UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ Annual report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the fiscal year ended December 31, 2025 or ☐ Transition report pursuant to section 13 or 15(d) of the Securities Exchange Act of 1934 For the transition period from ________ to _________ Commission File Number: 001-39095 The Baldwin Insurance Group, Inc. (Exact name of registrant as specified in its charter) incorporation or o ...

— Full Year 2025 Net Loss of $54.2 Million and Diluted Loss Per Share of $0.50; Adjusted Diluted EPS of $1.67 — (2) EXHIBIT 99.1 THE BALDWIN GROUP ANNOUNCES FOURTH QUARTER AND FULL YEAR 2025 RESULTS AND $250 MILLION SHARE REPURCHASE PROGRAM — Full Year 2025 Total Revenue Growth of 8% to $1.5 Billion; Organic Revenue Growth of 7% — (1) 1 • Total revenue increased 5% year-over-year to $347.3 million • Organic revenue growth of 3% year-over-year • GAAP net loss of $43.7 million and GAAP diluted loss per share ...

other things, changing external events, evolving standards and general uncertainties inherent to the business and long-term strategic planning. Forward-looking statements are subject to numerous factors, many of which are beyond BRP's control, including the risk factors disclosed previously and from time to time in BRP's filings with the securities regulatory authorities in each of the provinces and territories of Canada and the United States, available on SEDAR+ at sedarplus.com or EDGAR at sec.gov, respec ...

Core Insights - BRP Inc. has launched BRP Experiences, a new online platform aimed at enhancing outdoor adventure opportunities through curated powersports experiences [1] - The platform builds on the success of the Uncharted Society program, which engaged over 2 million participants since its inception [1] - BRP Experiences focuses on emotional journeys rather than just physical distance, offering a variety of guided adventures powered by BRP's brands [1] Company Overview - BRP Inc. is a global leader in powersports products, with a portfolio that includes Ski-Doo, Lynx, Sea-Doo, and Can-Am [2] - The company reported annual sales of CA$7.8 billion and operates in over 130 countries, employing approximately 16,500 people as of January 31, 2025 [2] - BRP is committed to responsible growth and is developing electric models for its existing product lines [2] BRP Experiences Details - The platform offers guided adventures and rentals for riders of all skill levels, from beginners to seasoned explorers [1] - BRP Experiences has established a presence in 14 countries and features a global network of over 225 destinations operated by certified local operators [1] - Since 2021, more than 2 million rides have been completed through the platform, showcasing its popularity and reach [1]

Core Insights - BRP is sponsoring CBC/Radio-Canada's broadcast of the Olympic Winter Games Milano Cortina 2026, emphasizing its commitment to innovation and excellence in the powersports industry [1] - The company's refreshed brand identity aims to strengthen connections with its iconic brands, including Ski-Doo, Lynx, Sea-Doo, Can-Am, and Rotax, to drive growth and reinforce its leadership in innovation [2] - BRP's M28 strategic plan reflects its vision to create an unbeatable experience for consumers, focusing on excellence throughout the customer journey [3] Company Overview - BRP Inc. is a global leader in powersports products, propulsion systems, and boats, with over 80 years of experience and a strong consumer focus [4] - The company reported annual sales of CA$7.8 billion and operates in over 130 countries, employing approximately 16,500 people as of January 31, 2025 [4] - BRP is committed to responsible growth and is developing electric models for its existing product lines [4]

Core Viewpoint - BRP Inc. acknowledges the Australian Competition and Consumer Commission's (ACCC) decision to oppose the sale of Telwater Pty, Ltd. to Yamaha Motor Australia Pty Ltd, and is evaluating options moving forward [1][2]. Group 1: Company Operations - BRP remains the owner of Telwater and will continue to operate this profitable business, providing quality boats to Australian consumers through its brands [2]. - The decision by the ACCC will not impact BRP's financial guidance for Fiscal Year 2026, indicating stability in the company's financial outlook despite the regulatory setback [2]. Group 2: Company Background - BRP Inc. is a global leader in powersports products, with over 80 years of experience and a focus on consumer needs, offering a diverse portfolio including Ski-Doo, Sea-Doo, Can-Am, and Quintrex brands [4]. - The company reported annual sales of CA$7.8 billion and employs approximately 16,500 people as of January 31, 2025, highlighting its significant market presence [4].

Core Insights - BRP Inc. reported quarterly earnings of $1.15 per share, exceeding the Zacks Consensus Estimate of $0.88 per share, and showing an increase from $0.85 per share a year ago, resulting in an earnings surprise of +30.68% [1] - The company achieved revenues of $1.63 billion for the quarter ended October 2025, surpassing the Zacks Consensus Estimate by 11.73% and up from $1.43 billion year-over-year [2] - BRP shares have increased by approximately 39.1% since the beginning of the year, outperforming the S&P 500's gain of 16.5% [3] Earnings Outlook - The current consensus EPS estimate for the upcoming quarter is $1.39 on revenues of $1.76 billion, and for the current fiscal year, it is $3.28 on revenues of $5.92 billion [7] - The estimate revisions trend for BRP was mixed prior to the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Automotive - Original Equipment industry, to which BRP belongs, is currently ranked in the top 34% of over 250 Zacks industries, suggesting a favorable outlook compared to lower-ranked industries [8]

Core Viewpoint - BRP Inc. has received approval from the Toronto Stock Exchange for the renewal of its normal course issuer bid (NCIB) to repurchase up to 3,131,256 subordinate voting shares over a twelve-month period, which represents approximately 10% of its public float as of December 2, 2025 [1][6]. Group 1: NCIB Details - The NCIB will be executed through the TSX or other eligible Canadian trading systems, adhering to their regulations, and will involve open market transactions and other permitted means [2]. - BRP is allowed to purchase a maximum of 44,267 subordinate voting shares daily, which is 25% of the average daily trading volume of 177,071 shares over the last six months [3]. - The purchase price for shares will be the market price at the time of acquisition, plus brokerage fees, with potential discounts for certain types of purchases [4]. Group 2: Automatic Share Purchase Plan - BRP has established an automatic share purchase plan (APP) with a designated broker to facilitate share purchases during regulatory restrictions or blackout periods, effective January 24, 2026 [5]. - The APP allows BRP to instruct the broker to make purchases based on pre-established parameters before entering a blackout period, ensuring compliance with TSX rules and applicable securities laws [5]. Group 3: Previous NCIB Performance - Under the previous NCIB that expires on December 9, 2025, BRP did not purchase any subordinate voting shares as of December 2, 2025, despite being allowed to buy a total of 3,331,852 shares [6]. Group 4: Strategic Rationale - The Board of Directors believes that repurchasing subordinate voting shares could be a beneficial use of available cash to enhance shareholder value [7]. Group 5: Company Overview - BRP Inc. is a global leader in powersports products, with annual sales of CA$7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [8].

Core Insights - The company reported strong financial results for the third quarter and nine-month periods ended October 31, 2025, with significant increases in revenue, profitability, and free cash flow, driven by new product launches and market share gains in North America [3][8][12]. Recent Events - The company received NASDAQ approval to change its ticker symbol from "DOOO" to "DOO," effective December 8, 2025, aligning its stock market symbols across TSX and NASDAQ [2]. Financial Highlights - Revenues for the three-month period increased by 14.0% to CAD 2,250.3 million compared to CAD 1,973.5 million in the same period last year [6][14]. - Gross profit rose by 24.4% to CAD 541.2 million, with a gross profit margin of 24.1%, up from 22.0% [6][16]. - Net income surged by 150.0% to CAD 76.5 million, while normalized EBITDA increased by 21.3% to CAD 325.6 million [6][19]. - For the nine-month period, revenues increased by 3.5% to CAD 5,985.4 million, with net income rising by 156.0% to CAD 294.6 million [23][25]. Fiscal Year 2026 Guidance - The company has increased its guidance for FY26, projecting total revenues of approximately CAD 8,300 million and normalized diluted earnings per share of around CAD 5.00 [9][10]. - Key assumptions for FY26 include adjusted depreciation expenses of approximately CAD 445 million and net financing costs of around CAD 190 million [10]. Product Performance - Year-Round Products accounted for 56% of Q3 FY26 revenues, with a 22.1% increase to CAD 1,265.6 million, driven by higher unit sales and favorable product mix [14][21]. - Seasonal Products revenues decreased by 1.6% to CAD 606.2 million, primarily due to lower Snowmobile sales [21]. - Revenues from PA&A and OEM Engines increased by 17.8% to CAD 378.5 million, attributed to higher sales volume [21]. Retail Sales Trends - North American retail sales decreased by 4% for the three-month period, impacted by lower Seasonal Products sales, although SSV retail saw market share gains [13][15]. Cash Flow and Capital Expenditures - The company generated CAD 784.3 million in net cash flows from operating activities for the nine-month period, a significant increase from CAD 402.5 million in the previous year [27]. - Capital expenditures totaled CAD 196.9 million, focusing on new product introductions and software infrastructure modernization [28].

Core Points - BRP Inc. celebrated its fourth Yellow Day event on November 20, 2025, raising over CAD $300,000 to combat bullying [1][2] - The event saw participation from over 6,000 individuals, including employees, dealers, and partners, who wore yellow to promote awareness [1][2] - BRP has committed to donating for every public post featuring the hashtag RideOutIntimidation, leading to contributions to various anti-bullying organizations globally [2][3] Company Initiatives - The Yellow Day event is part of BRP's Ride Out Intimidation program, which aims to create safe environments in workplaces and communities [1][2] - BRP donated CAD $27,000 to five charities chosen by ambassadors, supporting their efforts against bullying [3] - Since 2022, BRP has invested over CAD $10 million in charitable contributions through its Ride Out Intimidation program [5] Community Engagement - Monuments and main roads in Australia were illuminated in yellow to raise awareness for Yellow Day, showcasing community solidarity [4] - BRP's Vice-President emphasized the importance of collective action in creating a world free from intimidation [2] Company Overview - BRP Inc. is a global leader in powersports products, with annual sales of CAD $7.8 billion and a workforce of approximately 16,500 as of January 31, 2025 [6][7] - The company is committed to responsible growth and is developing electric models for its product lines [6]