
assessing climate-related risks The Investments and Risks Committee of the Board of Directors monitors the company's risk management program on a quarterly basis. BRP's enterprise risk management program consists in reviewing a broad range of risks,
including climate change risks, to rank them based on the likelihood of occurrence and on the potential severity of impact, and identifying the most significant ones. Environmental considerations, including climate change issues, have been
identified as one of the risks potentially impacting BRP and are integrated in the risk management program. The risks are reviewed annually. Ownership of the risk management process is assigned to a member of the Senior Management. The environmental
compliance status of our operations is also reviewed annually. Describe the organization's processes for managing Environmental considerations, including climate change issues have been identified as one of the risk potentially impacting BRP. BRP's
enterprise risk management program consists in reviewing a broad range of risks, to rank them based on the likelihood of occurrence and on the potential severity of impact, and identifying the most significant ones. climate-related risks The risks
are reviewed annually. Ownership of those risks is being assigned to a member of the Senior Management Committee. The findings are integrated into our strategic planning to help shape our resilience, mitigation and adaptation responses. Describe how
processes for identifying, assessing, Environmental considerations, including climate change issues, have been identified as one of the risks potentially impacting BRP and are integrated in the risk management program. The risks are reviewed
annually in order to rank them on the likelihood of occurrence and potential severity of impact. Ownership of the risk management process is and managing climate-related risks are integrated assigned to a member of the Senior Management. into the
organization's overall risk management 66
TCFD DISCLOSURE METRICS AND TARGETS Disclose the metrics and targets
used to assess Disclosure BRP and manage relevant climate-related risks and opportunities where such information is material Disclose the metrics used by the organizarion to The following metrics are considered to disclose BRP's performance against
the established targets aligned with our CSR framework: assess climate-related risks and opportunities in Greenhouse gas (GHG) emissions in absolute number and in intensity (per unit produced), Diversion rate. line with its strategy and risk
management process BRP's targets are as follow: - Make our facilities carbon neutral by 2030 - Achieve zero waste to landfill by 2030 - Reduce CO emissions from our supply chain by 25% by 2035 2 - Launch new internal combustion engine models (ICE)
that emit less CO than their predecessors 2 - Have 50% of our units sold as electric by 2035 Disclose Scope 1, Scope 2 and, if appropriate, Information can be found in the CSR Performance Summary of the current report: Scope greenhouse gas (GHG)
emissions, and Global GHG emissions: Scope 1 and 2 related risks GHG emissions intensity (per unit produced) Describe the targets used by the organization to BRP has established a range of targets aligned with our CSR framework: manage
climate-related risks and opportunities and - Make our facilities carbon neutral by 2030 performance against targets - Achieve zero waste to landfill by 2030 - Reduce CO emissions from our supply chain by 25% by 2035 2 - Launch new internal
combustion engine models (ICE) that emit less CO than their predecessors 2 - Have 50% of our units sold as electric by 2035 67
FINANCIAL SECTION 201-1 68
RECONCILIATION TABLE FISCAL YEAR 2024 The following table presents the
reconciliation of Net income to TWELVE-MONTH PERIODS ENDED 1 1 Normalized net income and Normalized EBITDA . (in million of Canadian dollars) January 31, 2024 January 31, 2023 January 31, 2022 January 31, 2021 January 31, 2020 744.5 865.4 794.6
362.9 370.6 Net income Normalized elements Foreign exchange (gain) loss on long-term debt and lease liabilities 10.8 92.4 (13.3) (121.8) 10.4 2 Cybersecurity incident costs - 25.5 - - - (Gain) loss on NCIB (4.8) (1.8) 21.3 (12.2) - 3 Past service
costs - 4.3 - - - 4 Impairment charge 116.3 - - 177.1 - 5 Costs related to business combinations 15.6 8.3 9.9 5.9 6.5 6 Border crossing costs 6.2 - - - - 7 Evinrude outboard engine wind-down 15.0 - 0.4 96.1 - 8 Gain on lease termination - - (8.7)
(12.7) - 9 Transaction costs on long-term debt 22.7 44.3 - 12.7 1.0 FINANCIAL 10 Other elements 7.4 (3.2) 3.8 4.1 (37.4) 1,11 Income tax adjustment (60.3) (15.2) (5.8) (45.7) 8.3 1 Normalized net income 873.4 976.7 846.5 466.4 358.4 1 Normalized
income tax expense 269.9 315.7 287.9 167.1 126.8 1 Financing costs adjusted 186.4 113.9 63.4 107.3 90.9 1 Financing income adjusted (11.8) (4.2) (3.8) (7.6) (2.2) 1 Depreciation expense adjusted 381.7 304.2 268.1 255.2 230.5 1 Normalized EBITDA
1,699.6 1,706.3 1,462.1 988.4 804.4 Weighted average number of shares – diluted 78,523,790 80,946,102 85,259,520 88,604,984 93,813,984 1 Normalized earnings per share – diluted 11.11 12.05 9.92 5.39 3.83 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 recover y 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, 2024, the Company recorded an impairment charge of $116.3 million related to i ts Marine segment. 5 T ransaction costs and depreciation of intangible assets related to
business combinations. 6 During Fiscal 2024, the Company incurred incremental transport and idle costs such as direct labor , which were related to mitigation strategies implemented to handle the border crossing slowdown between Juarez, Mexico,
where the Company has three factories, and El Paso, Texas, USA. 7 The Company incurred idle costs, other exit costs and impaired service parts inventory related to its Evinrude outboard engine production. 8 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. 9 Derecognition of unamortized transaction costs related to the repricing
of Term Loan B-2 and refinancing of Term Loan B-1 in Fiscal 2024, and 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 in Fiscal 2022. 10 Other elements include 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. 69 11 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.
INFORMATION FOR INVESTORS STOCK EXCHANGE INFORMATION FISCAL YEAR 2025
TENTATIVE EARNINGS CALENDAR INFORMATION REQUESTS FOR MORE INFORMATION BRP Inc. subordinate voting shares are traded on the Toronto First Quarter: May 31, 2024 Analysts, shareholders and interested investment To view the Company’s Annual and
Corporate Social Stock Exchange under the symbol “DOO’’ and on the Nasdaq Second Quarter: September 6, 2024 professionals may direct their business-related inquiries to: Responsibility Report and related financial information,
Global Select Market under the symbol “DOOO’’. Third Quarter: December 6, 2024 Investor Relations Department: BRP Inc., 726 St-Joseph to learn more about the products, to download product Fourth Quarter: March 26, 2025 Street,
Valcourt, Quebec, Canada J0E 2L0, brochures or to find dealer locations, please visit the 1 T +1 450 532-2211, ir@brp.com Company’s website at brp.com. RESEARCH COVERAGE 1 st Analyst coverage known to the Company as of April 1 , 2024. ISSUED
AND OUTSTANDING SHARES ARC Independent Research • BMO Capital Markets Equity SHAREHOLDER SERVICES Research • Canaccord Genuity • CIBC Capital Markets • As of April 18, 2024, there were 36 494 011 Subordinate Citigroup •
D.A. Davidson • Desjardins Securities • Voting Shares and 38 519 358 Multiple Voting Shares For shareholder-related services, including estate change © BRP 2024. All rights reserved. ®, ™ and the BRP logo are Edgewater
Research Company • Exane BNP Paribas • trademarks of BRP or its affiliates. † All other trademarks are issued and outstanding, and no preferred shares were of name or address, stock, transfers, settlement, lost stock Morningstar
• National Bank Financial • Northcoast the property of their respective owners. Please ride responsibly. issued and outstanding. certificates and duplicate mailings, please contact the Research • Raymond James & Associates
• RBC Capital The information contained in this Annual and Corporate Social transfer agent at: Computershare Investor Services Inc.: th Responsibility Report was established as of May 2, 2024. Legal Markets • Robert W. Baird & Co.
• Scotia Global Equity 100 University Ave., 8 Floor, Toronto, Ontario, Canada ANNUAL SHAREHOLDERS’ MEETING deposit Bibliothèque nationale du Québec 2024. Research • Stifel Canada • TD Securities Equity Research
• M5J 2Y1, T +1 800 564-6253, UBS Securities • Wolfe Research www-us.computershare.com/Investor This meeting will be held at 11:00 a.m. (Eastern time) on May 31, 2024, via live webcast. “will”, “would”,
“should”, “could”, “expects”, “forecasts”, “plans”, “intends”, “trends”, FORWARD-LOOKING STATEMENTS “indications”, “anticipates”,
“believes”, “estimates”, “outlook”, “predicts”, “projects”, “likely” Certain statements in this Annual and Corporate Social Responsibility Report, including, but not or
“potential” or the negative or other variations of these words or other comparable words or limited to, statements relating to the Company’s Fiscal 2025, statements relating to its 5-year phrases, are intended to identify
forward-looking statements. plan referred to as “M25” or “Mission 25”, its corporate social responsibility program referred to as “CSR25” and the Company’s objectives, targets, goals, initiatives,
performance or achievements Forward-looking statements are presented for the purpose of assisting readers in understanding thereunder (“CSR commitments”) as well as the expected capital expenditures and human resources certain key
elements of the Company’s current objectives, goals, targets, strategic priorities, deployment to support the CSR commitments and the expected impact and the Company’s progress expectations and plans, and in obtaining a better
understanding of the Company’s CSR25 in relation to it, including potential headwinds in FY25 in the Company's plan to meet some program and related CSR commitments, as well as of the Company’s business and anticipated of its CSR
commitments, and other statements about the Company’s prospects, expectations, operating environment. Readers are cautioned that such information may not be appropriate anticipations, estimates and intentions, results, levels of activity,
performance, objectives, targets, for other purposes; readers should not place undue reliance on forward-looking statements goals, achievements, priorities and strategies, financial position, market position, including its contained herein.
Forward-looking statements, by their very nature, involve inherent risks and ability to continue to gain additional market share, capabilities, competitive strengths and uncertainties and are based on a number of assumptions, both general and
specific. Such beliefs, the prospects and trends of the industries in which the Company operates, the expected forward-looking statements are not guarantees of future performance and involve known and demand for the Company’s products and
services and sustained growth, research and product unknown risks, uncertainties and other factors which may cause the actual results or performance development activities, including projected design, characteristics, capacity or performance of of
the Company or the industry, as well as of the Company’s CSR25 program and related CSR future products and their expected scheduled entry to market and the anticipated impact of commitments to be materially different from the outlook or any
future results or performance such product introductions, the availability of capital resources and liquidities, or any other implied by such statements. future events or developments and other statements that are not historical facts constitute
forward-looking statements within the meaning of applicable securities laws. The words “may”, 70
The United Nation Sustainable Development Goals (UNSDGs) are also
aspirational in nature. unanticipated tax liabilities; any impairment in the carrying value of goodwill and trademarks; any The analysis involved in determining whether and how certain initiatives may contribute to deterioration in relationships
with employees; pension plan liabilities; natural disasters; volatility the UNSDGs is inherently subjective and dependent on a number of factors. There can be in the market price for the Subordinate Voting Shares; the Company’s conduct of
business no assurance that reasonable parties will agree on a decision as to whether certain projects, through subsidiaries; the significant influence of Beaudier Group and Bain Capital; and future initiatives, investments, or other aspects of its
business contribute to a particular UNSDG. 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 In addition,
many factors could cause the Company’s actual results, level of activity, performance factors that could affect the Company; however, these factors should be considered carefully. or achievements or future events or developments, including
CSR25 program and related CSR commitments to differ materially from those expressed or implied by the forward-looking Unless otherwise stated, the forward-looking statements contained in this Annual and Corporate statements, including, without
limitation, the following factors, which are discussed in greater Social Responsibility Report are made as of the date of this Annual and Corporate Social detail under the heading “Risk Factors” of its Management’s Discussion and
Analysis for Fiscal Responsibility Report and the Company has no intention and undertakes no obligation to 2024 dated March 28, 2024 (the “2024 MD&A”) and in other continuous disclosure materials update or revise any forward-looking
statements, including to reflect future events, changes filed from time to time with Canadian securities regulatory authorities and the Securities and in circumstances, or changes in beliefs, unless required by applicable securities regulations.
Exchange Commission: the impact of adverse economic conditions including in the context of In the event that the Company does update any forward-looking statements contained in this recent significant increases of interest and inflation rates; any
decline in social acceptability of Annual and Corporate Social Responsibility Report, no inference should be made that the the Company and its products, including in connection with the broader adoption of electrical Company will make additional
updates with respect to that statement, related matters or any or low-emission products; high levels of indebtedness; any unavailability of additional capital; other forward-looking statement. The Company is also permitted to determine in its
discretion any supply problems, termination or interruption of supply arrangements or increases in the cost that it is not feasible or practical to implement or complete certain of its CSR commitments, or of materials, including as a result of the
ongoing military conflict between Russia and Ukraine; that it needs to prioritize other nearer term interests, based on cost, timing, or other considerations. 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; KEY ASSUMPTIONS any failure of information technology systems, security breach or cyber-attack, or difficulties The Company made a number of
economic, market and operational assumptions in preparing with the implementation of new systems, including the continued implementation of its ERP and making certain forward-looking statements contained in this Annual and Corporate Social system;
the Company’s reliance on international sales and operations; the Company’s inability Responsibility Report, including without limitation the following assumptions: reasonable to successfully execute its growth strategy; fluctuations in
foreign currency exchange rates; industry growth ranging from down to slightly up; market share will remain constant or moderately unfavourable weather conditions and climate change more generally; the Company’s seasonal increase; slowing
global economic growth; limited impact from the ongoing military conflict nature of its business and some of its products; the Company’s reliance on a network of independent between Russia and Ukraine; no return of the mandatory inspections
implemented on all dealers and distributors; any inability of dealers and distributors to secure adequate access to cargo trucks crossing the Mexico-Texas border to an extent that would result in major business capital; any inability to comply with
product safety, health, environmental and noise pollution disruptions; no further deterioration of the conflict in the Middle-East; main currencies in which laws; the Company’s large fixed cost base; any failure to compete effectively against
competitors the Company operates will remain at near current levels; easing, but still elevated, levels of or any failure to meet consumers’ evolving expectations; any failure to maintain an effective inflation; there will be no significant
changes in tax laws or free trade arrangements or treaties system of internal control over financial reporting and to produce accurate and timely financial applicable to the Company; the Company’s margins are expected to be pressured by lower
statements; any inability to maintain and enhance the Company’s reputation and brands; any volumes; the supply base will remain able to support product development and planned production significant product liability claim; any significant
product repair and/or replacement due to rates on commercially acceptable terms in a timely manner; no new trade barriers will be imposed product warranty claims or product recalls; any failure to carry proper insurance coverage; the amongst
jurisdictions in which the Company carries operations; the absence of unusually adverse Company’s inability to successfully manage inventory levels; any intellectual property infringement weather conditions, especially in peak seasons. and
litigation; the Company’s inability to successfully execute its manufacturing strategy or to meet customer demand as a result of manufacturing capacity constraints; increased freight and Moreover, the forward-looking statements made in this
Annual and Corporate Social Responsibility shipping costs or disruptions in transportation and shipping infrastructure; any failure to comply Report, including the Company’s CSR commitments under its CSR25 program are based on its with
covenants in financing and other material agreements; any changes in tax laws and current strategic plan, geographic footprint, mix of lines of business and overall size and scope 71
of operations as well as a number of assumptions, including, without
limitation, the assumptions NON-IFRS MEASURES which are set out in the “Risk Factors” section of its 2024 MD&A, as well as the following material The Company’s financial statements, available under the Company’s profiles
on SEDAR+ at assumptions: the Company’s ability to develop and implement various corporate and business www.sedarplus.ca and on EDGAR at www.sec.gov, have been prepared in accordance with initiatives on their expected timelines, including new
procedures, policies and methods necessary International Financial Reporting Standards (“IFRS”). to achieve its CSR commitments and foster a CSR culture resulting in behavioral changes and choices across the Company’s workforce;
sufficient collaboration with, and active and continued This Annual and Corporate Social Responsibility Report makes reference to certain non-IFRS participation of stakeholders (including the employees, dealers, clients, suppliers and other
financial measures. These measures are not recognized measures under IFRS, do not have a main actors of the Company’s value chain and the communities in which it is present), including standardized meaning prescribed by IFRS and are therefore
unlikely to be comparable to similar by reducing their own GHG emissions and complying with the Company’s policies and procedures; measures presented by other companies. Rather, these measures are provided as additional there being no negative
impact on the calculation of the Company’s GHG emissions from information to complement IFRS measures by providing further understanding of the Company’s refinements in or modifications to international standards, frameworks or the
methodology the results of operations from management’s perspective. Accordingly, they should not be considered Company uses for the calculation of such GHG emissions; the Company not undertaking or in isolation nor as a substitute for
analysis of the Company’s financial information reported pursuing any new corporate or business initiatives, business acquisitions, investments, joint under IFRS. ventures or technologies that would materially increase the Company’s
anticipated levels of GHG The Company believes non-IFRS measures are important supplemental measures of financial emissions; the availability of comprehensive and high-quality GHG emissions and other third performance because they eliminate items
that have less bearing on the Company’s financial party data; projections with respect to renewable electricity generation and the commercial performance and thus highlight trends in its core business that may not otherwise be apparent
viability and scalability of GHG emissions reduction strategies and related technology and when relying solely on IFRS measures. The Company also believes that securities analysts, products; anticipated growth in worldwide demand for electric
products driven in part by continued investors and other interested parties frequently use non-IFRS measures in the evaluation of importance given to social acceptability of products, entry into force of additional and more companies, many of which
present similar metrics when reporting their results. Management onerous environmental regulations including with respect to climate change and GHG emissions also uses non-IFRS measures in order to facilitate financial performance comparisons from
and various incentives available in favour of electric products and expected application of recently period to period, prepare annual operating budgets, assess the Company’s ability to meet its adopted regulations; future earnings and the
Company continuing to have a solid or adequate future debt service, capital expenditure and working capital requirements and also as a component financial position that can support or justify such commitments, including allowing the Company in the
determination of the short-term incentive compensation for the Company’s employees. to make the significant investments in research and development required to develop new electric Because other companies may calculate these non-IFRS measures
differently than the Company products of high-quality that are competitive, cost efficient and meet customer demands in does, these metrics are not comparable to similarly titled measures reported by other companies. terms of range and performance;
cost and availability of, and inflationary pressure on, specialised “Normalized EBITDA” is defined as net income before financing costs, financing income, income labour, equipment and sustainable raw materials; the Company and the
industry’s ability to tax expense (recovery), depreciation expense and normalized elements as described in the 2024 develop, access or implement some or all of the technology and infrastructure necessary to MD&A (as defined above), such as
restructuring and wind-down costs, non-recurring gain or efficiently and effectively achieve its CSR commitments; the ability of the Company to develop loss and acquisition-related costs. “Normalized net income” is defined as net income
before and maintain indicators to effectively monitor and report its advancements; and assumptions normalized elements as described in the 2024 MD&A, such as foreign exchange gain on long-term that the achievement of its CSR commitments will
produce the expected results or meet increasing debt and lease liabilities and transaction costs, and adjusted to reflect the tax effect on these stakeholder CSR expectations. elements. The Company refers the reader to the “Non-IFRS
Measures” and “Selected Consolidated Although the Company believes that the assumptions reflected in the forward-looking statements Financial Information” sections of the Company’s 2024 MD&A, which are incorporated by
contained in this Annual and Corporate Social Responsibility Report are reasonable as of the reference herein, for definitions and reconciliations of Normalized EBITDA and Normalized net date of this Annual and Corporate Social Responsibility
Report, the Company cautions that income presented by the Company to the most directly comparable IFRS measure. The Company’s its assumptions may not materialize and that the currently challenging macroeconomic and 2024 MD&A is available
under the Company’s profiles on SEDAR+ at www.sedarplus.ca and geopolitical environment in which it evolves may render such assumptions, although believed on EDGAR at www.sec.gov. reasonable at the time they were made, subject to greater
uncertainty. Moreover, forward-looking statements contained in this Annual and Corporate Social Responsibility Report for periods beyond 2024 involve longer-term assumptions and estimates and are consequently subject to greater uncertainty.
72
CORPORA TE HEADQUARTERS 726 Saint-Joseph Street Valcourt, Quebec J0E
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