Core Insights - Brunswick Corporation has been awarded a Gold BOSS Award, ranking fourth among the top experiential exhibits at CES 2026, highlighting its leadership in marine technology [1] - The awards recognize exhibitors who create immersive, narrative-driven brand environments that enhance technology demonstrations into memorable experiences [2] Company Achievements - Brunswick's exhibit featured innovative elements such as on-water immersion, interactive simulators, and expansive video storytelling, effectively showcasing the company's marine innovations and advanced technologies [2] - The CEO of Brunswick expressed pride in the recognition, emphasizing the company's commitment to advancing marine technology and engaging audiences through compelling storytelling [3] Product Innovations - At CES 2026, Brunswick unveiled several cutting-edge products, including the Sea Ray SLX 360 with Mercury Marine engines and Simrad displays, and the Fliteboard RACE model, showcasing synergies across its business lines [3] Company Overview - Brunswick Corporation is a leader in marine recreation, offering technology-driven solutions informed by consumer insights, and operates over 60 industry-leading brands [4] - The company has approximately 15,000 employees across 26 countries and has been recognized as one of America's Most Trusted Companies by Forbes Magazine [4]

Core Insights - Brunswick Corporation showcased strong sales performance, increased outboard market share, and significant innovation at the 2026 Miami International Boat Show, introducing seven new products and winning 11 awards for excellence in various categories [1][4]. Product Launches - New products launched include the Boston Whaler 290 and 330 Outrage models featuring WhalerStep™ Hull Technology, and advanced multi-function displays from Simrad and B&G [6]. - Mercury Marine introduced a suite of advanced control technologies, including a new joystick and keyless start system, enhancing performance and user experience [6]. Industry Recognition - Brunswick received 11 awards at the show, including two Innovation Awards for Lowrance ActiveTarget 2XL and Mercury Boost, and three Consumer Satisfaction Index Awards for Boston Whaler, Crestliner, and Lund [6]. - The company’s brands were recognized for their excellence in innovation, customer service, and marketing, reinforcing their leadership in the marine industry [4][6]. Market Performance - Mercury Marine achieved a record 84% share of outboard engines at the show, a 15-percentage point increase from 2025, and maintained over 60% share across the entire event [6]. - Retail sales for premium brands like Sea Ray and Boston Whaler remained flat compared to a strong 2025, driven by anticipation for new product releases [6].

Core Insights - Sheffield Financial and Mercury Marine have established a retail financing partnership aimed at simplifying the purchase process for Mercury outboard engines and boat packages [1] - The partnership offers competitive financing rates and a digital experience that integrates online shopping with in-dealership loan closing [1] - The initiative is designed to meet growing customer expectations for a fast and connected financing process [1] Group 1: Partnership Details - Customers can utilize Sheffield-powered financing, which includes online prequalification technology accessible to Mercury dealers [1] - The program features installment financing for Mercury outboards and Mercury-powered boat packages, with support from Sheffield's specialized marine underwriting team available seven days a week [1] - The collaboration aims to provide a consistent financing experience for both dealers and customers, facilitating fast credit decisions [1] Group 2: Company Backgrounds - Sheffield Financial, a division of Truist Bank, has been in operation for 33 years and serves hundreds of brands, financing millions of customers across various industries [1] - Truist Financial Corporation, headquartered in Charlotte, North Carolina, is a major financial services company with total assets of $548 billion as of December 31, 2025 [1] - Mercury Marine, a division of Brunswick Corp., specializes in manufacturing recreational marine propulsion engines and offers a range of products and services for marine applications worldwide [1]

Core Viewpoint - Nexcel Metals Corp. has filed an independent NI 43-101 technical report for its Burnt Hill Tungsten Project, indicating a commitment to advancing exploration and development in the tungsten mining sector [1][2]. Project Overview - The Burnt Hill Tungsten Project is located approximately 95 kilometers north of Fredericton, New Brunswick, covering about 1,540 hectares across 70 mining cells [3]. - The project is situated in a historically significant tungsten mining district, with tungsten mineralization first discovered in the late 1800s and documented production occurring in 1915 and between 1952 and 1956 [4]. Mineralization Details - Tungsten mineralization at Burnt Hill is found in quartz veins associated with granitic intrusions, with key minerals including wolframite, molybdenite, cassiterite, and pyrrhotite [5]. Recommended Work Program - The technical report recommends a two-phase exploration program aimed at modernizing historical data, verifying past results, and supporting future exploration targeting [7][16]. - **Phase 1** involves data compilation and GIS integration [16]. - **Phase 2** includes geological mapping, surface sampling, and geophysical surveys [16]. Technical Report Availability - The technical report is accessible under the company's profile on SEDAR+ and can be requested directly from the company [8]. Company Background - Nexcel Metals Corp. is a junior mining company focused on the acquisition, exploration, and development of mineral properties, with current projects including the Lac Ducharme Project in Québec and the Burnt Hill Project in New Brunswick [14].

Financial Performance - Net sales for 2025 increased by 2.4% to $5,362.8 million compared to $5,237.1 million in 2024[200] - Gross margin decreased by 100 basis points to 24.8% in 2025, impacted by material inflation and tariffs[203] - Selling, general and administrative expenses as a percentage of net sales increased by 160 basis points to 15.9% in 2025[204] - Restructuring, exit, and impairment charges rose significantly to $353.1 million in 2025 from $121.7 million in 2024[205] - Operating loss for 2025 was $(40.7) million, a decrease of $352.3 million compared to operating earnings of $311.6 million in 2024[200] - Diluted loss per common share from continuing operations was $(2.06) in 2025, down from earnings of $2.21 in 2024[201] - Equity earnings decreased to $7.0 million in 2025 from $8.6 million in 2024, primarily related to joint ventures[206] - The effective income tax rate for 2025 was (0.2)%, significantly lower than 26.6% in 2024, due to goodwill and intangible asset impairments[209] Segment Performance - Propulsion segment net sales increased by 5.0% to $2,177.2 million in 2025 from $2,074.2 million in 2024, driven by pricing actions and strong OEM orders[212][213] - Engine P&A segment net sales rose by 4.9% to $1,217.5 million in 2025, reflecting strong boater participation and continued share gains[215][216] - Navico Group segment's net sales remained flat at $800.4 million in 2025, with a 3.3% decrease in volume offset by a 2.4% increase in product mix and price[218][219] - Boat segment net sales decreased by 1.8% to $1,525.2 million in 2025, attributed to cautious wholesale ordering patterns in the first half of the year[221][222] Cash Flow and Liquidity - Net cash provided by operating activities of continuing operations increased to $585.7 million in 2025 from $449.5 million in 2024, primarily due to net earnings and working capital changes[228] - Free cash flow for 2025 was $442.2 million, up from $284.3 million in 2024, indicating improved cash generation capabilities[226] - Net cash used for investing activities was $141.6 million, including $165.8 million in capital expenditures focused on new products and technologies[229] - Net cash used for financing activities totaled $441.2 million, including $412.6 million in long-term debt payments and $80.0 million in common stock repurchases[230] - Total cash, cash equivalents, and marketable securities decreased to $257.6 million in 2025 from $269.8 million in 2024[231] - Total liquidity as of December 31, 2025, was $1,251.6 million, a decrease of 1.2% from $1,266.8 million in 2024[232] Debt and Obligations - Total debt as of December 31, 2025, was $2,102.2 million, down from $2,340.6 million in 2024, resulting in a debt-to-capitalization ratio of 56% in 2025, up from 55% in 2024[232] - The company plans to reduce debt by approximately $160 million and allocate $200 million for capital expenditures in 2026[237] - As of December 31, 2025, the available borrowing capacity under the Credit Facility was $994.0 million, with no borrowings made during 2025[233] - The maximum amount utilized under the unsecured commercial paper program in 2025 was $445.5 million, with $290.0 million outstanding as of December 31, 2025[233] - Total contractual obligations as of December 31, 2025, amounted to $3,532.8 million, with $528.8 million due within one year[240] Impairment Charges - Impairment charges recorded for the Navico Group goodwill were $305.8 million in 2025, compared to $80.0 million in 2024[253] - The company recorded impairment charges of $16.7 million related to various Navico trade names in 2025[256] Financial Compliance and Risk Management - The company is in compliance with financial covenants in the Credit Facility and CP Program as of December 31, 2025[235] - The estimated reduction in fair market value from a 10 percent adverse change in quoted foreign currency rates is $81.4 million for 2025 and $69.3 million for 2024[263] - The principal currency exposures mainly relate to the Euro, Canadian dollar, Australian dollar, and the Brazilian Real[260] - Fixed-to-floating interest rate swaps are used to convert a portion of long-term debt from fixed to floating rate debt[261] - The change in the fair value of the interest rate swap asset or liability is recorded as a change in the fair value of the corresponding debt instrument[261] - Sensitivity analyses assume instantaneous, parallel shifts in exchange rates, which may have inherent shortcomings[262] - The company manages foreign currency exposure through derivative financial instruments to offset gains or losses on underlying assets or liabilities[260] - A model is utilized to evaluate the sensitivity of the fair value of financial instruments with exposure to market risk[262] - The fair value of financial instruments is impacted by changes in benchmark interest rates[261] - The company hedges certain anticipated transactions with financial instruments whose maturity date coincides with the execution of the anticipated transaction[260] - The company uses options and instruments with nonlinear returns to determine the impact of market shifts[262]

Core Insights - Brunswick Corporation has been recognized in Newsweek's America's Greatest Workplaces for Women 2026 list, achieving a four-and-a-half-star rating for its commitment to an inclusive environment for women [1][3][4] Group 1: Recognition and Evaluation - The 2026 ranking was conducted by Newsweek in partnership with Plant-A Insights Group, evaluating over one million company reviews from female employees and assessing workplace equity, fairness, leadership representation, and employee satisfaction [2] - Brunswick's high rating reflects its industry-leading programs in leadership development, mentoring, work-life balance, and comprehensive benefits that support professional growth [3] Group 2: Company Commitment - Jill Wrobel, CHRO of Brunswick Corporation, emphasized the company's dedication to creating a workplace where women are valued and supported, aiming to expand opportunities for women globally [4] - Brunswick Corporation is a leader in marine recreation, focusing on innovation and technology-driven solutions, and operates with approximately 14,000 employees across 26 countries [5]

Core Viewpoint - Brunswick Exploration Inc. has staked new high-priority lithium targets in Eastern Greenland, reinforcing its position as the only company exploring for lithium in the region and controlling the only two known lithium discoveries in Greenland [1][2]. Company Developments - The newly staked Clavering and Hudson Land licence comprises five blocks, covering an area of 13,862 hectares, located approximately 360 kilometers north of Ittoqqortoormiit [3][4]. - The company has announced an Inferred Resource of 52.2 million tonnes (Mt) grading 1.08% lithium oxide (Li2O) at its Mirage project, which is one of the largest undeveloped hard-rock lithium resources in the Americas [2][11]. - Drilling is expected to begin shortly at the Anatacau project, and a small drill program at the Nuuk Lithium project is anticipated to start in late Q3 2026 [2][7]. Geological Insights - The licence area hosts numerous pegmatite outcrops, some extending to kilometric scale, providing a robust geological framework for lithium-cesium-tantalum (LCT) pegmatite systems [4]. - Historical regional stream-sediment surveys have identified exceptionally high rubidium (Rb) values in the new claims, indicating the potential for evolved pegmatite systems that host lithium mineralization [5]. Exploration Plans - The company plans to conduct field activities in the Clavering and Hudson Land area in Q3 2026, supported by helicopter, lasting approximately two weeks [7]. - Prospecting activities are expected to take place at Clavering, Hudson Land, and the Hinks Land licence during the summer [2][7].

Core Viewpoint - The investment strategy focuses on long-term investments while also utilizing short-term shorts to identify alpha opportunities through bottom-up analysis of individual companies' fundamentals [1] Group 1: Investment Approach - The investment approach emphasizes a medium to long-term duration, aiming to identify companies with strong fundamentals, sustainable competitive advantages, and growth potential [1]

Core Viewpoint - The article emphasizes the investment philosophy focused on small cap companies, highlighting the importance of identifying mispriced securities through understanding financial drivers and utilizing DCF model valuation. Group 1: Investment Philosophy - The investment strategy revolves around generating great returns by identifying mispriced securities [1] - The methodology is flexible, not confined to traditional value, dividend, or growth investing, but considers all prospects of a stock to assess risk-to-reward [1] Group 2: Market Focus - The investment focus includes markets in the US, Canada, and Europe, indicating a broad geographical scope for potential opportunities [1]

Core Viewpoint - The article emphasizes the investment philosophy focused on identifying mispriced securities through understanding the financial drivers of companies, often revealed by DCF model valuation [1]. Group 1: Investment Philosophy - The investment approach is centered on small cap companies across US, Canadian, and European markets [1]. - The methodology allows for flexibility beyond traditional investment categories such as value, dividend, or growth investing, considering all prospects of a stock to assess risk-to-reward [1].